/raid1/www/Hosts/bankrupt/TCRAP_Public/030808.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 08 2003, Vol. 6, No. 156
Headlines
A U S T R A L I A
AMP LIMITED: Replies to HGI Management Reports
AMP OFFICE: S&P Puts Ratings on Negative CreditWatch
AUSTRALIAN MAGNESIUM: Distribution Reinvestment Plan Suspended
GINDALBIE GOLD: Acquires Mt Mulgine Interest From Yilgarn Gold
GINDALBIE GOLD: Share Purchase Plan Closed
TOWER LIMITED: Takeovers Panel Cancels Meeting
TRANZ RAIL: Toll-Crown Agreement Outside Code Constraints
C H I N A & H O N G K O N G
CARRY-ON CONTRACTING: Winding Up Hearing Scheduled on Aug 20
CHINA TREASURE: Clarifies Interest in Korning
E-LIFE INT'L: Widens Operations Loss to HK$41.542M
KANG PEI: Winding Up Petition Slated for Hearing
MANSION HOUSE: Disposal Circular Dispatch Further Deferred
ORIENTAL METALS: Court Orders Statement Claim Filing
P.I. INTERNATIONAL: Winding Up Petition Pending
S. MEGGA: August 27 Winding Up Hearing Scheduled
VANDA SYSTEMS: Reduces Net Loss to HK$173.815M
I N D O N E S I A
CILIANDRA PERKASA: Pefindo Rates "idBBB" to Rp500B Bonds I/2003
SATELINDO INTERNATIONAL: Indosat Bonds to Refinance Debts
J A P A N
FURUKAWA ELECTRIC: Enters Alliance With Sumitomo
JAPAN AIRLINES: Suspends Flights on Hawaii Routes
JAPAN TOBACCO: Cutting 4,000 Jobs
MARUBENI CORP.: Releases Direct FuelCell Power Plants
RESONA BANK: S&P Issues RMBS Transaction Update
RESONA HOLDINGS: Hires Nomura to Sell Cosmo, Leasing Units
K O R E A
CHOHUNG BANK: Former Vice President Named New CEO
HANARO TELECOM: Issues W300B in CP
HYUNDAI GROUP: Shares Recover on Expectations Over Restructuring
KOOKMIN BANK: Issues W300B Bonds August 11
SK GLOBAL: UST Convenes Organization Meeting to Form Committees
SK GLOBAL: Filing Suit if Delisted From Stock Exchange
M A L A Y S I A
AKTIF LIFESTYLE: August 28 AGM Scheduled
AOKAM PERDANA: Unit Faces Statutory Demand Over Unpaid Goods
CHASE PERDANA: Datuk Manjun Re-designated as Deputy Chairman
C.I. HOLDINGS: Defaulted Interest Payments Reach RM3.649M
KELANAMAS INDUS.: Gets 90-Day Court Convened Meeting Extension
LONG HUAT: Court Grants 90-Day Restraining Order Extension
MBF CAPITAL: Proposes Mutual Funds Business Disposal to Pay Debt
NCK CORPORATION: Creditors Voluntarily Liquidate Unit
NORTH BORNEO: SIBB Replaces MIMB as Corporate Adviser
PICA (M) CORP.: Appoints Dato' Tieng as Audit Committee Member
TALAM CORPORATION: Book Closure Date Set on Aug 12
TECHNO ASIA: Issues Group's Default in Payment Status Update
UNITED CHEMICAL: Provides Defaulted Facilities Status Update
UCP RESOURCES: E&Y Appointed as Khazanah Liquidators
UTAS USAHA: Proposed Distribution Completed
P H I L I P P I N E S
PHILIPPINE LONG: Davao City Dismiss Tax Abatement Request
PHILIPPINE LONG: PSE Suspends Stock on Merger Deal Report
NATIONAL POWER: Rebidding Fuel Supply Deals For Cebu Plants
VICTORIAS MILLING: Assistant Corporate Secretary Resigns
S I N G A P O R E
CHARTERED SEMICON: Enters Deal With IBM and Infineon
PIAZZA ENTERTAINMENT: Petition to Wind Up Pending
ST ASSEMBLY: Appoints New Chief Financial Officer
TAN TOO: Petition to Wind Up Pending
TEIN FONG: Petition to Wind Up Pending
T H A I L A N D
ASIA HOTEL: Stock Excluded From Index Calculation
GENERAL ENGINEERING: Discloses ESM No. #1/2003 Resolution
KRISDA MAHANAKORN: Clarifies Q203 Net Profit Increase
UNION MOSAIC: Debt Restructuring Contract Signing Done
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Replies to HGI Management Reports
----------------------------------------------
AMP Limited notes media reports on Thursday regarding an
internal management report prepared for its UK-based asset
management business, Henderson Global Investors (HGI).
AMP wishes to clarify these reports as some claims that have
been made are inaccurate.
An internal audit team for senior management prepared the draft
HGI report. The team reviewed internal frameworks and management
processes that had recently undergone an improvement process. It
was found that some of these improvements were not yet fully
operational.
The processes that were reviewed were primarily internal
processes and not related to client matters. Most importantly,
the review team did not find any breaches of any client mandate.
In addition, HGI was subject to independent testing on certain
internal controls by its external auditors as at 31 December
2002. Their review concluded that those internal controls were
operating as described.
The report was also a first draft that contained some
inaccuracies. The review process is still in progress to correct
these inaccuracies.
CONTACT INFORMATION: Karyn Munsie
Ph: 9257 9870
Mobile: 0421 050
AMP OFFICE: S&P Puts Ratings on Negative CreditWatch
----------------------------------------------------
Standard & Poor's Rating Services on Tuesday has placed its
long-term corporate credit and associated debt-issue ratings on
AMP Office Trust (AOF) on CreditWatch with negative
implications. This action follows the announcement by AOF
that it is proposing a number of strategic changes and an
increase in financial leverage (debt to total assets) to the
trust. The proposal is subject to unit holder approval. At the
same time, the 'A-2' short-term corporate credit and commercial
paper (CP) ratings are affirmed, and are not placed on
CreditWatch.
"If the proposal proceeds as announced, Standard & Poor's
believes that the increase in leverage, a willingness to invest
in higher-yielding assets, and challenges associated with its
offshore growth strategy will expose AOF to additional risk,"
said credit analyst Paul Draffin, associate director within the
Corporate & Infrastructure Ratings group.
"These risks are unlikely to be offset by the additional income
stream provided by its property and funds management
activities."
AOF's liquidity is considered adequate. AOF has A$120 million in
bank standby facilities to support its commercial paper program
and has recently established a new three-year A$205 million bank
facility to refinance A$170 million of medium-term notes (MTNs)
maturing on Aug. 15, 2003, and to fund its acquisition of
BankWest Tower. AOF also is negotiating sufficient additional
bank facilities to cover its remaining outstanding MTNs, given
MTN holders will have the opportunity to demand repayment upon
the proposed change of the responsible entity.
To resolve the CreditWatch, Standard & Poor's will undertake a
detailed review of the proposal, and its implications for the
risk profile of the trust. Resolution of the CreditWatch is
expected to follow unit holder approval for these proposals,
which is planned to take place in September 2003.
AUSTRALIAN MAGNESIUM: Distribution Reinvestment Plan Suspended
--------------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) has suspended the
Distribution Reinvestment Plan (DRP) that is currently available
for the 6 monthly distributions on AMC's Distribution Entitled
Securities (DES).
There are no other changes to the payment terms for the three
remaining distribution payments of 3.2 cents per DES that are
due to be paid on 23 November 2003, 23 May 2004 and 23 November
2004. The payment of the distributions is an unconditional
obligation of the State of Queensland.
The suspension will take effect until further notice.
AMC will contact all holders who are currently enrolled in the
DRP in relation to the suspension.
All security holder and shareholder enquiries should be directed
to the share registrar, Douglas Heck & Burrell Registries, on
(07) 3228 4219.
CONTACT INFORMATION: Joel Forwood
Investor Relations, Manager
Tel: +61 7 3837 3400
Fax: +61 7 3837 3423
GINDALBIE GOLD: Acquires Mt Mulgine Interest From Yilgarn Gold
--------------------------------------------------------------
Gindalbie Gold NL is pleased to announce that it has
consolidated ownership of the Mt Mulgine Project area by
acquiring Yilgarn Gold's 35% interest in the Mt Mulgine joint
venture. The acquisition will provide Gindalbie with 100%
ownership of the 51km2 project area and enhance its future
development options.
The consideration payable in respect of the acquisition is:
* $25,000 cash;
* Gindalbie Gold NL shares to the value of $100,000; and
* A Net Smelter Royalty of 0.75% payable on all precious
metals produced over and above 25,000 ounces from the Mt Mulgine
tenements.
The issue of shares will be subject to shareholder approval.
The Mt Mulgine Project is host to the 4,000 ounce Highland Chief
gold deposit which is scheduled to be mined during October 2003.
The potential for at least 2 other gold deposits has been
identified at Mt Mulgine at the Black Dog and Bobby McGee gold
prospects.
The project area is also host to the large Mt Mulgine tungsten
resource.
GINDALBIE GOLD: Share Purchase Plan Closed
------------------------------------------
Gindalbie Gold NL is pleased to advise that its Share Purchase
Plan closed on Friday 1 August 2003 raising $723,950. The issue
price of the shares under the Plan will be 7.8125 cents per
share.
The shares applied for under the Plan will result in 9,266,560
new ordinary shares being issued. It is expected that the shares
was allotted Wednesday with the relevant holding statements
dispatched by the end of the week.
According to Wrights Investors' Service, at the end of 2002,
Gindalbie Gold NL had negative working capital, as current
liabilities were A$8.58 million while total current assets were
only A$6.74 million. The company has paid no dividends during
the last 12 months.
TOWER LIMITED: Takeovers Panel Cancels Meeting
----------------------------------------------
The Takeovers Panel has canceled the meeting it had called under
section 32 of the Takeovers Act 1993 for Thursday 7 August 2003.
The meeting was to determine whether GPG, as lead underwriter of
the recently concluded rights issue made by TOWER Limited
(TOWER), could rely on clause 19 of the Takeovers Code (Class
Exemptions) Notice (No 2) 2001. This exemption requires
underwriters to sell down any shareholding held in excess of 20%
within 6 months.
GPG's view was that it was entitled, as an "underwriter", to
rely on clause 19 of the class exemption.
The Panel's preliminary view was that GPG was not entitled to
rely on the class exemption. The Panel accordingly had granted a
specific exemption, the Takeovers Code (Guinness Peat Group Plc)
Exemption Notice 2003, which required GPG to dispose of any
excess shares within the shorter of 30 days or until TOWER held
a shareholder meeting.
GPG initiated proceedings in the High Court in an endeavor to
have the matter resolved by the Court.
Tower's rights issue has now closed. The Panel is satisfied
that, after fulfilling its underwriting obligations, GPG's
control of voting rights in Tower will be less than 20%. As a
consequence there are no longer any issues arising under the
Code.
The Panel has therefore agreed with GPG on the following course
of action:
* GPG is to discontinue its proceedings against the Panel in
the High Court;
* The Panel's hearing scheduled for 7 August 2003 has been
cancelled;
* The Panel will revoke the specific exemption it granted to
GPG.
TRANZ RAIL: Toll-Crown Agreement Outside Code Constraints
---------------------------------------------------------
The Takeovers Panel met on Monday 4 August 2003 at the request
of Infratil Limited to consider whether Toll Group (NZ) Limited
(Toll) complied with rule 38 of the Takeovers Code by entering
into an agreement (Toll/Crown agreement) with the Crown in
relation to Tranz Rail Holdings Limited (Tranz Rail) on 7 July
2003. Representatives of Toll, Tranz Rail and Infratil
attended the meeting.
The directors of a code company which has received a takeover
offer concern rule 38 of the Code with defensive tactics or who
believe a bona fide offer is imminent.
Under the Toll/Crown agreement the parties agreed that:
* neither party would enter into any negotiations or
arrangements which were inconsistent with the Toll/Crown
agreement until Toll's current offer for Tranz Rail is withdrawn
or lapses. In particular they agreed that no alternative Heads
of Agreement would be negotiated or entered into by either
party;
* in the event that Toll's current offer for Tranz Rail
becomes unconditional, the Crown would enter into a Heads of
Agreement with Tranz Rail and Toll relating to the rail tracks
and certain other assets of Tranz Rail;
* Toll would use its best endeavors to procure Tranz Rail to
enter into the Heads of Agreement with the Crown as soon as
practicable after Toll declares its offer unconditional.
Infratil Limited, a Tranz Rail shareholder alleged that, in
contravention of rule 38:
* the exclusive nature of the Agreement could effectively
result in an offer for Tranz Rail being frustrated and/or the
shareholders of Tranz Rail being denied an opportunity to decide
on the merits of an offer;
* in respect of the Agreement, Toll was acting on behalf of
the directors of Tranz Rail or is a director of Tranz Rail
itself for the purposes of the Code.
Rule 38 of the Code refers specifically to action taken or
permitted by the directors of the target company, in this case
Tranz Rail. The Panel decided that Toll was not acting as or on
behalf of the directors of Tranz Rail, by entering into the
Agreement with the Crown. As the Toll/Crown Agreement did not
result from any action taken or permitted by the directors of
Tranz Rail, it could not be considered a defensive tactic
under rule 38.
Accordingly the Panel determined that Toll had not breached rule
38 of the Code by entering into the Toll/Crown agreement.
The full text of the Panel's determination can be found at
http://bankrupt.com/misc/TCRAP_TRH0808.pdf.
================================
C H I N A & H O N G K O N G
================================
CARRY-ON CONTRACTING: Winding Up Hearing Scheduled on Aug 20
------------------------------------------------------------
The High Court of Hong Kong will hear on August 20, 2003 at
10:00 in the morning the petition seeking the winding up of
Carry-On Contracting Company Limited.
Chan Suk Min of Room 717, Lai Lan House, Lai Kok Estate,
Kowloon, Hong Kong filed the petition on July 9, 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.
CHINA TREASURE: Clarifies Interest in Korning
---------------------------------------------
Further to China Treasure (Greater China) Investments Limited's
announcement of its results for the six months ended 30 June
2003 dated 29 July 2003 (the Result Announcement) and the
announcement of Yanion International Holdings Limited (Yanion)
dated 5 August 2003 (the Yanion Announcement) in relation to the
investment in Korning Investment Limited (Korning), the Company
would like to clarify as follows:
1. At the time when investment was made by the Company in
Korning in mid-2002, a provision was included in the
shareholders' agreement entered into between Yacata Limited
(Yacata, a subsidiary of Yanion), the Company and Korning (which
in turn is the foreign party to Huayi Pharmaceutical Company
Limited (Huayi), a Sino-foreign joint venture) that in the event
future financing is required, Yacata and the Company will
provide for such additional funding on a pro rata basis.
However, the Company may desire not to provide further funding
and the interest of the Company in Korning will be diluted
accordingly.
2. The above mentioned provision was included in the
shareholders' agreement in view of the investment restriction
under the Company's articles of association that the value of
the Company's interest in the investment shall not exceed 20% of
the Company's net asset value at the time when the investment is
made (the "Investment Restriction").
3. As set out in the Result Announcement, notice had been
received by the Company to make a shareholders' loan
contribution to Korning on or before 26 July 2003. In view of
the Investment Restriction, the Company is prohibited from
making such further shareholders loan contribution. As such the
Company had proposed to Yacata and Korning to extend the
deadline of the shareholders loan contribution to allow the
Company to search for alternative arrangement. In view of the
Yanion Announcement, the Company will further negotiate
with Yacata and Korning with a view to further extend the
deadline for the part of the Company's contribution and maintain
the Company's shareholding percentage in Korning. Failure in the
negotiation would result in the dilution of the Company's
ultimate holding interest in Huayi.
Fluctuation in share price and trading volume
The Company noted Thursday's fluctuation in the price and
increase in trading volume of the shares of the Company and wish
to state that it was not aware of any reasons for such increase.
Save in respect of the above, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the board of directors aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.
E-LIFE INT'L: Widens Operations Loss to HK$41.542M
--------------------------------------------------
E-Life International Limited posted this result announcement:
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Qualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/03/2003 to 31/03/2002
Note ('000) ('000)
Turnover : 28,409 83,172
Profit/(Loss) from Operations : (41,542) (14,290)
Finance cost : (19) (29)
Share of Profit/(Loss) of
Associates : (5,067) (1,554)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A (1,494)
Profit/(Loss) after Tax & MI : (46,720) (17,826)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.011) (0.008)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (46,720) (17,826)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 25/08/2003 to
28/08/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. TURNOVER
2003 2002
HK$'000 HK$'000
International air and sea freight forwarding 11,004 49,291
Securities trading 17,405 33,881
--------------
28,409 83,172
==============
2. LOSS FROM OPERATIONS
Loss from operations per above (55,351) (22,858)
Gain on dilution/disposal of interests in subsidiaries
13,809 8,568
------------------------
(41,542) (14,290)
========================
3. LOSS PER SHARE
The calculation of the basic loss per share is based on the net
loss for the year of HK$46,720,000 (2002: HK$17,826,000) and on
the weighted average of 4,380,075,655 (2002: 2,212,737,030)
ordinary shares in issue during the year.
The computation of diluted loss per share does not assume the
exercise of the share options and warrants as their exercise
would result in a decrease in loss per share for both years.
KANG PEI: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Kang Pei Kee Industrial Limited is set
for hearing before the High Court of Hong Kong on September 3,
2003 at 9:30 in the morning.
The petition was filed with the court on July 17, 2003 by Law
Kan of 40C, Shek Wu Tong, Kam Tin, Yuen Long, New Territories,
Hong Kong.
MANSION HOUSE: Disposal Circular Dispatch Further Deferred
----------------------------------------------------------
Reference is made to the announcements of Mansion House Group
Limited dated 2 and 23 July 2003 in relation to the Disposal
(the Announcements).
Under Rule 14.13(2) of the Listing Rules, the Company is
required to dispatch the Circular to the Shareholders within 21
days after the publication of the announcement of the Company
dated 2 July 2003, i.e. on or before 23 July 2003.
As disclosed in the announcement of the Company dated 23 July
2003, an application has been made by the Company to the Stock
Exchange for an extension of the time to dispatch the Circular
to no later than 6 August 2003.
Due to more time than was expected being required in obtaining
the confirmation on working capital statement as required by
Rule 14.19 of the Listing Rules from the Company's financial
adviser or auditors, application has been made to the Stock
Exchange for a further extension of the time to dispatch the
Circular to no later than 6 September 2003. The Stock Exchange
has indicated that no waiver would be granted for such
application and that it would take appropriate action against
the Company and/or the Directors.
ORIENTAL METALS: Court Orders Statement Claim Filing
----------------------------------------------------
The Board refers to a legal proceeding in P.R.C. commenced by a
trade customer against ZIAC, a major subsidiary of Oriental
Metals (Holdings) Company Limited, on the ground that it failed
to pay a claim in respect of a trade dispute in the amount of
approximately RMB942,000 (approximately HK$888,000). At a
hearing held on 5th August, 2003, no judgment had been made by
the Court but ordered that both the plaintiff and defendant to
file a statement in relation to the claim and defense by post.
ZIAC is a joint venture enterprise established in the PRC and
its principal activity is the production and sale of aluminium
cans, container and packaging products. The alleged claim
represents approximately only 0.08% and 0.07% of the unaudited
consolidated total assets and total liabilities of the Group
respectively as at 30th June, 2003.
The claim against ZIAC for the amount of approximately
HK$888,000 had been fully provided for by the Group in the 2002
audited accounts.
The Board believed that in the event of the alleged claim is
ordered to pay by the Court, it would incur no further
liabilities to the Group. There is also no guarantee or
outstanding capital commitment provided by the Group to ZIAC. In
view of the above and as at the date of this announcement, the
Company is not aware that the alleged claim has any material
adverse impact on the Company's financial and operational
position.
The Company will make further announcement on any significant
development as and when appropriate.
Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.
DEFINITIONS
"Board" the board of directors including independent non-
executive directors of the Company
"Company" Oriental Metals (Holdings) Company Limited, the shares
of which are listed on The Stock Exchange of Hong Kong Limited
"Court" the Court of the P.R.C.
"Group" the Company and its subsidiaries
"P.R.C." the People's Republic of China
"ZIAC" Zhangzhou International Aluminium Container Company
Limited, which is owned as to 60% indirectly by the Company
P.I. INTERNATIONAL: Winding Up Petition Pending
-----------------------------------------------
P.I. International Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on August 20, 2003 at 10:00 in the morning.
The petition was filed on July 4, 2003 by Leung Ka Man of Room
1701, Yiu On House, Yiu Tung Estate, Shaukeiwan, Hong Kong.
S. MEGGA: August 27 Winding Up Hearing Scheduled
------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2003 at
10:00 in the morning the petition seeking the winding up of S.
Megga Telecommunications Limited.
Tong Kai Chun Derek of Room 1016, Yat Ching House, Yee Ching
Court, Sham Shui Po, Kowloon, Hong Kong filed the petition on
July 16, 2003. Messrs. Liu, Chan And Lam represents the
petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Messrs. Liu,
Chan And Lam, which holds office on the Room 2102, Tower 1
Admiralty Centre, 18 Harcourt Road, Hong Kong.
VANDA SYSTEMS: Reduces Net Loss to HK$173.815M
----------------------------------------------
Vanda System & Communications Holdings Limited released a
summary of its Results Announcement for the year ended date
March 31, 2003:
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 ('000) ('000)
Turnover : 1,024,638 1,103,086
Profit/(Loss) from Operations : (149,452) (164,977)
Finance cost : (18,757) (28,860)
Share of Profit/(Loss) of
Associates : 417 (1,163)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (173,815) (191,069)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.412) (0.455)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (173,815) (191,069)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss per share
The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$173,815,000 (2002: HK$191,069,000), and the weighted
average of 421,535,000 (2002: 420,214,000) ordinary shares in
issue during the year.
Diluted loss per share amounts for the years ended 31st March,
2003 and 2002 have not been disclosed as the potential ordinary
shares of the Group outstanding during these years had an anti-
dilutive effect on the basic loss per share for these years.
2. Comparative amounts
Certain items included under other operating expenses are either
significant to this year's consolidated profit and loss account
or of an unique one-off nature. Accordingly the Directors
consider it more appropriate to disclose these items on separate
line disclosure on the face of the consolidated profit and loss
account and the comparative amounts have been reclassified to
conform with the current year's presentation.
=================
I N D O N E S I A
=================
CILIANDRA PERKASA: Pefindo Rates "idBBB" to Rp500B Bonds I/2003
---------------------------------------------------------------
PEFINDO assigned ratings of "idBBB" for corporate and proposed
Rp500 billion Bond I Year 2003 of PT Ciliandra Perkasa (the
Company or CILI). The ratings reflect the Company's improved
plantation profile and moderate leverage as well as favorable
future prospect of CPO business. The ratings, however, are
mitigated by the Company's low plantation productivity, marginal
profitability and cash flow protection.
CILI is a member company of Surya Dumai Group that engages in
CPO plantation and processing business. CILI's plantation covers
74,482 hectares of land bank located in Riau, Sumatra. The
Company is the holding company of agribusiness division of Surya
Dumai Group.
A stable outlook is assigned with the above ratings. The ratings
have incorporated the CPO strong demand and price improvements.
However, the Company's capability to translate the improved
plantation maturity into better productivity in the medium term
will remain dependent on the availability of financial supports,
as it requires a significant amount of investment.
The ratings are constrained by:
* Below average productivity. The company's FFB productivity
is still relatively low at 9.9 tons per hectare compared to its
peers, as only 15% of its yielding areas have entered into prime
ages (8 years to 18 years). Although the productivity in the
future will increase in line with the age of palm oil trees, the
FFB increment will still depend on the plantation maintenance,
fertilizer and other factors that support the trees to healthily
grow.
* Marginal profitability and coverage. The Company's
profitability has been very marginal as reflected by its 5-year
average ROE and ROPC of 1.0 percent and 3.6 percent
respectively. As a result, the Company's debt and interest
coverage have also been relatively low with 5-year average of
0.1x and 1.06x respectively. The Company's relatively low
profitability was due to thin margins, as the Company's average
CPO cash cost was still relatively high at US$189 per ton.
Relatively low plantation productivity and high maintenance
expenses have become the main factors for the high cost.
SATELINDO INTERNATIONAL: Indosat Bonds to Refinance Debts
---------------------------------------------------------
PT Indonesia Satellite Corp is going to issue bonds worth
between US$200 million and US$300 million to refinance PT
Satelindo International Finance BV's debts, which is all the
parts of the merger of Satelindo-IM3-Indosat, Bisnis Indonesia
reports.
"Indosat that will issue the bonds, but the shareholder,
Singapore Technologies Telemedia (STT), will also participate in
the tender," said an unnamed Bisnis source at one foreign
investment bank, adding that it had not yet been decided whether
the bond will be in eurobond or yankee bond.
"Most of the funds obtained from the bond issuance will be used
to refinance Satelindo's debts, especially the medium term notes
(MTN)," the source added.
Nicholas Tan Kok Peng, financial director of Indosat, declined
to comment on the vertical merger. "We cannot give comment on
the vertical merger since all are still in process. We are still
reviewing all possible options helped by ING as the financial
advisor."
Previously, Wityasmoro Sih Handayanto, business development
director of Indosat, said the refinancing scheme would be
decided next month.
"We haven't decided whether the refinancing will be through bond
issuance or other loans. To be sure, we are studying all
options," he said.
Currently, more and more Indonesian companies that are planning
to issue bonds overseas, especially the eurobond. Examples of
the companies are Bank Mandiri (US$300 million), Medco Energi
(US$200 million), Aneka Tambang (US$250 million), Arutmin
(US$300 million), Pertamina Tongkang (US$150 million), and
Perusahaan Gas Negara (US$500 million).
=========
J A P A N
=========
FURUKAWA ELECTRIC: Enters Alliance With Sumitomo
------------------------------------------------
Furukawa Electric Co., Ltd. (President: Hiroshi Ishihara;
hereinafter referred as Furukawa Electric) and Sumitomo Electric
Industries, Ltd. (President: Norio Okayama; hereinafter referred
as SEI) have reached a fundamental agreement to consolidate the
two companies' wireless technology operations and to establish a
joint venture Company.
Following the business consolidation, rationalization and
efficiency will be promoted in the wireless technology
operations, a stable operating base that can respond to digital
terrestrial broadcasting will be established, and the related
wireless business will also be expanded. The new joint venture
Company will strive to become the top player in this field.
1. Background of Business Consolidation
Digitalization of terrestrial TV broadcasting in Japan has
generated the increased demand for new digital transmission
facilities. Digitalization consists of three phases: the first
phase has taken place in 2003 in key stations of Tokyo, Osaka
and Nagoya area. The second phase will conclude by 2006 (key
stations in other prefectures) and third phase by 2010
(nationwide rebroadcast stations).
However, because new installation of digital transmission
facilities is a heavy burden to the broadcasters, the market is
becoming more competitive due to minimal investment caused by
the shared use of antennas and towers and price reduction that
reflects recent economic situation.
In due consideration of this harsh business environment, SEI and
Furukawa Electric had been individually enhancing their business
operations. The two companies decided that drastic measure is
necessary to promote rationalization and efficiency and to
establish stable operating basis. In order to expand their
wireless technology business, SEI and Furukawa Electric
concluded a fundamental agreement of business consolidation.
2. Content of Consolidation Agreement
(1) Establishment of joint venture Company
Furukawa Electric and SEI will consolidate their wireless
technology operations into a joint venture Company. Details on
consolidation other than those mentioned above are still under
consideration. The new joint venture Company is scheduled to
start business in April 2004.
(2) Scope of consolidated business
Development, production, sales, maintenance, construction, and
export of broadcast antennas, fixed communications aerials,
etc., and feeder components, supporting hardware, antenna
towers, and station buildings required for construction of these
systems.
Development, production, sales, maintenance, construction, and
export of antennas for mobile communication base stations, and
feeder components and supporting hardware required for
construction of these systems.
(3) Ownership
Furukawa Electric: 50 percent, SEI: 50 percent.
(4) Facilities, employees, and location
Decided through discussion between the two companies, so that
competitiveness will be maximized.
3. Other
The number of employees is scheduled to be about 100. The new
Company will be located Furukawa Electric's Yokohama Office and
in SEI's Osaka Works.
Target annual sales: 10 billion yen.
Furukawa Electric will undertake further restructuring and plans
to bring pre-depreciation operating results into balance at the
end of the December 2003 term, TCR-AP reported recently.
However, OFS operating results before depreciation for the
December 2003 term are expected to show a 6.8 billion yen
deficit, so bringing capital outflow to a halt for a full year
will not occur until after the December 2004 term.
JAPAN AIRLINES: Suspends Flights on Hawaii Routes
-------------------------------------------------
Japan Airlines System Corporation will indefinitely suspend four
unprofitable routes operated by JALways Co. between Honolulu and
four regional cities in Japan, Kyodo News reported Thursday. The
suspensions will take effect October 1 for the Sapporo-Honolulu
and Sendai-Honolulu routes and November 1 for the Hiroshima-
Honolulu and Niigata-Honolulu routes.
JAPAN TOBACCO: Cutting 4,000 Jobs
---------------------------------
Japan Tobacco Inc. will cut about 4,000 jobs, or 23 percent of
its work force, and a third of its domestic plants in a bid to
boost profit amid a declining smoking rate and an increasingly
difficult business environment, according to Kyodo News
Thursday.
Under the new midterm management plan, covering from April 2003
to March 2006, the Company aims to reduce its current workforce
of about 17,500 to roughly 13,000 by the end of fiscal 2004,
including around 500 employees expected to retire by the end of
the current fiscal year.
MARUBENI CORP.: Releases Direct FuelCell Power Plants
-----------------------------------------------------
FuelCell Energy, Inc. announced that its Asia-Pacific strategic
partner Marubeni Corporation has released for production its
three-megawatt order for Direct FuelCell (DFC) power plants for
new customer commitments.
"Seeing is believing -- witnessing the successful operation of
Kirin's DFC power plant has convinced ministry officials and
prospective customers that DFC power plants are a viable
solution for Japan's energy needs," said Marc G. Aube, Vice
President of Strategic Business Development for Marubeni's
Utility & Infrastructure Division. "Marubeni is focused on
delivering clean and efficient distributed power generation to
the Japanese markets and is leading this effort with DFC power
plants."
Due to the high cost of energy and the focus on eliminating
harmful greenhouse gases, Japan has developed a strong focus on
cogeneration from highly efficient generating technologies such
as stationary fuel cell power plants. Marubeni has targeted the
industrial, commercial and municipal market segments that value
high efficiency, while still recognizing the need to be
environmentally responsible. Industrial cogeneration, hospitals,
data centers and wastewater treatment facilities all have the
need for reliable, base load power.
"What is really significant is the potential that this
represents," said Jerry D. Leitman, Chairman and CEO of FuelCell
Energy. "The Japanese market has shown a high level of interest
in our technology, and this release of three megawatts of our
DFC products by Marubeni demonstrates their confidence that
stationary fuel cell power plants for commercial and industrial
applications are a reality today.
There is a particular focus on the use of opportunity fuels such
as anaerobic digester gas. The current municipal and industrial
wastewater treatment market in Japan presents a good fit for DFC
products, with more than 2,000 MWs of potential electricity
generation. The initial size of this market segment, and
recently passed regulations that provide government support for
additional wastewater treatment facilities throughout Japan,
represents a sustainable growth market for distributed power
generation, including DFC technology.
Marubeni committed to order three megawatts of DFC products when
it signed an alliance agreement and invested $10 million in
FuelCell Energy in June 2001, strengthening the relationship
established a year earlier that included an order of five
DFC300A power plants. Increased order activity in the Japanese
market prompted Marubeni to release this three-megawatt order to
production. Announcements of individual power plant sites will
be forthcoming, with each customer's request and authorization.
FuelCell Energy and Marubeni have agreed to extend the terms of
their original alliance agreement by 18 months, to March 15,
2005. World economic conditions, reduced energy consumption and
slowdowns in industrial capital development combined to delay
the demand for all power generation in Japan and other global
markets. Extending the term recognizes the resurgence of
interest in Japan based on our initial demonstrations in the
Asian market.
About Direct FuelCells
Direct FuelCells generate electricity with no combustion. They
are, in-effect like large, continuously operating batteries that
generate electricity as long as fuel, such as natural gas is
supplied. Since the fuel is not burned, there is no pollution
commonly associated with the combustion of fossil fuels (like
NOx, SOx, particulates). The high efficiency leads to more
electric power from less fuel.
About FuelCell Energy
FuelCell Energy, Inc. (www.fuelcellenergy.com), based in
Danbury, Connecticut, is a world-recognized leader for
development and commercialization of high efficiency fuel cells
for electric power generation. The Company's Direct FuelCell
(DFC) technology eliminates external fuel processing to extract
hydrogen from a hydrocarbon fuel. This results in a product
whose cost, combined with high efficiency, simplicity and
reliability, results in product advantages for stationary power
generation. The Company has been developing DFC technology for
stationary power plants with the U.S. Department of Energy
through the National Energy Technology Laboratory, whose
advanced fuel cell research program is focused on developing a
new generation of high performance fuel cells that can generate
clean electricity at power stations or in distributed locations
near the customer, including hospitals, schools, data centers
and other commercial and industrial applications.
The Sendai District court have sentenced former Marubeni
Chikusan Chief Akihiro Yoshikawa to two years in prison, for
defrauding consumers by falsely labeling imported chicken as
prime domestic poultry, TCR-AP reported recently.
Marubeni Chikusan is a Tokyo-based subsidiary of Marubeni
Corporation, a major trading house. The court ordered Marubeni
Chikusan to pay 36 million yen in fines and a meatpacking
Company in Ishinomaki, Miyagi Prefecture, which repackaged the
meat, to pay a fine of 3 million yen.
About Marubeni
The Marubeni Corporation (www.marubeni.co.jp), established in
1858, is one of Japan's leading general trading/marketing houses
(sogo shosha). The Company was ranked as the 25th largest in
Fortune Magazine's Global Fortune 500 list for 2002. Marubeni
has 13 Divisions with operations that encompass domestic,
import/export, offshore trade and investment activities, which
range from the development of natural resources to the retail
marketing of finished products. The Company, based in Tokyo,
conducts these operations through a worldwide business network
that includes 52 overseas corporate offices and 28 overseas
subsidiaries, for a total of 131 offices in 73 countries.
Marubeni's Utility & Infrastructure Division has been involved
in the development of over 20,000 MWs of power generation
worldwide. The Division has expanded its efforts to include
distributed generation technologies, and energy & environmental
services.
RESONA BANK: S&P Issues RMBS Transaction Update
-----------------------------------------------
Standard & Poor's Ratings Services (S&P) said that decisions by
the creditors of three securitization transactions backed by
residential mortgages originated by Resona Bank Ltd. not to
activate certain trigger events would have a very limited impact
on the transactions.
Over the past three years, Standard & Poor's has assigned
ratings to three residential mortgage-backed securities
transactions originated by the former Daiwa Bank Ltd., which
merged with Asahi Bank Ltd. to form Resona in March 2003. The
three transactions, Maison Capital Corp., Trust Maison Special
Purpose Co., and Trust Maison Two Special Purpose Co., have a
total outstanding debt of about JPY85.1 billion. These deals all
carry the same trigger event clause, which states that a request
by the government for financial support to be provided to Resona
under the Bank of Japan Law Article 38 will trigger obligor
perfection, acceleration of payments, replacement of the
trustee/servicer, and replacement of the beneficiary of group
insurance.
After the government made this Article 38 request, the Japanese
trustee officially notified the bond trustee that a transaction
trigger event had occurred. Under the trigger clause, payments
on the transactions have been accelerated since June, the month
in which the first calculation date fell for the trust after the
transaction trigger event occurred. Standard & Poor's expects
the accelerated payments will provide additional protection to
the transactions.
Between late July and early August, the creditors of the
transactions held a series of meetings and agreed to forego the
following three procedures under the trigger clause:
1. Notification of obligor perfection.
2. Replacement of trustee/servicer.
3. Replacement of beneficiary of group insurance.
Standard & Poor's believes the creditors' decisions will affect
the transactions in the following manner:
1. Obligor perfection
This provision states that in order to maintain the cash
waterfall from the securitized pool, the obligors' set-off
claims against the originator (which arise when obligors set off
the amount due to the originator under their loan agreements
against the balance of their deposits held with the same party)
will be sized, and the obligors will also be ordered to stop
making loan payments to the originator if the latter is
insolvent. The creditors' decision not to activate the obligor
perfection trigger will suspend the enactment of such measures.
In Standard & Poor's view, this will have an extremely limited
impact on the transactions for the following reasons:
-- The transactions already have structures that mitigate
offset risk.
-- Since the trustee/servicer will not be replaced, the
accounts and parties to which repayments on the loans will be
made need not be replaced.
-- Notification of obligor perfection could raise concerns over
the creditworthiness of the originator. Suspending notification
will therefore avoid confusion among the obligors.
2. Replacement of trustee/servicer
This provision states that the incumbent trustee/servicer will
be replaced if they become insolvent or face major obstacles in
conducting their duties, in order to maintain adequate trust
administration and servicing for the transactions. Standard &
Poor's expects that the decision by creditors not to replace the
trustee/servicer will have a limited impact on the transactions
for the following reasons:
-- Only minor concerns exist over the ability of the
trustee/servicer.
-- Substantial costs will be saved, as significant expenses
would be involved in replacing the trustee/servicer.
-- By not replacing the trustee/servicer, there will be no
change in the method of collecting payments, which will avoid
confusion among the obligors.
3. Replacement of beneficiary of group insurance
This provision states that the beneficiary of group insurance
will be changed from the originator to the assignee, in order to
maintain contractual relationships in these transactions. In
Standard & Poor's view, the decision by creditors not to replace
the beneficiary is likely to have a limited impact on the
transactions, for the same reasons that apply to the replacement
of the trustee/servicer.
RESONA HOLDINGS: Hires Nomura to Sell Cosmo, Leasing Units
----------------------------------------------------------
Resona Holdings Inc. has hired Nomura Holdings Inc. to find
buyers for Cosmo Securities Co. and three leasing businesses as
it bids to cut costs, Bloomberg reported on Thursday. The
leasing businesses are Asahigin Leasing Co., Daiwa Factor
Leasing Co. and Kinki Osaka Leasing Company. General Electric
Co. is among companies that expressed an interest in buying the
leasing businesses. Cosmo shares rose as much as 5.8 percent.
Resona was formerly known as Daiwa Bank Holdings Inc., a lending
group that was formed in December 2001 in a three-way merger of
Daiwa Bank Ltd., Kinki Osaka and Nara Bank Ltd. Asahi Bank Ltd.
joined the group in March 2002.
=========
K O R E A
=========
CHOHUNG BANK: Former Vice President Named New CEO
-------------------------------------------------
Chohung Bank has nominated Choi Dong-soo, its former Vice
President, as its single candidate for the next Chief Executive
Officer (CEO) who will lead the bank for three years until the
scheduled merger with Shinhan Bank, the Korea Herald reported on
Thursday. Chohung Bank swung into the red in the second quarter
with the deficit amounting to 482 billion won (US$407 million)
due to increased provisioning for SK Global and credit card
loans, according to TCR-AP recently. The bank sharply raised the
provisioning rate for SK Global to 49 percent of outstanding
loans in the second quarter, from 19 percent in the first
quarter, after it reclassified all SK Global loans as bad loans
on uncertainties over the trading and oil distributing Company's
outlook.
HANARO TELECOM: Issues W300B in CP
----------------------------------
Hanaro Telecom Inc. will issue 300 billion won ($253 million) in
commercial paper (CP) to help grapple with a short-term credit
crunch, reports the Korea Herald. The Company currently has
total liabilities of 1.7 trillion won, and has to pay back 390
billion won worth of those debts, including bonds with warrants
worth 120 billion won, during the remainder of this year. The
bonds with warrants worth 120 billion won mature August 22,
suggesting that Hanaro will experience a severe short-term
credit crunch unless it secures fresh funds.
HYUNDAI GROUP: Shares Recover on Expectations Over Restructuring
----------------------------------------------------------------
The shares of Hyundai Group's units recovered on Tuesday after
they plunged on Monday on news of Chairman Chung's death, the
Maeil Business Newspaper reports. The market recovered carefully
as Hyundai companies are expected to intensify their cost-
cutting efforts and downsizing plans.
Investor sentiment also improved on Hyundai Motor's decision not
to participate in inter-Korean business projects. Both Hyundai
Marine and Hyundai Corp. in which Chairman Chung holds stakes in
rebounded from 2 percent to 4 percent. Samsung Electronics rose
1.54 percent to an annual high of 428,000 won, while Kookmin
Bank and Korea Electric Power Corporation were bearish.
KOOKMIN BANK: Issues W300B Bonds August 11
------------------------------------------
Kookmin Bank plans to issue 300 billion won ($252.9 million) in
10-year hybrid securities on August 11, according to Reuters.
The bond is expected to carry a seven percent coupon rate.
The South Korean Financial Supervisory Service (FSS) revealed
that Kookmin's Sinchon branch in western Seoul was found to have
made mortgage loans totaling 16.8 billion won (US$14.5 million)
to Good Morning City, a Company at the center of a bribery
scandal, which took place in July 2002, TCR-AP reported
recently. FSS banking regulator Park Dong-soon said a bank
branch is only allowed to lend a maximum of 500 million won to a
corporate client. Park said that the bank branch might have
extended the large amount of loans on an installment basis to
evade relevant rules.
DebtTraders reports that Kookmin Bank Ltd.'s 7550% floating rate
note due in 2006, rates between 98 and 99. For real-time bond
pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1
SK GLOBAL: UST Convenes Organization Meeting to Form Committees
---------------------------------------------------------------
The United States Trustee for Region 2 calls for a meeting of SK
Global America, Inc.'s 20-largest unsecured creditors on August
11, 2002 at 2:00 p.m. in The Office of the United States
Trustee, located at 80 Broad Street, 2nd Floor, New York.
SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.
The purpose of this meeting is to form an official committee of
unsecured creditors. Creditors interested in serving on a
committee should complete and return a statement indicating
their willingness to serve on an official committee.
Official creditors' committees, constituted under 11 U.S.C. Sec.
1102, ordinarily consist of the seven largest creditors who are
willing to serve on a committee. In some Chapter 11 cases, the
U.S. Trustee is persuaded to appoint multiple creditors'
committees.
Official committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense. They may investigate the Debtor's business and
financial affairs. Importantly, official committees serve as
fiduciaries to the general population of creditors they
represent. Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtor and other core parties-in-interest. If negotiations break
down, the Committee may ask the Bankruptcy Court to replace
management with an independent trustee. If the Committee
concludes that reorganization of the Debtor is impossible, the
Committee will urge the Bankruptcy Court to convert the Chapter
11 case to a liquidation proceeding.
Immediately following the U.S. Trustee's determinations about
how many official committees will be appointed and who will be
appointed to each committee, the newly formed committees will
convene their initial meeting. The first order of business is to
listen to the U.S. Trustee explaining the powers and duties of
the committee as a whole and the members' individual
responsibilities. The Committee will generally elect a Chairman.
Thereafter, the Committee typically conducts beauty pageants to
select their legal and financial advisors. (TROUBLED COMPANY
REPORTER, August 6, 2003, Vol. 6., Issue No. 154,)
SK GLOBAL: Filing Suit if Delisted From Stock Exchange
------------------------------------------------------
With the planned filing of court receivership by Korean
Creditors, SK Global stocks face the threat of being delisted
from the Korean stock exchange. As this would hinder bailout
efforts, SK Global Co. said in a statement to Bloomberg News
that it would seek a court injunction to prevent delisting of
its stock, if court receivership pushes through. SK Global stock
has been suspended from trading since July 24, 2003. (SK GLOBAL
BANKRUPTCY NEWS, Issue No. 2, July 30, 2003)
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: August 28 AGM Scheduled
----------------------------------------
Aktif Lifestyle Corporation Berhad is pleased to inform that the
9th Annual General Meeting (AGM) of the Company will be held at
Level 2, Grand Seasons Hotel, No. 72 Jalan Pahang, 53000 Kuala
Lumpur on Thursday, 28 August 2003 at 2:30 p.m.
Details of the resolutions to be tabled at the AGM are set out
at http://bankrupt.com/misc/TCRAP_Aktif0808.doc.
Early this week, the Troubled Company Reporter - Asia Pacific
reported that Aktif is still in the midst of negotiations with
the major lenders of Aktif (Creditors) to reach mutual
agreements on specific requests made by the Creditors in
relation to Aktif's proposed restructuring scheme.
AOKAM PERDANA: Unit Faces Statutory Demand Over Unpaid Goods
------------------------------------------------------------
Aokam Perdana Berhad wishes to announce that Aokam Industries
Sdn Bhd (AISB), a wholly-owned subsidiary of Aokam, on Wednesday
was served with a Statutory Demand pursuant to Section 218(1)(e)
read together with Section 218(2)(a) of the Companies Act 1965
dated 1 August 2003 by Messrs. Gaanesh & Co., the solicitors for
Isro Shipping Sdn Bhd (Isro), for the outstanding payment for
diesel supplied and delivered to AISB as at 31 July 2003.
The amount claimed by Isro is RM267,945.12, which is inclusive
of interest at 8% per annum.
By the Statutory Demand, AISB is required to settle the
abovementioned claims within 3 weeks from the date of the
Statutory Demand, failing which Isro will commence winding-up
proceedings against AISB without further reference being made to
AISB.
The Company and AISB are in the midst of negotiations with Isro
to restructure and/or reach an amicable settlement on the
demand.
CHASE PERDANA: Datuk Manjun Re-designated as Deputy Chairman
------------------------------------------------------------
Chase Perdana Berhad posted this Change in Boardroom
Notice:
Date of change : 01/08/2003
Type of change : Redesignation
Previous Position : Deputy Chairman
New Position : Non-Executive Director
Directorate : Non Independent & Non Executive
Name : Datuk Masidi Bin Manjun @ Masdi, J.P.
Age : 53
Nationality : Malaysian
Qualifications :
- Bachelor of Laws (Hon) External Degree from London University
- Barrister at Law from Lincoln's Inn, London
Working experience and occupation :
1) Datuk Masidi began his career as the Legal Advisor to the
Sabah Forestry Department in 1977.
2) Held various senior positions in the Sabah State Government
before he opted for the private sector in 1990.
3) Currently, Datuk Masidi holds various senior positions in
government agencies and organizations. Amongst them, as the
Chairman of Sabah State Government's "think-tank", Institute for
Development Studies Sabah.
4) Also sits on the Board of Universiti Teknologi Mara (UiTM).
Directorship of public companies (if any) : Sitt Tatt Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Last month, the Troubled Company Reporter - Asia Pacific
reported that Chase Perdana provided an update on the status of
its default in the repayment of both the principal and interest
of all credit facilities granted by Financial Institutions.
Details can be found at
http://bankrupt.com/misc/TCRAP_Chase0707.xls.
C.I. HOLDINGS: Defaulted Interest Payments Reach RM3.649M
---------------------------------------------------------
In compliance with Kuala Lumpur Stock Exchange Practice Note No.
1/2001, C.I. Holdings Berhad wishes to announce the following
with regards to the status of the default in servicing the
interest payment on the RM198 million term loan facility granted
by Alliance Bank Malaysia Berhad (ABMB-TLF) to C.I. Enterprise
Sdn Bhd (CIE), a wholly-owned subsidiary of the Company.
CIE had defaulted in servicing of interest payment, which stood
at RM8,727,789.75 as at 30th June 2003 compared to
RM7,287,607.76 as at 31st May 2003, an increase of
RM1,440,181.99. On 25th July 2003 CIE made a payment of
RM5,078,699.00 being the interest payment for the month of
January 2003 to March 2003 and partial payment for the month of
April 2003. The amount outstanding for the interest payment
would be RM3,649,090.75.
On 20th December 2002, the Company announced its Proposed
Corporate Restructuring (PCR) which inter-alia include the
disposal of 300,000 ordinary shares of RM1.00 each representing
the entire equity interest in CIE to QSR Brands Sdn Bhd
(formerly known as Good Platform Sdn Bhd) for a cash
consideration of RM1.00 and the assumption of the corporate
guarantee for the ABMB-TLF given by the Company to Alliance Bank
Malaysia Berhad (ABMB).
On 26th March 2003, the Company submitted the PCR to the
relevant authorities for approvals together with the consents
obtained from various parties including ABMB. Upon completion of
the PCR, the ABMB-TLF will be fully settled.
Currently, the Company has obtained the approvals for the
implementation of the PCR from Bank Negara Malaysia and the
Ministry of International Trade and Industry.
The Company is currently awaiting the necessary approvals for
the implementation of the PCR.
KELANAMAS INDUS.: Gets 90-Day Court Convened Meeting Extension
--------------------------------------------------------------
Please be informed that Kelanamas Industries Berhad
had on 5 August 2003, obtained order in term regarding the
Application of Section 176 of Companies Act to extend the period
for Shareholders and Creditors of KIB to hold a Court Convened
Meeting.
The extension is for ninety (90) days from 20 July 2003.
LONG HUAT: Court Grants 90-Day Restraining Order Extension
----------------------------------------------------------
Long Huat Group Berhad refers to the earlier announcements dated
31 July 2003 on to the Restraining Order under Section 176 (10)
of the Companies Act.
In relation to the above, the solicitors, Messrs Kadir, Andri
Aidham & Partners, had informed that the Court has on 6 August
2003 granted an extension of time for a further 90 days in
relation to the Restraining Order under Section 176 (10) of the
Companies Act and for the convening of meetings of creditors and
shareholders pursuant to Section 176 (1) of the Companies Act
1965.
MBF CAPITAL: Proposes Mutual Funds Business Disposal to Pay Debt
----------------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of, the Board
of Directors of MBf Capital Berhad is pleased to announce that
its subsidiary MBf Unit Trust Management Berhad (MUTMB) had, on
5 August 2003, entered into a sale of business agreement
(Agreement) with MAA Mutual Berhad (MAA Mutual) to dispose the
mutual funds business of MUTMB to MAA Mutual for a total cash
consideration of RM7,500,000.
Details of the Proposed Disposal
Particulars
On 5 August 2003, MUTMB entered into the Agreement with MAA
Mutual to dispose the mutual funds business of MUTMB to MAA
Mutual for a cash consideration of RM7,500,000 (Sale Price).
The mutual funds business includes the operating agreements,
books and records including the mutual funds liabilities, the
information system and employees but excluding MUTMB's
liabilities (Mutual Funds Business).
The mutual funds of MUTMB to be disposed comprise all the four
funds of MUTMB, namely, MBf Balanced Fund, MBf Equity Index
Fund, MBf Syariah Index Fund and MBf Growth Fund (Mutual Funds).
The Sale Price of RM7,500,000 is made up of the following:
(i) RM7,000,000 being the sale price for the Mutual Funds;
and
(ii) RM500,000 being the sale price for the information
technology and software systems pertaining to the operation of
the Mutual Funds (Information System).
Basis of arriving at the Sale Price
The Sale Price of RM7,500,000 was arrived at on a willing buyer-
willing seller basis after taking into consideration the fund
management fee and revenue generation of the mutual funds of
MUTMB. For the financial year ended 31 December 2002, the fund
management fee is approximately RM4.2 million and the income on
sales of unit trusts is approximately RM1.2 million.
Original cost and date of investment
The original cost of the Mutual Funds Business incurred since
1990 is approximately RM2.6 million.
Salient terms and conditions of the Agreement
The salient terms of the Agreement are as follows:
(i) The Sale Price shall be paid to MUTMB on the completion
date, which is within fourteen (14) days from the date of
fulfilling all conditions precedent (Conditions Precedent) as
stipulated in the Agreement (Completion Date) as follows:
(a) the completion of the due diligence on the Mutual Funds
Business of MUTMB to the satisfaction of MAA Mutual;
(b) the approval/waiver of the Securities Commission (SC) for
the sale of the Mutual Funds Business;
(c) the approval of the SC for the purchase of the Mutual
Funds Business by MAA Mutual;
(d) the approval of any other relevant authorities as may be
required.
(ii) If the Conditions Precedent as stated above have not been
satisfied or fulfilled to the mutual satisfaction of the parties
or have not been waived by either party within three (3) months
from the date of the Agreement, the Agreement may be voidable at
the option of either party unless such conditions were not
satisfied or fulfilled as a result of the neglect or default of
the party wishing to avoid the Agreement;
(iii) MAA Mutual will only assume the mutual fund's liabilities,
i.e. all liabilities, commitments and obligations of MUTMB in
relation to the Mutual Funds including but not limited to
brokerage fees, trading commissions, analysis expenses, transfer
costs and all taxes payable in relation to the Mutual Funds
Business and not MUTMB's liabilities;
(iv) MUTMB will remain liable for Mutual Fund's tax up to the
Completion Date. On Completion Date, MAA Mutual shall take over
the Mutual Funds Business together with the Mutual Fund's tax.
The remaining tax liabilities of MUTMB shall remain with MUTMB
and MAA Mutual shall not in any event be responsible for such
tax liabilities of MUTMB;
(v) On Completion Date:
(a) MUTMB shall deliver to MAA Mutual all books, files,
records, manuals and all other documents specially related to
the operations and day-to-day conduct of the Mutual Funds
Business in the format (manual, electronic, or other media)
which the same are maintained by MUTMB as at the Completion
Date;
(b) MAA Mutual shall assume the employment of the employees
in accordance with their current employment terms with MUTMB;
and
(c) MUTMB shall use its best endeavors to procure the
transfer of registration of all agents to MAA Mutual;
(vi) In the event consent is required to assign any of the
operating agreements:
(a) MUTMB will at MAA Mutual's request and cost use
reasonable endeavors with the co-operation of MAA Mutual to
procure such consent;
(b) until such operating agreements are assigned, MUTMB will
hold the same on trust for MAA Mutual absolutely and MAA Mutual
will as MUTMB's sub-contractor perform all the obligations of
MUTMB under such operating agreements; and
(c) until such operating agreements are assigned, MUTMB will
give such assistance to MAA Mutual as may be reasonably required
to enable MAA Mutual to provide access to all relevant books,
documents and other information in relation to such operating
agreements as MAA Mutual may require from time to time;
(vii) In the event that consent is not obtained, MUTMB will co-
operate with MAA Mutual in any reasonable arrangements designed
to provide for MAA Mutual the benefits under any of the
operating agreements;
(viii) Any payment made to MUTMB in respect of the operating
agreements on or after the Completion Date, MUTMB will receive
the same as bare trustee for MAA Mutual and shall promptly
account to MAA Mutual for the same;
(ix) MUTMB agrees that upon execution of the Agreement, MUTMB
will permit MAA Mutual or persons authorized by MAA Mutual to
carry out a full and thorough audit (which shall be completed
within thirty (30) business days from the date of the Agreement
or such other period as may be mutually agreed by the parties)
of all the affairs of MUTMB relating to the Mutual Funds
Business;
(x) In the event that MAA Mutual fails to proceed to completion
despite the fulfillment of all the Conditions Precedent or any
of the warranties given by MAA Mutual in the Agreement are
false, or incorrect, or incomplete such as to render the
warranties misleading or if MAA Mutual is in breach of any of
the terms of the Agreement, MUTMB is entitled to repudiate the
Agreement by giving notice in writing to MAA Mutual and the
repudiation shall be deemed to have taken effect from the date
of MAA Mutual's receipt of the letter. Alternatively, MUTMB may
elect to enforce specific performance of the Agreement or to
waive the breach and proceed to completion. Waiver of any breach
shall be without prejudice to the right of MUTMB to bring a
claim against MAA Mutual.
MUTMB will be entitled to receive from MAA Mutual a sum
equivalent to ten percent (10%) of the Sale Price as liquidated
damages in lieu of specific performance;
(xi) In the event that MUTMB fails to proceed to completion
despite the fulfillment of all the Conditions Precedent or any
of the warranties given by MUTMB in the Agreement are false, or
incorrect, or incomplete such as to render the warranties
misleading or if MUTMB is in breach of any of the terms of the
Agreement, MAA Mutual is entitled to repudiate the Agreement by
giving notice in writing to MUTMB and the repudiation shall be
deemed to have taken effect from the date of MUTMB's receipt of
the letter. Alternatively, MAA Mutual may elect to enforce
specific performance of the Agreement or to waive the breach and
proceed to completion. Waiver of any breach shall be without
prejudice to the right of MAA Mutual to bring a claim against
MUTMB; and
(xii) MAA Mutual will be entitled to receive from MUTMB ten
percent (10%) of the Sale Price as liquidated damages in lieu of
specific performance.
Information on MBf Capital
MBf Capital was incorporated under the Companies Act, 1965 in
Malaysia on 29 October 1991 as an investment holding company.
The authorized share capital of MBf Capital is RM5,000,000,000
comprising 5,000,000,000 ordinary shares of RM1.00 each and the
issued and paid-up share capital of MBf Capital is RM782,314,000
comprising 782,314,000 ordinary shares of RM1.00 each.
Information on MUTMB and the Mutual Funds Business
Information on MUTMB
MUTMB was incorporated under the Companies Act, 1965 in Malaysia
on 10 November 1990 and its principal activity is unit trust
management services. It is a 70%-owned subsidiary company of MBf
Capital and a 30%-owned associate company of The Melewar
Corporation Berhad.
The authorized share capital of MUTMB is RM10,000,000 comprising
10,000,000 ordinary shares of RM1.00 each and the issued and
paid-up share capital is RM3,000,000 comprising 3,000,000
ordinary shares of RM1.00 each.
As at 31 December 2002, based on the audited accounts, the net
tangible assets and loss after tax of MUTMB were RM5,977,291 and
RM575,417 respectively.
A summary of the financial performance of MUTMB for the five (5)
financial years ended 31 December 1998 to 2002 van be found at
http://bankrupt.com/misc/TCRAP_Mbf0808.gif.
Information on the Mutual Funds Business
Mutual Funds
There are currently four funds managed by MUTMB, each with a
particular set of objectives:
(a) MBf Equity Index Fund (MEIF)
MEIF is an open-ended unit trust designed to pool funds from
individuals, corporates and institutional investors who seek
long term capital appreciation through investing in a portfolio
of carefully selected stocks, with a majority of them chosen
from the Kuala Lumpur Stock Exchange Composite Index ("KLCI")
components.
The investment objective is to track the performance of KLCI.
The historically proven rationale is that over any extended
period, the KLCI will increase at a rate in excess of
alternative saving options such as EPF or fixed deposit
accounts. In general terms, this fund would suit long term
investors with low to medium risk tolerance profile.
(b) MBf Growth Fund
MBf Growth Fund is an open-ended unit trust designed to pool
resources from individuals, corporates and institutional
investors for investment in a carefully selected diversified
portfolio of growth stocks. The fund aims for capital
appreciation through investing in high quality and high growth
companies in Malaysia and the Asia Pacific region.
The fund's objective is to take a more aggressive approach
towards achieving capital appreciation. This fund would best
suit investors with a high risk tolerance and low income
requirements in the short and medium terms.
(c) MBf Balanced Fund
MBf Balanced Fund is an open-ended unit trust designed to pool
resources from individuals, corporates and institutional
investors for investment in a diversified portfolio of equities,
bonds and money market instruments. The fund aims to produce
medium to long term capital appreciation and current income.
The investment objective of this fund is to provide a balance of
medium to long term capital appreciation, with a proportion of
annual income. This is achieved through diversifying the
investment portfolio so that it includes income-generating
investments such as bonds and money market instruments. This
category of fund best suits investors with a comparatively low
risk tolerance, and who desire or need regular income.
(d) MBf Syariah Index Fund (MSIF)
The MSIF is an open-ended unit trust designed to pool funds from
individuals, corporates and institutional investors who seek
long term capital appreciation through investing in a portfolio
of stocks drawn from the Kuala Lumpur Stock Exchange Syariah
Index (KLSI). As an index-tracking Syariah Fund, the MSIF will
invest in stocks of KLSE Main Board companies that are
designated as Syariah-approved securities by the SC's Syariah
Advisory Council.
MISF is firmly rooted in Syariah-based investing which entails
an investment management process incorporating Syariah-based
investment principles working together to deliver good
performance returns and promote socially and ethically
responsible business practices.
Information System
The Information System pertaining to the operation of the Mutual
Funds Business comprises office equipment, furnitures and
fittings, computer software/equipments.
Based on the latest management accounts of MUTMB as at 30 June
2003, the net book value of the Mutual Funds Business is
RM520,523.
Information on MAA Mutual
MAA Mutual was incorporated under the Companies Act, 1965 in
Malaysia on 16 October 2000 as a private limited company and its
principal activity is the management of unit trust funds. It is
a 70%-owned subsidiary company of MAA Corporation Sdn Bhd and
the remaining 30% interest is being held by Tunku Yaacob bin
Tunku Abdullah. MAA Holdings Berhad is the ultimate holding
company of MAA Mutual.
The authorized share capital of MAA Mutual is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each and the
issued and paid-up share capital is RM6,000,000 comprising
6,000,000 ordinary shares of RM1.00 each.
RATIONALE
The Proposed Disposal will enable MBf Capital to ease its
cashflow position pending the completion of its restructuring
exercise currently undertaken under Section 176 of the Companies
Act, 1965.
UTILISATION OF PROCEEDS
The Sale Price of RM7,500,000 will be utilized for working
capital and payment to the creditors of the company.
REQUISITE APPROVALS FOR THE PROPOSED DISPOSAL
The Proposed Disposal is subject to the following:
(i) approval/waiver from the SC; and
(ii) any other relevant authorities.
DIRECTORS' OPINION
The Directors of MBf Capital (save for Tunku Iskandar), having
considered all aspects of the Proposed Disposal, are of the
opinion that the Proposed Disposal is in the best interest of
the Company and the terms and conditions are fair and
reasonable.
ESTIMATED TIME FRAME FOR THE COMPLETION OF THE PROPOSED DISPOSAL
Barring any unforeseen circumstances, the Proposed Disposal is
expected to be completed within six (6) months from the date of
this announcement.
DEPARTURE FROM THE SC'S GUIDELINES
Insofar as the Board of MBf Capital is able to ascertain and is
aware of, the Proposed Disposal has not departed from the SC's
guidelines.
DOCUMENTS AVAILABLE FOR INSPECTION
A copy of the Agreement dated 5 August 2003 in relation to the
Proposed Disposal is available for inspection at the registered
office of the Company at Block B1, Level 9, Pusat Dagang Setia
Jaya (Leisure Commerce Square), No.9 Jalan PJS 8/9 Petaling
Jaya, Selangor, Malaysia during normal office hours from Monday
to Friday (except public holidays) from the date of this
announcement.
NCK CORPORATION: Creditors Voluntarily Liquidate Unit
-----------------------------------------------------
NCK Corporation Bhd (Special Administrators Appointed) wishes to
announce that Khazanah Wangsa Sdn Bhd is proposed to be wound up
voluntarily by way of a creditors' voluntary liquidation of
Khazanah Wangsa Sdn Bhd, a subsidiary of NCK.
Mr Lim Tian Huat and Mr Adam Primus Varghese bin Abdullah have
been appointed as Joint Provisional Liquidators for the purpose
of winding up of Khazanah Wangsa with effect from 6 August 2003.
NORTH BORNEO: SIBB Replaces MIMB as Corporate Adviser
-----------------------------------------------------
The Board of Directors of North Borneo Corporation Berhad
wishes to announce that Malaysian International Merchant Bankers
Berhad (MIMB) has on 6 August 2003 been released and discharged
as the corporate adviser of the Proposed Rescue cum
Restructuring Scheme.
The Proposed Rescue cum Restructuring Scheme, which was approved
by the Securities Commission via its letter dated 31 December
2002, is pending implementation.
Following the release and discharge of MIMB, the Board has
appointed Southern Investment Bank Berhad (SIBB) as the
corporate adviser to the Company. SIBB and the Company are
currently re-evaluating the terms of the Proposed Rescue cum
Restructuring Scheme. An announcement will be made in due course
after the evaluation.
PICA (M) CORP.: Appoints Dato' Tieng as Audit Committee Member
--------------------------------------------------------------
Pica (M) Corporation Berhad disclosed this Change in Audit
Committee Notice:
Date of change : 04/08/2003
Type of change : Appointment
Designation : Member of Audit Committee
Directorate : Executive
Name : Dato' Ngu Tieng Ung, JP
Age : 36
Nationality : Malaysian
Qualifications : Degree in Accountancy from the Association of
International Accountants
Working experience and occupation : Director
Directorship of public companies (if any) : Premium Nutrients
Berhad; and Premium Vegetable Oils Berhad.
Family relationship with any director and/or major shareholder
of the listed issuer : Dato' Ngu is a CEO and a major
shareholder.
Details of any interest in the securities of the listed issuer
or its subsidiaries : Indirect
Composition of Audit Committee (Name and Directorate of members
after change) : Encik Subki Bin Haji Ahmad; Mr. Chan Hoi Tung;
and Dato' Ngu Tieng Ung, JP
On July 2, the Troubled Company Reporter - Asia Pacific reported
that Company has yet to obtained hundred (100%) percent
consents from all its creditors to support its scheme. The
Company together with its advisor CIMB is in the process of
revising its restructuring scheme and looking for alternative
route to proceed further with its restructuring exercise.
TALAM CORPORATION: Book Closure Date Set on Aug 12
--------------------------------------------------
Talam Corporation Berhad refers to the Notice to Holders of
Talam Warrants dated 14 July 2003 (First Notice). Section 3 of
the First Notice states that, to participate in the Proposed
Rationalization of the Businesses of Europlus Berhad and Talam
Including the Merger of their Property Related Businesses
(Proposed Merger), a holder of a Talam Warrant must, by 5:00
p.m. on 12 August 2003, submit the form for exercising his right
to subscribe for an ordinary share of RM1.00 each in Talam
(Talam Share) (Subscription Form) together with the requisite
payment and such other evidence, if any, as the Directors of
Talam may reasonably require to prove the title of the person
exercising the Talam Warrant. The First Notice has been issued
based on the Deed Poll dated 31 October 2000 and the targeted
books closure date for the Proposed Merger (Books Closure Date)
of the third week of August 2003.
Talam wishes to inform all holders of the Talam Warrants that
the targeted Books Closure Date has been tentatively deferred to
mid September 2003. Accordingly, a holder of a Talam Warrant who
exercises his Talam Warrant after 5:00 p.m. on 12 August 2003
will still be entitled to participate in the Proposed Merger if
the Subscription Form together with the requisite payment to
exercise his right to subscribe for a Talam Share are submitted
to the Registrar of the Talam Warrants not less than ten (10)
market days prior to the Books Closure Date.
The Books Closure Date will be announced on the Kuala Lumpur
Stock Exchange not less than 12 clear market days before the
Books Closure Date.
The Troubled Company Reporter - Asia Pacific reported last month
that the High Court of Malaysia sanctioned the members' schemes
of arrangement of Europlus, Talam and Kumpulan Europlus Berhad
under Section 176 of the Companies Act, 1965 for the
implementation of the Proposals.
TECHNO ASIA: Issues Group's Default in Payment Status Update
------------------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad and a subsidiary company, Prima Moulds
Manufacturing Sdn. Bhd. (PMMSB) on 2 February, 2001. The Special
Administrators were subsequently appointed over the following
subsidiary companies of TECASIA on 30 April, 2001:
1. Mount Austin Properties Sdn. Bhd.;
2. Cempaka Sepakat Sdn. Bhd.;
3. Ganda Edible Oils Sdn. Bhd.;
4. Litang Plantations Sdn. Bhd.;
5. Wisma Dindings Sdn. Bhd.;
6. Ganda Plantations (Perak) Sdn. Bhd.; and
7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Subsidiary Companies")
Further to the announcement dated 04 July, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 30 June
2003 were as follows:
Loan & Hire Purchase Total (RM)
Principal (RM) Interest (RM)
The Company 445,488,121 340,337,087 785,825,208
The Group 541,660,055 392,559,873 934,219,928
Interest shown include interest from 1, July 2001 to 30 June
2003 pending implementation of the restructuring scheme which
was approved by the Securities Commission as announced on 20
December 2002 and 26 December 2002.
Measures Taken to Address the Default
TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.
Further to the measures undertaken as announced on 04 July 2003,
there has been no major changes to the status of TECASIA's plan
to regularize its financial position, save for the reduction in
the loan of RM 318 thousand as a result of the completion of
disposal of assets held by its sub-subsidiary, Prima Moulds
Manufacturing Sdn Bhd on 2 June 2003.
Implications in respect of the Default in Payments
TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The extension will expire on 1
February 2004. As for the Affected Subsidiary Companies, PDNB
had on 28 April 2003 granted an extension of twelve months to
the moratorium previously in effect for the Affected Subsidiary
Companies pursuant to Section 41(3) and the extension will
expire on 30 April 2004. All legal actions initiated against
TECASIA and other affected subsidiaries will be stayed and any
petition for winding-up, or any appointment of a receiver,
receiver and manager or provisional liquidator cannot proceed
during the moratorium period.
UNITED CHEMICAL: Provides Defaulted Facilities Status Update
------------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
wishes to inform that there are no new significant developments
in relation to the various defaults in payment further to the
announcement on 8 July 2003.
The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001.
Details are as per Table A at
http://bankrupt.com/misc/TCRAP_UCI0808.xls.
UCP RESOURCES: E&Y Appointed as Khazanah Liquidators
----------------------------------------------------
The Board of Directors of UCP Resources Berhad informed that its
associated company, Khazanah Wangsa Sdn Bhd was wound up by way
of creditors' voluntary winding up on 6 August 2003 due to its
inability to continue business. Pursuant to Section 255(1) of
the Company Act, the concerned creditors and lenders will be
informed of the Meeting of the Company and of its creditors.
The total Cost of Investment by UCP Resources Berhad in KW,
which amounted to RM1,414,833, had already been fully written
off during the financial year ended 30 June 2002.
There will be an expected loss of RM4,773,371 arising from the
amount due from KW to Universal Concrete Products Sdn Bhd.
Mr. Lim Tian Huat and Mr. Adam Primus Varghese Bin Abdullah of
Messrs Ernst & Young will be appointed jointly and severally as
Provisional Liquidators of Khazanah Wangsa.
UTAS USAHA: Proposed Distribution Completed
-------------------------------------------
Further to the announcements dated 20 March and 23 May 2003
pertaining to the Application for an exemption for BHR
Enterprise Sdn Bhd and the concert party from making a mandatory
offer on the remaining ordinary shares of RM1.00 each in
Nationwide Express Courier Services Berhad (Nationwide) not
already owned by them, pursuant to the Proposed Distribution of
Assets in Fima Makmur Sdn Bhd (Fima Makmur) under Voluntary
Winding Up in Specie (Proposed Distribution).
Nationwide Express Courier Services Berhad informed that Messrs
Ernst & Young, the liquidator for Utas Usaha Sdn Bhd via their
letter dated 5th August 2003 confirmed that the transfer of
shares held by Utas Usaha Sdn Bhd, the beneficial holder for
Fima Makmur in Nationwide to the respective shareholders of Fima
Makmur had been affected in the following proportions:
No. Name of shareholders No. of shares
1 BHR Enterprise Sdn Bhd 11,386,689
2 Tan Sri Dato' Hj Basir bin Ismail 4,242,100
3 Dato' Dr Mohd Noor bin Ismail 2,232,684
4 Subur Rahmat Sdn Bhd 2,232,684
5 Mohd Fauzy bin Abdullah 2,232,684
TOTAL 22,326,841
Hence, the distribution of the existing shares in Nationwide,
which is held by Utas Usaha Sdn Bhd to Fima Makmur's
shareholders based on their respective shareholdings in Fima
Makmur pursuant to the Proposed Distribution, is now completed.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE LONG: Davao City Dismiss Tax Abatement Request
--------------------------------------------------------
The Davao City Legal Office has come out with a legal opinion
denying the request of the Philippine Long Distance Telephone
Company (LPDT) for abatement of surcharges and interests of the
taxes due of the utility Company, Mindanao Times reports.
Earlier, PLDT wrote a letter addressed to Davao City Mayor
Rodrigo Duterte appealing for leniency on the imposition of
surcharges and penalties contending that the Company relied on
the ruling by the Department of Finance - Bureau of Local
Government Finance (DOF-BLGF) that PLDT shall be exempt from
payment of franchise and business taxes.
However, Assistant City Legal Officer Santos Torrena, in his
legal opinion, said that the existing mandates the imposition
and collection of surcharges and penalties Tax Code of Davao
City and that cannot be simply waived. The City Legal Office
also added that the justification given by PLDT is not tenable
as the city government is a different entity from that of the
Department of Finance.
PHILIPPINE LONG: PSE Suspends Stock on Merger Deal Report
---------------------------------------------------------
Trading on shares of Philippine Long Distance Telephone Co.
(PLDT) and Benpres Holdings Corp. have been halted pending
clarification of a newspaper report on the merger of the
companies' cable television operations, the Philippine Daily
Inquirer reports. The operators of SkyCable Central CATV Inc.
and Philippine Home Cable Holdings Inc. have signed a memorandum
of agreement (MOA) covering the full consolidation of both
firms.
Benpres owns SkyCable while MediaQuest Holdings Corp., an
affiliate of PLDT, owns Home Cable. Lopez said the MoA, which he
and PLDT President and Chief Executive Officer Manuel Pangilinan
signed last week, has been submitted to the cable firms'
creditor-banks for approval. The firms are seeking to
restructure more than 2.5 billion pesos in debt. Lopez said they
were hoping to sign a restructuring agreement this year.
NATIONAL POWER: Rebidding Fuel Supply Deals For Cebu Plants
-----------------------------------------------------------
The National Power Corporation (NAPOCOR) will conduct another
auction of fuel supply contracts of three Cebu-based power
plants with an estimated total value of 35 million pesos
following a failed bidding last week, according to ABS-CBN on
Tuesday. The NAPOCOR's Contracts Awards Committee is scheduled
to meet on August 6 to discuss the possible rebidding of the
three fuel supply contracts for the Bantayan diesel power plant
worth 25.47 million pesos, the Doong diesel power plant with the
price of for at 0.63 million pesos, and Power Barge (PB) 116 for
9.92 million pesos. The plants need a total of 2,196 kiloliters
(KL) of diesel oil. (A kiloliter is equivalent to 1,000 liters.)
VICTORIAS MILLING: Assistant Corporate Secretary Resigns
--------------------------------------------------------
The Board of Directors of Victorias Milling Company, Inc. (VMC),
during its meeting on 17 July 2003 held at the sign of the
Anvil, 5/F Equitable PCI Bank Tower I, Makati Avenue cor. H.V.
Dela Costa, Salcedo Village, Makati City, accepted the
resignation of Mr. Nilo A. FlorCruz as Assistant Corporate
Secretary, SEC Compliance and SEC Corporate Information Officer
and subsequently appointed (i) Atty, Eva A. Vicencion-Rodriguez
as Assistant Corporate Secretary and SEC Compliance Officer and
(ii) Ms. Carolina S. Diaz as SEC Corporate Information Officer.
For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2573_VMC.pdf
=================
S I N G A P O R E
=================
CHARTERED SEMICON: Enters Deal With IBM and Infineon
----------------------------------------------------
Chartered Semiconductor Manufacturing, IBM and Infineon
Technologies AG announced a joint development agreement to
accelerate the move to 65-nanometer (nm) semiconductor
manufacturing process technology.
The multi-year engagement closely aligns Infineon's low-power
silicon expertise with IBM's leading process technology and
Chartered's efforts to drive a common foundry process platform
that scales from 90nm through next-generation 65nm technology
and provides a path to 45nm. Financial details of the new
agreement were not disclosed.
The work will be conducted in IBM's newly opened East Fishkill,
N.Y., 300 mm development lab. IBM and Chartered technologies are
among the first on 65nm circuits developed and produced in the
new facility, called the Advanced Semiconductor Technology
Center, or ASTC 300, which began operations last month.
Nearly 200 engineers from the three companies will work together
to define industry-leading process technologies for next-
generation semiconductors.
"Developing advanced semiconductor technology in the 'nano era'
is becoming increasingly challenging for the entire industry,"
said Dr. John E. Kelly III, senior vice president and group
executive, IBM Technology Group. "Working together, IBM,
Infineon and Chartered can accelerate the development of these
technologies yielding 'first time right' chip designs, which
will improve time-to-market and cost for our customers."
Chartered, IBM, and Infineon plan to jointly develop a common
advanced foundry process at 65nm, as well as variants tuned for
high performance and low power. The companies are also exploring
extensions to 45nm technology. To assist foundry customers in
designing with these technologies, the companies have also
agreed to work together with third-party providers to provide a
robust ecosystem of optimized design tools.
Each company will have the ability to implement the jointly
developed processes in its own manufacturing facilities. Both
IBM and Chartered plan to have the jointly developed 65nm
process installed in their respective 300mm fabs, and to be in a
position to support Infineon's outsourced demand for 65nm
products.
"We believe that the new alliance between IBM, Chartered and
Infineon will be very powerful and will rapidly gain momentum to
create the leading-edge preferred platform for advanced logic
manufacturing technologies," said Dr. Andreas von Zitzewitz, COO
of Infineon. "We already have more than 12 years experience in
successful R&D cooperation with IBM and are pleased to continue
that and look forward to the opportunity to also work with
Chartered. This agreement is a further step in Infineon's
strategy to expand our alliance network with leading companies
and a major step to successfully reduce cost and risk and to
provide leading-edge IC process technologies in a timely manner
for the benefits of our customers."
"At a time when chip companies are pressured to deliver
sophisticated systems in silicon faster than ever before and get
it right the first time, the initial IBM-Chartered technology
platform is emerging as a compelling process platform," said
Chia Song Hwee, president and CEO of Chartered. "The joint
development model is critical to keeping fabless and fab-lite
companies at the leading-edge of process technologies. And,
combined with our cost-effective foundry services, it provides
an attractive low-risk outsourcing option for world-class IDMs
like Infineon."
About IBM Microelectronics
IBM Microelectronics is a key contributor to IBM's role as the
world's premier information technology supplier. It develops,
manufactures and markets state-of-the-art semiconductor and
interconnect technologies, products and services. IBM
Microelectronics activities are focused in three major areas:
custom application specific integrated circuit (ASIC) chips,
PowerPC-based standard chip products, and high-tech foundry
services. Its superior integrated solutions can be found in many
of the world's best-known electronic brands.
IBM is a recognized innovator in the chip industry, having been
first with advances like more power-efficient copper wiring in
place of aluminum, faster silicon-on-insulator (SOI) and silicon
germanium transistors, and improved low-k dielectric insulation
between chip wires. These and other innovations have contributed
to IBM's standing as the number one U.S. patent holder for 10
consecutive years. More information about IBM Microelectronics
can be found at: http://www.ibm.com/chips.
About Infineon Technologies
Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products. With a global
presence, Infineon operates in the US from San Jose, CA, in the
Asia-Pacific region from Singapore and in Japan from Tokyo.
In the fiscal year 2002 (ending September), the company achieved
sales of Euro 5.21 billion with about 30,400 employees
worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX). Further information is available at www.infineon.com.
About Chartered
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.
A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.
Information about Chartered can be found at
www.charteredsemi.com.
Chartered Semiconductor Manufacturing (CSM) posted a narrower
second quarter loss this year, citing an increase in customer
orders, TCR-AP reported recently. The Company posted its
tenth consecutive quarter of losses, with a net loss of $90
million, or 36 cents loss per diluted American Depositary Share
(ADS), for the quarter ended June 30. That compared with a net
loss of $90.7 million, or 57 cents loss per ADS share, in the
year-earlier period. Second quarter revenue was $127.6 million,
basically flat on $127.5 million a year ago, but up 22.9 percent
sequentially. The Company had forecast sequential revenue growth
of only 17 percent to 20 percent.
CONTACT:
Chartered Semiconductor Manufacturing (U.S.)
Tiffany Sparks, 408/941-1185
tiffanys@charteredsemi.com
or
Chartered Semiconductor Manufacturing (Singapore)
Maggie Tan, (65) 6360-4705; Fax (65) 6369-1954
tanmaggie@charteredsemi.com
or
Infineon Technologies AG
Guenter Gaugler, (49) 89 234 28481
guenter.gaugler@infineon.com
or
IBM
Rick Bause, 845/892-5463
rbause@us.ibm.com
PIAZZA ENTERTAINMENT: Petition to Wind Up Pending
-------------------------------------------------
The petition to wind up The Piazza Entertainment Pte Ltd.
(formerly known as Resal Pte Ltd) is set for hearing before the
High Court of the Republic of Singapore on August 15, 2003 at 10
o'clock in the morning. Downtown East Pte Ltd., a creditor,
whose address is situated 1 Pasir Ris Close, Singapore 519599,
filed the petition with the court on July 24, 2003.
The petitioners' solicitors are Messrs Ramdas & Wong of Raffles
Place, #07-01 Republic Plaza, Singapore 048619. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Messrs Ramdas & Wong a notice in writing not
later than twelve o'clock noon of the 14th day of August 2003
(the day before the day appointed for the hearing of the
Petition).
ST ASSEMBLY: Appoints New Chief Financial Officer
-------------------------------------------------
ST Assembly Test Services Ltd. (STATS), a leading independent
semiconductor test and advanced packaging service provider,
announced Thursday the appointment of Dov Oshri as its new Chief
Financial Officer.
Reporting directly to STATS' President and Chief Executive
Officer, Dov will have overall responsibility for all
accounting, financial management, business management, corporate
development and investors relation matters of the Company. In
his capacity as Chief Financial Officer, Dov will ensure that
STATS has prudent and progressive financial management to drive
profitable growth, and support strategic expansion
opportunities.
"I am delighted to welcome Dov to STATS," said Tan Lay Koon,
STATS' President and Chief Executive Officer. "Dov brings with
him the right blend of financial and operational experience in a
fast moving high technology environment that is very relevant to
STATS. He has more than 10 years of experience driving
profitable growth, instilling disciplined cost management and
improving operational and financial efficiency. His experience
will be invaluable to STATS as we drive towards profitable
growth and position ourselves strategically for the
opportunities available as our industry recovers from the
current downturn. Dov's appointment completes the management
team that will lead STATS to the next level of growth and
profitability."
Dov joins STATS from Orbotech Ltd, a Nasdaq-listed company that
is a world-leading provider of advanced technologies used by
electronics manufacturers in the production of PCBs, flat panel
displays, and IC packaging and electronics assembly. As Vice
President for Finance and Operations, Dov was overall in charge
of human resources, IT, business planning and finance for
Orbotech operations in Asia Pacific, excluding Japan. Prior to
that, he was the Chief Financial Officer of the paper and board
division of the AMEX listed American Israeli Paper Mills Ltd.
A Certified Public Accountant, Dov graduated with a Bachelor of
Economics from Ben-Gurion University in Israel. He also holds a
Master of Business Administration from Southern Illinois
University, Carbondale, United States.
ST Assembly Test Services Ltd. (STTS) edged nearer to profit
after losing money for 10 straight quarters, reports the
Troubled Company Reporter-Asia Pacific. The Company's net loss
for the second quarter ended June 30 narrowed substantially to
US$700,000 from a US$21.6 million loss a year ago, as revenue
surged 71 percent to US$87.6 million.
About ST Assembly Test Services Ltd. (STATS)
ST Assembly Test Services Ltd., is a leading semiconductor test
and assembly service provider to fabless companies, integrated
device manufacturers and wafer foundries. With its principal
operations in Singapore and global operations in the United
States, United Kingdom, Germany, Japan, China and Taiwan, STATS
offers full back-end turnkey solutions to customers worldwide.
STATS' expertise is in testing mixed-signal semiconductors,
which are extensively used in fast growing communications
applications such as data networking, broadband and mobile
communications. STATS also offer advanced assembly services and
have developed a wide array of traditional and advanced
leadframe and laminate based products, including various ball
grid array packages to serve some of the world's technological
leaders. STATS was listed on the Nasdaq National Market and The
Singapore Exchange in January 2000 and is in the Morgan Stanley
Capital International (MSCI) Index and the Straits Times
Industrial Index. Further information is available at
www.stats.com.sg.
STATS Contacts:
Drew Davies (STATS - United States)
Director, Investor Relations
Tel: (408) 586 0608
daviesd@statsus.com
Khor Hwee Eng (STATS - Singapore)
Senior Marcom Executive, Asia / Europe
Tel: (65) 6824 1291
khorhweeeng@stats.st.com.sg
TAN TOO: Petition to Wind Up Pending
------------------------------------
The petition to wind up Tan Too Guan Private Limited is set for
hearing before the High Court of the Republic of Singapore on
August 15, 2003 at 10 o'clock in the morning. Petitioner Asiatic
Worldwide Limited whose address is situated at IFS Chambers,
Road Town, Tortola, British Virgin Islands, filed the petition
with the court on July 22, 2003.
The petitioners' solicitors are Messrs Allen & Gledhill of 36
Robinson Road, #18-01 City House, Singapore 068877. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Allen & Gledhill a notice in
writing not later than twelve o'clock noon of the 14th day of
August 2003 (the day before the day appointed for the hearing of
the Petition).
TEIN FONG: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Tein Fong Pte. Limited is set for
hearing before the High Court of the Republic of Singapore on
August 22, 2003 at 10 o'clock in the morning. Asiatic Worldwide
Limited, a creditor, whose address is situated 80 Raffles Place,
UOB Plaza, Singapore 048624, filed the petition with the court
on July 22, 2003.
The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 21th day of
August 2003 (the day before the day appointed for the hearing of
the Petition).
===============
T H A I L A N D
===============
ASIA HOTEL: Stock Excluded From Index Calculation
-------------------------------------------------
The Stock Exchange of Thailand (SET) announces an adjustment of
index calculation by the exclusion of those stocks that have
been suspended for over one year from the Index.
The SET wishes to inform that the stock of ASIA Hotel Public
Co., Ltd. was excluded from the calculation of the SET Index
starting from August 6, 2003 until such time as it is permitted
to resume trading.
On May 23, the Troubled Company Reporter - Asia Pacific reported
that the Company's increase in net profit of Bt155.39 million or
equivalent to 798.92% is mainly due to the realized net profit
from subsidiary of Bt83.56 million caused by gain from debt
restructuring accomplishment of Asia Pattaya Hotel amounted of
159.60 million.
GENERAL ENGINEERING: Discloses ESM No. #1/2003 Resolution
---------------------------------------------------------
General Engineering Public Company Limited reported on the
resolution made at the Extraordinary Shareholders' Meeting No.
1/2003 held on August 5, 2003. The details of the resolution are
as follows:
1. To certify the minutes made at an Ordinary Shareholders'
Meeting No. 1/2003 held on April 24, 2003.
2. To approved the Company to proceed the debt-restructuring
plan according to the negotiation with its financial creditors
under CDRAC on 16 June 2003. The principal of debt-restructuring
plan can be summarized as follows:
a) According to the previous debt-restructuring agreement
of the Company, the principal of Bt222.82 million will be
proportionately paid to the financial creditors during 2005 -
2006. However, in this CDRAC meeting, the financial creditors
agreed to transfer a part of principal of Bt119.70 million into
the 5-years convertible debenture and allowed the Company to pay
the remaining principal in 2005 and 2006 as the same conditions
in the previous debt-restructuring agreement.
b) The creditors committee accepted the proposal by a group
of new investors to subscribe the Company's newly issued
ordinary shares at the value of Bt120 million.
c) Regarding to the investment proposal of the new investors,
the Company is requested to appoint at least 3 representatives
from the new investors group as the directors of the Company.
Furthermore, the new fund from this capital increase will be
invested only for the objectives of business expansion and/or
business's working capital, and it must not be used for any
purposes of loan repayment.
3. To approve to authorize the Company to issue convertible
debentures to its financial creditors according to debt
restructuring plan under the mediation process of the Corporate
Debt Restructuring Advisory Committee (CDRAC).
4. To approve the registered capital increase.
a. Registered capital: From Bt45,000,000 to Bt239,812,500
b. Number of new common: 77,925,000 shares
- par value per share: Bt2.50
- Total capital increase: Bt194,812,500
5. To approve the amendment of Article 4 of the Memorandum
of Association to be consistent with the details of the capital
increase. Article 4 of the Memorandum of Association shall be
amend as follows:
"Article 4 Registered Capital Bt239,812,
Divided into 95,925,000 shares
Par Value Bt2.50
Consisting of Ordinary shares 95,925,000 shares
Preferred shares - 0 - "
6. To allow the company to allocate newly-issued 77,925,000
shares at a par value of Bt2.50 each as follows:
a) The allotment of a total of 48,000,000 newly-issued
ordinary shares in one or more parcel at the price of Bt2.50
per share to Shining Route (Thailand) Limited and/ or any
individuals designated by Shining Route on a private placement
basis to not exceeding 35 persons and/ or 17 types of investors
pursuant to the Notification of the Securities and Exchange
Commission, Re: Rules, Conditions and Procedures Governing
Request for and Approval of Offering of Newly Issued Shares.
b) The allotment of 29,925,000 newly-issued ordinary shares
to support the convertible debentures of 1,197 units to be sold
to the Company's financial creditors according to the debt
restructuring plan under CDRAC, the conversion portion of which
is at a ratio of 1 unit of CD per 25,000 newly issued ordinary
shares at the conversion price of Bt4 per share.
The share allotment regarding to (a) above shall be completed
within 60 days from the date of the shareholders meeting having
passed a resolution to increase the capital at this time.
Increasing capital by new investor will process by the rule,
regulation and waiving of the office of the Securities and
Exchange Commission (SEC).
Independent financial advisor explained to the shareholders for
the sum of capital increase, selling price to new investor and
dividing the shares are suitable.
7. GEL increase the capital and allot the newly issued
shares to connected companies Shining Route (Thailand) Co. Ltd.,
and Pattanawasu Co. Ltd., this connected transaction have
already reported to SET.
8. The Meeting approved the company to transfer from the
REHABCO sector back to its regular sector, when the company be
qualified.
KRISDA MAHANAKORN: Clarifies Q203 Net Profit Increase
-----------------------------------------------------
Krisda mahanakorn Public Co.,Ltd. clarified its operations for
the period ended June 30, 2003 which presented net profit
amounted to Bt117 million, compared with the operation for the
prior period which presented net profit amounted to Bt37
million.
The increased net profit amount of more than 20 percent
resulted from the increasing KMC's revenue from sale of property
and construction.
On April, the Troubled Company Reporter - Asia Pacific reported
that Krisda Mahanakorn has signed the Debt Restructuring
Agreement with the creditors Krung Thai Bank PLC. and Thai Asset
Management Corporation.
UNION MOSAIC: Debt Restructuring Contract Signing Done
------------------------------------------------------
The Union Mosaic Industry Public Company Ltd. (UMI), in
reference to the Board of Directors' Meeting held on July 29th,
2003, announced that the principle of debt restructuring
according to an approval by Thai Asset Management Corporation
(TAMC) has been accepted.
The Company had participated the contract signing ceremony of
Successful Debt Restructuring between Thai Asset Management
Corporation (TAMC) and TISCO Finance Plc. on Friday, August 1st,
2003 at Kambhangbejra 2 Room, Sofitel Central Plaza Hotel.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
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*** End of Transmission ***