/raid1/www/Hosts/bankrupt/TCRAP_Public/020510.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
Friday, May 10, 2002, Vol. 5, No. 92
Headlines
A U S T R A L I A
ANSETT GROUP: Melbourne Airport Buys Back Terminal
ASHANTI GOLDFIELDS: Posts Restructuring Effort Progress
AUSDOC GROUP: Returns to Profitability After Restructuring
CHROME GLOBAL: Tian Li Increases Shares to 59.59%
DIGITAL NOW: Reorganization Filing Completed
HORIZON ENERGY: Provides Quarterly Update
POWERTEL LIMITED: Confirms May 31 Shareholders AGM
PMP LIMITED: WBC Becomes Substantial Holder
PRESTON RESOURCES: Bulong Q3 Activities Report Issued
TRANSURBAN GROUP: CBA Ups Interest to 22.73
C H I N A & H O N G K O N G
ASIA GLOBAL: Takes Over $20M Telecom Services JV With StarHub
GREENPAK (SHANGHAI): Hearing of Winding Up Petition Set
WAH LEE: Change of Name Won't Affect Trading Arrangements
WIRELESS INTERNETWORKS: Workout Agreements Completion Delayed
I N D O N E S I A
ASTRA INTERNATIONAL: Stocks Higher After Founder Case Settled
J A P A N
ALL NIPPON: Adoption of Holding Company System Likely
FUJITSU LTD: To Issue $1.97B Bonds in Equity Financing
HITACHI LTD: Launches New Data Storage Solution System
ISHIKAWAJIMA-HARIMA: Moody's Places Baa2 Rating on Review
IWATAYA DEPARTMENT: Banks Formally Agree to JPY28B Debt Waiver
KAWASAKI HEAVY: Moody's Puts Baa2 Ratings on Downgrade Review
MIZUHO HOLDINGS: Computer Glitch Continues to Affect Clients
MYCAL CORP: Izumi Ready to Take Over Kyushu Unit
MYCAL CORP: Kyushu Backers Unhappy With Court Decision
TDK CORP: Restructuring Costs Result in US$191M Net Loss
K O R E A
DAEWOO MOTOR: Marketing Arm First-Quarter Profit Up 273%
HYNIX SEMICON: Board to Decide on Creditors' Plan
HYNIX SEMICON: Up W50 on Hopes of Split-and-Sell Plan Approval
SSANGYONG MOTOR: Posts $32.5M Profit in First Quarter
M A L A Y S I A
BERJAYA GROUP: Reviews Proposed Restructuring Exercise
HHB HOLDINGS: PBB Revises Proposed Restricted Offer for Sale
MAY PLASTICS: Transfers Listing Status as Part of Workout Plan
MEASUREX CORPORATION: 2001 Audited Accounts Submission Extended
NCK CORPORATION: Unit Inks SPA With Puncak for RM14,929,000
PANCARAN IKRAB: AGM to be Held on May 30
PERAK CORPORATION: Proposes Shareholders' Mandate Renewal
PROJEK LEBUHRAYA: Renong Approves Proposed Transactions
RENONG BERHAD: Unit's RM118,928,070 Land Disposal Completed
SENG HUP: SC, MITI Time Extension Approval Pending
SRI HARTAMAS: Regularization Plan Extension Request Approved
TIMBERMASTER INDUS: Explains Net Loss Variance
P H I L I P P I N E S
METRO PACIFIC: First e-Bank Denies Bancommerce Buy
METRO PACIFIC: Unit Merger Negotiations Simply Rumored
NATIONAL POWER: Drops PHP1.4B Power Project
NATIONAL POWER: Ordered to Stop Collection of PPA Charge
PHILIPPINE LONG: Inks Telecom Services Deal With FPIP
S I N G A P O R E
ASIA PULP: Little Headway Made at Creditors' Meeting
KLW HOLDINGS: Requests Trading Suspension
T H A I L A N D
AMARIN PLAZA: Unit Decreases Registered Capital
NATURAL PARK: Seeks Form 56-1 Submission Postponement
RAIMON LAND: Splits Ordinary Shares in Plan Compliance
T.G. ADVANCE: Business Reorganization Petition Filed
THAI PETROCHEMICAL: Creditors Meeting Resolves Plan Amendment
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT GROUP: Melbourne Airport Buys Back Terminal
--------------------------------------------------
Melbourne Airport has reached an agreement with the Ansett
Administrators to buy back the former Ansett-operated terminal.
Chris Barlow, CEO Melbourne Airport, said this is great news for
aviation in Victoria, airline competition, Ansett employee
entitlements and job creation.
"We're extremely pleased with this outcome because it means we
will now be able to offer terminal space to any airline wishing
to operate services through Melbourne. Our key business focus is
operating airport terminal facilities. We will now be in a
position to offer quality terminal facilities to international,
domestic and regional carriers.
"This will create a more competitive environment which is great
news for the traveling public.
"We are also pleased that the money we pay for the terminal will
benefit former Ansett staff by contributing to their employee
entitlements," he said.
Melbourne Airport will be working with the Administrator to
continue providing Kendall with access to the terminal, and any
potential buyer of the airline ongoing access.
Finance for the acquisition will be undertaken from existing
bank lines and internally generated cash flow.
Melbourne Airport is expecting to finalize the deal by the end
of the month.
ASHANTI GOLDFIELDS: Posts Restructuring Effort Progress
-------------------------------------------------------
Ashanti Goldfields Company Limited posted an 83% increase in
earnings in the first quarter of 2002. The quarter's earnings
amounted to US$16.5 million compared with US$9.0 million
recorded in 2001. The increase was due mainly to higher gold
production and spot price levels.
Total gold production of 409,384 ounces was 3% higher than the
398,992 ounces recorded in the first quarter of last year.
Obuasi, Geita, Iduapriem and Bibiani recorded higher production
levels as compared to 2001. Cash operating costs for the quarter
were US$190 per ounce, an improvement on the US$195 per ounce
recorded last year. Ashanti maintained its world-class safety
standard with a Group Lost Time Injury Frequency Rate (LTIFR) of
0.37 for the quarter compared with 0.43 in the first quarter of
2001.
New developments in the first quarter of 2002 included the
commencement of mining at the Mpesetia deposit for processing at
the Bibiani plant, the Iduapriem carbon-in-leach plant expansion
project to increase processing capacity by 50% to 4.0 million
tonnes per annum (Mtpa) and the installation of a secondary
crushing plant at Geita as part of a longer term expansion
programmed.
During the quarter Ashanti reduced Group's gross debt level by
US$11.8 million, including a US$7.0 million repayment towards
the Revolving Credit Facility. Ashanti also effected certain
restructurings to further improve and simplify its hedgebook.
These included a reduction in tenor and simplification of a
lease rate swap with a counterparty, elimination of the
convertible structures in Ashanti's portfolio, a modest increase
in protection levels and removal of the sold puts. Further
details are included in the Financial Review.
Conditional agreements with an ad hoc committee of noteholders
to a proposed restructuring of the 5(1/2)% Exchangeable Notes
(Proposed Restructuring), with all of Ashanti's active hedge
counterparties to margin-free arrangements; and with a syndicate
of four banks to arrange and underwrite a new US$100 million
revolving credit facility are some of the important refinancing
mile-stones which have been accomplished so far this year.
Ashanti currently expects that the public documentation relating
to the proposed restructuring will be posted during the second
half of May 2002.
Substantial progress is summarized as:
* Earnings increased by 83% as compared to first quarter 2001
* Total gold production of 409,384 ounces, a 3% improvement
on the first quarter last year
* Cash operating costs of US$190 per ounce, a US$5 per ounce
reduction as compared to first quarter 2001
* World class safety standards maintained during the quarter
* Gross debt levels reduced by US$11.8 million Ashanti's
hedge book further restructured and simplified
* Conditional agreements reached relating to Proposed
Restructuring of the 5(1/2)% Exchangeable Notes, Margin Free
Arrangements and a US$100 million revolving credit facility
AUSDOC GROUP: Returns to Profitability After Restructuring
----------------------------------------------------------
Ausdoc Group Limited posted Managing Director A Freer interim
report as at 31 March 2002:
"The nine months to March 2002 have been positive for AUSDOC.
Following restructuring initiatives implemented early in the
year, a return to profitability has been achieved through the
strong trading performance of AUSDOC's two largest business
units and the continued improvement in DX Express.
FREIGHTWAYS
"Freightways has had an excellent nine months with an increase
in revenue and EBITA of 7% and 18% respectively, over the prior
corresponding period. Economic activity levels in New Zealand
have been strong with Freightways capitalizing on this with
disciplined implementation of growth strategies, marketing
campaigns and efficiency improvements.
"Freightways largest business units, New Zealand Couriers and
Post Haste Couriers continue to underpin the excellent results
being achieved. The other express freight and courier businesses
of Castle Parcels and SUB60 also are performing well. The
internal linehaul operations of Parceline and Air Freight NZ
continue to give Freightways the ability to work its business
efficiently and maximize profit contribution.
AUSDOC INFORMATION MANAGEMENT (AIM)
"ATM also reported a strong result with revenue growth of 7%
over the prior corresponding period. While the stated EBITA
increased by 10% over the same period, the underlying
improvement, after adjusting for the additional rent now
incurred on the sale and lease back of properties was 26%. Good
storage growth, improved productivity and margins were
instrumental in achieving this excellent EBITA performance.
"AIM has progressed well with the rollout of its new operating
system called "Locate". This system will give AIM a competitive
edge in the market place and enable further cost reductions. AIM
also has a heavy agenda of warehouse relocations and
consolidations over the next 12 months in NSW and Victoria,
which will better position the division for future growth.
DX EXPRESS SERVICES
"DX Express Services result excludes the Document Exchange
business, which is now contained in the GoMail division.
"Revenue for the DX Express division for the nine months was
down 2% on the same period last year as the division shed
unprofitable contracts. However, as a result of this, EBITA for
the nine months was up significantly on last year despite
incurring costs associated with the collapse of Ansett and
higher property expenses. This improved performance is a result
of the many management initiatives implemented over the last
twelve months and is viewed as confirmation of the turnaround in
the business. This is further evidenced by the three months to
March 2002, which produced an EBITA result of $0.2 million
versus a loss of $0.5 million in the March 2001 quarter.
GOMAIL
"The GoMail division incorporates the new aggregation business
and the existing Document Exchange operations. Although
aggregation volumes have grown and production efficiencies
improved, the financial results have been disappointing. Revenue
for the nine months was $62.3 million, of which $42.6 million
specifically relates to the new aggregation business. The EBITA
loss was $3.5 million with the aggregation business contributing
$4.1 million of losses.
"The aggregation business has not as yet been able to achieve
sufficient volumes at appropriate margins to reach the targeted
EBITDA breakeven point. Volumes (currently at an annualized rate
of 170 million) continue to grow, albeit at a rate below that
anticipated. Operations have been streamlined and overheads
trimmed in order to assist with the drive towards EBITDA
breakeven.
"Australia Post has recently made application for a review of
current postal charges. This includes an increase in the base
letter rate to 50 cents. However, under the proposed pricing
regime margins available to mail aggregators would be reduced.
AUSDOC is currently assessing the impact that these proposed
changes would have on its GoMail aggregation business and will
make appropriate representations to protect its interests.
"The contribution from the Document Exchange business has been
adversely impacted by a decline in membership revenues. New
initiatives, directed towards the re-establishment of core
products and services, are continuing.
FINANCIAL
"As a result of the December 2001 half year review conducted by
the AUSDOC's new auditors - PriceWaterhouseCoopers, the
preference shares issued by Freightways Express Limited have
been re-classified as non-current liabilities from shareholders
equity in accordance with AASB 1033. In addition, dividend
payments on the preference shares have been reclassified as a
payment before calculating profit before tax. For comparative
purposes the prior year has been restated accordingly. It is
important to note that this change in accounting treatment has
no impact on the value of the AUSDOC Group and its businesses.
The funding structure of AUSDOC remains unchanged.
"Net bank interest and lease finance charges decreased by 30%
over the prior corresponding period. This reflects the reduction
in group debt after applying the proceeds from property sales,
the preference share capital raised by Freightways in New
Zealand, strong management of working capital and improved
profitability.
"Net group bank debt and finance lease liabilities at 31 March
2002 were $84 million. Compared to March 2001, this is a
reduction of $38 million, or 31%.
CONCLUSION
"Freightways and AIM continue to generate strong earnings growth
for the group. The divestment of non-core businesses earlier in
the year has enabled management to focus on significantly
improving the DX Express Services business, which is now
contributing positively to group earnings. Our challenge remains
to improve GoMail's financial performance.
"Overall we have achieved the turnaround in the performance of
the business that was promised to shareholders in 2000. While
the execution of the sale process has been a major element of
management's time, the operations continue to have strong focus.
The Directors believe the businesses will continue to
demonstrate improved performance.
"The last quarter has been a difficult time for AUSDOC employees
due the uncertainty that accompanies any sale process. I would
like to take this opportunity to thank all employees for their
hard work, commitment and professionalism during these unusual
times."
CHROME GLOBAL: Tian Li Increases Shares to 59.59%
-------------------------------------------------
Tian Li Holdings Pte Ltd increased its relevant interest in
Chrome Global Limited on 26/April/2002, from 9,564,765 ordinary
fully paid shares (13.04 percent) to 94,020,211 ordinary fully
paid shares (59.59 percent).
TCR-AP reported that Chrome Global, which hires Ernst & Young as
administrator on October last year, generated a loss of $549,000
for the six months ended 31 December 2001 on total revenue of
$828,000.
DIGITAL NOW: Reorganization Filing Completed
--------------------------------------------
Digital Now, Inc announced on Wednesday that it had completed
the appropriate filing in order to obtain approval of the
Board's plan of reorganization (the Reorg Plan) with the United
States Bankruptcy Court.
Court approval of the Reorg Plan is required before it may be
accepted by creditors.
The Board is of the opinion that creditors will achieve a
superior settlement of their claims under the Reorg Plan than
would be the case if the assets of DNI were liquidated under
Chapter 7 of the US Bankruptcy Code.
The US Bankruptcy Court hearing to consider the approval of the
Reorg Plan will take place on Tuesday, 4 June 2002. Shareholders
will be provided with the relevant Notice of Hearing directly by
post.
HORIZON ENERGY: Provides Quarterly Update
-----------------------------------------
The Directors of Horizon Energy Investment Management Limited,
the manager for Horizon Energy Investment Group, released the
quarterly update for the three months ended 31 March 2002.
The key observations to be noted are:
* Unit 4 at LYP was offline during the entire March 2002
quarter as a result of an internal electrical fault sustained to
the generator on 22 December 2001.
* LYP's generation revenue for the March 2002 quarter of
$131.1 million was 11.8% lower than the previous corresponding
period. The decrease in generation revenue largely reflects the
outage of Unit 4, offset somewhat by stronger contract revenue
from the remaining units.
* Plant ACF of 69.2% significantly impacted by the forced
outage of Unit 4.
FINANCIAL CONDITIONS OF LOY YANG POWER
The key event currently impacting on the financial conditions of
LYP is the forced outage of unit 4. As HEIML advised earlier,
there placement generator from
Germany was successfully synchronized on the morning of 16 April
2002, some 10 days ahead of the original schedule.
The financial impact of the outage is sensitive to a number of
factors including the amount and timing of insurance proceeds
and the repair options for the damaged generator. LYP's
insurance programmed provides coverage for property damage and
business interruption as a result of plant failure. LYP is
continuing discussion with insurers on details of the Unit 4
outage claim, including the amount and timing of insurance
proceeds and the repair options for the damaged generator. The
market will be kept informed of further developments, as they
become known.
ELECTRICITY MARKET DEVELOPMENTS
Demand weighted average pool price for the March 2002 quarter
was $26.59 per MWh, 4.3% below the December 2001 quarterly
average of $27.77 per MWh. The decrease from the December 2001
average reflected a continuation of the mild summer conditions,
which resulted in peak electricity demand being substantially
below that for the corresponding period in 2001.
The contract market continued to be relatively subdued during
the quarter, with flat load contract prices for the 2003 and
2004 calendar years being traded in the mid to high 30's per
MWh, LYP anticipates that retailers may look to renew contract
negotiations over the next few months for the 2003 and 2004
calendar years.
LYP PARTNERSHIP UPDATE
NRG Energy, Inc (NRG), one of Horizon's partners in LYP,
announced in mid April that it has retained financial advisors
to market its international assets. The assets are being
marketed in four regional bundles, including Asia-Pacific.
The sales process is part of NRG's plans to improve liquidity
and reduce debt. NRG has indicated that it does not plan to make
any further announcements regarding asset marketing and/or
restructuring until and unless definitive sale and purchase
agreements are in place.
OUTLOOK
LYP's generation revenue is expected to return to normal levels
for the June 2002 quarter with LYP returning to fall capacity.
However, the financial impact of the Unit 4 outage will not be
known until various factors, including the amount and timing of
insurance proceeds and the repair options for the damaged
generator, are confirmed.
The forced outage has served to emphasize the importance of
financial structuring considerations in relation to the
repayment of the $500 million bullet in 2003. HEIML believes
this will be a major step towards putting LYP on a stronger
financial footing thereby unlocking the value of Horizon's
investment.
POWERTEL LIMITED: Confirms May 31 Shareholders AGM
--------------------------------------------------
Powertel Limited advised that a typographical error has been
noted in the recent Notice of Meeting for the 2002 Annual
General Meeting of PowerTel Limited issued to shareholders.
To avoid confusion, the Company confirmed that the Annual
General Meeting of the Members of PowerTel Limited will be held
on Friday, 31 May 2002 at the Museum of Sydney, AGL Theatre
Level 2, 37 Phillip Street, (corner of Phillip and Bridge
Street) Sydney NSW, commencing at 2.00pm.
PMP LIMITED: WBC Becomes Substantial Holder
-------------------------------------------
Westpac Banking Corporation became a substantial shareholder in
PMP Limited on 23/April/2002 with a relevant interest in the
issued share capital of 18,033,482 ordinary shares (6.21
percent).
On March 7, TCR-AP reported that the Company's Moorabbin plant
will close in June 2002 and will be offered for sale in the
second half of 2002. Proceeds from the sale would be used to
further pay down debt.
PMP Limited, during the half to 31 December 2001, reduced its
net debt from $542 million to $432 million, a reduction of $110
million. Net debt is down from a peak of around $600 million at
December 2000.
PRESTON RESOURCES: Bulong Q3 Activities Report Issued
-----------------------------------------------------
Preston's wholly owned subsidiary, Bulong Operations Pty Ltd
manages the Bulong project, located 30 kilometers east of
Kalgoorlie, Western Australia. Following is a summary of the
Bulong operational activities for the quarter ending March 2002.
SAFETY AND ENVIRONMENT
The Company has encouraged greater employee participation in its
safety management plan. This is having a positive effect on
reducing the number of significant injuries.
Two environmental incidents, which required external reporting,
occurred during the quarter. Both related to the failure of pipe
couplings in the tailings management system. Failures were
detected expediently and contamination removed immediately.
Necessary safeguards have been put in place to mitigate further
risks associated with this type of failure.
METALLURGICAL PERFORMANCE
115,444 dry tonnes of ore were fed to the leach plant during the
quarter. A total of 1,833 tonnes of nickel and 115 tonnes of
cobalt was produced in the quarter. All cobalt was produced as
cobalt sulphide.
Leach extractions for nickel and cobalt were 93.0% and 95.7%
respectively.
LEACH PLANT
115,444 tonnes of ore were leached during the quarter. This
compares with 97,694 tonnes of ore processed in the preceding
quarter.
A planned three-day maintenance shutdown was undertaken in
February. Components of the leach circuit were inspected and
found to be in excellent condition. In particular there is
little corrosion in the autoclave and new bricks installed in
high temperature heater and flash vessels are showing
significantly less deterioration than bricks previously used.
Performance for the period has been affected by the requirement
to have one counter current decantation thickener off-line for
most of the period to undertake preventative maintenance. There
are seven thickeners in the circuit and the others will be
subjected to similar preventative maintenance in the future.
REFINERY
The concentration of cobalt extractant in the cobalt solvent
extraction circuit, was less than optimal during the period.
This affected cobalt recovery and the quality of nickel cathode
produced.
The latter is a result of reduced cobalt extraction in the
Cobalt extraction circuit and subsequent flow of cobalt to
nickel solvent extraction. Under such circumstances some of the
cobalt not recovered in cobalt solvent extraction ultimately
reports to nickel cathode as a contaminant.
Inventory replenishments of the cobalt extractant in the next
quarter are anticipated to improve both cobalt recovery and the
quality of nickel metal produced.
MARLBOROUGH NICKEL PROJECT
The Marlborough nickel project, located on the central
Queensland coast, 75 km north west of Rockhampton, hosts one of
the largest nickel deposits in the world, with a global resource
of 210 mt grading, 1.02% nickel and 0.06% cobalt contained
within ten separate deposits.
The project remains on care and maintenance.
Visit http://www.bankrupt.com/misc/TCRAP_PSR0510.docto see
production statistics.
CORPORATE
BKK SETTLEMENT
Bulong Nickel Pty Ltd and Bulong Operations Pty Ltd have settled
all disputes between them and the Bateman Kinhill Kilborn Group
of Companies arising in relation to the Bulong Nickel Project.
SCHEME OF ARRANGEMENT
On 12 April 2002 Bulong Operations Pty Ltd and Bulong Nickel Pty
Ltd (together the Bulong Companies) each lodged an application
with the Supreme Court Of Western Australia and the Australian
Securities and Investments Commission to convene a meeting of
holders of 12.5% secured notes due 2008 issued by Bulong
Operations (Noteholders) to consider amendments to the secured
debts of the Bulong Companies to be effected by means of two
schemes of arrangement under Part 5.1 of the Corporations Act
2001 (Schemes).
Each of Bulong Operations Pty Ltd and Bulong Nickel Pty Ltd is a
wholly-owned subsidiary of Preston Resources Limited (Preston).
The Schemes are part of a complete restructuring of Preston's
debt and equity which includes:
* The Bulong Companies' secured debt repayment obligations
being significantly amended.
* Barclays Bank plc (Barclays) making available additional
working capital of $30 million to the Bulong Companies.
* Barclays Bank and the Noteholders being issued with shares
equivalent to 95% of the share capital of Bulong Operations Pty
Ltd (which in turn holds 100% of the share capital of Bulong
Nickel Pty Ltd).
* Preston being released from all material liabilities and
obligations in relation to the Bulong and Marlborough nickel
projects.
* Release of all Preston companies from obligations to pay
Resolute Limited (Resolute) amounts owing to it mid cancellation
of all shares in Preston held by Resolute. Resolute will be
released from it's obligations and warranties under the Bulong
Sale Agreement.
The restructuring is subject to the approval of the Noteholders,
shareholders of Preston and the Supreme Court and the completion
of certain matters including the execution of an agreement with
Resolute.
The Scheme will provide a means by which the Bulong Project can
move forward. Unsecured creditors are not a party to the Scheme
but will be advantaged by the increased financial stability
afforded by the Scheme.
The annual general meeting of Preston shareholders will be
convened in the near future. At that meeting Preston
shareholders will consider the disposal of the Bulong nickel
project and other matters.
Preston is continuing to work towards the completion of all
matters associated with the restructuring of the company's debt
and equity and has had preliminary discussions with the ASX
regarding the re-quotation of Preston's shares. Preston's re-
quotation will be subject to the successful completion of the
Schemes of Arrangement and certain other conditions being met.
TRANSURBAN GROUP: CBA Ups Interest to 22.73
--------------------------------------------
Commonwealth Bank of Australia increased its relevant interest
in Transurban City Link Ltd on 01 May 2002, from 110,512,801
Fully paid ordinary shares (21.67 percent) to 115,943,166 Fully
paid ordinary shares (22.73 percent).
At the end of 2001 Transurban Group had negative working
capital, as current liabilities were A$217.26 million while
total current assets were only A$126.40 million. According to
Wrights Investors' Service, "the fact that the Company has
negative working capital could indicate that the Company will
have problems in expanding."
================================
C H I N A & H O N G K O N G
================================
ASIA GLOBAL: Takes Over $20M Telecom Services JV With StarHub
-------------------------------------------------------------
Asia Global Crossing, a 58 percent-owned by bankrupt Global
Crossing, absorbed StarHub Crossing, a US$20 million joint
venture between the Company and StarHub, Business Times reported
Thursday.
The two companies' joint statement declined to reveal the terms
of the change in ownership. It said the change in ownership of
StarHub Crossing is necessary "to better reflect the needs of
each business in relation to their respective capacity needs."
The takeover will have no material impact on StarHub's
operations. "This is only a small joint venture which has only
one customer, namely AGC," StarHub spokeswoman Jeannie Ong said.
Days ago, TCR-AP reported that Asia Global Crossing
reached an agreement with Hutchison Telecommunications Limited
to sell its stake in their respective joint venture company in
Hong Kong, namely Asia Global Crossing, for a total
consideration of US$120 million in cash.
GREENPAK (SHANGHAI): Hearing of Winding Up Petition Set
-------------------------------------------------------
The petition to wind up Greenpak (Shanghai) Products Limited
will be heard before the High Court of Hong Kong on May 29, 2002
at 9:30 am. The petition was filed with the court on February
11, 2002 by Wong Chung Shek Robert of Flat B3, 11th Floor, 26
Homantin Hill Road, Kowloon, Hong Kong.
UPWELL DEVT: Winding Up Sought by Industrial, Commercial Bank
-------------------------------------------------------------
Industrial and Commercial Bank of China (Asia) Limited is
seeking the winding up of Upwell Development Limited. The
petition was filed on February 19, 2002, and will be heard
before the High Court of Hong Kong on June 5, 2002.
Industrial and Commercial Bank holds its registered office at
ICBC Tower, 122-126 Queen's Road, Central, Hong Kong.
WAH LEE: Change of Name Won't Affect Trading Arrangements
---------------------------------------------------------
Wah Lee Resources Holdings Limited advised that subsequent to
the special resolution passed at the Annual General Meeting of
the Company held on 17 April 2002 approving the change of name
of the Company from "Wah Lee Resources Holdings Limited" to "Guo
Xin Group Limited", a Certificate of Incorporation on Change of
Name was issued by the Registrar of Companies in Bermuda on 26
April 2002.
The change of name of the Company will not affect any of the
rights of the shareholders of the Company. The existing share
certificates of the Company under the English name of "Wah Lee
Resources Holdings Limited" shall continue to be evidence of
title to the shares of HK$0.01 each in the capital of the
Company and will be valid for trading, settlement and delivery
for the same number of the Shares in the new name of the
Company. Trading in the Shares on the Stock Exchange of Hong
Kong Limited under the new name of "Guo Xin Group Limited" will
begin with effect from 10 May 2002.
The Board also announced that Shareholders who desire to
exchange their existing share certificates for share
certificates bearing the new name of the Company may do so at no
cost if effected within 30 days from 10 May 2002. Subsequent
changes will incur a fee of HK$2.50 (or such higher amount as
may from time to time be charged) for each of such certificate
to be issued.
WIRELESS INTERNETWORKS: Workout Agreements Completion Delayed
-------------------------------------------------------------
The Receivers and the Board of Wireless InterNetworks Limited
(Receivers and Managers Appointed) announced that the Company
has received Written Resolutions signed by Noteholders
representing approximately 69.67 per cent. of the 3-Year Notes
and 69.67 per cent. of the 7-Year Notes. The holders of the 3-
Year Notes and of the 7-Year Notes have therefore approved the
Notes Restructuring Offer by Written Resolutions by the
requisite majorities in accordance with the terms and conditions
of the Notes Restructuring Offer, and the 3-Year Notes and the
7-Year Notes.
As required by the terms of the Notes Restructuring Offer, the
Company will deliver notices to each Noteholder revoking the
notices of the meetings of the holders of the 3-Year Notes and
of the 7-Year Notes convened to be held on Monday 13th May, 2002
and accordingly, the meetings of the Noteholders will be
cancelled by the Company.
COMPLETION
Under the terms of the Compromise Agreement, two conditions
precedent to Completion remain to be satisfied, being first,
receipt from the Stock Exchange of approval of the listing of,
and permission to deal in, the New Shares, and secondly, the
Capital Restructuring becoming effective, which will take place
immediately before Completion. The expected timetable set out
in the Company's announcement dated 28th March, 2002 was delayed
as additional time was required to prepare the circular to the
Noteholders. As a consequence, Completion has been delayed
beyond 2nd May, 2002 and is expected to take place on Friday
17th May, 2002.
TRADING
Trading in the Company's shares has been suspended since Monday
12th February, 2001, and is expected to resume at 9:30 a.m. on
Tuesday 21st May, 2002. The expected timetable is set out
below:
Expected Timetable
Capital Restructuring becomes effective: Friday, 17 May
Completion of the Restructuring Agreements: Friday, 17 May
The Company Scheme becomes effective: Friday, 17 May
Announcement of completion of the Restructuring Agreements, and
of the Company Scheme becoming effective as published in
newspaper: Tuesday, 21 May
Resumption of trading in New Shares: 9:30 a.m. on Tuesday, 21
May
First day of free exchange of existing light blue share
certificates for new yellow share certificates: Tuesday, 21 May
Existing counter for trading in the Existing Shares in board
lots of 2,000 Existing Shares closes: 9:30 a.m. on Tuesday, 21
May
Temporary counter for trading in New Shares in board lots of 200
New Shares (in the form of existing share certificates) opens:
9:30 a.m. on Tuesday, 21 May
First day of operation of odd-lot trading facility: Tuesday, 4
June
Existing counter for trading in New Shares in board lots of
2,000 New Shares (in the form of new certificates re-opens):
9:30 a.m. Tuesday, 4 June
Parallel trading in New Shares (in the form of new share
certificates) starts: 9:30 a.m. Tuesday, 4 June
Last day of operation of odd-lot trading facility: Tuesday, 25
June
Temporary counter for trading in New Shares in board lots of 200
New Shares (in the form of existing share certificate) closes:
4:00 p.m. on Tuesday, 25 June
Parallel trading in New Shares (in the form of new share
certificates and existing share certificate) ends: 4:00 p.m. on
Tuesday, 25 June
Free exchange of existing share certificates for new share
certificates for New Shares ends: Friday, 28 June
Further announcement will be made after Completion.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: Stocks Higher After Founder Case Settled
-------------------------------------------------------------
PT Astra International share value rose Wednesday after the
dispute settlement news broke, revealing the Company and the
Soeryadjayas, its founding family, over the payment of a
corporate guarantee to Indover Bank, AFX reports citing an
unnamed dealer of Ciptadana Securities.
On Wednesday morning Astra was up Rp100 at 4,000 on volume of
8.2 million shares. The composite index was up 3.758 points at
548.644.
The dealer said after the news, the investors appear less
concerned over plans for a rights issue. He added that the
rights issue "will only be the last option so there is no
concern about it."
Meanwhile, Astra looks likely to reschedule its US$133 million
and Rp165 billion debt maturing in December 31 2002. "We think
the debt rescheduling option is a better alternative than the
option to conduct a rights issue, so Astra can manage its cash
flow and strengthen its working capital," the dealer said.
He added that debt rescheduling will improve sentiment towards
Astra, and he recommends a buy on the stock.
DebtTraders reports that Astra Overseas Finance's 0.000% bonds
due on 2006 (ASII06IDS1) are trading between 47 and 50. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII06IDS1
for more real-time bond pricing information.
=========
J A P A N
=========
ALL NIPPON: Adoption of Holding Company System Likely
-----------------------------------------------------
All Nippon Airways Co Ltd will switch to a holding company
structure by the end of March 2004 in a bid to speed up decision
making and cut costs, AFX Asia reported citing the Nihon Keizai
Shimbun.
The new ANA group structure will include a new supervisory
company for three travel agencies, as well as Air Nippon Co, All
Nippon Airways Trading Co, ANA Hotels co and other existing
subsidiaries, under a holding company provisionally to be called
ANA Holding, the paper said.
Japan's second-largest airline plans to counter tougher
competition likely to result from the merger of Japan Airlines
Co Ltd and Japan Air System Co Ltd.
FUJITSU LTD: To Issue $1.97B Bonds in Equity Financing
------------------------------------------------------
Fujitsu Ltd, Japan's biggest computer manufacturing company,
will issue up to 250 billion yen (US$1.97 billion) worth of
convertible bonds in equity financing.
According to a Reuters report, The Tokyo-based company will
receive up to 249.9 billion yen from the bond issue, maturing on
May 27, 2009. The 140 billion yen will be used to redeem bonds
and repay borrowings, while the rest will be used to invest in
software and the service business.
Along with the issue of 220 billion yen in convertible bonds,
Nikko Salomon Smith Barney, a lead manger for the issue, and
other underwriters can make additional purchase up to 30 billion
yen by filing a request with the company by May 23.
The payment of the bond is due on May 27.
In April, Fujitsu projected it would break even on a group net
basis this business year after hefty restructuring costs and the
information technology slump pushed it into its worst loss ever
last year.
The company reported a group net loss of Y382.54 billion for the
year that ended March 31 on heavy restructuring costs and money-
losing semiconductor and telecommunications-related operations.
The losses were mainly caused by the U.S. economic slowdown last
year and from restructuring measures.
HITACHI LTD: Launches New Data Storage Solution System
------------------------------------------------------
Hitachi Ltd., the Tokyo-based electronics components
manufacturer, unveiled Wednesday a new data storage solution
system that includes large-scale disc-array hardware and storage
network management software products.
According to a report from Dow Jones Newswires, the disc-array
system "SANRISE9900V" series can install 1,024 hard disc drives
with storage capacities of up to 74.6-terabyte.
The paper added that Hitachi would launch in July its Open
Application Program Interface, a storage management interface,
to enhance interoperability among other products through
alliances with business partners.
In April, Hitachi posted consolidated losses of 117.42 billion
yen in fiscal 2001. The Company attributed its result to a sharp
decline in global demand for semiconductors and information
technology-related products such as mobile phones.
ISHIKAWAJIMA-HARIMA: Moody's Places Baa2 Rating on Review
---------------------------------------------------------
Moody's Investors Service has placed the Baa2 senior unsecured
debt ratings of Ishikawajima-Harima Heavy Industries Co. Ltd
(IHI) under review for possible downgrade.
The rating action is prompted by Moody's growing concern that
the current deteriorating economic environment may continue to
pressure IHI's earnings and financial profile over the
intermediate term.
IHI has been undertaking various restructuring measures
including cost reduction and a spin-off of its weak performing
shipbuilding division. However, the current restructuring
program may not enable IHI to stabilize its earnings and cash
flow, given the potential for further deterioration in the
business climate.
Ishikawajima-Harima Heavy Industries, headquartered in Tokyo,
Japan, is one of the world's leading heavy machinery
manufacturers. The Company ended flat at Y213 on Wednesday.
IWATAYA DEPARTMENT: Banks Formally Agree to JPY28B Debt Waiver
--------------------------------------------------------------
All 27 of Iwataya Department Store Co.'s creditor banks have
decided to waive a total of 28 billion yen of the Fukuoka
retailer's debts, paving the way for its rehabilitation, Kyodo
News reported, citing unnamed Company officials.
In April Iwataya explained its restructuring plan to the
creditors, where the banks agreed to the debt waiver and to cut
interest rates on other loans.
Iwataya, which has a total debt of 28 billion yen, decided to
close an outlet in Kumamoto in December.
KAWASAKI HEAVY: Moody's Puts Baa2 Ratings on Downgrade Review
-------------------------------------------------------------
Moody's Investors Service has placed the Baa2 senior unsecured
debt ratings of Kawasaki Heavy Industries Ltd (KHI), one of the
world's leading heavy machinery manufacturers, under review for
possible downgrade.
The ratings agency said Wednesday the action is prompted by
concern that the current deteriorating economic environment may
continue to pressure KHI's earnings and financial flexibility
over the intermediate term.
Kobe-based KHI has been undertaking various restructuring
measures including cost reduction, an alliance with Suzuki in
the motorcycle business, and a spin-off of its shipbuilding
division. However, the current restructuring program may not
allow KHI to stabilize its earnings and cash flow, given the
potential for further deterioration in the business climate.
As of March 2001, Kawasaki Heavy has total assets of US$9.8
billion and liabilities of US$8.5 billion.
MIZUHO HOLDINGS: Computer Glitch Continues to Affect Clients
------------------------------------------------------------
Although the computer problems at the Mizuho Financial Group
have been resolved, its after-effects continue to be felt.
According to a Kyodo News report, the Company's major corporate
clients perform tangled with data processing, received in
unusual forms from the giant banking group.
The Mizuho group experienced serious computer problems following
the April 1 launch of Mizuho Bank and Mizuho Corporate Bank
under Mizuho Holdings through the integration of Dai-Ichi Kangyo
Bank, Fuji Bank and the Industrial Bank of Japan.
The computer disaster disrupted the new banks' operations,
resulting in such troubles as customers being double-billed for
utilities charges and 7,000 automated teller machines
malfunctioning.
Japan's Financial Services Agency began its on-site inspections
of the Mizuho Financial Group on Wednesday to look into the
truth and who is to blame for the group's massive computer
glitch. The Bank of Japan also began its inspection of Mizuho
Corporate Bank.
MYCAL CORP: Izumi Ready to Take Over Kyushu Unit
------------------------------------------------
Midsize supermarket operator Izumi Co is ready to take over the
position as administrator of Mycal Kyushu, the Kyushu unit of
failed retailer Mycal Corp., once the company initiates the
rehabilitation process, reports Japan Today.
The Hiroshima-based supermarket operator outlined the initiative
in a statement issued under the name of Izumi President Yasuaki
Yamanishi.
MYCAL CORP: Kyushu Backers Unhappy With Court Decision
------------------------------------------------------
Supporters of Mycal Kyushu have voiced discontent over the
decision of Tokyo District Court to launch rehabilitation
procedures under a plan submitted by the parent company, Kyodo
News reported.
According to Mycal Kyushu, the rehabilitation plan would
involve job cuts.
Debt-saddled retailer Mycal Corp applied to the Tokyo District
Court in September for protection from creditors under the Civil
Corporate Revival Law. Six of its group firms, such as DacVivre
Co., based in Sendai (Miyagi Prefecture), and Mycal Kyushu Co.,
based in Fukuoka, also filed for bankruptcy protection under the
same law.
In April, Mycal filed a request with the Tokyo District Court,
while a group of 11 creditor companies filed a request with the
Fukuoka District Court to have Mycal Kyushu launch a fresh
restructuring program under the Corporate Rehabilitation Law.
Mycal Kyushu owes Y31.8 billion to its parent, Mycal Corp.
TDK CORP: Restructuring Costs Result in US$191M Net Loss
--------------------------------------------------------
Tokyo-based electronic component maker TDK Corp. incurred a net
loss of 24.8 billion yen (US$191 million) in the year to March
due to restructuring costs and a slowdown in technology
investment, the Agence France-Presse reported. The world's
largest maker of magnetic tapes also planned to close or
consolidate eight plants globally in the year ahead.
"We are considering closing or cutting back operations of three
(more) domestic plants and five overseas plants" by the end of
March 2003, president Hajime Sawabe said. He declined to
identify which sites were targeted.
The move would save TDK 2 billion yen in the year against 8.5
billion yen of restructuring losses, accounting division chief
Seiji Enami said.
TDK has already closed two domestic plants and the German
factory in the past year.
A total of 7,768 workers worldwide left the group in the past
year, and a further 2,400 people will go in the year ahead. The
TDK group employed 32,719 workers as of the end of March.
For the year to March 2003, TDK expects a net profit of 13
billion yen and pretax profit of 17 billion yen. Sales are
projected at 580 billion yen.
TDK Corporation at the meeting of the Board of Directors held on
March 26, 2002, resolved the liquidation of its consolidated
subsidiaries, TDK Manufacturing Deutschland GmbH and Fuji
Kogyosho Corporation, and the production stop at Tamagawa
Technical Center.
=========
K O R E A
=========
DAEWOO MOTOR: Marketing Arm First-Quarter Profit Up 273%
--------------------------------------------------------
The first-quarter sales of Daewoo Motor Sales, the domestic
marketing arm of Daewoo Motor, rose 10.9 percent from a year
earlier to 843.7 billion won ($659.7 million), while net profit
soared 273.1 percent to 25 billion won, the Korea Herald
reported.
The debt ratio fell to 134.7 percent from 231 percent in 1999
when the company was placed under a debt workout program. Daewoo
attributed the impressive performance to restructuring efforts
that began last year and active support by dealerships.
Daewoo Motor's domestic market share has crashed below 10
percent in April despite the final takeover contract from
General Motors Corp.
GM and Daewoo's creditors wrapped up a deal last Tuesday that
will see the world's largest automaker take over about two-
thirds of Daewoo's core plants and global network.
Daewoo Motor filed for bankruptcy last November after amassing
$17 billion in debt.
HYNIX SEMICON: Board to Decide on Creditors' Plan
-------------------------------------------------
Hynix Semiconductor Inc.'s Board held a meeting yesterday to
decide on a proposal by creditors to sell the South Korean
computer memory chipmaker by splitting it into three major
divisions, the Digital Chosun reported.
Observers said that the split-and-sell measure initiated by
creditors is expected to get the board's approval, as it is not
much different from the proposal worked out by the firm for
surviving on its own.
Creditors plan to choose consultants by the end of this month to
review how to best divide the company's operations. That may
include selling the company's 12 factories in pieces or
liquidated, Lee Young Shik, a credit official at Korea Exchange
Bank, said earlier. Hynix's operations include memory and non-
memory chips, TFT-LCD (thin film transistor liquid crystal
display) used in flat computer screens and other business lines.
Under a debt-for-equity swap that takes effect June 1, creditors
may control as much as 80 percent of the company. Hynix's
outstanding debt of KRW9.57 trillion will be reduced to KRW6.6
trillion after creditors' debt-to-equity swap.
HYNIX SEMICON: Up W50 on Hopes of Split-and-Sell Plan Approval
--------------------------------------------------------------
Hynix Semiconductor Inc was up 50 won at 760 on 71.0 million
shares on growing hopes that its board will approve a creditor
proposal to break up the company and sell it piecemeal, AFX Asia
reported yesterday.
"The board will likely accept the creditor plan; otherwise the
company will face court protection," Hanhwa Securities industry
analyst Lee Seong-jae said.
Last week, Hynix's 10 Board members unanimously rejected a $3
billion takeover offer from Micron Technology Inc, prompting
creditors to say the Company should be broken up and sold as a
way to recoup at least part of the almost $5 billion in loans
they provided last year to keep the Company afloat.
Investors are hoping on the possibility that Hynix may attract
bidders for its non-memory chip operations while resuming talks
with Micron Technology Inc to sell its Eugene operation in the
US, the Hanhwa Securities analyst said.
SSANGYONG MOTOR: Posts $32.5M Profit in First Quarter
-----------------------------------------------------
Ssangyong Motor Co., a South Korean maker of sports-utility
vehicles, reported a 41.8 billion won ($32.5 million) profit in
the first quarter, rebounding from a loss of 4.1 billion won a
year earlier, helped by domestic demand after the government cut
taxes on autos.
According to a Bloomberg report, the operating profit of
Ssangyong Motor doubled to 54 billion won, with sales rising 48
percent to 793.3 billion won.
The sports-utility vehicle maker sold 38,263 of its Rexton,
Korando and other autos in the first quarter, 21 percent more
than in the same period last year.
The Company's shares rose as much as 15 percent to 810 won. The
shares had lost 36 percent of their value since the start of the
year.
Ssangyong Motor and other automakers have posted domestic sales
gains because of a cut in the sales tax for cars and other
products last November, part of the government's efforts to
boost the economy.
Last week, Ssangyong Motor shareholders voted to approve the
company's plan to write down its share capital to reduce every
10 shares into one and have its capital cut to 572.2 billion won
from about KRW5.72 trillion on June 4. After the writedown, the
number of Ssangyong Motor shares will fall to 114.4 million from
1.14 billion.
The capital writedown has been a condition for the struggling
carmaker to receive a bailout package approved by its creditors
in December last year.
Ssangyong Motor, a former affiliate of bankrupt Daewoo Motor
Co., has been under a debt workout program since August 1998 due
to its heavy loans for expansion in its earlier years of
operation. The company's debt totaled about KRW2.2 trillion as
of end-November.
Creditors approved a bailout in December that included KRW950
billion in a debt-for-equity swap and $150 million in new loans
to the carmaker.
===============
M A L A Y S I A
===============
BERJAYA GROUP: Reviews Proposed Restructuring Exercise
------------------------------------------------------
In view of the improving economic fundamental, Berjaya Group
Berhad is actively reconsidering and reviewing several aspects
of the proposed restructuring exercise taking into account,
inter-alia, the views of the Group's lenders and the prospects
of the various Group activities going forward.
The Board of Directors of BGroup estimates that an announcement
relating to the aforementioned will be made before end of June
2002.
HHB HOLDINGS: PBB Revises Proposed Restricted Offer for Sale
------------------------------------------------------------
Public Merchant Bank Berhad announced that Public Bank Berhad
(PBB) and HHB Holdings Berhad (formerly known as Hock Hua Bank
Berhad), a wholly-owned subsidiary company of PBB, are proposing
to restructure HHB so as to provide HHB with a core business in
compliance with Paragraph 8.16 of the Listing Requirements of
KLSE and to comply with the shareholding spread requirement, in
order to achieve the resumption of trading of the ordinary
shares of RM1.00 each in HHB (HHB Shares) on the Main Board of
the KLSE.
The proposals to be undertaken by HHB and also by PBB pursuant
to the restructuring of HHB as announced on 8 March 2002 are:
(i) HHB is proposing to acquire 5,100,000 ordinary shares of
RM1.00 each in Kuala Lumpur Mutual Fund Berhad (KL MUTUAL)
representing 85% of the issued and paid-up share capital of KL
MUTUAL from Public Consolidated Holdings Sdn Bhd and Business
Premium Sdn Bhd (both 100% owned subsidiaries of PBB) for a
total cash consideration of RM217,617,000 or RM42.67 per
ordinary share of RM1.00 each in KL MUTUAL (KL MUTUAL Share)
(Proposed Acquisition);
(ii) subject to the approval of Bank Negara Malaysia being
obtained, PBB is proposing to take up a proposed private
placement by HHB of up to 62,700,000 new HHB Shares at par for
cash (Proposed Placement) whereupon PBB's investment in HHB
would increase from 125,377,000 HHB Shares to 188,077,000 HHB
Shares; and
(iii) PBB is proposing a restricted offer for sale of up to
47,100,000 HHB Shares upon completion of the Proposed Placement
to the following parties:
a) bumiputera investors to be identified;
b) agents of KL MUTUAL; and
c) Directors and employees of KL MUTUAL.
(Proposed Restricted Offer for Sale)
(The Proposed Acquisition, the Proposed Placement and the
Proposed Restricted Offer for Sale are collectively referred to
as the "Proposals").
Presently, PBB, the offeror under the Proposed Restricted Offer
for Sale, has revised the number of HHB Shares to be offered
pursuant to the Proposed Restricted Offer for Sale from
47,100,000 HHB Shares to 47,500,000 HHB Shares.
Furthermore, PBB is proposing to extend the Proposed Restricted
Offer for Sale to the Directors of HHB, in addition to the
parties announced on 8 March 2002.
Upon completion of the Proposed Acquisition, the Proposed
Placement and the revised Proposed Restricted Offer for Sale,
HHB will become a 74.74% held subsidiary of PBB, and it is
envisaged that the trading of HHB Shares on the Main Board of
KLSE would be resumed.
The revision in the number of HHB Shares to be offered pursuant
to the Proposed Restricted Offer for Sale will not have a
material effect on PBB.
Tan Sri Dato' Thong Yaw Hong and Dato' Yeoh Chin Kee who are
Directors of both PBB and HHB, and being Directors of HHB, will
be entitled to participate in the revised Proposed Restricted
Offer for Sale. Accordingly, they have abstained from
participating in the deliberation and decision of the Board of
Directors of PBB on the revision of the Proposed Restricted
Offer for Sale and matters relating to the Proposed Restricted
Offer for Sale.
MAY PLASTICS: Transfers Listing Status as Part of Workout Plan
--------------------------------------------------------------
May Plastics Industries Bhd advised that KSU Holdings Berhad's
entire issued and paid-up share capital comprising 176,405,915
ordinary shares of RM1.00 each and 13,298,175 Warrants arising
from the Rescue Cum Restructuring Scheme, will be admitted to
the Official List of the KLSE, in place of the Company's which
will be delisted, and listing and quotation of these shares and
WARRANTS on the Second Board under the "Properties" and "Loans"
sectors respectively, on a "Ready" basis pursuant to the Rules
of the Exchange, will be granted with effect from 9.00 a.m,
Friday, 10 May 2002.
The Stock Short Name, Stock Number and ISIN Code of KSU's shares
and WARRANTS are as follows:
Stock Short Name Stock number ISIN Code
Ordinary shares KSU 8729 MYL8729OO005
WARRANTS KSU-WA 8729WA MYL8729WAG95
The reference price for KSU's ordinary shares and WARRANTS are
RM2.00 and RM0.005 respectively.
The trading limit will be 500%.
The WARRANTS may be exercised at the option of the Warrant
holders into new ordinary shares in KSU at the Exercise Price on
or after 12 December 2001 but not later than 5.00 p.m on 15
September 2006.
The Exercise Price of the WARRANTS is RM4.78 , payable for each
new ordinary share in KSU.
Kindly be advised that the shares and WARRANTS of KSU are
prescribed securities. Dealings in the aforesaid shares and
WARRANTS should be carried out in accordance with Securities
Industry (Central Depositories) Act, 1991 and the Rules of
Malaysian Central Depository Sdn Bhd.
Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the aforesaid shares
and WARRANTS.
The "Rescue Cum Restructuring Scheme" of MAYPLAS involving,
inter alia, the following:
(i) INTERNAL RESTRUCTURING
A Proposed Scheme of Arrangement (SOA) under Section 176 of the
Companies Act, 1965 (Act) between MAYPLAS, its shareholders and
KSU Holdings Berhad (KSU) whereby the existing shareholders of
MAYPLAS are to exchange all their existing shares in MAYPLAS for
new shares in KSU on the basis of one (1) new KSU share for
every two (2) existing MAYPLAS shares held.
(ii) WARRANTS EXCHANGE
The Proposed SOA under Section 176 of the Act or the inherent
jurisdiction of the court (whichever is applicable) between
MAYPLAS, the Warrantholders and KSU, whereby the existing
unexercised MAYPLAS Warrants are to be cancelled and replaced
with new KSU Warrants on the basis of one (1) new KSU Warrant
for every one (1) existing MAYPLAS Warrant held.
(iii) DEBT RESTRUCTURING
A SOA under Section 176 of the Act between the MAYPLAS Group,
KSU (where relevant) and the Scheme Creditors, whereby the debts
owing by the MAYPLAS Group to the Scheme Creditors are to be
restructured.
(iv) EEDB ACQUISITION
Acquisition by KSU of the entire issued and paid-up capital of
Earnest Equity Development Bhd (EEDB) comprising 138,815,000
shares in EEDB for a total purchase consideration of
RM269,743,000 to be wholly satisfied by an issue of 134,871,500
new shares in KSU at an issue price of RM2.00 per share.
(v) KAB ACQUISITION
Aquisition by KSU of the entire issued and paid-up capital of
Kembangan Alam Bhd (KAB) comprising 100,000 shares in KAB for a
total purchase consideration of RM23,726,000 to be wholly
satisfied by an issue of 11,863,000 new shares in KSU at an
issue price of RM2.00 per share;
(vi) OFFER FOR SALE
The non-renounceable offer for sale of the rights to allotment
of 33,701,033 Shares in KSU (Offer Shares) to all the existing
shareholders of KSU, excluding the vendors of EEDB/KAB
and the Scheme Creditors (Entitled Shareholders) on the basis of
5 Offer Shares for every 2 KSU shares held after the Internal
Restructuring, at an offer price of RM2.00 per share.
(vi) TRANSFER OF LISTING STATUS OF MAYPLAS TO KSU
The de-listing of MAYPLAS from the Official List of the Second
Board of the Kuala Lumpur Stock Exchange and the admission of
KSU to the Official List of KLSE, with the listing and quotation
for the entire issued and paid-up share capital of KSU and the
KSU Warrants on the Second Board of the KLSE.
MEASUREX CORPORATION: 2001 Audited Accounts Submission Extended
---------------------------------------------------------------
Measurex Corporation Berhad announced that Kuala Lumpur Stock
Exchange has approved MCB's application for an extension of time
of two months until 30 June 2002 to release the Annual Audited
Acounts for the Year Ended 31 December 2001.
The reason for the delay was due to Measurex Holdings Pte Ltd
(MH), Measurex Engineering Pte Ltd (ME) and Measurex Precision
Pte Ltd (MP) having been placed under liquidation on 22 March
2002 and the delay in the finalization of the MH accounts and
the two months' extension of time granted to MCB to announce the
quarterly results for the period ended 31 December 2001 for
public release.
NCK CORPORATION: Unit Inks SPA With Puncak for RM14,929,000
-----------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed) NCK, Alliance Merchant Bank Berhad (Alliance),
announced that Ng Choo Kwan & Sons Hardware Sdn Berhad (NCK &
Sons Hardware) (Special Administrators Appointed) a wholly-owned
subsidiary of NCK, had on 7 May 2002 entered into the following
sale and purchase agreements with Puncak Stamaz Sdn Bhd
(Purchaser):
* An asset sale agreement (Assets Sale Agreement) for the
proposed disposal of all its trading stocks, furniture and
fittings and plant and vehicles (Stocks)
* A land sale agreement (Land Sale Agreement) for the
proposed disposal of two (2) parcels of land held under Geran No
Pendaftaran 41122, No Lot 10381, Mukim and Daerah Klang, Negeri
Selangor, measuring approximately 9 acres, together with a
building (1st Property) and H.S.D 6128, Pt No. 17 Seksyen 92A,
Bandar and Daerah Kuala Lumpur and State of Wilayah Persekutuan,
Kuala Lumpur, measuring 7,099.697 square metres together with
buildings (2nd Property) (the 1st Property and the 2nd Property
are collectively known as the Land). The 1st Property is
freehold land and the 2nd Property is leasehold land with a
lease expiring on 24 February 2018. Both properties have been
categorized as industrial land.
* A shares sale agreement (Shares Sale Agreement) for the
proposed disposal of its 51% holdings in Ng Choo Kwan (MT) Sdn
Bhd (formerly known as Ng Choo Kwan Corporation (Kota Kinabalu)
Sdn Bhd) (NCK MT) comprising 102,000 ordinary shares of RM1.00
each (NCK MT Shares)
(the Stocks, Land and NCK MT Shares are collectively known as
the Assets)
THE PROPOSED DISPOSALS
On 7 May 2002, NCK & Sons Hardware entered into the Assets Sale
Agreement, Land Sale Agreement and the Shares Sale Agreement to
dispose of the Assets for a total cash consideration of
RM14,929,000 to the Purchaser as set at Table 1 found at
http://www.bankrupt.com/misc/TCRAP_NCK0510.doc
The Proposed Disposals do not depart from the SC's Policies and
Guidelines on the Issue/Offer of Securities.
The Proposed Disposals are expected to be completed by August
2002.
Salient terms of the sale and purchase agreements
The salient terms of the Assets Sale Agreement, Land Sale
Agreement and Shares Sale Agreement are as follows:
(a) The total sale consideration for the Assets and Land is
payable as follows:
* 10% of the purchase price upon execution of the Assets
Sale Agreement and the Land Sale Agreement;
* 90% of the purchase price within fourteen (14) business
days from the fulfillment of the conditions precedent;
(b) The total sale consideration for the Shares is payable as
follows:
* 20% of the purchase price upon the execution of the
Shares Sale Agreement;
* 80% of the purchase price within fourteen (14) business
days from the fulfillment of the conditions precedent;
(c) The Stocks shall be disposed of on an "as is where is"
basis, free from all encumbrances, upon all the terms and
subject to the conditions in the Assets Sale Agreement. The
purchase consideration for the Stocks will be determined upon a
joint inspection of the Stocks by NCK & Sons Hardware and the
Purchaser;
(d) The Land shall be disposed of on an "as is where is"
basis, free from encumbrances, all prohibitory orders, caveats
or restriction in interest, liens and charges and with vacant
possession but subject to the lease on the 2nd Property and to
the encumbrances and all conditions and restrictions in interest
express or implied in the document of title to the Land upon all
the terms and subject to the conditions in the Land Sale
Agreement;
(e) The NCK MT Shares shall be disposed of with all rights
and benefits attaching thereto and free from all charges, liens
and encumbrances;
(f) The conditions precedent stipulated in the agreements are
to be fulfilled within sixty (60) business days from the date of
the agreements or such other extended date as may be determined
by NCK & Sons Hardware at NCK & Sons Hardware's sole discretion;
and
(g) The Assets Sale Agreement, the Land Sale Agreement and
the Shares Sale Agreement are to be simultaneously completed on
the same date.
Basis of determining the sale consideration
The sale consideration was derived from proposals submitted by
Lim Chiau Woei, a shareholder and Director of the Purchaser, to
the Special Administrators (SA) of NCK & Sons Hardware on 15
November 2001 and 22 February 2002. The proposals were in
response to an invitation by Pengurusan Danaharta Nasional
Berhad (Danaharta) for interested parties to submit proposals to
acquire any assets or business of NCK & Sons Hardware.
Irrevocable Guarantee provided by the shareholder and Director
of the Purchaser
LIm Chiau Woei, a shareholder and Director of the Purchaser has
provided an irrevocable letter of guarantee to NCK & Sons
Hardware that subject to the fulfillment of the conditions
precedent in the sale and purchase agreements, Lim Chiau Woei
will pay the balance of the purchase price in the event that for
any reason, the Purchaser is unable to make payment on the
balance of the purchase price.
The net book value of the Assets based on the audited financial
statements of NCK & Sons Hardware for the financial year ended
30 June 2001 is RM15,697,864.62.
Original cost of investment
NCK & Sons Hardware acquired the Assets between May 1981 until
todate for a total consideration of RM10,901,966.93
Based on the audited consolidated accounts of NCK as at 30 June
2001, the Proposed Disposals will result in a loss on disposal
of RM963,837 to the NCK Group.
Liabilities to be assumed by the Purchaser
The Purchaser will not assume any liabilities pursuant to the
Proposed Disposals.
BACKGROUND INFORMATION
NCK & Sons Hardware
NCK & Sons Hardware was incorporated in Malaysia on 20 December
1975. The present authorized share capital of NCK & Sons
Hardware is RM5,000,000 comprising 5,000,000 ordinary shares of
RM1.00 each of which 4,120,000 ordinary shares of RM1.00 each
have been issued and fully paid-up. The principal activity of
NCK & Sons Hardware is as a hardware merchant.
NCK MT
NCK MT was incorporated in Malaysia on 4 March 1985. The present
authorized share capital of NCK MT is RM250,000 comprising
250,000 NCK MT Shares of which 200,000 NCK MT Shares have been
issued and fully paid-up. The principal activity of NCK MT is as
a dealer in hardware and related products.
Puncak Stamaz Sdn Bhd (Puncak Stamaz)
Puncak Stamaz was incorporated in Malaysia on 27 March 2002. The
present authorized share capital of Puncak Stamaz is RM100,000
comprising 100,000 ordinary shares of RM1.00 each of which 10
ordinary shares of RM1.00 each have been issued and fully paid-
up. The principal activity of Puncak Stamaz is general trading,
land and property development and investment holdings.
RATIONALE FOR THE PROPOSED DISPOSALS
On 16 April 2001, Danaharta appointed Dato' Nordin bin
Baharuddin, Mr Adam Primus Varghese bin Abdullah and Ms Wong Lai
Wah all of Messrs Ernst & Young as SA for NCK pursuant to the
Pengurusan Danaharta Nasional Berhad Act, 1998. On 11 October
2001, Danaharta further appointed the abovenamed Dato' Nordin
bin Baharuddin, Mr Adam Primus Varghese bin Abdullah and Ms Wong
Lai Wah as SA for NCK & Sons Hardware. The SA is currently
preparing a workout proposal for NCK & Sons Hardware. The
Proposed Disposals will raise proceeds to meet the financial
obligations of NCK, its subsidiaries and associated companies
(NCK Group).
UTILISATION OF PROCEEDS
NCK & Sons Hardware will receive proceeds totaling RM14,929,000
from the Proposed Disposals. The proceeds will be utilized for
the settlement of the creditors of NCK & Sons Hardware in
accordance to the workout proposal to be finalized by the SA.
FINANCIAL EFFECTS
Share capital
The Proposed Disposals will not have any effect on the issued
and paid-up share capital of NCK.
Earnings
The Proposed Disposals will result in a loss on disposal to the
NCK Group of RM963,837 or RM0.03 per share.
Net tangible liabilities
The proforma effect of the Proposed Disposals on the net
tangible liabilities of the NCK Group is set out in Table 2 set
at http://www.bankrupt.com/misc/TCRAP_NCK0510.doc
Shareholding structure
There will be no impact on the shareholding structure of NCK as
a result of the Proposed Disposals.
APPROVALS REQUIRED
The Proposed Disposals are subject to inter-alia, the approvals
of the following:
(a) the Securities Commission (SC);
(b) Danaharta and the secured creditors (if any) for the
workout proposal relating to NCK & Sons Hardware to be prepared
by the SA in accordance with the Pengurusan Danaharta Nasional
Berhad Act, 1998;
(c) any other relevant authorities, if necessary.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them has any interest, direct or
indirect, in the Proposed Disposals.
APPOINTMENT OF ADVISERS
Alliance has been appointed as the Adviser for the Proposed
Disposals.
SA'S OPINION
After due consideration of all aspects of the Proposed
Disposals, the SA of NCK are of the opinion that the Proposed
Disposals are in the best interest of the stakeholders of the
Company.
APPLICATION TO THE SC
The application to the SC for the Proposed Disposals will be
made within ten (10) business days from the date of signing of
the agreements or such timeframe, which may be extended by the
SA of NCK & Sons Hardware at their sole discretion.
DOCUMENTS FOR INSPECTION
The agreements are available for inspection at the SA's office,
Ernst & Young, (Chartered Accountant), 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur during
normal business hours from Monday to Friday (except for public
holidays) for a period of 14 days from the date of this
announcement.
PROPOSED DISPOSALS TO BE INCLUDED IN THE WORKOUT PROPOSAL OF NCK
The Proposed Disposals shall be included in the workout proposal
of NCK & Sons Hardware to be prepared by the SA. The workout
proposal, once approved by Danaharta and the secured creditors
(where applicable) pursuant to Section 46 of the Pengurusan
Danaharta Nasional Berhad Act 1998, shall be binding on the
Company, all members and creditors of the Company and any
parties affected by the workout proposal, whether or not the
parties had knowledge or notice of the workout proposal.
PANCARAN IKRAB: AGM to be Held on May 30
----------------------------------------
Pancaran Ikrab Berhad advised that the Company's Eighth Annual
General Meeting of will be held at the Tournament Room, Kuala
Lumpur Golf & Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit
Kiara, 60000 Kuala Lumpur on Thursday, 30th May, 2002 at 9.30
a.m. to transact the following business:
AGENDA
1. To receive and adopt the Directors' Report and the Audited
Resolution 1 Financial Statements for the year ended 31st
December, 2001 together with the Auditors' Report thereon.
2. To approve the Directors' fees payable annually at an amount
Resolution 2 not exceeding RM100,000 in aggregate.
3. To re-elect the following persons as Directors retiring in
accordance with Article 96 of the Articles of Association of
the Company:
(a) Mr. Ooi Hock Aun Resolution 3
(b) En. Tajudin bin Supian Resolution 4
4. To re-elect En. Kamil bin Abdul Rahman as a Director
Resolution 5 retiring in accordance with Article 102(2) of the
Articles of Association of the Company.
5. To re-appoint Auditors and to authorize the Directors to fix
Resolution 6 their remuneration.
6. As Special Business, to consider and, if thought fit, to pass
Resolution 7 the following resolution:
SPECIAL RESOLUTION
ADOPTION OF NEW ARTICLES OF ASSOCIATION
"THAT the Articles of Association of the Company as set out in
Appendix 1 to the Annual Report for year 2001 be and are hereby
approved and adopted as the new Articles of Association of the
Company in substitution for and to the exclusion of the existing
Articles of Association of the Company."
7. To consider any other business for which due notice shall
have been given in accordance with the Companies Act, 1965.
1. Proxy:
A member entitled to attend and vote at the Meeting is entitled
to appoint a proxy to attend and vote instead of him. Where a
member appoints more than one (1) proxy, the appointment shall
be invalid unless he specifies the proportions of his holdings
to be represented by each proxy. The proxy need not be a member
of the Company. To be valid, the proxy form duly completed must
be deposited at the Registered Office at W11-A1, 11th Floor,
West Block, Wisma Selangor Dredging, 142-C, Jalan Ampang, 50450
Kuala Lumpur, not less than forty-eight (48) hours before the
time for holding the Meeting. If the appointor is a corporation,
this form must be executed under its common seal or under the
hand of its attorney.
2. Resolution 7:
The proposed Special Resolution is to bring the Articles of
Association of the Company to be consistent with Chapter 7 of
the Listing Requirements of the Kuala Lumpur Stock Exchange, the
Securities Industry (Central Depositories) Act 1991, the Rules
of the Malaysian Central Depository Sdn. Bhd. and other
regulatory requirements.
PERAK CORPORATION: Proposes Shareholders' Mandate Renewal
---------------------------------------------------------
The Board of Directors of Perak Corporation Berhad announced
that the Company proposes to seek the approval of its
shareholders for the Proposed Renewal of Shareholders' Mandate
for Recurrent Related Party Transactions of a Revenue or Trading
Nature (Proposed Mandate Renewal) at the Company's forthcoming
Annual General Meeting.
The Circular to Shareholders, which sets out details of the
Proposed Mandate Renewal, will be sent to the shareholders in
due course.
TCR-AP reported last month that Perak Corporation entered into a
Heads of Agreement with Audrey International (M) Bhd for the
proposed disposal of the entire interest in the issued and paid
up capital of its wholly owned subsidiary, Anakku Holdings Sdn
Bhd for a total consideration of RM50 million to repay bank
borrowings, defraying expenses and the balance for working
capital requirements.
PROJEK LEBUHRAYA: Renong Approves Proposed Transactions
-------------------------------------------------------
As part of the Renong Berhad debt-restructuring scheme completed
in 1999, Renong Debt Management Sdn. Bhd., a subsidiary of
Renong, (Renong SPV) issued the Proposed Transfer of the
Rm8,197,620,000 Nominal Value Zero Coupon Redeemable Secured
Guaranteed Bond 1999/2006 (Renong SPV Bond) to Projek Lebuhraya
Utara-Selatan Berhad (PLUS). Renong also provided a guarantee in
favor of PLUS in respect of the obligations of Renong SPV under
the Renong SPV Bond.
In conjunction with the currently proposed PLUS's debt
restructuring scheme:
i. PLUS had, on 30 April 2002, sought the approval of Renong
to the assignment of the guarantee to United Engineers
(Malaysia) Berhad (UEM); and
ii. Renong SPV had, on 30 April 2002, sought the approval of
Renong for the proposed purchase of the Renong SPV Bond by UEM
from PLUS
collectively referred to as the "Proposed Transactions".
In relation to the above, Renong informed the Exchange that
Renong had, on 7 May 2002, given its approval to PLUS and Renong
SPV on the above matters, respectively.
Variation to the existing terms of the Renong SPV Bond
The existing terms of the Renong SPV Bond provides that, among
others, the Renong SPV Bond is not transferable. Any amendment
to the terms of the Renong SPV Bond would require, among others,
the approvals of the Securities Commission (SC).
As part of the currently proposed PLUS's debt restructuring
scheme, the Renong SPV Bond is proposed to be transferred by
PLUS to UEM.
Renong informed that the SC by its letter dated 3 May 2002 to
RHB Sakura Merchant Bankers Berhad (RHB Sakura), approved the
proposed variations of the Renong SPV Bond which include that
the Renong SPV Bond can be transferred by PLUS to UEM and
consequential changes to reflect the completion of the PLUS debt
restructuring scheme (Proposed Variation) subject to the
following conditions:
i) The approval of PLUS, being the existing holder of the
Renong SPV Bond for the Proposed Variation;
ii) To ensure that:
a) The Proposed Variation does not contravene any terms of
the trust deed of the Renong SPV Bond or any relevant laws;
b) Full disclosure is made to all relevant parties on the
Proposed Variation and their approvals, if required, be
obtained; and
iii) RHB Sakura is required to provide written confirmation
to the SC that the above conditions have been fulfilled.
3.0 Financial effects
The Proposed Transactions do not have any effect on the share
capital, substantial shareholders' shareholdings, earnings and
net tangible assets of Renong.
Approvals required
The Proposed Transactions are not subject to any approval other
than the approvals of the SC and Renong, which were obtained on
2 May 2002 and 7 May 2002 respectively. The completion of the
Proposed Transactions is subject to the completion of the
currently proposed PLUS's debt restructuring scheme.
Directors' and major shareholders' interest
Y.Bhg. Tan Sri Dato' Mohd Sheriff bin Mohd Kassim and En. Abdul
Wahid Omar are directors of UEM and Renong. Y.Bhg. Tan Sri Dato'
Mohd Sheriff bin Mohd Kassim is also a director of Syarikat
Danasaham Sdn. Bhd. (Danasaham), the holding company of UEM.
Puan Salmah binti Sharif is a director of Danasaham and Renong.
UEM is a major shareholder of Renong and PLUS by virtue of its
31% and 100% equity interest in Renong and PLUS, respectively.
As such, Y.Bhg. Tan Sri Dato' Mohd Sheriff bin Mohd Kassim, En.
Abdul Wahid Omar and Puan Salmah binti Sharif are deemed
interested in the Proposed Transactions and have abstained and
shall continue to abstain from voting at the Board meetings of
Renong in respect of the Proposed Transactions.
Save as disclosed above, none of the other directors and major
shareholders of Renong or persons connected to them has any
interest, direct or indirect, in the Proposed Transactions.
RENONG BERHAD: Unit's RM118,928,070 Land Disposal Completed
-----------------------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad announced that all the terms and conditions of
the Disposal of Approximately 452.625 acres of Freehold Land
(Land) by Prolink Greens Sdn. Bhd., a wholly owned subsidiary of
Prolink Development Sdn. Bhd., which in turn is a 64%-owned
subsidiary of Renong, to Bukit Indah (Johor) Sdn. Bhd. (Bukit
Indah), a wholly-owned subsidiary of SP Setia Berhad for a cash
consideration of Rm118,928,070 (Disposal) have been fulfilled on
22 April 2002. Vacant possession of the Land was delivered to
Bukit Indah on 3 May 2002 and the Disposal has since been
completed.
SENG HUP: SC, MITI Time Extension Approval Pending
--------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed),
further to the Company's Announcement made on 8 March 2002 on
the extension of time granted by the Kuala Lumpur Stock Exchange
pursuant to Paragraph 5.1 of Practice Note No 4/2001, informed
that it has yet to obtain the approvals from the Securities
Commission and MITI.
The Kuala Lumpur Stock Exchange via its letter dated 6 May 2002
approved a further extension of 2 months from 16 April 2002 to
17 June 2002 to enable Seng Hup to obtain all the necessary
approvals from the regulatory authorities.
SRI HARTAMAS: Regularization Plan Extension Request Approved
------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad that the Kuala
Lumpur Stock Exchange had on 7 May 2002 approved the Company's
application for extension of time to obtain the relevant
authorities' approval on its plan to regularize its financial
condition for three (3) months from 29 April 2002 to 29 July
2002.
Profile
Originally, the operations of the Company (SHB) were
concentrated on the manufacture of textiles. Subsequently, due
to the depressed textile markets, textile manufacturing
operations were discontinued. Today, the Company's core
activities are property development including dealing in land,
property investment and investment holding. Property development
projects undertaken by the Group are mainly located in Kuala
Lumpur, Port Dickson, and Johor Bahru.
On 16 June 2000, Pengurusan Danaharta Nasional Bhd appointed
Special Administrators (SAs), namely Gan Ah Tee, Ooi Woon Chee
and Mohamed Raslan bin Abdul Rahman of Messrs KPMG Corporate
Services Sdn Bhd, to the Company, and subsequently on 21 August
2000 and 18 October 2000 respectively, to five of the Company's
subsidiaries. On 19 February 2002, the SAs over Sri Hartamas
Hotels Sdn Bhd were discharged following the successful
implementation of the Company's workout proposal.
TIMBERMASTER INDUS: Explains Net Loss Variance
----------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed), in reply to the KLSE's Query Letter reference ID :
MM-020506-54329 in regards to the Company's audited consolidated
results for the financial year ended 31 December 2001 and the
unaudited consolidated results for the year ended 31 December
2001 announced on 3 April 2002, announced that the difference of
RM4,454,136 between the net loss after tax and minority interest
shown in the audited consolidated results for the year ended 31
December 2001 of RM47,234,136 and the unaudited consolidated
results for the year ended 31 December 2001 of RM42,780,000 is
mainly due to:
* Increase in Other Income amounting to RM1,000,034 in the
audited consolidated results due to the forfeiture of tender
deposit by the first white knight of TMIB and a waiver of debt
from a creditor of TMIB's subsidiary.
* Underprovision of Interest Expense amounting to
RM2,270,485 in the unaudited consolidated results. In the
unaudited consolidated results, the Interest Expense was
estimated at RM26,906,000 for the year ended 31 December 2001.
This figure was subsequently changed to RM29,176,485 in the
audited consolidated results to reflect the actual interest
charged by lenders for the year ended 31 December 2001.
* Fixed assets impairment losses categorized under 'Other
Operating Expenses' of RM4,701,849 in the audited consolidated
results due to the write-down in the value of fixed assets of
TMIB's subsidiaries to their revalued figures. The unaudited
consolidated results did not provide for the fixed assets
impairment losses.
* Reduction of Depreciation Charges amounting to RM1,833,158
in the audited consolidated results. In the audited consolidated
results, the depreciation charges were reduced after the assets
of TMIB's subsidiaries were written down via impairment losses.
=====================
P H I L I P P I N E S
=====================
METRO PACIFIC: First e-Bank Denies Bancommerce Buy
--------------------------------------------------
The Metro Pacific-owned First e-Bank, formerly the Private
Development Corp. of the Philippines (PDCP) Bank, has denied
Thursday it has been sold to Bank of Commerce (Bancommerce), Dow
Jones Newswires reported.
The thrift bank issued the statement after the Philippine Star,
citing banking industry sources, said Thursday that Bancommerce
has acquired First e-Bank for an undisclosed amount.
The local paper said the sale agreement, which has been signed
by the two banks, is awaiting the approval of the policy-making
Monetary Board of the Bangko Sentral ng Pilipinas (BSP).
"We specifically deny the alleged sale to and/or acquisition by
Bank of Commerce," First E-Bank said in a disclosure to the
stock exchange. "There are no done deals and no definite
agreements have been reached to date."
First e-Bank said it has an existing agreement to hold extensive
discussions with Bank of Commerce on a possible sale or
investment. The thrift bank has been entertaining other merger
and direct investment proposals.
Metro Pacific Corporation, one of the premier real estate and
property development groups in the country, has been trying to
sell First e-Bank for four years now because it wants to
liquidate some of its investments as it struggles to finance its
exposure in its investment in Global City in Fort Bonifacio.
Metro Pacific Corp has debt worth P12 billion, P7 billion of
which consists of local debts. The remainder is debts to Hong
Kong-based parent firm First Pacific Co. Ltd.
MPC has about 18 creditors. Among the biggest are Metropolitan
Bank and Trust Co. and the Social Security System with exposures
of two billion pesos and 1.5 billion pesos, respectively.
METRO PACIFIC: Unit Merger Negotiations Simply Rumored
------------------------------------------------------
Metro Pacific Corp, one of the premier real estate and property
development groups in the country, is not holding active
discussions to merge with subsidiaries Bonifacio Land Corp and
Fort Bonifacio Development Corp, AFX Asia reported.
"Metro Pacific is currently engaged in a comprehensive debt
reduction exercise," the company said. "Management is also
restructuring certain business operations to further improve
their prospects in the marketplace."
Metro Pacific said the successful implementation of its debt
reduction efforts and operations restructuring will be
sufficient to "position the company and its subsidiaries for
improved performance in 2002 and provide a foundation for
sustained growth in the years ahead."
The Company reported total current assets of 25 billion pesos
ending December 31, 2001 current liabilities of 20 billion
pesos.
Contact:
Metro Pacific Corporation
5th Floor Bonifacio Business Centre
Fort Bonifacio
Taguig, 1634 Metro Manila
Philippines
Media & Investor Relations
Telephone (632) 555 0393/ 885 3838
Email: metro@metropacific.com
Website: www.metropacific.com
NATIONAL POWER: Drops PHP1.4B Power Project
-------------------------------------------
Philippine state utility National Power Corp. scrapped a project
worth 1.4 billion pesos (US$28.16 million) that would have
supplied electricity to eight islands in the country,
BusinessWorld reports.
The diesel power project, which involved the establishment of a
50-megawatt bunker-fired diesel power system, has been put on
hold, in compliance with the implementing rules and regulations
of the Electric Power Industry Reform Act of 2001.
Napocor said the law prohibits it from incurring new obligations
to purchase power through bilateral contracts with generation
companies or from other suppliers. Napocor was supposed to
purchase electricity from the proposed power plant.
One of the proponents of the proposed project, publicly listed
Salcon Power Corp., said it intends to discuss with Napocor
possible alternatives to the project to meet the power supply
needs of the affected islands.
The project would have served Palawan, Masbate, Marinduque,
Catanduanes, Jolo, Bantayan, Tablas and Tawi-tawi.
NATIONAL POWER: Ordered to Stop Collection of PPA Charge
--------------------------------------------------------
Philippine President Gloria Arroyo has ordered state-owned
National Power Corporation, which is saddled with $7 billion of
debt, to cease collecting purchased power costs via the power
purchase adjustment (PPA) mechanism included in the monthly
bills for power distributors.
Persident Arroyo said it would result in the immediate reduction
of the PPA (charges) by Napocor of 85 centavos (US1.7 cents) per
kilowatt-hour.
The PPA is an automatic cost recovery mechanism set up by
Napocor and distribution utilities to cover fluctuations in fuel
prices, power costs, and foreign exchange rate.
The cut is more than half the 1.60 peso per kilowatt-hour total
surcharge National Power collects from power distributors such
as Manila Electric Co., raising concerns about the state
monopoly's ability to repay debt and finance its operations.
National Power forecasts a loss of 34 billion pesos this year,
three times more than last year.
PHILIPPINE LONG: Inks Telecom Services Deal With FPIP
-----------------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co.
(PLDT) has signed an agreement with First Philippine Industrial
Park Inc. (FPIP) to provide telecommunications and data services
to locators in the economic zone, BusinessWorld reports.
In the memorandum of agreement, Manila-based PLDT will provide
high-capacity telecommunications and data networks for the
operations of companies in the industrial park located in
Batangas (Southern Luzon). The agreement between PLDT and FPIP
would cover approximately 240 hectares in the Tanauan side of
the park.
FPIP is a 315-hectare special economic zone located around 50
kilometers south of Metro Manila in the municipalities of Sto.
Tomas and Tanauan, both in Batangas. In addition to selling
land, FPIP is also into leasing of ready-built factories.
PLDT has consolidated debt totaling $2.8 billion, most of which
is denominated in dollars. Around $1.3 billion of that debt is
scheduled to mature between this year and 2004.
According to investment bank BA Asia, PLDT owes $766.9 million
to various export credit agencies, with German development bank
Kreditanstalt fuer Wiederaufbau the largest, holding $474.9
million.
=================
S I N G A P O R E
=================
ASIA PULP: Little Headway Made at Creditors' Meeting
----------------------------------------------------
Asia Pulp & Paper Co Ltd's meeting with major creditors made
little progress on how to restructure its massive US$13 billion
in debt, the Business Times reported.
"There was very little progress. The level of confidence is not
overwhelming," a source said.
In February, creditors rejected APP's preliminary restructuring
proposal within hours of its presentation. They have complained
that APP concealed key financial information.
Indonesia's Widjaja family controls APP, which froze repayment
of principal and interest on its hefty debt in March 2001.
The restructuring plan includes measures such as the conversion
of debt into equity, and a proposal for the Widjaja family to
inject some of their assets into APP, such as the forestry
concessions that supply APP with timber and a much shorter
rescheduling period of five years, instead of 13 APP earlier
proposed.
Asia Pulp & Paper - http://www.asiapulppaper.com- has called a
moratorium in March 2001 as operations tottered under the weight
of a liquidity crunch, falling pulp and paper prices and ratings
downgrades.
The New York Stock Exchange delisted APP last July. The
Company's Indonesian subsidiaries, Indah Kiat and Tjiwa Kimia,
were suspended from the Jakarta Stock Exchange for failing to
submit their latest financial statements.
KLW HOLDINGS: Requests Trading Suspension
--------------------------------------------
Chairman Lee Bon Teck said that the Board of Directors of KLW
Holdings Limited has requested for a suspension in the trading
of the shares of the Senoko Loop company effective 9:00 a.m.
yesterday, pending the release of an announcement.
As at December 31, 2001, the group's current liabilities
exceeded its current assets by $4,461,501 (2000: $2,455,565).
===============
T H A I L A N D
===============
AMARIN PLAZA: Unit Decreases Registered Capital
-----------------------------------------------
Amarin Plaza Public Company Limited reported on the resolution
of the Extraordinary Meeting of Shareholders No.1/2002 and
No.2/2002 of Ploenchit Real Estate Co., Ltd. , the subsidiary of
the company, which resolved to decrease the registered capital
of the company from Bt1,500,000,000 divided into 15,000,000
ordinary shares at the par value of Bt100 to Bt690,000,000
divided into 15,000,000 ordinary shares by decreasing the par
value of Bt100 to Bt46 per share.
Ploenchit Real Estate Co., Ltd. already registered to reduce its
capital to the Department of Commercial Registration of Ministry
of Commerce on 8 May, 2002.
NATURAL PARK: Seeks Form 56-1 Submission Postponement
-----------------------------------------------------
Natural Park Public Company Limited, announced that the Company
asked for a postponement in the submission of Form 56-1 to
Securities and Exchange Commission. The reason is that the
company has been currently applying for amending the
Rehabilitation Plan to the Central Bankruptcy Court and filed
the petition for the Plan Amendment on 14 March 2002.
The creditors' meeting was conducted on 22 April 2002 to
consider the plan amendment and it is expected that the
Central Bankruptcy Court will consider the amended plan within
May 2002. With this regard, the officers who have been in charge
of both form 56-1 and the amendment of the plan have to
put priority on applying for the amendment of the plan to the
Central Bankruptcy Court. Thus, they cannot complete the form
56-1 in the timeframe. The company, therefore, would like to
postpone the submission of the form 56-1 for year 2001 until 31
May 2002.
The summary of the amended plan is as the following details
Debt Restructuring
The company debt is reduced from Bt15,696.27 million to
Bt7,697.90 million. Of this debt amount, Bt6,924.44 million will
be converted capital, and the rest will be paid back within 5
years.
Capital Restructuring
1. Decreasing capital from Bt3,780.03 million to Bt18.90
million to clear the accumulated deficit.
2. Cutting off share premium and setting aside statutory reserve
to clear the accumulated deficit.
3. Capital increase
3.1 Increasing capital with 700 million shares to facilitate
the conversion from debt into capital.
3.2 Increasing capital with the amount of Bt300 million to
offer for sale to old shareholders.
The Fulfillment of Plan
Upon the completion of the conversion from dept into capital and
the increase of capital with the amount of Bt300 million.
The company will submit the form 56-1 to SET upon its completion
for investors' information.
RAIMON LAND: Splits Ordinary Shares in Plan Compliance
------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan of Raimon Land Public Company
Limited on 8 November 2001. According to the Business
Rehabilitation Plan, it provides for the Plan Administrator to
proceed with the splitting of the value of ordinary shares after
the capital reduction and the capital increase. Therefore, the
Plan Administrator will proceed under the Business
Rehabilitation Plan of the Company in respect of the split of
the value of ordinary shares as:
1. To split the par value of ordinary shares from the par value
of Bt10 to Bt5.
2. To effect an amendment to Clause 4 of the Memorandum of
Association in line with the split of the value of ordinary
shares of the Company as follows:
"Clause 4. Registered capital is Bt249,920,000
Divided into 49,984,000 Shares
With a par value of Bt5
Shares are classified into:
Ordinary Shares : 49,984,000 Shares
Preference Shares: - Shares"
3. To effect an amendment to Clause 4 of the Articles of
Association in line with the split of the value of ordinary
shares of the Company as follows:
"Clause 4 The Company's shares shall consist of ordinary
shares with the same par value, which shall be fully paid up.
The Company may issue preference shares, debentures,
preference shares and debentures being convertible to ordinary
shares, and any other securities under the laws on securities
and exchange.
In payment for the shares, the subscriber or the buyer cannot
offset the payment against the debts to the Company."
4. To fix the closing date of share registration on 21 May 2002
at 12:00 am, whereupon the subject to the split of the value of
ordinary shares.
T.G. ADVANCE: Business Reorganization Petition Filed
----------------------------------------------------
The Petition for Business Reorganization of T.G. Advance
Concrete Company Limited (DEBTOR), engaged in Manufacturing of
Concrete - Wall, was filed to the Central Bankruptcy Court:
Black Case Number 1580/2544
Red Case Number 1303/2544
Petitioner: T.G. ADVANCE CONCRETE COMPANY LIMITED
Planner: Mr. Kitsada Kumpanadsanyakorn
Debts Owed to the Petitioning Creditor: Bt175,954,026.82
Date of Court Acceptance of the Petition: November 21, 2001
Date of Examining the Petition: December 17, 2001 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: December 21, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 2, 2002
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: January 22,
2002
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: April 22, 2002
Contact: Ms. Piyanant Tel, 6792525 ext. 114
THAI PETROCHEMICAL: Creditors Meeting Resolves Plan Amendment
-------------------------------------------------------------
Effective Planners Limited, as Plan Administrator of Thai
Petrochemical Industry Public Company Limited, informed that the
meetings of creditors of TPI and its 6 subsidiaries in the
court-sanctioned Reorganization Plan were convened on 7 and 8
May 2002 by the Official Receiver of the Business Reorganization
Office (BRO).
The meetings were called to consider the amendment of the Plan
in relation to two matters. The proposed amendments and the
voting results are as follows:
1) Amendment of the provisions governing how material changes
can be made to the Plan.
The resolution will cause a removal of the provisions in the
Plan that enable any one scheme creditor to effectively veto any
material change to the Plan. The new system of plan amendments
follows that set down in the Bankruptcy Act, although the
Committee of Creditors has been granted the discretion to call a
preliminary meeting of creditors to gauge creditor opinion in
relation to material changes proposed to the plan prior to the
conduct of the meeting according the Bankruptcy Act. The outcome
of this preliminary meeting is not binding on all creditors when
voting under the Bankruptcy Act procedure and not affecting
the right of the Plan Administrator to request the BRO to
convene a meeting in the context of the Bankruptcy Act for
voting on the amendment.
The creditors of all 7 companies have voted to agree with this
amendment with the following levels of support:
TPI 96.98%
TPI Oil 85.75%
TPI Aromatics 99.25%
Thai ABS 95.45%
TPI Polyol 99.98%
Thai Polyurethane Industry 100%
TPI Energy 100%
2) Postponement of the Repayment Milestone Date which is a
target date to complete sale of the non-core assets to raise US$
200 million from 31 December 2001 to 31 March 2003 or such later
date as may be agreed by a majority of the Participating Scheme
Creditors.
The creditors of all seven companies have voted in two separated
meetings to agree with this amendment with the following levels
of support:
TPI 97.22%
TPI Oil 85.75%
TPI Aromatics 99.25%
Thai ABS 98.85%
TPI Polyol 99.98%
Thai Polyurethane Industry 100%
TPI Energy 100%
The above-mentioned results need to be sanctioned by the
Bankruptcy Court before the amendments become effective. The
Bankruptcy Court has scheduled a hearing date on June 25, 2002
to sanction these results.
In the meantime, the plan administrator is continuing to
implement the Plan in accordance with its terms.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2002. All rights reserved. ISSN: 1520-9482.
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