/raid1/www/Hosts/bankrupt/TCRAP_Public/011217.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
Monday, December 17, Vol. 4, No. 245
Headlines
A U S T R A L I A
ANSETT: Lang, Virgin Blue Resubmit Asset Acquisition Proposal
COTTEE HEALTH: Administrators Appointed
DIGITAL NOW: Releases Monthly Filing To US Bankruptcy Court
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
MURRIN MURRIN: Moody's Lowers Ratings To B3; Outlook Negative
NORMANDY MINING: AngloGold Appeals Takeovers Panel Decision
ONKOURSE RESOURCE: ASIC Accepts Enforceable Undertakings
ONE.TEL: ASIC Obtains Ongoing Undertakings From Former Officers
* ASIC Improves Insolvency Information
C H I N A & H O N G K O N G
EXTRA EXCEL: Winding Up Petition To Be Heard
G-PROP HOLDINGS: Posts Summary Results Announcement
GALAXY TECHNOLOGY: Winding Up Petition Slated For Hearing
GUANGDONG KELON: Suspends Trading
HOP SHING: Winding Up Sought By Nippon Paint
NEW WORLD: Trims Interim Losses To HK$61M
PEARL ORIENTAL: Signs Asset Disposal Agreement
POSAND BUILDING: Winding Up Petition Heard
SUM TAI: Faces Winding Up Petition
WAH LEE: Sourcebase Enters Placing Agreement With Interchina
I N D O N E S I A
SEMEN GRESIK: Cemex Expects Put Option To Expire
J A P A N
ISUZU MOTORS: Detailing Joint Bus Operations With Hino
MITSUBISHI MOTORS: Forms Alliance With IBM Japan
TAISEI FIRE: Administrators Asks For Y440B Relief Fund
K O R E A
DAEWOO MOTOR: Creditor To Declare Busan Plant Successful Bidder
DAEWOO MOTOR: Dispute With Labor May Endanger Deal With GM
DAEWOO MOTOR: Domestic Plants Ops Suspension Continues
DAEWOO SECURITIES: KDB Finding Seller Institutions
HANBO IRON: AK Capital Still Reviewing Sale Conditions
HYNIX SEMICONDUCTOR: Finance Minister Urges More Alliances
HYUNDAI MOTOR: Group Signs US$500M Global Credit Line With BOC
HYUNDAI PETROCHEMICAL: Seeks Deals To Counter Financial Crisis
KOREA LIFE: Government Plans Put-Back Option
KOREA TELECOM: Stake Buy Back Necessary Next Year, CFO Says
SEOUL BANK: Put-Back Option Inevitable, Says Finance Minister
M A L A Y S I A
ABRAR CORPORATION: Court Fixes Litigation For Further Mention
BESCORP INDUSTRIES: Submits Regularization Plan To Authorities
IDRIS HYDRAULIC: Court Grants PICM's Vesting Order
JOHOR CORPORATION: Requests RM900M Relief From Creditors
KILANG PAPAN: Proposed Debt, Equity Workout Scheme Submitted
MYCOM BERHAD: KLSE Grants Workout Scheme Extension
PAN MALAYSIA: Units' Statutory Declaration Lodged With The RoC
PSC INDUS.: Proposes Outstanding Interest Payment To Creditors
PSC INDUSTRIES: Unit Enters Proposed Disposal Deed Of Revocation
SUNWAY CONST.: Unit Acquires Machinery From Related Party
TIME ENGINEERING: Trustee Demands USD Bonds Payment
UNITED ENGINEERS: Discloses Workout Scheme
P H I L I P P I N E S
NATIONAL BANK: Government Finalizing MOA Terms With Tan
NATIONAL BANK: Full Reorganization Planned
NATIONAL STEEL: Failed Rehab Proposals Stalls Reopening
S I N G A P O R E
CAPITALAND LIMITED: Singapore Technologies Changes Interest
KEPPEL CORPORATION: Keppel Fells Unit Inks US$104M Contracts
GOLDEN AGRI: Posts Director Hong Pian Tee's Change In Interest
HONG LEONG: Posts Changes In Hong Realty's Deemed Interests
RAFFLES HOLDINGS: Appoints Alternate Director
RAFFLES INT'L: Re-branding Rite, Fund-raiser Coming Up
T H A I L A N D
DATAMAT PUBLIC: New Shares Payment Scheduled
EASTERN STAR: Releases Warrants Subscription's Information
EASTERN WIRE: Reports Share Offering Result
KULTHORN KIRBY: Releases 2002 Special Holidays
MODERN HOME: Posts List Of 2002 Holidays
SRIUTONG COMPANY: Business Reorganization Petition Filed
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT: Lang, Virgin Blue Resubmit Asset Acquisition Proposal
-------------------------------------------------------------
Lang Corp Ltd and Virgin Blue have resubmitted their offer to
purchase assets of Ansett Airlines as requested by Ansett
administrators, PRNewsAsia reported Friday.
Lang Corp said the offer has the same terms as the previous
offer with the inclusion of the purchase of terminals, the
maintenance division and spare parts. The offer also includes
the employment of about 2,000 former Ansett employees and the
assumption their accrued entitlements.
"If the Lang Corp or Virgin Blue consortium is given access to
further financial information, they will be able to consider
whether an offer could be made for additional Ansett assets,
which would increase the returns to creditors," Lang Corp said.
COTTEE HEALTH: Administrators Appointed
---------------------------------------
Cottee Health Limited advised that Mr A Sims and Mr Scott Pascoe
were appointed joint and several administrators of the company.
The Administrators requested a suspension of trading for the
conduction of investigation into the company affairs.
Please contact Brendan Copeland of the Sydney office on (02)
9241-3422 if for inquiries.
DIGITAL NOW: Releases Monthly Filing To US Bankruptcy Court
-----------------------------------------------------------
Digital Now, Inc (DNI) released Friday the monthly filing it is
required to make to the United States Bankruptcy Court while it
is under Chapter 11 Administration.
The filing consists of a monthly operating report that includes
these items:
(a) Financial Background Information;
(b) Income Statement; and
(c) Cash Distribution Summary Report.
Please note all figures are in US dollars and the year to date
figures relate to the period post-petition period (ie from 5
October 2001).
MONTHLY OPERATING REPORT INCOME STATEMENT
(BUSINESS DEBTOR, CASH BASIS)
CALENDAR MONTH 11/01/2001 TO 11/30/2001
(ALL FIGURES REFER TO POST-PETITION TRANSACTIONS)
THIS MONTH YEAR TO DATE
(A) Total Sales/Income (A) 62,948.60 80,853.55
Cost of Sales
Purchases of Inventory -
Purchases Services -
Freight 1,741.28 1,741.28
(B) Total Cost of Sales (B) 1,741.28 1,741.28
(C) Gross Profit (C=A-B) 61,207.32 79,112.27
Operating Expenses
Officer Salaries (Gross) 27,200.91 42,160.91
Other Employee Salaries (Gross) 27,362.80 51,119.14
Taxes (Payroll: Employer's Share) 1,608.10 2,973.84
Employee Benefits (Insurance, Pension
Plan, etc EE's Share) 8,170.03 8,170.03
Advertising -
Automobile Expenses -
Meals & Entertainment 321.64 321.64
Insurance (Real Estate) -
Insurance (Business) 2,508.00
Interest -
Leases (other than Rent) 543.74 1,517.08
Outside Services & Contractors 16,922.71 32,040.25
Professional Fees (Attorney, Accountant) 2,078.60 2,078.60
Rent 14,932.85 29,710.48
Repairs & Maintenance 618.22
Supplies 31.35 31.35
Taxes (Real Property) -
Taxes (Other) -
Telephone 3,706.62 6,164.54
Travel 3,773.97 3,773.97
Utilities 92.56 92.56
US Trustee Quarterly Fee -
Other Operating Expenses -
Director's Fees 5,000.00 13,387.34
MONTHLY OPERATING REPORT
INCOME STATEMENT
Postage/Express Delivery 1,167.09 1,553.18
Lodging 246.94 246.94
Bank Service Charges 2,172.19 2,172.19
(D) Total Operating Expenses (D) 115,332.10 200,640.26
(E) Profit/Loss from operations (E=C-D) (54,124.78) (121,527.99)
OTHER INCOME (EXPENSES)
INTEREST
(F) Total Other Income/Expense (F) 22,194.68 22,194.68
(G) Income Before Taxes (G=E+F) (31,930.10) (99,333.31)
(H) Income Tax Expense (H) - -
(I) Net Income (Loss) (I=G-H) 31,930.10) 99,333.31)
EXTRAORDINARY ITEMS
Loans Received - -
Note Principal (Paid) - -
Intercompany Payments (25,000.00) 25,000.00)
Capital (Purchases)
(Less) Unrecorded Bank Svc Chg - -
(J) Total Extraordinary Items (J) (25,000.00) 25,000.00)
(K) Cash forward from prior
period (K) 462,523.20
(L) Ending Cash Balance (L=I+J+K) 405,593.10
(M) Balance per Bank Statement (M) 451,051.45
(N) Less Outstanding Checks (N) 45,739.83
(0) Add Deposit in Transit (0) 281.48
(P) Reconciled Bank Balance (P=(M-N)+O)405,593.10
Ending Cash Balance (L) and Reconciled Bank Balance (P) should
equal.
CASH DISBURSEMENTS SUMMARY REPORT
CALENDAR MONTH ENDING NOVEMBER 30, 2001
Total Disbursements from Operating Account(See Note 1) 92,186.53
Total Disbursements from Payroll Account (See Note 2) 52,005.05
Total Disbursements from Tax Escrow Account(See Note 3) -
Total Disbursements from any other Account(See Note 4) 2,925.17
Grand Total Disbursements from all Accounts 147,116.75
NOTE 1
Include in this amount all checks written, wire transfers made
from, or any other withdrawal from the general operating
account. Exclude only transfers to the debtor-in-possession
payroll account, the debtor in possession tax escrow account or
other debtor in possession account where the disbursements will
be listed on this report.
NOTE 2
Include in this amount all checks written, wire transfers made
from, or any other withdrawal from the payroll account. Exclude
only transfers to the debtor-in-possession operating account,
the debtor in possession tax escrow account or other debtor-in-
possession account where the disbursements will be listed on
this report.
NOTE 3
Include in this amount all checks written, wire transfers made
from, or any other withdrawal from the tax escrow account.
Exclude only transfers to the debtor-in-possession operating
account, the debtor in possession payroll account or other
debtor in possession account where the disbursements will be
listed on this report.
NOTE 4
Include in this amount any other disbursements made by the
debtor including (but not limited to) cash paid from a petty
cash fund or cash register amounts paid from any other debtor in
possession account, and amounts paid from 1,640,063.81 the
accounts of others on the debtors behalf (for example,
disbursements made from a law firm's escrow account as a result
of a sale of property.)
ATTACH A COPY OF THE MOST RECENT MONTHLY BANK STATEMENT FOR EACH
DEBTOR-IN-POSSESS ACCOUNT.
BALANCE SHEET AS OF NOVEMBER 30, 2001
CURRENT ASSETS
Cash 405,593.10
Pre-Petition Accounts Receivable 12,143.83
Post-Petition Accounts Receivable 29,740.40
Receivable from Foreign Subsidiaries unknown
Notes Receivable -
Inventory 793,918.63
Other Current Assets:
Prepaids
-
Total Current Assets
unknown
Fixed Assets
Land
Buildings
Equipment, Furniture & Fixtures 1,473,296.99
less Accumulated Depreciation (799,927.80)
Total Fixed Assets 673,369.19
Other Assets
Deposits 83,991.25
Goodwill 9,619,919.36
Investments in Foreign Subsidiaries unknown
Total Other Assets
unknown
Total Assets
unknown
Post-Petition Liabilities
Accounts Payable 7,996.40
Notes Payable
Rents and Leases Payable
Taxes Payable
Accrued Interest
Total-Post Petition Liabilities 7,996.40
Pre-Petition Liabilities
(only known amounts as submitted on
schedules E&F)
Priority Claims (Schedule E) 214,135.82
Secured Debts
Unsecured Debt (Schedule F) 1,779,780.85
Total Pre-Petition Liabilities 1,993,916.67
Other GAAP Liabilities unknown
Owners Equity (Deficit)
Capital Stock or Owners Investment 1,640,063.81
Paid In Capital Surplus 38,197.282.56
Retained Earnings (Deficit)
Pre-Petition unknown
Post-Petition (99,333.31)
Total Owners Equity unknown
Total Liabilities and Owner's Equity unknown
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
Goodman Fielder posted this notice:
APPENDIX 3E
DAILY SHARE BUY-BACK NOTICE
(EXCEPT MINIMUM HOLDING BUY-BACK AND
SELECTIVE BUY-BACK)
Name of Entity
Goodman Fielder Limited
ABN
44 000 003 958
We (the entity) give ASX the following information.
INFORMATION ABOUT BUY-BACK
1. Type of buy-back On market
2. Date Appendix 3C was given to 13/11/2001
to ASX
TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY
BEFORE PREVIOUS
PREVIOUS DAY
DAY
3. Number of shares bought 12,861,249 1,188,385
back or if buy-back is
an equal access scheme,
in relation to which
acceptances have been
received
$ $
4. Total consideration paid 17,204,387 1,556,704
or payable for the shares
5. If buy-back is an on-market
buy-back
Highest price paid Highest price paid
$1.38 $1.31
Date: -
Lowest price paid Lowest price paid
$1.31 $1.30
Date: -
Highest price
allowed under rule
7.33:
$1.3902
PARTICIPATION BY DIRECTORS
6. If buy-back is an on-market Nil
buy-back - name of each
director and related party
of a director from whom the
company bought back shares
on the previous day, the
number of shares which the
company bought back from
each named director or
related party, and the
consideration payable for
those shares.
HOW MANY SHARES MAY STILL BE BOUGHT BACK.
7. If the company has disclosed 58,950,366
an intention to buy back a
maximum number of shares - the
remaining number of shares to
be bought back
COMPLIANCE STATEMENT
1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.
2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.
MURRIN MURRIN: Moody's Lowers Ratings To B3; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded the senior secured bond
ratings of Murrin Murrin Holdings Pty Ltd (MMH) to B3 from B1.
This rating action reflects the current depressed environment
for nickel prices; the inconsistent performance of the Murrin
Murrin project, and the significant liquidity pressures facing
MMH. The outlook for the rating is negative.
The rating agency notes that the B3 rating still benefits from
Glencore International AG's (Baa2) association with the Murrin
Murrin project through its 33% ownership of MMH's parent
Anaconda Nickel Ltd (Anaconda), and 40% interest in the project.
Moody's recognizes management's recent efforts in reducing
overheads at Anaconda. However, Moody's considers these
initiatives are unlikely to substantially benefit MMH's short-
term liquidity position.
The debt securities affected are:
Senior Secured Fixed Notes US$340 million due 2007
Floating Rate Notes US$64 million due 2005
While Glencore's association could lead to additional financial
support being provided to Anaconda and MMH, the rating downgrade
reflects Moody's concern about the increased cash flow
difficulties at MMH, which are constraining its ability to meet
its debt service obligations in 2002 and beyond. Under the Fixed
Rate bond indenture, MMH is required to replenish the Debt
Service Reserve (DSR) within 30 days of the half-yearly interest
payment date. The next interest payment of US$15.9 million is
due on 28 February 2002.
MMH is heavily reliant on Anaconda in meeting its debt service
commitments and share of the cash calls arising from the
project. Moody's believes that MMH's and Anaconda's ability to
replenish the DSR by March 2002 is doubtful without resorting to
external sources of finance which, at this stage, appear very
limited.
The outlook for the rating is negative. Should the liquidity
position at MMH worsen, the rating could be further downgraded.
Murrin Murrin Holdings Pty Ltd is 100%-owned by Anaconda, which
is an Australian listed company. It has 60% interest in the
Murrin Murrin Nickel/Cobalt project, located in Western
Australia. Glencore International AG Anaconda Nickel Ltd, based
in Perth, Western Australia, ultimately owns the other 40%.
NORMANDY MINING: AngloGold Appeals Takeovers Panel Decision
-----------------------------------------------------------
AngloGold Ltd has highlighted the value of its Top Up Facility
to Normandy Mining Ltd shareholders and announced that it
intends to appeal Wednesday's decision by the Takeovers Panel.
ATTRACTIVENESS OF TOP UP FACILITY
AngloGold Ltd believes acceptance of its unconditional offer,
combined with subscription to the AngloGold Top Up Facility,
will leave the majority of Normandy Mining Ltd shareholders
better off than if they take the risks associated with Newmont's
complex, conditional offer.
Under the AngloGold Top Up Facility, Normandy shareholders who
accept the AngloGold offer are able to subscribe for up to
A$7,500 in AngloGold shares at a 7.5% discount to market. The
potential value inherent in the discount is approximately A$608
per shareholder.
For an average Normandy retail shareholder who holds 3,000
Normandy shares, the Top Up Facility is worth an additional 20
cents per Normandy share. For such a retail investor this
increases the total value of AngloGold's offer to approximately
$1.90 per share, based on AngloGold's closing share price on the
New York Stock Exchange on 12 December 2001. This compares with
the value of Newmont's revised offer of $1.83 per share on the
same date. For a retail shareholder with 1,000 Normandy shares,
the discount on the Top Up Facility is worth approximately 61
cents per share. Clearly, AngloGold's offer combined with the
value of the Top Up Facility is superior for an average retail
investor.
The Normandy 2001 Annual Report indicates that there are more
than 33,000 shareholders with holdings of less than 5,000
shares, being the approximate shareholding level at which the
value of the AngloGold offer combined with the Top Up Facility
is better than Newmont's revised offer.
This indicates that a majority of Normandy shareholders would be
better off accepting the AngloGold offer with the Top Up
Facility than the Newmont revised offer.
AngloGold's offer is open and capable of immediate acceptance.
AngloGold will commence making payments of consideration on 20
December 2001, which means that small shareholders can receive
payment before Christmas.
This compares with Newmont's complex offer under which payment
is not expected until mid February at the earliest.
ANGLOGOLD TO APPEAL TAKEOVERS PANEL DECISION
AngloGold announced that it intends to appeal the decision of
the Takeovers Panel in respect of its application relating to
the provision of special benefits by Newmont to Franco Nevada in
connection with Newmont's proposed takeover offer for Normandy.
AngloGold believes it has a strong case to appeal the decision
for several reasons.
The company will argue that equal treatment of shareholders is
one of the fundamental principles of Australian Takeovers law
and that it continues to believe the Newmont arrangements breach
these principles.
In its press release the Panel states "The Panel is not
convinced that the proportion of the value of Franco Nevada,
which its shares in Normandy constitute is sufficient to assert
that acquiring those Normandy shares was the primary purpose of
Newmonts proposed acquisition of Franco Nevada."
AngloGold believes that this assertion is not accurate,
particularly given that:
* the lock up agreement over Franco Nevada's shareholding in
Normandy was expressed by the parties to be an "inducement" to
Newmont's proposed acquisition of Franco Nevada;
* Newmont's acquisition of Franco Nevada is conditional upon
a successful acquisition of Normandy: and
* there is no "primary purpose" test under Australian Law in
applying the equality principle.
Importantly the Panel appears to acknowledge that Franco Nevada
may have received an offer of additional benefits not provided
to other Normandy shareholders.
Part of the Panel's decision appears to be based on difficulties
it has in determining the values of different asset classes of
Franco Nevada. AngloGold considers that it may have been
appropriate in these circumstances for the Panel to have
obtained advice in respect of these issues from an independent
expert party, such as an international investment bank. This
would have enabled the Panel to measure the benefits which are
not being offered to all Normandy shareholders under Newmont's
proposed takeover offer.
A formal application seeking a review of the decision will be
made shortly. AngloGold continues to assess the possibility of
challenging these arrangements in other jurisdictions, including
Canada.
ONKOURSE RESOURCE: ASIC Accepts Enforceable Undertakings
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
accepted enforceable undertakings from two company officers of
the Onkourse Resource Group (Onkourse) that restrict their
involvement in corporations for 10 years.
Robert Karl Grossman, a salesman from Happy Valley, and Angela
Iris Hill, an accountant from Salisbury Park, resigned as
company officers. They will not participate in the management of
a corporation for 10 years. Mr Grossman and Ms Hill were
involved with Onkourse Pty Ltd (in liquidation) and other
associated companies offering financial services and investment
opportunities to people in Adelaide's northern and southern
suburbs as well as in Alice Springs.
ASIC's concerns focus on their role in Onkourse accepting about
$1.7 million between early 1999 and late 2000, as well as the
management of those funds. ASIC previously accepted an
enforceable undertaking from Mr Grossman prohibiting him from
being an investment adviser or participating in the securities
industry. ASIC investigations in this matter have also lead to
enforceable undertakings from Brink Technology Pty Ltd and the
winding up of The Southern Australia Shipping Company Pty Ltd.
"Company directors have responsibilities and obligations to the
company, its investors and creditors, and they must bear these
in mind at all times when performing their duties", ASIC's
Director Enforcement, Jamie Orchard said. ASIC's investigation
is continuing.
ONE.TEL: ASIC Obtains Ongoing Undertakings From Former Officers
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Friday that the former One.Tel officers, Messrs Jodee
Rich, Bradley Keeling and Mark Silbermann, and Mrs Maxine Rich
have consented to the extension of undertakings given on 24
September 2001. The undertakings relate to the disposal of
assets and were obtained by ASIC in the NSW Supreme Court. They
will remain in force until 11 February 2002, when the matter is
next listed before the Court.
The civil proceedings against Messrs Rich, Keeling and
Silbermann and Mr John Greaves, announced by ASIC on 12 December
2001, are also listed for directions on 11 February 2002.
Under the undertakings extended Friday, the former officers are
precluded from transferring assets outside Australia without
fourteen days prior notice to ASIC.
Mrs Rich is also precluded from transferring out of Australia
any assets that were transferred to her under the financial
agreement pursuant to section 90C of the Family Law Act relating
to the Vaucluse house and other property, without fourteen days
prior notice to ASIC. ASIC has not sought to continue travel
restrictions on the former officers, who were previously
required to notify ASIC seven days before any intended travel
outside Australia. These undertakings do not constitute any
finding of wrongdoing against any of the participants.
* ASIC Improves Insolvency Information
--------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Friday that it is providing more extensive and
accurate data on corporate insolvencies as one of several
measures to improve the quality of insolvency information
available. ASIC is also attempting to improve the amount of
information available on corporate insolvencies and its
timeliness.
Insolvency data is published each month on the publications page
of ASIC's website (www.asic.gov.au) and an information sheet has
been provided to explain how to interpret the additional data.
Under the reforms announced on Friday, ASIC will publish a table
showing how many companies were declared insolvent each month by
recording the number of companies that entered a form of
external administration for the first time.
A second table will record all insolvency appointments that were
made during the month. This second table will include figures
for companies subject to concurrent or subsequent insolvency
administrations, or those that go into voluntary administration
and subsequently go into liquidation.
The new tables will significantly improve the data available on
corporate insolvencies and they have the support of the
Insolvency Practitioners Association of Australia. Previously
the sole table published by ASIC included both new insolvencies
and second and subsequent appointments to the same company,
which often led to double counting.
To allow accurate comparisons to be made and to assist the
transition to the new format, ASIC has published statistics in
the new format from January 1999. Statistics in both the old and
new formats will be published until the end of the current
financial year to provide researchers with a complete set of
data.
Other developments include that, in 2002, insolvency
practitioners will be able to lodge all forms and documents with
ASIC electronically, which will improve the timeliness of
information.
ASIC is also consulting with businesses to expand the amount of
insolvency information collected to enable the publication of
information including the total amount of liability owed by
insolvent companies, total amounts outstanding for employee
entitlements and the size of companies becoming insolvent.
Note: Members' voluntary liquidations have been excluded from
the new figures as these companies are not insolvent.
================================
C H I N A & H O N G K O N G
================================
EXTRA EXCEL: Winding Up Petition To Be Heard
--------------------------------------------
The petition to wind up Extra Excel International Limited is
scheduled for hearing before the High Court of Hong Kong on
February 20, 2002 at 9:30 am. Tzu Shih Shih of Unit 111, 1st
Floor, Block H, Kornhill, Hong Kong filed the petition on
November 23, 2001.
G-PROP HOLDINGS: Posts Summary Results Announcement
---------------------------------------------------
G-Prop Holdings Limited announced December 12, 2001:
(stock code: 286)
Year end date: 31/3/2002
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 30/9/2001 to 30/9/2000
('000) ('000)
Turnover : 2,540 8,183
Profit/(Loss) from Operations : (23,445) (27,104)
Finance cost : (14,649) (12,694)
Share of Profit/(Loss) of Associates : (1) (2,739)
Share of Profit/(Loss) of
Jointly Controlled Entities : (554) (245)
Profit/(Loss) after Tax & MI : (38,554) (42,784)
% Change over Last Period : N/A
EPS/(LPS)-Basic : ($0.40) ($0.90)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (38,554) (42,784)
Interim Dividend per Share : Nil Nil
(Specify if with other options) : - -
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: N/A
B/C Dates for Other Distribution : N/A
Remark:
LOSS PER SHARE
The calculation of the basic loss per share is based on the loss
for the period of HK$38,554,000 (2000: HK$42,784,000) and on
weighted average number of ordinary shares in issue after
adjusted for the effect of the Company's consolidation of shares
during the period of 95,595,941 (2000: 47,405,684).
No diluted loss per share has been calculated for the period
ended 30th September, 2001 and 2000 as the exercise of the share
options and the conversion of the convertible bonds would result
in a decrease in the loss per share for both periods.
GALAXY TECHNOLOGY: Winding Up Petition Slated For Hearing
---------------------------------------------------------
The petition to wind up Galaxy Technology Limited is scheduled
to be heard) before the High Court of Hong Kong on January 30,
2002 at 10:00 am.
On November 6, 2001, Yeung Choi Ling of Room 1233, Pak Suet
House, Choi Hung Estate, Kowloon, Hong Kong, Chan Chi Wan of
Flat B, 21st Floor, Kam Fung Building, 171 Aberdeen Main Road,
Aberdeen, Hong Kong, Lam Sen Ken of Room 122, Yam Heng House,
Shek Yam Estate, Kwai Chung, New Territories, Hong Kong and Li
Ah Lai of Flat 12B, No. 89 Bulkeley Street, Hunghom, Kowloon,
Hong Kong filed the petition.
GUANGDONG KELON: Suspends Trading
---------------------------------
Guangdong Kelon Electrical Holdings Limited (the Company)
requested suspension of trading in its H shares, effective
10:00 a.m. Friday (14/November/2001) pending an announcement in
relation to price sensitive information of the Company.
HOP SHING: Winding Up Sought By Nippon Paint
--------------------------------------------
Hop Shing Decoration Company Limited is seeking the winding up
of Nippon Paint (H.K.) Company Limited. The petition was filed
on October 26, 2001, and will be heard before the High Court of
Hong Kong on January 30, 2002.
Nippon Paint holds its registered office at Room 1101, Tower 1,
Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong
Kong.
NEW WORLD: Trims Interim Losses To HK$61M
-----------------------------------------
Technology company New World Cyberbase has pruned interim losses
by 93.3%, but the loss still exceeded turnover. For the six
months to September the consolidated loss attributable to
shareholders was HK$61M compared with HK$912.8M in the same
period last year. Turnover grew 17.5% to HK$44.8M.
The loss included a provision of HK$22.8M against the value of
investments. The loss per share was 1.6 HK cents. Last year's
figures included a goodwill write-off of HK$793.4M. Cyberbase
shares closed down 8.5% Thursday at 8.6 HK cents, having slumped
from a 1999 high of H$3.7 as the Internet bubble burst.
Staff costs, depreciation and other operating expenses fell
53.1% to HK$87.7M with the disposal of assets such as telephone
firm PowerPhone and a data-center business. The company was
aiming for staff costs of HK$5M a month. The PowerPhone sale
last November resulted in a HK$221.9M exceptional loss after
buying the asset from its then-parent New World Development a
year earlier. Cyberbase, which began as an investment holding
company in August 1999, now provides software products for firms
in Greater China.
In October, New World Development sold its 18.5% stake in
Cyberbase to Asia Logistics. The company said it planned to
change its name in the first quarter of next year. Despite the
sale by New World Development, Cyberbase continued to work with
many companies inside the New World Group. For the six months to
September 30, 69.9% of (Cyberbase's) revenue came from
technology. The company held shares and other investments worth
HK$154M as of December 12 and had a net asset value of
HK$324.8M.
PEARL ORIENTAL: Signs Asset Disposal Agreement
----------------------------------------------
The Board of Pearl Oriental Holdings Limited announced:
(i) it was advised by Mr. Wong Kwan that the Share Sale
Agreement was entered into on 6 December 2001 by, amongst
others, Mr. Wong Kwan;
(ii) the Asset Disposal Agreement was entered into on 7
December 2001; and
(iii) a supplemental agreement to the Asset Disposal
Agreement was entered into on 13 December 2001.
Following completion of the Share Sale Agreement, the aggregate
shareholding beneficially owned by the Vendor and Mr. Wong Kwan
will be reduced from approximately 50.17% to approximately
20.27% and Mr. Wong Kwan will, together with other resigning
Directors, resign as a Director. It is Mr. Wong Kwan's intention
that through the HK$30 million cash consideration payable under
the Asset Disposal Agreement to the Company, the HK$30 million
cash (referred to as Part II Completion Amount) to be advanced
to the Company as a loan and the waiver of Shareholder's loan of
HK$48 million (current balance is approximately HK$96.58
million) due from the Company to Mr. Wong Kwan on completion of
the Share Sale Agreement, the financial position of the Company
will be better improved and as a result, Shareholder value will
be better enhanced.
The assets to be disposed of under the Asset Disposal Agreement
to Mr. Wong Kwan are mainly Internet and telecommunications
assets. The Purchaser is of the view that such assets have very
little synergy in respect of the existing core businesses of the
Group, which are principally property and hotel assets. Mr. Wong
Kwan is the controlling Shareholder and a Director and as such,
the Asset Disposal Agreement is a connected transaction under
rule 14.26 of the Listing Rules. The completion of the Asset
Disposal Agreement is conditional on, amongst other things, the
completion of the Share Sale Agreement.
As the Completion is subject to a number of conditions,
including the receipt of a confirmation from the Executive that
the Purchaser or any person acting in concert with it will not
be required to make a general offer pursuant to the Takeovers
Code in respect of all the issued Shares (other than the Sale
Shares), the proposed disposal of the Sale Shares may or may not
proceed, Shareholders and the investing public are advised to
exercise caution when dealing in the Shares.
At the request of the Company, trading in the Shares on the
Stock Exchange was suspended from 10:00 a.m. on 7 December 2001
pending the issue of this announcement. The Company has applied
to the Stock Exchange for trading in the Shares to resume with
effect from 10:00 a.m. on 14 December 2001.
POSAND BUILDING: Winding Up Petition Heard
------------------------------------------
The petition to wind up Posand Building & Loan Finance Limited
was heard before the High Court of Hong Kong on December 12,
2001 at 10:00 am. The petition was filed on August 22, 2001 by
the Commissioner of Inland Revenue of Hong Kong of Revenue
Tower, 5 Gloucester Road, Wan Chai, Hong Kong.
SUM TAI: Faces Winding Up Petition
----------------------------------
The petition to wind up Sum Tai Industrial Company Limited is
set for hearing before the High Court of Hong Kong on January
22, 2002 at 10:00 am.
The petition was filed on September 4, 2001 by Cheung Wai Sing
of G/F., No. 502 Shan Ha Tsuen, Yuen Long, New Territories;
Cheug Fung Kuen of Flat F, 16/F., Block 4, Yuet Wu Villa, Tuen
Mun, New Territories; and Cheung Fung Ling of Flat F, 24/F.,
Block 3, Kenswood Court, Kingswood Villas, Tin Shui Wai, New
Territories, Hong Kong.
WAH LEE: Sourcebase Enters Placing Agreement With Interchina
------------------------------------------------------------
The Board of Directors (Board) of Wah Lee Resources Holdings
Limited (Company) announced that the Company has been notified
by Sourcebase Developments Limited (Sourcebase), the controlling
shareholder of the Company, that it has entered into a placing
agreement with Interchina Securities Limited (Interchina
Securities) and Shenyin Wanguo Capital (Hong Kong) Limited
(Shenyin Wanguo) on 13 December 2001. They will place up to an
aggregate of 2,000,000,000 existing shares of HK$0.01 each in
the Company (Shares) representing approximately 19.42% of the
issued share capital of the Company (Placing) at the price of
HK$0.052 per Share (Placing Price) to individual and
institutional investors who are independent of and not connected
with any of the directors, chief executive or substantial
shareholders of the Company or its subsidiaries or any of their
respective associates (as defined in the Rules Governing the
Listing of Securities on the Stock Exchange of Hong Kong Limited
(the Stock Exchange)).
The Placing Price represents a discount of approximately 10.34%
to the closing price of HK$0.058 per Share on 12 December 2001,
the date immediately prior to the date of this Announcement, and
a discount of approximately 13.33% to the average closing price
of HK$0.060 per Share for the last two trading days up to and
including 12 December 2001 since resumption of trading of shares
in the Company on 11 December 2001.
After the completion of the Placing, the shareholding of
Sourcebase and parties acting in concert with it in the Company
will decrease from approximately 53.40% to 34.00%. As at the
date of this Announcement, Sourcebase beneficially owns
16,500,000,000 warrants (Warrants) which entitles the holder
thereof to subscribe for Shares at a price of HK$0.01 per Share
(subject to adjustment). If all the Warrants are exercised in
full, 16,500,000,000 Shares will be issued which will, together
with the 350,000,000 Shares held by Sourcebase after the
completion of the Placing, represent approximately 74.45% of the
enlarged issued share capital of the Company upon exercise of
all Warrants.
On 13 November 2001, shareholders who are not interested in the
Joint Restructuring Agreement and the Schemes (as defined in the
circular dated 21 October 2001 issued by the Company) approved
the issue of the Warrants to Sourcebase. Pursuant to Section 7
of Schedule VI of the Hong Kong Code on Takeovers and Mergers
(the "Code"), the aforesaid approval has in fact sanctioned the
maximum exercise of the Warrants by Sourcebase without the
necessity for the making of an offer under Rule 26 of the Code.
Accordingly, the increase in shareholding of Sourcebase in the
Company by way of exercise of the Warrants will not result in
any obligation to make a general offer.
At the request of the Company, dealing in the Shares on the
Stock Exchange was suspended with effect from 10:00 am on 13
December 2001. Application has been made to resume trading in
the Shares from 10:00 am on 14 December 2001.
=================
I N D O N E S I A
=================
SEMEN GRESIK: Cemex Expects Put Option To Expire
------------------------------------------------
In view of the Indonesian government's decision to delay the
privatization of PT Semen Gresik to next year, Cemex SA said
that there is "a very strong likelihood" that the government
will not exercise the put option on a 51 percent stake,
PRNewsAsia reported Friday.
Cemex continues to hold a 25.5 percent stake in the company,
which was acquired under an agreement with the government in
1998.
=========
J A P A N
=========
ISUZU MOTORS: Detailing Joint Bus Operations With Hino
------------------------------------------------------
Isuzu Motors Ltd worked out details with Hino Motors for the
planned consolidation of their bus operations. The two companies
will consolidate their route bus production to an assembly unit
of Isuzu, and sight seeing tour bus production to Hino's
affiliate by 2004. Isuzu's bus factory in Utsunomiya is being
considered for closure and transfer all its production to Hino's
Komatsu plant, PRNewsAsia reported Friday, which cited the
Nikkan Kogyo Shimbun.
MITSUBISHI MOTORS: Forms Alliance With IBM Japan
------------------------------------------------
Mitsubishi Motors Corp. and IBM Japan, Ltd. announced Thursday
an alliance in which Mitsubishi Motors will outsource
information technology systems involving maintenance of current
applications, system operations and parts of future application
development.
The alliance with IBM marks the first time it will outsource
part of its services operations and is an important step in the
Mitsubishi Motors Turnaround Plan, a new management vision
announced in February that the company says charts a path to
stable growth through sweeping structural reforms. The company
already has outsourced production of powertrain and front/rear
suspension components and announced the spin-off of its
automatic transmission and CVT (Continuously Variable
Transmission) operations.
While the alliance with IBM is expected to cut current
information technology operations costs, Mitsubishi Motors plans
to increase its current overall IT budget by some 10 billion yen
a year as it moves into e-business and further aligns its IT
operations with those of DaimlerChrysler A.G., which holds a
37.3 percent stake in Mitsubishi Motors. The alliance is
expected to begin operations in April. Terms were not disclosed.
"The Mitsubishi Motors Turnaround Plan aims to revamp business
processes in all parts of the company and to revolutionize the
structure to generate stable profits in the years ahead," said
Mr. Takashi Sonobe, President of Mitsubishi Motors Corp. "The
partnership with IBM Japan is the first step toward engaging in
IT on a global scale and to change processes within Mitsubishi
Motors."
Under Chief Information Officer Bernd Staudinger, who joined the
company from DaimlerChrysler Corp. in June, Mitsubishi Motors
has established a "Global IT Office"and formulated a new IT
vision to achieve objectives of the Turnaround Plan for its
passenger car, truck and bus operations. The alliance with IBM
Japan is the first step in implementation of that IT vision.
One of the key goals of the Turnaround Plan is improving
efficiencies in work processes throughout the company.
Mitsubishi Motors has said information technology provides a
potent tool for driving such change and will be aggressively
deployed.
For example, a new compact car project aimed at the European-
market already is underway and Mitsubishi Motors is looking at
platform sharing with the Chrysler group in small and mid-size
automotive classes. To maximize the relationship with
DaimlerChrysler, development of a common IT infrastructure has
begun. The alliance with IBM will provide Mitsubishi Motors with
access to IBM's outsourcing expertise within the Japanese
automotive industry, as well as around the world.
Part of Mitsubishi Motors' increased focus on information
technology will be in the areas of supply chain management and
customer relationship management in which IBM has global
expertise and experience.
"In the rapidly changing business environment of today, speed
in management is the key to success of a company," said Mr.
Takuma Otoshi, President, IBM Japan. "The importance of IT is
increasing because IT supports speed in management. Outsourcing
is a very effective management method to speed business
transformation. As Mitsubishi Motors' strategic IT partner, IBM
Japan will offer support by utilizing its know-how and skills
cultivated as a leader in the outsourcing business within the
Japanese automotive industry."
IBM Japan wholly owned subsidiaries such as Information
Technology Solutions Co., Ltd (ITS) will receive employees from
Mitsubishi Motors' system operating subsidiaries. Those
subsidiaries are MMC IT Solution (MITS), which is engaged in
administration, distribution and management systems; MMC System
Service (MSYS), which primarily handles passenger-car sales
systems; and MMC Computer Research (MCOR), which works with
engineering systems. Most employees of MITS and MSYS and some of
the employees at MCOR will be transferred to IBM Japan
subsidiaries.
Utilization of those employees will allow IBM to retain their
expertise with the Mitsubishi Motors information technology
system while adding the know-how in IT solutions and skills
improvement of IBM Global Services.
About Mitsubishi Motors Corp.
As an independent public company, Mitsubishi Motors Corp. has
been established in 1970. It is one of the few companies in the
world that produces a full line of automotive products, ranging
from 660-cc mini-cars to passenger cars, light commercial
vehicles and heavy duty trucks and buses. For more information,
visit: www.mitsubishi-motors.co.jp/inter/entrance.
About IBM Global Services
IBM Global Services is the world's largest information
technology services provider, with nearly 150,000 professionals
serving customers in 160 countries and an annual revenue of more
than $33 billion in 2000. IBM Global Services integrates IBM's
broad range of capabilities -- services, hardware, software and
research -- to help companies of all sizes realize the full
value of information technology. For more information, visit:
www.ibm.com/services.
CONTACT: Mitsubishi Motors
Fumio Nishizaki
Tel: 81-3-5232-7164
f-nishizaki@mitsubishi-motors.co.jp
or
IBM Japan
Hiromi Ishida
Tel: 81-3-5563-4307
hiromii@jp.ibm.com
or
IBM Asia Pacific
Fred P. McNeese
Tel: 81-3-5572-2643
fredmc@jp.ibm.com
or
IBM Global Services
Kathleen Ryan
Tel: 914-766-4637
karyan@us.ibm.com
TAISEI FIRE: Administrators Asks For Y440B Relief Fund
------------------------------------------------------
Taisei Fire and Marine Insurance Co Ltd's administrators has
asked the Non-Life Insurance Policyholders Protection Corp of
Japan to set up a relief fund of Y440 billion, until a
rehabilitation plan for the non-life insurer has been mapped
out, to be used for payouts required upon maturity of the firm's
savings-type insurance contracts, PRNewsAsia reported Friday.
=========
K O R E A
=========
DAEWOO MOTOR: Creditor To Declare Busan Plant Successful Bidder
---------------------------------------------------------------
Daewoo Motor creditors will soon announce, December 22 at the
earliest, the preferred bidder for the carmaker's Busan bus
plant, valued at W140 billion to W160 billion won ($126.18
million) and an annual production capacity of 5,000 units, an
official of principal creditor Korea Development Bank said,
Korea Herald reported Friday. Formal agreement is expected to be
concluded in February after conducting due diligence on Daewoo's
bus unit next month.
The official said consulting firm and advisor Arthur Andersen
for the sell-off will receive takeover proposals from bidders
until Friday, with three firms already submitted their letters
of intents.
The world's leading hat manufacturer, YoungAn Hat Co, which has
moved into the bus business, supplying Central America with
buses after acquiring a bus assembly unit in Costa Rica in 1995,
has expressed strong interest in Daewoo's Busan unit.
DAEWOO MOTOR: Dispute With Labor May Endanger Deal With GM
----------------------------------------------------------
Daewoo Motor creditors warned Thursday General Motors may
withdraw from its takeover bid, without concessions from the
Daewoo labor on key collective bargaining clauses, Korea Herald
reported Friday.
Korea Development Bank's (KDB) Governor, Jung Keun-yong said one
of the most important prerequisites for GM's acquisition of the
Korean automaker is the revision of Daewoo's collective
bargaining clauses, which allows labor to participate in key
management and restructuring decisions. Labor is also sticking
to its demand that GM succeed all Daewoo employees.
Jung, while admitting the U.S. automaker is certain to miss the
originally set December 15 deadline, said, "Unless differences
over the revision of the labor-management contracts are settled,
the possibility of GM pulling out of its takeover bid can not be
ruled out."
DAEWOO MOTOR: Domestic Plants Ops Suspension Continues
------------------------------------------------------
Suspension of Daewoo Motor's domestic plants in Bupyeong, Gunsan
and Changwon entered a third day Thursday, due to the primary
parts suppliers, numbering 270, cutting supplies in protest of
the W1.5 trillion unpaid debts, Korea Herald reported Friday.
Korea Development Bank's (KDB) Governor Jung Keun-yong said,
"It is difficult to compromise with Daewoo's parts suppliers,"
while calling "unreasonable" their demands for full repayment
of the outstanding debts worth W1.5 trillion ($1.2 billion).
The primary parts suppliers earlier declared they were unwilling
to resume parts supplies, unless payment of the W1.5 trillion
won owed by Daewoo is promised by the Korean government, Daewoo
creditors or GM.
DAEWOO SECURITIES: KDB Finding Seller Institutions
--------------------------------------------------
Korea Development Bank Governor, Jung Keun-yong said Thursday it
is currently contacting several domestic institutions to sell
Daewoo Securities Co., with the potential buyer to pay over W1
trillion in light of the securities firm's current market
capitalization of W800 billion won and good will, Korea Herald
reported Friday.
Jung said, "We contacted foreign institutions, but they have
given up on acquiring Daewoo Securities, and at the moment, we
are tapping several domestic institutions to sell the brokerage
house."
The state-run bank, which hold a 37% stake in Daewoo Securities,
reportedly took over the latter in May last year in the process
of placing the brokerage house and 11 other Daewoo companies
under debt workout programs.
HANBO IRON: AK Capital Still Reviewing Sale Conditions
------------------------------------------------------
Chungwho Industrial Co's President Kwon Ho-sung, who leads AK
Capital, said Thursday it was still reviewing the Hanbo Iron &
Steel sale conditions set by creditor banks and by lead-manager
Lehman Brothers, Korea Herald reported Friday.
Korea Asset Management Co. (KAMCO), with approval from Hanbo's
creditor banks, on December 7 applied to the court for
permission to proceed with the transactions. KAMCO said despite
this progress in legal procedures, AK Capital failed to submit
its written document within the deadline to stall the sale.
Chungwho Industrial Managing Director Kim Tae-gyun, however,
refuted Thursday that "the deadline is December 18, which is
still about four days away, showing how ridiculous it is to
accuse us for trying to stall the sale.
"Among the three conditions set down for acquiring Hanbo, we
are having trouble swallowing the third one that calls for us to
give up the $10 million contract guarantee money in case the
final contract fails to get signed, and is not due to any grave
errors on the part of the seller."
Chungwho and AK Capital needs more time to review the
conditions, and parties involved would meet before the deadline,
Kim added.
HYNIX SEMICONDUCTOR: Finance Minister Urges More Alliances
----------------------------------------------------------
Finance and Economy Minister Jin Nyum urged Hynix Semiconductor
and its creditors not to limit forming alliance with Micron
Technology Inc, but should "mobilize all possibilities" with
local and foreign chipmakers, PRNewsAsia reported Thursday.
"Hynix doesn't have to exclude the possibility of forming
alliances with other firms before finalizing the deal,
regardless whether they are domestic or foreign," he said.
Meanwhile, Hynix restructuring committee chairman Shin Kook-
hwan, who did not rule out possibility of Hynix choosing
Infineon as a partner for an alliance, said the committee and
Hynix "will positively consider forming an alliance with
Samsung Electronics if that is helpful for Hynix."
"The restructuring committee expects talks with Micron to
produce some positive results within this month but in the event
the talks collapse, we have prepared some measures to keep the
company operational without any major problems," Shin added.
HYUNDAI MOTOR: Group Signs US$500M Global Credit Line With BOC
--------------------------------------------------------------
Hyundai Motor Co said Hyundai Motor Group signed a US$500
million Bank of China global (BOC) credit line, which entitles
Hyundai Motor to a US$243 million financing facility, US$207
million for Kia Motors and US$50 million for Hyundai Mobis,
PRNewsAsia reported Thursday.
The global credit agreement was initialed by Hyundai Motor
chairman Chung Mong-koo, BOC head Liu Mingkang and other
relevant officials, Korea Herald reported Friday.
In a statement, Chairman Chung Mong-koo said, "China is pivotal
to our globalization strategy... in this sense, this arrangement
will provide a groundwork for the two parties to establish a
mutually beneficial partnership. The BOC will make foreign
exchange transactions, foreign exchange deposits, lending and
other financial services available to all Hyundai Motor Group
firms throughout its worldwide network."
HYUNDAI PETROCHEMICAL: Seeks Deals To Counter Financial Crisis
--------------------------------------------------------------
Hyundai Petrochemical Co.'s President Ki Joon said Thursday the
company is ready to proceed with a variety of measures,
including a sell-off, strategic alliance, and inducement of
foreign capital via equity selling, to cope with the firm's
worsening financial positions, Digital Chosun reported Thursday.
The firm has not held any sales talks with Honam Petrochemical
Corp rumored interested in buying the company.
Hyundai Petrochemical's creditors, which pushed for a W2
trillion debt rescheduling plan for the firm in mid-October,
agreed to a W300 billion debt-for-equity swap and an extension
on W1.7 trillion maturing loans.
KOREA LIFE: Government Plans Put-Back Option
--------------------------------------------
The Ministry of Finance and Economy said Thursday it is
inevitable for the government to include a put-back option to
sell Korea Life Insurance, and to receive reasonable prices,
although the government is currently receiving bids from
prospective buyers, Korea Herald reported Friday. Under the put-
back option the government would compensate the buyers of Korea
Life Insurance for assets that will lose value after the sale.
KOREA TELECOM: Stake Buy Back Necessary Next Year, CFO Says
-----------------------------------------------------------
Korea Telecom Corp's (KT) Chief Finance Officer Nam Joong-su
said the company needs to buy back an additional 10 percent
stake next year to succeed in the privatization plan, PRNewsAsia
reported Friday.
The 10 percent stake buyback, which will reduce the amount of
shares to be sold to local investors to 19 percent, is in
addition to the planned 11 percent stake to be sold to foreign
investors, Nam said. He added KT has enough cash reserves to buy
back the 11 percent stake for some W1.7 trillion based on market
price.
DebtTraders reports that Korea Telecom's 7.500% in bonds due in
2006 (KTI) trades between 105.256 and 105.335. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KT1
SEOUL BANK: Put-Back Option Inevitable, Says Finance Minister
-------------------------------------------------------------
The Ministry of Finance and Economy said Thursday it is
inevitable for the government to include a put-back option to
sell Seoul Bank, and to receive reasonable prices, although the
government is currently receiving bids from prospective buyers,
Korea Herald reported Friday.
The official said, "Unless put-back options are given to
buyers, it will be inevitable for Seoul Bank and Korea Life
Insurance to be sold at cheap prices. With put-back options
attached, the state financial institutions could fetch
reasonable prices."
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Court Fixes Litigation For Further Mention
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company), further to the announcement on 15 August 2001
regarding the legal suit by Eng Lian Enterprise Sdn Bhd (ELESB)
against Bangsar Properties Sdn Bhd (BPSB), a 100% sub-subsidiary
of the Company, announced that BPSB's Solicitors have on 12
December 2001 advised the Company that the Kuala Lumpur High
Court has fixed the matter for further Mention on 7 May 2002.
BESCORP INDUSTRIES: Submits Regularization Plan To Authorities
--------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB) informed the Kuala Lumpur Stock Exchange that further to
the announcement made on 19 October 2001, the Company had on 12
December 2001, submitted its plan to regularize its financial
condition to the Securities Commission, Foreign Investment
Committee and the Ministry of International Trade and Industry,
for approval.
IDRIS HYDRAULIC: Court Grants PICM's Vesting Order
--------------------------------------------------
Idris Hydraulic (Malaysia) Bhd (IHMB or the Company), in
reference to the announcements made on 30 July 2001, 29 August
2001, 11 October 2001, 16 October 2001 and 26 October 2001 in
regards to the proposed acquisition of the entire equity
interest in the People's Insurance Company (Malaysia) Berhad
(PICM) comprising 80,000,000 ordinary shares of RM1.00 each by
Talasco Insurance Berhad (Talasco), a wholly owned subsidiary of
IHMB for a total purchase consideration of RM80,000,000 to be
satisfied wholly in cash (Proposed Acquisition), announced that
on 12 December 2001, the High Court of Malaya Kuala Lumpur has
granted the vesting order for the proposed transfer of all
insurance business, assets and liabilities of PICM to Talasco.
Visit http://www.bankrupt.com/misc/Idris_Hydraulic1214.doc
to see copy of the vesting order.
JOHOR CORPORATION: Requests RM900M Relief From Creditors
---------------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), say "Johor Corporation plans to
request a 30% hair cut from its unsecured creditors, which is
equivalent to about RM900 million ($237 million). It also asked
its bank creditors to waive interest payment for a year."
According to Fan and Berselli, Johor has approximately Rm5.4
billion ($1.4 billion) in debt. The state-owned firm defaulted
on RM400 million ($105 million) bonds and RM110 million ($14
million) bonds in September and November, respectively.
DebtTraders reports Johor Corp's 4.213% floating rate note due
on 2002 (JOHOR) are trading between 50 and 65. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=JOHOR
for real-time bond pricing.
KILANG PAPAN: Proposed Debt, Equity Workout Scheme Submitted
------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Kilang Papan
Seribu Daya Berhad (KPSD or the Company)(Special Administrators
Appointed) announced to the Kuala Lumpur Stock Exchange that the
Company has submitted the application on the proposed debt and
equity-restructuring scheme to the relevant authorities.
MYCOM BERHAD: KLSE Grants Workout Scheme Extension
--------------------------------------------------
On behalf of the Board of Mycom Berhad (Mycom or the Company),
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad), in relation to the application for an extension of
time to the Kuala Lumpur Stock Exchange (KLSE) to obtain all the
necessary approvals from the regulatory authorities pursuant to
Paragraph 5.1(C) of the Practice Note 4/2001, announced that the
KLSE has now approved an extension of two (2) months from 21
November to 20 January 2001 for the Company to obtain all the
necessary approvals from the relevant authorities.
PAN MALAYSIA: Units' Statutory Declaration Lodged With The RoC
--------------------------------------------------------------
Pan Malaysia Holdings Berhad (PMH) announced that the respective
statutory declaration made pursuant to Section 255(1) of the
Companies Act, 1965 in respect of the following subsidiaries
have been lodged with the Registrar of Companies (RoC) on 12
December 2001 for the creditors' voluntary winding-up of
subsidiary companies (the "winding-up) of the said subsidiaries
by way of creditors' voluntary winding-up and Mr Venkiteswaran
Sankar has been appointed as Provisional Liquidator:
a. Pengkalen Engineering & Construction Sdn Bhd
b. Pengkalen Pasar Borong Sdn Bhd
c. Pengkalen Raya Sdn Bhd
DETAILS OF THE SUBSIDIARY COMPANIES
Details of the aforesaid subsidiary companies are set out in
Table 1 found at
http://www.bankrupt.com/misc/Pan_Malaysia11214.doc
EFFECTS OF THE WINDING-UP
The Winding-Up is not expected to have any material operational
impact on the PMH Group. The Winding-Up will result in an
estimated surplus of approximately RM0.65 million to the PMH
Group, translating into an earnings per ordinary share of 0.08
sen at PMH Group level. For illustrative purposes only, the
proforma effects of the Winding-Up on the consolidated net
liabilities of PMH based on the audited consolidated balance
sheet of PMH as at 31 December 2000 are set out in Table 2 at
http://www.bankrupt.com/misc/Pan_Malaysia21214.doc
RATIONALE
The Winding-Up is part of PMH's continuing rationalization
efforts to divest and wind up non-core businesses and focus on
financial services activities, primarily in stockbroking.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST
None of the directors, major shareholders and persons connected
with the directors and major shareholders of PMH has any
interest, direct or indirect, in the Winding-Up.
PSC INDUS.: Proposes Outstanding Interest Payment To Creditors
--------------------------------------------------------------
PSC Industries Berhad (PSCI or the company) revealed that the
Company has proposed to pay all the outstanding interest due to
the Creditor Banks via proceeds from the Proposed Private
Placement which forms part of its debt restructuring scheme.
Subsequently, a Creditor Banks meeting was held on 11 December
2001 to discuss on the position of the Company's proposal for
the outstanding interest and its debt restructuring scheme.
In the meeting, wherein the Company's advisor was invited, PSCI
was informed that the Creditor Banks wish to opt out of the debt
restructuring scheme formulated under the guidance of Corporate
Debt Restructuring Committee (CDRC) and the individual Banks
will unilaterally decide on their own course of action.
The Company then decided to raise funding to settle all
outstanding interest. On 13 December 2001 submitted a further
proposal to pay the outstanding interest from January 2001 to
November 2001 and the interest for December 2001 all within a
period of four months from January 2002 to April 2002. Meanwhile
the Company will continue to service monthly interest from
January 2002 onwards until the completion the Debt Restructuring
exercise. The funding for these payments shall be derived from
various sources such as bank borrowings and sale of assets.
The Company has also sought the assistance of CDRC to continue
to implement the Debt Restructuring Scheme that has been
approved by all regulatory authorities. On 19 January 2001 it
sought approval from the creditors Bank for the interest from
January 2001 to the completion of the debt-restructuring scheme
to be converted into new ordinary shares of the Company. On 15
October 2001 the Company requested for waiver of the interest,
after taking into consideration of the new initiatives of CDRC.
In a meeting held on 29 October 2001, CDRC informed the Company
that the creditor banks are requesting for PSCI to pay monthly
interest payments pursuant to the Restated Debt Restructuring
Agreement. On a worse case basis the creditors banks may be
willing to accept part cash and part Redeemable Convertible Loan
Stocks (RCLS).
CDRC also informed the Company that the request of interest
waiver will be difficult as it was a resolved case. However,
they will convey the request to the Creditor Banks on a best
effort basis. As a alternative, CDRC will also propose to the
lenders a part cash and part RCLS settlement or utilization of
proceeds from the Proposed Private Placement to settle
outstanding interest. The Company also informed that it had
applied to the CDRC since 17 August 1998 for the formulation of
the debt restructuring scheme and finalized the scheme with its
creditors bank on 6 December 2000.
The scheme, details of which were announced on 6 December 2000,
was approved by the Foreign Investment Committee, Ministry of
International Trade & Industry and Securities Commission on 15
May 2001, 16 May 2001 and 15 August 2001 respectively.
PSC INDUSTRIES: Unit Enters Proposed Disposal Deed Of Revocation
----------------------------------------------------------------
The Board of Directors of PSC Industries Berhad (PSCI or the
company), announced that PSC Asset Holdings Sdn Bhd (PSCA), a
wholly owned subsidiary of PSCI and Amin Shah Holdings Sdn Bhd
(ASHSB) had on 13 December 2001 entered into a deed of
Revocation for the proposed disposal of Menara PSCI announced on
29 June 2001.
In its place PSCI had entered into a conditional Share Sale
Agreement (SSA) with ASHSB on 13 December 2001 for the proposed
disposal of the entire issued and paid-up capital of PSCA
comprising 10,000,000 ordinary shares of RM1.00 each, for a
consideration of RM70,000,001. (Proposed Disposal).
DETAILS OF THE PROPOSAL
Details of PSCA
PSCA was incorporated on 10th April 1990. It's present
authorized and paid-up capital is RM10,000,000, comprising
10,000,000 ordinary shares of RM1.00 each. PSCA's principal
activities are property investment, commercial letting of
apartment buildings, building management and provision of
property management services.
The original cost of investment of PSCA to PSCI, at 7 November
1994, was RM28,141,000. PSCA's main asset is a 21-storey
building bearing the address of 39, Jalan Sultan Ahmad Shah,
10050 Penang situated on a land area totaling approximately
6,672 sq meters (71,817 sq feet), located in the North East
District of Penang. This building is known as Menara PSCI
(Menara PSCI).
In addition, PSCA has a wholly-owned subsidiary, Desa PSC Sdn
Bhd (418601 K) (Desa PSC), incorporated on 25 January 1997 with
a present authorized capital of RM100,000, comprising 100,000
ordinary shares of RM1.00 each while its issued and paid-up
capital is RM2.00, comprising 2 ordinary shares of RM1.00 each.
Desa PSC has been dormant since its incorporation.
Details of Menara PSCI
Menara PSCI is a 21-story building erected on pieces of land
located at Lot Nos 1197, 1198 and 1199, Section 13, North East
District of Penang bearing the address of 39, Jalan Sultan Ahmad
Shah, 10050 Penang. The site of Menara PSCI comprises 3
continuous plots of land with a total land area of approximately
6,672 sq meters (71,817 sq feet). Menara PSCI has an approximate
gross floor area of 33,445 square meters and a lettable floor
area of 19,695 square meters. The ground floor to the nineteenth
floor of Menara PSCI is mostly tenanted whilst part of the
fourth, fifth and twentieth floors are owner-occupied. Menara
PSCI has an occupancy rate of approximately 90%. The expected
amount of rental revenue per annum for Menara PSCI is
approximately RM4,000,000.
Menara PSCI was acquired on 7 November 1994 at a cost of
RM79,100,000 and is approximately 7 years old. As at 31 December
2000 on the latest audited financial statements of PSCA, the
book value of Menara PSCI is RM117,000,000, which was based on a
revaluation undertaken in 1997.
Valuation Report of Menara PSCI
The open market valuation of Menara PSCI as ascribed by HBLL is
RM67,000,000 based on the valuation carried out on 18 June 2001.
This valuation was affirmed by HBLL on 28 November 2001.
Material facts and salient features of the valuation of Menara
PSCI are set out in Table 1 at
http://www.bankrupt.com/misc/PSC_Industries1214.html
DETAILS OF THE REVOCATION AGREEMENT
Both PSCI and ASHSB agree that PSCI will refund the deposit paid
by ASHSB of RM3,500,000 without any interest accrued. All rights
and obligations of the both parties are waived and no claims
shall be made by PSCI or ASHSB.
SALIENT FEATURES OF THE SSA
PSCI will dispose 100% equity interest in PSCA, comprising Ten
Million (10,000,000) ordinary shares of RM1.00 each (Sale
Shares), to ASHSB free from any encumbrances and with all rights
and benefits attached thereto.
The purchase consideration for the Sale Shares shall be
satisfied by:
i) Ringgit Malaysia One (RM1.00) only, which shall be paid
upon execution of the SSA
ii) Ringgit Malaysia Ten Million (RM10,000,000.00), which
shall be paid on or before six (6) months from the date of the
SSA or fourteen (14) days from the date of the SSA becoming
unconditional, whichever is earlier;
iii) The assumption by the Purchaser of the liability of the
company with OCBC of RM41,548,000.00 (Term Loan I)
iv) Procurement of novation of RM18,452,000.00 of a term loan
by ASHSB from PSC to PSCA (Term Loan II)
RATIONALE FOR THE PROPOSED DISPOSAL
Under the Restated Debt Restructuring Agreement (RDRA) signed by
PSCI, PSCA had agreed and given its undertaking to dispose
Menara PSCI by 30 June 2001. The sale proceeds is to be utilized
to settle the outstanding loan due to OCBC, which is holding
Menara PSCI as collateral.
PSCI now proposes to dispose Menara PSCI through the disposal of
100% equity interest in PSCA. This proposal will enable PSCI to
reduce its debt obligations to OCBC by RM70 million. As provided
by the RDRA, in the event that Menara PSCI is not disposed by 30
June 2001, OCBC has the right to foreclose on the building at a
fire-sale price.
BASIS OF THE SALE CONSIDERATION
The total sale consideration for the Proposed Disposal of
RM70,000,0001 was derived on a "willing-buyer, willing-seller"
basis after taking into consideration the valuation of Menara
PSCI by HBLL and the potential rental earning from Menara PSCI
INFORMATION ON THE PARTIES TO THE SSA
Information on PSCI
PSCI was incorporated in Malaysia as Preserved Fruit Sdn Bhd, a
private limited company under the Companies Act, 1965 on 9
September 1971. The company changed its name to Sayang Preserved
Fruit and Food Sdn Bhd on 5 June 1972 and later to Sedap
Preserved Fruit and Food Sdn Bhd on 16 June 1973. The Company
later changed its name to Sedap Food and Confectionary Sdn Bhd
on 29 June 1988. The Company was converted into a public listed
company and changed its name to Sedap Food and Confectionery
Berhad on 6 July 1990. It was subsequently listed on the Second
Board of the KLSE on 18 October 1990 and assumed the present
name on 15 November 1994. A bonus issue exercise was completed
on 17 June 1998 and the transfer of the Company to the Main
Board of the KLSE was completed by August 1998.
Details of the directors of PSCI and their respective
shareholdings as at 12 December 2001 are set out in Table 2
found at http://www.bankrupt.com/misc/PSC_Industries1214.html
Information on ASHSB
ASHSB was incorporated on 11 April 1991 in Malaysia under the
Companies Act, 1965 as a private limited company. ASHSB's
present authorized capital is RM500,000 comprising 500,000
ordinary shares of RM1.00 each while its issued and paid-up
capital is RM58,022 comprising 58,022 ordinary shares of RM1.00
each. ASHSB has not commenced business since incorporation.
Details of the directors and substantial shareholders of ASHSB
and their shareholdings as at 12 December 2001 are set out in
Table 3 at http://www.bankrupt.com/misc/PSC_Industries1214.html
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL
The proforma financial effects of the Proposed Disposal on the
share capital, major shareholders' shareholding, earnings per
share (EPS) and net tangible asset (NTA) of PSCI Group are
illustrated below:
Share Capital
The Proposed Disposal will not have any effect on the issued and
paid-up share capital of PSCI.
Major Shareholders' Shareholding
The Proposed Disposal will not have any effect on the
shareholdings of the major shareholder's of PSCI.
Earnings
On the assumption that the Proposed Disposal is completed by the
first quarter of 2002, PSCI is expected to realize a
consolidated loss of RM 8.49 million and a revaluation loss of
RM9.12 million.
NTA
The proforma effects of the Proposed Disposal on the NTA of the
PSCI group based on the audited financial statements of PSCI for
the financial year ended 31 December, 2000 on the assumption the
Proposed Disposal had been effected on that date are set out in
Table 4 at http://www.bankrupt.com/misc/PSC_Industries1214.html
CONDITIONS PRECEDENT
The Completion of this SSA is conditional upon the following
being secured on or before the Completion Date:
i) The approval of the shareholders' of PSCI and ASHSB at
their respective Extraordinary General Meeting, for the sale and
purchase herein;
ii) the approval of OCBC for paragraph 3(iii) and 3(iv)
iii) The release and/or discharge by the Bank of the
Corporate Guarantees up to the amount of Term Loan I assumed by
ASHSB under paragraph 3(iii) and the amount of Term Loan II
novated to PSCA under paragraph 3(iv)
iv) The approval of any other relevant authority(s) (if
required).
DIRECTORS AND MAJOR SHAREHOLDERS INTERESTS
Directors
As at 12 December 2001, to the best knowledge of the Directors
of PSCI, the Directors of PSCI, which have an interest, whether
direct or indirect in the Proposed Disposal by virtue of also
being major shareholders of ASHSB, are set out in Table 5.
Tan Sri Dato' Amin Shah bin Haji Omar Shah and Azlan Shah bin
Haji Omar Shah are deemed interested in the Proposed Disposal
and will abstain from voting in respect of their direct and/or
indirect shareholdings in PSCI on the resolution pertaining to
the Proposed Disposal to be tabled at the forthcoming EGM to be
convened.
The abovementioned Directors, who are common directors of PSCI
and ASHSB, have also abstained and will abstain form
deliberating and voting at Board Meetings of PSCI and/ or any of
its subsidiaries in respect of the Proposed Disposal.
The abovementioned Directors will also undertake to ensure that
persons connected to them will abstain from voting in respect of
their direct and/or indirect shareholdings in PSCI on the
resolution pertaining to the Proposed Disposal to be tabled at
the forthcoming EGM to be convened.
Major Shareholders
None of the major shareholders or any persons connected to them
have any interest, whether direct or indirect in the Proposed
Disposal as at 12 December 2001, save and except for the
shareholders set out in Table 6 found at
http://www.bankrupt.com/misc/PSC_Industries1214.html
Tan Sri Dato' Amin Shah bin Haji Omar Shah, Azlan Shah Haji Omar
Shah and Business Focus Sdn Bhd are deemed interested in the
Proposed Disposal and will abstain from voting in respect of
their direct and/or indirect shareholdings in PSCI on the
resolution pertaining to the Proposed Disposal to be
d at the forthcoming EGM to be convened.
The abovementioned parties will also undertake to ensure that
persons connected to them will abstain from voting in respect of
their direct and/or indirect shareholdings in PSCI on the
resolution pertaining to the Proposed Disposal to be tabled at
the forthcoming EGM to be convened.
Saved as disclosed above, none of the Directors, major
shareholders and/or persons connected to them have any direct
and/or indirect interest in the Proposed Disposal.
APPOINTMENT OF INDEPENDENT ADVISER
In view of the interests of the Directors and major shareholders
of PSCI in the Proposed Disposal and in compliance with Section
10.08 of the Listing Requirements of the KLSE, the Company has
appointed Alliance Merchant Bank Berhad as the Independent
Adviser to the Independent and Non-Interested Directors and
independent shareholders of PSCI in relation to the Proposed
Disposal.
APPROVALS REQUIRED
The Proposed Disposal is subject to the following approvals or
consent being obtained:
i) approval of the shareholders' of PSCI and the ASHSB at
their respective Extraordinary General Meeting, for the sale and
purchase herein;
ii) the approval of OCBC for paragraph 3(iii) and 3(iv)
iii) approval of any other party or relevant authority(s) (if
required).
DIRECTORS' STATEMENT
The Board of PSCI, having taken into consideration all aspects
of the Proposed Disposal, is of the opinion that the Proposed
Disposal is in the best interests of the PSCI Group.
DOCUMENTS FOR INSPECTION
The SSA and valuation report are available for inspection at the
registered office of PSCI at 3rd Floor, Ming Building, Jalan
Bukit Nanas, 50250 Kuala Lumpur during normal business hours
from the date of this announcement up to and including the date
of the last meeting required to effect the Proposed Disposal.
CIRCULAR TO SHAREHOLDERS
The circular to the shareholders of PSCI in relation to the
Proposed Disposal, including the independent advice circular,
containing the detailed information on the Proposed Disposal
will be dispatched to the shareholders of PSCI in due course.
COMPLIANCE WITH THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES
To the best knowledge of the Directors of PSCI, the Proposed
Disposal has not departed from the Securities Commission's
Policies And Guidelines On Issue/Offer Of Securities.
SUNWAY CONST.: Unit Acquires Machinery From Subsidiary
------------------------------------------------------
Sunway Construction Berhad (formerly known as Sungei Way
Construction Berhad)(SunCon), informed that SWC Machinery Sdn
Bhd (SWCM), a wholly-owned subsidiary of SunCon, has acquired
three units of Alimak Passenger Hoist from Sunway Top-Down
Technology Sdn Bhd (STDT), a wholly-owned subsidiary of Sunway
Building Technology Berhad (Suntech) for a total cash
consideration of RM270,000/.
INFORMATION ON SWCM AND STDT
SWCM
SWCM is a wholly-owned subsidiary of SunCon. Its principal
activities are renting of machinery and site equipment
STDT
STDT is a wholly-owned subsidiary of Suntech. STDT is presently
dormant.
BASIS OF CONSIDERATION
The consideration was arrived at after looking at indicative
prices of similar machinery advertised for sale and quotations
received from suppliers.
FINANCIAL EFFECTS OF THE ACQUISITION
The acquisition will not have any material effect on the net
tangible assets and earnings of SunCon.
APPROVALS
The above acquisition does not require the approval of
shareholders or any authorities.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Dato' Chew Chee Kin and Dato' Tan Kia Loke are directors of
SunCon and Suntech. Accordingly, they have abstained from all
Board deliberations of SunCon pertaining to the acquisition.
Tan Sri Dato' Seri Dr Cheah Fook Ling is a deemed major
shareholder of SunCon and Suntech via Sunway Holdings
Incorporated Berhad. He also has deemed interest in STDT via
Suntech.
Save as disclosed, none of the other Directors or major
shareholders of SunCon or persons connected with them has any
interest, direct or indirect, in the aforesaid acquisition.
TIME ENGINEERING: Trustee Demands USD Bonds Payment
---------------------------------------------------
Time Engineering Berhad (the Company) announced that it has on
12 December 2001 received notice from Bumiputra-Commerce Trustee
Berhad, acting as the Trustee for the USD Bondholders, that the
Company's failure to redeem in full the second and third
tranches of the USD250 million nominal value redeemable secured
zero-coupon bonds 1996/2001 (USD Bonds) on 5 August 2001 and 5
December 2001 respectively constitutes an Event of Default under
Clause 11(a) of the Trust Deed dated 18 July 1996. In view of
this the USD Bonds are due and payable at 100% of their nominal
value outstanding, namely US$162,034,270 together with interest
and all other amounts due thereon.
The Trustee has therefore demanded payment by the Company of the
said sum of US$162,034,270 within seven (7) days from 12
December 2001. If the Company fails to pay the said sum within
this period it will be liable for interest thereon at the rate
of 2% per annum above SIBOR calculated from the due date of
payment up to but excluding the date of payment, and compounded
on a monthly basis.
UNITED ENGINEERS: Discloses Workout Scheme
------------------------------------------
United Engineers (Malaysia) Bhd (UEM) has unveiled a corporate
and debt-restructuring plan, which entails creation of five core
business groups, divestment of non-core businesses and the
cutting of its RM30.3 billion debt into two, the Daily Edge
reported on December 13.
The listing of Projek Lebuhraya Utara-Selatan Bhd (PLUS) by the
middle of 2002, which will be one of the largest initial public
offerings in the history of the Kuala Lumpur Stock Exchange, is
also part of the scheme.
"We will operate comfortably and profitably after the
restructuring and listing of PLUS," UEM's managing director and
chief executive officer Abdul Wahid Omar, who expects the
restructuring scheme to be completed after the listing of PLUS,
said at a press conference on Wednesday.
=====================
P H I L I P P I N E S
=====================
NATIONAL BANK: Government Finalizing MOA Terms With Tan
-------------------------------------------------------
Finance Secretary Jose Isidro Camacho said the government
expects to sign a memorandum of agreement (MOA) with Philippine
National Bank's Lucio Tan by year-end or early 2002,
"(The government and Tan's negotiators) are finalizing the term
sheet. They have agreed already on the formula as well as the
put option proposal of the government. We'll have something
concrete by Tuesday," Mr. Camacho said.
NATIONAL BANK: Full Reorganization Planned
-------------------------------------------
Former Asian Banking Corp President Edward Go is reportedly
being tapped to become the Chairman of Philippine National Bank
(PNB), which will undergo a major reorganization, which Tan and
the government earlier agreed as part of PNB's rehabilitation
program, ABS-CBN reported Wednesday.
Go has already accepted the job offer, according to industry
insiders, to replace Philippine Deposit Insurance Corp. (PDIC)
President Norberto Nazareno, who may be allowed to sit as
Director. An experienced banker is also being sought to replace
PNB's President Feliciano Miranda Jr.
Under the rehabilitation program agreement, the government
nominates four members to the 11-man PNB board, one independent
Director, the President, the Chairman, the Chairman of the
executive committee, the Chief Financial Officer, Corporate
Secretary and the Deputy General Counsel.
Tan shall nominate four board members and one independent
director as well as the General Counsel, Assistant Corporate
Secretary and Deputy Chief Finance Officer. Meanwhile, Tan could
be compelled to buy government shares when the joint sale is
undertaken, but he cannot compel the government to sell its
shares to him, ABS-CBN reported Wednesday, which cited a
government source.
According to a source close to the negotiations, "Tan has
agreed on the `put option,' which means we could compel him to
buy government shares [when the joint sale is undertaken], but
he has no `call option,' which means he cannot compel the
government to sell its shares to him."
NATIONAL STEEL: Failed Rehab Proposals Stalls Reopening
-------------------------------------------------------
National Steel Corp. (NSC) investors' rehabilitation proposals
failed to satisfy the requirements set by the evaluation
committee, further delaying the mothballed company's reopening,
ABS-CBN reported Wednesday.
The evaluation committee has decided to hire a foreign technical
adviser, a Japanese company is being considered, to help assess
the bid of Cathay Pacific Steel Corp. (Capasco), Allengoal Steel
Fabrication & Trading Inc. and Voest Alpine of Austria. Capasco
and Allengoal, which asked for extension to submit needed
documents to support their October 25, were given until December
6, but further extended to December 19, to submit supporting
documents.
Capasco was to submit its projected monthly cash flow for the
first year of its operations as well as detailed estimates of
rehabilitation costs and breakdown of possible sources of funds,
while Allengoal was asked to submit a long-term plan beyond its
proposed two-year lease as well as detailed estimates of
rehabilitation costs and sources of funds.
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Singapore Technologies Changes Interest
-----------------------------------------------------------
Capitaland Limited posted a notice of changes in substantial
shareholder Singapore Technologies Pte Ltd's deemed interests:
Date of notice to company: 13 Dec 2001
Date of change of interest: 07 Dec 2001
Name of registered holder: CDP : DBS Vickers Securities
Singapore Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: 500
% of issued share capital: 0.00002
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: $1.48
No. of shares held before change: 500
% of issued share capital: 0.00002
No. of shares held after change: 0
% of issued share capital: 0
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 329,425,338 1,197,123,933
% of issued share capital: 13.09 47.55
No. of shares held after change: 329,424,838 1,197,123,933
% of issued share capital: 13.09 47.55
Total shares: 329,424,838 1,197,123,933
KEPPEL CORPORATION: Keppel Fells Unit Inks US$104M Contracts
------------------------------------------------------------
Keppel FELS Limited (KFELS), the offshore arm of the Keppel
Group, through its subsidiary in Brazil, FELS Setal SA, has
signed two contracts worth a total of US$104 million.
Maintaining its first-mover advantage in Brazil, these jobs
bring FELS Setal's total contracts secured to US$250 million
(S$450 million) since its incorporation 18 months ago. These
contracts also cement FELS Setal's reputation as the preferred
yard in Brazil for offshore and marine services.
The first job clinched is the US$90 million contract for three
(3) Anchor Handling Tugs / Supply vessels (AHTS) for Delba
Maritima, a Brazilian offshore vessel operator. This follows the
Letter of Intent recently announced on 30 October 2001.
FELS Setal secured another US$14 million contract from
Halliburton Produtos Ltda, a subsidiary of Kellogg Brown & Root
Inc, for the fabrication of four manifold modules, to be used
for the Caratinga and Barracuda Fields in Campos Basin, offshore
Brazil.
Managing director of KFELS Mr Tong Chong Heong said, "We are
very pleased to seal the contract for the three AHTS and secure
another contract from Halliburton." In February 2001,
Halliburton awarded FELS Setal a US$75 million contract for the
marine conversion of VLCC Stena Concordia to an FPSO to be
renamed P-48.
"Setting up shop near our market and customers in Brazil has
definitely contributed to us winning the contracts. However, it
also proves that our customers are confident of our shipbuilding
expertise and quality work," said Mr Tong.
The Keppel Group, through its offshore and marine division, is
the world leader in FPSO and FSO conversions and one of the
leaders in offshore construction. The Group has a total of 12
shipyards and nine other marine engineering operations around
the world. The Group is gearing up the networking of these
operations to fully exploit the capabilities of each yard for
cost-effective and complete solutions.
For the building of the AHTS, there will be scope for
cooperation between FELS Setal in Brazil and Keppel Singmarine
in Singapore. The latter has successfully built six similarly
sophisticated AHTS between 1999 and early 2000.
The three multi-functional AHTS will be chartered to Petrobras
for eight years, supporting the offshore platforms and FPSOs
(Floating Production Storage and Offloading vessels) operating
in the Campos Basin. Each vessel will take between 22 to 30
months to build.
The US$14 million contract involves the building of four
manifold modules, two each for Petrobras P-48 and P-43 FPSOs,
which are expected to work in the Caratinga and Barracuda Fields
respectively.
The contract also entails the prefabrication and erection of
riser pipes, lay down areas, flare booms and central pipe racks.
FELS Setal's Niteroi Yard in Rio de Janeiro will undertake the
construction of the modules and riser pipes, while Brasfels Yard
in Angra dos Reis will carry out the rest of the work. Both
yards have obtained the ISO 9002 certification by Bureau Veritas
Quality International (BVQI).
Halliburton is responsible for the US$2.5 billion development of
the production facilities for the Caratinga and Barracuda Fields
in the Campos Basin. The fields are expected to come online in
December 2003.
FELS Setal is a 60/40 joint venture between KFELS and the PEM
Setal Group of Brazil. Operational for just over a year since
the partnership was formed in early 2000, FELS Setal is the
preferred yard in Brazil based on its quality workmanship and
on-time deliveries.
KFELS is the world class builder of offshore jack-up drilling
rigs and has built 60% of the world's jack-up rigs on order
since 1996.
For more information, please contact:
Sarah Seah
Manager, Group Corporate Communications
Keppel Corporation Limited
Tel: 8857 420
Email: sarah.seah@kepcorp.com.
Company website: www.kepcorp.com
GOLDEN AGRI: Posts Director Hong Pian Tee's Change In Interest
--------------------------------------------------------------
Golden Agri-Resources Limited posted a notice of changes in
director Hong Pian Tee's interests.
Name of director: Hong Pian Tee
Date of notice to company: 11 Dec 2001
Date of change of interest: 08 Nov 2001
Name of registered holder: Hong Pian Tee
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 600,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp
duties, clearing fee: S$0.085
No. of shares held before change: 350,000
% of issued share capital: 0
No. of shares held after change: 950,000
% of issued share capital: 0
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before change: 0 350,000
% of issued share capital: 0 0
No. of shares held after change: 0 950,000
% of issued share capital: 0 0
Total shares: 0 950,000
HONG LEONG: Posts Changes In Hong Realty's Deemed Interests
-----------------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of changes
in substantial shareholder Hong Realty (Private) Limited's
deemed interests.
Name of substantial shareholder: Hong Realty (Private) Limited
Date of notice to company: 10 Dec 2001
Date of change of deemed interest: 07 Dec 2001
Name of registered holder: Tudor Court Gallery Pte Ltd
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 110,000
% of issued share capital: 0.026
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.5947
No. of shares held before change: 5,506,000
% of issued share capital: 1.279
No. of shares held after change: 5,616,000
% of issued share capital: 1.305
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 22,667,335 23,271,370
% of issued share capital: 5.267 5.408
No. of shares held after change: 22,777,335 23,271,370
% of issued share capital: 5.293 5.408
Total shares: 22,777,335 23,271,370
Note:
% of issued share capital is based on the Company's issued share
capital of 430,340,464 shares of $1.00 each as at December 7,
2001.
RAFFLES HOLDINGS: Appoints Alternate Director
----------------------------------------------
Raffles Holdings Limited appointed Lui Chong Chee as alternate
director to Ed Ng Ee Peng on December 12, 2001, in place of Mr
Hiew Yoon Khong who has resigned as the alternate director to Mr
Ed Ng Ee Peng on the Board of Directors, effective from December
13, 2001.
Name: Lui Chong Chee
Age: 41
Country of principal residence: Singapore
Whether appointment is executive, and if so, the area of
responsibility: Non-Executive
Working experience and occupation(s) during the past 10 years:
1986 to Oct 2001
Citicorp Investment Bank (Singapore) Limited -Managing Director
& Senior Vice President,
Capital Markets Group
1 Nov 2001 till current
Chief Financial Officer
CapitaLand Limited
Other directorships
Past: Citicorp Investment Bank (Singapore) Limited
Present:
Alexandrite Land Pte Ltd
Areca Investment Pte Ltd
CapitaLand Commercial Limited
CapitaLand Residential Limited
pFission Pte Ltd
PL Residential Capital Limited
PL Residential Treasury Limited
Somerset Capital Pte Ltd
Somerset International Holdings Pte Ltd
Somerset Land Pte Ltd
Stamford Holdings Pte Ltd
The Ascott Group Limited
I.P. Property Fund Asia Limited
SingMall Property Trust Management Ltd
Shareholding in the listed issuer and its subsidiaries: Nil
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: No
Conflict of interest: No
Declaration by a Director, Executive Officer or Controlling
Shareholder as Required
( Per Appendix 15)
1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you? No
1(b) Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner? No
1(c) Were you in the last 10 years a director or an executive
director of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer? No
2. Are there any unsatisfied judgements outstanding against you?
No
3. Have you been convicted of any offence, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding? No
4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations? No
5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding? No
6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation? No
7. Have you ever been disqualified from acting as a director of
any company, or from taking part in any way directly or
indirectly in the management of any company? No
8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity? No
9. Have you, to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the company partnership
occurring or arising during the period when you were so
concerned with the company or partnership? No
RAFFLES INT'L: Re-branding Rite, Fund-raiser Coming Up
------------------------------------------------------
Raffles International Limited, a subsidiary of Raffles Holdings
Limited, will rename and re-brand its Westin Stamford and The
Westin Plaza hotels to Swissotel The Stamford, Singapore and
Raffles The Plaza, Singapore with the ribbon-cutting ceremony
scheduled on Sunday, January 6, 2002 at 10.00 a.m.. On 1 January
2002, Raffles International Limited will assume management of
The Westin Stamford and The Westin Plaza.
It has always been the philosophy of Raffles International to
actively support and contribute towards the communities it
operates in. On this occasion, Raffles International has
involved The Community Chest. Through support from the public,
business partners and supporters of the hotel, the funds raised
will go to The Community Chest.
Assuming the management of these two landmark hotels by Raffles
International opens a significant new chapter for Singapore's
hospitality industry. During the ceremony, participants will
also attempt to break a Guinness Book of World Records for the
most number of participants at a ribbon-cutting ceremony.
Some 3,000 people will form a human chain holding an
approximately 4,000-meter long continuous ribbon surrounding the
entire Raffles City complex. The current world record stands at
3,300 meters, involving 2,500 participants. The public will be
invited to take part by pledging $50 per person or $1,050 for a
group of 30 participants. All proceeds will go to The Community
Chest. Participants will each receive a certificate of
participation and a goody bag valued more than $500. They also
stand to win attractive prizes in a lucky draw, including the
top prize of two return air tickets to London and accommodation
at Brown's Hotel, London.
Swissotel The Stamford and Raffles The Plaza, currently known as
The Westin Stamford and Westin Plaza respectively, have a
combined room inventory of over 2,000 guestrooms and suites. The
hotels are located in the heart of the central business
district.
Raffles International Limited is the hotel management subsidiary
of Raffles Holdings Limited. Raffles Holdings Limited's
portfolio is comprised of hotels and resorts in 33 destinations
across the s ix continents of Asia, Europe, North America, South
America, Australia and Africa. Raffles Holdings is a subsidiary
of CapitaLand Limited, which has an asset base of over $18
billion. Both companies are listed on the Singapore Stock
Exchange.
FOR MORE INFORMATION PLEASE CONTACT
Ms Marina Wee
Senior Manager, Public Relations
Tel: (65) 430 - 1183
Email: marina@raffles.com
Ms Joleena Seah
Brand Development Manager
Tel: (65) 431 - 6653
Email: joleena.seah@westin.com
===============
T H A I L A N D
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DATAMAT PUBLIC: New Shares Payment Scheduled
---------------------------------------------
Datamat Public Company Limited, with reference to letter No.
DTM58/2544 dated November 30, 2001 relating the schedule for
demand payment for the new shares, has amended the schedule of
demand payment new shares for shareholders.
The Clause 1.2 should be:
"The subscriptions and the payments for the shareholders in
proportion of 1 existing share held is eligible for 8 new
shares are to be made around 2-8 January 2002."
EASTERN STAR: Releases Warrants Subscription's Information
----------------------------------------------------------
Eastern Star Real Estate Public Company Limited released the
date and time for its warrants subscription. The shareholder
meeting No.1/2001 on June 1, 2001 approved to issue warrants of
115,069,455 units with selling price of Bt0.05 each allotting to
the existing shareholders whose names appeared on the closed
register book dated April 5, 2001 and those who subscribed the
former increased capital shares, with ratio 1 new share to 3
warrant units.
The exercise ratio of warrants is that one warrant is entitled
to buy one ordinary share at price Bt2 each once every 3 months
within maturity date of 5 years of the warrants from the date of
issue and offer of the warrants. In case, the existing
shareholders do not fully subscribe for the warrants allotted or
there are remaining warrants, the Board of Directors may offer
said remaining warrants to other existing shareholders who have
subscribed for the increased capital shares as appropriate.
Followings are the warrants subscription details.
Subscription Period: 9:00-15:30 hours on December 24-28, 2001
Venue: No.1, Glas Haus Building, P Floor, Sukhumvit 25 Road,
Kwang Klongtoey-nua, Khet Wattana, Bangkok.
Tel : 0-2260-6450
Fax : 0-2260-6301
Method
The shareholders are to fill in and sign the Warrant
Subscription Form submitting with the Warrant Subscription
Certificate and full payment.
Settlement
The shareholders are to make a one-time, full payment. In case
of payment by cheque, draft, bill of exchange or cashier order
with account payee which can be cashed in Bangkok only, payable
to "Eastern Star Real Estate Public Company Limited" fixing a
date as per subscription period. Please write your full name and
telephone number on the back of the cheque, draft, bill of
exchange or cashier order.
Confirmation
The company will issue the subscription receipt to the
shareholders as evidence. The subscription completes after the
payment can be honored.
Non exercise
The shareholders who do not exercise the warrants subscription,
or do not make payment within the fixed period, or the payment
is not honored, will not be entitled to subscribe to the
warrants.
EASTERN WIRE: Reports Share Offering Result
-------------------------------------------
Eastern Wire Public Company Limited reported the result of its
share offering.
Report the Result of Share Offering
Eastern Wire Public Company Limited
December 12, 2001
1. Information relating to the share offering
Class of shares offered : new ordinary shares
Number of shares offered: 141,697,963 shares
Offered to: Existing shareholders by way of the right offering
At the ratio of 1 existing share to 7 new ordinary share
Price per share : Bt 0.001 per share
Subscription and payment period: November 28-30, 2001
2. Result of the share sale
[ ] totally sold
[ / ] partly sold, with 27,215,134 shares remaining. The
Company will deal with the remaining shares as follows:
Plan Administrator will be allocated the rest of 27,215,134
shares (sale price per share 0.001 Baht) to EGGA HOLDING CO.,
LTD., the major shareholder as on the Business Reorganization
Plan.
The transaction is not significant, then the transaction is not
connected transaction of the Stock Exchange of Thailand's
Notification of the rules.
3. Detail of the share sale
Thai Investors: Juristic Persons
Number of persons 3
Number of shares subscribed 105,562,310
Percentage of total shares offered for sale 92.21
Natural Persons Number of persons 188
Number of shares subscribed 8,192,519
Percentage of total shares offered for sale 7.16
Foreign Investors: Juristic
Persons Number of persons 2
Number of shares subscribed 693,000
Percentage of total shares offered for sale 0.61
Natural Persons
Number of persons 1
Number of shares subscribed 35,000
Percentage of total shares offered for sale 0.03
Total Number of persons 194
Total Number of shares subscribed 114,482,829
Total Percentage of total shares offered 100.00
for sale
4. Amount of money received from the share sale
Total amount : Bt114,482
Less expenses : -
Net amount received : Bt114,482
KULTHORN KIRBY: Releases 2002 Special Holidays
----------------------------------------------
Kulthorn Kirby Public Company Limited announced details of the
company special holidays, which differ from official bank
holidays.
2 January 2002 is a holiday for annual leave.
24 July 2002 is a holiday for Asarnha Bucha Day.
27 December 2002 is a holiday for annual leave.
30 December 2002 is a holiday for annual leave.
On May 17 TCR-AP reported the Company's progress of plan
implementation for the 1st quarter of year 2001 under the
Rehabilitation Plan. Kulthorn Kirby faced possible delisting
from SET and prepared the rehabilitation plan according
to the SET's regulation.
MODERN HOME: Posts List Of 2002 Holidays
----------------------------------------
Modern Home Planner Company Limited, Plan Administrator of
Modern Home Development Public Company Limited (M-HOME) informed
the company's annual holidays 2002.
1. Tuesday 1 January New Year's Day
2. Tuesday 12 February Chinese New Year's Day
3. Tuesday 26 February Mahka Bucha Day
4. Monday 8 April Chakri Day (Substitution Day)
5. Monday 15 April Songkran Day
6. Tuesday 16 April Songkran Day (Substitution Day)
7. Wednesday 1 May Nation Labor Day
8. Monday 6 May Coronation Day (Substitution Day)
9. Monday 27 May Visakha Bucha Day
10. Thursday 25 July Buddhist Lent Day
11. Monday 12 August H.M. The Queen's Birthday
12. Wednesday 23 October Chulalongkorn Day
13. Thursday 5 December H.M. The King's Birthday
14. Tuesday 10 December Constitution Day
15. Tuesday 31 December New Year's Eve
SRIUTONG COMPANY: Business Reorganization Petition Filed
--------------------------------------------------------
The Petition for Business Reorganization of Sriutong Company
Limited (DEBTOR), engaged in building construction service, was
filed in the Central Bankruptcy Court:
Black Case Number 833/2543
Red Case Number 828/2543
Petitioner: SRIUTONG COMPANY LIMITED
Planner: Mr. Viravat Cholvanich, Mr. Chukiat Wittayatechakul,
Mr. Sittichai Rochanadit, Mr. Pramuanchai Taweesedt and Mr.
Chalermchai Kanokvibulsri
Debts Owed to the Petitioning Creditor: Bt1,860,618,191.79
Date of Court Acceptance of the Petition: October 12, 2000
Date of Examining the Petition: November 6, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: November 6, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 13, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: December 7,
2000
Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: March 7, 2001
Planner postponed the date to submit the reorganization plan #
1st: April 7, 2001
Planner postponed the date to submit the reorganization plan #
2nd: May 7, 2001
Appointment date for the Meeting of Creditors to consider the
plan: June 12, 2001 at 9.30 am. Tawannaramada Hotel, Silom Road
The Meeting of Creditors had passed a resolution accepting the
reorganization plan pursuant to Section 90/46
Court had issued the order accepting the reorganization plan :
July 24, 2001 and Appointed S.U.T. Planner Company Limited to be
as a Plan Administrator
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
August 16, 2001
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: September 4, 2001
Contact: Miss Phataree Tel, 6792525 ext 143
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-Merlin, Editors.
Copyright 2000. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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