/raid1/www/Hosts/bankrupt/TCRAP_Public/020611.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
Tuesday, June 11, 2002, Vol. 5, No. 114
Headlines
A U S T R A L I A
CHROME GLOBAL: Applies For Securities Quotation, Agreement
ECAT DEVELOPMENT: Issues May NTA Backing
ECSI LIMITED: Chairman Gives Business Update
GOODMAN FIELDER: Employee Shares Options Lapse
REDFLEX HOLDINGS: Completes Divestment of Telephony Division
WORLD EXCHANGE: Tele2000 Receives Further Payout of $225,000
C H I N A & H O N G K O N G
CLP HOLDINGS: Share Premium Reduction Exercise Effectuated
FUJIAN GROUP: Appoints Mr Pun Pak as Director
FUJIAN GROUP: Debt Workout Agreements Terms Undetermined
REDBRIDGE HOLDINGS: Winding Up Petition to be Heard
SUNCORP TECHNOLOGIES: Requests Trading Suspension
UNIVERSAL PATISSERIE: Winding Up Petition Hearing Set
WIRELESS INTERNETWORKS: Price Movement Unexplainable
WINDFALL CONSTRUCTION: Petition to Wind Up Pending
I N D O N E S I A
INDOMOBIL SUKSES: Deloitte Denies Sale Irregularity Claims
MERPATI AIRLINES: Plans New Routes Out of Bandung
BANK NIAGA: Stake Sale Suspended Due to Low Bids
SINAR MAS: IBRA Threatens Asset Sale if Obligations Not Met
J A P A N
JAPAN AIRLINES: JAS Merger May Hurt Revenues, Analysts Say
OMRON CORPORATION: Opens Largest Chinese Parts Production Plant
SNOW BRAND: Ex-Senior Execs Indicted Due to Beef Fraud
SOFTBANK CORP: May Sell Part of Aozora Shares
K O R E A
DAEWOO ELECTRONICS: Jumps 1.2% on Units' Split-Off
DAEWOO MOTOR: Rover May Invest in Polish Plant
HYNIX SEMICON: Creditors to Resume Micron Talks
HYNIX SEMICON: Engineering Professors Counter Sale
HYNIX SEMICON: Falls 9% on Sale Delay
KOREA ELECTRIC: Delays Powercomm Auction
KUMHO INDUSTRIAL: May Buy Back Tire Unit Stake
SAMICK MUSICAL: Piano-maker May Be Sold to Restructuring Firms
M A L A Y S I A
AUTOWAYS HOLDINGS: Talks With White Knight Temporarily Suspended
BRIDGECON HOLDINGS: Administrators Call for AGM on June 28
EPE POWER: EGM, 30th AGM Set on June 20
EPE POWER: Seeks Shareholders' Mandate for Recurrent Trading
GEAHIN ENGINEERING: 28th AGM to be Held on June 28
GEAHIN ENGINEERING: Stay of Execution Hearing Set on June 13
LION LAND: Updates Unit's Proposed Debt Workout Exercise
MALAYSIAN AIRLINE: Inks Supplemental Agreement With ABM
MECHMAR CORP.: Posts May Defaulted Loan Payments Status Update
NAUTICALINK BERHAD: Fresh Restructuring Scheme Underway
NCK CORPORATION: Total Defaulted Payment Reaches RM604,035,649
OLYMPIA INDUS.: Starts Corp Structure Internal Re-Organization
RENONG BERHAD: Unit PLUS' Proposed Transactions Completed
TECHNOLOGY RESOURCES: July 16 EGM Scheduled
WING TIEK: Signs Proposed Scheme MOU With JAKS
P H I L I P P I N E S
METRO PACIFIC: Will Pay Debts Through Asset Sale
PHILIPPINE LONG: Japan Bank Delays $80M Loan
PHILIPPINE LONG: Metrobank's Ty Backs Pangilinan Bid
S I N G A P O R E
JURONG ENGINEERING: Senior General Manager Leow Tet Sin Resigns
L & M GROUP: Requests Trading Suspension
NATSTEEL LTD: May Extend Time for Buyout Offer
NATSTEEL LTD: Posts Notice of Change in Shareholder's Interest
OVERSEA-CHINESE BANKING: Announces Four Units' Liquidation
T H A I L A N D
COUNTRY (THAILAND): Registration Book Closes on June 14
THAI PETROCHEM: Court Confirms Rehabilitation Plan Validity
THAI TELEPHONE: Director Charanachitta Steps Down
TWENTY - EIGHT: Files Business Reorganization Petition
- - - - - - - -
=================
A U S T R A L I A
=================
CHROME GLOBAL: Applies For Securities Quotation, Agreement
----------------------------------------------------------
Chrome Global Limited (Special Administrators Appointed) posted
this notice regarding the acquisition of PPR & RHK Public
Relations:
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX
become ASX's property and may be made public.
Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.
Name of Entity
Chrome Global Limited
ACN or ARBN
009 264 699
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).
1. Class of securities issued Ordinary fully paid
or to be issued
2. Number of securities issued 78,000,000
or to be issued (if known)
or maximum number which
may be issued
3. Principal terms of the securities Ordinary Fully Paid
(eg, if options, exercise price
and expiry date; if partly paid
securities, the amount
outstanding and due dates for
payment; if convertible securities,
the conversion price and dates
for conversion)
4. Do the securities rank equally Yes
in all respects from the date
of allotment with an existing
class of quoted securities
If the additional securities
do not rank equally, please
state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of
a trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other than
in relation to the next
dividend, distribution or
interest payment
5. Issue price or consideration 60,000,000 issued at a deemed
issue price of $0.005
per share
18,000,000 issued at a deemed
issue price of $0.01
per share
6. Purpose of the issue (if The shares have been issued
issued as consideration for in consideration pursuant
the acquisition of assets, to the acquisitions of PPR
clearly identify those (WA) and RHK Public Relations
assets)
7. Dates of entering securities 07/06/2002
into uncertified holdings
or dispatch of certificates
NUMBER CLASS
8. Number and class of all Existing Ordinary Fully Paid
securities quoted on 186,785,315
ASX (including the Plus this
securities in clause issue
2 if applicable) 78,000,000
Total
264,785,315
NUMBER CLASS
9. Number and class of all 700,000 Options (CBG AM)
securities not quoted 200,000 Options (CBF 0)
on ASX (including the 200,000 Options (CGB 6)
securities in clause 2 60,000,000 Options (CGB 8)
if applicable) 6,000,000 Options (CGB 7)
10.Dividend policy (in the case N/A
of a trust, distribution
policy) on the increased
capital (interests)
PART 2 - BONUS ISSUE OR PRO RATA ISSUE
Items 11 to 33 are Not Applicable
PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation
of securities
34. Type of securities (tick one)
(a) X Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities
Entities that have Ticked Box 34(a)
Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to
43)
Tick to indicate you are providing the information or
documents
35. If the securites are equity securities, the names of
the 20 largest holders of the additional securities,
and the number and percentage of additional securities
held by those holders
36. If the securites are equity securities, a distribution
schedule of the additional securities setting out the
number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
37. A copy of any trust deed for the additional securities
(now go to 43)
Entities that have Ticked Box 34 (b)
Items 38 to 42 are Not Applicable
ALL ENTITIES
Fees
43. Payment method (tick one)
Cheque attached
Electronic payment made
Note: Payment may be made electronically if Appendix 3B
is given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive schemes
that involve frequent issues of securities.
QUOTATION AGREEMENT
1. Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.
2. We warrant the following to ASX.
* The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.
* There is no reason why those securities should not be
granted quotation.
* The Company has acted to ensure the recipients of the
shares are aware of their obligations under section 707(3) and
section 1012C(6).
* Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.
* We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.
* If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.
3. We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.
4. We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.
ECAT DEVELOPMENT: Issues May NTA Backing
----------------------------------------
Ecat Development Capital Limited advised that the Net Tangible
Asset for each of the Company's issued voting shares, as at 31st
May 2002 and pursuant to listing rule 4.12* was:
BEFORE PROVISION FOR AFTER PROVISION FOR
TAX ON UNREALISED GAINS TAX ON UNREALISED
GAINS
5.18 cents/share 5.18 cents/share
* As from 1 July 1996, Listing Rule 4.12 requires investment
Entities to calculate its NTA after allowing for the costs of an
orderly disposal (brokerage and stamp duty)) of the portfolio on
the reporting date; tax on realized gains; declared dividends
and management fees due. As shown above, Listing Rule 4.12
provides for an NTA to be shown both pre and post provision for
tax on unrealized gains.
For comparative purposes we note that the closing market price
for the Company's shares on 31st May 2002 was 5.70 cents.
The Company reports its NTA based upon calculations made at the
close of business on the last business day of the month as is
applicable.
A copy of the NTA Calculation Table is available at
http://www.bankrupt.com/misc/TCRAP_Ecat0611.pdf
ECSI LIMITED: Chairman Gives Business Update
--------------------------------------------
ECSI Limited, formerly Omni Group Limited, posted the update
letter of Chairman J Green to the shareholders:
"Much has happened since the company's shares were reinstated to
the ASX on 8 April 2002. Whilst the sharemarket performance of
the company has been particularly disappointing over the last
few weeks, the Executive team with the support of the Board have
been tirelessly progressing the rollout of the company's
Security Monitoring and Access Control Systems in China.
"I would also like to take this opportunity to thank you for
your support to date.
"As detailed in this letter the company is close to finalizing
some exciting transactions which it anticipates will result in a
re-rating from the market. Details of these will be provided to
shareholders once the confidential negotiations are concluded.
A$5 MILLION ORDER
"On 29 April 2002 the company announced that it had received the
first order under the 10-year contract with Beijing Jeton
Yangtze Technology Company Limited (Jeton). The A$5 million
order is to provide security monitoring enhancements to
complement the National Alarm Response system (NAR system)
currently being rolled out by Jeton.
"This order represents only 5% of the orders anticipated for the
first three cities now being rolled out.
"I am pleased to announce that ECSI, through its wholly owned
Chinese subsidiary EC21, is in the process of fulfilling this
order and anticipates booking all or part of the sale in the
June 2002 quarter.
"The EBIT contribution from this order is estimated to exceed
A$1 million.
"In addition this order is expected to generate annual
monitoring fees of at least A$1,750,000, of which ECSI is
entitled to approximately 50%.
"The Board is excited with the progression of this order as it
clearly signifies the transformation of the company to a profit
generating entity with multiple revenue streams.
NAR ROLLOUT PROGRESS
"The NAR system continues to expand in Chengdu with currently
over 2,400 paying clients. ECSI and Jeton are targeting these
clients immediately to upgrade with the security enhancements.
Marketing programs have already commenced in Chengdu and Jeton
has reported strong client interest in the upgrades as they add
to the client's efficiency.
"Rollout of the NAR system continues in Dalian and Beijing. The
ECSI enhancements will be offered to clients at initial sign-up,
which will avoid any migratory issues. Strong demand in
particular has been reported in Beijing on the back of booming
construction work currently occurring for the 2008 Olympics.
VENDOR FINANCE
"Each city that Jeton rolls out the NAR system and security
enhancements into requires an investment in mainframes, servers,
personal computers and other devices of approximately A$5m,
staged over several years. Advanced negotiations are currently
being held with several global computer equipment manufacturers
who are keen to enter into sales, financing and servicing
agreements over the 10-year term of the agreement with Jeton.
Graeme Green, CEO of ECSI Limited is currently overseas
concluding these negotiations.
"The NAR business case has been prepared on the basis that all
hardware requirements are to be self-funded. Entering into such
a long-term sales, financing and service agreement with a
reputable global firm would significantly improve the return to
ECSI shareholders from the NAR rollout as well as reducing
working capital requirements. Outsourcing the servicing of
required hardware would also allow Jeton and ECSI to focus their
attention on establishing the NAR network across the envisaged
200 cities and signing up the forecasted 10,000 clients per
city.
EXECUTIVE MOVEMENTS
"In early May, Scott Green, ECSI Technical Director, relocated
from Canberra to Beijing where he is coordinating the
integration of ECSI's security enhancements into Chengdu, Dalian
and Beijing.
"This will enable ECSI to accelerate the installation and
marketing of the enhancements allowing the company to earn
approximately 50% of monitoring fees earned across the NAR
system.
CORPORATE GOVERNANCE
"Recently the Board established a New Business Committee to
partner the already established Audit and Remuneration
Committees. The role of the New Business Committee is to
formalize the review process of the numerous business proposals
that are presented to the company by businesses wishing to
leverage off our extensive contacts and connections in China.
Whilst the primary focus of the company remains committed to
meeting our large and exciting contract with Jeton, at
some later point in time ECSI may look to diversify the source
of its revenue streams.
SUMMARY
"The Board and I believe that ECSI is well positioned for
strong, sustainable and profitable growth. We are working
closely with Jeton on a range of initiatives, which will not
only speed up the rollout of the NAR system but also minimize
capital requirements and allow for quicker repatriation of
profits.
"If you have any queries please do not hesitate to contact Simon
Owen (Chief Financial Officer and Company Secretary) on (02)
6241 3311/0412 389 339 or Terry Stone (General Manager) on 0418
207 777."
GOODMAN FIELDER: Employee Shares Options Lapse
----------------------------------------------
Goodman Fielder Limited announced that these Employee Share
Options have lapsed:
NO OF OPTIONS EXERCISE PRICE ASX CODE EXPIRY DATE
750,000 1.36 GMFAA 21.06.2006
750,000 1.58 GMFAD 19.12.2006
105,500 2.10 GMFAK 22.12.2008
160,000 1.95 GMFAU 22.12.2007
221,600 2.39 GMFAW 31.03.2008
1,987,100
Movement of Options since last notification can be summarized as
follows:
Balance bought forward 31.12.2001 33,739,500
Issued NIL
Lapsed 1,987,100
Exercised NIL
Balance carried forward 7.06.2002 31,752,400
Following these changes, the 31,752,400 Share Options, which
remain on issue, is made up of:
NO OF OPTIONS EXERCISE PRICE ASX CODE FINAL EXPIRY DATE
6,000,000* 1.30 GMFAO 31.3.2004
1,825,000 1.58 GMFAD 19.12.2006
1,340,000* 1.47 GMFAF 15.11.2002
600,000 2.14 GMFAS 12.12.2007
2,285,000 1.95 GMFAU 22.12.2007
4,585,400 2.39 GMFAW 31.03.2008
1,000,000* 2.14 GMFAG 05.11.2008
240,000* 1.76 GMFAI 14.12.2008
3,862,000 2.10 GMFAK 22.12.2008
1,000,000* 1.76 GMFAM 04.12.2006
2,250,000 1.54 GMFAL 31.03.2009
15,000 1.44 GMFAE 31.08.2009
300,000 1.11 GMFAC 15.03.2010
300,000 1.26 GMFAB(1) 19.07.2010
250,000* 1.26 GMFAB(2) 19.07.2010
750,000 1.23 GMFAJ 04.09.2010
150,000 1.26 GMFAH 29.01.2011
3,000,000 1.27 Na 16.11.2011
2,000,000 ** Na 16.11.2011
31,752,400
* Relate to former Executive Directors to which performance
hurdles apply.
** Exercise Price to be set on 16th November, 2003. Right to
exercise to be determined in November 2003 after performance
review by the Board.
The number of shares and options on issue pursuant to the
Goodman Fielder Share Plans and Option Plans currently
approximates 2.0% of the total issued capital of the Company.
Under the terms of the shareholder approved plans, this
percentage cannot exceed 10% of the total issued capital of the
Company.
REDFLEX HOLDINGS: Completes Divestment of Telephony Division
------------------------------------------------------------
Redflex Holdings Limited has completed the divestment of its
subsidiary VisibleVoice Pty Ltd to Silcraft Holdings Pty Ltd
representing a combination of VisibleVoice management and
outside investors.
The divestment was announced on 8 May 2002, and was subject to
certain conditions of completion. The necessary conditions have
been met.
As stated in the previous announcement, the Board has determined
that Redflex will focus on its core businesses of digital
communication systems and digital speed and red light photo
enforcement systems, and the divestment of VisibleVoice
reinforces that focus.
Redflex Holdings develops and commercializes technology
associated with voice and data digital switching and related
communications systems. The company has paid no dividends during
the last 12 months and it also reported losses during the
previous 12 months.
WORLD EXCHANGE: Tele2000 Receives Further Payout of $225,000
------------------------------------------------------------
The Board of Tele2000 previously advised the market that it had
lodged a substantial claim against the Liquidator of World
Exchange Pty Limited (WXC), for damages it had suffered as a
consequence of the demise of WXC, the repudiation of its
contract and the sale of its tolling clients to NewTel. The
market is also aware that settlement has been reached with the
liquidator and the liquidator as a debt owing by WXC to Tele2000
has admitted an amount of $2.25 million.
Based on the various reports to creditors and recent verbal
advice from the liquidator, there is still an expectation that a
distribution of between 40 to 70 cents in the dollar will be
made to unsecured creditors, which represents an amount of
$900,000 to $1.575M for Tele2000. The first distribution of 20
cents was made in December 2001 when Tele2000 received an amount
of $450,000.
The Directors of Tele2000 has received a second distribution of
$225,000 (10 cents). There is now an expectation that a further
amount of $225,000 to $900,000 in distributions is still to be
made.
================================
C H I N A & H O N G K O N G
================================
CLP HOLDINGS: Share Premium Reduction Exercise Effectuated
----------------------------------------------------------
CLP Holdings Limited, following its announcement dated 14 March
2002, has dispatched a circular to the shareholders regarding
the Share Premium Reduction. Subsequently, the Share Premium
Reduction was duly approved as a special resolution by
shareholders at the Extraordinary General Meeting held on 25
April 2002.
The Court made an Order confirming the Share Premium Reduction
on 7 June 2002 pursuant to Section 60 of the Companies
Ordinance. The Registrar of Companies in Hong Kong duly
registered the Confirming Order on 7 June 2002 and, accordingly,
the Share Premium Reduction became effective on the same day. As
a result, the share premium account of the Company has been
reduced by the amount of HK$10,116,789,910 and the same amount
has been credited to the distributable reserve of the Company.
Unless the context otherwise requires, terms used in this
announcement shall have the same meanings as defined in the
Circular.
FUJIAN GROUP: Appoints Mr Pun Pak as Director
---------------------------------------------
The Board of Directors of Fujian Group Limited announced that
Ms. Siu Pun Pak, Ulanda was appointed as executive director of
the Company with effect from 7 June 2002.
TCR-AP reported on April 5 that the petition to wind up Fujian
Group Limited was set for hearing before the High Court of Hong
Kong on April 14, 2002.
FUJIAN GROUP: Debt Workout Agreements Terms Undetermined
---------------------------------------------------------
Fujian Group Limited (FGL) entered into the memorandum of
understanding (MOU), in relation to the Possible Restructuring
Proposal, dated 29 May 2002 with Soundwill Holdings Limited and
Turbo Success Ventures Limited (the Investors), pursuant to
which FGL granted to the Investors and/or any other party in
association with TSV including Madam Foo and Mr. Koh Tat Lee
(the Other Party) the exclusive right for a period of three
months from the date of the MOU (which period may be extended
for a further period of nine months at the sole discretion of
the Investors and/or the Other Party) to:
(i) enter into the Sale and Purchase Agreement, the
Subscription Agreement and the Option Agreement (Investment
Agreements) with FGL for the purposes of enabling the Investors
(or their respective nominees) and/or the Other Party to acquire
at least 51 per cent. of the then issued share capital of FGL
and
(ii) assist FGL in the finalization of the terms of the Debt
Restructuring Agreement with the financial creditors of FGL.
The final terms of the Investment Agreements and the Debt
Restructuring Agreement have yet to be determined and the final
terms of the Investment Agreements may not be exactly the same
as those contained in the MOU.
It is expected that completion of the transactions to be
contemplated under the Investment Agreements will result in a
change in control of FGL.
The Restructuring Proposal may or may not proceed. Trading of
FGL Shares on the Stock Exchange will remain suspended pending
the implementation of the Restructuring Proposal and
satisfaction of paragraph 38 of the Listing Agreement and a
further announcement will be made to keep investors informed of
any development regarding the Restructuring Proposal as and when
appropriate.
The transaction to be contemplated under the Sale and Purchase
Agreement, if materializes, is expected to constitute a
notifiable transaction for SHL under the Listing Rules.
Shareholders of SHL and potential investors are advised to
exercise caution in dealing in shares of SHL.
The FGL Directors also wish to provide an update on litigations
of FGL Group.
REDBRIDGE HOLDINGS: Winding Up Petition to be Heard
---------------------------------------------------
The petition to wind up Redbridge Holdings Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
10:00 am. The petition was filed with the court on March 19,
2002 by Chung Wai Ling of Room 1903, Sau Shan House, Cheung Shan
Estate, Tsuen Wan, New Territories, Hong Kong.
SUNCORP TECHNOLOGIES: Requests Trading Suspension
-------------------------------------------------
SunCorp Technologies Limited requested trading in its shares be
suspended with effect from 9:30 a.m. Monday (10/June/2002)
pending the release by the Company of a press announcement
regarding a proposed placing of new shares of the Company.
According to Wrights Investors' Service, at the end of 2001,
SunCorp Technologies Limited had negative working capital, as
current liabilities were HK$122.15 million while total current
assets were only HK$109.90 million. The fact that the company
has negative working capital could indicate that the company
will have problems in expanding. However
UNIVERSAL PATISSERIE: Winding Up Petition Hearing Set
-----------------------------------------------------
The petition to wind up Universal Patisserie Management
Consultancy Company Limited is scheduled to be heard before the
High Court of Hong Kong on July 3, 2002 at 10:30 am.
The petition was filed with the court on March 20, 2002 by Leung
Wai Yiu of Room 1112, Tip Chui House, Butterfly Estate, Tuen
Mun, New Territories, Hong Kong.
WIRELESS INTERNETWORKS: Price Movement Unexplainable
----------------------------------------------------
The Board of Wireless InterNetworks Limited, to be renamed as
CCT Technology Holdings Limited, noted the recent decrease in
the price of the shares of the Company and stated that they are
not aware of any reasons for such decrease except for the
matters disclosed in the Company's announcement dated 6 June
2002.
The Board also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.
WINDFALL CONSTRUCTION: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Windfall Construction Company Limited
will be heard before the High Court of Hong Kong on July 10,
2002 at 9:30 am. The petition was filed with the court on April
4, 2002 by Zaman Shoukat of No. 157, 3/F., Reclamation Street,
Yau Ma Tei, Hong Kong.
=================
I N D O N E S I A
=================
INDOMOBIL SUKSES: Deloitte Denies Sale Irregularity Claims
----------------------------------------------------------
Contrary to the Business Competition Supervisory Commission
(KPPU)'s findings, PT Deloitte & Touche has rejected allegations
of irregularities in the sale of PT Holdiko Perkasa's stake in
PT Indomobil Sukses Internasional, AFX Asia reports.
KPPU penalized Deloitte, the financial adviser to the sale,
and other parties including PT Trimegah Securities for their
role in last year's Indomobil sale. KPPU found the bids to be
too low, the tender process too short, and participation
limited. It also raised the possibility of collusion among the
participants.
Deloitte, as quoted in its a statement, carried out its duties
and responsibilities as advisor in a professional manner.
MERPATI AIRLINES: Plans New Routes Out of Bandung
------------------------------------------------
State-owned Merpati Nusantara Airlines, previously designed only
to serve domestic flights, is planning direct flights from the
West Java capital of Bandung to Singapore and from Bandung to
Jakarta, Asia Pulse reported.
Company director Toto Nursatyo said the company is studying plan
to serve the new routes, but it will depends on the availability
of aircraft.
He added that decision will be made in three months on the plan
to open new route from Bandung to Jakarta.
Merpati already serve regular flights to Kuala Lumpur from
Jakarta and Surabaya and to Dili, Timor leste from Denpasar.
On April, TCR-AP reported that Indonesian tycoon Setiawan Djody
is ready to buy 90 percent of indebted Merpati Nusantara for
US$1 billion through debt-to-equity swap, with Setdco repaying
Merpati's debt for a 90 percent stake and the government will
keep the remaining 10 percent.
BANK NIAGA: Stake Sale Suspended Due to Low Bids
------------------------------------------------
The Financial Sector Policy Committee (KKSK) canceled the sale
of the 51 percent government stake in PT Bank Niaga following
low bids from two contenders for the stake, Jakarta Post
reports, citing KKSK Committee Secretary Lukita Dinarsyah Tuwo.
"The process of the sale has been suspended as the prices
offered ranged merely from Rp20 to Rp30 per share," Tuwo said.
The two bidders were the Consortium of Commerce Asset Holding
Bhd and a consortium of Bank Panin and ANZ. The two bidders
initially offered Rp15 to Rp20 per share, which were considered
too low, compared to the market price.
"Referring to the law on national development program, the
maximum result should at least reach a recovery rate of 70 per
cent," Lukita said, adding that KKSK has enabled the Indonesian
Bank Restructuring Agency to consider other types of selling
processes to obtain maximum results.
SINAR MAS: IBRA Threatens Asset Sale if Obligations Not Met
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has threatened
the sale of assets of the debt laden Sinar Mas Group (SMG) if it
fails to meet its debt obligations by the end of this month,
Asia Pulse reports citing Slamet, the newly appointed Chairman
of the agency. Slamet, who has been appointed chairman of IBRA
Task Force.
"We will certainly sell. Just wait until June 30. We will see if
they pay or not," Slamet said, not going into details the
company names to be sold if group fails to meet its debt
obligation.
The Sinar Mas Group has a debt of around US$1.2 billion to IBRA
and US$80 million of which are due for repayment this month.
Earlier, the group has handed over assets worth 145 percent of
its debt to IBRA as collateral and only recently it agreed to
transfer its remaining shares worth Rp16 billion in publicly
listed Bank Internasional Indonesia (BII) to the government.
=========
J A P A N
=========
JAPAN AIRLINES: JAS Merger May Hurt Revenues, Analysts Say
----------------------------------------------------------
Japan Airlines (JAL), Asia's largest airline, expects that its
revenue will climb this year as a result of the merger with
Japan Air System (JAS) in October, but analysts believe
otherwise.
According to a report from the Wall Street Journal, Merrill
Lynch transport analyst Masahiro Kubo fear that JAL's estimates
of a 1.71 trillion yen revenue and net income of 23 billion yen
are too optimistic and that the Company will have a hard time
meeting the target.
The analyst said the merger with JAS could shake up the industry
and depress revenue for all the leading carriers for the coming
years.
Moody's Investors Service said Monday that it cut its credit
rating for JAL to junk-bond status because it expects price
competition to heat up as JAL and JAS combine operations over
the next two years. Moody's also said Japan's weak economy makes
a travel recovery unlikely.
"In the long term, the merger could have a positive impact,"
says Mr. Kubo.
OMRON CORPORATION: Opens Largest Chinese Parts Production Plant
---------------------------------------------------------------
Omron Corp., a global leader in the field of automation, has
opened the firm's largest electronic parts plant in Shenzhen on
Saturday, Dow Jones Newswires reported, citing the Nihon Keizai
Shimbun.
The wholly owned subsidiary operating the Shenzhen plant will
engage in integrated production of devices such as relays and
switches that control electronic circuits as well as sensors.
The Company expects to double the total floor space at the
facility to 43,000 square meters by fiscal 2004, with the number
of employees projected to increase to 4,000 from the current
1,200. Such expansion will require equipment investment of about
7 billion yen, excluding land and building costs.
Omron President Yoshio Tateishi said the Company hopes to double
production and sales in China to 100 billion yen by fiscal 2004.
Earlier this month, Omron Corp said that it would spin off its
unit that makes and sells thermometers and sphygmomanometers
into a new company next April. It is also likely to integrate a
machinery developer subsidiary in Kyoto and a machinery
manufacturing subsidiary in Matsuzaka.
Omron Corp., which launched a restructuring program in November
2001, will step up streamlining efforts in a bid to move into
the black on a net basis in the fiscal year through March 2003.
It will sell off idle real estate and other assets, in addition
to revising personnel affairs, employee training and
distribution systems.
Omron - www.omron.com - has more than 25,000 employees in over
35 countries working to provide products and services to
customers in a variety of fields including industrial
automation, electronic components industries, and healthcare.
The company is divided into five regions and head offices are in
Japan (Kyoto), Asia Pacific (Singapore), China (Hong Kong),
Europe (Amsterdam) and US (Chicago).
SNOW BRAND: Ex-Senior Execs Indicted Due to Beef Fraud
------------------------------------------------------
Public prosecutors have indicted two former senior executives of
dissolved Snow Brand Foods Co. on Saturday on charges of
defrauding an industry association of some 196 million yen,
Kyodo News reported.
Names of the executives were not disclosed.
On Friday, the Troubled Company Reporter Asia Pacific said that
police has given prosecutors files of 12 employees of Snow Brand
Foods for allegedly swindling an industry body out of some
200 million yen under a government-run beef buyback scheme
devised after the mad cow scare last year.
Prosecutors at the end of May indicted five former officials of
the defunct scandal-tainted Company for fraud. The five include
Shigeru Hatakeyama, former head of the company's meat sales and
procurement division, Tetsuaki Sugawara, former head of the
company's Kansai Meat Center in Itami, Hyogo Prefecture, and
Masao Hirose, who headed the firm's processed meat section.
The two others are Shizuo Sugiyama, former section chief at
Hatakeyama's division, and Yusuke Tazaki, former head of the
Company's Kanto Meat Center in Kasukabe, Saitama Prefecture,
north of Tokyo.
The Chuo-ku, Tokyo-based Snow Brand Foods, a subsidiary of Snow
Brand Milk Products Co., disbanded April 30 as earnings
deteriorated sharply.
SOFTBANK CORP: May Sell Part of Aozora Shares
---------------------------------------------
Softbank Corp may sell a portion of its shareholdings in Aozora
Bank, Japan Today reports.
According to Aozora Bank Chairman Kazuhiko Kasai, the partial
sale is an option for Softbank to consider, while the share
sales issue is "absolutely on a clean slate."
Softbank, which reported a consolidated net loss of 88.76
billion yen in the year ended March 31, has been looking to
reduce its debt and generate cash to finance its ADSL business
Yahoo BB.
=========
K O R E A
=========
DAEWOO ELECTRONICS: Jumps 1.2% on Units' Split-Off
--------------------------------------------------
Daewoo Electronics Co. added 40 won, or 1.2 percent, to 3,400 on
report that creditors, who own 86.5 percent of Korea's No. 3
electronics maker in exchange for writing off debt, may hive off
the boiler- and monitor-making units in September, Bloomberg
reported.
Earlier, Daewoo Electronics' creditors, including Hanvit Bank,
have decided to extend a new loan facility of 330 billion won to
the firm as part of their debt-rescheduling plans for the
Company. Plans include liquidation of its non-viable operations.
Daewoo Electronics of Seoul, South Korea was placed under a debt
workout program when the parent conglomerate, Daewoo Group,
collapsed in 2000.
DAEWOO MOTOR: Rover May Invest in Polish Plant
----------------------------------------------
British car manufacturer MG Rover Group Ltd. is in advanced
talks to acquire a stake in a Polish auto-production plant to be
spun off from ailing Daewoo-FSO Motor Corp, a Warsaw-based joint
venture of South Korea's Daewoo Motor Co. (88.7 percent) and
Poland's State Treasury (9.2 percent).
A Daewoo-FSO shareholders meeting approved Friday the proposal
to create the new company to be based on Daewoo-FSO assets. The
government and Rover officials provided no additional details
about the planned ownership structure or value of the entity, to
be called the New Small Company.
Daewoo-FSO Vice President Janusz Wozniak said shareholders had
agreed to transfer key company assets - including the carmaker's
newly refurbished body shop, paint shop, and assembly line - to
the new company.
Government officials said they would meet Daewoo-FSO's creditors
after June 15 to discuss a debt-for-equity swap and
apportionment of shares within the new company.
The debt-for-equity swap, plus financial guarantees issued by
the Polish government, will expand the state treasury's stake in
the new venture from its current 9.2 percent share in Daewoo-
FSO, Lesny said. He added that some creditors would not receive
equity and would instead be paid off by the sale of Daewoo-FSO
assets not included in the new venture.
Daewoo-FSO has built up an estimated 4.4 billion zlotys in debt,
mainly to Korean suppliers, and has had difficulty procuring
parts since Daewoo Motor went bankrupt in November 2000.
HYNIX SEMICON: Creditors to Resume Micron Talks
-----------------------------------------------
Hynix Semiconductor Inc.'s creditors have yet to resume talks to
sell the Korean chipmaker's assets to its U.S. rival, Micron
Technology Inc., Dow Jones Newswires reports.
A Korea Exchange Bank spokesman said that creditors are not
entirely convinced that another round of talks to sell Hynix's
memory chip-making operations to Micron will indeed resume. The
Hynix-Micron deal fell through in late April after Hynix's board
vetoed it.
Hynix's 15 creditors banks, which took control of the company
after taking an 80.65 percent stake by converting their
convertible bonds worth 2.993 trillion won into shares, will
form more detailed plans for Hynix only after advisers Deutsche
Bank and Morgan Stanley finish their due diligence around July
21.
HYNIX SEMICON: Engineering Professors Counter Sale
--------------------------------------------------
About 80 engineering professors from Seoul National University,
Korea Advanced Institute of Science and Technology and Pohang
University of Science and Technology have expressed their
opposition to the planned sales overseas of ailing Hynix
Semiconductor.
According to a report from the Digital Chosun, the professors of
the nation's major universities argued that a hurried sale of
the Korean chipmaker would do more harm than good to the Korean
economy as it would definitely undermine the semiconductor
industry's competitiveness.
The engineering professors said that they have formed a
consultation body that will propose better methods on how to
handle Hynix in the future.
HYNIX SEMICON: Falls 9% on Sale Delay
-------------------------------------
Hynix Semiconductor Inc. dropped 35 won, or 9 percent, to 355 on
report that the sale of the world's third-largest computer-
memory chipmaker will be delayed until the end of this year,
Bloomberg reported.
Hynix Semiconductor is struggling to repay $5 billion in debt.
KOREA ELECTRIC: Delays Powercomm Auction
----------------------------------------
Korea Electric Power Corp. (KEPCO), South Korea's only fully
integrated power utility, is putting off the sale of a 30
percent stake in communication-network operator Powercomm, the
Digital Chosun reports.
The auction was scheduled for June 11, but KEPCO said it would
be delayed for 10 days due to internal reasons.
A KEPCO official in charge of the sale of the Powercomm stake
declined to comment on the issue.
KEPCO, which holds an 89.5 percent stake in Powercomm, had
intended to sell off its stake in the subsidiary by the end of
March in line with the government's privatization plan for
state-owned corporations.
According to a KEPCO official, bidders for Powercomm include a
consortium led by Dacom, Hanaro Telecom, Thrunet, Onse Telecom,
and two United States investment funds.
In May, Moody's Investors Service raised its credit rating for
KEPCO a notch to Baa2 from Baa3. The upgrade reflects Kepco's
improved stability in its operating performance and financial
position, supported by the continuing growth in the Korean
economy and sustainability of domestic electric demand.
KUMHO INDUSTRIAL: May Buy Back Tire Unit Stake
----------------------------------------------
Kumho Industrial Co, one of South Korea's largest tire makers,
may buy back, as early as 2005, a large stake in tire unit Kumho
Tire Co, Kumho Industrial spokesman Cho Won-young told Reuters.
Kumho Industrial has been in talks with a consortium led by JP
Morgan Chase and private equity fund Carlyle Group to sell a
large stake in Kumho Tire Co to raise up to $1.5 billion to pay
off debt.
"We will have to wait until August or September to see concrete
results," the spokesman said.
Kumho Industrial swung back to a net profit in the first quarter
on brisk sales of tires. Analysts say Kumho Industrial's 18.9
billion won ($15.49 million) net profit were not large enough to
resolve its debt problems.
Kumho Industrial posted a 23.1 billion won net loss in the first
quarter of 2001. The Company held 3.2 trillion won in
liabilities against 4.2 trillion won in assets as of last June.
SAMICK MUSICAL: Piano-maker May Be Sold to Restructuring Firms
--------------------------------------------------------------
Samick Musical Instruments Co. Ltd, South Korea's the largest
musical-instrument maker, will likely soon be sold off to
corporate restructuring firms, the Digital Chosun reports.
The Incheon District Court, which has been in charge of the
management of Samick, had signed a preliminary agreement with
Golden Bridge CRC and Capital Lines to sell the firm for 125
billion won in the middle of last month, but creditors vetoed
the sale plan late in May.
A Financial Supervisory Service official said that the creditors
are likely to pass the sale plan early this week as many of them
have changed their stance and decided to opt for the sell-off.
The Inchon-based firm - http://samick.co.kr/- has been
undergoing court-controlled restructuring procedures since
October 1996 when it became insolvent.
===============
M A L A Y S I A
===============
AUTOWAYS HOLDINGS: Talks With White Knight Temporarily Suspended
----------------------------------------------------------------
On behalf of the Board of Directors of Autoways Holdings Berhad,
in compliance with the directive from the Kuala Lumpur Stock
Exchange and the KLSE Listing Requirements, Arab-Malaysian
Merchant Bank Berhad announced that there has been no change to
the status of the Company's plans to regularize its financial
position.
All negotiations with potential white knight have been temporary
suspended pursuant to the Court order to wind up AHB and its
subsidiary, Autoways Construction Sdn Bhd, announced on 8 May
2002. The Company is currently considering its legal
alternatives.
BRIDGECON HOLDINGS: Administrators Call for AGM on June 28
----------------------------------------------------------
The Special Administrators of Bridgecon Holdings Berhad informed
that the Ninth Annual General Meeting of the Company will be
held at the Seminar Room, Kelab Darul Ehsan, Taman Tun Abdul
Razak, 68000 Ampang, Selangor on Friday, 28 June 2002 at 10.00
a.m.
The full text of the Notice of the 9th AGM is as set at
http://www.bankrupt.com/misc/TCRAP_Bridgecon0611.doc
EPE POWER: EGM, 30th AGM Set on June 20
--------------------------------------
EPE Power Corporation Berhad advised that an Extraordinary
General Meeting of the Company will be held at Ballroom 1, Park
Plaza International Kuala Lumpur, 138 Jalan Ampang 50450 Kuala
Lumpur on Thursday, 20 June 2002 at 11.30 a.m. or immediately
after the conclusion or adjournment (as the case may be) of the
Thirtieth Annual General Meeting of the Company which will be
held at 11.00 a.m. at the same venue and on the same day,
whichever is the earlier, for the purpose of considering, and if
thought fit, to pass the following resolution:
ORDINARY RESOLUTION - PROPOSED SHAREHOLDERS' MANDATE IN RELATION
TO RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING
NATURE (PROPOSED MANDATE)
"THAT, pursuant to Paragraph 10.09 of the Listing Requirements
of Kuala Lumpur Stock Exchange, approval be and is hereby given
for the Company and its subsidiaries to enter into and give
effect to arrangements and/or transactions of a revenue or
trading nature as set out in Section 3.2 of the Circular to
Shareholders dated 5 June 2002 with the related parties as
described in Section 3.1 of the said Circular ("Recurrent
Transactions"), provided that such arrangement and/or
transactions are necessary for their day-to-day operations and
are carried out in the ordinary course of business and are on
normal commercial terms which are not more favourable to the
said related parties than those generally available to the
public and on terms not to the detriment of the minority
shareholders of the Company ; and
AND THAT the approval conferred by this resolution will commence
immediately upon the passing of this Ordinary Resolution and
shall continue to be in force until:
(a) the conclusion of the first Annual General Meeting (AGM)
of the Company following this Extraordinary General Meeting
(EGM) at which the Proposed Mandate was passed, at which time it
will lapse, unless by a resolution passed at the AGM whereby the
authority is renewed;
(b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Companies Act 1965 (but shall not extend to such extension
as may be allowed pursuant to Section 143(2) of the Companies
Act 1965); or
(c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM, whichever is the earlier.
AND THAT all such Recurrent Transactions entered into by the
Company and its subsidiaries from 1 June 2001 until the date of
the EGM set out in Section 3.2 of the said Circular be and are
hereby approved, confirmed and ratified.
AND THAT the Directors of the Company be and are hereby
authorised to complete and do all such acts and things
(including executing such documents as may be required) as they
may consider expedient or necessary to give effect to the
Proposed Mandate"
EPE POWER: Seeks Shareholders' Mandate for Recurrent Trading
------------------------------------------------------------
On behalf of the Board of Directors of EPE Power Corporation
Berhad, PM Securities Sdn Bhd announced that the Company
proposes to seek a general mandate from its shareholders for
recurrent related party transactions of a revenue or trading
nature which are necessary for the day-to-day operations of EPE
and its subsidiaries entered or to be entered into by EPE and
its subsidiaries with the related parties.
DETAILS OF THE PROPOSED MANDATE
EPE and its subsidiary companies (EPE Group) are principally
engaged in the following core activities:
* manufacture, supply and maintenance of electrical switch
gears, switchboards and distribution transformers;
* engineering and installation of power distribution and
generation facilities;
* design, engineering and construction of power transmission
infrastructure;
* design, engineering, construction , operation and
maintenance of power distribution systems;
* supply of electricity;
* operation and maintenance of power plant;
* development of private power projects; and
* investment holding.
The EPE Group has prior to the enforcement of Paragraph 10.09 of
the KLSE Listing Requirements on 1 June 2001, entered into
certain transactions with persons deemed as related parties as
defined under the KLSE Listing Requirements (Related Parties),
in the ordinary course of their businesses and which are
necessary for their day to day operations. These companies are
likely to continue to enter into such transactions on a
recurrent basis. Such recurrent related party transactions
(Recurrent Transactions) were carried out or are to be carried
out on an arm's length basis and on commercial terms which are
not more favorable to the related parties than those generally
available to the public and which are not detrimental to the
minority shareholders of the Company.
In this respect, the Board of Directors of the Company seeks the
shareholders' mandate to allow the EPE Group to enter into the
Recurrent Transactions in the normal course of their businesses
with the Related Parties. The mandate shall be effective from
the date of approval by the shareholders at the EGM to be
convened and shall expire at the following annual general
meeting (AGM) of the Company in 2003. Under the Proposed
Mandate, the Board of Directors of the Company is also seeking
the shareholders' ratification of Recurrent Transactions entered
into from 1 June 2001 up to the date of the EGM to be convened.
RATIONALE FOR THE PROPOSED MANDATE
As provided under Paragraphs 10.09 of the KLSE Listing
Requirements and Paragraph 3.3 of the Practice Note 12/2001
under the KLSE Listing Requirements, if the Company has obtained
a mandate in respect of the Recurrent Transactions pursuant to
the Proposed Mandate, during the period of validity of the
mandate, the obligation to make an immediate disclosure for
Recurrent Transactions as stated under Paragraph 2.1 of the
Practice Note 12/2001 as well as the obligation to procure
shareholders' approval as set out in paragraph 10.08 of the KLSE
Listing Requirements shall not apply to the Recurrent
Transactions comprised in the Proposed Mandate.
Accordingly, the Proposed Mandate should result in savings in
terms of administrative time, inconvenience and expenses
associated with the convening of general meetings, without
compromising the corporate objectives of the Group or adversely
affecting the business opportunities available in the EPE Group.
CONDITION OF THE PROPOSED MANDATE
The Proposed Mandate is conditional upon the approval being
obtained from the shareholders of the Company at the EGM to be
convened.
FINANCIAL EFFECTS OF THE PROPOSED MANDATE
The Proposed Mandate will not have any effects on the issued and
paid-up share capital and substantial shareholdings of the
Company. It is also not expected to have any material effect on
the net tangible assets and earnings of the EPE Group.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
The directors of EPE who are deemed interested in the Proposed
Mandate in respect of certain Recurrent Transactions have
accordingly abstained and will continue to abstain from Board
deliberations pertaining to the Proposed Mandate. Further, such
directors as well as persons connected to them will abstain from
voting in respect of their direct and indirect shareholdings in
EPE at the EGM to be convened on the Proposed Mandate.
Certain major shareholders of EPE, as well as persons connected
to them, which are also interested in the Proposed Mandate in
respect of certain Recurrent Transactions will abstain from
voting in respect of their direct and indirect shareholdings in
EPE at the EGM to be convened on the Proposed Mandate.
DIRECTORS' RECOMMENDATION
The Board of Directors of EPE, with the exception of the
interested directors who have abstained from making a
recommendation on the Proposed Mandate, is of the opinion that
the Proposed Mandate is in the best interest of the Company and
its shareholders.
ADVISER
PM Securities has been appointed as adviser to EPE for the
Proposed Mandate.
A circular to shareholders setting out the details of the
Recurrent Transactions and information on the Proposed Mandate
shall be dispatched to the shareholders of EPE in due course.
GEAHIN ENGINEERING: 28th AGM to be Held on June 28
-------------------------------------------------
Geahin Engineering Berhad informed that the Twenty-Eighth Annual
General Meeting of the Company be held at 8999, Kawasan
Perindustrian Batu Berendam (Fasa IV), 75350 Melaka, on Friday,
28 June 2002 at 10.00 am for the following purposes:
AGENDA
1) To receive and adopt the audited financial statements for the
financial year ended 31 December 2001 and the Reports of the
Directors and the Auditors thereon. (Resolution 1)
2) (a) To re-elect Mr. Ong Peng Beng who is retiring in
accordance with Article 83 of the Company's Articles of
Association. (Resolution 2)
(b) To re-elect Mr. Sai Swee Seong who is retiring in
accordance with Article 83 of the Company's Articles of
Association. (Resolution 3)
(c) To re-elect Mr. Sha Thiam Fook who is retiring in
accordance with Article 90 of the Company's Articles of
Association. (Resolution 4)
(d) To re-appoint Puan Sri Datin Minuira Sabki who is retiring
in accordance with Section 129(6) of the Companies Act,1965.
(Resolution 5)
3) To re-appoint Messrs Arthur Andersen & Co. as Auditors of the
Company under the name of Hanafiah, Raslan & Mohamad and to
authorise the Directors to fix their remuneration. (Resolution
6)
4) To transact any other ordinary business for which due notice
shall have been given.
GEAHIN ENGINEERING: Stay of Execution Hearing Set on June 13
------------------------------------------------------------
Geahin Engineering Berhad announced that Arab-Malaysian Bank
Berhad has by way of letter dated 28th May, 2002, received by
the Company's Solicitors on 31st May, 2002, demanded payment of
the sum of RM5,201,763.04 together with interests and costs
pursuant to a Judgment dated 18 March 2002.
The Company is appealing the Judgment and in the interim has
applied for a Stay of Execution of the Judgment. The Application
for Stay of Execution is fixed for Hearing on 13 June 2002.
The Company will keep all relevant parties informed of the
outcome of the said Application.
LION LAND: Updates Unit's Proposed Debt Workout Exercise
---------------------------------------------------------
Lion Land Berhad announced that the High Court has on 5 June
2002 granted an order for Amsteel Mills Sdn. Bhd. (AMSB), a 99%
owned subsidiary of the Company, to convene meetings within a
period of six months from 5 June 2002 for the purpose of
approving the scheme of compromise and arrangement proposed to
be made between AMSB and its scheme creditors for the settlement
of debts owing to the scheme creditors to facilitate the
implementation of the proposed debt restructuring for AMSB
pursuant to Section 176 subsection (1) of the Companies Act,
1965 (Act).
AMSB did not apply to the Court for an order to restrain legal
proceedings against AMSB under Section 176 subsection (10) of
the Act
MALAYSIAN AIRLINE: Inks Supplemental Agreement With ABM
-------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Malaysian Airline
System Berhad announces that the Company had, in regard to its
Proposed Sale And Leaseback, entered into a supplemental
agreement to the Master Aircraft Purchase Agreement (MAP) dated
5 February 2002 with Aircraft Business Malaysia Sdn Bhd (ABM) on
28 May 2002 (Supplemental Agreement).
The salient terms of the Supplemental Agreement is as entailed
in the following section.
SALIENT TERMS OF THE SUPPLEMENTAL AGREEMENT
Payment
MAS received from Aircraft Business Malaysia Sdn Bhd (ABM)
RM2,090 million on 28 May 2002. This is in addition to the
initial deposit of RM1,170 million as announced on the 8
February 2002 and was applied in the following manner:
(i) RM1,296.40 million was made towards Aircraft 1 to 5 in
proportion to their respective original purchase price. The
remaining RM793.6 million was applied towards Aircraft 6 to 8,
being the final and full payment thereon.
(ii) The balance of the cash consideration due from ABM to
MAS for Aircraft 1 to 5 will be payable upon a date mutually
agreed between the parties hereto.
Lease rental
Lease rental payable by MAS to ABM shall be finalized within 21
days from 28 May 2002.
Approval
The Proposed Sale and Leaseback of Aircraft is still subject to
shareholders approval at an Extraordinary General Meeting, to be
determined at a later date.
DOCUMENTS FOR INSPECTION
The Supplemental Agreement is available for inspection at the
registered office of the Company at 33rd Floor, Bangunan MAS,
Jalan Sultan Ismail, 50250 Kuala Lumpur during normal business
hours from the date of this announcement up to and including the
date of the general meeting of the Company to be convened.
MECHMAR CORP.: Posts May Defaulted Loan Payments Status Update
--------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad advised that the Company
is still in default over the following loans as at 31 May 2002.
1. Syndicated Term Loan of RM 31 M - Agent Bank - Utama Merchant
Bank Berhad
The Company is still in default over the repayment of RM 5m
principal due on 31 Dec 2001. The lenders have granted
indulgence to the company until June 2002 to refinance the
entire loan.
2. Term Loan of RM 5.5 m due to Utama Merchant Bank Berhad
The Company is in default over the repayment of the loan since
May 2001. The lender has granted indulgence to the company to
repay from the income of their power plant in Tanzania.
3. Term Loans for RM 1m and RM 2m due to Affin Bank Berhad
A subsidiary of the Company , HandiMart (M) Sdn Bhd is in
default over the repayment of outstanding principals in respect
of two term loans. The lender has granted indulgence for the
subsidiary to repay by monthly installments of RM 50,000 each
since November 01. As at 31.5.02, amount outstanding is RM
1,377,893 and RM 27,907 respectively.
4. Syndicated Term Loan of RM 9,185,000 - Agent bank - Alliance
Merchant Bank Berhad
The Company is in default over the repayment of principal on
this unsecured loan from local banks since Dec 2000. Ongoing
negotiations have been held with lenders to reschedule loan
repayments from the income of their power plant in Tanzania.
5. Unsecured term loan of RM 1.2 M due to Aseambankers Malaysia
Berhad
The Company is in default over principal repayment since 31
March 2001. The Company is in negotiations to repay by monthly
installments.
6. Secured loan of RM 2.4 M due to Arab Malaysian Merchant Bank
Berhad
The lender has granted indulgence to the Company to repay by 18
installments of RM 50,000 each and 20 installments of RM 100,000
each since Feb 1999. As at 31 May 2002, 19 installments have
been paid leaving a balance of RM 1.9 M to be paid .
7.Secured Loan of RM 4.7 m due to Danaharta .
The Company is in default over repayment of this secured loan of
RM 4.7 M sold to Danaharta since August 2000. The lender has
granted indulgence to the Company to repay the loan from their
income of their power plant in Tanzania.
8. Unsecured term loan of RM 3 M due to UOL Credit Sdn Bhd
The lender has agreed in principal to a settlement proposal to
repay the outstanding principal and interest over a period of 30
months.
9. Trade Facilities and Overdraft Facility due to Hong Leong
Bank Berhad
A subsidiary of the Company, HandiMart (M) Sdn Bhd is in default
over repayment of trade facilities of RM 4.9 M due to Hong Leong
since Oct 01. The lender has granted indulgence to HandiMart to
repay by monthly installments of RM 60,000 each since March
2002.
10. Trade Facilities due to RHB Bank Berhad
The Company is in default as a guarantor over repayment of trade
facilities of RM 2.4 M since June 2001. The lender has granted
indulgence to the company to repay by monthly installments of RM
50,000 per month since Jan 2002.
HandiMart (M) Sdn Bhd is in default over repayment of trade
facilities of RM 2.285 M since June 2001. The lender has granted
indulgence to the company to repay by monthly installments of RM
40,000 each since May 2002.
NAUTICALINK BERHAD: Fresh Restructuring Scheme Underway
-------------------------------------------------------
The Board of Directors of Nauticalink Berhad, in compliance with
PN4, is obliged to announce that the merchant bankers and other
advisers are still in the process of working out the details of
a fresh restructuring scheme in order to enable the Company to
make the Requisite Announcement.
NLB is also still awaiting reply from the KLSE on the Company's
application for a further extension of time for the RA.
Profile
Ferry service provider Nauticalink's main subsidiary, Kuala
Perlis-Langkawi Ferry Services Sdn Bhd (KPLFS), commenced
operations in April 1961. It currently plys nine routes:
Langkawi-Kuala Perlis, Langkawi-Kuala Kedah, Langkawi-Penang,
Langkawi-Satun (Thailand), Penang-Belawan (Indonesia), Langkawi-
Belawan-Lumut, Pulau Paya Marin Park, Tanjung Gemok-Tioman and
to Kuala Terengganu-Pulau Redang.
In March 2000, the Company unveiled a proposed debt
restructuring and schemes of arrangement. However, in view of
the continuing weak market sentiments, the Company has decided
to abort its approved scheme. The Company is now exploring
various options to address and regularize its financial
position. It is still in the midst of formulating a new
restructuring scheme and is currently in discussion with
prospective investors and financiers.
NCK CORPORATION: Total Defaulted Payment Reaches RM604,035,649
--------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed), in
compliance with Practice Note No. 1/2001, announced that there
has been no change in the status of the credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 3 May 2002.
Total borrowings on which the NCK Group has defaulted on
payments stood at RM604,035,649.00 (inclusive of interest) as at
30 April 2002.
OLYMPIA INDUS.: Starts Corp Structure Internal Re-Organization
--------------------------------------------------------------
The Board of Olympia Industries Berhad announced an internal re-
organization of the Group's corporate structure for purposes of
improving efficiency, which will involve a transfer of the
entire issued and paid-up capital of Diriwan Corporation Sdn Bhd
(DCSB) comprising 500,000 ordinary shares of RM1.00 each from
Lotteries Corporation Sdn Bhd (LCSB) to OIB.
DCSB is a wholly owned subsidiary of LCSB, which in turn is a
wholly owned subsidiary of OIB.
The internal re-organization will result directly in DCSB
becoming a wholly owned subsidiary of OIB and the transaction
has no material impact on the net tangible assets and earnings
of the OIB Group for the financial year ending 30 June 2002.
RENONG BERHAD: Unit PLUS' Proposed Transactions Completed
---------------------------------------------------------
Renong Berhad had announced inter alia, the following proposed
transactions in conjunction with the current proposed debt-
restructuring scheme of Projek Lebuhraya Utara-Selatan Berhad:
(i) the assignment in favor of UEM of the guarantee provided
by Renong to PLUS in respect of the obligations of Renong Debt
Management Sdn Bhd (Renong SPV), a subsidiary of Renong, under
the Proposed Transfer of the Rm8,197,620,000 Nominal Value Zero
Coupon Redeemable Secured Guaranteed Bond 1999/2006 issued by
Renong SPV; and
(ii) the proposed purchase of the Renong SPV Bond by United
Engineers (Malaysia) Berhad from Projek Lebuhraya Utara-Selatan
Berhad together with the special share in Renong SPV.
Collectively referred to as the "Proposed Transactions".
In relation to this, the Company informed that PLUS had vide its
letter dated 5 June 2002, confirmed to Renong that the Proposed
Transactions have been completed as of 31 May 2002.
TECHNOLOGY RESOURCES: July 16 EGM Scheduled
-------------------------------------------
Technology Resources Industries Berhad advised that, pursuant to
a requisition by Telekom Enterprise Sdn Bhd holding not less
than one-tenth of the paid-up capital of the Company as at the
date of the requisition and representing not less than one-tenth
of the total voting rights of all members of the Company, an
Extraordinary General Meeting of the Company will be held at
Ballroom 3 Level 2, Hotel Nikko Kuala Lumpur, 165 Jalan Ampang,
50450 Kuala Lumpur, on Tuesday, 16 July 2002 at 10.00 a.m.
The notice of the above meeting is found at
http://www.bankrupt.com/misc/TCRAP_TRI0611.doc
WING TIEK: Signs Proposed Scheme MOU With JAKS
----------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad
has entered into a Memorandum Of Understanding with JAKS Sdn.
Bhd. to outline the interests and intents of both parties prior
to the entering of a formal definitive agreement on the Proposed
Corporate Debt Restructuring Scheme (the Proposed Scheme) to
regularize the Company's financial condition.
The salient terms of the MOU are :
(i) A formal definitive agreement is to be executed within 30
days of the date of the execution of the MOU.
(ii) The parties have agreed to jointly structure the
Proposed Scheme and have agreed to complete the Proposed Scheme
for submission to the Securities Commission on or before 31
August 2002.
(iii) JAKS shall deposit the sum of RM500,000 with a
stakeholder.
WTHB will be appointing a Merchant Bank as the adviser in
respect of the restructuring scheme and announce the details of
the restructuring scheme in compliance to Practice Note 4/2001
upon completion of all the prerequisite works.
=====================
P H I L I P P I N E S
=====================
METRO PACIFIC: Will Pay Debts Through Asset Sale
------------------------------------------------
A senior official of one of the banks involved said Metro
Pacific presented, in a recent meeting, a list of properties
that its creditors could acquire should they decide to collect
on their loans before Gokongwei could move in, reports the
Philippine Daily Inquirer newspaper.
The Gokongwei group reached an agreement earlier with Hong
Kong's First Pacific Co. Ltd., to take control of Metro
Pacific's 50.4 percent stake in Bonifacio Land Corp.
Metro Pacific owes some 12.5 billion pesos, 7.5 billion pesos of
which are owed to 20 banks, while over five billion pesos are in
the form of advances from its parent firm, First Pacific.
Metropolitan Bank and Trust Co. (Metrobank) signed last week a
payment-in-kind agreement with Metro Pacific, which owes
Metrobank some one billion pesos. Metro Pacific was also in
talks with the Bank of the Philippine Islands for a similar
arrangement, the paper said.
The Export Industry Bank has the biggest exposure to Metro
Pacific at more than two billion pesos. Another Metro Pacific
creditor is the Social Security System, which has an exposure
valued at 1.5 billion pesos.
Other creditors include First e-Bank, Banco de Oro Universal
Bank, Philippine National Bank, ING Bank, Land Bank of the
Philippines and the Development Bank of the Philippines.
PHILIPPINE LONG: Japan Bank Delays $80M Loan
--------------------------------------------
Japan Bank for International Cooperation has delayed approval of
an $80 million loan to Philippine Long Distance Telephone Co.
because of a battle for control of the country's biggest phone
company, Philippine Star reported citing unidentified people.
The bank's Board postponed approval of the loan, which was
scheduled for last Tuesday, on news that PLDT President Manuel
Pangilinan and JG Summit Chairman John Gokongwei were bidding
for control of the company.
The loan, which was announced in April, was facilitated by
Japan's Nippon Telegraph & Telephone Corp., which owns 15
percent of PLDT.
Philippine Long Distance owes $1.3 billion due by 2004. It
raised $350 million in a bond sale and borrowed this year $149
million from German lender Kreditanstalt fuer Wiederaufbau, its
biggest creditor.
PHILIPPINE LONG: Metrobank's Ty Backs Pangilinan Bid
----------------------------------------------------
Metropolitan Bank & Trust Co. Chairman George Ty will back
Philippine Long Distance Telephone Co. President Manuel
Pangilinan's attempt to buy First Pacific Co.'s stake in the
country's largest phone company, the Philippine Daily Inquirer
said.
Pangilinan and PLDT Chairman Antonio Cojuangco are seeking to
counter-offer the $925 million bid of businessman John Gokongwei
for the phone giant. They also have support from local tycoons
such as retailer Henry Sy and insurer Alfonso Yuchengco, the
paper said.
First Pacific and Gokongwei agreed to form a venture that will
buy the Hong Kong company's 24.4 interest in PLDT and repay $105
million of debt owed by property unit Metro Pacific Corp. in
return for half of Bonifacio Land.
=================
S I N G A P O R E
=================
JURONG ENGINEERING: Senior General Manager Leow Tet Sin Resigns
---------------------------------------------------------------
Engineering and construction firm Jurong Engineering Limited
said Friday that Mr Leow Tet Sin has stepped down as Senior
General Manager of Corporate Administration Unit effective 7
June 2002.
The Company did not disclose reason for the resignation.
In March, Jurong Engineering reported a loss of $24.5 million
for the 2001 financial year against a profit of $1 million in FY
2000. The Company blamed continued weakness in the global
economy and construction markets, as well as its prudent and
conservative position towards making provisions, for its 2001
loss.
Jurong Engineering Limited -- http://www.jel.com.sg/-- provides
construction, engineering, fabrication, management, liaison and
marketing services. It also provides labor to general
contractors, building contractors, mechanical and electrical
works.
L & M GROUP: Requests Trading Suspension
----------------------------------------
The Board of Directors of L&M Group Investments Limited said
Friday it has requested for the suspension of trading in the
shares of the Company with immediate effect, pending the release
of an announcement.
L&M Group Investments reported last Wednesday it incurred a loss
after tax and exceptional items of S$72.1 million for the year
ended 31 December 2001. Refer to
http://www.bankrupt.com/misc/TCRAP_L&M0607.pdffor the Company's
consolidated results.
The loss was mainly attributed to the operating loss of S$21.4
million for the year ended 31 December 2001 due mainly to an
overall decline in turnover, low gross margins on contracts and
insufficient working capital.
NATSTEEL LTD: May Extend Time for Buyout Offer
----------------------------------------------
The Board of Directors of NatSteel Ltd, a trader of iron and
steel, refer to its announcement made on 3 June 2002 pertaining
to the offer from Crown Central Assets Limited (CCL) to acquire
all the business, undertakings and assets of the Company,
together with its investments in all the subsidiaries,
associated companies of NatSteel other than the investments of
NatSteel in NatSteel Broadway Ltd and NatSteel Brasil Ltda.
Establishment of the Committee
A special committee of the Board, comprising independent
directors, Dr Cham Tao Soon, Mr. Lim Chee Onn, Mr. Oliver Tan
Kok Kheng and Mr. Thai Chee Ken, has been constituted to, inter
alia, review the Offer and any other offer that may be received
and to decide on such Offer or any other offer and if applicable
to finalize all relevant actions, arrangements, agreements and
documents to be undertaken or issued by the Company.
Representation from Mr. Ang Kong Hua
Pursuant to a letter dated 5 June 2002 to the Board, Mr. Ang
Kong Hua, the President of the Company, has confirmed that in
view of the potential conflict of interests arising from his
position as director and shareholder of CCL and as executive
director of the Company, he shall (i) not participate in any
discussions or decisions by the Board having any connection
whatsoever with the Offer, (ii) not have any right to
information relating to or arising out of any advice rendered to
the Board in connection with the Offer, or discussions or
decisions relating to the Offer, (iii) not attend any Board
meetings at which any matter relating to the Offer may be
discussed or decided upon and (iv) abstain from voting on any
resolution of the Board relating to any matter in connection
with the Offer.
In addition, he has confirmed in his letter that he is fully
aware of his fiduciary duties to the Company and that he intends
to fulfill all his fiduciary duties as long as he is a director
of the Company.
Refer to http://www.bankrupt.com/misc/TCRAP_Natsteel0611.pdffor
a copy of Mr. Ang's letter.
Extension of the Offer Period
The Special Committee and CCL are in discussions to extend the
period of the Offer to enable, among other things, the Financial
Adviser (as defined below) to, inter alia, consider the Offer
and solicit and consider alternative options for the Company,
including the sale of the Businesses to any other party, with
the objective of maximizing shareholder value.
In the interim period, the Company will evaluate any other offer
that may be received for the Businesses.
Appointment of Advisers
Salomon Smith Barney Singapore Pte Ltd has been appointed as the
financial adviser to the Company.
The Board intends to implement procedures to facilitate the
timely and efficient flow of relevant information from the
Company to interested third parties and the Board has appointed
PricewaterhouseCoopers for this purpose.
ANZ Singapore Limited has been appointed as independent
financial adviser to advise the independent directors of the
Company and to opine on the terms of the Offer or any other
offer that may be received.
Stamford LLC has been appointed as the legal adviser to advise
the Board of Directors of NatSteel in connection with the Offer
and any other offer that may be received.
Approval of Shareholders
Any acceptance of the Offer, if applicable, by the Company will
constitute a major transaction by the Company as well as an
interested person transaction with Mr Ang Kong Hua under the
Listing Manual of the Singapore Exchange, and accordingly, is
subject to the approval of the shareholders of the Company.
The Board wishes to assure the Shareholders that it intends to
take into account, among other things, maximising shareholders'
value when evaluating available options and to act in the
interest of the Company.
Further details will be announced to the Shareholders, as the
Board considers appropriate, in due course.
In the meantime, the Shareholders are advised to refrain from
taking any action in relation to their shares in the Company,
which may be prejudicial to their interests.
For further information, please contact Salomon Smith Barney
Singapore Pte Ltd at telephone 65 - 6432 1240.
NATSTEEL LTD: Posts Notice of Change in Shareholder's Interest
--------------------------------------------------------------
Natsteel Ltd, a trader of iron and steel, posted Thursday a
notice of change in substantial shareholder Temasek Holdings'
interest:
Date of notice to Company: 06 Jun 2002
Date of change of interest: 04 Jun 2002
Name of registered holder: DBS Nominees
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: (10,000)
Percentage of issued share capital: 0.003
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 1.8000
No. of shares held before change: 75,987,945
Percentage of issued share capital: 20.92
No. of shares held after change: 75,977,945
Percentage of issued share capital: 20.9
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 46,867,945 29,300,300
Percentage of issued share capital: 12.84 8.06
No. of shares held after change: 46,677,945 29,300,300
Percentage of issued share capital: 12.84 8.06
Total shares: 46,677,945 29,000,300
OVERSEA-CHINESE BANKING: Announces Four Units' Liquidation
----------------------------------------------------------
Oversea-Chinese Banking Corporation Limited wishes to announce
the members' voluntary winding-up of these subsidiaries:
(1) KF Limited
At an Extraordinary General Meeting of KF Limited, held on 07
June 2002, the shareholder of the Company passed a special
resolution for the members' voluntary winding-up of the Company.
The Company is a wholly owned subsidiary of KTF Limited, which
is a wholly owned subsidiary of Oversea-Chinese Banking
Corporation Limited.
The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 05 June 2002.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant company.
The issued and paid-up capital of the Company is S$1.
(2) Singapore Polyclinic Private Limited
At an Extraordinary General Meeting of Singapore Polyclinic
Private Limited, held on 07 June 2002, the shareholder of the
Company passed a special resolution for the members' voluntary
winding-up of the Company.
The Company is a wholly owned subsidiary of Specialists' Center
Private Limited. The ultimate holding corporation is Oversea-
Chinese Banking Corporation Limited.
The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 05 June 2002.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant company.
The issued and paid-up capital of the Company is S$10,000.
(3) TLF Limited
At an Extraordinary General Meeting of TLF Limited, held on 07
June 2002, the shareholder of the Company passed a special
resolution for the members' voluntary winding-up of the Company.
The Company is a wholly owned subsidiary of KTF Limited, which
is a wholly owned subsidiary of Oversea-Chinese Banking
Corporation Limited.
The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 05 June 2002.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant company.
The issued and paid-up capital of the Company is S$2.
(4) Tat Lee Finance Nominees Pte Ltd
At an Extraordinary General Meeting of Tat Lee Finance Nominees
Pte Ltd, held on 07 June 2002, the shareholder of the Company
passed a special resolution for the members' voluntary winding-
up of the Company.
The Company is a wholly owned subsidiary of KTF Limited, which
is a wholly owned subsidiary of Oversea-Chinese Banking
Corporation Limited.
The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 05 June 2002.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant company.
The issued and paid-up capital of the Company is S$10,000.
===============
T H A I L A N D
===============
COUNTRY (THAILAND): Registration Book Closes on June 14
-------------------------------------------------------
Property Planner Co., Ltd., Plan Administrator for Country
(Thailand) Public Co., Ltd, which Business Rehabilitation Plan
has been approved by the Central Bankruptcy Court of on May 20,
2002, announced that due to the capital decrease process, the
Company's share register book shall be closed as from on June
14, 2002 until the completion of the process Capital Decrease.
The Decrease of the Company's paid-up capital from 121,250,000
ordinary shares with a par value of Bt10 to 121,250 ordinary
shares with a par value of Bt10. The company will combine the
1,000 shares to I share. In case of any fraction exceeding or
equivalent to 0.5 will be entitle to receive I ordinary share.
In the event that the number of shares after the capital
reduction is not in accordance with the conditions.
THAI PETROCHEM: Court Confirms Rehabilitation Plan Validity
-----------------------------------------------------------
Effective Planners Limited (EPL), a wholly owned subsidiary of
Ferrier Hodgson, confirmed on Monday that the Supreme Court has
dismissed all four outstanding appeals and petitions filed by
Thai Petrochemical Industry Public Company Limited's (TPI)
former CEO Khun Prachai Leophairatana against TPI's court
sanctioned Rehabilitation Plan.
The Supreme Court has confirmed that TPI's rehabilitation plan
is lawful, conforms with all requirements of the Bankruptcy Act
and that all procedures and processes related to both conducting
the creditor voting on TPI's plan and sanctioning of the plan by
the Bankruptcy Court are lawful. The Supreme Court added that
the rehabilitation plan is beneficial for all relevant
stakeholders and for Thailand.
The Supreme Court added that it considers Effective Planners to
have all the necessary qualifications to continue to serve as
Plan Administrator of TPI.
"The Court's dismissal of the appeals removes any question
remaining over the legality of the Plan Administrators
appointment and the approval and implementation of TPI's
rehabilitation plan." said EPL Senior Executive Peter Gothard.
"Throughout this entire legal review process, we have
consistently maintained our faith in the Thai legal system and
our own strict compliance with all legal and commercial
obligations in both preparing and implementing TPI's
comprehensive rehabilitation plans," said Mr Gothard, adding
"The Supreme Court's decision is a clear vindication of our
collective efforts to do what is in the best interests of all
TPI stakeholders. We look forward to continuing in our role as
Plan Administrator of TPI for the duration of the rehabilitation
process and further building on the strong foundation of
recovery that all of us at EPL and TPI have professionally built
to date."
The Supreme Court judgments do not cover appeals and related
petitions submitted by each of TPI's six main subsidiaries
against the rehabilitation plans for these companies.
Summary of four appeals and petitions reviewed by the Supreme
Court and their decision for each case are available at
http://www.bankrupt.com/misc/TCRAP_TPI0611.doc
THAI TELEPHONE: Director Charanachitta Steps Down
-------------------------------------------------
Thai Telephone and Telecommunications Public Company Limited
informed that Adviser Charanachitta has resigned from his
position as the Company's Director, effective from June 5, 2002.
The Company's Board of Directors will consider and inform the
Stock Exchange of Thailand once the new appointment is made.
Days ago, TCR-AP reported that the Company, pursuant to its
Business Reorganization Plan dated November 29, 2000, which had
been approved by the Central Bankruptcy Court on December 27,
2000, has allocated, at no cost, 281,155,610 units of warrants,
which give each holder the right to subscribe for ordinary
shares, to the entitled creditors and to the Company's existing
shareholders.
TWENTY - EIGHT: Files Business Reorganization Petition
------------------------------------------------------
Twenty - Eight Company Limited (DEBTOR), engaged in service
business, filed its Petition for Business Reorganization at the
Central Bankruptcy Court:
Black Case Number 690/2545
Red Case Number- /2545
Petitioner: TWENTY - EIGHT COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt752,173,553.41
Date of Court Acceptance of the Petition: April 30, 2002
Date of Examining the Petition: May 28, 2002 at 9.00 A.M.
Contact: Ms. Piyanant Tel, 6792525 ext. 114
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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