/raid1/www/Hosts/bankrupt/TCRAP_Public/011106.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 6 2001, Vol. 4, No. 217
Headlines
A U S T R A L I A
ANALYTICA LIMITED: Updates Diagnostics Business Acquisition
AURORA GOLD: Board Maintains Rejection Advice
HARTS AUSTRALIASIA: Court Grants Liquidator Appointment
LAW PARTNERS: ASIC Gets Liquidator Appointment Court Order
LEND LEASE: Discloses AGM Results
LEND LEASE: Posts Notice Of Director's Interests
OMNI GROUP: Signs Share Sale Agreement With E-Control
C H I N A & H O N G K O N G
GOYOYO INFORMATION: Petition To Wind Up Scheduled
KO FAI: Winding Up Sought By Bank of China
MANDARIN RESOURCES: Exceptional Trading Volume Unexplainable
PACIFIC CENTURY: Subscription Rights Near December Expiration
POSITIVE WELL: Winding Up Petition Set For Hearing
WAH LEE: Creditors' Meeting To Be Held On November 28
I N D O N E S I A
BANK CENTRAL: More Bidders Take Part In BCA Sale
BANK INTERNASIONAL: Government Pushing Ahead With Rescue Plans
BANK UNIBANK: Analyst Blames BI, Bapepam For Closure
SEMEN GRESIK: Unit Takeover Could Be Replicated, WB Warns
J A P A N
DAIEI INCORPORATED: Profit Target Achievable
ERGOTECH COMPANY: Files For Court Protection
MATSUSHITA ELECTRIC: Unit To Shut Down UK Plant
SOGO COMPANY: Ex-Chairman Pleading Not Guilty To Asset Charges
K O R E A
HYNIX SEMICONDUCTOR: Some Production Lines To Be Sold
HYNIX SEMICONDUCTOR: VP Announces Restructuring Progress
HYUNDAI CONSTRUCTION: Lenders, Bondholders Disagree On Rehab Law
HYUNDAI GROUP: Petrochem, Insurance Units De-Affiliated
SAMSUNG ELECTRONICS: Sales Revenue Expected To Drop
M A L A Y S I A
ASIAN PAC: Loan Stocks Issuance Completed
ASSOCIATED KAOLIN: Proposed Debt Workout Scheme Approval Pending
DATAPREP HOLDINGS: Circular Dispatch Approval Pending In SC
JASATERA BERHAD: Await KLSE's Reply Re Extension Request
KEMAYAN CORPORATION: Court Grants One-Month Restraining Order
MENTIGA CORPORATION: KLSE Rejects Appeal To Waive Fine
MGR CORPORATION: Updates Workout Exercise Status
MYCOM BERHAD: FIC Conditionally OKs Revised Scheme
OMEGA HOLDINGS: RA With Broadland Garment Terminated
SISTEM TELEVISYEN: Updates Financial Regularization Status
SPORTMA CORPORATION: Enters MOU With White Knight
TAJO BERHAD: KLSE Grants Regularization Plan Time Extension
P H I L I P P I N E S
CAPITOL WIRELESS: Counters Receivership Move By Creditor Banks
NATIONAL POWER: Idle Tank Farms Lease In Works
S I N G A P O R E
ASIA PULP: Seeking New Company Auditor
CREATIVE TECHNOLOGY: Issues Dividends, Book Closure Date
FHTK HOLDINGS: Posts Citibank's Change in Interest
FHTK HOLDINGS: Discloses Notice of Substantial Shareholding
T H A I L A N D
EASTER WIRE: Will Not Submit 3rd Quarter Financial Report
P CAPITAL: Files Business Reorganization Petition
THAI TELEPHONE: Directors Resign
- - - - - - - -
=================
A U S T R A L I A
=================
ANALYTICA LIMITED: Updates Diagnostics Business Acquisition
-----------------------------------------------------------
Analytica Limited revealed that there has been an amendment to
the terms of the proposed acquisition of the Diagnostics
business from Psiron Ltd (Psiron).
As previously advised the proposed purchase consideration was
$1.6 million in the form of Convertible Notes. The purchase will
now be by way of a Vendor Loan with no conversion rights rather
than Convertible Notes. The conditions of the loan are:
1. Analytica may repay or draw on the loan facility over the
first two years without penalty.
2. Principal repayments will begin at the rate of $200,000 per
annum at the end of years 3 to 7. The final loan repayment of
$600,000 will be due on the eighth anniversary of settlement.
The loan facility reduces in line with repayments made.
3. The loan is secured over all existing and future assets of
the diagnostics business.
4. Interest payable on the loan is the Westpac 90 day bill rate,
plus 2.5 percent.
5. Interest is payable quarterly in arrears.
The change has been made to facilitate the intended application
for requotation of Analytica shares in the first half of 2002.
The Notice of Meeting has been dispatched to shareholders and
the General Meeting has been rescheduled to 3 December 2001 to
enable Analytica shareholders to consider the resolutions.
For further information, contact:
Damian Lismore
GENERAL MANAGER
(03) 9526 8560
AURORA GOLD: Board Maintains Rejection Advice
---------------------------------------------
Following the disposal of the balance of Rio Tinto's
stake in Aurora Gold Limited, Tomorrow Limited, through its
wholly owned subsidiary, Silvara Pty Ltd, is now the largest
Aurora shareholder, holding 37.6 percent.
The Silvara offer now closes at 7.00pm (Sydney time) on 13
November 2001. Aurora has been advised by Silvara that its offer
will not be extended beyond 13 November 2001 otherwise than by
operation of the Corporations Act.
The directors of Aurora continue to recommend to Aurora
shareholders that they should reject the Silvara offer for the
reasons set out in the Target's Statement previously dispatched
to Aurora shareholders.
The Managing Director of Aurora, Mr Alan Scott said Friday:
"The Board welcomes Tomorrow Limited as the new major
shareholder of the Company. Whilst we were surprised by the
decision of Rio Tinto to sell its shares for such a low price in
the circumstances pertaining at the relevant time and we
continue to advise our shareholders to reject Silvara's 12 cent
offer, we are very pleased that the overhang in the market has
now been resolved. We now look toward to working with Tomorrow
Limited to grow the Company and achieve market recognition of
the value of our assets."
Aurora Gold also advised that at the request of Tomorrow
Limited, the Board proposes to appoint Dr Gary Weiss and Mr
Michael Jefferies to the Board of Aurora Gold to represent
Tomorrow Limited, once the offer has closed.
HARTS AUSTRALIASIA: Court Grants Liquidator Appointment
-------------------------------------------------------
The Federal Court of Australia has granted an Australian
Securities and Investments Commission (ASIC) application seeking
the appointment of a liquidator to the accounting group Harts
Australasia Limited.
John Lethbridge Greig and Robert John Duff, of Deloitte Touche
Tohmatsu, have been appointed liquidators to the holding company
Harts Australasia, and 26 of its 35 subsidiaries.
This follows Messrs Greig and Duff's appointment by the court as
provisional liquidators on 2 October 2001.
The winding-up proceedings of the remaining 9 subsidiaries have
been adjourned until Friday, 16 November 2001.
ASIC sought the appointment of a liquidator to Harts Australasia
and its' subsidiaries following concerns relating to the
corporate governance of the companies, possible breaches of
fiduciary or statutory duties of directors, and the solvency of
the group.
The orders made by the court on Friday would ensure proper and
independent consideration of the best interests of investors and
creditors.
ASIC's enquiries into this matter are continuing.
LAW PARTNERS: ASIC Gets Liquidator Appointment Court Order
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Queensland appointing a
liquidator to a solicitors contributory mortgage run out scheme
operated by Law Partners Mortgages Pty Ltd, a Toowong-based
company.
The director of the company is Brisbane solicitor Sean Nielsen-
Brown.
Mr Gerry Collins of Jefferson Stevenson & Co, a Brisbane-based
firm of chartered accountants, has been appointed liquidator by
the court.
The order requires the liquidator to contact each investor and
notify them of certain information including the names and
addresses of each other investor in their loans. Investors will
have the chance to opt out of the winding-up if they
collectively agree to take over the management of their loans.
This action follows ASIC's revocation of the Class Order 00/203
as it applied to this scheme. The application of the Class Order
to the scheme was revoked following the suspension of Mr
Nielsen-Brown's practicing certificate by the Queensland Law
Society.
Class Order 00/203 provides conditional relief to mortgage
investment schemes (in accordance with ASIC Policy Statement
144), including relief from registration of some mortgage
investment schemes and disclosure in relation to them.
ASIC brought this action as part of its national investigation
into solicitors' mortgages schemes. More information about
solicitors mortgage schemes can be found at ASIC's website
www.asic.gov.au.
For further information contact:
Ian Johnston
Executive Director, Financial Services Regulation
Telephone: 03 9280 3607
Mobile: 0408 543 687 Felicity Glennie-Holmes
ASIC Media Unit
Telephone: 02 9911 2600
Mobile: 0412 673 038
LEND LEASE: Discloses AGM Results
---------------------------------
Lend Lease Corporation Limited advised that all the
resolutions contained in the Notice of Meeting dated 28
September 2001, placed before the shareholders at the Annual
General Meeting of the Company held on Thursday 1 November 2001,
were approved by the requisite majority on a show of hands.
ORDINARY BUSINESS
ACCOUNTS AND REPORTS
1. To receive the Financial Report for the year ended 30 June
2001, together with the reports of the Directors and Auditors
thereon.
DIRECTORS
2. - 6. To elect Directors.
Mr A Aiello retires in accordance with Rule 6.1(f) of the
Constitution and, being eligible, submits himself for re-
election.
Mrs J K Conway retires in accordance with Rule 6.1(f) of the
Constitution and, being eligible, submits herself for re-
election.
Ms D J Grady retires in accordance with Rules 6.1(f) of the
Constitution and, being eligible, submits herself for re-
election.
Mr R G Mueller retires in accordance with Rules 6.1(f) of the
Constitution and, being eligible, submits himself for re-
election.
Mr D A Crawford retires in accordance with Rules 6.1(e) of the
Constitution and, being eligible, submits himself for re-
election.
Mr E D Cameron retires in accordance with Rules 6.1(f) of the
Constitution but does not submit himself for re-election.
In accordance with section 251AA of the Corporations Law, the
total number of proxy votes exercisable in respect of the
resolution were as follows:
RESOLUTION FOR AGAINST OPEN ABSTAIN
1 143,960,145 203,762 10,893,786 2,851,975
2 142,127,446 2,849,570 10,741,807 2,027,156
3 139,966,773 5,294,372 10,693,593 1,811,090
4 143,003,654 1,716,417 10,738,594 2,272,993
5 143,267,480 1,398,301 10,738,053 2,333,608
6 143,352,492 1,234,054 10,792,947 2,357,949
LEND LEASE: Posts Notice Of Director's Interests
------------------------------------------------
Lend Lease Corporation Limited posted this notice:
NOTICE OF DIRECTOR'S INTERESTS
Section 235 of the Corporations Law
NOTICE ON CHANGE OF INTERESTS
Name of Director J K Conway
Name of Company Lend Lease Corporation Limited
The date of last
notification to the ASX
under Section 235
or Part 6.7 -
Date my interest changed -
"I have a relevant interest in the following shares in the
company or related bodies corporate:
Lend Lease Corporation Limited 4,638 shares (direct)
Date of acquisition (*) 05/11/2001
(*) This acquisition resulted from participation in the Non-
Executive Director's Share Ownership Plan approved by
shareholders at the Annual General Meeting Held 02/11/2000.
"I have a relevant interest in the following debentures of, or
prescribed interests made available by, the company or related
bodies corporate:
Nil
"I have an interest in the following rights or options over
shares in, debentures of, or prescribed interests made available
by, the company or related bodies corporate:
Nil
"Contracts of which I am a party, or is entitled to a benefit
under, being contracts that confer on me the right to call for
or deliver shares in, debentures of, or prescribed interests
made available by, the company or related bodies corporate:
Nil "
OMNI GROUP: Signs Share Sale Agreement With E-Control
-----------------------------------------------------
Omni Group Limited announced that on 26 October 2001, a share
sale agreement was signed with E-Control Pty Limited. The
Company will acquire ownership of E-Control Pty Limited through
the acquisition of all of the E-Control shares. Consideration to
the E-Control Shareholders will be the issue of (in aggregate)
130,700,000 Omni Shares. Full details of which have been filed
with the ASX. A notice of meeting with explanatory memorandum
will shortly be mailed to all Omni Group Limited shareholders.
The Company also announced that at a directors meeting held
after the signing of the share sale agreement, James Green,
Malcolm Weston, John Sharpe and Ross Homard were appointed
Directors of Omni Group Limited. Peter Ryner and Robert Lees
resigned as directors. Robert Lees was appointed Company
Secretary and Sam Francipane resigned as company secretary.
================================
C H I N A & H O N G K O N G
================================
GOYOYO INFORMATION: Petition To Wind Up Scheduled
-------------------------------------------------
The petition to wind up Goyoyo Information Limited is set for
hearing before the High Court of Hong Kong on November 28, 2001
at 9:30 am. The petition was filed with the court on August 15,
2001 by Wong Wai Hung Jeffrey of Room 958, Block 1, Lai King
Estate, Kwai Chung, New Territories, Hong Kong.
KO FAI: Winding Up Sought By Bank of China
------------------------------------------
Bank of China (Hong Kong) Limited, (the successor corporation to
The China State Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance, is seeking the winding up of
Ko Fai Knitting Factory Limited. The petition was filed on
September 26, 2001, and will be heard before the High Court of
Hong Kong on January 16, 2002 at 9:30 am.
Bank of China holds its registered office of Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.
MANDARIN RESOURCES: Exceptional Trading Volume Unexplainable
------------------------------------------------------------
The board of directors of Mandarin Resources Corporation Limited
(Board) has noted the recent increase in the trading volume of
the shares of the Company and wishes to state that it is not
aware of any reasons for such an increase.
The Board also confirmed that there are no negotiations or
agreements relating to the intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matters
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price
sensitive nature.
PACIFIC CENTURY: Subscription Rights Near December Expiration
-------------------------------------------------------------
The board of directors of Pacific Century CyberWorks Limited
(the "Company") remind warrant holders (stock code: 587)
carrying the rights to subscribe in cash for new shares of
HK$0.05 each in the Company (the "Shares") at an initial
subscription price of HK$7.50 per Share (subject to adjustment)
(the "Warrants") that the subscription rights attaching to the
Warrants (the "Subscription Rights") will expire at 4:00 p.m. on
Tuesday, December 4, 2001.
At 4:00 p.m. on Tuesday, December 4, 2001, any Subscription
Rights which have not been exercised will lapse and the Warrant
certificates will cease to be valid for any purpose. The
subscription price payable on the exercise of the Subscription
Rights is currently HK$7.50 per Share.
The Company has made arrangements regarding dealings, transfers
and exercise of the Warrants:
1. Trading in the Warrants on The Stock Exchange of Hong Kong
Limited (the "Stock Exchange") will cease at 4:00 p.m. on
Thursday, November 29, 2001 and the listing of the Warrants will
be withdrawn from the Stock Exchange with effect from 4:00 p.m.
on Tuesday, December 4, 2001.
2. Registered holders of the Warrants who wish to exercise in
whole or in part of their Subscription Rights must lodge with
the Company's share registrar, Central Registration Hong Kong
Limited (the "Registrar"), Room 1901-1905, 19th Floor, Hopewell
Center, 183 Queen's Road East, Hong Kong the following documents
on or before 4:00 p.m. on Tuesday, December 4, 2001:
(i) the relevant Warrant certificate(s);
(ii) the duly completed and signed subscription form(s); and
(iii) the relevant subscription moneys.
3. Holders of the Warrants who have not registered the
Warrants in their names and wish to exercise in whole or in part
of those Subscription Rights must lodge with the Registrar at
the abovementioned address the following documents on or before
4:00 p.m. on Tuesday, December 4, 2001:
(i) the relevant Warrant certificate(s);
(ii) the duly completed, signed and stamped instrument(s) of
transfer or other documents of title;
(iii) the duly completed and signed subscription form(s); and
(iv) the relevant subscription moneys.
4. New Shares issued on the exercise of the Subscription
Rights will rank pari passu in all respects with the Shares in
issue on the relevant subscription date. Certificates for Shares
arising on the exercise of the Subscription Rights will be
issued to the relevant warrant holders within ten business days
after the relevant subscription date.
5. Subscription forms and the relevant accompanying documents
lodged with the Registrar after 4:00 p.m. Tuesday, December 4,
2001 will not be valid and will not be accepted.
6. Application has been made to the Stock Exchange for the
withdrawal of the listing of the Warrants with effect from 4:00
p.m. on Tuesday, December 4, 2001.
Holders of the Warrants who are in doubt as to their position
should consult their stockbroker or other registered dealer in
securities, bank manager, solicitor, professional accountant or
other professional adviser.
The closing prices of the Shares and the Warrants as quoted on
the Stock Exchange on November 2, 2001, being the date of this
announcement, were HK$2.075 per Share and HK$0.01 per Warrant
respectively.
A circular relating to the expiry of the Warrants will be
dispatched to the holders of the Warrants and, for information
only, to the shareholders of the Company as soon as practicable.
POSITIVE WELL: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Positive Well Property Management Co.
Limited is scheduled for hearing before the High Court of Hong
Kong on January 9, 2002 at 10:00 am. The petition was filed with
the court on September 13, 2001 by Lee Pak Yam of Room 1905,
Hing Cho House, Hing Tung Estate, Sai Wan Ho, Hong Kong.
WAH LEE: Creditors' Meeting To Be Held On November 28
-----------------------------------------------------
Wah Lee Resources Holdings Limited (Provisional Liquidators
Appointed) and Sourcebase Developments Limited, pursuant to an
Order of the Supreme Court of Bermuda dated 1 November 2001,
jointly announced that the Creditors Meeting will be convened to
consider and, if thought fit, approve the Bermuda Scheme between
the Company and the creditors of the Company. The date of the
Creditors Meeting is 28 November 2001.
The Scheme Document will be dispatched to the creditors of the
Company on 7 November 2001 to give them information on the
background to and the effects of the proposal contained in the
Bermuda Scheme. The principal terms of the Bermuda Scheme were
set out in the Circular.
The Circular states that "based on the currently anticipated
timetable, the Company asks the Stock Exchange to publish its
audited accounts for the year ended 30 June 2001 as required by
the Companies Ordinance before the resumption of trading in the
Shares". The expected timetable in the Circular shows that the
trading in the Shares is expected to be resumed on 11 December
2001. Accordingly, the Company prepares to dispatch its annual
report and audited results for the year ended 30 June 2001 by
the end of November 2001 (i.e. before 11 December 2001). The
Company acknowledges breaches of requirements under paragraphs
8(1) and 11(1) of the Listing Agreement which require the
Company to dispatch its annual report and audited results for
the year ended 30 June 2001 by 31 October 2001. The Stock
Exchange reserves its right to take action against the Company
in respect to this breach of the Listing Agreement.
Trading in the Shares of the Company has been suspended since
10:00 a.m. on 5 February 2001 and will continue to be suspended
while the Provisional Liquidators remain appointed to the
Company. Further announcement will be made if material
developments take place or the trading in the Shares of the
Company is to be resumed.
=================
I N D O N E S I A
=================
BANK CENTRAL: More Bidders Take Part In BCA Sale
------------------------------------------------
Potential investors from a foreign bank, which has a network in
Indonesia, and two international top financial institutions have
submitted bids to buy PT Bank Central Asia Tbk, Bisnis Indonesia
reported yesterday.
The BCA divestment is not as bad as what people have imagined
because bidders continue to flow in, according to a Bisnis
source.
The three new potential investors have registered for the tender
and submitted the bids. Bank Mitsui (Japan) was said to be among
the list of strategic potential investors.
Some of the potential strategic investors for BCA as unveiled by
IBRA Chairman IPG Ary Suta include JP Morgan Partners, JP Morgan
Securities, PT Trimegah Securities Tbk, and PT Madani
Securities, PT Bhakti Investama, Jakarta Aset Manajemen, Rifan
Financindo Advisory, Indonesian Recovery Company Limited, Bank
BNI, Andalan Artha Advisindo Sekuritas, PT Bhakti Capital
Indonesia and TDM Asset Manajemen.
Towil Heryoto, an observer and a former banker said the
government should not only rely on foreign investors for the BCA
share divestment but should also take into consideration huge
local potentials if only to raise Rp5 trillion.
Elvyn G. Massasya, banking observer, said BCA investors should
be dominated by banking institution in order to create
synergies. He did not care whether the investor is foreign or
local, most important is that it masters the banking sector.
BANK INTERNASIONAL: Government Pushing Ahead With Rescue Plans
--------------------------------------------------------------
The Indonesian government said it will continue with plans to
rescue ailing PT Bank Internasional Indonesia (BII), paving the
way for its possible takeover by state-owned PT Bank Mandiri,
according to a Monday report on the Asian Wall Street Journal.
BII is burdened with US$1.2 billion of nonperforming loans that
were made to the Widjaja family's Sinar Mas Group, including its
troubled flagship Asia Pulp & Paper Co.
Government officials confirmed Friday that those loans will be
transferred out of BII to the Indonesian Bank Restructuring
Agency, or IBRA, and replaced with some $1 billion of bonds.
In recent weeks, Bank Mandiri has carried out due diligence on
BII, to ensure it has no additional exposures to the troubled
Sinar Mas Group that could halt the takeover by Bank Mandiri or
lead to a bigger problem for IBRA.
Last week, BII recorded a net loss of Rp169 billion (US$16.1
million) in the first nine months of this year, swinging from a
profit of Rp182.6 billion in the year-earlier period.
BII's nonperforming loans at the end of September amounted to
Rp3 trillion, or about US$285 million, excluding some $1.2
billion owed by the Sinar Mas Group.
BANK UNIBANK: Analyst Blames BI, Bapepam For Closure
-----------------------------------------------------
Bank Indonesia (BI) is responsible for the damage done to PT
Bank Unibank Tkb., which led to its operation halt, while the
Indonesian capital market regulator (Bapepam) is considered
negligent in the share transfer case, Bisnis Indonesia reported
Monday quoting Elvyn G. Massasya, banking analyst.
The observer said the problems in Unibank started with the
issuance of export money order draft by Sukanto Tanoto worth
US$430 million with Running Nepal Bank as the issuer at Cook
Island. Sukanto then contacted an importer there by discounting
the draft to Bank Indonesia in the form of repurchase agreement.
This occurred in 1998.
"Sukanto should've paid BI and settled the problem when the
export was executed, but obviously that did not happen," he
said.
He added that Sukanto still did not pay its debt to BI although
the draft was already due. At this case, he suspected that
Sukanto's importing partner could've been fictitious or it might
actually exist but that Sukanto just refused to pay.
He further added that BI eventually forced Sukanto to pay US$200
million through Unibank in order to buyback the discounted
export draft. That's why that amount appeared in Unibank's
balance sheet in the form of credits to a related party, which
means that BI played a role in the process of getting the public
bank into trouble.
"In Unibank's asset [statement], there was a report about a
credit worth US$230 million to a related party, which already
included the interest," he said.
Mussasya explained if the Sukanto Tanoto's importing partner
turns out to be fictitious, BI can be accused of being the main
actor in wrecking Unibank. But if the importer really exists, BI
could still be blamed for being imprudent.
In the meantime, Aditya Wardhana, an analyst with Trimegah
Securities said BI should've announced Unibank's condition to
the public in June 2001.
"Because Unibank should've been closed by then, the problem was
there were no funds in account 502, which resulted in the delay
of the liquidation," Wardhana said.
Meanwhile, Towil Heryoto, another banking observer said
Unibank's case is similar to what is happening in BII. Owners of
Unibank and BII both had shares in pulp & paper factories, both
also issued export money order draft.
SEMEN GRESIK: Unit Takeover Could Be Replicated, WB Warns
---------------------------------------------------------
The takeover of PT Semen Gresik's unit, Semen Padang, by the
local Padang community could be replicated in other parts of the
country if the government does not take a hard line against such
moves, AFX-ASIA reported Monday, citing World Bank (WB) task
team leader Vikram Nehru.
"There are implications for other state-owned enterprises in
other parts of the country. If this is in some way endorsed or
allowed to continue, then there is a danger that this could
perhaps happen in other parts of the country," he said.
He said that such cases further undermine investor sentiment
towards state-owned assets, which in result could lead to
"tremendous investor uncertainty for future privatizations".
He added that it would jeopardize the government's broader
privatization and asset sales goals, which are a key part of its
domestic financing targets.
"That is why it's terribly important that the government
resolves this issue quickly," Nehru said.
=========
J A P A N
=========
DAIEI INCORPORATED: Profit Target Achievable
--------------------------------------------
Daiei Incorporated president Kunio Takagi said that he is
optimistic the company will reach its target profit in the year
ending February due to a forecast increase in the ailing
supermarket chain operator's sales in December stemming from an
aggressive year-end discount campaign, Kyodo News reported
yesterday.
Daiei is currently burdened with a Y2.3 trillion group debt and
is currently in the midst of a three-year restructuring plan.
Last month, the cash-strapped supermarket chain operator
announced it was closing down three more unprofitable outlets by
the end of March as part of its ongoing restructuring efforts.
ERGOTECH COMPANY: Files For Court Protection
--------------------------------------------
Ergotech Company, an engineering company specialized in air-
conditioning, plumbing and sanitation facility works, has just
filed for court protection against its creditors with the Tokyo
District Court under the Civil Rehabilitation Law, Asia Pulse
reported Monday.
The company, formed in September 1990 through a merger between
Riken Koki Co. Ltd., and Tokyo Kucho K.K. has debts totaling Y44
billion.
MATSUSHITA ELECTRIC: Unit To Shut Down UK Plant
-----------------------------------------------
Matsushita Communication Industrial Co., the mobile phone unit
of Matsushita Electric Industrial Co., announced last week that
it was closing down its Thatcham, Southern England plant as part
of cost-cutting measures that involve moving production
operations to China and Eastern Europe, according to an
Associated Press report Friday.
The plant, which employs around 350 people, will be closed down
by the end of the year and production will be transferred this
coming April to a Czech plant, in the city of Pardubice.
Earlier this year, the Japanese mobile phone producer announced
the closure of another UK mobile phone plant, located in
Portsmouth. The Portsmouth plant employed around 200 employees.
SOGO COMPANY: Ex-Chairman Pleading Not Guilty To Asset Charges
--------------------------------------------------------------
Hiroo Mizushima, former Sogo Co. Chairman, will plea not guilty
to charges that he attempted to hide about Y150 million in
assets from creditors, News On Japan reported Monday, citing
sources close to the case.
The 89-year-old defendant's lawyers will enter the not guilty
plea during the first trial hearing to be held Wednesday at the
Tokyo District Court Wednesday.
Although Mizushima will acknowledge that he indeed withdrew the
money that he had previously deposited, his lawyers will contend
that his previous personal guarantee of the loans extended to
Sogo by the Industrial Bank of Japan, which form the basis of
the seizure of the assets, is invalid. Thus, his lawyers reason
out that the withdrawal of his money does not constitute an
attempt to conceal assets.
In the indictment, Mizushima was named as guarantor for Y110
million in loans granted to the Sogo group by the International
Bank of Japan and from July last year, right after the company
filed for court-led rehabilitation, he began withdrawing money
from bank accounts. More or less Y150 million was transferred in
the name of his wife, an act that can be inferred as an attempt
to avoid seizure of the assets.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Some Production Lines To Be Sold
-----------------------------------------------------
Some of Hynix Semiconductor's production lines may be purchased
by a consortium consisting of domestic firms that produce
application-specific integrated circuits (ASIC), according to
News on Korea's Friday report.
The consortium, to be led by Aririon, will consist of seven or
eight ASIC companies including EMDT, ECT and INC, and will be
surface late November as a form of corporation.
The consortium issued a statement saying, ``We are
stepping up a plan to purchase two non-memory FAB`s of Hynix
Kumi Plant for W250-W400 billon to provide ASIC companies with
equipments that can help them produce non-memory chips steadily,
and the negotiation with Hynix is coming to its conclusion."
HYNIX SEMICONDUCTOR: VP Announces Restructuring Progress
--------------------------------------------------------
Following the granting of a rescue package for the ailing Hynix
Semiconductor Inc., company vice president Jeon In-bak said that
Hynix cash flow has smoothed out recently thanks to creditor
support, improved business operations and additional funding
from self-rescue efforts, News on Korea reported November 2.
Jeon also said negotiations are under way with several firms,
including domestic buyers, with a view to selling facilities.
The company is also mulling over plans to separate some parts of
its production facilities for joint management through capital
partnership.
In line with these plans, preliminary talks are under way with
potential partners that include a Chinese provincial government,
although details have yet to be released regarding what
properties were to be sold and when the deals are to be
finalized.
As to the company's self rescue efforts, Jeon said that plans
should be implemented flexibly according to the situation.
Moreover, changes to the workforce will be conducted in parallel
with the sale of production facilities.
HYUNDAI CONSTRUCTION: Lenders, Bondholders Disagree On Rehab Law
----------------------------------------------------------------
Hyundai Engineering and Construction Co. (HEC) creditors and
bondholders are currently in disagreement over the
interpretation of the Corporate Restructuring Promotion Law, the
Korea Herald reported Monday.
HEC's main creditor, Korea Exchange Bank (KEB) and other
creditor banks have required all creditors to report their
exposures to all creditor banks, as mandated by the special law.
KEB and the other creditor banks have applied the special law to
HEC in return for a bailout.
However, HEC bonds with warrant (BW) holders such as Kyobo Life
Insurance don't intend to report their exposures, citing that
BW's should not be subject to the restructuring promotion law.
Bondholders, in defending their actions, reasoned out that HEC
BW's have been issued overseas and according to British Law, and
a legal battle is currently underway calling for the
construction company to accept BW holder's demands for early
repayment considering that the said BW's give the holders the
right to convert them into equity after a given period.
However, creditors banks insist that the BW holders should
report their exposures if they are allowed to recollect their
loans because financial institutions not reporting their
exposures are considered to be in favor of a debt rescheduling
program. Kyobo Life Insurance and other HEC BW holders are not
involved in the debt-rescheduling program for the ailing
construction company.
HYUNDAI GROUP: Petrochem, Insurance Units De-Affiliated
-------------------------------------------------------
Hyundai Petrochemical and Hyundai Life Insurance were officially
separated from their parent company, the Hyundai Group on
Friday, according to the November 5 Korea Herald.
Hyundai Petrochem's separation came after Hyundai Heavy
Industries' decision to transfer its 50 percent stake and voting
rights in the petrochemical company to the latter's creditor
banks.
This move was made in response to demands made by Hyundai
Petrochemical's creditors which sought shares owned by Hyundai
Heavy in exchange for the ailing chemical company's bailout.
On the other hand, Hyundai Life Insurance, while currently
undergoing liquidation, was separated because its largest
shareholder, Hyundai Securities, wrote off its entire 29.5
percent stake in the insurer.
Following the most recent separation, the current number of
Hyundai Group affiliates stand at 16.
SAMSUNG ELECTRONICS: Sales Revenue Expected To Drop
---------------------------------------------------
Unless current semiconductor prices rebound sharply, Samsung
Electronics' sales revenue is expected to drop this year for the
first time in five years, the Korea Herald reported, quoting
analysts.
The company's sales income for this year through September was
pegged at W23.9 trillion, some W1.3 trillion shy of last year's
figure of W25.2 trillion.
An estimated W10.4 trillion for the fourth quarter this year is
needed for the chip maker to match last year's sales income
figures but an analyst says, that the figures are quite
unattainable considering the current crisis plaguing information
technology products.
===============
M A L A Y S I A
===============
ASIAN PAC: Loan Stocks Issuance Completed
-----------------------------------------
Asian Pac Holdings Berhad (Asian Pac or the Company) informed
that the Restructuring of certain debts amounting to
RM416,783,000 of the Company and four of its subsidiaries
involving the issuance of:
1) RM16,358,950 nominal value of Irredeemable Convertible
Unsecured Loan Stocks 2000/2005 (ICULS) at 100 percent of its
nominal value with 4,907,685 detachable Warrants to Secured
Lender (Class 1)
2) RM298,252,110 nominal value of Redeemable Convertible Secured
Loan Stocks 2000/2005 (RCSLS) at 100 percent of its nominal
value with 44,737,817 detachable Warrants and RM35,790,253
nominal value of ICULS at 100 percent of its nominal value to
Secured Lenders (Class 2)
3) RM96,110,105 nominal value of ICULS at 100 percent of its
nominal value with 4,290,630 detachable Warrants to Unsecured
Lenders
(Debt Restructuring)
4) Renounceable rights issue of 116,666,667 Warrants to
shareholders of Asian Pac on the basis of one (1) Warrant for
every three (3) existing Shares held at an issue price of RM0.05
per Warrant (Rights Issue) were duly completed upon the issuance
of the said warrants totaling 170,602,799 Warrants on 16 October
2001 and the subsequent listing and quotation of the same on the
Main Board under "Loans" sector with effect from 9.00 a.m., 24
October 2001.
ASSOCIATED KAOLIN: Proposed Debt Workout Scheme Approval Pending
----------------------------------------------------------------
Associated Kaolin Industries Berhad (AKI) announced:
Further to our announcement on 22 October 2001, AKI's Proposals
relating to the Proposed Corporate and Debt Restructuring Scheme
of AKI is still pending approval from the following regulatory
bodies:
(i) Foreign Investment Committee;
(ii) Ministry of International Trade and Industry; and
(iii) Securities Commission.
DATAPREP HOLDINGS: Circular Dispatch Approval Pending In SC
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of DATAPREP HOLDINGS BHD, announced that the Kuala
Lumpur Stock Exchange approved the contents of the Circular to
the Shareholders in respect to the Proposed Restructuring
Scheme.
The dispatch of the Circular to Shareholders is now pending the
Securities Commission's approval of the independent advice
letter.
JASATERA BERHAD: Await KLSE's Reply Re Extension Request
--------------------------------------------------------
Jasatera Berhad (Jasatera or the Company) announced that on 25
October 2001, the Company sought KLSE approval of an extension
of one (1) month, to 24 November 2001 to submit the Company's
plan to regularize it's financial condition to the relevant
authorities. The plan must meet approval pursuant to the
requirement of PN 4/2001. Jasatera is presently awaiting the
KLSE's reply.
The Board of Directors announced that the Company is still in
the process of preparing the applications to the relevant
authorities and is expected to submit its applications on or
before 24 November 2001.
KEMAYAN CORPORATION: Court Grants One-Month Restraining Order
-------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Kemayan
Corporation Bhd (KCB or the Company), announced that KCB is
still in discussion with parties with assets for possible
injection, and accordingly, in the midst of formulating a
restructuring plan to regularize its financial condition.
The Company applied for a three-month extension on 17 October
2001 to the Kuala Lumpur Stock Exchange ("KLSE") for an
extension of three (3) months, i.e. until 22 January 2002 for
the Company to release the requisite announcement. Presently,
the Company is awaiting the outcome of the application for
extension of time from the KLSE.
The Board of Directors of KCB also announced that on 1 November
2001 the Kuala Lumpur High Court granted a restraining order
extension to 3 December 2001.
MENTIGA CORPORATION: KLSE Rejects Appeal To Waive Fine
------------------------------------------------------
Mentiga Corporation Berhad, informed that the Company is still
in the progress of reviewing various business proposals to
regularize the Company's financial positions.
The events which took place during the month of October, 2001:
1. On 5 October 2001, the Kuala Lumpur Stock Exchange (KLSE)
imposed a public reprimand and a fine of RM10,000.00 for failing
to comply with Chapter 9 Paragraph 9.23(b) of the Listing
Requirements. The Company has submitted to the KLSE the Audited
Accounts for the year ended 31 December, 2000 on 16 May, 2001, a
delay of 10 market days from the dateline (i.e. 30 April, 2001).
2. On 15 October, 2001, the Company appealed to the KLSE to
waive the fine of RM10,000.00.
3. On 30 October, 2001, the KLSE rejected the appeal and notify
the Company to pay the fine within 14 days from 30 October,
2001.
MGR CORPORATION: Updates Workout Exercise Status
------------------------------------------------
MGR Corporation Berhad, in pursuant to paragraph 4.1 of practice
note no. 4/2001 (pn 4/2001), announced:
On 11 October 2001, Mr. Kevin K. How, En. Adam Primus Varghese
Bin Abdullah and Mdm. Wong Lai Wah of Messrs Ernst & Young, 4th
Floor Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala
Lumpur were appointed Special Administrators of the Company
pursuant to Section 24 of the Pengurusan Danaharta Nasional
Berhad Act, 1998. The Special Administrators have assumed
control and management of the assets and affairs of the Company
with effect from the date of their appointment.
The Special Administrators will prepare a workout proposal as
soon as reasonably practicable, which will be examined by the
Independent Advisor. The Independent Advisor's role is to review
the reasonableness of the workout proposal, taking into
consideration the interests of all creditors, whether secured or
unsecured, and shareholders.
If Pengurusan Danaharta Nasional Berhad approves the workout
proposal prepared by the Special Administrators, the Special
Administrators will call for a meeting of secured creditors, if
any, to consider and vote on the workout proposal. A majority in
value of secured creditors present and voting at the meeting
must approve the workout proposal before it can be implemented.
Relevant regulatory approvals must also be obtained.
MYCOM BERHAD: FIC Conditionally OKs Revised Scheme
--------------------------------------------------
The Board of Directors of Mycom Berhad (Mycom or the Company)
announced that the Company had received conditional approval
from the Foreign Investment Committee on 29 October 2001 in
respect of the revised Proposed Restructuring Scheme (revised
Scheme). The approvals from the Securities Commission (SC), the
Ministry of International Trade and Industry and Bank Negara
Malaysia are still pending.
Alliance Merchant Bank Berhad (Alliance), on behalf of Mycom,
made appeals to the SC for a revision of the land valuations
relating to the various land acquisition proposals. The SC had on
4 October 2001, approved these new valuations:
SC Approved Valuation as New SC Approved Valuation
at 26 February 2001 (RM) (RM)
1. Mukim of Batu, Wilayah Persekutuan 235,000,000 261,000,000
2. Mukim Triang, Daerah Bera, Pahang 28,200,000 29,000,000
In respect to the proposed acquisition of land located in Mukim
of Triang, Daerah Bera, Pahang, the Company was informed by the
vendor that the new SC approved valuation was not acceptable.
Alliance, on the Company's behalf, notified the SC accordingly on
16 October 2001 that the proposed acquisition of the land by
Mycom, located in the Mukim of Triang, Daerah Bera, Pahang was to
be terminated. However, the vendor, in respect to the land
located in the Mukim of Batu, Wilayah Persekutuan, has accepted
the new SC approved valuation.
Meanwhile the Company's appeal to the SC, on behalf of the
vendor, for a revised valuation on the land located at Mukim
Tanjung Minyak, Daerah Melaka, Melaka was not approved.
Mycom is currently taking the necessary action to reflect the
new SC approved valuation and to take into account the
termination of the land sale located in Pahang in the land
acquisition proposals and to address the SC's queries on the
revised submission. The Company will make relevant announcement
on any further development to the proposals.
The Company also announced that it received approval from the
KLSE for an extension of two (2) months from 21 September 2001
to 20 November 2001 to enable Mycom to obtain all the necessary
approvals from the regulatory authorities to comply with
paragraph 5.1 (c) of PN No. 4/2001.
OMEGA HOLDINGS: RA With Broadland Garment Terminated
----------------------------------------------------
The Board of Directors of Omega Holdings Berhad announced that
the Restructuring Agreement (RA) signed on 8 March 2000 between
the Company and the shareholders of Broadland Garment Industries
Sdn. Bhd. was terminated on 14 October 2001.
The Directors have commenced discussion with certain parties to
restructure the Company so as to regularize the Company's
financial condition and an announcement will be made as soon as
possible.
SISTEM TELEVISYEN: Updates Financial Regularization Status
----------------------------------------------------------
On behalf of Board of Directors of Sistem Televisyen Malaysia
Berhad, Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian)
announced the status of TV3's plan to regularize its financial
position:
1. On 8 October 2001, Arab-Malaysian, on behalf of the Board of
Directors of the Company, announced a revised Proposed TV3 Debt
Restructuring Scheme which forms part of the Proposed Corporate
Restructuring Scheme (Corporate Proposals) of Malaysian
Resources Corporation Berhad Group and TV3 Group.
2. On 22 October 2001, Arab-Malaysian, on behalf of the Board of
Directors of the Company, announced that all agreements in
relation to the Corporate Proposals have been executed save for
the subscription agreement in relation to the Proposed Bonds
with Warrants Issue. Furthermore, a new application pursuant to
Section 176(1) of the Companies Act, 1965 has been filed to the
High Court on the same day.
As announced on 22 October 2001, the two announcements mentioned
above constituted a requisite announcement pursuant to Paragraph
5.1(a) of PN4.
Also, as announced on 22 October 2001, TV3 will make an
application to the relevant authorities in relation to the
Corporate Proposals within 2 months from the date of the
requisite announcement pursuant to the requirements of Paragraph
5.1(b) of PN4.
SPORTMA CORPORATION: Enters MOU With White Knight
-------------------------------------------------
Sportma Corporation Berhad, further to the last announcement
dated 1 October 2001, the submission of the revised Proposed
Corporate and Debt Restructuring Scheme (Revised Proposal) to
the Securities Commission (SC) is still pending the Secured
Creditor, namely Affin Bank Berhad's and Pengurusan Danaharta
Nasional Berhad (Danaharta)'s approvals. As such, Sportma had on
23 October 2001 sought the approval of the Kuala Lumpur Stock
Exchange for an extension of time to submit the Revised Proposal
to the SC by 30 November 2001.
Subsequent to the Memorandum of Understanding (MOU) entered into
on 6 December 1999 which is now lapsed, Sportma has entered into
a new MOU with Low Nam Hui & Sons Sdn Bhd and LNH Enterprise Sdn
Bhd (the White Knights) on 26 October 2001. The purpose of the
new MOU is to record all parties' understanding and commitment
to Sportma's Revised Proposal as agreed between all parties
concerned. Details of the Revised Proposal will be announced in
due course.
TAJO BERHAD: KLSE Grants Regularization Plan Time Extension
-----------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of TAJO BERHAD (Tajo) (Board) announced that an
application for an extension of time pursuant to Paragraph
5.1(c) of PN4 had been made to the Kuala Lumpur Stock Exchange
(KLSE) on 10 October 2001.
In connection thereto, PMBB, on behalf of the Board of Tajo
announced that the KLSE, vide its letter dated 1 November 2001,
has granted its approval for an extension of time from 11
October 2001 to 28 February 2002 to enable Tajo to:
1. Revise its regularization plan;
2. Make a revised Requisite Announcement to the KLSE; and
3. Submit its revised plan to the regulatory authorities for
approval.
In addition, Tajo is also required to provide the KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with this
schedule:
ú 1st progress report by 15 November 2001;
ú 2nd progress report by 15 December 2001;
ú 3rd progress report by 15 January 2002; and
ú 4th progress report by 15 February 2002.
Announcements will be made in due course on the progress of
Tajo's regularization plan.
=====================
P H I L I P P I N E S
=====================
CAPITOL WIRELESS: Counters Receivership Move By Creditor Banks
--------------------------------------------------------------
Capitol Wireless Inc. (Capwire) has declared itself solvent
despite motions by creditor banks asking the court to appoint a
receiver for the cash-strapped firm, Business World reported
November Monday.
To substantiate its solvency, Capwire, an international gateway
operator, filed a counter-motion with the Regional Trial Court
on October 17, detailing three reasons why the bank's motion are
baseless.
Capwire, which has almost P1 billion in debts to local creditor
banks, alleges the banks' motions are premature and also that
the publicity generated by the news elicit negative effects to
the company.
An informed source said "the insolvency law is not yet
applicable so, Capwire cannot be placed under receivership.
Capwire came to an agreement with the banks. Under the
guidelines for corporate rehabilitation, it is not
yet time to appoint a receiver."
In place of a receiver, Capwire instead proposed that a
"commissioner" with a 45-day tenure be appointed to study the
company's viability.
"A commissioner would suffice since what banks want to find out
is the 'real state' of the business. The commissioner will be
allowed to join meetings, will be given access to the books and
validate the business plan. The court will decide based on the
commissioner's findings," informed sources said.
NATIONAL POWER: Idle Tank Farms Lease In Works
----------------------------------------------
As part of its continuing reconstruction efforts, the state-
controlled National Power Corporation, (Napocor) is planning to
bid out idle tank farms, Business World reported yesterday.
According to Napocor asset disposal manager, Levi C. Arabelo,
the power company will lease three tank farm facilities in
Toledo City, Cebu; Calumpang, General Santos City and Jasaan
Misamis Oriental. These mothballed diesel power plants have the
combined storing capacity of 32.6 million liters.
Napocor expects to gain some P68 million in additional earnings
in a five-year period of lease term. Arabelo noted that
additional money for the ailing power firm is really needed
specially at this time considering that Napocor is to be
privatized soon. Napocor posted a P12.9 billion net loss
for the year 2000.
The public lease auction is scheduled for November 6. The terms
of reference require Napocor to charge three centavos per liter
for the volume of the product that will be stored on a monthly
basis and another P5 per square meter per month for the lease of
the area.
=================
S I N G A P O R E
=================
ASIA PULP: Seeking New Company Auditor
--------------------------------------
Auditing firm Arthur Andersen LPP has resigned from its role as
the official auditor of Asia Pulp & Paper Co. (APP), the Asian
Wall Street Journal reported Monday.
The move raises fears over further delays of APP's audited
accounts.
No reasons were released regarding Andersen's resignation, and
APP will now have to find a new auditor for its accounts for
2000.
However, informed sources say that Andersen is concerned about
its legal position. For several months it has been implicated in
numerous class action suits by angry investors who allege that
APP is handing out misleading financial statements.
The release of APP's audited accounts has already been delayed
for several months. It had promised an initial release in June,
then bumped the release date to September. There is only
speculation on possible new release dates.
CREATIVE TECHNOLOGY: Issues Dividends, Book Closure Date
--------------------------------------------------------
The Board of Directors of Creative Technology Ltd, Singapore
announced that an ordinary tax-exempt dividend of US$0.25 per
ordinary share for each ordinary share of S$0.25 has been
declared for the current financial year ending 30 June 2002. The
dividends will be paid on December 4, 2001. Based on the
exchange rate as at November 1, 2001 of S$1.828 to US$1.00, and
the par value of S$0.25 for each ordinary share, the dividend
rate is 182.8 percent.
Holders of shares in the securities accounts with The Central
Depository (Pte) Limited (CDP) Singapore will receive payment of
the dividends through CDP in Singapore Dollars converted from
US$ at the rate prevailing on November 28, 2001. All other
shareholders will receive payment in United States Dollars.
Notice is hereby given that duly completed registrable transfers
received by the Company up to 5:00 p.m. on November 20, 2001 (at
the respective Singapore and California times) will be
registered to determine shareholders' entitlements to the
dividends. For the purpose of preparing dividend vouchers, the
Shares Transfer Books and the Register of Members will be closed
from November 21, 2001 to November 22, 2001 (both dates
inclusive).
FHTK HOLDINGS: Posts Citibank's Change in Interest
--------------------------------------------------
FHTK Holdings posted on Friday a notice of substantial
shareholding of Citibank, N.A. Singapore Branch:
Notice Of Substantial Shareholding
Name of substantial shareholder: Citibank, N.A., Singapore
Branch
Date of notice to company: 01 Nov 2001
Date of change of shareholding: 31 Oct 2001
Name of registered holder: Citibank Nominees Singapore Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Restructuring Exercise (change of
Registered Holder name and the number of
shares)
Shares held in the name of registered holder
No. of shares of the change: 1,284,194
Percent of issued share capital: 0.1
Amount of consideration
per share excluding
brokerage, GST, stamp
duties, clearing fee: See footnote
No. of shares held before change: 0
Percent of issued share capital:
No. of shares held after change: 1,284,194
Percent of issued share capital: 0.1
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 0 154,103,318
Percent of issued share capital: 0 12.5
No. of shares held after change: 0 154,103,318
Percent of issued share capital: 0 12.5
Total shares: 0 154,103,318
Footnote:
1. Reference is made to the announcement by FHTK Holdings Ltd
on October 1, 2001 regarding completion of the Company's
Debt Restructuring Exercise. Citibank N.A., Singapore
Branch is one of the Group's Creditor Banks referred to in
the announcement. A total of 154,103,318 ordinary shares
of S$0.05 each in the capital of the Company have been
issued to Citibank N.A., Singapore Branch pursuant to the
Company's Debt Restructuring Exercise. The Conversion
Shares represent approximately 12.5 percent of the total
outstanding shares of the Company.
2. Arthur Andersen Associates (S) Pte Ltd, as escrow agent
holds the Conversion Shares for the benefit of Citibank
N.A., Singapore Branch.
3. The Conversion Shares are registered in the name of UOB
Kay Hian Private Limited. UOB Kay Hian Private Limited, as
depository agent, holds the Conversion Shares for the
benefit of Arthur Andersen Associates (S) Pte Ltd.
FHTK HOLDINGS: Discloses Notice of Substantial Shareholding
-----------------------------------------------------------
FHTK Holdings on November 2, posted a notice of substantial
shareholding of The Development Bank of Singapore. Full text of
the message:
Notice Of Substantial Shareholding
Name of substantial shareholder: The Development Bank of
Singapore Limited
Date of notice to company: November 1, 2001
Date of change of shareholding: October 31, 2001
Name of registered holder: DBS Nominees (Private) Limited
Circumstance giving rise to the change: Others
Please specify details: Change of Registered Holder
Shares held in the name of registered holder
No. of shares of the change: 624,517
Percent of issued share capital: 0.05
Amount of consideration
per share excluding
brokerage, GST, stamp duties,
clearing fee: see footnote
No. of shares held before change: 0
Percent of issued share capital: 0
No. of shares held after change: 624,517
Percent of issued share capital: 0.05
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 0 74,942,047
Percent of issued share capital: 0 6.09
No. of shares held after change: 0 74,942,047
Percent of issued share capital: 0 6.09
Total shares: 0 74,942,047
Footnote
1. Reference is made to the announcement by FHTK Holdings Ltd
on October 1, 2001 regarding completion of the Company's
Debt Restructuring Exercise. The Development Bank of
Singapore Limited is one of the Group's Creditor Banks
referred to in the announcement. A total of 74,942,047
ordinary shares of S$0.05 each in the capital of the
Company have been issued to The Development Bank of
Singapore Limited pursuant to the Company's Debt
Restructuring Exercise. The Conversion Shares represent
approximately 6.09 percent of the total outstanding shares
of the Company.
2. Arthur Andersen Associates (S) Pte Ltd, as escrow agent,
holds the Conversion Shares for the benefit of The
Development Bank of Singapore Limited.
3. The Conversion Shares are registered in the name of UOB
Kay Hian Private Limited. UOB Kay Hian Private Limited, as
depository agent, holds the Conversion Shares for the
benefit of Arthur Andersen Associates (S) Pte Ltd.
===============
T H A I L A N D
===============
EASTER WIRE: Will Not Submit 3rd Quarter Financial Report
---------------------------------------------------------
Easter Wire Public Company Limited (the Company), in accordance
with the letter from the SEC to the Company regarding the
exception of submitting Financial Reports on a quarterly basis,
and whereas the Court approved the Company's Rehabilitation Plan
dated June 21, 2001, informed that the Company will not submit
the company's Financial Report for the third quarter since the
Company is under the trading - stock suspension (SP) due to
being in rehabilitation period according to the Bankruptcy Law
(No. 1) of the SEC.
The Company will submit the Financial Report for semi-annual
period (Second Quarter), Financial Annual Report, and 56-1
Report in compliance with the regulation of The SET
P CAPITAL: Files Business Reorganization Petition
-------------------------------------------------
The Petition for Business Reorganization of P Capital Company
Limited (DEBTOR) was filed in the Central Bankruptcy Court:
Black Case Number 566/2543
Red Case Number 625/2543
Petitioner: P CAPITAL COMPANY LIMITED by Mr. Chaiyut Pilunowad
Debts Owed to the Petitioning Creditor: Bt95,370,735.72
Planner: P Capital Planner Company Limited
Date of Court Acceptance of the Petition: July 25, 2000
Date of Examining the Petition: August 21, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: August 21, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 25, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 14,
2000
Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 14, 2000
Court issued an Order accepting the Plan: November 21, 2000 and
Appointed P Capital Planner Company Limited to be as the
Administrative Planner
Announcement of Court Order for Accepting Business
Reorganization Plan in Matichon Public Company Limited and Siam
Rath Company Limited: December 1, 2000
Announcement of Court Order for Accepting Business
Reorganization Plan in Government Gazette: December 28, 2000
Contact: Mr. Somkit Tel, 6792525 ext 144
THAI TELEPHONE: Directors Resign
--------------------------------
Thai Telephone & Telecommunication Public Company Limited (TT&T)
informed that Mr. Suebtrakul Soonthornthum and Mr. Vasant
Chatikavanij have resigned from their positions as the Company's
Directors, effective November 1, 2001.
The Company's Board of Directors will consider director
replacements and release appropriate information once the
appointment is made.
The Central Bankruptcy Court approved TT&T's Business
Reorganization Plan on December 27, 2000. TT&T subsequently
entered into the Debt Restructuring Agreement (Agreement) with
all Creditors on June 29, 2001 and TT&T complied with all
Conditions Precedent as stipulated in the said Agreement
resulting in that the Agreement has become in full force and
effect since September 3, 2001.
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.
This material is copyrighted and any commercial use, resale or
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