/raid1/www/Hosts/bankrupt/TCRAP_Public/020325.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, March 25, 2002, Vol. 5, No. 59
Headlines
A U S T R A L I A
AUSDOC GROUP: Ross Ceases to be Substantial Holder
HIH INSURANCE: Provides Commission's Hearing Schedule
MAXIS CORPORATION: Discloses Deloitte Touche's Review Report
PASMINCO LIMITED: Aquila Successful in Discovery Application
PASMINCO LIMITED: CBH Updates Broken Hill Project
REINSURANCE AUSTRALIA: Posts Independent Auditors' Report
WAIVCOM WORLDWIDE: Releases Half-Yearly Report
WEALTHY & WISE: Releases Case Profile
C H I N A & H O N G K O N G
ASIA RESOURCES: Composite Offer Document Dispatched
FRANKWILL LIMITED: Winding Up Petition Set for Hearing
GRAND GOLD: Hearing of Winding Up Petition Set
HINET HOLDINGS: Requests Trading Suspension
HUA NAN-TELIGENT: Winding Up Petition Hearing Set
HUTCH HARBOUR: Widens 2001 Operations Loss to HK$277,240
IFTA PACIFIC: Resolutions Passed at Shareholders Meeting
ORIENTAL PLASTIC: Faces Winding Up Petition
SMARTONE TELECOM: Will Not Rush Into 3G Operation
SMARTLANE LIMITED: Petition to Wind Up Pending
I N D O N E S I A
BANK NIAGA: 20 Strategic Investors Show Interest
SINAR MAS: IBRA Asks for More Assets
J A P A N
HOKKAIDO INTERNATIONAL: Airline's Future Still Unsettled
FUJITSU LTD: Shares Up 2.3% on Tie-Up News With Toshiba
HITACHI LTD: Forming HHTA From Combination of Subsidiaries
MITSUBISHI MATERIALS: Triples Loss Forecast to Y63BB
MYCAL CORP: DBJ to Reconstruct Affiliate
SNOW BRAND: Moody's Downgrades Sr. Unsecured Ratings to Caa1
K O R E A
DAEWOO MOTOR: GM Talks in Final Stage, Says Commerce Minister
HYUNDAI ENG'G: Gets 'Unqualified' Auditor View on FY01 Books
M A L A Y S I A
AUSTRAL AMALGAMATED: SAs Currently in Talks With White Knight
BESCORP INDUSTRIES: MITI OKs Proposed Workout Scheme
KIARA EMAS: Seeks More Time to Negotiate With Bank Creditors
LAND & GENERAL: Post Disposal's Earnings, Net Asset Effects
MBF HOLDINGS: Unit's Proposed Sale Withdrawn
MYCOM BERHAD: SC Grants Shares Acquisition Exemption Request
RENONG BERHAD: PUTRA Faces Winding Up Petitions Filed by CIMB
S P SETIA: SPSB Enters RM130M Syndicated Term Loan Facility
TECHNOLOGY RESOURCES: Gets FIC's Nod on Proposals
TECHNOLOGY RESOURCES: SC Grants Bonds Issuance Revision
P H I L I P P I N E S
PHILIPPINE LONG: Enters Loan Agreement With JBIC
PHILIPPINE LONG: Appoints Underwriter For Bond Offers
NATIONAL BANK: Elects Francisco Dizon As New Chairman
S I N G A P O R E
CAPITALAND LIMITED: Proposes Issuing Convertible Bonds
MEDIARING.COM: Posts Notice of Shareholder's Interest
SPP LTD: Narrows FY01 Net Loss to 6.406M
T H A I L A N D
ITALIAN-THAI DEVELOPMENT: Clarifies Construction Reports
POWER-P PUBLIC: Narrows 2001 Loss to Bt76
SAHAVIRIYA CITY: Files Petition for Business Reorganization
SCANDINAVIAN LEASING: Requests Debt Rescheduling
TUNTEX THAILAND: Audit Committee Member Fai Choi Resigns
- - - - - - - -
=================
A U S T R A L I A
=================
AUSDOC GROUP: Ross Ceases to be Substantial Holder
--------------------------------------------------
Joseph David Ross ceased to be a substantial shareholder in
Ausdoc Group Limited on 14 March 2002.
TCR-AP reported last month that Ausdoc invited a limited number
of parties to undertake due diligence in relation to the
Company's sale process. On 19 December 2001 the Company
announced its intention to seek expressions of interest for the
Company wholly, or for individual business units.
Wrights Investors Service reports that at the end of 2001,
Ausdoc Group Limited had negative working capital, as current
liabilities were A$77.50 million while total current assets were
only A$75.46 million. The Company paid no dividends during
the last 12 months. It also reported losses during the
previous 12 months.
HIH INSURANCE: Provides Commission's Hearing Schedule
-----------------------------------------------------
The HIH Royal Commission will resume its sittings on Tuesday
April 2. During the remaining weeks in April and May the
Commission will sit from each Monday to Friday.
Hours of Sitting
The sitting times will be 9:30AM to 11AM, 11:15AM to 12:45PM and
2:15PM to 4:30PM
Commission Location
Level 8, 'The Landmark' 345 George Street, Sydney
MAXIS CORPORATION: Discloses Deloitte Touche's Review Report
------------------------------------------------------------
Maxis Corporation Limited disclosed H McHutchison of Deloitte
Touche Tohmatsu independent review report, in relation to the
Company's half yearly financial report, as set at
http://www.bankrupt.com/misc/TCRAP_Maxis0322.doc,to the
shareholders:
INDEPENDENT REVIEW REPORT
We have reviewed the financial report of Maxis Corporation
Ltd in the form of Appendix 4B of the Australian Stock Exchange
(ASX) Listing Rules, including the directors' declaration, for
the half-year ended 31 December 2001, but excluding the
following sections:
a) material factors affecting the revenues and expenses of the
consolidated entity for the current period; and
b) compliance statement.
The financial report includes the consolidated financial
statements of the consolidated entity comprising the disclosing
entity and the entities it controlled at the end of the half-
year or from time to time during the half-year. The disclosing
entity's directors are responsible for the financial report. We
have performed an independent review of the financial report in
order to state whether, on the basis of the procedures
described, anything has come to our attention that would
indicate that the financial report is not presented fairly in
accordance with Accounting Standard AASB 1029 "Interim Financial
Reporting" issued in Australia and other mandatory professional
reporting requirements, statutory requirements and Australia
Stock Exchange Listing Rules as they relate to Appendix 4B, so
as to present a view which is consistent with our understanding
of the consolidated entity's financial position, and performance
as represented by the results of its operations and its cash
flows, and in order for the disclosing entity to meet its
obligations to lodge the financial report with the Australian
Securities and Investments Commission and the ASX.
Our review has been conducted in accordance with Australian
Auditing Standards applicable to review engagements. A review is
limited primarily to inquiries of the entity's personnel and
analytical procedures applied to the financial data. These
procedures do not provide all the evidence that would be
required in an audit, thus the level of assurance provided is
less than given in an audit. We have not performed an audit and,
accordingly, we do not express an audit opinion.
QUALIFICATIONS
The Consolidated Statement of Financial Position includes
$1,631,000 of goodwill and $786,000 of property plant and
equipment in respect of NDT Pty Limited's Managed Networks
business. The continuation of this business is dependant upon
the renewal of a significant contract (the DoCS contract) which
expires on 15 December 2002. Due to the uncertainty regarding
the renewal of this contract we have been unable to obtain
sufficient appropriate evidence as to the recoverability of
these assets.
The Consolidated Statement of Financial Position includes
$1,550,000 in respect of assets held for use by ARBT Pty Limited
in its satellite communications business. $750,000 is disclosed
as property plant and equipment and $800,000 as inventory in the
Consolidated Statement of Financial Position. Due to the early
stage of this company's development we have been unable to
obtain sufficient appropriate evidence as to the recoverability
of these assets.
Included in receivables of $1,153,000 in the Consolidated
Statement of Financial Position is an amount of $367,000 in
respect of a disputed debt. Prior to 1 July 2001 this debt was
written down from $3,246,000 to $367,000, being the amount of a
written offer for full and final settlement made by the debtor
in November 2000, which was not accepted by the consolidated
entity. Due to the protracted negotiations surrounding the
recovery of this debt we have been unable to obtain sufficient
appropriate evidence as to the amount recoverable from the
debtor.
QUALIFIED STATEMENT
Based on our review, which is not an audit, except for the
effect on the financial report of the matters referred to in the
qualification paragraphs, we have not become aware of any matter
that makes us believe that the half-year financial report of
Maxis Corporation Ltd is not in accordance with:
(a) the Corporations Act 2001, including:
(i) giving a true and fair view of the consolidated entity's
financial position as at 31 December 2001 and of its performance
for the half-year ended on that date; and
(ii) complying with Accounting Standard AASB 1029 "Interim
Financial Reporting" and the Corporations Regulations 2001; and
(b) other mandatory professional reporting requirements and ASX
Listing Rules as they relate to Appendix 4B.
EMPHASIS OF MATTER - GOING CONCERN
Without further qualification to the statement expressed above,
attention is drawn to the following matter. As a result of the
matters described in Note 2 'Going Concern', there is
significant uncertainty whether Maxis Corporation Ltd and the
consolidated entity will be able to continue as going concerns
and therefore whether they will realize their assets and
extinguish their liabilities in the normal course of business
and at the amounts stated in the financial report.
PASMINCO LIMITED: Aquila Successful in Discovery Application
------------------------------------------------------------
Aquila Resources Limited (Aquila) welcomed the Supreme Court
of Western Australia's decision to grant it access to documents
from both MIM Holdings Limited and Pasminco, Limited in relation
to the circumstances surrounding and leading to the extension of
the pre-emption period with respect to the sale of Pasminco's
49% interest in the Ernest Henry Mine.
In its Friday ruling, the Court ordered that MIM and Pasminco
provide verified discovery of any and all documents covering the
period 23 February 2001 to 31 March 2001 relating to an
extension, or proposed extension, of the period for MIM to
exercise its rights of pre-emption in respect to Pasminco's
interest in the Ernest Henry Mine.
For reasons outlined in its submissions to the Court, Aquila has
always maintained that it may have a claim against MIM and
Pasminco in relation to the circumstances by which Aquila's
consent to an extension of the pre-emption period was procured.
PASMINCO LIMITED: CBH Updates Broken Hill Project
-------------------------------------------------
Following the announcement on 8th March 2002 that Perilya
Limited was the successful bidder for the Pasminco Broken Hill
assets, Consolidated Broken Hill Ltd (CHB) is proceeding with
its plans for the development of mining operations on the
Company's 100% owned mining title, CML7, at Broken Hill.
The Company's development plan for the resources within the
Western Liberalization, a large unmined lode horizon that
parallels the main ore body will now be accelerated. Based on an
initial underground resource of 2.53 million tonnes averaging 6%
Zinc, 4.2% Lead, and 47 g/t Silver, and decline access from the
bottom of the Kintore open pit, a mine output of 500,000 tonnes
per year is planned, to give an estimated annual metal output of
50,000 tonnes of zinc concentrate, 25,000 tonnes of lead
concentrate containing 500,000 ounces of silver. Once decline
access is gained, significant additional ore is expected to be
established by infill drilling, and a feasibility study
completed for the final stage of mine development.
Concurrently with the development of the Western Liberalization,
high grade shallow liberalization within 200 meters of the
surface at both the northern and southern ends of the lease will
be evaluated for early production with an expected low capital
cost.
The Company formed a strong relationship with Clough Engineering
Limited and Toho Zinc Co Ltd as a result of the bid process for
Pasminco's Broken Hill assets. Toho Zinc has shown a strong
interest in purchasing all of the concentrates produced from
CML7 and assisting in the financing of the development. The
Heads of Agreement with Clough Engineering currently CBH's
largest shareholder has a provision for contract mining in CML7
and Clough has shown support for the early development of the
Western Liberalization.
With the change in the Pasminco operation ownership, the Company
will try to integrate developments at Broken Hill to achieve
maximum value for the lodes within CML7.
REINSURANCE AUSTRALIA: Posts Independent Auditors' Report
---------------------------------------------------------
Reinsurance Australia Corporation Limited (RAC) posted the
report from its Independent Auditors to the shareholders:
INDEPENDENT AUDITORS' REPORT
SCOPE
We have audited the financial report of Reinsurance Australia
Corporation Limited for the year ended 31 December 2001,
consisting of the statements of financial performance,
statements of financial position, statements of cash flows,
accompanying notes 1 to 30 and the directors' declaration. The
financial report includes the consolidated financial statements
of the consolidated entity, comprising the Company and the
entities it controlled at the year's end or from time to time
during the financial year. The Company's directors are
responsible for the financial report. We have conducted
an independent audit of this financial report in order to
express an opinion on it to the members of the Company.
Our audit has been conducted in accordance with Australian
Auditing Standards to provide reasonable assurance as to whether
the financial report is free of material misstatement. Our
procedures included examination, on a test basis, of evidence
supporting the amounts and other disclosures in the financial
report, and the evaluation of accounting policies and
significant accounting estimates. These procedures have been
undertaken to form an opinion whether, in all material respects,
the financial report is presented fairly in accordance with
applicable Accounting Standards and other mandatory professional
reporting requirements in Australia and statutory requirements
so as to present a view which is consistent with our
understanding of the Company's and the consolidated entity's
financial position, and performance as represented by the
results of their operations and their cash flows.
The audit opinion expressed in this report has been formed on
the above basis.
AUDIT OPINION
In our opinion, the Financial report of Reinsurance Australia
Corporation Limited is in accordance with:
(a) the Corporations Act 2001, including:
(i) giving a true and fair view of the Company's mid
consolidated entity's financial position as at 31 December 2001
and of their performance for the year ended an that date; and
(ii) complying with Accounting Standards and the Corporations
Regulations; and
(b) other mandatory professional reporting requirements.
INHERENT UNCERTAINTIES REGARDING OUTSTANDING CLAIMS PROVISIONS
Without qualification to the opinion expressed above, there are
inherent uncertainties as to the amounts provided for
outstanding claims and related reinsurance recoveries.
The Company and the Consolidated Entity's ultimate outstanding
claims liability and related reinsurance recoveries may vary as
a result of subsequent information and events and may result in
material adjustments to the amounts provided.
Having regard to the net asset position of the Company and the
Consolidated Entity, should adjustments to liabilities and
assets arising from these inherent uncertainties be materially
adverse, the Company and Consolidated Entity may not be able to
settle their liabilities and realize their assets at the amounts
stated in the financial report prepared on a managed run off
basis.
Go to http://www.bankrupt.com/misc/TCRAP_Reinsurance0322.docto
see Company's preliminary final report.
WAIVCOM WORLDWIDE: Releases Half-Yearly Report
----------------------------------------------
Waivcom Worldwide Limited posted its half-yearly report, as
follows:
HALF-YEARLY REPORT
Name of entity
Waivcom Worldwide Limited
ACN, ARBN, ABN or ARSN Half Preliminary Half Year ended
yearly final ('current period')
(tick) (tick)
006 031 161 X 31/12/2000
EQUITY ACCOUNTED RESULTS FOR ANNOUNCEMENT TO THE MARKET
AUD000
Sales (or equivalent operating)
revenue (item 1.1) up/down 50% to 6,016
Abnormal items after tax
attributable to members (item 2.5) gain/loss of (11,894)
Operating profit (loss) after tax
(before amortization of goodwill)
attributable to members (item 1.26) down 1,310% to (4,513)
Operating profit (loss) after tax
attributable to members (item 1.10) down 6,956% to (15,595)
Extraordinary items after tax
attributable to members (item 1.13) gain/loss of -
Operating profit (loss) and
extraordinary items after tax
attributable to members (item 1.16) down 6,956% to (15,595)
Dividends (distributions) Amount per Franked amount
security per security
at 36% tax
Final dividend(Preliminary final
report only - item 15.4);
Interim Dividend(Half yearly report
only - item 15.6) - c - c
Previous corresponding period
(Preliminary final report - item 15.5;
half yearly report - item 15.7) - c - c
Record date for determining entitlements to the dividend,
(in the case of a trust, distribution) (see item 15.2) -
Brief explanation of omission of directional and percentage
changes to profit in accordance with Note 1 and short details of
any bonus or cash issue or other item(s) of importance not
previously released to the market: -
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(Equity Accounted)
CURRENT PREVIOUS
PERIOD CORRESPONDING
PERIOD
AUD000 AUD000
1.1 Sales (or equivalent operating) revenue 6,016 4,018
1.2 Share of associates "net profit(loss)
attributable to members"
(equal to item 16.7) - -
1.3 Other revenue 12 18
1.4 Operating profit (loss) before
abnormal items and tax (3,701) 99
1.5 Abnormal items before tax
(detail in item 2.4) (11,894) (320)
1.6 Operating profit (loss) before tax
(items 1.4 + 1.5) (15,595) (221)
1.7 Less tax - -
1.8 Operating profit (loss) after tax
but before outside equity interests (15,595) (221)
1.9 Less outside equity interests - -
1.10 Operating profit (loss) after tax
attributable to members (15,955) (221)
1.11 Extraordinary items after tax
(detail in item 2.6) - -
1.12 Less outside equity interests - -
1.13 Extraordinary items after tax
attributable to members - -
1.14 Total operating profit (loss) and
extraordinary items after tax
(items 1.8 + 1.11) (15,595) (221)
1.15 Operating profit (loss) and
extraordinary items after tax
attributable to outside equity
interests (items 1.9 + 1.12) - -
1.16 Operating profit (loss) and
extraordinary items after tax
attributable to members
(items 1.10 + 1.13) (15,595) (221)
1.17 Retained profits (accumulated losses)
at beginning of financial period (6,974) (5,505)
1.18 If change in accounting policy as set
out in clause 11 of AASB 1018 Profit
and Loss Accounts, adjustments as
required by that clause (include brief
description) - -
1.19 Aggregate of amounts transferred
from reserves - -
1.20 Total available for appropriation (22,569) (5,726)
1.21 Dividends provided for or paid - -
1.22 Aggregate of amounts transferred
to reserves - -
1.23 Retained profits (accumulated losses)
at end of financial period (22,569) (5,726)
PROFIT RESTATED TO EXCLUDE Current Previous
AMORTISATION OF GOODWILL Period Corresponding
Period
AUD000 AUD000
1.24 Operating profit(loss) after tax
before outside equity interests
(items 1.8) and amortization of
goodwill (4,513) (131)
1.25 Less (plus) outside equity interests - -
1.26 Operating profit(loss) after tax
(before amortization of goodwill)
attributable to members (4,513) (131)
INTANGIBLE, ABNORMAL AND EXTRAORDINARY ITEMS
Consolidated - current period
Before Related Related Amount
tax tax outside (after
equity tax)
interests attributable
to members
AUD000 AUD000 AUD000 AUD000
2.1 Amortization of
goodwill - - - -
2.2 Amortization of
other intangibles 11,082 - - 11,082
2.3 Total amortization
of intangibles 11,082 - - 11,082
2.4 Abnormal items - - - -
Write off website development
costs and interenet & E commerce
costs
2.5 Total abnormal items 11,082 - - 11,082
2.6 Extraordinary items - - - -
2.7 Total extraordinary
items - - - -
COMPARISON OF HALF YEAR PROFITS Current Previous
(Preliminary final statement only) year year
AUD000 AUD000
3.1 Consolidated operating profit
(loss) after tax attributable
to members reported for the 1st
half year (item 1.10 in the
half yearly report) (15,595) (221)
3.2 Consolidated operating profit
(loss) after tax attributable
to members for the 2nd half year N/A N/A
CONSOLIDATED BALANCE SHEET
(See note 5)
At end of As in last As in last
current annual half yearly
period report report
AUD000 AUD000 AUD000
CURRENT ASSETS
4.1 Cash 312 2,429 1,373
4.2 Receivables 2,131 2,291 2,849
4.3 Investments - - 111
4.4 Inventories - 131 86
4.5 Other (provide details
if material) - 1,080 -
4.6 Total current assets 2,443 5,931 4,418
NON-CURRENT ASSETS
4.7 Receivables - - -
4.8 Investments in associates - - -
4.9 Other investments - - 110
4.10 Inventories - - -
4.11 Exploration and
evaluation expenditure
capitalized - - -
4.12 Development properties
(mining entities) - - -
4.13 Other property, plant and
equipment (net) 853 497 497
4.14 Intangibles (net) - 4,626 3,525
4.15 Other (provide details
if material) - - -
4.16 Total non-current assets 853 5,123 4,132
4.17 Total assets 3,296 11,054 8,550
CURRENT LIABILITIES
4.18 Accounts payable 3,534 788 2,638
4.19 Borrowings 4,361 2,231 500
4.20 Provisions 207 141 151
4.21 Other (provide details
if material) - - -
4.22 Total current liabilities 8,102 3,160 3,289
NON-CURRENT LIABILITIES
4.23 Accounts payable - - -
4.24 Borrowings - 214 295
4.25 Provisions 18 19 10
4.26 Other (provide details
if material) - - -
4.27 Total non-current
liabilities 18 233 305
4.28 Total liabilities 8,120 3,393 3,594
4.29 Net assets (4,824) 7,661 4,956
EQUITY
4.30 Capital 17,745 14,545 10,682
4.31 Reserves - - -
4.32 Retained profits
(accumulated losses) (22,569) (6,884) (5,726)
4.33 Equity attributable to
members of the parent
entity (4,824) 7,661 4,956
4.34 Outside equity interests
in controlled entities - - -
4.35 Total equity (4,824) 7,661 4,956
4.36 Preference capital included
as part of 4.33 - - -
EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if
amounts are material. Include all expenditure incurred
regardless of whether written off directly against profit.
Current Previous
period corresponding
period
AUD000 AUD000
5.1 Opening balance - -
5.2 Expenditure incurred
during current period - -
5.3 Expenditure written off
during current period - -
5.4 Acquisitions, disposals,
revaluation increments, etc. - -
5.5 Expenditure transferred to
Development Properties - -
5.6 Closing balance as shown in
the consolidated balance sheet
(item 4.11) - -
DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if
amounts are material)
Current Previous
period corresponding
period
AUD000 AUD000
6.1 Opening balance - -
6.2 Expenditure incurred
during current period - -
6.3 Expenditure transferred from
exploration and evaluation - -
6.4 Expenditure written off
during current period - -
6.5 Acquisitions, disposals,
revaluation increments, etc. - -
6.6 Expenditure transferred to
mine properties - -
6.7 Closing balance as shown in
the consolidated balance sheet
(item 4.12) - -
CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
Current Previous
period corresponding
period
AUD000 AUD000
CASH FLOWS RELATED TO OPERATING ACTIVITIES
7.1 Receipts from customers 6,435 3,003
7.2 Payments to suppliers and
employees (7,858) (3,277)
7.3 Dividends received from associates - -
7.4 Other dividends received - -
7.5 Interest and other items
of similar nature received 12 1
7.6 Interest and other costs
of finance paid (204) (85)
7.7 Income taxes paid - -
7.8 Other (provide details if
material) - -
7.9 Net operating cash flows (1,615) (358)
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.10 Payment for purchases of
property, plant and equipment (570) (4)
7.11 Proceeds from sale of
property, plant and equipment - 16
7.12 Payment for purchases of
equity investments (4,717) (135)
7.13 Proceeds from sale of
equity investments - -
7.14 Loans to other entities (281) (252)
7.15 Loans repaid by other entities - -
7.16 Other (installment payments for business
acq'n) - (650)
7.17 Net investing cash flows (5,568) (1,025)
CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.18 Proceeds from issues of
securities (shares,
options, etc.) 3,200 3,003
7.19 Proceeds from borrowings 961 -
7.20 Repayment of borrowings - (59)
7.21 Dividends paid - -
7.22 Proceeds from Convertible Note Issue 1,000 -
7.23 Net financing cash flows 5,161 2,944
7.24 NET INCREASE (DECREASE) IN CASH HELD (2,022) 1,561
7.25 Cash at beginning of period
(see Reconciliation of cash) 2,334 (188)
7.26 Exchange rate adjustments
to item 7.25. - -
7.27 Cash at end of period
(see Reconciliation of cash) 312 1,373
NON-CASH FINANCING AND INVESTING ACTIVITIES
Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows are as follows. If an amount is
quantified, show comparative amount.
Assets acquired under finance agreements $, (2001,$19K)
RECONCILIATION OF CASH
Reconciliation of cash at the end of Current Previous
the period (as shown in the consolidated period corresponding
statement of cash flows) to the related period
items in the accounts is as follows. AUD000 AUD000
8.1 Cash on hand and at bank 312 1,373
8.2 Deposits at call - -
8.3 Bank overdraft - -
8.4 Other (provide details) - -
8.5 Total cash at end of
period (item 7.26) 312 1,373
RATIOS Current Previous
period corresponding
period
PROFIT BEFORE ABNORMALS AND TAX/SALES
9.1 Consolidated operating profit (loss)
before abnormal items and tax (item
1.4) as a percentage of sales revenue
(item 1.1) (61.5) % N/A %
PROFIT AFTER TAX / EQUITY INTERESTS
9.2 Consolidated operating profit (loss)
after tax attributable to members
(item 1.10) as a percentage of equity
(similarly attributable) at the end of
the period (item 4.33) (323) % (4.5) %
EARNINGS PER SECURITY (EPS)
10.1 Calculation of basic, the following
in accordance with
"AASB 1027: Earnings per Share"
(a) Basic EPS (24.42) c - c
(b) Diluted EPS (if materially (23.12) c (0.01) c
different from (a))
(c) Weighted average number of
ordinary shares outstanding
during the period used in
the calculation of the
Basic EPS 67,447,816 30,513,986
WEALTHY & WISE: Releases Case Profile
-------------------------------------
A case profile was issued:
Territory : Australia
Company Name: Wealthy & Wise Master Plan
Lead Partner: Peter Hedge
Case Manager: Ian Douglas
Date of Appointment: 16 July 2001
Normal Contact : Ian Douglas
Contact Phone No : (02) 8266 2676
PwC Office
Location : Sydney
PO Box : GPO Box 2650
Street Address: Darling Park Tower 2, 201 Sussex Street
City : SYDNEY
State : NSW
Postcode : 1171
DX : DX 77 Sydney
Phone : (02) 8266 3955
Fax : (02) 8266 8915
Appointor : APRA
Registered Office of company: C/- PwC - Level 1 201 Sussex
Street
Company No / ACN: 095 333 743
Type of Appointment : Trustee
Second Partner - Full Name : Ian Douglas
Case Information (Last Updated 19/12/2001 11:12:27 AM)
Background Information
Oak Breeze Pty Ltd (Oak Breeze) was appointed acting trustee of
the Wealthy & Wise Master Plan (WWMP) on 16 July 2001 by the
Australian Prudential Regulation Authority (APRA) under section
134 of the Superannuation Industry (Supervision) Act 1993. Oak
Breeze replaces Commercial Nominees of Australia Limited (CNAL)
which has been removed as trustee of the WWMP by APRA.
Why was the former trustee replaced?
APRA is the government body responsible for the prudential
supervision of banks, life and general insurance companies and
superannuation funds. APRA has removed CNAL because it was
responsible for the poor management of the WWMP's investments.
The acting trustee is totally independent from the management of
the investments and will be acting purely in the interest of the
WWMP members. CNAL now has no role with the WWMP and control of
all assets rests with the acting trustee.
Who is the acting Trustee?
Oak Breeze is a company established specifically for the purpose
of independently reviewing the investments and records of the
Plan together with a number of other APRA appointments, and
acting in the interest of the members of the Plan and other
funds for which Oak Breeze is trustee. The two directors of the
acting trustee are: Peter Hedge, Partner,
PricewaterhouseCoopers, a chartered accountant and expert on
insolvency and business recovery; and Peter Williamson,
Director, PricewaterhouseCoopers, an actuary and superannuation
expert.
Current status of assignment and actions required by creditors
Current status of the WWMP
Oak Breeze is in the process of completing the annual review and
audit for the WWMP for the year ended 30 June 2001. This
includes reconciling plan assets to member records, producing
financial statements, issuing member statements and the annual
report.
The acting trustee estimates the annual review for the year
ended 30 June 2001 will be finalized by the end of January 2002.
Accordingly, we anticipate members should receive their annual
statement and annual report after this date.
Update of Member Address Details
Ms Suzi Moore
Oak Breeze Pty Limited
C/- PricewaterhouseCoopers
GPO Box 2650
Sydney NSW 1171
Facsimile: (02) 8266 8915
Next milestone and estimated timetable
What is the future for the WWMP?
The acting trustee has undertaken an extensive review of the
existing superannuation arrangement of the WWMP. Based on these
investigations, Oak Breeze has decided to close the WWMP
effective 31 January 2002 and transfer the member benefits to a
new superannuation fund.
Oak Breeze has employed PricewaterhouseCoopers to facilitate the
tender process to select the new superannuation fund. Members
will be advised of the planned new arrangement when the details
are finalized.
What does this mean for me?
The WWMP will be wound up and your existing account balance in
the WWMP will be transferred to a new superannuation fund as
determined by the acting trustees' tender process. Your transfer
benefit (i.e. your opening balance in the new superannuation
fund) will be equivalent to your withdrawal benefit upon leaving
the WWMP as at 31 January 2002.
What will happen to my contributions and rollovers?
All contributions and rollovers into the WWMP will cease
effective 31 January 2002. This means all superannuation
contributions, including the superannuation guarantee, employer,
post tax member and salary sacrifice contributions plus any
rollovers from other superannuation funds will not be accepted
into the WWMP after this date. Any contributions or rollovers
received by the WWMP after this date will be returned to the
payee.
If you are an employer sponsored member, your employer will let
you know where your future contributions will be paid. We have
contacted your employer separately advising them of the changes
to the WWMP.
If you are a member of the personal superannuation division, you
will need to seek an alternative superannuation arrangement in
order to meet any ongoing compulsory superannuation commitments.
Oak Breeze is unable to offer members advice as to which
superannuation arrangement is best suited for you. We suggest
you contact your financial advisor or accountant to discuss an
alternative superannuation arrangement which best meets your
needs.
Can I make a withdrawal from WWMP?
All benefit payments, including pension payments will be
suspended from 31 January 2002 until the WWMP wind up is
completed.
If you are a member of the employer sponsored division or the
personal division, you will not be able to access your
superannuation benefit until the WWMP has transferred to the new
service provider.
If you are a member of the allocated pension division you will
need to advise the acting trustee of your new pension
arrangement.
Can I nominate my own superannuation fund?
No, you cannot nominate a superannuation fund. All benefits will
be transferred to the new service provider as nominated by the
acting trustee. If you wish to transfer your account balance out
of the new superannuation fund, you will need to contact the new
service provider directly.
What do I need to do now?
You do not need to do anything with regard to your existing
account balance as it will be transferred to the new
superannuation fund automatically. We will let you know when the
transfer has taken place, the amount and to which superannuation
fund it has been transferred.
If you are a member of the employer sponsored division, contact
your employer to discuss your future superannuation arrangement.
If you are a member of the personal division you may wish to
seek an alternative superannuation arrangement in order for you
to meet any compulsory superannuation commitment.
If you are a member of the pension division, you will need to
seek an alternative superannuation fund arrangement which allows
for the payment of allocated pension. (www.pwcrcovery.com)
================================
C H I N A & H O N G K O N G
================================
ASIA RESOURCES: Composite Offer Document Dispatched
---------------------------------------------------
The composite offer document of Asia Resources Transportation
Holdings Limited (the Company), the accompanying forms of
acceptance and transfer and of acceptance and renunciation (the
"Composite Offer Document") were dispatched to the Independent
Shareholders and the holders of the Options on 20th March, 2002.
The Composite Offer Document contains, inter alia, terms and
other details of the Offers, information on Unichina and the
Company, a letter from the Independent Board Committee to the
Independent Shareholders and the holders of the Options and a
letter of advice from Kim Eng to the Independent Board
Committee.
The Offers open on Wednesday, 20th March, 2002. The closing for
acceptance of the Offers will be at 4:00 p.m. on Wednesday, 10th
April, 2002.
TCR-AP reported last month that Asia Resources, formerly known
as Wing Lee International Holdings Limited, has appointed Kim
Eng Capital (Hong Kong) Limited as the independent financial
adviser since the Company and Core Pacific-Yamaichi Capital
Limited (CPY) could not reach an agreement on the terms of
engagement of CPY regarding the Subscription and the Offers.
FRANKWILL LIMITED: Winding Up Petition Set for Hearing
------------------------------------------------------
The petition to wind up Frankwill Limited will be heard before
the High Court of Hong Kong on May 15, 2002 at 9:30 am. The
petition was filed with the court on January 30, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.
GRAND GOLD: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Grand Gold Group Limited is scheduled to
be heard before the High Court of Hong Kong on May 15, 2002 at
9:30 am. The petition was filed with the court on January 30,
2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.
HINET HOLDINGS: Requests Trading Suspension
-------------------------------------------
The Board of Directors of HiNet Holdings Limited (the Company)
announced that Mr. Liew Swee Yean has been appointed as an
Executive Director of the Company with effect from 19 March
2002.
HiNet Holdings also requested trading in its securities to be
suspended with effect from 10:00 a.m. Thursday (21/March 3/2002)
pending issue of an announcement regarding a proposed open
offer.
HUA NAN-TELIGENT: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Hua Nan-Teligent Company Limited is set
for hearing before the High Court of Hong Kong on April 10, 2002
at 9:30 am. The petition was filed with the court on January
14, 2002 by Champion Quality Limited whose registered office is
situated at 39th Floor, Far East Finance Centre, 16 Harcourt
Road, Hong Kong.
HUTCH HARBOUR: Widens 2001 Operations Loss to HK$277,240
--------------------------------------------------------
Hutchison Harbour Ring Limited announced on 19/3/2002:
(stock code: 715)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 70,398 330,645
Profit/(Loss) from Operations : (277,240) (23,239)
Finance cost : (100) (322)
Share of Profit/(Loss) of Associates : (14,691) (7,207)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 680,602
(1,037,160)
% Change over Last Period : N/A
EPS/(LPS)-Basic : 12.16 cents (24.42
cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 680,602 (1,037,160)
Final Dividend per Share : 1.5 cents NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : 17/5/2002 to 24/5/2002
bdi.
Payable Date : 25/5/2002
B/C Dates for Annual General Meeting : 17/5/2002 to 24/5/2002
bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
(1) Basis of consolidation
The consolidated accounts as of 31 December 2001 include the
accounts of the Company and its subsidiaries made up to 31
December 2001.
Pursuant to a Management Services Agreement dated 28 April 2000
(MSA), the Company's control over the assets and operations of
the subsidiaries holding the businesses of manufacturing and
trading of toys and accessories and property development (toys
and property subsidiaries) was significantly restricted.
Consequently, the Company ceased consolidating the toys and
property subsidiaries from 4 May 2000, the date on which the
restrictions came into force. In the consolidated accounts as
of 31 December 2000, the results of the toys and property
subsidiaries were consolidated up to 3 May 2000. The results of
these subsidiaries for the period from 4 May 2000 to 31 December
2000 and the net assets at 31 December 2000 were excluded from
consolidation.
In the consolidated accounts as of 31 December 2001, the results
of the toys and property subsidiaries for the period from 1
January 2001 to 31 December 2001 were excluded from
consolidation until the Company resumed control over the assets
and operations of these subsidiaries with effect from 31
December 2001, being the date of cancellation of the MSA. The
Group's consolidated accounts as of 31 December 2001 include the
results and the net assets of these subsidiaries with effect
from 31 December 2001.
(2) Write-back of provision against/(provision against) the
toys and property subsidiaries
In the preparation of the Group accounts for the year
ended 31 December 2000, the Company had determined to hold the
toys and property subsidiaries for disposal. In view of this
determination and the significant restrictions on the Company's
control over these subsidiaries, a provision of HK$1,018,148,000
was made by the Group against the share of the net assets of the
toys and property subsidiaries to reflect the fair value of the
Group's interests in these subsidiaries as at 31 December
2000.
In the preparation of the Group accounts for the year ended 31
December 2001, the accounts of the toys and property
subsidiaries were consolidated with effect from 31 December
2001, the date the Company resumed control over these
subsidiaries pursuant to the cancellation of the MSA and the
Put Option Deed. The toys and property subsidiaries have now
been consolidated and the provision previously made is no longer
required. In addition, the results of these subsidiaries are
included as part of the write-back. The total write-back of the
provision amounted to HK$967,620,000.
(3) Basic earnings/(loss) per share
The calculation of basic earnings/(loss) per share is
based on the profit/(loss) attributable to shareholders of
HK$680,602,000 (2000: loss of HK$1,037,160,000) and the weighted
average number of 5,595,125,000 ordinary shares (2000:
4,246,536,000) in issue during the year.
No diluted earnings/(loss) per share for 2001 and 2000
have been presented as the exercise of the Company's outstanding
warrants would be anti-dilutive.
IFTA PACIFIC: Resolutions Passed at Shareholders Meeting
--------------------------------------------------------
The Board of IFTA Pacific Holdings Limited announced that at the
Shareholders General Meeting (SGM) held Wednesday, 20 March
2002, the Shareholders passed resolutions in respect to the Name
Change, the adoption of the 2002 Share Option Scheme and the
termination of the 1993 Share Option Scheme.
The Name Change will take effect from the date when the new
English Company name, "Shang Hua Holdings Limited", is
registered with the Registrar of Companies in Bermuda and a
further announcement will be made by the Company in respect
thereof. The Company will carry out the necessary filing
procedures with the Registrar of Companies in Bermuda and the
Companies Registry of Hong Kong.
The Name Change will not affect any of the rights of the
existing Shareholders. The existing Share certificates bearing
the current name of the Company will continue to be evidence of
title to the Shares under the new name upon the Name Change
being effective and will be valid for trading, settlement and
registration purpose. All existing certificates representing the
Shares in issue will after the date when the Name Change becomes
effective continue and be deemed to be certificates in respect
of the same number of Shares in the new name of the Company.
Upon the Name Change becomes effective, any issue of share
certificates thereafter will be in the new name and the Shares
will be traded on the Stock Exchange in the new name.
Shareholders may for a period of one month from the date when
the Name Change becomes effective submit existing certificates
for the Shares to the Registrars for exchange, at the expense of
the Company, for new certificates in the new name of the
Company. After the expiry of such one month period, Share
certificates will be accepted for exchange only on payment of a
fee of HK$2.50 or such higher amount as may be prescribed or
allowed under the Listing Rules and the bye-laws of the Company
from time to time for each such certificate issued.
The Company has widened its operations net loss to HK$4,649,000
in the year 2001 from HK$3,643,000 the previous year. In the
year 2001, loss after Tax & MI was HK$4,658,000 while
HK$3,717,000 in 2002. Loss after ETD Items increased to
HK$4,658,000 from HK$3,717,000 in the preceding year. Interim
dividend was canceled.
ORIENTAL PLASTIC: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Oriental Plastic Printing Company
Limited is set for hearing before the High Court of Hong Kong on
April 24, 2002 at 9:30 am. The petition was filed with the
court on January 24, 2002 by Cheung Kwok Wah of Room B, 16th
Floor, Tower 2, Phase One, Tai Hing Garden, Tuen Mun, New
Territories, Hong Kong.
SMARTONE TELECOM: Will Not Rush Into 3G Operation
-------------------------------------------------
SmarTone plans to trial a pilot third-generation (3G) mobile
phone network in August this year, but the Hong Kong cellular
operator says it will not launch the 3G service until there is a
possibility of good returns, the Washington Post reported.
The statement came as Smartone reported a group loss of HK$39
million for the six-month period to December 31, 2001.
SmarTone won a 3G license from the Hong Kong government last
year. It has contracted Ericsson to provide a 3G network based
on wideband code division multiple access technology.
The network operator's shareholders include Hong Kong's Sun Hung
Kai Properties and British Telecommunications.
SMARTLANE LIMITED: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Smartlane Limited is scheduled for
hearing before the High Court of Hong Kong on May 15, 2002 at
9:30 am. The petition was filed with the court on February 1,
2002 by Pok Yan of Room 2012, On Ching House, Cheung On Estate,
Tsing Yi, New Territories, Hong Kong.
=================
I N D O N E S I A
=================
BANK NIAGA: 20 Strategic Investors Show Interest
------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) in mid-February
2002 announced the plan for sales of 51 percent of IBRA's shares
in Bank Niaga. The teaser letter and confidentiality agreement
have been sent to some 90 prospective strategic investors both
local and foreign who are considered to be capable and of
interest in the shares divestment of Bank Niaga.
IBRA has received positive response in form of letter of
interest in the divestment of IBRA shares in Bank Niaga from
various prospective investors both local and foreign. Until 21
March 2002, IBRA has received letter of interest from 20
prospective strategic investors consisting of 12 local investors
and 8 foreign investors. The prospective strategic investors
consist of 17 companies operational as banks or financial
institutions and 3 of non-financial institutions.
Subsequently, information memorandum and Procedure Letter Phase
One will be sent to prospective strategic investors who have
submitted letter of interest and signed the Confidentiality
Agreement.
The prospective investors are expected to have sent preliminary
non-binding bid to IBRA not later than the second week of April
2002. Based on the incoming preliminary non-binding bid, IBRA
with assistance of consultants will select the prospective
investors for proceeding into the next step (bidders short
listing).
The Next Activity Plan in Bank Niaga Shares Divestment Process
Activity Completion Target
Info Memo Distribution Week IV March
Preliminary Bid Collection Week II April
Selection for Short-listed Bidders Week III April
Short listed bidders prepare documents for Week III April -
Fit & Proper Test II June
Due Diligence by prospective Investors Week III April -
III May
Submission of Final Bids and commencement of
Fit & Proper Test by the central bank (BI) Week IV May
Winner nomination Week I - II June
Signing of Sales & Purchase Agreement End of June
In February last year, TCR-AP reported that the sale of PT Bank
Niaga was postponed because of a delay in its bailout program.
IBRA delayed a $400 million loan due in December under a three-
year, US$5 billion bailout program. On April last year, TCR-AP
reported that Bank Niaga could not proceed yet with its sell-off
proceedings pending the decision and the time schedule from the
IBRA.
SINAR MAS: IBRA Asks for More Assets
-------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) seeks additional
assets from the Sinar Mas Group because the value of assets the
group pledged last year is still less than the required amount,
the Jakarta Post reports, citing IBRA Chairman I Putu Gede Ary
Suta.
"There is a difference (in terms of value) between the
disclosure of assets and the auditor's report appraisal.
According to the regulations they have to surrender additional
assets," Chairman Ary Suta said, however, he declined to explain
what assets Sinar Mas must surrender.
The plan to seek additional assets from Sinar Mas may cause
jitters among the group's foreign creditors and bondholders.
=========
J A P A N
=========
HOKKAIDO INTERNATIONAL: Airline's Future Still Unsettled
--------------------------------------------------------
The Hokkaido government will not seek local assembly approval of
additional financial aid for Hokkaido International Airlines,
better known in Japan as Air Do, local government sources told
Kyodo News Thursday.
The decision could damage the viability of the airline's
reconstruction program, devised on the assumption the Hokkaido
government and assembly would come to its rescue.
A senior Hokkaido government official said that the local
government has found it hard to propose for an additional loan
of Y1.7 billion to Air Do, the report added.
FUJITSU LTD: Shares Up 2.3% on Tie-Up News With Toshiba
-------------------------------------------------------
Shares of Fujitsu Ltd. were up 2.3 percent to Y1,065 on Friday
morning, following a report the Tokyo-based Company is
negotiating a comprehensive semiconductor tie-up with Toshiba
Corp., said Dow Jones Newswires.
The Nihon Keizai Shimbun reported in its Thursday morning
edition that the two companies are considering creating what
would be the world's second-largest chip business with annual
sales of Y1 trillion.
Fujitsu -- http://www.fujitsu.com/-- is a leading provider of
Internet-focused information technology solutions for the global
marketplace. Its pace-setting technologies, best-in-class
computing and telecommunications platforms, and worldwide corps
of systems and services experts make it uniquely positioned to
unleash the infinite possibilities of the Internet to help its
customers succeed.
Fujitsu Limited reported consolidated revenues of Y5.48 trillion
for the fiscal year ended March 31, 2001.
TCR-AP reported on March 11 that Fujitsu Ltd would undertake a
reform of its corporate governance structure, including the
streamlining of the Board, and the introduction of Corporate
Executive Officers and a new business group organization. The
Company will cut 4,000 jobs next year in its aim to return to
profitability. Fujitsu Senior Executive VP Takshi Takaya said
that the chipmaker is planning to close some factories and offer
incentives for workers to quit their jobs. The Company expects
to post Y$2.9 billion loss in the year ending March 31.
HITACHI LTD: Forming HHTA From Combination of Subsidiaries
----------------------------------------------------------
Hitachi High-Technologies Corporation and Hitachi America, Ltd.,
subsidiaries of Hitachi, Ltd. (NYSE: HIT), announced on
Wednesday the pending April 1, 2002 formation of Hitachi High
Technologies America, Inc., a new company in North America. The
combination of the Nissei Sangyo America, Ltd. subsidiary of
Hitachi High-Technologies Corporation of Tokyo Japan, the
Semiconductor Equipment Group of Hitachi America, Ltd. and the
Hitachi Instruments, Inc. subsidiary of Hitachi America.
The integration of Hitachi's instruments and semiconductor
manufacturing equipment operations in North America follows the
February 2001 agreement between Hitachi, Ltd. and Nissei Sangyo
Co., Ltd. of Japan under which Hitachi's Instruments Group and
Semiconductor Manufacturing Equipment Group were transferred to
Nissei Sangyo on October 1, 2001, forming Hitachi High-
Technologies Corporation, Tokyo, Japan.
Hitachi High Technologies America Inc., 53 percent owned by
Hitachi High-Technologies Corporation of Japan and 47 percent by
Hitachi America, Ltd., will be headed by Kazuhiko Wakino as
President and CEO and will be based in Schaumburg, Illinois.
In an announcement, President Wakino, of Nissei Sangyo America,
Ltd., said, "The consolidation of our instruments and
semiconductor manufacturing equipment operations with Nissei
Sangyo's trading Company functions provides great benefit to our
customers. It will increase efficiencies in our management
structure that will speed decision-making and product
development. Also, by concentrating resources, we expect to
strengthen our competitiveness in these markets with the best
possible solutions as we fulfill our mission to be the world
leader in instruments and semiconductor manufacturing
equipment."
Commenting on the new Company, President and CEO Yoshihiro
Koshimizu of Hitachi America, Ltd., said, "The combination of
these three groups in America is part of the overall
'i.e.HITACHI Plan' to enhance Hitachi's market focus and become
a "Best Solutions" partner to its customers. This consolidation
is part of a Group strategy of strengthening nanotechnology
operations, which include the instruments and semiconductor
manufacturing equipment businesses, and is also based on a
fundamental strategy of further strengthening and expanding the
integration of operations between Hitachi's business groups and
affiliated companies."
Nissei Sangyo America, Ltd., is part of a worldwide trading
Company for the Hitachi Group, and now brings its comprehensive
marketing and sales experience to Hitachi High Technologies
America. It offers a wide array of products, including liquid
crystals, semiconductors, optical communications components,
silicon wafers, non-ferrous materials, chemicals, consumer
products, chemical analyzers and electron microscopes.
Hitachi America, Ltd., Semiconductor Equipment Group,
contributes its strong background in the selling and servicing
of advanced microwave plasma etchers and SIMOX implanters that
are used in the manufacture of semiconductor devices. It also is
highly regarded for its award-winning Catalytic Decomposition
System (SCDS) for PFC (perfluorocompounds) abatement.
The advanced technology expertise of Hitachi Instruments, Inc.
in physical and life sciences will also be incorporated in
Hitachi High Technologies America. Hitachi Instruments is
focused on the service of scanning electron microscopes, and the
sales and service of spectrophotometers, liquid chromatography
equipment, and other advanced measurement technologies that have
found application in electronics, medical, environmental,
biotechnology, nanotechnology and life sciences.
Hitachi High Technologies America will comprise seven divisions:
Electron Microscope, Semiconductor Equipment, Life Sciences and
Engineering Center, Electronics Applied Systems, Electronic
Components, Electronic Products and Advanced Materials. The
Electron Microscope and Semiconductor Equipment divisions will
be part of the Device Manufacturing Systems Group and the Life
Sciences Division and Engineering Center comprises the Life
Sciences Group. Administration headquarters for all Hitachi High
Technologies America divisions will be in Schaumburg, Ill.
Electronic Applied Systems and Semiconductor Equipment divisions
are based in Dallas, Texas; Electronic Components and Electronic
Products in Schaumburg, Ill.; Advanced Materials in Los Angeles,
Calif.; Electron Microscope in Pleasanton, Calif.; and Life
Sciences in San Jose, Calif.
Hitachi High-Technologies Corporation, headquartered in Tokyo,
Japan, is established by integrating Nissei Sangyo Co., Ltd.,
Semiconductor Manufacturing Equipment Group and Instruments
Group of Hitachi, Ltd. The Company is engaged in activities in a
broad range of fields, including device manufacturing equipment,
life sciences, information and manufacturing, electronic
components, and advanced industrial materials. For further
information, visit http://www.hitachi-
hitec.com/oversea/index.html.
Hitachi America, Ltd. markets and manufactures a broad range of
electronics, computer systems and products, consumer electronics
and semiconductors, and provides industrial equipment and
services throughout North America. For more information on
Hitachi America, visit http://www.hitachi.com.
Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 2000
(ended March 31, 2001) consolidated sales of 8,417 billion yen
($67.9 billion*). The Company manufactures and markets a wide
range of products, including computers, semiconductors, consumer
products and power and industrial equipment. For more
information on Hitachi, Ltd., please visit Hitachi's Web site at
http://global.hitachi.com.
Outline of Hitachi High Technologies America, Inc. (April 1,
2002)
Location: Schaumburg, Ill.
President and CEO: Kazuhiko Wakino
Capital: $15 million
(53 percent owned by Hitachi High Technologies Corporation and
47 percent by Hitachi America, Ltd.)
Business: The Company sells and services semiconductor
manufacturing equipment, analytical instrumentation, scientific
instruments, bio-related products, as well as industrial
equipment, information equipment, electronic devices and
electronic and industrial materials.
Employees: 630
Contacts:
Tatsuya Akutagawa
Hitachi High-Technologies Corporation
(81)3.3504.5138
akutagawa-tatsuya@nst.hitachi-hitec.com
Gerard F. Corbett
Hitachi America, Ltd.,
Corp. Communications Group
Tel: (650) 244-7900
gerard.corbett@hal.hitachi.com
Atsushi Kunugida
Nissei Sangyo America, Ltd.
Tel: (847) 273-4379
atsushi.kunugida@nissei.com
MITSUBISHI MATERIALS: Triples Loss Forecast to Y63BB
----------------------------------------------------
Mitsubishi Materials Corp., Japan's largest nonferrous metals
maker, tripled its group loss forecast for this fiscal year
because of a drop in the value of its investments and slower
demand for its technology products.
According to a Reuters' report, the Company sees to post a group
loss of Y63 billion ($477 million) for its year ending March 31,
from its September forecast of a Y20 billion loss. That's
compared with Y7.1 billion net income last year.
The Company's technology-related business worsened on slowing
demand for products such as silicon wafers for semiconductors
and ceramics for mobile phones.
It announced in October plans to cut 2,500 jobs, or 10 percent
of its workforce, within three years.
Tokyo's Mitsubishi Materials Corporation --
http://www.mmc.co.jp/-- manufactures metals and ceramics.
Operations are carried out through the fabricated metal products
division, which accounted for 33 percent of fiscal 2001
revenues, the nonferrous metals division for 19 percent, the
cement products division for 16 percent, the silicon & advanced
materials division for 14 percent, and others, 18 percent.
As of 30 September 2001, Mitsubishi Materials' current
liabilities stood at Y827.38 billion, while current assets at
Y528.7 billion. Go to
http://www.bankrupt.com/misc/TCRAP_Mitsubishi.pdfto see
Company's consolidated balance sheet.
MYCAL CORP: DBJ to Reconstruct Affiliate
----------------------------------------
Government lender Development Bank of Japan (DBJ) has decided to
help reconstruct Mycal Corp's unit, Dacvivre Co., Asia Pulse
said Monday, citing unnamed bank officials. DBJ will invest up
to Y600 million in the Sendai-based department store operator,
and may eventually extend up to Y1 billion in aid.
The ailing Company will use the funds for renovating an outlet
in Sendai to improve finances. DBJ will monitor the management
of Dacvivre, which is undergoing reconstruction under the
support of the Civil Rehabilitation Law. Dacvivre will retire
all outstanding shares in preparation for the capital injection
from the bank, which will then hold a controlling stake in the
retailer.
SNOW BRAND: Moody's Downgrades Sr. Unsecured Ratings to Caa1
------------------------------------------------------------
Moody's Investors Service on Wednesday downgraded Snow Brands
Milk Products Co., Ltd.'s (Snow Brand) senior unsecured long-
term debt ratings to Caa1 from B3, and continues to review them
for further downgrade. Ratings on its newly secured debt remain
B3 but also continue to be on review for possible downgrade. All
of Snow Brand's ratings were placed under review for possible
downgrade on February 22, 2002, upon Snow Brand's announcement
that it would liquidate Snow Brand Food, a 66 percent-owned
consolidated subsidiary.
This downgrade reflects Snow Brand's decision to provide
collateral to Y20 billion in convertible bonds due in March 2002
and in March 2003. The introduction of a senior secured level of
debt will result in the Y40 billion in senior unsecured debt
securities being subordinated to the newly secured debt
securities.
The senior unsecured debt securities affected and therefore
downgraded to Caa1 from B3 and under review for further
downgrade are as follows:
Series 1 Y10 billion 2.125 percent domestic straight bonds, due
10/21/2004
Series 2 Y10 billion 2.5 percent domestic straight bonds, due
10/19/2007
Series 3 Y10 billion 2.15 percent domestic straight bonds, due
12/01/2009
Series 4 Y10 billion 1.74 percent domestic straight bonds, due
12/01/2006
The secured debt securities that are not downgraded but remain
under review are as follows:
Series 4 Y10 billion 1.7 percent domestic convertible bonds, due
3/31/2003
Series 6 Y10 billion 1.7 percent domestic convertible bonds, due
3/29/2002
Snow Brand Milk Products Co., Ltd., headquartered in Tokyo, is a
leading food Company in Japan, conducting a dairy product
business.
=========
K O R E A
=========
DAEWOO MOTOR: GM Talks in Final Stage, Says Commerce Minister
-------------------------------------------------------------
Talks to sell Daewoo Motor Co (DM) to General Motors Corp (GM)
are progressing positively and is in their final stage, AFX News
said Thursday, citing Commerce, Industry and Energy Minister
Shin Kook-hwan. He refused to provide further details on the
progress of the talks.
Shin stressed that the government will make sure that all parts
suppliers of DM will not be at a disadvantage after GM acquires
the Company.
HYUNDAI ENG'G: Gets 'Unqualified' Auditor View on FY01 Books
------------------------------------------------------------
Hyundai Engineering and Construction (HEC) has received an
"unqualified" auditor's opinion from Samjong KPMG on its
accounting books for fiscal year 2001, Korea Herald reported
Friday, citing an unnamed Hyundai official.
The official said Samjong KPMG, which audited the Company's
financial statements, has been completed with an "unqualified"
auditor opinion attached.
The reports said an external auditor's report should be prepared
at least one week ahead of the annual shareholders meeting.
Hyundai delayed its annual meeting from March 15 to March 27
without any explanation.
The Company's finalized 2001 performance are as follows:
Sales W6.275 trillion
Operating loss W400.8 billion
Ordinary loss W1.21 trillion
Net loss W809.5 billion
DebtTraders reports that Hyundai Engineering & Construction's
0.125% convertible bond due in 2004 (HYNE04KRN1) trades between
82 and 88. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNE04KRN1
===============
M A L A Y S I A
===============
AUSTRAL AMALGAMATED: SAs Currently in Talks With White Knight
-------------------------------------------------------------
Austral Amalgamated Berhad (AAB)(Special Administrators
Appointed), in reference to the letter from the Kuala Lumpur
Stock Exchange dated 18 March, 2002 in regard to the Winding-Up
Petition served on Mandarin Tours and Travel Sdn. Bhd. (MT), a
subsidiary of AAB, announced:
* The duly approved Workout Proposal of AAB is currently
being implemented and the Special Administrators (SAs) of AAB
are currently discussing with the prospective White Knight on
the possible steps to be taken in respect of the winding-up
proceedings of MTT. At the same time, any further developments
on the matter will be announced accordingly.
* The date of the hearing of the winding-up petition has been
set for 26 April, 2002.
BESCORP INDUSTRIES: MITI OKs Proposed Workout Scheme
----------------------------------------------------
Malaysian International Merchant Bankers Berhad, further to the
announcement dated 6 March 2002 in relation to the Proposed
Corporate and Debt Restructuring Scheme, on behalf of the
Special Administrators (SAs) of Bescorp Industries Berhad
(Special Administrators Appointed)(BIB), announced that the
Ministry of International Trade and Industry (MITI), via their
letter dated 18 March 2002, has approved the Proposed Corporate
and Debt Restructuring Scheme.
The Proposed Corporate and Debt Restructuring Scheme is now
subject to the approval of:
1. the Securities Commission; and
2. the Kuala Lumpur Stock Exchange.
KIARA EMAS: Seeks More Time to Negotiate With Bank Creditors
------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Kiara Emas Asia Industries Berhad (Kiara Emas or Company),
announced that Kiara Emas has not been able to meet the deadline
to submit its plans to regularize its financial condition to the
relevant authorities for approval, including the Securities
Commission (SC), within two (2) months from the date of the
Requisite Announcement as stipulated in Paragraph 5.1(b) of PN4.
In view of the foregoing, Arab-Malaysian had, on behalf of Kiara
Emas, made an application to the Kuala Lumpur Stock Exchange
(KLSE) on 20 March 2002 seeking the approval of the KLSE for an
extension of time to enable Kiara Emas to submit its plans to
regularize its financial condition to the relevant authorities
for approval, including the SC, for a further period of three
(3) months from the expiry of two (2) months from the date of
the Requisite Announcement.
The Company is requesting for the additional time to finalize
its negotiations with bank creditors towards a mutually
acceptable settlement of the outstanding indebtedness of the
Company and its subsidiaries as an integral part of the
Company's proposed restructuring scheme.
LAND & GENERAL: Post Disposal's Earnings, Net Asset Effects
-----------------------------------------------------------
Land & General Berhad (L&G or the Company), in relation to the
disposal of 28,000,002 ordinary shares of US$1 each representing
the entire 100% equity interest in Kinley Trading Limited By
Land & General Berhad to Honcity Limited (the Disposal),
informed the financial effects of the Disposal on the Earnings
and Net Tangible Assets of the L&G Group if the computations are
based on the latest unaudited results of the L&G Group as at 31
December 2001. Refer to the table at
http://www.bankrupt.com/misc/TCRAP_Land0322.doc
The differences in the financial impact shown in the table is
due to the loss arising on the proposed disposal of Kinley
Trading Limited which was provided for in the financial year
ended 31 December 2001.
Profile
The Group is presently pursuing the restructuring of its
financial obligations to contractors, creditors and bank lenders
as well as its Euro convertible holders.
The restructuring scheme it had earlier proposed in November
2000 is being re-evaluated given the current capital market and
economic situation. Meanwhile, the Group is undertaking a
programmed to dispose of non-core assets. These include 49% in
Armada Tankers Sdn Bhd and 100% in Cakara Alam (PNG) Ltd (held
through subsidiary Overseas & General Ltd) and 100% in
Industrial Resins (Malaysia) Bhd.
On 5 July 2001, a SPA was entered into between the Company, KL-
Kepong Property Holdings Sdn Bhd (KLKPH), Clarity Crest Sdn Bhd
(CC), Key Century Sdn Bhd (KC) and Lembah Beringin Sdn Bhd (LB)
to terminate the JVA entered into by the Company and KLKPH to
develop land held by these companies into mixed development
projects comprising, inter-alia, commercial and residential
units. The land is located at Lembah Beringin and its
surrounding areas. In view of changes in the economic
environment resulting in delay of development, the parties
propose to disengage their existing JV arrangements.
On 12 August 2001, subsidiary Bandar Sungai Buaya Sdn Bhd (BSB)
defaulted on its financial obligation to redeem 41,000
redeemable preference shares amounting to RM41,000 and to settle
a deferred cash payment of RM28,464,264 which represent partial
settlement of the purchase consideration for the acquisition of
3,094.5 acres of land in 1996 by BSB from Murna Jaya Development
Bhd (MJD). BSB and L&G are currently in discussions with MJD to
develop a revised proposal to restructure the financial
obligations of BSB by issuance of equity in BSB (an earlier
scheme to do this had been part of the November 2000 proposed
scheme). The revised BSB proposal forms part of the overall debt
restructuring exercise of the L&G Group.
L&G proposes to partially settle the amount owing to its
financial institution lenders and certain financial institution
lenders of BSB and associated company Islands Helicopter
Services Pty Ltd, to whom corporate guarantees/letter of support
have been provided by L&G, and convertible bond holders of L&G
(Scheme Creditors) via swapping with the shares of BAB owned by
the L&G Group. L&G and subsidiary Bestform Ltd, own a total of
29,634,164 shares in BAB (47.0%).
The proposed BAB swap forms an integral part of the overall debt
restructuring scheme of L&G, which is pending finalization. The
remaining debts owing to the Scheme Creditors not settled
pursuant to the proposed BAB swap will be dealt with under the
overall debt restructuring scheme. The Group has ceased the
furniture business undertaken by subsidiary, Lang Furniture
(Selangor) Sdn Bhd.
MBF HOLDINGS: Unit's Proposed Sale Withdrawn
--------------------------------------------
The Directors of MBf Holdings Berhad informed that its wholly-
owned subsidiary, MBf Property Services Sdn Bhd (MBfPS) is
unable to proceed with the proposed sale of the entire equity
interest in Intanpura Sdn Bhd to Warisan Bahagia Sdn Bhd (WBSB)
due to non-fulfillment of the conditions precedent stated in the
Sale of Shares Agreement.
Arising there from, the Sale of Shares Agreement entered between
MBfPS and WBSB will lapse automatically.
Profile
In July 1998, the Company and some of its subsidiaries proposed
to restructure operations. All local lenders have given their
approvals-in-principal to a Scheme of Arrangement (SOA). The
proposed SOA, which includes the restructuring of the Group's
borrowings, involves the Company (MBfH) and selected
subsidiaries. A major thrust is to reorganize the Group to focus
on three core businesses, i.e. credit card and related services,
property development, and trading. Meanwhile, operations of MBf
Finance were taken over by BNM in January 1999.
The Company has obtained approvals for the proposed SOA from
local scheme creditors on 31 March 1999, offshore scheme
creditors on 11 October 2000, sanction on the proposed offshore
schemes from the High Court of Hong Kong SAR on 26 October 2000
and shareholders on 10 January 2001. The Company has also
obtained sanction for the proposed local restructuring schemes
and proposed reduction of share capital on 17 April 2001.
Applications pertaining to the proposed SOA were submitted to
the SC and FIC on 26 June 2001 and to BNM on 13 August 2001.
MYCOM BERHAD: SC Grants Shares Acquisition Exemption Request
------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance) on behalf of Mycom
Berhad (Mycom or Company), in relation to the Proposed
Restructuring Scheme, announced that the Securities Commission
(SC) had, via its letter dated 18 March 2002, given its approval
for the exemption sought by Kenny Height Developments Sdn Bhd
(KHD) and parties acting in concert with it, namely, Dato' Yap
Yong Seong, Datin Leong Li Nar, Yap Wee Keat and Yap Wee Chun,
from the obligations of undertaking a mandatory general offer
(MGO) to acquire the remaining ordinary shares of RM1.00 each in
Mycom (Shares) not held by them pursuant to Practice Note 2.9.3
of the Malaysian Code on Take-Overs and Mergers 1998.
The obligation of undertaking the MGO arises pursuant to the
proposed acquisition by Mycom of land situated on Lot 21763-
21768, Mukim Batu, District of Kuala Lumpur, Wilayah Persekutuan
from KHD at a purchase consideration of RM261 million, which
shall be satisfied by the issuance of 248,571,429 new Shares at
an issue price of RM1.05 per Share in accordance with the
Proposed Restructuring Scheme.
RENONG BERHAD: PUTRA Faces Winding Up Petitions Filed by CIMB
-------------------------------------------------------------
Renong Berhad (Renong) informed that Projek Usahasama Transit
Ringan Automatik Sdn Bhd (PUTRA), a wholly-owned subsidiary of
Renong, is currently in the process of being taken over by the
Government of Malaysia (Government) pursuant to Concession
Agreement between PUTRA and the Government dated 7 August 1995
(CA). The details of the circumstances leading to this are set
out below.
Renong, further to its earlier announcement dated 18 February
2002 in relation to the default in payment by PUTRA, informed
that on 20 March 2002, PUTRA was served with two (2) winding-up
petitions under section 218 (1)(e) of the Companies Act 1965.
The petitions No. D3-28-157-2002 and D7-28-156-2002, both dated
8 February 2002 (Petitions) were filed by Commerce International
Merchant Bankers Berhad (CIMB), being the Facility Agent of
PUTRA's RM2.0 billion Commercial Financing Facilities.
The amounts claimed in respect of PUTRA's RM2.0 billion
Commercial Financing Facilities as at 26 December 2001 are as
follows:
RM2.0 billion Commercial Financing Facilities Amount
RM1.0 billion Conventional Facility
(principal and interest) RM1.16 billion
RM1.0 billion Islamic Facility
(principal and profit) RM1.18 billion
In respect of the RM1.16 billion payable under the Conventional
Facility, PUTRA is also required to pay a further interest at
the rate of 7.75% p.a (which is 2.75% p.a over and above the
effective cost of funds of CIMB for the period from 27 December
2001 until 29 December 2001 and thereafter at the rate of 2.75%
p.a above CIMB's one month effective cost of fund.
DETAILS OF THE CIRCUMSTANCES LEADING TO THE WINDING- UP
PETITIONS
On 26 November 2001, Syarikat Prasarana Negara Berhad ("SPNB")
acquired all the present and future rights, benefits and
entitlements under the facility agreements for the RM2.0 billion
Commercial Financing Facilities, from the lenders of the
facilities.
On 10 December 2001, the Facility Agent for SPNB had via its
solicitors' letters dated 8 December 2001 declared the
occurrence of an event of default under the said facilities. The
Facility Agent had also demanded payment of all outstanding
amounts within fourteen (14) days from the date of receipt of
the letters.
On 24 December 2001, PUTRA informed the Facility Agent of its
inability to settle the outstanding amounts. PUTRA had also
informed the Government of the situation and requested the
Government to appoint a qualifying substitute or itself purchase
the assets of the railway in accordance with the terms of the
CA.
Subsequently on 27 December 2001, the Facility Agent via its
solicitors' letters dated 26 December 2001 served PUTRA with a
Statutory Demand pursuant to Section 218 of the Companies Act,
1965. PUTRA was given twenty one (21) days from 27 December 2001
to settle the demanded amounts, failing which, winding-up
proceedings would be taken against PUTRA.
On 17 January 2002, in response to the Statutory Demand, PUTRA
had again notified the Government of the receipt by PUTRA of the
same and its inability to pay the demanded amount and requested
the Government to appoint a qualifying substitute or itself
purchase the assets of the railway in accordance with the terms
of the CA.
On 20 March 2002, the solicitors of CIMB served PUTRA with the
Petitions under section 218 (1)(e) of the Companies Act 1965.
STEPS TAKEN IN RESPECT OF THE PETITIONS
Under the CA, PUTRA going into liquidation as a result of the
Petitions will enable the Government to procure a qualifying
substitute to purchase the right, title and interest of PUTRA or
itself purchase all assets of PUTRA relating to the railway for
a purchase price equal to the Project Cost (as defined in the
CA).
Renong informed that PUTRA does not intend to challenge the
Petitions as it had earlier, vide its letters 24 December 2001
and 17 January 2002, requested the Government to appoint a
qualifying substitute or itself purchase the assets of the
railway in accordance with the terms of the CA.
FINANCIAL AND OPERATIONAL IMPACT OF THE WINDING UP PROCEEDINGS
Financial Impact
As disclosed in Renong's audited financial statements for the
financial year ended 30 June 2001, Renong had written down the
carrying value of its investment in PUTRA from RM1,609 million
to RM577 million, on the assumption that the proposed takeover
of PUTRA within the terms of the CA would be completed by 30
June 2002.
Operational Impact
Discussions are currently underway between the Government, SPNB,
Renong and PUTRA (Parties) with the objective of facilitating a
smooth takeover of the light rail transit (LRT) operations. The
Parties are currently working to effect the take over without
any disruption to the LRT services and without causing any
inconvenience to the public.
S P SETIA: SPSB Enters RM130M Syndicated Term Loan Facility
-----------------------------------------------------------
S P Setia Berhad announced that Setia Putrajaya Sdn Bhd (SPSB),
an associate company of S P Setia Berhad had on 21 March 2002
entered into a Facility Agreement with OCBC Bank (Malaysia)
Berhad (OCBC), Southern Bank Berhad and EON Bank Berhad as
Lenders for a 3-Year Syndicated Term Loan facility of RM130.0
million (the Facility). OCBC is also the Arranger and the
Security Agent for the Facility.
The purpose of the Facility is to assist Setia Putrajaya Sdn Bhd
to finance the building costs and infrastructure costs for the
construction of government apartments, PKS 8, 11, 12 & 13 in
Phase 3, Precint 9 of the Putrajaya Project.
TECHNOLOGY RESOURCES: Gets FIC's Nod on Proposals
-------------------------------------------------
On behalf of the Board of Directors of Technology Resources
Industries Berhad (TRI), Malaysian International Merchant
Bankers Berhad (MIMB) announced that the Foreign Investment
Committee (FIC) has via its letter dated 19 March 2002 agreed to
allow Celcom (Malaysia) Berhad (formerly known as Celcom
(Malaysia) Sdn Bhd) (Celcom), an existing wholly-owned
subsidiary of TRI, to have a foreign equity content of up to 49%
pursuant to the Proposals. This is subject to the foreign equity
content in Celcom being not more than 49% at all times.
The "PROPOSALS" comprises the Restricted Issue, Rights Issue and
Proposed Internal Restructuring.
TECHNOLOGY RESOURCES: SC Grants Bonds Issuance Revision
-------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
(TRI or the Company) informed that Celcom (Malaysia) Berhad
(Celcom), a wholly-owned subsidiary of the Company, had on 18
March 2002, received the approval from the Securities Commission
on the revised terms for its proposed Al-Bai Bithaman Ajil Bonds
Issuance Facility and Al-Murabahah Commercial Paper Issuance
Program.
In relation thereto, Celcom has, signed the following agreements
with Citibank Berhad as the Lead Arranger together with other
banks and financial institutions as Joint Arranger, Co-Arranger
and Underwriters:
1. Bonds Facility Agreement (in relation to the RM1.1 billion
Al-Bai Bithaman Ajil Bonds);
2. Notes Facility Agreement (in relation to the RM100 million
Al-Murabahah Commercial Papers);and
3. Term Loan Facility Agreement (in relation to the RM650
million Syndicated Term Loan Facility).
Additionally, the Company has signed a Deed of Covenant with
Citibank Berhad wherein the Company has provided undertakings in
relation to the issuance of the above mentioned facilities to
Celcom.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE LONG: Enters Loan Agreement With JBIC
------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) will sign a loan
agreement with the Japan Bank for International Cooperation
(JBIC) between March 22 and March 25, the Today newspaper and
AFX News said Friday.
PLDT President and CEO Manuel Pangilinan left for Tokyo Thursday
to complete details of the loan, the amount of which was not
revealed.
Sources said PLDT is also expected to obtain another US$100
million loan from export credit agencies in the next six to 12
months.
PHILIPPINE LONG: Appoints Underwriter For Bond Offers
-----------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) has appointed
underwriters Credit Suisse First Boston and Morgan Stanley for a
planned US$500 million bond issue, AFX News reported Thursday.
The Company is expected to use the bond proceeds to help retire
US$1.3 billion in debts maturing from this year until 2004.
DebtTraders reports that Philippine Long Distance Telephone's
10.625 percent bond due in 2004 (TELP04PHN1) trades between 98
and 100. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP04PHN1
NATIONAL BANK: Elects Francisco Dizon As New Chairman
-------------------------------------------------------
The Board of Directors of Philippine National Bank has elected
Francisco Dizon as the bank's new Chairman, AFX News reported
Friday. He will replace Norberto Nazareno, who has resigned for
health reasons.
TCR-AP reported last month that PNB Chairman Norberto Nazareno
disclosed the basis for the reduction of losses in 2001 to P4.5
billion versus P5.97 billion loss in the previous year was due
to the reversal of valuation reserves already booked, after BSP
reduced the valuation reserves for fully secured loans
classified as substandard from 25 percent to 10 percent, as well
as to improved management.
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Proposes Issuing Convertible Bonds
------------------------------------------------------
The Directors of CapitaLand Limited (CapitaLand or the Company)
announced on March 20 that the Company proposes to issue bonds
(the Convertible Bonds) convertible to new ordinary shares of
S$1.00 each in the capital of the Company (New Shares). The
Convertible Bonds are to be placed with institutional investors
and sophisticated investors. The Company has appointed J.P.
Morgan Securities (S.E.A.) Limited (JPMorgan) as the sole
bookrunner and lead manager of the issue of the Convertible
Bonds (the Issue).
Details of the Issue
CapitaLand proposes to issue:
(a) approximately S$350 million principal amount of Convertible
Bonds; and
(b) additional Convertible Bonds, pursuant to the exercise of an
over-allotment option for up to an additional 15 per cent. of
the principal amount of the Convertible Bonds to be issued.
The terms of the Convertible Bonds will be confirmed upon the
pricing of the Issue, following the completion of a book
building exercise by JPMorgan.
Pricing of the Convertible Bonds
Pricing of the Convertible Bonds is expected to take place on or
about 21 March 2002. An announcement will be made by CapitaLand
of the definitive terms of the Convertible Bonds following
pricing.
Status of Convertible Bonds
The Convertible Bonds will constitute direct, unsubordinated,
unconditional and unsecured obligations of the Company, ranking
pari passu without preference amongst themselves. The payment
obligations of the Company under the Convertible Bonds will,
save for certain specific exceptions and such exceptions as may
be provided by applicable legislation, rank at least equally
with all its other present and future unsecured and
unsubordinated obligations.
Listing of Convertible Bonds
An application will be made to the Singapore Exchange Securities
Trading Limited (the SGX-ST) for the listing of the Convertible
Bonds and the New Shares. An application will also be made to
the Luxembourg Stock Exchange (LSE) for the listing of the
Convertible Bonds.
Conditions
The issue of the Convertible Bonds is conditional upon, inter
alia, the following:
(a) the approval of shareholders of the Company for the issue of
the Convertible Bonds at an Extraordinary General Meeting to be
convened (the "EGM");
(b) the approval in-principle of the SGX-ST for the listing of
the Convertible Bonds and the New Shares; and
(c) the approval of the LSE for the listing of the Convertible
Bonds.
Substantial Shareholders' Undertaking
Singapore Technologies Pte Ltd, the major shareholder of
CapitaLand, which holds (directly or through its subsidiaries)
an aggregate of approximately 60.6 percent of the issued
ordinary shares of the Company, has undertaken to vote in favor
of the Issue at the EGM.
Closing Date
The closing date for the Issue is expected to be on or about 3
May 2002.
Use of Proceeds
CapitaLand expects to use the proceeds of the Issue to refinance
its existing borrowings and for working capital.
Financial Effects of the Issue
The financial effects of the Issue will depend on the terms of
the Convertible Bonds and will be disclosed in the announcement
to be issued by the Company following pricing of the Issue.
Interests of Directors and Substantial Shareholders
None of the Directors and substantial shareholders of the
Company have any interest, direct or indirect, in the Issue.
MEDIARING.COM: Posts Notice of Shareholder's Interest
-----------------------------------------------------
Mediaring.com Ltd posted a notice of substantial shareholder
Innomedia Pte Ltd's interests:
Date of notice to Company: 20 Mar 2002
Date of change of interest: 19 Mar 2002
Name of registered holder: Innomedia Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: 200,000
% of issued share capital: 0.03
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.185
No. of shares held before change: 39,267,680
% of issued share capital: 5.29
No. of shares held after change: 39,067,680
% of issued share capital: 5.27
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 39,267,680
% of issued share capital: 5.29
No. of shares held after change: 39,067,680
% of issued share capital: 5.27
Total shares: 742,628,865
SPP LTD: Narrows FY01 Net Loss to 6.406M
----------------------------------------
Heavy construction-company SPP Limited posted a net loss of
S$6.406 million down from a loss of S$17.508 million last year,
PR News Asia reports.
SPP Ltd 2001 results are:
Sales - S$67.677 million versus 65.504 million
Loss per share - 2.41 cents versus loss 9.82 cents
Final div - nil, unchanged
SPP Limited manufactures and sells building materials, develops
and owns property and provides a range of construction services
including foundation piling, civil engineering and building
construction, soil and foundation work consultancy, geotechnical
works, ground improvement works, pipe jacking and diaphragm wall
construction. Engineering services accounted for 99 percent of
2000 revenues and property, 1 percent.
According to Wright Investor's Service, at the end of 2000, SPP
Limited had negative working capital, as current liabilities
were S$60.34 million while total current assets were only
S$47.74 million.
===============
T H A I L A N D
===============
ITALIAN-THAI DEVELOPMENT: Clarifies Construction Reports
--------------------------------------------------------
ITD Planner Company Limited, in its capacity as the Planner of
Italian-Thai Development Public Company Limited (the Company),
in reference to the reports published in local newspaper,
regarding the construction of Passenger Terminal and Concourse
Building for Suvanabhumi Airport, clarified that:
1. As per the Construction Contract between ITO Joint Venture
and the New Bangkok International Airport Company Limited dated
November 9th, 2001, ITD Planner Company Limited has assigned
Mr. Premchai Karnasuta to sign on behalf of Italian-Thai
Development Public Company Limited.
2. Italian-Thai Development Public Company Limited has signed
the Joint Venture Agreement with Takenaka Corporation and
Obayashi Corporation on August 1st, 1990. At that time, it was
1 year prior to the entry into the Central Bankruptcy Court.
However, during that period the Company has continually informed
both partners regarding the business reorganization process of
the Central Rehabilitation Court and its progress.
The Company as a partner in ITO Joint Venture informed that
Italian-Thai Development Public Company Limited, Takenaka
Corporation and Obayashi Corporation, still in good working
cooperation, has already started and in good progress in
accordance with the plan.
The Planner also informed that the Central Bankruptcy Court has
issued an order to consider the Plan on 1st April 2002 and if
the Consideration for Approval of the Reorganization Plan
cannot be completed in that day, the Court Hearing will be
continued on 10th, 12th and 19th April, 2002.
POWER-P PUBLIC: Narrows 2001 Loss to Bt76
-----------------------------------------
The Power-P Planner Co., Ltd, on behalf of Power-P Public
Company Ltd, announced that its performance in year 2001 ending
December has shown a reduction in the loss as much as Bt155
million comparing to the figure in previous year. The factors
leading to such an improvement are:
1. In 2000 the Company suffered a loss of Bt76.76 million
resulting from default and failure to carry out obligations in
the Debt Restructuring Agreement with financial institutions,
but no loss of this kind occurred in year 2001.
2. Comparing to year 2001, fines for default of tax payments for
Year 2000 has seen a reduction of Bt58 million.
3. The doubtful non-collectible debts from commercial debtors
have reduced Bt12.62 million from estimation following a debt-
restructuring scheme achieved with them.
4. Interests paid in year 2001 have seen a reduction of Bt21
million comparing to the amount paid in 2000.
SAHAVIRIYA CITY: Files Petition for Business Reorganization
-----------------------------------------------------------
Real estate developer Sahaviriya City Public Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed to the
Central Bankruptcy Court:
Black Case Number 1062/2544
Red Case Number 992/2544
Petitioner: MR. SUWIT VAERUWAN #1ST, MISS UDOMSRI KUYINGRAT
#2ND, MISS JURAIRAT JINWATTANAPORN #3RD BY APPOINTED MR.
NUTDANAI JARUDVANITKUL AS THE AUTHORISED PERSON
Planner: CHURCHILL PRYCE PLANNER COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt8,415,750,980.72
Date of Court Acceptance of the Petition: September 19, 2001
Date of Examining the Petition: October 15, 2001 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: October 26, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 5, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: November 27,
2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: February 27, 2002
Contact: Mr. Anusit Tel, 6792525 ext. 122
SCANDINAVIAN LEASING: Requests Debt Rescheduling
------------------------------------------------
Scandinavian Leasing Public Company Limited (SCAN) advised that
it will not be making its interest and principal payment, due
March 28 2002, according to the terms and conditions of its
Master Restructuring Agreement dated October 28, 1999 (MRA).
The debt restructuring effected under the MRA assumed that SCAN
would be able to refinance part or all its debt under the MRA by
this time. Unfortunately, SCAN has not been able to refinance
any of its debts under the MRA.
As a result, SCAN recently appointed Commerzbank (South East
Asia) Ltd. (COSEA) as its adviser to assist the Company in
rescheduling debts under the MRA. SCAN has also advised its
lenders under the MRA of its anticipated default via a letter
dated March 21, 2002.
TUNTEX THAILAND: Audit Committee Member Fai Choi Resigns
--------------------------------------------------------
The Board of Directors of Tuntex (Thailand) Public Company
Limited at its meeting No.2/2002 held on March 16, 2002 resolved
to approve the resignation of Mr. Edwin Ching Fai Choi from
being a member of the Audit Committee, effective from March 16,
2002.
On July 6 last year, TCR-AP reported that Tuntex (Thailand)
Public Company Limited completed its debt restructuring with all
the creditors including the floating rate notes (FRN) holders by
entering into all related debt restructuring agreements. The
principal repayment has been extended for 7 years to 2007.
According to DebtTraders, Tuntex (Thailand) Public's 6.489%
floating rate notes due on 2007 (TUNT07THN1) are trading between
20 and 30. For more real-time bond pricing info, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TUNT07THN1
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.
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