/raid1/www/Hosts/bankrupt/TCRAP_Public/020722.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, July 22, 2002, Vol. 5, No. 143
Headlines
A U S T R A L I A
CMG CH: Further Provides Equal Capital Reduction Details
INFOMERCIAL PRODUCT: Court Orders Companies, Schemes Wound Up
OPEN TELECOMMUNICATIONS: OSS Business Sale Assessment Ongoing
PARTNERS ENGINEERING: PwC Issues Case Profile
PASMINCO LIMITED: Imposing Restructuring Proposal to Creditors
TUART RESOURCES: CBA Mortgage Extended Until July 31
WATTLE GROUP: ASIC Punishes Former Financial Adviser
C H I N A & H O N G K O N G
21 CN Cybernet: Widens Net Loss to HK$77,400M
CHEERFULL CORPORATION: Winding Up Petition to be Heard
DAILYWIN GROUP: Cites No Reason for Share Price Increase
EMPEROR (CHINA: Narrows Operations Loss to HK$13,776M
ELTON S.Y.: Winding Up Petition Slated for Hearing
NEW GENERATION: Winding Up Petition Set for Hearing
STJ INVESTMENT: Faces Winding Up Petition
TAKSON HOLDINGS: Trims Down Operations Net Loss to HK$30,046M
TIN TIN: Winding Up Petition to be Heard
WELCH INTERNATIONAL: Winding Up Sought by Solomon Goldentek
I N D O N E S I A
ASTRA INT'L: July 31 Creditors Meeting Set in Singapore
BANK MANDIRI: Fitch Assigns 'B-' Rating to Subordinated Debt
CHANDRA ASRI: BP Indonesia Mulls Over Merger Idea
J A P A N
FUJITSU LTD: Ending Retiree Head Policy in 2003
FUJITSU LTD: Shifting Production to Vietnam in October
MIZUHO HOLDINGS: Dissolving Subsidiaries
NIPPON TELEGRAPH: Telecom Firms to Compete Against NTT
NKK CORP: Launches JFE Group With Kawasaki Steel
SUMITOMO METAL: In Advance JV Negotiations with China Steel
K O R E A
DAEWOO MOTORS: Gloucester Center Up for Sale
HYUNDAI MOTOR: Building Auto Plant in Europe After 2005
KIA MOTORS: Reaches Tentative Agreement With Union
M A L A Y S I A
AUTOWAYS HOLDINGS: Stay of Execution Hearing Adjourned
ESPRIT GROUP: Appoints Receiver as Temporary Liquidator
IDRIS HYDRAULIC: In the Midst of Settlement Negotiation
KEMAYAN CORPORATION: Discloses Level of Foreign Ownership
PARK MAY: RAM Lifts CP/MTN's Rating Watch
PILECON ENGINEERING: Unit Faces Winding Up Petition
SISTEM TELEVISYEN: KLSE Gives Corporate Proposals Extension
SUNWAY HOLDINGS: Units Get Industrial Hire-Purchase Facilities
TRANSWATER CORPORATION: Seeks Shareholders' Mandate Approval
WING TIEK: Formal Definitive Agreement Execution Extended
P H I L I P P I N E S
BENPRES HOLDINGS: Wants ING Barings to Conduct MNTC Valuation
PHILIPPINE AIRLINES: Tan Willing to Buy GFI Stake in Airline
PHILIPPINE LONG: Chairman/Chief Executive May Meet With FPC
PHILIPPINE LONG: Welcomes FPC's Decision to Unveil MOA to SEC
RFM CORPORATION: IAC Selling Shares to Stockholders
S I N G A P O R E
ASIA PULP: Response to Zurich's Allegations Forthcoming
SEMBCORP INDUSTRIES: Unit Secures $160M Contract From PUB
VERTEX VENTURE: Posts H1 Net Loss of S$94.728M
T H A I L A N D
A.S.A. CHIANG-MAI: Files Business Reorganization Petition
NATURAL PARK: Registered Paid-Up Capital Reduction Completed
SRITHIA SUPERWARE: FRN Early Redemption Resolution Approved
THAI PETROCHEMICAL: Court Delays US$200M Non-Core Asset Sale
- - - - - - - -
=================
A U S T R A L I A
=================
CMG CH: Further Provides Equal Capital Reduction Details
--------------------------------------------------------
CMG Ch China Investments Limited provided further information
regarding the equal reduction of capital and final dividend in
respect of the year ending 30 June 2003:
Equal reduction of capital A$0.46 per ordinary share
131,459,371 shares A$60,471,311
Ordinary share dividend A$0.066 per ordinary share
131,459,371 shares A$8,676,318
Total A$69,147,629
In consideration for the transfer of the Investment Portfolio
the Company was allotted 4,507,423.79 Units in the New Era PRC
Fund. At the date of transfer (17 June 2002) these Units were
valued at US$10 per Unit (total holding valued at US$45.1
million or A$79.2 million).
The capital reduction and dividend will be met wholly by way of
a pro rata distribution of 3,936,128.17 Units in the New Era PRC
Fund. Shareholders will receive approximately 0.03 Units for
each ordinary share held in the Company. Under the rules of the
New Era PRC Fund, no one can hold less than one-hundredth of a
Unit. Any fractional entitlement of a shareholder to less than
one-hundredth of a Unit will be retained by the Company and the
aggregated number of Units it holds as a result will be sold or
realized. The net proceeds of any sale or realization will
remain in the Company.
After the capital reduction and dividend noted above the Company
will continue to hold 571,295.62 Units in the New Era PRC Fund.
After settling its remaining obligations the Company intends to
make a final liquidation distribution (subject to shareholder
approval).
This distribution is expected to take the form of both Units in
the New Era PRC Fund and cash.
INFOMERCIAL PRODUCT: Court Orders Companies, Schemes Wound Up
-------------------------------------------------------------
Justice Byrne of the Supreme Court of Victoria on Thursday
made orders against the promoters and former operators of the
1997 and 1998 Infomercial Product Distribution Investment
Schemes and the 1999 Theme Based Music Collaboration Investment
Schemes.
Justice Byrne found that these schemes were either illegal
prescribed interest schemes or unregistered managed investment
schemes, and had been formed, promoted and operated in breach of
the Corporations Act 2001.
The schemes raised approximately $38 million from Australian
investors between 1996 and 1999.
Justice Byrne also made declarations against Mr Peter Lesley
Ambrosy and Mr Donald Stuart MacGregor, who were principally
involved with the promotion of the schemes, to the effect that
they had engaged in misleading and deceptive conduct in relation
to the promotion of the schemes.
Justice Byrne concluded that the schemes ".were an elaborate
sham and a fraud on the investors, if not on the Australian Tax
Office".
Justice Byrne ordered the wind-up of all the companies formerly
connected with the promotion and operation of these schemes.
The companies are:
* Infomercial Management Group Pty Ltd;
* I P Product Management Group Pty Ltd;
* Berimah International Pty Ltd;
* Bellemore Pty Ltd;
* Capeway Pty Ltd;
* Hawksbury Pty Ltd; and
* Olivebank Pty Ltd.
Justice Byrne also ordered that the 1999 Theme Based Music
Collaboration Schemes be wound up.
The Court appointed Mr Simon Wallace-Smith of Deloitte Touche &
Tohmatsu as the official liquidator of the companies and the
schemes.
Background
In material filed in court, ASIC alleged that:
Investments in the Infomercial Product Distribution Schemes were
offered in the financial years ended 30 June 1996,1997 and 1998.
Investments in the Theme Based Music Collaboration Schemes were
offered in the year ended 30 June 1999.
Under the schemes, investors were grouped together into joint
ventures or partnerships with a 'project manager'. The schemes
were promoted on the basis that the project manager would
contribute 'preferred capital' in the order of about 3.5 to 4.5
times the amount of the 'ordinary capital' contributions made by
the investors.
It was represented that the total sum would then be expended in
a certain manner prior to the end of the financial year, thereby
creating a tax loss that could be apportioned amongst the
ordinary investors.
Justice Byrne found that none of the project managers'
contributions had been made and that no expenditure, as
represented, had occurred before the end of each financial year.
The schemes raised approximately $38 million of 'ordinary
capital' from Australian investors. The money was sent overseas
to either Israel or Hong Kong, shortly after it was received.
From there, the defendants claimed that the money was
transferred to corporations registered principally in the
British Virgin Islands.
ASIC inquiries have revealed that many of the British Virgin
Island companies were short-lived and have now been
deregistered. ASIC further found that the accounting records
maintained by the defendants were unreliable and insufficient to
support the claimed expenditure.
On 14 February 2002 Mr Ambrosy was found guilty on 8 charges
relating to the promotion of these schemes. He was given a 12-
month non-conviction bond in the amount of $1000 on the
condition that he paid $10,000 to the Court Fund within one
month, and witness costs estimated to be in the order of
$20,000.
This sentence is subject to an appeal from the Commonwealth
Director of Public Prosecutions. The appeal will be heard in the
County Court of Victoria in September 2002.
OPEN TELECOMMUNICATIONS: OSS Business Sale Assessment Ongoing
-------------------------------------------------------------
The Administrator of Open Telecommunications Limited, Mr Robert
Whitton of Deloitte Touche Tohmatsu, told creditors on Friday
that he was assessing all options to enable the company to
continue trading, including the sale of its Operations Support
System (OSS) business.
Mr Whitton told creditors, many of whom were Open Tel employees,
that he was negotiating with key customers to firm up commitment
for existing projects that could enable some staff to be re-
instated.
He said he expected to be able to make a decision on the
re-instatement of employees as early as the following Monday.
Mr Whitton said despite the withdrawal of an offer from
Macquarie Bank for Open Tel's OSS business, he had received a
significant level of inquiry from other prospective buyers.
"There has been about 10 to 15 enquiries about the OSS business
since my appointment last Friday," Mr Whitton said.
"It is also my intention to advertise the business for sale.
"I will be setting up a data room at Open Tel to allow
interested parties to conduct due diligence," he said.
Mr Whitton also told creditors that he would be focusing his
efforts on assessing all options to keep the company trading and
would be conducting an investigation into the financial affairs
of the company prior to the next creditors' meeting.
In an explanation of the events that led to the company being
placed in the hands of administrators, Open Telecommunications'
CEO, Mr Wayne Passlow, said the downturn in the
telecommunications market had eroded Open Tel's customer base.
"Many telecommunications carriers have gone out of business and
budgets have got tighter," said Mr Passlow.
"For the past twelve months we have made a concerted effort to
restructure the business in an attempt to survive the downturn
through cost cutting, downsizing and divesting.
"After it was clear that these efforts were still not enough we
made another attempt to sustain the company by selling the OSS
business, only for the deal to fall through.
"While we believe we have done everything foreseeable to prevent
this situation from happening, unfortunately it has not been
enough," he said.
Mr Passlow assured creditors that he would continue to do
everything in his power to assist the administrator to keep the
company afloat and thanked creditors for their support.
During the course of the meeting Mr Whitton appraised creditors
of his preliminary assessment of the financial position of the
company.
He also assembled a committee of creditors, with representation
from the various classes of creditors, to assist him with his
administration.
PARTNERS ENGINEERING: PwC Issues Case Profile
---------------------------------------------
PricewaterhouseCoopers (PwC) issued this case profile:
Territory : Australia
Company Name: Partners Engineering Pty Ltd
Lead Partner: Ian Hall
Case Manager: Nicholas Carter
Date of Appointment: 9 May 2002
Normal Contact : Mr Ryan Hennessey
Contact Phone No : (07) 3257 8114
PwC Office
Location : Brisbane
PO Box : GPO Box 150
Street Address: Waterfront Place, 1 Eagle Street
City : BRISBANE
State : QLD
Postcode : 4001
DX : DX 77 Brisbane
Phone : (07) 3257 5000
Fax : (07) 3257 8004
Appointor : National Australia Bank Limited
Registered Office of company: Benronalds Street SEVENTEEN MILE
ROCKS QLD 4073
Company No / CAN : 010 420 265
Type of Appointment: Receiver and Manager
Lead Partner - Full Name : Ian Richard Hall
Second Partner - Full Name` : Peter James Hedge
Case Information (Last Updated 26/06/2002 09:35:01 AM)
Time : 12:00 PM
Return time : 12:00 PM
Time : 12:00 PM
Return time : 12:00 PM
Time : 12:00 PM
Other Key Information
Report as to Affairs received from directors:
A report as to affairs has been received from Mr Joe Rissman,
one of the directors of the company. This report was lodged with
Australian Securities and Investments Commission on 30 May 2002.
Dates of trading by insolvency practitioner:
Receivers and Managers appointed by National Australia Bank on 9
May 2002.
Business sold/ceased trading:
Under the Deed of Company Arrangement the Administrator will
enter into a contract for the sale of the property and part of
the plant and equipment. The remaining plant and equipment will
be sold at auction.
Background Information
Directors appointed Gerry Collins of Jefferson Stevenson &I Co,
as Administrator to company on 7 May 2002.
Bank appointed Ian Richard Hall and Peter James Hedge as
receivers and managers on 9 May 2002.
Receivers and Managers took control of company on 9 May 2002 and
have been completing Work in Progress and collecting debtors.
Administrator holding meeting of creditors on Friday 21 June
2002 to put forward a Deed of Arrangement to creditors.
Current status of assignment and actions required by creditors
Receivers and Managers have instructed agents to proceed with
program to auction plant and equipment and to prepare for the
sale of the property.
At this stage the receivers and managers do not require any
action by creditors of the company. Creditors queries should be
directed to the Administrators. Phone 07 3229 2800 and Fax 07
3229 5508.
Next milestone and estimated timetable
At a meeting of the creditors on Friday 21 June 2002, called by
the Administrator of the company, the creditors voted to accept
a Deed of Company Arrangement.
Please contact the Administrator, Mr Gerry Collins for any
further queries.
Likely outcome for creditors and timetable
Set out below is the likely outcome under the two scenarios:
1. Acceptance of Administrator's proposal for Deed, and
signing of contracts by Administrator for property and half of
the plant and equipment:
* Following anticipated payout to the Bank the Receivers
and Managers would retire and any remaining assets after payment
of the Bank and Receivers and Managers' costs and priorities,
will be passed over to the Administrator.
Timeframe: Administrator's meeting to be held on 21/6/02.
Assuming contracts accepted and signed following this settlement
within 30 days.
2. Administrator's proposal does not proceed and company is
placed in liquidation:
* The Receivers and Managers will continue with the
arrangements in place and proceed to sell the property, plant
and equipment and collect the remaining assets. Timing of this
process is approximately 7 weeks assuming settlement of a
contract within 30 days of sale. Therefore settlement estimated
to be early - mid September 2002.
At a meeting of the company's creditors held on Friday 21 June
2002, and called by the Administrator, a Deed of Company
Arrangement was passed by creditors. Please contact the
Administrator for any further queries. (www.pwcrecovery.com)
PASMINCO LIMITED: Imposing Restructuring Proposal to Creditors
-------------------------------------------------------------
On 30 April 2002, Ferrier Hodgson, the Administrators of
Pasminco Limited (Administrators Appointed) (Pasminco),
published a notice about the effect and conditions of the
Takeovers Panel's (Panel) decision made on 22 April 2002
regarding Pasminco.
A condition of the Panel's decision was that, when the
Administrators have a firm proposal that is to be put to the
creditors, the Administrators disclose an adequate description
of the proposal. The Administrators' proposal is to be put to
creditors at the second meeting of creditors convened under
s439A of the Corporations Act 2001. The second creditors'
meeting has been adjourned to 16 August 2002.
RESTRUCTURE PROPOSAL AND FALLBACK OPTIONS
The proposal to be put to the creditors will be contained in
proposed deeds of company arrangement to be tabled before the
second creditors' meeting (Deeds). If the creditors resolve that
Pasminco and other Pasminco Group companies execute the Deeds,
and the Deeds are executed, they will bind the Pasminco Group,
the relevant creditors, the Deed Administrators and Pasminco
Group officers and Shareholders.
The Deeds will implement a restructure of the Pasminco Group.
The major elements of the proposed restructure include the
following:
* The Pasminco Group will be divided into two distinct
groups. The groups would comprise:
(a) entities required for the ongoing operations (Ongoing
Group); and
(b) entities that will not be included in the restructured
Pasminco (Residual Group). The Residual Group will be wound up
in an orderly manner by the Deed Administrators.
* A newly formed wholly owned subsidiary of Pasminco (Newco)
will:
(a) offer fully paid ordinary shares for issue or sale to
investors in Australia and overseas. A prospectus lodged with
ASIC will be made available when the shares are offered;
(b) depending on whether the outcome of the offer is
acceptable to members of a Pricing Committee of creditors
established under the Deeds:
(i) Newco, rather than Pasminco, will become the ultimate
holding company of the Ongoing Group;
(ii) Newco will be listed on ASX and its shares will be
quoted on ASX. It is currently expected that Newco shares would
commence trading on ASX in November 2002;
(iii) the Ongoing Group would largely be released from
creditors' claims; and
(iv) the proceeds of the offer and shares in Newco
provided as consideration for the acquisition of the Ongoing
Group would be available to meet the claims of creditors,
subject to the claims of certain priority creditors, including
the Administrators, the providers of interim financing to the
Pasminco Group and employees.
The assets of the Residual Group, and the proceeds of the
disposal of the Ongoing Group will be operated and realized in
the first instance in the interests of creditors.
* Pending completion of the offer, the Pasminco Group will
enter into appropriate security arrangements to protect the
claims and priorities of certain priority creditors. On
completion of the offer the Ongoing Group would be released from
most, if not all, of these priority claims.
Under this restructure proposal, existing Shareholders will not
receive any equity interest in Newco. However, they may be
offered a priority allocation in the offer. Shareholders are
also unlikely to receive any return of capital from the winding
up of the Residual Group because of the large debts owing to
creditors.
There is nothing in this restructure option that would of itself
allow Shareholders to realize any capital losses on their
investment, including for tax purposes. In this case, the
Administrators see no potential or other value in Pasminco
Shares. Shareholders would only be able to realize a capital
loss on their investments, including for tax purposes, when
Pasminco itself is wound up. The timing of such a winding up is
uncertain and Shareholders should take their own advice
on the consequences to them of a winding up.
The Administrators have engaged three investment banks to act as
joint lead managers to assist with the possible offer, if the
creditors support it. These firms consider that the above
restructure is viable.
This option does not contemplate any arrangements between the
creditors regarding the disposal of (or restrictions upon the
disposal of) shares in Newco. Shares acquired by creditors other
than under the prospectus for the offer may be subject to sale
and transfer restrictions by virtue of s707 of the Corporations
Act.
If the outcome of the offer is not acceptable to the Pricing
Committee, the proposed Deeds incorporate certain fallback
options, which include the following:
1. The creditors may decide to convert a certain level of their
debt to shares in Pasminco under a debt for equity swap. Shares
issued to creditors under this option may be subject to certain
on-sale restrictions for a period to be determined and
restrictions imposed by s707 Corporations Act. The assets of the
Pasminco Group and the proceeds of any realization of assets
will be operated and realized in the first instance in the
interests of creditors. Existing Shareholders would be unlikely
to receive any return of capital because of the large debts
owing to the creditors.
However, existing Shareholders may be left with a residual
holding in Pasminco after the debt for equity swap of, for
example, between 1 to 5% on a fully diluted basis. If this were
to occur, Shareholders' holdings would be heavily diluted but
their shares would not be cancelled. It is unlikely that this
option would of itself allow Shareholders to realize any capital
losses on their investment, including for taxation purposes. In
this case, the Administrators do not see any significant
potential or other value in Shareholders' Pasminco Shares.
2. The Pasminco Group being wound up in an orderly manner under
deeds of company arrangement, while it continues to trade under
the direction of the Deed Administrators.
The assets of the Pasminco Group and the proceeds of the
realization of the assets will be operated and realized in the
first instance in the interests of creditors. Existing
Shareholders would be unlikely to receive any return of capital
because of the large debts owing to the creditors. On the
conclusion of the winding up of the Pasminco Group, Pasminco
Shares would be cancelled which may allow Shareholders to
realize capital losses on their investments, including for
taxation purposes. The timing of any winding up of Pasminco is
uncertain and Shareholders should take their own advice on the
consequences to them of a winding up.
3. The Pasminco Group being placed into a creditors' voluntary
winding up under the Corporations Act, with the assets being
sold or shut down as soon as possible. The proceeds of the
realization of the Pasminco Group assets will be realized in the
first instance in the interests of creditors. Existing
Shareholders would be unlikely to receive any return of capital
because of the large debts owing to the creditors. On the
conclusion of the winding up of the Pasminco Group, Pasminco
Shares would be cancelled which may allow Shareholders to
realize capital losses on their investments, including for
taxation purposes. The timing of any winding up of Pasminco is
uncertain and Shareholders should take their own advice on the
consequences to them of a winding up.
If the offer of shares in Newco proceeds:
(a) a prospectus for the offer will be made available when
the shares are offered; and
(b) anyone who wants to acquire the shares will need to
complete the application form that will be in or will accompany
the prospectus.
TUART RESOURCES: CBA Mortgage Extended Until July 31
----------------------------------------------------
Tuart Resources Limited has secured an agreement from the
Commonwealth Bank of Australia (CBA) to extend the CBA mortgage
over the Preston Vale land until the 31st July 2002.
The Melbourne financier's are completing the Due Diligence and
to that end Tuart has approached a local financier in order to
bridge the CBA mortgage. The bridging financier has lodged
$950,000 with the CBA to satisfy the CBA of ability, whilst they
are assessing the application.
WATTLE GROUP: ASIC Punishes Former Financial Adviser
----------------------------------------------------
Australian Securities and Investments Commission (ASIC)
announced Friday that Sydney financial adviser Mr Howard Jeffrey
Owen has been sentenced in the Downing Centre District Court to
300 hours community service, on convictions stemming from his
role as a promoter for the failed Queensland-based Wattle Group.
Mr Owen was also sentenced to a 12-month $1,000 good behavior
bond. Mr Owen was charged following an investigation by the ASIC
into his conduct as a financial adviser.
Mr Owen pleaded guilty to five charges of being knowingly
concerned in the promotion of prescribed interests. The charges
related to four investors who lost a total of $243,000 invested
in the Wattle scheme.
The Wattle scheme raised more than $160 million from over 2700
investors across Australia.
In passing sentence, Judge Keleman said that Mr Owen had held
himself out as a professional adviser but had failed to
scrutinize the nature of the Wattle scheme or to verify
information contained in Wattle promotional flyers.
Mr Owen also failed to disclose the 20 per cent per annum
commission received by his business Fininvest Pty Ltd on funds
invested in the Wattle Scheme, or to draw his clients' attention
to the risks involved with an investment promising returns of 50
per cent per annum.
================================
C H I N A & H O N G K O N G
================================
21 CN Cybernet: Widens Net Loss to HK$77,400M
---------------------------------------------
The 21 CN CyberNet Corporation posted a net loss of HK$77.4
million for the year ending March 31. The group recorded a loss
per share of 2.53 cents and no dividend was declared. The group
recorded a net loss of HK$64.834 million a year ago. Below is
its interim financial statement ending 31/3/2002:
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
Turnover : 10,464 11,713
(Loss) from Operations : (74,935) (50,124)
Finance cost : (2,465) (9,778)
Share of (Loss) of Associates : - (1,436)
Share of (Loss) of
Jointly Controlled Entities : - (3,496)
Profit/(Loss) after Tax & MI : (77,400) (64,834)
% Change over Last Period : N/A
(LPS)-Basic : (2.53 cents) (2.39
cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
(Loss) after ETD Items : (77,400) (64,834)
Final Dividend per Share : Nil Nil
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Loss from operations included:
Net other expenses 2002 2001
HK$'000 HK$'000
Deficit arising on revaluation of
investment properties (40,646) (35,508)
Impairment of leasehold land and buildings (476) -
Write-down of inventories (2,147) -
Gain on disposal of a property under development (note (a))
1,369 -
Gain on disposal of a subsidiary - 37,995
Provision of deposits for investment in
jointly controlled entities - (17,000)
---------- ----------
(41,900) (14,513)
========================
(a) The property under development situated in the Mainland
China with cost of HK$2,774,000, which was fully provided in
prior years, was disposed of at a consideration of HK$1,369,000
in October 2001.
(2) Basic loss per share
The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$77,400,000 (2001:
HK$64,834,000) and on the number of shares in issue of
3,059,266,000 (2001: the weighted average of shares in issue of
2,710,868,581) during the year.
The outstanding share options of the Company do not result in
any dilution effect on the loss per share in respect of the
years ended 31st March, 2002 and 2001.
CHEERFULL CORPORATION: Winding Up Petition to be Heard
------------------------------------------------------
The petition to wind up Cheerfull Corporation Limited is
scheduled for hearing before the High Court of Hong Kong on
August 21, 2002 at 9:30 am. The petition was filed with the
court on May 27, 2002 by Hung Kiu Muk of Flat 4, 4/F., Mei Fai
Court, Aberdeen Centre, Hong Kong.
DAILYWIN GROUP: Cites No Reason for Share Price Increase
--------------------------------------------------------
The Board of Directors of Dailywin Group Limited has noted the
recent increase in trading volume and decrease in the prices of
the shares of the Company and stated that the Company is not
aware of any reasons for such movements.
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.
EMPEROR (CHINA: Narrows Operations Loss to HK$13,776M
-----------------------------------------------------
Emperor (China Concept) Investments posted a net loss of
HK$32.95 million for the year ended March 31, the Standard
reported Thursday. The loss per share was 1.2 cents and no final
dividend was declared.
Below is the Company's interim financial report year ended
31/3/2002:
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
Turnover : 46,792 38,728
Profit/(Loss) from Operations : (13,776) (24,585)
Finance cost : (23,437) (36,806)
Share of Profit/(Loss) of Associates: (20) (75)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (32,954) 32,621
% Change over Last Period : N/A
EPS/(LPS)-Basic : (1.2 cents) 1.2 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (32,954) 32,621
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
Remarks:
(1) Basis of preparation and accounting policies
The financial statements have been prepared under the historical
cost convention and conform with accounting principles generally
accepted in Hong Kong.
The accounting policies adopted are consistent with those
followed in the Group's annual financial statements for the year
ended March 31, 2001 except as described below.
In the current year, the Group has adopted, for the first time,
a number of new and revised Statements of Standard Accounting
Practice (SSAPs) issued by the Hong Kong Society of Accountants.
Adoption of these SSAPs has led to a number of changes in the
Group's accounting policies. In addition, the new and revised
SSAPs have introduced additional and revised disclosure
requirements which have been adopted in these financial
statements. Comparative amounts and disclosures for the prior
year have been restated in order to achieve a consistent
presentation.
The adoption of these new and revised SSAPs has resulted in the
following major changes to the Group's accounting policies that
have affected the amounts reported for the current and prior
years.
Lease
The adoption of SSAP 14 (Revised) "Leases" has not had any
effect on the results for the current or prior years.
Disclosures for all of the Group's leasing arrangements however
have been modified so as to comply with the requirement of SSAP
14 (Revised).
Goodwill
In adopting SSAP 30 "Business Combinations", the Group has
elected to restate goodwill previously eliminated against
reserves. Accordingly, the amount of such goodwill has been
remeasured, in accordance with the requirements of SSAP 30.
Accumulated amortization in respect of goodwill between the date
of acquisition of the relevant subsidiary and the date of
adoption of SSAP 30 has been recognized retrospectively. The
effect of this change has resulted in an increase of
approximately HK$1,345,000 in accumulated losses at April 1,
2000 and the profit attributable to shareholders for the year
ended March 31, 2001. Goodwill arising on acquisitions after
April 1, 2001 is presented as an asset in the balance sheet and
amortized over its estimated useful life of not more than twenty
years. Negative goodwill arising on acquisitions after April 1,
2001 is presented as a deduction from assets and will be
released to income based on an analysis of the circumstances
from which the balance resulted.
(2) Loss from operations
2002 2001
HK$'000 HK$'000
Loss from operations has been arrived at after charging:
Depreciation and amortization 3,201 4,327
And after crediting:
Interest income from:
- bank and other deposits 234 94
- loan receivable - 3,104
====== =======
(3) Finance costs
2002 2001
HK$'000 HK$'000
Interest on:
- debentures (11,220) (18,524)
- amount due to a related company(12,217) (18,282)
--------- --------
(23,437) (36,806)
========= ========
(4) (Loss) earnings per share
The calculation of the basic (loss) earnings per share is based
on the Group's consolidated loss attributable to shareholders of
approximately HK$32,954,000 (2001: profit of HK$32,621,000) and
on 2,751,720,884 (2001: 2,751,720,884) ordinary shares in issue
during the year.
Diluted (loss) earnings per share has not been presented for
either year as the exercise prices of share options and
debentures were higher than the average market price of the
Company's shares during both years.
ELTON S.Y.: Winding Up Petition Slated for Hearing
--------------------------------------------------
The petition to wind up Elton S.Y. Chow & Associates Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 11:30 am.
The petition was filed with the court on May 21, 2002 by Tang
Yee Man Liza of room 1036, Tin Lok House, Tin King Estate, Tuen
Mun, New Territories, Hong Kong.
NEW GENERATION: Winding Up Petition Set for Hearing
---------------------------------------------------
The petition to wind up New Generation Industries (K.T.) Company
Limited will be heard before the High Court of Hong Kong on
August 7, 2002 at 10:00 am.
The petition was filed with the court on May 3, 2002 by Lam Sau
Man of Room 2005, Foor Hoi House, Lek Yuen Estate, Shatin, New
Territories, Hong Kong.
STJ INVESTMENT: Faces Winding Up Petition
-----------------------------------------
The petition to wind up STJ Investment (Hong Kong) Limited is
set for hearing before the High Court of Hong Kong on August 7,
2002 at 11:00 am. The petition was filed with the court on May
14, 2002 by Cruz enise Marciana V. of 7C, Pui O Crescent, Ham
Tin SanTsuen, Lantau Island, Hong Kong.
TAKSON HOLDINGS: Trims Down Operations Net Loss to HK$30,046M
-------------------------------------------------------------
Takson Holdings Limited announced on 17 July 2002:
(stock code: 00918 )
Year end date: 31/03/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by:
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/04/2001 from 01/04/2000
to 31/03/2002 to 31/03/2001
Note ('000) ('000)
Turnover : 238,564 514,357
Profit/(Loss) from Operations : (30,046) (54,692)
Finance cost : (4,469) (13,561)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : 150 (1,321)
Profit/(Loss) after Tax & MI : (33,892) (69,836)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.086) (0.182)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (33,892) (69,836)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Notes:
(1) Loss from operations
Loss from operations is stated after charging the following:
2002 2001
HK$000 HK$000
Impairment loss on leasehold
land and buildings - (35,620)
Provision for loss on down materials - (16,588)
Write-off of/provision for loss
on textile quota deposits (18,896) (18,756)
======== ========
(2) Loss per share
The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$33,892,000 (2001: loss
of HK$69,836,000).
The basic loss per share is based on the weighted average number
of 392,924,658 (2001: 384,743,014) ordinary shares in issue
during the year. No diluted loss per share is presented for the
years ended 31st March, 2002 and 2001 as there is no dilutive
potential ordinary share for the year ended 31st March, 2002 and
the exercise of share options has an anti-dilutive effect for
the year ended 31st March, 2001.
TIN TIN: Winding Up Petition to be Heard
----------------------------------------
The petition to wind up Tin Tin Publication Development Limited
is scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 11:30 am.
The petition was filed with the court on May 15, 2002 by Charles
Sin Cho Chiu of 9th Floor, Chung Nam House, No. 59 Des Voeux
Road Central, Hong Kong.
WELCH INTERNATIONAL: Winding Up Sought by Solomon Goldentek
-----------------------------------------------------------
Solomon Goldentek Display Corporation is seeking the winding up
of Welch International Limited. The petition was filed on May
23, 2002, and will be heard before the High Court of Hong Kong
on August 14, 2002.
Solomon Goldentek Display Corporation, formerly known as
Goldentek Display System Company Limited, holds its registered
office at 5th Floor, No. 42 Sing Zhong Road, Nei Hu District,
Taipei, Taiwan.
=================
I N D O N E S I A
=================
ASTRA INT'L: July 31 Creditors Meeting Set in Singapore
-------------------------------------------------------
PT Astra International will hold an informal creditors' meeting
in Singapore on July 31 in efforts to find options for debt
restructuring, AFX-Asia reported Friday.
Astra added that the holders of Astra III bonds issued in 1999
were the creditors invited to the meeting.
According to DebtTraders, Astra Overseas Finance's 4.809%
floating rate notes due on 2005 (ASII05IDS1) are trading between
75.5 and 77.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1
BANK MANDIRI: Fitch Assigns 'B-' Rating to Subordinated Debt
------------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned on
Tuesday an expected Long-term foreign currency rating of 'B-' (B
minus) to Bank Mandiri's proposed subordinated debt issue.
This rating is the same as Fitch's Long-term Foreign Currency
senior debt rating assigned to Mandiri. The two ratings are the
same because in Fitch's rating methodology the subordinated debt
rating is notched one below the senior debt rating applied to
local currency issues. The foreign currency sovereign ceiling,
if relevant, is then applied as a cap.
Fitch takes the view that Bank Mandiri is of such importance to
Indonesia's financial system that the government would try to
ensure that the bank continued to operate even during a crisis
that resulted in a default (in practice a rescheduling) of the
government's own local currency debt. Hence, despite remaining
weaknesses in its financial condition, the bank's Local Currency
senior debt rating is 'B' one notch above Indonesia's 'B-'
sovereign Local Currency rating. The bank's Long-term Foreign
Currency of 'B-' (B minus) is capped at the sovereign ceiling
and is in practice the same as its subordinated debt rating.
Mandiri is by far the largest bank in Indonesia with a market
share of close to 25%. At March 2002 its capital/weighted risks
ratio was 27% and it shows improving asset quality and
profitability. Moreover, its size, role and relationship with
the government and central bank make it likely in Fitch's view,
that it would receive selective support even if the government -
its main source of support - was facing financial difficulties.
Mandiri's other ratings are: Individual D/E; Support 4T; Short-
term B.
CHANDRA ASRI: BP Indonesia Mulls Over Merger Idea
-------------------------------------------------
BP Indonesia is seeking for merger between its downstream sector
engaging subsidiary PT Petrokimia Nusantara Interindo (PENI)
with olefin center PT Chandra Asri Petrochemical Center, Bisnis
Indonesia reports, citing BP Indonesia Vice President Satya W.
Yudha.
"We believe that basically the idea to merger the two companies
would result in synergy. Because the one has raw material, as
the other would process them," Yudha said, though declined to
give further information on the plan.
According to Satya, the merger plan was only at discourse level.
The talks between PENI and Chandra Asri has never been hold to
this day.
On April 16, TCR-AP reported that PT Chandra Asri Petrochemical
signed a debt restructuring deal with its Japanese creditors led
by Marubeni Corp, and the Indonesian Bank Restructuring Agency
(IBRA).
=========
J A P A N
=========
FUJITSU LTD: Ending Retiree Head Policy in 2003
-----------------------------------------------
Fujitsu Ltd. will stop its practice of making retired executives
the Presidents of its units by 2003, Nihon Keizai Shimbun and
Nikkei reported Friday.
The move will enhance the autonomy of group firms by giving them
the right to hire their own head.
Fujitsu posted a group net loss of 382.5 billion yen and a
parent net loss of 265.1 billion yen in the year ended March
2002.
The company is finding it increasingly hard to support units,
prompting it to encourage them to go public to raise funds on
their own.
FUJITSU LTD: Shifting Production to Vietnam in October
------------------------------------------------------
Fujitsu Ltd is planning to transfer its print board production
to Vietnam in October from its three domestic plants, AFX Asia
reported Thursday.
There are about 1,000 workers at Fujitsu's three plants in Japan
for the production of print boards, which are installed in
information and telecommunications devices.
The report said Fujitsu has no definite plan for a reduction in
its workforce.
Fujitsu's consolidated operating loss in the April-June quarter
was likely to be less than last year's 42.3 billion yen ($359
million), although the figure would still be in the red, TCR-AP
reported last week, citing Chief Financial Officer Takashi
Takaya.
Fujitsu Ltd is looking at further restructuring possibilities
for its ailing hardware operations, considering hard disk drives
and telecommunications equipment.
MITSUBISHI MOTORS: DaimlerChrysler Has No Acquisition Plans
-----------------------------------------------------------
DaimlerChrysler AG has no intention to acquire a majority stake
in Mitsubishi Motors Corp (MMC), AFX reported Thursday, citing
MMC Chairman Juergen Schrempp.
According to Schrempp, DaimlerChrysler has the option to
increase its shares later but it would prefer to watch the
market developments in Mitsubishi.
Schrempp stressed that carmaker has quite a lot of debt on its
balance sheet and taking a majority stake could be considered
but not on the agenda at this stage.
According to TCR-AP, at the end of 2001, the Company had
negative working capital, as current liabilities were 1.95
trillion yen while total current assets were only 1.23 trillion
yen.
MIZUHO HOLDINGS: Dissolving Subsidiaries
----------------------------------------
Mizuho Holdings, Inc. announced on Thursday that its wholly-
owned subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), decided to
dissolve (1)Dai-Ichi Kangyo Australia Limited, (2)IBJ Australia
Bank Limited, (3)DKA Securities Limited, (4)FIFA Securities
Limited, (5)IBJ Australia Corporation Limited and (6)IBJ
Australia Nominees Limited, as follows.
1. Outline of the Subsidiaries to be dissolved:
(1)
Corporate Name Dai-Ichi Kangyo Australia Limited
Location Level 33, 60 Margaret Street, Sydney N.S.W. 2000,
Australia.
Representative Kazumasa Otani
Business Merchant Banking
Date of Establishment February, 1976
Common Stock AUD 42,000 thousand
Number of Stocks issued 42,000 thousand stocks
Total Asset (March 2002) AUD 1,344,733 thousand
Number of Employees (April 2002) 0
Shareholders 100% owned by MHCB
Recent Performance Ordinary Income AUD 2,311 thousand
(Fiscal Year Ended in March 2002) Net Income AUD 1,168 thousand
(2)
Corporate Name IBJ Australia Bank Limited
Location Level 33, 60 Margaret Street, Sydney N.S.W. 2000,
Australia.
Representative Yoshimichi Kawasaki
Business Commercial Banking
Date of Establishment September, 1985
Common Stock AUD 104,000 thousand
Number of Stocks issued 104,000 thousand stocks
Total Asset (December 2001) AUD 1,605,499 thousand
Number of Employees (April 2002) 0
Shareholders 100% owned by MHCB
Recent Performance Ordinary Loss AUD 17,949 thousand
(Fiscal Year Ended in December 2001) Net Loss AUD 12,021
thousand
(3)
Corporate Name DKA Securities Limited
Location Level 57, MLC Centre 19-29, Martin Place, Sydney N.S.W.
2000, Australia.
Representative Kazumasa Otani
Business Securities Business
Date of Establishment December, 1988
Common Stock AUD 100 thousand
Number of Stocks issued 100 thousand stocks
Total Asset (March 2002) AUD 118 thousand
Number of Employees (April 2002) 0
Shareholders 100% owned by Dai-Ichi Kangyo Australia Limited (a
wholly-owned subsidiary of MHCB)
Recent Performance Ordinary Income AUD 1,896
(Fiscal Year Ended in March 2002) Net Income AUD 1,327
(4)
Corporate Name FIFA Securities Limited
Location AON Tower, Maritime Trade Centre Level 28, 201 Kent
Street, Sydney N.S.W. 2000, Australia.
Representative Katsumi Shigeta
Business Securities Business
Date of Establishment September, 1988
Common Stock AUD 50 thousand
Number of Stocks issued 50 thousand stocks
Total Asset (December 2001) AUD 52 thousand
Number of Employees (April 2002) 0
Shareholders 100% owned by Fuji International Finance
(Australia) Limited (a wholly-owned subsidiary of MHCB)
Recent Performance Ordinary Income AUD 3,516
(Fiscal Year Ended in March 2002) Net Income AUD 2,368
(5)
Corporate Name IBJ Australia Corporation Limited
Location Level 21, Colonial Centre, 52 Martin Place, Sydney
N.S.W. 2000, Australia.
Representative Yoshimichi Kawasaki
Business Securities Business
Date of Establishment May, 1986
Common Stock AUD 10,000 thousand
Number of Stocks issued 10,000 thousand stocks
Total Asset (December 2001) AUD 15,192 thousand
Number of Employees (April 2002) 0
Shareholders 100% owned by IBJ Australia Bank Limited (a wholly-
owned subsidiary of MHCB)
Recent Performance Ordinary Income AUD 267 thousand
(Fiscal Year Ended in March 2002) Net Income AUD 225 thousand
(6)
Corporate Name IBJ Australia Nominees Limited
Location Level 21, Colonial Centre, 52 Martin Place, Sydney
N.S.W. 2000, Australia.
Representative Yoshimichi Kawasaki
Business Custody Services
Date of Establishment July, 1986
Common Stock AUD 1 thousand
Number of Stocks issued 10 thousand stocks
Total Asset (December 2001) AUD 5,899 thousand
Number of Employees (April 2002) 0
Shareholders 100% owned by IBJ Australia Bank Limited (a wholly-
owned subsidiary of MHCB)
Recent Performance Ordinary Income AUD 238 thousand
(Fiscal Year Ended in March 2002) Net Income AUD 167 thousand
2. Reason for Dissolution
The companies will go into dissolution as part of
rationalization of MHCB's operations in Australia.
3. Schedule Date of Dissolution
By March, 2003
4.This decision will have no material effect on the profit and
loss for this fiscal year of Mizuho Holdings, Inc. (consolidated
or non-consolidated).
NIPPON TELEGRAPH: Telecom Firms to Compete Against NTT
------------------------------------------------------
Telecommunication firms, Internet Initiative Japan, Tokyo
Telecommunication Network and Powered Com will consider a joint
venture to compete in broadband services against Nippon
Telegraph and Telephone Corp., Associated Press reported
Wednesday.
Reports said negotiations have just begun toward a business
alliance and nothing has been decided yet.
Under the expected agreement, fiber-optic networks will be used
to provide high-speed broadband services, including Internet
access, e-mail and data analysis.
Internet Initiative Japan has 6,000 customers both in Japan and
the United States. Powered Com has about 200,000 kilometers
(124,000 miles) of fiber-optic cable across Japan.
TCR-AP reported that NTT is planning to cut its group workforce
by 17,000 to 199,000 by the end of March 2005 as a part of a
three-year business plan.
In April, Nippon Telegraph and Telephone Corp's units namely NTT
East Corp and NTT West Corp posted total losses of more than 100
million yen due to the Mizuho Financial Group's computer fiasco.
NKK CORP: Launches JFE Group With Kawasaki Steel
------------------------------------------------
NKK Corp. and Kawasaki Steel Corp. will merge and launch the JFE
group in September. In April 2003, they will reorganize their
business by operation, such as steelmaking, engineering, etc.,
under a holding company. The merger should generate more than 80
billion yen in savings every year, while also boosting the
group's presence in the industry, as it will have the potential
to rival Nippon Steel Corp. The rating for these bonds strongly
reflects the creditworthiness of the JFE group.
After the merger, JFE will rank second in the world after
Arcelor, with total crude steel production of about 28.5 million
tons (excluding the output of the US subsidiary, National Steel
Corp.). This will be a greater scale of production than Nippon
Steel in the domestic market. It should be possible to achieve
synergy effects through the integration of NKK's Fukuyama
foundry and Kawasaki Steel's Mizushima foundry in West Japan,
both highly competitive plants, and the coordinated management
of NKK's Keihin foundry and Kawaskai Steel's Chiba foundry in
East Japan. Naturally the integration will result in cost cuts,
and in addition it will greatly boost the market share for
specialist steel materials and thus enhance the firm's position
in price negotiations.
There should also be synergies between the two companies'
technological skills in their respective specialty spheres.
Currently, rival Nippon Steel is usually a step ahead in
technological development, but the merger should help close this
gap.
NKK and Kawasaki Steel are planning to implement streamlining
measures to the value of about 20 billion yen each during the
March 2003 term, rising to an annual total of 80 billion yen by
the term to March 2006 after the merger into JFE. These savings
will consist of about 30 billion yen from staff and cost cuts,
20 billion yen from lower fund raising costs, 20 billion yen
from the concentration of facilities and other rationalization,
and 10 billion yen from the streamlining of R&D. The effects of
the integration should emerge relatively smoothly, with 5
billion yen generated in the first half of the March 2003 yen
and another 15 billion yen in the second.
The JFE group will consist of the holding company, JFE Holdings,
Inc., and its major subsidiaries JFE Steel Corp. and JFE
Engineering Corp. Fund raising will all be conducted by JFE
Holdings, which will also have considerable responsibility for
the management of the cash flow generated by the subsidiaries,
so the group will be highly integrated. The existing bonds
issued by both NKK and Kawasaki Steel are to be transferred to
JFE Steel in April 2003.
TCR-AP reported in March that NKK Corp. will post special
charges for losses on write downs of its investment securities
due to falling stock prices and for losses related to its unit
National Steel Corp., which filed the petition for
reorganization under Chapter 11 of U.S. Bankruptcy Code on March
6. National Steel's losses will be reflected in NKK's
consolidated income statement through the end of this fiscal
year, but its year-end assets and liabilities will be removed
from NKK's consolidated balance sheet.
SUMITOMO METAL: In Advance JV Negotiations with China Steel
-----------------------------------------------------------
Japan's Sumitomo Metal Industries Ltd plans to jointly set up a
company in Japan with China Steel Corp, Taiwan's largest steel
maker, to supply steel slab to China Steel by March of 2003, the
Yomiuri Shimbun reported.
The tie-up will help Sumitomo Metal, which is burdened with
debts of some JPY1.6 trillion ($13.7 billion), improve the
efficiency of its plant in Wakayama prefecture, south of Osaka.
The reported deal will make Sumitomo Metal the first Japanese
firm to jointly operate a domestic facility with a foreign
manufacturer amid mounting concern over excess capacity in the
sector.
A Sumitomo Metal official in the United States declined to
comment on the report, but he said the firm, Japan's fourth-
largest steel-maker, had been looking to sell its excess slab to
steel-makers worldwide, including China Steel. (M&A REPORTER -
ASIA PACIFIC, Vol. No.1, Issue No. 142, July 19, 2002)
=========
K O R E A
=========
DAEWOO MOTORS: Gloucester Center Up for Sale
--------------------------------------------
Daewoo Motors plans to dispose its Gloucester sales center this
month. It is one of its most successful centers, the AutoWired
News said.
The site, which has attracted interest from several other
dealerships, is being sold to another company, which will employ
the site's 18 staff. Customers are advised that servicing and
repairs can still be carried out in Halfords branches.
Daewoo will now be looking for a franchise arrangement with
another dealer to sell Daewoo in Gloucester. (M&A REPORTER -
ASIA PACIFIC, Vol. No.1, Issue No. 142, July 19, 2002)
HYUNDAI MOTOR: Building Auto Plant in Europe After 2005
-------------------------------------------------------
Hyundai Motor Co is planning to build an automobile
manufacturing plant in Europe after 2005 after the construction
of its assembly plant in the US, to meet rising demand and
resolve tariff problems, AFX Asia said Thursday, citing Hyundai
President Kim Dong-jin.
The Company will consider building the plant in Eastern Europe
due to lower wage and investment costs.
TCR-AP reported last week that Hyundai Securities has downgraded
its recommendation on Hyundai Motor Co shares to "marketperform"
from "trading buy" due to the negative impact the won's rise
against the dollar will have on its earnings in the second half,
and due to an expected rise in marketing costs arising from
fiercer competition in the local auto industry.
DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 104.100 or 104.510. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1
KIA MOTORS: Reaches Tentative Agreement With Union
--------------------------------------------------
Kia Motors Corp's management reached a tentative agreement with
its labor union, ending a month-long partial strike, AFX Asia
reported Friday.
Under the tentative agreement, the firm decided to raise monthly
salaries by 85,000 won and allowances by 10,000 won. The firm
will also incorporate a pay performance bonus equivalent to 150
percent of monthly wage along with a special bonus of 800,000
won.
Unionized workers will return to work on July 19, but will not
work overtime until the tentative deal receives adequate
approval from member union workers.
The union had demanded a monthly wage hike of 128,000 won and a
performance bonus of 300 percent of the monthly salary, against
the Company's proposal of 78,000 won pay increase and 150
percent bonus payment.
Kia posted a production loss of 33,400 vehicles or 429 billion
won in lost sales as a result of the strikes.
===============
M A L A Y S I A
===============
AUTOWAYS HOLDINGS: Stay of Execution Hearing Adjourned
------------------------------------------------------
The Management of Autoways Holdings Berhad, in reference to the
announcement made on 8th May, 2002 and 18th June, 2002 regarding
the Winding Up of the Company and its subsidiary Autoway
Construction Sdn Bhd, announced:
1) There is an inadvertent error in the announcement dated 8th
May, 2002. Buildcon Concrete Sdn Bhd filed winding up petitions
against ACSB and Autoway on 11th June, 2001 and not "served" the
said petitions as announced. The Management apologizes for the
said error.
2) The hearing for the application for stay of execution is
adjourned to 19th August, 2002.
ESPRIT GROUP: Appoints Receiver as Temporary Liquidator
-------------------------------------------------------
The Board of Directors of Esprit Group Berhad, in respect to the
winding-up order granted by the Shah Alam High Court to wind-up
EGB vide petition filed by Southern Investment Bank Berhad
(formerly known as Perdana Merchant Bankers Berhad), informed
that the Official Receiver has been appointed as the temporary
Liquidator of the Company.
In this respect, the temporary Liquidator had notified the
Directors and Secretary of his (Liquidator's) appointment. The
Liquidator's notification dated 3 July 2002 was received by our
Company Secretary on Thursday, 11 July 2002.
The net tangible assets of EGB based on the audited accounts as
at 30 June 2001 is (RM350,843,284).
The temporary Liquidator was appointed in lieu of the winding-up
order dated 10 May 2002 and is pursuant to a guarantee executed
by EGB for a facility granted to its wholly-owned subsidiary
company, Esprit Corporation Sdn. Bhd. by Southern Investment
Bank Berhad (formerly known as Permata Merchant Bankers Berhad).
EGB has ceased operations and is a non-going concern pending its
proposed restructuring scheme. Based on the audited accounts as
at 30 June 2001, EGB has an outstanding amount of
RM350,848,812.00 due to creditors. Therefore the amount of
RM11,359,679.88 arising from the petition does not have any
significant financial impact including profitability or losses
at Esprit group level.
As announced on 3 June 2002, EGB had on 21 May 2002 filed a
Notice of Appeal to the Court of Appeal against the decision.
Further, EGB on 23 May 2002 filed the Notice of Motion for stay
of proceedings and the same is fixed for hearing on 23 July
2002.
IDRIS HYDRAULIC: In the Midst of Settlement Negotiation
-------------------------------------------------------
The Board of Idris Hydraulic (Malaysia) Berhad announced that
the Company has received a Notice pursuant to Section 218 of the
CA, 1965 from Messrs. Krish Maniam & Co. of Suite 12.04, Level
12, Wisma E&C, No. 2 Lorong Dungun Kiri, Damansara Heights,
50490 Kuala Lumpur.
The Notice was dated 16 July 2002, claiming an outstanding
amount of RM172,500 due and owing for the professional services
rendered by Messrs. Sri Ram & Co. (Sri Ram & Co.)
The Company is in the midst of negotiating with Sri. Ram & Co.
for a settlement of the amount owing to them.
KEMAYAN CORPORATION: Discloses Level of Foreign Ownership
---------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
the following information on the level of foreign shareholdings
as at 30 June 2002:
1) The percentage shareholdings of entitled foreigners as at
30 June 2002 is 49%; and
2) The percentage shareholdings of non-entitled foreigners as
at 30 June 2002 is 6.96%.
Kemayan had already approved to award non-entitled foreigners
all rights and privileges except the right to vote at the
General Meeting of the Company.
Profile
The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.
The 1997/1998 economic crisis faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August 1998
from the High Court of Malaya under Section 176(10) of the
Companies Act, 1965 for the purpose of implementing a proposed
corporate restructuring scheme. The RO has been extended to 3
June 2002.
The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.
PARK MAY: RAM Lifts CP/MTN's Rating Watch
-----------------------------------------
Rating Agency Malaysia Berhad (RAM) has lifted the Rating Watch
on Park May Berhad's (PMB) RM120 million Commercial
Paper/Medium-Term Notes Programmed (CP/MTN) following the
termination of the latter's proposed reverse takeover exercise.
On 27 February 2002, the BBB3/P3 ratings on PMB's CP/MTN were
put on Rating Watch with a developing outlook, as a result of
its proposed acquisition of 9 bus companies from Kumpulan
Kenderaan Malaysia Berhad (KKMB) via a RM128 million share swap.
The proposal, which was part of Renong Berhad's (Renong) asset
divestment programme, would have resulted in KKMB being the new
controlling shareholder of PMB. With the plan now aborted,
Renong still has a 44%-stake in PMB and remains its largest
shareholder.
PILECON ENGINEERING: Unit Faces Winding Up Petition
---------------------------------------------------
Pilecon Engineering Berhad informed that a winding-up petition
had been presented at the Kuala Lumpur High Court on 18 June
2002 against Pilecon Geotechnics Sdn Bhd (PGSB), a wholly-owned
subsidiary of the Company and served onto PGSB on 17 July 2002,
for a claim of RM113,428.50.
1. The details of default or circumstances leading to the filing
of the winding-up petition against PGSB
The petition was filed by Supermix Concrete (Malaysia) Sdn Bhd
(SCM) against PGSB. SCM supplied and delivered ready-mixed
concrete to PGSB for the AMPC Plant, Rawang Project. SCM alleged
that a sum of RM113,428.50 is due and owing by PGSB.
2. The total cost of investment in PGSB: RM20,000,000.00
3. The financial and operational impact on the Group
There is no operational impact to the Group. In the event the
winding-up petition succeeds, there would be an estimated
exceptional loss of RM113,428.50.
4. The expected losses: At this point in time, PGSB is expected
to incur legal fees of approximately RM15,000.00
5. The amount of interest claimed: Nil
6. The date of hearing of the winding-up petition: 19 February
2003.
7. The steps taken and proposed to be taken by PGSB in respect
of the winding-up proceedings:
PGSB will be filing these documents:
i) an injunction to restrain the Petitioner from inserting an
advertisement of the winding-up petition; and
ii) an application to strike out the winding-up petition.
SISTEM TELEVISYEN: KLSE Gives Corporate Proposals Extension
-----------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad and Malaysian
Resources Corporation Berhad, AmMerchant Bank Berhad, in respect
of the application on the Corporate Proposals to the Foreign
Investment Committee (FIC) on 22 January 2002, announced that
the FIC has, in its 12 July 2002 fax, informed AmMerchant Bank
that the FIC has given its approval on 25 March 2002 in respect
of the Corporate Proposals.
AmMerchant Bank also announced that the KLSE has approved an
extension of four months from 22 May 2002 to 21 September 2002
for TV3 to obtain the necessary approvals for its plan to
regularize its financial condition.
SUNWAY HOLDINGS: Units Get Industrial Hire-Purchase Facilities
--------------------------------------------------------------
Sunway Holdings Incorporated Berhad informed that Sunway Credit
& Leasing Sdn Bhd (SCL), a wholly-owned subsidiary of Suninc
will be entering into Lease and Industrial Hire-Purchase
Agreements with these Sunway City Berhad (Suncity) subsidiaries:
(a) Lease Agreement between SCL and Sunway Resort Hotel Sdn
Bhd (SRH), a wholly-owned subsidiary of Suncity to grant a
leasing facility amounting to RM750,000/-;
(b) Industrial Hire-Purchase Agreements between SCL and SRH
to grant industrial hire-purchase facilities amounting to
RM280,000/-, RM72,400/- and RM74,551/- respectively;
(c) Lease Agreement between SCL and Sunway Medical Center Sdn
Bhd (SMC), a 58% owned subsidiary of Suncity to grant a leasing
facility amounting to RM31,200/-; and
(d) Industrial Hire-Purchase Agreement between SCL and Sunway
Lagoon Sdn Bhd (SLSB), a 51% owned subsidiary of Suncity to
grant an industrial hire-purchase facility amounting to
RM188,064/-.
INFORMATION ON SRH, SMC, SLSB AND SCL
SCL
SCL is a wholly-owned subsidiary of Suninc with an authorized
and paid-up share capital of RM10,000,000/- and RM8,500,000/-
respectively. Its principal activity is providing financing
through leasing, hire-purchase, money lending and share
financing.
SRH
SRH is a wholly-owned subsidiary of Suncity with an authorized
and paid-up share capital of RM10,000,000/- respectively. Its
principal activity is hotel business.
SMC
SMC is a 58% owned subsidiary of Suncity with an authorized and
paid-up share capital of RM100,000,000/- and RM42,161,527/-
respectively. Its principal activity is operating a medical
center.
SLSB
SLSB is a 51% owned subsidiary of Suncity with an authorized
share capital of RM52,000,000/- divided into 50,000,000 ordinary
shares of RM1/- each and 200,000,000 5% Non-Cumulative
Redeemable Preference Shares (NCRP) of RM0.01 each. Its paid-up
share capital is RM11,200,000/- divided into 10,000,000 ordinary
shares of RM1/- each and 120,000,000 5% NCRP of RM0.01 each. Its
principal activity is operating a theme park.
SALIENT TERMS OF THE LEASE AND INDUSTRIAL HIRE-PURCHASE
AGREEMENTS
Leasing Facilities
The leasing facility of RM750,000/- granted to SRH in respect of
the lease of furniture, fittings and refurbishment is for a term
of 36 months and bears a flat interest rate of 5.75% per annum.
The leasing facility of RM31,200/- granted to SMC in respect of
the lease of attendant console and data port for call billing
system is for a term of 36 months and bears a flat interest rate
of 5.0% per annum.
Industrial Hire-Purchase Facilities
The industrial hire-purchase facility of RM280,000/- granted to
SRH to finance the purchase of kitchen equipment is for a term
of 36 months and bears a flat interest rate of 6% per annum.
The industrial hire-purchase facility of RM72,400/- granted to
SRH in respect of the supply and installation of thirty five
(35) units of Timelox TL2300 Door Unit and one (1) unit of
TL2300 Mortirize Encoder is for a term of 36 months and bears a
flat interest rate of 6% per annum.
The industrial hire-purchase facility of RM74,551/- granted to
SRH to finance the purchase of Building Administration System is
for a term of 36 months and bears a flat interest rate of 6% per
annum.
The industrial hire-purchase facility of RM188,064/- granted to
SLSB to finance the purchase of thirty seven (37) blocks of ten
(10) compartments locker is for a term of 36 months and bears a
flat interest rate of 5% per annum.
The above terms of the agreements are the prevailing market
quoted terms, which are not more favorable to the related party
than those generally available to the public.
FINANCIAL EFFECTS
The leasing and industrial hire-purchase facilities will not
have any material effect on the net tangible assets and earnings
of Suninc.
APPROVAL REQUIRED
The above transactions do not require the approval of
shareholders or any authorities.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Mr Yau Kok Seng is a director of Suninc and SMC. He holds
500,000 unexercised share options in Suninc.
Dato' Tan Kia Loke, a director of Suninc was a director of SMC
within the preceding twelve months. He holds 500,000 unexercised
share options in Suninc. He also has 0.002% direct interest in
Suncity.
Tan Sri Dato' Seri Dr Cheah Fook Ling is a director and major
shareholder of Suninc and Suncity. He has deemed interest in SCL
via Suninc. He also has deemed interest in SRH, SMC and SLSB via
Suncity.
Accordingly, Tan Sri Dato' Seri Dr Cheah Fook Ling, Dato' Tan
Kia Loke and Mr Yau Kok Seng have abstained from all Board
deliberations of Suninc pertaining to the transactions.
Save as disclosed above, none of the other Directors or major
shareholders of Suninc or persons connected with them has any
interest, direct or indirect, in the aforesaid transactions.
STATEMENT BY BOARD OF DIRECTORS
The Directors (save and except for Tan Sri Dato' Seri Dr Cheah
Fook Ling, Dato' Tan Kia Loke and Mr Yau Kok Seng who are the
related parties) are of the opinion that the transactions are in
the best interest of the Group.
TCR-AP reported days ago that Sunway Holdings, pursuant to the
orders issued by the High Court of Malaya and the High Court of
Singapore, a meeting of the creditors of Sunway Juarasama Sdn.
Bhd. (SJSB), a wholly-owned subsidiary of the Company was held
in Singapore on 11th July, 2002 to consider the scheme of
compromise and arrangement (Scheme) dated 10th June, 2002
proposed to be made between SJSB and certain of its creditors
(Scheme Creditors) pursuant to Section 176 of the Companies Act,
1965 and Section 210 of the Singapore Companies Act, Chapter 50.
TRANSWATER CORPORATION: Seeks Shareholders' Mandate Approval
------------------------------------------------------------
Transwater Corporation Berhad had, at an extraordinary general
meeting held on 28 June 2002 obtained shareholders' approval for
the Company and its subsidiary companies to enter into recurrent
related party transactions of a revenue or trading nature
(Mandate). The Mandate shall lapse at the conclusion of the
Company's forthcoming Annual General Meeting (AGM) unless
renewal is obtained.
The Board of Directors of Transwater announced that the Company
intends to seek shareholders' approval for the proposed renewal
and approval of shareholders' mandates for the Company and its
subsidiary companies to enter into recurrent related party
transactions at the forthcoming AGM of Transwater (Proposed
Mandate).
The circular to shareholders containing information on the
Proposed Mandate will be sent to the shareholders of Transwater
in due course.
Profile
Based in Selangor, Transwater Group of Companies are specialist
engineers and contractors for water and waste water works, for
the supply and installation of pumping equipment, industrial
machinery, process equipment and systems, cooling towers and oil
and gas equipment and systems.
Following its classification in February 2001 as an `affected
listed issuer' under Practice Note 4/2001, Transwater is still
currently in the process of formulating and evaluating plans to
regularize its financial condition. On 4 September 2001, KLSE
granted Transwater a two-month extension to 22 October 2001 for
it to release the requisite announcement detailing its proposal
to restore its financial viability.
WING TIEK: Formal Definitive Agreement Execution Extended
---------------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad informed
that the Company and JAKS Sdn. Bhd. have expressly agreed to a
further extension of time of one month to execute the formal
definitive agreement on the Proposed Corporate Debt
Restructuring Scheme.
The extension of time commenced on 18 July 2002. Both parties
have agreed that all terms and conditions of the Memorandum of
Understanding entered on 5 June 2002 shall continue and remain
valid until the execution of the formal definitive agreement.
The extension of time is required for WTHB to discuss with its
financial advisers on the detailed plan to regularize its
financial condition and prepare the requisite announcement.
=====================
P H I L I P P I N E S
=====================
BENPRES HOLDINGS: Wants ING Barings to Conduct MNTC Valuation
-------------------------------------------------------------
Benpres Holdings Corp wants ING Barings to conduct the due
diligence and third party valuation of its 30 percent stake in
Manila North Tollways Corp (MNTC), AFX and Business World
reported Thursday, citing Benpres Chief Finance Officer Angel
Ong.
The Company aims to sell its stake in the tollways project to
raise extra cash.
PHILIPPINE AIRLINES: Tan Willing to Buy GFI Stake in Airline
------------------------------------------------------------
Philippine Airlines (PAL) shareholder, Lucio Tan, is negotiating
with the Government Financial Institution (GFI) to pay over 2
billion pesos for a stake in the airline under a put option
agreement, but will only do so if PAL is allowed to keep its
service routes, despite the government's planned open-skies
policy. AFX Asia reported Thursday.
The government units, with a combined 4.26 percent equity in
PAL, have a put option agreement with Tan, who earlier agreed to
buy the shares at 5 pesos each.
Tan had until May 2002 to buy the shares but has failed to pay
the government agencies even after the first demand letter.
The names of the government agencies are Land Bank of the
Philippines, Development Bank of the Philippines, AFP-Retirement
Services and Benefits System, Government Service Insurance
System and the Philippine National Bank
The agencies had threatened to go after his guarantors namely
Fortune Tobacco Corp and Asia Brewery Inc for payment if Tan
ignores a second demand letter they plan to send him.
PHILIPPINE LONG: Chairman/Chief Executive May Meet With FPC
-----------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) Chairman Antonio
Cojuangco and President and Chief Executive Manuel Pangilinan
may meet with representatives of Hong Kong's First Pacific Co.
(FPC), the Philippine Daily Inquirer and Dow Jones reported
Friday.
The report said the two left for Singapore after a crisis
meeting with senior management to consolidate their alliance
against a takeover of PLDT by John Gokongwei.
First Pacific is the controlling shareholder of PLDT.
For a copy of PLDT's financial statements as of March 31, 2002
and December 31, 2001, and for the three months ended March 31,
2002 and 2001, go to
http://bankrupt.com/misc/TCRAP_PLDT0719_Balanceshet.pdf
PHILIPPINE LONG: Welcomes FPC's Decision to Unveil MOA to SEC
-------------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT), in response to the
press release entitled "First Pacific to Submit MOA to Curtail
Unwarranted Lawsuit" issued on July 17, 2002 by First Pacific
Company Limited, in its letter dated July 18, 2002, reported
that:
PLDT welcomes First Pacific Corporation's (FPC) decision to
disclose to the U.S. Securities and Exchange Commission its June
4, 2002 Memorandum of Agreement (MOA) with the Gokongwei group.
This decision is a positive development for the rules of full
and fair disclosure and good corporate governance and for all
PLDT shareholders who have a right to information concerning the
possible transfer of a significant block of PLDT's shares and
involving a potential shift in corporate control.
It is unfortunate that PLDT was compelled to institute legal
proceedings to require First Pacific to fully comply with its
disclosure obligations under applicable securities laws and to
file the MOA. First Pacific's failure and refusal (in spite of
PLDT's written request) to file the MOA as part of First
Pacific's schedule 13-D report deprived PLDT and all of its
other shareholders of full and fair access to information
necessary to make well-informed decisions with respect to the
proposed transaction and the trading of PLDT securities. Thus,
the institution of legal proceedings by PLDT was a reasonable
measure to secure full and fair information on behalf of itself
and all of its shareholders.
For a copy of the disclosure go to
http://bankrupt.com/misc/TCRAP_PLDT0719Respns.pdf
RFM CORPORATION: IAC Selling Shares to Stockholders
-----------------------------------------------------
RFM Corporation on Thursday has been informed by one of their
major stockholders, Invest Asia Corporation (IAC), that it will
sell on Thursday about 182,391,899 common RFM shares to its own
stockholders at market price.
For a copy of the disclosure, go to
http://bankrupt.com/misc/TCRAP_RFM0719_shrssell.pdf
DebtTraders reports that RFM Capital's 2.750% convertible bond
due in 2006 (RFM06PHS1) trades between 100 and 110. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RFM06PHS1
=================
S I N G A P O R E
=================
ASIA PULP: Response to Zurich's Allegations Forthcoming
-------------------------------------------------------
Asia Pulp and Paper (APP) was due to file a response by July 19
to allegations by a Zurich Financial unit that it committed
fraud and diverted funds of more than $200 million, Reuters
reports.
TCR-AP reported that Asia Pulp & Paper has paid $90 million to
IBRA on June 28. Sinar Mas Group has settled the balance of the
$240 million or 20 percent of the $1.2 billion debt due to IBRA
with 16 percent shares of BII instead of shares of APP Group.
As part of the arrangements between Sinar Mas Group and IBRA on
June 28, 2002, IBRA was granted a pledge of the shares in Indah
Kiat, Tjiwi Kimia and Pindo Deli.
SEMBCORP INDUSTRIES: Unit Secures $160M Contract From PUB
---------------------------------------------------------
SembCorp Industries' Engineering and Construction Subsidiary
Secures (SembE&C) has received on Thursday a $160 million
contract from Public Utilities Board (PUB) to build a sludge
digester facility for its Changi Water Reclamation Plant
Project.
SembE&C will design, construct and commission the sludge
digester facility, which forms part of the water reclamation
plant project. At this digester facility, sewage sludge is
treated and reduced to facilitate further waste treatment
processes in the water reclamation plant. This is the second
contract that SembE&C has secured from PUB for its Changi Water
Reclamation Plant Project. The company was awarded a contract to
build a sludge drying system for the same project in March this
year.
Construction work has commenced and the plant will be completed
by end 2007.
For media enquiries, please contact:
Beverley Wong (Ms)
Group Corporate Relations
SembCorp Industries
DID: (65) 6357 9153
Fax: (65) 6352 2163
Email: beverley.wong@sembcorp.com.sg
According to Wright Investor's Service, at the end of 2001,
SembCorp Industries Limited had negative working capital, as
current liabilities were 2.95 billion Singapore Dollars while
total current assets were only 2.56 billion Singapore Dollars.
VERTEX VENTURE: Posts H1 Net Loss of S$94.728M
----------------------------------------------
Vertex Venture Holdings said it posted a net loss of 94.728
million sgd in the six months to June from a profit of 22.488
million a year earlier mainly due to provisions made for
diminution in value of investments and write-offs, AFX reported
Friday.
H1 results as follows:
Sales - 50.387 million sgd versus 123.333 million
Net loss - 94.728 million sgd versus profit 22.488 million
Loss per share - 8.4 cents versus EPS 2.2
The Company is involved in venture capital fund investment,
venture capital fund management and financial services.
According to GK Goh Research the pace of divestments in the
Company is expected to be slow and prices of their listed
investments to be weak for the rest of the year. Various
technology stocks to which the group is exposed are not expected
to recover in the second half year. The group therefore expects
to incur a loss in the second half year, but the extent of which
is dependent on the amount of provisions that may be required to
be made against their investments.
===============
T H A I L A N D
===============
A.S.A. CHIANG-MAI: Files Business Reorganization Petition
---------------------------------------------------------
The Petition for Business Reorganization of A.S.A. Chiang-Mai
Paperbox Company Limited (DEBTOR), engaged in manufacturing any
kind of paperbox, was filed to the Central Bankruptcy Court:
Black Case Number 715/2543
Red Case Number For. -/2543
Petitioner: A.S.A. CHANG-MAI PAPERBOX COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt422,175,621
Date of Court Acceptance of the Petition: September 12, 2000
Date of Examining the Petition: October 9, 2000 at 9.00 A.M.
Contact: Tel, 6792525
NATURAL PARK: Registered Paid-Up Capital Reduction Completed
------------------------------------------------------------
N P K Management Service Co., Ltd., Plan Administrator of
Natural Park Public Company Limited, notified that it has
completed the registration of reduction of the registered
capital and the paid-up capital with the Department of
Commercial Registration, Ministry of Commerce on 17 July 2002,
as follows:
1. Reduction of the registered capital of the Company from the
existing amount of Bt19,000,384,000 to Bt18,900,170, divided
into 378,003,400 ordinary shares, par value of Bt0.05, by
canceling the 1,522,035,000 unissued ordinary shares, par value
of Bt10, amounting to Bt15,220,350,000, and by reducing the par
value of the 378,003,400 issued ordinary shares from Bt10 to
Bt0.05 each;
2. Reduction of the paid-up capital of the Company from the
existing amount of Bt3,780,034,000 to Bt18,900,170, divided in
to 378,003,400 ordinary shares, par value of Bt0.05.
SRITHIA SUPERWARE: FRN Early Redemption Resolution Approved
-----------------------------------------------------------
Srithai Supperware Public Company Limited announced that at the
Extraordinary Meeting of Note-holders held on July 11, 2002, the
following resolutions were passed:
1. Approved entering into Loans Agreement and other relevant
agreements with the Siam City Bank Pcl. and the Bangkok Bank
Pcl., in pursue of its objectives to refinance the secured
floating-rate notes(FRN), and to support working capital. The
Loans comprise:
1) Syndicated Long-term Loan Bt2,100 mio.
2) Working Capital Facilities Bt300 mio.
3) Forward Contract Facility US$66 mio.
2. Approved early redemption, in full and final, of all the
floating-rate notes, for the amount of US$64,832,000. By virtue
of the extraordinary resolution of the Meeting of Note-holders
held, the Company will be granted a discount of US$2,350,000, if
the Company could redeem all notes within July 30, 2002. Sources
of fund for the early redemption of all notes will come partly
from the syndication loan to be borrowed from the Siam City Bank
Pcl. and the Bangkok Bank Pcl., and our internally-generated
cash.
3. Appointed the following persons as authorized signatories
binding the Company for all correspondences to The Stock
Exchange of Thailand:
Names Positions
Mr. Sanan Angubolkul President
Mr. Prin Bholnivas Director
Mr. Manit Ativanichayaphong Director
4. Call for the Extraordinary Meeting of Shareholders for the
year 2002 on Wednesday 21st August 2002 at 3pm at the Conference
Room of the Company, situated at 355 Suksawad Road, Bangpakok,
Rasburana, Bangkok. Share Registration Book will be closed
since 1st of August 2002 at 12:00 noon until the meeting is
finished, so that right of attending the Meeting can be
determined. The following agendas will be put on table in the
Meeting on 21st August 2002:
1) Adoption of the Minutes of the Meeting of Shareholders
held on 23rd April 1999.
2) Acknowledgement of the completion of Rehabilitation Plan.
3) Appointment of an additional Director.
4) Other matters (if any).
THAI PETROCHEMICAL: Court Delays US$200M Non-Core Asset Sale
------------------------------------------------------------
Effective Planners Limited, as Plan Administrator of Thai
Petrochemical Industry Public Company Limited, informed that the
Bankruptcy Court declined on Thursday to sanction two plan
amendments proposed by the Plan Administrator and accepted by
majority of the creditors in the meeting conducted
by the Official Receiver on 7 May 2002.
The first proposed amendment is to remove the provisions in the
Plan that enable any one scheme creditor to effectively veto any
material change to the Plan and put in place a new mechanism
which follows that set down in the Bankruptcy Act. The second
amendment is a postponement of the Repayment Milestone Date
which is a target date to complete sale of the non-core assets
to raise US$ 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.
As a result of the Court decision, the non-core assets sale will
likely be delayed as no new dateline for completion has been
set. However, the operation of TPI and the implementation of the
Reorganization will still continue as normal.
In the meantime, the Plan Administrator is considering other
alternative mechanisms to make the amendments to the Plan
necessary for the successful rehabilitation of the company.
Go to http://www.bankrupt.com/misc/TCRAP_TPI0722.docto see a
copy of the Plan Administrator's press release.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2002. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***