/raid1/www/Hosts/bankrupt/TCRAP_Public/030925.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
Thursday, September 25, 2003, Vol. 6, No. 190
Headlines
A U S T R A L I A
AUSTRALIAN GAS: NGC Concludes Business Expansion Agreements
DRAGON MINING: Faces Environmental Court Appeal Over Project
DUKE ENERGY: Parent Reviewing Australian Assets
STRATHFIELD GROUP: $22.2M Recapitalization Completed
STRATHFIELD GROUP: General Meeting Scheduled Oct 22
STRATHFIELD GROUP: Sept 29 Noteholders' Meeting Cancelled
WESTERN METALS: Receiver Sells Copper Mine to Birla Group
C H I N A & H O N G K O N G
CHI WAH: Winding Up Petition Set for Hearing
COSMOS MANOR: Winding Up Petition Pending
EC-FOUNDER (Holdings): Cuts Operations Loss to HK$1.772M
GLOBAL TECH: RSM Nelson Replaces PwC as Auditors
GRIDTEL NET: Winding Up Sought by Huawei Tech
MID-ORIENT COMPANY: Winding Up Hearing Scheduled in October
THEME INT'L: 2003 Net Loss Ups to HK$13.620M
WAI YUEN: Postpones Capital Reorganization Effective Date
I N D O N E S I A
BANK LIPPO: Three Prospective Investors Make Short List
* IBRA Reviews Bids From PPAS2 Investors
J A P A N
RESONA HOLDINGS: Mulls Additional Capital to Kinki Bank
RESONA HOLDINGS: Sees US$8.9B 1H03 Group Net Loss
RESONA HOLDINGS: Shares Up 12% on Wednesday
K O R E A
HANARO TELECOM: LG in Takeover Talks With Goldman, Carlyle
KOREA EXCHANGE: Shutting Down U.S. Branch Offices
SK GLOBAL: Proposes Uniform Interim Compensation Procedures
SK NETWORKS: SK Group Loses Control of Trading Arm
M A L A Y S I A
COUNTRY HEIGHTS: Answers KLSE's Query on Asset Divestment Rumor
COUNTRY HEIGHTS: UTMB Replaces PTSB as Bond Trustee
CYGAL BERHAD: SC Grants Investigative Audit Time Extension
EMICO HOLDINGS: Rights Issue Price Fixed at RM1/Share
INNOVEST BHD: Proposed Disposal Becomes Part of Workout Scheme
KELANAMAS INDUS.: Oct 16 Court Convened Creditors Meeting Set
KELANAMAS INDUSTRIES: Management Agreement Terminated
OLYMPIA INDUS.: Proposed Acquisitions Fulfillment Date Extended
PANGLOBAL BERHAD: Discloses Mining Production Figures
PARK MAY: SC Grants Proposed Disposals Waiver Application
PICA (M) CORPORATION: KLSE De-listing Securities on Oct 6
RNC CORPORATION: Discloses 334r AGM Resolutions
TECHNO ASIA: Proposed Set-Offs, Transfers Completed
TONGKAH HOLDINGS: Quoted Securities Disposed
UCP RESOURCES: 7th AGM Scheduled on October 15
P H I L I P P I N E S
URBAN BANK: EIB Completes 2nd Tranche of Deposit Repayment
S I N G A P O R E
AIROCEAN GROUP: Unit Appoints Devdas Kalyan as Liquidator
ASIA PULP: Debt Talks Hit Snag
CENTRAL PROPERTIES: Enters Voluntary Liquidation
CHARTERED SEMICONDUCTOR: Enters Alliance With UST
CHON HWA: Petition to Wind Up Pending
GATEWAY EXPRESS: Releases Notice of Winding Up Order
HONG LAI: Issues Notice to Prove Claims
MEDIASTREAM LIMITED: Unit's Winding Up Affects Group Performance
OMRON BUSINESS: Creditors to Submit Claims by October 20
PARKWAY HOLDINGS: Winding Up Units
SOREX TECHNOLOGY: Releases Second Dividend Notice
THOMSON PRINTING: Issues Dividend Notice
T H A I L A N D
HEMARAJ LAND: Posts Shares Sale Results Form
HEMRAJ LAND: SET Grants Listed Securities
JASMIN INTERNATIONAL: SET Grants Securities Trading
SIAM SYNTECH: Discloses N-Park's Tender Offer Results
UNION MOSAIC: Resolution Passed at Shareholders' Meetings 1/2003
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN GAS: NGC Concludes Business Expansion Agreements
-----------------------------------------------------------
NGC Holdings Limited, a 66% owned subsidiary of the Australian
Gas Light Company, said Tuesday that it has now concluded a
series of conditional agreements, announced on 14 August 2003,
to expand its electricity data management capabilities and to
extend its metering services into Australia.
Under the agreements, NGC has:
* acquired a 25.05% shareholding in Wellington-based
technology company Energy Intellect Limited (EIL), and has
purchased EIL's Australian data management business, Elect Data
Services Pty Limited, for a total of $7.6 million;
* entered into a 10-year Service Alliance Agreement with EIL
for the provision of platform services; and
* entered a separate five-year service agreement with Agility
Management Pty Limited (Agility), a subsidiary of The Australian
Gas Light Company (AGL), under which Agility will transfer to
NGC time-of-use metering data services it currently receives
from EIL and other suppliers.
DRAGON MINING: Faces Environmental Court Appeal Over Project
------------------------------------------------------------
The Naturvardsverket (Swedish Environment Protection Agency)
have lodged an appeal against the decision to grant regulatory
approval for the development and operation of the Svartliden
Gold Project by the Environment Court.
The Naturvardsverket appeal is concerned with the design and
function of the tailings and waste dam after decommissioning.
The Naturvardsverket position is contrary to the opinions tabled
by independent experts who performed the design work and
presented Dragon's case to the Environmental Court.
Dragon Mining NL is waiting for the full text of the
Naturvardsverket appeal document and will then consider all
avenues available to contest the appeal.
According to Wrights Investors' Service, during the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.13 per share. The company has paid no dividends during the
last 12 months as well.
DUKE ENERGY: Parent Reviewing Australian Assets
-----------------------------------------------
Duke Energy Corp. is undergoing pipelines and power plants
review in Australia and New Zealand as it tries to reduce debt
by $1.8 billion this year, Bloomberg reports.
The move would also boost Duke Energy's credit rating. Fitch
Ratings assigned on Friday a 'BBB+' to the $300 million issue of
senior notes due 2008, with a negative outlook.
Marsha Cadman, a Duke spokeswoman in Sydney, declined to comment
on the report it will probably appoint J.P. Morgan Chase & Co.,
possibly together with Macquarie Bank Ltd., to handle any sale.
GasNet Australia Trust and Australian Pipeline Trust have said
they may bid for any pipelines being sold by Duke or El Paso.
"There is certainly demand for utility assets in Australia,"
said Kevin Lewis, associate director of corporate and
infrastructure finance ratings with Standard & Poor's in
Melbourne.
"The move by American businesses out of the Australian market is
not driven by the quality of the assets, it's driven more by
financial issues" in their home markets.
STRATHFIELD GROUP: $22.2M Recapitalization Completed
----------------------------------------------------
Strathfield Group Limited announced last week a capital raising
of approximately $22.2 million through a $12.6M placement and
$9.6M Rights Issue of ordinary shares.
Hudson Securities Pty Limited, acting as broker to the issue,
has placed, subject to shareholder approval, 126 million shares
at 10 cents per share to raise $12.6m. The company will also
proceed with a 4 for 3 non-renounceable Rights Issue, at 10
cents per share, to raise a further $9.6 million. Strathfield's
major shareholder, Kelly Group Holdings Pty Limited has agreed
to underwrite the rights issue to $8 million and has advanced to
the company, as a loan, $8 million of the issue. Hudson
Securities has also agreed to use its best endeavors to fill any
shortfall in the Rights Issue.
Strathfield also announced that it would not proceed to
implement the Heads of Agreement entered into with Bridge Retail
Investments Pty Limited under which Bridge proposed to make
available loan facilities to Strathfield totaling $10 million.
Strathfield's Managing Director, Mr. John Winstanley, said:
"Raising equity will strengthen the balance sheet and give
us the funds to continue to operate the business in a cost
efficient manner whilst maximizing our sales opportunities."
"Over the last 12 months we have restructured our business
eliminating many costs. We have:
* Refocused our core business on mobile phones and in-car
entertainment;
* Exited non-performing, non-core business;
* Closed underperforming stores;
* Rationalized inventory;
* Cut significant costs especially in manpower and the
supply chain.
"Further, a significant amount of funds have gone to practically
eliminate our bank debt. This action had placed a
strain on our day-to-day cash flow, thereby restricting our
ability to buy adequate fresh stocks. We are seeing a
gradual turnaround in performance."
Mr. Winstanley continued saying: "Ultimately this raising will
allow us to ensure a successful Christmas trading period
and implement our growth strategies for the next year. We are
forecasting a return to profitability in this financial year
even with the shortfall in working capital in the first quarter
and we expect to see sales rise sharply as stock supply
lines are filled". The FY04 budgeted forecast is for Strathfield
to achieve a NPAT in the range of $4.9 million followed
by FY05 $8million. Achieving these numbers will be a positive
turnaround for our shareholders, staff and suppliers.
CONTACT INFORMATION: Mr. John Winstanley
Managing Director
Ph: (02) 9747 7777
STRATHFIELD GROUP: General Meeting Scheduled Oct 22
---------------------------------------------------
Strathfield Group Limited notifies that its General Meeting of
the shareholders will be held at Gadens Lawyers, Level 13, 77
Castlereagh Street, Sydney New South Wales on October 22 2003 at
11:00 in the morning.
To see copy of the Notice of General Meeting, Proxy Form and
Explanatory Memorandum, go to
http://bankrupt.com/misc/TCRAP_SRA0925.pdf.
STRATHFIELD GROUP: Sept 29 Noteholders' Meeting Cancelled
---------------------------------------------------------
Strathfield Group Limited refers to the notice of meeting issued
on 10 September 2003 for a meeting of noteholders to be held on
29 September 2003.
The Company advises that the debt-funding proposal with Bridge
Retail Investments Pty Ltd will now not proceed. As a
consequence the meeting of 29 September 2003 is cancelled.
Strathfield is seeking approval for an alternate funding
proposal by written resolution of the noteholders. The approval
is being sought by way of written resolution to facilitate a
more expedient approval process than convening a noteholders'
meeting.
According to Wrights Investors' Service, at the end of 2003,
Strathfield Group Ltd had negative working capital, as current
liabilities were A$47.55 million while total current assets were
only A$28.86 million. This company has paid no dividends during
the last 12 months. The company also reported losses during the
previous 12 months.
WESTERN METALS: Receiver Sells Copper Mine to Birla Group
---------------------------------------------------------
On September 23, the Indian conglomerate, the Aditya Birla
Group, entered into an agreement to acquire the Mt Gordon copper
mine, exactly two months after David McEvoy and Stephen Longley
from PricewaterhouseCoopers were appointed receivers and
managers of Western Metals Limited.
Mr McEvoy noted "The Mt Gordon sale is an important result for
employees, suppliers and secured creditors. Whilst we expect
that there will be some changes in the transition, the critical
outcome is that the deal avoids a shut down. It also preserves
the bulk of the workforce and supplier arrangements."
The acquisition of Mt Gordon will be completed through Birla Mt
Gordon Pty Ltd, a subsidiary of Birla Minerals Resources Pty Ltd
(Birla), which in turn is a subsidiary of Hindalco Industries
Ltd, a part of the Aditya Birla Group, one of India's largest
business houses.
The Aditya Birla Group has operated globally for nearly 30 years
with operations in 18 countries, employs 72,000 people and has
annual revenue in excess of US$6 billion. It is a dominant
player in all of the sectors in which it operates including
aluminium, viscose staple fiber, copper, and cement. It is one
of the world's lowest cost aluminum producers and the largest
fully integrated Indian aluminium producer. Birla is a world-
class primary copper producer with current production of
250,000 tonnes per annum from its Dahej Smelter located on the
western coast of India.
Birla recently commenced operations in Australia through the
acquisition of the Nifty Copper project where it is currently
developing a large scale underground mine and concentrator.
Birla is aggressively pursuing further Australian growth
opportunities with the intention to become a significant
Australian mining house.
Birla intends to convert the Mt Gordon operations from
production of cathode on site to production of copper
concentrate to feed its Dahej smelter. It is expected this
conversion will occur shortly. While Birla will offer employment
to the employees at the Mt Gordon mine, it is expected that
there will be a reduction in the workforce when this operational
restructure occurs.
The Receiver is continuing a sale process for Western Metals
joint venture interests in Mt. Oxide & Mt. Osprey.
Mr McEvoy said "We set out to sell Mt Gordon quickly and with
the positive teamwork and support of the employees we have
achieved that....but more importantly the transaction
demonstrates we are here to achieve a result ...a sale result."
This is the third mining concern that David McEvoy of PwC has
sold out of receivership during the past two years. "Mining has
been a bit of a hot spot for us, reflecting depressed base metal
prices and overcapacity issues. However the signs of industry
improvement are encouraging", Mr McEvoy advised.
The receivers still have a zinc and lead mine to sell at Lennard
Shelf in the Kimberley region, and the Western Metals
technology, research team and Tasmanian Hellyer project. The
sale process for Lennard Shelf is well underway, with a sale
anticipated within three weeks. Mr McEvoy added "To date we have
avoided marketing the remaining assets, because we wanted to
leave open the option for a buyer to acquire the Western Metals
group as a whole. Now that this is no longer an option, we
will market the remaining assets."
CONTACT INFORMATION: Lex Melzer
Corporate Communications, PricewaterhouseCoopers
Tel: (02) 8266 2111
Mobile: 0413 245 811
Email: lex.melzer@au.pwc.com
================================
C H I N A & H O N G K O N G
================================
CHI WAH: Winding Up Petition Set for Hearing
--------------------------------------------
The petition to wind up Chi Wah Metal & Machinery Company
Limited is set for hearing before the High Court of Hong Kong on
October 15, 2003 at 10:00 in the morning.
The petition was filed with the court on August 20, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.
COSMOS MANOR: Winding Up Petition Pending
-----------------------------------------
Cosmos Manor Development Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on October 29, 2003 at 9:30 in the morning.
The petition was filed on August 15, 2003 by Friendo
Incorporated whose registered office is situated at Room 61, 1st
Floor, South Seas Centre, 75 Mody Road, Tsimshatsui, Kowloon,
Hong Kong.
EC-FOUNDER (Holdings): Cuts Operations Loss to HK$1.772M
--------------------------------------------------------
EC-Founder (Holdings) Company Limited disclosed a summary of its
financial statement for the year ending December 31, 2003:
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
Note ('000) ('000)
Turnover : 111,502 182,946
Profit/(Loss) from Operations : (1,772) (32,012)
Finance cost : (347) (3,716)
Share of Profit/(Loss) of
Associates : 2,555 2,424
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (206) (33,408)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0003) (0.0407)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (206) (33,408)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Note 1 Turnover
For the six months ended 30 June
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Continuing operations 26,923 40,249
Discontinuing / Discontinued operations
84,579 142,697
--------- ----------
111,502 182,946
======= ========
Note 2 Profit/(Loss) from operations
For the six months ended 30 June
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Continuing operations (3,944) (17,745)
Discontinuing / Discontinued operations
2,172 (14,267)
----------- -----------
(1,772) (32,012)
======== =========
Note 3 Profit/(Loss) after taxation & MI
For the six months ended 30 June
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Continuing operations (2,214) (15,927)
Discontinuing / Discontinued operations
2,008 (17,481)
---------- -----------
(206) (33,408)
======= =========
Note 4 Loss per share
The calculation of basic loss per share for the six months ended
30 June 2003 is based on the unaudited net loss from ordinary
activities attributable to shareholders for the period of
approximately HK$206,000 (2002: HK$33,408,000), and the weighted
average of 820,562,040 (2002: 820,562,040) ordinary shares in
issue during the period.
Diluted loss per share for the six months ended 30 June 2003 and
2002 have not been disclosed as the impact of the outstanding
share options was anti-dilutive.
Note 5 Discontinuing/Discontinued operations
(a) Disposal of MIT Holdings Limited (MIT) - Discontinuing
operations
On 1 August 2003, the Company entered into a conditional
disposal agreement (the DA) with Honor Glory Limited (Honor
Glory), a company, which is 90%, owned by Mr. Yung Richard, Jr.,
a director of the Company. Pursuant to the DA, the Company
conditionally agreed to dispose of its entire issued share
capital of MIT at a total cash consideration of HK$45,500,000.
Further details of the transaction were set out in the joint
announcement of the Company and Founder Holdings Limited (FHL),
the controlling shareholder of the Company, on 1 August 2003.
The principal activities of the MIT Group are the design,
manufacture and distribution of electronic products.
(b) Disposal of Yung Wen Investment & Finance Limited (YW) -
Discontinued operations
On 4 April 2002, the Company entered into a conditional disposal
agreement with Ricwinco to dispose of its entire interests in YW
and to assign the indebtedness due to the Group by YW and its
subsidiaries (collectively the YW Group) to Ricwinco at a total
cash consideration of HK$15,000,000. The disposal of YW Group
was completed on 28 June 2002.
The principal activities of the YW Group are the design,
manufacture and distribution of electronic components.
The carrying amounts of the total assets and liabilities
relating to the discontinuing/discontinued operations are as
follows:
Electronic
Electronic products components
(Discontinuing) (Discontinued)
As at As at As at
30 June 31 December 28 June
2003 2002 2002
(Unaudited) (Audited) (Audited)
HK$'000 HK$'000 HK$'000
Total assets 128,297 126,608 74,861
Total liabilities (Note)
(58,558) (54,801) (73,557)
-------- -------- ---------
Net assets 69,739 71,807 1,304
====== ====== ==========
Note: The total liabilities relating to electronic components
operation as at 28 June 2002 included an amount due to the Group
by the YW Group of approximately HK$28,775,000.
The results of the discontinuing/discontinued operations, which
had been included in the consolidated profit and loss account,
are as follows:
Electronic
Electronic products components
(Discontinuing) (Discontinued)
For the six months Period ended
ended 30 June 28 June
2003 2002
(Unaudited) (Unaudited) (Audited)
HK$'000 HK$'000 HK$'000
TURNOVER 84,579 94,414 48,283
Cost of sales (75,212) (74,653) (48,570)
--------- ---------- ---------
Gross profit/(loss)
9,367 19,761 (287)
Other revenue and gains
2,267 493 2,683
Selling and distribution costs
(1,893) (1,370) (1,572)
Administrative expenses
(9,260) (15,928) (2,511)
Other operating income/(expenses), net
1,690 (457) -
Loss on disposal of discontinued operation
- - (15,079)
--------- ---------- ------------
PROFIT/(LOSS) FROM OPERATING
ACTIVITIES 2,171 2,499 (16,766)
Finance costs (163) (221) (3,017)
Share of profits of an associate
- - 24
--------- --------- ----------
PROFIT/(LOSS) BEFORE TAX
2,008 2,278 (19,759)
Tax - - -
--------- --------- -------------
NET PROFIT/(LOSS) FROM ORDINARY
ACTIVITIES ATTRIBUTABLE
TO SHAREHOLDERS 2,008 2,278 (19,759)
---------- ---------- ---------------
The net cash flows attributable to the
discontinuing/discontinued
operations are as follows:
Electronic
Electronic products components
(Discontinuing) (Discontinued)
For the six months Period ended
ended 30 June 28 June
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
HK$'000 HK$'000 HK$'000
Operating 9,243 10,328 (13,648)
Investing (3,588) (2,577) 11,014
Financing (488) (812) 1,873
-------- -------- ----------
Net cash inflows/(outflows)
5,167 6,939 (761)
======== ======== =========
GLOBAL TECH: RSM Nelson Replaces PwC as Auditors
------------------------------------------------
The Board of Directors of Global Tech (Holdings) Limited
refers to its announcement dated 22nd August, 2003
regarding the resignation of PricewaterhouseCoopers as the
auditors of the Company with effect from 14th August, 2003.
The Board is pleased to announce that RSM Nelson Wheeler was
appointed on 22nd September, 2003 as the new Company auditors.
GRIDTEL NET: Winding Up Sought by Huawei Tech
---------------------------------------------
Huawei Tech Investment Co. Limited is seeking the winding up of
Gridtel Net Limited. The petition was filed on September 4,
2003, and will be heard before the High Court of Hong Kong on
October 29, 2003 at 9:30 in the morning.
Huawei Tech holds its registered office at Room 3610-3612, 36th
Floor, The Centre, No. 99 Queen's Road Central, Hong Kong.
MID-ORIENT COMPANY: Winding Up Hearing Scheduled in October
-----------------------------------------------------------
The High Court of Hong Kong will hear on October 15, 2003 at
10:00 in the morning the petition seeking the winding up of Mid-
Orient Company Limited.
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
August 20, 2003. Koo and Partners represents the petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Koo and
Partners, which holds office on the 21/F., Bank of China Tower
No. 1 Garden Road, Central Hong Kong.
THEME INT'L: 2003 Net Loss Ups to HK$13.620M
--------------------------------------------
Theme International Holdings Limited posted this Results
Announcement (Summary):
(stock code: 00990 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
6-month period 6-month period
from 01/01/2003 from 01/10/2001
to 30/06/2003 to 31/03/2002
Note ('000) ('000)
Turnover : 91,438 111,043
Profit/(Loss) from Operations : (11,746) (10,157)
Finance cost : (1,874) (1,240)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (13,620) (11,397)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0054) (0.0045)
-Diluted (in dollars) : N/A N/A
Non-operating income : N/A N/A
Profit/(Loss) after non-operating
income : (13,620) (11,397)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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:
Note 1: Loss per share
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the period of HK$13,620,000
(Six months ended 31st March, 2002: HK$11,397,000) and the
number of 2,508,329,402 (Six months ended 31st March, 2002:
2,508,329,402) ordinary shares in issue during the period.
The diluted loss per share for the periods from 1st January,
2003 to 30th June, 2003 and from 1st October, 2001 to 31st
March, 2002 have not been calculated as the Company's
convertible notes would have had an anti-dilutive effect.
Note 2. Change of Accounting Year End Date
On 27th June, 2002, the Board of Directors resolved to change
the Group's financial year-end date from 30th September to 31st
December in order to make no differences in its financial year-
end date and the financial year-end date of their major
subsidiaries in the People's Republic of China. These unaudited
interim financial statements were prepared for the six months
ended 30th June, 2003.
WAI YUEN: Postpones Capital Reorganization Effective Date
---------------------------------------------------------
Reference is made to the Circular issued by Wai Yuen Tong
Medicine Holdings Limited on 21st August, 2003 and the
announcement of the Company dated 18th September, 2003
regarding, among other things, the Capital Reorganization.
The Directors announce that, although the relevant special
resolution was duly passed at the SGM on 18th September, 2003 to
approve the Capital Reorganization, the Capital Reorganization
is not yet effective as it was discovered subsequent to the
holding of the SGM that a requirement under the Companies Act
had not been fully complied with.
The Companies Act provides that a legal notice in relation to a
capital reduction must be published in an appointed newspaper in
Bermuda stating the amount to which the share capital of the
Company is to be reduced. However, the Directors note that the
notice published by the Company in Bermuda on 29th August, 2003
had not taken into account the Shares issued after that date
upon conversion of certain of the 2003 Convertible Notes in the
aggregate principal amount of HK$45,500,000. As a result, the
issued share capital of the Company on the date of the SGM was
greater than the figure stated in the legal notice published in
Bermuda on 29th August, 2003.
To rectify the discrepancy, a new legal notice catering for the
increased issued share capital arising from the conversion of
certain of the 2003 Convertible Notes is expected to be
published in Bermuda on Monday, 29th September, 2003 and the
Capital Reduction is expected to become effective on Monday,
20th October, 2003.
The Company has confirmed with its Hong Kong branch share
registrar, Secretaries Limited that new share certificates for
the New Shares have not yet been issued. Accordingly, trading in
the New Shares with the new share certificates has not yet
commenced. As for shares traded at the temporary counter on
Friday, 19th September, 2003 prior to the suspension of trading
on Monday, 22nd September, 2003 pending the issue of this
announcement, since only existing share certificates in green
color for existing Shares of HK$0.01 each were traded, such
tradings and related contract notes are not invalidated by the
postponement of the effective date of the Capital
Reorganization.
Since the Capital Reorganization is not yet effective, every New
Share recorded as traded on 19th September, 2003 was in fact 100
existing Shares. (A total of 686,516,000 existing Shares
(equivalent to 6,865,160 New Shares had the
Capital Reorganization become effective) were traded on 19th
September, 2003 at the total transaction value of approximately
HK$10,718,000. The closing price on 19th September, 2003 per
existing Share was HK$0.0155 (based on the closing price of
HK$1.55 of each New Share recorded as traded)). The highest
traded price and the lowest traded price per existing Share on
19th September, 2003 were HK$0.0168 and HK$0.0149 respectively
(based on the highest price and the lowest price of HK$1.68
and HK$1.49 per New Share recorded as traded respectively).
Although the Capital Reorganization has to be postponed, the
Share Premium Reduction and the adoption of the New Scheme and
termination of the Terminated Scheme approved by the
Shareholders at the SGM are not affected and have become
effective.
=================
I N D O N E S I A
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BANK LIPPO: Three Prospective Investors Make Short List
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The Indonesia Bank Restructuring Agency (IBRA) has received
preliminary bids from three interested investors in relation to
the divestment of PT Bank Lippo Tbk (Bank Lippo).
In addition to the selection process, IBRA is assisted by an
Independent Advisory Committee which consist of Binhadi, Raden
Pardede, Gunarni Soeworo, Barcelius Ruru, Rhenald Kasali and
Lukito D. Tuwo will evaluate the business plan and all offering
documents to determine short listed bidders.
No. Criteria
1 Quality of Bidder, specifically:
* Financial Resources
* Financial Institutions Experience
* Merger & Acquisitions Experience
2 Strategic Vision and Commitment
* Strategic vision for Bank Lippo
* Commitment to Indonesian Banking Industry
3 Preliminary Bid Price
Subsequent to short listing of bidders, the next steps in the
divestment process of Bank Lippo shares are as follows:
No. Activity Schedule
1 The short listed bidders conduct The final week of
Due Diligence and attend September until the 2nd
Management Presentations week of October 2003
2 Submission of Final Bid The 3rd Week of
October 2003
3 Announcement of Preferred Bidders The 3rd Week of October
2003 (End of Phase II)
4 Fit & Proper Test Evaluation by The Final Week of
Bank Indonesia October until beginning
of Mid November 2003
5 Winner Announcement Mid November 2003
6 Closing Transaction Mid November 2003
(End of Phase III)
Note: IBRA has the right to change the above schedule at any
time during the process without notice.
In order to confirm the selection of divestment program and to
find the right partner, the duties of Independent Advisory
Committee for the Divestment of Bank Lippo is to give strategic
inputs to IBRA in deciding short listed bidders.
IBRA commits to continue and optimize the process of divestment
Bank Lippo's shares according to transparency, integrity,
fairness, and consistency by the rules in order to be trusted to
all investors and public at large.
* IBRA Reviews Bids From PPAS2 Investors
----------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has received
final bids from prospective investors of the Strategic Asset
Sales Program (PPAS) II. As many as 6 (six) prospective
investors submitted their bids on Friday, 19 September 2003 just
as scheduled.
Of the seven prospective investors previously taking part in the
Initial Bid, 6 of them investor submitted the final bids for 3
assets offered at PPAS2.
On the final bid submission day, all assets on offer, except
Texmaco assets, received final bids from investors. The Bakrie
Nirwana Resort asset received final bid from Goal Trading Assets
Ltd., while CAPC asset received final bid from Glazers & Putnam
Investment Ltd. Thailand.
Rajawali Sugar Factory III received final bids from 4 investors
i.e. (1) Bullion Park Investment, (2) Alberta Investment
Management, (3) Tiga Pilar Sekuritas Consortium and (4) Bapindo
Bumi Sekuritas Consortium.
PPAS II offers assets of Texmaco Group worth Rp26,474 trillion
in form of Exchangeable Bonds, Chandra Asri Petrochemical Center
(CAPC) worth Rp10.098 trillion in form of shares 25,86%,
convertible bonds and loans; Bakrie Nirwana Resort worth Rp
1.541 trillion in form of shares 70.5% and loans, as well as
Rajawali Sugar Factory III worth Rp673 billion in form of shares
66.67% and loans.
PPAS is one of the asset disposal programs conducted by IBRA in
effort to bring loan assets back to the financial/banking
institutions as well as meeting the contribution target to the
State Budget.
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J A P A N
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RESONA HOLDINGS: Mulls Additional Capital to Kinki Bank
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Resona Holdings Inc. is considering further financial backing to
its troubled unit Kinki Osaka Bank by subscribing to additional
capital Kinki Bank plans to issue, Kyodo News said on Wednesday.
Kinki Bank is considering raising 200 billion to 300 billion yen
in additional capital in order to raise its capitalization
ratio.
RESONA HOLDINGS: Sees US$8.9B 1H03 Group Net Loss
-------------------------------------------------
Resona Holdings Inc. has not established any specific earnings
figures for the fiscal first half to September 30 despite a
report that it is expected to announce a group net loss of more
than 1 trillion yen (US$8.9 billion), according to Kyodo News.
Resona said it's evaluating its assets and has yet to revise its
forecast.
The lender is selling shareholdings to lessen the impact of
rising or falling stock prices on its earnings. Resona is also
shutting down unprofitable affiliates to cut costs. Resona hired
Nomura Holdings Inc. as a financial adviser in August to sell
its non core-affiliates, including its 60 percent stake in Cosmo
Securities Co. and three leasing companies.
RESONA HOLDINGS: Shares Up 12% on Wednesday
-------------------------------------------
Resona Holdings Inc.'s shares surged as much as 12 percent on
Wednesday on expectations that it accelerated the disposal of
bad loans to revive its finances, after it received a US$17
billion taxpayer funded bailout this year, according to
Bloomberg.
Resona Chairman Eiji Hosoya plans to cut staff, sell three-
quarters of the group's 46 subsidiaries and reduce its 2.9
trillion yen of bad loans in a bid to revive profit at the
lender, which received the 1.96 trillion yen bailout after its
capital fell below the level required by regulators.
Standard & Poor's Monday raised the long-term credit rating of
the bank's commercial banking unit to investment grade, citing
the public-fund injection and new management.
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K O R E A
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HANARO TELECOM: LG in Takeover Talks With Goldman, Carlyle
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LG Group is in talks with Goldman Sachs Group, Carlyle Group and
other foreign firms to acquire jointly broadband service
provider Hanaro Telecom Inc., according to Reuters. The move
would counter a US$500 million agreement under which American
International Group Inc. and Newbridge Capital are to invest in
Hanaro. The AIG-led deal requires approval by Hanaro
shareholders at a meeting on October 21.
LG has vowed to block the deal and recently raised its stake in
Hanaro to 18.07 percent, making it the top shareholder in South
Korea's second-biggest broadband operator. LG Group has long
wanted to take control of Hanaro Telecom and build the telecoms
business into one of its main growth engines. But other major
shareholders including Samsung Group and SK Telecom Co prefer
the investment by the AIG-led group.
Hanaro Telecom is desperate for fresh money because of
snowballing debt and fierce competition.
KOREA EXCHANGE: Shutting Down U.S. Branch Offices
-------------------------------------------------
Korea Exchange Bank (KEB) will soon shut down its money-losing
branch offices in Chicago and on Broadway, Asia Pulse reported
recently. KEB already agreed to sell its Broadway branch to
U.S.-based Nara Bank and is now considering plans to merge the
Chicago branch with Pacific Union Bank, KEB's U.S. Corporation.
Lee also said that it would scale back the functions of its
offshore financial Company KEB Ireland in Europe as part of its
restructuring efforts.
Moody's highlighted recently the limited capability of Korea
Exchange Bank Credit Service in servicing its debts, as it
assigned a B3 rating on its proposed US$100 million Subordinated
Notes due 2003. The rating agency also underscored the bank's
"fragile financial fundamentals in a weak credit card industry
environment" and "the subordinated status of the notes" as the
other reasons for the rating, whose outlook is stable.
Moody's said the Company's credit risks include: its poor asset
quality, negative profitability and tight liquidity situation.
Although delinquency ratios have improved and are showing signs
of stabilizing, they remain high with potential for additional
losses near term.
SK GLOBAL: Proposes Uniform Interim Compensation Procedures
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SK Global America Inc., a unit of troubled South Korea's SK
Networks Co., proposes to implement uniform procedures for
compensating and reimbursing Court-approved professionals on a
monthly basis. Scott E. Ratner, Esq., at Togut, Segal & Segal
LLP, in New York, explains that the proposed compensation
procedures will enable all parties to closely monitor
administration costs and assist the Debtor in implementing
efficient cash management procedures.
The Debtor wants the monthly and quarterly compensation and
reimbursement of expenses of the professionals to be structured
as:
A. Monthly Professional Fee Statements
(a) No later than the 25th day of each month after the month for
which compensation is sought, each professional will file with
the Court, a monthly fee statement, and provide notice of the
Statement to:
-- SK Global America, Inc.
100 Parker Plaza
400 Kelby Street
Fort Lee, New Jersey 07024
Attn: Mr. Richard Kim;
-- Togut, Segal & Segal LLP
One Penn Plaza
Suite 3335
New York, New York 10119
Attn: Scott E. Ratner, Esq.;
-- Counsel for the official statutory committee unsecured
creditors appointed in the Debtor's Chapter 11 case and in the
event the Committee has not been appointed, the Debtor's 20
largest unsecured creditors;
-- McDermott, Will & Emery
50 Rockefeller Plaza
New York, New York 10020-1605
Counsel for Cho Hung Bank
Attn: Stephen Selbst, Esq.;
-- Nixon Peabody LLP
101 Federal Street
Boston, Massachusetts 02110
Counsel for Korea Exchange Bank
Attn: Mark Berman, Esq.;
-- White & Case
1155 Avenue Of The Americas
New York, New York 10036-2700
Counsel for the Foreign Bank Steering Committee
Attn: Evan Hollander, Esq.; and
-- The United States Trustee
33 Whitehall Street, 21st Floor
New York, New York 10004
Attn: Greg Zipes, Esq.;
(b) Each Monthly Statement must contain a list of the
individuals, and their titles, who provided services during the
period covered by the Monthly Statement, their billing rates,
the aggregate hours spent by each individual, a reasonably
detailed breakdown of the disbursements incurred, and
contemporaneously maintained time entries for each individual in
increments of tenths of an hour.
No professional should seek reimbursement of an expense that
would otherwise not be allowed pursuant to the Court's
Administrative Orders dated June 24, 1991 and April 21, 1995, or
the United States Trustee Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under
Section 330 of the Bankruptcy Code dated January 30, 1996;
(c) Each Monthly Fee Statement and any notice of it will clearly
and conspicuously display the deadline to timely file an
objection, set 20 days after the Monthly Fee Statement is filed;
(d) If any party objects to the Monthly Fee Statement, the
objecting party must timely and properly file with the Court, on
or before the monthly objection deadline, a written statement of
its objection that sets forth the precise nature of the
objection and the specific amount of objectionable fees or
expenses at issue, and serve the Objection on the affected
professional and the Notice Parties;
(e) If an Objection is filed, the Affected Professional may file
a reply to the Objection. The Objecting Party and the Affected
Professional will then proceed to make good faith attempts to
resolve the Objection on a consensual basis. If the parties are
unable to resolve the Objection in good faith within 15 days
after the Objection is filed with the Court, the Affected
Professional may request for the Court to set a hearing to
consider the Objection;
(f) If no Objection to a Monthly Fee Statement has been filed
prior to the relevant Objection Deadline, the Debtor will be
authorized to pay each Professional an amount equal to 80
percent of the fees and 100 percent of the expenses requested in
the Monthly Fee Statement. To the extent that there is an
Objection to a portion of the Monthly Fee Statement, the
Affected Professional will file with the Court and serve on the
Debtor and its counsel, a certification indicating that there
has been an Objection only to a portion of the Application and
stating the total fees and expenses in the Statement not subject
to an Objection. After the filing, the Debtor will be authorized
to pay the Affected Professional an amount equal to 80 percent
of the fees and 100 percent of the expenses not subject to an
Objection; and
(g) A pending objection to a Monthly Fee Statement will not
disqualify a Professional from the future payment of
compensation or reimbursement of expenses that are requested in
accordance with the Compensation Procedures.
B. Quarterly Professional Fee Applications
(a) Beginning with the Petition Date through October 31, 2003,
and every 120 days thereafter, each Professional will file with
the Court, within 45 days of the end of the Quarterly Fee
Period, a quarterly fee application for interim court approval
and allowance of 100 percent of the compensation and expense
reimbursement sought in the Monthly Fee Statements filed during
the Quarterly Fee Period. Each Professional will
contemporaneously provide notice of the Quarterly Fee
Application to the Notice Parties;
(b) Any Professional that fails to file a Quarterly Fee
Application when due will be ineligible to receive payments of
any fees or expenses under these Compensation Procedures until
the Professional has complied;
(c) Each Professional is required to serve a copy of each
interim or final fee application only on:
-- The Debtor;
-- The Debtor's counsel;
-- Counsel to the Committee and the Debtor's 20 largest
unsecured creditors, to the extent a Committee is not appointed;
-- The United States Trustee; and
-- Those parties having filed a notice of appearance in, this
case and request for service of pleadings; and
(d) A pending objection to a Quarterly Fee Application will not
disqualify a Professional from the future payment of
compensation or reimbursement of expenses that are requested in
accordance with the Compensation Procedures.
C. Reimbursement of Committee Members' Expenses
Each member, excluding ex officio members, of any Official
Committee will submit statements of expenses and supporting
vouchers to the Committee's counsel. Counsel to each Committee
will then separately identify their Committee members' request
for reimbursement in the Committee's Monthly Fee Statements and
Quarterly Fee Applications to be filed in accordance with these
Compensation Procedures. The expenses of the Committee members
will be approved in accordance with the Compensation Procedures.
D. Monthly Operating Reports
The Debtor will list and itemize all payments to Professionals
and members of any Committee in their monthly operating reports.
Accordingly, the Debtor asks the Court to approve the proposed
interim compensation procedures pursuant to Sections 105(a) and
331 of the Bankruptcy Code. In addition, the Debtor seeks the
Court's permission to limit the notice of hearings to consider
interim applications to:
(a) Their counsel;
(b) Counsel to the Committee and, in the event a Committee is
not appointed, the Debtor's 20 largest unsecured creditors;
(c) The United States Trustee; and
(d) All parties who have filed a notice of appearance with the
Clerk of the Court and requested the notice.
(SK Global Bankruptcy News, Issue No. 5; Bankruptcy Creditors'
Service, Inc., 609/392-0900)
SK NETWORKS: SK Group Loses Control of Trading Arm
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Scandal-tainted conglomerate, the SK Group, has formally lost
control of its trading affiliate SK Networks (SKN), formerly SK
Global, AFP Online reported on Tuesday. SKN shareholders agreed
to remove the controlling stakes owned by the group flagship SK
Corporation, the country's largest oil refiner, and by SK
Corporation Chairman Chey Tae-Won.
The shareholders' agreement was to help speed up the
restructuring of SKN under a bank receivership agreement
following revelations of accounting fraud at the Company, it
said. SKN officials said the stakes of 34.86 percent owned by SK
Corporation, 3.34 percent by Chey and smaller holdings by other
SK Group units in the Company would all be cancelled as a result
of the shareholders' decision.
SKN, which changed its name from SK Global last week, was found
in February to have inflated earnings by 1.56 trillion won in
2001 to hide losses.
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M A L A Y S I A
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COUNTRY HEIGHTS: Answers KLSE's Query on Asset Divestment Rumor
---------------------------------------------------------------
Reference is made to Kuala Lumpur Stock Exchange's Query Letter
reference ID: NM-030922-44440 on article entitled, "Country
Heights In Talks To Sell Mines Resort Assets" that appeared in
The Star, Starbiz, page 3, on Saturday, 20 September 2003.
Reference is also made to the announcements dated 30 July 2003
and 5 August 2003. As previously announced, Country Heights
Holdings Berhad (CHHB), as part of its strategic business plan,
is weighing the option of divesting assets within the CHHB Group
to focus on property development.
Country Heights Holdings Berhad wishes to reiterate that only
preliminary discussions have been held with various parties and
as such no agreement has been reached, including matters
relating to pricing.
CHHB will make an appropriate announcement should there be any
agreement or decision by the Board of the Company in its
strategic business plans per the Exchange's Listing
Requirements.
Query Letter content:
We refer to the above article appearing in The Star, Starbiz,
page 3, on Saturday, 20 September 2003, a copy of which is
enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which is
reproduced as follows:
"Country Heights Holding Bhd is...to sell its assets in Mines
Resort City...the asking price for the entire Mines Resort City
is for more than RM1 bil."
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
article, you are required to set forth facts sufficient to
clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
article, you are required to set forth facts sufficient to
support the same.
Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully,
INDERJIT SINGH
Sector Head
Issues & Listing
IS/WSW/NMA Copy to: Securities Commission (via fax)
COUNTRY HEIGHTS: UTMB Replaces PTSB as Bond Trustee
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The Board of Directors of Country Heights Holdings Berhad is
pleased to announce that the holders of its Redeemable Unsecured
Bonds 1996/2005 (Bonds), at a meeting held on Tuesday morning,
consented to the proposed change of Trustee for the Bonds from
PB Trustee Services Berhad (PTSB) to Universal Trustee
(Malaysia) Berhad (UTMB) and the proposed waiver of Country
Heights Venture Sdn Bhd's warrants undertaking.
The Company shareholders and the Securities Commission already
approved the proposed waiver on 6 November 2002 and 19 September
2002 respectively.
CYGAL BERHAD: SC Grants Investigative Audit Time Extension
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Cygal Berhad refers to the announcement dated 8 September 2003
wherein Commerce International Merchants Bankers Berhad (CIMB),
on behalf of Cygal announced, inter-alia, that pending the
decision by the Securities Commission (SC) on the application by
Messrs. PKF to the SC for an extension of time of one (1) month
from 8 August 2003 to 8 September 2003 for the completion of the
investigative audit and the submission of the investigative
audit report to the SC (Extension of Time) and in compliance
with one of the conditions imposed by the SC for the Proposals,
two (2) copies of the investigative audit report prepared by
Messrs. PKF were submitted to the SC on 8 September 2003. The
Proposals, which collectively refers to:
* Proposed Share Exchange;
* Proposed Debt Restructuring Comprising:
(i) Proposed Financial Institutions Scheme;
(ii) Proposed Non Financial Institutions Scheme; and
(iii) Proposed Part Settlement of Amount Owing to an
Offshore Financial Institution;
* Proposed Additional Issue to Commerce International
Merchant Bankers Berhad (CIMB);
* Proposed Rights Issue of Shares Together With Warrants;
* Proposed Acquisition of Property Development Companies;
and
* Proposed Delisting of Cygal and the Listing of a New
Investment Holding Company, Active Accord Sdn Bhd.
On behalf of Cygal, CIMB hereby announces that the SC has vide
its letter dated 17 September 2003 which was received on 22
September 2003 stated that it has no objection to the Extension
of Time.
EMICO HOLDINGS: Rights Issue Price Fixed at RM1/Share
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Further to the announcement dated 23 July 2003 in relation to
the Rights Issue, Renounceable Two-Call Rights Issue of
22,260,000 New Ordinary Shares of RM1.00 Each (Rights Shares)
together with 11,130,000 Free Detachable Warrants (Warrants) on
the basis of two (2) Rights Shares together with one (1) Warrant
for every two (2) Existing Ordinary Shares of RM1.00 each held
(Rights Issue).
Affin Merchant Bank Berhad (Affin Merchant), on behalf of the
Board of Directors of Emico Holdings Berhad, are pleased to
announce that the exercise price of the Warrants has been fixed
at RM1.00 per ordinary share, the par value of the ordinary
shares in Emico (Emico Shares).
The exercise price of RM1.00 per Emico Share represents a
premium of 122% or RM0.55 from the theoretical ex-rights price
of RM0.45 per Emico Share, based on the first cash call price
for the Rights Shares of RM0.45 and the weighted average market
price of Emico Shares for the past five (5) market days prior to
23 September 2003, being the price fixing date, of RM0.44 per
Emico Share.
The Troubled Company Reporter - Asia Pacific reported on July
that the Securities Commission (SC) had approved the Company's
application for an extension of time to implement the Proposals
from 25 June 2003 to 24 December 2003. The Proposals involves:
-Proposed Debt Restructuring Scheme;
-Proposed Rights Issue;
-Proposed Bonus Issue; and
-Proposed ESOS.
INNOVEST BHD: Proposed Disposal Becomes Part of Workout Scheme
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On behalf of the Board of Directors of Innovest Berhad, Southern
Investment Bank Berhad wishes to announce that the Company had
on 23 September 2003 entered into a conditional share sale
agreement (Acquisition Agreement) with Bistari LP Berhad
(Bistari LP) and the vendors of Le Premiere Sdn Bhd (LPSB),
namely, Dr Wong Poh Kun, Wong Poh Lum, Jewel Precinct Sdn Bhd
and Pasti Prestij Sdn Bhd (collectively, referred to as the LPSB
Vendors) for the proposed acquisition of LPSB, which will be
part of a restructuring scheme to regularize the financial
condition of the Company.
On 23 September 2003, Bistari LP also executed a conditional
share sale agreement (Disposal Agreement) with Darul Milan Sdn
Bhd for the proposed disposal of the entire equity interest in
Innovest.
The proposed restructuring scheme to regularize the financial
condition of the Company comprises the following:
(a) Innovest shall undertake a scheme of arrangement with its
existing shareholders under Section 176 of the Companies Act,
1965 which would involve a proposed share exchange on the basis
of fifty (50) existing ordinary shares of RM1.00 each in
Innovest for five (5) new ordinary shares of RM0.50 each in
Bistari LP (Shares) together with one (1) free detachable
warrant in Bistari LP (Warrants) on the basis of one (1) Warrant
for every five (5) new Bistari LP Shares issued. This
effectively represents a 95% share capital reduction of
Innovest;
(b) Pursuant to the Acquisition Agreement, Bistari LP shall
acquire the entire equity interest in LPSB for a proposed
purchase consideration of RM263 million, based on the audited
consolidated net tangible assets (NTA) of LPSB as at 31 August
2002. The final purchase consideration for the Proposed
Acquisition will be based upon the finalizations of the audited
consolidated NTA of LPSB as at 31 August 2003;
(c) Pursuant to the Acquisition Agreement, LPSB proposes to
securities the outstanding term loan of its wholly owned
subsidiary, Redez, extended by Maybank which amounts to RM150
million (Maybank Loan) as at 26 June 2003. The securitization of
the Maybank Loan will involve a full and final settlement of the
Maybank Loan via the issuance of RM200 million nominal value of
redeemable convertible secured loan stocks by Bistari LP;
(d) Upon completion of the Proposed Acquisition, the LPSB
Vendors will have an equity interest of approximately 94%, which
is more than 33% of the enlarged issued and paid-up share
capital of Bistari LP. As such, pursuant to paragraph 6(1)(a) of
Part II of the Malaysian Code on Take-overs and Mergers, 1998
(Code), the LPSB Vendors are obliged to extend a mandatory offer
to acquire the remaining Bistari LP Shares not owned by them.
The LPSB Vendors propose to seek for an exemption from the
obligation to undertake the mandatory offer under Practice Note
2.9.3 of the Code;
(e) It is proposed that the listing status of Innovest will
be transferred to Bistari LP where Bistari LP will assume the
listing status of Innovest on the Main Board of the Kuala Lumpur
Stock Exchange (KLSE). Accordingly, Innovest will be de-listed
from the Official List of the KLSE;
(f) Pursuant to the Disposal Agreement, Bistari LP will
dispose the entire equity interest in Innovest to DMSB for a
cash consideration, based on the adjusted audited consolidated
NTA value of Innovest as at the completion date of the
Acquisition Agreement. The adjusted audited consolidated NTA
will be determined by a special audit to be conducted
immediately after the completion of the Acquisition Agreement;
and
(g) Upon the completion of the Proposed Acquisition, the
Vendors will own 526,000,000 Bistari LP Shares, which represent
an equity interest of 94.0% in Bistari LP.
It is proposed that the LPSB Vendors will undertake the
following exercises to meet the 25% public shareholding spread:
(i) A restricted offer for sale of the Bistari LP Shares to
the existing shareholders of Innovest on a basis of entitlement
and at an offer price to be determined later; and/or
(ii) Private placement of the Bistari LP Shares.
For further information on the RA Proposals and RA Financial
effects, click http://bankrupt.com/misc/TCRAP_Innovest0925.doc
and http://bankrupt.com/misc/TCRAP_Innovest0925.xls
respectively.
KELANAMAS INDUS.: Oct 16 Court Convened Creditors Meeting Set
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The Board of Directors of Kelanamas Industries Berhad wishes to
inform that the Court Convened Creditors Meeting for the
purposes of the Company's Restructuring Scheme pursuant to
Section 176 of the Companies Act 1965 will be held on the
following date, time and venue:
Date : 16 October 2003, Thursday
Time : 10:00 am
Venue: Royal Selangor Club
Card Room
Jalan Raja, 50704 Kuala Lumpur
KELANAMAS INDUSTRIES: Management Agreement Terminated
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The Board of Directors of Kelanamas Industries Berhad announces
that the Management Agreement dated 1 November 2002 entered
between its wholly owned subsidiaries XL Quarry Sdn Bhd and SBM
Food Industries Sdn Bhd with Suci Simfoni Sdn Bhd (SSSB) and
Comhouse Resources Sdn Bhd (CRSB) respectively has been
terminated by a letter dated 12 September 2003.
SSSB and CRSB have agreed to terminate the agreements, which
were duly received on 23 September 2003.
OLYMPIA INDUS.: Proposed Acquisitions Fulfillment Date Extended
---------------------------------------------------------------
Further to the announcement made by Alliance Merchant Bank
Berhad on behalf of the board of Olympia Industries Berhad on 19
March 2003, Alliance wishes to announce that OIB had, on 23
September 2003, entered into three (3) agreements for the
extension of time for fulfillment of conditions precedent on the
following conditional sale and purchase (S&P) agreements
(Extension Agreements):
* A conditional restructuring and acquisition agreement
between OIB and Ashak bin Hassan and Hadijah bt Ali Budin for
the proposed acquisition by OIB of 119,100,000 existing ordinary
shares of RM1.00 each in MA Realty Sdn Bhd (MAR) representing
approximately 66.2% equity interest in MAR for a purchase
consideration of RM79,440,000 to be satisfied by the issuance of
75,657,143 new ordinary shares of RM1.00 each in OIB (OIB
Shares) at an issue price of RM1.05 per OIB Share (Proposed MAR
Acquisition);
* A conditional restructuring and acquisition agreement
between OIB and Lim Kee Seng and Chong Mee Onn for the proposed
acquisition by OIB of 79,553,000 existing ordinary shares of
RM1.00 each in Naturelle Sdn Bhd (NSB) representing
approximately 37.9% equity interest in NSB for a purchase
consideration of RM41,690,000 to be satisfied by the issuance of
41,690,000 new OIB Shares at an issue price of RM1.00 per OIB
Share (Proposed NSB Acquisition); and
* A conditional restructuring and acquisition agreement
between OIB and Bukit Seremban Jaya Sdn Bhd for the proposed
acquisition by OIB of 100,000 existing ordinary shares of RM1.00
each in Harta Sekata Sdn Bhd (HSSB) representing approximately
78.0% equity interest in HSSB for a purchase consideration of
RM48,360,000 to be satisfied by the issuance of 48,360,000 new
OIB Shares at an issue price of RM1.00 per OIB Share (Proposed
HSSB Acquisition).
collectively referred to as the "Proposed Acquisitions".
The date for fulfillment of the conditions precedent of the
above Proposed Acquisitions has been extended for a further
period of 6 months from 19 September 2003 to 19 March 2004 or to
such later date as the parties may agree.
DOCUMENTS AVAILABLE FOR INSPECTION
The Extension Agreements are available for inspection at OIB's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.
PANGLOBAL BERHAD: Discloses Mining Production Figures
-----------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of August 2003 was 38,766.50mt.
COMPANY PROFILE
The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.
The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.
Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.
An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.
CONTACT INFORMATION: Level 27, Menara IMC
8 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2019199
Fax : 03-2023977
PARK MAY: SC Grants Proposed Disposals Waiver Application
---------------------------------------------------------
On 8 August 2003, AmMerchant Bank Berhad (AmMerchant Bank), on
behalf of Park May Berhad, announced that the Company has on
even date entered into a conditional share sale agreement with
MTDE and a conditional sale and purchase agreement with Sonali
for the Proposed Disposals, consisting:
- Proposed Disposal of the Company's entire equity interest
of 20% in Rangkaian Segar Sdn Bhd comprising 3,334,000 ordinary
shares of RM1.00 each to Mtd Equity Sdn Bhd (MTDE), a wholly-
owned subsidiary of MTD Capital Berhad, for a cash consideration
of Rm25,000,000; and
- Proposed Disposal of a piece of leasehold land measuring
approximately 3,821 square meters in area together with the
three (3) story building erected thereon to Sonali Products (M)
Sdn Bhd (Sonali) for a cash consideration of RM1,910,000.
As mentioned in the announcement, the Company will seek a waiver
from having to seek the SC's approval for the Proposed Disposals
pursuant to paragraph 8 of Guidance Note 12 of the Securities
Commission's (SC) Policies and Guidelines on the Issue/Offer of
Securities.
In this respect, on behalf of the Company, AmMerchant Bank is
pleased to announce that the Company has obtained the SC's
approval vide its letter dated 23 September 2003 in respect of
its waiver application.
PICA (M) CORPORATION: KLSE De-listing Securities on Oct 6
--------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:
The Exchange in the exercise of its power under paragraph 16.17
of the Exchange's Listing Requirements has decided to de-list
the securities of the Company. The securities of the Company
shall be removed from the official list of the Exchange at
9:00a.m on Monday, 6th of October 2003. The Company intends to
make an appeal against the Exchange's decision.
RNC CORPORATION: Discloses 334r AGM Resolutions
-----------------------------------------------
The Board of Directors of RNC Corporation Berhad informed that
the following resolutions have been approved by the Shareholders
of the Company at the 33rd Annual General Meeting of the Company
held on 23 September 2003 at 10:30 a.m.:
1. The Financial Statements for the year ended 31 March 2003
together with the Reports of the Directors and Auditors were
received and adopted.
2. The payment of Directors' fees of RM72,000 for the year
ended 31 March 2003 was approved.
3. Mr Tow Kong Liang, the Director retiring pursuant to
Article 98 of the Company's Articles of Association, was re-
elected to the Board.
4. Dato' Keo Kheh Toh, the Director retiring pursuant to
Article 103 of the Company's Articles of Association, was re-
elected to the Board.
5. Messrs KPMG was re-appointed as Auditors of the Company
and the Directors were authorized to fix their remuneration.
TECHNO ASIA: Proposed Set-Offs, Transfers Completed
---------------------------------------------------
Further to the announcements made on 26 May 2003 and 1 July 2003
in relation to the Proposed Set-Offs and Transfers, involving:
(i) Proposed Set-Off and Transfer of Lot No. 6863 held under
HS(D) LP 14132 located in Mukim of Hutan Melintang, District of
Hilir Perak, Perak Darul Ridzuan by Ganda Plantations (Perak)
Sdn Bhd (SA Appointed) (GPPSB) to the Secured Creditor, namely
Malpac Capital Sdn Bhd (Malpac), or its Nominated Party at a
Transfer Value of RM13.300 Million (Proposed Set-Off and
Transfer of Lot 6863 by GPPSB); and
(ii) Proposed Set-Off and Transfer of Lot No. 11644 held
under HS(D) Lp 13127 located in Mukim of Durian Sebatang,
District of Hilir Perak, Perak Darul Ridzuan by Cempaka Sepakat
Sdn Bhd (SA Appointed) (CSSB) to the Secured Creditor, namely
Malpac, or its Nominated Party at a Transfer Value of Rm34.098
Million (Proposed Set-Off and Transfer of Lot 11644 by CSSB).
AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
settlement agreements for the abovementioned Proposed Set-Offs
and Transfers have been completed, as confirmed by the
transaction lawyer on 23 September 2003.
TONGKAH HOLDINGS: Quoted Securities Disposed
--------------------------------------------
Tongkah Holdings Berhad was notified on 22 September 2003 by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively "Bonds")) that on 16 September 2003, it disposed
of some of the Company's securities held in public listed
companies, pledged to them in relation to the Bonds.
The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Click http://bankrupt.com/misc/TCRAP_Tongkah0925.doc
for information on the securities disposed.
UCP RESOURCES: 7th AGM Scheduled on October 15
----------------------------------------------
The Board of Directors of UCP Resources Berhad is pleased to
announce that the 7th Annual General Meeting will be held at
East VIP Lounge, Kuala Lumpur Golf & Country Club, No. 10, Jalan
1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur on 15th
October, 2003 at 10:00 a.m. for the following purposes:
1. To receive and adopt the Audited Financial Statements for the
year ended 30 June 2003 and the Reports of the Directors and
Auditors thereon. (Resolution No. 1)
2. To approve the payment of Directors' fees in respect of the
year ended 30 June 2003. (Resolution No. 2)
3. To re-elect the following Directors who retire pursuant to
Article 96 of the Company's Articles of Association:
a) Chaw Chee Meng (Resolution No. 3)
b) Chan Sow Kook (Resolution No. 4)
4. To re-appoint Messrs Ong Boon Bah & Co. as Auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution No. 5)
5. As a Special Business, to consider and if thought fit, to
pass the following Ordinary Resolution (Resolution No. 6):-
"That pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time until the conclusion of the next Annual
General Meeting and upon such terms and conditions and for such
purposes as the Directors may, in their absolute discretion,
deem fit provided that the aggregate number of shares to be
issued does not exceed 10% of the issued share capital of the
Company for the time being, subject always to the approval of
all the relevant regulatory bodies being obtained for such issue
and allotment."
6. To transact any other ordinary business of which due notice
shall have been given.
=====================
P H I L I P P I N E S
=====================
URBAN BANK: EIB Completes 2nd Tranche of Deposit Repayment
----------------------------------------------------------
The Export and Industry Bank Inc. (EIB) has completed the second
of three tranches of repayments of deposits in the closed Urban
Bank under the three-year Liability Servicing Program (LSP), AFX
Asia reported on Wednesday. The LSP is part of a rehabilitation
plan for Urban Bank, which was absorbed by EIB in 2001. The last
tranche of repayments under the LSP is due on September 12,
2004.
The Philippine Central Bank (Banko Sentral Ng Pilipinas) closed
Urban Bank in 2000 after the bank declared a holiday due to
liquidity problems.
=================
S I N G A P O R E
=================
AIROCEAN GROUP: Unit Appoints Devdas Kalyan as Liquidator
---------------------------------------------------------
Advantage Containers Technology Pte Ltd (ACT), a subsidiary of
Airocean Group Limited, held an extraordinary general meeting on
23 September 2003 and immediately thereafter, held a meeting of
creditors of ACT pursuant to Section 296 of the Companies Act.
The Board of Directors of Airocean Group Limited announced that
at the extraordinary general meeting of ACT, it was resolved
that ACT be voluntarily wound up and Mr Devdas Sawlani Kalyan of
1 Raffles Place #20-02 OUB Centre Singapore 048616 be appointed
liquidator. At the meeting of creditors, immediately thereafter,
the appointment of the liquidator was confirmed.
The winding up of ACT is not expected to have a material adverse
impact on the Group's financial results for the financial year
ending 31 March 2004.
ASIA PULP: Debt Talks Hit Snag
------------------------------
Asia Pulp & Paper's efforts to restructure its nearly US$14
billion debt appear to have taken a step backward with foreign
creditors threatening to take legal action unless the Company's
management agrees to stick to the terms of an earlier agreement,
according to Channel News Asia.
Representatives of export credit agencies from Japan, Germany,
Austria and Sweden claim Asia Pulp is backtracking on an
agreement in June to restructure US$6.7 billion of debt owed by
its Indonesian units. They plan to meet on October 1 with APP
and the Indonesian Bank Restructuring Agency, the Company's
largest single creditor, in an effort to save the talks.
CENTRAL PROPERTIES: Enters Voluntary Liquidation
------------------------------------------------
Further to the announcement by Central Properties Limited on 20
June 2003 relating to the Company's proposed members' voluntary
liquidation pursuant to Section 290(1)(b) of the Companies Act
(Cap. 50) (Companies Act) (CPL Voluntary Liquidation) and the
Company's proposed selective capital reduction to cancel 1.44
percent of the issued and paid-up capital of the Company
pursuant to Section 73 of the Companies Act (CPL Capital
Reduction), the Board of Directors of the Company announced that
the Circular dated 5 September 2003 in relation to the CPL
Voluntary Liquidation and CPL Capital Reduction (the Circular)
has been dispatched to stockholders of the Company today.
CHARTERED SEMICONDUCTOR: Enters Alliance With UST
-------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, and Unitive
Semiconductor Taiwan Corp. (UST) -- the Taiwan-based
manufacturing facility of Unitive, Inc., a leading provider of
wafer-level packaging solutions - recently announced the
qualification of UST's electroplated wafer bumping technology at
Chartered. Wafer bumping is the first stage of the chip
packaging process and an advanced interconnect technique for
mounting the silicon die onto a chip packaging surface without
the use of wires.
UST qualified its electroplating wafer-bumping technology on
Chartered's 0.13-micron SRAM technology on 200 millimeter (mm)
manufacturing process. The completed test chip package measures
27mm by 27mm in dimension and features a silicon die with 1,500
bumps at 180-micron pad pitch. Both companies are also in
discussion to qualify UST's 300mm bumping line, which has a
capacity of 4,000 bumping wafers per month, with capabilities
for eutectic solder, high-lead solder, and lead-free solder
bumping.
"Being the first in the industry to install an electroplating
bumping line, UST is ahead in the technology learning curve.
This has allowed us to grow our customer base worldwide and
establish quality reliability and cost competitiveness in our
wafer bumping production capabilities," said Daniel Teng,
President of UST. "We are excited with the opportunity to join
forces with Chartered to offer proven solutions in advanced
wafer bumping techniques, aimed at lowering risks and
accelerating customers' time-to-market."
"At Chartered, we are committed to delivering total product
solutions to our customers, working with our network of
qualified, strategic partners to provide access to proven
turnkey design and back-end solutions," said Kay Chai "KC" Ang,
senior vice President of fab operations at Chartered. "At the
0.13-micron and below technology nodes, material selection for
attaining compatibility between the processed wafer and the chip
package surface has become a growing challenge for the
semiconductor industry. Our collaboration with UST, the pioneer
provider of electroplating wafer bumping technology, and the
qualification of UST's wafer bumping capabilities on Chartered's
process are important steps toward helping our mutual customers
overcome the challenges of back-end packaging integration and
achieve overall chip functionality."
In concert with this effort, UST has joined Chartered's
NanoAccess Alliance, comprising an extensive ecosystem of
industry-leading library, electronic design automation,
intellectual property, and outsourced design and manufacturing
services companies. The NanoAccess Alliance brings together
critical system-on-chip (SoC) technologies and services with
Chartered's NanoAccess semiconductor manufacturing processes for
90nm and beyond. Chartered and the NanoAccess Alliance companies
promote access to open design solutions that allow foundry
customers more control over their leading-edge design and
manufacturing options. (See September 18, 2003 press release,
"Chartered Launches NanoAccess Alliance to Enable Chip Design on
Foundry-Proven 90nm Process Platform)
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.
About UST and Unitive, Inc.
UST and Unitive, Inc. are collectively known as "Unitive" for
promoting their products and services worldwide. Unitive is the
leading provider of wafer-level packaging solutions that make
semiconductors smaller, faster and lighter. With its
manufacturing facilities in Hsinchu, Taiwan and Research
Triangle Park, NC, Unitive partners with its customers to meet
their product and global manufacturing needs through innovative
deployment of its technologies, resulting in quicker time-to-
market and lower costs. UST's services include multi-level
passivation, solder bumping, gold bumping, and I/O
redistribution. UST's major investors include Wah Lee Industrial
Corp., Unitive Inc. and China Development Industrial Bank, etc.
For more information, please visit: www.unitive.com.tw or
www.unitive.com.
CHON HWA: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Chon Hwa Construction Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on September 26 at 10 o'clock in the morning. Kranji
Construction Co. Pte. Ltd., a creditor, whose address is
situated at 216-2 Syed Alwi Road, Singapore 207751, filed the
petition with the court on September 4, 2003.
The petitioners' solicitors are Messrs Tok of No. 41 Temple
Street #03-01, Singapore 058586. Any person who intends to
appear on the hearing of the petition must serve on or send by
post to Messrs Tok a notice in writing not later than twelve
o'clock noon of the 25th day of September 2003 (the day before
the day appointed for the hearing of the Petition).
GATEWAY EXPRESS: Releases Notice of Winding Up Order
----------------------------------------------------
Gateway Express (S) Pte Ltd issued a notice of winding up order
made on the 12th day of September 2003.
Name and Address of Liquidator: The Official Receiver
The Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Messrs MALLAL & NAMAZIE
Solicitors for the Petitioner.
GE Commercial Financing
(Singapore) Limited.
HONG LAI: Issues Notice to Prove Claims
---------------------------------------
Hong Lai Huat Construction (Under Judicial Management) issued a
notice to prove debt or claim for publication:
Company No.: RC No. 199202793M.
Address of registered office of the Company: 28 Kranji Road
Singapore 739467.
Number of matter: Originating Petition No. 9 of 2003/K.
Last day for receiving proofs: 5.00 p.m. on 3rd October 2003.
Name of Judicial Manager: Bob Low Siew Sie.
Address: 10 Anson Road #39-15
International Plaza
Singapore 079903.
BOB LOW SIEW SIE
Judicial Manager.
MEDIASTREAM LIMITED: Unit's Winding Up Affects Group Performance
----------------------------------------------------------------
Allandes Corporation Pte Ltd (ACPL), a wholly owned subsidiary
of Mediastream Limited, which was facing a severe cash flow
problem, went into judicial management this year.
The Judicial Managers (JMs) had on 14 July 2003 filed the
winding-up petition for ACPL as the JMs had reached the
conclusion that there was then little or no prospect of
achieving the purpose of rehabilitating ACPL or of preserving
all or part of ACPL's undertakings as a going concern. The Order
of Winding up was given by the High Court on 25 August 2003. The
Company had expected the acquisition of ACPL to contribute
positively to the Group's performance.
Without such contribution from ACPL, the Group's performance was
severely affected. As a comparison against the performance of
the previous corresponding period, the Group recorded a turnover
of $2.3 million for the current period, a decrease of 22.22
percent or $645,000. Other revenue also decreased by 12.85
percent or $73,000 which was mainly due to the decrease of
rental income of 12.12 percent or $68,000.
However, the Group managed to reduce its costs for salaries and
employee benefits by 14.87 percent or $275,000. Together with
the reduction in depreciation charges of 14.14 percent or
$140,000 and other costs and expenses, there was a total
reduction in costs and expenses of 12.26 percent or $509,000.
Loss before exceptional items for the current period was $1.2
million, a deterioration of 19.23 percent or $0.2million over
the previous corresponding period.
OMRON BUSINESS: Creditors to Submit Claims by October 20
--------------------------------------------------------
The creditors of Omron Business Systems Singapore Private Ltd.
(In Members' Voluntary Liquidation), whose debts or claims have
not already been admitted, are required on or before 20th
October 2003 to submit particulars of their debts or claims and
any security held by them to the liquidator.
In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.
LIM SAY WAN
Liquidator.
c/o 6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809.
PARKWAY HOLDINGS: Winding Up Units
----------------------------------
The Board of Directors of Parkway Holdings Limited announced
that its subsidiaries namely Parkway Information Technologies
Pte Ltd. - a wholly owned subsidiary and Trademart Management
Pte Ltd. - a 50 percent associated Company, all incorporated in
Singapore have been voluntarily wound up on 14 August 2003 as
these companies had ceased to carry on businesses.
SOREX TECHNOLOGY: Releases Second Dividend Notice
-------------------------------------------------
Sorex Technology Pte Ltd. issued a notice of second dividend as
follows:
Address of Registered Office: Formerly of 4012 Ang Mo Kio Avenue
10 #07-08 Tech Place 1 Singapore 569628.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 151 of 1996.
Last Day for Receiving Proofs: 26th September 2003.
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
KAREN LOH PEI HSIEN
Assistant Official Receiver.
THOMSON PRINTING: Issues Dividend Notice
----------------------------------------
Thomson Printing Co. Pte Ltd. issued a dividend notice as
follows:
Address of Registered Office: Formerly of 153 Kampong Ampat
#05-04 Junjie Industrial Building Singapore 368326.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 184 of 1992.
Amount Per Centum: 92.37 percent.
First and Final or otherwise: First & Final Dividend.
When Payable: 26th August 2003.
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
CHAN WANG HO
Assistant Official Receiver.
===============
T H A I L A N D
===============
HEMARAJ LAND: Posts Shares Sale Results Form
--------------------------------------------
Hemaraj Land and Development Public Company Limited posted its
form of the shares sale report held on September 23, 2003:
1. Information relating to the share offering
Category of shares offered Ordinary shares
Number of shares offered 120,000,000 shares
Offered to
Investors by way of private placement.
Price per share Baht 8
Subscription and payment period During 16-17
September, 2003
[ ]partly sold out, with remaining shares.
The company will deal with the remaining shares as follows:
2. Details of the sale
Thai investors Foreign investors Total
Juristic Natural Juristic Natural
Number of persons
5 * 20 6 3 34
Number of shares subscribed
23,250,000 77,000,000 16,750,000 3,000,000 120,000,000
Percentage of total shares offered for sale
19.37 64.17 13.96 2.50 100.00
Remark: There are 5 Thai corporations, which are appointed to
perform the duty as agent for the subscription of rights issue
of the Fund. Apart from Dhipaya Insurance Public Company
Limited, there are additional 4 securities companies acting as
agent for this issue, as detailed below:
1. BOA Asset Management Co., Ltd. made a subscription of new
shares on behalf of 29 investors.
2. Krung Thai Asset Management Pcl. made a subscription of
new shares on behalf of 31 investors.
3. MFC Asset Management Public Company Limited made a
subscription of new shares on behalf of 39 investors.
4. Primavest Asset Management Company made a subscription of
new shares on behalf of 3 investors.
3. Amount of money received from the sale of shares
Amount: Bt960,000,000
HEMRAJ LAND: SET Grants Listed Securities
-----------------------------------------
Starting from September 25, 2003, the Stock Exchange of Thailand
(SET) will allow the securities of Hemraj Land and Development
Public Company Limited (HEMRAJ) to be traded on the SET after
finishing capital increase procedures.
Name : HEMRAJ
Paid up Capital
Old : Bt3,547,423,850 (354,742,385 common shares)
New : Bt3,981,557,180 (398,155,718 common shares)
Par Value : Bt10/share
Allocate to : Warrant holders 43,413,333 units
exercise to subscribe 43,413,333 common shares
Exercise Ratio : 1 warrant to 1 common hares
Exercise Price Per Share : Bt3
Exercise date : September 25, 2003
JASMIN INTERNATIONAL: SET Grants Securities Trading
----------------------------------------------------
Starting from September 25, 2003, the Stock Exchange of Thailand
(SET) will allow the securities of Jasmin International Public
Company Limited (JASMIN) to be traded on the SET after finishing
capital increase procedures.
Name : JASMIN
Issued and Paid up Capital
Old : Bt4,746,685,280
New : Bt5,219,704,770
Allocate to :
- 42,509,200 warrants of existing shareholders
exercise to 42,509,200 common shares
- 4,792,749 warrants of the director an employee
holders exercise to 4,792,749 common shares (par
value Bt10)
Ratio : 1 warrant : 1 common share
Exercise Price:
- Bt5 for existing shareholders
- Bt10 for the director an employee holders
Exercise Date: September 15, 2003
SIAM SYNTECH: Discloses N-Park's Tender Offer Results
-----------------------------------------------------
Reference is made to the Tender Offer document (Form 247-4) for
securities of Siam Syntech Construction Public Company Limited,
which was submitted to The Office of Securities and Exchange
Commission (SEC) by Natural Park Public Company Limited (N-Park)
with a copy sent to the SET on August 15, 2003 and the tender
offer process made from August 18, 2003 to September 19, 2003.
N-Park submitted the copy of the Report Form of the Result of
Tender Offer for securities of the Company (Form 256-2) to the
SET, of which the original document has been sent to the SEC. Go
to http://bankrupt.com/misc/TCRAP_Siam0925.pdf.
UNION MOSAIC: Resolution Passed at Shareholders' Meetings 1/2003
----------------------------------------------------------------
The Union Mosaic Industry Public Company Ltd., in reference to
the Extraordinary Meeting of Shareholders No. 1/2003 held on
September 23, 2003, resolved the following:
1. The shareholders approved unanimously the Minutes of the
Annual General Meeting of Shareholders No. 1/2003.
2. The Shareholders approved the issuance of convertible
debenture of the Company amount Bt160 million to the group of
the Company's debtors to comply with Debt Restructuring Contract
between Thai Asset Management Corporation and TISCO Finance Plc.
and the Company. If the Company can issue and offer for sales
the convertible debenture within the specific time in Debt
Restructuring Contract. The Company will receive debt
restructuring and deduction of debt (Haircut) from the group of
debtors at an amount of Bt408,262,138 including all amount of
accrued interest from all value of debt at total
Bt1,522,628,007.91.
Detail of convertible debenture as follows:
Type : Convertible debenture without collateral with name-
registered and no representative of debentureholder.
Maturity: 5 years counted from the date of issuing debenture.
Number of convertible debenture: 160,000 shares
Value per unit: Bt1,000.00 each
Total values : Bt160,000,000
Issuing date : When approval has been granted by the Office of
the Securities and Exchange Commission, which expects
to be within September 30, 2003.
Maturity date : 5 years counted from the date of issuing
Sales offering: 144,744 shares of convertible debenture
will be offered for sales to the Company's debtors,
which are Thai Asset Management Corporation and 15,256
shares to TISCO Finance Plc. as the debtors of the
Company before the issuance of the debenture, for the
benefit of debt restructuring and to comply with Debt
Restructuring Contract.
Collateral : Without collateral.
Interest payment date: Interest payment shall be twice a year,
every 6 months counted from the date of issuing
convertible debenture.
Interest rate : Floated interest rate equal to interest rate
specified in Debt Restructuring Contract of the
Company, which is MLR of Thai Asset Management
Corporation minus 1.00 percent per year.
Conversion ratio: 1 convertible debenture per 100 ordinary
shares.
Conversion price: Bt10
No. of common share issued to: 16,000,000 shares
Period of time for exercising: Convertible debenture holders
shall exercise conversion right the conversion right
on the last business day of each month during maturity
period of convertible debenture and the first
conversion date is on November 28th, 2003.
Period of time to make a request for the last Conversion: 15
days before the last day of exercising right conversion
right
Changing of right to convert: When there is an event according
to the notification of the Office of the Securities and
Exchange Commission, the conversion of subscription
price and the rate of exercising of subscription is
allowed according to the calculation method to be
specified in the right's term.
Right to purchase back debenture before Maturity: Issuers of
debenture can purchase back convertible debenture
from Thai Asset Management Corporation and TISCO
Finance Plc. amount 57,896 shares and 6,104 shares
accordingly within 3 months counted from the date of
issuing debenture at price Bt1,000.00 each plus accrued
interest counted from the date of last interest payment
to the date the Company purchase back plus return
benefit at price Bt250.00 each. And the issuers of
convertible debenture will have to cancel convertible
debenture that is purchased back immediately.
Right of issuers to redeem debenture before Maturity: Issuers of
convertible debenture do not have right to redeem
convertible debenture before maturity.
Limitation of transfer : Transfer of debenture, in any case, it
Should be limited to the persons that are former
debtors of the Company before the offer to sell
convertible debenture under the Debt Restructuring
Contract.
Provide that the Board of Directors and / or the persons who the
Board of Directors appointed, have a power to specify details
and any condition of convertible debenture with properly conduct
in order to comply with terms and conditions of Debt
Restructuring Contract of the Company and also have a power to
negotiate, approve, sign, and deliver contract and any relevant
documentations together with power to conduct any necessary and
related matters to the issuance of convertible debenture.
3. The shareholders' meeting approved the increase of
registered capital from an amount Bt320 million to Bt576 million
by mean of newly issued ordinary shares amount 25,600,000 shares
with a par value Bt10.00 each in order to support the right to
exercise converting of convertible debentures, and also to issue
and offer subscription to existing shareholders.
4. The shareholders' meeting approved the amendment of the
Company's prospectus clause no. 4 about registered capital of
the Company in order to be in line with the capital increase
of the Company.
Registered capital amount Btt576,000,000 Baht
Divided into 57,600,000 shares
Par value Bt10
Shall be separated as: Ordinary shares 57,600,000 shares
Preferred shares - shares
5. The shareholders' meeting approved the allotment of capital
increase in term of ordinary shares amount 25,600,000 shares as
the followings:
5.1 Amount 16,000,000 shares to support converting of
convertible debenture.
5.2 Amount 9,600,000 shares to offer for subscription to the
existing shareholders that names have been registered in the
share register book on the date of October 3rd, 2003 according
to the ratio of shares holding and the shareholders have right
to subscribe newly issued ordinary shares at a ratio of 5
original ordinary shares to 1 newly issued ordinary shares at
price per share of Bt12.50 each.
And authority will be assigned to the Board of Directors and /
or the persons that the Board of Directors appointed to have a
power to conduct any necessaries and related matters about
allotment of newly issued shares in every matter.
6. The shareholders' meeting approved the transfer of legal
reserve amount Bt32,000,000.00 and premium on share capital
amount Bt498,800,000 to compensate for the accumulated loss of
the Company, which will also decrease the accumulated loss of
the Company.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
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