/raid1/www/Hosts/bankrupt/TCRAP_Public/020124.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, January 24, 2002, Vol. 5, No. 17
Headlines
A U S T R A L I A
ANSETT GROUP: Posts Administrators First Report To Creditors
AUSTRALIAN MAGNESIUM: Releases Q201 Activities, Cashflow Report
BRISBANE BRONCOS: BB Sports Launches New Bid to Ensure Stability
CHROME GLOBAL: Applies Add'l Securities Quotation, Agreement
CTI COMMUNICATIONS: Posts Initial Director`s Interest Notices
DAVNET LIMITED: ASX Grants Trading Halt Request
OMNI GROUP: Proposes Change of Name
QANTAS AIRWAYS: To Renew Union Negotiations
C H I N A & H O N G K O N G
FLY RISING: Winding Up Petition Hearing Set
GRAND ACTIVE: Winding Up Petition To Be Heard
NORTHEAST ELECTRICAL: Faces Syndicated Loan Litigation
RAYING INVESTMENT: Winding Up Petition Heard
REGAL RICH: Winding Up Petition Pending
WILSTER LIMITED: Faces Winding Up Petition
YING CHEONG: Winding Up Petition Set For Hearing
I N D O N E S I A
INDOMOBIL SUKSE: No Procedure Violations In Sales Process
KABELINDO MURNI: 94.09% of Debt Restructuring Completed
SINAR MAS: IBRA Warns US$1.3B Debt Repayment
J A P A N
DAIEI INC: JBA Refrains From Invoking Debt-Waiver Guidelines
DAIEI INC: Seeks Y150B Bailout Plan From Creditor Banks
DAIEI INC: Restructuring Plan Prompts Investors to Sell Shares
NISSAN FIRE: Projects Y39.50B Net Loss
K O R E A
DAEWOO ELECTRONICS: Creditors Receiving Bids From Buyers
HYNIX SEMICONDUCTOR: Sells Unit Hyundai Syscomm to 3R for W59B
M A L A Y S I A
ABRAR CORPORATION: No Change in Defaulted Payment Status
ANSON PERDANA: 29th AGM Scheduled For February
ANSON PERDANA: Sharikat Tanaman's Winding Up Petition Dismissed
JOHOR CORPORATION: Seeking Debt Respite From Creditors
KEMAYAN CORPORATION: RA Time Extension Application Pending
MBF HOLDINGS: Court Grants Restraining Order to MBf Hotels
MECHMAR CORPORATION: Lifts HUSB Receivership Administration
PARIT PERAK: Requests Requisite Announcement Time Extension
SENG HUP: FIC Supports Proposed Corporate, Debt Workout Scheme
TAT SANG: February MMWF's Winding Up Petition Hearing Set
P H I L I P P I N E S
ALL ASIALIFE: ATR To Seal Takeover Deal This Month
INT'L CONTAINER: DebtTraders Recommendation Downgraded to HOLD
MAYNILAD WATER: Clarifies Unpaid $100M Loans Report
NATIONAL BANK: Clarifies Business World Report
RFM CORPORATION: Enters Joint Venture Agreement With IGLO
RFM CORPORATION: Open to Merger and Acquisition Opportunities
UNITRUST DEVELOPMENT: Dirty Money Involved in Fiasco, Says Inoue
S I N G A P O R E
CAPITALAND LIMITED: Savu Proposes Debt Fund Raising
ELLIPSIZ LTD: Posts Notice of Changes in Shareholder
KEPPEL CORPORATION: Temasek Holdings Changes Deemed Interest
WEE POH: Additional Funding Plans Underway
T H A I L A N D
ADVANCE DICASTING: Files Business Reorganization Petition
COGENERATION PUBLIC: Clarifies Delisting News
EASTERN PRINTING: Court OKs Rehabilitation Plan
QUALITY HOUSE: Discloses EGM Resolution
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT GROUP: Posts Administrators First Report To Creditors
------------------------------------------------------------
The Administrators of Ansett Group have submitted their First
Report to creditors, which addresses the companies' business,
property, affairs and financial circumstances and provides the
Administrators preliminary opinions on these matters:
* whether it would be in the creditors' interests for the
Companies within the Ansett Group to execute a Deed of Company
Arrangement;
* whether it would be in the creditors' interests for the
administration of the Companies within the Ansett Group to end;
and
* whether it would be in the creditors' interests for the
Companies within the Ansett Group to be wound up and the reasons
for those opinions.
The First Report is intended to be an overview of the Ansett
Group's operations and our actions to date in order to assist
creditors to gain an understanding of the current status of the
administration. It will also outline the primary matters that
will be considered at the Second Meetings of Creditors of the
Ansett Group. To see copy of the First Report, visit
http://www.bankrupt.com/misc/TCRAP_Ansett0123.pdf
AUSTRALIAN MAGNESIUM: Releases Q201 Activities, Cashflow Report
---------------------------------------------------------------
Australian Magnesium Corporation Limited posted its second
quarter activities and cashflow report:
OVERVIEW:
KUNWARARA MAGNESITE OPERATIONS
* Record magnesite production, up 21.2% on the September
quarter to 190,590 tonnes.
* KG2 mine yield 12.4%, down 16.8% on the previous quarter.
* Magnesite export shipment planned for March quarter 2002.
PARKHURST MAGNESIA OPERATIONS
* Record total magnesia production of 49,884 tonnes, up 2.5%
on the September quarter.
* Deadburned magnesia production second highest on record, up
12.2% on the September quarter to 31,112 tonnes.
* Shipment timings and weaker market conditions in US and
Europe slow sales.
MAGNESIUM ACTIVITIES
* Board approves Stanwell Magnesium Project development.
* Assessment of major project contracts well progressed.
* Engineering services contract awarded for provision of site
services.
* Gladstone Demonstration Plant achieves 148 weeks without
lost time injury.
FINANCE
* Public Offer of Distribution Entitled Securities completed.
* 660,258,713 Distribution Entitled Securities issued to
22,400 investors.
* Cash balance of $268.7 million as at 31 December 2001.
* Working capital facility with Stanwell Corporation Limited
repaid.
* 46.4 million shares issued to Normandy for repayment of $25
million loan facility.
* 14.8 million shares issued to Fluor for 5% Stanwell
Magnesium Project interest.
* QMAG debt and foreign exchange hedge book restructured.
CORPORATE
* Mr Rod Sharp appointed Chief Executive Officer and to the
Board.
* Members of the Advisory Committee appointed to the Board.
* Mr Robert Champion de Crespigny and Mr Ken Spencer
appointed to the Board.
* Mr John Innes and Mr David Hillier retired as Directors.
* Annual General Meeting held on 27 November 2001.
RECENT EVENTS AND ANNOUNCEMENTS (POST 31 DECEMBER 2001)
* Non-renounceable rights issue of options closed 14 January
2002
* 53,165,134 options allotted 15 January 2002.
QMAG KUNWARARA OPERATIONS
MAGNESITE PRODUCTION: Magnesite production was up 21.2% on the
previous quarter to a record 190,590 tonnes. This was the fourth
successive record quarter. Higher production serviced higher
volumes of magnesia production and a large magnesite export
shipment planned for early 2002. Mining activity continued on
the KG2 mining lease although processing took place at both KG1
and KG2. Mine yield was down in the quarter with volumes of ore
mined lower as a result of utilization of ore stockpiles.
EXPLORATION: No field exploration activity was undertaken during
the December quarter. Work is expected to commence in the
current quarter on definition drilling at Oldman South to
confirm and upgrade the resource for detailed mine planning for
future use by the Stanwell Magnesium Project.
QMAG PARKHURST OPERATIONS
PRODUCTION: The Parkhurst processing plant continues to operate
at record levels. Total magnesia production was a record 49,884
tonnes, up 2.5% on the September quarter. A major maintenance
shutdown planned for the quarter was deferred to allow
production to meet the sales programmed. Plant optimization and
trials to operate the calcining kilns at 15% above current
production levels were successfully concluded during the
quarter. Further trials and development work will continue to
allow the plant to be ramped up to these levels during 2002.
SALES: Calcined magnesia demand remained at high levels, however
sales for the quarter of 12,428 tonnes were constrained by plant
capacity. Signs of a slowdown in sales into steel refractory
markets began to emerge particularly for electrofused magnesia,
although most of this related to timing of large bulk shipments
to a US customer.
QMAG OUTLOOK: The short-term outlook for sales continues to be
positive, with the Parkhurst plant expected to continue
operating at above rated full capacity in the March quarter.
However, the slowdown in world economic activity is likely to
result in some reduction in electrofused and deadburned magnesia
sales into the US and European steel refractory markets. It is
expected this will be compensated by further growth in calcined
magnesia sales.
MAGNESIUM ACTIVITIES
PROJECT DEVELOPMENT: On 22 November 2001, the AMC board approved
the commencement of development activities associated with the
Stanwell Magnesium Project. Preliminary site works and area
preparation at Stanwell for fencing and security services
commenced in January 2002. AMC expects a number of major project
milestones will be achieved in the coming months with the award
of engineering and construction contracts to the value of some
$800m expected during the first half of 2002. Full construction
mobilization is expected in the in the third quarter of 2002.
CONTRACT AWARDED: In November, AMC awarded a contract for
engineering design and support services for the Stanwell
Magnesium Project to Egis, Queensland. The Egis team will
consist of more than 60 engineering personnel responsible for
the design of utilities and general facilities to a value of
more than $50 million and the provision of general engineering
services to the project management team.
PROJECT OFFICES: With the commencement of project development
activities, the Stanwell project team has relocated from its
Toowong, Brisbane office to a new office at Milton, Brisbane to
accommodate more than 80 project staff. A project co-ordination
office will open in Rockhampton in January 2002 to streamline
activities between AMC, project contractors, the Industrial
Supplies Office, training providers and the local community.
GLADSTONE DEMONSTRATION PLANT: Activities during the quarter
were focused on support work for Stanwell Magnesium Project
implementation including updating training procedures and plant
control systems. Gladstone has achieved 148 weeks without a lost
time injury.
FINANCE & CASH FLOW
OVERVIEW: There was significant financial activity in the
December quarter with the completion of the Stanwell Magnesium
Project equity raising, the repayment of a number of working
capital facilities and the restructuring of the QMAG debt
facility and foreign exchange hedge book. The statement of cash
flows reflects the impact of the capital raising with a closing
cash balance of $268.7 million. It does not bring to account the
$932 million in senior debt facilities provided by a syndicate
of banks for the development of Stanwell.
STANWELL MAGNESIUM PROJECT FINANCING: On 15 October 2001 AMC
released details of a revised funding plan for development of
the Stanwell Magnesium Project and lodged a prospectus with the
Australian Securities and Investments Commission for a $525
million capital raising. The capital raising forms part of a
$1.9 billion funding package for the Stanwell Magnesium Project
including a $932 million senior debt package and funding
contributions or guarantees by Normandy Mining Limited, the
CSIRO, the State of Queensland and the Federal Government.
DISTRIBUTION ENTITLED SECURITIES ALLOTTED: The capital raising
was a public offer for an issue of Distribution Entitled
Securities at an issue price of $0.80 per security payable in
two instalments - $0.50 upon application and a final installment
of $0.30 per security on 31 January 2003. The $525 million offer
of Distribution Entitled Securities closed on 16 November 2001
and 660,258,713 Distribution Entitled Securities were allotted
to 22,403 security investors on Friday 23 November 2001.
SHARES ISSUE TO NORMANDY AND FLUOR: The successful offer allowed
the repayment of the million Normandy Mining Limited 2000 Loan
Facility by the issue of 46.4 million shares. As Planned, AMC
also purchased the 5 per cent minority holding in the Stanwell
Magnesium Project held by Fluor Australia through the issue of
14.8 million shares.
STANWELL CORPORATION FACILITY: A cash advance facility with
Stanwell Corporation Limited was drawn down to $3.4 million
during the quarter to fund working capital and repaid from the
proceeds of the equity offer.
CSIRO: The CSIRO paid AMC $32.8 million in December 2001, the
first tranche under a $50 million CSIRO Research Agreement to
commercialize the Australian Magnesium (AM) process technology.
QMAG DEBT: Borrowings associated with the QMAG operations were
refinanced in November 2001. QMAG loan facilities were increased
to $72 million. Part of the additional loan funds and $20
million in proceeds from the DES issue were applied to the
close-out surplus foreign exchange contracts.
STATEMENT OF CASH FLOWS FOR THE
QUARTER ENDED 31 DECEMBER 2001
INFLOW/(OUTFLOW)
INFLOWS OF CASH DURING THE QUARTER
$000
Proceeds from sales - magnesia operations 20,115
Share issue proceeds (net of costs) 180,938
Borrowings - DES Loan notes 126,769
ANZ loan (QMAG) 71,989
Other 40,387
Interest received 1,087
Sundry receipts 30
Total Cash Inflows During the Quarter 441,315
Outflows of Cash During the Quarter
Magnesia operations (20,333)
Hedge book close-out (52,710)
Purchase plant and equipment (785)
Administration expenses (2,247)
Financing costs - establishment fees (12,898)
interest on QMAG facilities (1,267)
Repayment of borrowings (56,392)
Stanwell Magnesium Project expenditure (38,225)
Expenditure in other projects (44)
Total Cash Outflow for the Quarter (184,901)
Net Increase (decrease) in Cash Held 256,414
Cash at beginning of quarter 12,282
Cash at end of Quarter 268,696
CORPORATE
CEO AND DIRECTORSHIP APPOINTMENTS: Mr Rod Sharp was appointed
Chief Executive Officer and to the Board on 30 November 2001. Mr
Tony Brown, Mr Robert Champion de Crespigny, Mr Ian Freer, Mr
Ken Spencer, and Mr John Story all joined the board on 30
November 2001. Mr Champion de Crespigny was appointed Deputy
Chairman. As previously advised, Mr John Innes and Mr David
Hillier retired as Directors during the quarter.
OPTIONS ALLOTTED. A prospectus dated 14 November 2001 was
distributed to fully paid ordinary shareholders outlining
details of a non-renounceable rights issue of one option for
every two ordinary shares. Post the December quarter end, the
offer closed on 14 January 2002 and on 15 January 2002, AMC
allotted 53,165,134 options to 4,377 shareholders. The listed
options are exercisable at any time until 31 July 2005 at an
exercise price of $1.25 per option. If all the options are
exercised, AMC would expect to receive gross proceeds of
$66,456,418 and such funds would be used for working capital
purposes.
SHAREHOLDER MEETING. AMC intends to hold a shareholder meeting
in February 2002 to seek approval for a number of funding
arrangements between AMC and Normandy Mining Limited. As
outlined in AMC's October prospectus, a number of contractual
commitments between AMC and the State of Queensland, the Federal
government and the Stanwell Magnesium Project lenders are
conditional on shareholder approval of a number of equity
arrangements between AMC and Normandy. A notice of meeting,
explanatory memorandum and Independent Expert's report will
be issued in the coming weeks.
BRISBANE BRONCOS: BB Sports Launches New Bid to Ensure Stability
----------------------------------------------------------------
News Limited has announced that BB Sports Pty Ltd, a wholly
owned subsidiary, will make a new offer to buy 50% of the shares
of individual shareholdings of Brisbane Broncos Limited.
BB Sports Pty Ltd will not proceed with its previously proposed
offer to acquire shares in Brisbane Broncos Limited, as
announced on 14 December 2001.
The decision follows the Takeovers Panel's announcement on
January 22 that required BB Sports to elect whether or not to
not proceed with its previously proposed offer.
The Panel also stated that Magic Millions had provided binding
undertakings to proceed with its previously announced bid by 12
February 2002, unless a bid for the Broncos has been made or
announced which Broncos shareholders would reasonably prefer to
the Magic Millions bid.
The Takeovers Panel has found that conditions in takeover offers
to the effect that a competing inferior offer proceed could give
rise to unacceptable circumstances.
As BB Sports' previously proposed offer required the Magic
Millions bid to proceed, the Takeovers Panel found that BB
Sports should not proceed with its previously proposed offer
with such condition, but that it would not be reasonable to
expect BB Sports to proceed with the previously proposed offer
without it.
The relevant bidder's statement for the new offer was lodged
with the company and ASIC on Tuesday. The offer, 17 cents a
share for 50% of individual shareholdings, is conditional upon
the normal prescribed occurrences, and BB Sports acquiring a
majority interest in Broncos.
News Limited Chief Executive Officer, Mr John Hartigan, said the
bid was being made to ensure security for the Broncos.
"News Limited has a long-term commitment to the Broncos and we
believe our new offer is in the best interests of shareholders,
the team and its fans," Mr Hartigan said.
"Shareholders wanting stable and focused management will welcome
the BB Sports offer. With a controlling interest News Limited
will be better placed to support the Broncos board in its
strategy to improve shareholder value.
"Those shareholders wanting to exit their investment completely
may choose to take up both the BB Sports and Magic Millions
offers," Mr Hartigan said.
CHROME GLOBAL: Applies Add'l Securities Quotation, Agreement
------------------------------------------------------------
Chrome Global Limited (Special Administrators Appointed) posted
this notice:
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX
become ASX's property and may be made public.
Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.
Name of Entity
Chrome Global Limited
ACN or ARBN
009 264 699
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).
1. Class of securities issued Fully Paid Ordinary
or to be issued Shares
2. Number of securities issued 9,564,765
or to be issued (if known)
or maximum number which
may be issued
3. Principal terms of the securities N/A
(eg, if options, exercise price
and expiry date; if partly paid
securities, the amount
outstanding and due dates for
payment; if convertible securities,
the conversion price and dates
for conversion)
4. Do the securities rank equally Yes
in all respects from the date
of allotment with an existing
class of quoted securities
If the additional securities
do not rank equally, please
state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of
a trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other than
in relation to the next
dividend, distribution or
interest payment
5. Issue price or consideration $0.005
6. Purpose of the issue (if $300,000 will be used to
issued as consideration for fund the cash component
the acquisition of assets, of the Deed of Company
clearly identify those Arrangement executed
assets) on 11/12/2001. The of the
remainder funds will be
used for the ongoing
working capital
requirements of the
company.
7. Dates of entering securities 03/01/2002
into uncertified holdings
or dispatch of certificates
NUMBER CLASS
8. Number and class of all 73,015,404 Ord (CGB)
securities quoted on
ASX (including the
securities in clause
2 if applicable)
NUMBER CLASS
9. Number and class of all - -
securities not quoted
on ASX (including the
securities in clause 2
if applicable)
10.Dividend policy (in the case -
of a trust, distribution
policy) on the increased
capital (interests)
PART 2 - BONUS ISSUE OR PRO RATA ISSUE
Items 11 to 33 are Not Applicable
PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities
34. Type of securities (tick one)
(a) X Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities
Entities that have Ticked Box 34(a)
Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)
Tick to indicate you are providing the information or documents
35. The names of the 20 largest holders of the additional
securities, and the number and percentage of
additional securities held by those holders
36. A distribution schedule of the additional securities
setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
37. A copy of any trust deed for the additional securities
(now go to 43)
Entities that have Ticked Box 34 (b)
Items 38 to 42 are Not Applicable
ALL ENTITIES
Fees
43. Payment method (tick one)
Cheque attached
Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive
schemes that involve frequent issues of securities.
QUOTATION AGREEMENT
1. Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.
2. We warrant to ASX that the issue of the securities to be
quoted complies with the law and is not for an illegal
purpose, and that there is no reason why those securities
should not be granted quotation. We warrant to ASX that an
offer of the securities for sale within 12 months after their
issue will not require disclosure under section 707(3) of the
Corporations Law.
3. We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this
agreement.
4. We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and
complete.
TCR-AP reported October last year that the Company appointed
Mr Brian McMaster, of Ernst & Young, as administrator of the
Company and its subsidiaries.
CTI COMMUNICATIONS: Posts Initial Director`s Interest Notices
-------------------------------------------------------------
Cti Communications Limited posted these notices:
INITIAL DIRECTOR'S INTEREST NOTICE
Name of entity: Cti Communications Limited
ABN: 45 071 781 363
Name of director: Jon O'Callaghan
Date of appointment: 20/12/2001
PART 1 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS THE REGISTERED HOLDER
Number and class of securities: N/A
PART 2 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS NOT THE REGISTERED HOLDER
NAME OF HOLDER AND NATURE NUMBER & CLASS OF
SECURITIES: N/A
OF INTEREST: N/A N/A
PART 3 - DIRECTOR'S INTERESTS IN CONTRACTS:
Detail of contact: N/A
Nature of interest: N/A
Name of registered holder: N/A
No and class of securities
to which interest relates: N/A
INITIAL DIRECTOR'S INTEREST NOTICE
Name of entity: Cti Communications Limited
ABN: 45 071 781 363
Name of director: Mark Sumich
Date of appointment: 20/12/2001
PART 1 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS THE REGISTERED HOLDER
Number and class of securities: N/A
PART 2 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS NOT THE REGISTERED HOLDER
NAME OF HOLDER AND NATURE NUMBER & CLASS OF
SECURITIES:
OF INTEREST: N/A N/A
PART 3 - DIRECTOR'S INTERESTS IN CONTRACTS:
Detail of contact: N/A
Nature of interest: N/A
Name of registered holder: N/A
No and class of securities
to which interest relates: N/A
INITIAL DIRECTOR'S INTEREST NOTICE
Name of entity: Cti Communications Limited
ABN: 45 071 781 363
Name of director: Paul Hardie
Date of appointment: 20/12/2001
PART 1 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS THE REGISTERED HOLDER
Number and class of securities: N/A
PART 2 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS NOT THE REGISTERED HOLDER
NAME OF HOLDER AND NATURE NUMBER & CLASS OF
SECURITIES:
OF INTEREST: N/A N/A
PART 3 - DIRECTOR'S INTERESTS IN CONTRACTS:
Detail of contact: N/A
Nature of interest: N/A
Name of registered holder: N/A
No and class of securities
to which interest relates: N/A
TCR-AP reported October last year that the Company appointed
John Sheahan and Ian Lock, of Sheahan Coope Lock, an insolvency
practice, (telephone 02 9253 9975), as Joint and Several
Administrators in a Voluntary Administration with a view to
restructuring the operations of the company.
DAVNET LIMITED: ASX Grants Trading Halt Request
-----------------------------------------------
The securities of Davnet Limited (the Company) will be placed in
pre-open from the commencement of trading on Wednesday 23
January 2002, at the request of the Company, pending the release
of an announcement by the Company. Unless Australia Stock
Exchange (ASX) decides otherwise, the securities will remain in
pre-open until the earlier of the commencement of normal trading
on Friday, 25 January 2002 or when the announcement is released
to the market.
Below is the Company's trading halt letter to ASX:
"Davnet Limited hereby requests a trading halt from receipt of
this request until an announcement is made as to the results of
the voting in a general meeting of shareholders on the
resolutions put to the meeting, including a resolution regarding
the sale of the Company's main undertaking. Davnet expects to
make this announcement on the afternoon of Wednesday, 23 January
2002.
In accordance with Listing Rule 17.1, I advise that:
1. The trading halt is requested pending the outcome of a
general meeting of shareholders with respect to a resolution for
the sale of the Company's main undertaking, and the announcement
of the result.
2. The suspension is expected to last until the afternoon of
23 January 2002.
3. A further ASX announcement is expected to be made by
Davnet Limited on 23 January 2002 concerning the outcome of the
meeting and the voting on the resolutions.
4. The Company is not aware of any reason why the trading
halt should not be granted.
5. The trading halt is requested in order to ensure
compliance by the Company with the ASX Listing Rules."
OMNI GROUP: Proposes Change of Name
-----------------------------------
Omni Group Limited disclosed Chairman J Green's letter to
shareholders:
"On behalf of the Directors, it is my pleasure to:
* inform you that Omni Group Limited (Omni) is no longer
subject to a deed of company arrangement; and
* to invite you to consider approving the acquisition by Omni
of E-Control Pty Limited. It is also proposed that Omni will be
renamed ECSI Limited (short for Electronic Control Security
International), to better reflect the proposed change of focus
of the business to providing high technology security
monitoring.
"You are asked to consider approving a transaction which would
see Omni acquiring E-Control Pty Limited and its wholly-foreign
owned subsidiary Electronics and Computing 21 Limited (EC21), a
Chinese incorporated company which Omni director Graeme Green
founded in July 1999. The Directors have engaged the Independent
Expert to prepare a report on the transaction. In the
Independent Expert's opinion, the transaction is fair and
reasonable to Non-Associated Shareholders.
"It is proposed that EC21 will provide enhancements to security
monitoring and access control systems linking institutions such
as retailers, banks, military installations, airports,
government buildings, high net worth individuals and critical
transport to the NAR System (National Alarm Response System)
which is intended to be similar to Australia's 000 and the
United States' 911 emergency services system.
"EC21 has a 10-year-renewable exclusive contract with Beijing
Jeton Yantze Technology Company Limited (Jeton) to supply
Security Monitoring Systems and Access Control Systems for the
NAR System.
"Jeton is a former State Owned Enterprise which has been
privatized with a former Director of the Ministry of Public
Security, Mr Lu Xiao Bing, as its CEO. Jeton has developed the
NAR System.
"EC21's technology will enhance the NAR System by enabling live
video and audio information to be captured, stored and sent down
an existing standard telephone line to a central monitoring
control system. EC21 will also source security hardware for
Jeton and train its staff. In return EC21 will share the service
fees from clients using the NAR System. EC21 is a wholly foreign
owned enterprise with profits able to be repatriated in US
dollars.
"On the successful completion of the proposed transaction, Mr Lu
Xiao Bing and Mr Du Kui, the two Chinese businessmen who own and
control Jeton, will hold approximately 10% of the Omni Shares.
The Directors believe this cross-ownership will provide an
incentive to maintain a close business relationship between Omni
and Jeton.
"The path for Omni to achieve its objectives has significant
risk, as should be expected from pursuing such a newly emerging
opportunity. However, in the current climate of heightened
demand for security and China's recent entry into the World
Trade Organization, there may be significant rewards for
shareholders if Omni is successful in achieving its objectives.
"On behalf of the Directors, I strongly urge you to vote at the
forthcoming Omni's General Meeting on February 11, 2002."
QANTAS AIRWAYS: To Renew Union Negotiations
-------------------------------------------
Qantas Airways Limited announced Tuesday that EBA negotiations
with the Transport Workers Union would recommence shortly
following the narrow defeat in a union ballot of a national
delegates committee recommendation to accept the Qantas wage
pause proposal.
The vote followed closely the overwhelming endorsement by Qantas
members of the Australian Services Union for an agreement that
covers 9000 Qantas staff. The results of the ASU vote were
declared late last week.
In addition to the in-principle agreements for a wage pause with
10 Qantas unions, successful staff ballots have now concluded
with the ASU, the Flight Attendants Association of Australia
(short haul division), the Australian Liquor and Hospitality
Miscellaneous Workers Union (ALHMWU), the Communications,
Electrical, Electronic, Plumbing and Allied Services Union
(CEPU), the Community and Public Sector Union (CPSU) and the
Australian Licensed Aircraft Engineers Association (ALAEA).
Three Qantas agreements with engineering unions CEPU, CPSU,
ALHMWU were certified by the Australian Industrial Relations
Commission on Monday. The AIRC rejected an attempt by the AMWU
to stall certification of these agreements.
Executive General Manager Human Resources Kevin Brown said
Qantas was extremely pleased that by a majority of 4 to 1, the
9,000 staff covered by an EBA with the ASU had endorsed both the
wages pause and improvements to Qantas conditions, including
improved access to staff travel and paid maternity leave.
"This vote confirms that most Qantas staff and unions appreciate
the range of issues affecting Qantas and bodes well for us
moving forward to meet the challenges which 2002 will bring," he
said.
"By comparison with the ASU agreement, the TWU vote is a
disappointment. The proposed agreement was negotiated with full
involvement of delegates from around Australia, was supported by
a majority of the TWU national delegates committee and was
actively pursued by the union leadership. However, although the
proposal was strongly supported by TWU members in airports, it
was defeated overall by a negative vote in the catering
centers."
Mr Brown said the TWU vote demonstrated the challenge both
Qantas and some unions still faced in coming to terms with the
dramatic changes occurring in the aviation industry around the
world.
"Qantas remains hopeful of concluding an agreement with the TWU
which incorporates our key objectives of a 12 month wage pause,
along with staff access to a generous incentive scheme if profit
targets for this financial year are met. We do not expect the
outcome of the TWU vote will impact on our operations," he said.
================================
C H I N A & H O N G K O N G
================================
FLY RISING: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Fly Rising Limited is set for hearing
before the High Court of Hong Kong on January 30, 2002 at 10:00
am. The petition was filed with the court on October 331, 2001
by Standard Chartered Bank of 3rd Floor, 4-4A Des Voeux Road
Central, Hong Kong.
GRAND ACTIVE: Winding Up Petition To Be Heard
---------------------------------------------
The petition to wind up Industrial Limited is scheduled for
hearing before the High Court of Hong Kong on February 6, 2001
at 9:30 am. The petition was filed with the court on November
27, 2001 by Chu Kem Keung Perry of Room 1949, Shek To House,
Shek Wai Kok Estate, Tsuen Wan, New Territories, Hong Kong.
NORTHEAST ELECTRICAL: Faces Syndicated Loan Litigation
------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company), on 28 December
2001, received a writ from the High Court of Hong Kong for an
application for liquidation instituted by the banking
consortium. The date for the hearing by the High Court of Hong
Kong was fixed on 20 March 2002.
To date, the Company has not received any other subsequent
official notice about the litigation from the High Court of Hong
Kong and the legal firm representing the plaintiff and no
progress in reconciliation outside the court has been made. The
Company will pay close attention to the progress of the
aforesaid matter and timely perform its disclosure obligation.
RAYING INVESTMENT: Winding Up Petition Heard
--------------------------------------------
The petition to wind up Raying Investment Company Limited was
heard before the High Court of Hong Kong on January 16, 2002 at
9:3.0 am.
The petition was filed with the court on September 26, 2001 by
Bank of China (Hong Kong) Limited (the successor to Sin Hua Bank
Limited pursuant to Bank of China (Hong Kong) Limited (Merger)
Ordinance (Cap. 1167) of Bank of China Tower, 1 Garden Road,
Central, Hong Kong.
REGAL RICH: Winding Up Petition Pending
---------------------------------------
Regal Rich (Asia) Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
January 30, 2002 at 11:00 am. The petition was filed on November
13, 201 by July 9, 2001 by Woo Hing Fine Foods Limited trading
as Woo Hing Company whose registered office is situated at E21,
Western Wholesale Food Market, Hong Kong.
WILSTER LIMITED: Faces Winding Up Petition
------------------------------------------
The petition to wind up Wilster Limited is set for hearing
before the High Court of Hong Kong on January 30, 2002 at 11:00
am. The petition was filed with the court on November 19, 2001
by Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Hong Kong.
YING CHEONG: Winding Up Petition Set For Hearing
------------------------------------------------
The petition to wind up Ying Cheong Building Material Supplier
Company Limited will be heard before the High Court of Hong Kong
on February 20, 2002 at 9:30 am. The petition was filed with
the court on December 10, 2001 by Hang Seng Bank Limited of No.
83 Des Voeux Road Central, Hong Kong.
=================
I N D O N E S I A
=================
INDOMOBIL SUKSE: No Procedure Violations In Sales Process
---------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) has closed sales
transaction of PT Indomobil Sukses Intemasional Tbk.
(Indomobil) shares in compliance to IBRA's official sales
procedures. For the sales transaction IBRA has won an approval
from the Minister of Finance on 4 October 1999.
In addition, the asset sales process has fulfilled an
internationally acclaimed standard procedure of share sales, as
well as focused on suggestions submitted by the corresponding
units in IBRA, one of which is from the Asset Management Credit
and Risk Management.
IBRA's Risk Management Division issued Memo No 743/IADRM/11/01
dated 28 November 2001 as a normal input for asset sales
transactions in IBRA. It has been accommodated in the later memo
No. 765/IADRM/12/01 dated 6 December 2001, emphasizing that
there is no objection from the Risk Management Division on the
sale of Indomobil.
Taking into account that Indomobil is a publicly-listed company
(Tbk), it is unnecessary to perform due diligence process before
final bid for share sales of Indomobil, and therefore
information on Indomobil is accessible, not only for potential
bidders, but also for the public in general.
Concerning the media controversy over the assignment of
Financial Advisor (FA) for the sales of Indomobil shares, an
explanation can be offered as follows. In August 2001 IBRA
established Consultant Management Unit (CMU) as an effort to
enhance cost efficiency through a cutback in consultants and
advisors assignment. All consultants and advisors who have not
entered into a working contract with IBRA by August 2001, will
have to go through new selection process, not an exception to
financial consultants for the sales of Indomobil shares.
The assignment process of DTT for the sales of Indomobil shares
has gone through a beauty contest and accordingly this
assignment has no relations whatsoever with the replacement of
PwC.
KABELINDO MURNI: 94.09% of Debt Restructuring Completed
-------------------------------------------------------
PT Kabelindo Murni completed 94.09 percent of its debt
restructuring, IndoExchange reported Wednesday, referring to
President Director Masmarijanto's statement to Jakarta Stock
Exchange.
"Kabelindo still had US$31.26m worth of debt until December 31,
2001, which consisted of US$5.27m domestic debt and US$25.99m
offshore debt," he said, adding that the from that amount, some
94.09 percent has been approved by the creditors and is in the
restructurization process.
"The rest 5.91 percent is in negotiation," Masmarijanto said, .
Most debt would be restructured through tendering company's
equity while some 6.5 percent would be settled through
rescheduling. The company did not use the Jakarta Initiative
Task Force as mediator in negotiation with the creditors.
SINAR MAS: IBRA Warns US$1.3B Debt Repayment
--------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), said that Sinar Mas Group was warned
by the Indonesia Bank Restructuring Agency (IBRA) to start
repaying some US$1.3 billion in debts to the government.
Otherwise, the agency will seize Sinar Mas' assets, including
assets and shares of Asia Pulp and Paper (APP), which defaulted
$US1 billion to Bank International Indonesia last year.
DebtTraders reports that Asia Pulp and Paper will hold a
creditors meeting to discuss the US$1.3 billion debt plan by the
end of this month. APP Int'l Finance's 11.750% bonds due on 2005
are trading between 27 and 31. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP7
=========
J A P A N
=========
DAIEI INC: JBA Refrains From Invoking Debt-Waiver Guidelines
------------------------------------------------------------
The head of the Japanese Bankers Association (JBA) is willing to
refrain from invoking non-binding guidelines for debt waivers on
ailing supermarket chain Daiei Inc, which announced a
rehabilitation plan last week, Kyodo News reported on Wednesday.
"We intend to refrain from invoking the guidelines, although we
plan to honor the spirit of the guidelines," which were devised
to promote out-of-court settlements in cases of heavily indebted
companies, citing Yoshiro Yamamoto, the President of Daiei
creditor, Fuji Bank.
DAIEI INC: Seeks Y150B Bailout Plan From Creditor Banks
-------------------------------------------------------
Daiei Inc will ask for Y150 billion of the recently announced
Y420 billion-bailout plan by its three main creditor banks
namely UFJ, Sumitomo Mitsui Banking and Fuji Bank to take the
form of debt waivers, Asahi News and AFX News reports.
The struggling supermarket chain operator needs the Y150 billion
debt waiver to help cover some Y300 billion in losses expected
to be made on the closure of unprofitable stores and for other
restructuring costs.
Under the deal announced last week, the banks will retire Y120
billion in preferred shares they hold in the company, while
exchanging Y300 billion in loans to Daiei for stock in the firm.
DAIEI INC: Restructuring Plan Prompts Investors to Sell Shares
--------------------------------------------------------------
Individual investors flooded the Tokyo Stock Exchange on Monday
with shares of the debt-laden supermarket chain Daiei Inc.,
which recently announced its latest restructuring plan, Asia
Pulse reported on January 21. Having opened asked-only at Y115,
around nine million-sell orders were placed in the morning
session alone, making the stock drop by its daily limit of Y50
to Y115.
Nikko Cordial Securities Inc. said investors are selling Daiei
shares, because they don't like the capital reduction plan and
there's simply no new incentive to keep the shares.
Brokers said that financial aid worth Y420 billion means the
company could avert management instability for the time being,
but the firm's planned 50 percent capital reduction, also
included in the plan, made investors nervous.
NISSAN FIRE: Projects Y39.50B Net Loss
--------------------------------------
Nissan Fire & Marine Insurance will expect a parent net loss in
the fiscal year to March worth Y39.50 billion, worse than an
earlier forecast of Y21.50 billion losses, Reuters said on
Monday.
The company will also expect losses related to U.S. reinsurer
Fortress Re worth Y112.9 billion ($851 million). The non-life
insurer company was among three Japanese insurers to pay out a
large sum to the U.S. aviation reinsurance agency, and its
claims for the September 11 attacks in the United States have
eaten into their earnings.
=========
K O R E A
=========
DAEWOO ELECTRONICS: Creditors Receiving Bids From Buyers
--------------------------------------------------------
Creditors of Daewoo Electronics Co. will receive bids for the
electronics company from prospective buyers starting in
February, the Korea Herald reported on January 23. A creditor
bank official said that the accounting firm KPMG will accept
bids for Daewoo Electronics in place of the creditors. The
creditors have decided to wrap up its sale by June 2002.
Four foreign firms were interested in acquiring the electronics
maker and they have been conducting due diligence since the end
of last year, the official said. The company was placed under a
debt workout program when the parent conglomerate, Daewoo Group
collapsed in 2000. In the case of a failed sale or a partial
sell-off, the creditors will push for a plan to split Daewoo
Electronics into healthy operations and nonviable units.
HYNIX SEMICONDUCTOR: Sells Unit Hyundai Syscomm to 3R for W59B
--------------------------------------------------------------
Hynix Semiconductor Inc has agreed to sell unit Hyundai Syscomm
Inc to 3R Inc for W59 billion as part of its corporate
restructuring plan, AFX News said on Monday. A company spokesman
said that a total of W20 billion would be paid by end of this
month and the balance by July. The unit manufactures CDMA-based
telecom equipment while 3R Inc produces digital security
systems.
Hynix Semiconductor Chief Executive Park Chong Sup has left for
the U.S. for the fourth round of talks with Micron. Creditors
will become Hynix' largest shareholder after swapping W3
trillion ($2.3 billion) of its W8.64 trillion ($6.6 billion) of
debt into shares, TCR-AP reported Wednesday citing DebtTraders
analysts Daniel Fan and Blythe Berselli.
===============
M A L A Y S I A
===============
ABRAR CORPORATION: No Change in Defaulted Payment Status
--------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that there has been no change to the status
in payment since the Company's previous announcement made on 21
December 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 (Workout Proposal)
for the Company pursuant to Section 44 of the Danaharta Act. The
Workout Proposal will address the Company's default in payments.
ANSON PERDANA: 29th AGM Scheduled For February
----------------------------------------------
Anson Perdana Berhad (the Company or Anson) informed that the
Twenty-Ninth Annual General Meeting (AGM) of the Company will be
held on Saturday, 16 February 2002 at 11.30 a.m. at the
Registered Office, Nos. 21 & 23 Jalan Hussein (Ground Floor),
30250 Ipoh, Perak Darul Ridzuan.
The following resolutions have also been proposed for
Shareholders' approval under Special Business at the AGM:
1. Ordinary Resolution - Authority to Allot and Issue Shares
in General pursuant to Section 132D of the Companies Act, 1965
2. Special Resolution - Proposed Amendments to Articles of
Association
Check http://www.bankrupt.com/misc/TCRAP_Anson0123.docfor full
AGM Notice.
ANSON PERDANA: Sharikat Tanaman's Winding Up Petition Dismissed
---------------------------------------------------------------
Anson Perdana Berhad (the Company) advised that the winding-up
petitions filed by Alliance Bank Malaysia Berhad, formerly
Multi-Purpose Bank Berhad, against the Company's subsidiaries:
(1) Sharikat Tanaman Dan Perusahaan Perak Sdn Bhd was
dismissed with no order as to costs and
(2) Primason Sdn Bhd has been adjourned to 5 April 2002 for
hearing.
Profile
Originally the Company was solely involved in plantation
activities in Kelantan. Between 1987 and 1988, the Company
disposed of its Kelantan estates. Following this, the Company
acquired plantation interests in Perak and also moved into
property development activities. The latter has become its core
business since. Through its subsidiary, the Company is also
involved in the trading of building materials and timber
products and manufacturing of large diameter concrete pipes and
sound barrier system.
The 1997 financial crisis adversely affected the operations of
the Group and the Company. In view of these adverse financial
conditions, the Group in December 1998 sought the assistance of
the Corporate Debt Restructuring Committee (CDRC) to restructure
its short-term debts. The Company has also appointed an
Independent Financial Consultant to provide advisory services
pursuant to a restructuring scheme.
In October 1999, the Company appointed an additional advisor to
act directly on behalf of the Group to develop and negotiate
with the financial institutions, trade and other creditors an
integrated debt-restructuring scheme. In line with the Group's
restructuring efforts, on 29 February 2000, the Group sold
several parcels of oil palm plantation land to Felcra Berhad for
RM98m cash.
As the Group's debt restructuring dragged on to the end of 2000,
the Group applied for legal protection under Section 176 of the
Companies Act, 1965, to the Kuala Lumpur High Court (KLHC). On
September 25 2000, the KLHC granted a three-month Restraining
Order (RO) for the Company to implement the restructuring
scheme, which was subsequently extended to 24 March 2001. An
application to extend the RO was submitted to the High Court and
a hearing is pending.
JOHOR CORPORATION: Seeking Debt Respite From Creditors
------------------------------------------------------
Johor Corporation plans to ask its unsecured creditors to
forgive around 30% of debt, including the Johor Floating Rate
Note (FRN) due on 2002, DebtTraders analysts, Daniel Fan (852-
2537-4111) and Blythe Berselli (1-212-247-5300), report.
According to Fan and Berselli, the state agency will repay the
secured creditors in full. The debt plan will include an
extension of maturity over five to ten years from the issuance
of new secured bonds and divestment of some assets.
DebtTraders reports that Johor Corp's 4.213% FRN due on 2002
(JOHOR) trades between 50 and 65. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=JOHORfor
real-time bond pricing.
KEMAYAN CORPORATION: RA Time Extension Application Pending
----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the board of Directors of Kemayan Corporation Berhad (KCB or
the Company), announced that KCB has yet to finalize a detailed
plan to regularize the Company's financial condition as KCB is
seeking various options to secure more income-generating assets
which can contribute immediately to the earnings of the post-
restructured entity and strengthen its financial position. In
this respect, KCB is unable to release the detailed plan to
regularize its financial conditions (Requisite Announcement) by
22 January 2002, as required by Kuala Lumpur Stock Exchange
(KLSE).
The Company has complied with the KLSE's condition (as set out
in its letter dated 23 November 2001) that requires the Company
to provide KLSE with detailed progress reports on the
development and/or latest status of the regularization exercise
by the following dates:
(a) 1st progress report by 6 December 2001 on any development
between the Company's application letter dated 17 October 2001
and 5 December 2001; and
(b) 2nd progress report by 15 January 2002 on any development
between 5 December 2001 and 14 January 2002.
As the Company is unable to release the Requisite Announcement
by 22 January 2002, the Company had on 18 January 2002 applied
to the KLSE for an extension of three (3) months, i.e. until 22
April 2002 for the Company to release the Requisite
Announcement.
Presently, the Company is awaiting the outcome of the said
application for extension of time from the KLSE. An appropriate
announcement will be made upon receipt of the KLSE's decision.
MBF HOLDINGS: Court Grants Restraining Order to MBf Hotels
----------------------------------------------------------
The Board of MBf Holdings Berhad (MBfH) announced that MBf
Hotels (M) Sdn Bhd (MBf Hotels) had on 21 January 2002 obtained
a restraining order under Section 176 of the Companies Act, 1965
from the High Court of Malaya at Kuala Lumpur for a period of 90
days.
MBf Hotels is a wholly owned subsidiary of Paradise Hotel &
Resort International Limited, which in turn is wholly-owned by
MBf Equities Sdn Bhd (MBfE). MBfE is a wholly-owned subsidiary
of MBfH.
MBf Hotels had suffered losses in the running of the hotel
suites and was unable to pay the guaranteed rentals to all the
unit owners of Say Bay Paradise Resort, Penang and Paradise
Malacca Village Resort. The restraining order was for the
purpose of presenting a proposed Scheme of Arrangement to
compromise the debts due to its creditors.
MECHMAR CORPORATION: Lifts HUSB Receivership Administration
-------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad (the Company) informed
that Mr Lim Tian Huat and Mr Duar Tuan Kiat of Arthur Andersen &
Co, Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar,
Damansara Heights 50490 Kuala Lumpur have ceased to act as
Receivers and Managers of HandiMart (USJ) Sdn Bhd (HUSB), 100
percent owned by the Company, on 11 January 2002 under the
powers contained in the debenture dated 8 June 2000 following
agreement with Affin Bank Berhad on settlement terms.
TCR-AP reported November last year that Arthur Andersen has been
appointed as Receivers and Managers of HUSB effective 31 October
2001 under the terms of a debenture dated 8 June 2000. The
Receivers and Managers have not taken over the management of the
company pending negotiations between the company and the bank to
settle the outstanding loan by installments.
PARIT PERAK: Requests Requisite Announcement Time Extension
-----------------------------------------------------------
Parit Perak Holdings Berhad (PPHB or the Company) had on 15
January 2002 written to Kuala Lumpur Stock Exchange (KLSE) to
request for further extension of time to 31 July 2002 to seek
income generating assets and meantime to obtain the written
agreement-in-principal from secured and unsecured creditors
prior to making Requisite Announcement.
Background
On 23 February 2001, PPHB announced that is an affected listed
issuer pursuant to Paragraph 8.14 of the KLSE Listing
Requirements and the obligations of an affected listed issuer
(First Announcement). One of the obligations pursuant to
Paragraph 4.1(b) of Practice Note 4/2001 is to announce within 6
months from the date of the First Announcement, a detailed plan
to regularize the Company's financial Position (Requisite
Announcement).
An affected listed issuer is also obligated to announce its
compliance, i.e. failure to comply with a particular obligation
imposed pursuant to Practice Note 4/2001, as and when such
obligation becomes due. Prior to making the Requisite
Announcement, the affected listed issuer must ensure that:
(a) all agreements to be entered into with third parties, as
part of the plan to regularize the financial condition, have
been duly executed by all parties to such agreements.
(b) where the plan involves or comprise or arrangement with
the listed issuer's creditors, an affected listed issuer has
taken reasonable steps to procure the agreement-in-principal of
such creditors.
Consequences of non-compliance
If the Company fails to comply with any of the obligation set
out in Practice Note 4/2001, the Company may be suspended from
trading.
If the Company fails to regularize its financial condition to
warrant continued trading and listing within the time frames
stipulated by KLSE, the Company may be de-listed.
KLSE will accord due process to an affected listed issuer prior
to affecting any suspension and/or delisting.
On 26 November 2001, PPHB had been granted an extension of time
to release its Requisite Announcement on 22 January 2002. The
Memorandum of Understanding (MOU) entered into between Dato'
Mohd Nadzmi Bin Mohd Salleh, Chan Poh Kim, Richard Kuah Ah Eng
and the Company had lapsed and the parties concerned have yet to
finalize the terms and conditions of the agreements.
Consequently, the Company is currently seeking additional viable
assets/business for acquisition with the main objective to
rescue PPHB Group and return it to a favorable financial footing
and profitability.
SENG HUP: FIC Supports Proposed Corporate, Debt Workout Scheme
--------------------------------------------------------------
On behalf of Seng Hup Corporation Berhad (Special Administrators
Appointed) (SHCB or the Company), Commerce International
Merchant Bankers Berhad announced that the Foreign Investment
Committee (FIC) had vide its letter dated 21 January 2002 stated
that FIC has no objection for SHCB to undertake the Proposed
Corporate and Debt Restructuring Scheme.
The approvals from the Ministry of International Trade and
Industry and the Securities Commission for the Proposed
Corporate and Debt Restructuring Scheme are still pending.
TAT SANG: February MMWF's Winding Up Petition Hearing Set
---------------------------------------------------------
Tat Sang Holdings Berhad (TSHB or the Company) announced:
Johor Bahru High Court
Company (Winding up) No. 28-223-2001
Between
W & V Mktg Sdn. Bhd. (Petitioner)
And
Mercuries & Muar Wooden Furniture Mfg Sdn. Bhd. (MMWF)
(Respondent)
A petition for winding up dated 24 October 2001 was served on
MMWF (under the receivership on the 23rd October 2001), by W & V
Mktg Sdn. Bhd. on 10 November 2001 which is fixed for hearing on
the 20 February 2002. MMWF is a wholly owned subsidiary of TSHB.
The petition is based on the Statement of Account dated 31 May
2001 at the sum of RM42,384-00 for goods sold and delivered to
MMWF.
MMWF is now seeking legal advise to defend the case.
=====================
P H I L I P P I N E S
=====================
ALL ASIALIFE: ATR To Seal Takeover Deal This Month
--------------------------------------------------
ATR Professional Life Assurance Corp. aims to seal a deal for
its acquisition of ailing All AsiaLife Assurance Corp. late this
month, Business World reports.
"Professional Life had earlier hoped to forge a deal last
Friday," Professional Life Vice-Chair Manuel N. Tordesillas
said, adding that they want All AsiaLife to first meet a certain
level of solvency, among other conditions, before his firm seals
a formal agreement to buy the beleaguered insurer.
All AsiaLife has been seeking a buyer that will infuse it with
fresh capital as it suffered solvency problems in relations to
investments made by its parent, All AsiaCapital and Trust Corp.
All AsiaCapital had placed All AsiaLife funds in disallowed
assets like mortgaged property, which could not easily be
liquidated, thus negatively affecting the company's cash flow.
INT'L CONTAINER: DebtTraders Recommendation Downgraded to HOLD
--------------------------------------------------------------
DebtTraders analyst, Daniel Fan (852 2537-4111), says that
International Container Terminal Services Inc. (ICTSI) plans to
issue 5,000,000 preferred non-voting shares to International
Container Terminal Holdings Inc. (ICTHI) for P5 billion (US$97
million) by June 2002. The purpose of the issuance is to
channel the proceeds of US$90 million held by ICTHI from the
disposals of its foreign operations to ICTSI for the buy back or
redemption of the ICTSI 1.75% Convertible Bond due on 2004
(Bond). Bondholders have the option to sell the Bond back to
ICTSI at a price of 135.75 in March this year.
Mr Fan added, "We estimate that the outstanding amount of the
Bond, including the put premium, is approximately US$85.5
million. We believe ICTSI has sufficient cash to repay the Bond,
and encourage all bondholders to exercise their put right in
March. However, we are downgrading our recommendation to a HOLD
on the ICTSI 1.75% Convertible Bond due on 2004 from a BUY due
to the substantial drop in yield since we initiated a BUY on the
Bond on January 9, 2001 at a yield of 46.66%. Our HOLD
recommendation is based on a combination of a now unattractive
yield of 5.24% and an improved SAFETY rating of 90%, which
together result in a decrease in ATTRACTIVENESS to 70%. Due to
the impending redemption of this issue, we are also dropping
coverage."
According to DebtTraders, Intl Container Terminals's 1.750%
convertible bonds due on 2004 (ICT1) are trading above par
between 134 and 135. For more real-time bond pricing info, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ICT1
MAYNILAD WATER: Clarifies Unpaid $100M Loans Report
---------------------------------------------------
The Philippine Stock Exchange disclosed on January 17 in
reference to the news article entitled "Maynilad says it won't
meet deadline to pay $100 million loans" published in the
January 15, 2002 issue of the Philippine Daily Inquirer. The
article reported that "Maynilad Water Services Inc. said it
would be unable to pay about $100 million worth of bridge loans
set to mature next month."
Currently, the management of Maynilad Water Services Inc. with
its creditors is working for an extension for the said loan
facility. In parallel, MWSI is in the process of finalizing the
long-term project-financing loan amounting to US$350 million.
Part of the proceeds of the project financing loan is to repay
the US$100 million bridge facility.
NATIONAL BANK: Clarifies Business World Report
----------------------------------------------
Philippine National Bank, in reference to the Business World
news article published on the January 16, 2002, entitled "PNB
sell P20 B acquired assets," which states that the PNB will
sell as much as P20 B of its real and other properties owned or
acquired (ROPOA) to raise additional funds this year, clarified
that seven groups have already expressed interest in buying the
ROPOAs.
The bank's President Feliciano B. Miranda, in its letter dated
January 16, 2002, advised that the Bank has been selling its
ROPOA and hopes to sell as much as it can of its ROPOA. In
regard to transferring the acquired assets to an Asset
Management Company, while the same has been discussed, there is
no definitive resolution on the matter.
RFM CORPORATION: Enters Joint Venture Agreement With IGLO
---------------------------------------------------------
The Philippine Stock Exchange disclosed last week that RFM
Corporation, through its wholly owned property development
subsidiary, Philippine Townships, Inc., has entered into a 50-50
joint venture agreement with IGLO (M) Sdn Bhd (IGLO) of
Malaysia.
The joint venture provides cold chain services that will benefit
Philippine growers and food processors, and their ASEAN
counterparts as the JV services are linked with Malaysia,
Singapore and Thailand operations of IGLO. This is the JV
project, the Memorandum of Understanding of which was signed in
Malaysia during last year's State Visit of President Macapagal-
Arroyo.
RFM CORPORATION: Open to Merger and Acquisition Opportunities
-------------------------------------------------------------
After raising funds from the sale of unit Cosmos Bottling Corp
to San Miguel Corp, RFM Corp is open to potential merger and
acquisition opportunities, AFX News reported on Monday, citing
RFM President and CEO, Jose Conception III.
He said the Cosmos sale enabled RFM to declare a P1.28 per share
cash dividend to shareholders. The company is expected to shell
out P2 billion to pay out dividends corresponding to 1.561
billion shares. The dividends will be paid on February 20 to
holders on record as of February 11.
Conception stressed that the company will have cash reserves of
P3 billion after the dividend payment.
UNITRUST DEVELOPMENT: Dirty Money Involved in Fiasco, Says Inoue
----------------------------------------------------------------
Unitrust Development Bank, a thrift bank that closed down
recently, was bought from its original owners by a group of
Filipino investors using laundered money, Business World
reported Wednesday, citing former Chairman Kensuke Inoue, who
claims to have arranged the purchase on behalf of another
Japanese national, businessman Genta Ogami.
In a press conference, the former Unitrust Chairman narrated how
Mr. Ogami's three Filipino partners bought 60 percent of
Unitrust in 2001 using money from the sale of illegal securities
in Japan. He said the money was offered to Francis Yuseco, Jr.,
Pedro Montanez and Leopoldo Valcalcel in the form of soft-term
loans.
G. Universal Ltd. of Japan and Minamoto Saiken Kaishu Co. Ltd.
bought the other 40 percent of the bank, both owned by Mr.
Ogami. Ogami and Yuseco groups purchased Unitrust from the group
of former Philippine Stock Exchange (PSE) president Jose Luis
Yulo for at least P500 million. Mr. Inoue said a firm known as
Japan G. Cosmos issued more than Y2 billion (P800 million) in
corporate bonds to Japanese investors on behalf of G. Cosmos'
Philippine subsidiary. Bond proceeds were then used to buy the
bank.
He stressed the securities are considered illegal since G.
Cosmos Philippines had already been issued a cease and desist
order by the Securities and Exchange Commission (SEC) at that
time. According to Inoue G. Cosmos Philippines should not have
been allowed to undertake such a huge transaction since it is
capitalized at only P1 million, he said.
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Savu Proposes Debt Fund Raising
---------------------------------------------------
CapitaLand Limited (CL), in reference to the Straits Times
article "Caltex House to be refinanced" published on January
19, 2002, confirmed:
1. Savu Properties Ltd (Savu), an associated company of CL, has
mandated Citicorp Investment Bank (Singapore) Limited as
Arranger and Lead Manager of the issue of Bonds and Salomon
Smith Barney International Bankers Limited as Arranger for a
Term Loan for a proposed debt fund raising of up to an aggregate
of S$240 million comprising an issue of S$125 million in
principal amount of fixed rate bonds (the Bonds) and S$115
million of banking facility (Term Loan). The Bonds and Term Loan
will have a tenor of 5 years.
2. The purpose of the proposed fund raising is to refinance
existing borrowings.
ELLIPSIZ LTD: Posts Notice of Changes in Shareholder
----------------------------------------------------
Ellipsiz Ltd posted a notice of changes in substantial
shareholder Pao Ning Yu:
Date of notice to company: 21 Jan 2002
Date of change of shareholding: 21 Jan 2002
Name of registered holder: Pao Ning Yu
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: 50,000
% of issued share capital: 0.0253
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: $0.41
No. of shares held before change: 23,041,416
% of issued share capital: 11.6371
No. of shares held after change: 22,991,416
% of issued share capital: 11.6118
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 0 23,041,416
% of issued share capital: 0 11.6371
No. of shares held after change: 0 22,991,416
% of issued share capital: 0 11.6118
Total shares: 0 22,991,416
KEPPEL CORPORATION: Temasek Holdings Changes Deemed Interest
------------------------------------------------------------
Keppel Corporation Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's deemed
interests:
Date of notice to company: 21 Jan 2002
Date of change of deemed interest: 14 Jan 2002
Name of registered holder: CDP:DBS Vickers Sec
Circumstance giving rise to the change: Others
Please specify details: + Deemed Interest - Open market sale
Shares held in the name of registered holder
No. of shares of the change: (321,000)
% of issued share capital:
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$3.24000
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:
Total shares:
Direct & Deemed
No. of shares held before change 248,087,260
% of issued share capital 32.39%
No. of shares held after change 247,766,260
% of issued share capital 32.35%
+ Temasek Holdings is deemed to be interested in these shares
under Section 7 of the Companies Act, Cap 50
This transaction was reported to Temasek Holdings on 18 Jan 02
Based on 765,895,091 shares issued (January 14, 2002)
All sales are discretionary sales unless stated otherwise
Temasek's direct interest is 246,227,760 shares to date.
DebtTraders reports that Keppel Corporation's convertible
preferred due in 2002 (KEPP2) trades between 119.750 and
120.250. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KEPP2
WEE POH: Additional Funding Plans Underway
------------------------------------------
The Board of Directors of Wee Poh Holdings Ltd (the Company)
announced on January 23 that the Company has nothing new to
report in respect to its plans for additional funding, the
process of which is still being finalized.
The company announced the first week of January that it will
release the necessary information in due course with regard to
any scheme of arrangement, which is agreed upon by W&P Piling
Pte Ltd (WPP) and its creditors, TCR-AP reported this month.
The Company also clarified on that report that due that an
administrative oversight, it was not announced earlier that a
third petition for winding up was presented for a sum of $56,000
just prior to the filing of WPP's application to court for a
scheme of arrangement with its creditors.
===============
T H A I L A N D
===============
ADVANCE DICASTING: Files Business Reorganization Petition
---------------------------------------------------------
The Petition for Business Reorganization of Advance Dicasting
Service Company Limited (DEBTOR), producer of vehicles and
machineries' parts, was filed in the Central Bankruptcy Court:
Black Case Number 76/2544
Red Case Number 153/2544
Petitioner: ADVANCE DICASTING SERVICE COMPANY LIMITED
Planner: Mr. Katthut Sukontasing
Debts Owed to the Petitioning Creditor: Bt293,837,533.48
Date of Court Acceptance of the Petition: January 29, 2001
Date of Examining the Petition: March 5, 2001 at 9.00 AM
Court Order for Business Reorganization on March 5, 2001 and
Appointed Mr. Katthut Sukontasing to be as the temporary
executive
Announcement of Court Order for Business Reorganization: March
13, 2001
Court appointment for the hearing to elect the Planner: April
10, 2001 at 13.00 PM
Court Order for Appointment of Planner: April 10, 2001
Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
April 20, 2001
Announcement of Court Order for Appointment of the Planner : in
Government Gazette: May 22, 2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: August 22, 2001
Planner postponed the date of submitting the reorganization plan
#1st to September 22, 2001
Planner postponed the date of submitting the reorganization plan
#2nd to October 22, 2001
Appointment date for the Meeting of Creditors to consider the
Reorganization Plan: December 6, 2001 at 9.30 am. Convention
Room 1105, 11th Floor, Bangkok Insurance Building, South Sathorn
Road
The Meeting of Creditors had a resolution accepting the
reorganization plan pursuant to Section 90/46
Contact: Ms. Piyanant Tel, 6792525 ext. 114
COGENERATION PUBLIC: Clarifies Delisting News
---------------------------------------------
The Cogeneration Public Company Limited (COCO or the Company),
in response to a request of The Stock Exchange of Thailand (SET)
to clarify the meaning of news published in Tuesday's newspapers
regarding the delisting of the Company from the SET, has
received this oral clarification from Tractebel S.A.
(Tractebel):
* Tractebel is currently reviewing various options for the
restructuring of its numerous subsidiaries and investments in
Thailand e.g. for Tractebel to take a direct stake in each of
its subsidiaries or, alternatively, to bring all its
shareholdings under one holding company, which may be
scenarios, along with others, are still being considered and
that no final decision has been made as there are a number of
relevant factors to be taken into account. Regardless of what
the outcome of the study may be and the restructuring option to
be ultimately selected by Tractebel, the shareholding
restructuring process is anticipated to be completed within this
year.
* Tractebel has also confirmed that its intention to
restructure and consolidate its investments in Thailand was
stated in Tractebel's tender offer document last year, where
Tractebel stated that it was constantly evaluating its
businesses in Thailand and part of this strategy may involve the
restructuring of these business interests. In Tractebel's view,
nothing announced by it in the last few days is inconsistent
with these earlier statements.
COCO will inform the SET and the Shareholders as events develop
and become known to the Company.
EASTERN PRINTING: Court OKs Rehabilitation Plan
-----------------------------------------------
The Central Bankruptcy Court has approved the Rehabilitation
Plan of Eastern Printing Public Company Limited (EPCO or the
Company) on January 17, 2002. The Plan entails these Principles
and Methods of Rehabilitation:
1) Re-capitalization Plan
The Company will decrease the number of outstanding common
shares from 36 million shares to 9 million shares (at a ratio of
4 to 1) and the Company will decrease the par value from Bt10 to
Bt4; resulting in decreasing the paid-up Capital by Bt324
million with only Bt36 million left as paid-up Capital.
After above-mentioned exercise, the Company will increase
Capital by 377.56 million shares (at par value of Bt4), which
will consist of:
* 243.19 million shares for debt conversion to equity of
Creditors Group 1,2 and 3.
* 134.37 million shares as provision for Warrant conversion
of Creditors Group 1 and 2 (during year 2005 to 2009).
2) Creditors' Grouping, Debt Reduction and Repayment Timetable
Creditor Groups
* Group 1 Consists of Financial Institutions with
Collaterals.
* Group 2 Consists of Financial Institutions with no
Collaterals.
* Group 3 Consists of Financial Institutions with Company's
Guaranty obligations.
* Group 4 Consists of Trade Creditors with debt obligations
before year 2001.
* Group 5 Consists of Trade Creditors with debt obligations
after year 2000.
* Group 6 Consists of Tax Creditors
* Group 7 Consists of other Creditors
Debt Repayment
* Outstanding Interests (Creditors Group 1 and 2)
(a) Re-calculate all outstanding interests at simple
annual interest rate of 11.35% up to July 1, 2001.
(b) Convert all outstanding interests (from (a)) to
Warrants at Bt4 per unit (that can be exercised from year 2005
to 2009 to Common Shares).
* All Court Fees and expenses are waived.
* Principals
Creditor Group 1 Consists of 6 Institutions total debt
(Principal) Bt1,916,466,908.34
(a) Transfer all fixed collaterals (Assets) at the lower
value between debt amount or 70% of appraised value to the
Creditors.
The Company will lease the "Assets" from the Creditors at annual
leasing rate of 7.5% (of the transfer values) during Year 2002
to 2005 with leasing fees payable monthly.
(b) Any excess cash (with about Bt20 million to be used as
working capital) shall be paid to the Creditors to lower the
value of the "Assets" thus lower the leasing fees.
(c) The Company has the right to purchase the "Assets" by
repaying the balance values (after (6)) of the "Assets" any time
before year 2006. If the Company fails to exercise the right to
purchase before year 2006 then the Creditors can sell the
"Assets" to any party/parties with first right of refusal given
to the Company for 30 days.
(d) Shares pledged with the Creditors will be transferred
to the Creditors as per following details:
- 1.30,603,110 share of M. Asia Pacific Investment
Limited at Bt2.0284 each.
- Shares of Express Printing Co., Ltd., Northern
Printing and Packaging Co., Ltd, Northeastern Printing and
Packaging Co., Ltd., and Mark Sensing Western (U.S.A.) Ltd.
totaling 13,849,993 shares at Bt0.10 each.
- The Company from the Creditor at Bt0.05 each will
redeem 4,999,993 shares of Pacific I.T. Co., Ltd..
(e) Any Principal amount left after above-mentioned Asset
Transfer exercise, will be deemed as Debt without collateral (as
below).
Creditor Group 2 consists of 4 Institutions total debt
(Principal) Bt463,670,910.53 will be converted to common shares
at par value of Bt4.
Creditor Group 3 (which have Company's Guaranty
Obligations)
(a) No interest, penalty and extra charge shall be
charged to the Company.
(b) If and when the Borrowers defaulted; then the
Guaranty of the Company will be treated as Debt without
collateral (as above)
Creditors Group 4 and 5 (Trade creditors)
(a) No interest shall be charged to the Company.
(b) Debt occurred before Year 2001 will be paid quarterly
within 5 years starting March 2002.
(c) Debt occurred after Year 2000 will be treated under
normal purchase terms.
Creditor Group 6 (tax Creditors)
(a) The Revenue Dept. will be paid monthly within 2 year
starting March 2002.
(b) The Customers Dept. debt is conditional to B.O.I..
It would be paid if there was any actual debt.
Creditor Group 7 is conditional expenses and would be paid
when the conditions are met.
3) Appointment of Plan Executor
The Plan Executor is EPCO MANAGEMENT CO.,LTD. with five
directors as follows:
* Mr. Yuth Chinsupakul
* Mr. Weera Louwitawas
* Mrs.Arporn Prachyathipsakul
* Mrs.Kanitha Wongdech
* Mr. Vorawit Jarusriboonchai
QUALITY HOUSE: Discloses EGM Resolution
---------------------------------------
Quality House Public Company Limited (QH or the Company)
informed the resolution of the Extraordinary Meeting of the
Shareholders no. 1/2002 held on 22 January 2002:
1. The minutes of the Extraordinary General Meeting of the
Shareholders no. 1/2001 held on 9 August 2001 be approved.
2. One additional director of the Company be appointed and Mrs.
Nilaya Malakul Na Ayudhya be appointed as such director of the
Company.
3. One additional member of the audit committee of the Company
be appointed and Mrs. Nilaya Malakul Na Ayudhya be appointed as
such member of the audit committee of the Company.
4. The assets consisting of land and buildings thereon and other
related assets in 3 projects be proceeded as:
(1) Petchburi Center Point Project
- Service Apartment
- 30 stories
- settled in 625.4 square wah plot of land, having 2
plots of land, i.e. (1) land title deed no. 2529, plot no. 58,
survey page no. 994, total area 1 rai, 2 ngan, 9.4 square wah
and (2) land title deed no. 13925, plot no. 418, survey page no
5512, total area 16 square wah.
- located at Soi Petchburi 15
- 210 rooms
(2) Sukhumvit Center Point Project
- Service Apartment
- 28 stories
- settled in 685.5 square wah plot of land, having 2
plots of land, i.e. (1) land title deed no. 5034, plot no. 508,
survey page no. 1540, total area 3 ngan, 45 square wah and (2)
land title deed no. 5252, plot no. 15, survey page no 1639,
total area 3 ngan, 40.5 square wah.
- located at Soi Sukhumvit 10
- 162 rooms
(3) Ploenchit Q House Project
- Office Building
- 18 stories
- settled in 563 square wah plot of land, land title
deed no. 3541, plot no. 466, survey page no. 415, total area 1
rai, 1 ngan, 63 square wah.
- located at Ploenchit Road
- 22,520 square meters available space (space for rent
is 10,825 square meters)
The sale will be divided into 3 parts as follows:
(1) The Company will sell and transfer and/or sell with
right of redemption the plots of land together with the
buildings thereon and any other related assets thereof in the
aforementioned projects to the Property Fund (Fund) with an
option to repurchase and/or redemption within 3 or 5 years, as
the case may be. The Company shall have the right to buy or
invest in the Fund's investment unit not exceeding the amount
prescribed by the Office of the Securities Exchange Commission.
(2) The Company will lease the plots of land together with
the buildings thereon and any other related assets thereof in
the aforementioned projects from the Fund during the period
before the maturity date of the period for repurchase.
(3) The Company will agree to repurchase the plots of land
together with the buildings thereon and any other related assets
thereof in the aforementioned projects back from the Fund upon
the maturity of 3 or 5 years, as the case may be, in accordance
with the conditions and details as the Board of Directors of the
Company will determine.
Material Conditions
(1) The Board of Directors of the Company has authority to
sell and transfer to the Fund the plots of land together with
the buildings thereon and any other related assets thereof in
the said 3 projects either in whole or in part and whether by a
single or several transactions as the Board of Directors of the
Company may deem appropriate.
(2) The Board of Directors of the Company will, either by
itself or by appointing or assigning any other person(s) to, be
entitled to consider, negotiate, finalize and enter into any
terms and conditions of sale and purchase agreements, lease
agreements and any other agreements related to the
aforementioned transaction, including to fix the sale price, the
repurchase price, the rental fee and any other details as the
Board or such person(s) think fit; provided however, that the
sale price of any plots of land together with buildings thereon
and any other related assets thereof shall, in any case, not
be lower than 95 percent of the value appraised by an
independent appraiser appointed by the Company, whereby Bangkok
Appraisal Co., Ltd. has already been appointed as such
independent appraiser in this respect.
(3) The Company will agree to repurchase (and the Fund
will agrees to resell) the plots of land together with the
buildings thereon and any other related assets thereof in the
said 3 projects sold to the Fund at the price specified in the
relevant sale and purchase agreement upon the expiry of 3
or 5 years, as the case may be, in accordance with the
conditions and details as the Board of Directors of the Company
will determine.
5. The issuance and offer for sale of 12,500,000 units of
warrants to purchase ordinary shares of the Company to directors
and employees of the Company and/or the Company's subsidiaries
(ESOP) be approved in accordance with the details of the project
for allocation or distribution of the warrants to purchase
ordinary shares of the Company as attached.
6. The increase of the Company's registered capital from
Bt7,211,395,760 to be Bt7,273,895,760 by way of issuing new
12,500,000 ordinary shares at a par value of Bt5 (Five) each,
totaling of Bt62,500,000 be approved.
7. The amendment of Clause 4 of the Company's Memorandum of
Association to be in compliance with the increase of the
Company's registered capital be approved as follows:
"Clause 4.
The registered Bt7,273,895,760
Dividing into 1,454,779,152 shares
at par value of each share of Bt5
Consisting of:
Ordinary shares: 1,454,779,152 shares
Preferred shares: - shares"
8. The allotment of the Company's newly issued shares in the
amount of 12,500,000 for the exercise of right under warrants to
purchase ordinary shares of the Company distributed to directors
and employees of the Company and/or the Company's subsidiaries
(ESOP) be approved.
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
------ ------ -------- --------- -------------
Asia Pulp & Paper FRN due 2001 8.5 - 10.5 0
Asia Pulp & Paper 11.75% due 2005 26 - 28 0
APP China 14.0% due 2010 13 - 16 0
Asia Global Crossing 13.375% due 2006 36 - 39 +3
Bayan Telecom 13.5% due 2006 16 - 19 0
Daya Guna Sumudera 10.0% due 2007 1.5 - 5.5 0
Hyundai Semiconductor 8.625% due 2007 58 - 61 +4
Indah Kiat 11.875% due 2002 28.5 - 31.5 +1
Indah Kiat 10.0% due 2007 22.5 - 24.5 +2
Paiton Energy 9.34% due 2014 53 - 56 0
Tjiwi Kimia 10.0% due 2004 17 - 20 +2
Zhuahi Highway 11.5% due 2008 23 - 28 0
Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is
a specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson
at 1-212-247-5300. To view our research and find out about
private client accounts, contact Peter Fitzpatrick at
1-212-247-3800. Real-time pricing available at
http://www.debttraders.com/
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, Maria Cristina Pernites-Lao, Editors.
Copyright 2002. 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 ***