/raid1/www/Hosts/bankrupt/TCRAP_Public/011004.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, October 4, 2001, Vol. 4, No. 194
Headlines
A U S T R A L I A
ANSETT AUSTRALIA: ANZ Shakeup Claim Unfounded
AUSTAR UNITED: Subsidiary Secures Funding
AUSTRALIAN MAGNESIUM: Non-Executive Director Retires
HARTS AUSTRALASIA: Appoints Provisional Liquidators
MAXIS CORPORATION: Posts Preliminary Report
PASMINCO LIMITED: Posts Administrators' Letter To Shareholders
UNITED AUSTRALIA/AUSTAR UNITED: Moody's Lowers Debt Ratings
C H I N A & H O N G K O N G
CENTURY LEGEND: Not Aware Of Exceptional Price Movement
HI SUN: Posts Changes In Scheme Of Arrangement
HIKARI TSUSHIN: Sees No Reason For Share Price Increase
OCEAN ASIA: Hearing of Winding Up Petition Set
I N D O N E S I A
BANK CENTRAL: IBRA Sells Shares
SEMEN GRESIK: Government Seeks Higher Price From Cemex
J A P A N
ISHIKAWAJIMA-HARIMA: Slashes Earnings Forecasts For Year
J&C TRAVEL: Files For Bankruptcy
KOMATSU LIMITED: Projected Losses Spur 2,200 Job Cuts
MITSUBISHI HEAVY: Creates Power Company
SONY CORPORATION: May Sell, Absorb Troubled Aiwa Unit
UFJ HOLDINGS: Posts Losses After Loan Write-Offs
K O R E A
DAEWOO MOTOR: Poland Unit Declared Bankrupt
KOOKMIN BANK: Shareholders Approve Merger With H&CB
SAMSUNG LIFE: Career Transition Center Opened
M A L A Y S I A
DATAPREP HOLDINGS: Shareholders Approval Sought Re Scheme
CONSTRUCTION AND SUPPLIES: Identifies Assets To Be Injected
MALAYSIAN GENERAL: Submitting Proposed Restructuring Scheme
MBF HOLDINGS: Proposed Schemes Of Arrangement Approved
OLYMPIA INDUS: Submits Application On Revised Workout Scheme
PANCARAN IKRAB: Unit Participates Proposed Debt Workout Scheme
PARIT PERAK: Gets Creditors Written Agreement-In-Principle
RAHMAN HYDRAULIC: Awaits KLSE Reply On Extension Request
S & P FOOD: KLSE Grants Approval On Proposals
SASHIP HOLDINGS: KLSE Approves Workout Scheme Revised Circular
SISTEM TELEVISYEN: Shareholders Approve Proposed Disposal
TIMBERMASTER INDUSTRIES: Follows Up White Knight On MoU
WING TIEK: In Discussions With Potential White Knights
XEROX CORP.: To Transfer Malaysian Operations To Flextronics
P H I L I P P I N E S
NATIONAL STEEL: Perks Promised To Possible NSC Operator
PICOP RESOURCES: Shut Downs Various Operations
RFM CORPORATION: Cosmos Sale To Push Through
S I N G A P O R E
ASIA PULP: Faces Shareholder's Stock Fraud Lawsuit
GMG GLOBAL: Posts Director's Deemed Interests Changes
HO WAH: Posts Interests Acquisition Proposal
HONG LEONG: Posts Shareholder's Interests Changes
INNO-PACIFIC: Posts October 1 Announcement Clarification
THAKRAL CORPORATION: Posts Notice Of Court Meeting
T H A I L A N D
ABS THAI: Petition For Business Reorganization Filed In Court
PROPERTY PERFECT: Court Approves Rehabilitation Plan
SUPALAI PUBLIC: Enters Debt Restructuring With Creditors
WONGPAITOON GROUP: Cites Reasons For Profit, Loss Variance
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT AUSTRALIA: ANZ Shakeup Claim Unfounded
---------------------------------------------
Dr Jim Farmer, the Acting Chairman of Air New Zealand (ANZ),
parent firm of Ansett, issued this statement Wednesday:
"On behalf of the Board of Air New Zealand, I am issuing a
denial of the entirely unfounded speculation, published in some
Australian newspapers this morning, that the company has decided
to undertake a massive management shake-up involving the
replacement of our Chief Executive Gary Toomey and a number of
other executives.
"I am deeply disturbed that such damaging, untrue rumors are in
circulation - and being given credence by some elements of the
news media - when we are all working so hard to secure the
survival of Air New Zealand.
"Gary Toomey was the unanimous choice of the Board when he was
appointed as Chief Executive, and he and his management team
have earned our support since they started work at the beginning
of this year, analyzing the problems of the Group and proposing
and implementing solutions.
"Gary and the executive have prepared a number of proposals for
restructuring the company now that Ansett Holdings has ceased
normal operations and moved into voluntary administration.
"All our energies are currently focused on negotiations to
achieve the recapitalization of Air New Zealand. After the Board
of Directors have completed its efforts in this direction, we
will consider the recommendations for restructuring.
"Changes will have to be made - but there are appropriate and
agreed processes for determining what those changes are and how
they will be achieved. I assure you that they will be followed
as we move Air New Zealand through these difficult times," Dr
Farmer said.
AUSTAR UNITED: Subsidiary Secures Funding
-----------------------------------------
Austar United Communications Limited confirmed Wednesday that
its subsidiary, Austar United Holdco1 Pty Ltd (Austar), has
reached agreement with TVSN Limited (TVSN) to secure TVSN's
funding. Under this agreement, unless TVSN finalizes
arrangements with a new strategic investor, Austar will provide
TVSN with funding to meet cash flow requirements for the first
half of 2002. The agreement is for an amount of up to $3 million
and is based on TVSN maintaining the growth of its business as
forecast in a business plan adopted by the TVSN Board. Under
this business plan, TVSN requires no further funding after June
2002.
For further information:
Bruce Meagher
0412 254 690 / 02 9295 0183
AUSTRALIAN MAGNESIUM: Non-Executive Director Retires
----------------------------------------------------
John Innes has retired as a Non-Executive Director of Australian
Magnesium Corporation Limited. Innes has indicated personal and
health reasons for his retirement.
AMC Chairman Dr Roland Williams said the AMC Board thanked Mr
Innes for his services and his significant contribution to the
Company during his three years as a Director.
Innes has had a distinguished career in the research and
development of new technologies in the minerals processing
industry.
Dr Williams said AMC wished Mr Innes all the best and expressed
the hope AMC could take advantage of his experience and counsel
from time to time in the years to come.
Wright Investors' Service reported that at the end of 2001, the
Company would have a negative working capital, as current
liabilities were A$34.82 million while total current assets were
only A$34.60 million. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding. However, negative working capital in and
of itself is not necessarily bad, and could indicate that the
company is very efficient at turning over inventory, or that the
company has large financial subsidiaries.
HARTS AUSTRALASIA: Appoints Provisional Liquidators
---------------------------------------------------
Harts Australasia Limited announced that John Lethbridge Greig
and Robert John Duff, Chartered Accountants of Deloitte Touche
Tohmatsu, Level 26, Riverside Centre, 123 Eagle Street, Brisbane
were appointed Provisional Liquidators of Harts Australasia
Limited ACN 091 395 630 and others on 2 October 2001 pursuant to
an order of the Federal Court of Australia.
For more information contact Jonathan McLeod on 07 3308 7138.
MAXIS CORPORATION: Posts Preliminary Final Report
-------------------------------------------------
Maxis Corporation Limited posted its Preliminary Final Report:
Name of entity
Maxis Corporation Limited
ACN, ARBN, ABN or ARSN Half Preliminary Financial Year
ended
yearly final ('current period')
(tick) (tick)
009 239 285 X 30/06/2001
FOR ANNOUNCEMENT TO THE MARKET AUD000
Extracts from this report for announcement to the market (see
note 1).
Revenues from ordinary activities
(item 1.1) up 749% to 34,591
Profit (loss) from ordinary activities
after tax (before amortization
of goodwill) attributable to members
(item 1.20) down -% to (78,235)
Profit (loss) from ordinary activities
after tax attributable to members
(item 1.23) down -% to (78,235)
Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d)) gain/loss of % to
Nil
Net profit (loss) for the period
attributable to members
(item 1.11) down -% to (78,235)
DIVIDENDS (DISTRIBUTIONS) AMOUNT PER SECURITY FRANKED
AMOUNT
(cents) PER SECURITY
(cents)
Final dividend (Preliminary final report
only - item 15.4)
Interim dividend (Half yearly report
only - item 15.6) Nil Nil
Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7) Nil Nil
Record date for determining entitlements to the
dividend, (in the case of a trust, distribution)
(see item 15.2) N/A
Brief explanation of omission of directional and percentage
changes to profit in accordance with Note 1 and short details of
any bonus or cash issue or other item(s) of importance not
previously released to the market: -
CONSOLIDATED PROFIT AND LOSS ACCOUNT
CURRENT PREVIOUS
PERIOD CORRESPONDING
PERIOD
AUD000 AUD000
1.1 Revenues from ordinary activities 34,591 4,621
1.2 Expenses from ordinary activities
(see items 1.24 + 12.5 + 12.6) (112,546) (2,776)
1.3 Borrowing costs (280) (199)
1.4 Share of net profit (loss) of
associates and joint venture
entities (see item 16.7) - -
1.5 Profit (loss) from ordinary
activities before tax (78,235) 1,646
1.6 Income tax on ordinary
activities (see note 4) - -
1.7 Profit (loss) from ordinary
activities after tax (78,235) 1,646
1.8 Profit (loss) from extraordinary
items after tax (see item 2.5) - -
1.9 Net profit (loss) (78,235) 1,646
1.10 Net profit (loss) attributable to
outside equity interests - -
1.11 Net profit (loss) for the period
attributable to members (78,235) 1,646
CONSOLIDATED RETAINED PROFITS
1.12 Retained profits (accumulated losses)
at the beginning of the financial
period (21,307) (22,953)
1.13 Net profit (loss) attributable to
members (item 1.11) (78,235) 1,646
1.14 Net transfers (to) and from reserves - -
1.15 Net effect of changes in accounting
policies - -
1.16 Dividends and other equity distributions
paid or payable - -
1.17 Retained profits (accumulated losses)
at end of financial period (99,542) (21,307)
PROFIT RESTATED TO EXCLUDE AMORTISATION OF GOODWILL
1.18 Profit (loss) from ordinary activities
after tax before outside equity
interests (items 1.7) and amortization
of goodwill (78,235) 1,646
1.19 Less (plus) outside equity interests - -
1.20 Profit (loss) from ordinary activities
after tax (before amortization of
goodwill) attributable to members (78,235) 1,646
PROFIT (LOSS) FROM ORDINARY ACTIVITIES
ATTRIBUTABLE TO MEMBERS
1.21 Profit (loss) from ordinary activities
after tax (item 1.7) (78,235) 1,646
1.22 Less (plus) outside equity interests - -
1.23 Profit (loss) from ordinary activities
after tax, attributable to members (78,235) 1,646
REVENUE AND EXPENSES FROM ORDINARY ACTIVITIES
AASB 1004 requires disclosure of specific categories of revenue
and AASB 1018 requires disclosure of expenses from ordinary
activities according to either their nature of function.
Entities must report details of revenue and expenses from
ordinary activities using the layout employed in their accounts.
See also items 12.1 to 12.6
Current Previous
Period Corresponding
Period
AUD000 AUD000
1.24 Details of revenue and expenses
OPERATING REVENUE
Sales Revenue - sale of goods 25,652 1,677
Interest Received from related persons 30 67
Interest Received from unrelated persons 36 445
Sundry Income 15 16
25,733 2,205
NON-OPERATING REVENUE
Proceeds from sale of:
Investments 916 434
Assets 23 150
Subsidiary 2,300 -
Writeback of provision for non-recovery
of Loan - 400
Gain on loss of control of controlled
entities 5,619 1,432
8,858 2,416
EXPENSES
Cost of Goods Sold 21,840 1,174
Operating Expenses 6,478 925
Borrowing Costs 280 199
Prov'n for Non Recovery of Loans from
related entity 18,604 -
Writedown of Previous Controlled Entity 59,534 -
Writedown of Investments 1,512 39
Depreciation and Amortization 1,119 225
Cost of Sale of Assets 285 50
Cost of Sale of Shares 1,183 363
Cost of Sale of Subsidiary 1,991 -
112,826 2,975
INTANGIBLE AND EXTRAORDINARY ITEMS
Consolidated - current period
Before Related Related Amount
tax tax outside (after
equity tax)
interests attributable
to members
AUD000 AUD000 AUD000 AUD000
2.1 Amortization of
goodwill - - - -
2.2 Amortization of
other intangibles - - - -
2.3 Total amortization
of intangibles - - - -
2.4 Extraordinary items - - - -
(details)
2.5 Total extraordinary
items - - - -
COMPARISON OF HALF YEAR PROFITS Current Previous
(Preliminary final report only) year year
AUD000 AUD000
3.1 Consolidated profit (loss) from
ordinary activities after tax
attributable to members reported
for the 1st half year (item 1.23
in the half yearly report) (74,179) (190)
3.2 Consolidated profit (loss)
from ordinary activities after tax
attributable to members for the 2nd
half year (4,056) 1,836
CONSOLIDATED BALANCE SHEET
At end of As in last As in last
current annual half yearly
period report report
AUD000 AUD000 AUD000
CURRENT ASSETS
4.1 Cash 964 4,002 426
4.2 Receivables 993 8,160 3,584
4.3 Investments 113 132 -
4.4 Inventories - 1,303 -
4.5 Other (provide details
if material) - - 19
4.6 Total current assets 2,070 13,597 4,029
NON-CURRENT ASSETS
4.7 Receivables - 888 -
4.8 Investments (equity
accounted) - - -
4.9 Other investments 4,000 1,011 4,000
4.10 Inventories - - -
4.11 Exploration and evaluation
expenditure capitalized
(see para.71 of AASB 1022) - 274 -
4.12 Development properties
(mining entities) - 1,244 -
4.13 Other property, plant and
equipment (net) 45 7,456 150
4.14 Intangibles (net) - 68,369 -
4.15 Other (provide details if
material) - - -
4.16 Total non-current assets 4,045 79,242 4,150
4.17 Total assets 6,115 92,839 8,179
CURRENT LIABILITIES
4.18 Payables 577 10,024 260
4.19 Interest bearing
liabilities 20 740 -
4.20 Provisions - 343 12
4.21 Other (DOCA liabilities) 1,337 40 -
4.22 Total current liabilities 1,934 11,147 272
NON-CURRENT LIABILITIES
4.23 Payables - - -
4.24 Interest bearing
liabilities - 1,431 -
4.25 Provisions - 110 -
4.26 Other (provide details if
material) - - -
4.27 Total non-current
liabilities - 1,541 -
4.28 TOTAL LIABILITIES 1,934 12,688 272
4.29 NET ASSETS 4,181 80,151 7,907
EQUITY
4.30 Capital/contributed equity 103,723 101,458 103,393
4.31 Reserves - - -
4.32 Retained profits
(accumulated losses) (99,542) (21,307) (95,486)
4.33 Equity attributable to
members of the parent
entity 4,181 80,151 7,907
4.34 Outside equity interests in
controlled entities - - -
4.35 Total equity 4,181 80,151 7,907
4.36 Preference capital included
as part of 4.33 - - -
EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if
amounts are material. Include all expenditure incurred
regardless of whether written off directly against profit.
Current Previous
period corresponding
period
AUD000 AUD000
5.1 Opening balance 274 586
5.2 Expenditure incurred
during current period 9 177
5.3 Expenditure written off
during current period - (439)
5.4 Acquisitions, disposals,
revaluation increments, etc. (283) (50)
5.5 Expenditure transferred to
Development Properties - -
5.6 Closing balance as shown in
the consolidated balance sheet
(item 4.11) - 274
DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if
amounts are material)
Current Previous
period corresponding
period
AUD000 AUD000
6.1 Opening balance 1,244 1,400
6.2 Expenditure incurred
during current period 30 6
6.3 Expenditure transferred from
exploration and evaluation - -
6.4 Expenditure written off
during current period (59) (162)
6.5 Acquisitions, disposals,
revaluation increments, etc. (1,215) -
6.6 Expenditure transferred to
mine properties - -
6.7 Closing balance as shown in
the consolidated balance sheet
(item 4.12) - 1,244
CONSOLIDATED STATEMENT OF CASH FLOWS
Current Previous
period corresponding
period
AUD000 AUD000
CASH FLOWS RELATED TO OPERATING ACTIVITIES
7.1 Receipts from customers 23,627 1,668
7.2 Payments to suppliers and
employees (25,650) (2,088)
7.3 Dividends received from
associates - -
7.4 Other dividends received - -
7.5 Interest and other items
of similar nature received 66 553
7.6 Interest and other costs of
finance paid (280) (262)
7.7 Income taxes paid (193) -
7.8 Other (provide details if material) 15 21
7.9 Net operating cash flows (2,415) (108)
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.10 Payment for purchases of property,
plant and equipment (1,815) 5
7.11 Proceeds from sale of property, plant
and equipment 23 150
7.12 Payment for purchases of equity
investments (31) (172)
7.13 Proceeds from sale of equity
investments 3,216 776
7.14 Loans to other entities (250) (12,032)
7.15 Loans repaid by other entities 277 -
7.16 Other (Exploration & Development Expend.)(39) (197)
7.16 Other (Loss of Control of Cash in
subsidiaries when control of business
lost) (4,488) (1,862)
7.17 Net investing cash flows (607) (13,332)
CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.18 Proceeds from issues of securities
(shares, options, etc.) 350 19,620
7.19 Proceeds from borrowings 20 -
7.20 Repayment of borrowings (376) (530)
7.21 Dividends paid - -
7.22 Other (Payment of Share/Option Costs) (10) (328)
7.23 Net Financing Cash Flows (16) 18,762
7.24 NET INCREASE (DECREASE) IN CASH HELD (3,038) 5,322
7.25 Cash at beginning of period 4,002 (1,320)
(see Reconciliation of cash)
7.26 Exchange rate adjustments to item
7.25 - -
7.27 Cash at end of period
(see Reconciliation of cash) 964 4,002
NON-CASH FINANCING AND INVESTING ACTIVITIES
Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows are as follows. If an amount is
quantified, show comparative amount.
CURRENT PREVIOUS
PERIOD PERIOD
$A'000 $A'000
Net decrements arising from write-down of
non-current assets:
- Investments in previous controlled entities 59,534 -
- Investments 1,512 39
Net bad and doubtful debts arising from:
- Previous controlled entities 18,604 -
RECONCILIATION OF CASH
Reconciliation of cash at the end of Current Previous
the period (as shown in the consolidated period corresponding
statement of cash flows) to the related period
items in the accounts is as follows. AUD000 AUD000
8.1 Cash on hand and at bank 696 1,999
8.2 Deposits at call 268 2,003
8.3 Bank overdraft - -
8.4 Other (provide details) - -
8.5 Total cash at end of
period (item 7.27) 964 4,002
RATIOS Current Previous
period corresponding
period
PROFIT BEFORE TAX / REVENUE
9.1 Consolidated profit (loss) from
ordinary activities before tax
(item 1.5) as a percentage of
revenue (item 1.1) (226.2) % 35.6 %
PROFIT AFTER TAX / EQUITY INTERESTS
9.2 Consolidated net profit (loss) from
ordinary activities after tax
attributable to members (item 1.9)
as a percentage of equity (similarly
attributable) at the end of the
period (item 4.33) (1,871.2) % 2.1 %
EARNINGS PER SECURITY (EPS) Current Previous
period corresponding
period
10.1 Calculation of the following
in accordance with AASB 1027:
Earnings per Share
(a) Basic EPS (32.0) c 2.5 c
(b) Diluted EPS N/A c N/A c
(c) Weighted average number of
ordinary shares outstanding
during the period used in
the calculation of the
Basic EPS 244,203,648 66,239,795
NTA BACKING Current Previous
(see note 7) period corresponding
period
11.1 Net tangible asset backing
per ordinary security 0.8 c 5.2 c
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/EXPENSES
Current Previous
period corresponding
period
AUD000 AUD000
12.1 Interest revenue included
in determining item 1.5 66 512
12.2 Interest revenue included
in item 12.1 but not yet
received (if material) - -
12.3 Interest costs excluded from
borrowing costs, capitalized
in asset values - 137
12.4 Outlays (except those arising
from the acquisition of an
existing business) capitalized
in intangibles (if material) - -
12.5 Depreciation and amortization
(excluding amortization of
intangibles) 1,119 225
12.6 Other specific relevant items not
shown in item 1.24 (see note 15) - -
CONTROL GAINED OVER ENTITIES HAVING MATERIAL EFFECT
13.1 Name of entity (or group of entities) Nil
13.2 Consolidated profit (loss) from ordinary
activities and extraordinary items after tax
of the entity (or group of entities) since
the date in the current period on which
control was acquired $ N/A
13.3 Date from which such profit has
been calculated -
13.4 Profit (loss) from ordinary activities
and extraordinary items after tax of
the entity (or group of entities) for
the whole of the previous corresponding
period $ -
LOSS OF CONTROL OF ENTITIES HAVING MATERIAL EFFECT (1)
14.1 Name of entity (or group of entities) Australian Business
Technologies Pty Ltd
14.2 Consolidated profit (loss) from ordinary
activities and extraordinary items after
tax of the entity (or group of entities)
for the current period to the date of loss
of control $ (5,619,341)
14.3 Date to which the profit (loss) in
item 14.2 has been calculated 31/12/2000
14.4 Consolidated profit (loss) from ordinary
activities and extraordinary items after
tax of the entity (or group of entities)
while controlled during the whole of
the previous corresponding period $ Nil
14.5 Contribution to consolidated
profit (loss) from ordinary
activities and extraordinary items
from sale of interest leading to
loss of control $ 5,619,341
LOSS OF CONTROL OF ENTITIES HAVING MATERIAL EFFECT (2)
14.1 Name of entity (or group of entities)Chimelle Petroleum Ltd
14.2 Consolidated profit (loss) from ordinary
activities and extraordinary items after
tax of the entity (or group of entities)
for the current period to the date of loss
of control $ 935,928
14.3 Date to which the profit (loss) in
item 14.2 has been calculated 22/12/2000
14.4 Consolidated profit (loss) from ordinary
activities and extraordinary items after
tax of the entity (or group of entities)
while controlled during the whole of
the previous corresponding period $ 101,064
14.5 Contribution to consolidated
profit (loss) from ordinary
activities and extraordinary items
from sale of interest leading to
loss of control $ 308,623
REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS
The Economic Entity operates predominantly within the
information, technology and telecommunications industry. Maxis
sold its remaining oil interests in December 2000. The Economic
Entity operates exclusively in Australia. A breakdown of
financial information by geographical segment is set out as
follows:
OIL & GAS IT & T TOTAL
$A'(000) $A'(000) $A'(000)
Operating revenue:
Sales to customers outside
the economic entity 1,430 24,222 25,652
Other revenue 3,217 5,722 8,939
Unallocated revenue - - -
Total revenue (consolidated
total equal to item 1.1) 4,647 29,944 34,591
Segment result (including
abnormal items where
relevant) 978 (79,213) (78,235)
Unallocated expenses - - -
Consolidated operating profit
after tax before equity
accounting (equal to
item 1.8) 978 (79,213) (78,235)
Segment assets - 6,115 6,115
Unallocated assets - - -
Total assets (equal
to item 4.17) - 6,115 6,115
DIVIDENDS (in the case of a trust, distributions)
15.1 Date the dividend (distribution) is payable N/A
15.2 Record date to determine entitlements to the
dividend (distribution) (ie, on the basis of
registrable transfers received by 5.00pm if
securities are not CHESS approved, or
security holding balances established by
5.00pm or such later time permitted by
SCH Business Rules if securities are
CHESS approved) -
15.3 If it is a final dividend, has it been declared
(Preliminary final report only) -
AMOUNT PER SECURITY
Amount per Franked Amount Amount per
security per security at security of
36% tax foreign
source
dividend
(Preliminary final report only) Nil
15.4 Final dividend:
Current year - c - c - c
15.5 Previous year - c - c - c
(Half yearly and preliminary final
reports) N/A
15.6 Interim dividend:
Current year - c - c - c
15.7 Previous year - c - c - c
TOTAL DIVIDEND (DISTRIBUTION) PER SECURITY (INTERIM PLUS FINAL)
(Preliminary final report only)
Current Previous
year year
Nil
15.8 Ordinary securities - c - c
15.9 Preference securities - c - c
HALF YEARLY REPORT - INTERIM DIVIDEND (DISTRIBUTION) ON ALL
SECURITIES
OR
PRELIMINARY FINAL REPORT - FINAL DIVIDEND (DISTRIBUTION) ON ALL
SECURITIES
Current Previous
period corresponding
AUD000 period
AUD000
N/A
15.10 Ordinary securities - -
15.11 Preference securities - -
15.12 Other equity instruments - -
15.13 Total - -
The dividend or distribution plans shown below are in operation.
N/A
The last date(s) for receipt of election notices
for the dividend or distribution plans N/A
Any other disclosures in relation to dividends (distributions)
N/A
DETAILS OF AGGREGATE SHARE OF PROFITS (LOSSES) OF ASSOCIATES
AND JOINT VENTURE ENTITIES
Current Previous
period corresponding
AUD000 period
AUD000
16.1 Profit (loss) from ordinary activities Nil
before income tax - -
16.2 Income tax on ordinary activities - -
16.3 Profit (loss) from ordinary activities
after income tax - -
16.4 Extraordinary items net of tax - -
16.5 Net profit (loss) - -
16.6 Outside equity interests - -
16.7 Net profit (loss) attributable to
members - -
MATERIAL INTERESTS IN ENTITIES WHICH ARE NOT CONTROLLED ENTITIES
The economic entity has an interest (that is material to it)
in the following entities. If the interest was acquired or
disposed of during either the current or previous corresponding
period, indicate date of acquisition ("from xx/xx/xx") or
disposal ("to xx/xx/xx").
Name of entity Percentage of ownership Contribution to net
interest held at end profit (loss)
of period or date of (item 1.9)
disposal
17.1 Equity accounted Current Previous Current Previous
associates and period corresponding period corresponding
joint venture entities period AUD000 period
AUD000
N/A - - - -
17.2 Total N/A - - -
17.3 Other material
interests
Australian Business
Technology Pty Ltd 100% 100% (264) Nil
ABT Supplyline Pty Ltd 100% 100% (1,857) -
NDT Pty Ltd 100% 100% (161) -
ARBT Pty Ltd 100% 100% (3,337) -
Chimelle Petroleum Ltd to 22/12/00 100% 936 302
E-com Multi Ltd Nil to 31/05/00 Nil (256)
17.4 Total (4,683) 46
ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Category of Number Number Par value Paid-up
securities issued quoted (cents) value
(cents)
18.1 Preference
securities
(description) - - - -
18.2 Changes during
current period
(a) Increases through
issues - - - -
(b) Decreases through
returns of capital,
buybacks,
redemptions - - - -
18.3 Ordinary
securities 249,391,387 249,391,387 - -
18.4 Changes during
current period
(a) Increases through
issues
- Directors 3,250,000 3,250,000 50 50
- Option Conversion 1,600,000 1,600,000 20 20
- Bonus Issue 14,202,277 14,202,277 0 0
- Others 600,000 600,000 5 5
3,000,000 3,000,000 10 10
(b) Decreases through
returns of capital,
buybacks - - - -
18.5 Convertible debt
securities
(description and
conversion factor)
Convertible Note 1 Nil - -
18.6 Changes during
current period
(a) Increases through
issues 1 Nil $20,000 $20,000
(b) Decreases through
securities matured,
converted
18.7 Options (description Exercise Expiry
and conversion factor) price date
(cents)
Share Options convertible
to Ordinary Shares
7,500,000 - 20 02/07/2005
2,500,000 - 30 06/09/2001
2,000,000 - 50 06/09/2001
12,500,000 - 100 02/07/2001
18,500,000 - 125 02/07/2001
350,000 - 150 02/07/2001
1,500,000 - 170 02/07/2001
18.8 Issued during
current period
- Share Options
convertible to
Ordinary Shares 9,000,000 - 20 02/07/2005
1,500,000 - 170 02/07/2001
18.9 Exercised during
current period 1,600,000 - 20 02/07/2005
18.10 Expired during
current period - - - -
18.11 Debentures
(totals only) - -
18.12 Unsecured notes
(totals only) - -
COMMENTS BY DIRECTORS
Comments on the following matters are required by ASX or, in
relation to the half yearly statement, by AASB 1029: Half-Year
Accounts and Consolidated Accounts. The comments do not take the
place of the directors' report and statement (as required by the
Corporations Law) and may be incorporated into the directors'
report and statement. For both half yearly and preliminary final
reports, if there are no comments in a section, state NIL. If
there is insufficient space to comment, attach notes to this
report.
BASIS OF ACCOUNTS PREPARATION
If this report is a half yearly report, it is a general purpose
financial report prepared in accordance with the listing rules
and AASB 1029: Half-Year Accounts and Consolidated Accounts. It
should be read in conjunction with the last annual report and
any announcements to the market made by the entity during the
period. [Delete if preliminary final statement.]
Material factors affecting the revenues and expenses of the
economic entity for the current period
Refer Annual Report
A description of each event since the end of the current period
which has had a material effect and is not related to matters
already reported, with financial effect quantified (if possible)
N/A
Franking credits available (amount): $ -
Prospects for paying fully or partly franked dividends for at
least the next year
Nil
Changes in accounting policies since the last annual report are
disclosed as follows.
N/A
ADDITIONAL DISCLOSURE FOR TRUSTS
19.1 Number of units held by the management
company or responsible entity or their
related parties.
N/A
19.2 A statement of the fees and commissions
payable to the management company or
responsible entity. -
Identify:
initial service charges -
management fees -
other fees -
ANNUAL MEETING
(Preliminary final report only)
The annual meeting will be held as follows:
Place To be advised
Date -
Time -
Approximate date the annual
report will be available 22/10/2001
COMPLIANCE STATEMENT
1 This report has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations
Law or other standards acceptable to ASX (see note 12).
Identify other standards used -
2 This report, and the accounts upon which the report is based
(if separate), use the same accounting policies.
3 This report does give a true and fair view of the matters
disclosed (see note 2).
4 This report is based on accounts to which one of the
following applies.
(Tick one)
X The accounts The accounts
have been have been subject
audited. to review.
The accounts The accounts
are in the process have not yet been
of being audited audited or reviewed.
or subject to
review.
5 If the audit report or review by the auditor is not attached,
details of any qualifications are attached. (Half yearly report
only - the audit report or review by the auditor must be
attached to this report if the report is to satisfy the
requirements of the Corporations Law.)
6 The entity has a formally constituted audit committee.
PASMINCO LIMITED: Posts Administrators' Letter To Shareholders
--------------------------------------------------------------
Administrators J M Spark and P D McCluskey of Pasminco Limited
posted this letter to shareholders:
Most shareholders will be aware that the Board of Pasminco
appointed John Spark and Peter McCluskey as Voluntary
Administrators on 19 September 2001. A statement was issued to
the Australian Stock Exchange that evening and trading in
Pasminco shares ceased from the morning of 20 September. At this
stage, it is not possible to state how long trading will remain
suspended.
Shareholders will be aware from previous Company statements that
the Board had been working with management during recent months
to implement a strategy to sell the Australian mining assets.
That strategy would have seen Pasminco generate cash to reduce
its financial exposures and allow the Company to continue
operating during this period of low metal prices, primarily as a
leading smelting business.
Pasminco had been operating with short-term liquidity support
provided by its lenders to allow the Company to meet its
commitments, however longer-term arrangements were needed and
discussions with lenders were focused on securing a six month
Standstill Arrangement. In simple terms, this Agreement would
have extended a line of credit to enable Pasminco to continue
operating until March 2002, without the need to meet loan and
interest payments.
On the evening of Wednesday 19 September, it became clear that a
number of Pasminco's lenders were either unwilling or unable
confirm their support by 28 September 2001, the last business
day by which Pasminco was required to lodge its audited Annual
Accounts and the Directors' declaration with the Australian
Securities and Investment Commission.
In the absence of a Standstill Agreement, the Board could not
form the view that there were reasonable grounds to believe that
Pasminco could meet all of its commitments as and when they fell
due and the Board therefore placed the Company into Voluntary
Administration.
The Administrators assume the powers of the Board and are
accountable to creditors. In the case of Pasminco, we have three
key goals:
* Conduct a full and thorough assessment of the Pasminco's
financial position and develop an appropriate plan for future
action, which will be recommended to a meeting of creditors.
This could take a number of months.
* Keep the business operating as usual during this period.
* Once agreed by creditors, to implement a restructure of the
business if it is to continue or implement a sale of assets if
it is not to continue.
For the time being, the Administrators are continuing with the
asset sales processes already underway in respect of the Broken
Hill and Century mines.
Significantly for employees of the Company, it is clear that all
employee entitlements are secure and will be honored.
A transfer of shares or an alteration in the status of Members
is not possible during this period of Voluntary Administration
and it is currently not possible to state either if or when
trading will be resumed in view of the Voluntary Administration.
The position will become clearer once we have completed the
review of operations and considered a way forward.
Management and employees are cooperating fully with us as we
work towards a future plan and shareholders will be advised once
a clear forward plan for Pasminco has been agreed.
UNITED AUSTRALIA/AUSTAR UNITED: Moody's Lowers Debt Ratings
-----------------------------------------------------------
Moody's Investors Service lowered the debt and preferred stock
ratings of UnitedGlobalCom (formerly United International
Holdings) and its subsidiaries, and placed the ratings under
review for possible further downgrade. Affected instruments, the
legal entities where these instruments reside, and rating
actions are as follows:
UnitedGlobalCom (UGC)
US$1.375 billion (face amount) of 10-3/4% senior secured
discount notes due 2008 - to Caa3 from Caa1
US$355 million (face amount) of 10-7/8% senior unsecured
discount notes due 2009 - to Ca from Caa2
US$425 million of 7% Series C preferred stock - to C from Ca
US$287.5 million of 7% Series D preferred stock - to C from Ca
Prospective Senior Secured/Senior
Unsecured/Subordinated/Preferred Ratings under US$1.2 billion
shelf registration - to (P)Caa3/(P)Ca/(P)Ca/(P)C from
(P)Caa1/(P)Caa2(P)Ca/(P)Ca
Senior Unsecured Issuer Rating - to Ca from Caa2
Senior Implied Rating - to Caa2 from B3
United Australia/Pacific (UAP; formerly UIH Australia/Pacific)
US$447.42 million (face amount) of 14% senior discount notes -
to Ca from Caa2
US$45.45 million (face amount) of 14% senior discount notes -to
Ca from Caa2
Senior Unsecured Issuer Rating - to Ca from Caa2
Senior Implied Rating - to Caa2 from B3
Austar United Communications (Austar; formerly Austar
Entertainment)
A$200 million senior secured revolving credit facility due 2006
- to Caa1 from B2
A$200 million senior secured revolving credit facility due 2006
- to Caa1 from B2
VTR GlobalCom (VTR; formerly VTR Hipercable)
US$140 million senior secured term loan due 2002 - to B3 from B1
US$80 million senior secured term loan due 2002 - to B3 from B1
The downgrades principally reflect the diminished credit profile
of UGC's majority-owned subsidiary United Pan-Europe
Communications (UPC), as reflected in rating downgrades of the
debt for that entity and its subsidiaries under separate press
release (senior implied rating lowered to Caa1 from B2), which
in turn has adversely impacted the credit quality of UGC given
the historically strong correlation to and support of UPC from
an asset valuation perspective towards UGC's ratings.
This weakness at UPC is likely to limit UGC's own ability to
access future capital and provide ongoing support for UAP and
VTR over the medium-to-longer-term rating horizon, and Moody's
is concerned that original UGC bondholders will not necessarily
participate in the anticipated UPC restructuring which we
believe is needed as their equity value in the holdings of UPC
has now been fully depleted in the rating agency's estimation.
It is also increasingly evident to the rating agency that the
remaining UAP and VTR holdings are entirely inadequate (in terms
of asset value, even if they were able to make distributions) to
support the UGC debt on their own, particularly given their own
questionable credit profiles. This, in turn, leads us to
conclude that the ratings need to be lowered, and may need to be
lowered further still, as the current negative outlook is
insufficient at capturing the expectation of greater credit loss
for debt holders.
Additionally, Moody's noted that UAP's operating performance
continues to be weaker than anticipated, which, when taken in
conjunction with the need to preserve and general scarcity of
capital at all entities, deems questionable the ongoing support
of UGC in terms of servicing UAP's debt burden, and ultimately
causes us to believe that expected credit losses for all
creditors could be far greater than envisioned when the ratings
were last adjusted in April 2001.
Finally, the reduced ratings for UGC also reflect the specific
recognition that the interests of Liberty Media, which have
previously lent some support to the parent company and its
subsidiary debt ratings, are not expected to be aligned with
those of UGC (or UPC, for that matter) bondholders, particularly
in the event of a requisite restructuring of the balance sheet,
which appears increasingly likely, even though the underlying
assets are still deemed to hold high interest levels for that
party.
The review for possible further rating downgrade will primarily
involve the completion of independent analyses to specifically
determine the ultimate recovery levels for the various pieces of
debt capital presently on the balance under an assumed
restructuring scenario.
================================
C H I N A & H O N G K O N G
================================
CENTURY LEGEND: Not Aware Of Exceptional Price Movement
-------------------------------------------------------
Century Legend (Holdings) Limited, formerly known as Fortei
Holdings Limited, noted the recent increase in price of the
shares of the Company and wish to state that they are not aware
of any reasons for such increase.
The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.
HI SUN: Posts Changes In Scheme Of Arrangement
----------------------------------------------
Hi Sun Group Limited, pursuant to its Scheme Of Arrangement,
announced:
CHANGE IN EXPECTED TIMETABLE
The date for the Court to hear the petition to sanction the
Scheme has been fixed on 16th October, 2001. Assuming the Court
will sanction the Scheme at the hearing, the Scheme is expected
to become effective on 17th October, 2001. The last day of
dealings in the Shares is expected to take place on 16th
October, 2001, and the first day of dealings in the HSGL Shares
is expected to commence on 17th October, 2001.
Reference is made to the scheme document issued by the Company
on 9th August, 2001 (the "Scheme Document") and the
announcements dated 8th August, 2001 and 27th September, 2001 of
the Company relating to the despatch of the Scheme Document and
the result of the Court Meeting respectively. Unless the context
otherwise requires, capitalized terms used herein shall have the
same meanings as those defined in the Scheme Document.
Expected timetable
The Scheme is still subject to the conditions set out on pages
16 and 17 of the Scheme Document. There are changes to the
expected timetable as set out in the Scheme Document in order to
accommodate the availability of the hearing time of the Court.
The date for the hearing of the petition has been fixed on 16th
October, 2001. Assuming that the Court will sanction the Scheme
at the hearing, the Scheme is expected to become effective on
17th October, 2001. However, if the Scheme shall not have become
effective by 31st December, 2001 or such later date as the Court
may allow, it will lapse. The expected timetable in relation to
the Scheme is revised as follows:
2001
Publication of formal notice Friday, 12th October
Court hearing of petition to sanction the Scheme Tuesday, 16th
October
Record Time 4:00 p.m. on Tuesday, 16th October
Last day of dealings in the Shares Tuesday, 16th October
Withdrawal of listing of the Shares close of business on
Tuesday, 16th October
Effective Date Wednesday, 17th October
Dealings in the HSGL Shares commence 10:00 a.m. on Wednesday,
17th October
First day for exchange of existing certificates for the Shares
for new certificates for the HSGL Shares free of charge
Wednesday, 17th October
Last day for exchange of existing certificates for the Shares
for new certificates for the HSGL Shares free of charge Friday,
16th November
HIKARI TSUSHIN: Sees No Reason For Share Price Increase
-------------------------------------------------------
Hikari Tsushin International Limited noted the recent increase
in the price of the shares of the Company and stated that they
are not aware of any reasons for such an increase.
They also confirmed that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.
OCEAN ASIA: Hearing of Winding Up Petition Set
----------------------------------------
The petition to wind up Ocean Asia International 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 26, 201 by The Kwangtung Provincial Bank, Hong
Kong Branch whose principal place of business is situated at 1st
to 3rd Floors, Euro Trade Centre, 13-14 Connaught Road Central,
Hong Kong.
=================
I N D O N E S I A
=================
BANK CENTRAL: IBRA Sells Shares
-------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced
Tuesday the divestment of state-owned shares at PT Bank Central
Asia Tbk (BCA), in conformity with the deal achieved with the
Commission IX of the House of People's Representatives on 12 and
13 September 2001. The parliament agreed with the government
plan to sell the BCA shares at the amount of 51% consisting of
30% shares ownership plus option 21%. Proceeds of the divestment
is expected to meet IBRA's payment target to the State Budget.
The BCA shares divestment program is an essential step toward
national economic recovery and is a crucial step toward drawing
investors back to Indonesia.
The government expects the BCA divestment to be a vehicle for
creating more financially-sound and high-performing bank with
the entry of strategic investors into the bank.
The BCA shares will be offered by way of private placement
through strategic sale method or sale to strategic investors to
optimize incoming fund for the government. To carry out this
divestment process IBRA will appoint financial advisor and legal
advisor, of which the process is underway.
Action plans related to the BCA shares divestment through
strategic sale method include:
* Sending teaser letters to prospective strategic investors by
this week.
* Receiving preliminary bid from prospective strategic
investors.
* Carrying out due diligence process by prospective strategic
investors.
* Receiving the final bid from the prospective strategic
investors.
* Carrying out fit and proper test for prospective strategic
investors by Bank Indonesia.
* Transaction closing not later than the end of December 2001.
To ensure transparency of the BCA shares divestment process,
IBRA will notify about every significant development throughout
the process. In conformity to the good corporate governance
principle, IBRA will appoint an independent party to conduct
evaluation of every step of this divestment.
The teaser letter will send especially to prospective investors
who have to meet the criteria including:
1. Bank or Financial Institution.
2. Showing sound financial reports and definite fund resource
for buying BCA shares.
3. Excluded from the Bad Banker List and passed the "fit and
proper test" by Bank Indonesia.
4. Commitment to the national interest.
BCA is one of the best national banks with remarkable working
performance. Based on the unaudited consolidated financial
reports as of 30 June 2001, the bank's operational figures are
highly satisfactory with high capital adequacy assets quality.
BCA's net profit as of 30 June 2001 stood at IDR1.1 trillion,
with the total assets at the same period of time reaching IDR
104.5 trillion.
The Capital Adequacy Ratio stood at 35.4%. Apart from its strong
capital structure, BCA is one of the banks with high
profitability. BCA's Return on Average Equity (ROAE) stood at
31.1%. BCA also managed to minimize its non-performing loan
which stood at 6.0% by the end of last year.
At present, BCA is one of the largest private banks in Indonesia
which owns 797 branch offices and 2,102 ATM units. Total number
of accounts managed by BCA is about 8 million bank accounts.
The government considers the transaction as imperative carry out
and will be a good moment to create a "landmark transaction" for
national bank restructuring as well as opening a pathway for
more asset disposal by IBRA and for privatization of state-owned
enterprises.
SEMEN GRESIK: Government Seeks Higher Price From Cemex
------------------------------------------------------
State Enterprises Minister Laksamana Sukardi said that Cemex SA
de CV's put option value of US$520 million in return for the
government's 51% stake in PT Semen Gresik Tbk (SG) has to be re-
negotiated, Bisnis Indonesia reported Wednesday.
"Cemex's offer of US$520 million is equivalent to US$68 per ton
capacity, while the cement development investment value in the
Philippines ranges around US$80 to US$100 per ton capacity.
Therefore the government sees the necessity to renegotiate on
the value to get a higher price from the sale of giant cement
company PT Semen Gresik under a put option agreement with
Mexican-based Cemex SA de CV," Laksamana said.
In 1998, Cemex entered Semen Gresik with an 11% stake, which it
later increased to 25.53%. Under an agreement between the
Indonesian government and Cemex, the government is entitled to
sell 51% of its stake in SG before 26 October at US$1.73 per
share or around US$520 million.
"The government had good commercial position with the put option
right. That's why the divestment of the 51% stake has become one
of the government's target in augmenting the state budget to
cover the deficit this year," Laksamana said.
Meanwhile, Francisco Noriega, president director PT Cemex
Indonesia, said he is ready to negotiate with the Indonesian
government to discuss higher value from the put option of SG.
"Cemex Indonesia is also ready to negotiate on the extension of
the expiry date of the put option agreement between Cemex and
the government, which is set to expire on 26 October 2001," he
added.
=========
J A P A N
=========
ISHIKAWAJIMA-HARIMA: Slashes Earnings Forecasts For Year
--------------------------------------------------------
Citing huge appraisal losses on its stock portfolios,
Ishikawajima-Harima Heavy Industries Company (IHI) has cut down
its full- and half-year group earnings projections for the 2001
business year, the Japan Times reports October 3.
Instead of Y8 billion initially projected in May, the Japanese
shipbuilder expects to post a group net profit of only Y1
billion in the business year ending March 31.
It also expects to post a combined full-year pretax profit of
Y18 billion yen, quite lower than the initial projected profit
of Y20 billion, on group sales of Y1.1 trillion, unchanged from
the earlier projection.
Because of hefty appraisal losses on its stockholdings, IHI
expects a one-off loss of Y12 billion yen in the full year, a
far cry from the earlier projected loss of Y4.5 billion yen.
A group net loss of Y10 billion in the first half of September
30, compared to the earlier estimate of Y3 billion, is also
expected.
The company has a history of incurring losses, and as a
result, Moody's Investor Service downgraded from Baa1 to Baa2
its long-term debt ratings last year.
J&C TRAVEL: Files For Bankruptcy
--------------------------------
J&C Travel Incorporated, a Nagoya-based travel Agency, has filed
for bankruptcy with the Nagoya District Court, Japan Times
reported on October 3.
The travel agency is the first Japanese company to go under in
the wake of the September 11 terrorist attacks. It has incurred
Y850 million in liabilities due to a series of cancellations in
North America, Asia, Australia and other areas, which comprise
80 percent of its total tour bookings.
J&C, established 1984, specializes in deals with overseas tours
and has been incurring debts in order to finance its business
expansion.
KOMATSU LIMITED: Projected Losses Spur 2,200 Job Cuts
-----------------------------------------------------
Following a downward revision of its earnings forecasts for
fiscal year ending March 31, Komatsu Limited plans to cut 2,200
jobs of its group domestic workforce by March 2004, the Japan
Times reported Wednesday.
The nation's biggest construction machinery maker, projects a
consolidated pretax loss of Y52 billion and a net loss of Y45
billion for the current year, considerably different from its
initial projection of a pretax profit of Y7 billion and a net
profit of Y1 billion. Its sales projection remains unchanged at
Y1.06 trillion.
In order to decrease fixed costs by about Y30 billion per year
by 2003, the company has come up with a series of restructuring
measures, including the job cuts. It also expects a one-off loss
of some Y23 billion for the current business year to finance the
cuts.
MITSUBISHI HEAVY: Creates Power Company
---------------------------------------
Mitsubishi Heavy Industries Limited, having plans to enter the
wholesale electricity market October, has established MHI
Yokohama Power Incorporated, a wholly owned company, the Japan
Times reported Tuesday.
Capitalization is planned at Y90 million. The power company
plans to sell electricity to independent power providers. It
also expects to earn revenues of Y500 million in the business
year starting April 2003. The new company will also provide
power to the MHI plant.
SONY CORPORATION: May Sell, Absorb Troubled Aiwa Unit
-----------------------------------------------------
Following announcements of cost cutting measures last week, Sony
Corporation warned that it might sell troubled subsidiary Aiwa
following rapid profit deterioration, News On Japan reported
Tuesday.
The Japanese electronics group now expects to record net profits
of Y10 billion on sales of Y7500 billion for the year ending
next March, as compared to the initial July forecast of Y90
billion in profits on sales of Y7700 billion.
Aiwa, in which Sony owns a 61 percent stake, expects a net loss
of Y32 billion on sales, which were down 18 percent to Y240
billion. The subsidiary also had Y99.23 billion in interest-
bearing liabilities as of last March.
Sony management has been considering possibilities for the
future of its unit. Such possibilities include selling it or
absorbing it into the company.
Aiwa is currently on an intensive restructuring program,
undergoing more than 4,500 job cuts, and the closure of four
factories.
UFJ HOLDINGS: Posts Losses After Loan Write-Offs
------------------------------------------------
UFJ Holdings Incorporated will post first-half group net losses
of Y65 billion for the period September 30, after paying heavy
costs due to bad loan write-offs and stock market losses,
officials of the banking group said.
Japan Times, in its Wednesday report, said UFJ's three member
banks---Sanwa Bank, Tokai Bank and Toyo Trust & Banking Co.---
will together write-off Y240 billion in bad loans, Y90 billion
more than originally estimated.
The banking group becomes the third of its kind to announce
earnings cuts for the first six months of the fiscal year,
following Mizuho Holdings Inc. and Mitsubishi Tokyo Financial
Group.
Officials of the banking group stated that the surge in bad loan
write-offs were primarily due to large failures, including the
collapse of Japan's largest retail chain, Mycal Corporation.
Furthermore, adding to its current financial woes, UFJ paid Y175
billion in appraisal costs to cover losses in stock prices after
it had originally forecast a net gain of Y50 billion.
=========
K O R E A
=========
DAEWOO MOTOR: Poland Unit Declared Bankrupt
-------------------------------------------
In Lublin, Poland, a local district court has declared Daewoo
Motor Poland Corporation, Daewoo Motor's commercial vehicle
production unit in Poland, bankrupt.
The Digital Chosun reported Wednesday that the court
declaration, which was made Monday, merely followed Daewoo's
application for bankruptcy last September.
An unnamed court attorney said that the total value of the debts
of the Polish plant (established November 1995) may have
exceeded its net asset value. Daewoo Motor contributed 89.5
percent of the capital and the Polish government, 10.5 percent.
KOOKMIN BANK: Shareholders Approve Merger With H&CB
---------------------------------------------------
In a meeting convened at the Korea Chamber of Commerce and
Industry building Saturday, shareholders of Kookmin Bank
approved the proposed merger with Housing & Commercial Banks as
unionists picketed outside the premises to oppose such a move.
The Korea Herald reported Wednesday that the meeting started 45
minutes late because 500 Kookmin Bank unionists, in their
capacity as small shareholders, tried to enter the venue, albeit
unsuccessfully.
Shareholders of H&CB likewise approved the merger at its
headquarters in Yeoido, at 10 a.m.
With the merged bank expected to be launched November 1, both
banks will hold meetings of board of directors Oct. 29 to
appoint a head of the new bank.
SAMSUNG LIFE: Career Transition Center Opened
---------------------------------------------
Samsung Life Insurance Company has set up a job-finding center
called the Career Transition Center that provides services for
Samsung Life staff in finding new jobs and setting up new firms,
the Digital Chosun reports in its Oct 3 issue.
The same job-finding center at Samsung Life can be found not
only in Seoul but also in four other major cities, Busan, Daegu,
Gwangju and Daejeon. The center, opened September 24, has not
gone unnoticed by other businesses currently undergoing
different stages of restructuring, including staff downsizing.
After cutting about 1,100 members of its staff last month,
Samsung Life has already helped about 300 employees find new
jobs at 16 other companies and 170 retirees to open their own
insurance sales agencies.
The idea, which originated from companies such as IBM, Motorola,
and Erikson, prevents disgruntled employees from "jettisoning"
customers from their previous company whenever they strike out
on their own.
===============
M A L A Y S I A
===============
DATAPREP HOLDINGS: Shareholders Approval Sought Re Scheme
---------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of Dataprep Holdings Berhad, announced that Dataprep,
together with its adviser and independent adviser, is in the
midst of preparing the Circular to Shareholders. The company is
preparing to seek Shareholder approval for the Proposed
Restructuring Scheme at an extraordinary general meeting to be
convened. Subject to the relevant approvals being obtained,
Dataprep plans to dispatch the Circular to Shareholders in
November 2001.
CONSTRUCTION AND SUPPLIES: Identifies Assets To Be Injected
-----------------------------------------------------------
Construction And Supplies House Berhad (CASH) stated that CASH
had identified suitable and profitability assets to be injected
into the Group. With regards to the debts restructuring
exercise, CASH is in the process of completing the negotiation
and documentation with various creditors involved.
Further announcement will be made as and when necessary.
Profile
Currently, CASH is in the midst of identifying new assets to be
injected into the Group in order to create sustainable income
and to enter into negotiation with various creditors including
financial institutions with a view to implementing a debt
restructuring exercise through a corporate advisory firm. The
MOU with the vendors of Kurnia Padu Sdn Bhd (KPSB) to acquire
KPSB, which is a shareholder of HVD Holdings Sdn Bhd, was
terminated on 15 December 2000.
The Company originally owned oil palm and rubber plantations,
which were sold in May 1971. It diversified into property
development in 1982, supply and distribution of petroleum and
petroleum-based products and services in 1985, hotel business
and the financial services sector also in 1985, and the
garment/textile business in 1989/1990.
In 1993, the Company embarked upon a rationalization and
restructuring programmed beginning with cessation of the
petroleum-based and garments/textile business. The property
development and construction businesses were disposed of in
1999.
MALAYSIAN GENERAL: Submitting Proposed Restructuring Scheme
-----------------------------------------------------------
Malaysian General Investment Corporation Berhad (MGIC or
Company) and its advisers are working towards finalizing the
application for the Proposed Restructuring Scheme, for
submission to the authorities by 19 October 2001, at the latest.
On 4 September 2001, Arab-Malaysian, on behalf of the Company,
announced that MGIC has obtained an extension of time of two (2)
months from the Kuala Lumpur Stock Exchange from 20 August 2001
until 19 October 2001 to submit its revised regularization plan
to the authorities.
On 30 August 2001, Arab-Malaysian Merchant Bank Berhad (Arab-
Malaysian), on behalf of the Company, announced the details of a
new restructuring scheme which involves, amongst others, a
proposed debt restructuring with the creditors of MGIC and two
(2) of its subsidiaries, MGIC Construction Sdn Bhd and Magic
Hill Resort Sdn Bhd and the proposed acquisition of the entire
issued and paid-up share capital of Trans MSB Sdn Bhd (Proposed
Restructuring Scheme).
MBF HOLDINGS: Proposed Schemes Of Arrangement Approved
------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Mbf Holdings Berhad (MBf-H or Company)
announced that on 12 September 2001, the Foreign Investment
Committee has approved the Proposed Schemes of Arrangement. The
Scheme is also subject to the Company obtaining the approval of
the Securities Commission (SC) for the Proposed Schemes of
Arrangement.
Alliance is presently liasing with SC and Bank Negara Malaysia
on the Proposed Schemes of Arrangement.
Save for the above, there is no further development on the
status of MBf-H's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange, subsequent to the Company's announcement dated 3
September 2001.
OLYMPIA INDUS: Submits Application On Revised Workout Scheme
------------------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
related that there has been no major development since the 3
September 2001 announcement.
On the 18 September 2001 Alliance Merchant Bank Berhad (formerly
known as Amanah Merchant Bank Berhad) announced an application
to the KLSE for a further extension to obtain the necessary
approvals from the regulatory authorities in order to comply
with paragraph 5.1(c) of PN No. 4/2001. Approval is still
pending consideration by the KLSE.
OIB, through Alliance Merchant Bank Berhad is submitting an
application to Bank Negara Malaysia for the relevant approvals
of the revised proposed restructuring scheme.
PANCARAN IKRAB: Unit Participates Proposed Debt Workout Scheme
--------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Pancaran Ikrab Bhd (PIB or Company)
announced that RHB Bank Berhad, an unsecured creditor of
Powerdrive Sdn Bhd (a wholly owned subsidiary company of PIB)
has, via its letter dated 29 September 2001, agreed to
participate in PIB's proposed debt restructuring scheme. RHB
will aid the conversion of up to RM2.0 million of overdraft
facility into new ordinary shares of RM1.00 each in Promenade
Consolidated Berhad on the basis of one share for every RM1.00
debt.
Alliance will join with the Securities Commission, Foreign
Investment Committee and Ministry of International Trade and
Industry on the inclusion of RHB Bank Berhad in the Revised
Proposed Debt Restructuring Scheme.
The inclusion of RHB Bank Berhad in the Revised Proposed Debt
Restructuring Scheme is not expected to have any material change
to the effects on PIB's financials pursuant to the Proposed
Revision to the Original Restructuring Scheme, as announced on
29 August 2001.
The Kuala Lumpur Stock Exchange has, via its letter dated 3
September 2001, given PIB until 31 October 2001 to obtain the
approvals from the above-mentioned regulatory authorities.
Save for the above, 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, subsequent to the Company's announcement dated 3
September 2001.
PARIT PERAK: Gets Creditors Written Agreement-In-Principle
----------------------------------------------------------
The Board of Directors of Parit Perak Holdings Berhad announced
that the Company has received the written agreement-in-principle
from secured creditor banks representing 99% in value of the
secured debts and the written agreement-in-principle from
unsecured creditor banks representing 57% in value of the
unsecured debts.
On 3 September 2001, the Company had received an approval from
the Exchange on the extension of time till 22 October 2001 to
make Requisite Announcement.
On 19 September 2001, Anuarul Azizan Chew Consulting Sdn Bhd was
appointed as an Advisor to the Company in relation to the
corporate restructuring exercise.
RAHMAN HYDRAULIC: Awaits KLSE Reply On Extension Request
--------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB
or the Company) announced the following developments to the
status of the Company's plan to regularize its financial
condition since its previous Monthly Announcement made on 3
September 2001:
* The Company announced on 3 September 2001 that it had
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.
* The Company's financial advisors have submitted another
application to the KLSE on 27 September 2001 for a further
extension of time of two (2) months from 4 October 2001 as the
Company does not foresee the approval from the regulatory
authorities to be obtained prior to the expiry of the extended
deadline of 4 October 2001. We are presently awaiting a reply
from the Kuala Lumpur Stock Exchange on the same.
S & P FOOD: KLSE Grants Approval On Proposals
---------------------------------------------
On behalf of S & P Food Industries (M) Bhd. (SPF or Company),
Commerce International Merchant Bankers Berhad announced that
Kuala Lumpur Stock Exchange had, via its letter dated 28
September 2001, given its approval-in-principle for:
(i) the admission to the Official List of the KLSE and the
listing of and quotation for the entire issued and paid-up share
capital of Cepatwawasan Group Berhad (CGB), comprising
188,834,915 ordinary shares of RM1.00 each on the Second Board
of KLSE on a "Ready" basis pursuant to the Rules of KLSE; and
(ii) listing of and quotation for the 26,622,000 new CGB
ordinary shares of RM1.00 each to be issued upon conversion of
CGB's irredeemable convertible unsecured loan stocks (ICULS) to
be issued pursuant to the Proposed Debt Restructuring and
Proposed Claim Settlement.
To date, the Proposals had received all relevant approvals which
comprise:
(i) Foreign Investment Committee;
(ii) Ministry of International Trade and Industry;
(iii) Securities Commission;
(iv) shareholders of SPF at an Extraordinary General Meeting
and Court Convened Meeting;
(v) sanction of the High Court of Malaya for the Proposed
Capital Reduction and Proposed Scheme of Arrangement; and
(vi) KLSE for the listing of and quotation for the new CGB
ordinary shares arising from the Proposed Scheme of Arrangement,
Proposed Acquisitions, Proposed Capitalization of Debts and upon
conversion of the ICULS to be issued pursuant to the Proposed
Debt Restructuring and Proposed Claim Settlement.
The said Proposals includes the following:
* Proposed Capital Reduction
* Proposed Scheme of Arrangement
* Proposed Debt Restructuring
* Proposed Claim Settlement
* Proposed Acquisitions
* Proposed Capitalization of Debts
* Proposed Shareholders' Advance
* Proposed Disposal of Existing Business
SASHIP HOLDINGS: KLSE Approves Workout Scheme Revised Circular
--------------------------------------------------------------
SASHIP HOLDINGS BERHAD (SHB or the Company) (Formerly known as
Westmont Industries Berhad) informed that the Revised Circular
on the Proposed Restructuring Scheme has been approved by Kuala
Lumpur Stock Exchange on 17 September 2001.
With regard to the tabling of the Proposed Scheme to the
members, Securities Commission has approved the application for
extension time to hold the EGM until 18 December 2001 via their
letter dated 10 September 2001. Commerce International Merchant
Bankers Bhd has made the announcement on this approval on 11
September 2001.
The date for the Extraordinary General Meeting ("EGM") to table
the Proposed Restructuring Scheme and Annual General Meeting to
table the Audited accounts is 16 October 2001.
SISTEM TELEVISYEN: Shareholders Approve Proposed Disposal
---------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Sistem
Televisyen Malaysia Berhad (TV3 or the Company), announced that
the resolution pertaining to the Proposed Disposal of 74,516,998
units of First Malaysia Property Trust (FMPT) representing
approximately 70.39% interest in FMPT for a total cash
consideration of Rm46,573,124 pursuant to the voluntary take-
over offer by Commerce Asset-Holding Berhad (CAHB) to acquire
the units in FMPT at a cash offer price of 62.5 sen per unit
(Proposed Disposal) tabled at the Extraordinary General Meeting
held on 1 October 2001 has been approved by the shareholders of
TV3.
TIMBERMASTER INDUSTRIES: Follows Up White Knight On MoU
-------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) (TMIB or the Company) announced that the Company has
consistently followed up with the White Knight on its endeavors
and status of it fulfilling the conditions precedent set out in
the Memorandum of Understanding (MoU) dated 14 August 2001.
TMIB had, on 10 August 2001, made an application to the KLSE
seeking for extension of time to make the Requisite Announcement
as required under paragraph 5.1 of the Practice Note No.4/2001.
The KLSE, by its letter dated 3 September 2001, granted the
Company until 23 October 2001 to make the Requisite
Announcement.
On 5 September 2001, TMIB appealed to the KLSE for consideration
of a further extension of time until 7 December 2001 to make the
Requisite Announcement as the Requisite Announcement would be
dependent on the White Knight fulfilling the conditions
precedent set out in the MoU dated 14 August 2001. As at date of
this announcement, the KLSE has yet to revert with their
consideration of a further extension of time in respect of the
appeal.
As part of TMIB's restructuring exercise, TMIB has also
initiated petitions under Section 218 of the Companies Act 1965
to wind up 9 of its wholly owned subsidiary companies which are
dormant and inactive. Winding up petitions were served on TMIB's
9 subsidiary companies on 10 September 2001.
WING TIEK: In Discussions With Potential White Knights
------------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad (WTHB)
revealed that WTHB is still in discussion with potential "White
Knights", and accordingly in the midst of formulating a
restructuring plan to regularize its financial condition.
WTHB has on 12 September 2001 submitted to the Exchange its
first progress report on the development and/or status of the
regularization exercise.
XEROX CORP.: To Transfer Malaysian Operations To Flextronics
------------------------------------------------------------
Taking another major step forward in its turnaround plan to
reduce costs, improve productivity and increase competitiveness,
Xerox Corporation (NYSE: XRX) announced Tuesday a manufacturing
agreement with Flextronics (NASDAQ: FLEX), a $12 billion global
electronics manufacturing services (EMS) company.
The agreement includes payment to Xerox of approximately $220
million and assumption of certain liabilities for the sale of
inventory, property and equipment and a five-year contract for
Flextronics to manufacture certain Xerox office equipment and
components, at a modest premium over book value.
Xerox will sell to Flextronics office manufacturing operations
including manufacturing assets and inventory in Toronto;
Resende, Brazil; Aguascalientes, Mexico; and Penang, Malaysia.
The approximately 3,650 current Xerox employees in these
operations are expected to transfer to Flextronics.
"Our agreement with Flextronics will redefine our office
manufacturing strategy through significantly improved asset
utilization, greater supply chain flexibility and cost savings
as well as generating cash from the asset sales," said Anne M.
Mulcahy, Xerox president and chief executive officer.
The company also said that it will stop production by the end of
the second quarter 2002 at its printed circuit board factory in
El Segundo, Calif., and its customer replaceable unit plant in
Utica, N.Y. The operation in El Segundo currently employs 425;
Utica's employment is 265. When these plants close, Flextronics
will build the work into its global network of manufacturing
plants.
In addition, Xerox will begin consultations with European works
councils regarding the sale of its office manufacturing
operations in Venray, The Netherlands, and the transfer to
Flextronics of some production work currently performed at
Xerox's site in Mitcheldean, England.
As a result of these actions, Xerox expects to incur cash
restructuring charges that will approximately equal the premium
over book value from the asset sales.
Xerox and Flextronics expect that the first in a series of
closings on the asset sales will occur in the fourth quarter,
beginning a one-year transition period for Flextronics to assume
manufacturing of Xerox-designed office products and related
components. Flextronics will also begin the manufacturing of
Xerox's electronic parts and subsystems during the first half of
2002. Xerox will continue to strengthen its manufacturing
competencies in high-end production printing and publishing
equipment, toner and imaging supplies through its remaining
global manufacturing plants.
In total, the agreement with Flextronics represents in excess of
$1 billion in annual manufacturing costs, approximately 50
percent of Xerox's overall manufacturing operations.
"This agreement exemplifies the type of business that we have
built Flextronics to handle and is further evidence that the
trend towards virtual manufacturing continues," said Michael E.
Marks, chairman and chief executive officer of Flextronics.
"This is also an opportunity to expand our customer base and
product portfolio through the acquisition of these sites in
addition to gaining valuable knowledge through the Xerox
people."
"Our partnership with Flextronics ensures that all Xerox office
products and components will continue to be produced under the
high quality standards that customers rely on from Xerox," said
Ursula Burns, president, Xerox Worldwide Business Services. "At
the same time, Xerox will benefit from Flextronics' commitment
to significant annual productivity improvements, maximizing its
large-scale purchasing and technological efficiencies."
Tuesday's announcement with Flextronics is the latest in a
series of Xerox turnaround-related actions that are restoring
Xerox's financial strength and positioning the company for a
return of profitability. For example, Xerox announced last month
a framework agreement with GE Capital's Vendor Financial
Services to become the primary equipment-financing provider for
Xerox's U.S. customers. The two companies also agreed to the
principal terms of a financing agreement under which Xerox will
receive from GE Capital approximately $1 billion secured by
Xerox's lease receivables in the United States.
Xerox's agreement with Flextronics is expected to close in
stages subject to the completion of global regulatory
requirements. Xerox will receive cash proceeds from the
agreement in phases as the companies close on the individual
worldwide asset sales.
Deutsche Banc Alex. Brown served as Xerox's advisor on this
agreement.
CONTACTS: Christa Carone, Xerox Corporation, 716-423-5074,
christa.carone@usa.xerox.com
Bill McKee, Xerox Corporation, 716-423-4476,
bill.mckee@usa.xerox.com
Manuella Solomon, Flextronics, 408-576-7867,
manuella.solomon@flextronics.com
Cheryl Scritchfield, Flextronics, 43 1 602 4100 26,
cheryl.scritchfield@at.flextronics.com
=====================
P H I L I P P I N E S
=====================
NATIONAL STEEL: Perks Promised To Possible NSC Operator
-------------------------------------------------------
Incentives are to be extended by the Department of Trade and
Industry (DTI) to the company that might take interest in
leasing and operating the stagnant facilities of National Steel
Corporation's Iligan City plant, ABS-CBN News Service reports
Wednesday.
According to Trade Secretary Manuel Roxas II, possible
incentives include the imposition of higher tariffs on steel
imports, a moratorium on the importation of certain steel, the
imposition of import quotas on steel and the relaxation of the
nationality requirement regarding availability of incentives
under the Iron and Steel Act.
Because this type of action is made to protect a particular
threatened industry, the Philippine government can extend those
incentives without violating any provision of the World Trade
Organization (WTO). Under Article 19 of the WTO agreement,
member-countries are allowed to protect a particular industry
that is threatened by the imposition of import quotas, minimum
prices and higher tariff rates.
PICOP RESOURCES: Shut Downs Various Operations
----------------------------------------------
Picop Resources, Inc. (PCP) revealed that it has tendered a
notice to its employees for the shutdown of its various
operations.
The reason cited are the low prices of competing products, being
imported at dumped prices and the delayed approval by the DENR
of the company's annual operating plan which prevents the
company from access to its wood raw materials.
Effectivity of the shutdown is scheduled for 31 October 2001.
The shutdown is expected to affect 3,000 direct and 5,000
indirectly employed workers involved in its wood, pulp mill and
allied operations.
RFM CORPORATION: Cosmos Sale To Push Through
--------------------------------------------
Elmer Yanga, spokesman for RFM Corporation said the sale of
Cosmos Bottling Corporation to San Miguel Corporation will
proceed despite an injunction stopping the sale ordered by a
Quezon City court, ABS-CBN News Service reports Wednesday.
Yanga confirmed that the sale would indeed push through because
auditing is already being done and Cosmos would later be sold
for a reported P15 billion. However, no dates for the sale have
yet been set.
RFM claimed that the injunction did not affect them because the
case that was filed was a rescission of contract between Jaz
Cola and Cosmos Bottling Corporation, the latter being a
separate entity, not entirely connected with them.
However, people from Jaz Cola believe that RFM would be held in
contempt of court and the sale would eventually be voided.
They (Jaz Cola camp) assert that RFM and Cosmos are not two
different personalities, because both have the same set of
officers.
=================
S I N G A P O R E
=================
ASIA PULP: Faces Shareholder's Stock Fraud Lawsuit
--------------------------------------------------
A shareholder sued Asia Pulp & Paper Company, Ltd. (NYSE: PAP)
Tuesday, accusing the company of misleading investors about its
business and financial situation, the law firm of Berman
DeValerio Pease Tabacco Burt & Pucillo said.
The lawsuit was filed October 2, 2001 in the U.S. District Court
for the Southern District of New York. It seeks damages for
violations of federal securities laws on behalf of all investors
who bought Asia Pulp & Paper's American Depository Receipts
(ADRs) between September 8, 1998 and April 4, 2001 (the Class
Period).
The lawsuit accuses the Singapore-based company of failing to
disclose the existence of two currency-swap contracts it had
signed in 1997 - or a $220 million obligation it incurred in
connection to those contracts. The company said the contracts
involved exchanges of Indonesian rupiahs for U.S. dollars
and Japanese yens for U.S. dollars.
The obligation formed part of a November 2000 settlement in
which Asia Pulp & Paper promised to pay $220 million to
terminate the swap contracts, which the company had been unable
to fulfill. Asia Pulp & Paper later defaulted on the settlement
agreement. The investing public didn't learn about the 1997
currency-swap contracts, the related obligation or the company's
default until an April 4, 2001 announcement.
Immediately following the announcement, the company's ADR price
dropped to $0.13 per ADR, down from a Class Period high of over
$11 per ADR. On July 5, 2001, the New York Stock Exchange
delisted Asia Pulp & Paper. The company's shares currently
trades on the Over-the-Counter Bulletin Board under the symbol
APUUY.
GMG GLOBAL: Posts Director's Deemed Interests Changes
-----------------------------------------------------
GMG Global Limited posted this Notice of Changes in its
director's deemed interests:
Notice Of Changes In Director's Deemed Interests
Name of director: Tay Puan Siong
Date of notice to company: 02 Oct 2001
Date of change of interest: 01 Oct 2001
Name of registered holder: Singapore Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: 1,016,000
Percent of issued share capital: 0.05
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: US$0.02505
No. of shares held before change: 2,196,000
Percent of issued share capital: 0.109
No. of shares held after change: 1,180,000
Percent of issued share capital: 0.058
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before change: 2,196,000 0
Percent of issued share capital: 0.109 0
No. of shares held after change: 1,180,000 0
Percent of issued share capital: 0.058 0
Total shares: 1,180,000 0
HO WAH: Posts Interests Acquisition Proposal
--------------------------------------------
Ho Wah Genting International Limited posted October 3, 2001 in
the Singapore Stock Exchange, a proposal for the acquisition of
interests in two toll road operations in the People's Republic
of China. Text of the announcement is as follows:
PROPOSED ACQUISITION OF INTERESTS IN TWO TOLL ROAD OPERATIONS IN
HEILONGJIANG PROVINCE IN THE PEOPLE'S REPUBLIC OF CHINA BY WAY
OF THE ACQUISITION OF THE ENTIRE ISSUED AND PAID UP SHARE
CAPITAL OF HENG DA INVESTMENTS PTE LTD VIA THE ISSUANCE OF
SHARES IN THE SHARE CAPITAL OF HO WAH GENTING INTERNATIONAL
LIMITED (THE "PROPOSED ACQUISITION")
On 29 November 2000, the Company announced that the Company had
entered into a sale & purchase agreement (the "Agreement") with
various parties in relation to the Proposed Acquisition.
Completion of the Agreement is conditional upon, amongst others,
the following:
(1) The Company obtaining the prior approval of SGX-ST for the
Proposed Acquisition; and
(2) The Company receiving approval-in-principle for the listing
and quotation of the new shares to be issued pursuant to the
Proposed Acquisition.
On 24 July 2001, the Company announced that SGX-ST had informed
the Company that they have decided not to grant approval for the
Company's additional listing application in respect of the
Proposed Acquisition, and that the Company were discussing with
SGX-ST to seek them to reconsider their decision. On 16 August
2001, SGX-ST informed the Company that unless the Company is
able to provide new evidence to address certain concerns they
have in respect thereof, SGX-ST would not be able to reconsider
their position.
In view of the above, the Company announced on 29 August 2001
that the Company has decided not to proceed with the Proposed
Acquisition. The principal vendor has now procured new evidence
for the Company and SGX-ST to reconsider their respective
positions. Accordingly, the Company:
(1) Had, 1 October 2001, agreed with the vendors to proceed with
the Proposed Acquisition on the same terms and conditions as set
out in the Agreement, save that completion date shall now be on
31 December 2001 or such other date as the parties may mutually
agree; and
(2) Has, submitted the said new evidence to SGX-ST for them to
reconsider their earlier position not to grant approval for the
Company's additional listing application in respect of the
Proposed Acquisition.
HONG LEONG: Posts Shareholder's Interests Changes
-------------------------------------------------
Hong Leong Singapore Finance Limited posted Kwek Holdings'
Notice of Changes in Substantial Shareholder's Deemed Interests:
Notice Of Changes In Substantial Shareholder's Deemed Interests
Name of substantial shareholder: Kwek Holdings Pte Ltd ("KH")
Date of notice to company: 02 Oct 2001
Date of change of interest: 01 Oct 2001
Name of registered holder: Citibank Nominees (Singapore) Pte.
Ltd. ("Citibank Nominees") for account of Welkin Investments
Pte Ltd ("Welkin")
Circumstance giving rise to the change: Others
Please specify details: Open Market Purchase
KH has deemed interest in these shares held in the name of the
registered holder, Citibank Nominees for account of Welkin, a
wholly-owned subsidiary of Hong Leong Investment Holdings Pte.
Ltd.
Shares held in the name of registered holder
No. of shares of the change: 15,000
Percent of issued share capital: 0.003
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$1.366
No. of shares held before change: 970,000
Percent of issued share capital: 0.225
No. of shares held after change: 985,000
% of issued share capital: 0.229
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 205,344,758 0
Percent of issued share capital: 47.716 0
No. of shares held after change: 205,359,758 0
Percent of issued share capital: 47.72 0
Total shares: 205,359,758 0
Note:
Percent of issued share capital is based on the Company's issued
share capital of 430,340,464 shares of US$1.00 each as at 1
October 2001.
INNO-PACIFIC: Posts October 1 Announcement Clarification
--------------------------------------------------------
Inno-Pacific Holdings Limited clarified an announcement it has
published in the Singapore Stock Exchange. Text of the
clarification:
CLARIFICATION OF 1 OCTOBER 2001 ANNOUNCEMENT
Inno-Pacific Holdings Ltd (the "Company") wishes to clarify the
announcement of 1 October 2001 as follows:
(1) Between April 2000 and August 2000 ("the said period"), the
period when the Links Island Holdings Ltd shares were acquired
by the Company, Mr Phua Teck Chew was not a member of the
Investment Committee. Mr Phua was the Company's Managing
Director during this period and only became the Executive Deputy
Chairman on 16 Mar 2001;
(2) During the period, Mr Chew Kok Liang was not the Company's
Managing Director. He was the Group Financial Controller; and
(3) During the said period, the Investment Committee comprised
of Mr Chew Kok Liang, Mr Yin Kum Choy and Mr Dick Gwee Yow Pin
and the decision to purchase the Links' shares was made jointly
by the Investment Committee and the then Managing Director.
THAKRAL CORPORATION: Posts Notice Of Court Meeting
--------------------------------------------------
Thakral Corporation Limited posted October 2, a notice at the
Singapore Stock Exchange, of a Court meeting in the High Court
of the Republic of Singapore. The announcement goes as follows:
COURT MEETING
NOTICE OF COURT MEETING
IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE
Originating Summons )
No. 601153 of 2001 )
In the Matter of THAKRAL CORPORATION LIMITED
(RC No.199306606E)
And
In the Matter of Section 210 of the Companies Act, Chapter 50
(Revised Edition 1994)
SCHEME OF ARRANGEMENT
(under Section 210 of the Companies Act, Chapter 50)
Between
THAKRAL CORPORATION LIMITED
and
ITS CREDITORS
(as defined in the Scheme of Arrangement,
pursuant to Originating Summons No. 601153 of 2001)
NOTICE OF MEETING
NOTICE IS HEREBY GIVEN that a Meeting of the Creditors of
Thakral Corporation Limited (the "Company") will be held at
Amara Hotel Singapore, Connection 3, Level Three, 165 Tanjong
Pagar Road Singapore 088539 on 24 October 2001 at 2:30 pm for
the purpose of considering and, if thought fit, approving (with
or without modification) the Scheme of Arrangement (the
"Scheme") dated 3 October 2001 proposed to be made pursuant to
Section 210 of the Companies Act, Chapter 50 between (1) the
Company and (2) its Creditors (as defined in the Scheme) and any
other incidental matters. Please note that the Scheme does not
apply to any person (excluding any bank or financial institution
as defined in Schedule 1 of the Scheme) who has a Scheme Claim
(as defined in the Scheme) of less than the equivalent of
US$1,000,000 as at 30 September 2001.
The said Meeting is convened pursuant to an Order of Court dated
29 August 2001 made in Originating Summons No. 601153 of 2001.
By the said Order of Court, the Court has appointed Mr. Nicky
Tan Ng Kuang of Arthur Andersen Associates (S) Pte. Ltd., to act
as the Chairman of the said Meeting and has directed the
Chairman to report the results thereof to the Court.
The Scheme of Arrangement, the Explanatory Statement, and the
Proxy Forms, required to be furnished pursuant to Section 211 of
the Companies Act, Chapter 50 are incorporated in the printed
document (the "Scheme Document") of which this Notice forms
part. Copies of the Scheme Document have been sent by ordinary
post to the Creditors. In the event that the copies of the
Scheme Document are not received within three (3) working days
of the advertisement of this Notice, any person entitled to
attend the said Meeting can also obtain copies of the Scheme
Document from the offices of Arthur Andersen Associates (S) Pte.
Ltd. at 10 Hoe Chiang Road, #18-00 Keppel Towers, Singapore
089315, at any time between 9 am and 5 pm from Mondays to
Fridays (excluding Public Holidays) prior to the day appointed
for the said Meeting. Persons who wish to obtain such Scheme
Document are requested to call Mr. Jeffrey Khoo at (65)4218542,
Ms. Ho May Kee at (65)4218551 or Mr. Julian Liew at (65)4218598
before attending at the said offices of Arthur Andersen
Associates (S) Pte. Ltd.
For the purpose of participating and voting at the Meeting,
every Creditor of the Company shall lodge its Scheme Claim (as
defined in the Scheme) with the Company, c/o Arthur Andersen
Associates (S) Pte. Ltd. (Attn: Mr. Nicky Tan) at 10 Hoe Chiang
Road, #18-00 Keppel Towers, Singapore 089315, by 5pm on 17
October 2001. A claim may be lodged by a Creditor of the Company
only in respect of its Scheme Claim, that is, its claim for
principal indebtedness (excluding any claim for interest) as at
30 September 2001 (inclusive) and in accordance with the
Explanatory Statement and the Scheme of Arrangement. In this
regard, attention is drawn, in particular, to paragraph 16 of
the Scheme of Arrangement.
Creditors who do not file their Scheme Claims with the Company
by 5pm on 17 October 2001 may, at the discretion of the Company,
not be entitled to participate and/or vote at the Meeting.
Creditors who do not file their Scheme Claims with the Company
by 5pm on 22 October 2001 shall not be entitled to receive any
benefits under the Scheme and their Scheme Claims against the
Company shall be forever extinguished.
The Creditors may vote in person at the Meeting or they may
appoint another person, whether a Creditor of the Company or
not, as their proxy to attend and vote in their stead.
Forms appointing proxies shall be lodged with the Company c/o
Arthur Andersen Associates (S) Pte. Ltd. (Attn: Mr. Nicky Tan)
at 10 Hoe Chiang Road, #18-00 Keppel Towers, Singapore 089315,
by no later than 5 pm on 19 October 2001, but if the forms are
not so lodged, they must be handed to the Chairman of the
Meeting at which they are to be used.
The Scheme of Arrangement will be subject to the subsequent
approval of the Court.
===============
T H A I L A N D
===============
ABS THAI: Petition For Business Reorganization Filed In Court
------------------------------------------------------------
The Petition for Business Reorganization of Abs Thai Company
Limited (DEBTOR), engaged in production of chemical substance,
was filed to the Central Bankruptcy Court:
Black Case Number 409/2543
Red Case Number 465/2543
Petitioner: THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED
by EFFECTIVE PLANNERS COMPANY LIMITED
: ABS THAI COMPANY LIMITED by Mr. Antony Norman
Debts Owed to the Petitioning Creditor: Bt11,031,015,810.40
Planner: Effective Planners Company Limited
Date of Court Acceptance of the Petition: May 30, 2000
Court Order for Business Reorganization and Appointment of
Planner: June 26, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited in July 5, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 1,
2000
Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: November 1, 2000
Appointment Date of the Creditors' Meeting for the Plan
Consideration: November 22, 2000 at 9.30am. 11th Floor, Meeting
room no. 1105, Bangkok Insurance Building, Sathorn Rd.
the Creditors' meeting had passed a resolution accepting the
Plan on November 22, 2000
Court hearing has been set on December 12, 2000 at 13.30 pm.
Court had issued the order accepting the reorganization plan:
December 15, 2000 and Appointed Effective Planner Company
Limited to be as the Plan Administrator
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Matichon Public Company Limited and Siam Rath Company
Limited: December 29, 2000
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette in January 25, 2001
Contact: Mr. Apiruk Tel 6792525 Ext. 113
PROPERTY PERFECT: Court Approves Rehabilitation Plan
----------------------------------------------------
Property Perfect Public Company Limited (the Company), announced
that as the Central Bankruptcy Court had ordered the
rehabilitation of the business of Company on 19th February 2001
and appointed Asian International Planners Limited as the
planner, the rehabilitation plan (the Plan) was submitted to all
creditors for approval. The creditors have approved the said
Plan by a special resolution at the Creditors' Meeting on 29th
August, 2001.
The Central Bankruptcy Court has issued an order on 2nd October,
2001 approving the Plan and appointed Asian International
Planner Limited as the Plan Administrator of the Company
pursuant to the Plan.
SUPALAI PUBLIC: Enters Debt Restructuring With Creditors
--------------------------------------------------------
Supalai Public Company Limited (the Company) announced that the
company has completely entered into agreement with all creditors
involved in Debt Restructuring through CDRAC who approved the
plan since 18 January 2000.
The company has entered into an agreement with the remaining
eight creditors with principle worth of Bt1,099 million plus
accrued interest of Bt623 million. The transactions can be
summarized as:
1. partially paid in cash,
2. partially paid by set off assets,
3. partially paid by Zero Coupon bond and convertible
debenture,
4. remaining portion of principal and all accrued interest
are haircut.
Consequently, the results are:
1. The Company settled in cash Bt290 million on 2 Oct 2001
2. The Company will issue on 3 Oct 2001 Zero Coupon bond at
2.5% p.a. yield matured by 22 Aug 2007 amounting of 165,343
units at par value of Bt841.2652/unit, total worth of Bt139
million.
3. The Company will issue on 3 Oct 2001 Convertible debenture
81,447 units at par value of Bt1,000/unit, subsequently convert
into common share at Bt20.95/share, equivalent to 3,887,600
shares. As a result, the company new paid-up registered capital
will be 64,637,497 shares at par Bt10 each, total is
Bt646,374,970
4. Net result after asset setoff and haircut, there will be
gain from debt restructuring worth of Bt532 million.
In addition, todate, the company has also entered into loan
agreement with Kiatnakin Finacne PLC. worth of Bt700 million to
resume a low rise housing project once operation was ceased due
to Financier foreclosed. Bt290 million was drawn as loan for
land and was the same amount used to pay creditors as mentioned
above.
Remaining balance will be utilized as project development,
construction and working capital. The project consists of 155
rai and is projected to generate revenue approximate Bt2,000
million.
WONGPAITOON GROUP: Cites Reasons For Profit, Loss Variance
----------------------------------------------------------
Wongpaitoon Group Public Company Limited, in its quarter ended
December 31,1999 income statement, posted a net loss of
Bt2,123.65 million and Bt25.11 million, respectively. As the
following matters affect a decrease in a net loss of Bt2,098.54
million and gross loss of Bt169.45 million.
1. For the statement of income for the quarter ended December
31,2000, the Company has sales of Bt627.14 million, cost of
sales of Bt594.53 million and gross profit of Bt32.61 million.
An increase in a gross profit of Bt202.06 million because in
year ended December 31, 1999, the Company and its subsidiary
changed their method of revenue recognition to recognizing
sales when product is shipped. The interim financial statements
for the quarter ended December 31, 1999 have not been restated
to give retroactive effect to this change of policy and to
correct errors arising from the misapplication of the
previous accounting inspection records to support in
reasonably estimate any corresponding retroactive adjustments
to accounts receivable and inventories as at December 31, 1999
and sales and cost of sales for the quarter ended December 31,
1999.
However, discrepancies in the accounting records of
inventories, the Company recognizes the contingent expenses of
value added tax, fine and money added in the statement of
income for the quarter ended December 31, 2000 at the
total amount of Bt2.24 million.
2. The depreciation of moulds and interest expenses for the
quarter ended December31, 2000 decreased by Baht79.11 million
and Bt75.74 million, respectively.
3. As the statement of income for the quarter ended December
31,1999, the Company recognized expense from allowance for
obsolete stock of Baht the Company recognized loss on impairment
of moulds of Bt140.92 million.
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, Jerros Dolino, Editors.
Copyright 2000. All rights reserved. ISSN: 1520-9482.
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