/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/011226.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 Wednesday, December 26, Vol. 4, No. 251 Headlines A U S T R A L I A ANALYTICA LIMITED: Buys Diagnostic Business BRAMBLES INDUSTRIES: Option Plans, Performance Share Plans ENERGY EQUITY: Facility With CBA Reduces To $82M NAMBUCCA GROUP: James Kearns Remanded For Trial PMP LIMITED: Seven Alliance Share Placement Completed TRAVELAND: Franchisees To Oppose Administrators' Recommendation C H I N A & H O N G K O N G CHINA SPEED: Hearing Of Winding Up Petition Set FOURSEAS.COM: Price, Turnover Movements Unexplainable LONGWALL INTERNATIONAL: Winding Up Petition To Be Heard STAR COSMOS: Petition To Wind Up Slated ZAPATA (CHINA): Winding Up Petition Hearing Set ZAPATA (H.K.): Winding Up Petition Slated For Hearing I N D O N E S I A ASIA PULP: Units Fined Rp7B * IBRA Surpasses Cash Contribution Target * JITF Set To Restructure US$4B Debts By 2002 J A P A N FUJITSU LIMITED: Thai Unit Sells Some Assets To Western Digital HITACHI LIMITED: Consolidates Rolling Mill Ops To JV With MHI MATSUSHITA ELECTRIC: Buys Back 2.291M Shares For Y2.49 Billion NICHIMEN CORP: S&P Lowers Rating To 'BB-/B'; Outlook Negative TOKAI BANK: Merger With Sanwa Creates UFJ Bank Leadership Change YASUDA TRUST: Board OKs Capital Draw Down Proposal By Y150B K O R E A DAEWOO MOTOR: Suspends Main Plant Production To Deplete Stocks DAEWOO SECURITIES: Launching Investment Advisory Co In China KUKJE FIRE: Further Reduces Workforce Via Voluntary Retirement HYUNDAI MOTOR: Continuing Production Until Year End If No Strike HYUNDAI SECURITIES: Agrees With AIG On Stake Sale Key Terms HYNIX SEMICONDUCTOR: Denies Chip Operations Sale MOU Signing M A L A Y S I A ABRAR CORPORATION: Currently Formulates Workout Proposal ABRAR CORPORATION: No Update On Defaulted Payment Status AUTOINDUSTRIES VENTURES: Defaults On Creditors' Payments CHASE PERDANA: Seeks KLSE's RA Three-Month Extension Approval MALAYSIAN GENERAL: Agrees With Vendors Not To Proceed Scheme PLANTATION & DEVELOPMENT: Obtains SC's Proposed Scheme Approval P H I L I P P I N E S COSMOS BOTTLING: P1.25B LTCPs Payment Rescheduled COSMOS BOTTLING: SMC, RFM Defer Closing Of Stake Sale Deal NATIONAL BANK: Alcantara, Espiritu, Sy As Prexy Probables S I N G A P O R E CAPITALAND LIMITED: Ups Investment In IP Thai Property Fund HONG LEONG: Affiliate Changes Deemed Interest HONG LEONG: Kwek Holdings Changes Deemed Interest WING TAI HOLDINGS: Closes Hosting Unit Wing Tai iAdvantage T H A I L A N D CENTURY HOTEL: Files Business Reorganization Petition To Court DATAMAT PUBLIC: Set To Build Partnership With Infrontier, Intel KRISDAMAHANAKORN: Posts Conclusion Of Increased Information LOXLEY PUBLIC: Declares Special Holiday SIKARIN PUBLIC: Clarifies Surgitec Limited Sale - - - - - - - - ================= A U S T R A L I A ================= ANALYTICA LIMITED: Buys Diagnostic Business ------------------------------------------- The Company advised that as per resolutions 2, 3, 4 and 5 approved at the Annual General Meeting of Members, these transactions have been successfully completed: * The reduction of the Ordinary Share Capital and Options by a ratio of 1 for 10 * The purchase of the Diagnostic Business from Psiron Ltd for $1.6 million * The issue of 8 million cumulative convertible redeemable preference shares to Psiron Ltd for its investment of $800,000 * The Company has issued: * 500,000 options to Dr P Jonson, exercisable at 10 cents * 500,000 options to Mr D Lismore, exercisable at 5 cents * 1 million options to Psiron Ltd, exercisable at 10 cents each BRAMBLES INDUSTRIES: Option Plans, Performance Share Plans ---------------------------------------------------------- Brambles Industries Limited advised that, following approval from shareholders at the Annual General Meetings of Brambles Industries Limited (BIL) and Brambles Industries Plc (BIP), this year's grant of options under the Brambles 2001 Executive Share Option Plans (Option Plans) and of awards under the Brambles 2001 Executive Performance Share Plans (Performance Share Plans) has now been finalized. Details of the grants are set out below. 1. OPTION PLANS Under the Option Plans (a) Options have been granted over 3,935,437 BIL shares at an exercise price of A$9.63 per share; and (b) Options have been granted over 2,674,547 BIP shares at an exercise price of GBP3.21 per share. The Options will lapse if they are not exercised in accordance with their terms on or before 19 December 2007. 2. PERFORMANCE SHARE PLANS Under the Performance Share Plans: (a) awards have been granted with respect to 1,189,196 BIL shares; and (b) awards have been granted with respect to 814,728 BIP shares. In accordance with the Rules approved by shareholders, nothing is payable for the awards granted under the Performance Share Plans. The Performance Share awards will lapse if participants do not choose to receive them in accordance with their terms on or before 19 December 2007. 3. GRANTS TO EXECUTIVE DIRECTORS In addition to the above, in accordance with shareholder approval obtained at this year's Annual General Meetings, the following Options and Performance Share Plan awards have also been granted as at 7 August 2001 to the Group's Executive Directors: (a) to Sir C K Chow, Options over 605,700 BIL shares at an exercise price of $11.24 and an award under the Performance Share Plan with respect to 181,300 BIL shares; and (b) to D J Turner, Options over 278,300 BIL shares at an exercise price of $11.24 and an award under the Performance Share Plan with respect to 181,300 BIL shares. These awards will lapse if they are not exercised in accordance with their terms on or before 7 August 2007. ENERGY EQUITY: Facility With CBA Reduces To $82M ------------------------------------------------ The Directors' of Energy Equity Corporation Limited (Energy World) advised that during the past year the level of debt under the Company's facility with The Commonwealth Bank of Australia (the Bank) was reduced from $112 million to $82 million. All principal and interest payments have been made in accordance with the agreed schedules. Continuing dialogue with the Bank has resulted in an agreement to defer the repayment programmed by three months from 31st December, 2001, during which time a revised business plan will be submitted and agreed with the Bank. It is anticipated that further debt reductions will be made in the future and such payments will be based upon the refinancing and possible disposal of certain assets. Discussions with third parties are proceeding regarding refinancing or disposal of assets. It is believed that this three month deferment by the Bank will contribute to the Company being able to maximize value, resulting from any refinancing or disposal of assets. NAMBUCCA GROUP: James Kearns Remanded For Trial ----------------------------------------------- James Gordon Kearns, a solicitor and former company director, has been ordered to stand trial in the Sydney District Court on ten charges brought by the Australian Securities and Investments Commission (ASIC). The charges laid against Mr Kearns relate to his involvement with the Nambucca Group of companies. The Nambucca Group carried on business in the mid-north coast region of New South Wales as a finance company until placed into liquidation in December 1995. Lawnkin Pty Limited was a wholly owned subsidiary of Nambucca Investments Pty Ltd (Nambucca) and was principally involved in land development projects. The charges against Mr Kearns are not directly related to the liquidation of the Nambucca Group. ASIC alleges that Mr Kearns: * dishonestly obtained $300,000 from Lawnkin and share transfers relating to the Nambucca Group, by falsely representing that the Equitable Group of companies, a New Zealand based insurance group, had agreed to take over Nambucca and its subsidiaries; * dishonestly and improperly used his position as an officer of Nambucca and certain subsidiary companies by causing the payment of $164,920 to his family company Snoco Limited; * dishonestly obtained $50,000 from two investors by falsely representing to them that their monies would be invested in certain Equitable Group investment products; and obtained approximately $220,000 from an investor for Nambucca, by making false or misleading statements. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions and was adjourned for mention at the Sydney District Court on 15 February 2002. PMP LIMITED: Seven Alliance Share Placement Completed ----------------------------------------------------- PMP Limited completed the issue of 37 million ordinary shares at an issue price of 55 cents to Seven. The placement shares constitute 12.75% of PMP's expanded capital of 290 million shares. The placement finalizes the second part of the alliance between PMP and Seven pursuant to which Seven recently purchased for $65 million a half share in PMP's Australia and New Zealand magazine publishing operations. TRAVELAND: Franchisees To Oppose Administrators' Recommendation --------------------------------------------------------------- Traveland franchisees are expected to oppose the recommendation by administrators to liquidate the company at a meeting of creditors held on Friday, the Sydney Morning Herald reported December 21. In opposing liquidation, the store operators attempt to prevent control of the network going to new buyers, Financial Options Group, until the $2 million sale price is paid. Renegade members of the franchise network, which have rescinded their Traveland contracts, could face legal action if the sale proceeds. "90 of the 255 franchise stores have pledged more the $100,000 to a fighting fund to defend any action, engaging Clayton Utz to represent the group," spokesman for the group, John Fell of Travelplace Gympie, said. Traveland was placed into administration for the second time in two months in November. Mr Fell said the code needed urgent review following the "Traveland debacle". "They claimed solvency and that was clearly not the case," Mr Fell added. ================================ C H I N A & H O N G K O N G ================================ CHINA SPEED: Hearing Of Winding Up Petition Set ----------------------------------------------- The petition to wind up China Speed Finance Limited is scheduled to be heard before the High Court of Hong Kong on January 16, 2001 at 9:30 am. The petition was filed on September 26, 2001 by Standard Chartered Bank whose branch office is situate at 4-4A Des Voeux Road Central, Hong Kong. FOURSEAS.COM: Price, Turnover Movements Unexplainable ----------------------------------------------------- Fourseas.com Limited (the Company) noted the recent decrease in the price and increase in trading volume of the shares of the "Company" on 21st December 2001 and wish to state that we are not aware of any reasons for such movement. Except that the management is still in a preliminary stage of negotiations of a possible co-operation of a tourist spot related project (the Project) in the People's Republic of China (the PRC) as mentioned in the announcement dated 16th October 2001, there are no other negotiations or arrangements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement, neither is the board of directors of the Company (the Board) aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price- sensitive nature. LONGWALL INTERNATIONAL: Winding Up Petition To Be Heard ------------------------------------------------------- The petition to wind up Longwall International Limited is set for hearing before the High Court of Hong Kong on January 2, 2002 at 9:30 am. The petition was filed on August 31, 2001 by Bank of China (Hong Kong) Limited (the successor corporation to Sin Hua Bank Limited pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. STAR COSMOS: Petition To Wind Up Slated --------------------------------------- The petition to wind up Star Cosmos Limited is scheduled to be heard before the High Court of Hong Kong on January 2, 2002 at 9:30 am. The petition was filed on August 31, 2001 by Bank of China (Hong Kong) Limited (the successor corporation to Sin Hua Bank Limited pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. ZAPATA (CHINA): Winding Up Petition Hearing Set ----------------------------------------------- The petition to wind up Zapata (China) Company Limited is scheduled for hearing before the High Court of Hong Kong on January 2, 2002 at 9:30 am. The petition was filed with the court on August 31, 2001 by Bank of China (Hong Kong) Limited (the successor corporation to Sin Hua Bank Limited pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. ZAPATA (H.K.): Winding Up Petition Slated For Hearing ----------------------------------------------------- The petition to wind up Zapata (H.K.) Company Limited will be heard before the High Court of Hong Kong on January 2, 2002 at 9:30 am. The petition was filed on August 31, 2001 by Bank of China (Hong Kong) Limited (the successor corporation to Sin Hua Bank Limited pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. ================= I N D O N E S I A ================= ASIA PULP: Units Fined Rp7B --------------------------- The Capital Market Supervisory Agency (Bapepam) said it had fined four local units of troubled Asia Pulp & Paper (APP) for regulatory violations, according to a December 21 IndoExchange article. According to Bapepam, the four were fined a total of some Rp7bn (US$693,069) because of corporate governance violations and failure to deliver audited 2000 financial reports on time. The four companies accept the penalty and have been given 30 days to pay. Bapepam said in September that it was investigating PT Indah Kiat Pulp & Paper (JSX:INKP), PT Tjiwi Kimia (TKIM), PT Pindo Deli Pulp & Paper Mills and PT Lontar Papyrus. APP, controlled by the ailing Sinar Mas Group, is US$12.2B in debt. * IBRA Surpasses Cash Contribution Target ----------------------------------------- Hard work by the Indonesian Bank Restructuring Agency (IBRA) teams has earned the Agency success in surpassing the target preset by the government for contribution of Rp27 trillion in cash and Rp10 trillion in bonds by transferring Rp27.98 trillion in cash, and Rp10.6 trillion in bonds to the State Budget. The achievement is made possible by strong commitment to implementing the Main Program for Acceleration and Completion of Tasks as outlined in August 2001, which consist of: * Acceleration in Debt Restructuring and Disposal of Assets under AMC and AMI. * Improvement in Efficiency * Improvement in Openness Principle * Legal Handling Empowerment * In support of the program implementation, IBRA has taken many steps including: * Organizational revitalization by establishment of Staff under coordination of Chairman/Vice Chairman which consist of: Chief Financial Officer (CFO), Internal Audit (SKAI), Consultant Management Unit (CMU), Asset Sales Coordinator, Legal Counsel Division, Litigation Division, Planning & Secretariat Division, Communications Division, and Customer Care Unit (CCU). * Improvement in efficiency is readable from the decline in planned budget from Rp3.1 to Rp1.69 trillion due to revision based on estimate realization of about Rp1.07 trillion. * Efforts in effectiveness of IBRA task implementation in support of target achievement process and simplification of decision-making mechanism. * JITF Set To Restructure US$4B Debts By 2002 --------------------------------------------- The Jakarta Initiative Task Force (JITF), the government- supported mediation organization charged with facilitating corporate debt restructuring in Indonesia, has announced that it has met the year-end debt restructuring targets set forth in the current Letter of Intent with the International Monetary Fund. The Letter of Intent calls for the Jakarta Initiative to have mediated memoranda of understanding with respect to a total of US$8-10 billion dollars in aggregate debt by December 31, 2000. "We are pleased with the progress that is being made in the cases under mediation by the JITF," said Jakarta Initiative Chairman Bacelius Ruru. Since July of this year, the Jakarta Initiative has worked with Indonesian companies and their creditors to arrive at preliminary memoranda of understanding with respect to over US$4.3 billion in aggregate debt, for a total of US$9.4 billion restructured to date. Significant debt restructurings during this period have included noteworthy names such as PT Bakrie & Brother Tbk., April Group, PT Semen Cibinong Tbk. and PT Polysindo Eka Perkasa Tbk. Despite the optimistic note, JITF officials stressed caution. Said Mr. Ruru, "Before anybody declares victory, we must keep in mind that many companies remain unrestructured, and the memoranda of understanding reached to date will continue to be subject to implementation, including, in certain cases, broader acceptance by additional creditor constituencies." Following a slow start in 1999, the low-profile Jakarta Initiative program was revised earlier this year to provide for a system of formalized incentives and sanctions to encourage companies and creditors to cooperate. Incentives for cooperative companies include targeted tax incentives such as tax neutrality for debt-for-equity swaps, as well as regulatory assistance with respect to capital markets and bank supervisory issues. Sanctions to encourage cooperative behavior include the referral of uncooperative parties to the Indonesian Financial Sector Policy Committee for potential remedial action. Said JITF Chief Operating Officer Samuel Tobing, "Since April, we have seen real response to the new 'sticks and carrots' built into the JITF system." "These incentives have created a significant motivation in certain instances to resolve matters more quickly." However, Mr. Tobing also expressed a word of caution, observing that, as the JITF restructures the larger cases in its docket, there will be an increased need to work on a larger number of mid-sized companies. "We believe that the next year will require us to handle an increased case load with our existing resources, but we are confident that we have the correct team in place to achieve our objectives." ========= J A P A N ========= FUJITSU LIMITED: Thai Unit Sells Some Assets To Western Digital --------------------------------------------------------------- Fujitsu Ltd's hard disk drives manufacturing unit in Thailand will sell part of its assets to Western Digital, with its total of 1,100 workers to be transferred to Western Digital, PRNewsAsia reported Friday. HITACHI LIMITED: Consolidates Rolling Mill Ops To JV With MHI ------------------------------------------------------------- Hitachi Ltd and Mitsubishi Heavy Industries Ltd (MHI) agreed to consolidate their rolling mill design and procurement operations to their 50:50 joint venture (JV) MHI-Hitachi Metals Machinery, to further strengthen the business foundation of the venture. The JV will take over the parent rolling mill design and procurement operations on April 1, 2002, PRNewsAsia reported Friday. The parent companies will inject additional capital into the venture to raise its capital to Y320 million from Y80 million. MATSUSHITA ELECTRIC: Buys Back 2.291M Shares For Y2.49 Billion -------------------------------------------------------------- Matsushita Electric Works Ltd, in line with its Board's February approval of a shares buyback, bought back 2.291 million shares for Y2.49 billion between November 26 and December 20 and completing its share buyback program. MEW bought back a total of 23.685 million shares for Y30 billion, PRNewsAsia reported Friday. NICHIMEN CORP: S&P Lowers Rating To 'BB-/B'; Outlook Negative ------------------------------------------------------------- Standard & Poor's lowered its long-term rating on Japan-based Nichimen Corp. to double-'B'-minus from triple-'B'-minus and its short-term rating to single-'B' from 'A-3'. The ratings were removed from CreditWatch, where they were placed on Nov. 14, 2001. The outlook on the long-term rating is negative. The downgrade reflects concerns over deterioration in the business environment for the trading industry overall, such as the slowdown of the global economy and the continued deflationary trend in Japan. The rating also reflects Nichimen's weakened capital structure, and the possibility that the company's asset quality could deteriorate further. In addition, the rating action is based on the worsening prospects for a recovery in Nichimen's earnings amid an industrywide decline in profit margins from traditional trading operations. The downgrade also reflects concerns that Nichimen may need further support from its main banks to maintain its financial flexibility if its financial profile weakens further. A midsize traditional trading company, Nichimen is striving to improve its profitability through business alliances and restructuring measures. However, some of the company's machinery operations are still unprofitable, and it has not achieved significant profit contributions from investments in telecommunications businesses and alliances with other trading companies in chemical operations. In fiscal 2000 (ended March 2001), Nichimen posted an extraordinary loss of �121 billion. This loss incorporated a write-down of investment securities, and losses from the disposal of investments in and advances to subsidiaries and affiliates. As a result of the extraordinary loss, Nichimen's ratio of equity to total assets fell to a very weak 5.3% in fiscal 2000 from 7.6% in fiscal 1999. Nichimen is still exposed to risks from assets such as for-sale properties (worth nearly �60 billion), investments in Asian markets (worth about �40 billion), and investment securities, including those of ITX, in which the company invested over �40 billion. Standard & Poor's expects the company's capital base to deteriorate further if its assets are further impaired, which is a possibility given the inherently high risks of many of its long-term investments. Like other traditional trading companies in Japan, Nichimen's financial structure is characterized by very high leverage. The company's debt to equity ratio rose to 12.6 times at the end of September 2001, and may increase further if the company's capital is eroded by potential losses from the impairment of assets on its consolidation adjustments account and deferred tax assets. Together, these assets reached �50 billion in fiscal 2000, accounting for over 50% of Nichimen's total equity. Nichimen has relied heavily on financing from banks to supplement its financial flexibility. The company has maintained a strong relationship with its main banks to date, but this relationship could come under pressure given the changes taking place in Japan's banking industry. Outlook: Negative Nichimen's credit quality could weaken further, given the possibility of a further deterioration in its asset quality. In this event, a failure to strengthen its balance sheet, either through debt reduction or an expansion of its equity base, would result in a downgrade of the company. TOKAI BANK: Merger With Sanwa Creates UFJ Bank Leadership Change ---------------------------------------------------------------- UFJ Holdings Inc, one of Japan's big banks formed through a tie- up between Sanwa, Tokai and Toyo Trust and Banking, said Friday its unit UFJ Bank will undertake a top-level leadership reshuffle through a merger between Sanwa Bank and Tokai Bank on January 15. UFJ Holdings named Masashi Teranishi, 54, as president of UFJ Bank, replacing Kaneo Muromachi, 63, the earlier choice of current Sanwa president, Japan Today reported Saturday. YASUDA TRUST: Board OKs Capital Draw Down Proposal By Y150B ----------------------------------------------------------- The Board of Yasuda Trust & Banking Co, a member of the Mizuho Financial Group, approved a proposal to shareholders that it draw down its capital by Y150 billion to Y187.2 billion to cover huge loan-loss charges for fiscal 2001. The Board of Yasuda Trust also planned to issue new shares to Fuji Bank Ltd for Y120 billion, and moved to propose changing the bank's corporate name to Mizuho Asset Trust & Banking Co., Japan Today reported Friday. ========= K O R E A ========= DAEWOO MOTOR: Suspends Main Plant Production To Deplete Stocks -------------------------------------------------------------- Daewoo Motor announced Friday it will stop production at its main plant in Bupyeong in Incheon from Friday through to January 2 amidst dipping sales, to deplete it stocks of several mid- sized passenger models including Lanos, Leganza, and Magnus. All its other plants, however, throughout the country will continue in normal operation, Digital Chosun reported Friday. DAEWOO SECURITIES: Launching Investment Advisory Co In China ------------------------------------------------------------ Daewoo Securities Co. will launch an investment advisory company in Shanghai, China around end of January, to provide advisory services involving Chinese retail investors, Chinese companies' initial public offerings and strategic alliances between Korean and Chinese companies. Daewoo believes it is still too early to reveal the paid-in capital and other details of the envisioned company, Korea Herald reported Saturday, quoting a Daewoo official. The official said, "The Ministry of Finance and Economy has recently endorsed our plan to set up the company. We are making preparations to put the company into operation in late January." KUKJE FIRE: Further Reduces Workforce Via Voluntary Retirement -------------------------------------------------------------- Kukje Fire & Marine Insurance Co, as part of its self-rescue plan, decided to retire its 104 employees, or 12.4 percent of its workforce, via a voluntary retirement program. The remaining employees are required to return 20 percent of their total salary to the company. The decision marks the company's second cost-cutting measure this year, following a previous workforce job cut to 906 from 1,119 and branches reduction to 15 from 19, which will be further reduced to seven, Korea Herald reported Saturday. HYUNDAI MOTOR: Continuing Production Until Year End If No Strike ---------------------------------------------------------------- Hyundai Motor announced Friday it will continue its production until the end of the year if the labor union does not take any collective strike action, even with the union's rejection of the tentative agreement, Korea Herald reported Saturday. 96 percent of the total 38,000 unionists voted against the deal, and the labor and management expect to begin negotiations anew. Unionists are likely to re-start their partial strikes, which paralyzed the operations at various plants of the motor company over the last three weeks. DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007 (HYUNMTR) trades between 101.500 and 103.500. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNMTR HYUNDAI SECURITIES: Agrees With AIG On Stake Sale Key Terms ----------------------------------------------------------- Hyundai Securities Co has agreed in principle to the key terms of the sale of a controlling stake, equivalent to 57.14 million common shares for 7,000 won per share, in the brokerage to the American International Group-led consortium, giving the consortium a 33.3 percent stake in Hyundai Securities. The company plans to hold a Board of Directors meeting later next week, possibly December 28, to approve the sale, PRNewsAsia reported Friday. A Hyundai Securities senior company official said, "We have reached an agreement to key terms and see no major problems signing a final contract soon. The signing of the final contract should follow the board meeting." It will, however, be difficult to sign the final contract by the end of the year due to procedural matters. Meanwhile, the Financial Supervisory Commission is now reviewing a draft final contract it has received from the AIG-led consortium on the purchase of Hyundai Securities Co and two other fund management units. In the non-binding memorandum of understanding signed between the government and the AIG-led consortium, the government agreed to invest W900 billion and the consortium W1.1 trillion into the three Hyundai financial units. HYNIX SEMICONDUCTOR: Denies Chip Operations Sale MOU Signing ------------------------------------------------------------ Hynix Semiconductor Inc called reports "groundless" and denied it signed a memorandum of understanding with a Chinese consortium to sell some of its chip operations. Hynix wants to enter diverse alliances with local or foreign companies. An announcement will be made as soon as an agreement is forged, PRNewsAsia reported Friday. =============== M A L A Y S I A =============== ABRAR CORPORATION: Currently Formulates Workout Proposal -------------------------------------------------------- Corporation Berhad (Special Administrators Appointed) (the Company) announced that on 23 February 2001 (the First Announcement) it confirmed that it is deemed an Affected Listed Issuer due to the fulfillment of the criterias as set out in paragraph 2.1 of PN 4/2001. As an Affected Listed Issuer, the Company is required to comply with the time schedule to regularize its financial condition in compliance with paragraph 5.1 of PN 4/2001 and must make an announcement to the Exchange of the Company's plan to regularize its financial condition within six (6) months (the Requisite Announcement) from the date of the First Announcement i.e. by 23 August 2001. On 3 September 2001, the Exchange granted the Company an extension of two (2) months until 22 October 2001 to make the Requisite Announcement pursuant to the Company's application on 13 August 2001. On 23 November 2001, the Exchange granted the Company a further extension of two (2) months from 23 October 2001 to 22 December 2001 to enable the Company to make the Requisite Announcement pursuant to the Company's request on 17 October 2001. On 27 November 2001, the Special Administrators of the Company announced that the Company's restructuring exercise involving Asia Pacific Land Berhad (APLand) and certain subsidiaries / sub-subsidiaries of APLand as envisaged in the Memorandum of Understanding (MoU) dated 27 June 2001 will not take place. The Definitive Agreements (as defined in the MoU) were not executed by the relevant parties within the time period as stipulated in the MoU. In light of the above, the Company will not be able to make the Requisite Announcement by 22 December 2001. The Special Administrators of the Company are now reassessing the Company's financial position and thereafter will formulate a new debt-restructuring proposal (the Workout Proposal) for the Company. On 10 December 2001, the Special Administrators, for and on behalf of the Company had applied to the Exchange for a further extension of twelve (12) months until 22 December 2002 to enable the Company to make the Requisite Announcement. ABRAR CORPORATION: No Update On Defaulted Payment Status -------------------------------------------------------- Abrar Corporation Berhad (Special Administrators Appointed)(the Company) announced that there have been no changes to the status in payment since the Company's previous announcement made on 19 November 2001. The Company has been placed under the administration of Special Administrators since 27 May 2000 by Pengurusan Danaharta Nasional Berhad (Danaharta) pursuant to Section 24 of the Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta Act). With the appointment of the Special Administrators, there is a moratorium on the Company and no creditors may take action against the Company except in accordance with Section 41 of the Danaharta Act. The moratorium expires on 26 May 2002. The Special Administrators of the Company are currently reassessing the Company's financial position and thereafter will formulate a new debt-restructuring proposal (the Workout Proposal) for the Company pursuant to Section 44 of the Danaharta Act. The Workout Proposal will address the Company's default in payments. AUTOINDUSTRIES VENTURES: Defaults On Creditors' Payments -------------------------------------------------------- Autoindustries Ventures Berhad (the Company) announced that the Company has defaulted on its payments to these Creditors: Name of Creditor Principal Interest Total (RM) (RM) (RM) i) Pacven Walden Ventures Kedua III L.P. 2,902,570 1,178,102 4,080,672 ii) BI Walden Ventures 1,069,577 434,120 1,503,697 Kedua Sdn Bhd iii) Financial Institutions 384,218 76,367 460,585 ---------- ----------- ----------- TOTAL 4,356,365 1,688,589 6,044,954 ======== ========= ========== a) The reason for the default in payments is due to the Company's tight financial condition. b) The measures taken by the Company to address the default in payments is that the Company has proposed to pay some of the outstanding dues to the Creditors via proceeds from the Proposed Restricted Issue of up to 13,000,000 new ordinary shares of RM1.00 each in the Company at a proposed issue price of RM1.00 per share for cash and proposed issue of 2,000,000 new ordinary shares of RM1.00 each to BI Walden Ventures Kedua Sdn Bhd and Pacven Walden Ventures III L.P. at a proposed issue price of RM1.00 per share as part settlement of the amount due ("Proposed exercise") as announced to the Kuala Lumpur Stock Exchange on 14 December 2001 and some through rescheduling of payment terms to be conducted with the relevant financial institutions. c) There should not be financial and legal implications in respect of the default in payments including the extent of the Company's liability in respect of the obligations incurred under the agreements for the indebtedness as the Management is currently negotiating with the lenders on the rescheduling of payment terms through the Proposed exercise. d) The Management is of the opinion that the default in payments should not constitute any event of default under a different agreement for indebtedness(cross default) due to the Management's initiative as indicated in Paragraph (c) above. CHASE PERDANA: Seeks KLSE's RA Three-Month Extension Approval ------------------------------------------------------------- Chase Perdana Berhad (the Company) has, through its Advisers, Southern Investment Bank Berhad, submitted an application on 10 December 2001, together with the Letter of Support from Corporate Debt Restructuring Committee, to the KLSE for a 3 months extension of time to release the RA. The application is currently pending a reply from the Kuala Lumpur Stock Exchange (KLSE). MALAYSIAN GENERAL: Agrees With Vendors Not To Proceed Scheme ------------------------------------------------------------ Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf of Malaysian General Investment Corporation Berhad (MGIC or Company), announced the details of a new restructuring scheme which involves, amongst others, a proposed debt restructuring with the creditors of MGIC and two (2) of its subsidiaries, and the proposed acquisition of the entire issued and paid-up share capital of Trans MSB Sdn Bhd (TMSB) (Proposed Acquisition of TMSB Group). Subsequently as announced, on 19 November 2001, the Company had submitted an application to the Kuala Lumpur Stock Exchange (KLSE) for a further extension of time of one (1) month from 19 November 2001 until 19 December 2001 for the Company to submit its revised regularization plan to the regulatory authorities. In this respect, on behalf of the Company, Arab-Malaysian announced that the KLSE has approved the Company's application for the extension of time. However, Arab-Malaysian announced that MGIC together with the vendors of TMSB Group have mutually agreed not to proceed with the Proposed Acquisition of TMSB Group and to discharge all their obligations in relation thereto due to failure to satisfy the conditions precedent of the conditional share sale agreement for the Proposed Acquisition of TMSB Group dated 29 August 2001. In view of this, the Company would not be able to proceed with the Proposed Restructuring Scheme since the Proposed Acquisition of TMSB Group forms an integral part of the entire exercise. As a result, the Company will seek an extension of time of three (3) months from the KLSE to allow MGIC to identify a new asset and subsequently, formulate a new restructuring scheme in place of TMSB. The Company will keep the shareholders informed of further developments as and when events are finalized. PLANTATION & DEVELOPMENT: Obtains SC's Proposed Scheme Approval --------------------------------------------------------------- Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) on behalf of Plantation & Development (Malaysia) Berhad (P&D or the Company), announced to the Kuala Lumpur Stock Exchange (KLSE) that the Company, on 19 December 2001, obtained the Securities Commission's (SC) decision on the appeal made by the Company on certain terms and conditions imposed by the SC on the proposed debt and equity restructuring scheme (Proposed Scheme). The SC has agreed to revise some of the terms and conditions imposed in its letter dated 18 October 2001, inter-alia: (i) the condition that P&D is to take the necessary actions within two months from 18 October 2001, including actions under the laws, on Siam Syntech Construction Public Co. Ltd for its failure to fulfill its obligations under the profit guarantee agreement dated 12 June 1996 (Profit Guarantee Agreement) has been revoked. However, P&D is to disclose in a circular to shareholders as to the recourse provided in the Profit Guarantee Agreement for the failure to meet the profit guaranteed under the Profit Guarantee Agreement. (ii) Mayvin Consolidated Berhad (MCB), the new holding company to assume the listing status of P&D pursuant to the Proposed Scheme, is allowed to issue 13,770,570 warrants to the minority shareholders of P&D in satisfaction of the shortfall in profit guaranteed by Rekafina Sdn Bhd of RM18,276,200 under the Profit Guarantee Agreement subject to: a) An offer to buy back the warrants is to be made to all the minority shareholders of P&D for a period of ten(10) market days after the said warrants have been listed on the Main Board of the KLSE; and b) the purchase price of the warrant buy back will be fixed based on the net-earning-per-share foregone (to be computed based on profit foregone of RM18,276,200) for every share held by the minority shareholders. (iii) The vendors of the plantation companies (Vendors) to be injected into P&D are allowed to nominate their representatives to the board of directors of MCB subject to: a) those who hold executive positions are not allowed to be involved in any matters in relation to IOI Corporation Berhad (IOI) and will not be involved in the operations of their own companies on a full time basis, if any; b) the directors nominated by the vendors will give a written declaration to MCB that they will not provide any information in relation to the operation of MCB to IOI and/or any connected parties, and will carry out their duties in the interests of MCB; and c) the directors of MCB who has been nominated by the vendors will abstain from the deliberations on any matters pertaining to IOI. Other terms and conditions imposed by the SC in its letter dated 18 October 2001 will remain unchanged. The Vendors are currently deliberating on the above revisions by the SC and an announcement will be made in due course once a decision on the revised terms and conditions of the Proposed Scheme has been made by the Company and the Vendors. ===================== P H I L I P P I N E S ===================== COSMOS BOTTLING: P1.25B LTCPs Payment Rescheduled ------------------------------------------------- Cosmos Bottling Corp and its creditors agreed to reschedule the payment of some PhP1.25 billion worth of long-term commercial papers (LTCPs), of which PhP750 million was due on December 4 and another PhP500 million payable in April next year. Cosmos, which missed the December 4 payment due amount because of the delay in the closing of Cosmos' sale to San Miguel Corp. group, committed to settle the amount on December 28 and pre-pay the PhP500 million pesos on the same date, Inquirer News Service reported Friday. Cosmos is scheduled to complete the financial closing of its deal with San Miguel on December 28, and expects to have the money to pay the LTCPs. Cosmos also committed to pay the interest of 12.75 per year on the LTCPs and a penalty equivalent to 24 percent per year for the delay in the payment of the LTCPs that matured on December 14. COSMOS BOTTLING: SMC, RFM Defer Closing Of Stake Sale Deal ---------------------------------------------------------- San Miguel Corp (SMC) and RFM Corp deferred to this week the closing of the sale of RFM's 83.2 percent stake in Cosmos Bottling Corp to San Miguel, pending the completion of requirements. The companies, which earlier expected to close the deal last week, signed a definitive sale and purchase agreement last month to sell the Cosmos stake for PhP11.6 billion, PRNewsAsia reported Friday. NATIONAL BANK: Alcantara, Espiritu, Sy As Prexy Probables --------------------------------------------------------- Isidro Alcantara, President of Philippine Bank of Communications, Octavio V. Espiritu, former president of the defunct Far East Bank and Trust Co., and Ramon Sy, President of International Exchange Bank are on the government's short-list of replacements for PNB President Feliciano Miranda Jr. Isidro Alcantara is the most likely candidate, Inquirer News Service reported Saturday. ================= S I N G A P O R E ================= CAPITALAND LIMITED: Ups Investment In IP Thai Property Fund ------------------------------------------------------------ The Board of Directors of CapitaLand Limited announced that CapitaLand has increased its aggregate investment in IP Thai Property Fund, the owner of Lake Point Executive Apartments & Executive Serviced Apartments and a townhouse at Sukhumvit, as: (1) IP Property Fund Asia Limited (IPPFA) (a 20%-owned associated company of CapitaLand which is co-managed and co- sponsored by CapitaLand and ING Real Estate) has, through 7 wholly-owned subsidiaries, increased its aggregate investment in the Fund from Bt886.5 million to Bt911.0 million through the subscription of an additional Bt24.5 million (approximately S$1.0 million) of investment units. (2) The Ascott Group Limited (a 68.92%-owned subsidiary of CapitaLand) has, through 3 wholly-owned subsidiaries, increased its aggregate investment in the Fund from Bt379.9 million to Bt390.4 million through the subscription of an additional Bt10.5 million (approximately S$0.4 million) of investment units. The above subscriptions of additional investment units in the Fund, for purposes of refurbishing apartment units at Tower A of Somerset Lake Point in Bangkok, were made by the existing unit- holders in proportion to their existing unit-holdings in the Fund. CapitaLand has an aggregate interest of 34.67% in the Fund through IPPFA and The Ascott respectively, which remains unchanged after the increase. HONG LEONG: Affiliate Changes Deemed Interest --------------------------------------------- Hong Leong Singapore Finance Limited posted a notice of changes in substantial shareholder Hong Leong Investment Holdings Pte. Ltd's deemed interests as: Date of notice to company: 19 Dec 2001 Date of change of deemed interest: 18 Dec 2001 Name of registered holder: Citibank Nominees (Singapore) Pte Ltd for account of Welkin Investments 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: 80,000 % of issued share capital: 0.019 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.54 No. of shares held before change: 1,834,000 % of issued share capital: 0.426 No. of shares held after change: 1,914,000 % of issued share capital: 0.445 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 106,855,582 99,608,176 % of issued share capital: 24.83 23.146 No. of shares held after change: 106,935,582 99,608,176 % of issued share capital: 24.849 23.146 Total shares: 106,935,582 99,608,176 Note: % of issued share capital is based on the company's issued share capital of 430,340,464 of $1.00 each as at December 18, 2001. HONG LEONG: Kwek Holdings Changes Deemed Interest ------------------------------------------------- Hong Leong Singapore Finance Limited posted a notice of changes in substantial shareholder Kwek Holdings Pte Ltd's deemed interests as: Date of notice to company: 19 Dec 2001 Date of change of deemed interest: 18 Dec 2001 Name of registered holder: Citibank Nominees (Singapore) Pte Ltd for account of Welkin Investments 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: 80,000 % of issued share capital: 0.019 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.54 No. of shares held before change: 1,834,000 % of issued share capital: 0.426 No. of shares held after change: 1,914,000 % of issued share capital: 0.445 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 206,463,758 0 % of issued share capital: 47.976 0 No. of shares held after change: 206,543,758 0 % of issued share capital: 47.995 0 Total shares: 206,543,758 0 Note: % of issued share capital is based on the Company's issued share capital of 430,340,464 of $1.00 each as at 18 December 2001. WING TAI HOLDINGS: Closes Hosting Unit Wing Tai iAdvantage ---------------------------------------------------------- Wing Tai Holdings' spokesman said the company closed its data hosting and managed services arm Wing Tai iAdvantage, a tie-up between Wing Tai and the internet arm of Sun Hung Kai Properties, and laid off about 20 staff, due to strong competition in the data hosting business, PRNewsAsia reported Friday, which cited The Business Times. DataOne Asia, the server co-location and managed hosting services arm of Keppel Telecommunications & Transportation, is currently undertaking transition of Wing Tai iAdvantage customers to the company, the spokesman said. DebtTraders reports that Wing Tai Holdings' 1.500% bond due in 2002 (WINGTAI) trades between 125.250 and 126.250. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=WINGTAI =============== T H A I L A N D =============== CENTURY HOTEL: Files Business Reorganization Petition To Court -------------------------------------------------------------- The Petition for Business Reorganization of Century Hotel Company Limited (DEBTOR) was filed to the Central Bankruptcy Court: Black Case Number 990/2543 Red Case Number 1049/2543 Petitioner: SRINAKORN BANK PUBLIC COMPANY LIMITED by Appointed Mr. Chalernjit Poopiphat as Authority #1st, CENTURY HOTEL COMPANY LIMITED by Appointed Mr. Sompoo Arkomsounthorn as Authority #2nd Planner: B. K. Management Company Limited Debts Owed to the Petitioning Creditor: Bt1,279,998,849.36 Date of Court Acceptance of the Petition: November 30, 2000 Date of Examining the Petition: December 25, 2000 at 9.00 A.M. Court Order for Business Reorganization and appointed the Debtor's executive to be as the temporary administrator: December 28, 2000 Announcement of Court Order for Business Reorganization and Appointment of the temporary administrator in Matichon Public Company Limited and Siam Rath Company Limited: January 12, 2001 Announcement of Court Order for Business Reorganization and Appointment of the temporary administrator in Government Gazette: February 1, 2001 Appointment Date for the Creditors' meeting to elect the Business Reorganization Planner: January 29, 2001 at 9.30 am. Convention Room no. 1104, 11th Floor Bangkok Insurance Building, South Sathorn Rd. Court Hearing has been set to appointment the Planner: February 7, 2001 Court Order for Appointment of Planner: February 7, 2001 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: February 16, 2001 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: March 15, 2001 Deadline for the Planner to submit the Reorganization Plan to Official Receiver: June 15, 2001 Planner postponed the date of submitting the reorganization plan #1st to July 15, 2001 Planner postponed the date of submitting the reorganization plan #2nd to August 15, 2001 Appointment Date of Creditors' Meeting for the Plan Consideration The Meeting of Creditors had a resolution accepting the reorganization plan pursuant to Section 90/46 Contact: Mrs. Piyanunt Tel, 6792525 ext 113 DATAMAT PUBLIC: Set To Build Partnership With Infrontier, Intel --------------------------------------------------------------- The newly emerged from debt restructuring company, Datamat Public Company Limited, expects to see a big flow in sales next year after forging business partnerships with Infrontier and Intel Microelectronics, Bangkok Post reported December 22, citing company President Manoo Ordeedolchest. Datamat shares, now in the Rehabco sector of the Stock Exchange of Thailand, will resume trading on December 27. The company has projected sales worth Bt1 billion next year, up from Bt300 million this year, said Ordeedolchest. He added that sales in 2003 and 2004 could reach Bt2 billion annually if the company acquired two or three system integration providers. Datamat has struggled for the past five years with sales revenue dropping to Bt300 million this year from more than Bt2 billion in 1995. it has restructured more than 50% of its debts totaling Bt1 billion and has taken on Cyber Ventures Ltd as a strategic partner. Its business rehabilitation agreement with creditors was signed in late September. "We're on the right track to grow our business in the future and our partner and creditors also agree with our plan," Ordeedolchest said. KRISDAMAHANAKORN: Posts Conclusion Of Increased Information ----------------------------------------------------------- Krisdamahanakorn Public Company Limited (KMC) reported the Conclusion of Increased information Related with Note 8 about the related between Company and subsidiary, Cooperated Company, as: The Conclusion of Increased Information KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC) The Disclosing of Increased Information Relate with Note 8 At September 30,2001 Krisdamahanakorn Public Company Limited (KMC) has the following items: Names Amount Allowance for doubtful Accounts receivable accounts To related company Krisda Grand Condotel Company Limited 32,467 32,351 Maple Hills Company Limited 43,821 43,821 Cha-am Development Company Limited 12,659 7,962 Other 9 companies 33,554 18,271 122,501 102,405 KRISDA GRAND CONDOTEL COMPANY 1. Boards and creditors who manage are Mrs. Pranom Sangsuwanmayka and Miss. Nutjiarin Utaicharoenpong 2.The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3.The relation with Subsidiary Companies: * Hold stock 30% in the name of are Mrs. Pranom Sangsuwanmayka * Hold stock 8.33% in the name of Miss. Nutjiarin Utaicharoenpong 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company is Mrs. Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited (KMC) Miss. Nutjiarin Utaicharoenpong is board of Krisdamahanaron Public Company Limited(KMC) 5. The reason is KRISDA GRAND CONDOTEL COMPANY does not pay for the building construction charge of Krisda Plaza and the Subsidiary Companies of KMC that KMC has stocks 51% is Hiphing Construction Co., Ltd. It made KRISDA GRAND CONDOTEL COMPANY faced the economic crisis in 1997 and could not pay some debt. It is also hold that debt. 6. The policy and process of debt collection is that if the economic is recovered, KRISDA GRAND CONDOTEL COMPANY will increase the consumers who lend the building and KRISDA GRAND CONDOTEL COMPANY will have income for repay its debt. MAPLE HILL CO.,LTD 1. Board and creditor who manages is Mrs. Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 30% in the name of Mrs. Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs. Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited (KMC) 5. The reason is MAPLE HILL CO.,LTD does not pay for the construction charge of Export Tower and the Subsidiary Companies of KMC that KMC has stocks 51% is Hiphing Construction Co., Ltd. It made MAPLE HILL CO.,LTD faced the economic crisis in 1997 and could not pay some debt. 6.The policy and process of debt collection is that if the economic is recovered, MAPLE HILL CO.,LTD will reconstruct Export Tower that has good location and communication such as Underground Train CHA-AM DEVELOPMENT COMPANY LIMITED 1. Board and creditor who manages is Mrs. Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 25% in the name of Mrs. Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs. Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited (KMC) 5. The season is Cha-am Development Company Co., Ltd does not pay for the management fee and Subsidiary Companies of KMC that KMC has stock 99.93% is KMC Marketing Service Co., Ltd. 6.The policy and process of debt collection, according to the government that has policy to help real estate section in the topic of low interest rate and tax. It makes Cha-am Development Company Limited that do business to sell Condo at the coast and has the capacity in sale can get the money and pay for the management fee. Names Amount Allowance for doubtful Short - term loans and accounts advances to related companies Kehapoome Company Limited 18,902 15,921 Krisdatanont Company Limited 9,503 1,498 Survey Unity Company Limited 17,701 376 MCC Car Plaza Company Limited 15,893 61 Krisada Grand Condotel Company Limited 29,533 11,021 Siam Nissan MCC Company Limited 17,684 0 Other 25 companies 48,984 33,717 158,200 62,594 KAHAPOOME CO.,LTD 1. Board and creditor who manages is Mrs. Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 20% in the name of MisMrs. Pranom Sangsuwanmayka 4.The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs. Pranom Sangsuwanmayka is board of Krisdamahakorn Public Company Limited(KMC) 5. The reason is KEHAPOOME CO.,LTD does not pay advance for the house construction charge of Project 25 and the Subsidiary Companies of KMC that KMC has stocks 99.99%: KMC Architect and Construction Co., Ltd. It made KEHAPOOME CO.,LTD faced the economic crisis in 1997 and could not pay some debt. 6. The policy and process of debt collection, KEHAPOOME CO.,LTD is still in the process of debt compromise with Financial Institution. In this time, Financial Institution still in the process of debt transfer to TAMC. If the company can compromise with TAMC, the company will bring pledge for sale and pay Financial Institution and creditor because the projects of KEHAPOM CO.,LTD are already developed and match with demand of consumer. KRISDATANONT CO.,LTD 1. Board and creditor who manages is Mrs. Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 25.92% in the name of Mrs. Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs. Pranom Sangsuwanmayka is board of Krisdamahakorn Public Company Limited(KMC) 5. The reason is KRISDATANONT CO.,LTD loan money from SISCA since 1996 by using land of KMC to pledge. In 2001 the company compromised the debt of The Government-controlled Asset Management Corporate(AMC) that buy the debt from Financial Sector Restructuring Authority(FRA) by using land of KMC to pledge that made the company had to bear the debt with KMC. And the margin cost of land is higher than the market prices. 6. The policy and process of debt collection, KRISDATANONT CO.,LTD make contact with KMC and it will pay installments within 10 years without interest that equal to margin cost of KMC's land. It will start to pay installments on March of 2003. SURVEY UNITY CO.,LTD 1. Board and creditor who manages is Mrs Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 10% in the name of Mrs. Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs. Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited (KMC) 5. The reason is the company loans money from Asiatanakit Finance Company Limited and Thai Finance and Securities Public Company Limited since 1996 by using land of KMC to pledge. In 2000. The company compromised the debt of AMC that buy the debt from FRA by using land of KMC to pledge that made the company had to bear the debt with KMC. And the margin cost of land is higher than the market prices. 6. The policy and process of debt collection, the company make contact with KMC and it will pay installments within 10 years without interest that equal to margin cost of KMC's land. It will start to pay installments on March of 2003. MCC CAR PLAZA CO.,LTD 1. Board and creditor who manages is Mrs.Siraaksorn Sirison 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 30% in the name of Mrs.Siraaksorn Sirison. 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs.Siraaksorn Sirison is manages of Krisadamahanakorn Public Company Limited (KMC) 5. The reason is that the company loans money from Metropolis trust and securities Public Company Limited since 1996 by using land of KMC to pledge. The boards of KMC, Mrs. Pranom Sangsuwanmayka and Mr. Korkiate who has stock 27% and 6% as ordered. In the present, they sell stock to another person and still has responsibility with AMC In 2000, the company has compromised the debt of AMC that buy the debt from FRA by using land of KMC to pledge that made the company had to bear the debt with KMC. And the margin cost of land is higher than the market prices. 6. The policy and process of debt collection, the company make contact with KMC and it will pay installments within 10 years without interest that equal to margin cost of KMC's land. It will start to pay installments on March of 2003. KRISDA GRAND CONDOTEL CO.,LTD 1. Boards and creditors who manage are Mrs. Pranom Sangsuwanmayka and Miss. Nutjiarin Utaicharoenpong 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 30% in the name of are Mrs. Pranom Sangsuwanmayka Hold stock 8.33% in the name of Miss. Nutjiarin Utaicharoenpong 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: * Mrs. Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited (KMC) * Miss. Nutjiarin Utaicharoenpong is board of Krisdamahanaron Public Company Limited(KMC) 5. The reason is KRISDA GRAND CONDOTEL COMPANY and KRISDA PATTANA HOUSING CO.,LTD with each other and do business about office building for rent still does not pay for the building construction charge of Krisda Plaza and the Subsidiary Companies of KMC. It is Subsidiary Companies of KMC that has stock 99.93%. When KRISDA GRAND CONDOTEL COMPANY faced the economic crisis in 1997, it could not pay some debt. It is also hold that debt. 6.The policy and process of debt collection is that if the economic is recovered, KRISDA GRAND CONDOTEL COMPANY will increase the consumers who lend the building and KRISDA GRAND CONDOTEL COMPANY will have income for repay its debt. SIAM NISSAN MCC CO.,LTD 1. Board and creditor who manages is Mrs. Siriaaksorn Sirison 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 30% in the name of Mrs.Siraaksorn Sirison. 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs.Siraaksorn Sirison is manages of Krisdamahanakorn Public Company Limited (KMC) 5. The reason is that the company loans money from Metropolis trust and securities Public Company Limited since 1996 by using land of KMC to pledge. The boards of KMC, Mrs Pranom Sangsuwanmayka and Mr. Korkiate who has stock 27% and 6% as ordered. In the present, they sell stock to another person and still have responsibility with AMC In 2000, the company has compromised the debt of AMC that buy the debt from FRA by using land of KMC to pledge that made the company had to bear the debt with KMC. And the margin cost of land is higher than the market prices. 6. The policy and process of debt collection, Siam Nissan MCC CO., Ltd make contact with KMC and it will pay installments within 10 years without interest that equal to margin cost of KMC's land. It will start to pay installments on March of 2003. Name Amount Allowance for doubtful Loans to related companies account Krisda Management Company Limited 11,733 11,733 Other 7 Companies 11,052 11,052 22,785 22,785 KRISDA MANAGEMENT CO.,LTD 1. Board and creditor who manages is Mrs Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 20% in the name of Mrs Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited(KMC) 5. The condition of money loaning is promissory note and old debt before 1997. The interest rate is equal to the interest rate of saving account. Pledge of money pay back is none. 6. The interest rate equal deposit rate. 7. The collateral is none. 8. The reason is the debt that occurs from loaning money before 1997. When the economic crisis, the company could not pay money back to KMC. 9.The policy and process of debt collection, the company has the capacity for paying money back to KMC, when the economic is recovered. Name Amount Allowance for Interest receivable from doubtful account related companies Krisda Management Company Limited 81,696 81,051 M-ONE Architect and Consult Company Limited 66,480 66,480 Krisda General Golf Club Company Limited 15,167 5,183 Others 26 Companies 92,887 91,627 256,230 254,341 KRISDA MANAGEMENT CO.,LTD 1. Board and creditor who manages is Mrs Pranom Sangsuwanmayka 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 20% in the name of Mrs. Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited(KMC) 5.The reason is the debt that occurs from loaning money before 1997. When the economic crisis, the company could not pay money back to KMC. 6.The policy and process of debt collection, the company has the capacity for paying money back to KMC, when the economic is recovered. K ONE Architect & Consult CO.,LTD 1. Board and creditor who manages is Mrs.Pranom Sangsuwanmayka 1 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): None 3. The relation with Subsidiary Companies: Hold stock 30% in the name of Mrs Pranom Sangsuwanmayka 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: Mrs Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited(KMC) 5. The reason is the debt that occurs from loaning money before 1997. When the economic crisis, the company could not pay money back to KMC. 6.The policy and process of debt collection, the company has the capacity for paying money back to KMC, when the economic is recovered. KRISDA GENERAL GOLF CLUB CO.,LTD 1. Boards and creditors who manage are Mrs.Pranom Sangsuwanmayka and Miss. Nutjiarin Utaicharoenpong 2. The relation with KRISDAMAHANAKORN PUBLIC COMPANY LIMITED (KMC): 3. The relation with Subsidiary Companies: Hold stock 20% in the name of Mrs.Pranom Sangsuwanmayka Hold stock 10% in the name of Miss. Nutjiarin Utaicharoenpong 4. The relation between Company and Subsidiary Companies, Cooperated Company or Related Company: * Mrs Pranom Sangsuwanmayka is board of Krisdamahanakorn Public Company Limited (KMC) * Miss. Nutjiarin Utaicharoenpong board of Krisdamahanakorn Public Company Limited (KMC) 5. The reason is because it was interest for a long time. When the economic crisis, the company could not pay money back to KMC. 6. The policy and process of debt collection, the company has the capacity for paying money back to KMC, when the economic is recovered. LOXLEY PUBLIC: Declares Special Holiday --------------------------------------- Loxley Public Company Limited (the Company) announced details of the Company's special holiday in the year 2002 which differst from the official bank holidays: 1. On Tuesday, February 12, 2002 Chinese New Year TCR-AP reported on April 22 that the Company, in the implementation of its restructuring plan, had already issued 65 million shares and offered to the existing shareholders and traded in the Stock Exchange of Thailand on January 22, 2001. The company received Bt568.75 million to sell shares in this process. SIKARIN PUBLIC: Clarifies Surgitec Limited Sale ----------------------------------------------- The Board of Directors of Sikarin Public Company Limited at a meeting 12/2001 held December 20, 2001 made this resolution: Sikarin Public Co., Ltd has sold its affiliated company, Surgitec is engaged in the distribution of medical equipment. The Surgitec are sold at Bt5.00 per share for 164,500 shares at the total cost of Bt822,500 to Mr. Jitkub Peungsur which dose not have any related business with the company in accordance with the SET regulation. The company now holds 141,495 shares. This is approximately 40.42%. The purpose of the selling is to utilize the money as working capital of the company. 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***