/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/010906.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, September 6, 2001, Vol. 4, No. 174 Headlines A U S T R A L I A DREAM HAVEN: Fate Of Employees Hinges On Sale Results G3 COMMUNICATIONS: Posts Case Profile HORIZON ENERGY: Posts H101 Financial Results Summary SAYSO PTY: Placed Into Administration SUNDOWNER GROUP: Releases Revaluation Of Group Properties TIDETURN PTY: Liquidator's Registration Seized UIH AUSTRALIA: S&P Lowers Ratings To `CCC', On Watch Negative C H I N A & H O N G K O N G CFC DEVELOPMENT: Winding Up Petition Hearing Set CIL HOLDINGS: Sin Hua Withdraws Winding Up Petition FOURSEAS.COM: Subscription Agreement Completed GENERAL (INTERNATIONAL): Young's Seeks Company Wind Up HINET HOLDINGS: Sees No Reason For Share Price Increase LOYAL FIELD: Winding Up Petition Slated For Hearing MILLIONICE LIMITED: Faces Winding Up Petition SAM GEE: Winding Up Petition Pending I N D O N E S I A ALTER ABADI: Suffers H101 Net Loss Of Rp119.94B J A P A N HITACHI LTD: Moody's, S&P Give Debt-Rating Warnings KANSAI KOGIN: Collapse Cancels Festival SONY CORP: To Issue Y150B Bonds To Pay Debts K O R E A DAEWOO MOTOR: Negotiations With GM Nearing Close HANVIT BANK: Sets Up Foreign Investment Support Team HYNIX SEMICON: SSB Asserts High Operational Competitiveness KOREA ELECTRIC: S&P Affirms `BBB' Long Term Rating M A L A Y S I A ASSOCIATED KAOLIN: Awaits Danaharta Workout Proposal Approval CHASE PERDANA: Revises Proposed Debt Restructuring Scheme CONSTRUCTION AND SUPPLIES: Creditors Negotiations Ongoing KILANG PAPAN: Seeks Two-Month Proposed Debt Scheme Extension LION CORPORATION: Proposed Restructuring Scheme In Progress MAN YAU: Amended Circular Resolutions Submitted To KLSE PANCARAN IKRAB: Revised Restructuring Scheme Submitted RAHMAN HYDRAULIC: MITI Grants Proposed Scheme Approval SENG HUP: SA Submits Proposal To Danaharta, Awaits Approval TENCO BERHAD: Appoints Ernst & Young As Financial Adviser TRANS CAPITAL: Terminates Proposals, Begins New Workout Scheme P H I L I P P I N E S MAYNILAD WATER: MWSS To Amend CA Paving Water Rate Hike NATIONAL POWER: House To Hear $10B Insurance Policy S I N G A P O R E KEPPEL CAPITAL: Posts Notice Of Change In Shareholder Interest SEMBCORP LOGISTICS: Posts Temasek's Change Of Shareholding SSANGYONG CEMENT: Posts Change In Shareholding Of MND Holdings T H A I L A N D PREECHA GROUP: Reports Q2 2001 Financial Statements STA FURNITURE: Business Reorganization Petition Filed In Court THAI TELEPHONE: Paid-Up Capital Registration Increase Approved THAI TELEPHONE: Posts Sale Of Shares Results TPI POLENE: Requests For Fund Raising Time Extension - - - - - - - - ================= A U S T R A L I A ================= DREAM HAVEN: Fate Of Employees Hinges On Sale Results ----------------------------------------------------- The fate of Dream Haven Bedding and Furniture's employees will be decided in the coming weeks, as the manufacturer was put up for sale last weekend, The Age reported Wednesday. The group was placed in administration two weeks after a proposed merger with bedding retailer Capt'n Snooze was scrapped. Employees will be left jobless unless a buyer or equity investor can be found in the next two weeks. "About 15 prospective buyers have already contacted (us), but I expect serious bidders to emerge closer to the September 19 deadline," Administrator Andrew McLellan of Carson & McLellan PPB said. He optimistically estimates $2.6 million will be reaped from the sale. Proceeds will be used to partially repay $2.2 million owed to Commonwealth Bank and $1.5 million in employee entitlements. Dream Haven lost $2.59 million this year and is believed to be carrying $9 million in debt. G3 COMMUNICATIONS: Posts Case Profile ------------------------------------- G3 Communications Pty Ltd posted the following case profile: Territory : Australia Company Name : G3 Communications Pty Ltd Lead Partner : Phil Carter Case Manager : Phil Carter Date of Appointment: 2 August 1999 Normal Contact : Janna Suominen Contact Phone No : (02) 8266 7697 PwC Office Location : Sydney PO Box : GPO Box 2650 Street Address : Darling Park Tower 2 201 Sussex Street City : SYDNEY State : NSW Postcode : 1171 DX : DX 77 Sydney Phone : (02) 8266 0000 Fax : (02) 8266 9999 Appointor : Optus Mobile Pty Limited Registered Office of company: Level 42, The Gateway 1 Macquarie Place SYDNEY NSW 2000 Company No / CAN : 077 777 121 Type of Appointment: Liquidator Lead Partner - Full Name : Philip Patrick Carter Second Partner - Full Name : Gregory Winfield Hall Case Information First Creditors' Meeting Date : 9 August 1999 Time : 10:30 AM Address : 201 Kent Street, Sydney Proxy return date: 8 August 1999 Return time : 5:00 PM Second Creditors' Meeting (or adjournment) Date : 10 September 1999 Time : 10:30 AM Address : 201 Kent Street, Sydney Proxy return date: 9 September 1999 Return time : 5:00 PM Annual General Meeting Date: October 2000 - exact date to be determined. Other Key Information Report as to Affairs received from directors: A report as to affairs has been received from the company directors. Dates of trading by insolvency practitioner: The business was traded by the Administrators from 2 August 1999 to 30 September 1999. Business sold/ceased trading: On 30 September 1999 the business assets were sold to two other telecommunications service providers. All G3 customers will have been contacted by the respective purchasers. Job closure: The timing of job closure will depend on the timetable and outcome of the potential litigation mentioned above. Background Information G3 is an Optus service provider in both the long distance and mobile markets. The appointment as Voluntary Administrator was made by Optus as a secured creditor following the non-payment of airtime charges. The company was placed into liquidation at the second meeting of creditors on 10 September 1999. Current status of assignment and actions required by creditors The business of G3 was sold by the Liquidators on 30 September 1999. The funds from the sale were paid to the secured creditor. Following the realizations of all assets, the secured creditor will face a shortfall and there are currently no funds available for general creditors. The Liquidators consider that there are actions available which may result in a return to unsecured creditors (see formal report to creditors). The Liquidators have obtained litigation funding to commence a public examination and a potential action for insolvent trading against the directors and the holding company of G3. This funding agreement was approved by the Committee of Inspection on 2 June 2000 (see minutes of Committee of Inspection meetings). Formal proofs of debt have not been called for by the Liquidators. However, creditors who have not already submitted informal details of their claim should do so immediately. Next milestone and estimated timetable The annual meeting of creditors and members will be held in October 2000 - all creditors will receive formal notification of this meeting in due course. Public examinations of officers of the company and others are scheduled to take place in November 2000. Likely outcome for creditors and timetable Employee priority creditors have already been paid in full. The prospects of a return to unsecured creditors is dependent upon the outcome of the Liquidators' actions mentioned above. HORIZON ENERGY: Posts H101 Financial Results Summary ---------------------------------------------------- The Directors of Horizon Energy Investment Management Limited and the Manager of the Horizon Energy Investment Group, announced the financial results for the year ended 30 June 2001. The key financial results for Horizon for the period were: * Loy Yang Power recorded a $2.8 million profit for the year to 30 June 2001, of which Horizon's 25 percent interest was a $0.7 million profit; * The small profit was achieved in spite of the industrial action in November 2000 which resulted in a revenue loss to Loy Yang Power of approximately $20 million. In the absence of that event, Loy Yang Power would have recorded a significantly greater profit for the period; * Horizon's Net Result From Ordinary Activities After Tax for the year was $0.4 million; * Horizon's available cash, after allowance for creditors, at 30 June 2001 was $2.2 million; and * There were no distributions paid to unit holders during the period. SAYSO PTY: Placed Into Administration -------------------------------------- SME Growth Limited revealed that one of its investments, Sayso Pty Limited, has been placed into administration. Sayso Pty Limited was formerly called Syrinx Speech Systems Pty Limited. Sayso was in the process of raising additional funds and had signed a term sheet with three investors to invest $14 million into the company. The fund raising contemplated by the terms sheet did not finalize, as one of the investors withdrew, so the directors of Sayso were obliged to put the company into administration. The impact on the net tangible asset position of SME Growth is estimated to be a reduction of approximately 2 cents per share. Sayso is a speech recognition company whose shareholders included Accenture, Australian Technology Group, Colonial, Commonwealth Securities and HG Capital. For further information please contact Peter Wallace, Managing Director, SME Growth Limited (02) 9223-6958 SUNDOWNER GROUP: Releases Revaluation Of Group Properties --------------------------------------------------------- Sundowner Group informed that the Constitution of Sundowner Chain Motor Inns Trust requires all Trust property assets be assessed at least once every three years, by an independent qualified assessor. The assessors are instructed to value the properties on an individual owner-operator basis. Fifteen of the twenty-four group properties are scheduled for revaluation as of 30 June 2001. However, taking into account the unsatisfactory trading performance of the properties and the adverse market conditions applicable, particularly over the last twelve months, the Responsible Entity determined to have all of the properties revalued. Motor Inns are valued as going concern businesses and as a consequence the values may fluctuate (increase or decrease) from year to year depending on the recent performance of those businesses. The year to 30 June 2001 has been a particularly difficult year for the hospitality industry and this has been regularly reported in the media by other operators. Sundowner Group has also released announcements during the year which commented on the difficult trading conditions. Factors which adversely impacted on the industry and have already been widely reported included: * The Olympic effect. * The impact of the introduction of the GST on corporate and consumer demand. * The difficult economic conditions. * Escalating fuel prices and cheaper airfares. * A substantial increase in supply of new rooms into a number of markets. Unfortunately, Sundowner Group was not able to avoid those adverse factors and the results suffered accordingly. We have already reported the intention to restructure the group assets by divestment of the non strategic properties over a suitable period to be followed by new acquisitions. To this end, we have exchanged contracts for the sale of Sundowner Ringwood for an amount in excess of the recent valuation and settlement is expected late in September 2001. The proceeds of the sale will be applied in reduction of Trust debt. It is proposed that new acquisitions will be larger properties located in major regional centers better able to support a listed corporate structure. As anticipated, the revaluations have resulted in a net write down of the Trust assets amounting to $6.8m. This write down has reduced the net asset backing of the group to 63.4 cents per stapled security (2000: 79 cents). Management anticipates that the current restructure activities will, when completed, have a positive impact on group results and consequently should lead to improved asset values in the longer term. TIDETURN PTY: Liquidator's Registration Seized ---------------------------------------------- Following an application by the Australian Securities and Investments Commission (ASIC), the Companies Auditors and Liquidators Disciplinary Board (CALDB) has accepted undertakings from registered liquidator William Edward Andrew. Andrew has agreed not to accept any future appointments as liquidator, controller, receiver or administrator under the various provisions of the Corporations Act, and to lodge with ASIC notices of cessation of his registrations as both liquidator and official liquidator no later than 30 June 2002. Andrew has also agreed to provide ASIC with proof that he has written to the Registrars of both the Federal Court of Australia and the Supreme Court of New South Wales of his intention to not accept any further appointments to any new external administrations. The CALDB sought these undertakings after finding Andrew had failed to carry out or perform adequately or properly the duties of a registered company liquidator or those duties or functions required by Australian law. In his capacity as liquidator of Tideturn Pty Ltd (in liquidation), Andrew did not pay all the expenses incurred in carrying on the business of the company after his appointment as liquidator. He failed to ensure that Tideturn remitted group tax deductions from employees' salaries and wages to the Commissioner for Taxation. In addition, Andrew failed to ensure that all priority debts were paid proportionately in the circumstances of there being insufficient funds available, and did not properly supervise persons to whom he had delegated certain functions in relation to the liquidation of the company. Andrew did not oppose the action by ASIC and consented to the orders being made against him. He was ordered to pay ASIC's costs of $1,000. 'Liquidators must display the highest levels of professionalism and care in all their dealings, and ASIC will have no hesitation in referring liquidators to the CALDB, if they have acted in a manner that does not uphold the standards expected of their profession', ASIC's Director of Enforcement Allen Turton said. UIH AUSTRALIA: S&P Lowers Ratings To `CCC', On Watch Negative ------------------------------------------------------------- Standard & Poor's lowered its long-term corporate credit rating on UIH Australia/Pacific Inc. (UIH A/P) to triple-'C' from single-'B'-plus, and its debt rating on UIH A/P's US$488 million senior discount notes due 2006 to triple-'C' from single-'B'. At the same time, Standard & Poor's lowered its long-term corporate credit rating on AUSTAR Entertainment Pty Ltd. (AUSTAR) to single-'B' from single-'B'-plus, and its debt rating on AUSTAR's A$400 million bank loan due 2006 to single-'B' from single-'B'-plus. The ratings on UIH A/P and AUSTAR, and their debt issues, remain on CreditWatch with negative implications. The rating adjustment on UIH A/P reflects Standard & Poor's opinion that the ability of the company to meet its financial obligations when the US$488 million bonds turn cash-pay in November 2001 is highly uncertain. UIH A/P is principally a holding company and, hence, relies on either AUSTAR dividends as its primary source of cash flow, or on cash contributions from its parent, United Globalcom Inc. (single-'B'-plus/Stable/-). AUSTAR is cash flow negative and not expected to generate dividends in the short to medium term, and bondholders have no legal recourse to UIH A/P's parent. The rating adjustment on AUSTAR reflects liquidity concerns, potential bank covenant violations, and continued negative operating cash flows. At this time, AUSTAR is in the process of refinancing its A$400 million bank loan facility. Should a new facility or covenant relief not be made available to the company by Dec. 31, 2001, the covenants governing the facility may result in it becoming repayable in the first quarter of 2002. Although the successful refinancing of the bank facility may alleviate, to some extent, AUSTAR's liquidity pressures, the company will be challenged to stem its operating losses in the near term. Standard & Poor's will continue to monitor AUSTAR's efforts to refinance the bank loan and expects to resolve the CreditWatch by the end of October 2001. ================================ C H I N A & H O N G K O N G ================================ CFC DEVELOPMENT: Winding Up Petition Hearing Set ------------------------------------------------ The petition to wind up CFC Development (Hong Kong) Company Limited is scheduled before the High Court of Hong Kong on September 5, 2001 at 9:30 am. Sin Hua Bank Limited, Hong Kong Branch, whose principal place of business of its Hong Kong Branch is at 2A Des Voeux Road Central, Hong Kong, filed the petition with the court on June 21, 2001. CIL HOLDINGS: Sin Hua Withdraws Winding Up Petition --------------------------------------------------- CIL Holdings Limited announced that during the adjourned hearing of the Petition held on 27 August 2001, Sin Hua Bank Limited (Sin Hua) asked for an Order from the Court to dismiss the Winding Up Petition (Petition). Another Company creditor, Power Forward Finance Limited (Power Forward) requested to substitute as petitioner under Order 33 of the Winding-Up Rules, based on the default judgment of HCA No. 1047 of 2001 entered against the Company. Eventually, the Justice of High Court made the following Orders and/or Directions: (1) There be leave to Sin Hua to withdraw the Petition; (2) There be leave to Power Forward to substitute as the petitioner in the Petition; (3) The amendments to the Petition and the affirmation verifying petition are to be filed with the Court within three days from the date of Order; and (4) There be leave to the Company to file an affirmation in opposition to the affirmation of Power Forward within fourteen days from date of service of 3 above. Subsequently, Power Forward presented an amended winding-up petition against the Company at the High Court on 29 August 2001. Should the Company fail in filing such affirmation within the prescribed time, it is very likely that Power Forward would apply for restoration of the hearing of the winding-up petition on the earliest Monday, i.e. 17 September 2001. In this connection, further announcement will be made as and when necessary. An independent third party (the IDP), not connected and not acting in concert with the directors or substantial shareholders or chief executives of the Company or its subsidiaries or their respective associates as defined in the Rules governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, has approached the directors of the Company to discuss all proposals relating to possible capital injection into the Company which may result in introduction of new substantial shareholder(s) or change in the control of the Company which may or may not lead to a general offer. The discussions have just commenced and no agreement has been reached. The current substantial shareholder of the Company is Status Worldwide Limited, which presently, together with its concert parties and associates, if any owns approximately 16.47% of the issued ordinary shares of the Company. The discussions with the IDP have just commenced on 25 August 2001 and no agreement has been reached. The capital injection, if materialize, may lead to introduction of new substantial shareholder(s) or change in the control of the Company which may or may not lead to a general offer. Such transactions may or may not materialize. Further announcement will be made as and when necessary. Apart from the above, there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement by the Company. The Board of the Company is not aware of any matters discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement save for the above information, which is or may be of a price sensitive nature. Trading in the shares was suspended from 10:00 a.m. on 27 August 2001 at the request of the Company pending release of this announcement and application has been made to the Stock Exchange for the resumption of trading of the shares from 10:00 a.m. on 5 September 2001. FOURSEAS.COM: Subscription Agreement Completed ---------------------------------------------- The Board of Fourseas.com Limited announced that the Subscription Agreement was duly completed on 3rd September, 2001 and that Giant Glory has become the controlling shareholder of the Company. Immediately after completion of the Subscription Agreement but before completion of the Placement as defined below, Giant Glory holds approximately 90.19% of the issued share capital of Fourseas.com enlarged by the issue of the Subscription Shares. The Board also announced that it has been informed by Giant Glory that pursuant to a placing agreement dated 3rd September, 2001 (the Placing Agreement) entered into between Giant Glory and Core Pacific-Yamaichi International (H.K.) Limited (the Placing Agent), an aggregate of 600,000,000 shares of HK$0.02 each in the share capital Fourseas.com after the Capital Reorganization became effective (the Shares), representing approximately 15.46% of the enlarged issued share capital of Fourseas.com immediately after completion of the Subscription Agreement, were placed by Giant Glory, unconditionally through the Placing Agent, to not less than six independent investors at a price of HK$0.10 per Share (the Placement). Reason for the Placement Giant Glory entered into the Placing Agreement for the purposes of maintaining at least 25% of the New Shares in issue to be held by the public so as to meet the requirement of Rule 8.08 of the Listing Rules. Immediately following completion of the Placement, the public float would be increased from approximately 9.81% to approximately 25.27% of the issued share capital of Fourseas.com enlarged by the issue of the Subscription Shares. Please see Particulars of the Placement and Effects on Shareholding Structure at http://www.bankrupt.com/misc/fourseas_table.doc At the request of Fourseas.com, dealing in the Shares on the Stock Exchange was suspended with effect from 10:00 a.m. on 4th September, 2001. Application has been made to resume trading in the Shares from 10:00 a.m. on 5th September, 2001. GENERAL (INTERNATIONAL): Young's Seeks Company Wind Up ----------------------------------------------------- Young's Engineering Company Limited is requesting the winding up of General (International) Oceanic Environmental Engineering Consultants Company Limited. The petition was filed on July 17, 2001 and will be heard before the High Court of Hong Kong on October 10, 2001 at 9:30 am. Young's Engineering's registered office is in Room 704, Eastern Harbour Center, 28 Hoi Chak Street, Quarry Bay, Hong Kong. HINET HOLDINGS: Sees No Reason For Share Price Increase ------------------------------------------------------- HiNet Holdings noted the recent increases in the price of the shares of the Company and wishes to state that it is not aware of any reasons for such increases. HiNet also confirms there are no negotiations or agreements relating to intended acquisitions or realizations discloseable under paragraph 3 of the Listing Agreement. The Board is also unaware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. LOYAL FIELD: Winding Up Petition Slated For Hearing --------------------------------------------------- The petition to wind up Loyal Field Limited is set for hearing before the High Court of Hong Kong on October 10, 2001 at 9:30 am. Kincheng Banking Corporation of No. 55 Des Voeux Road Central, Hong Kong, filed the petition with the court on July 16, 2001. MILLIONICE LIMITED: Faces Winding Up Petition --------------------------------------------- The petition to wind up Millionice Limited is scheduled for hearing before the High Court of Hong Kong on October 17, 2001 at 9:30 am. Yet Hing Knitting Garment Factory of Flat C, 8th, filed the petition with the court on July 19, 2001 Floor, Hing Wah Building, No. 151 Fuk Wah Street, Shamshuipo, Kowloon, Hong Kong. SAM GEE: Winding Up Petition Pending ------------------------------------ Sam Gee Trading Company Limited is facing a winding up petition, which is slated before the High Court of Hong Kong on September 12, 2001 at 9:30 am. The petition was filed on June 26, 2001 by Bank of China, Hong Kong Branch whose principal place of business of its Hong Kong Branch is at Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. ================= I N D O N E S I A ================= ALTER ABADI: Suffers H101 Net Loss Of Rp119.94B ----------------------------------------------- PT Alter Abadi reported consolidated net losses of Rp119.94 billion in the first half of 2001, swelling from Rp83.39 billion net losses in the year-ago period, IndoExchange reported Tuesday. The company's unadited financial report is as follow: * Net loss Rp119.94 billion vs Rp83.39 billion * Net sales Rp20.29 billion vs Rp80.53 billion * Cost of goods sold Rp22.20 billion vs Rp46.55 billion * Gross loss Rp1.91 billion vs profit Rp33.98 billion * Operating loss Rp13.42 billion vs Rp2.97 billion * Interest income Rp19.22 million vs Rp96.94 million * Forex loss Rp128.88 billion vs Rp99.13 billion & Loss per share Rp301 vs Rp209 The company's output is targeted for overseas markets with export destination including mostly Asian countries such as Japan, Taiwan, South Korea, Thailand and China. ========= J A P A N ========= HITACHI LTD: Moody's, S&P Give Debt-Rating Warnings --------------------------------------------------- Hitachi Ltd. received debt-rating warnings from two major credit rating agencies, Moody's Investors Service Inc. and Standard & Poor's Corp., Japan Online reported Wednesday. Moody's lowered its outlook to negative from stable for its A2 rating on Hitachi's senior unsecured long-term debt, while S&P placed its A-plus long-term and A-1-plus short-term credit ratings on the company on credit watch "with negative implications." Moody's also lowered the outlook to negative from stable for Hitachi's subsidiaries, Hitachi Asia Ltd., Hitachi Finance (UK) PLC, Hitachi America Ltd. and Hitachi International (Holland) B.V. S&P also placed its A-plus long-term ratings for Hitachi Capital Corp. and related entities on credit watch with negative implications. Hitachi revised downward its earnings forecast for the current fiscal year ending next March and said it now expects a group net loss of 140 billion yen instead of a net profit of 90 billion yen projected earlier. Moody's said it "will continue to monitor how Hitachi copes with the increasingly hostile market environment," while S&P said it "will resolve the CreditWatch placements after reassessing Hitachi's ability to restore its earnings power through its immediate restructuring measures and its longer term business strategy." S&P said the credit watch placements "also reflect heightening concerns that difficult market conditions could hamper the company's ability to improve its overall earnings power over the longer term." KANSAI KOGIN: Collapse Cancels Festival --------------------------------------- The collapse of Osaka-based credit union Kansai Kogin, which was a major sponsor of Shitennoji Wasso festival, which reenacts exchanges between ancient Japan and Korea, cancelled celebration festivities, Japan Today reported Wednesday citing festival organizers. The failed Kansai Kogin was to shoulder three-fourths of the Y200 million cost of an Osaka festival. Kansai Kogin was declared insolvent last December. SONY CORP: To Issue Y150B Bonds To Pay Debts -------------------------------------------- Sony Corp. plans to raise Y150 billion--Y100 billion in five- year domestic bonds and Y50 billion in 10-year domestic bonds-- to repay outstanding debts, Japan Times Online reported Wednesday. The coupon for the five-year bonds, to mature on Sept. 20, 2006, is 0.64 percent per year and the issue price is Y99.99 against a par value of Y100. The lead manager is Nomura Securities Co. and payment is due on Sept. 17. The coupon for the 10-year bonds, which will mature on Sept. 20, 2011, is 1.52 percent per year. The issue price is also 99.99 yen against a par value of 100 yen and payment is also due Sept. 17. ========= K O R E A ========= DAEWOO MOTOR: Negotiations With GM Nearing Close ------------------------------------------------ General Motors' talks to take over Daewoo Motor are now in the final stage, Korea Herald reported September 5, which quoted Minister of Finance and Economy Jin Nyum. The statement dismissed speculations that the U.S. auto giant has given up in its bid for the Daewoo. "Daewoo creditors and GM are now in the process of fine-tuning the memorandum of understanding on the latter's acquisition of Daewoo Motor," Jin said. "In other words, the negotiations have entered into the last stage and the announcement is imminent," he added. Jin said the government would not impose any specific deadline for the conclusion of the GM-Daewoo deal. GM reportedly proposed to increase the takeover price, instead of giving up the Bupyeong plant. GM also proposed that all Daewoo cars built by the Bupyeong plant be sold through GM dealership networks. HANVIT BANK: Sets Up Foreign Investment Support Team ---------------------------------------------------- Hanvit Bank established a foreign direct investment (FDI) support team Tuesday to attract foreign investments in Korea and provide smooth financial services to prospective investors, Korea Herald reported September 5, quoting a bank official. The 19-person task force will be in charge of providing support services for foreigners, reports of their investments, legal advice, online banking and extension of loans. The team will link with Hanvit's overseas branches in making hotel and flight reservations on behalf of foreign investors. HYNIX SEMICON: SSB Asserts High Operational Competitiveness ----------------------------------------------------------- "Hynix Semiconductor Inc can be highly competitive in operational performance despite adverse market conditions, though it is suffering from a liquidity crisis due to its large debts," according to the troubled company's foreign financial adviser as quoted in the Korea Herald. "Despite the market downturn, Hynix has demonstrated continued operational out performance on a global basis and Hynix continues to improve its operating leverage," Salomon Smith Barney (SSB) said in a report submitted to a domestic creditor meeting Monday, where it explained a fresh bailout package for Hynix. "Hynix has continued to improve operations and successfully raised a $1.25 billion equity cushion, but it again faces a liquidity challenge arising from the timing of principal payments," SSB also said. KOREA ELECTRIC: S&P Affirms `BBB' Long Term Rating -------------------------------------------------- Standard & Poor's revised Tuesday the outlook on its long-term foreign currency corporate credit rating on Korea Electric Power Corp. (KEPCO) to positive from stable. At the same time, Standard & Poor's affirmed its 'BBB' long-term and 'A-3' short- term foreign currency ratings on the company. The outlook revision reflects continued government support for KEPCO as demonstrated by a guarantee by state-run Korea Development Bank (KDB; BBB/Positive/A-3) on all KEPCO debt issued prior to the separation of its power generating subsidiaries in April 2, 2001. The debt guarantee signals the government's strong commitment to ensuring the smooth deregulation of Korea's power sector, and demonstrates the government's strong desire to maintain the financial standing of KEPCO, which is expected to continue to play a critical role in the country's energy policy following deregulation. The outlook revision also reflects Standard & Poor's expectation that KEPCO will be able to reduce its debt further through the sale of noncore assets and shares in its power generating subsidiaries as they are privatized, although the latter is still a few years away. KDB has agreed to provide guarantees on all of KEPCO's debt issued on or before April 2, 2001, excluding borrowing from KDB and the government. Once this agreement comes into effect, which is expected in the near future, the ratings on KEPCO's relevant debt will be equalized with the ratings on KDB, reflecting the bank's guarantee. Majority owned by the Korean government, KEPCO enjoys a near- monopoly in the country's electric power industry. Although the industry has entered the second phase of government-led deregulation, launched by the Ministry of Commerce, Industry and Energy in January 1999, KEPCO still benefits from a supportive regulatory environment under close government supervision. As the first step of the separation of its generation, transmission, and distribution operations, KEPCO transferred the assets and liabilities of its power generation business into six wholly owned power generation subsidiaries (GENCOS) on April 2, 2001. KEPCO is expected to dilute its ownership in the thermal generation subsidiaries over the next few years, while maintaining ownership of nuclear and hydroelectric power generation units. Since the sale of GENCOS' shares is critical to both the deregulation plan and the financial soundness of KEPCO, the government has provided support to the company, such as through the KDB guarantee. The government has also taken a flexible approach in terms of the timing and the size of share sales so that KEPCO can realize reasonable proceeds from the spin-offs. In addition, a competitive price-setting scheme implemented as part of deregulation has been cautiously introduced in phases. Power generating companies sell electricity to KEPCO through the Korea Power Exchange (KPX), but currently prices are determined under a cost-based system, ensuring that suppliers can generate reasonable profits. In the next phase of deregulation, KEPCO's distribution operations are expected to be split into subsidiaries from 2003, which will then sell shares to outside parties. After selling its generation and distribution assets, KEPCO will have a monopoly on the transmission business and will focus on hydro and nuclear power generation projects. Reduced exposure to power generating and distributing functions is also expected to reduce the business risk KEPCO faces, although such a shift in business profile can only be expected to occur gradually. The rating on KEPCO continues to reflect the consolidated strength of the KEPCO group of companies. The rating also reflects the long-term growth prospects for electricity demand in Korea. At the same time, however, the rating takes into account KEPCO's weak profitability and cash flow protection, and the ongoing challenges the company faces in managing its decreasing, but still high, debt and foreign currency exposure. OUTLOOK: POSITIVE If KEPCO continues to receive strong support from the government, and is able to improve its financial profile through debt reduction and strengthened financial flexibility, the ratings on the company could be raised. The positive outlook also reflects that assigned to the ratings on the Republic of Korea. =============== M A L A Y S I A =============== ASSOCIATED KAOLIN: Awaits Danaharta Workout Proposal Approval ------------------------------------------------------------- The Associated Kaolin Industries Berhad (AKI) announced: (1) The Special Administrators (SA) have developed the SA Workout Proposal which incorporates AKI corporate and debt restructuring scheme that is currently pending approval by Pengurusan Danaharta Nasional Berhad (Danaharta). Details of the SA Workout Proposal will be announced upon approval by Danaharta. (2) AKI had, by its letters to KLSE dated 16 August 2001 and 17 August 2001, set out the details of the progress as to AKI's plans to regularize its financial conditions whilst appealing to KLSE for an extension of time to comply with the requirements of paragraph 5.1(a) of PN4. AKI is currently awaiting KLSE's reply on its appeal. CHASE PERDANA: Revises Proposed Debt Restructuring Scheme --------------------------------------------------------- Chase Perdana Berhad (the Company) announced the Independent Financial Adviser, Arthur Anderson Corporate Advisory Sdn Bhd, had reviewed and commented on 22 August 2001 the Proposed Debt Restructuring Scheme (PDRS) presented on 25 July 2001. In the meantime, the Company is in the midst of finalizing a revised PDRS and will seek a new tentative date to present the revised PDRS under the auspicious of Corporate Debt Restructuring Committee (CDRC). CONSTRUCTION AND SUPPLIES: Creditors Negotiations Ongoing --------------------------------------------------------- Construction and Supplies House Berhad (CASH or the Company) revealed the Company had proceeded to identify new suitable and profitability assets to be injected into the Group and is in the midst of negotiating with various creditors with a view of implementing a debt restructuring exercise. The Company had engaged a corporate advisory firm to assist in the negotiation and formulating a debt restructuring scheme. The Company, through its corporate advisory firm, also submitted an application for the approval of the Kuala Lumpur Stock Exchange. CASH requested an extension for time to comply with the requirement of Paragraph 5.1(a) of Practice Note No. 4 4/2001, with a view of putting the Group into a better financial position. KILANG PAPAN: Seeks Two-Month Proposed Debt Scheme Extension ------------------------------------------------------------ Arab-Malaysian Merchant Bank Berhad, on behalf of Kilang Papan Seribu Daya Berhad (KPSD or the Company), announced that the Company was required to submit its proposed debt and equity restructuring scheme to regularize its financial position to the relevant authorities for consideration before 31 August 2001. However, the Company requires more time to finalize the scheme before the submission to the relevant authorities can be made. The Company has made an application to the Kuala Lumpur Stock Exchange to seek further extension of time for submission of the proposed debt and equity restructuring scheme to the relevant authorities for another 2 months to 31 October 2001. There is no change to the Company's plan to regularize its financial condition from the plan as announced on 15 January 2001. LION CORPORATION: Proposed Restructuring Scheme In Progress ----------------------------------------------------------- The Directors of Lion Corporation Berhad (the Company) stated: (1) The proposed group wide restructuring scheme announced on 5 July 2000 (Proposed GWRS) is still in progress; (2) The Kuala Lumpur Stock Exchange (KLSE) had on 3 August 2001, granted the Company an extension of time of 2 months from 26 June 2001 to 25 August 2001 within which the Company is required to: (a) revise its regularization plan; (b) make a revised Requisite Announcement to the KLSE; and (c) submit its revised plan to regulatory authorities for approval. Upon submission of the revised plans to the authorities, the Company is required to make a separate application to the KLSE to seek additional time for the Company to obtain all necessary approvals from the regulatory authorities. The Company had on 20 August 2001, applied to the KLSE for an extension of time to 25 September 2001 to carry out the matters under item (a), (b) and (c) mentioned above; and (3) The High Court of Kuala Lumpur had on 23 August 2001, ordered that the time within which the Company and its subsidiary, Lion Construction & Engineering Sdn Bhd, together with Amsteel Corporation Berhad, Lion Land Berhad, Angkasa Marketing Berhad and certain of their respective subsidiaries (Scheme Companies) are at liberty to convene scheme meetings with their respective scheme creditors and/or members for the purpose of approving the scheme of compromise and arrangement proposed to be made between each of the Scheme Companies and their respective scheme creditors and/or members to facilitate the implementation of the Proposed GWRS pursuant to Section 176(1) of the Companies Act, 1965 be extended to 22 February 2002. MAN YAU: Amended Circular Resolutions Submitted To KLSE ------------------------------------------------------- The Board of Directors of Man Yau Holdings Berhad (MYHB or the Company) stated: (1) Arab-Malaysian Bank Bhd (AMBB) had, via its letter dated 3 August 2001, agreed to defer the interest servicing obligations by Nostalgic Properties Sdn Bhd (NPSB) to 1 October 2001. Interest payment for the month of June 2000 up to September 2001 shall be deferred to 1 October 2001. The interest payment for the month of October 2001 onwards shall remain unchanged and will commence from 1 October 2001. As such, NPSB is no longer in default of its interest servicing obligations to AMBB. (2) The Company on 22 August 2001 submitted a copy of an updated draft explanatory statement/circular to the scheme creditors/shareholders of MYHB (ES/Circular) to the Exchange. The Company further submitted an amended draft resolution contained in the notice to shareholders of the draft ES/Circular to the Exchange on 28 August 2001. (3) The Company on 22 August 2001 informed the Exchange on the amendments to the purchase consideration which had been approved by the Securities Commissions (SC). The period for fulfillment of the conditions precedent in Clause 3.1 of the Share Purchase Agreement had been extended until 31 December 2001. The effect of the Net Tangible Asset is explained in detail in the draft ES/Circular that is currently being reviewed by the Exchange. The amendments to the purchase consideration as approved by the SC are as follows: * Applied Business Systems Sdn Bhd 68,461,925 61,797,129 * Bass Consulting Sdn Bhd 31,092,164 29,591,214 * Applied in Information Management Services Sdn Bhd 7,099,597 6,771,723 * Atlas CSF Sdn Bhd 17,748,238 16,747,049 * Continuous Network Advisers Sdn Bhd 12,558,294 10,201,255 * Continuous Network Services Sdn Bhd 4,397,025 4,339,085 PANCARAN IKRAB: Revised Restructuring Scheme Submitted ------------------------------------------------------ Alliance Merchant Bank Berhad (Alliance), for and on behalf of the Board of Directors at Pancaran Ikrab Bhd (PIB or the Company), announced that the Company on 30 August 2001, submitted an application for the Proposed Revision to the Original Restructuring Scheme to the Securities Commission, the Foreign Investment Committee and the Ministry of International Trade and Industry. The Proposed Revision to the Original Restructuring Scheme is expected to be completed by the third week of December 2001. The Proposed Revision to the Original Restructuring Scheme, details of which are enumerated in the Company's announcement dated 29 August 2001, is also subject to the shareholders approval in an extraordinary general meeting to be convened in due course. Meanwhile, there is no further development on the status of PIB's plan to regularize its financial condition pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur Stock Exchange. RAHMAN HYDRAULIC: MITI Grants Proposed Scheme Approval ------------------------------------------------------ On behalf of Rahman Hydraulic Tin Berhad (Special Administrators Appointed) (RHTB or the Company), the Special Administrators announced the status of the Company's plan to regularize its financial condition since its previous Monthly Announcement made on 1 August 2001: (1) The Company has obtained approval for the Proposed Restructuring Scheme from the Ministry of International Trade and Industry (MITI) vide their letter dated 14 August 2001, subject to the approvals from the Securities Commission (SC) and the Foreign Investment Committee. (2) The Proposed Restructuring Scheme is currently still pending the approval from the SC. (3) The Company has obtained approval from the KLSE vide their letter dated 30 August 2001 for an extension of time of two (2) months from 5 August 2001 to 4 October 2001 for the Company to obtain all necessary approvals from the regulatory authorities for implementation of the Proposed Restructuring Scheme. SENG HUP: SA Submits Proposal To Danaharta, Awaits Approval ----------------------------------------------------------- Seng Hup Corporation Berhad (Special Administrators Appointed) (SHCB or the Company) announced that the Special Administrators (SA) have submitted their proposed debt and corporate restructuring exercise (Proposal) of SHCB to the Pengurusan Danaharta Nasional Berhad (Danaharta) and are currently awaiting for their approval. The announcement on the Proposal will be furnished to the KLSE upon the approval being obtained from the secured creditors. TENCO BERHAD: Appoints Ernst & Young As Financial Adviser --------------------------------------------------------- The Board of Tenco Berhad announced that the Group has informed its lenders at a meeting of the intention to request for a review and to re-schedule the repayment of interest. In view of this, the Group has embarked on a financial restructuring exercise and has appointed Ernst & Young as the financial adviser to that effect. Profile Tenco is a manufacturer and supplier of industrial gases, and industrial chemicals and adhesives which are widely used in the manufacturing sector. It also markets a wide range of building products for the building and construction industry. Tenco's operations are based mainly in Malaysia, with sales offices in Singapore and Canada. In the wake of the financial and economic crisis, the Group obtained a Restraining Order from the High Court on 25 June 1998. The Group has since undertaken a corporate restructuring exercise to service its restructured debt obligations and to help improve productivity and profitability. The acquisition of Ridgemonde Chemicals & Resins Sdn Bhd (RCR) forms part of the Group's restructuring exercise. RCR is involved in the manufacture of synthetic latex, which is used as raw material in the manufacture of coatings, adhesives, textiles, paint, ink and non-woven products. The exercise was completed in March 2000. The Group had earlier on undertaken property development and construction activities. These activities ceased in 1998. TRANS CAPITAL: Terminates Proposals, Begins New Workout Scheme -------------------------------------------------------------- The Board of Directors of Trans Capital Holding Berhad (TCHB or the Company) informed the Kuala Lumpur Stock Exchange (KLSE) that the Company has aborted the proposed debt restructuring and proposed rights issue (Proposals) which were not implementable since TCHB was unable to secure underwriting for its proposed rights issue. Further more, the appointment of the Receiver and Manager to Trans Capital Sdn Bhd on 1st August 2001 has adversely affected TCHB's ability to implement the Proposals. TCHB is working with Receiver and Manager on a new proposed restructuring plan which will be announced at a later date. Reference is made to the announcement of TCHB to the KLSE dated 23 February 2001 and 1 March 2001 wherein the Company had pursuant to paragraph 8.14 of the Listing Requirements of the KLSE and Practice Note 4/2001 dated 15 February 2001 issued by the KLSE ("Practice Note") announced, inter-alia, the following: * TCHB is an affected listed issuer under the Practice Note; * TCHB had on 30 August 1999, 23 May 2000, 26 June 2000 and 3 October 2000 announced to the KLSE the Proposals as its plan to regularize the financial condition of the Company and its subsidiaries; and * The Company has to-date received the approvals of the Securities Commission (SC), Foreign Investment Committee, Ministry of International Trade and Industry, and Bank Negara Malaysia in relation to the Proposals. ===================== P H I L I P P I N E S ===================== MAYNILAD WATER: MWSS To Amend CA Paving Water Rate Hike ------------------------------------------------------- The board of trustees (BOT) of the Metropolitan Waterworks Sewerage System (MWSS) passed Monday a resolution amending the concession agreement (CA) between the government and the Maynilad Water Services Inc (MWSI), paving the way for a water rate hike by the concessionaire, Manila Bulletin reported on September 5. Public Works and Highways secretary Simeon Datumanong, also chairman of MWSS-BOT, said MWSS's board of trustees (BOT) finally put a solution to the foreign exchange (forex) problems of MWSI, indicating that a water rates increase will have to be decided upon by the government as soon as the amendment to the CA is approved. "We have finally agreed on a solution to the problem of MWSS. We have approved an amendment to the concession agreement through another resolution," he said. An amendment to the CA is required in view of government's intention to allow MWSI to recover its estimated P2.7 billion foreign exchange loss from 1997 to 2000 over a shorter period of time. The recovery of the forex loss over a shorter time period can only be done through an automatic currency exchange rate adjustment (Auto CERA) which is not allowed under the existing CA. NATIONAL POWER: House To Hear $10B Insurance Policy --------------------------------------------------- Albay Rep. Jose Salceda, in a meeting of the House Committee on Energy Tuesday, sought a congressional inquiry into the $10- billion insurance policy of Napocor, with the motion taken motto propio after none of the legislators present raised any objection to Salceda's request, ABS-CBN News reported on September 4. Napocor was optimistic that the contentious issues would be threshed out in Wednesday's hearing at the House of Representatives. House Energy Committee chairman Rep. Alipio Badelles, Deputy Speaker Raul Gonzalez and deputy minority Floor Leader Rolex Siplico were the legislators who agreed to the congressional inquiry. The other congressmen present were Reps. Felix William Fuentebella, Plaridel Abaya, Thelma Cabilao, Elagio Boy Jala, Uliran Joaquin, Jose Apolinario Lozada, Benasing Macarambon Jr., Abraham Kahlil Mitra, Ernesto Nieva and Prospero Pitchay Jr. ================= S I N G A P O R E ================= KEPPEL CAPITAL: Posts Notice Of Change In Shareholder Interest -------------------------------------------------------------- Keppel Capital Holdings Ltd posted a notice of substantial shareholder's interests, as follows: Name of substantial shareholder: Oversea-Chinese Banking Corporation Limited Date of notice to company: 04 Sept 2001 Date of change of interest: 03 Sept 2001 Name of registered holder: Oversea-Chinese Bank Nominees Private Ltd (1) Oversea-Chinese Banking Corp Ltd (2) Circumstance giving rise to the change: Others Details: Oversea-Chinese Banking Corporation Limited made voluntary conditional cash offers for all the issued ordinary shares of S$1.00 each in the capital of Keppel Capital Holdings Limited (KCH) and all the outstanding listed warrants issued by KCH. The offers were declared to be unconditional in all respects on 10th August 2001. Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 118,708 1,331,420,729 % of issued share capital: 0.01 96.25 No. of shares held after change: 118,708 1,351,574,515 % of issued share capital: 0.01 97.71 Total shares: 118,708 1,351,574,515 Shares held in the name of registered holder No of shares of the change: (1) 20,118,504(direct interest) 1.45% % of issued share capital : (2) 35,282 (direct interest) 0.01% Amount of consideration per share (excluding brokerage & stamp duty): S$3.65 No of shares held before change: (1) (2) % of issued share capital 1,331,078,434 342,295 96.23% 0.02% No of shares held after change : 1,351,196,938 377,577 % of issued share capita; : 97.68% 0.03% Oversea-Chinese Banking Corporation Limited's direct interest under registered holder Oversea-Chinese Banking Corporation Limited is 377,577 (0.03%) (scripts form); under registered holder Oversea-Chinese Bank Nominees Private Limited is 1,351,196,938 (97.68%) and deemed interest under registered holder Oversea-Chinese Bank Nominees Private Limited is 118,708 (0.01%). Total interest after change is 97.72%. SEMBCORP LOGISTICS: Posts Temasek's Change Of Shareholding ---------------------------------------------------------- Sembcorp Logistics Ltd posted a notice of change in the deemed substantial shareholding of Temasek Holdings (Private) Ltd as follows: Name of substantial shareholder: Temasek Holdings (Private) Limited Date of notice to company: 04 Sep 2001 Date of change of deemed interest: 21 Aug 2001 Name of registered holder: CDP: DBS Nominees Circumstance giving rise to the change: Others Details: The Insurance Corporation of Singapore Ltd (ICS) has ceased to be a subsidiary of DBS Group Holdings Ltd (DBS Group) with effect from 21 Aug 01. Following the above, DBS Group and Temasek Holdings are no longer deemed to be interested in the shares which ICS holds. Shares held in the name of registered holder No. of shares of the change: 1,720,000 % of issued share capital: 0.2 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: - No. of shares held before change: - % of issued share capital: - No. of shares held after change: - % of issued share capital: - Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 537,952,912 % of issued share capital: 63.22 No. of shares held after change: 536,232,912 % of issued share capital: 63.02 Total shares: 536,232,912 SSANGYONG CEMENT: Posts Change In Shareholding Of MND Holdings -------------------------------------------------------------- Ssangyong Cement (Singapore) Ltd posted a notice of changes in substantial shareholder MND Holdings (Private) Ltd's deemed interest as follows: Name of substantial shareholder: MND Holdings (Private) Ltd Date of notice to company: 04 Sept 2001 Date of change of deemed interest: 21 Aug 2001 Name of registered holder: The Insurance Corp of Singapore Limited CDP : DBS Nominees Circumstance giving rise to the change: Others Details: ICS ceased to be a subsidiary of DBS Group Holdings Ltd wef 21 August 2001. Therefore DBS Group Holdings Ltd/DBS Bank is no longer deemed interested in ICS' holdings in other companies. Shares held in the name of registered holder No. of shares of the change: (260,000) % of issued share capital: 0.337 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: NA No. of shares held before change: 4,103,600 % of issued share capital: 5.31 No. of shares held after change: 3,843,600 % of issued share capital: 4.98 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 4,103,600 % of issued share capital: 5.31 No. of shares held after change: 3,843,600 % of issued share capital: 4.98 Total shares: 3,843,600 =============== T H A I L A N D =============== PREECHA GROUP: Reports Q2 2001 Financial Statements --------------------------------------------------- Preecha Group Public Company Limited reported the reviewed quarterly financial statements for the 2nd quarter, 2001, as follows: Preecha Group Public Company Limited Reviewed Ending June 30, (In thousands) Quarter 2 For 6 Months Year 2001 2000 2001 2000 Net profit(loss) 339,699 (204,129) 264,519 (396,711) EPS (baht) 5.66 (3.40) 4.41 (6.61) The company and its subsidiaries have a net profit from the operation at Bt339.70 million. In comparison, the company had net loss from the operation at Bt204.13 million at the end of the 2nd quarter of last year. Additionally, in the first half of 2001, the company and its subsidiaries have a net profit at Bt264.52 million. In comparison , the net loss decreases from Bt396.71 million of the first half in 2000. The company has not reserved the allowance for doubtful accounts for Bt232.65 million, including, the company's profit from selling of its subsidiary at Bt123.69 million and a profit from debt restructuring at Bt318.70 million. STA FURNITURE: Business Reorganization Petition Filed In Court -------------------------------------------------------------- Sta Group Furniture Group Company Limited (DEBTOR), engaged in production, selling, and import of para rubber, filed a Petition for Business Reorganization in the Central Bankruptcy Court: Black Case Number Phor. 14/2543 Red Case Number Phor. 15/2543 Petitioner: STA FURNITURE GROUP COMPANY LIMITED Planner: Deloitte Touch Tomatsu Company Limited Debts Owed to the Petitioning Creditor: Bt2,575,000,000 Date of Court Acceptance of the Petition: March 27, 2000 Date of Examining the Petition: April 24, 2000 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: April 24, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner: in Matichon Public Company Limited and Siam Rath Company Limited on May 8, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner: in Government Gazette on June 13, 2000 Deadline for Creditors to submit Applications for Payment in Business Reorganization: July 13, 2000 Deadline to object Applications for Payment in Business Reorganization: July 27, 2000 Deadline for the Planner to submit the Business Reorganization Plan to the Official Receiver: September 13, 2000 Deadline for the Planner to submit the Plan to the Official Receiver - Postponed 1st: October 13, 2000 Deadline for the Planner to submit the Plan to the Official Receiver - Postponed 2nd: November 13, 2000 Appointment Date of the Creditors' Meeting for the Plan Consideration: December 22, 2000 at 9.30 am. Convention Room no. 1105, 11th Floor Bangkok Insurance Building The Meeting had a resolution accepting the reorganization plan Court hearing has been set on January 15, 2001 Court issued an Order Accepting the Reorganization Plan: January 16, 2000 and Appointed Deloitte Touch Tomatsu Company Limited to be as the Plan Administrator Announcement of Court Order for Accepting the Reorganization Plan: in Matichon Public Company Limited and Siam Rath Company Limited on January 24, 2001 Announcement of Court Order for Accepting the Reorganization Plan: in Government Gazette on February 15, 2001 Court had issued the order on May 24, 2001 for Appointment of Arthur Andersen Company Limited to be a New Plan Administrator Announcement of Court Order for Appointment of a New Plan Administrator: in Matichon Public Company Limited and Siam Rath Company Limited on June 11, 2001 Announcement of Court Order for Appointment of a New Plan Administrator: in Government Gazette on July 19, 2001 Contact: Mr. Chalermkiat Tel 6792513 THAI TELEPHONE: Paid-Up Capital Registration Increase Approved -------------------------------------------------------------- Thai Telephone & Telecommunication Public Company Limited Announced it's proposal for the increase of paid-up capital registration from Bt11,250,000,000 to Bt28,123,226,390 was approved by the Commercial Registration Department on 3 September 2001. This is in accordance with the Company's Business Reorganization Plan approved by the Central Bankruptcy Court on 27 December 2000. THAI TELEPHONE: Posts Sale Of Shares Results -------------------------------------------- Thai Telephone & Telecommunication Public Company Limited posted the results of the sale of shares, as follows: (1) Information relating to the share offering Category of shares offered : Ordinary Shares Number of Shares offered : 1,691,000,000 Offered to : 39 Creditors in 4 Groups Price per share : Bt4.85 Subscription and payment period : 3 September 2001 (2) Result of the sale of shares: [ ] totally sold out [ ? ] partly sold out, with 3,677,361 shares remaining. The company will deal with the remaining shares as follows: In the case where the Company's business reorganization is still effective and not revoked by the order of the Central Bankruptcy Court, the remaining shares shall be dealt by the Plan Administrator. In the case where the Company's business reorganization is revoked by the Court before the remaining shares are dealt by the Plan Administrator, such shares shall be proposed to the shareholders' meeting for consideration. (3) Details of the sale Thai investors Foreign investors Total Juristic Natural Juristic Natural persons person persons persons No. of persons 21 - 18 - 39 No. of shares subscribed 1,464,962,402 - 222,360,237 - 1,687,322,639 Percentage of total shares offered for sale 86.63 - 13.15 - 99.78 (4) Amount of money received from the sale of shares Total amount: Bt8,183,514,799.15 Less expenses (specify) : - Net amount received : Bt8,183,514,799.15 TPI POLENE: Requests For Fund Raising Time Extension ---------------------------------------------------- TPI Polene Public Company Limited (TPIPL) related that TPIPL set up the official meeting with the Creditors' Committee and requested a further time extension for fund raising to December 28, 2001. The Creditors' Committee proposed to hold the Scheme Creditors' Meeting on September 20, 2001 so that TPIPL could make a presentation on progress of the negotiation with the potential strategic investors for the newly issued common shares of USD 180 million. Subsequently, Scheme Creditors will be requested to consider making a decision for TPIPL's proposed extension period of time. S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick, Maria Vyrna Nineza, Roy Tabamo, Editors. Copyright 2000. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. *** End of Transmission ***