/raid1/www/Hosts/bankrupt/TCRAP_Public/010911.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
Tuesday, September 11, 2001, Vol. 4, No. 177
Headlines
* A U S T R A L I A *
ANACONDA NICKEL: Director Linegar Posts Notice
AUSTRALIAN MAGNESIUM: AMP Reduces Shares
COLES MYER: Commences Fletcher as New CEO
HARRIS SCARFE: Thorough Investigation Continues
LIBERTYONE LIMITED: Insufficient Funds For Distribution
PASMINCO LIMITED: Won't Sell Assets at Unacceptable Prices
GOODMAN FIELDER: S&P Downgrades Rating Outlook to Negative
* C H I N A & H O N G K O N G *
CHINA INTERNATIONAL: Winding up Petition Set For Hearing
HON HING: Winding up Petition to Be Heard
KING WAI: Faces Winding up Petition
MANDARIN RESOURCES: Terminates Old Placing Agreement, Posts New
NORTH LANTAU: Winding up Sought by Mak Lee
STACK ELECTRONICS: Winding up Petition Pending
* I N D O N E S I A *
BAKRIELAND DEVELOPMENT: Hopes to Complete Debt Restructuring
FAJAR SURYA: Seeks to Restructure Remaining Debt
SINAR MAS: To Submit Debt Workout Scheme by End Of Nov.
* J A P A N *
ASAHI BANK: In Talks to Merge With Daiwa
HITACHI CONSTRUCTION: To Cut 17% of Work Force
MATSUSHITA ELECTRIC: Forecasts Y100B Losses, Reduces Staff
* K O R E A *
DAEWOO MOTOR: Bupyeong's Productivity, Profitability Improve
DAEWOO MOTOR: FSC Chair Predicts Complete Sale This Month
KOREA TELECOM: To Pursue Sale of Unit
HYNIX SEMICON: Advisor SSB Suffers With Client
HYNIX SEMICONDUCTOR: Agrees to Sell LCD Arm For US$650M
HYNIX SEMICONDUCTOR: Creditors to Decide Bailout Plan This Week
HUNDAI MOTOR: To Issue $150M FRNs in Early Oct.
HYUNDAI SECURITIES: Accepts AIG's Lower Stock Price
SAMSUNG ELECTRONICS: Drops Toshiba Memory Chip Business Takeover
* M A L A Y S I A *
BRIDGECON HOLDINGS: Provides Update on Defaulted Payment
CHG INDUSTRIES: Working on Alternative Restructuring Plan
L&M CORPORATION: Defaulted Payment Stands RM190,593,355.49
MECHMAR CORPORATION: Winding up Hearing Postponed
SPORTMA CORPORATION: Danaharta Extends Moratorium Period
TECHNO ASIA: Signs Restructuring Scheme Principal Agreement
TONGKAH HOLDINGS: Categorized as Affected Listed Issuer
TRANS CAPITAL: Wind up Petition Sought by AIA Capital
UNITED ENGINEERS: Unit ELITE Still in Default
ZAITUN INDUSTRI: Added Info on Winding up Petition
* P H I L I P P I N E S *
NATIONAL POWER: Arroyo Orders Joint Bidding
NATIONAL POWER: Seeks Political Risk Insurance With Bear Stearns
COSMOS BOTTLING: RFM Corp Asks PSE to Protect Investing Public
* S I N G A P O R E *
FLEXTECH HOLDINGS: Unit Ups Shareholding in Circuit Sales
KEPPEL CAPITAL: Posts OCBC's Changes in Interests
* T H A I L A N D *
NAKORNTHAI STRIP: Court Postpones Rehab Plan Consideration
PROPERTY PERFECT: Rehabilitation Plan Consideration Rescheduled
SAMART CORPORATION: Increases Capital, Allocates News Shares
SAMART CORPORATION: Posts Debt Restructuring Board Resolutions
SIKRIN PUBLIC: SET Lifts 'SP' Sign
THAI TELEPHONE: Business Reorganization Petition Filed in Court
WONGPAITOON GROUP: 2000 Net Loss Stands at 1.05M
=================
A U S T R A L I A
=================
ANACONDA NICKEL: Director Linegar Posts Notice
----------------------------------------------
Anaconda Nickel Limited's Director Christopher N Linegar posted
the following notice:
NOTICE OF DIRECTOR'S INTERESTS
Section 205G of the Corporations Law
UPDATING NOTICE
Name of Director Christopher N Linegar
Name of Company [ANL] Anaconda Nickel Ltd
Date of Last
Notification to ASX 31/08/2001
Date Director's
Interest Changed 07/09/2001
"I have a relevant interest in the following securities of the
company or a related body corporate:
CIRCUMSTANCES GIVING RISE TO RELEVANT INTEREST:
Redowood Pty Ltd
Evenelan Pty Ltd
Linegar Superannuation Fund
Zaychan Pty Ltd
ORDINARY SHARES: 7,123,400
OPTIONS: Nil
"I have an interest in the following contracts to which I am
entitled to a benefit that confer a right to call for or deliver
shares in, debentures of, interests in a collective investment
scheme made available by, the company or a related body
corporate: N/A"
AUSTRALIAN MAGNESIUM: AMP Reduces Shares
----------------------------------------
AMP Ltd decreased its relevant interest in Australian Magnesium
Corporation Limited on 05/September/2001, from 7,938,858
ordinary shares (7.15%) to 5,623,512 ordinary shares (5.07%).
COLES MYER: Commences Fletcher as New CEO
-----------------------------------------
Coles Myer Ltd advised Monday that Mr John Fletcher commenced as
Managing Director and Chief Executive Officer of Coles Myer Ltd
(CML).
Mr Fletcher has been appointed a director of CML effective
September 10, 2001.
CML's former CEO and Managing Director, Mr Dennis Eck, resigned
as a director September 9, 2001.
HARRIS SCARFE: Thorough Investigation Continues
-----------------------------------------------
No reason has come out yet to explain the behavior of the former
chief financial officer of the failed store chain Harris
Scarfe, Australasian Business Intelligence reported Saturday.
In evidence before the South Australian Supreme Court in August
2001, Alan Hodgson confessed that he intentionally manipulated
the department store chain's accounts to attain profit targets.
The unconventional entries began in 1997, after Harris Scarfe's
chairman demanded that the company should post certain profit
results.
Harris Scarfe collapsed in March 2001, with debts of $A140
million. The Australian Securities & Investments Commission is
also investigating the collapse of the chain.
LIBERTYONE LIMITED: Insufficient Funds For Distribution
-------------------------------------------------------
The Liquidator of LibertyOne Limited, Mr John Raymond Gibbons,
has, pursuant to Section 104-145 of the Australian Income Tax
Legislation, declared that there are reasonable grounds to
believe that there is no likelihood that the shareholders of
LibertyOne will receive any further distribution in the course
of the winding up.
There will be insufficient funds to allow a distribution to any
class of shareholders.
GOODMAN FIELDER: S&P Downgrades Rating Outlook to Negative
----------------------------------------------------------
Standard & Poor's affirmed its 'BBB+/A-2' ratings on Goodman
Fielder Ltd. and guaranteed debt issues. The rating outlook is
revised to negative from stable.
The negative outlook reflects the deterioration in Goodman's
operating performance in fiscal 2001 resulting from difficult
trading conditions and further restructuring charges. The timely
restoration of credit measures more consistent with the ratings
may be delayed by the A$200 million share buyback program.
The ratings on Goodman Fielder reflect its satisfactory cash
flows, and market leadership across a diversified portfolio of
food businesses, supported by strong brand names. However, its
principal markets are mature and exposed to volatility of raw
material cost and supply, and intense price competition.
Difficult trading conditions in fiscal 2001-including intense
price competition in retail margarine, and a post-Olympics and
post-goods and services tax (GST) slump in the food services
industry-resulted in a decrease in operating profit of about 7%
from the previous fiscal year. Further restructuring charges of
A$196.3 million were realized in fiscal 2001, resulting in a
reported net loss of A$78.3 million.
The previously announced A$200 million share buyback will now
proceed in two tranches. The first tranche of about A$100
million, using part of the proceeds from the sale of the
Germantown ingredients business, will proceed subject to
regulatory approval. The remaining tranche will follow the sale
of the Leiner Davis business, which is conditional on
ratification from the U.S. Federal Trade Commission. Share
buybacks are regarded as shareholder friendly, but the use of
part of the sales proceeds to reduce debt is a mitigating
factor.
The outlook is negative. Difficult market conditions have
resulted in deterioration in Goodman's coverage ratios. A rating
downgrade of one notch could result if Goodman's funds from
operations-to-total debt ratio does not exceed 30% and if its
EBITDA interest cover does not exceed 6.0 times (x) over the
next two years.
PASMINCO LIMITED: Won't Sell Assets at Unacceptable Prices
----------------------------------------------------------
On 20 July 2001, Pasminco, announced its intention to sell its
mining assets and become an international smelting business.
The Pasminco Board remains committed to pursuing this strategy.
The Board met yesterday to review the progress of the asset sale
process and to consider the impact of continuing weakness in
zinc prices and other external factors.
One bid is currently before the Company for the Broken Hill mine
and a further bid is expected. The Information Memorandum for
the Century mine was completed and dispatched to a number of
pre-qualified potential buyers at the end of last week.
The successful implementation of this strategy requires the
Company to obtain sufficient funds to enable it to pay down debt
to a level the smelting business can support.
The Board noted that since the 20 July 2001 restructuring
announcement was made, the external environment in which the
Company trades has continued to deteriorate, particularly the
zinc price which has now fallen to an all time low in real terms
of US$805 per tonne. The global economic slump and its impact on
metal demand shows no sign of improving. The Company is also
concerned that recent negative market sentiment will impact the
credibility of its asset-marketing program.
The Board re-affirmed that it is not the Company's intention to
dispose of mining assets at prices below their fair market
values.
Should acceptable sale prices not be achieved for the assets,
the Company will meet with its lenders to review the
alternatives available to it. There are other options available
and the Company is presently working in co-operation with
specialist advisers to its lenders to ensure that there is a
shared understanding of these options. Some long-term
arrangement with the Company's lenders would be required in
order to proceed on an alternate basis.
At present, the Company continues to meet its obligations with
lenders support. That support includes the continued granting of
waivers over certain financing obligations and access to an
overdraft facility. Pasminco is presently in discussions to
secure a Standstill Agreement with lenders through to at least
the end of October.
The Company will continue to keep shareholders informed of any
material developments.
================================
C H I N A & H O N G K O N G
================================
CHINA INTERNATIONAL: Winding up Petition Set For Hearing
--------------------------------------------------------
The petition to wind up China International Business Development
(Hong Kong) Limited is scheduled for hearing before the High
Court of Hong Kong on September 12, 2001 at 9:30 am. The
petition was filed with the court on June 15, 2001 by Mr. Hui
Ming Yeung and Mr. Chong Chi Yeung both of Room 1705, Carnival
Commercial Building, 18 Java Road, North Point, Hong Kong
HON HING: Winding up Petition to Be Heard
----------------------------------------
The petition to wind up Hon Hing Textile Machinery Company
Limited is scheduled for hearing before the High Court of Hong
Kong on October 24, 2001 at 9:30 am.
The petition was filed with the court on July 27, 2001 by Hon
Hing Hong Limited whose registered office is situate at 2nd
Floor, Block A, Alexandra Industrial Building, 1066 Tung Chau
West Street, Lai Chi Kok, Kowloon, Hong Kong.
KING WAI: Faces Winding up Petition
-----------------------------------
The petition to wind up King Wai Enterprise Holdings Company
Limited is set for hearing before the High Court of Hong Kong on
September 26, 2001 at 9:30 am. Ernst & Young of 10th filed the
petition with the court on July 4, 2001 Floor, Tower 2, The
Gateway, 25-27 Canton Road, Kowloon, Hong Kong.
MANDARIN RESOURCES: Terminates Old Placing Agreement, Posts New
---------------------------------------------------------------
The Board of Mandarin Resources Corporation Limited informed
that First Securities and the Company entered into an agreement
on 6th September, 2001 to terminate the placing agreements
previously entered into and that a new placing and top up
arrangement has been agreed upon among the Company, 369 Holdings
Limited and First Securities on 6th September, 2001 with details
as set out below.
THE PLACING
Date of the Placing Agreement: 6th September, 2001
Vendor
369 Holdings Limited, a company incorporated in Hong Kong with
limited liability and controlled by Mr. Chen Chak Man, a
director of the Company, is the vendor of the Placing and the
substantial shareholder of the Company. As at the date of this
announcement, 369 Holdings Limited holds 300,000,000 Shares,
representing approximately 33.32% of the existing issued share
capital of the Company.
Shares to be placed
106,700,000 Shares, representing approximately 11.85% of the
existing issued share capital of the Company.
Placing price
The Placing price of $0.05 per Share represents (a) a discount
of approximately 5.66% to the closing price of $0.053 per Share
as quoted on the Stock Exchange on 6th September, 2001, being
the last trading day in the Shares on the Stock Exchange prior
to the suspension of the trading of the Shares on the Stock
Exchange on 7th September, 2001; and (b) a discount of
approximately 18.17% to the average closing price of $0.0611 per
Share as quoted on the Stock Exchange on the last ten trading
days up to and including 6th September, 2001.
Placing agent
First Securities
Placees
First Securities undertakes, on a fully underwritten basis, to
place the Placing Shares to more than six placees who are
independent professional and/or institutional investors not
associated with any of the directors, chief executive or
substantial shareholders of the Company or its subsidiaries and
their respective associates (as defined in the Listing Rules).
Condition and completion of the Placing
The Placing is unconditional. Completion of the Placing is
expected to take place on or before 15th September, 2001.
THE SUBSCRIPTION
Date of the Subscription Agreement: 6th September,2001
Subscriber
369 Holdings Limited
Issuer
The Company
New Shares to be subscribed for
160,000,000 new Shares, representing approximately 17.77% of the
existing issued share capital of the Company and about 15.09% of
the issued share capital of the Company as enlarged by the issue
of the Subscription Shares.
The Subscription Shares will be issued under the general mandate
granted to the Directors at the annual general meeting of the
Company held on 30th November, 2000.
Subscription price
$0.05 per Share which is equal to the Placing price
The Company will bear all costs and expenses incurred in
connection with the Subscription and will reimburse 369 Holdings
Limited for all costs and expenses incurred by it in relation to
the Placing. The interest derived from the Placing will be kept
by the Company.
Ranking of the new Shares
The Subscription Shares, when fully paid, will rank pari passu
in all respects with the existing Shares in issue, including the
right to receive all dividends and distributions which may be
declared, made or paid after the date of completion of the
Subscription. Application will be made to the Stock Exchange for
the listing of, and permission to deal in, the Subscription
Shares.
Reasons of the Subscription and use of net proceeds
As stated in the Company's announcement dated 8th August, 2001,
the Board is of the view that the Group faces an immediate cash-
flow problem. The Board believes that the Group has insufficient
working capital to pay its immediate and short-term debts,
including without limitation, operational expenses, office rent
and employees' salaries. First Securities, taking into
consideration the results of the Independent Investigation (a
summary of the report was published by the Company on 5th
September, 2001) and the current market price of the Shares,
agreed to underwrite the Shares at a price of $0.05 each instead
of the previously agreed price of $0.08 each.
After careful consideration, the Company agreed on 6th
September, 2001 to terminate the placing agreement entered into
with First Securities on 8th August, 2001 and the supplemental
placing agreement entered into on 14th August, 2001. On the same
day, the above Placing and Subscription arrangements were agreed
among the Company, 369 Holdings Limited and First Securities.
The Board considers that the Subscription is in the interests of
the Company and its shareholders and that the terms of the
Subscription are fair and reasonable.
The net proceeds derived from the Subscription will be
approximately $7.5 million; approximately $4.5 million will be
used to settle the Company's immediate and short-term debts of
approximately $4.5 million and the remaining balance of $3
million will be retained as general working capital of the
Company.
Conditions and completion of the Subscription
The Subscription is conditional upon:
(a) the completion of the Placing; and
(b) the Listing Committee of the Stock Exchange granting the
listing of, and permission to deal in, the Subscription
Shares.
Completion of the Subscription will take place upon the
fulfillment of all conditions listed above and shall take place
within 14 days after the date of entering into the Placing
Agreement and in accordance with Rule 14.24 of the Listing
Rules. It is expected that the Subscription will take place no
later than 19th September, 2001.
Change in the shareholding of the Company as a result of the
Placing and the Subscription
The shareholding of 369 Holdings Limited immediately before the
completion of the Placing, after completion of the Placing but
before completion of the Subscription, and after completion of
both the Placing and the Subscription are as follows:
Immediately before completion of the Placing:
300,000,000(33.32%)
Immediately after completion of the Placing but before
completion of the Subscription: 193,300,000(21.47%)
Immediately after completion of both the Placing and the
Subscription: 353,300,000(33.32%)
OTHERS
Reference is made to a writ of summons issued by Rich World
Development Limited on 3rd September, 2001 against Interactive
Spirit Limited ("Interactive") as the 1st Defendant and Mr.
Yeung Kang Lam ("Mr. Yeung"), a director of the Company, as the
2nd Defendant for, inter alia, an amount of $105 million.
The $105 million represents the balance payable by Interactive
in respect of the purchase of 10,000,000 shares of $1 each in
the capital of the Company (with the purchase price being the
sum of $150 million) pursuant to a Share Purchase Agreement
entered into between Interactive, Halwell Limited and One China
Development Limited and dated 4th September, 2000. The Board
wishes to point out that (i) the Company is not a party nor in
anyway connected with the said writ; and (ii) Mr. Yeung, through
Interactive, ceased to be the controlling shareholder of the
Company on 4th June, 2001; and (iii) it was resolved at the
Board meeting held on 16th August, 2001 that all executive
role(s) of Mr. Yeung and Ms. Yau Wai Fan ("Ms. Yau") in the
Company and any of its subsidiaries be removed with effect from
21st August, 2001.
The Board would like to repeat that it invites Mr. Yeung and Ms.
Yau to resign from the Board and in the event that Mr. Yeung
and/or Ms. Yau fail and/or neglect to tender his/her resignation
as a Director, the Board intends to put the matter before a
meeting of shareholders of the Company to be convened as soon as
possible. Furthermore, the Board would like to confirm that the
above writ has no effect on the existing business and/or
operations of the Company.
As was mentioned in the announcement of the Company dated 24th
August, 2001, the Board would like to inform shareholders of the
Company that it is reviewing the cash flow position of the Group
and will consider raising further funds by means of issuing new
Shares and negotiating with various banks for new and/or
additional banking facilities.
Furthermore, the Board would also like to note that it is in the
course of identifying suitable projects and/or investments that
would be reasonably expected to generate profits and/or have
potential for capital appreciation. The Group may acquire some
of these projects and/or investments. The consideration for such
projects and/or investments would be satisfied by means of the
issue of new Shares and/or by being granted new and/or
additional banking facilities. Shareholders of the Company
should note that the above acquisitions may or may not proceed.
Such acquisitions, should they materialize, will be made in
strict compliance with the Listing Rules . Further
announcement(s) will be made, as appropriate.
Please note that completion of the Subscription is conditional
upon, inter alia, completion of the Placing and shareholders of
the Company are advised to exercise caution when dealing in the
Shares.
SUSPENSION OF TRADING AND APPLICATION FOR RESUMPTION OF TRADING
IN THE SHARES
Trading in the Shares has been suspended at the request of the
Company with effect from 10:00 a.m. on 7th September, 2001
pending the issue of this announcement. The Company has applied
to the Stock Exchange for the resumption of trading of the
Shares with effect from 10:00a.m. on 10th September, 2001 upon
the release of this announcement.
DEFINITIONS
In this announcement, the following expressions have the
following meanings, unless the context otherwise requires:
"Board" Board of Directors
"Company" Mandarin Resources Corporation Limited, a
company incorporated in Hong Kong with limited liability, the
Shares of which are listed on the Stock Exchange
"Directors" directors of the Company
"First Securities" First Securities (HK) Limited, a dealer
registered under the Securities Ordinance (Chapter 333 of the
Laws of Hong Kong)
"Group" the Company and its subsidiaries
"Hong Kong" the Hong Kong Special Administrative
Region of the People's Republic of China
"Listing Rules" the Rules Governing the Listing of
Securities on the Stock Exchange
"Placing" the placing of 106,700,000 existing Shares
pursuant to the terms of the Placing Agreement
"Placing Agreement" a placing agreement dated 6th September,
2001 entered into between 369 Holdings Limited and First
Securities in relation to the Placing
"Share(s)" ordinary shares of $0.02 each in the
capital of the Company
"Stock Exchange" The Stock Exchange of Hong Kong Limited
"Subscription" the subscription for the Subscription
Shares by 369 Holdings Limited pursuant to the terms of the
Subscription Agreement
"Subscription Agreement"
a conditional subscription agreement entered into between 369
Holdings Limited and the Company dated 6th September, 2001 in
relation to the Subscription
"Subscription Shares"
a total of 160,000,000 new Shares to be subscribed by, and to
be allotted by the Company to, 369 Holdings Limited pursuant to
the terms of the Subscription Agreement
"$" Hong Kong dollars, the lawful currency of
Hong Kong
"%" per cent
NORTH LANTAU: Winding up Sought by Mak Lee
------------------------------------------
Mak Lee Limited is seeking the winding up of North Lantau
Dredging Limited. The petition was filed on August 6, 2001, and
will be heard before the High Court of Hong Kong on November 14,
2001 at 9:30 am.
Mak Lee holds it registered office at Ground Floor, 76 Cherry
Street, Kowloon, Hong Kong.
STACK ELECTRONICS: Winding up Petition Pending
----------------------------------------------
Stack Electronics Far East Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on November 21, 2001.
The petition was filed on August 10, 2001 by Kith Mutual
Benefits International Limited whose registered office is
situate at 1st Floor, Hing Lung Commercial Building, No. 68
Bonham Strand East, Hong Kong.
=================
I N D O N E S I A
=================
BAKRIELAND DEVELOPMENT: Hopes to Complete Debt Restructuring
------------------------------------------------------------
AsiaPulse via COMTEX reported Monday that PT Bakrieland
Development Tbk (ELTY) expects to complete the restructuring of
Rp300 billion worth of debt to the Indonesian Bank Restructuring
Agency (IBRA) in two months.
ELTY Finance Director Hamid Mundzir said last weekend
negotiations with IBRA is in the final stage.
"80 per cent of the debt is owed to IBRA and the rest to bank
syndicate including Bank Merincorp, Bank Panin, and Dong Nam
Clemont Finance Indonesia," he added.
He further said that the company still has other debts to be
repaid with fund expected after selling assets in Bogor, Bali
and Yogyakarta.
FAJAR SURYA: Seeks to Restructure Remaining Debt
------------------------------------------------
Industrial packaging paper manufacturer PT Fajar Surya Wisesa
Tbk (FASW) is in quest of a plan with its creditors to
restructure remaining debt of US$36.75 million, AsiaPulse
reported Monday citing company secretary Ongkowidjojo
Hadirebowo.
"The remaining debt includes US$35.45 million in convertible
bonds and US$1.3 million in long term notes," the secretary
added.
Some were already restructured including US$21.7 million to the
Indonesian Bank restructuring Agency (IBRA), US$70 million and
Rp120.94 billion to state-owned bank BRI, US$24.14 million to
Citibank N.A. in Jakarta, US$14.1 million to Panin Bank and
US$3.55 million to Hongkong and Shanghai Bank.
Hadirebowo said that he debts to IBRA was split into two
tranches - Tranche A US$19.7 million and Tranche B US$2 million,
he said.
Tranche A will be repaid by installments until 2010 with an
interest of 2 to 3 percent above SIBOR while Tranche B will be
repaid every three months until 2002.
SINAR MAS: To Submit Debt Workout Scheme by End Of Nov.
-------------------------------------------------------
The Sinar Mas Group (SMG) said it will submit its debt
restructuring proposal to its creditors by the end of November,
AsiaPulse reported Monday citing Chief Financial Officer Hendrik
Tee.
Hendrik said audited financial reports of SMG's pulp and paper
subsidiaries PT Tjiwi Kimia, PT Indah Kiat, Lontar Papyrus and
Pindo Deli will be published by the end of this month though he
didn't say when Asia Pulp and Paper, with foreign debts totaling
to US$12 billion, will announce its consolidated financial
report.
Bonds issued by PT Tjiwi Kimia valued at Rp308 billion will fall
due in November, but the company already announced earlier that
it could not repay its debt now.
=========
J A P A N
=========
ASAHI BANK: In Talks to Merge With Daiwa
----------------------------------------
Tokyo-based Asahi Bank Ltd., with market capitalization of Y455
billion, proposed a tie-up with the Y332 billion-valued Daiwa
Bank, Bloomberg reported Friday citing Daiwa spokesman Yasushi
Kodama.
Senior Fund Manager Yoshihiko Ito of Asahi Life Asset Management
Co. said that Asahi Bank desperately needs a partner.
"It looks like Asahi is begging Daiwa to merge with it," he
added.
Asahi shares fell as much as 25 percent on concern that it may
be taken over by the government. Asahi Y7.8 billion yen loss in
the year to March 2001 while Osaka-based Daiwa had a loss of Y22
billion yen in the same period.
Japanese banks are struggling to deal with trillions of yen in
bad loans and a shrinking economy.
HITACHI CONSTRUCTION: To Cut 17% of Work Force
-------------------------------------------
Hitachi Construction Machinery Co. plans to cut 800 jobs, or 17%
of its total work force, by the end of fiscal 2003, Nikkei
reported Friday citing unidentified company sources.
Of the 800 jobs, half will be reduced through early retirements,
and the other half will be cut through personnel transfer to
subsidiaries.
The restructuring plan will post the hydraulic shovels producer
a net loss of Y3.3 billion in fiscal 2001.
"During the 12 months ending 3 March 2001, the company has
experienced losses totaling Y22.23 per share," according to
Wright Investors' Service.
MATSUSHITA ELECTRIC: Forecasts Y100B Losses, Reduces Staff
----------------------------------------------------------
Matsushita Electric Industrial Co. will post a Y100 billion
full- year loss and cut 5,000 jobs through early retirements,
Bloomberg reported on September 6 citing the Nihon Keizai
newspaper.
The maker of Panasonic and National brand electronics and
appliances said that loss would be derived from the 5 percent
decline in sales plus the expense of granting an estimated 5,000
early retirements to cut costs.
"The company doesn't appear to have any new products in the
pipeline that may help raise sales," Asahi Tokyo Investment
Trust Management Co. investor Hideki Kamiya said.
Matsushita Electric spokesman Junji Kanegawa said that the Nihon
Keizai report is nothing but speculation.
"The company will announce a new full-year profit estimate next
month, when it reports fiscal first-half earnings, he added.
He refused to comment on the number of jobs to be cut through
the company's early- retirement program.
"The company's full-year loss could be as high as Y143 billion
yen," Masahiro Ono, an analyst who has a "hold" rating on
Matsushita's shares, said.
Matsushita Electric's shares went down to 37 percent this year.
=========
K O R E A
=========
DAEWOO MOTOR: Bupyeong's Productivity, Profitability Improve
------------------------------------------------------------
Daewoo Motor said Saturday its Bupyeong plant has recorded a
stunning improvement in its productivity and profitability this
year, Korea Herald reported on September 9. The statement was
issued amidst diminishing General Motors' chances of taking over
Bupyeong plant.
Operating losses at the Bupyeong plant have shrunk sharply to a
monthly average of W5.72 billion ($4.47 million) in the second
quarter from W26.4 billion last year and W19.04 billion in the
first quarter of this year, company officials said. The 29-year-
old Bupyeong plant shifted into profit worth W5.05 billion won
in July for the first time in nearly three years since June
1998, and the plant is projected to have extended its black-ink
balance to August, the officials added.
The officials attributed the improving profitability to painful
restructuring measures, noting that Daewoo Motor had attained
W919.3 billion, or 92 percent, of its annual cost-cutting target
of W999.2 billion by the end of July.
"The Bupyeong plant has started to benefit from the accumulated
reductions in personnel, components and ordinary expenses," said
a company spokesman.
DAEWOO MOTOR: FSC Chair Predicts Complete Sale This Month
---------------------------------------------------------
Financial Supervisory Commission Chairman Lee Keun-young
disclosed that the negotiations for the sale of Daewoo Motor to
General Motors Corp (GM) will be completed this month, Korea
Herald reported on September 10.
Lee's remark came four days after Deputy Prime Minister and
Minister of Finance and Economy Jin Nyum said last Tuesday that
the negotiations on the sale of the ailing automaker are nearing
completion.
"Of three problematic companies, the government will determine
how to handle Daewoo Motor and Hynix Semiconductor Inc. by the
end of September," the FSC chairman said in a news conference
Saturday.
He said GM and creditors of Daewoo Motor are making headway in
their negotiations and any deal will be struck in such a way
that may conform to public sentiment, but no decision has been
made yet on whether the Bupyeong factory will be included.
A senior creditor bank official said yesterday that both sides
would be able to sign a memorandum of understating on GM's
takeover of Daewoo Motor this month.
"The talks have stalled so far because creditors, Daewoo Motor
and the government have failed to reach a unified stance on the
scope of assets to be sold," the official said. "But the
negotiations will proceed at a fast pace because the three
domestic parties are ironing out their differences."
Noting that it would be difficult for the government to
liquidate Daewoo Motor, the official stressed that the automaker
should remain an ongoing concern for the domestic auto industry.
"In that sense, Daewoo Motor should be sold to GM under any
circumstances," he said.
KOREA TELECOM: To Pursue Sale of Unit
-------------------------------------
Korea Telecom (KT) planned pursue the sale of its subsidiaries
that ended in failure during the first half, with KT next month
to sell its 81% stake in Korea Telecom Technology, a system
integration firm, and Korea Telecom Industrial Development,
which manages KT's office buildings, Korea Inc reported on
September 6.
KT plans to focus on core businesses after the sale of the
subsidiaries. It also plans to guarantee a net sale of W97.5
billion won for Korea Telecom technology three years after the
projected sale as well as offering opportunity for businesses
such as Internet data center, B2B and e-commerce.
KT also intended to offer maintenance of KT buildings to Korea
Telecom Industrial Development for three years and guarantee
hike of service charges.
Sales turnover of Korea Telecom Technology and Korea Telecom
Industrial Development last year amounted to W117.1 billion and
W44.1 billion, respectively.
HYNIX SEMICON: Advisor SSB Suffers With Client
----------------------------------------------
Hynix Semiconductor Co's financial advisor Salomon Smith Barney
(SSB), the most influential investment bank in Asia, has been
suffering along with its client and it is likely to experience a
serious image problem in the Asian market as a result of the
Hynix debacle, Digital Chosun reported on September 6.
The Asian Wall Street Journal reported Thursday that Hynix's
sudden plunge in share price has undermined SSB's position and
reputation in Asian markets.
The report said investors have doubted whether SSB had done its
best in evaluating the chipmaker when it led the issuance of
global depositary receipts for Hynix in June.
SSB worked as lead manager for the issuance of global depositary
receipts for Hynix in June and with its help Hynix succeeded in
issuing GDRs worth US$1.25 billion, which many had regarded at
first as unachievable. SSB raked in a total of US$50 million in
fees from the deal.
Despite the successful GDR issuance, Hynix shares lost more than
70 percent in the two months since the issuance and the company
has once again slipped down into a liquidity crisis.
HYNIX SEMICONDUCTOR: Agrees to Sell LCD Arm For US$650M
-------------------------------------------------------
Hynix Semiconductor said Thursday it agreed to sell its LCD arm
to Cando, a Taiwanese color filter firm, at US$650 million, with
the two firms currently finalizing the final contract for the
sale, Digital Chosun reported on September 6.
Cando is expected to take over a total of 80.1 percent stake in
the Hynix's LCD operation, with Hynix retaining 19.9 percent.
Hynix will be receiving a total of W500 billion from the sales
before the end of this year, and the balance will be forthcoming
next year, according to the executive.
The deal fulfills one of Hynix's commitments to its creditors to
raise a total of W1 trillion through sales of assets and bonds
and securities.
The Hynix LCD operation in Icheon, Gyeonggi Province produces a
total of 3 million LCD units a year and employs about 1,500
workers. The operation's sales last year reached W320 billion.
HYNIX SEMICONDUCTOR: Creditors to Decide Bailout Plan This Week
---------------------------------------------------------------
Hynix Semiconductor creditors will meet this week to determine
whether to provide a huge debt rescheduling program to the
world's third largest memory chipmaker, which accounts for just
over 2 percent of Korea's exports, Korea Herald reported on
September 9.
A creditor bank official said yesterday that the creditors will
review a bailout package of around W6 trillion ($4.66 billion),
including a debt-for-equity swap of W3 trillion and the
extension of W500 billion in fresh loans.
Korea Exchange Bank and other creditor banks, however, are
expected to face rough going in approving the bailout program
because the creditors agree on the proposed debt-equity
conversion but are split over the provision of new loans.
"The issue of providing the fresh new loans will take center
stage at the scheduled meeting," the official said. "Several
creditor banks are reluctant to making new loans to Hynix."
The heads of Hynix's creditor banks were supposed to meet last
week to finalize the rescue plan but the meeting was postponed
to further fine-tune the plan drawn up by KEB and Salomon Smith
Barney, Hynix's financial adviser.
KEB and Hanvit Bank, which have extended loans amounting to more
than W500 billion to Hynix, stressed that the fresh loans should
be made in order to help the chipmaker make facility investments
for the sake of improving its competitiveness.
Chohung, Peace, Seoul and the Seoul branch of Citibank were
supportive of the two largest creditors. However, Shinhan, Hana,
and KorAm banks, which are less exposed to Hynix, are cautious
about making fresh loans due to concerns that they might turn
sour should the semiconductor producer fail to turn around, but
were in favor of the proposed debt-for-equity swap arrangement
and the rollover of their existing loans to Hynix.
Korea Development Bank, a state-run special-purpose bank and one
of the largest creditors, is against making fresh loans to the
chipmaker because it may touch off trade disputes between Korea
and other countries.
"KDB will participate in the debt-equity conversion and the
rollover of existing loans," KDB Gov. Jung Keun-yong said last
week. "But it will not make new loans to Hynix."
HUNDAI MOTOR: To Issue $150M FRNs in Early Oct.
-----------------------------------------------
Hyundai Motor in a statement to the Korea Stock Exchange said
Saturday it will issue $150 million in floating rate notes
(FRNs) in early October, with the three-year FRN to carry an
interest rate of six-month Libor (London Interbank Offered Rate)
plus 1.6 percent, Korea Herald reported on September 10.
HYUNDAI SECURITIES: Accepts AIG's Lower Stock Price
---------------------------------------------------
Hyundai Securities Co decided to lower the issuing price of its
preferred stock, a centerpiece of a W1.1 trillion takeover of
the brokerage house and two other Hyundai financial units by an
AIG (American International Group)-led consortium, Korea Herald
reported on September 10, which cited foreign press.
Hyundai Securities, however, didn't respond to the reports
yesterday, while the Financial Supervisory Commission overseeing
the deal said it has not received a report that the company
called a board meeting to address the issue Saturday.
A Bloomberg report said Hyundai Securities "capitulated on price
and accepted a W400 billion ($310 million) takeover proposal"
from the AGI-led consortium. The report also said under the
proposal, the AIG and other investors will pay W7,000 a
preferred share for a controlling 33.1 percent interest in
Korea's second largest brokerage.
"The plan also calls for Hyundai Securities to issue preferred
shares at the same price to minority shareholders, removing a
sticking point to conclusion of the agreement," the wire service
said.
Financial Times also reported that Hyundai Securities agreed
with the AIG-led consortium to issue its preferred shares at
W7,000 over the weekend, far lower than the original asked price
of W8,940 a share.
A senior FSC official reportedly said he knew that Hyundai
Securities' board had discussed the issue price of preferred
shares Saturday. "But I understand that the meeting was not a
formal one. I have no idea about the issuing price."
The AIG, Hyundai Securities and the government have been
negotiating the acquisition for 15 months. AIG and the
government have recently signed a memorandum of understanding
under which the Korean government will also invest 900 billion
won in the three Hyundai financial companies. Talks hit a
snag two weeks ago as Hyundai Securities demanded 8,940 won a
preferred share while AIG refused to budge from its 7,000 won
offer.
SAMSUNG ELECTRONICS: Drops Toshiba Memory Chip Business Takeover
----------------------------------------------------------------
Samsung Electronics, after a thorough feasibility study, decided
not to undertake the memory chip business unit from Toshiba,
Korea Inc News reported on September 7.
The Japanese chipmaker proposed Samsung to buy its
semiconductor unit at the end of last month.
According to analysts, Samsung must have concluded that it would
be too burdensome if it takes over Toshiba's memory chip
business at a time when the company has to invest in next-
generation chip business.
Meanwhile, officials of Toshiba refused to comment about it,
saying that its internal restructuring is on the way and that
nothing has been decided yet.
===============
M A L A Y S I A
===============
BRIDGECON HOLDINGS: Provides Update on Defaulted Payment
--------------------------------------------------------
Bridgecon Holdings Berhad (BHB or the Company) announced that
the default in payment by BHB and its subsidiary companies (BHB
Group) were mainly due to cashflow constraints as result of the
economic slowdown in the construction industry, which adversely
affected the operational activities of BHB Group. This has
attributed to the deterioration in the turnover.
Furthermore, the continuing increase in interest on bank
borrowings, placed the BHB Group in a tight liquidity position,
which culminated into huge losses. As a result, the BHB Group is
now unable to meet its financial obligations.
The total indebtedness of BHB Group will be entitled to rank for
distribution under the Proposed Debt Restructuring Scheme (PDRS)
of the Company. These comprise loans due and payable to banking
institutions and hire purchase liabilities totaling the sum of
RM222,226,000.00 as at 31 August 2001.
See http://www.bankrupt.com/misc/Bridgecon_Holdings.xlsfor
details on its default in payment.
Meanwhile, pursuant to Section 41 of the Pengurusan Danaharta
Nasional Berhad Act 1998, a moratorium has taken effect to
restrain and stay all creditors of BHB from undertaking any
legal action or proceedings against BHB to facilitate the
completion of the PDRS.
The Exchange will be updated from time to time on the status of
the PDRS of BHB to regularize its financial condition in
compliance with Practice Note No. 4/2001.
CHG INDUSTRIES: Working on Alternative Restructuring Plan
----------------------------------------------------------
CHG Industries Berhad announced that as the proposed debt-
restructuring scheme of the Company, which was announced on 18
April 2001, is not feasible under current bearish market
conditions, the Company is currently working on an alternative
plan to strengthen its financial condition. The Company expects
an announcement to be made on the details of the new plan within
six (6) months from the date of this announcement.
Pursuant to paragraph 2.1 of PN4/2001 issued by the Kuala Lumpur
Stock Exchange (KLSE) which came into effect on 15 February
2001, a listed issuer and/or its directors would be required to
comply with the provisions of PN4/2001 if the listed issuer
fulfils one or more of the criteria as set out below:
(i) deficit in the adjusted shareholders' equity of the
listed issuer on a consolidated basis;
(ii) receivers and/or managers have been appointed over the
property of the listed issuer, or over the property of its major
subsidiary or major associated company which property accounts
for at least 70% of the total assets employed of the listed
issuer on a consolidated basis;
(iii) the auditors have expressed adverse or disclaimer
opinion in respect of the listed issuer's going concern in its
latest audited accounts; or
(iv) special administrators have been appointed over the
listed issuer or the major subsidiary or major associated
company of the listed issuer pursuant to the provisions of the
Pengurusan Danaharta Nasional Berhad Act 1998.
The Company wishes to announce that the criteria as set out in
sub-sections (ii), (iii) and (iv) above are not applicable to
the Company. However, based on the unaudited results for the six
(6) months period ended 30 June 2001 (being the latest unaudited
accounts available, which was announced by CHG on 29 August
2001), the Company recorded a deficit in the adjusted
shareholders' equity on a consolidated basis of approximately
RM7.615 million. Accordingly, the Company is an affected issuer
pursuant to PN4/2001.
OBLIGATIONS UNDER PN4/2001
Pursuant to PN4/2001, the Company is required to comply with the
following disclosure requirements:
(i) make an announcement within seven (7) market days from 15
February 2001 (being the effective date of PN4/2001) or from the
date the Company fulfils one or more of the above criterias,
stating that the Company is an affected listed issuer, its
obligations under PN4/2001, the consequences of non-compliance
with such obligations, and the status of its plan to regularize
its financial condition, which is the subject of this
announcement;
(ii) announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the KLSE;
(iii) announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN4/2001, as and when
such obligation fall due;
(iv) submit monthly reports to KLSE within ten (10) market
days from the end of the month reported upon until further
notice from the KLSE; and
(v) regularize its financial condition within the time
schedule as stipulated.
The Company will not be required to appoint a monitoring
accountant as it does not fulfil any of the criteria set out
under paragraph 6.1 of PN4/2001 as follows:
(i) the latest group audited accounts of the affected listed
issuer are qualified in any one or more of the following
respects:
(a) the auditors were unable to determine that all
relevant transactions have been recorded due to incomplete
accounting records; or
(b) the auditors were unable to obtain sufficient
information and explanations from the directors with regard to
the latest group audited consolidated accounts; or
(ii) the latest audited accounts have not been issued and the
issuance has been delayed for more than six (6) months from the
date the audited accounts are due to be issued.
CONSEQUENCE OF NON-COMPLIANCE WITH PN4/2001
Any affected listed issuer which fails to comply with any
obligations imposed on it by the KLSE under PN4/2001 may be
regarded as a listed issuer whose financial condition does not
warrant continued trading and/or listing.
L&M CORPORATION: Defaulted Payment Stands RM190,593,355.49
----------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd (L&M)
announced as of 31 August 2001, the total default payment to
financial institutions in respect of various credit facilities
by L&M Group is RM190,593,355.49.
L & M group has taken steps to address the default by way of
undergoing a corporate and debts restructuring scheme "the
Scheme) governed by Section 176 of the Companies Act 1965 and
would be settled upon completion of the Scheme. The Scheme has
been submitted to Securities Commission, Foreign Investment
Committee and Ministry of International Trade and Industry for
approval.
MECHMAR CORPORATION: Winding up Hearing Postponed
-------------------------------------------------
Mechmar Corporation (Malaysia) Berhad informed that the hearing
to strike out the winding up petition by Bonus Point Investment
Ltd has been postponed by the Court to 15 January 2002.
SPORTMA CORPORATION: Danaharta Extends Moratorium Period
---------------------------------------------------------
The Special Administrators of Sportma Corporation Berhad
(Special Administrators Appointed) announced that Pengurusan
Danaharta Nasional Berhad has extended the moratorium period for
another 12 months from 9 September 2001 to 9 September 2002, to
enable the completion and implementation for the workout
proposal in accordance with Section 46 of the Pengurusan
Danaharta Nasional Berhad Act 1998.
TECHNO ASIA: Signs Restructuring Scheme Principal Agreement
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) announced
that the Special Administrators on behalf of Techno Asia
Holdings Berhad (TAHB), had on 5 September 2001 have agreed to
extend the expiry date of the Memorandum of Understanding
entered into between the Company and Dr. Yu Kuan Chon (Investor)
and Semai Warnasari Sdn Bhd (Semai) by one week to 12 September
2001.
Arab Malaysian also announced that the Special Administrators,
on behalf of TAHB, had on 7 September 2001 signed a principal
agreement (Principal Agreement) with the abovementioned parties
with the intention of implementing a corporate restructuring
exercise (the Restructuring Scheme) pending the finalization and
approval of the Workout Proposal.
The Principal Agreement entail, inter-alia, the following
transactions:
(a) Reduction of TAHB's existing issued and paid-up share
capital from RM207,597,589 comprising 207,597,589 ordinary
shares of RM1.00 each to RM5,189,940 comprising 207,597,589
ordinary shares of RM0.025 each by canceling RM0.975 per share.
Thereafter, forty (40) ordinary shares of RM0.025 each will be
consolidated into one (1) ordinary fully paid-up share of RM1.00
each (Share Capital Reorganization). The Share Capital
Reorganization shall be at the sole and absolute discretion of
TAHB;
(b) Acquisition of the entire issued and paid-up share
capital of TAHB by Semai to be satisfied by issuance of
5,189,940 ordinary shares of RM1.00 each in Semai (Consideration
Shares);
(c) Acquisition of the entire issued paid-up share capital of
Kar Sin Berhad, Yu & Sons Sdn Bhd, Pilihan Data Sdn Bhd,
Persiaran Eksklusif Sdn Bhd and such additional or substituted
companies (Semai Assets) as TAHB, Semai and the Investor
(Parties) may agree, by Semai (Semai Asset Acquisition);
(d) Upon completion of (b) and (c) above, disposal of the
shares in TAHB by Semai to a special purpose vehicle nominated
by the Special Administrators for a nominal sum of RM1.00 (Share
Disposal); and
(e) Upon completion of the above, transfer the listing status
of TAHB to Semai in consideration for RM15 million cash, which
will be utilized for part settlement of TAHB Group's debt.
The Restructuring Scheme is intended to form a part of the
Workout Proposal, which will be subject to an examination, by an
Independent Advisor, who will review the reasonableness of the
Workout Proposal taking into consideration the interests of all
creditors and shareholders.
The Principal Agreement is conditional upon:
(i) The approvals of Pengurusan Danaharta Nasional Berhad
(Danaharta), secured creditors of TAHB, Securities Commission
(SC), KLSE, Foreign Investment Committee (FIC) and other such
approval(s) as may be required under any applicable law,
regulations, requirements, rules or guidelines;
(ii) The resolutions being passed at a shareholders' meeting
and a board of directors' meeting of Semai;
(iii) The due diligence review by TAHB into Semai and Semai
Assets, the results of which are satisfactory to TAHB's in its
absolute discretion;
(iv) The execution of Semai Asset Acquisition documents and
the completion of Semai Asset Acquisition;
(v) The completion of the Share Capital Reorganization by
TAHB, where deemed necessary at the sole and absolute discretion
of TAHB;
(vi) The completion of the Share Acquisition by Semai; and
(vii) The receipt of the written confirmation from the
company secretary of Semai as follows:
(a) the Consideration Shares have been issued to the
shareholders of TAHB pursuant to the Share Acquisition;
(b) the completion of Semai Asset Acquisition; and
(c) the shares to be issued pursuant to the Semai Asset
Acquisition have been issued to the registered proprietors of
the Semai Assets.
It was also mutually agreed between the Parties that Semai may
request the approval of the Company and the Investor for the
novation of their rights, benefits and obligation of this
Principal Agreement to such other company as may be deemed
acceptable by TAHB and the Investor (Newco). The Newco will be
bound by the same terms and conditions of this Principal
Agreement.
Further details of the Workout Proposal will be announced in due
course.
TONGKAH HOLDINGS: Categorized as Affected Listed Issuer
-------------------------------------------------------
Tongkah Holdings Berhad (THB or the Company) announced that
pursuant to Paragraph 2.1 of PN 10, the Company is deemed to
have inadequate level of operations and is an "affected listed
issuer" due to the occurrence of the following events:
a) On 27 August 2001, the Company completed its disposal of
it's 51% equity interest in Tongkah Electronics Sdn Bhd; and
b) On 27 August 2001, the Company completed its disposal of
it's 82.41% equity interest in Tongkah Moulding Technologies Sdn
Bhd ("TMT") respectively.
The aforesaid disposed companies' revenue contribution to the
Company on a consolidated basis was 73.33%.
OBLIGATIONS OF THE AFFECTED LISTED ISSUER
Accordingly, THB must comply with disclosure obligations as set
out in Paragraph 4.0 PN 10 and the requirements as set out in
Paragraph 5.1 (a), (b) and (c) which includes:
i) Announce that the Company is an affected listed issuer
within 7 market days from the date they meet any of the
prescribed criteria (Initial Announcement);
ii) Announce the status of its proposals to ensure adequate
level of operations simultaneously with its quarterly report
pursuant to paragraph 9.22 of the Listing Requirements and in
any event not later than 2 months after the end of each quarter
of a financial year until further notice from the Exchange;
iii) Announce its compliance or non-compliance with a
particular obligation imposed pursuant to PN 10, as and when
such obligations becomes due.
The Company undertakes to comply with the following obligations
as set out in Paragraph 6.1 of PN 10, which includes:
a) Announce within 9 months from the date of Initial
Announcement a detailed proposal, the implementation of which
will enable the affected listed issuer to ensure a level of
operations which will warrant continued trading and/or listing
on the Official List (Requisite Announcement);
b) Having announced a detailed proposal to ensure adequate
level of operations must submit the same to the relevant
authorities for approval within 2 months from the date of the
Requisite Announcement; and
c) Having submitted the detailed proposal to the relevant
authorities in accordance with the above, must obtain all
approvals necessary for the implementation of such detailed
proposal within 4 months from the date of submission of such
detailed proposal for approval.
The Company also undertakes to comply with the obligations set
out in Paragraph 6.3 of PN 10, which states that the affected
listed issuer announce and ensure that the Requisite
Announcement is made by a merchant bank or a Member Company
approved by the Commission to act as an adviser in the same
manner as advisers under the Commissions Policies and Guidelines
on Issue/Offer of Securities and include a timeline for the
completion of the proposal, and ensure that all agreements to be
entered into with third parties as part of the proposal have
been duly executed by all parties to such agreements.
CONSEQUENCES OF NON COMPLIANCE
Pursuant to Paragraph 7.0, if THB fails to comply with any of
the obligations imposed to warrant continued trading and listing
within the timeframes stipulated by the KLSE, it may be de-
listed by the KLSE. However, the KLSE will accord due process to
an affected listed issuer prior to effecting any suspension
an/or de-listing.
STATUS OF CURRENT PLANS TO REGULARISE THB FINANCIAL CONDITION
The Company is in the process of formulating a scheme to
restructure the business and the indebtedness of the Group.
Details of the restructuring scheme would be announced in due
course.
TRANS CAPITAL: Wind up Petition Sought by AIA Capital
-----------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
wish to announce that on 4 September 2001 TCHB was served a
statutory notice pursuant to section 218 (2)(a) of the Companies
Act, 1965 by the following party:
a) AIA Capital Corporation (BVI) Limited (AIA Capital BVI)
The amounts claimed are USD452,518.40 and S$18,322.02.
DETAILS OF DEFAULT LEADING TO THE PETITION
The above Notice was in relation to amounts owing for Success
Fees and out of pocket expenses pursuant to an agreement as
stated in AIA Capital BVI's letter dated 08.12.1999.
The Company hopes to resolve the above matter before the
proceedings of winding up pursuant to section 218(2)(a) of the
Companies Act, 1965 commences that is within three (3) weeks
from the date of the notice was served.
UNITED ENGINEERS: Unit ELITE Still in Default
---------------------------------------------
United Engineers (Malaysia) Berhad informed that Expressway
Lingkaran Tengag Sdn Bhd (ELITE), a wholly owned subsidiary, is
still in default in its payment of principal and interest on its
RM400.0 million Bond Issue Facility (BIF), RM440.0 million Note
Issue Facility (NIF) and RM100.0 million Bridging Loan Facility
(BLF).
ELITE informed the Company that as at 29 August 2001, it has
fully utilized its BIF, NIF and BLF, amounting to RM940.0
million.
The principal and interest due and payable as at 29 August 2001
for the above-mentioned facilities are as follows:
Type of Facility Default Principal Default Interest
as at 29 August 2001
1. BIF RM400.0 million RM66.2 million
2. NIF RM440.0 million RM29.4 million
3. BLF BI RM100.0 million RM12.9 million
Total RM940.0 million RM108.5 million
The BIF and NIF are secured by way of the following:
(i) a Charge over all Toll Amounts, the Designated Accounts
and the Credit Balances therein and Supplemental Charge;
(ii) a Deed of Assignment over all its rights to the
Concession Agreement,
Construction Contracts, Construction Guarantees and Performance
Bonds subject to the Government Assignment over the Performance
Bonds, which rank first in terms of security and Supplemental
Deed of Assignment;
(iii) a Debenture with fixed and floating charges over all
present and future assets, revenue and rights of ELITE other
than any such property, assets, revenues and rights which is the
subject of the Charge, Deed of Assignment and the Government
Assignment;
(iv) a Deed of Undertaking by ELITE and Supplemental Deed of
Undertaking;
(v) a Shareholder's Undertaking by UEM;
(vi) the Additional Operating Account Charge; and
(vii) Assignment of the Projek Lebuhraya Utara-Selatan
Berhad/ELITE Collection Agreement and the Service Provider
Agreement.
With regard to the proposed debt restructuring, ELITE has on 23
August 2001 decided to abort the proposed issuance of the Al-Bai
Bithaman Ajil Islamic Debt Securities (ABBA Bonds) under the
Sale and Purchase cum Facility Agreement dated 22 March 2001
(Facility Agreement) as ELITE was unable to provide additional
information as requested by the Securities Commission. ELITE's
inability to fulfill the said request was due to PJB Capital Sdn
Bhd's (PJB) failure, as the Primary Subscriber of the ABBA
Bonds, to provide us with the relevant information or
confirmation requested by the Securities Commission.
ELITE is currently working with its Financial Adviser, Commerce
International Bankers Berhad on an alternative debt-
restructuring scheme.
ELITE has on 30 August 2001 written to PJB, accepting its
repudiation of the Facility Agreement by its intention not to
fulfill its obligations under the Facility Agreement.
ZAITUN INDUSTRI: Added Info on Winding up Petition
--------------------------------------------------
Zaitun Berhad informed that Contipak Sdn Bhd (Contipak or the
Petitioner) has served a winding-up petition against Zaitun
Industri Sdn Bhd (ZISB) in the High Court of Kuala Lumpur.
(1) The petition was presented to the High Court on 10 August
2001 and was served on ZISB on 3 September 2001.
(2) The said petition is in respect of the alleged sum of
RM481,710.01 due and owing by ZISB to Contipak for goods sold
and delivered by Contipak.
(3) Events leading to the filing of the said winding-up
petition.
* On 16 July 2001, Contipak served a notice under S218 of the
Companies Act to ZISB demanding payment of RM481,710.01.
* On 3 September 2001,Contipak served the winding-up petition on
ZISB.
* The petition is fixed for hearing at 9.00 am on 8 November
2001.
(4) Based on the audited accounts of Zaitun Berhad @ 31
December 2000,the total cost of investment in ZISB is RM9.8
million.
(5) The Group's financial and operations will not be severely
affected by the said winding-up petition.
(6) The estimate losses, if any arising from the said winding
up proceedings would not be material.
(7) ZISB will be filing an affidavit to oppose the said
winding-up petition and move the Court to strike out the said
petition.
=====================
P H I L I P P I N E S
=====================
NATIONAL POWER: Arroyo Orders Joint Bidding
-------------------------------------------
President Macapagal-Arroyo last Friday ordered a joint bidding
by National Power Corp and the Government Service Insurance
System for the reinsurance of the power firm's 10-billion-dollar
assets, Inquirer News Service reported on September 9.
However, Malaca¤ang has yet to issue a memorandum to formalize
the order that President Macapagal announced during a press
conference, but sources say it would be issued "very soon."
Napocor's industrial all-risk policy covering fixed assets
including power plants, substations, and submarine transmission
cables, would expire at the end of the month.
NATIONAL POWER: Seeks Political Risk Insurance With Bear Stearns
----------------------------------------------------------------
National Power Corp and its US-based loan underwriter Bear
Stearns are seeking a political risk insurance from an
international firm to bring down by as much as half-a-percentage
point the cost of a planned 400-million-dollar, seven-year bond
issue through private placement within the month, Inquirer News
Service reported on September 9.
A well-placed source said that getting a risk insurance was
still cheaper for the power firm compared to a wider spread it
had to pay given its ailing finances.
Napocor, which needs to raise 530 million dollars this year to
repay debts and finance its operations would use the proceeds of
its long-term borrowing to settle maturing debts of about 300
million dollars and support capital expenses. National Treasurer
Sergio Edeza said that part of the money to be raised from the
private placement of Bear Stearns would be used to pay the
power firm's P3-billion borrowing from the national government.
Bangko Sentral Governor Rafael Buenaventura explained that the
political risk insurance would give investors an extra "comfort
level" to ensure that the borrowing would be honored even in
case of a debt moratorium.
COSMOS BOTTLING: RFM Corp Asks PSE to Protect Investing Public
--------------------------------------------------------------
RFM Corp asked the Philippine Stock Exchange (PSE) to take the
necessary steps to protect the investing public and listed
companies from persons or groups that send 'false and
misleading' signals about the quality and reality of the local
capital market and investment climate, Philippine Star reported
on September 10.
RFM Corp vice president Ramon Lopez said the case filed by Rep.
Augusto Syjuco against Cosmos Bottling Corp is nothing but a
clear case of harassment aimed at stopping the sale by RFM of
its shares of stock in Cosmos to San Miguel Corp.
Lopez said RFM and Cosmos are concerned that thousands of small
holders in these two companies can get hurt as a result of the
false and misleading statements made by Syjuco, one of which
includes urging the suspension of trading of RFM and Cosmos
shares based on unsubstantiated claims.
Lopez added that the fact that there was no 'free fall' in share
prices as hoped for by Syjuco may be attributed simply the
possibility that the majority of the investing public has
discounted the credibility of the Syjuco case and still look
forward to the prospective SMC-RFM deal and the tender offer on
the Cosmos shares.
=================
S I N G A P O R E
=================
FLEXTECH HOLDINGS: Unit Ups Shareholding in Circuit Sales
---------------------------------------------------------
The board of directors of Flextech Holdings Limited announced
that its wholly-owned subsidiary FE Global Electronics Pte Ltd
(formerly known as Flextech Electronics Pte Ltd) (FE Global) has
increased its shareholding in Circuit Sales International Pte
Ltd (CSI) from 80% to 100% through the acquisition of an
aggregate of 28,571 ordinary shares of S$1/- each in CSI
(the Minority Shares) from the minority shareholders of CSI.
The minority shareholders of CSI are Mr Allen Wayne Klusmeier
and Mr Onn Sin Ching, who are also directors of CSI at the time
of the transaction and have disclosed their interests in the
transaction. Following the transfer of his shares, Mr Klusmeier
has since resigned as a director of CSI.
CSI was incorporated in Singapore and engages primarily in the
trading and distribution of electronic components, including
acting as commission agents. The acquisition of the Minority
Shares is part of the restructuring exercise of FE Global group
of companies in order to achieve better operational efficiency.
It is proposed, after the acquisition of the Minority Shares,
the business of CSI will be transferred to Electec Pte Ltd,
another wholly owned subsidiary of Flextech, and thereafter
retain CSI as a dormant company.
The total consideration paid for the Minority Shares is
S$213,403.20 and is arrived at on a willing buyer and willing
seller basis. Based on the unaudited accounts of CSI as at 30
June 2001, the net tangible asset value of the Minority Shares
was S$383,551.40. The consideration is funded through the
internal sources of FE Global. The transaction is not expected
to have any material effect on the earnings per share and net
tangible assets per share of Flextech.
Except as disclosed above, none of the Directors or substantial
shareholders of Flextech has declared to the Company that they
have any interest, direct or indirect, in the transaction.
KEPPEL CAPITAL: Posts OCBC's Changes in Interests
-------------------------------------------------
Keppel Capital Holdings Ltd posted a notice of changes in
substantial shareholder Oversea-Chinese Banking Corp Ltd
(OCBC)'s Interests, as follows:
Name of substantial shareholder: Oversea-Chinese Banking
Corporation Limited
Date of notice to company: 07 Sept 2001
Date of change of interest: 06 Sept 2001
Name of registered holder: Oversea-Chinese Bank
Nominees Private Limited
(1)
Oversea-Chinese Banking
Corporation Limited
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
Ltd (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 1,351,574,515
% of issued share capital: 0.01 97.71
No. of shares held after change: 118,708 1,356,565,984
% of issued share capital: 0.01 98.07
Total shares: 118,708 1,356,565,984
Shares held in the name of
registered holder (1) (2)
No of shares of the change: 4,952,469(direct)) 39,000 (direct)
% of issued share capital : 0.36% 0.00%
Amount of consideration per
share (excluding brokerage
& stamp duty) S$3.65
No of shares held before change: (1) 1,351,196,938 (2)
377,577
% of issued share capital 97.68% 0.03%
No of shares held after change : 1,356,149,407 416,577
% of issued share capita; : 98.04% 0.03%
Oversea-Chinese Banking Corporation Limited direct interest
under registered holder Oversea-Chinese Banking Corporation
Limited is 416,577 (0.03%) (scrips form) and under registered
holder Oversea-Chinese Bank Nominees Private Limited is
1,356,149,407 (98.04%) and deemed interest under registered
holder Oversea-Chinese Bank Nominees Private Limited is 118,708
(0.01%). Total interest after change is 98.08%.
The percentages are computed based on 1,383,223,575 shares as at
7 August 2001.
===============
T H A I L A N D
===============
NAKORNTHAI STRIP: Court Postpones Rehab Plan Consideration
----------------------------------------------------------
Maharaj Planner Company Limited, Planner of Nakornthai Strip
Mill Public Company Limited, announced that the Court has
postponed the date to conduct a hearing and consideration of the
Rehabilitation Plan until November 1, 2001, at The Central
Bankruptcy Court.
PROPERTY PERFECT: Rehabilitation Plan Consideration Rescheduled
---------------------------------------------------------------
Property Perfect Public Company Limited announced that on
September 5, 2001, the court has rescheduled the consideration
of the company's rehabilitation plan to be on September 25,
2001.
SAMART CORPORATION: Increases Capital, Allocates News Shares
------------------------------------------------------------
Samart Corporation Public Company Limited ( SAMART ) reported
the resolution adopted at the meeting of the Board of Directors
of the Company No.6/2001 held on September 6,2001 from 2.30
p.m. to 4.30 p.m. relating to an increase of capital and
allocation of new shares of the Company as follows.
1. Increase of Capital
The meeting of the Board of Directors resolved to approved
for the Company to increase its registered capital from
Bt790,808,430 to Bt1 billion by issuing 20,919,157 new ordinary
shares with par value of Bt10 (Ten) per share totaling to
Bt209,191,570.
2. Allocation of new shares.
The meeting of the Board of Directors resolved to approve
for the Company to issue and allocate 18,594,000 new ordinary
shares with a par value of Bt10 (Ten) per share totaling to
Bt185,940,000 according to the following details:
2.1 Details of Allocation
Allocation To: Company's Creditors (As per details herewith)
Number of shares : 18,594,000
Ratio (Old:new) : -
Offer Price Per share : -
Subscription Payment Period: -
Remark : Turning Debt to equity for the company's creditors
List of Creditors.
1. Bangkok Bank Public Company Limited
2. BANKTHAI Public Company Limited
3. Bank of America NT & SA , Bangkok Branch
4. BA Asia Limited , Hong Kong Branch
5. Bank of Ayudhya Public Company Limited
6. Bank of Tokyo Mitsubishi Ltd. Bangkok Branch
7. Bank of Tokyo Mitsubishi Ltd. Bangkok Branch International
Banking Facility
8. Credit Lyonnais Bangkok International Banking Facility
9. Credit Lyonnais Singapore Branch
10. Deutsche Bank AG , Bangkok Branch
11. Export Development Corporation
12. The Industrial Finance Corporation of Thailand
2.2 Action taken by SAMART in case of remaining shares -
2.3 Remaining unallocated shares.
There will be 2,325,157 unallocated shares with par
value of Bt10 (Ten) totaling to Bt23,251,570.
3. Schedule for the meeting of shareholders for approval of
the increase/allocation of new shares
The Extraordinary General Meeting of shareholders No.
2/2001 will be held at 2.00 p.m. on October 8, 2001 at Miracle
Grand Convention Hotel, No 99 Viphavadee Rangsit Road,Khet Don
Muang,Bangkok 10210. The Company will close its share register
to determine the right of the shareholders to attend the meeting
from September 21,2001 at 12.00 hrs until the meeting adjourned.
4. Approvals from authorities and approval conditions for the
increase of capital/allocation of new shares (if any)
The Company will register to the Ministry of Commerce for
its new registered and paid up capital. The Company will also
apply for approval from the Stock Exchange of Thailand for
being the listed securities of the newly issued shares.
5. Objectives of the increase of capital and use of proceeds.
For paying the Company's outstanding debt by conversion
from debt to equity which is one of the Debt Restructuring's
conditions with the Company's creditors.
6. Expected benefits that the company will obtain from the
increase of capital/allocation of new shares
The Company's outstanding debt will be reduced from
approximately Bt8.7 billion to Bt3.975 billion and the interest
payment will be reduce by Bt250-300 million, thus leading to
more efficient cash flow.
7. Expected benefits that the shareholders will obtain from
the increase of capital/allocation of new shares.
7.1 Dividend policy: Dividend will be paid in advance after
the repayment to creditors is not less than 70% of total
repayment.
7.2 Subscribers to new shares will be entitled to receive
dividends from the Company's business operation after repayment
to creditors is not less than 70% of total repayment.
7.3 Others: -
8. Other details necessary for the shareholders' decision on
approval of the increase of capital/allocation of new shares.
- none -
9. Timetable for the increase of Capital / allocation of new
shares of the Company.
Time Table for Capital Increase
Of
Samart Corporation Public Company Limited
Activities Date
Hold the Board of Directors' Meeting. September 6, 2001
Notify the resolutions of the Board of September 6, 2001
Directors' Meeting to the Stock Exchange
of Thailand.
Close the share register to determine September 21, 2001
shareholders' right for attending the
Extraordinary General Meeting of
Shareholders No. 2/2001.
Deliver the notice for attending the September 25, 2001
meeting to Company's share registrar
(TSD) for sending to shareholders.
Advertise the notice of meeting in the October 1-3, 2001
newspaper.
Hold the Extraordinary General Meeting October 8, 2001
of Shareholders No. 2/2001.
Subscription and payment period for new After signing the
ordinary shares. Debt Restructuring
Agreement. Exactly
date will be
disclosed later.
SAMART CORPORATION: Posts Debt Restructuring Board Resolutions
-------------------------------------------------------------
Samart Corporation Public Company Limited, reported certain
resolutions adopted at the Board of Directors' meeting No.
6/2001 held on September 6, 2001 to SET as follows:
1. Approved the Company's Debt Restructuring by
1.1 Approved to transfer the Company's 105,375,010 SHIN
shares to lenders at Baht not less than 20.9 per share;
1.2 Approved Bt3,975,007,379.75 as long-term principal debt
outstanding, which was reduced from approximately Baht 8,700
million, payable over a 6 years tenure;
1.3 Approved Bt2,503,713,209.34 debt to be converted to
equity in Samart and its subsidiaries as follows:
1.3.1 18,594,000 new shares in Samart Corporation
Plc. at 110% of market price;
1.3.2 4,955,600 existing shares in Samart Telcom Plc.
at Baht 31 per share;
1.3.3 30% of shares held in subsidiaries and
associated companies exclude the affiliated companies in Samart
Telcom Plc's group and Cambodia Samart Communication Co., Ltd.
at premium to the book value.
2. Approved the decrease of Company's registered capital from
Bt800 million to Bt790,808,430 by cancellation an aggregate
number of 919,157 unissued and unallocated ordinary shares.
3. Approved the amendment of Clause 4 (Company's registered
capital) of the Memorandum of Association to be read as follows:
"Clause 4 The registered capital is Bt790,808,430
Divided into 79,080,843 shares
Each has a par value of Bt10
Classified as
Ordinary share 79,080,843 shares
Preference shares - shares "
4. Approved the increase of Company's registered capital from
Bt790,808,430 to Bt1 billion by issuance 20,919,157 ordinary
shares with par value of Bt10 for total capital increase of
Bt209,191,570.
5. Approved the allocation of 18,594,000 new issued ordinary
shares to the Company's creditors to comply with the Debt
Restructuring Agreement.
6. Approved the amendment of Clause 4 (Company's registered
capital) of the Memorandum of Association to be read as follow :
"Clause 4 The registered capital is Bt1,000,000,000
Divided into 100,000,000 shares
Each has a par value of Bt10
Classified as
Ordinary shares 100,000,000 shares
Preference shares - shares "
7. Approved the appointment of new director from a nominated
representative of creditors.
8. Approved the additional agenda for the Extraordinary
General Meeting No. 2/2001 as follows:
8.1 To consider and approve the Company's Debt
Restructuring;
8.2 To consider and approve the transfer the Company's
105,375,010 SHIN shares to creditors at Baht not less than 20.9
per share;
8.3 To consider and approve Bt3,975,007,379.75 as long-
term principal debt outstanding payable over a 6 years tenure;
8.4 To consider and approve Bt2,503,713,209.34 debt to be
converted to equity in Samart and its subsidiaries;
8.5 To consider and approve the decrease of Company's
registered capital;
8.6 To consider and approve the amendment of Clause 4 of
the Memorandum of Association;
8.7 To consider and approve the increase of Company's
registered capital;
8.8 To consider and approve the allocation of new shares;
8.9 To consider and approve the amendment of Clause 4 of
the Memorandum of Association;
8.10 To consider and approve the appointment of a new
director.
9. Scheduled for the Extraordinary General Meeting of
Shareholders No. 2/2001 on October 8, 2001 at 2.00 p.m. Venus
Room, Miracle Grand Convention Hotel No.99 Vibhavadee Rangsit
Road, Khet Don Muang, Bangkok 10210 and scheduled the date for
closing of share registration to determine the eligible
shareholders to attend the Extraordinary General Meeting of
Shareholders No. 2/2001 on September 21, 2001 starting from
12.00 hrs. until the meeting is adjourned.
SIKRIN PUBLIC: SET Lifts 'SP' Sign
----------------------------------
SIKRIN Public Company Limited (SIKRIN) has completed its debt
restructuring agreement by more than 50% worth of total debts.
The rehabilitation plan of SIKRIN has been approved by its
shareholders on June 29,2001 respectively. SIKRIN has also
submitted the petition for trading reinstatement to the Stock
Exchange of Thailand (SET).
In addition, SIKRIN has already disclosed major elements of its
debt restructuring agreements and rehabilitation plan as
specified by the SET's rules.
Therefore, the SET decides to lift 'SP' sign from SIKRIN
on September 17 ,2001 to allow the trading of such securities in
REHABCO sector. Shareholders and investors should follow the
companies'debt restructuring and their rehabilitation plans
before making investment decision.
However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of SIKRIN will be temporarily removed on
September 17 ,2001 to allow the market mechanism to work
freely.
THAI TELEPHONE: Business Reorganization Petition Filed in Court
---------------------------------------------------------------
Thai & Telecommunication Public Company Limited's (DEBTOR),
Petition For Business Reorganization was filed to the Central
Bankruptcy Court:
Black Case Number Phor. 19/2543
Red Case Number Phor. 25/2543
Petitioner: THAI TELEPHONE & TELECOMMUNICATION PUBLIC COMPANY
LIMITED
Planner: THAI TELEPHONE & TELECOMMUNICATION PUBLIC COMPANY
LIMITED
Debts Owed to the Petitioning Creditor: Bt44, 357,561,770
Date of Court Acceptance of the Petition: April 7, 2000
Court order for Business Reorganization: May 8, 2000
Court order Appointment of Planner: May 29, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: June 5, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on July 29,
2000
Deadline for Creditors to submit Applications for Payment in
Business Reorganization: July 31, 2000
Deadline to object Applications for Payment in Business
Reorganization: August 15, 2000
Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 30, 2000
Court issued an Order Accepting the Reorganization Plan:
December 27, 2000 and Appointed Thai Telephone &
Telecommunication Public 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 8, 2001
Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on January 30, 2001
Contact: Ms. Poonsiri Tel 6792511
WONGPAITOON GROUP: 2000 Net Loss Stands at 1.05M
------------------------------------------------
Wongpaitoon Group Public Company Limited reported its audited
annual financial statements, as follow:
Audited
Ending December 31, (In thousands)
For year
Year 2000 1999
Net profit (loss) (1,051,887) (2,307,805)
EPS (baht) (37.57) (82.42)
**********
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Copyright 2000. All rights reserved. ISSN: 1520-9482.
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