/raid1/www/Hosts/bankrupt/TCRAP_Public/011123.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
Friday, November 23 2001, Vol. 4, No. 229
Headlines
A U S T R A L I A
AURORA GOLD: Posts Notices Of Director's Interests
AUSTAR UNITED: Posts New Substantial Holders
AUSTRALIAN MAGNESIUM: Public Offer Conditions Satisfied
BEACONSFIELD GOLD: Members' General Meeting Adjourned
ENERGY EQUITY: Director F M Brand Resigns
WATER WHEEL: Posts Administrator's Letter To Shareholders
WATER WHEEL: Posts Half-Yearly Report
C H I N A & H O N G K O N G
BEST CONSTRUCTION: Winding Up Petition To Be Heard
FOURSEAS.COM: Price, Turnover Movements Unexplainable
GUANGDONG KELON: Court Freezes Shares Until Nov 12 2002
HONG KONG PIM: Faces Winding Up Petition
ORIENTAL ESSENCE: Winding Up Petition Hearing Set
SIDCO (CHINA): Petition To Wind Up Scheduled
UDL HOLDINGS: Cites No Reason For Share Price Decrease
I N D O N E S I A
BANK INTERNASIONAL: Bank Mandiri Cancels Acquisition Plan
CENTRAL ASIA: IBRA Upbeat Re Incoming Preliminary Bids
TIMAH TBK: Local Government To Help Prevent Collapse
J A P A N
ASAHI BANK: Expects Y520B Net Loss
BRIDGESTONE CORPORATION: Purposes To Rebuild Ties With Ford
SNOW BRAND: Ice Cream Venture Planned With Lotte
SNOW BRAND: Posts H101 Group Operating Loss of Y15.51
TOSHIBA CORPORATION: '03 Y560 Procurement Cost Cutting Goal Set
K O R E A
DAEWOO ENGINEERING: Creditors Deny Debt Swap Plan
HANVIT BANK: Merger With Peace Bank Delayed
HYNIX SEMICONDUCTOR: U.S. Won't Block Korean Aid
HYUNDAI ENGINEERING: Creditors To Decide On Bailout
HYUNDAI MOTOR: Labor Conflict Expected As CBA Talks Stumble
SEOULBANK: Sale To Domestic Buyer Preferred
M A L A Y S I A
ANGKASA MARKETING: Presents Proposed Disposal Revision
BESCORP INDUSTRIES: Provides Update on Defaulted Payment
DENKO INDUSTRIAL: Defaulted Payment Prompts Writ of Summons
INSTANGREEN CORPORATION: SC Approves Proposal Revisions
KUANTAN FLOUR: Stay of Execution Hearing Set On December 3
LAND & GENERAL: Subsidiary Faces Winding-Up Petition
LIEN HOE: Defaults on Redeemable Secured Loan Stocks
OLYMPIA INDUSTRIES: Posts Unit's Winding-Up Petition Add'l Info
PAN PACIFIC: Government Seeks Unit's Interest Payment
TIME ENGINEERING: Sells Audi, Golf Country Club Membership
P H I L I P P I N E S
METRO PACIFIC: May Reject Ayala Offer
METRO PACIFIC: Mulls Over Different Offers On Boni Stake
NATIONAL POWER: Cutting Staff Due To Privatization
NEGROS NAVIGATION: Posts Q301 Net Loss Of P314M
UNIWIDE HOLDINGS: 9-Month Net Loss Totals P203M
S I N G A P O R E
ACMA LIMITED: Substantial Shareholder's Interest Changes Issued
CREATIVE TECHNOLOGY: Posts Shareholder's Interest Changes
POWERMATIC DATA: H101 Net Loss Totals S$5M
SEMBCORP LOGISTICS: Discloses Deemed Holding Changes
T H A I L A N D
BANGKOK RANCH: Reports Business Reorganization Plan Progress
EASTERN PRINTING: Posts 3rd Quarter Performance Report
EMC PUBLIC: Posts Rehab Plan Progressive Implementation Report
GOLDEN SANDS: Files Business Reorganization Petition
SIAM SYNTECH: Financial Statement Submission Exempted
SRIVARA REAL: Informs Registered Capital Increase
- - - - - - - -
=================
A U S T R A L I A
=================
AURORA GOLD: Posts Notices Of Director's Interests
--------------------------------------------------
Aurora Gold Limited posted these notices:
NOTICE OF DIRECTOR'S INTERESTS
Section 235 of the Corporations Law
INITIAL NOTICE
Name of Director Michael Leslie Jefferies
Name of Company Aurora Gold Limited
Date of Appointment 14/11/2001
Date of Listing -
The director has a relevant interest in the following shares in
the company or related bodies corporate: Nil
The director has a relevant interest in the following debentures
of, or prescribed interests made available by, the company or
related bodies corporate: Nil
The director has 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 the director is a party, or is entitled to a
benefit under, being contracts that confer on the director the
right to call for or deliver shares in, debentures of, or
prescribed interests made available by, the company or related
bodies corporate: Nil
NOTICE OF DIRECTOR'S INTERESTS
Section 235 of the Corporations Law
INITIAL NOTICE
Name of Director Gary Hilton Weiss
Name of Company Aurora Gold Limited
Date of Appointment 14/11/2001
Date of Listing -
The director has a relevant interest in the following shares in
the company or related bodies corporate: Nil
The director has a relevant interest in the following debentures
of, or prescribed interests made available by, the company or
related bodies corporate: Nil
The director has 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 the director is a party, or is entitled to a
benefit under, being contracts that confer on the director the
right to call for or deliver shares in, debentures of, or
prescribed interests made available by, the company or related
bodies corporate: Nil
AUSTAR UNITED: Posts New Substantial Holders
--------------------------------------------
Asian Cable Holdings Ltd and Todd Klindworth became substantial
shareholders in Austar United Communications Limited on
16/November/2001 with a relevant interest in the issued share
capital of 580,360,532 ordinary shares (81.27%).
United Asia/Pacific Holdings Inc also became a substantial
shareholder in the Company on 16/November/2001(Australia),
15/November/2001(US), with a relevant interest in the issued
share capital of 580,360,532 Fully paid ordinary shares
(81.27%).
AUSTRALIAN MAGNESIUM: Public Offer Conditions Satisfied
-------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) confirms all
conditions of its public offer of Distribution Entitled
Securities have been satisfied.
AMC has delivered, and the Ford Motor Company has accepted, a
notice of AMC's intention to proceed with the development of the
Stanwell Magnesium Project and a delivery schedule for magnesium
shipments to Ford.
The 10 year take-or-pay magnesium supply agreement between AMC
and Ford is now unconditional. AMC will deliver to Ford up to
45,000 tpa of magnesium alloys representing almost half of the
proposed output of the Stanwell Magnesium Project.
AMC Chairman, Dr J Roland Williams said Wednesday that he
believed the Ford Magnesium Supply Agreement was without peer in
the magnesium industry.
"The contract's scale and its longevity reinforces AMC's view of
the growth potential of the magnesium market. It also highlights
the need by the automotive industry for large, consistent,
quality supplies of light metals for the next generation of car
platform designs," Dr Williams said.
With all of the offer conditions now being satisfied, the
Company and the joint lead managers to the offer will meet later
this week to allot the Distribution Entitled Securities. As
previously advised, allotment is expected by Friday 23 November
2001 with deferred settlement trading in the securities
scheduled to commence on Monday 26 November 2001
BEACONSFIELD GOLD: Members' General Meeting Adjourned
-----------------------------------------------------
Beaconsfield Gold NL's general meeting of members held in Sydney
Wednesday has been adjourned until 18 December 2001 at 11.00 am
at the Community Hall, Beaconsfield Tasmania.
None of the resolutions on the Notice of Meeting has been
considered and therefore all resolutions will still be before
the adjourned meeting.
The proxy votes received by the company ahead of Wednesday's
meeting were overwhelmingly in favor of the existing board.
ENERGY EQUITY: Director F M Brand Resigns
-----------------------------------------
The Directors of Energy Equity Corporation Ltd advised that Mr F
M Brand has ceased to be a Director of the Company and a Joint
Company Secretary as from 19 November 2001.
For further inquiries, please contact EEC's Executive Director,
Mr Ian Jordan, on (61) 8 9366-4777.
WATER WHEEL: Posts Administrator's Letter To Shareholders
---------------------------------------------------------
Water Wheel Holdings Limited (Subject to a Deed of Company
Arrangement) (Water Wheel) posted the letter of Deed
Administrator N Brooke of Pricewaterhousecoopers to
shareholders:
"I refer to the above company in relation to the lodgment of the
Water Wheel 3 June 2001 half-year accounts.
"The circumstances that arose which precluded the company from
lodging it's financial accounts for the half-year ended 3 June
2001 in a timely manner are still preventing the external
auditors, Hall Puddy & Wales from finalizing their review of the
accounts. I anticipate the audit review to be completed by 30
November 2001 and I will lodge their report at that time.
"I thank you for your understanding on this matter and should
you have any queries please do not hesitate to contact me on
(03) 8603 6492."
WATER WHEEL: Posts Half-Yearly Report
-------------------------------------
Water Wheel Holdings Limited posted its half yearly report
below:
HALF YEARLY REPORT
Name of entity
Water Wheel Holdings Limited(Subject to a Deed of Company
Arrangement)
ACN, ARBN, ABN or ARSN Half Preliminary Half Year ended
yearly final ('current period')
(tick) (tick)
004 450 033 X 03/06/2001
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) down 99.5% to 64
Profit (loss) from ordinary activities
after tax (before amortization
of goodwill) attributable to members
(item 1.20) up/down N/A% to (241)
Profit (loss) from ordinary activities
after tax attributable to members
(item 1.23) up/down N/A% to (241)
Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d)) gain/loss of -
Net profit (loss) for the period
attributable to members
(item 1.11) up/down N/A% to (241)
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) -
Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7) - -
Record date for determining entitlements to the
dividend, (in the case of a trust, distribution)
(see item 15.2) -
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 64 10,472
1.2 Expenses from ordinary activities
(see items 1.24 + 12.5 + 12.6) (305) (13,727)
1.3 Borrowing costs - (115)
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 (241) (3,370)
1.6 Income tax on ordinary
activities (see note 4) - -
1.7 Profit (loss) from ordinary
activities after tax (241) (3,370)
1.8 Profit (loss) from extraordinary
items after tax (see item 2.5) - -
1.9 Net profit (loss) (241) (3,370)
1.10 Net profit (loss) attributable to
outside equity interests - -
1.11 Net profit (loss) for the period
attributable to members (241) (3,370)
CONSOLIDATED RETAINED PROFITS
1.12 Retained profits (accumulated losses)
at the beginning of the financial
period (17,650) (9,296)
1.13 Net profit (loss) attributable to
members (item 1.11) (241) (3,370)
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 (17,891) (12,666)
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 (241) (3,370)
1.19 Less (plus) outside equity interests - -
1.20 Profit (loss) from ordinary activities
after tax (before amortization of
goodwill) attributable to members (241) (3,370)
PROFIT (LOSS) FROM ORDINARY ACTIVITIES
ATTRIBUTABLE TO MEMBERS
1.21 Profit (loss) from ordinary activities
after tax (item 1.7) (241) (3,370)
1.22 Less (plus) outside equity interests - -
1.23 Profit (loss) from ordinary activities
after tax, attributable to members (241) (3,370)
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
Sales Revenue - 10,339
Cost of Materials - (8,138)
Gross Profit - 2,201
Other Revenue from Ordinary Activities 64 133
Distribution Expenses - (464)
Labour Costs - (2,512)
Fixed Costs - (1,138)
Other Variable Costs - (844)
Borrowing Costs - (115)
Administrators Fees and Other Costs (305) (631)
Profit(Loss) from ordinary activities
after tax, attributable to members (241) (3,370)
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 6,852,223 Suspended 100 100
18.4 Changes during
current period
(a) Increases through
issues - - - -
(b) Decreases through
returns of capital,
buybacks - - - -
18.5 Convertible debt
securities
(description and
conversion factor) - - -
18.6 Changes during
current period
(a) Increases through
issues - - - -
(b) Decreases through
securities matured,
converted - - - -
18.7 Options (description Exercise Expiry
and conversion factor) price date
(cents)
- - - -
18.8 Issued during
current period - - - -
18.9 Exercised during
current period - - - -
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
The Economic Entity was subject to a Deed of Company
Arrangement
for the entire period.
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)
The Deed Administrators declared and paid after 03/06/2001 an
initial 10 cent dividend to unsecured creditors of Water Wheel
Mills Pty Ltd (subject to a Deed of Company Arrangement), the
wholly owned subsidiary of Water Wheel Holdings Ltd.
Franking credits available (amount):
Prospects for paying fully or partly franked dividends for at
least the next year
N/A
Changes in accounting policies since the last annual report are
disclosed as follows.
N/A
================================
C H I N A & H O N G K O N G
================================
BEST CONSTRUCTION: Winding Up Petition To Be Heard
--------------------------------------------------
The petition to wind up Best Construction Company Limited will
be heard before the High Court of Hong Kong on January 16, 2002
at 10:00 am. The petition was filed with the court on October 5,
2001 by Cheung Kwok Hing of No. 11, Tsuen Lung Ma TongVillage,
Tsuen Kam Road, Tsuen Wan, New Territories, Hong Kong.
FOURSEAS.COM: Price, Turnover Movements Unexplainable
-----------------------------------------------------
Fourseas.com Limited noted the recent decrease in the price and
increase in trading volume of the shares of the Company on 20th
November 2001 and wish to state that we are not aware of any
reasons for such movement.
Except the management is still in a preliminary stage of
negotiations of a possible co-operation of a tourist spot
related project (the Project) in the People's Republic of China
(the PRC) as mentioned in the announcement dated 16 October
2001, there are no other negotiations or arrangements relating
to intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the
board of directors of the Company (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.
GUANGDONG KELON: Court Freezes Shares Until Nov 12 2002
-------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited has received
four separate notifications from the Guangzhou Intermediate
People's Court to freeze a total of 71,000,000 shares in the
Company (including any bonus shares or other subscription rights
arising from those shares) held by Guangdong Kelon (Rongsheng)
Group Company Limited (GKG), the current single largest
shareholder of the Company before completion of the share sale
and purchase agreement (the Agreement) as referred to in the
Company's announcement dated 31 October 2001.
The shares subject to the freezing orders represent
approximately 7.16% of the Company's total issued share capital,
of which GKG currently holds approximately 34.06%. Under the
Agreement GKG agreed to sell 20.64% of the total issued capital
of the Company to Greencool Enterprise Development Company
Limited.
The Guangzhou Intermediate People's Court made the orders on 13
November 2001 upon an interlocutory application for the freezing
orders by the Bank of China, Guangdong Branch (BOC) in respect
of certain loan arrangements between GKG and BOC. The freezing
orders cover a period from 13 November 2001 to 12 November 2002.
The Directors of the Company consider the freezing orders will
not have any adverse impact upon the operations of the Company
and confirm that the Company is currently operating as normal.
HONG KONG PIM: Faces Winding Up Petition
----------------------------------------
The petition to wind up Hong Kong Pim Limited is set for hearing
before the High Court of Hong Kong on January 30, 2002 at 9:30
am. The petition was filed with the court on October 29, 2001 by
Wan May Ying of Flat C, Ground Floor, 41 Cloud View Road, North
Point, Hong Kong.
ORIENTAL ESSENCE: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Oriental Essence Limited is scheduled
for hearing before the High Court of Hong Kong on January 16,
2002 at 10:00 am. The petition was filed with the court on
October 4, 2001 by Pandey, Krishna Prasad of 1/F., Flat C, 67
Woosung Street, Yau Ma Tei, Kowloon, Hong Kong.
SIDCO (CHINA): Petition To Wind Up Scheduled
--------------------------------------------
The petition to wind up Sidco (China) Corporation Limited is
scheduled to be heard before the High Court of Hong Kong on
December 12, 2001 at 9:30 am. The petition was filed with the
court on August 20, 2001 by Yuzhou City Electricity Businesses
Management Bureau of No. 64 Yaowangci Street, Yuzhou City, Henna
Province, PRC.
UDL HOLDINGS: Cites No Reason For Share Price Decrease
------------------------------------------------------
UDL Holdings Limited noted the recent decrease in the price of
the shares of the Company and stated that they are not aware of
any reasons for such decrease.
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.
=================
I N D O N E S I A
=================
BANK INTERNASIONAL: Bank Mandiri Cancels Acquisition Plan
---------------------------------------------------------
The government dropped its plans to merge state-owned Bank
Mandiri with Bank Internasional Indonesia, citing BII's
improving financial condition, Jakarta Post reported Wednesday
referring to State Minister for State Enterprises Laksamana
Sukardi.
Sukardi said that BII had been considered "healthy" after the
government injected billions of dollars worth of hedge bonds to
replace bad loans owed by the bank's parent Sinar Mas Group.
"Our final decision is to make BII a stand-alone bank," he
said.
Sukardi added that the new strategy was part of the government's
plan to gain optimum results from divesting ownership in BII
later on.
The government would inject another Rp2 trillion to Rp3 trillion
worth of bonds into the bank to ensure that it could meet the
central bank's year-end minimum 8 percent capital adequacy ratio
(CAR) requirement, Laksamana said.
Several analysts have criticized the earlier plan to force Bank
Mandiri to acquire BII arguing that the state-owned bank itself
was not in good condition.
Bank Mandiri had also recently expressed worries that the long
and difficult process of the planned acquisition of BII would
cause a delay in the state bank's initial public offering plan.
CENTRAL ASIA: IBRA Upbeat Re Incoming Preliminary Bids
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has officially
claimed it has received 15 preliminary bids (non-binding) for
Bank Central Asia (BCA) shares from strategic investors
consisting of 5 International Investors and 10 Local Investors.
The bids simply show high interest in the BCA shares offer, and
IBRA remains optimistic that the BCA divestment process will
proceed as scheduled.
Presently, IBRA is processing the incoming preliminary bid for
selection of prospective investors (short listed investors) who
will be eligible for participating in the next divestment
process comprising of due diligence on financial aspect,
management and operational aspects of BCA. In the following are
the ongoing stages of BCA divestment process:
Stage Time
* Selection of short listed investors Week IV November 2001
* Due diligence process 3 weeks after short listed
investor nomination
* Final Bid Week III December 2001
* Signing of Sales & Purchase Agreement Week IV December 2001
The selection process will adopt the preset criteria with a
focus on quality, credibility of the bidders and their bidding
price. The criteria include prime bank or financial institution
with good reputation, possessing sound financial position and
dependable fund sources, exclusion from Bank Indonesia's bad
banker list as stipulated in the central bank regulation and is
not affiliated either directly or indirectly to the former owner
of BCA (Salim Group).
Assisted by Financial Advisors and Legal Advisor, IBRA is doing
its best to reach for a success of the BCA divestment. IBRA will
keep on upholding its commitment in carrying out the BCA
divestment process commensurate with the principles of
transparency, integrity, fairness and consistency so as to win
confidence from all investors and the general public.
TIMAH TBK: Local Government To Help Prevent Collapse
----------------------------------------------------
In an attempt to prevent the tin mining firm PT Timah from
collapsing and to stop illegal mining activities, the Bangka
Belitung provincial administration promised to ban the export of
tin concentrate in the future, The Jakarta Post reported on
Wednesday.
The province could not immediately ban the exportation of tin
concentrate because the Ministry of Industry and Trade decree
No. 146/1999 still allows such exports.
But provincial administration secretary Robuan Zaenuddin, said
however, "But our effort is now becoming more positive. We have
received support from the central government, which has agreed
to revoke the ministerial decree."
In the event the revocation of the decree pushes through, the
local authorities will immediately impose the ban, allowing only
tin metal exports from the islands, in effect greatly benefiting
Timah and another mining company, Kobatin, the two being the
only operators producing tin metal.
Timah spokesman Prasetyo B. Saksono, when asked for a comment,
said "Timah welcomed the move, as it would ease difficulties
for the company."
=========
J A P A N
=========
ASAHI BANK: Expects Y520B Net Loss
----------------------------------
Asahi Bank forecasts a Y520-billion unconsolidated net loss for
this fiscal year as it sets aside a hefty Y400 billion in loan
loss reserves in effort to quell its increasing bad-loan
problem, according to the Japan Times on Wednesday.
Asahi is currently accelerating the removal of its worst loans
from its balance sheets in order to regain profitability and
market confidence. The bank is also currently increasing its
loan loss reserves to set aside for troubled borrowers with
declining share prices and credit ratings.
This move should increase its bad loan write-offs by Y300
billion from the original plan of Y100 billion.
BRIDGESTONE CORPORATION: Purposes To Rebuild Ties With Ford
-----------------------------------------------------------
Bridgestone Corporation and Ford Motor Company senior executives
have met and immediately resolved to continue engaging in talks
aimed at improving their strained relationship, PRNewsAsia
reported on Tuesday.
Bridgestone President, Shigeo Watanabe, and Ford Chief Operating
Officer, Nick Scheele, recently met in the U.S. and agreed to
hold the next round of talks together with Bridgestone/Firestone
Inc. President and Chief Executive Officer, John T. Lampe.
Bridgestone's tires have been blamed for some 150 traffic deaths
in the U.S. and have destroyed the Company's relationship with
Ford. The Ford Explorer used Bridgestone's tires.
More than 6.5 million tires have been recalled, significantly
affecting Bridgestone's financial affairs.
SNOW BRAND: Ice Cream Venture Planned With Lotte
------------------------------------------------
Snow Brand Milk Products Company Ltd and Lotte Company Ltd will
forge an alliance in the ice cream business to conduct joint
procurement and distribution, according to PRNewsAsia on
November 20.
Under the current arrangement the two companies expect to
decrease costs by 10-20 percent. However both companies will
exclude sales or product development from the tie-up.
Snow Brand has been trying to fight back ever-decreasing sales
and a tainted brand image due to the food poisoning incident
involving the company's products.
SNOW BRAND: Posts H101 Group Operating Loss of Y15.51
-----------------------------------------------------
Snow Brand Milk Products Co. announced that it had posted a
Group Operating Loss of Y15.51 billion on sales of Y621 billion
for the first half ended September 30, as compared to the year
ago group operating loss of Y24.38 billion, according to a
report by the Asian Wall Street Journal on Tuesday.
On a parent-only basis, Toshiba also posted an operating loss of
Y17.73 billion on sales of Y209.35 billion.
For the half-year ended September 30, 2001, Toshiba also posted
a net loss of Y15.51 billion as compared to the year-ago net
loss of Y24.34.
TOSHIBA CORPORATION: '03 Y560 Procurement Cost Cutting Goal Set
---------------------------------------------------------------
Through the standardization of parts and raw materials used by
its group firms, Toshiba Corp intends to save the cost of
procuring parts and raw materials by Y560 billion by the end of
March 2003, PrnewsAsia reported on November 20.
The new plan aims to increase the ratio of common parts and raw
materials 50 percent from the present level of 10 percent.
Previously, as part of its cost cutting efforts, Toshiba slashed
spending, cut staff and undertook an early-retirement program to
significantly reduce its 188,000 workers by 2000.
=========
K O R E A
=========
DAEWOO ENGINEERING: Creditors Deny Debt Swap Plan
-------------------------------------------------
Contrary to local newspaper reports, creditors of Daewoo
Engineering & Construction Co. are not planning to convert W700
billion of the Korean company's debt into equity, the Asian Wall
Street Journal reports, quoting a Hanvit Bank official.
Daewoo denied a local report that said its creditors are
considering swapping W700 billion of Daewoo's debt to equity to
accelerate its emergence from the debt workout program it is
currently under.
A Hanvit Bank Official said Daewoo Engineering's debt level is
undergoing a due diligence investigation by an accounting firm.
HANVIT BANK: Merger With Peace Bank Delayed
-------------------------------------------
The impending merger between Hanvit Bank and Peace Bank has been
delayed because the Korea Deposit Insurance Corp. (KDIC)
delayed its approval of Peace Bank's management improvement
plan, the Korea Herald reported on Wednesday.
KDIC, the largest stakeholder in Peace Bank, was supposed to
approve the rescue plan but failed to endorse it as the labor
and management of Peace Bank failed to reach an agreement on the
move.
A KDIC official said, "We are urging top managers to strike a
labor-management accord on the management improvement plan. The
date of KDIC's approval is not so important and it may take a
few more days."
Despite the fact that KDIC's approval may be delayed several
days, the state agency still intends to report the restructuring
plan to the Public Funds Management Committee next Monday as
previously agreed upon.
HYNIX SEMICONDUCTOR: U.S. Won't Block Korean Aid
------------------------------------------------
The U.S. Congress didn't approve a resolution calling for
government action to bar the Korean government from further
giving aid to the ailing Hynix Semiconductor Incorporated, in
defiance of WTO Trade Rules, the Asian Wall Street Journal
reported Tuesday.
The U.S. Senate, while deliberating on a budget bill last week,
added the resolution demanding government action against the
alleged government financial aid. However, the resolution wasn't
adopted during the final endorsement of the budget bill.
HYUNDAI ENGINEERING: Creditors To Decide On Bailout
---------------------------------------------------
A bailout program for the troubled Hyundai Engineering and
Construction Co. (HEC) is to be approved by its creditors,
according to a Wednesday Korea Herald report.
According to a creditor bank official, the creditors are set to
meet early next week to decide on a debt-for-equity swap of W1.4
trillion and a rights offering worth W750 billion.
The same official adds that it is necessary to finalize the
bailout issue as early as possible since a freeze has been
placed on the assets and liabilities of HEC.
HYUNDAI MOTOR: Labor Conflict Expected As CBA Talks Stumble
-----------------------------------------------------------
Following the breakdown of negotiations on collective bargaining
and wages held between unionists and the management of Hyundai
Motor, unionists vowed to take collective action, prompting
immediate fears that the operations of the Korean auto maker my
hit a snag, according to a News On Korea report November 21,
2001.
In line with its commitment to take action, the labor union
launched a committee for the protest for each working division
and union leaders have already started overnight sit-in
demonstrations.
There are no reports of clashes between the two groups right
now, and the plants are currently in normal operation. However,
management fears that the unionists may take more serious action
next week.
SEOULBANK: Sale To Domestic Buyer Preferred
-------------------------------------------
In order for Seoulbank to easily recover the public funds
injected to it, bank President Kang Jung-won suggests that it
would be better to sell the state-owned bank to a domestic
company such as a financial services group, the Korea Herald
reported on Wednesday.
Some W5.1 trillion in public funds have already been injected
into Seoul Bank to make it a "cleaner" bank and to keep afloat.
Kang, in the recently held investor-relations session said, "No
restrictions will be placed on the eligibility of a prospective
buyer. Both non-financial companies and financial services group
will be free to bid for Seoul Bank."
Seoul Bank and the government have decided to seek a domestic
buyer as their efforts to sell it to a foreign investor have
failed.
===============
M A L A Y S I A
===============
ANGKASA MARKETING: Presents Proposed Disposal Revision
------------------------------------------------------
Angkasa Marketing Berhad (AMB or the Company) informed that on
11 November 2000 and 9 January 2001 AMB announced, inter alia,
the proposed disposal of 90.81% of the enlarged share capital of
Angkasa Transport Equipment Sdn Bhd (ATE) by its wholly-owned
subsidiary, namely AMB Venture Sdn Bhd (AMBV) to Lion Asiapac
Limited (LAP)(Proposed Disposal) of 25,000,000 ordinary shares
of RM1.00 each to LAP for:
a) S$15,383,527 (equivalent to approximately RM33.2 million)
to be satisfied by an issuance of 61,534,108 new ordinary shares
of S$0.25 each in LAP (LAP Shares) at an issue price of S$0.25
per LAP Share with 61,534,108 free detachable LAP warrants (LAP
Warrants); and
b) in the event the listing of Anhui Jianghuai Automotive
Chassis Co Ltd (AJ Auto) on the Shanghai Stock Exchange (SSE) in
the People's Republic of China (PRC) is completed by 30
September 2001 (Listing of AJ Auto), an additional consideration
of S$23,283,268 (equivalent to approximately RM50.3 million) to
be satisfied by an issuance of 93,133,073 new LAP Shares at an
issue price of S$0.25 per LAP Share with 93,133,073 free
detachable LAP Warrants (Additional Consideration),
subject to LAP repaying an outstanding loan of Rmb20 million
(equivalent to approximately RM9.1 million) in ATE (Proposed
Disposal).
The Additional Consideration reflects the listing premium of AJ
Auto attributable to ATE assuming the offer price of AJ Auto
shares is Rmb10.50 per share.
For comparison purposes only, the exchange rates applied herein
are the same as those applied in the announcements dated 11
November 2000 and 9 January 2001, namely: S$1.00 - RM 2.16
RM1.00 - Rmb2.19
Proposed Revision to the Proposed Disposal
Further, it had been announced on 11 November 2000 that the
Additional Consideration is subject to adjustment if, inter
alia, the offer price of AJ Auto shares is fixed at a price
other than Rmb10.50 per AJ Auto share.
The indicative offer price of Rmb10.50 per AJ Auto share was
previously determined and agreed upon by AJ Auto and United
Securities Co Ltd (the Adviser and Managing Underwriter for the
Listing of AJ Auto) after taking into account the then
prevailing price-earnings multiple for the listing of automotive
business on the SSE at the time of the application to obtain the
approvals of relevant PRC authorities for the Listing of AJ
Auto.
However, subsequent to the receipt of approval for the aforesaid
application, AJ Auto and United Securities Co Ltd had mutually
agreed to reduce the offer price from Rmb10.50 per AJ Auto share
to Rmb 9.90 per AJ Auto share, after taking into account the
prevailing market condition of the SSE and a downward revision
in the earnings of AJ Auto.
The Listing of AJ Auto was approved by the China Securities
Regulatory Commission vide its letter dated 23 July 2001. The AJ
Auto shares were listed and quoted on the SSE on 24 August 2001.
In view of the foregoing, it was agreed, inter alia, between
AMBV and LAP on 20 November 2001 that the following revisions be
made to the Additional Consideration:
i) The Additional Consideration shall be revised to
S$21,872,155 (equivalent to approximately RM47.2 million),
instead of S$23,283,268 (equivalent to approximately RM50.3
million); and
ii) The revised Additional Consideration shall be satisfied
by an issuance of 87,488,620 new LAP Shares at an issue price of
S$0.25 per LAP Share with 87,488,620 free detachable LAP
Warrants attached (Proposed Revisions).
As a result of the Proposed Revisions and based on the
assumption that the Proposed Disposal is completed in the
financial year ending 30 June 2002, the Proposed Disposal is
expected to result in an estimated gain of approximately RM41.5
million to the AMB Group for the financial year ending 30 June
2002, as opposed to RM54.1 million as previously announced on 9
January 2001. The difference in the estimated gain is mainly in
respect of the reduction in the Additional Consideration and
reversal of higher reserves resulting from deferment in
completion date.
Similarly, as a result of the Proposed Revisions, for
illustrative purposes only, the proforma consolidated NTA of AMB
is expected to increase by 22 sen instead of 35 sen per AMB
share as previously announced on 9 January 2001 (based on the
audited consolidated balance sheets of AMB as at 30 June 2001
and on the assumption that the Proposed Disposal is effected as
at that date).
Other matters
Further to the conditions precedent as set out in the
announcement dated 11 November 2000, the Proposed Disposal is
further subject to the Securities Commission (SC)'s approval and
barring unforeseen circumstances, the necessary applications to
seek the SC's approval for the Proposed Disposal would be
submitted by AMB and LAP respectively to the SC within 3 months
from the date of this announcement.
All other terms and conditions of the Proposed Disposal (as
announced on 11 November 2000, 9 January 2001, 27 February 2001,
18 May 2001 and 1 October 2001), apart from the aforesaid
Proposed Revisions and the approval of the SC for the Proposed
Disposal, remain unchanged. Shareholders of AMB and potential
investors are requested to refer to the announcements made on 11
November 2000, 9 January 2001, 27 February 2001, 18 May 2001 and
1 October 2001 for further details and other conditions
precedent to the Proposed Disposal.
BESCORP INDUSTRIES: Provides Update on Defaulted Payment
--------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB or the Company) provided an update on its default in
payment, as found at
http://www.bankrupt.com/misc/Bescorp_default.xls
The default by BIB as at 31 October 2001 amounted to
RM56,199,631.81 made up of a principal sum of RM35,750,000 plus
RM20,449,631.81 in interest for revolving credit facilities.
As at 31 October 2001, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn. Bhd. (In Liquidation),
Bescorp Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn.
Bhd. (In Liquidation), Bespile Sdn. Bhd. (In Liquidation) and
Waktu Cerah Sdn. Bhd., defaulted on a total sum of
RM143,000,480.02 made up of a principal sum of RM115,679,193.80
plus RM27,321,286.22 in interest for revolving credit
facilities, term loan, overdraft and bankers' acceptance.
DENKO INDUSTRIAL: Defaulted Payment Prompts Writ of Summons
-----------------------------------------------------------
Denko Industrial Corporation Berhad (Denko) informed that
Trimate Industries Sdn Bhd (TISB) a 80%-owned subsidiary of
Denko and Denko had been served a writ of summons (dated 22
October 2001) and statement of claim (dated 27 September 2001)
on 19 November 2001, filed by Arab-Malaysian Finance Berhad
(AMFB) in the High Court of Ipoh, suit No. 22-206-2001 for a sum
of RM1,657,072.08 and continuing interest, allegedly due from
default in payment for hire purchase facilities extended to
Trimate Industries Sdn Bhd and was secured against corporate
guarantee by Denko.
The expected losses are as follows:
i) The plaintiff's claim against TISB and Denko jointly and
severally for the followings:
a) The total sum of RM1,657,072.08 with interest rate ranging
from 19.04% to 19.75% calculated from 14 August 2001 until the
date of full settlement;
b) Costs;
c) Such other relief as the Honorable Court thinks fit.
ii) Legal fees arising from defending the suit.
TISB and Denko do not expect any material operational impact
arising from the suit. On 16 April 2001 the Securities
Commission has approved Denko's corporate proposals as follows:
Proposed property acquisition;
Proposed renounceable rights issue of shares with warrants
attached;
Proposed establishment of an employees' share option scheme, and
Proposed increased in the authorized share capital.
The gross proceeds arising from the Proposed Rights Issue of
RM65,783,723.00 is to be utilized for core businesses of Denko
group and also for the repayment of loans and bank borrowings.
However, the approved proposals is still pending implementation.
The Securities Commission vide, its letter dated 8 October 2001,
has approved Denko's application for an extension of time for a
six-month period, up to 15 April 2002 to implement the
Proposals. Negotiations are still being carried out in seeking
further indulgence towards realizing a successful implementation
of the approved proposals.
The suit against TISB and Denko is not expected to be material
financially as the amount claim has already been accounted for
in the accounts of TISB and Denko group is undertaking the above
corporate exercise to resolve the matter.
Denko group has taken the following steps in respect of the
legal suit:
Messrs BDO Capital Consultants Sdn Bhd has been appointed on 2
May 2001 to act on behalf of Denko to review and restructure the
proposed debts restructuring scheme;
The solicitors of TISB and Denko have been instructed to defend
the above suit.
There are ongoing negotiations with the plaintiff to resolve the
matter.
INSTANGREEN CORPORATION: SC Approves Proposal Revisions
-------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Instangreen
Corporation Berhad (Special Administrators Appointed) (ICB or
the Company) announced that the Securities Commission (SC) has
by its letter dated 13 November 2001 (which was received on 16
November 2001) further approved the following revisions to the
Proposed Restructuring Scheme (Proposal):
(i) the major shareholders of LBS Bina Group Berhad (LBGB)/
vendors of LBS Bina Holdings Sdn Bhd (LBS) are required to
exercise the call option to purchase Pengurusan Danaharta
Nasional Berhad (Danaharta)'s shares in LBGB in order to reduce
Danaharta's shareholdings in LBGB to a level of less than 5%
within two (2) years from the date of listing of LBGB and to
place out these shares to the public; and
(ii) reservation of 1,000,000 shares of RM1.00 each (Shares)
in LBGB for employees of LBGB Group and 430,000 Shares for
Directors of LBGB or persons connected to Directors of LBGB. The
1,430,000 Shares will be set aside from the total Placement
Shares of 6,000,000.
The SC's approvals on the abovementioned items are subject to:
(a) Danaharta is agreeable to (i) as mentioned above; and
(b) the major shareholders of LBGB/ vendors of LBS's to
provide SC with the written undertaking (i) as mentioned above.
The Company is presently finalizing the necessary documentation
for the completion of the Proposal.
KUANTAN FLOUR: Stay of Execution Hearing Set On December 3
----------------------------------------------------------
The Directors of Kuantan Flour Mills Bhd (the Company), further
to the announcement made on 19 October 2001 pertaining to the
default in payment in relation to Paragraph 9.04(L) and Practice
Note 1/2001, announced that the hearing date for the appeal
against the Summary Judgement by Multi-Purpose Finance Berhad
has yet been fixed. However, the hearing for the Stay of
Execution has been scheduled for 3 December 2001.
LAND & GENERAL: Subsidiary Faces Winding-Up Petition
----------------------------------------------------
The Directors of Land & General Berhad (L&G) informed the that
Sri Damansara Sdn Bhd (SDSB), a wholly owned subsidiary of L&G,
was served with a Winding-Up Petition on 19 November 2001 in
respect of a claim of RM46,789.22 by Azman & Tay Associates Sdn
Bhd (ATA).
The claim made by ATA is in relation to an alleged outstanding
professional fee for services rendered by ATA to SDSB. On 11
July 2001, ATA through its solicitors had served a notice
pursuant to Section 218, Companies Act 1965 demanding the
aforementioned outstanding fee. Subsequently, ATA presented the
Winding-Up Petition to the High Court in Kuala Lumpur on 15
October 2001.
SDSB disputes the claim. On 15 August 2001, SDSB had taken the
following legal action and the current status is as stated
below:
i) Filed a Writ of Summons And Statement of Claim claiming
that ATA had not rendered complete service and ATA had been
overpaid by RM67,866.78.
On 8 September 2001, the High Court granted a Judgement in
Default against ATA for the sum of RM67,866.78 plus interest at
8% per annum from the date of judgement until full realization
together with general damages and special damages to be assessed
and paid to SDSB. Presently, SDSB is actively pursuing the
recovery of the judgement sum and the general and special
damages awarded to SDSB by the High Court.
ii) Filed an application for an injunction against ATA
restraining ATA from filing and presenting a winding-up
petition.
The hearing of the said application for the injunction was held
on 10 September 2001 and the High Court granted the injunction
restraining ATA from presenting a winding-up petition against
SDSB. Despite the injunction granted by the High Court, ATA
proceeded to serve the winding-up petition on SDSB on 19
November 2001.
Financial And Operational Impact on the Group
The amount of claim by ATA is very minor and hence the Directors
are of the opinion that the Winding-Up Petition on SDSB will not
have any financial and operational impact on the L&G Group. The
cost of investment in SDSB by L&G is RM120,990,137.
Steps proposed to be taken
The Directors are of the opinion that the winding-up petition
was done in bad faith. Therefore, SDSB has instructed its
solicitors to apply to the High Court to set aside the Winding-
Up Petition immediately otherwise SDSB will commence appropriate
legal action against ATA and the solicitors who are acting on
behalf of ATA (for defying the injunction granted by the High
Court).
LIEN HOE: Defaults on Redeemable Secured Loan Stocks
----------------------------------------------------
Lien Hoe Corporation Berhad (Lien Hoe) informed loan
stockholders and the shareholders of Lien Hoe of the current
status of the following defaults on the Loan Stocks, as declared
in the notice of default with respect to a charge dated 7
November 2001 served on the Company by the trustee:
a. Principal due on 5 September 2001 RM43,817,871.00
b. Interest due on 5 September 2001 RM8,069,109.87
Reasons for default in payments
As stated in our circular to loan stockholders dated 17 July
2000, the Company was adversely affected by the Asian financial
crisis, which resulted in the slowdown of the Malaysian economy
in general and the property market in particular. This has
affected the Company's ability to pay the Loan Stocks' principal
and interest when they fell due.
Measures taken to address the default
The Company had on 30 May 2000 received Securities Commission's
approval for its restructuring exercise which includes inter-
alia, a capital reduction and rights issue of warrants. An
amount of RM36.7 million arising from this exercise has been
earmarked for partial redemption of the Loan Stocks whilst the
balance of RM7.1 million and Loan Stocks interest of
approximately RM4.1 million will be repaid via bridging loan
from financial institutions. This loan, if approved, will be
secured by a charge over the Company's property known as
Kompleks Lien Hoe in Johor Baru valued at RM126.976 million as
at 4 May 1998.
The restructuring exercise has also been approved by the
shareholders of the Company at an extraordinary general meeting
held on 23 November 2000. Subsequently on 10 January 2001, the
High Court of Malaya granted its sanction for the capital
reduction, which forms an integral part of the restructuring
exercise of the Company. The capital reduction was completed on
15 February 2001 and the other components of the restructuring
exercise will be implemented sequentially thereafter.
In view of the depressing local stock market condition, which
adversely affected the progress of implementation of the
restructuring exercise, the Company is currently pursuing a
bonds issue by way of securitization of Kompleks Lien Hoe as an
alternative plan. The bonds issue, if successful, will raise
sufficient cash for the Company to redeem the Loan Stocks plus
any accrued interest in full.
Financial and legal implications in respect of the default in
payments of the outstanding sums
As announced by the Company on 9 November 2001, the Company has
been served with a notice of default with respect to a charge
dated 7 November 2001, demanding repayment of the principal and
interest owing in respect of the Loan Stocks within 14 days from
the date of the service of the notice, failing which the trustee
for the Loan Stocks will apply for an order of sale on Kompleks
Lien Hoe, Johor Baru.
Save as disclosed, there are no other significant financial and
legal implications in respect of the default.
Lines of action available to the security holders against the
Company
The Loan Stocks is secured by a charge over the Company's
property known as Kompleks Lien Hoe in Johor Baru valued at
RM138.0 million as at 12 March 2001. Loan stockholders will
continue to have a claim against the Company in respect of their
respective holdings of the Loan Stock. The rights of the
registered loan stockholders will continue to be protected by
the terms of the Trust Deed, as amended by the Amendment Trust
Deed, and will continue to be represented by the Trustee,
Universal Trustee (Malaysia) Berhad.
OLYMPIA INDUSTRIES: Posts Unit's Winding-Up Petition Add'l Info
---------------------------------------------------------------
The Board of Olympia Industries Berhad (OIB or the Company), in
reference to KLSE's letter dated 19 November 2001 in respect of
the Notice of Winding-Up Petition appearing in the New Straits
Times on Thursday, 15 November 2001, announced:
1. The date of the presentation of the winding-up petition (the
Petition) was on 3 September 2001 and the Petition was served on
Mascon Sdn Bhd (Mascon) on 12 October 2001;
2. The amount claimed is RM321,814.26 together with interest
calculated at the rate of 8% per annum;
3. By a letter of award dated 29 September 1995, Mascon has
awarded the proposed construction and completion of 36 units 3-
storey shop office , 46 units 2-storey shop offices, 124 units
2-storey terrace houses and 20 units single-storey terrace
houses (Phase 1) on Lot 216, 217, 722 & 739 Mukim Cheng, Daerah
Melaka Tengah to Tanjung Teras Sdn Bhd (the Petitioner) for a
lump sum value of RM13,700,000.00. The Petitioner claims the
balance contract sum of RM321,814.26 from Mascon, which claim is
being disputed;
4. The total cost of investment in Mascon is RM30,655,896;
5. The winding-up proceedings have no material financial and
operational impact on the OIB Group. This is because Mascon has
been incurring losses and is in a negative shareholders' deficit
position and thus have no positive contribution to the OIB
Group;
6. Mascon has been advised by its solicitors to defend the
Petition as the winding-up proceedings is unlikely to succeed.
As such, no loss is expected ; and
7. Mascon has instructed its solicitors to file an application
to strike out the Petition and the application for stay of
execution of proceedings has been fixed for hearing on 26
November 2001.
PAN PACIFIC: Government Seeks Unit's Interest Payment
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd (PPAB)
announced that a winding-up petition dated 11 September 2001 by
the Government of Malaysia was left at the previous Registered
Office of Propagate at 2A, 3rd Floor, Brooke Drive, 96000 Sibu,
Sarawak. The said petition came to the notice of PPAB's agent in
Sibu on 14 November 2001.
By the petition, the Government of Malaysia demanded payment of
a sum of RM 272,744-91 plus interest of RM 49,536-64, calculated
at 8% per annum from 2 October 1998 (Judgement date) to 30 June
2000.
The winding-up proceedings against Propagate have no operational
impact on the Group since Propagate has ceased operations. The
winding-up proceedings will have no financial impact on the
Group as the investment cost and all inter-company balances due
to PPAB and its subsidiaries have been fully provided for the
financial period ended 30 June 2001. No further loss is expected
on Propagate.
The Board of Directors of PPAB has decided not to oppose the
petition.
TIME ENGINEERING: Sells Audi, Golf Country Club Membership
----------------------------------------------------------
Time Engineering Berhad (Time or the Company)announced that the
Board of Directors approved the sale of the Company's car Audi
100 (1984 SP Automatic) bearing registration number WFB 6822 and
Saujana Golf and Country Club Membership to Dato' Shamsir Omar,
former Chairman of the Company, for a total cash consideration
of RM27,700 excluding the membership transfer fee of RM10,000
which is to be borne by the former Chairman (the Sale
Transactions).
Dato' Shamsir Omar, the former Chairman, was appointed to the
Board on 26 August 1989 and resigned on 31 October 2001.
The Board of Directors of TIME approved the Sale Transactions as
a token of appreciation to the former Chairman for his 12 years'
contribution to the Company and the Group.
DETAILS OF THE SALE TRANSACTIONS
The car and golf club membership were benefits accorded to the
former Chairman during his tenure in office. The car was
purchased by the Company in 1996 at the cost of RM181,351. The
car is now 5 years old and has been fully written off in the
books of the Company.
The Saujana Golf and Country Club membership was purchased by
the Company in 1990 for RM45,000. The current market value is
approximately RM30,000 inclusive of a transfer fee of RM10,000.
FINANCIAL EFFECT OF THE SALE TRANSACTIONS
The Sale Transactions have no significant effect on the earnings
and net tangible assets of the Company.
INTERESTS OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND PERSONS
CONNECTED TO THE DIRECTORS AND SUBSTANTIAL SHAREHOLDERS
Save as disclosed above, none of the other Directors,
substantial shareholders and persons connected to the Directors
and substantial shareholders of the Company has any interest,
direct or indirect in the Sale Transactions.
=====================
P H I L I P P I N E S
=====================
METRO PACIFIC: May Reject Ayala Offer
-------------------------------------
Industry sources say that Metro Pacific Corporation may likely
reject Ayala Land Inc.'s offer to acquire Metro Pacific's
controlling stake in Bonifacio Land Corporation, as the offer is
too low, the Asian Wall Street Journal reported November 20.
Ayala Land offered to acquire Metro Pacific's entire 69.6
percent stake in Bonifacio Land for P36 billion. However, no
final deals have yet been made and the parties are still under
the process of negotiation.
Bonifacio Land owns 55 percent of Fort Bonifacio Development
Corp., the entity currently tasked to develop the former Fort
Bonifacio military camp into a business district.
METRO PACIFIC: Mulls Over Different Offers On Boni Stake
--------------------------------------------------------
METRO Pacific Corp. is mulling over the different offers
presented by different parties for the takeover of its
controlling stake in Bonifacio Land Corp. (BLC), developer of
its 150-hectare Fort Bonifacio Global City, the Inquirer News
Service reported on November 21.
Metro Pacific officials confirmed that while property developer
Ayala Land Inc. (ALI) gave a self-imposed deadline of Nov. 19
for its binding offer, the company would still not rush into
making decisions.
As of late, unnamed sources confirmed that ALI and MPC officials
were still on the negotiating table, such negotiations slated to
continue unless ALI decides to withdraw its offer because of its
self-imposed deadline.
Aside from the offer by Ayala Land, other proposals are being
considered. But only one other party signified its intention for
the stake purchase, Robinson's Land Corporation.
NATIONAL POWER: Cutting Staff Due To Privatization
--------------------------------------------------
The state-owned National Power Corp. (Napocor) announced plans
to fire a number of its 8,800-strong work force in order to
make the company more appealing to potential investors. The
employee cuts will happen once the state-mandated privatization
of the ailing power firm starts early next year, the Asian Wall
Street Journal reported on Tuesday.
No specific details were released on how Napocor would go about
conducting the planned job cuts. Napocor president Jesus Alcordo
says, "I have an idea in my mind but I don't want to reveal
(the size of the job cut) yet because it might create
uncertainty among our employees." He however adds that, "But
they know that we're just waiting for the rules on separation
benefits so we can implement the restructuring program."
NEGROS NAVIGATION: Posts Q301 Net Loss Of P314M
-----------------------------------------------
Negros Navigation Company Inc, for the three months to September
period, posted a net loss of P314.8 million, much higher as
compared to the P271.6 million net loss posted for the same
period last year, PRNewsAsia reported Tuesday.
Moreover, the shipping company posted an operating loss of
P50.574 million for the three months to September period, a bit
lower than the year-ago operating loss of P78.432.
UNIWIDE HOLDINGS: 9-Month Net Loss Totals P203M
------------------------------------------------
The ailing Uniwide Holdings Inc. has recently posted a net loss
of P203.75 million for the 9 months ended September 30, slightly
lower than the P238.03-million net loss that was issued during
the same period of last year, the Asian Wall Street Journal
reported on Tuesday.
An operating loss of P193.75 million was also posted for the
same period as opposed to the year-ago amount of P233.68 million
set during the same period of last year.
=================
S I N G A P O R E
=================
ACMA LIMITED: Substantial Shareholder's Interest Changes Issued
---------------------------------------------------------------
ACMA Limited on Wednesday disclosed a notice of changes on
substantial shareholder United Overseas Bank Limited's
interests. The a portion of the notice detailing the changes:
Notice Of Changes In Substantial Shareholder's Interests
Name of substantial shareholder: United Overseas Bank Limited
Date of notice to company: 20 Nov 2001
Date of change of interest: 19 Nov 2001
Name of registered holder: Overseas Union Bank Nominees
(Private) Limited holding in trust
for Overseas Union Bank Limited
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: 19,513,000
Percent of issued share capital: 2.5
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee: S$0.085
No. of shares held before change: 101,657,195
Percent of issued share capital: 13.02
No. of shares held after change: 82,144,195
Percent of issued share capital: 10.52
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 101,657,195
Percent of issued share capital: 13.02
No. of shares held after change: 82,144,195
Percent of issued share capital: 10.52
Total shares: 82,144,195
No. of Warrants - 14,522,456
No. of Options - Nil
No. of Rights- Nil
No. of Indirect Interest - 82,144,195
CREATIVE TECHNOLOGY: Posts Shareholder's Interest Changes
---------------------------------------------------------
Creative Technology Limited announced on Wednesday, a notice of
changes on Substantial Shareholder Merrill Lynch & Co Inc.'s
deemed interests. A portion of the document appears as follows:
Notice Of Changes In Substantial Shareholder's Deemed Interests
Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: 19 Nov 2001
Date of change of shareholding: 15 Nov 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Open market sale and purchase
Shares held in the name of registered holder
No. of shares of the change: (10,000)
Percent of issued share capital: (0.014)
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$13.30 and S$13.77
No. of shares held before change: (56,500)
Percent of issued share capital: 0.079
No. of shares held after change: (66,500)
Percent of issued share capital: 0.092
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 4,073,791
Percent of issued share capital: 5.662
No. of shares held after change: 4,063,791
Percent of issued share capital: 5.648
Total shares:
No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest
POWERMATIC DATA: H101 Net Loss Totals S$5M
------------------------------------------
Singapore Powermatic Data has posted a net loss of S$4.929
million for the first half of the business year ended August 31,
drastically higher than last year's first half net loss of S$1.6
million, according to the Asian Wall Street Journal Tuesday.
Adding to its current woes, the company also posted a pretax
loss of S$4.913 on revenues of S$20.71 million during the same
period, also much higher than the year-ago pretax loss which
amounted to S$1.572 million on revenues of S$24.597 million.
SEMBCORP LOGISTICS: Discloses Deemed Holding Changes
----------------------------------------------------
Sembcorp Logistics Limited on Wednesday posted a notice of
changes in the its Deemed Substantial Shareholding, with the
Substantial shareholder this time being Temasek Holdings. The
notice appears below for referral:
Notice Of Changes In Deemed Substantial Shareholding
Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: 21 Nov 2001
Date of change of deemed interest: 15 Nov 2001
Name of registered holder: CDP: DBS Vickers Securities
Circumstance giving rise to the change: Others
Please specify details: 1. Open market purchase of 34,000 shares
2. Sales of 282,000 shares at own
discretion
Shares held in the name of registered holder
No. of shares of the change:
Percent of issued share capital:
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:
No. of shares held before change:
Percent of issued share capital:
No. of shares held after change:
Percent of issued share capital:
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 536,480,912
Percent of issued share capital: 63.03
No. of shares held after change: 536,232,912
Percent of issued share capital: 63
Total shares: 536,232,912
Shares Held in the Name of Registered Holder:
Open Market Purchase
No. of Shares of the change - 34,000
Amt of consideration per share - S$1.9500
Sales at own discretion
No. of Share of the change - 282,000
Amt of consideration per share - S$1.8870
===============
T H A I L A N D
===============
BANGKOK RANCH: Reports Business Reorganization Plan Progress
------------------------------------------------------------
Bangkok Ranch Planner Co. Ltd., Business Reorganization Plan
(the Plan) Plan Administrator of Bangkok Ranch Public Company
Limited (the Company), reported the progress of Plan
implementation since the previous report sent to SET on August
17, 2001:
Forth interest payment pursuant to Restructured Facilities
Agreement to Rescheduling Creditors
The Company processed the forth interest payment according to
the conditions stipulated in the Restructured Facilities
Agreement to all Rescheduling Creditors on September 28, 2001.
Appointing new board of directors
On September 25, 2001, the Company registered a new board of
directors. Board of Directors comprise of 9 persons as follows:
1. Mr. Joseph Suchaovanich
2. Mr. Nikom Vorasab
3. Mr. Vuttipol Suriyapivat
4. Mr. Richard Elletson Foyston
5. Mr. Rodney Chadwick Muse
6. Mr. Muzaffar Abdul Halim
7. Mr. Michael John Octoman
8. Mr. Peter E. Beal
9. Mr. Kunakorn Makchaidee
EASTERN PRINTING: Posts 3rd Quarter Performance Report
------------------------------------------------------
Eastern Printing Public Company Limited announced that
performance of the 3rd Quarter 2001 of the Company showed a
decrease in loss of Bt57.84 million compared with same period
last year.
This is due to decrease in loss on foreign exchange by Bt24.61
million and decrease in Reserved for Doubtful Accounts Bt13.65
million as compared with last year.
In any case, the Company believes that its operations would
continue to improve. As for Debt Restructuring, the Company
is has filed for Debt Restructuring with Central Bankruptcy
Court on November 12, 2001 and expect Court decision by year-
end 2001.
EMC PUBLIC: Posts Rehab Plan Progressive Implementation Report
--------------------------------------------------------------
EMC Power Company Limited, rehabilitation plan administrator of
EMC Public Company Limited, reported some progress in
implementation of the rehabilitation plan from August 16, 2001
to November 15, 2001 as follows:
1. A Change of paid-up capital: on September 20, 2001, the
plan administrator has registered the paid-up capital from
Bt75,000,000 to Bt441,806,540, divided into 44,180,654 ordinary
shares which have the par value of Bt10 per share.
2. At the request of the plan administrator, the Stock Exchange
of Thailand allowed the increased shares of EMC Public
Company Limited to be listed securities starting from October
5, 2001 onwards.
3. On October 19, 2001, the plan administrator has issued the
first EMC Public Company Limited's convertible bonds which are
due to be redeemable in the year of 2011 to Bangkok Bank Public
Company Limited. The total amount of the convertible bonds is
Bt50,000,000, divided into 50,000 units and the unit of which is
Bt1,000 domination.
GOLDEN SANDS: Files Business Reorganization Petition
----------------------------------------------------
Golden Sands Hotel Cha-Am Beach Company Limited's (DEBTOR)
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:
Black Case Number 654/2543
Red Case Number 694/2543
Petitioner: GOLDEN SANDS HOTEL CHA-AM BEACH COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt691,534,554.87
Planner: Group Captain Aekaudorn Buranajaru
Date of Court Acceptance of the Petition: August 24, 2000
Date of Examining the Petition: September 18, 2000 at 9.00 A.M.
Court Order for Business Reorganization: September 19, 2000
Court appointed the Planner: October 16, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 27, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: November 23,
2000
Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: February 23, 2001
Planner postponed the date of submitting the Plan #1st: March
23, 2001
Planner postponed the date of submitting the Plan #2nd: April
23, 2001
Appointment Date of the Meeting of Creditors for the Plan
Consideration: May 17, 2001 at 9.30 am. at Convention Room no.
1104, 11th Floor, Bangkok Insurance Building, South Sathorn Road
Central Bankruptcy Court had an Order for the Meeting of
Creditors to wait until the Constitutional Court examined
Contact: Ms. Bang-Orn Tel, 6792525 ext 112
SIAM SYNTECH: Financial Statement Submission Exempted
-----------------------------------------------------
Siam Syntech Construction Public Company Limited announced that
the Company has been under the rehabilitation plan, which is
under the Reorganization Law, and has been qualified for the
financial statement exception.
The Company requested to be exempted starting at the first
quarter as at September 30, 2001.
SRIVARA REAL: Informs Registered Capital Increase
-------------------------------------------------
Srivara Real Estate Group Public Company Limited (the Company)
reported the order of the Central Bankruptcy Court concerning
increase of capital and allotment of new shares, given
October1,2001:
1.Capital Increase
According the order of The Central Bankruptcy Court dated
October 1,2001, the Company already registered to amend Clause 4
of the Memorandum of Association. The registered capital have
been changed from Bt10,000,000 to Bt1,218,943,540 by issuing
120,894,354 new ordinary shares with par value of Bt10 each
totaling Bt1,208,943,540.
2.Allotment of new shares
Regarding the Business Reorganization Plan, which the
central bankruptcy court approved on December28,2000,in
accordance with capital restructuring and capital
increase/decrease, the Company shall increase registered capital
after reduction of registered capital by allotment of capital
increase shares to creditor group 1 and group 2. The number of
shares will be issued to repay debt according to the method
specified in the Plan clause 4.2.1.
For this time, the Company will issue the ordinary shares
to repay the debt to the creditors whose debt has already been
approved by the receiver.
2.1 Detail of allotment
Allocate to Number of Ratio Sale price per Date of Remarks
Shares (old:new) share (Baht) Payment
The Creditor 120,894,354 - 3 November To repay debt
group 1 and 20, 2001 by debt equity
group 2 under swap
the Business
Reorganization
Plan
2.2 The Company's plan in case where there is a fraction
of shares remaining -none-
2.3 The number of shares remaining from allotment is -
shares at the par value of - each totaling - Baht.
3.Schedule for shareholders meeting to approve the capital
increase/allotment -none-
4.Approval of the capital increase/share allotment by
relevant governmental agency and conditions thereto (if any) -
none-
5.Objectives of the capital increase and plans for
utilizing proceeds received from the capital increase to repay
debt to the group 1 and group 2 creditors according to the
term and conditions as specified in the business reorganization
plan.
6.Benefits which the Company will receive from the capital
increase/share allotment to improve financial structure and
reduce the company debt.
7.Benefits which the shareholders will receive from the
capital increase/share allotment to reduce the company debt by
debt equity swap, the company shall be relieved from being
insolvent and resume the position where it can operate its
business.
8.Other details necessary for shareholders to approve the
capital increase/share allotment is -none-
9.Schedule of action where the board of directors of the
Company passes a resolution approving the capital increase or
allotment of new shares -none-
Asset Recovery Company Limited, the Plan Administrator, would
like to inform that the Company has registered the increase of
registered capital from Bt10,000,000 to Bt1,218,943,540.
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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