/raid1/www/Hosts/bankrupt/TCRAP_Public/020410.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 10, 2002, Vol. 5, No. 70
Headlines
A U S T R A L I A
ANSETT AUSTRALIA: Superannuation Court Hearing Set on Friday
ETRADE AUSTRALIA: ANZ Changes Substantial Holding
GOODMAN FIELDER: Issues Daily Share Buy-Back Notice
HILLGROVE GOLD: Appoints Prentice, Robinson as Administrators
PRESTON RESOURCES: Posts February Bulong Production Report
THE DIRECTOR: ASIC Applies Winding Up Petition to Court
WORLDWIDE TECHNOLOGY: Intends to Raise Capital
C H I N A & H O N G K O N G
ASIA GLOBAL: Reaches Extension Agreement With Creditors
NANYANG HOLDINGS: Narrows 2001 Operations Loss to HK$24.6M
NORTHEAST ELECTRICAL: Faces Suit Filed by Banking Consortium
SINO-I.COM: Appoints Placing Agent to Procure Convertible Notes
TECHCAP HOLDINGS: Share Option Scheme Resolution Passed
I N D O N E S I A
DAYA GUNA: Debt Workout Talks With IBRA Pending
INDOFOOD SUKSES: PEFINDO Revises Bond I/2000 Rating Outlook
J A P A N
DAIEI INC: Promotes Outlets Renovation
EIWA SANGYO: Files for Voluntary Bankruptcy
HITACHI LTD: Employees Apply for Early Retirement
KURARAY CO: Discloses Corporate Reorganization Scheme
MATSUSHITA ELECTRIC: Establishes R&D Facility in China
MITSUBISHI TOKYO: Revises FY01 Financial Result
MIZUHO BANK: Apologizes on ATM Service Disruption
NIPPON TELEGRAPH: Moody's Reviews Rating, Downgrade Possible
NIKO NIKO: Files for Court Protection
OMRON CORPORATION: Liquidating Two Subsidiaries
SUMITOMO MITSUI: Sees FY Net Loss of Y350B on Bad Loans
SUMITOMO TRUST: Appraisal Losses Drive Firm into the Red
K O R E A
DAEWOO INTERNATIONAL: US Unit Exits Chapter 11
DAEWOO MOTOR: Enters Joint Venture With Guilin Auto in China
DAEWOO MOTOR: KDB Will Unveil Sale Talks With GM This Week
M A L A Y S I A
AOKAM PERDANA: FIC Extends Compliance Date to June 2003
BRIDGECON HOLDINGS: Moratorium Period Extended to April 2003
DATAPREP HOLDINGS: Implements Capital Reconstruction
JASATERA BERHAD: Proposes Revised Recapitalization Exercise
KINTA KELLAS: Registrar of Companies Strikes Off Dormant Unit
LONG HUAT: Issues Winding Up Petition Details
MYCOM BERHAD: Updates Defaulted Principal Payment Status
PAN PACIFIC: Provides March Defaulted Payment Update
PICA (M) CORPORATION: Non-Independent, Non-Executive Resigns
REPCO HOLDINGS: Danaharta Further Extends Moratorium Period
SOUTHERN PLASTIC: In Talks With Financial Institutions
UNITED ENGINEERS: Dato' Azman Resigns From Board
P H I L I P P I N E S
BELLE CORP: Plans to Restructure US$34.2M in Debts
DMCI HOLDINGS: PSE to Delist Shares After Full Redemption
PHILIPPINE LONG: Unit Invests US$6M in New IT Export Firm
S I N G A P O R E
ALLIANCE TECHNOLOGY: Appoints Judicial Managers
CAPITALAND LIMITED: SGX-ST OKs Convertible Bond Listing
L & M GROUP: Shareholders Approve EGM Resolution
WEE POH: Issues Profit Warning
T H A I L A N D
RAIMON LAND: Transferring Collateral Assets to Creditors
TT&T PUBLIC: Releases Warrant Exercise Report
UDORN CHAROENSRI: Business Reorganization Petition Filed
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT AUSTRALIA: Superannuation Court Hearing Set on Friday
------------------------------------------------------------
Mark Anthony Korda and Mark Francis Xavier Mentha,
Administrators of Ansett Australia LImited, filed an application
at the Supreme Court of Victoria, Melbourne against the Trustees
of the Ansett Australia Groundstaff and Ansett Australia Pilots
Superannuation Plans. Go to
http://www.bankrupt.com/misc/TCRAP_Application0410.pdfto see a
copy of the application.
This matter was mentioned in the Supreme Court of Victoria,
before Justice Warren at 450 Little Bourke St Melbourne at
9:45am on Monday, 8 April 2002. The matter will be heard in the
Supreme Court of Victoria, before Her Honor Justice Warren at 12
noon Friday, 12 April 2002.
Justice Warren made Orders on 8 April 2002 in proceedings
5059/2002. Go to
http://www.bankrupt.com/misc/TCRAP_order0410.pdffor details.
ETRADE AUSTRALIA: ANZ Changes Substantial Holding
-------------------------------------------------
Australia and New Zealand Banking Group Limited (ANZ) increased
its relevant interest in Etrade Australia Limited on
03/April/2002, from 24,464,726 ordinary shares (28.62 percent)
to 34,014,986 ordinary shares (35 percent).
GOODMAN FIELDER: Issues Daily Share Buy-Back Notice
---------------------------------------------------
Goodman Fielder Limited posted this notice:
DAILY SHARE BUY-BACK NOTICE
(EXCEPT MINIMUM HOLDING BUY-BACK AND
SELECTIVE BUY-BACK)
Name of Entity
Goodman Fielder Limited
ACN or ARBN
44 000 003 958
We (the entity) give ASX the following information.
INFORMATION ABOUT BUY-BACK
1. Type of buy-back On Market
2. Date Appendix 3C was given to 13/11/2001
to ASX
TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY
BEFORE PREVIOUS
PREVIOUS DAY
DAY
3. Number of shares bought 33,931,356 626,782
back or if buy-back is
an equal access scheme,
in relation to which
acceptances have been
received
$ $
4. Total consideration paid 48,172,144 946,440
or payable for the shares
5. If buy-back is an on-market
buy-back
Highest price paid Highest price paid
$1.59 $1.51
Date:
Lowest price paid Lowest price paid
$1.30 $1.51
Date:
Highest price
allowed under rule
7.33:
$1.6191
PARTICIPATION BY DIRECTORS
6. If buy-back is an on-market nil
buy-back - name of each
director and related party
of a director from whom the
company bought back shares
on the previous day, the
number of shares which the
company bought back from
each named director or
related party, and the
consideration payable for
those shares.
HOW MANY SHARES MAY STILL BE BOUGHT BACK.
7. If the company has disclosed 38,441,862
an intention to buy back a
maximum number of shares - the
remaining number of shares to
be bought back
COMPLIANCE STATEMENT
1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.
2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.
HILLGROVE GOLD: Appoints Prentice, Robinson as Administrators
-------------------------------------------------------------
Hillgrove Gold NL (Administrators Appointed, Receivers &
Managers Appointed) advised that Messrs Maxwell William Prentice
and Mark Julian Robinson, were appointed Administrators of the
Company by a resolution of the Company's Board of Directors on 3
April 2002.
Below is a copy of the Instrument of Appointment of
Administrator:
HILLGROVE GOLD NL (ACN 004 297 116)
INSTRUMENT OF APPOINTMENT OF ADMINISTRATOR
In accordance with a resolution of directors of Hillgrove Gold
NL (the Company), duly convened and held in Sydney on 3 April
2002, the Company hereby appoints Maxwell William Prentice and
Mark Julian Robinson of Prentice Parbery Barilla, Level 15, 25
Bligh Street, Sydney to be the Company's Administrators and to
exercise all or any of the powers conferred upon them as
Administrators by the Corporations Act.
PRESTON RESOURCES: Posts February Bulong Production Report
----------------------------------------------------------
Preston Resources Limited, parent company of Bulong Operations
Pty Ltd, announced that the short month and planned maintenance
shut down reduced output levels. Metal output was 524.3 tonnes
of nickel and 38.7 tonnes of cobalt (all as cobalt sulphide).
SAFETY AND ENVIRONMENT
A concerted effort to improve the standard of site safety is
being manifested in a reduction in significant injuries. All
significant injuries have been investigated and corrective
action implemented, where appropriate.
Two environmental incidents required external reporting. Both
related to failure of pipe couplings in the tailings management
system. The failures were detected expediently, and
contamination removed immediately. Some of the piping has been
upgraded.
PRODUCTION
Production statistics for the month of February are shown in the
table below:
PRODUCTION
THIS THIS YTD YTD
HIGH LEVEL KPA's MONTH MONTH ACTUAL TARGET
ACTUAL TARGET
Leach Feed dt 35,679 41,567 297,785 350,598
Leach Feed % Ni 1.710 1.722 1.778 1.773
Leach Feed % Co 0.127 0.158 0.127 0.124
Ni metal Output t 524.314 644.199 4,296.040 5,360.114
Co metal Output t 38.706 55.647 253.760 355.952
Ni Inventory change t -11.842 0.000 83.451 0.000
Co Inventory change t -1.701 0.000 -1.429 0.000
Plant Recovery % Ni 84.0 90.0 82.7 86.2
Plant Recovery % Co 81.7 85.0 67.7 81.6
Ni output Quality %
above specification 0.0 75.0 0.0 75.0
Co output Quality %
above specification 0.0 75.0 15.3 75.0
key: t = tonne, dt = dry tonnes
Nickel and cobalt production was below budget, due in part to a
planned three-day maintenance shut down.
Nickel recovery was down slightly from recent highs, however
cobalt recovery continued to improve.
MINING
Mine production activities were carried out in the Albion-2,
Foundry, Gala, Federal and Boulder Block pits.
A total of 216,339 BCM was mined from the pits. This included
87,146 BCM of bulk waste from further development of the Boulder
Block pit.
Ore mining was completed within current pit designs of the
Albion and Federal pits.
Re-handle consisted of an estimated 48,356 dry tonnes of high-
grade ore relocated from the Main Intermediate Stockpile (MINTS)
to the Run of Mine (ROM) pad.
The dumping and leveling of surface waste from Boulder Block
continued on the surface of the Albion waste dump. This will
provide a better medium for rehabilitation.
Grade Control activities comprised trenching in the Foundry and
Gala pits, and close spaced (10m x 10m) drilling in the Foundry
pit.
There was some variance between estimated feed grades from grade
control data and plant calculations based on reject streams and
sample assays. The grade comparison for the month indicates a
grade control over call, +0.23% nickel and +0.03% cobalt, 1.75%
nickel cf 1.52% and 0.14% cobalt cf 0.11%. The estimated
autoclave feed grade from sampling is 1.71% nickel and 0.14%
cobalt.
The calculated autoclave feed grade was reported as 1.71% nickel
and 0.13% cobalt.
LEACH PLANT
The ore preparation circuit had an availability of 71.4%. The
majority of the downtime was associated with the planned shut
and weekly scheduled shuts. Unplanned downtime was caused by
final product screen failures, mineral sizer teeth repairs and
the mill lubrication system failure.
The ore preparation circuit averaged a production rate of 74.4
tph and a scats reject rate of 23%. The ore preparation feed
grade was 1.52% nickel and an upgrade ratio of 1.13 was
achieved.
A total of 35 679 dry tonnes at a grade of 1.71% nickel was fed
to the pressure leach at an average throughput of 59.6 tph. The
lower throughput rate was associated with reduced rates whilst
repairing the ore preparation circuit (mineral sizer and twin-
deck screen), flow restrictions in the slurry heaters and the
limited acid availability. The latter was a result of a fire at
the WMC Kalgoorlie nickel smelter, which rendered the acid plant
unserviceable.
The pressure leach availability was 89.2%. The major downtime
was associated with the planned shut and ore preparation
problems.
The autoclave nickel extraction was down at 90.8% at an average
autoclave discharge free acid of 41.8g/l. The acid pumps ran for
97.0% of the autoclave feed pump operating time. The lower
extraction is a result of the lower acid addition to the
autoclave as a consequence of the decision to limit acid
consumption, running the autoclave in recirculation because of
ore preparation problems and lower feed grades at the beginning
of the month.
Counter current decantation (CCD) wash recovery decreased
slightly to 95.0% (excluding raffinate) as a result of problems
experienced on start-up following the planned maintenance shut
down. The situation was further exacerbated by having CCD#2 off-
line for a major overhaul.
REFINERY
Nickel created was 78t below a planned input of 678t. Nickel
output was 120t below plan at 524.314t. This output represented
a good result for a short month containing an 81-hour shutdown.
Cobalt treated was 11t below a planned input of 60.5t. Cobalt
output was 17t below plan at 38.7, mainly as a result of the
continued low cobalt solvent extraction (Co SX) recovery (low
cyanex levels).
Refinery nickel recovery decreased slightly to 96.6%, continuing
to benefit from the replacement of the nickel extractant
inventory. Feed tenor control and losses during the shut caused
the small decrease in recovery.
Refinery cobalt recovery improved from 86.4% to 91.0%. Further
improvements will be achieved with additional when deliveries of
cobalt extraction will permit replenishment of extractant to
design levels.
The overall refinery availability was down at 87.0%, reflecting
the major gypsum clean completed during the month.
Cobalt solvent extraction increased to 92.1% cobalt recovery at
89.1% availability. This is a reflection of the decreased cobalt
feed tenor.
Nickel solvent extraction averaged 97.0% nickel recovery at
87.0% availability. Feed tenor variability has impacted on
recovery. Methods of reducing feed tenor variability are being
investigated to eliminate raffinate losses.
Total cobalt production for February was 38.7 tonnes of cobalt
contained in sulphide. The cobalt electrowinning circuit was not
operated because it was uneconomic to process the cobalt to
cathode at prevailing metal prices. The cobalt refinery recovery
has increased again to 98.8%.
The availability of nickel electrowinning (Ni EW) was 91.9%. A
current efficiency of 80% was achieved during February. Starters
stocks decreased during the month reflecting quality issues on
the starter cells. Methods to maintain the quality focus in the
tankhouse are being investigated.
Cobalt electrowinning (Co EW) was down for the month because
there was no suitable feed.
Product quality remained at recently improved levels, although
cobalt levels in nickel remain high. Cobalt sulphide quality has
also improved with the steady-state operation.
PERSONNEL
PEOPLE
THIS MONTH THIS MONTH YTD OR YTD OR
HIGH LEVEL KPA's ACTUAL TARGET 12MMA 12MMA
ACTUAL TARGET
$ Total Labor Cost
per t Base metal 4,009 3,080 3,839 2,868
# Full Time
Equivalent (FTF) 221.6 225 - 225
% Turnover rate - - 32.7 20.0
Manning levels -
% Contractors 14.4 20.0 - -
Manning levels increased by four over the month with a total of
sixteen staff joining the organization and two BNO staff and
nine full-time equivalent contractors leaving.
The percentage of contractors making up the workforce continues
to decline as a result of a revised recruitment strategy.
OPERATING COSTS
COSTS
THIS MONTH THIS MONTH YTD ACTUAL YTD TARGET
HIGH LEVEL KPA's ACTUAL TARGET
Operating Costs $M 6.996 7.244 59.631 60.446
Capital Cost $M 0.096 0.967 2.141 6.443
$ Cost / tonne base
metal 12,426 10,350 13,106 10,575
$ Cost / tonne
(leach) ore
treated 196.09 174.27 200.25 172.41
Operating costs were under budget, largely as a result of lower
acid consumption, no cobalt extractant addition and stock
adjustment in the supply area.
Unit costs per tonne of metal and ore treated were above budget,
partially due to the planned shutdown.
Year to date costs remain on budget. Capital expenditure remains
low, due to financial constraints.
MINING
Total mining costs were over budget by 43% ($203,421).
The main contributor to above budget costs being Contract Mining
where costs continue to reflect changes in the mining schedule
made to provide higher plant feed grades as noted in recent mine
production and plant feed schedules.
Increases to the Main Intermediate Stockpile (MINTS), waste
mining and drill and blast activity were the main contributors
to increased contract mining costs.
Grade control drilling in Foundry was the main contributor to
unbudgeted costs for Grade Control during the month but overall
reported costs were 8% ($8,224) below budget.
LEACH
Total costs were 1.4% below budget at $2,158,113 or $60.47/t of
leach food (budget $52.66/t), reflecting the lower than planned
throughput and shutdown.
Reagent costs were 15.1% under budget. The major variance was a
$179,000 saving in sulphuric acid cost because of the lower than
planned acid addition rate (398 kg/t of ore versus a target of
460 kg/t of ore) and the lower than planned throughput.
REFINERY
Refinery costs were 16.6% under budget for February.
Reagents were 28.8% under budget reflecting the lower than plan
output for the month. The major variances were:
* Ammonia was $90,000 under budget as a result of the improved
utilization in solvent extraction and lower than planned
throughput.
* No cyanex was added to the circuit generating a $137,000
saving.
* Diluent was $19,000 over budget reflecting the organic losses
in the nickel solvent extraction circuit.
* Sulphide was $38,000 under budget as a result of the savings
generated by changing to NaSH.
* 0xygen was $23,000 under budget because the cobalt refinery
was off-line.
* Alkali was $42,000 under budget because the cobalt refinery
was off-line.
* Sulphuric acid was $15,000 under budget reflecting the lower
than planned throughput.
Consumables were 90.4% under budget as a result of an accounting
correction.
Electrowinning power was 12.7% under budget because of the lower
than planned EW production.
Others were 27.0% over budget as a result of equipment hire
charges ($34,000), safety equipment ($10,000) and re-allocated
charges ($68,000). The budgets for reallocated services are
incorrect.
MAINTENANCE
Maintenance costs for the month totaled $1,937,345. This
represents $731,519 or 37.8% above budget. The main reasons for
this over expenditure relate to costs for the February 2002 shut
down, significantly labor and contractor services including shut
management, equipment hire, scaffolding and cranage.
Major repairs comprised screen repairs, log washer and
gearboxes.
Major contributions in terms of parts represent choke valve
stores issues, two Cooper actuated valves and valves for
thickener underflow pumping system.
Year to date cost are approximately $1.2 million or 15% over
budget of which a substantial portion represents shut down
costs.
PRODUCTION SERVICES
Costs for Mine Services were under budget with activities on
hold due to financial constraints.
Process Control was over budget by $14,935 following
finalization of the maintenance contract for the calendar year
2001. However this cost center is still under budget year to
date.
Engineering was under budget by $106,665. Projects and planning
was under by $83,531 mainly as a result of a reallocation of
$73,783 from this cost center to an approved capital project.
Administration was under by $23,135 as a result of the
restricted capital budget and the decreased use of consultants.
Met Services were underbudget by $18,918 with labor costs
generally lower across the board.
COMMERCIAL
Monthly costs were $12,000 below budget.
OPERATING COSTS
The tables below summaries the breakdown of costs for the month
of February.
TOTAL COSTS
SITE SUMMARY - THIS MONTH
UNIT ACTUAL BUDGET VARIANCE VARIANCE
($) ($) (%)
Commercial 12,036 581,818 569,782 98%
Operations 6,884,939 6,397,621 -487,318 -8%
Production
Services 99,364 264,165 164,801 62%
TOTAL 6,996,339 7,243,604 247,265 3%
COMMERCIAL - THIS MONTH
UNIT ACTUAL BUDGET VARIANCE VARIANCE
($) ($) (%)
Human
Resources 47,402 39,281 -8,121 -21%
Supply -194,519 127,483 322,002 253%
Information
Tech -667 19,166 19,833 103%
Site
Administration 159,820 395,888 236,068 60%
TOTAL 12,036 581,818 569,782 98%
OPERATIONS - THIS MONTH
UNIT ACTUAL BUDGET VARIANCE VARIANCE
($) ($) (%)
Mining 674,160 470,739 -203,421 -43%
Leaching 2,158,113 2,188,936 30,823 1%
Refining 2,039,169 2,443,601 404,432 17%
Occ Hlth &
Safety 76,151 88,519 12,368 14%
Maintenance 1,937,345 1,205,826 -731,519 -61%
TOTAL 6,884,939 6,397,621 -487,318 -8%
PRODUCTION SERVICES - THIS MONTH
UNIT ACTUAL BUDGET VARIANCE VARIANCE
($) ($) (%)
Mine
Services 801 32,554 31,753 98%
Metallurgical
Sves 21,308 40,226 18,918 47%
Process
Control 40,330 25,395 -14,935 -59%
Engineering 36,924 165,990 129,066 78%
TOTAL 99,364 264,165 164,801 62%
UNIT COSTS - THIS MONTH
UNIT ACTUAL PLAN VARIANCE VARIANCE
COST/t COST/t (%)
BASE BASE
METAL METAL
Commercial 21 831 810 97%
Operations 12,229 9,141 -3,087 -34%
Production
Services 176 377 201 53%
TOTAL 12,426 10,350 -2,076 -20%
UNIT ACTUAL PLAN VARIANCE VARIANCE
COST/t COST/t (%)
ORE ORE
TREATED TREATED
Commercial 0.34 14.00 13.66 98%
Operations 192.97 153.91 -39.06 -25%
Production
Services 2.78 6.36 3.57 56%
TOTAL 196.09 174.27 -21.83 -13%
REVENUE
FEBRUARY 2002 A$'000
Nickel Sales 6,172
Cobalt Sales 348
METAL PRODUCTION
Estimates of quarterly metal output, through to December 2002
are shown in the table following.
QUARTER ENDING NICKEL COBALT
(in tonnes)
March 31, 2002 1,825 136
June 30, 2002 1,834 138
September 30, 2002 2,343 179
December 31, 2002 2,184 158
OUTLOOK
Throughput limitations resulting from the acid plant failure at
WMC will be rectified in March.
Replenishment of cobalt extractant levels will improve the
quality of both nickel and cobalt.
THE DIRECTOR: ASIC Applies Winding Up Petition to Court
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
announced on April 9 that it has successfully applied to the
Federal Court to wind up Jack the Director Ltd.
Mr John Adams, of Sims Lockwood, has been appointed as
liquidator of the company.
Jack the Director was formed to raise funds for the production
and distribution of the motion picture 'The Director'.
ASIC sought the winding up of the company after it became aware
that the company had failed to raise sufficient funds to make
the film, and had failed to repay investors who had requested a
refund of their investment following changes to the prospectus.
The winding up order was obtained on the grounds that, as the
Company had failed to raise sufficient funds and had since lost
the rights to the film, the purpose for which funds were raised
could not be achieved.
The Company also failed to comply with a number of formal
requirements, including maintaining the minimum number of
directors and appointing an auditor.
A related entity, Gold Coast Productions Pty Ltd, entered into
administration on the 12 December 2001, and subsequently,
liquidation on 15 January 2002. Mr Barry Taylor of BK Taylor and
Co. was appointed as liquidator.
ASIC's investigation into the matter is continuing.
WORLDWIDE TECHNOLOGY: Intends to Raise Capital
----------------------------------------------
Worldwide Technology Group Limited is currently exploring the
possibility of raising additional capital for the Company with
certain interested investors.
The capital raised will be intended to enhance its core business
as well as launching new lines of Memory products.
In line with the capital raising, the Company is undergoing a
restructuring exercise to streamline its regional operations
================================
C H I N A & H O N G K O N G
================================
ASIA GLOBAL: Reaches Extension Agreement With Creditors
-------------------------------------------------------
Asia Global Crossing reached an agreement on Friday with its
construction creditors to extend the payment terms through 2005,
DebtTraders Analysts Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300) reported. As a result, the parent
company, guarantees the payments and granted the creditors a
security interest in East Asia Crossing.
Therefore, trade creditors are now pari passu with bondholders
for cash residing at the parent level and are senior on both a
security and a structural basis on assets at the East Asia
Crossing subsidiary.
"We believe that it is likely that the Company pays its April 15
coupon. However, we believe that the news is a credit negative
for bondholders," Fan and Berselli said, following news of bids
exceeding US$250 million for the assets.
DebtTraders reports that Asia Global Crossing's 13.375% bonds
due on 2010 (AGCX10USN1) are trading between 23 and 24.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=AGCX10USN1
for real-time bond pricing.
NANYANG HOLDINGS: Narrows 2001 Operations Loss to HK$24.6M
----------------------------------------------------------
Nanyang Holdings, Limited announced on 8 April 2002:
(stock code: 212)
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
('Million) ('Million)
Turnover : 21.0 11.7
(Loss) from Operations : (24.6) (27.0)
Finance cost : - -
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : 11.0 9.8
(Loss) after Tax & MI : (15.6) (19.9)
% Change over Last Period : N/A
(LPS)-Basic : ($0.33) ($0.42)
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
(Loss) after ETD Items : (15.6) (19.9)
Final Dividend per Share : $0.10 $0.10
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : 17/5/2002 to 24/5/2002 bdi.
Payable Date : 24/5/2002
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Change of Accounting Policies
In the current year, the Group adopted the following Statements
of Standard Accounting Practice (SSAPs) issued by the Hong Kong
Society of Accountants which are effective for accounting
periods commencing on or after 1st January 2001:
SSAP 9 (revised) : Events after the balance sheet date
SSAP 14 (revised) : Leases (effective for periods commencing
on or after 1st July 2000)
SSAP 26 : Segment reporting
SSAP 28 : Provisions, contingent liabilities and contingent
assets
SSAP 29 : Intangible assets
SSAP 30 : Business combinations
SSAP 31 : Impairment of assets
SSAP 32 : Consolidated financial statements and accounting for
investments in subsidiaries
The changes to the Group's accounting policies and the effect of
adopting these new policies are set out in the annual report.
2. Turnover and Segment Information
The Group is principally engaged in property investment,
investment holding and trading, and textile trading. Turnover
recognized during the year is as follows:
2001 2000
HK$million HK$million
Gross rental income from investment properties 37.9 37.9
Net realized and unrealized losses on trading
investments (37.8) (52.5)
Dividend income from listed investments 1.7 2.0
Dividend income from unlisted investments 1.0 2.0
Interest income 4.8 6.0
Management fee income from investment properties 8.6 8.6
Commission income 4.8 7.7
------ -----
21.0 11.7
====== =====
(a) Primary reporting format - business segments
The Group is organized on a worldwide basis into three main
business segments:
Textile - manufacture and distribution of textile products
Property - investment in and leasing of industrial/office
premises Investment - holding and trading of investment
securities
There are no sales or other transactions between the business
segments.
Textile Property Investment Group
2001 2001 2001 2001
HK$million HK$million HK$million HK$million
Turnover 4.8 46.5 (30.3) 21.0
===== ===== ===== ======
Segment results 0.1 8.2 (32.9) (24.6)
===== ===== =====
Share of profits of jointly
controlled entities 11.0 - - 11.0
---------
Loss before taxation (13.6)
Taxation (2.0)
---------
Loss for the year (15.6)
======
Textile Property Investment Group
2001 2001 2001 2001
HK$million HK$million HK$million HK$million
Turnover 7.7 46.5 (42.5) 11.7
===== ===== ====== ====
Segment results 1.0 9.1 (37.1) (27.0)
===== ===== ======
Share of profits of jointly
controlled entities 9.8 - - 9.8
------
Loss before taxation (17.2)
Taxation (2.7)
------
Loss for the year (19.9)
======
(b) Secondary reporting format - geographical segments
The Group's three main business segments operate in the
following main geographical areas:
People's Republic of China (including Hong Kong) - textile,
property and investment
United States of America, Europe, Australia, New Zealand and
Japan - investment
There are no sales between the geographical segments.
Segment
Turnover results
2001 2001
HK$million HK$million
People's Republic of China
(including Hong Kong) 47.4 3.2
United States of America (14.8) (14.4)
Europe (8.4) (9.5)
Australia and New Zealand (1.0) (1.0)
Japan (2.2) (2.5)
Other countries - (0.4)
---------- ----------
21.0 (24.6)
====== ======
Segment
Turnover results
2000 2000
HK$million HK$million
People's Republic of China
(including Hong Kong) 52.9 15.7
United States of America (26.9) (28.2)
Europe (4.5) (4.6)
Australia and New Zealand (1.5) (1.5)
Other countries (8.3) (8.4)
---------- ----------
11.7 (27.0)
====== ======
3. Operating Loss
2001 2000
HK$million HK$million
Operating loss is stated after
crediting and charging the following:
Crediting
Gain on disposal of non-trading
investment 2.1 -
===== =====
Charging
Depreciation 1.0 1.0
Provision for diminution in value of
other property 1.2 -
Interest on bank loans and overdrafts 0.1 -
===== =====
4. Taxation
Hong Kong profits tax has been provided at the rate of 16%
(2000: 16%) on the estimated assessable profit for the year.
Taxation on overseas profits has been calculated on the
estimated assessable profit for the year at the rates of
taxation prevailing in the countries in which the Group
operates.
The amount of taxation charged to the consolidated profit and
loss account represents:
2001 2000
HK$million HK$million
Company and subsidiaries:
Hong Kong profits tax 0.9 0.8
Under provision in prior years 0.1 1.3
--------- ---------
1.0 2.1
Share of overseas taxation
attributable to jointly
controlled entities 1.0 0.6
--------- -------
2.0 2.7
===== =====
5. Loss Per Share
The calculation of the loss per share is based on the loss for
the year of HK$15,552,000 (2000 : HK$19,876,000) and the
weighted average number of shares in issue during the year of
46,602,328 (2000 : 46,851,182).
6. Dividends
2001 2000
HK$million HK$million
2000 final dividend paid of 10 HK cents
(1999 final dividend paid of 55 HK cents)
per share (Note a) 4.7 25.8
===== ======
At a meeting held on 8th April, 2002 the directors proposed a
final dividend of HK$0.10 per share. This proposed dividend is
not reflected as a dividend payable in these accounts, but will
be reflected as an appropriation of retained profits for the
year ending 31st December 2002.
(a) The previously recorded final dividends proposed and
declared after the balance sheet date but accrued in the
accounts for the years ended 31st December 2000 and 1999 were
HK$4,675,000 and HK$25,795,000 respectively. Under the Group's
new accounting policy adopted for compliance with SSAP9
(revised), these have been written back against opening reserves
as at 1st January 2001 and 2000 and are charged in the period in
which they were proposed.
NORTHEAST ELECTRICAL: Faces Suit Filed by Banking Consortium
------------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company) on 4th April 2002
received a writ from the High People's Court of Liaoning
Province (Court) regarding the litigation instituted by the
banking consortium led by CCIC Finance Ltd. against the Company
in respect of an overdue borrowing, in which the Company was
demanded to make repayment of the loan principle of US$40
million, interest of US$3,438,677.16 together with the legal
costs incurred.
The banking consortium in Hong Kong issued the writ on 11th
January, 2002 (the date of submission of the writ by the banking
consortium to the Court is unknown). The Court required the
Company to submit a defense within 15 days of its receipt of the
writ. However, the Court has not set down the date for the
hearing. On 25th March, 2002, the Hong Kong High Court approved
the application for the adjournment of the hearing made by the
solicitors for the banking consortium. On 2nd April, 2002, the
solicitors for the banking consortium applied to the Court for
adjournment of the hearing of the case for two months so that
both sides can negotiate on the terms of the debt repayment
agreement during the period.
The Company has appointed a PRC legal advisor to act for the
Company to handle this case. At present, the Company's normal
production operation and financial status are not affected
thereby.
In addition, the litigation involving the Company for being a
guarantor of a loan granted to Northeast Electrical Transmission
and Transformation Equipment Group Corporation Limited (NET) by
China Everbright Bank is still under reconciliation by the
Court. The date for the next hearing has not been fixed.
Save as the litigation disclosed above, the Company does not
have any discloseable matters which have not been disclosed for
the time being. The Company will make further announcement on
the progress of the above litigation as and when appropriate.
The Company applied to the Stock Exchange for suspension of
trading in the shares of the Company at 9:39 a.m. on 8th April,
2002 pending the release of this announcement. The Company has
applied for resumption of trading in its share with effect from
9:30 a.m. on 9th April, 2002.
SINO-I.COM: Appoints Placing Agent to Procure Convertible Notes
---------------------------------------------------------------
Sino-I.Com, Limited as issuer and Mr. Yu as placing agent and
underwriter entered into the Agreement on 4 April 2002. Under
the Agreement, the Company will appoint the Placing Agent to
procure, on a fully underwritten basis, Investors to subscribe
for Notes in an aggregate principal amount of at least HK$400
million. Subject to completion of the issue of such Notes, the
Placing Agent also has the right, exercisable within 3 months of
such completion, to require the Company to issue Notes of up to
an additional principal amount of HK$200 million for
subscription by the Investors or by the Placing Agent or one or
more of his associates.
If the aggregate principal amount of the Notes is HK$400 million
and assuming full conversion of such Notes at the initial
conversion price of HK$0.10 per Share, a total number of
4,000,000,000 new Shares will fall to be issued, representing
approximately 28.75% of the existing issued share capital of the
Company and approximately 22.33% of the issued share capital of
the Company as enlarged by such Conversion Shares.
If the aggregate principal amount of the Notes is HK$600 million
and assuming full conversion of such Notes at the initial
conversion price of HK$0.10 per Share, a total number of
6,000,000,000 new Shares will fall to be issued, representing
approximately 43.12% of the existing issued share capital of the
Company and approximately 30.13% of the issued share capital of
the Company as enlarged by such Conversion Shares.
Mr. Yu is the Chairman and, with his associates, a substantial
shareholder of the Company. Therefore, the transactions
contemplated under the Agreement constitute a connected
transaction for the Company under the Listing Rules and will be
subject to approval of the Independent Shareholders at a general
meeting of the Company to be convened. Mr. Yu and his associates
will abstain from voting on the resolutions to approve the
Agreement. A circular of the Company, containing details of the
Agreement, the recommendation of the independent board committee
of the Company and the advice of the independent financial
adviser in respect of the Agreement together with a notice to
convene an extraordinary general meeting of the Company to
approve the Agreement will be dispatched to shareholders of the
Company as soon as practicable.
REASONS FOR THE TRANSACTIONS
The Board considers that the issuance of the Notes would bring
cash inflow to the Company and any conversion of the Notes will
increase the Company's capital base. The Board considers that
the terms and conditions of the Agreement and the Notes are fair
and reasonable and in the best interest of the Company.
USE OF PROCEEDS
The net proceeds from the subscription of the HK$400 million
Notes are estimated to be about HK$399 million and would be used
wholly for reducing the liabilities of the Group. If the Notes
in an additional amount of up to HK$200 million are issued, the
net proceeds received from such issue would be used for working
capital of the Group.
TECHCAP HOLDINGS: Share Option Scheme Resolution Passed
-------------------------------------------------------
The Board of Directors of TechCap Holdings Limited (the
Company), in reference of its announcement dated 20th March,
2002 (the Circular), announced that at the special general
meeting of the Company held on 8th April, 2002, the resolution
approving the adoption of the Share Option Scheme was duly
passed by the Shareholders.
Wrights Investors' Service reported that at the end of 2001,
Techcap Holdings Limited had negative working capital, as
current liabilities were HK$337.06 million while total current
assets were only HK$74.33 million. The fact that the company has
negative working capital could indicate that the company will
have problems expanding.
=================
I N D O N E S I A
=================
DAYA GUNA: Debt Workout Talks With IBRA Pending
-----------------------------------------------
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that PT Daya Guna Sumudera
(DGS) will start renegotiation with Indonesia Bank Restructuring
Agency (IBRA) on its debt-restructuring plan later this month.
The Company currently owes IBRA US$68 million of debt in
relation to the defaulted account receivable that the Company
has indirectly guaranteed. Negotiation with the holders of DGS
10% Bond due on 2007 will start after the completion of its debt
restructuring with IBRA.
According to DebtTraders, DGS International Finance Company's
10.000% bond due on 2007 (DGSA07IDA1) trades between 1.5 and
2.5. For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=DGSA07IDA1
INDOFOOD SUKSES: PEFINDO Revises Bond I/2000 Rating Outlook
-----------------------------------------------------------
PEFINDO revised the rating outlook of PT Indofood Sukses Makmur
Tbk. (INDF) and its Bond I/2000 to "stable" following the
company's management decision to cancel the acquisition of any
plantation company. Rating was affirmed at "idAA+".
However, PEFINDO will closely monitor the repayment progress of
INDF's syndicated loans amounting to US$200 million led by
Credit Suisse First Boston (due in June 2002), in addition to
Rp405 billion and US$15 million loans to Bank of America (July
2002).
These obligations will be refinanced mostly with external
funding, as INDF's cash balance as of December 31, 2001, was
only equivalent to Rp834.4 billion. Currently, INDF's management
is reviewing several funding alternatives, including getting
bank loans and issuance of Eurobonds. Moreover, early redemption
of INDF's hedging contracts totaling to US$310 million should
provide cushion if adverse circumstances occur.
=========
J A P A N
=========
DAIEI INC: Promotes Outlets Renovation
--------------------------------------
Troubled retailer Daiei Inc will promote the renovation of its
outlets as it has accumulated know-how to improve sales with
remodeled stores, Kyodo News said Tuesday, quoting Daiei Senior
Managing Director Takashi Hirayama.
According to Hirayama, sales at all refurbished stores increased
more than 40 percent in March over the previous year. He added
that the growth in sales had more than doubled. He also stressed
that about one-third of all Daiei stores will be renovated by
the end of next month.
EIWA SANGYO: Files for Voluntary Bankruptcy
-------------------------------------------
Daiwa Bank Holdings, Inc. (Daiwa Bank HD) announced on April 5
that Eiwa Sangyo Co., Ltd. and its affiliated Company, Eiwa
Resort Co., Ltd. (The Companies), both of which are customers of
its subsidiary bank, The Asahi Bank, Ltd. (Asahi Bank,
President: Yukio Yanase), filed applications to the Tokyo
District Court for voluntary bankruptcy. Due to this
development, there arose a concern that the claims to the
companies may become irrecoverable or its collection may be
delayed.
Details are announced as follows:
1. Outline of the Companies
(1) Corporate Name 1. Eiwa Sangyo Co., Ltd. 2. Eiwa Resort
Co., Ltd.
(2) Address 8-5-15 Ginza, Chuo-ku, Tokyo 2-1-26 Hamamatsu-
cho, Minato-ku, Tokyo
(3) Representative Mitsutaka Toriyama Mitsutaka Toriyama
(4) Amount of Capital 50 million yen Y50 million
(5) Line of Business Property leasing Real Estate Development
2. Facts Arisen to the Companies
1. Eiwa Sangyo Co., Ltd. The Company filed an application for
voluntary bankruptcy with the Tokyo District Court on March 29,
2002.
2. Eiwa Resort Co., Ltd. The Company filed an application for
voluntary bankruptcy with the Tokyo District Court on March 29,
2002.
3. Amount of claims to the companies
1. Eiwa Sangyo Co., Ltd. Exposure of Asahi Bank
Loans: 3.6 billion yen
2. Eiwa Resort Co., Ltd. Exposure of Asahi Bank
Loans: 3.3 billion yen
The Daiwa Bank, Ltd., The Kinki Osaka Bank, Ltd. and The Nara
Bank, Ltd., which are subsidiaries of Daiwa Bank HD, have no
claims to the Companies.
4. Impact of This Development on The Consolidated Earnings
Forecast of Daiwa Bank HD.
This development does not affect the forecasted earnings of
Asahi Bank for the fiscal year ended March 31, 2002, which was
previously announced on November 20, 2001 since Asahi Bank has
already provided loan loss provisions to cover the anticipated
loss on its claims to the companies.
Daiwa Bank HD is now formulating its consolidated earnings
forecast that includes the account of Asahi Bank at the moment.
It will be announced soon after it is fixed.
HITACHI LTD: Employees Apply for Early Retirement
-------------------------------------------------
Around 9,000 Hitachi Ltd employees have applied for an early
retirement program, Kyodo News reported Tuesday, citing unnamed
Company officials. The Company plans to cut 4,000 workers
through the scheme. With the applicants retiring at the end of
June, retirement allowances are predicted to reach Y100 billion.
KURARAY CO: Discloses Corporate Reorganization Scheme
-----------------------------------------------------
Kuraray Co., Ltd. plans to implement a business reorganization
plan, effective from April 1, 2002, as detailed below:
Explanation of restructuring
Kuraray aims to get back on the track to growth, as delineated
in its G-21 management plan, through the successful
implementation of measures to improve its earning structure. To
facilitate this, we have decided to bring forward by one year
our existing plans for the introduction of a system of semi-
autonomous divisions with greater accountability. This system,
known as the "in-house Company system," will consequently take
effect from April 1, 2002, and we are confident that it will
considerably improve the effectiveness of our operations.
1. Basic concepts behind reorganization
We plan to adopt the "in-house Company system," a more advanced
version of our existing business headquarters system. In this
new system, the presidents of in-house companies are given
greater autonomy in decision-making, in return for which they
must bear a larger share of responsibility for their own
business performance. It is believed that the in-house Company
system will improve speed and efficiency in management decision-
making as well as day-to-day business operations, and thereby
help to mold a stronger corporate culture that will allow
Kuraray to compete successfully in the global marketplace of the
21stcentury. This, in turn, requires that all our employees
understand and actively support the Company's new direction.
2. Objectives of in-house Company system
(1) Effect major devolution of decision-making powers,
eliminates organizational redundancy, and achieves faster, more
efficient management
(2) Clarify responsibility for business performance, thereby
making staff more accountable for their actions
(3) Elevate importance of capital effectiveness to the same
level as profitability; the system will thereby foster a
management mindset with a strong focus on effective utilization
of assets
(4) Allow thorough application of performance-linked staff
compensation system, including linkage between individual
compensation and in-house Company performance
(5) Integrate subsidiaries and affiliates within the in-house
Company system, thereby achieving greater synergy and
facilitating fairness in treatment of components of the
corporate group The role of the group headquarters will be
spelled out, and the headquarters will devote its full efforts
to energizing the operation of the in-house Company
organization.
3. Outline of reorganization
(1) Composition of in-house Company system
Care will be taken in organizing the in-house Company system to
ensure continuity with policies under the G-21 medium-term
management plan. To promote integrated management, consideration
will be given to materializing synergies wherever possible by
utilizing the factors held in common by the various in-house
companies with respect to markets, technology, and raw
materials.
a. Operations hitherto under the authority of the Fibers and
Textiles Operation Group
To achieve higher efficiency across the whole range of
management activities, from R&D through production to marketing,
the existing Fibers and Industrial Materials, Fastenings and
Non-Woven Fabrics, and Clarino divisions will be made into in-
house companies. Textile business operations will be transferred
to Kuraray Trading Co., Ltd., while the newly established
Clavella Division will manage the raw yarn.
b. Operations hitherto under the authority of the Specialty
Polymers Operation Group
To enhance the effectiveness of new market development efforts,
the existing Poval, Eval, and Methacrylate divisions will be
converted into in-house companies.
c. Operations hitherto under the authority of the Chemicals
Operation Group
In view of the factors they hold in common, the Chemicals
Division and the Fine Chemicals Division will be amalgamated
into a single in-house Company in charge of chemicals. The
Elastomer Division will become a separate in-house Company in
recognition of the overriding strategic importance of its focus
on developing its own unique market.
d. Operations hitherto under the authority of the High
Performance Materials Division
The optical products business, which has succeeded in developing
a promising market, will be made into an in-house Company. The
environmental facilities and high-performance materials
development-related businesses, which are still at the
preparatory stage, will form a new High Performance Materials
Division, with the aim of building a more effective structure
for further business development.
(2) Composition of corporate organization
a. Corporate Management Division
The adoption of the in-house Company system will speed up
decision-making in the operation of each in-house Company, but
for this reason, risks will grow larger. To manage and minimize
risk, therefore, Kuraray will establish an overall management
headquarters, named the Corporate Management Division, to
optimize corporate resources allocation.
b. Purchasing and Logistics Division; Environment and
Technology Division
The Office of Purchasing and Logistics and the Office of
Environment and Technology will be renamed the Purchasing and
Logistics Division and Environment and Technology Division,
respectively, as headquarters organizations to serve all members
of the Kuraray group equally.
c. Research and New Business Development Division
Under the in-house Company system, it will be difficult to
coordinate research and development activities for the benefit
of all the member units. Therefore, this new organization will
be put in charge of group-wide adjustment, to achieve greater
efficiency and speedy commercialization.
d. Corporate Supporting Divisions
For the purpose of promoting the integrated operation of the
Kuraray group and higher efficiency, the Business Service
Center, Kuraray Information Systems Center Co., Ltd. and Kuraray
Finance and Accounting Co., Ltd. will be merged and spun off as
an independent Company within the Kuraray group.
e. Offices in Japan
The Company's offices in Nagoya, Sapporo and Sendai will be
closed to create a more efficient office network.
f. Saijo Plant
A new Company, Kuraray Saijo Co., Ltd., is to be created to take
over all operations at the Saijo Plant.
About Kuraray Co., Ltd.
Kuraray Co., Ltd. was established in 1926 and is involved in the
manufacture of rayon, synthetic resins, chemicals, artificial
leathers, non-woven fabrics, medical products and laser disks.
Chemical products accounted for 46 percent of fiscal 2000
revenues; chemical and synthetic fibers including vinylon,
polyester, textiles and apparel products, 31 percent; man-made
leathers, non-woven fabrics and fastening materials, 10 percent
and other including medical products, laser disks, household
furniture and engineering, 13 percent. The Company has forty
consolidated subsidiaries worldwide. Overseas sales accounted
for 26.0 percent of fiscal 2000 revenues.
MATSUSHITA ELECTRIC: Establishes R&D Facility in China
------------------------------------------------------
Matsushita Electric Industrial Co. Ltd. announced on Friday that
the Company established an advanced research and development
laboratory on April 3, 2002 in Suzhou, Jiangsu province, China.
The new Company, named Matsushita Research & Development
(Suzhou) Co., Ltd.(abbreviation: SMRD), will focus on the
research and development of air-conditioners and lighting
sources for home electronics with a capital of US$ 6 million
dollars. The new facility will work closely with other
Matsushita R&D facilities throughout the world to strengthen its
activities.
Since the 1980s, the Matsushita Group has been committed to
advancing the industrialization of electronics industry in China
by promoting technical assistance and joint ventures with
Chinese companies. The Matsushita Group in China currently
operates 48 companies and factories with over 41,000 employees
including approximately 1,200 researchers and engineers. For
expanding the production and maximizing the synergy effect of
product development in China, it is necessary to further
strengthen the activities of engineers and to cooperate with
other R&D facilities in the Matsushita Group for development of
core technologies.
SMRD will initially commence operations with 50 researchers and
engineers and plans to increase staff to approximately 250
employees in 2005 in line with its increasing R&D activities in
China. With Matsushita Research & Development (China) Co., Ltd.
(abbreviation: CMRD) established in January 2000 in Beijing,
Matsushita has two R&D facilities in China and is strengthening
product development for the Chinese market.
About Matsushita Electric Industrial Co., Ltd.
Matsushita Electric Industrial Co., Ltd. (TSE: 6752), best known
for its Panasonic, National, Technics, and Quasar brand names,
is a worldwide leader in the development and manufacture of
electronics products for a wide range of consumer, business, and
industrial needs. Based in Osaka, Japan, the Company recorded
consolidated sales of US$61.45 billion for the fiscal year ended
March 31, 2001. In addition to the Tokyo Stock Exchange,
Matsushita's shares are listed on the Amsterdam, Dusseldorf,
Frankfurt, New York (NYSE/PCX: MC), Pacific, and Paris stock
exchanges. For further information, please visit the Matsushita
Electric Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html
Contact:
Media Contacts:
Yasuhiro Fukagawa,
Global CC Group, Tokyo
Tel: 03-3578-1237
Fax: 03-3437-2776
TCR-AP reported last week that Matsushita Electric Industrial's
huge losses on mobile phones and components and a costly early
retirement program would boost its consolidated net loss this
business year to an estimated Y438 billion. In October it had
forecast Y265 billion net loss for 2001-02.
MITSUBISHI TOKYO: Revises FY01 Financial Result
-----------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced on April 8 a downward revision to its
consolidated earnings projections for fiscal year 2001. MTFG
also disclosed the amounts of write-down on investment
securities held by its subsidiaries as of March 31, 2002.
The revisions in projected operating profit and net income are
primarily due to higher than expected credit costs resulting
from weak economic conditions in Japan and overseas and realized
losses on investment securities resulting from the weak domestic
equity market.
1. Revised consolidated earnings projections for the fiscal year
ended March 31, 2002 (Unit: billions of Japanese yen)
Previous* Revised Change %
Operating income 3,700 3,700 0 0.0
Operating profit (loss)(145) (310) (165) (113.7)
Net income (loss) 20 (145) (165) (825.0)
* Announced November 26, 2001.
Meanwhile, Asahi Shimbun said that a projected net loss of Y150
yen from an earlier forecast profit of Y20 billion for the year
ended March 31 reflects a worse-than-expected deterioration of
Japan's economy and the collapse of many overseas borrowers
mainly in the United States in the fiscal second half, as well
as an increase in the disposal of bad loans to more than Y600
billion from an earlier estimated Y480 billion.
According to Wright Investor's Service, for the 52 weeks ending
April 5, 2002, the stock of the Company was down 34.0 percent to
Y825,000.00. During the past 13 weeks, the stock has fallen 7.1
percent.
During the 12 months ending September 30, 2001, the Company has
experienced losses totaling Y28,313.00 per share.
MIZUHO BANK: Apologizes on ATM Service Disruption
-------------------------------------------------
Mizuho Bank Limited and Mizuho Corporate Bank Limited apologized
to their valued customers for the inconvenience and trouble
caused by service disruptions, ATM disruptions and other
problems, in conjunction with the consolidation, on April 1,
2002. Following is a report on the situation at present.
1. ATM Service Disruption
On April 1, certain ATM transactions with Mizuho Bank were
disrupted, and deposit, debit card, and convenience store ATM
transactions could not be conducted.
As a result of this disruption, a debit entry was recorded in
the passbooks of some customers, although they did not receive
the corresponding cash. This was caused by an error in a program
modification to the relay-computer interface. The purpose of the
modification was to increase the processing capacity of the
system. As a result of the error, the withdrawal was recorded
without delivery of the corresponding cash.
The problem with the ATM service was corrected on April 2, and
the unpaid cash, along with corresponding service charges, was
re-deposited into the accounts of affected customers by April 3.
(Cash card remittance service at convenience store ATM's is
scheduled to be restored on April 7.)
2. Delays in Automatic Debit and Collection of Funds
Processing of batch data for automatic debit and collection of
funds (scheduled for processing on April 1) has been delayed,
with a portion of the approximately 3 million transactions to
undergo processing on or after April 2. A similar delay is
anticipated for data for April 2 and after. At present, it is
anticipated that automatic debits and collections of funds for
the April 2 and April 3 data will be processed within the next
couple of days; a thorough investigation is currently being
carried out on the data for April 1.
Although a large processing volume was anticipated for April 1,
a coincidence of several factors caused the delay in processing.
These factors include difficulties with initial operations at
the launching of a new bank and problems in delivery lines. The
delay in the processing of the data for April 2 and after
occurred because priority was given to processing the data for
April 1 and to investigating the cause of the problem.
The Mizuho Financial Group is committed to quickly resolving
these problems, from both systems and response perspectives, and
shall takes steps to ensure that such service disruptions do not
occur again.
Standard & Poor's said 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.
NIPPON TELEGRAPH: Moody's Reviews Rating, Downgrade Possible
------------------------------------------------------------
Moody's Investors Service on April 8 has placed the Aa1 senior
long-term debt ratings of Nippon Telegraph and Telephone
Corporation (NTT) and its supported subsidiary, NTT Finance
Japan Co., Ltd. under review for possible downgrade. The review
is prompted by Moody's concern that an increasingly competitive
operating environment may continue to pressure the Company's
earnings over the intermediate term, despite its restructuring
efforts. The Prime-1 ratings for the commercial paper programs
of NTT are not affected by this review, and are confirmed. Also,
the Aa1 ratings of NTT DoCoMo, Inc., NTT's 64.1 percent owned
consolidated subsidiary, are not under review, and are herewith
confirmed with stable outlook.
The intensified competition in the data-transmission market has
led NTT to implement accelerated pricing strategies to maintain
and increase its market share of the fast growing broadband
data-transmission products, such as Asymmetric Digital
Subscriber Lines (ADSL). While NTT's aggressive marketing
strategies have contributed to increased subscribers and traffic
volume, current revenues have not grown fast enough to
compensate for losses from reduced tariffs. While the Company
plans to improve its cost competitiveness for its fixed-line
service through executing its voluntary restructuring plan,
Moody's is concerned that those measures are not sufficient to
stabilize NTT's financial profile.
In its review, Moody's will assess how NTT will implement its
business strategy to meet competitive challenges and maintain
financial flexibility.
Nippon Telegraph and Telephone Corporation, headquartered in
Tokyo, is the leading telecommunications services provider in
Japan.
NIKO NIKO: Files for Court Protection
-------------------------------------
Retailer Niko Niko Do Co has filed for court protection in
Kumamoto prefecture under Japan's Civil Rehabilitation Law,
Reuters reported Tuesday. The mid-sized supermarket operator has
liabilities worth Y97.5 billion ($741.3 million).
Niko Niko Do Co., Ltd. was established in 1960 as an apparel
supermarket in Kumamoto city and has since expanded to general
supermarket chain stores with forty-nine outlets in Kumamoto
prefecture and four in the neighboring prefectures as of March
31st 1998. Supermarket and other retail operations accounted for
87 percent of fiscal 1999 revenues; real estate development,
rental and leasing and construction works, 6 percent; wholesale,
import and export trading of apparel materials and finished
products and sale of imported sundry goods, 5 percent and other
including leisure facilities and hotels operations, 2 percent.
The Company has eleven consolidated subsidiaries, eight in
Japan, two in Hong Kong and one in China. Overseas sales
accounted for less than 10 percent of fiscal 1999 revenues.
OMRON CORPORATION: Liquidating Two Subsidiaries
-----------------------------------------------
Omron Corporation liquidated two of its consolidated
subsidiaries namely Omron Office Automation Products, Inc. and
Omron Communicative Creation Corporation on April 5.
1. Omron Office Automation Products, Inc.
1) Events leading to the closure
Established in August 1991 in the United States as a subsidiary
responsible for information equipment sales and market research,
in recent years the Company's performance had stagnated and a
recovery could not be expected. As a result, the Company was
dissolved and liquidated in March 2002.
2) Company profile
Head Office: 3945 Freedom Circle, Suite 700, Santa
Clara, CA 95054 USA
President: Kazuto Toyota
Paid-in Capital: US$500,000
Major Shareholders: Omron Management Center of America, Inc. (a
wholly-owned subsidiary of Omron Corporation) 100%
Businesses: Information equipment sales and market
research
2. Omron Communicative Creation Corporation
1) Events leading to the closure
Established in December 1989 to serve as an advertising agency,
in recent years the company's performance had stagnated and a
recovery could not be expected. As a result, the company was
dissolved and liquidated in March 2002. The advertising business
will be integrated into another subsidiary.
2) Company profile
Head Office: 735-5, Higashi-shiokoji-cho, Kudaru,
Karasuma-dori, Nanajo, Shimogyo-ku, Kyoto 600-8530, Japan
President: Masao Ichikawa Paid-in Capital: Y250
million
Major Shareholders: Omron Corporation 100%
Businesses: Advertising agency
3. Outlook
As the liquidation of the two subsidiaries will have an
insignificant effect on Omron's consolidated and non-
consolidated sales and earnings, it will not influence Omron's
consolidated and non-consolidated earnings forecast for the
fiscal year ending March 31, 2002 (announced March 5, 2002).
About Omron Corp.
Headquartered in Kyoto, Japan, OMRON Corporation (TSE: 6645) is
a global leader in the field of automation. Established in 1933
and headed by President Yoshio Tateisi, Omron has more than
25,000 employees in over 35 countries working to provide
products and services to customers in a variety of fields
including industrial automation, electronic components
industries, and healthcare. The company is divided into five
regions and head offices are in Japan (Kyoto), Asia Pacific
(Singapore), China (Hong Kong), Europe (Amsterdam) and US
(Chicago). For further information, please visit the Omron Corp.
home page at: www.omron.com
Contact:
Inquiries:
Fumio Tateisi, Managing Officer
Corporate Group Strategic Division
Phone: 03-3436-7170
SUMITOMO MITSUI: Sees FY Net Loss of Y350B on Bad Loans
-------------------------------------------------------
Sumitomo Mitsui Banking Corp expects to post a year to March
2002 net loss of over 300 to 350 billion yen due to bad loan
disposals, the Nihon Keizai Shimbun reported, without citing
sources.
It said the bank will also revise its November forecast for the
year to March 2002 losses from non-performing loan write-offs to
1.6 trillion yen from 1 trillion.
Tokyo's Sumitomo Mitsui Banking Corporation, one of the nation's
largest financial groups, provides commercial and investment
banking, credit and equity derivatives, and financial advisory
services. Sumitomo Mitsui Banking, which has about 575 domestic
branches, also sells the group trust products of Sumitomo Trust
and Chuo Mitsui Trust.
Sumitomo Mitsui consolidated its trust operations by selling
Sakura Trust and Banking to Chuo Mitsui Trust, itself
traditionally linked to Sumitomo Mitsui. Sumitomo Mitsui has
about 20 international offices worldwide.
SUMITOMO TRUST: Appraisal Losses Drive Firm into the Red
--------------------------------------------------------
Sumitomo Trust & Banking Co expects to post losses in the year
ended March 31 due to an increase in appraisal losses on
shareholdings resulting from falling prices of financial stocks
such as banking issues, the Kyodo News reports.
The trust bank, according to the report, foresees a Y57 billion
consolidated pretax loss for fiscal 2001 instead of the Y45
billion profit it predicted in November last year.
Sumitomo Trust also expects a consolidated net loss of 42
billion yen against the earlier projected Y22 billion profit.
=========
K O R E A
=========
DAEWOO INTERNATIONAL: US Unit Exits Chapter 11
----------------------------------------------
Daewoo International America Corp has finalized its 2-year
Chapter 11 program after its restructuring and improving
profitability, AFX News reported Monday, citing an unnamed
spokesman from Daewoo International Corp.
The spokesman said their US operation would now be able to
activate the business, with most of the previously imposed
constraints removed from the firm.
TCR-AP reported last week that Daewoo International will repay
its W104 billion worth of debt using cash reserves accumulated
through the implementation of self-help plans and the recovery
of its marketing capabilities.
DAEWOO MOTOR: Enters Joint Venture With Guilin Auto in China
------------------------------------------------------------
Daewoo Motor Co announced on Monday its plan to start producing
large trucks at its joint venture with China's Guilin Auto
Industry Group, Guilin Daewoo Bus Co. Daewoo said the move was
intended to help its sales in the Chinese market, which are
growing by 30 per cent a year, PR Newswire reports. The two
companies plan to turn out 1,000 trucks this year, and raise the
joint venture's production capacity to 10,000 units by 2005, the
official said. Guilin Daewoo currently produces more than 2,500
buses annually, making them the top producer in the Chinese bus
market with a 30 per cent market share.
DAEWOO MOTOR: KDB Will Unveil Sale Talks With GM This Week
----------------------------------------------------------
Korea Development Bank (KDB) governor Jung Keun-yong will
disclose details this week regarding the talks to sell Daewoo
Motor Co to General Motors Corp (GM) in a US$2 billion deal, AFX
News said Tuesday, citing an unnamed senior KDB official. The
exact date was not mentioned in the report.
The terms of the sale of Daewoo Motor assets will be in line
with the memorandum of understanding (MOU) signed in September.
Daewoo Motor will be sold for about US$2 billion, which breaks
down into US$1.2 billion for preferred shares in Daewoo Motor
and US$800 million to cover the carmaker's debt and other
reserves.
The official said creditors will extend US$2 billion in fresh
loans to Daewoo Motor after the GM acquisition, which could have
a 12-year maturity.
===============
M A L A Y S I A
===============
AOKAM PERDANA: FIC Extends Compliance Date to June 2003
-------------------------------------------------------
Aokam Perdana Berhad (Aokam or the Company), in reference to its
PN 4 Announcement made on 1 April 2002, clarified that the
Foreign Investment Committee's (FIC) approval is in respect of
compliance on equity participation.
The Company advised that the FIC had imposed conditions that the
Bumiputera equity participation in the Company must be at least
30% by 31 December 2001 whilst the Foreign equity participation
should not exceed 30% before 1 July 2002.
As the Company was unable to fulfill the above conditions on
time, the Advisers, on behalf of the Company had, on 13 December
2001 applied for an extension to comply with the above
conditions.
In relation thereto, FIC, in their letter dated 21 February 2002
(received by the Advisers and Company on 4 March 2002) ,
extended the compliance date for both the Bumiputera and Foreign
equity participation to 30 June 2003.
BRIDGECON HOLDINGS: Moratorium Period Extended to April 2003
------------------------------------------------------------
On behalf of Bridgecon Holdings Berhad (Special Administrators
Appointed) (Bridgecon or Company), Alliance Merchant Bank Berhad
announced that the moratorium period under Section 41 of the
Pengurusan Danaharta Nasional Berhad Act, 1998, which expires on
5 April 2002, has been extended to 5 April 2003.
DATAPREP HOLDINGS: Implements Capital Reconstruction
----------------------------------------------------
Dataprep Holdings Berhad (DPREP) is implementing:
* The reduction of the issued and paid-up share capital of
DPREP by the cancellation of RM0.50 from every existing ordinary
share of RM1.00 each in DPREP (Capital Reduction); and
* The subsequent consolidation of the issued and paid-up
share capital of DPREP on the basis two (2) ordinary shares of
RM0.50 each into one (1) ordinary share of RM1.00 each credited
as fully paid (Consolidated DPREP Shares) after the Capital
Reduction (Share Consolidation).
(The Capital Reduction and Share Consolidation are hereinafter
known as "Capital Reconstruction of DPREP")
Shareholders whose names appear in the Record of Depositors of
DPREP at the close of business at 5.00 p.m. on 19 April 2002
shall be subject to the Capital Reconstruction of DPREP.
Kindly be advised that to facilitate the Capital Reconstruction
of DPREP, the trading of DPREP shares will be suspended with
effect from 9.00 a.m., Monday, 15 April 2002.
JASATERA BERHAD: Proposes Revised Recapitalization Exercise
-----------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Jasatera Berhad (Jasatera or Company)(Board), in
relation to the Initial Proposed Recapitalization Exercise,
which was rejected by the Securities Commission (SC) vide its
letter dated 5 March 2002, announced that the Company submitted
an application on April 4 to the SC for an appeal against the
SC's decision.
The "Initial Proposed Recapitalization Exercise" refers to:
(i) Proposed Capital Reconstruction;
(ii) Proposed Increase in the Authorized Share Capital
(Proposed IASC);
(iii) Proposed Debt Settlement;
(iv) Proposed Rights Issue;
(v) Proposed Exemption from a Mandatory General Offer
(Proposed Exemption);
(vi) Proposed Non-Renounceable Restricted Offer For Sale
(Proposed ROS);
(vii) Proposed Special Issue; and
(viii) Proposed Private Placement
Pursuant thereto, PMBB announced that Jasatera wishes to propose
an additional proposal to the Initial Proposed Recapitalization
Exercise (Revised Proposed Recapitalization Exercise).
The additional proposal entails the proposed acquisition of the
entire equity interest in Perfect Eagle Holdings Sdn Bhd (PEHSB)
comprising of 2,000,000 ordinary shares of RM1.00 each in PEHSB
(PEHSB Shares) for a total consideration of RM2,066,336 from Koo
Yuen Kim, JP, Dr. Koo Woon Kee and Lim Ching Soon (Vendors) vide
a sale and purchase agreement (Agreement) entered into between
Jasatera and the Vendors on evendate (Proposed Acquisition). The
purchase price for the Proposed Acquisition will be satisfied by
the issuance of 2,066,336 new ordinary shares of RM1.00 each in
Jasatera .
Furthermore, as PEHSB and Jasatera are managed and controlled by
common major shareholders and directors, namely Koo Yuen Kim, JP
and Dr. Koo Woon Kee, they will voluntarily provide a profit
guarantee of up to 90% of the forecast and projected profit
after tax and preference share dividends of Jasatera Group in
respect of the Irredeemable Convertible Preference Shares (ICPS)
to be issued pursuant to the Proposed Debt Settlement
(Preference Share Dividends) for the next 3 financial years
ending 31 January 2005 (Profit Guarantee). The Profit Guarantee
is to provide an additional comfort as to PEHSB's and Jasatera's
abilities in securing and completing the contracts and meeting
the profits as forecast and projected.
The Initial Proposed Recapitalization Exercise, and the Proposed
Acquisition are collectively referred to as the Revised Proposed
Recapitalization Exercise.
Save for the Proposed Acquisition and the Profit Guarantee, the
Initial Proposed Recapitalization Exercise remains unchanged.
DETAILS OF THE PROPOSED ACQUISITION
On 4 April 2002, Jasatera and the Vendors entered into the
Agreement to acquire the entire equity interest in PEHSB
comprising 2,000,000 ordinary shares of RM1.03 each in PEHSB
(PEHSB Shares) for a purchase consideration of RM2,066,336
(Purchase Price) or RM1.00 per Share.
The Purchase Price will be satisfied by the issuance of
2,066,336 new ordinary shares of RM1.00 each in Jasatera
(Jasatera Shares) upon the Agreement becoming unconditional.
Basis of arriving at the Purchase Price
The Purchase Price was arrived at, on a willing buyer-willing
seller basis, based on the latest audited net tangible assets
(NTA) of PEHSB as at 31 January 2002 of RM2,066,336.
Issue price and ranking of the new Jasatera Shares to be issued
The issue price of the new Jasatera Shares at par to be issued
pursuant to the Proposed Acquisition represents a premium of
RM0.09 or approximately 9.89% over the theoretical ex-rights
price of RM0.91 based on the 5-day weighted average market price
of Jasatera Shares to 3 April 2002, being the latest practical
date of the prior to the date of the Agreement.
The new Jasatera Shares to be issued pursuant to the Proposed
Acquisition shall rank pari passu with the existing Jasatera
Shares except that they shall not be entitled to any dividends,
rights, allotment and/or other distribution, the entitlement
date, which is prior to the date of allotment of the said new
Jasatera Shares. The new Jasatera Shares to be issued pursuant
to the Proposed Acquisition shall not be entitled to the
Proposed Rights Issue and the Proposed ROS.
Status of the PEHSB Shares
The PEHSB Shares shall be purchased free from all liens,
pledges, charges and other encumbrances whatsoever and with all
rights now or hereafter attaching thereof or accruing thereon
including without limitations, all bonuses, rights, dividends
and other distributions declared, paid or made.
Liabilities to be assumed by Jasatera
There are no additional liabilities to be assumed by Jasatera
arising from the Proposed Acquisition, save for the existing
liabilities incurred in the ordinary course of business of
PEHSB.
Other salient terms of the Agreement
The Agreement is subject to and conditional upon the following
conditions being fulfilled or complied with, as the case may be,
not later than 6 months from the date of the Agreement with an
automatic extension of another 4 months thereafter:
(a) approvals as set out in section 7 hereunder; and
(b) Jasatera being satisfied with the results of due
diligence report which shall be carried out by Jasatera within 3
months from the date of the Agreement, by any professional
adviser(s) appointed by Jasatera on the legal, financial,
contractual and trading position and prospect of PEHSB and/or
any other matters which Jasatera may in its sole discretion
requires to be investigated and reported on.
Background information on PEHSB
PEHSB was incorporated as a private limited company on 25
February 1997 under the Companies Act, 1965 and commenced
operations in 2000. Its present authorized share capital is
RM10,000,000 comprising 10,000,000 ordinary shares of RM1.00
each, of which 2,000,000 shares have been issued and paid-up.
PEHSB is principally a contractor for civil building and
construction work. It has no subsidiary and associated
companies.
A summary of the key financial information of PEHSB for the past
five (5) financial period/years from 1997 to 2002 is set out in
Table 1 at http://www.bankrupt.com/misc/TCRAP_Jasatera0410.html
Information on the Vendors
Brief information on the Vendors is set out below:
(i) Koo Yuen Kim, JP, age 42, a Director of Jasatera and a
founder of PEHSB, is a prominent businessman in both Malaysia
and the People's Republic of China (China);
(ii) Koo Woon Kee, age 47, the Managing Director of Jasatera
and a Director of PEHSB, has been in the construction industry
for many years; and
(iii) Lim Ching Soon, age 48, a Director of Jasatera and a
Director of PEHSB, is a qualified professional engineer with
many years of experience in both public and private sectors
relating to civil engineering and infrastructure work.
Original cost of investment in PEHSB
The PEHSB Shares were subscribed by the Vendors at a total cost
of investment of RM2,000,000. The details of the dates of
investment are set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Jasatera0410.html
Rationale for the Proposed Acquisition
The Proposed Acquisition represents a genuine pooling of
resources between PEHSB, which has contracts secured in hand
amounting to approximately RM149 million and contracts to be
secured amounting to approximately RM569 million. As such, upon
the completion of the Proposed Acquisition, the combined value
of the total contracts is RM718 million which is essential for
the survival of Jasatera Group to ensure its viability in the
future. This is particularly important since Jasatera, prior to
the completion of the Revised Proposed Recapitalization
Exercise, is unable to secure contracts on its own due to its
present financial position and the continual threat of being
placed under receivership and/or liquidation.
Upon completion of the Proposed Acquisition, all the contracts
secured and/or contracts to be secured by PEHSB, which will be a
wholly-owned subsidiary company of Jasatera, will flow into the
enlarged Jasatera Group.
In view of the enlarged contract value secured and to be secured
upon completion of the Proposed Acquisition, there will be
additional contribution of earnings to the Jasatera Group to
turnaround the Jasatera Group in the future.
Furthermore, as PEHSB and Jasatera are managed and controlled by
common major shareholders, namely Koo Yuen Kim, JP and Dr. Koo
Woon Kee, there will be no conflict of interest that may arise
in the future. In addition, the major shareholders cum
Directors, namely Koo Yuen Kim, JP and Dr. Koo Woon Kee, have
also provided Profit Guarantee in order to provide an additional
comfort as to PEHSB's and Jasatera's abilities in securing and
completing the contracts.
Upon the completion of the Revised Proposed Recapitalization
Exercise, the major shareholders, namely, Koo Yuen Kim, JP and
Dr. Koo Woon Kee will become the largest substantial
shareholders of Jasatera, collectively, assuming non of the
other existing shareholders of Jasatera has subscribed shares
pursuant to the Proposed Rights Issue and hence, it would be in
their interest to ensure that the recapitulated Jasatera will
continue to be profitable. Furthermore, Koo Yuen Kim, JP, is a
very successful and respectable businessman in Malaysia and
China. With his business acumen and stature in the business
community in China, he would be able to tap into the business
network and continue to bid for new contracts and identify new
viable business opportunities for Jasatera in future.
DETAILS OF THE CONTRACTS FROM PEHSB
PEHSB has secured approximately RM149 million worth of
contracts, and expected to secure/tender an additional RM569
million worth of contracts. Approximately, RM570 million,
representing 79% worth of the total contracts secured, to be
secured/tendered from non-related parties. In view of the track
record of the Jasatera Group, the Directors of PEHSB envisage
that they are capable of securing additional contracts. The
details of the contracts are set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_Jasatera0410.html
PROFIT GUARANTEE
As an additional comfort to Jasatera Group, Koo Yuen Kim, JP,
and Dr. Koo Woon Kee, have given irrevocable written
undertakings that they will provide profit guarantee of up to
90% of the forecast and projected profit after tax and
Preference Share Dividends of the Jasatera Group for the
financial years ending 31 January 2003 to 2005 as verified by
the reporting accountants. The profit after tax and Preference
Share Dividends as per the forecast and projections, and the
amount guaranteed are conditional upon successful implementation
of the Revised Proposed Recapitalization Exercise are
RM3.70million, RM12.05million and RM6.28million in the financial
years ending 2003 to 2005 respectively.
PROSPECTS
PEHSB is principally involved in the construction industry and
its future prospects hinge on the construction sector, which is
cyclical in nature and is linked to the state of the general
Malaysian economy. The construction sector is instrumental in
improving the country's infrastructure and provides a relatively
high number of jobs for the country's workforce. In addition to
its own activities, the sector contributes to various supporting
industries which include the manufacturing industry such as the
manufacturing of cement, steel bars and other building
materials, the transportation industry such as the
transportation of building materials to project sites and
consultancy services such as engineering consultation and
architectural designs and other secondary industries. The
prospects of the Malaysian economy and the Malaysian
construction sector are set out in the ensuing paragraphs.
The performance of the construction sector is expected to
improve, growing by 4.9% despite a large overhang in commercial
property. The better outlook is attributable to greater
construction activities of low-and medium-cost houses as well as
the implementation of infrastructure projects following the
fiscal stimulus stance of the Government.
(Source: Economic Report 2001/2002)
Furthermore, the growth in the construction sector is expected
to be sustained at 2.4%, with impetus coming from the civil
engineering and residential sub-sectors. Low interest rates and
various pre-emptive measures implemented by the Government to
address the excess supply situation in the property market will
continue to support demand for residential housing. The
relaxation of the Foreign Investment Committee (FIC) guidelines
on foreign acquisition of properties in April 2001 has helped to
reduce the property overhang in the sub-sector. The Government
has waived the stamp duty charged for the purchase of
residential property from developers registered with the Real
Estate and Housing Developers' Association Malaysia, for a
period of six months, effective 1 January 2002.
On 27 November 2001, Bank Negara Malaysia (BNM) lifted the
restriction on the provision of bridge financing for the
development of residential properties above RM250,000 and shop
houses exceeding RM250,000 per unit located within residential
areas, provided the projects have achieved break-even sales.
Growth in the civil engineering sub-sector is envisaged to be
supported by privatized projects as well as fiscal spending on
infrastructure development. Meanwhile, activity in the non-
residential sub-sector would continue to be constrained by
excess capacity with activity focused mainly on ongoing
projects.
(Source : BNM Annual Report 2001)
As both Jasatera and PEHSB are principally involved in the
construction sector and its operations will provide reciprocal
synergies, there would not be any additional business risks
anticipated.
EFFECTS OF THE PROPOSED ACQUISITION
The effects of the Proposed Acquisition are as follows:
Share capital
The proforma effect of the Proposed Acquisition on the issued
and paid-up share capital of Jasatera is set out in Table 4 at
http://www.bankrupt.com/misc/TCRAP_Jasatera0410.html
NTA
The proforma effect of the Proposed Acquisition on the latest
audited NTA of the Jasatera Group is set out in Table 5 at
http://www.bankrupt.com/misc/TCRAP_Jasatera0410.html
Earnings
The Proposed Acquisition is not expected to have any material
impact on the earnings of the Jasatera Group for the financial
year ending 31 January 2003 as the Proposed Acquisition is
expected to be completed in the third quarter of year 2002.
However, the Proposed Acquisition is expected to contribute
positively to the future earnings of the Jasatera Group.
Shareholdings Structure
The effects of the Proposed Acquisition on the shareholdings
structure of Jasatera are set out in Table 6
athttp://www.bankrupt.com/misc/TCRAP_Jasatera0410.html
CONDITIONS OF THE PROPOSED ACQUISITION
The Proposed Acquisition is subject to approvals being obtained
from:
(i) the SC;
(ii) the FIC;
(iii) the Kuala Lumpur Stock Exchange for the listing of and
quotation for the new Jasatera Shares to be issued pursuant to
the Proposed Acquisition;
(iv) the shareholders of Jasatera at an EGM to be convened;
and
(v) any other relevant authorities, if required.
Conditionality
The Proposed Capital Reconstruction, the Proposed Acquisition,
the Proposed IASC, the Proposed Rights Issue, the Proposed Debt
Settlement and the Proposed Exemption are inter-conditional but
not conditional on the Proposed ROS, Proposed Special Issue and
the Proposed Private Placement.
However, the Proposed ROS, the Proposed Special Issue and the
Proposed Private Placement are conditional on the Proposed
Capital Reconstruction and the Proposed Acquisition, the
Proposed IASC, the Proposed Rights Issue, the Proposed Debt
Settlement and the Proposed Exemption.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Koo Yuen Kim, JP, Dr. Koo Woon Kee and Lim Ching Soon (who are
directors and shareholders of Jasatera and PEHSB) have abstained
from the Board's deliberation and voting on the resolution in
respect of the Proposed Acquisition at the relevant Board's
meetings. They will also abstain from voting in respect of their
direct and indirect shareholdings in the Company on the
resolution pertaining to the Proposed Acquisition at an
extraordinary general meeting to approve the Proposed
Acquisition.
Save as disclosed above, insofar as the Directors are aware,
none of the Directors and major shareholders of Jasatera and/or
persons connected to them has any interest, direct or indirect,
in the Proposed Acquisition.
DIRECTORS' STATEMENT
Save for Koo Yuen Kim, JP, Dr. Koo Woon Kee and Lim Ching Soon
(being interested in Proposed Acquisition and will not
deliberate on the Proposed Acquisition), the Board having
considered all aspects of the Revised Proposed Recapitalization
Exercise, are of the opinion that the Revised Proposed
Recapitalization Exercise is in the best interest of Jasatera.
COMPLIANCE WITH THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE / OFFER OF SECURITIES
The Proposed Acquisition does not depart from the SC's Policies
and Guidelines on Issue/ Offer of Securities.
INDEPENDENT ADVISER
The Board has appointed OSK Securities Berhad as the independent
adviser to Jasatera in respect to the Proposed Acquisition.
APPLICATIONS TO THE RELEVANT AUTHORITIES
Application to the SC for the Proposed Acquisition will be made
whilst the application to the FIC will be made within 1 week
from the date of this announcement.
DOCUMENTS FOR INSPECTION
The Agreement is available for inspection at the registered
office of Jasatera at 29, Jalan SS15/4E, Subang Jaya, 47500
Petaling Jaya, Selangor Darul Ehsan, during normal business
hours from the date hereof to the date of the EGM of Jasatera.
KINTA KELLAS: Registrar of Companies Strikes Off Dormant Unit
-------------------------------------------------------------
The Board of Directors of Kinta Kellas Public Limited Company
(Kinta Kellas) announced that on 4 April 2002 it received a
confirmation from the Registrar of Companies (ROC's
Confirmation) in respect to the striking off of Kinta Kellas'
wholly owned dormant subsidiary, Vista Crest Sdn Bhd (Vista
Crest) from the Register of the Registrar of Companies pursuant
to Section 308(4) of the Malaysian Companies Act, 1965 (Act).
The ROC's Confirmation stated that the name of Vista Crest has
been officially struck off from the Register of the Registrar of
Companies with effect from 6 March 2002 subject to the
publication of the Notice under Section 308(4) of the Act in the
Government Gazette.
INFORMATION ON VISTA CREST
Vista Crest was incorporated in Malaysia on 28 July 1994 as a
private limited company under the Act. Vista Crest has not
commenced business since the date of its incorporation.
The authorized share capital of Vista Crest is RM100,000 divided
into 100,000 ordinary shares of RM1 each with an issued and
paid-up share capital of RM2 divided into RM1 each.
RATIONALE FOR STRIKING OFF OF VISTA CREST
Vista Crest was inactive since its incorporation date. As such,
application was made to the ROC to strike off the name of Vista
Crest from the Register of the Registrar of Companies pursuant
to Section 308 of the Act.
FINANCIAL EFFECTS
The striking off of Vista Crest has no significant financial
effect on Kinta Kellas.
LONG HUAT: Issues Winding Up Petition Details
---------------------------------------------
Long Huat Group Berhad (L.Huat or Company), in reference to the
announcement dated 5 February 2002 in relation to the notice of
winding-up petition served on L.Huat filed by HSBC Bank Malaysia
Berhad (HSBC), provides details of the winding up petition are
as follows:
1) Date of presentation of the winding-up petition
HSBC had attempted to serve the winding-up petition at L.Huat's
previous registered address at 47-C, Jalan SS21/60, Damansara
Utama, 47400 Petaling Jaya, Selangor, instead of L.Huat's
current registered address of Level 3, Block C, Pusat Bandar
Damansara, 50490 Kuala Lumpur. The change in the registered
address of L.Huat was filed with the Registrar of Companies on 1
September 2001.
Therefore, L.Huat had no knowledge of the winding-up petition
and was only made aware of the petition with the advertisement
of the petition in the newspaper on 31 January 2002.
2) Particulars of the Claim and amount
The claim in the winding-up petition on L.Huat was in relation
to the overdraft facility and term loan granted by HSBC to Long
Huat Marketing Sdn Bhd (LHM), a wholly-owned subsidiary of
L.Huat. The loan facilities were secured by inter-alia, a
corporate guarantee by L.Huat for a sum not exceeding RM8.2
million.
As stated in the petition, as at 27 June 2001, the amount
outstanding under the overdraft facility is RM1,850,068.27
together with interest at 8.3% per year and the amount
outstanding for the Term Loan Facility is RM2,209,642.20
together with interest at 8.8% per year.
3) Details of the Default
The petition was pursuant to the default by LHM on the
abovementioned two loan facilities with HSBC on 22 March 1999.
Accordingly, HSBC had called on the corporate guarantee of LHGB.
4) Financial and Operation Impact
The winding-up proceedings on L.Huat is not expected to have a
material financial impact on the L.Huat Group as the amount
claimed had already been provided for in the accounts of LHM for
the financial year ended 31 August 2001. There are no further
losses expected to arise from the winding-up proceedings save
for the legal costs and other costs related to the winding-up
proceedings.
There is no impact on the operations of the L.Huat Group since
the major operations of the L.Huat Group (namely timber
operations) have ceased since July 2001.
5) Expected losses
As stated earlier, there are no further material losses expected
to arise from the winding-up proceedings save for the legal
costs and other costs related to the proceedings.
6) Steps taken and proposed in respect of the winding up
petition
The Board of Directors is seeking legal advice in respect of the
winding-up proceedings. In addition, LHGB will also negotiate
with HSBC for the purpose of restructuring the bank facility as
part of the overall restructuring exercise of LHGB.
MYCOM BERHAD: Updates Defaulted Principal Payment Status
--------------------------------------------------------
The Board of Directors of Mycom Berhad, further to the last
monthly status announcement on Default in Principal Payment by
wholly-owned subsidiaries on 8 March 2002, announced that its
wholly-owned subsidiaries, Tingkayu Plantation Sdn Bhd(TPSB) and
Pertama Land & Development Sdn Bhd (PLDSB) had on 4 April 2002
received each a writ of summons and a statement of claim dated
23 January 2002 filed by Alliance Merchant Bank Berhad(AMBRHB
Bank Berhad (RHB) and OCBC Bank (Malaysia) Berhad (OCBC).
DETAILS OF WRITS OF SUMMONS AND STATEMENTS OF CLAIM
By Facility Agreements dated 23 September 1997 and Supplementary
Agreements dated 7 December 1999, both TPSB and PLDSB were
granted Revolving Credit Facilities ("RCF") of RM15,000,000 each
by RHB and OCBC who were the syndicated lenders and AMB was the
Agent. The RCF are secured by various land titles with oil palm
estates (the security) with net book value exceeding RM300
million.
In the statements of claim, RHB and OCBC had made claims each
against TPSB and PLDSB, amongst others,
1) the principal sum of RM7,500,000;
2) late payment interest on overdue principal for the period
of 1 January 2001 to 28 December 2001(exclusive) of RM74,178.04;
3) late payment interest on overdue principal for the period
of 1 January 2000 to 20 September 2000 of RM48,340,21;
4) late payment interest on late payment interest outstanding
as at 28 December 2001 (exclusive) ;
5) further interest accruing from 28 December 2001 on the
sums stated in (1), (2), (3) and (4) above at the rate of 3 %
per annum, including late payment interest, above RHB's and OCBC
's Costs of Funds rate, calculated on monthly rests; and
6) other charges amounting to RM1,675.
ACTION TAKEN
The Company has instructed its solicitors to enter appearance on
its behalf and to proceed with the filing of its defense.
FINANCIAL AND OPERATIONAL IMPACT
No immediate financial and operational impact is expected
pending the disposal of the writs of summons and the statements
of claim by AMB, RHB and OCBC.
DIRECTORS' OPINION
The Board is of the opinion that the action taken against TPSB
and PLDSB was unfair, as Mycom is currently undergoing a major
debt-restructuring scheme. Mycom received approval from the
Securities Commission in respect to its Proposed Restructuring
Scheme on 8 March 2002 and the Company is now in the process of
implementing the Scheme. Both RHB and OCBC as lenders are also
parties to the said Scheme. The Company is thus prevented from
pursuing other financing options to replace the RCF in view and
pending the implementation of the Scheme. Nevertheless, the
Directors wish to announce that, despite the default in
principal payment, both TPSB and PLDSB have been servicing the
monthly interests without fail and TPSB and PLDSB will continue
to service the monthly interests. Under the Scheme, the
plantation properties are earmarked for disposal and it is the
Company's intention to sell part of the plantation properties at
fair market value in order to repay the RCF totaling RM30
million.
PAN PACIFIC: Provides March Defaulted Payment Update
----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announced the Default in Payment as at 31 March 2002 of PPAB and
its subsidiaries in accordance with the Practice Note No. 1/2001
at. Details are found at
http://www.bankrupt.com/misc/TCRAP_PanPacific0410.xls
Profile
Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.
On 26 December 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On 24 August 2001, the
proposed disposal of PSSB to K & N Kenanga was approved by the
shareholders of Pan Pacific. The disposal was subsequently
completed on 30 August 2001.
Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.
PICA (M) CORPORATION: Non-Independent, Non-Executive Resigns
------------------------------------------------------------
Pica (M) Corporation Berhad posted this Change in Boardroom
notice:
Date of change : 05/04/2002
Type of change : Resignation Boardroom
Designation : Chairman & Director
Directorate : Non Independent & Non Executive
Name : Dato' Wan Malek Bin Ibrahim
Age : 54
Nationality : Malaysian
Qualifications : Bachelor of Arts from University of Malaya
Working experience and occupation :
Managing Director of MAS : July 1994;
Director of Juan Kuang (M) Industrial Bhd & KYM Holdings Bhd
Directorship of public companies (if any) : Director of Juan
Kuang (M) Industrial Bhd & Director of KYM Holdings Bhd
Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : Indirect
REPCO HOLDINGS: Danaharta Further Extends Moratorium Period
-----------------------------------------------------------
Repco Holdings Berhad, on 5 April, announced that the moratorium
under section 41 of the Pengurusan Danaharta Nasional Berhad Act
1998 (the Act) has been further extended to 7 April 2003. The
extension is pursuant to section 41(3) of the Act.
During the period of the moratorium no creditor may take action
against the Companies (i.e. Repco Holdings Berhad, Repco
(Malaysia) Sdn. Bhd., Everise Capital Sdn. Bhd., Everise
Ventures Sdn. Bhd., Even Horizon Sdn. Bhd., Teluk Jadi Sdn. Bhd.
and Hajat Semarak (M) Sdn Bhd.) except in accordance with
section 41 of the Act.
SOUTHERN PLASTIC: In Talks With Financial Institutions
------------------------------------------------------
Southern Plastic Holdings Berhad announced that a Revised
Proposal to restructure its Group's financial institution debt
obligations has been submitted to the respective financial
institutions after taking into account their respective feedback
and current market situation.
Currently, the Company is in re-negotiations with the financial
institutions.
UNITED ENGINEERS: Dato' Azman Resigns From Board
------------------------------------------------
United Engineers (Malaysia) Berhad (UEM) announced that YBhg
Dato' Mohamed Azman Yahya has resigned as a director of UEM and
Syarikat Danasaham Sdn Bhd with effect from 1 April 2002. Dato'
Azman has also resigned as director of Renong Berhad with effect
from 5 April 2002.
Dato' Azman was instrumental in assisting Danasaham in the
Voluntary General Offer on UEM and in setting out the framework
for the UEM-Renong Group restructuring. Dato' Azman has every
confidence that the restructuring of the UEM-Renong Group will
continue smoothly under the stewardship of the present Board and
Management.
Going forward, Dato' Azman will be concentrating on his private
business interests whilst serving in a non-executive capacity
with Government-owned entities such as Pengurusan Danaharta
Nasional Berhad and Malaysian Airline System Berhad. Dato' Azman
will also remain as non-executive Chairman of Pharmaniaga
Berhad, an associated company of Renong.
The UEM-Renong Group wishes to place on record its appreciation
to Dato' Azman for his immense contribution especially in the
formulation of the UEM-Renong Group restructuring and looks
forward to his continued support and contribution to the Group,
particularly to Pharmaniaga Berhad where he remains as Chairman.
=====================
P H I L I P P I N E S
=====================
BELLE CORP: Plans to Restructure US$34.2M in Debts
--------------------------------------------------
Belle Corp aims to restructure payment of US$34.2 million in
fixed-rate treasury notes maturing next month within a 10-year
period, AFX News said Tuesday, citing Company Vice Chairman
Willy Ocier.
He said the Company is trying to convince bondholders to convert
half of the notes in their possession into equity in the firm.
The Company remains involved in the acquisition, disposal and
development of real estate properties; managing agent of various
enterprises; holding and selling of stocks, bonds and other
securities; leisure property business and gaming ventures.
DebtTraders reports that Belle Corp's 5.830 percent floating
rate note due in 2002 (BELC02PHN1) trades between 33 and 38. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BELC02PHN1
DMCI HOLDINGS: PSE to Delist Shares After Full Redemption
---------------------------------------------------------
The Philippine Stock Exchange (PSE) will delist the convertible
preferred shares of DMCI Holdings Inc (DMCI) after their full
redemption, AFX News said Friday.
The Company earlier offered several redemption options to
holders of the shares worth P2.4 billion following an
announcement that it can't meet the redemption date on April 8
because of financial constraints.
The exchange will continue the listing of the preferred shares
until they are no longer outstanding.
PHILIPPINE LONG: Unit Invests US$6M in New IT Export Firm
---------------------------------------------------------
E-PLDT Inc., the information technology arm of the Philippines'
dominant telecommunications provider Philippine Long Distance
Telephone Co (PLDT), is investing P311.69 million (US$6.1
million) for a new information technology export service
venture, PR Newswire reports. The project will be undertaken by
its new subsidiary Parlance Systems Inc. (PSI), which has been
approved by the Board of Investments with pioneer status and is
therefore eligible for a six-year income tax holiday. PSI will
provide a world-class call center dedicated to US-based Echostar
Communication Center Corp.
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
=================
S I N G A P O R E
=================
ALLIANCE TECHNOLOGY: Appoints Judicial Managers
-----------------------------------------------
The Board of Directors of Alliance Technology and Development
Limited informed shareholders that the High Court of Singapore,
on 5 April 2002, ordered that the Company and its wholly owned
subsidiary, Fort Canning Country Club Investment Ltd (FCCC), be
placed under Judicial Management. Ho Ai Lian (Mrs Fang), Mr Ong
Yew Huat and Mr Seshadri Rajagopalan, all of Messrs Ernst &
Young, have been appointed as Judicial Managers of both the
Company and FCCC.
CAPITALAND LIMITED: SGX-ST OKs Convertible Bond Listing
-------------------------------------------------------
Further to the announcements by CapitaLand Limited (CapitaLand)
on 20 March 2002 and 21 March 2002 in relation to the proposed
issue (the Issue) of convertible bonds due 2007 (the Convertible
Bonds) convertible into new ordinary shares of S$1.00 each (New
Shares) in the capital of CapitaLand, CapitaLand announced on
April 8 that the Singapore Exchange Securities Trading Limited
(the SGX-ST) has on April 8 given its in-principle approval for
the listing and quotation on the SGX-ST of, (i) S$380 million
principal amount of Convertible Bonds, (ii) up to S$57 million
principal amount of Convertible Bonds to be issued subject to
the over-allotment option granted by CapitaLand to J.P. Morgan
Securities (S.E.A.) Limited, the sole book runner and lead
manager of the Issue and (iii) up to 187,087,935 New Shares to
be issued pursuant to the conversion of the Convertible Bonds.
The SGX-ST has approved in-principle CapitaLand's application
for the listing and quotation of the Convertible Bonds and the
New Shares subject to, inter alia, the approval of the
shareholders of CapitaLand for the Issue, at the extraordinary
general meeting of CapitaLand to be held on 2 May 2002 (the
EGM). CapitaLand will be dispatching the Circular to
Shareholders containing the Notice of EGM shortly.
Such approval of the SGX-ST is not to be taken as an indication
of the merits of the Issue.
L & M GROUP: Shareholders Approve EGM Resolution
------------------------------------------------
The Board of Directors of L&M Group Investments Ltd announced
that the following resolution set out in the Notice of
Extraordinary General Meeting (EGM) dated 22 March 2002
circulated to the shareholders, was tabled and approved by the
shareholders at the EGM held on 8 April 2002:
Ordinary Resolution
That pursuant to section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the directors of the Company
to allot and issue 108,942,125 new ordinary shares of S$0.10
each in the capital of the Company ranking pari passu in all
respects with the shares in the Company at S$0.1353 per new
ordinary share for the purposes of giving effect to the Scheme
of Arrangement taken up by L&M Precast (Tuas) Pte Ltd and
approved by the High Court of the Republic of Singapore on 22
February 2002, on the terms and conditions of the Scheme to the
Participating Creditors, as defined in the Scheme.
WEE POH: Issues Profit Warning
------------------------------
The Board of Directors of Wee Poh Holdings Limited (the Company)
announced on April 5 that contrary to the expectations of the
Board as indicated in the release of the Full-Year Results in
September 2001, the moderate improvement in Company performance
has not materialized. In fact, the Board wishes to caution that
the initial indications (which are being reviewed by the
external auditors as recommended by the Audit Committee) are
that the Company has seen a further increase in its interim
losses. The finalized interim Half-Year Results will be released
as soon as the review has been completed and the Audit Committee
has recommended that it can be released.
===============
T H A I L A N D
===============
RAIMON LAND: Transferring Collateral Assets to Creditors
--------------------------------------------------------
Raimon Land Planner Co., Ltd., as the Plan Administrator of
Raimon Land Public Company Limited, notified the progress of the
Company's Rehabilitation Plan. At present, the company is still
in the process to transfer collateral assets to secured
creditors who have signed in the First Right of Refusal
Agreement as detailed in the Plan.
Schedule of asset transfer to Secured Creditors
(Total debts outstanding equals to approximately transferred
amount specified in the Rehabilitation Plan)
Transferee Amount (Baht)
1. Citibank N.A. 88,783,100.00
2. Standard Chartered Nakornthorn Bank 147,825,000.00
3. Gamma Capital Fund 21,805,000.00
4. Kieatnakin Finance Plc.
Asset Management Corporation 181,403,333.33
Thai Asset Management Corporation
5. Thai Asset Management Corporation 608,441,595.24
Total 1,048,258,028.57
TT&T PUBLIC: Releases Warrant Exercise Report
---------------------------------------------
TT&T Public Company Limited, pursuant to the Company's Business
Reorganization Plan dated November 29, 2000, including
amendments dated December 6 and 15, 2000, which were approved by
the Central Bankruptcy Court on De1cember 27, 2000, has
allocated, at no cost, 281,155,610 units of warrants. This gives
each holder the right to subscribe for ordinary shares, to the
entitled creditors and to the Company's existing
shareholders. The warrants' term is 5 years, and 1 unit of
warrants can be exercised to purchase 1 ordinary share at Bt4.85
each from October 1, 2001 to 5 p.m. of September 29, 2006. The
details of warrants' terms and conditions have been stated in
the Prospectus.
During the exercising period of March 2002, 2,460 units of
warrants were exercised by 2 warrant-holders. Therefore, total
amount of the unexercised warrants is 281,148,580 units. The
Company shall allocate 2,460 ordinary shares for this exercise
and subsequently apply to the Stock Exchange of Thailand for
listing these new shares as listed securities.
UDORN CHAROENSRI: Business Reorganization Petition Filed
--------------------------------------------------------
The Petition for Business Reorganization of Udorn Charoensri
(1968) Company Limited (DEBTOR), engaged in car sales, was filed
at the Central Bankruptcy Court:
Black Case Number 1430/2544
Red Case Number 1132/2544
Petitioner: UDORN CHAROENSRI (1968) COMPANY LIMITED
Planner: CHAROENSRI PLANNER COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt5,799,514,856.72
Date of Court Acceptance of the Petition: October 31, 2001
Date of Examining the Petition: November 26, 2001 at 9.00 A.M.
Court Order for Business Reorganization: November 26, 2001 and
Appointed Mr. Komin Teekatananont, or Mr. Komunt Teekatananont,
or Mr. Kittikorn Teekatananont to be an Interim Executive
Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
December 12, 2001
Announcement of Court Order for Business Reorganization in
Government Gazette: December 25, 2001
Appointment date for the Meeting of Creditors to elect the
Planner: January 7, 2002 at 13.30 pm. Convention Room 1103, 11th
Floor, Bangkok Insurance Building, South Sathorn Road
The Meeting of Creditors had passed a resolution electing
CHAROENSRI PLANNER COMPANY LIMITED to be the Planner
Court Order for Appointment of Planner: January 16, 2002
Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
January 25, 2002
Announcement of Court Order for Appointment of the Planner in
Government Gazette: February 12, 2002
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: May 12, 2002
Contact: Mr. Attawut Tel, 6792525 ext. 127
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
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contained herein is obtained from sources believed to be
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delivered via e-mail. Additional e-mail subscriptions for
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subscription or balance thereof are $25 each. For subscription
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