/raid1/www/Hosts/bankrupt/TCRAP_Public/040408.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, April 8, 2004, Vol. 7, No. 70
Headlines
A U S T R A L I A
ARISTOCRAT LEISURE: Details Board of Directors Meeting
NATIONAL AUSTRALIA: Kraehe To Resign Earlier Than Expected
NYLEX LIMITED: Sells Non-Core Assets
SANTOS LIMITED: Moomba Resumes Gas Production
WALLACE ABSOLUTE: Posts Net Asset Value
WMC RESOURCES: Foresees High Prices of Nickel Unsustainable
ZINIFEX LIMITED: Shares Slump By 6%
C H I N A & H O N G K O N G
CHINA NAN: Winding up Petition Dismissed
HARVEST TEAM: Faces Winding up Hearing
HUNG HENG: Winding up Hearing Set April 28
I-CHINA HOLDINGS: AGM Set April 22
I-CHINA HOLDINGS: Unveils Capitalization, Financial Status
I-CHINA HOLDINGS: Unveils Restructuring Scheme Update
SHARP POWER: Court Sets Date of Petition Hearing
WAI KEE: Creditors OK Restructuring Proposal
WAI LUNG: Date For Hearing of Petition Set
I N D O N E S I A
BANK INDONESIA: Cuts Overnight Market Rate
J A P A N
DAIEI INC: Retailer Overcharged Customers
FUJITSU LIMITED: Initiates Legal Action Against Samsung SDI
MITSUBISHI MOTORS: Mitsubishi Group Draws Up Rescue Plan
SHINWA CORPORATION: Ceramic, Clay Products Trader Goes Bankrupt
WAI SHOUJI: Files for Liquidation Proceedings
K O R E A
SSANGYONG MOTOR: Draws Interest From Carmakers
M A L A Y S I A
ASSOCIATED KAOLIN: Discloses Results of Investigative Audit
BERJAYA GROUP: Announces the Resumption of Trading
CONSOLIDATED FARMS: Issues Notice of Rights Entitlement
CSM CORPORATION: Updates Status of Loans on Default
HAP SENG: Announces Shares Buy Back
HONG LEONG: Listing New Shares
JAYARENA CONSTRUCTION: Winding Up Petition Set For Hearing
KILANG PAPAN: Finalizing Restructuring Scheme
LONG HUAT: Releases Restructuring Update
MEDAS CORPORATION: Revises Proposed Restructuring Scheme
MENTIGA CORPORATION: Retracts Proposals
PERNAS INTERNATIONAL: Securities Commission Approves Proposals
POS MALAYSIA: Details Listing and Quotation of New Shares
PROMTO BERHAD: Receivers Appointed To Subsidiaries
PROTON: Early Buyers Can Get GEN.2 This Week
PWE INDUSTRIES: Update To Proposed Corporate Restructuring
SOUTHERN PLASTIC: Securities Delisted From Exchange
SOUTHERN PLASTIC: Updates on the Proposed Restructuring Scheme
TANJONG PUBLIC: Discloses Dealings By Principal Officer
UNITED CHEMICALS: Issues Updates on Practice Note No.1/2001
P H I L I P P I N E S
GLOBAL STEELWORKS: Receives Approval to Become an Eco Zone
MANILA ELECTRIC: To Issue Zero Coupon Bonds
MAYNILAD WATER: Creditors Given To April 13 For Comments
MUSIC CORPORATION: Unit Signs Licensing Deal With Micron
PHILIPPINE LONG: To Tap International Market for Debt Payments
S I N G A P O R E
ECRC LAND: Creditors' Meeting Set April 16
FASTHUB PTE: Date for Hearing of Petition Set
GREEN POINT: Issues Debt Claim Notice to Creditors
SINGAPORE INDUSTRIAL: Issues Dividend Notice
TOKIWADO FOOD: Creditors Must Submit Claims By May 3
WHK INVESTMENT: Court Sets Date for Petition Hearing
T H A I L A N D
EASTERN WIRE: Details Tender Offer of Securities
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A U S T R A L I A
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ARISTOCRAT LEISURE: Details Board of Directors Meeting
-------------------------------------------------------
Aristocrat Leisure Ltd. submitted to the Australian Stock
Exchange the details of its most recent meeting.
The Board of Aristocrat Leisure Ltd. considered the position of
Mr. John Ducker and his decision to seek re-election to the
Board of the Company.
The Board previously indicated that it is a matter for
shareholders to determine whether Mr. Ducker is successful in
his bid to be re-elected. The Board now also believes it is
appropriate to indicate its views on Mr. Ducker's re-election to
shareholders prior to the Annual General Meeting to be held on
May 4, 2004.
The Chairman of Aristocrat Leisure Ltd., Mr. John Pascoe said:
"The board recognizes Mr. Ducker's contribution to the company
by remaining on the Board prior to the appointment of David
Simpson and Penny Morris so as to avoid the Company being in
breach of the Corporations Act requirement for two Australian
resident directors at all times. It also notes Mr. Ducker's
understandable desire to remain on the Board pending resolution
of the various outstanding legal issues."
However, the Board determined at its meeting that it could not
support Mr. Ducker's decision to seek re-election in light of
his undertaking to shareholders at last year's Annual General
Meeting that he would resign. Shareholders have a reasonable
expectation that the undertaking given by Mr. Ducker would be
met.
Accordingly any undirected proxies received by the Chairman, the
company of Messrs Baker, Simpson, Steelman of Mrs. Morris will
be voted against the resolution to re-elect Mr. Ducker to the
Board for a further term.
Media Inquiries:
Margot McKay
Telephone: 0412 132 769
NATIONAL AUSTRALIA: Kraehe To Resign Earlier Than Expected
-----------------------------------------------------------
National Australia Bank Chairman Graeme Kraehe has offered to
limit his chairmanship to a few years, The Advertiser reports.
The bank has been in search for new directors and is refining
candidates in Australia and Britain. In case Catherine Walter
resigns the bank will search for another director with
appropriate experience.
Seven non-executives expressed their disrespect and distrust for
Mrs. Walter and have called an extraordinary meeting to persuade
shareholders to vote her off the board.
Mrs. Walter retaliated with her own list of motions for the EGM,
including that all current directors not seek re-election,
removing Mr. Kraehe as chairman and forcing all directors to
give up their retirement benefits.
But Mr. Kraehe said removal of the entire board would entail
destabilization and is against the interest of the shareholders.
The board had appointed three new members with international
experience that the board lacked.
"Following the new board appointments, the National will have a
board with average years of service far lower than that of any
of the major Australia banks," Mr. Kraehe said.
Mr. Kraehe said subject to shareholder approval, he would stay
on as chairman until the NAB's "strategy formulation,
operational improvement and board reconstruction is done".
"I would expect that this could be achieved over the next few
years when I would then hand over the chairmanship in an orderly
fashion," he said. "This I believe would provide the stability
required for the new management team to implement plans which
will add to shareholder value."
NYLEX LIMITED: Sells Non-Core Assets
------------------------------------
Nylex Limited, in a press release, announced another step in its
restructuring program, with the divestment of a range of five
non-core operations, with gross proceeds of $12 million.
The divestments included Ajax Engineered Fasteners and Global
Automotive Logistics, which supply automotive and high tensile
industrial fasteners. The buyer is GEF Holdings Pty Ltd - the
major shareholder of this business being Allen Capital Private
Equity Pty Ltd.
Manufacturer of automotive textiles, Melba Thailand, was sold to
Chiao Fu, while hose distributor, Harvey Hose and the SRM
plastic recycling businesses were sold privately.
Managing Director, Glen Casey, said, "revenues of $100m would be
lost to the Group as a result of the transactions announced
today and a book loss on some of the sales would be incurred,
however there would be an insignificant loss of trading profits
and an improvement in the Group's cash position going forward.
In addition, vital management resources can now be redirected to
the Group's core businesses."
The divestments of the businesses takes the number of non-core
businesses divested in the 2003-2004 financial year to 17, with
gross proceeds of $164 million.
Nylex, with its four ongoing divisions - Automotive, Plant Hire,
Consumer Products and Industrial Products, is on track to
commence the 2004-05 fiscal year with virtually all of its
restructuring completed.
For Media Inquiries Call:
Glen Casey Tim Allerton
Nylex Limited City PR
(03) 9533 9333 (02) 9267 4511
SANTOS LIMITED: Moomba Resumes Gas Production
---------------------------------------------
Santos Limited announced to the Australian Stock Exchange that
full gas processing capacity has been achieved from the Moomba
plant, ahead of schedule.
Total Moomba gas production capacity has now achieved levels of
approximately 630 terajoules per day-which equates with pre-
incident capability-as a result of the resumption of processing
through the Liquids Recovery Plant B train in Dew Point Control
Mode.
This is an important milestone for the Moomba recovery project
and will enable the plant to meet the coming winter peak gas
demand.
Further repair work remains on schedule to fully restore natural
gas liquids production with the Liquids Recovery Plant A train
Start-up scheduled for the first half of May and Liquids
Recovery Plant B train start-up scheduled for the second half of
July.
For further information pleases contact:
Media Enquiries:
Kathryn Mitchell
Telephone: 08 8218 5260
0407 979 982
Investor Enquiries:
Mark Kozned
08 8218 5939
0407 747 908
WALLACE ABSOLUTE: Posts Net Asset Value
---------------------------------------
Wallace Absolute submits to the Australian Stock Exchange the
company's Net Asset Value.
The Net Asset Value (after tax) as at March 31, 2004 was $1.0435
after providing for the Interim Dividend of 4.50 cents per share
fully franked. Shares in WAB traded ex-dividend on March 25,
2004, The Net Asset Value (before tax) as at March 31, 2004 was
$1.0544.
Shares issued under the dividend reinvestment plan will be
issued at $0.9913 per share, which is a five percent discount to
the Net Asset Value.
Historical Performance
Before Tax After Tax
3 Month 2.90% 2.09%
6 Month 5.66% 4.24%
12 Month 20.50% 18.88%
This includes capitalized expenses of $0.018 per share.
About Wallace Absolute Limited
Wallace Absolute Return Limited has been in operation since
January 2003 and is a market neutral fund offering investors the
opportunity to participate in an absolute return product which
is regulated by both the Australian Stock Securities and
Investments Commission (ASIC) and the ASX. As part of the
regulations under the ASIC and the ASX, the company publishes
its NAV weekly through the ASX and on its website
(www.wallacefunds.com.au) providing investors with timely
perforance updates.
The company's investment strategy involves the use of the
Managers fundamental and quantitative research to identify
assets that are mispriced relative to each other. The company
then allocates its capital according to the risk adjusted return
expectations of each security in order to optimize the company's
total return for a given level of risk. Broadly, the level of
risk is measured by the expected range of outcomes for each
security. A greater expected range of outcomes indicates higher
risk and results in less capital being allocated to that
investment.
To view full copy of this press release, click
http://bankrupt.com/misc/wallaceabsolute040604.pdf
WMC RESOURCES: Foresees High Prices of Nickel Unsustainable
-----------------------------------------------------------
WMC Resources warned investors not to be too confident in the
commodity markets rapid growth, stating that the present nickel
price is unsustainable and its Olympic Dam copper-uranium may
never be trouble-free, according to The West Australian.
Chief Executive Andrew Michelmore said WMC is making the most
out of stronger prices for its key commodities, particularly
nickel, and expects a continuing improvement on last year's $246
million profit, in line with consensus forecasts for a profit of
about $610 million.
But though surging demand from China and limited new supply
would keep nickel prices high for the next couple of years, Mr.
Michelmore warned that prices above $US6 a pound ($US13,000 a
tonne) could not be sustained and were damaging for the
industry.
On Wednesday Nickel closed $US450 lower at $US13,895/t, but has
dropped from 14-year highs above $US17,000/t over the last three
months.
"Prices above the $US6 a pound mark are not sustainable for our
customers, and not in the long-term interests of the industry,"
Mr Michelmore said, noting professional investors and hedge
funds had begun speculating on the metal.
"That's where it's not sustainable, because as soon as you get
some negative views they dump it, which is what you saw in
January when it went to $US17,000/t then came off $US2000 in the
space of 24 hours.
"That's really bad for the industry and for the customers."
Mr. Michelmore also warned that sustained high prices would lead
to greater substitution by customers, with up to 20 per cent of
all nickel applications open to substitution.
ZINIFEX LIMITED: Shares Slump By 6%
-----------------------------------
Institutional investors have deliberately avoided buying Zinifex
shares since its listing, which resulted to a six percent drop
in shares on Wednesday, 7 April, according to The Australian
Stockbroking news, Egoli.
Zinifex Ltd. formerly Pasminco Ltd., one of world's largest
integrated zinc and lead producers, produces around six percent
of the world's finished zinc metal. Its largest asset is the
Century mine, which has a forecast mine life of 12 years and has
annual output of 520,000 tonnes of zinc and 65,000 tonnes of
lead.
During the IPO, the company's reincarnation was advertised to
shareholders at a 5 percent discount with prospective retail
shareholders buying in at $1.85, and in institutional investors
paying $1.95. The offer failed to entice potential punters,
with the IPO falling significantly short of management's book
building expectations.
The company was expecting to raise funds of up to $1.4 billion
during its rebirth, but only managed to find $960 million after
wary investors recalled the groups great number of debt and
foreign exchange issues.
The bad news continued, this time for the prospective retail
punters who witnessed Monday's Zinifex shares debut trading at a
$1.80, a significant discount on the IPO $1.85 purchase price
they paid.
Shareholders might have been reassured Tuesday night when the
stock closed above the opening price at $1.83, however present
trading has seen the stock sink as low as $1.72.
SHAW Stockbroking senior analyst Mr. John Colnan said that the
stock is performing in line with analyst's expectations. "This
is evidenced by the fact that many in the market never expected
the float to get up at all."
"I believe they will need to generate some significant results
before we see a change in market sentiment," Mr. Colnan
commented.
The group predicts a $52.6 million EBIT figure for the current
period, however after Zinifex's $48.3 million loss in the 2003
financial year, shareholders are treading lightly.
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C H I N A & H O N G K O N G
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CHINA NAN: Winding up Petition Dismissed
----------------------------------------
The winding up petition of China Nan Feng Group Limited was
dismissed pursuant to an order from the High Court of the Hong
Kong Special Administrative Region dated 6 April 2004.
At the request of the Company, trading in the shares of the
Company on the Stock Exchange of Hong Kong Limited was suspended
as from 9:30 a.m. on Tuesday, 6 April 2004 pending release of
this announcement.
In a disclosure to the Stock Exchange of Hong Kong Limited, the
Company has made an application to the Stock Exchange for the
resumption of trading in the Shares with effect from 9:30 a.m.
on Wednesday, 7 April 2004.
HARVEST TEAM: Faces Winding up Hearing
--------------------------------------
Notice is hereby given that a petition for the winding up of
Harvest Team Industrial Limited by the High Court of Hong Kong
was on 16 February 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. And that the said Petition is directed to be heard before
the Court at 9:30 a.m. on the 28 April 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Chu & Lau
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Bldg.
24-25 Connaught Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon on the 27 April 2004.
HUNG HENG: Winding up Hearing Set April 28
------------------------------------------
Notice is hereby given that a Petition for the winding up of
Hung Heng Group Company Limited by the High Court of Hong Kong
was on 16 February 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. And that the said Petition is directed to be heard before
the Court at 9:30 a.m. on the 28 April 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Chu & Lau
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Bldg.
24-25 Connaught Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon on the 27 April 2004.
I-CHINA HOLDINGS: AGM Set April 22
----------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
shareholders of I-China Holdings Limited will be held at 8/F.,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
at 10 a.m. on Thursday, 22 April 2004 to transact the following
ordinary business:
To receive, consider and adopt the audited financial statements
and reports of the Provisional Liquidators of the Company and
the auditors for the year ended 31 March 2003.
According to the Stock Exchange of Hong Kong Limited, no special
business is to be conducted at this meeting.
For and on behalf of I-China Holdings Limited (Provisional
Liquidators Appointed)
Cosimo Borrelli
Fan Wai Kuen
R. Craig Christensen
Joint and Several Provisional Liquidators
Hong Kong, 31 March 2004
Notes:
(1) Any member of the Company entitled to attend and vote at the
meeting convened by the above notice is entitled to appoint one
or more than one proxy in respect of the whole or any part of
his holding of shares of the Company to attend and, on a poll,
vote in his/her stead in accordance with the Bye-laws of the
Company.
A proxy need not be a member of the Company.
(2) Where there are joint registered holders of any shares, any
one of such persons may vote at the meeting, either personally
or by proxy, in respect of such shares as if he were solely
entitled thereto; but if more than one of such joint holders are
present at the meeting personally or by proxy, that one of the
said persons so present whose name stands first in the register
of the members of the Company in respect of such shares shall
alone be entitled to vote and will be accepted to the exclusion
of other joint registered holders in respect thereof.
(3) In order to be valid, the form of proxy, together with a
power of attorney or other authority (if any) under which it is
signed or a notary-certified copy of such power of attorney or
authority, MUST be lodged with the Provisional Liquidators, at
7/F Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong not less than 48 hours before the time appointed for
holding the meeting or any adjournment thereof.
Under Bye-law 90 of the Bye-laws of the Company, a vote given in
accordance with the terms of the proxy shall be valid
notwithstanding the revocation of the proxy or power of attorney
or other authority under which the proxy was executed provided
that no intimation in writing of such revocation shall have been
received by the Company at 7/F Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not less than two hours
before the time appointed for holding the meeting or any
adjournment thereof.
I-CHINA HOLDINGS: Unveils Capitalization, Financial Status
----------------------------------------------------------
I-China Holdings Ltd's net liabilities approximated HK$697.2
million as of September 30, 2003 (31 March 2003: HK$681.4
million). Cash and bank balances and total bank and other
borrowings approximated HK$1.5 million (31 March 2003: HK$0.9
million) and HK$551.0 million (31 March 2003: HK$549.3 million),
respectively, as at the balance sheet date.
The Group's borrowings from creditor banks were not repaid in
accordance to the schedules set by the creditor banks and,
became due for immediate repayment. As a result, the amounts
outstanding to the creditor banks were reclassified as current
liabilities.
Bank and other borrowings were principally dominated in Hong
Kong and U.S. dollars as a result; there is minimal foreign
exchange risk. Bank and other borrowings were subject to
floating interest rates.
According to the provisional liquidator's report, the Group did
not use financial instruments for hedging purposes and did not
have foreign currency net investments being hedged by currency
borrowings and other hedging instruments.
Joint and Several Provisional Liquidators
Cosimo Borrelli
Fan Wai Kuen
R. Craig Christensen
I-CHINA HOLDINGS: Unveils Restructuring Scheme Update
-----------------------------------------------------
Reference is made to the document of I-China Holdings Limited in
relation to the Proposed Restructuring scheme dated 24 February
2004 and the announcement jointly issued by the Company and Wai
Kee Holdings Limited dated 18 March 2004 in relation to the
results of the SGM and the trading arrangements (the SGM Results
Announcement).
In a disclosure to the Stock Exchange of Hong Kong Limited, I-
China and Wai Kee Holdings Limited announced the expected
timetable of their proposed restructuring schemes as follows:
Bermuda Court hearing of petition to
sanction the Scheme .......................... Thursday, 8 April
Hong Kong Court hearing of
petition to sanction the Scheme ............. Tuesday, 20 April
Completion................................. Thursday, 22 April
Announcement of the completion .............. Friday, 23 April
Resumption of trading in the
New I-China Shares.............................. 9:30 a.m. on
Tuesday, 27 April
Existing counter for trading in
the I-China Shares in board lots
of 2,000 I-China Shares closes......... 9:30 a.m. on Tuesday, 27
April
Note: New I-China Shares to be issued under the Proposed
Restructuring may be traded under the temporary counter, which
opens on 27 April 2004.
The above-expected timetable is conditional upon, amongst other
things, the Courts' availability and Completion to take place as
set out above.
Further announcements will be made as and when appropriate in
the event that there are any material changes to the above-
expected timetable.
GENERAL INFORMATION
Pursuant to the order by the Hong Kong Court, the Provisional
Liquidators were appointed to I-China on 5 December 2002 and the
powers of the I-China Directors have been suspended since then.
On 18 March 2004, following the passing of the relevant ordinary
resolution proposed at the SGM, all the IChina Directors would
be removed with effect from Completion.
As at the date of this announcement, the Wai Kee Board comprises
Messrs. Zen Wei Pao, William, Zen Wei Peu, Derek and Fong Shiu
Leung, Keter as executive directors, Messrs. Lam Wai Hon,
Patrick and Cheng Chi Pang, Leslie as non-executive directors,
and Messrs. Wong Che Ming, Steve and Wan Siu Kau, Samuel as
independent non-executive directors.
The release of this announcement does not indicate that the
Proposed Restructuring will be successfully implemented and
completed as certain conditions precedent to the Restructuring
Agreement as disclosed in the SGM Results Announcement may not
be fulfilled before the long stop date. Trading in the I-China
Shares has been suspended since 15 January 2002 and will remain
suspended until Completion and a sufficient public float has
been restored. Further announcement(s) will be issued as and
when appropriate.
The Wai Kee Shareholders and potential investors should exercise
caution when dealing in the Wai Kee Shares as the Proposed
Restructuring may or may not proceed.
SHARP POWER: Court Sets Date of Petition Hearing
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Sharp Power Industrial Limited by the High Court of Hong Kong
was on 1 March 2004 presented to the said Court by Tsui Siu Fun
whose registered office is situated at Flat H, 9/F., Block 2,
Wing Fai Centre, Fanling, New Territories, Hong Kong. And that
the said Petition is directed to be heard before the Court at
9:30 a.m. on the 28 April 2004. Any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon on the 27 April 2004.
WAI KEE: Creditors OK Restructuring Proposal
--------------------------------------------
Wai Kee Holdings Limited announced that all the creditors who
were present at the Creditor's meeting held on 2 April approved
the Company's restructuring proposal.
In a disclosure to the Stock Exchange of Hong Kong, the release
of this announcement does not indicate that the Proposed
Restructuring will be successfully implemented and completed as
certain conditions precedent to the Restructuring Agreement as
disclosed in the SGM Results Announcement may not be fulfilled
before the long stop date.
Trading in the I-China Shares has been suspended since 15
January 2002 and will remain suspended until Completion and a
sufficient public float has been restored. Further
announcement(s) will be issued as and when appropriate.
The Wai Kee Shareholders and potential investors should exercise
caution when dealing in the Wai Kee Shares as the Proposed
Restructuring may or may not proceed.
RESULTS OF THE CREDITORS' MEETINGS
The Creditors present and voting had claims of approximately
HK$402 million in value, representing approximately 87.75% of
the total claims received and admitted by the Company of
approximately HK$458 million as at 2 April 2004 for the purpose
of the Creditors' meetings. As there were more than 50% in
number of the Creditors, representing more than 75% in value of
the total claims of the Creditors present either in person or by
proxy, voting in favor of the Schemes at the Creditors'
meetings, the Schemes will become effective and binding on all
Creditors upon Completion.
WAI LUNG: Date For Hearing of Petition Set
------------------------------------------
Notice is hereby given that a petition for the winding up of Wai
Lung Engineering Company Limited by the High Court of Hong Kong
was on 23 March 2004 presented to the said Court by Enga
Engineering Co. Ltd. whose registered office is situated at Unit
1003, L1, Sheung Shiu Centre, No. 3 Chi Cheong Road, Sheung
Shui, New Territories, Hong Kong. And that the said Petition is
directed to be heard before the Court at 9:30 a.m. on the 2 June
2004. Any creditor or contributory of the said company desirous
to support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the petition will be furnished to
any creditor or contributory of the said company requiring the
same by the undersigned on payment of the regulated charge for
the same.
Cheung, Chan & Chung
Solicitors for the Petitioner,
Unit 5505, 55th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon on the 1 June 2004.
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I N D O N E S I A
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BANK INDONESIA: Cuts Overnight Market Rate
------------------------------------------
Bank Indonesia slashed the overnight market rate by 25 basis
points to 7%, a move that may trigger a further cut in the
central bank's benchmark interest rate. The cut came following
the country's peaceful legislative elections on Monday, The
Jakarta Post reports.
Over the past two years, Bank Indonesia has gradually been
lowering the domestic interest rate in the hopes of encouraging
commercial banks to also lower their lending rates and thus make
credit more affordable to the corporate sector.
But most banks are reluctant to boost lending to the corporate
sector for it is risky amid slow progress in corporate debt
restructuring. Which prompts the banks to keep their excess
funds in the form of Bank Indonesia promissory notes (SBI) or in
the overnight money market with a monthly interest of 7.42
percent.
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J A P A N
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DAIEI INC: Retailer Overcharged Customers
-----------------------------------------
Eighteen Daiei Inc. outlets in eight prefectures failed to
modify their cash registers and cashiers forgot to undertake the
necessary procedures to implement the change, Kyodo News
reports. This resulted in an additional 5 percent charge being
levied on amounts that already included the tax.
The mistake resulted in 59,388 yen in overpayment by 763
customers. The company will refund the money if the customers
take their receipts to the stores or if there are other data to
confirm their payments.
On Thursday, the Japanese government introduced a tax rule
change under which retailers must include the 5 percent
consumption tax in advertised prices.
FUJITSU LIMITED: Initiates Legal Action Against Samsung SDI
-----------------------------------------------------------
Fujitsu Limited announced that it has asserted patent
infringement claims against Samsung Japan Corporation in Tokyo
District Court and Samsung SDI Co., Ltd. in U.S. Federal
District Court in Los Angeles, California, according to Business
Wire.
Fujitsu seeks a court order against future importation and sales
of infringing PDP products, and compensation for past
infringement. In addition, the company is seeking administrative
injunctive relief under a Japanese customs and tariffs law,
which prohibits importation of products that infringe Japanese
patents.
Fujitsu alleges that Plasma Display Panels (PDPs) manufactured
by Samsung SDI infringe Fujitsu's PDP patents. PDPs are the
principal component of plasma display television sets, one of
the fastest growing segments of the flat-screen television
market.
Before asserting these claims, Fujitsu sought to negotiate
reasonable compensation for Samsung SDI's use of Fujitsu's PDP
inventions. Samsung SDI refused Fujitsu's reasonable requests,
and it has continued to manufacture and sell PDPs that Fujitsu
contends infringe Fujitsu's PDP patents. Fujitsu determined that
litigation was necessary in order to protect the value of its
intellectual property in the PDP area.
Masanobu Katoh, group President of Fujitsu Limited's
Intellectual Property Group, explained: "Fujitsu has invested
over 30 years and very significant resources in developing
commercially viable PDP technology. We cannot permit others to
exploit these valuable inventions without appropriate
compensation."
Fujitsu is a recognized leader in the research and development
of PDPs, and its inventions in this field are protected by more
than 800 patents around the world, covering a large number of
fundamental technologies that are indispensable for PDP
products. In 1992 Fujitsu produced the first commercial 21-inch
full-color PDP in the world, and its inventions have continued
to contribute to the commercial viability and enhanced
performance and features of large-screen, high-definition flat-
panel televisions.
The lawsuit filed in Tokyo alleges infringement of Japanese
patent No. 2,845,183, which is one of Fujitsu's basic patents in
PDP field. Ten other patents are alleged to be infringed in the
claims asserted in Los Angeles, California.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(US$38 billion) for the fiscal year ended March 31, 2003.
CONTACT: Fujitsu Limited
New York Representative Office
Jack Hirano, 212-599-9800 (US)
or
Fujitsu Limited
Public & Investor Relations
Tel: +81-3-6252-2176 (JPN)
MITSUBISHI MOTORS: Mitsubishi Group Draws Up Rescue Plan
--------------------------------------------------------
Mitsubishi Motors Co. is to mobilize its ranks of affiliated
companies to assist in the rescue of Mitsubishi Motors
Corporation, alongside DaimlerChrysler AG, the Japanese
automaker's controlling shareholder, Dow Jones reported on
Wednesday.
Mitsubishi Heavy Industries, Mitsubishi Corporation and group
bank Mitsubishi Tokyo Financial Group Inc., which together own
about 20 percent of Mitsubishi Motors - will acquire newly-
issued shares in the vehicle maker and then "ask" affiliated
companies to acquire a substantial portion of them, the report
said.
Companies that could be required to buy the shares include
Millea Holdings Inc.'s Tokio Marine & Fire Insurance Co., Kirin
Brewery Co., camera company Nikon Corporation, Mitsubishi Real
Estate, Mitsubishi Materials Corporation and others.
SHINWA CORPORATION: Ceramic, Clay Products Trader Goes Bankrupt
---------------------------------------------------------------
Shinwa Corporation Co. Ltd. has filed for bankruptcy, according
to Teikoku Databank America. The wholesale trader of ceramic,
stone and clay products, which is located at Sakai-shi, Osaka,
Japan, has total liabilities of US$125 million.
WAI SHOUJI: Files for Liquidation Proceedings
---------------------------------------------
Resona Holdings, Inc. (Resona HD), in a press release, hereby
gives notice that Wai Shouji Co., Ltd. (former Yoshinaga
Corporation) and its affiliate Waikei Shouji Co., Ltd. (former
Yoshinaga Kogyou Co., Ltd.) (collectively referred to as the
Companies) which are customers of its banking subsidiary, Resona
Bank, Ltd. (Resona Bank, President: Masaaki Nomura), filed an
application for commencement of special liquidation proceedings
with the Tokyo District Court. As a result of this development,
there arose a concern that the claims to the Companies may
become irrecoverable or their collection may be delayed.
1. OUTLINE OF THE COMPANIES
(1) Corporate name
a) Wai Shouji Co., Ltd. (Former Yoshinaga Corporation)
b) Waikei Shouji Co., Ltd. (Former Yoshinaga Kogyou Co.,
Ltd.)
(2) Address
a) 4-4, Yanagibashi 1-chome, Taito-ku, Tokyo
b) 4-4, Yanagibashi 1-chome, Taito-ku, Tokyo
(3) Representative:
a) Michinori Yoshinaga
b) Michinori Yoshinaga
(4) Amount of Capital
a) 498 million yen
b) 42 million yen
(5) Line of business:
a) Wholesale of handbags and fancy goods
b) Real estate leasing
2. Fact Arisen to the Companies and Its Date
The Companies filed an application for commencement of special
liquidation proceedings with the Tokyo District Court on March
31, 2004.
3. Amount of Claims to the Companies
a) Wai Shouji Co., Ltd.
Exposure of Resona Bank Loans: 2.9 billion yen
b) Waikei Shouji Co., Ltd.
Exposure of Resona Bank Loans: 0.4 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Ltd., The Kinki Osaka Bank, Ltd. and The Nara Bank, Ltd. have no
claims to the Companies.
4. Impact of This Development on the Forecasted Earnings of
Resona HD
The aforementioned claims of Resona Bank are within the range of
collateral coverage and loan loss reserves. Therefore, the
previous earnings forecasts of Resona HD for the fiscal year
ending March 31, 2004, which were announced on November 25,
2003, remain the same.
=========
K O R E A
=========
SSANGYONG MOTOR: Draws Interest From Carmakers
----------------------------------------------
Chohung Bank, the main creditor of Ssangyong Motor Co., said
Tuesday, 6 April that several automakers had shown interest in
the carmaker after the breakdown of talks to sell it to China
National Bluestar Corporation, the Korea Herald reported on
Wednesday, 7 April.
"There are companies, not only those from China, who have
interest in Ssangyong," said Choi Dong-soo, Chief Executive of
the lending unit of Shinhan Financial Group, during the group's
news conference.
"The more competitors emerge, the better for us. As we need
considerable time, we won't push for the (sale) process in a
hurry."
Ssangyong creditors dropped Bluestar as its preferred bidder
last month after it failed to submit information on a firm price
and a letter of support from the Beijing government.
===============
M A L A Y S I A
===============
ASSOCIATED KAOLIN: Discloses Results of Investigative Audit
-----------------------------------------------------------
Associated Kaolin Industries Berhad (AKI), a wholly owned
subsidiary of Greatpac Holdings Berhad (GHB) is required by
Securities Commission via its approval letter dated 7 July,
2003, to appoint an independent audit firm to carry out an
investigative audit on the losses incurred by the AKI Group as
part and parcel of the debt restructuring exercise for the
settlement of the liabilities of AKI in accordance with the
Modified Workout Proposal as detailed in the Prospectus issued
on 6 October, 2003.
The following is a condensation of the Executive Summary from
the investigative audit report by Messrs BDO Binder, the audit
firm appointed by AKI pursuant to the Securities Commission's
letter dated 7 May, 2003.
Factors that caused the losses of the AKI Group [Group] for the
Financial Year [FY] 1998 to FY 2002
Losses attributed to shareholders of the Group are as follows:
Particulars FY 1998 FY 1999 FY 2000 FY 2001 FY2002
(RM 000) (RM 000) (RM 000) (RM 000) (RM 000)
Loss after
Taxation 166,731 11,430 10,961 12,602 74,205
The total losses for the five financial years amounted to
RM275.929 million, substantially attributed by:
Particulars RM 000
1. Investment in Caton Industries Sdn Bhd
(CWI) and other related losses 129,142
2. Investment in Winnerpac Sdn Bhd (WSB)
and other losses arising from
Gabon Project 61,128
3. Investment in Sandakan Turf Sdn (WSB)
and advances to STSB 13,344
Investment in Caton Wood Industries Sdn bhd (CWI) and other
related losses
In 1998, a subsidiary company, CWI was deconsolidated from the
Group accounts as CWI was placed under receivership from 16
April 1998 due to default by CWI in the repayment of its banking
facilities provided by Bank Bumiputra Malaysia Berhad the. The
effect of the deconsolidation with the allowance for doubtful
debts as at 30 June 1998 were as follows:
Particulars RM 000
Gross loss arising from the deconsolidation
Of CWI 95,479
Allowance for doubtful debts 33,663
Total losses in 1998 129,142
Investment in Winnerpac Sdn Bhd (WSB) and other losses arising
from Gabon
In the financial statements for the financial year ended 30 June
2002, the Group has provided for doubtful debts and has written
off the assets as follows:
Particulars RM 000
Allowance for doubtful debts 51,052
Property, plant and equipment
Written off 10,076
Total losses in 2002 61,128
Investment in Sandakan Turf Sdn Bhd (STSB) and advances to STSB
During the financial year ended 30 June 1998, the Company has
made an impairment loss on the investment in STSB and allowance
for doubtful debts in respect of advances to STSB, as follows:
Particulars RM 000
Impairment losses 4,500
Allowance for doubtful debts 8,844
Total losses in 1998 13,344
Other Losses
In addition to the bulk of the losses arising from CWI, WSB and
STSB, Associated Kaolin has recorded other losses as:
Particulars RM 000
Investment in South Asia (Hainan)
International Limited (1998 and
2000) 1,153
Impairment loss on investment in
Quoted shares- Taiping Super Berhad
(1998) 4,452
Forward foreign exchange losses
(1998) 1,665
Accelerated amortization of Kaolin
Land (1998) 2,088
Finance Cost (1998 to 2002) 51,118
Total 60,470
Limitations and non-compliance
The investigative audit report had highlighted certain
limitations in the availability in the documents and information
for their review in their course and scope of work.
BERJAYA GROUP: Announces the Resumption of Trading
--------------------------------------------------
Further to Listing Circular No. L/Q 23792 of 2004, kindly be
advised that trading in Berjaya Group Berhad's securities
resumed with effect from 9 a.m., Monday, 5 April 2004.
Your attention is drawn to the announcement dated 2 April 2004
submitted by Commerce International Merchant Bankers Berhad on
behalf of the Company.
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
CONSOLIDATED FARMS: Issues Notice of Rights Entitlement
-------------------------------------------------------
Consolidated Farms Berhad wishes to refer to the renounceable
Two-Call Rights Issue of up to 35,537,333 new Ordinary Shares of
RM1.00 each in the Company (Rights Shares) at an issue price of
RM1.00 per Rights Share (of which the First Call of RM0.75 is
payable in cash on application and the Second Call of RM0.25 is
payable out of the Company's Revaluation Reserve and/or Retained
Profits and/or other available reserves) on a basis of four (4)
new shares for every three (3) existing shares held at 5 p.m. on
22 April, 2004 with a minimum subscription level of 13,102,000
shares.
Kindly be advised of the following:
1) Consolidated Farms Berhad's securities will be traded and
quoted (Ex - Rights Issue)as from: 20 April 2004
2) The last date of filing: 22 April 2004
3) Retention Money: Where securities are not delivered in time
for registration by the seller, then the brokers concerned:
a) Selling Broker to deduct (4/7), of the Selling Price against
the Selling Client.
b) Buying Broker to deduct (10 percent) of the Purchase Price
against the Buying Client.
c) Between Broker and Broker, the deduction of (4/7) of the
Transacted Price is applicable.
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
CSM CORPORATION: Updates Status of Loans on Default
---------------------------------------------------
Pursuant to the Malaysian Securities Exchange (MSEB) Practice
Note No. 1/2001, the following is an update on the status of
default in interest payments and principal loan repayments of
the CSM Group's bank borrowings as at 31 March 2004:
Bank/Lender: RHB Bank Berhad
Facility: Term Loan of CSM
Limit: RM40 million
Type of Default: Principal Repayment and Interest
Payments
Total Outstanding
Amount as at
31 March 2004: RM45.51 million
Existing Security: Land and building of a subsidiary
Bank/Lender: RHB Bank of Berhad
Facility: Overdraft of CSM
Limit: RM 35 million
Type of Default: Principal Repayment and Interest
Payments
Total Outstanding
Amount as at
31 March 2004: RM48.82 million
Existing Security: Land and building of a subsidiary
Bank/Lender: RHB Bank Berhad
Facility: Overdraft of CSM
Limit: RM45 million
Type of Default: Principal repayment and interest
payments
Total Outstanding
Amount as at
31 March 2004: RM62.77 million
Existing Security: Third party land and building
Bank/Lender: Bank Islam Malaysia Berhad
Facility: Trade facility of CSM
Limit: RM10 million
Type of Default: Trade facilities overdue
Total Outstanding
Amount as at
31 March 2004: RM9.40 million
Existing Security: Clean
Bank/Lender: Bank Islam Malaysia Berhad
Facility: Trade facility of a subsidiary
Limit: RM4 million
Type of Default: Trade facilities overdue
Total Outstanding
Amount as at
31 March 2004: RM4.05 million
Existing Security: Land and building of CSM and Corporate
Guarantee from CSM
Bank/Lender: MP Factors Sdn Bhd
Facility: Factoring facilities of a subsidiary
Limit: RM5 million
Type of Default: Factoring facilities overdue
Total Outstanding
Amount as at
31 March 2004: RM6.69 million
Existing Security: Land and building of CSM and Corporate
Guarantee from CSM
Further to our previous monthly status report, there has been no
further changes to the above.
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
HAP SENG: Announces Shares Buy Back
-----------------------------------
Hap Seng Consolidated Berhad posted the following announcement
on 6 April 2004 on the Kuala Lumpur Stock Exchange:
Date of buy back: 06/04/2004
Description of shares
purchased: Ordinary shares of RM1.00 each
Total number of shares
purchased (units): 10,000
Minimum price paid for each
share purchased (RM): 2.700
Maximum price paid for each
share purchased (RM): 2.700
Total consideration
paid (RM): 27,199.80
Number of shares purchased
retained in treasury (units): 10,000
Number of shares purchased
which are proposed
to be cancelled (units): 0
Cumulative net outstanding
treasury shares as at
to-date (units): 32,922,600
Adjusted issued capital
after cancellation
(no. of shares) (units): 0
Remarks :
cc: Securities Commission
HONG LEONG: Listing New Shares
------------------------------
Kindly be advised that Hong Leong Industries Berhad's additional
20,400 new ordinary shares of RM0.50 each arising from the
Conversion of RM126,480 Nominal Value of 4 percent 5-Year
Irredeemable Convertible Unsecured Loan Stocks 2002/2007 were
granted listing and quotation with effect from 9 a.m., Friday, 2
April 2004.
This is a Kuala Lumpur Stock Exchange announcement.
JAYARENA CONSTRUCTION: Winding Up Petition Set For Hearing
----------------------------------------------------------
Avangarde Resources Berhad hereby wishes to announce that on 30
March 2004 the company's wholly owned subsidiary Jayarena
Construction Sdn Bhd received a winding up Petition No. D2-28-
149-2004 to the Kuala Lumpur High Court from API Aluminum Sdn.
Bhd for a non judgement claim of RM630,000.00
The Petition is fixed for hearing on 10 June 2004 and was handed
to Jayareya Construction's solicitors, M/s. C.L. Chin &
Associates for further action.
Jayareya's Solicitors advised that there are bone fide disputes
to the said alleged claim and the same is in the process to
apply on behalf of the subsidiary to strike out the said
Petition.
This Kuala Lumpur Stock exchange announcement is dated 6 April
2004.
KILANG PAPAN: Finalizing Restructuring Scheme
---------------------------------------------
Further to the announcement dated 1 March 2004 AmMerchant Bank
Berhad, on behalf of Kilang Papan Seribu Daya Berhad (KPSD),
wishes to announce to the Malaysia Securities Exchange Berhad
that KPSD is finalizing the proposed restructuring scheme to
incorporate the revision approved by the Securities Commission
(SC) and will submit the revised scheme to the SC for its
consideration and approval in due course.
An announcement on the revised scheme will be made once the
revised scheme has been finalized.
Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.
This is a Kuala Lumpur Stock Exchange announcement.
LONG HUAT: Releases Restructuring Update
----------------------------------------
Long Huat Group Berhad (LHGB) wishes to refer to the
announcement dated 13 January 2004 and 5 March 2004 on the
Restructuring Scheme.
On behalf of the Board of Directors of LHGB, Southern Investment
Bank Berhad wishes to announce that the High Court of Malaya had
on 31 March 2004 sanctioned the Scheme of Arrangement and
confirmed the Capital Reduction and Consolidation (as defined in
the Explanatory Statement cum Circular dated 22 December 2003).
The High Court of Malaya had also approved the Minute as set out
below:
"The Capital of the Company was by virtue of the Special
Resolution of the Company and with the sanction of an order of
the High Court of Malaya dated 31st March 2004 reduced from
RM37,344,000 comprising 37,344,000 LHGB Shares to 37,344,000
ordinary shares of RM0.025 each in LHGB by canceling RM0.975 of
the par value of each LHGB Share of RM1.00 each and the
resultant shares of RM0.025 each were consolidated into
Consolidated Shares of RM0.50 each on the basis of 20 such
shares of RM0.025 each into 1 Consolidated Share of RM0.50 each
which shall be credited as having been fully paid up, which will
result in the issued and paid-up capital of LHGB being reduced
from RM37,344,000 comprising 37,344,000 LHGB Shares to RM933,600
made up of 1,867,200 Consolidated Shares of RM0.50 each."
This is a Kuala Lumpur Stock Exchange announcement.
MEDAS CORPORATION: Revises Proposed Restructuring Scheme
--------------------------------------------------------
Medas Corporation Berhad wishes to refer to the announcements
dated 10 September 2003, 19 November 2003, 8 December 2003 and
30 March 2004 in relation to the Proposed Restructuring Scheme.
Avenue Securities Sdn Bhd (Avenue), on behalf of Medas wishes to
announce that the Securities Commission (SC), via its letter
dated 2 April 2004, revised the value of Emerald Group's (as
defined therein) properties from RM184,960,000 to RM174,933,000.
Consequently as a result of the revision to the value of the
Emerald Group's properties, the purchase consideration for the
Proposed Acquisition (as defined below) is revised from
RM181,171,757 to RM173,803,978.
The difference between purchase consideration for the Proposed
Acquisition (as defined below) as provided in the Acquisition
Agreements (as defined therein) and the purchase consideration
as varied by the SC is approximately 4.07 percent.
Pursuant to the Acquisition Agreements (as defined therein)
dated 19 November 2003 entered into between Gromutual Berhad
(Gromutual) and the Vendors (as defined therein), the parties
thereto are deemed to have accepted the revised purchase
consideration in the event that the revision to the purchase
consideration for the Proposed Acquisition by the SC is less
than 5 percent.
Avenue, on behalf of Medas, wishes to announce the revisions to
the Proposed Restructuring Scheme as follows:
Current Proposals:
Proposed acquisitions by Gromotual of the entire equity interest
in the Emerald Group from the existing shareholders of each of
the companies under the Emerald Group (including the Emerald
Principal Shareholders) as defined therein for an aggregate
purchase consideration of RM181,171,757 to be satisfied by the
issuance of 362,343,514 new ordinary shares of RM0.50 in
Gromutual (Gromutual Shares)at an issue price of RM0.50 per new
Gromutual Share (Proposed Acquisition).
Revised Proposals:
Proposed acquisitions by Gromutual of the entire equity interest
in the Emerald Group from the existing shareholders of each of
the companies under the Emerald Group (including the Emerald
Principal Shareholders) as defined therein for an aggregate
purchase consideration of RM173,803,978 to be satisfied by the
issuance of 347,607,956 new ordinary shares of RM0.50 in
Gromutual (Gromutual Shares) at an issue price of RM0.50 per
new Gromutual Share (Revised Proposed Acquisition).
Save for Revised Proposed Acquisition, the other components to
the Proposed Restructuring Scheme as announced on 10 September
2003, 19 November 2003, 8 December 2003 and 30 March 2004 shall
remain unchanged.
1. EFFECTS OF THE REVISED PROPOSED ACQUISITION
1.1 Share Capital
The effects of the Proposed Restructuring Scheme on the issued
and paid-up share capital of Medas and Gromutual are shown in
Table 1 which may be viewed on the following link:
http://bankrupt.com/misc/MedasEffect8April2004.doc
1.2 NTA
Based on the audited accounts of the Medas Group (as defined
therein) as at 31 March 2003, the proforma effects of the
Proposed Restructuring Scheme on the NTA of the Gromutual group
are shown in Table 2 which may be viewed on the following link:
http://bankrupt.com/misc/Medas2Effect8April2004.doc
1.3 Earnings
The Proposed Restructuring Scheme is expected to contribute
positively to the future earnings and put Medas back onto
stronger financial footing via the Gromutual group.
1.4 Substantial Shareholders
The proforma effects of the Proposed Restructuring Scheme on the
shareholding structure of Medas and the Gromutual are as shown
in Table 3 which may be viewed on the following link:
http://bankrupt.com/misc/Medas3Effect8April2004.doc
2. STATEMENT BY THE DIRECTORS
The Board of Directors of Medas (save for Datuk Abu Bakar bin
Lajim, Encik Mohd Fariz bin Abu Bakar, Puan Halina binti Ishak
and Encik Hanafi bin Mamat @ Mohamed), after having considered
the present financial position of Medas and the terms of the
Revised Proposed Acquisition, is of the opinion that the
Proposed Restructuring Scheme is in the best interest of Medas.
3. APPLICANT TO THE RELEVANT AUTHORITIES
An application to the SC in respect of the Revised Proposed
Acquisition will be made within two (2) weeks from the date of
this announcement. Barring unforeseen circumstances, the
Proposed Restructuring Scheme is expected to be completed by mid
2004.
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
MENTIGA CORPORATION: Retracts Proposals
---------------------------------------
Further to the status report pursuant to Practice Note No.
4/2001 made on 01 March 2004 and 04 March 2004, Commerce
International Merchant Bankers Berhad (CIMB) had on 22 March
2004 announced on behalf of Mentiga Corporation Berhad that the
Company has decided to retract the application to the Securities
Commission (SC) dated 16 September 2003 in relation to the
following:
(1) Proposed debt settlement via the issuance of new ordinary
shares of RM1.00 each in Mentiga as settlement of an amount
owing by Mentiga to its shareholder, Amanah Saham Pahang Berhad
(ASPA) (Proposed Debt Settlement); and
(II) Proposed restricted issue of 20,000,000 redeemable
convertible preference shares of RM1.00 each in Mentiga to ASPA
(Proposed Restricted Issue).
The decision to retract the application dated 16 September 2003
was made in view of a new application dated 26 February 2004
submitted to the SC, details of which are as announced on 25
February 2004.
Mentiga is currently awaiting the decision of the SC for the
comprehensive proposals announced on 25 February 2004.
This is a Kuala Lumpur Stock Exchange announcement.
PERNAS INTERNATIONAL: Securities Commission Approves Proposals
--------------------------------------------------------------
Further to the announcement dated 28 January 2004, on behalf of
the Board of Directors of Pernas International Holdings Berhad
(PIHB), Aseambankers Malaysia Berhad (Aseambankers) is pleased
to announce that the Securities Commission (SC) had, vide its
letter dated 31 March 2004 (which was received on 5 April 2004),
approved the Company's proposed corporate proposals as follows:
i. acquisition of the entire equity interest in Ambang Budi Sdn
Bhd (ABSB) for an indicative purchase consideration of
RM149,207,496 to be satisfied by the issuance of up to
RM168,000,000 nominal value of 7 year 2 percent Irredeemable
Convertible Unsecured Loan Stocks 2003/2010 (ICULS) by PIHB as
proposed;
ii. acquisition of 3 pieces of land held under H.S.(D)290187 PTD
68906, H.S.(D)290188 PTD 68907 and a portion of the piece of
land held under H.S.(D)290193 PTD 88357, all located in Mukim
Tebrau, Daerah Johor Bahru, Johor measuring approximately 704
acres (Tebrau Land) from Kelana Ventures Sdn Bhd (KVSB) for a
purchase consideration of RM210,000,000 to be satisfied via the
issuance of RM210,000,000 nominal value of ICULS as proposed;
iii. acquisition of 5 pieces of land held under H.S.(D) 15423
PTD 304 and H.S.(D) 16581-16584 PTD 813-816, all located in
Mukim Sedili Kechil, Daerah Kota Tinggi, Johor measuring
approximately 2,055.787 acres (Sedili Land) from Acara Kreatif
Sdn Bhd (AKSB) for the purchase consideration of RM105,000,000
as per the revised valuation by Messrs Henry Butcher, Lim, Long
& Teoh (South) Sdn Bhd dated 10 March 2004 to be satisfied via
the issuance of RM105,000,000 nominal value of ICULS as compared
to the proposed purchase consideration of RM140,000,000 to be
satisfied via the issuance of RM140,000,000 nominal value of
ICULS;
iv. placement or restricted offer for sale by the ABSB Vendors,
KVSB and AKSB in order to meet the shareholding spread for the
purpose of the listing of the ICULS as proposed; and
v. listing and quotation of the ICULS and the new ordinary
shares of PIHB to be issued pursuant to the conversion of the
ICULS on the Main Board of the Malaysian Securities Exchange
Berhad (MSEB).
(The aforementioned corporate proposals are hereinafter referred
to as the Proposals).
The SC has also noted and has no objections to the Bumiputera,
non-Bumiputera and foreign shareholding structure of PIHB which
would change pursuant to the implementation of the Proposals as
set out in Table 1 below.
The SC's approval is subject to the following conditions:
i. Aseambankers and PIHB is to inform the SC of the number of
ICULS to be offered by ABSB Vendors, KVSB and AKSB in the
placement or restricted offer for sale;
ii. Aseambankers and PIHB is to seek the prior approval of the
SC for any amendment to the terms and conditions of the ICULS
issuance;
iii. Prior to the issuance of the ICULS, the following details
and documents is to be provided to the SC:
a. the date and size of the ICULS to be issued as well details
on the participation of each of the ABSB Vendor, KVSB and AKSB
in the placement or restricted offer for sale.
b. certified true copy of the signed trust deed; and
c. copy of the principal terms and conditions of the ICULS.
iv. In implementing the Proposals, Aseambankers and PIHB are to
comply with all relevant requirements of the SC's Policies and
Guidelines on the issuance of Securities;
v. Upon completion of the Proposals, Aseambankers and PIHB are
to confirm in writing on the compliance with aforesaid terms and
conditions imposed in the SC's approval of the Proposals.
Table 1 - Shareholding Structure of PIHB Before and After
Proposal
Category Before Proposal After Proposal and
Percentage upon full conversion
Of ICULS
Percentage
Bumiputera 42.82 68.78
Non-Bumiputera 50.22 27.42
Foreign 6.96 3.80
Total 100.00 100.00
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
POS MALAYSIA: Details Listing and Quotation of New Shares
---------------------------------------------------------
Kindly be advised that POS Malaysia and Services Berhad's
additional:
(i) 301,500 new ordinary shares of RM1.00 each arising from the
Conversion of RM542,700 Nominal Value 5-Year 8 percent
Irredeemable Convertible Unsecured Loan Stocks 1999/2004;
(ii) 75,000 new ordinary shares of RM1.00 each issued pursuant
to the Employee Share Option Scheme
will be granted listing and quotation with effect from 9.00
a.m., Thursday, 8 April 2004.
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
PROMTO BERHAD: Receivers Appointed To Subsidiaries
--------------------------------------------------
On behalf of the Board of Directors of Promto Berhad, we wish to
announce that Ms Kuan Mei Ling of Messrs RSM Nelson Wheeler Teo
Corporate Advisory Services Sdn Bhd have been appointed as the
Receivers and Managers of Louvre Products Industries Berhad
(LPI), Ipoh Pipe Industries Sdn Bhd (IPI), Chee Keong (Malaysia)
Sdn Bhd (CKM), Fuller CMS Sdn Bhd (FCMS), Jasa Timor Sdn Bhd
(JTSB), Syarikat Lee Engineering (Kota Bahru) Sdn Bhd (SLE),
Goodlite Trading Sdn Bhd (GTSB) and Milnes Technology Sdn Bhd
(Milnes), by Affin Merchant Bank Berhad under powers created in
the Debenture. The notification of appointment of IPI was
received at the Registered Office on 17 March 2004. Whereas, the
notifications of LPI, CKM, FCMS, SLE and GTSB were received at
the Registered Office on 24 March 2004 and the notifications of
JTSB and Milnes were received at the Registered Office on 25
March 2004.
The following are the details of this announcement:
a) Date of Appointment : 15 March 2004.
b) Details of the subsidiaries which are under the Receiver and
Manager appointed:
i) Louvre Products Industries Sdn Bhd - 60 percent effective
interest by Promto
ii) Ipoh Pipe Industries Sdn Bhd - 100 percent owned subsidiary
of Promto
iii) Chee Keong (Malaysia) Sdn Bhd - 100 percent owned
subsidiary of Promto
iv) Fuller CMS Sdn Bhd - 60 percent owned subsidiary of Promto
v) Jasa Timor Sdn Bhd - 70 perecnt owned subsidiary of Promto
vi) Syarikat Lee Engineering (Kota Bahru) Sdn Bhd - 60 percent
owned subsidiary of Promto
vii) Goodlite Trading Sdn Bhd - 100 percent effective interest
by Promto
viii) Milnes Technology Sdn Bhd - 100 percent effective interest
by Promto
c) The audited net book value of the affected assets of the
subsidiaries as at 31 December 2001:
i) Louvre Products Industries Sdn Bhd: RM1,722,000.00
ii) Ipoh Pipe Industries Sdn Bhd: RM5,494,000.00
iii) Chee Keong (Malaysia) Sdn Bhd: RM7,368,000.00
iv) Fuller CMS Sdn Bhd: RM3,818,000.00
v) Jasa Timor Sdn Bhd: RM2,300,000.00
vi) Syarikat Lee Engineering
(Kota Bahru) Sdn Bhd: RM6,615,000.00
vii) Goodlite Trading Sdn Bhd: RM1,278,000.00
viii) Milnes Technology Sdn Bhd: RM2,001,000.00
d) The details of the events leading to the appointment of the
Receiver and Manager:
Promto has obtained a syndicated term loan of RM44.1 million
arranged by Affin Merchant Bank Berhad (Agent) from Affin
Merchant Bank Berhad and United Overseas Bank (Malaysia) Berhad
(the said loan). A debenture was created over the fixed and
floating assets of the above affected subsidiaries. The said
loan is now in default; resulting in the appointment of
Receivers and Managers in Promto's subsidiaries.
e) The financial and operational impact of the aforesaid
appointment on the group:
The Management is reviewing the position to determine the
operational and financial impact of the Group.
f) The expected losses, if any, arising from the aforesaid
appointment:
The expected losses arising from the appointment of Receivers
and Managers could not be determined at this moment.
g) The steps taken or proposed to be taken by Promto in respect
of the aforesaid appointment:
Currently, the Company is still negotiating with the Agent for
lifting of the aforesaid appointment of Receivers and Managers.
This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.
PROTON: Early Buyers Can Get GEN.2 This Week
--------------------------------------------
Perusahaan Otomobil Nasional Berhad (Proton) says the first
buyers of the new GEN.2 model will be able to drive their cars
home this week, The Edge Daily reports.
The initial batch of 940 GEN.2 cars were released from Proton's
Tanjung Malim plant yesterday, 6 April way ahead of schedule.
Proton chief executive officer Tengku Tan Sri Mahaleel Ariff
said after the final programme of stringent road testing, the
first batch of Proton Gen.2 was now ready to be driven. Proton
received over 11,000 bookings for Proton Gen.2 since its launch,
it said the car was now on display at Proton Edar and EON
showrooms nationwide.
In a statement Proton said that so far 30 cars have been
transferred to Edaran Tomobil Nasional (EON) on 31 March for
marketing and distribution.
PWE INDUSTRIES: Update To Proposed Corporate Restructuring
----------------------------------------------------------
PWE Industries Berhad would like to refer to the requisite
announcement dated 16 July 2003 and the subsequent announcements
dated 10 October 2003, 20 January 2004 and 16 February 2004 in
relation to the Proposed Corporate Restructuring of the company.
On behalf of the Board of Directors of PWE, PM Securities Sdn
Bhd (PM Securities) wishes to announce that Malaysia Securities
Exchange Berhad (MSEB) had, vide its letter dated 5 April 2004
in reply to PM Securities' application to MSEB for an extension
of time to obtain the relevant authorities' approval for the
Proposed Corporate Restructuring of PWE, stated that given the
fact that the Company had submitted its regularization plans to
the relevant authorities, MSEB will await the outcome of the
Company's application to the relevant regulatory authorities.
MSEB's decision is without prejudice to MSEB's right to proceed
to commence proceedings for suspension and/or de-listing of the
securities of PWE from the official list of MSEB in the event
PWE fails to obtain any of the authorities' approvals necessary
for the implementation of its regularization plans and no
further extension of time is granted to the Company.
In the event the approvals are obtained, the Company must
proceed to implement its regularization plans expeditiously
within the timeframe stipulated by the relevant authorities.
This announcement is dated 6 April 2004.
Copy to: Securities Commission
Attn: Encik Kris Azman Abdullah
SOUTHERN PLASTIC: Securities Delisted From Exchange
---------------------------------------------------
The Exchange, upon consultation with the Securities Commission
(SC), had earlier notified Southern Plastic Holdings Berhad on 6
November 2003 of its decision to await the outcome of SPLAS's
appeal to the SC against the SC's decision not to approve
SPLAS's application for approval of its regularization plans.
However, on 15 January 2004, the Company announced that its
Board of Directors had decided not to appeal against the SC's
decision. After having considered all the facts and
circumstances of the matter and upon consultation with the SC,
the Exchange has decided to de-list SPLAS from the Official List
of the Exchange as the company does not have an adequate level
of financial condition to warrant continued listing on the
Official List of the Exchange.
Accordingly, please be informed that the securities of SPLAS
were removed from the Official List of the Exchange at 9 am on
Wednesday, 7 April 2004.
With respect to the securities of SPLAS, currently deposited
with the Malaysian Central Depository Sdn Bhd (MCD), the
securities may remain deposited with the MCD notwithstanding the
de-listing of the securities from the Official List of the
Exchange. It is not mandatory for the securities of a company
which has been de-listed to be withdrawn from MCD.
Alternatively, shareholders of SPLAS who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with the MCD at anytime after the securities of SPLAS
have been de-listed from the Official List of the Exchange. This
can be effected by the shareholders submitting an application
form for withdrawal in accordance with the procedures prescribed
by MCD. These shareholders can contact any Participating
Organization of the Exchange and/or MCD's helpline at 03-
20717711 or 03-20717723 for further information on the
withdrawal procedures.
This is a Kuala Lumpur Stock Exchange announcement.
SOUTHERN PLASTIC: Updates on the Proposed Restructuring Scheme
--------------------------------------------------------------
Southern Plastic Holdings Berhad (SPHB) would like to refer to
the announcement dated 24 March 2004. The board of directors of
SPHB is pleased to announce that SPHB had on 6 April 2004
entered into two shares sale agreements (SSA) with the vendors
of Kumpulan Liziz Sdn Bhd (Liziz) and Sara-Timur Sdn Bhd
(Saratimur) to acquire the entire share capital of Liziz and
Saratimur respectively. The acquisition of Liziz and Saratimur
will form an integral part of SPHB's proposed restructuring
scheme (Proposed Restructuring Scheme).
1. Proposed Liziz Acquisition
1.1 Salient terms
In accordance with the SSA between SPHB and Liziz (Liziz SSA),
SPHB will acquire the entire issued and paid-up capital of Liziz
of RM10,000,000 for a total purchase consideration of
RM50,000,000 to be satisfied by the issuance of 50,000,000 new
ordinary shares of RM1.00 each in SPHB (SPHB Shares) to be
issued at par (Proposed Liziz Acquistion).
The salient terms of the Proposed Liziz Acquisition as set out
in the Liziz SSA are as follows:
ú The Proposed Liziz Acquisition is conditional upon SPHB
obtaining the approvals from the following parties to the
Proposed Restructuring which include the acquisition of entire
issued and paid-up capital of Liziz and the re-quotation and re-
listing of all SPHB Shares on Malaysia Securities Exchange
Berhad (MSEB) within six (6) months from the date of Liziz SSA
or such other longer period as the parties may mutually agree:
(a) the Securities Commission (SC);
(b) the MSEB;
(c) the Ministry of International Trade and Industry (MITI);
(d) the Foreign Investment Committee (FIC);
(e) SPHB's creditors;
(f) SPHB's shareholders;
(g) any other relevant parties.
ú The Vendors of Liziz agree to sell and SPHB agrees to purchase
10,000,000 ordinary shares of RM1.00 each in Liziz (Liziz Sale
Share) free of any mortgage, charge, pledge, lien, or assignment
or any other form of encumbrance, priority or security interest
or arrangement of whatsoever nature over or in the Liziz Sale
Share together with all rights, benefits, title, interest and
advantages attached thereto and all dividends, distributions and
entitlements declared, paid or made or accrued as at the date of
Liziz SSA.
ú SPHB shall take necessary actions to fulfil the conditions
precedent and the vendor of Liziz shall forthwith from the
receipt of SPHB's request in writing, provide all information
and documents to enable SPHB to fulfil the conditions precedent.
ú In the event that a condition is imposed or any revision is
made by any relevant authority to the terms and/or conditions of
the Proposed Liziz Acquisition and such condition or revision
shall adversely affect SPHB and/or the vendors of Liziz, then
the affected party shall have the option within seven (7)
business days (or such extended time as may be agreed between
SPHB and Vendors of Liziz) from the date of receipt of notice of
the condition or revision by the affected party to either apply
or appeal to the relevant authority for a variation or waiver of
such condition or to terminate the Liziz SSA. If the variation
is to the purchase consideration of RM50,000,000, the Liziz's
consideration shall be varied to comply with the revised
purchase consideration.
ú The period in which the conditions precedent in the Liziz SSA
are to be fulfilled is six (6) months from the date of the Liziz
SSA or such other longer period as the parties may mutually
agree.
ú Completion is to take place not later than thirty (30) days
from date the Liziz SSA becomes unconditional i.e. the date when
all conditions precedent are fulfilled.
1.2 Background Information On Liziz
Liziz was incorporated in Malaysia under the Companies Act, 1965
on 26 June 1981 as a private company limited by shares.
Liziz's present authorized share capital is RM10,000,000 divided
into 10,000,000 ordinary shares of RM1.00 each, all of which
have been issued and fully paid-up.
The Directors of Liziz are Ghazali bin Abdul Halim and Liew Ah
Kau. The shareholders of KLSB are Ghazali bin Abdul Halim, Liew
Ah Kau and Liew Ah Yong, each holding 70 percent, 20 percent and
10 percent equity interest in Liziz respectively.
The principal activities of Liziz are building construction,
general and specialized civil engineering works include
dredging, land reclamation and infrastructure works. Liziz holds
a Pusat Khidmat Kontraktor (PKK) Class A License and is
registered with the Construction Industrial Development Board
(CIDB).
Some of the construction projects completed by Liziz includes
the project in widening Tawau-Sadakan Kilometer 7 - Kilometer 29
road (contract value: RM88.2 million), construction of
alternative road in Penampang Sabah (contract value: RM48.4
million), and an earthworks contract for phase 1A of the mixed
development of Bandar Puncak Damai (contract value: RM31.8
million).
Beside that some of the on-going projects handled by Liziz
includes the construction of a road connecting Lutong to Kuala
Baram, Sarawak (contract value: RM130.9 million) and the land
reclamation works for the proposed marina park, Miri Resort City
(contract value: RM118.2 million)
2. Proposed Saratimur Acquisition
2.1 Salient Terms
In accordance with the SSA between SPHB and Saratimur (Saratimur
SSA), SPHB will acquire the entire issued and paid-up capital of
Saratimur of RM2,000,000 for a total purchase consideration of
RM50,000,000 to be satisfied by the issuance of 50,000,000 new
SPHB Shares to be issued at par (Proposed Saratimur Acquistion).
The salient terms of the Proposed Saratimur Acquisition as set
out in the Saratimur SSA are as follows:
ú The Proposed Saratimur Acquisition is conditional upon SPHB
obtaining the approvals from the following parties to the
Proposed Restructuring which include the acquisition of entire
issued and paid-up capital of Saratimur and the re-quotation and
re-listing of all SPHB Shares on MSEB within six (6) months from
the date of Saratimur SSA or such other longer period as the
parties may mutually agree:
(a) the SC;
(b) the MSEB;
(c) the MITI;
(d) the FIC;
(e) SPHB's creditors;
(f) SPHB's shareholders;
(g) any other relevant parties.
ú The Vendors of Saratimur agree to sell and SPHB agrees to
purchase 2,000,000 ordinary shares of RM1.00 each in Saratimur
(Saratimur Sale Share) free of any mortgage, charge, pledge,
lien, or assignment or any other form of encumbrance, priority
or security interest or arrangement of whatsoever nature over or
in the Saratimur Sale Share together with all rights, benefits,
title, interest and advantages attached thereto and all
dividends, distributions and entitlements declared, paid or made
or accrued as at the date of Saratimur SSA.
ú SPHB shall take necessary actions to fulfil the conditions
precedent and the vendor of Saratimur shall forthwith from the
receipt of SPHB's request in writing, provide all information
and documents to enable SPHB to fulfil the conditions precedent.
ú In the event that a condition is imposed or any revision is
made by any relevant authority to the terms and/or conditions of
the Proposed Saratimur Acquisition and such condition or
revision shall adversely affect SPHB and/or the vendors of
Saratimur, then the affected party shall have the option within
seven (7) business days (or such extended time as may be agreed
between SPHB and Vendors of Saratimur) from the date of receipt
of notice of the condition or revision by the affected party to
either apply or appeal to the relevant authority for a variation
or waiver of such condition or to terminate the Saratimur SSA.
If the variation is to the purchase consideration of
RM50,000,000, the Saratimur's consideration shall be varied to
comply with the revised purchase consideration.
ú The period in which the conditions precedent in the Saratimur
SSA are to be fulfilled is six (6) months from the date of the
Saratimur SSA or such other longer period as the parties may
mutually agree.
ú Completion is to take place not later than thirty (30) days
from date the Saratimur SSA becomes unconditional i.e. the date
when all conditions precedent are fulfilled.
2.2 Background Information On Saratimur
Saratimur was incorporated in Malaysia under the Companies Act,
1965 on 9 March 1995 as a private company limited by shares.
Saratimur's present authorized share capital is RM5,000,000
divided into 5,000,000 ordinary shares of RM1.00 each of which
2,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.
The Directors of Saratimur are Kenneth Tiong King Yao, John Loi
Hieng Yee, Huong King Kuong, Anthony Tiong Kin Kuok, Lee Pek
Kiong and Lee Yik. The shareholders of Saratimur are John Loi
Hieng Yee, Huong King Kuong, Anthony Tiong Kin Kuok, Lee Pek
Koing and Ooi Sau Yoke.
Saratimur is principally involved in civil engineering
construction, general construction, specialist contracting
services and technical support. Saratimur holds a Pusat Khidmat
Kontraktor (PKK) Class A Licence and is registered with the
CIDB.
Some of the construction projects completed by Saratimur
includes the construction of Sutera Harbour Resort in Sabah
(contract value: RM285.9 million), the construction of new
centralized sewerage treatment plant at Kota Kinabalu, Sabah,
(contract value: RM15 million) and the construction of phase 1
infrastructure works for University Malaysia Sarawak (contract
value: RM13.3 million).
Beside that some of the on-going projects handled by Saratimur
includes the proposed planning, design, construction &
completion of the proposed Sadakan Horbour Square, Sabah
(contract value: RM85 million) and the proposed planning,
design, construction & completion of the proposed housing
development on T.L 017547170 at Luyang, Kota Kinabalu, Sabah
(contract value: RM43.9 million).
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
TANJONG PUBLIC: Discloses Dealings By Principal Officer
-------------------------------------------------------
We wish to announce that Tanjong Public Limited Company has been
notified of the following dealing by Uma Maniam Muthusamy, a
Principal Officer of the Company pursuant to Paragraph 14.09 (a)
of the Listing Requirements of Malaysia Securities Exchange
Berhad (MSEB):
1. Notification on 6 April 2004:
(a) (i) That he has disposed in the open market of the MSEB,
10,000 shares of 7.5 pence each in Tanjong representing 0.0025
percent of the issued share capital of Tanjong as at the date of
the transaction;
(ii) Date of transaction - 2 April 2004;
(iii) Transaction price - RM13.10 per share of 7.5 pence each.
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
UNITED CHEMICALS: Issues Updates on Practice Note No.1/2001
-----------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) wishes to inform that there are no new significant
developments in relation to the various default in payment
further to the announcement on 3 March 2004.
The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001.
Details may be viewed on the following link:
http://bankrupt.com/misc/UniChemLoans8April2004.xls
This Kuala Lumpur Stock Exchange announcement is dated 6 April
2004.
=====================
P H I L I P P I N E S
=====================
GLOBAL STEELWORKS: Receives Approval to Become an Eco Zone
----------------------------------------------------------
The Philippine Economic Zone Authority (PEZA) has approved the
steel complex of former National Steel Corporation, now Global
Steelworks International Inc., in Iligan City as a special
economic zone thereby extending fiscal and non-fiscal incentives
to the new owners of the former steel giant, BusinessWorld
reports.
Global Steelworks, the Philippine unit of Indian steel giant
Global Infrastructure Holdings Ltd. (GIHL), is investing close
to P1.6 billion inside the special ecozone known as Global Ispat
Industrial Park in Iligan City.
Lilia de Lima, PEZA director said Global Steelworks would be
entitled to an income tax exemption for four years that can be
extended to a maximum of eight years and an option to pay a
special five percent tax on gross income instead of all national
and local taxes.
Aside from that the Indian steelmaker would also be exempted
from duties and taxes on imported capital equipment, spare
parts, supplies, and raw materials. It would also be entitled to
a tax credit when it sources its breeding stocks and genetic
materials locally.
MANILA ELECTRIC: To Issue Zero Coupon Bonds
--------------------------------------------
Manila Electric Co. (Meralco) plans to issue zero coupon bonds
to partly cover the PhP18 billion worth, Phase IV of the refund
scheme. Meralco President Jesus Francisco said that commercial
and industrial customers have been informed about the submission
of the proposal on the bond issuance to the Energy Regulatory
Commission, The Philippine Star reports.
The first part of the Phase IV refund will be carried out within
a three-year period starting early 2005, or immediately after
the completion of the Phase III refund on end-December 2004.
Zero coupon bonds will be issued to big industrial users, the
bonds are equivalent to the amount of their refund. These bonds
can be exchanged to cash through rediscounting process to
accredited banks and/or financial companies. The process would
run up to five years. The bond issuance if approved by the ERC
will be issued within the year.
Mr. Francisco said they have already firmed up talks with banks
and have already secured approval from the Securities and
Exchange Commission (SEC).
"These were what we have done for the last two weeks, to get the
appropriate go-signal from the SEC and banks," he said.
"We were informed by Meralco that Phase IV will entail a lot of
documentation because this will involve very large consumers.
But we told them that they should submit the proposal as soon as
they complete collating the records," an ERC official said.
MAYNILAD WATER: Creditors Given To April 13 For Comments
---------------------------------------------------------
The Regional Trial Court of Quezon City is giving concerned
parties until April 13 to present comments on Maynilad Water
Services Incorporated's (Maynilad) compromise deal with state-
run Metropolitan Waterworks and Sewerage System (MWSS),
according to The Manila Times.
The MWSS-Maynilad joint reorganization plan was submitted to the
RTC on March 18 to replace Maynilad's original rehabilitation
petition filed in November 2003. In the original rehabilitation
plan, Maynilad proposed all liabilities to be restructured and
repaid over a period of nine years.
Aside from MWSS and Ondeo, which have earlier expressed support
for the compromise plan, other Maynilad creditors are expected
to file their respective comments with the court. These include
Citibank N.A., JP Morgan, Credit Lyonnais Manila Offshore
Branch, Fortis Bank N.V., KBC Bank, Development Bank of the
Philippines, BNP Paribas, Credit Industriel et Commercial, Rizal
Commercial Banking Corp., International Commerce Bank of China,
Equitable-PCI Bank, Barclays Bank, UFJ Bank, Bangkok Bank Plc.,
CDC Finance-CDC IXIS, Chang Hwa Commercial Bank, Ltd. (Singapore
Branch), Chinatrust (Phils) Commercial Bank Corp., United World
Chinese Commercial Bank and EastWest Bank.
MUSIC CORPORATION: Unit Signs Licensing Deal With Micron
--------------------------------------------------------
Micron Technology, a U.S.-based semiconductor giant grants
license to Music Semiconductors, a unit of Music Corporation to
sell the MUAC product line of its contents addressable memory
(CAM) products, BusinessWorld reports.
In 2002, Micron agreed to purchase the CAM intellectual property
assets from Music Semiconductors for $4.5 million. Micron buys
technology in North America to gain a wider market share in the
memory chip industry.
PHILIPPINE LONG: To Tap International Market for Debt Payments
--------------------------------------------------------------
Philippine Long Distance Telephone Co. seeks refinancing for its
maturing debt from the international market, despite a statement
made earlier by PLDT Chairman Manuel Pangilinan that the phone
company could handle the refinancing of its loan payments, ABS-
CBN news reports.
Last year, the PLDT group reduced total debt by $252 million, in
addition to the $209-million debt reduction achieved in 2002. As
of end-2003, PLDT's consolidated debt stood at $2.9 billion from
$3.2 billion the previous year.
In the past two years, the PLDT group reduced debts by an
aggregate of $461 million -- in line with its liability
management objectives.
"The debt for fixed line would be slashed by $250 million, while
Smart debts would be reduced by $120 million this year," Mr.
Pangilinan said, adding that "no fresh cash" is needed to repay
the dues.
UBS acknowledged that near-term liquidity for PLDT remains
manageable. However, the intensity of debt maturing rises next
year and onwards, with $1.25 billion of debt falling due from
2005 to 2007, or an annual average of $418 million.
PLDT's mobile unit Smart Communications plays a significant part
in financing its debt payments. Smart's cash dividend to PLDT
is expected to reach P10 billion this year. In 2003, the
aggregate dividends amounted to P6.2 billion, representing a
100-percent dividend payout of Smart's 2002 net income.
=================
S I N G A P O R E
=================
ECRC LAND: Creditors' Meeting Set April 16
------------------------------------------
The creditors' meeting of ECRC Land Pte Ltd. (In Liquidation)
will be held at 18 Cross Street, #08-01 Marsh & McLennan Centre,
Singapore 048423 on 16th April 2004 (Friday), at 3 o'clock in
the afternoon.
AGENDA
(1) To update on the status of liquidation;
(2) To consider and if thought fit to appoint a committee of
inspection; and
(3) Any other business.
CHEE YOH CHUANG
Liquidator.
c/o Chio Lim & Associates
18 Cross Street,
#08-01 Marsh & McLennan Centre
Singapore 048423.
(1) Proxies to be used at the meeting must be lodged not later
than 4 p.m. on 15th April 2004.
(2) To entitle you to vote thereat, your proof must be lodged
with the liquidators not later than 4:00 pm on 14th April 2004
if you have not submitted your proof earlier to the liquidators.
This Singapore Government Gazette announcement is dated 6 April
2004.
FASTHUB PTE: Date for Hearing of Petition Set
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Fasthub Pte Ltd. by the High Court was on 22 March 2004
presented by Lim Choo Peng and Lim Choo Ping of 16 Gentle Road,
Singapore 309140, a creditor, and the said Petition is directed
to be heard before the Court sitting at the High Court in
Singapore at 10 a.m. on 16 April 2004 and any creditor or
contributory of the said Company desiring to support or oppose
the making of an Order on the said Petition may appear at the
time of hearing by himself or his Counsel for that purpose, and
a copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
The Petitioner's solicitors are Messrs Wong Partnership of No.
80 Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.
Messrs WONG PARTNERSHIP
Solicitors for the Petitioner.
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Wong Partnership of No. 80 Raffles Place, #58-01 UOB
Plaza 1, Singapore 048624, notice in writing of his intention so
to do. The notice must state the name and address of the person,
or if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (if
any) and must be served, or, if posted, must be sent by post in
sufficient time to reach Messrs Wong Partnership not later than
twelve o'clock noon of 15 April 2004 (the day before the day
appointed for the hearing of the Petition).
This Singapore Government Gazette announcement is dated 2 April
2004.
GREEN POINT: Issues Debt Claim Notice to Creditors
--------------------------------------------------
Notice is hereby given that the creditors of Green Point
Management Pte Ltd (In Members' Voluntary Liquidation), which is
being wound up by Special Resolutions of members on 31 March
2004, are required on or before 3 May 2004 to send in their
names and addresses and the particulars of their debts or claims
and the names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company, and, if so
required by notice in writing from the said Liquidators, are by
their solicitors, or personally, to come in and prove their said
debts or claims at such time and place as shall be specified in
such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.
This Singapore Government Gazette announcement is dated 2 April
2004.
SINGAPORE INDUSTRIAL: Issues Dividend Notice
--------------------------------------------
Singapore Industrial Equipment Pte Ltd (In Liquidation) issued a
notice of intended dividend:
Address of Registered Office: c/o The Liquidator's Office.
Last day for receiving Proofs: 2nd May 2004.
Name of Liquidator: Mr. Don M Ho, CPA.
Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 65320320
Fax: 65320331
This Singapore Government Gazette announcement is dated 2 April
2004.
TOKIWADO FOOD: Creditors Must Submit Claims By May 3
----------------------------------------------------
Notice is hereby given that the creditors of Tokiwado Food
Products (S) Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before 3 May
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company and, if so required by notice in writing by the
said Liquidators are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.
CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.
The Singapore Government Gazette announcement is dated 2 April
2004.
WHK INVESTMENT: Court Sets Date for Petition Hearing
----------------------------------------------------
Notice is hereby given that a petition for the winding up of WHK
Investment Pte Ltd. by the High Court was on 24 March 2004
presented by Ms. Agnes Yeo Siew Kian, of Blk 788B, Woodlands
Crescent #11-140, Singapore 732788. Any creditor or contributory
of the Company desiring to support or oppose the making of an
order on the petition may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.
The Petitioner's solicitors are Messrs Allen & Gledhill of 36
Robinson Road, #18-01 City House, Singapore 068877.
Allen & Gledhill
Solicitors for the Petitioner
Note: Any person who intends to appear on the hearing of the
petition must serve on or send by post to the above named Allen
& Gledhill, Solicitors for the Petitioner, notice in writing of
his intention so to do. The notice must state the name and
address of the person, or, if a firm, the name and address of
the firm, and must be signed by the person or firm, or his or
their solicitor (if any) and must be served, or, if posted, must
be sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of the 15 April 2004 (the day
before the day appointed for the hearing of the Petition).
This Singapore Government Gazette announcement is dated 6 April
2004.
===============
T H A I L A N D
===============
EASTERN WIRE: Details Tender Offer of Securities
------------------------------------------------
Eastern Wire Public Company Limited submits to the Stock
Exchange of Thailand the details of the tender offer of
securities.
Part 1
Significant Elements of the Tender Offer
(1) Date of submission of the tender offer: April 5, 2004
(2) Names of the Offerors: Mr. Pirom Priyawat
(3) Name of the Tender Offer Preparer: Seamico Securities Plc.
(4) Objective of making the tender offer:
The Offeror has directly acquired 57.10 percent of the total
issued shares of the Company. As a result He is required to make
a tender offer for all the Company's securities in accordance
with the Notification of the Securities and Exchange Commission
No. KorJor. 53/2545 Re: Rules, Conditions and Procedures for
the Acquisition of Securities for Business Takeovers dated
November 18/2002.
(5) Type and class of the securities offered to purchase:
The Company has only one type of shares, namely ordinary shares.
The Offeror will make a tender offer to purchase the remaining
11,984,186 ordinary shares from other shareholders, representing
42.90 percent of the total issued shares of the Company.
(6) Offering price:
The offering price is THB4.3880 per share. The Offerees are
subject to a brokerage fee of 0.255 percent of the offering
price and value added tax (VAT) at the rate of seven percent of
the brokerage fee. Therefore, the net price received by the
offerees will be THB4.3763 per share.
Such offering price is:
(/) The final offer, which will not be changed (unless falling
within the conditions notified in Clause 8 below);
( ) not the final offer and the Offeror may change the offering
price.
(7) Offer period
The tender offer period will be a total of 25 business days from
April 7, 2004 to May 18, 2004 during the hours of 9 a.m. to 4:30
p.m. Such tender offer period is:
(/) The final period which will not be extended (unless falling
within the conditions notified in Clause 8 below)
( ) not the final period and the Offeror may extend the period.
(8) Conditions of change in the tender offer
( ) no condition
(/) Conditions of change in the tender offer are as follows:
( ) the Offeror may reduce the offering price or extend the
tender offer period if any event or action having a material
adverse effect on the Company's status or assets occurs during
the tender offer period;
(/) The Offeror may change the offer or extend the tender offer
period to compete with another person if that person has
submitted a tender offer for securities of the Company during
the tender offer period.
(9) Conditions of cancellation of the tender offer
The Offeror may cancel the tender offer upon the occurrence of
one or more of the following events:
(9.1) Any event or action occurring after the submission of the
tender offer to the Office of the Securities Exchange Commission
(SEC) but before the end of the tender offer period, which has
or may have a material adverse effect on the Company's status or
assets, and where such event or action is not the result of the
Offeror's actions or of actions under the responsibility of the
Offeror.
(9.2) Any action performed by EWC after the submission of the
tender offer to the SEC but before the end of the tender offer
period, which cause a material decrease in the value of the
Company's shares.
(10) The offer period that the securities holders can revoke
there tendered shares. The Offerees can revoke their tendered
shares during the hours of 9 a.m. to 4.30 p.m. on business days
during the period of April 7, 2004 to May 11, 2004.
(11) Allocation of the purchased amount in case where the amount
tendered is more or less than the amount offered to purchase all
tendered shares will be purchased.
-None-
(12) Sources of funds to finance the tender offer:
The Offeror will obtain funding for conducting the tender offer
from the following sources:
Letter certifying cash deposit issued by Siam Commercial Bank
amounting THB20 million in order to buy the company share from
minority shareholders except EGGA Holding Co., Ltd. which do not
want to sell the Company share, according to this offering. .
Seamico, in the capacity of tender offer preparer, has reviewed
the Offeror' s sources of funds and considers that the Offeror
has sufficient funds to conduct and complete this tender offer.
(13) Name of the Tender Offer Agent: Seamico Securities Plc.
Contact address for collection and submission of the tender
offer:
16th Floor Liberty Square
287 Silom Road, Bangrak,
Bangkok 10500
Tel no: 0-2695-5000 ext. 1544
Fax no: 0-2695-5150
0
Payment date:
May 21, 2004
*********
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., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
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