/raid1/www/Hosts/bankrupt/TCRAP_Public/020403.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, April 03, 2002, Vol. 5, No. 65
Headlines
A U S T R A L I A
ASHANTI GOLDFIELDS: Issues Proposed Restructuring Update
GENESIS BIOMEDICAL: Sells Non-Core Assets, Ends Restructuring
ORBITAL ENGINE: Books A$14.3M 2001 Operating Loss
PHONEWARE LIMITED: Appoint Voluntary Administrator
PHONEWARE LIMITED: Suspension From Official Quotation
VOICENET (AUST): Interim Stop Order Lifted
C H I N A & H O N G K O N G
AVANTI NETWORK: Hearing of Winding Up Petition Set
CHARMING RESTAURANT: Petition to Wind Up Slated
GENERAL APPLIANCE: Winding Up Petition Pending
ROAD KING: DebtTraders Downgrades BUY Recommendation to HOLD
ROYAL2000.COM: Winding Up Petition Slated for Hearing
WIRELESS INTERNETWORKS: Workout Agreements Circular Dispatched
I N D O N E S I A
ASTRA INT'L: Sells 310M Shares in Bank Universal
BAHANA PEMBINAAN: Government Orders Debt Audit
BAKRIE BROTHERS: Profit Expected This Year
SEMEN CIBINONG: Narrows FY Net Loss to Rp2.580T
J A P A N
MITSUBISHI CHEMICAL: Sees Y30B Net Loss
MIZUHO BANK: S&P Assigns 'BBB/A-3' Ratings; Outlook Negative
NKK CORP: Moody's Upgrades Rating to Baa3, Outlook Negative
RENOWN INC: R&I Downgrades L-T Rating to B
SHISEIDO CO: Revising Forecasts for FY02
SHOWA LEASING: Ceases Loan Business; Asahi Will Waive Claims
SNOW BRAND: Union Seeks Court Order To Reinstate Jobs, Wages
TDK CORP: Discloses Voluntary Retirement Package Applicants
TDK CORP: Expects Wider FY02 Group Net Loss Of Y26.25
K O R E A
DAEWOO MOTOR: March Vehicle Sales Down 9.2% From 2001
HYNIX SEMICON: KDB Denies Report on US$1.5B Micron Loan
HYNIX SEMICON: Deal With Micron Uncertain, Says Park
HYUNDAI MOTOR: Opening China Assembly Plants
KOOKMIN BANK: Enters Strategic Alliance With ING Group
M A L A Y S I A
BESCORP INDUSTRIES: Updates Defaulted Payment Status
EPE POWER: Further Defaults Interest, Principal Payment
ESPRIT GROUP: Proposed Restructuring Scheme Underway
GEAHIN ENGINEERING: Receives Statutory Notice From Creditor
GLOBAL CARRIERS: Court-Convened Creditors' Meeting Scheduled
KEMAYAN CORPORATION: Proposed Workout Scheme Approval Pending
MANCON BERHAD: Appoints SIBB as Merchant Bankers
MAY PLASTICS: Allotment Rights Sale Prospectus Dispatched
MGR CORPORATION: Updates Proposed Restructuring Scheme Status
PANGLOBAL BERHAD: Awaits Regulatory Authorities' Approval
RAHMAN HYDRAULIC: KLSE Rejects Time Extension Appeal
RAHMAN HYDRAULIC: Seeks Time Extension to Convene EGM
REKAPACIFIC BERHAD: Court Sets Judicial Review on Apr 18, 19
TAJO BHD: Provides Defaulted Facilities Details
TRANS CAPITAL: Obtains KLSE's Regularization Plan Extension
P H I L I P P I N E S
PILIPINO TELEPHONE: Not Keen on Qualcomm Tie-up
NATIONAL POWER: Plans to Sell $750M in Bonds
S I N G A P O R E
CHEW EU: Posts H1 Net Loss of S$35.32M
LKN-PRIMEFIELD: Discloses Ordinary Shares Subscription
STRAITS TRADING: Unit Goes Into Voluntary Liquidation
THAKRAL CORPORATION: Clarifies Newspaper Report
T H A I L A N D
EASTERN WIRE: Appoints Plan Administrator
RAIMON LAND: Receives Shares Tender Offer From Simico
SIAM FERRO: Business Reorg Petition Filed in Bankruptcy Court
SIKRIN PUBLIC: Omits Dividend, Sets GM on Apr 29
WONGPAITOON GROUP: Q201 Performance Declaration
- - - - - - - -
=================
A U S T R A L I A
=================
ASHANTI GOLDFIELDS: Issues Proposed Restructuring Update
--------------------------------------------------------
Ashanti Goldfields Company Limited, in regard to the Proposed
Restructuring of the 5(1/2)% Exchangeable Guaranteed Notes Due
March 15, 2003, announced that that the Ad Hoc Committee of
Noteholders have accepted the Interim Margin Free Arrangements
agreed upon by Ashanti and its Relevant Hedge Counterparties as
set out in the announcement of 18 March 2002.
This means that the Ad Hoc Committee of Noteholders continue to
be bound by their undertakings to support the Proposed
Restructuring and have agreed to remove the condition relating
to margin free trading arrangements from their written
undertakings. As stipulated in the written undertakings signed
by members of the Ad Hoc Committee, Ashanti is working towards
posting public documentation relating to the Proposed
Restructuring by 31 May 2002.
GENESIS BIOMEDICAL: Sells Non-Core Assets, Ends Restructuring
-------------------------------------------------------------
Genesis Biomedical Ltd announced that it has signed and
settled an agreement with iECIS Healthcare Limited (iECIS) for
the sale of some of its non-core assets for consideration of
$312,000 in cash, the transfer of certain employees and the
leasing of office space.
This transaction completes the restructure of Genesis. All non
core assets and operations have now either been sold or ceased
operation with the overhead structure of the Company having been
reduced accordingly.
Genesis CEO, Mr Rupert Northcott says that the completion of the
restructure will now allow the Company to focus 100% of its
resources and finances on its core operations being Bodyworks
Inc, the USA based orthopaedic bracing subsidiary and Cell
Bionics, the company's proprietary technology.
The directors remain confident of achieving their objective of
trading on a consolidated positive cashflow basis by 30 June
2002. This would represent a significant turnaround in the
company's performance and also justify the course of action
undertaken in the last 12 months.
In the last 12 months the Company's monthly cash burn has been
reduced dramatically from approximately $200,000 per month to
approximately one third of that amount. It is important to note
that this reduction in monthly cash burn going forward is set to
coincide with an increased contribution from the Bodyworks
business.
Genesis has now completed its raising of $1 million under its
convertible note issue. The company has also placed 1 million
shares at 11c, raising $110,000. These raisings were to
supplement working capital and to assist in the development of
the Bodyworks business.
ORBITAL ENGINE: Books A$14.3M 2001 Operating Loss
-------------------------------------------------
Orbital Engine Corporation Limited has reported an operating
loss (before Texmaco provision) of $14.3 million for the six
months ended 31 December 2001 compared to an operating loss of
$16.2 million in the previous corresponding period. In addition
Orbital made a $6.4 million provision in respect of its
investment in Indonesian licensee Texmaco, taking the total
loss after tax to $20.7 million.
Both the scale of the operating loss and the Texmaco provision
were foreshadowed in an announcement on 19 December 2001.
CEO Peter Cook said the results, while expected, were clearly
disappointing. "These results highlight the challenges facing
the Company but they also point to the opportunities," Mr Cook
said.
"They show that Orbital has achieved continued growth in system
sales revenue, despite a contraction in the underlying marine
market, and it is imperative that we achieve further growth in
this area as well as other revenue streams.
"Licence and royalty income was stable while engineering revenue
was halved, mainly reflecting the downturn in the US auto
industry and the deferral of engineering programs. Current
indications are that engineering revenue will increase during
2002.
"Nevertheless, we have already acted decisively to reduce
operating costs and staffing levels to reflect the prevailing
trading conditions. The results show a 16.4% reduction in
overhead expenses and we will continue to keep a very tight rein
on costs.
"An encouraging feature was the improved result from Synerject,
owned 50:50 by Orbital and Siemens. Orbital's share of
Synerject's net loss was $2.7 million compared to $6.6 million
previously.
"Synerject's results have been steadily improving over the past
12 months and it is moving closer to the critical break-even
level of trading. It has doubled turnover over the past two
years to US$25 million (A$50 million) and sales could reach
US$100 million in three to five years."
The Texmaco provision stemmed from a review of all non-current
assets. Texmaco is a substantial manufacturing business and is
continuing to work towards the production of Orbital Combustion
Process (OCP) 2-stroke engines. However it has been adversely
affected by economic and political trends in Indonesia and
Orbital considered it prudent to make full provision for its
investment.
Net cash outflow during the half year was $10.6 million compared
to $19.1 million in the previous corresponding period. Of the
total, $4.5 million was required to support Synerject, and as
indicated above Synerject will require minimal support in
future. At 31 December 2001 Orbital had $22.1 million cash on
hand.
Mr Cook reiterated Orbital's expectation of an improved
operating result in the second half of the financial year,
ending in June 2002.
REBATE TO BOOST MC SALES
Sales of OCP-equipped scooters in the important Italian market
will be boosted by a new incentive scheme.
The Italian Government will pay a rebate of 250 Euros (A$425)
per scooter to manufacturers who achieve "Euro 2" emission
standards and improved fuel economy.
OCP is the only commercially available 2-stroke technology that
enables manufacturers to meet the performance hurdles.
The rebate will make OCP-equipped scooters more price
competitive and provides a substantial incentive for
manufacturers to use OCP technology.
FINANCIAL PERFORMANCE HALF YEAR ENDING DECEMBER 31 2001
AUSGAAP AUSGAAP
DEC 2001 DEC 2000
A$000's A$000's
Operating Revenue
Licence income 1,155 1,124
Royalties 1,213 1,255
System sales 16,919 14,078
Engineering 3,736 7,972
23,023 24,429
Other income 142 294
Total Revenue 23,165 24,723
Cost of System sales (15,919) (13,125)
Gross Contribution 7,246 11,598
Overhead expenses (16,647) (19,914)
Provision for Texmaco
investment (6,446) -
Earnings before interest tax,
depreciation and Synerject 15,847) (8,316)
Depreciation & amortisation (2,557) (2,614)
Share of Synerject Net Loss (2,694) (6,606)
Net Interest Income 391 1,330
Operating loss before tax (20,707) (16,206)
Income tax (expense) / credit (30) 251
Operating loss after tax (20,737) (15,955)
Outside equity interest - (268)
Operating loss after tax (20,737) (16,223)
The company has paid no dividends during the last 12 months and
has also reported losses during the previous 12 months. Its
long-term debt was A$19.54 million and total liabilities were
A$95.09 million and the long-term debt to equity ratio of the
company is 1.39, Wrights Investors' Service reported.
PHONEWARE LIMITED: Appoint Voluntary Administrator
--------------------------------------------------
The Directors of Phoneware Limited resolved on Tuesday to
appoint a Voluntary Administrator over the Company and its
Australian operating subsidiaries.
The Board is involved in discussions regarding the sale of all
its operating businesses. The Directors have made the decision
in view of recent trading conditions and the advice they have
received is that successful completion of such a sale could be
expedited by placing the business into Voluntary Administration.
The Directors expect that the Administrator will be able to
complete the sale of the business within two weeks and that the
sale will enable all of the company's obligations to be fully
satisfied.
Further information:
- Messrs John Lindholm and John Spark of Ferrier Hodgson
(03 9600 4922)
- Mr Keith Mitchelhill (0419 566 117)
PHONEWARE LIMITED: Suspension From Official Quotation
-----------------------------------------------------
The securities of Phoneware Limited (the Company) will be
suspended from quotation immediately, following advice from the
Company that a voluntary administrator has been appointed over
the Company and its Australian operating subsidiaries.
VOICENET (AUST): Interim Stop Order Lifted
------------------------------------------
Voicenet (Aust) Limited announced that following the filing
of its Replacement Prospectus dated 20 March 2002 with the
Australian Securities and Investments Commission (ASIC), the
Interim Stop Order placed on its Prospectus dated 27 February
2002 has been lifted by ASIC.
This reinstates the ability of the Company to continue with its
lights issue to shareholders.
The Replacement Prospectus will be mailed to all shareholders on
26 March 2002.
According to Wrights Investors' Service, at the end of 2001,
Voicenet (Australia) Limited had negative working capital, as
current liabilities were A$7.88 million while total current
assets were only A$6.50 million. The company has paid no
dividends during the last 12 months. It also reported losses
during the previous 12 months and has not paid any dividends
during the previous 6 fiscal years.
================================
C H I N A & H O N G K O N G
================================
AVANTI NETWORK: Hearing of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Avanti Network Consultancy Limited is
set 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 Chan Man Lok of Flat 1636, Fu Shun House, Fu
Shan Estate, Diamond Hill, Kowloon, Hong Kong.
CHARMING RESTAURANT: Petition to Wind Up Slated
-----------------------------------------------
The petition to wind up Charming (Sau Mau Ping) Restaurant
Limited is scheduled to be heard before the High Court of Hong
Kong on April 10, 2002 at 9:30 am. The petition was filed with
the court on January 16, 2002 by Tam Chun Ming of Room 503, Fei
Fung House, Choi Wan Estate, Kowloon, Hong Kong.
GENERAL APPLIANCE: Winding Up Petition Pending
----------------------------------------------
General Appliance Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on April 24, 2002 at 9:30 am. The petition was filed
on January 25, 2002 by Li Woon Yi of Room 2607, Lung Wan House,
Lung Poon Court, Kowloon, Hong Kong.
ROAD KING: DebtTraders Downgrades BUY Recommendation to HOLD
------------------------------------------------------------
DebtTraders analyst, Daniel Fan (852 2537-4111), says "Road King
Infrastructure reported on March 20 that its 2001 net profit
fell 44% to HKD241 million ($31 million) from HKD428 million
($55 million) from a year ago. The fall was mainly attributable
to (1) the one-off provision for the non-performing minimum
income undertakings from Jieyang Highway Network and (2) a drop
in the minimum income undertakings from a change in profit
sharing ratio. The minimum income undertakings (MIUs) allow Road
King to share a larger portion of the profit in the first stage
of various joint ventures, followed by a smaller portion in the
second stage and a normal portion in the third stage. Despite a
fall in accounting profit, Road King's credit fundamentals
continue to be very strong. The Company's total debt of HK$1,199
million ($154 million) as of December 31, 2001 can be
comfortably covered by its high cash balance of HK$969 million
($124 million) and EBITDA of HK$513 million ($66 million) in
2001, in our opinion. We believe the Company will be debt-free
by the end of this year on a net basis."
According to Mr Fan, "We also believe the call risk of the Bond
increases, because Road King has too much capital. The Bond has
a call option, which allows the Company to repay its Bond at a
price of 102. The Bond is trading at around 106.5-110. We are
downgrading our BUY recommendation to a HOLD. Our HOLD
(ATTRACTIVENESS - 75%) recommendation is based on a combination
of a yield of 7.2% and a SAFETY rating of 90%. The price of the
Road King 9.5% Bond due '07(the Bond) has gone up to 110 from
104 since we maintained our recommendation at a BUY on December
6, 2001. If Road King calls back the Bond in 2004 at a price of
102, the yield will only be 5.6%. We initially initiated
coverage of the Bond at a price of 82 and a yield of 13.4% in
1999."
DebtTraders reports that Road King Infrastructure's 9.500% bonds
due on 2007 (ROAD07CNS1) are trading above par between 106.5 and
110. For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ROAD07CNS1
ROYAL2000.COM: Winding Up Petition Slated for Hearing
-----------------------------------------------------
The petition to wind up Royal2000.Com Limited is scheduled to be
heard before the High Court of Hong Kong on April 24, 2002 at
9:30 am. The petition was filed with the court on January 25,
2002 by Wong Kin Cheung of Room 2302, Yau Tai Hose, Tin Yau
Court, Tin Shui Wai, New Territories, Hong Kong.
WIRELESS INTERNETWORKS: Workout Agreements Circular Dispatched
--------------------------------------------------------------
The Receivers and the Directors of Wireless Internetworks
Limited(Receivers and Managers Appointed) announced that the
Circular in relation to the Restructuring Agreements, containing
a notice of the SGM of the Company to be held at 2:30 pm on
Wednesday, 24 April 2002, will be dispatched to the Shareholders
on 31 March 2002. Shareholders should read the aforesaid
circular carefully, in particular, all the financial information
and the letter of advice from the independent financial adviser
contained therein.
The Restructuring Agreements are subject to a number of
conditions, including, inter alia, the approval of the Whitewash
Waiver, and the results of the SGM, and may not be completed if
any of such conditions is not fulfilled or waived in accordance
with the terms of the Restructuring Agreements. If the
Whitewash Waiver is not approved by the Independent
Shareholders, the Restructuring Agreements will lapse. Certain
additional information that are contained in the Circular are
set out below for information:
A. Debt Restructuring
Further to the joint announcement of the Company, CCT and Defa
dated 20 September, 2001 in relation to the Hong Kong Court
hearing of the petition to sanction the WIN Hong Kong Scheme and
the S.Megga Hong Kong Scheme, the WIN Hong Kong Scheme was
sanctioned by the Hong Kong Court on 25 March 2002. On the same
day, hearing of the S.Megga Hong Kong Scheme was further
adjourned to a date to be fixed.
B. Financial Information
The Circular contains the following pro forma statement of
adjusted net tangible asset position of the Group immediately
after Completion as prepared based on the audited consolidated
net assets of the Group as at 30 September 2001, adjusted to
reflect the effect of the Restructuring Agreements.
Pro forma statement of adjusted consolidated net tangible assets
of the Group as enlarged upon Completion by the acquisition of
ESL:
The Adjust- Enlarged
Group ment Group
HK$'000 HK$'000 HK$'000
Fixed assets 78,756 (44,849) 33,907
Other investment 368 (368) -
Current assets
Inventories 23,438 (9,063) 14,375
Trade and bills
receivables - 45,672 45,672
Prepayments, deposits
and other receivables - 1,524 1,524
Bank balances
and cash 7,275 14,842 22,117
Current liabilities
Trade and other
payables 92,577 (52,825) 39,752
Tax payable - 2,668 2,668
Obligations under hire
purchase contracts
and finance leases 314 38 352
Bank loans and other
borrowings 14,657 (7,785) 6,872
Convertible notes 48,888 (48,888) -
Amounts due to
associates 3,765 (3,765) -
Amounts due to group
companies of ESL - 2,306 2,306
---- ----
Net current
(liabilities)/assets (129,488) 31,738
----
Net liabilities before
restructuring (50,364)
Non-current liability
New Notes - 45,000 45,000
Other non-current liabilities
Obligations under hire purchase
contracts and
finance leases - 375 375
Deferred taxation - 260 260
----
Pro forma unaudited net
tangible assets of the
enlarged group
after Restructuring 20,010
C. Change of Name of the Company
In order to reflect the new ownership of the Company upon
Completion and the wishes of the Investors, the Board has agreed
that the name of the Company be changed to CCT Technology
Holdings Limited. The proposed change of name is conditional
upon:
(a) the passing of a special resolution by the
Shareholders at the SGM to approve the change of the name;
(b) Completion; and
(c) The approval by the Registrar of Companies in
Bermuda (Registrar) and a certified resolution by the
Shareholders of the change of name being filed with the
Registrar.
The change of name will be effective on the date of entry of the
new name on the register maintained by the Registrar. The
Company will make further announcement when the proposed name
change becomes effective.
D. Timetable
2002
Approval from the Bermuda Monetary Authority Monday, 15 April
Latest time for lodging forms of proxy
for the SGM 2:30 pm on Monday, 22 April
SGM 2:30 pm on Wednesday, 24 April
Announcement of results of the SGM
and meeting of Noteholders Thursday, 25 April
The following events are conditional on, amongst other things,
the results of the SGM. Accordingly, there is no guarantee that
the trading in the shares of the Company can be resumed in
accordance with the timetable set out below. Further
announcements will be made to update the Shareholders or
potential investors as and when appropriate.
Capital Restructuring becomes effective Thursday, 2 May
Completion of the Restructuring Agreements Thursday, 2 May
The Company Scheme becomes effective Thursday, 2 May
Announcement of completion of the
Restructuring Agreements, and of the
Company Scheme becoming effective Friday, 3 May
Resumption of trading in New Shares 10:00 a.m. on Friday, 3 May
First day of free exchange of existing light blue share
certificates for new yellow
share certificates Friday, 3 May
Present counter for trading in the
Existing Shares closes 10:00am on Friday, 3 May
Temporary counter for trading in
New Shares opens 10:00am on Friday, 3 May
First day of operation of odd-lot
trading facility Friday, 17 May
Present counter for trading in New
Shares re-opens 10:00 am Friday 17 May
Parallel trading at present and
temporary counters commence 10:00am Friday 17 May
Last day of operation of odd-lot
trading facility Monday, 10 June
Temporary counter for trading in New
Shares closes 4:00pm on Monday, 10 June
Parallel trading at present and
temporary counters ceases 4:00pm on Monday, 10 June
Last day of free exchange of existing
light blue share certificates
for new yellow share certificates Thursday, 13 June
E. Old Lot Arrangements
In order to alleviate the difficulties arising from the
existence of odd lots as a result of the Debt Restructuring, the
Company has appointed a broker to assist the Shareholders to
match the sale and purchase of odd lots during period from 10:00
a.m. 17 May 2002 to 4:00 p.m. 10 June 2002, both dates
inclusive, assuming the resumption of the trading of the Shares
will take place on 3 May 2002. Holders of the New Shares in odd
lots (i.e. lots which are not in integral multiples of 2,000 New
Shares) may through their broker contact FB Gemini Securities
Limited during such period. Holders of the New Shares in odd
lots should note that the matching of the sale and purchase of
odd lots is not guaranteed.
Shareholders are recommended to consult their own professional
advisers if they are in any doubt about the facility described
above.
=================
I N D O N E S I A
=================
ASTRA INT'L: Sells 310M Shares in Bank Universal
------------------------------------------------
Automotive company PT Astra International Indonesia Tbk has sold
310 million shares in Bank Universal reducing its stake to 9.11
percent or 3,477 million shares in the publicly listed bank,
AsiaPulse reports.
Astra Finance Director John S.A. Slack said the shares were sold
to PT Semesta Indovest Securities on March 19 at a total price
of Rp7.750 billion (US$775,000).
After the deal, Bank Universal is now 78.65 percent owned by the
Indonesian Bank Restructuring Agency (IBRA) and 9.83 percent by
the investing public.
With debts worth US$133 million and Rp164 billion due in
December, Astra desires to sell its non-core assets. In
February, it has agreed to sell its 35 percent share in a
telecommunications operator being acquired PT Telekomunikasi
Indonesia.
BAHANA PEMBINAAN: Government Orders Debt Audit
----------------------------------------------
Ernst & Young will audit Bahana Pembinaan Usaha Indonesia's
US$800 million debt, as an audit ordered by the government,
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), report.
Bahana is allegedly suspected of lending money illegally to some
local tycoons, including US$47 million to Prajogo Pangestu.
DebtTraders reported that PT Bahana Pembinaan Usaha's 10.875%
floating rate notes due on 2000 (BAHA00IDN1) are trading at 21
and 24. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAHA00IDN1
BAKRIE BROTHERS: Profit Expected This Year
-------------------------------------------
PT Bakrie Brothers expects to return to profit this year with
the conclusion of US$1.08 billion debt restructuring in November
and due to the improving performance of its units, AFX Asia
reports.
According to Finance Director Beta Winarto, 2002 sales could
grow 26 percent from nine months revenue of Rp1.034 trillion.
The performance of Bakrie Brothers' operating units has also
improved, AFX adds. PT Bakrie Pipe Industry is securing new
contracts including the procurement of 75,000 tons of pipe for
Caltex at a deal worth US$38 million.
Winarto would not comment on the company's 2001 full year
results, saying they are still being audited.
PT Bakrie & Brothers Terbuka -- http://www.bakrie.co.id/--
produces steel pipes, corrugated metal products, cast iron
products for the automotive parts industry and fiber cement
building products; provides multidiscipline fabrication and site
engineering services, and landline and cellular
telecommunication services; operates rubber, palm oil and cocoa
plantations and commodity trading activity and minority
interests in companies engaged in mining, petrochemicals and
power generation.
SEMEN CIBINONG: Narrows FY Net Loss to Rp2.580T
-----------------------------------------------
PT Semen Cibinong has revealed a pre-extra net loss of Rp2.580
trillion in 2001, compared with a loss of Rp6.915 trillion in
the year-ago period, the AFX Asia reported.
The Company said sales in 2001 rose to Rp1.804 trillion from
Rp1.492 trillion. It also posted an operating loss of Rp156.796
billion from a loss of Rp115.149 billion, a forex loss of
Rp1.406 trillion from a loss of Rp2.759 trillion, while net
profit stood at Rp1.163 trillion, compared with a loss of
Rp6.915 trillion the previous year.
PT Semen Cibinong said it posted extraordinary gains of Rp3.744
trillion from debt restructuring.
Jakarta's PT Semen Cibinong -- http://www.semen-cibinong.com/--
produces cement and ready-mix concrete, Type I Ordinary Portland
Cement (OPC) as well as other specialty cement products that are
used in domestic mining and oil exploration projects. Other
activities include the provision of transportation services and
investment in other companies.
=========
J A P A N
=========
MITSUBISHI CHEMICAL: Sees Y30B Net Loss
---------------------------------------
Mitsubishi Chemical Corp experienced a net loss of Y30 billion
in the year to March 2002, due to poor performance of its
petrochemical business, the Nihon Keizai Shimbun and AFX News
reported Monday.
Extraordinary losses from severance pay and valuation losses on
securities holdings are estimated to have increased to more than
Y40 billion compared to the previously forecast Y26 billion.
The Company earned a net profit of Y3.2 billion in the previous
fiscal year. It is likely to register revenue of Y1.8 trillion,
up 2 percent year-on-year, operating profit of Y40 billion, down
40 percent year-on-year.
According to World'Vest Base, as of 2000, Mitsubishi Chemical
has fixed assets of Y780 billion and current liabilities were
Y818.7 billion.
MIZUHO BANK: S&P Assigns 'BBB/A-3' Ratings; Outlook Negative
------------------------------------------------------------
Standard & Poor's said on Monday that it has assigned its
triple-'B' long-term and 'A-3' short-term counter party credit
ratings to newly created Mizuho Bank Ltd. and Mizuho Corporate
Bank Ltd. (MHCB), which were formed through the reorganization
of Dai-Ichi Kangyo Bank Ltd. (DKB), Fuji Bank Ltd., and
Industrial Bank of Japan Ltd. (IBJ) under the group holding
Company, Mizuho Holdings Inc. (MHHD). The outlooks on the long-
term ratings on both banks are negative.
Standard & Poor's also affirmed its ratings on debts and
preferred securities issued by the group's subsidiaries and
finance vehicles (see list below). At the same time, the ratings
on DKB, Fuji, and IBJ were withdrawn.
Mizuho Bank and MHCB are the pivotal entities in the Mizuho
group, the largest of Japan's five mega-bank groups with
consolidated assets of Y164 trillion. Mizuho Bank will focus on
the small-to-midsize enterprise and household markets, while
MHCB will concentrate on large corporate markets. The ratings on
both banks reflect persistent asset quality problems, thin
revenues, and the weak capital quality of the Mizuho group. Key
mitigating factors are the strong likelihood that the government
would provide support to the banks if necessary, and the Mizuho
group's established franchise in both the retail and wholesale
markets in Japan.
MHHD expects credit costs at the former DKB, Fuji, and IBJ, to
have reached Y2 trillion in fiscal 2001(ended March 31, 2002),
approximately 2.3 times core pre-provision profits. While this
forecast includes more conservative provisioning than previously
used, Standard & Poor's expects credit costs to largely wipe
out, or possibly exceed, the group's pre-provision profits for
at least the next two to three years, given the lingering
financial weakness and slow pace of restructuring in the
domestic corporate sector.
"The Mizuho group has a massive corporate loan portfolio and
acts as the main bank for a huge number of corporate borrowers,
and it will be difficult for the group to shift its business
away from weak areas in the domestic corporate sector," said
Takamasa Yamaoka, a director at Standard & Poor's Financial
Institutions Ratings Group in Tokyo.
Both banks' revenue generating capacity is very weak, with the
group's loan-deposit spread at 1.4 percent. The quality of the
group's capitalization is also very weak. Preferred instruments
and deferred tax assets are expected to represent 54 percent and
49 percent, respectively, of the group's consolidated Tier 1
capital at March 2002. At the same time, the largest retail
network in Japan supports the group's funding. In assessing the
stability of Japanese banks' funding sources, Standard & Poor's
also pays attention to rising sensitivity to credit risk in the
Japanese market.
"The Mizuho group is vulnerable to any further economic
deterioration in Japan and any change in the government's
supportive stance," said Mr. Yamaoka. "But given its 70
trillion in deposits, the largest in the world, and its crucial
position in the Japanese financial system, the Japanese
government is highly likely to maintain its supportive stance,
at least over the medium term."
RATINGS ASSIGNED
Mizuho Bank Ltd.
Counterparty credit rtg BBB/Negative/A-3
CD BBB/A-3
Mizuho Corporate Bank Ltd.
Counterparty credit rtg BBB/Negative/A-3
CD BBB/A-3
Sr unsecd debt BBB
Sub debt BBB-
Jr sub debt BB+
RATINGS AFFIRMED
Dai-Ichi Kangyo Australia Ltd.
Counterparty credit rtg BBB/Negative/A-3
Euro CP (Gtd: Mizuho Corporate Bank Ltd) A-3
Mizuho Finance (Cayman) Ltd.*
(formerly Fuji Finance (Cayman) Ltd.)
Sub debt (Gtd: Mizuho Corporate Bank Ltd.) BBB-
Jr sub debt (Gtd: Mizuho Corporate Bank Ltd.) BB+
Fuji International Finance (Australia) Ltd.
Counterparty credit rtg BBB/Negative/A-3
Sr unsecd (Gtd: Mizuho Corporate Bank Ltd.) BBB/A-3
Euro CD/CP program A-3
Mizuho Asset Trust & Banking Co. Ltd.
(formerly Yasuda Trust & Banking Co. Ltd.)
Sr unsecd debt BBB-
Mizuho International PLC
Sr unsecd (Gtd: Mizuho Corporate Bank Ltd.) BBB/A-3
Euro CP (Gtd: Mizuho Corporate Bank Ltd.) A-3
Mizuho JGB Investment LLC*
(formerly Fuji JGB Investment LLC)
Pfd secs BB-/Negative
Mizuho Corporate Bank Ltd., New York Branch
(formerly Industrial Bank of Japan Ltd., New York Branch)
CD BBB/A-3
Mizuho Corporate Bank Ltd., Paris Branch
(formerly Industrial Bank of Japan Ltd., Paris Branch)
CD A-3
Mizuho Preferred Capital Co. LLC*
(formerly IBJ Preferred Capital Co. LLC)
Pfd secs BB-/Negative
Mizuho Finance (Curacao) N.V. *
(formerly Industrial Bank of Japan Finance Co. N.V.)
Sr unsecd debt (Gtd: Mizuho Corporate Bank Ltd.) BBB
Sub debt (Gtd: Mizuho Corporate Bank Ltd.) BBB-
Jr sub debt (Gtd: Mizuho Corporate Bank Ltd.) BB+
IBJ Australia Bank Ltd.
Counterparty credit rtg BBB/Negative/A-3
Senior unsecd debt BBB
CP A-3
Mizuho Corporate Bank (Canada)
(formerly Mizuho Bank (Canada))
Counterparty credit rtg --/--/A-3
CD A-3
RATINGS WITHDRAWN
Dai-Ichi Kangyo Bank Ltd. --
Fuji Bank Ltd. --
Industrial Bank of Japan Ltd. --
* New name subject to regulatory approval.
NKK CORP: Moody's Upgrades Rating to Baa3, Outlook Negative
----------------------------------------------------------
Moody's Investors Service on Thursday has upgraded its long-term
debt rating for NKK Corporation (NKK) and its supported
subsidiary to Baa3 from Ba1, and has confirmed its Baa3 long-
term debt rating for Kawasaki Steel Corporation (Kawasaki) and
its supported subsidiary. The outlooks are negative for both
ratings.
The ratings reflect Moody's expectation that the planned
business consolidation of NKK and Kawasaki will significantly
enhance the cost efficiency and the competitive position of the
combined steel operations. The rating also considers the highly
leveraged financial profile of the combined group and the
persistent pressures on profitability. The rating actions
conclude the rating reviews of both companies initiated on April
16, 2001.
NKK and Kawasaki will jointly establish a holding Company, JFE
Holdings, Inc., by October 2002 to form JFE Group. The companies
at that time will become wholly owned subsidiaries of the
holding Company. By April 2003, the companies' operations will
be fully integrated by business segment under the holding
Company. JFE Steel Corporation, the steel operating Company,
will be the dominant contributor to the group's cash flow. The
Company will integrate their steel works and streamline
production lines to optimize production flows and distribution
arrangements.
These changes will provide additional opportunities and
flexibility for them to manage their cost structure effectively.
Furthermore, the business integration is expected to strengthen
their operating franchises both locally and globally, and create
substantial synergies in technology development.
In the meantime, Moody's expects the difficult operating
environment for Japanese steel companies to continue. In
addition to cyclical volatility of demand, and Japan's current
weak economy, price pressures from customers will persist over
the intermediate term. JFE Group's highly leveraged capital
structure also represents a concern. However, Moody's expects
that JFE Group will be able to manage its free-cash flow within
a reasonable range to continuously cut its total debt,
mitigating the refinance risks inherent to high leverage and
business volatility. Prior to the consolidation, NKK and
Kawasaki have accelerated disposition of financial drags within
the groups. Still, prompt implementation of measures to realize
the consolidation benefits will be critical for maintenance of
the rating.
NKK Corporation, headquartered in Tokyo, is Japan's second-
largest steel producer and also engages in a competitive
engineering business, with consolidated sales of Y763 billion
for the six months ended September 2001. Kawasaki Steel
Corporation, incorporated in Kobe, is Japan's third-largest
steel maker with consolidated sales of Y580 billion for the six
months ended September 2001. JFE Steel will be among the largest
global steel producers, with annual crude steel production of
approximately 27 million metric tons.
RENOWN INC: R&I Downgrades L-T Rating to B
------------------------------------------
Rating and Investment Information, Inc. (R&I) on March 27 has
downgraded Renown Inc.'s Senior Long-Term Credit Rating; L-T
Bonds (1 series) to B from B+.
RATIONALE:
Renown Inc. has been slow to implement the structural changes
required to adapt to the changing operational environment in the
apparel market, and has tabled twelve consecutive terms of
consolidated operational losses up until fiscal 2001. The
Company announced a far-reaching restructuring program in
November 2001, but the external environment remains severe and
the Company has failed to satisfy doubts as to its ability to
return to a profit-making constitution.
Interest bearing debt is declining thanks to the sale of assets,
but there are now almost no remaining marketable assets and
interest-bearing debt is still excessive compared to the scale
of cash flow. R&I believes that financial instability will
persist for the time being as operational cash flow remains
dull, and is therefore downgrading the rating.
Renown is involved in a wide range of apparel, from underwear to
overcoats. Financial structure has deteriorated because of a
series of excessive investments since the start of the 1990s.
The retail market has diversified with the emergence of
specialty chain stores and mass retailers, and price competition
has become intense amidst Japan's deflationary trend, so the
traditional business model for the apparel business, entailing a
heavy risk from returned items, is being transformed. Renown has
for many years pursued the strategy of providing a comprehensive
apparel lineup, but this has meant that management resources are
widely dispersed and competitiveness in each individual area has
declined. This has been one factor behind the slump in
performance. The restructuring policy hammered out in 2001 will
erode the comprehensive apparel slogan as, in addition to
personnel cuts and the splitting off of businesses, it calls for
a withdrawal from the children's clothing market. It will,
however, be necessary to monitor whether these moves are
sufficient to escape the loss-making constitution and enable the
Company to head toward recovery.
SHISEIDO CO: Revising Forecasts for FY02
----------------------------------------
Shiseido Co., Ltd. (the Company) has revised its forecasts for
fiscal 2002 (April 1, 2001-March 31, 2002). The original
forecasts were announced on November 6, 2001. The revised
forecasts are shown below.
This announcement of revised forecasts is made in accordance
with a Tokyo Stock Exchange regulation. Listed companies must
make a public announcement if the figures such as originally
forecast net sales, ordinary income and net income figures
differ from current estimates by certain percentages, namely,
more than 10 percent for net sales, and more than 30 percent for
ordinary income or net income.
1. Revised Forecast for Fiscal 2002 (April 1, 2001-March 31,
2002)
Consolidated (Millions of yen)
Net Sales Operating Income Ordinary Income Net Income
(Loss)
Previous Forecast (A)
(Announced November 6, 2001) 600,000 22,000 23,000 (13,000)
Revised Forecast (B) 590,000 24,000 26,000 (22,000)
Change (B-A) (10,000) 2,000 3,000 (9,000)
Change ( percent) (1.7) 9.1 13.0 (69.2)
Fiscal 2001 Results 595,152 32,291 32,984 (45,091)
According to Kyodo News the Company expects a group net loss of
Y22 billion for the fiscal year ending Sunday, citing appraisal
losses on its stockholdings and extraordinary losses stemming
from recalls of some of its products as reasons for the altered
forecast.
Shiseido Co Ltd. manufactures and sells cosmetics, toiletries,
professional beauty salon products, foodstuffs, pharmaceuticals,
fine chemicals and other goods.
According to Wright Investor's Service, as of March 2001, the
Company's long-term debt was $400.30 million and total
liabilities were $1.97 billion.
SHOWA LEASING: Ceases Loan Business; Asahi Will Waive Claims
------------------------------------------------------------
Daiwa Bank Holdings, Inc. announced on March 28 the measures to
strengthen leasing Business of Showa Leasing Co., Ltd. and
Waiver of Claims to the Company.
Showa Leasing Co., Ltd. (the Company, an affiliate of Daiwa Bank
Holdings on an equity method) will completely cease its loan
business and focus on its core leasing and other related
businesses, with a view to strengthening its competitive
position in the industry and ensuring further growth in the
future. In addition, the Company will sell its real estate
assets so that it can intensively allocate its management
resources on its core leasing business.
The Asahi Bank, Ltd. (Asahi Bank, President: Yukio Yanase) will
waive its claims to the Company, to compensate for the
anticipated loss to be incurred by the Company due to its
business and asset portfolio restructuring. These restructuring
measures will enable the Company to strengthen its financial
position substantially, completing the disposal of problem
assets, and pave the way for the Company to expand its
businesses in the years to come.
Details are:
1. Outline of the Company
Office Address 12, Yotsuya 3-chome Shinjuku-ku, Tokyo
Representative President: Kengo Muramatsu
Amount of Capital 7,199 million yen
Ownership The Asahi Bank, Ltd. 5.0 percent
ITOCHU Corporation 4.8 percent
Aozora Bank, Ltd. 4.8 percent
And Others
Line of Business Leasing Business
2. Focus on Leasing Business
The Company will retreat from its loan business through
assignment of credits and accelerate the sales of real estate
assets so that it can intensively allocate its management
resources on its core leasing business.
3. Waiver of Claims
Date of Waiver March 29, 2002
Amount of Waiver 55 billion yen
Daiwa Bank, Kinki Osaka Bank and Nara Bank, other banking
subsidiaries of Daiwa Bank Holdings, have no claims to the
Company.
4. Impact of This Development on Forecasted Earnings
This development does not affect the earnings forecasts of Asahi
Bank for the fiscal year ending March 31, 2002, which was
announced on November 20, 2001.
The consolidated earnings forecast of Daiwa Bank Holdings, which
includes the account of Asahi Bank, is under formulation at the
moment. Daiwa Bank Holdings will release its consolidated
earnings forecast soon after it is fixed.
SNOW BRAND: Union Seeks Court Order To Reinstate Jobs, Wages
------------------------------------------------------------
Labor union members of Snow Brand Foods Co have filed a suit
with the Saitama District Court, seeking an order to declare
invalid their dismissal from the scandal-tainted firm, Kyodo
News reported Tuesday. The union members also asked the Court to
order the Company to keep on paying their salaries.
TCR-AP reported Monday that Snow Brand Milk Products Co., the
parent Company of scandal-hit Snow Brand Foods Co., has called
for the closure of more factories in the Kanto region around
Tokyo and the spin off of its unprofitable milk products
division as part of the reconstruction plan, Kyodo News
reported, citing Company sources.
TDK CORP: Discloses Voluntary Retirement Package Applicants
-----------------------------------------------------------
TDK Corporation on March 29 announced the number of applicants
for its Special Voluntary Retirement Package in TDK Japan, with
details as follows.
Number of Applicants
853 people
Effect on Earnings
TDK expects to book an extraordinary loss of approximately Y12.0
billion based on the number of people who have applied for the
Special Voluntary Retirement Package in TDK Japan.
The effect of this charge on fiscal 2002 operating results is
discussed in a separate press release entitled "Revisions to
Fiscal 2002 Consolidated and Non-Consolidated Projections".
Reference:
Details of the Special Voluntary Retirement Package in TDK Japan
Who is eligible: employees in all departments of TDK Corporation
in Japan
Application period: February 4, 2002 through March 22, 2002
Retirement date: March 31, 2002
Number of employees: 7,283 (As of September 30, 2001; Non-
consolidated)
For further information, contact Mr. Koike in the Corporate
Communications Department:
Tel.: 81-3-5201-7102
e-mail: nkoike@mb1.tdk.co.jp
TDK CORP: Expects Wider FY02 Group Net Loss Of Y26.25
-----------------------------------------------------
Electronic parts maker TDK Corp. (TDK) will expect a group net
loss of Y26.25 billion for the year ending March 31, citing
greater-than-expected costs for early retirement programs, Dow
Jones reported Friday. Its group sales outlook for the year is
unchanged at Y565 billion. Last fiscal year TDK incurred a group
net profit of Y43.98 billion on sales of Y689.91 billion.
=========
K O R E A
=========
DAEWOO MOTOR: March Vehicle Sales Down 9.2% From 2001
-----------------------------------------------------
Daewoo Motor Co sold a total of 38,842 vehicles in March, down
9.2 percent from 42,772 a year ago but up 7.9 percent month-on-
month from 36,009 in February, AFX News reported Monday.
Domestic sales in March increased 0.1 percent month-on-month to
14,183 while exports decline 13.8 percent to 24,659 due to late
shipment.
In the three months to March, it sold 109,698 units compared to
107,096 the previous year. Domestic sales grow 4.9 percent to
38,691 and exports increasing 1.1 percent to 71,007.
TCR-AP reported Tuesday that the Ministry of Finance and Economy
(MoFE) said creditors of Daewoo Motor Co (DM) would sign a final
contract to sell the ailing automaker to General Motors Corp
(GM) at the earliest possible time, with their negotiations
nearing completion.
HYNIX SEMICON: KDB Denies Report on US$1.5B Micron Loan
-------------------------------------------------------
Korea Development Bank (KDB) said it has not agreed to extend
US$1.5 billion in fresh loans as part of a deal under which
Micron Technology Inc would acquire the memory operations of
Hynix Semiconductor, AFX News reported Tuesday. Earlier,
MoneyToday reported that KDB would extend US$1.5 billion in
loans, which will be jointly guaranteed by Korea Exchange Bank,
Hanvit Bank and Chohung Bank.
"We have not agreed to extend such a loan. Neither have we
received a request from Korea Exchange Bank on the new loans, at
least for now," said a senior KDB official on KDB's team dealing
with Hynix debt.
Officials from Korea Exchange Bank and other main creditor banks
of Hynix refused to comment on the issue.
HYNIX SEMICON: Deal With Micron Uncertain, Says Park
----------------------------------------------------
Hynix Semiconductor Inc. is not ready to sign a preliminary
agreement with Micron to sell its assets, AP Online reports,
citing Company President Park Chong-sup.
Park said that Hynix' ultimate goal is to survive independently,
describing selling assets to the US Company as an option. He
emphasized that Hynix will decide on its proposed agreement with
Micron within a few weeks.
Some minority shareholders angrily protested and accused
management of trying to sell Hynix' assets at a giveaway price.
HYUNDAI MOTOR: Opening China Assembly Plants
--------------------------------------------
Hyundai Motor Corp., along with its sister Company Kia Motors,
will produce small and mid-sized automobiles in China beginning
in October, under a strategic relationship with their Chinese
counterparts, PR Newswire reports.
Hyundai Motor and Kia Motors have secured a foothold in the
world's most populous country. Hyundai will open its plants in
northern Beijing and Kia in southern Shanghai in a joint effort
to claim a bigger piece of China's auto market. The venture into
China is in line with Hyundai's goal to be the world's fifth-
largest automaker by 2010, with the ability to produce five
million vehicles annually.
According to Wright Investor's Service, at the end of 2000,
Hyundai Motor Company Limited had negative working capital, as
current liabilities were W14.58 trillion while total current
assets were only W9.60 trillion.
DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 103.656 and 104.159. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1
KOOKMIN BANK: Enters Strategic Alliance With ING Group
------------------------------------------------------
On March 30, 2002, Kookmin Bank and ING Group jointly released
the following announcement with regard to maintaining the
strategic alliance.
Kookmin Bank and ING intend to maintain the strategic alliance.
Kookmin Bank and ING have agreed to make a decision regarding
ING's additional investment in Kookmin Bank when the detailed
guidelines regarding the deregulations of the bancassurance
business in Korea become clear.
Accordingly, both parties have also agreed to continue
discussion for the formulation of a mutually beneficial
strategic alliance structure by the end of May 2002.
DebtTraders reports that Kookmin Bank Ltd's 7.550% floating rate
note due in 2006 (CITN06KRS1) trades between 98.000 and 99.000.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1
===============
M A L A Y S I A
===============
BESCORP INDUSTRIES: Updates Defaulted Payment Status
----------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB or the Company), as required by the Kuala Lumpur Stock
Exchange Practice Note 1/2001, provided an update on its default
in payment found at
http://www.bankrupt.com/misc/TCRAP_Bescorp0403.xls
The default by BIB as at 28 February 2002 amounted to
RM57,920,290.07 made up of a principal sum of RM35,750,000 plus
RM22,170,290.07 in interest for revolving credit facilities.
As at 28 February 2002, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn Bhd (In Liquidation),
Bescorp Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn
Bhd (In Liquidation), Bespile Sdn Bhd (In Liquidation), Farlil
Sdn Bhd (In Liquidation) and Waktu Cerah Sdn Bhd, defaulted on a
total sum of RM91,940,357.47 made up of a principal sum of
RM60,905,258.44 plus RM31,035,099.03 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM58,789,152.25 for overdraft
facilities.
Please note that the above default in payment is inclusive of
default in payment of hire purchase and lease facilities by
Bescorp Construction Sdn Bhd (In Liquidation), Bescorp Piling
Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation) and Farlil Sdn Bhd (In Liquidation) amounting to
RM4,903,697.46 made up of a principal sum of RM3,581,258.44 plus
RM1,322,439.02 in interest, which have been inadvertently
omitted in our previous announcements.
EPE POWER: Further Defaults Interest, Principal Payment
-------------------------------------------------------
EPE Power Corporation Berhad, subsequent to the announcement
dated 28 February 2002, has further defaulted in the payment of
monthly interest of RM648,194.81 due to several financial
institution (FIs) under its revolving credit (RC) facilities.
In addition to principal default to two FIs totaling to RM77.4
million as announced in February 2002, EPE has on 20 March 2002
received a legal letter from another FI demanding full payment
on the outstanding amount given under its facilities totaling to
RM2.2 million by 3 April 2002.
In relation to the status of its restructuring scheme, EPE Power
Corporation Berhad has revised the concept paper and is
currently finalizing the debt-restructuring proposal before
presenting it to the Lenders.
ESPRIT GROUP: Proposed Restructuring Scheme Underway
----------------------------------------------------
Esprit Group Berhad is still in the process of finalizing its
financials and all other relevant information to be updated in
the explanatory statement that is to be issued to the creditors
of the proposed Restructuring Scheme (Scheme).
The Kuala Lumpur Stock Exchange has approved an extension of 5
months from 25 December 2001 to 24 May 2002 to enable the
Company to make a submission of its regularization plan to the
relevant authorities for approval.
GEAHIN ENGINEERING: Receives Statutory Notice From Creditor
-----------------------------------------------------------
GEAHIN Engineering Berhad (GEAHIN or the Company) announced that
on 28 March 2002 it was served with a Statutory Notice pursuant
to Section 218 of Companies Act dated 26 March 2002 by a
judgment creditor.
The judgment creditor is claiming the sum of RM10,255,019.58 and
any continuing interests which have to be paid within twenty one
(21) days from the date of service of the Notice, failing which
the Company shall be deemed to be unable to pay the aforesaid
debt and appropriate action will be taken for the winding-up of
the Company.
At the moment, the Company's Counsel is defending the case and
the Company will keep the members informed about its outcome in
due course.
GLOBAL CARRIERS: Court-Convened Creditors' Meeting Scheduled
------------------------------------------------------------
The Board of Directors of Global Carriers Berhad (GCB or the
Company) advised that an Explanatory Statement was dispatched on
the 27 March 2002 to seek the approval of all scheme creditors
in respect of the revised scenario to the Proposed Composite
Scheme, the Proposed BSNCL Settlement Scheme and the Proposed
Non-Financial Creditors Settlement Scheme (Proposed Revised
Scheme).
The court-convened creditors meetings shall be held on 18 April
2002. Apart from this, there has been no further development on
the Proposed Revised Scheme.
KEMAYAN CORPORATION: Proposed Workout Scheme Approval Pending
-------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of Kemayan
Corporation Berhad (KCB or the Company), had made an application
to the Kuala Lumpur Stock Exchange (KLSE) for an extension of
time of three (3) months to 30 June 2002 to release an
announcement on the details of the proposed restructuring
scheme. Presently, the application is pending approval from
KLSE.
On 11 March 2002 by Public Merchant Bank Berhad (PMBB) on behalf
of KCB, announced that the Company is in the midst of
formulating a restructuring plan, which will regularize its
financial condition, to be agreed upon between the Company and
the creditors of the KCB Group i.e. Scheme Creditors. Following
this, the details of the proposed restructuring scheme will,
upon finalization, be announced accordingly.
MANCON BERHAD: Appoints SIBB as Merchant Bankers
------------------------------------------------
Mancon Berhad informed that subsequent to the signing of the
Heads of Agreement, Southern Investment Bank Berhad (SIBB) had
been appointed as the merchant bankers and preparations to
finalize matters to make the Requisite Announcement are
progressing.
Profile
The Company (MB) undertakes civil engineering and building
contracting works such as earthworks, highway construction,
drainage and other infrastructural works. As part of its
restructuring exercise, the Company acquired 65% of Perwik Sdn
Bhd (PSB), a registered "A" class contractor with Pusat Khidmat
Kontraktor Malaysia. PSB commenced operations as an earth-moving
contractor principally in the southern region of Peninsular
Malaysia and has, over the years, broadened its scope of
operations to cover a substantial cross-section of the Malaysian
construction, property development and trading industries in
both the private and public sectors.
The economic downturn of mid-1997 has left a financial strain on
the Group's core activities. A restructuring scheme to
consolidate its financial position was announced in July 2000.
Subsequently, however, the SC has requested for a revised
proposal to be submitted.
MAY PLASTICS: Allotment Rights Sale Prospectus Dispatched
---------------------------------------------------------
The Board of Directors of May Plastics Industries Bhd, in
pursuant to Practice Note 4/2001 on the status of the Proposed
Rescue Cum Restructuring Scheme comprising Composite Schemes of
Arrangement pursuant to Section 176 of the Companies Act 1965
and various related proposals (Proposals), informed that the
prospectus together with provisional letters of offer in respect
of the non-renounceable offer for sale of the rights to
allotment of 33,701,033 new KSU Holdings Berhad (KSUH) shares
(Offer for Sale) had been dispatched to the entitled
shareholders of KSUH on 30 March 2002.
The Offer for Sale is undertaken in conjunction with the
Proposals with the aim of enabling KSUH to comply with the
minimum 25% public shareholding requirement of the Securities
Commission and KLSE, and thereby, facilitate the listing of
KSUH, which assumes the listing status of the Company.
MGR CORPORATION: Updates Proposed Restructuring Scheme Status
-------------------------------------------------------------
On behalf of MGR Corporation Berhad (MGR), the Special
Administrators (SAs) announced that MGR had on 4th March 2002
entered into a conditional Principal Agreement with Crest
Builders Sdn Bhd (CBSB) and the shareholders of CBSB, namely
Yong Soon Chow (YSC), Koh Hua Lan, Pertiwi Positif Sdn Bhd,
Takrif Jaya Sdn Bhd and Capai Hasil Sdn Bhd for the purpose of
implementing a restructuring scheme for MGR and its subsidiaries
(Proposed Restructuring Scheme) which include:
(i) Proposed incorporation of a new public limited company
(Newco) for the purpose of implementing the Proposed
Restructuring Scheme;
(ii) Proposal acquisition of MGR by Newco whereby MGR's
shareholders will be offered new ordinary shares in Newco (Newco
Shares) as part of the acquisition after incorporating the
effects of a capital reduction;
(iii) Proposed acquisition of CBSB by Newco;
(iv) Proposed issue by Newco warrants to Newco shareholders;
(v) Proposed debt restructuring with the secured creditors of
MGR (Creditors), involving cash payment, issue of Irredeemable
Convertible Secured Loan Stock and Redeemable Convertible
Secured Loan Stock in Newco and transfer of Newco Shares from
YSC to the Creditors; and
(vi) Proposed transfer of listing status of MGR to Newco.
CBSB is principally involved in construction of infrastructure
works (which includes the design, construction, completion and
maintenance of roads) and the construction of residential
houses, commercial buildings for offices and infrastructure
works for housing development projects. CBSB has no subsidiary.
Its only associated company, Crestland Development Sdn Bhd, is
currently dormant.
Pursuant to the Section 24 of Pengurusan Danaharta Nasional
Berhad Act, 1998, the Proposed Restructuring Scheme is subject
to the approvals of Pengurusan Danaharta Nasional Berhad
(Danaharta) and the Creditors. An appropriate announcement on
the final terms and the financial effects of the Proposed
Restructuring Scheme will be made after the aforesaid approvals
are being obtained.
PANGLOBAL BERHAD: Awaits Regulatory Authorities' Approval
---------------------------------------------------------
Panglobal Berhad (PGB or the Company) is still awaiting the
Kuala Lumpur Stock Exchange (KLSE)'s approval for a further
extension of time until 25 April 2002 to obtain the relevant
approvals pursuant to PN4/2001 as well as the approval of the
Securities Commission (SC) for, inter-alia, its proposed scheme
of arrangement.
Further to the announcement on 1 March 2002, the clarification
sought from the Controller of Foreign Exchange (CFE) has been
resolved.
On 21 March 2002, Commerce International Merchant Bankers
Berhad, on behalf of PGB, made an submission to the SC for the
proposed issuance of the loan stocks, as required under the SC's
Guidelines on the Offering of Private Debt Securities.
RAHMAN HYDRAULIC: KLSE Rejects Time Extension Appeal
----------------------------------------------------
On behalf of Rahman Hydraulic Tin Bhd. (Special Administrators
Appointed) (RHTB or the Company), the Special Administrators, in
pursuant to the Company's announcement on 28 February 2002 on
the Company's appeal to the Exchange to re-consider the
Company's application for an extension of time until 30 June
2002 for the Company to comply with Paragraph 5.1(a) of PN4,
announced that the Kuala Lumpur Stock Exchange (KLSE) has
rejected the Company's appeal.
Notwithstanding the above, the Company is under obligation to
regularize its financial condition in accordance with the
requirements of paragraph 8.14 of the Listing Requirements and
PN4 by 31 December 2002.
RAHMAN HYDRAULIC: Seeks Time Extension to Convene EGM
-----------------------------------------------------
Rahman Hydraulic Tin Bhd. (Special Administrators Appointed)
(the Company), in relation to the Extension of time for
convening an Extraordinary General Meeting (EGM) in relation to
the acquisition of shares of Kuala Lumpur Industries Holdings
Bhd. (Special Administrators Appointed) which were acquired on
14 July 1997 (the Acquisition), announced that it is unable to
meet the deadline of 30 March 2002 to convene an EGM in relation
to the Acquisition to obtain the ratification of the Company's
shareholders.
The Exchange had allowed an extension of time from 20 February
2002 to 30 March 2002 for the Company to convene an EGM, failing
which a penalty of RM1,000 per market day will be imposed on the
Company beginning from 1 April 2002 until the date of
ratification.
On behalf of the Company, the Special Administrators have
applied to the Exchange for a further extension of time to
convene the EGM and are presently awaiting a decision from the
Exchange. Further developments on this matter will be announced
in due course.
REKAPACIFIC BERHAD: Court Sets Judicial Review on Apr 18, 19
------------------------------------------------------------
The Board of Directors of RekaPacific Berhad (the Company), in
relation to the status of the Restructuring Proposal (the
Fourteenth Monthly Status Announcement), advised that its
solicitors have informed the Company that the Honorable Court
has fixed the hearing date of the substantive application for
judicial review for 17 and 18 April 2002.
Profile
Originally, the Company manufactured steel wire products. From
late 1984, it ventured into non-steel businesses.
In December 1996, majority ownership of the Company changed
hands from the Berjaya Group to Linksun Avenue, and with this, a
rationalization exercise was undertaken involving divestment of
the property-based business and investment/development
properties the Group had acquired.
New companies were acquired in the same year, changing the
Company's focus to strategic equity investments, real estate
investments and other related investments and financial
services.
Recently, on 3 January 2000, the Company was served a winding-up
petition by Public Bank Bhd pursuant to Section 218 of the
Companies Act, 1965. The petition was, however, withdrawn on 24
August 2000 to allow the Company to proceed with a financial
restructuring proposal.
TAJO BHD: Provides Defaulted Facilities Details
-----------------------------------------------
Tajo Berhad (Tajo) provided an update on the details of all the
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001, as set at
http://www.bankrupt.com/misc/TCRAP_Tajo0403.doc
REASON FOR DEFAULT IN PAYMENT
Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.
MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS
Reference is made to our previous announcements dated 26th
February 2002, 31st January 2002, 28 December 2001, 21 November
2001, 22 October 2001, 12 September 2001, 16 August 2001 and 5
July 2001.
On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.
On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:
1. Revise its regularization plan;
2. Make a revised Requisite Announcement to KLSE; and
3. Submit its revised plan to the regulatory authorities for
approval.
Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:
* 1st progress report by 15 November 2001;
* 2nd progress report by 15 December 2001;
* 3rd progress report by 15 January 2002; and
* 4th progress report by 15 February 2002.
On 15th November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14th
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14th
January 2002. The fourth progress report was submitted on 15th
February 2002.
On 26th February 2002, Public Merchant Bank Berhad, on behalf of
Tajo had written to the KLSE seeking a further extension of time
of three (3) months from 28 February 2002 for Tajo to make its
revised Requisite Announcement.
Announcements will be made in due course on the progress of
Tajo's regularization plan.
FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS
The estimated total outstanding as at 28 February 2002, in
relation to the payments, which are in default and are the
subject matter of the restructuring scheme is RM177,963,301.00.
Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.
IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS OR
BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER
Tajo's bonds were unsecured.
IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER
As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.
WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF DEFAULT
UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS DEFAULT) AND
THE DETAILS THEREOF, WHERE APPLICABLE; AND
The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.
The creditors have however refrained from serious legal action
other than those, which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.
TRANS CAPITAL: Obtains KLSE's Regularization Plan Extension
-----------------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB or
the Company), in relation to the status of its Proposed Debt
Restructuring and Proposed Rights Issue, informed that TCHB had
received the approval of the Kuala Lumpur Stock Exchange for the
extension of time for 2 months from 1 March 2002 to 30 April
2002 in order for TCHB to revise its regularization plan and to
make a revised Requisite Announcement to the KLSE for public
release.
On 15 February 2001, TCHB announced:
* TCHB is an affected listed issuer under the Practice Note;
* TCHB had on 8 February 2002 entered into a Memorandum of
Understanding with AKN Capital Sdn Bhd and Ahmad Kabeer Nagoor
wherein the three parties are desirous to propose a
restructuring scheme involving, inter-alia the setting up of a
newco to take over the listing status of TCHB and AKN Capital
Sdn Bhd and Ahmad Kabeer Nagoor to inject a group of companies
into the newco.
* TCHB has appealed to the KLSE for an extension of time from
28 February 2002 till 30 June 2002 to revise its regularization
plan and to make a revised Requisite Announcement to the KLSE
for public release.
=====================
P H I L I P P I N E S
=====================
PILIPINO TELEPHONE: Not Keen on Qualcomm Tie-up
-----------------------------------------------
Pilipino Telephone Corp. (Piltel) is not very interested in a
partnership with US-based telecommunications supplier Qualcomm,
Inc., the Business World reports.
According to a Piltel executive, Qualcomm has been interested in
a tie-up with the local mobile phone operator for almost a year
now, but his Company wants to see Qualcomm's equipment first as
the 3G technology is not yet mature.
National Telecommunications Commission (NTC) commissioner Eliseo
M. Rio, Jr. earlier said Qualcomm is interested in Piltel's
analog frequency, which can adapt to the 3G or third-generation
technology via a code division multiple access (CDMA) platform.
Qualcomm pioneered the CDMA technology, which is widely used in
wireless networks and handsets in the United States, Japan,
South Korea and other South American countries. The technology
makes efficient use of the radio frequency spectrum, allowing
more people to share the airwaves at the same time without cross
talk, static or interference.
Piltel has successfully restructured its P34.9 billion
(US$684.35 million) debt and has been making a comeback through
its Talk N' Txt brand. The Company posted a net loss in 2001 of
P6.6 billion (US$129 million), mainly due to significant
marketing expenses for Talk 'N Text.
DebtTraders reports that Pilipino Telephone Corp's 4.980%
floating rate note due in 2016 (PLTL15PHS1) trades between
28.000 and 32.000. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PLTL15PHS1
NATIONAL POWER: Plans to Sell $750M in Bonds
--------------------------------------------
National Power Corp. (Napocor), the unprofitable state-owned
power monopoly, will sell $750 million in bonds by June to meet
this year's increased financing needs, Business World said,
citing unidentified sources.
Napocor's Board approved an increase in the funding target for
this year to $1.5 billion from $1 billion, the paper said.
The government is selling Napocor's assets to reduce power costs
and cut the Company's debt.
The power Company, with the help of the government, sold $750
million in bonds in January and February to help repay $1
billion of debt due this year. It forecasts a 34 billion peso
($667 million) loss this year, three times more last year.
=================
S I N G A P O R E
=================
CHEW EU: Posts H1 Net Loss of S$35.32M
--------------------------------------
Chew Eu Hock Holdings Ltd posted a net loss S$35.325 million
against a loss S$1.129 million a year earlier
Chew Eu Hock six months to January results:
Sales - S$23.739 million versus 40.974 million
Net loss - S$35.325 million versus loss 1.129 million
Loss/shr - 26.0 cents versus 0.83 cents
Interim div - nil; unchanged
The Company was incorporated on 28 January 1994 as a limited
exempt private Company under the name of Chew Ru Hock Holdings
Pte Ltd. On 31 July 1998, the Company was converted to a public
limited Company and its name was changed to Chew Eu Hock
Holdings Ltd. The Company's activities are building construction
and road construction work, contractors for civil engineering,
trading of construction materials, property investment and
rental of machinery and equipment.
According to World'Vest Base, as of 1999, the Company has fixed
assets of S$29.8 million and current liabilities were S$46.7
million.
LKN-PRIMEFIELD: Discloses Ordinary Shares Subscription
------------------------------------------------------
LKN-Primefield Limited (the Company) announced that on
28/03/2002, the Company had subscribed for 2,000,000 ordinary
shares of $1.00 each at par in the capital of its wholly owned
subsidiary, Primefield Company Pte Ltd for the total
subscription price of $2,000,000. Upon completion of the above
subscription, the Company will hold in aggregate 8,100,000
ordinary shares of $1.00 each fully paid in the capital of
Primefield Company Pte Ltd.
The directors and substantial shareholders represented by
directors on the Board of the Company have no direct or indirect
interest in the above transaction. The above transaction is not
expected to have any impact on the Company's earnings per share
and net tangible assets per share.
TCR-AP reported last week that LKN-Primefield Limited on Monday,
referring to its un-audited full year financial statement
announcement made on 22 March 2002 and the Trust Deed dated 13
March 2001 (the Trust Deed), announced the following:
Under the terms of the Trust Deed, the Company had covenanted
not to permit the gearing ratios of its Total Consolidated
Liabilities or of its Total Consolidated Borrowings to its
Consolidated Shareholders' Funds (all capitalized terms as
defined in the Trust Deed) to exceed 7:1 or 6:1 respectively.
However, due to the drastic drop in the Consolidated
Shareholders' Funds from $62.3m as at 31/12/2000 to $6.3m as at
31/12/2001, the Group's gearing ratios exceed these ratios
stipulated in the Trust Deed, as the gearing ratios in terms of
liabilities and borrowings are 61.8 and 54:1 respectively.
STRAITS TRADING: Unit Goes Into Voluntary Liquidation
-----------------------------------------------------
Matthew F O'Driscoll and Julian Chow Kai Wo both of 11/F Tower
2, The Gateway, 25-27 Canton Road, Kowloon, Hong Kong were
appointed as liquidators of W.E. Moulsdale and Company Limited
(WEM). A wholly owned inactive subsidiary of The Straits Trading
Company Limited, WEM was dissolved on 4 April 2001.
THAKRAL CORPORATION: Clarifies Newspaper Report
-----------------------------------------------
Thakral Corporation Ltd., in reference to the article under the
heading "Thakral to post turnaround with $208 million full-year
profit" written by Ms Ling Su Ann published in Business Times
on 27 March 2002, clarified that the Company had indicated that
the Group will recognize a gain of S$207.5 million as a result
of the restructuring. However, this does not imply that the
Company will report a full-year profit in the same amount for
the current financial year.
With respect to the concerns raised by Ms Ling on the potential
tax liability on gains, the company informed that tax
consultant, Deioitte & Touche, have advised the Company that it
is likely that these gains are considered to arise from
transactions, which are capital in nature and therefore
considered as capital gains. Capital gains are not taxable in
Singapore.
===============
T H A I L A N D
===============
EASTERN WIRE: Appoints Plan Administrator
-----------------------------------------
Eastern Wire Public Company Limited announced that the Central
Bankruptcy Court considered its Rehabilitation Business Plan and
appointed Mr. Phiraphan Phalasuk as the Plan Administrator on
June 21, 2001. The Plan Administrator informed the third
progress report of the Rehabilitation Business Plan as follow:
At present, the Company has paid-up registered capital of Bt
279,367,440.00 and the Company is acting under the
Rehabilitation Business Plan.
RAIMON LAND: Receives Shares Tender Offer From Simico
-----------------------------------------------------
Raimon Land Plc. advised that it received a copy of a tender
offer to purchase securities from Simico Securities Public Co.,
Ltd. as a major shareholder in accordance with the Notification
of the Securities and Exchange Commission, Re: Criteria and
Conditions and Procedures related to a Takeover, dated 6 March
B.E. 2538.
The Company will appoint an independent financial advisor to
give an opinion on the said tender offer.
The tender offer summary to purchase
securities:
The information of Tender Offer Document for ordinary shares of
Raimon Land Plc. from Seamico Securities Public Company Limited.
The Terms and conditions in the Tender Document are final and
will not be amended.
Summary of the terms and conditions are set out below:
Date of submission of the Tender Offer: 29th March 2002
Name of the Offeror: Seamico Securities Public Company Limited
Name of Financial Advisor and the Tender Agent to the Tender
Offer: Seamico Securities Public Company Limited
Category, type, class and number of securities offered to be
purchased:
4,931,195 ordinary shares of Raimon Land Public Company Limited,
representing 19.79 per cent of the total issued shares of Raimon
Seamico Securities Plc. has received Confirmation Letters from
certain existing shareholders of Raimon holding 11,794,210
shares, stating that they have no intention to sell any shares
of Raimon received Confirmation Letters from certain existing
shareholders of Raimon in the Tender Offer. As a result, the
total number of shares in Raimon available to be tendered during
the Tender Offer is equal to 4,931,195 shares.
Offer Price:
The Offer Price is Bt5.0020 per share, which is the final price
and will not be amended. The Offerees are subject to a 0.25 per
cent brokerage fee on the Offer Price plus a value-added tax
(VAT) of 7 per cent of such brokerage fee. Thus, the net
offer price to be received by the Offerees will be Bt4.9886 per
share.
Note: Other relevant information to consider is set out below:
It is understood that the Company's Plan Administrator, under
the Plan, intends that the Rights Warrants shall be issued at
the Offered Price free to shareholders registered subject to the
close of the Tender Offer at the ratio of one existing share to
four new Rights Warrants (after the change of its par value to
Bt5). They will have an exercise ratio of Bt5 per share and a
five-year term. The Offerees shall not be entitled to any Rights
Warrants, which it is proposed shall be issued to all
shareholders of Raimon as the Company will close the registrar
book for entitlement of such Rights Warrants after the close of
the Tender Offer Period. Under the Plan, it is also proposed
that a Rights Issue raising up to Bt500 million will be
conducted after the close of the Tender Offer.
Total considerations: Bt24,665,837.39
Conditions of the Tender Offer
The Offeror may cancel the Tender Offer during the Tender Offer
Period upon the occurrence of any of the following incidents:
1. any event and/or action that occurs after the acceptance of
the Tender Offer by the Office of the Securities Exchange
Commission (SEC), but before the end of the Tender Offer Period,
which may cause severe damage to Raimon's status or assets of
the tendered business, provided such incident or action does not
arise from the Offeror's action or from the action for which the
Offeror is responsible;
2. action performed by Raimon after the acceptance of the Tender
Offer by the SEC, but before the end of the Tender Offer Period,
which may cause the share value to decrease materially (except
for such actions that have been formally announced in writing to
the public before the Tender Offer Period as required by the SET
and/or the SEC).
Conditions on the number of Offer Shares to be purchased where
the amount tendered during the Tender Offer is either more or
less than the amount offered to be purchased:
The Offeror will purchase all the Tendered Shares according to
the procedures indicated in the Tender Offer and may cancel the
Tender Offer as provided in the Tender Document.
Tender Offer Period (final and will not be extended)
The Tender Offer Period of 25 business days, defined as days
upon which the SET is open, shall commence from 9.00 a.m. on 1st
April 2002 to 4.30 p.m. on 10th May 2002.
Objectives of the Tender Offer:
1. The Offeror made a previous acquisition of shares of Raimon
Land Plc., which caused its total shareholding percentage in
Raimon Land Plc. to exceed 25 per cent. One of the objectives
of the purchase of additional shares through the tender offer of
the Offeror is to comply with regulatory conditions set forth in
the Notification of the SEC No. Kor Kor 4/1995, Re: Rules,
Conditions and Procedures for Acquisition of Securities for
Business Takeovers, dated 6th March 1995;
2. The Tender Offer is intended to provide a possible exit to
any minority shareholder who may not wish to continue to remain
a shareholder of Raimon Land Plc. in its new form and with the
new major shareholder group prior to the involvement of Seamico
into Raimon Land Plc.
Source of funds to finance the Tender Offer:
The Offeror will utilize its working capital as source of funds
to finance the Tender Offer. In this regard, Thai Farmers Bank
Plc. has issued a letter confirming Seamico's outstanding
account balance of Bt150.88 million as at 19th March 2002.
SIAM FERRO: Business Reorg Petition Filed in Bankruptcy Court
-------------------------------------------------------------
Steel pipe and steel plated zinc manufacturer Siam Ferro
Industry Company Limited (DEBTOR) filed its Petition for
Business Reorganization in the Central Bankruptcy Court:
Black Case Number 1146/2544
Red Case Number 969/2544
Petitioner: SIAM FERRO INDUSTRY COMPANY LIMITED
Planner: S.S.P. IRON & STEEL COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt3,322,760,650.61
Date of Court Acceptance of the Petition: September 27, 2001
Date of Examining the Petition: October 22, 2001 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: October 22, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 2, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: November 20,
2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: February 20, 2002
Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: March 20, 2002
Contact: Ms. Piyanunt Tel, 6792525 ext. 114
SIKRIN PUBLIC: Omits Dividend, Sets GM on Apr 29
------------------------------------------------
The Board of Directors of Sikarin Public Company Limited at a
5:00 p.m. March 29, 2002 meeting, passed these resolutions:
1. Omit dividend to shareholders for 2001
2. That an ordinary general meeting of shareholders # 24 should
be held on April 29, 2002 from 9.00 a.m. at King park Avenue
Hotel 9/999 Soi Supapong 3 Srinakarin Rd. Opposite Seacon Square
Nongbon Pravet Bangkok . That the agenda for the meeting
will:
1) Certify the minutes of the ordinary general meeting of
shareholder # 23
The Board of Directors certified the minutes of the ordinary
general meeting of shareholder # 23
2) Acknowledge the Board of Director report on 2000 operation
The Board of Directors approves a report to shareholders.
3) Appoint new director to succeed those completing their
term
The Board of Directors reappoints the following members of the
Board of Directors after their retirement:
1.Mr. Kittipan Sasanawin
2.Mr. Uthai Sakulkru
3.Mr. Viranart Viravaidhaya
4.Mr. Amnart Wongsuwan
4) Approve the Company's balance sheets and profit and loss
statement as at December 31,2001
The Board of Directors approves the Company's balance sheets and
profit and loss statement as at December 31,2001.
5) Appoint an auditor and fix the auditing fee for 2002
Board of Directors appoints BDO Richfield Limited, Mr. Boonsri
Techavarutama and Mr.Anurak Lelapiyamitr as Company Auditor for
2002.
6) Consider other issues (if any)
3. That the date for closing the Company share register for the
right to attend the meeting be on April 11,2002 at 12.00 a.m.
until finish the ordinary general meeting of shareholders.
WONGPAITOON GROUP: Q201 Performance Declaration
-----------------------------------------------
Wongpaitoon Group Plc, in reference to the quarterly income
statement ended June 30, 2001 (Q2/2001) submitted to the Stock
Exchange of Thailand on March 15, 2002, had net loss of Bt57.97
million which was decreased from the Q2/2000 by Bt181.62 million
due to:
1. A decrease in the Company's selling and administration
expenses by Bt123.18 million to Bt92.42 million could be
clarified as:
* Write off overstatement in inventories, Bt44.46 million
* Allowance for doubtful account, Bt16.60 million
* Foreign exchange loss, Bt43.36 million
* Selling expenses, Bt16.46 million
* Other administration expenses Bt2.30 million
2. Due to debt to equity conversion as per the debt
restructuring agreement, interest payment was declined by 76.85
million to Bt26.24 million.
3. A reduction of Subsidiaries unallocated net profit by
Bt18.95 million was realized due to the fact that some
subsidiaries found loss from operation and others were shut
down.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2002. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
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*** End of Transmission ***