/raid1/www/Hosts/bankrupt/TCRAP_Public/020918.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 18, 2002, Vol. 5, No. 185
Headlines
A U S T R A L I A
ANSETT GROUP: Administrator Hopes to Pay Workers US$547M
AUSTAR UNITED: Finalizes Sale of Metropolitan Internet Ops
COLES MYER: ASIC Mum on Boardroom Issues
COLES MYER: Bond Spread at 100bps Over ASIC Criticism
NEWCREST MINING: Completes Equity Placement
NEWCREST MINING: Falls 8.2% Following Placement
C H I N A & H O N G K O N G
RBG GLOBAL: Winding Up Hearing Set for October 30
SACKVILLE INCORPORATED: Faces Winding Up Petition
SEYMOUR INVESTMENTS: Winding Up Petition Hearing Set
SINCERE DRAGON: Court Schedules October Winding-Up Hearing
I N D O N E S I A
ASTRA INTERNATIONAL: Back in the Black in First Half
BANK CIC: Shareholders Inject US$15M
BANK NIAGA: Commerce Asset Still Interested in Indonesian Bank
J A P A N
DAIWA SECURITIES: Faces Compensation Claims From Clients
HOKKAIDO INTERNATIONAL: Files Reconstruction Plan With Court
HOKKAIDO INTERNATIONAL: Signs Alliance Agreement With All Nippon
MYCAL CORP: Aims to Invest Y11B in Outlets to Boost Profits
NISSHO IWAI: Signs Bluefin Tuna Import Deal With Turkish Firm
K O R E A
HYUNDAI MERCHANT: CEO Sacks Nine Executives
KOREA ELECTRIC: Selling 51% of Power Unit in January
LG ELECTRONICS: Offering W200B Local Bonds, $200M Overseas FRNs
M A L A Y S I A
AMSTEEL CORPORATION: Holds Meeting With Creditors
ANGKASA MARKETING: Calls for Meeting With Creditors
EMICO HOLDINGS: Shareholders Give Nod to Proposals
KIARA EMAS: Disposes Two Properties
KILANG PAPAN: Granted Extension of Time by KLSE
KRETAM HOLDINGS: SC Approves Restructuring Plan
LION CORPORATION: Holds Debt Rehab Meeting With Creditors
LION LAND: Holding Debt Restructuring Meeting With Creditors
MBF CAPITAL: FIC Gives Nod on Debt Rehab Plan
METACORP BERHAD: Appoints New Board of Director
NGIU KEE: Resumes Trading of Shares at KLSE
PARIT PERAK: Saw Eng Guan Steps Down as Audit Committee Member
RENONG BERHAD: SC Approves Prolink Disposal
TIME DOTCOM: Faces Trading Suspension at KLSE
TIME DOTCOM: Selling Major Unit to Maxis
UH DOVE: Low Yew Hwa Steps Down as Audit Committee Member
WOO HING: Replies to KLSE Query Re Workout Proposal
P H I L I P P I N E S
ALL ASIA: Depositors Have 16 Months to Claim Their Money
BASES CONVERSION: PhilRatings Downgrades Rating to Baa
METRO PACIFIC: Shares Up on Campos Bid for Bonifacio
NATIONAL BANK: Government Wants to Sell 10% Stake in Meralco
NATIONAL POWER: Pays Php9.7B Interest Charges
NATIONAL POWER: Invites Contractors to Register for Bidding
PHILIPPINE LONG: Sees Php1.5B Dividend From Unit
UNITRUST DEVELOPMENT: Citystate Resubmits Bid to Acquire Bank
S I N G A P O R E
ARMSTRONG INDUSTRIAL: Loses Two Audit Committee Directors
ASTI HOLDINGS: Tang Pen San Quits Post
CHARTERED SEMICON: Form 8-A Registration Statement in US SEC
CHARTERED SEMICON: Timetable of Principal Events for Shares
CHARTERED SEMICONDUCTOR: Shares Down 43% Since September 2
CHARTERED SEMICONDUCTOR: Will Miss Fourth Quarter Revenue Target
T H A I L A N D
A.J. PLAST: Begins Trading of New Warrants
ITALIAN-THAI: Inks Bt391.6M Contract With Harbour Department
PRANDA JEWELRY: Granted Loan Facility by Krung Thai Bank
THAI CENTRAL: Board Okays Reduction of Capital
THAI MILITARY: Sells 10% Stake in CGU Life for Bt19.8M
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT GROUP: Administrator Hopes to Pay Workers US$547M
--------------------------------------------------------
Ansett administrator Mark Korda raised hopes of raising $A1
billion (US$546.6 million) and paying former Ansett staff close
to their full entitlements.
Fellow administrator Mark Mentha, however, said legal action in
the Victorian Supreme Court between the administrators and
trustees of the Ansett Ground Staff Superannuation Fund could
substantially reduce the size of redundancy payouts to some
workers.
Federal Transport Minister John Anderson said the government had
put in place a financial framework that had seen more than A$300
million (US$163.98 million) of their entitlements paid in
advance, largely through the ticket levy scheme.
Administrators and the trustees are arguing whether employees
would be paid out at a resignation level or at the higher
retrenchment level.
AUSTAR UNITED: Finalizes Sale of Metropolitan Internet Ops
----------------------------------------------------------
Pay television concern Austar United Communications Ltd. has
finalized an agreement to sell its non-core metropolitan
Internet business to Virtual Communities Ltd.
Under the agreement, Virtual Communities will buy AustarMetro,
an Internet service provider with a subscriber base of more than
21,000 customers.
Austar did not disclose the price of the transaction, but Chief
Executive John Porter estimated the price at a "little bit more"
than A$1 million.
Virtual Communities Executive Chairman Ravi Bhatia told Dow
Jones Newswires the deal is worth "several million" dollars.
Austar expects to complete the sale by the end of the week, Dow
Jones Newswires adds.
COLES MYER: ASIC Mum on Boardroom Issues
----------------------------------------
Australian Securities & Investments Commission (ASIC) declined
to add further to Coles Myer boardroom fight despite retail
giant snubbing corporate watchdog criticism by saying it will
not release further details of boardroom candidates until mid-
October.
ASIC commented early this week that the instability of Coles
Myer Ltd's board is a serious cause of confusion and concern.
"The current level of publicly available information about all
of these matters is inadequate," ASIC Chairman David Knott said
in a statement. "For that reason, ASIC will closely monitor the
Coles Myer situation in the period leading up to the annual
general meeting in November," he said.
Coles Myer has hit hard times over the past couple of years,
largely due to losses in its department stores. It was forced to
downgrade profits earlier this year, sending its share price
spiraling.
COLES MYER: Bond Spread at 100bps Over ASIC Criticism
-----------------------------------------------------
Coles Myer's 2005 AUD bond spread to swap at widest ever, at 100
bps against 60 bps around mid-year, after corporate regulator
Australian Securities & Investments Commission (ASIC) criticized
a lack of transparency in regard to company's boardroom
instability.
Salomon Smith Barney's Brad Scott says investors remain "very
wary."
According to Dow Jones Newswires, ASIC's comments support
Salomon Smith's underweight call on Coles Myer's AUD bonds,
rated at BBB+/Baa2.
NEWCREST MINING: Completes Equity Placement
-------------------------------------------
Gold miner Newcrest Mining Ltd has successfully completed its
overnight capital raising, selling 31.7 million shares at A$6.80
each, raising A$216 million.
According to a Dow Jones Newswires report, the placement was
well subscribed by a combination of domestic and international
institutions, with the new shares to be allotted on September
20.
Proceeds of issue will presumably help fund the Telfer project.
The equity raising was conducted in an overnight bookbuild
underwritten by Credit Suisse First Boston (CSFB) and JB Were.
NEWCREST MINING: Falls 8.2% Following Placement
-----------------------------------------------
Shares of Newcrest Mining have slipped 8.2 percent, at A$6.75,
following overnight placement of 31.7 million ordinary shares at
A$6.80/share, Dow Jones Newswires reported.
Stock has run up strongly in past few days after an article came
out saying Barrick Gold Corp. was going to take it over.
================================
C H I N A & H O N G K O N G
================================
RBG GLOBAL: Winding Up Hearing Set for October 30
-------------------------------------------------
The date for hearing of the petition to wind up RBG Global S.A.
Limited is scheduled for October 30, 2002 at 10:00 a.m. at the
High Court of Hong Kong.
RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., filed the
petition with the said court last August 3, 2002.
SACKVILLE INCORPORATED: Faces Winding Up Petition
-------------------------------------------------
RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., is seeking
for the winding up of Sackville Incorporated.
The petition was filed on August 3, 2002, and will be heard
before the High Court of Hong Kong on October 30, 2002 at 10:00
a.m.
SEYMOUR INVESTMENTS: Winding Up Petition Hearing Set
----------------------------------------------------
The petition to wind up Seymour Investments Limited was set for
hearing before the High Court of Hong Kong on October 30, at
10:00 am.
RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., filed the
petition with the said court last August 3, 2002.
SINCERE DRAGON: Court Schedules October Winding-Up Hearing
----------------------------------------------------------
RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., is seeking
for the winding up of Sincere Dragon Industries Limited.
The petition was filed on August 3, 2002 at the High Court of
Hong Kong, and will be heard before the said court on October
30, 2002 at 10:00 a.m.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: Back in the Black in First Half
----------------------------------------------------
Auto giant PT Astra International reported a net profit of 2,207
billion rupiah for the six months ended June 30, 2002, against a
loss of 993 billion rupiah in the same period of last year.
Earnings per share were recorded at 848 billion rupiah compared
to a loss of 395 billion rupiah in the previous year.
The results were not audited.
TCR-AP reported earlier this month that Astra, 32 percent owned
by Singapore's Cycle & Carriage Ltd., sold 15 percent fewer cars
in August compared with the same month in the previous year as
domestic sales dropped.
The company's sales of assembled Toyota Motor Corp., Isuzu
Motors Ltd., Daihatsu Motor Co. vehicles and other models fell
to 14,432 units in August from 16,965 the same month a year
earlier.
According to dealers, the decline was likely attributable to
Astra's late launch of its new Toyota commercial vans towards
the end of August, when its competitors had already unveiled new
models.
BANK CIC: Shareholders Inject US$15M
-------------------------------------
Shareholders of PT Bank CIC International, which focuses on
trade finance offering credit to finance exports and imports,
have decided to put up US$15 million to back the ailing bank,
Asia Pulse reported.
Bank Director Anthony C. Kartawiria said CIC had further
received a standby fund of US$75 million including Rp270 billion
(US$30 million) in local currency.
The fund will be used as a standby fund in its right issue
planned by the end of this year after approval from Bank
Indonesia. CIC plans right issue to strengthen its capital.
The central bank has included CIC in its listed of banks under
its surveillance for financial problems caused by mismanagement
under its previous management.
CIC has been reported to have failed to meet its debt
obligations in letter of credits valued at Rp643.4 billion in
2001. Its shareholders propped up the bank by injecting fresh
funds amounting to Rp253.9 billion to strengthen its capital
last year.
BANK NIAGA: Commerce Asset Still Interested in Indonesian Bank
--------------------------------------------------------------
Commerce Asset-Holding Bhd (CAHB), Malaysia's second largest
lender, is almost certain to become a new owner of Bank Niaga as
it is the only player willing to buy the 51 percent stake of the
bank above the basic price.
TCR-AP reported earlier CAHB has offered to buy the 51 percent
stake in Bank Niaga at 26.5 rupiah per share against the floor
price of 24.84 rupiah per share.
The Indonesian government remains hopeful CAHB will come out as
the winner in the bid for Bank Niaga shares.
"I think Commerce Malaysia's interest is very high. We also have
to see it from the aspect of price to book value ratio," State
Minister for State Firms Laksamana Sukardi said before meeting
with House Commission V.
CAHB, however, has yet to wait for the result of a fit and
proper test by Bank Indonesia, said Syafruddin Temenggung,
chairman of the Indonesian Bank Restructuring Agency (IBRA).
The final bid reportedly could bring in around 1.06 trillion
rupiah (US$119 million) for the IBRA, which owns around 97
percent of Bank Niaga.
=========
J A P A N
=========
DAIWA SECURITIES: Faces Compensation Claims From Clients
--------------------------------------------------------
More than 20 clients of Daiwa Securities Group Inc. filed a
lawsuit on Tuesday with the Nagoya District Court seeking more
than 300 million yen in compensation, claiming they were cheated
of millions of yen, Kyodo News reported Sunday.
The plaintiffs claim a former employee at a Nagoya branch of the
major brokerage house encouraged clients to invest from 1997 to
2001, stressing the brokerage guaranteed her special
arrangements to purchase shares in blue chips cheaply.
HOKKAIDO INTERNATIONAL: Files Reconstruction Plan With Court
------------------------------------------------------------
Insolvent Hokkaido International Airlines, widely known as Air
Do, has filed with the Tokyo District Court a reconstruction
plan that calls for a 100 percent cut in its 7.2 billion yen
(58.9 million US dollars) capital to pay its debts, Japan's
Kyodo News and Xinhua News Agency reported Tuesday.
Air Do, which is now in the process of court-mandated
restructuring with support from All Nippon Airways (ANA), also
plans to call on its creditors to give up 90 percent of their 4
billion yen (32.7 million dollars) in investments.
The airline will hold a meeting with creditors in November to
solicit their support for the reconstruction scheme.
With closer ties with ANA, Air Do aims to return to
profitability next year.
HOKKAIDO INTERNATIONAL: Signs Alliance Agreement With All Nippon
----------------------------------------------------------------
All Nippon Airways (ANA), and Hokkaido International Airlines
(Air Do) signed a basic alliance agreement to start code-share
operations and implement a variety of measures aimed at
realizing efficiencies and enhancing services and revenues.
"By providing more frequencies and increased convenience between
Tokyo's Haneda airport and Sapporo, this is yet another way we
are ensuring the competition in the Japan market remains forever
in our rear view mirror," said Yoji Ohashi, ANA's President and
CEO. "However, the real winners in this agreement will be
travelers and the local economy of Hokkaido."
"This is the first phase of Air Do's restructuring program under
the terms of the Civil Rehabilitation Law that will permit the
Company to reinvent itself as the 'Wings of Hokkaido' while
still providing the same low fares on an even lower cost base,"
said Koichiro Ono, executive Vice President. "ANA is proud to be
providing Air Do industry-leading managerial expertise in a
variety of functions to enable it to rationalize costs and
stabilize sales revenues."
The basic alliance agreement between ANA and Air Do is
essentially a contract whereby the basic foundation of airline
operations will be entrusted to ANA in order for both to realize
greater efficiencies on a larger scale of economy. The items of
which will be implemented individually and successively.
Details of the proposed points of the basic alliance agreement
may be found below.
1.Code-share - Apply the ANA code designator to all six
roundtrip flights operated by Air Do between Tokyo (Haneda) and
Sapporo (Chitose) starting February, 2003.
ANA will purchase 50 percent of Air Do's seating capacity
utilizing a hard-block method.
Establishment of fares and seat allocation to be managed
independently
2.ANA able (Reservations, Ticketing, Boarding and Settlement
System)
Air Do to switchover to ANA's able system.
Reservations and ticketing start December, 2002.
Boarding and settlement functions start February, 2003.
Reservations and ticketing on Air Do flights expanded to all
travel agencies (approx. 800, approx. 6,500 machines installed)
contracted to use the able system throughout Japan.
ANA Reservations Center to handle Air Do flights beginning
December 2002, significantly increasing answering hours and
other performance percentages.
Check-in and ticketing on Air Do flights will be possible at ANA
manned and automated check-in and ticketing counters at both
Tokyo's Haneda and Sapporo's Chitose airports in addition to
services already provided at Air Do's counters starting February
2003.
3. Aircraft Maintenance Operations
Implementation starts October 2002
Introduction of aircraft commonality, Air Do to receive access
to spare engine parts from ANA fleet of over 50 Boeing 767
aircraft.
Transfer of heavy engine and other maintenance operations to
ANA.
4. Other
Joint aircraft parts purchasing, flight and cabin crew training
and shared use of training facilities.
All Nippon Airways Co., Ltd. - svc.ana.co.jp/eng/index.html -
provides passenger and freight transportation on domestic and
international routes. Operations are carried out through the
following sectors: air transportation (transportation, various
support services at airports, aircraft services, telephone
booking/information services); travel services (planning and
sale of package tour products, travel-related services at
destinations, sale of tickets and travel goods); hotels (hotel
operations in Japan and abroad); other operations
(information/communication, trading/retailing, real estate,
building management/administration, trucking, distribution,
aircraft interior equipment repairs). Air transportation
accounted for 75 percent of fiscal 2002 revenues; travel
services, 12 percent; hotels, 5 percent and other operations, 8
percent.
For further information, contact All Nippon Airways Co., Ltd.'s
Fred Tanaka, Public Relations, at telephone 81(0)3-5756-5683 or
via e-mail at f.tanaka@ana.co.jp.
MYCAL CORP: Aims to Invest Y11B in Outlets to Boost Profits
-----------------------------------------------------------
Struggling supermarket operator Mycal Corp. is planning to
invest 11 billion yen in renovating almost all of its outlets
starting this year, Japan Times said Tuesday, citing Aeon Co
official Keiichi Enomoto.
The Company said the scheme would help increase sales and
profits.
Mycal has refrained from new investments because its first
priority has been to pay off its debts.
The firm will start maintenance work after obtaining approval
from the Tokyo District Court, to which it filed for protection
from creditors.
As of September 1, Mycal had 121 outlets nationwide.
Aeon Co. is a major retailer that is helping Mycal's
rehabilitation.
NISSHO IWAI: Signs Bluefin Tuna Import Deal With Turkish Firm
-------------------------------------------------------------
Nissho Iwai Corporation has signed a contract with a fisheries
Company in Turkey under which the latter will fatten bluefin
tuna for some six months after catching, then export the product
to Japan, Asia in Focus reported Tuesday.
The name of the Turkish firm was not mentioned in the report.
The Japanese firm will supply the technology for the cultivation
and start importing around 500 tons of tuna a year, starting as
early as October.
Japan has traditionally imported tuna from Australia, Spain and
other Mediterranean countries, but Turkey offers new locations
for cultivation of the fish.
Japanese demand for cultivated tuna has increased thanks to
stable prices and the popularity of fatty tuna.
Last year, Nissho Iwai suffered from a very weak financial
profile, characterized by high debt-usage and very weak
financial flexibility caused by its heavy reliance on short-term
bank borrowings, TCR-AP reports.
The firm has total debts of Y2.4 trillion at the end of
September 2001.
=========
K O R E A
=========
HYUNDAI MERCHANT: CEO Sacks Nine Executives
-------------------------------------------
No Jung-ik, Chief Executive Officer (CEO) of Hyundai Merchant
Marine Co, decided to slash the firm's executive-level officials
on Monday, Digital Chosun reports.
The CEO also reshuffled personnel and retiring seven Executive
of the firm, including two Vice Presidents.
Reports said creditor banks of the shipping giant have been
pressuring the management of the Company to cut executives who
have not measured up to expectations.
According to TCR-AP, Hyundai Merchant as of March 31, 2002 has
current assets of $1.2 billion against current liabilities of
$2.3 billion.
KOREA ELECTRIC: Selling 51% of Power Unit in January
----------------------------------------------------
The Korea Electric Power Corp (KEPCO) will sell up to 51 percent
of one power-generation affiliate to a buyer by the end of
January 2003.
KEPCO then plans to sell a stake of 16 to 25 percent in unit
Korea South-East Power Co to the public by the end of 2003.
The government is selling five KEPCO thermal power affiliates
starting this year as part of its privatization scheme.
LG ELECTRONICS: Offering W200B Local Bonds, $200M Overseas FRNs
---------------------------------------------------------------
LG Electronics Co. will offer 200 billion won of three-year
unsecured bonds on September 17, Dow Jones reports.
The Company is also in the process of issuing $200 million of
floating rate notes overseas.
The domestic unsecured bonds will carry an annual coupon rate of
5 percent, and issue yield of 5.66 percent.
Reports said that apart from the local bond offering, the
Company started to market recently $200 million of FRN's in the
international markets.
An unnamed official said the proceeds from the dollar-
denominated FRN's would be used for refinancing debt as well as
for operations.
The FRNs comprise two $100 million tranches, the first with a
two-year maturity and the other with a three-year maturity.
The FRNs will likely be issued mid-October.
Citibank/Salomon Smith Barney, Kookmin Bank (KB) and Shinhan
Bank are jointly lead managing the overseas deal.
Followings are details of the local unsecured bonds offer,
according to the disclosure to the FSS.
Amount: KRW200 billion
Maturity Date: Sept. 17, 2005
Settlement Date: Sept. 17, 2002
Coupon Rate: 5.00 percent
Coupon Frequency: Quarterly
Issue Price: 98.19
Issue Yield: 5.66 percent
Debt Rating: AA- (Korea Investors Service Inc.)
AA- (National Information & Credit
Evaluation Inc.)
Lead Manager: SK Securities
SEOUL BANK: Launches Online Currency Market
-------------------------------------------
Seoul Bank announced that it would open a cyber foreign exchange
market on Tuesday, Asia Times reports.
In the cyber FX market, individuals and companies will present
their buy and sell prices, while Seoul Bank will settle the
transactions.
DebtTraders reports that Seoulbank's 3.791 percent floating rate
note due in 2006 (BKSE06KRN1) trades between 97 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1
===============
M A L A Y S I A
===============
AMSTEEL CORPORATION: Holds Meeting With Creditors
-------------------------------------------------
The Directors of Amsteel Corporation Berhad (ACB) wishes to
announce that the meetings of the following companies with the
following categories of creditors were held earlier on Monday
and the voting results are as disclosed in the table below.
The rest of the scheme meetings for the subsidiary companies of
ACB, namely Avenel Sdn Bhd, Lion Mutiara Parade Sdn Bhd, Lion
Seremban Parade Sdn Bhd, Visionwell Sdn Bhd and Lion Ipoh Parade
Sdn Bhd will be held on 18 September 2002 whilst the scheme
meeting for Silverstone Berhad will be held on 26 September
2002.
Categories of Creditors Votes in Favor
ACB (Note 1)
Meeting of Unsecured Creditors Class 1 99.96% in value
and 96.67%
in number
Meeting of Unsecured Creditors Class 2 100%
Meeting of Unsecured Creditors Class 3 100%
Meeting of Unsecured Creditors Class 4 100%
Meeting of Non-Financial Institutional Creditors 100%
Araprop Development Sdn Bhd (Note 1)
Meeting of Secured Creditors 100%
Meeting of Non-Financial Institutional Creditors 100%
Akurjaya Sdn Bhd (Note 1)
Meeting of Secured Creditors 100%
Meeting of Unsecured Creditors 100%
Ambang Jaya Sdn Bhd (Note 1)
Meeting of Secured Creditors 100%
Ayer Keroh Resort Sdn Bhd (Note 1)
Meeting of Secured Creditors 100%
Amsteel Finance International B.V. (Note 2)
Meeting of holders of Floating Rate Notes 92.50%
US$100 million in value
Meeting of holders of Floating Rate Notes 85.71%
US$40 million in value
ACB (Note 2)
Meeting of holders of Floating Rate Notes 95.42%
US$140 million in value
Notes:
1. For these companies, the Proposed Scheme is implemented via
Section 176 of the Companies Act, 1965 where the requisite
approval being a majority in number (that is more than 50%
present and voting in number) representing three quarters in
value is required to agree to the Proposed Scheme.
2. The requisite approval is determined under the relevant
agreements governing the respective Floating Rate Notes.
ANGKASA MARKETING: Calls for Meeting With Creditors
---------------------------------------------------
The Directors of Angkasa Marketing Berhad (AMB) wishes to
announce that the meetings of AMB with the following categories
of creditors convened pursuant to Section 176 of the Companies
Act, 1965 were held earlier on Monday and the voting results are
as disclosed in the table below.
Categories of Creditors Votes in Favor
Meeting of Unsecured Creditors Class 1 100%
Meeting of Unsecured Creditors Class 2 100%
EMICO HOLDINGS: Shareholders Give Nod to Proposals
--------------------------------------------------
On behalf of the Board of Directors of Emico Holdings Berhad,
Affin Merchant Bank Berhad is pleased to announce that all the
resolutions in respect of the Proposals as contained in the
Notice of Extraordinary General Meeting (EGM) dated 22 August
2002, have been approved by the shareholders of Emico at the EGM
of the Company held on Monday, 16 September 2002.
The Proposals mentioned include the following:
* Proposed debt restructuring scheme;
* Proposed two-call rights issue
* Proposed employee share option scheme; and
* Proposed increase in authorized share capital
KIARA EMAS: Disposes Two Properties
-----------------------------------
On 24 May 2002, in conjunction with the announcement of the
unaudited fourth quarter results for the financial period ended
31 March 2002, Kiara Emas Asia Industries Berhad had included
under Note 17(ii) in respect of Material Events Subsequent to
End of Reporting Period details of the disposal of two
properties.
Further, on 30 August 2002, in conjunction with the announcement
of the unaudited fifth quarter results for the financial period
ended 30 June 2002, the Company included under Note 8(i) in
respect of Status of Corporate Proposals further details of
these transactions subsequent to previous announcement.
The Company has now been requested by the Exchange to make a
separate general announcement of these transactions for public
release. Accordingly, this announcement is made pursuant
thereto.
On 11 April 2002, two adjoining (2) properties held under GM121
Lot 837 (New Lot No. 3085) and GM253 Lot 3387, Mukim & District
of Petaling, Selangor, registered in the names of two
subsidiaries namely, Hup Lee Coachbuilders Sdn Bhd (HLC) and Hup
Lee Coachbuilders Holdings Sdn Bhd (HLCH) respectively were
publicly auctioned at their reserved prices of RM4.5 million and
RM2.7 million respectively. The auctions were held in pursuance
of the Order of the Pentadbir Tanah Petaling, Selangor Darul
Ehsan. The principal coachbuilding production facilities were
located on these properties. These properties had been charged
to Public Finance Berhad (PFB) in 1998 to secure a banking
facility of RM3.2 million granted to the Company and which is in
default. No valuation reports have been commissioned for these
properties.
The property registered in the name of HLCH, measuring
approximately 1.824 acres with a total net book value of RM5.97
million as at 31 March 2001 was successfully auctioned off for
RM3.351 million. The said net book value of RM5.97 million
comprise freehold land of RM2.292 million and factory / office
buildings of RM3.679 million with the latter value recorded in
the books of HLC. This property was acquired in the financial
year ended 31 March 1994 for RM1.986 million in cash. The net
proceeds from the auction amounting to RM3.349 million was paid
to PFB on 3 September 2002. Accordingly, the disposal of the
property has been completed. The balance redemption sum payable
to PFB on or before 30 September 2002 is RM0.861 million.
The property registered in the name of HLC, measuring
approximately 3.062 acres of freehold land with a net book value
of RM3.0 million as at 31 March 2001 was not sold at the
auction. This property was acquired in January 1997 for a cash
consideration of RM3.0 million. Subsequently, a conditional sale
and purchase agreement was executed on 16 May 2002 with Park
World Recreation Sdn Bhd for the sale of this property for a sum
of RM4.0 million in cash subject to inter alia the approval of
the High Court of Malaya at Seremban which had earlier granted a
Restraining Order pursuant to Section 176 of the Companies Act
1965 to the Company, HLC and HLCH. This disposal value of RM4.0
million was negotiated on a willing buyer-willing seller basis
after taking into account the reserved price of RM4.5 million
for purposes of the public auction held on 11 April 2002 and
which was unsuccessful. A deposit of RM400,000 has been paid by
the purchaser to the solicitors as stakeholders which is to be
released to HLC upon fulfillment of all conditions precedent in
the said sale and purchase agreement. As at the date hereof, one
of the conditions precedent is still not fulfilled yet i.e. the
written consent of PFB to defer the next auction date to sell
the property pending the completion of the private treaty sale.
The completion date is 3 months from the date that all
conditions precedent have been fulfilled and which includes an
automatic time extension of 1 month. The said approval of the
High Court was obtained on 10 June 2002. The net sale proceeds
of approximately RM3.0 million will be utilized for payment of
overheads and restructuring expenses.
These transactions are not subject to the approval of
shareholders and the relevant government authorities. These
disposals have no effect on the business operations of the
Group, which had already ceased. As a result of these disposals,
the Group is expected to incur a net loss of about RM1.7million,
which represents about 4.2 sen per share.
None of the directors and/or major shareholders and/or persons
connected with a director or major shareholder has any interest,
direct or indirect, in these transactions. The Board of
Directors is of the opinion that these disposals are in the best
interests of the Company.
Shareholders who wish to inspect the Sale and Purchase Agreement
in respect of the disposal of property by HLC may do so during
the normal business hours at the Registered Office at Second
Floor, Union Commercial Centre, 433 Jalan Temiang, 70200
Seremban, Negeri Sembilan from Mondays to Fridays (except public
holidays) for a period of three (3) months from the date of this
announcement.
KILANG PAPAN: Granted Extension of Time by KLSE
-----------------------------------------------
Kilang Papan Seribu Daya Berhad is pleased to announce that the
Kuala Lumpur Stock Exchange has granted an extension of time to
31 December 2002 to enable the Company to obtain all the
necessary approvals from the regulatory authorities for the
proposed debt and equity restructuring scheme.
As reported earlier by TCR-AP, there is no material change to
the Company's plan to regularize its financial condition from
the plan announced on 15 January 2001.
KRETAM HOLDINGS: SC Approves Restructuring Plan
-----------------------------------------------
Alliance Merchant Bank Berhad wishes to announce on behalf of
the Board of Directors of Kretam Holdings Berhad (KHB) that the
Securities Commission (SC) had vide its letter dated 11
September 2002 approved the Proposed Restructuring Scheme of KHB
and the Proposed Offer for Sale as follows:
1. (i) The reduction of the existing issued and paid-up share of
KHB by way of reduction of RM0.50 for each existing ordinary
share of RM1.00 each and thereafter, the consolidation of every
two (2) ordinary shares of RM0.50 each into one (1) ordinary
share of RM1.00 each, as proposed;
(ii) The issuance of up to 37,915,141 new KHB Shares,
RM131,338,954 nominal value of Redeemable Convertible Secured
Loan Stocks (RCSLS)-A, RM15,960,750 nominal value of RCSLS-A-1,
RM64,270,853 nominal value of RCSLS-B and RM35,000,000 nominal
value of RCSLS-C, RM87,406,000 nominal value of ICULS and
31,305,000 warrants (with the exercise price of the warrants
fixed at RM1.00 per warrant) to repay the outstanding debts owed
to the creditors. Approval is granted for the issuance of RCSLS
and ICULS based on representations made by Alliance and KHB
together with the terms and conditions (with the conversion
price of RCSLS and ICULS at RM1.00), as proposed;
(iii) Renounceable rights issue of 26,313,375 new KHB Shares
with 26,313,375 free detachable warrants on the basis of one (1)
new KHB Share with one (1) free warrant for every two (2)
existing KHB Shares held after the Proposed Capital
Reconstruction at an issue price of RM1.00 per Share;
(iv) Offer for sale by the lenders of KHB of up to
(a) RM33,541,000 nominal value of ICULS at an offer price of
RM1.00 per RM1.00 nominal amount of ICULS; and
(b) 31,305,000 warrants at an offer price of 20 sen per warrant
to the existing shareholders of KHB on the basis of RM1.00
nominal value of ICULS and one (1) warrant for every two (2)
existing KHB Shares held after the Proposed Capital
Reconstruction; and
(v) Listing and quotation of all the new KHB Shares, ICULS and
warrants of KHB to be issued pursuant to the Proposed
Restructuring Scheme, and all new KHB Shares to be issued
pursuant to the conversion / exercise of above RCSLS, ICULS and
warrants, as proposed.
The SC took note that the proceeds from the Proposed Rights
Issue will be utilized for core business of KHB in the manner as
set out in the table below.
RM'000
Payment of the upfront cash interest on
RCSLS-A, RCSLS-A-1, RCSLS-B and RCSLS-C 6,179
Capital expenditure for mill operation 3,000
Plantation development expenditure, 10,000
Working capital for the plantation and mill operations 4,134
Estimated restructuring expenses 3,000
======
Total 26,313
Nevertheless, the following conditions in respect of the
utilization of proceeds must be met:
(i) The approval of the SC is required for any revision on the
utilization of proceeds if the revision is in relation to the
non-core business of KHB;
(ii) The approval of the shareholders of KHB is required for the
aforesaid utilization and for any revision that deviate by 25%
or more from the original utilization of proceeds. If the
deviation is less than 25%, the appropriate disclosure would
need to be made to the shareholders of KHB;
(iii) Any extension of time set by KHB for the completion of
utilization of proceeds is to be approved by a final resolution
by the Board of Directors of KHB and disclosed in full to the
KLSE; and
(iv) The appropriate disclosure has to be made on the status of
utilization of proceeds in the quarterly announcements and
annual reports of KHB until the proceeds are fully utilized.
The approval of the SC as stated above is subject to the
following conditions:
(i) KHB is required to provide written undertaking on the
following:
(a) The Company will ensure the implementation of the proposed
rationalization;
(b) KHB will provide an alternative / contingency plan to ensure
that the Company has sufficient proceeds for the redemption of
the RCSLS in the event that the rationalization cannot be
implemented as proposed, or that the proceeds from the proposed
rationalization is less than the estimated proceeds. In this
respect, KHB is required to inform the SC on the alternative /
contingency plan and disclose the same in its Circular to
shareholders;
(ii) KHB is required to inform the SC on the status of
implementation of the proposed rationalization, including the
details of the proceeds from the proposed rationalization as
compared with the estimated proceeds;
(iii) KHB is required to disclose the status of implementation
of the proposed rationalization in its quarterly announcements
and annual report;
(iv) KHB is required to disclose the following in its Circular
to shareholders:
(a) the conditions of approval as set out in 3(i) to 3(iii)
above;
(b) the profit forecast of KHB, including the implication of the
proposed rationalization as well as the situation where all the
warrants are not exercised by the warrant holders. KHB is also
required to disclose the risks attached to the assumption of the
full exercise of the warrants in its projection;
(c) status of the proposed rationalization and details of the
alternative/contingency plan;
(v) Alliance / KHB are required to furnish the draft Circular to
the SC for its approval;
(vi) Alliance / KHB are required to furnish the draft Abridged
Prospectus for the consideration of the SC and registration with
the SC;
(vii) any future proposal involving Innosabah Securities Berhad
(ISB) must comply with all the relevant guidelines / framework
in respect of the merger of stockbroking companies;
(viii) KHB is required to take appropriate measures (including
legal action) to recover the losses incurred by ISB in the
previous financial years;
(ix) With respect to the SC's approval on RCSLS and ICULS:
(a) SC's approval must be obtained on any amendments to the
terms and conditions in relation to the issuance of the RCSLS
and ICULS; and
(b) Before the RCSLS and ICULS are issued, Alliance must provide
the SC with the signed trust deed to the SC;
(x) The Company is required to comply with the SC's Policies and
Guidelines on Issue/Offer of Securities; and
(xi) The Company is required to obtain the approvals of other
relevant authorities and comply with the conditions imposed, if
any.
LION CORPORATION: Holds Debt Rehab Meeting With Creditors
---------------------------------------------------------
The Directors of Lion Corporation Berhad (LCB) wishes to
announce that the meetings of the following companies with the
following categories of creditors convened pursuant to Section
176 of the Companies Act, 1965 were held earlier on Monday and
the voting results are as disclosed below.
Categories of Creditors Votes in Favor
Lion Construction & Engineering Sdn. Bhd.
Meeting of Secured Creditors 100%
Meeting of Unsecured Creditors 100%
Meeting of Non-Financial Institutional Creditors 100%
LCB
Meeting of Secured Creditors Class 1 100%
Meeting of Secured Creditors Class 2 100%
Meeting of Unsecured Creditors 100%
The scheme meeting for Megasteel Sdn Bhd, a subsidiary company
of LCB, will be held on 25 September 2002.
LION LAND: Holding Debt Restructuring Meeting With Creditors
------------------------------------------------------------
The Directors of Lion Land Berhad (LLB) wishes to announce that
the meetings of JOPP Builders Sdn Bhd, which is a subsidiary
company of LLB, with the following categories of creditors
convened pursuant to Section 176 of the Companies Act, 1965 were
held earlier on Monday and the voting results are as disclosed
in the table below.
Categories of Creditors Votes in Favor
Meeting of Unsecured Creditors 100%
Meeting of Non-Financial Institutional Creditors 96.87% in value
and 97.78% in
number
The scheme meetings for LLB and its subsidiary companies, namely
Lion Klang Parade Bhd and LLB Suria Sdn Bhd will be held on 18
September 2002 whilst the scheme meeting for Amsteel Mills Sdn
Bhd will be held on 26 September 2002.
MBF CAPITAL: FIC Gives Nod on Debt Rehab Plan
---------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBf Capital Berhad, wishes to announce that the
Foreign Investment Committee had, on 5 September 2002, approved
the Company's proposals.
The proposals include:
I. Proposed Capital Reduction;
II. Proposed Consolidation;
III. Incorporation of Perfect Utilization Sdn Bhd;
IV. Proposed Scheme of Arrangement;
V. Proposed Subsidiary Debt Restructuring and Debt Settlement;
VI. Proposed Internal Reorganization;
VII. Proposed Transfer of Listing Status;
VIII. Proposed Liquidation/Disposal; and
IX. Proposed Acquisitions
METACORP BERHAD: Appoints New Board of Director
-----------------------------------------------
Maj. Gen. (R) Dato' Mohd Ramli bin Ismail has joined Metacorp
Berhad's board as non independent & non executive director
effective 13 September 2002.
The new director used to work with General Manager,
Administration & Services, MTD Capital Bhd from 1996 to 2001. He
was also connected with Angkatan Tentera DiRaja Malaysia from
1962 to 1996.
Metacorp is involved in the infrastructure, properties and
energy business.
NGIU KEE: Resumes Trading of Shares at KLSE
-------------------------------------------
Further to Listing Circular No. L/Q 15011 of 2002, trading of
Ngiu Kee Corporation (M) Berhad's shares has resumed with effect
from 9.00 a.m., Tuesday, 17 September 2002.
Kuala Lumpur Stock Exchange suspended the said shares with
effect from 9.00 a.m., Friday, 13 September 2002.
PARIT PERAK: Saw Eng Guan Steps Down as Audit Committee Member
--------------------------------------------------------------
Parit Perak Holdings Berhad said that Saw Eng Guan has resigned
as Independent & Non Executive Member of the Audit Committee and
as Director of the Board effective September 13.
With Saw Eng Guan's resignation, the Committee now consists of
Dato' Zakaria Bin Bakar (Chairman - Independent Non-Executive
Director), and Dr Regina Noran Bt Nuruddin (Member - Independent
Non-Executive Director).
Early this month, TCR-AP reported that Pengurusan Danaharta
Nasional Berhad appointed Special Administrators (SA) for Parit
Perak Holdings on 29 August 2002 under Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998.
The SA has now taken control and possession of Parit Perak
Holding's assets and records. Subject to the outcome of an
assessment of the Company's financial position, the SA shall as
soon as reasonably practicable from the date of his appointment
prepare and submit to Danaharta a proposal setting forth the
Special Administrator's plan with respect to the affected
person.
RENONG BERHAD: SC Approves Prolink Disposal
-------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Renong Berhad, had
submitted on 19 June an application to the Securities Commission
(SC) seeking a waiver from obtaining the approval of the SC as
required under Chapter 18 Paragraphs 18.04 and 18.05 of the SC's
Policies and Guidelines on Issue/Offer of Securities in respect
of the disposal of land by Prolink Seaview Sdn. Bhd., Prolink
Rise Sdn. Bhd. and Prolink Greens Sdn. Bhd., all wholly owned
subsidiaries of Prolink Development Sdn. Bhd., which in turn is
a 64%-owned subsidiary of Renong.
Aseambankers, on behalf of Renong, is pleased to announce that
the SC had vide its letter dated 12 September 2002 (received on
13 September 2002) approved the abovementioned waiver
application in respect of the Disposals.
In this connection, all the conditions precedent in respect of
the disposal of 115.866 acres of freehold land situated at Mukim
of Pulai, District of Johor Bahru, Johor Darul Takzim and Mukim
of Tanjung Kupang, District of Johor Bahru, Johor Darul Takzim
to Hektar Klasik Sdn. Bhd. for a total cash consideration of
RM32,806,299.24 have been fulfilled.
TIME DOTCOM: Faces Trading Suspension at KLSE
---------------------------------------------
On 16 September 2002, TIME dotCom Berhad has made a request to
the Kuala Lumpur Stock Exchange for the suspension of its
counter with effect from 9.00 a.m. Tuesday, 17 September 2002.
The reason for the request of suspension is:
The Company is proposing to dispose of its entire equity
interests in a wholly owned unlisted subsidiary to Maxis
Communications Berhad.
The proposed disposal is deemed material as it involves the
disposal of one of its major subsidiary.
Currently, the proposal disposal is in the final stages of
negotiations. Both companies are expected to sign a sale and
purchase agreement today.
TIME DOTCOM: Selling Major Unit to Maxis
----------------------------------------
Maxis Communications Berhad, Malaysia's largest mobile phone
company, is proposing to acquire from communications operator
Time dotCom Berhad, its entire equity interest in one of its
wholly owned subsidiaries.
Currently, the proposed acquisition is in the final stages of
negotiations. Maxis intends to sign the sale and purchase
agreement today, 18 September 2002.
Meanwhile, Maxis Communications said that the Kuala Lumpur Stock
Exchange has approved Maxis' request to suspend the trading in
its shares effective 17 September 2002.
UH DOVE: Low Yew Hwa Steps Down as Audit Committee Member
---------------------------------------------------------
UH Dove Holdings Bhd said that Low Yew Hwa has resigned as Non
Independent & Non Executive Member of the Audit Committee
effective 16 September 2002.
UH Dove did not disclose the reason for his resignation.
In a related development, UH Dove had on the same day appointed
Abdullah Bin Haji Sulaiman as Independent & Non Executive Member
of the Audit Committee and Director of the Board.
Audit Committee is now composed of Mr. Loong Foo Ching
(Chairman), Mr. Ng Sing Hwa (Member), and Encik Abdullah Bin
Haji Sulaiman (Member).
WOO HING: Replies to KLSE Query Re Workout Proposal
---------------------------------------------------
On behalf of Woo Hing Brothers (Malaya) Berhad, Commerce
International Merchant Bankers wishes to announce the additional
information requested by the KLSE via its letter dated 12
September 2002. Please refer to
http://bankrupt.com/misc/woo_hing.pdf.
Workout Proposal in accordance with Section 44 of the Pengurasan
Danaharta Nasional Berhad Act 1998, as amended by Pengurusan
Danaharta Nasional Berhad (Amendment) Act 2000, which
encompasses the following:
(A) Kamdar proposals, which comprise the following:
(i) Proposed acquisition of revenue-based companies;
(ii) Proposed acquisition of asset-based companies;
(iii) Proposed share swap;
(iv) Proposed restricted renounceable offer for sale (ROS)
Package A;
(v) Proposed ROS Package B;
(vi) Proposed cash and securities transfers;
(vii) Proposed placement by the vendors;
(viii) Proposed put option granted by the vendors to the
creditors of WHB;
(ix) Proposed transfer of the listing status of WHB on the
second board of the Kuala Lumpur Stock Exchange (KLSE) to
Positive Noble Sdn Bhd (PNSB);
(x) Proposed transfer of the listing status of PNSB from the
second board of the KLSE to the main board of the KLSE;
(xi) Proposed disposal of WHB;
(B) Proposed sale of Watch Business and Properties;
(C) Proposed debt settlement; and
(D) Proposed liquidation of WHB and its subsidiaries
=====================
P H I L I P P I N E S
=====================
ALL ASIA: Depositors Have 16 Months to Claim Their Money
--------------------------------------------------------
Depositors of All Asia Bank Corporation have 16 months to file
their claims for insured deposits, Asia Pulse reported Tuesday.
Philippine Deposit Insurance Corporation (PDIC) Vice President
Elenita Vidal said the prescriptive date of filing claims for
insured deposits is on January 24, 2004 pursuant to the
provisions of law.
The PDIC representatives are stationed at the All Asia Bank head
office along San Pedro Street, this city until September 24,
2002 to accept and process claims and entertain queries of
depositors.
The PDIC has been accepting claims for payment of insured
deposits since August 27, after all branches of All Asia Bank
were padlocked by PDIC when its owners surrendered the bank's
license to Banko Sentral ng Pilipinas.
PDIC officials have assured depositors they will get their money
back after they shall have finished the inventory and assessment
of the bank's assets.
PDIC would pay insured deposits of up to P100,000 (US$1,909).
Earlier, Veronica Dionesio of PDIC in Manila, said that if a
depositor has cash savings of more than P100,000, the remaining
balance will be paid by the bank after it has liquidated all its
assets and liabilities.
Reports said the owner failed to put up additional
capitalization as required by the Banko Sentral ng Pilipinas.
BASES CONVERSION: PhilRatings Downgrades Rating to Baa
------------------------------------------------------
The rating for Bases Conversion Development Authority's (BCDA)
P1.2 billion bonds has been changed from PRS A to PRS Baa,
PhilRatings announced. BCDA applied for a rating for P2.0
billion in bonds in 2001. Of the total amount, P1.2 billion has
been issued.
A PRS Baa rating is defined as: "Neither highly protected nor
poorly secured; interest payments and principal security appear
adequate for the present but certain protective elements may be
lacking or may be characteristically unreliable over any great
length of time."
In arriving at the rating, PhilRatings considered BCDA's
currently weak earnings generation and difficulties in
receivable collection resulting in reduced cash flows compared
to initially set targets; continuing sluggish demand for
industrial and commercial properties which may hinder BCDA's
planned asset disposition programs; and actual and potential use
of BCDA funds for national government projects.
BCDA is currently dependent on a few major lessees. The weak
credit profile of CJH Development Corporation and the lease
contract dispute with Manila International Airport Authority
have resulted in difficulties in collection and no immediate
settlement of the disputed issues appear to be forthcoming.
Still, BCDA continues to be rated investment-grade taking into
consideration the following: conservative capital structure;
access to official development assistance from foreign aid and
multilateral agencies with favorable funding cost and maturity
profile; and large portfolio of properties supported by existing
and proposed infrastructure.
At present, the group's major on-going infrastructure project is
the construction of the 92.7-kilometer Subic-Clark-Tarlac (SCT)
toll expressway. The toll road is meant to complement the
development of an international seaport in Subic and the
Diosdado Macapagal International Airport (DMIA) in Clark to
further spur industrial activity in these areas. BCDA is also
planning to construct and operate, through its subsidiary
Northrail, a 100-kilometer commuter rail line between Metro
Manila and Clark that is envisioned to support the viability of
the DMIA as an international passenger terminal.
METRO PACIFIC: Shares Up on Campos Bid for Bonifacio
----------------------------------------------------
Metro Pacific Corp was up 0.02 pesos or 7.69 percent to 0.28 on
270,000 shares on reports that Ayala Land has been invited by
the Campos group to refinance some of Metro Pacific's debt in
exchange for development opportunities in the Fort Bonifacio
global city, AFX Asia reported Tuesday.
Dealers said the market had anticipated the Company's interest
in the Fort Bonifacio project.
NATIONAL BANK: Government Wants to Sell 10% Stake in Meralco
------------------------------------------------------------
The government wants to fully privatize Philippine National Bank
(PNB) as soon as possible and sell its 10 percent stake in
Manila Electric Co. (Meralco), the Philippine Daily Inquirer and
Dow Jones reported Tuesday, citing Finance Secretary Jose Isidro
Camacho.
The sale of the government's 10 percent stake in Meralco will be
carried out once the Energy Regulatory Board decides on the
Company's petition for a price increase, Camacho said.
After converting 7.8 billion pesos of PNB's debts into
convertible preferred shares, the government now owns 45 percent
stake in the bank. The former majority shareholder, tycoon Lucio
Tan, also owns 45 percent.
Both shareholders agreed to sell their shares jointly or
facilitate a sale of a majority stake to a strategic third-party
investor in five years, after the bank has been rehabilitated.
The bank has been losing money heavily for several years. PNB
President Lorenzo Tan expects the bank to stage a turnaround in
three or four years.
NATIONAL POWER: Pays Php9.7B Interest Charges
---------------------------------------------
The National Power Corporation (Napocor) has paid 9.7 billion
pesos in interest for its foreign and domestic debts in the
first seven months of this year, 13.3 percent higher than the
8.5 billion pesos paid in the same period a year ago, the
Philippine Star reported Tuesday.
Napocor attributed the 1.14-billion pesos increase to the higher
average exchange rates for the dollar, higher volume in loan
balances and higher interest charges by the Bureau of Treasury.
The 9.7 billion pesos interest expense of Napocor accounted for
almost half of the 17.4-billion pesos net loss incurred by the
state-run power firm for the seven-month period.
DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 104.188 and
105.254. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1
NATIONAL POWER: Invites Contractors to Register for Bidding
-----------------------------------------------------------
The National Power Corporation (NPC) of the Republic of the
Philippines, in compliance with Executive Order No. 40, invites
all interested suppliers/contractors to register with the NPC
for possible participation in the future eligibility
screening/bidding for fuels (coal and oil-based), goods,
supplies (generating sets, spare parts, transmission line
materials and hardwares, etc.) materials and related services,
civil works (erection and installation of transmission lines
towers/poles, etc.) and consulting services.
The following documents, as minimum requirements, for
registration shall be submitted to the Office of the Interim
Secretariat, Contracts Award Committee, NPC-Residual at the
Ground Floor, Bldg. 2, Diliman, Quezon City for evaluation and
subsequent issuances of Certificate of Registration if found in
order:
1. Department of Trade and Industry (DTI) business registration
or Securities and Exchange Commission (SEC) registration
certificate, whichever may be appropriate under the existing
laws of the Philippines;
2. Mayor's permit/municipal license;
3. Taxpayer's Identification Number (TIN);
4. Statement of the prospective bidder that it is not
"blacklisted" or barred from bidding by any government agency,
office or corporation, including in the case of procurement of
civil works; non-inclusion in the "blacklist" of contractors
issued by the Construction Industry Authority of the
Philippines.
The prospective supplier/contractor or its duly authorized
representative shall certify under oath that each of the
documents submitted is an original copy or a true and faithful
reproduction or a copy of the original.
Registration started on September 10, 2002.
PHILIPPINE LONG: Sees Php1.5B Dividend From Unit
------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) expects a 1.5
billion pesos dividend from mobile unit Smart Communications
Inc. by the end of 2002, AFX Asia reports, citing PLDT Chief
Financial Advisor Chris Young.
Young said PLDT is beginning to experience the benefits of
Smart's growth after investing its fixed line revenue over the
last couple of years to expand its mobile and data units.
Young said increased dividends from Smart are a component of
PLDT's debt management scheme, which seeks to lessen its overall
indebtedness by about US$650 million.
PLDT's total maturing debt of US$1.34 billion in 2002-2004 has
been reduced to 835.9 million as a result of PLDT's liability
management initiatives, Young said.
"We have maturities of about US$240 million in 2003 and 280
million in 2004, so we expect to cover both from our internal
cash flows," Young said.
DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1
UNITRUST DEVELOPMENT: Citystate Resubmits Bid to Acquire Bank
-------------------------------------------------------------
Citystate Savings Bank resubmitted its bid to acquire the closed
Unitrust Development Bank, Business World reports, citing an
unnamed official of the Philippine Deposit Insurance Corp.
(PDIC).
PDIC said since it announced its decision to reopen the bidding
for Unitrust, only Citystate submitted a proposal to
rehabilitate the bank.
Reports said PBCom would not submit a new bid to rehabilitate
Unitrust, as issues involving the bank's ownership remain
unresolved.
A Filipino-Singaporean joint venture, Citystate Savings was
incorporated by a group of Filipino businessmen led by Antonio
L. Cabangon Chua and Alfonso G. Siy along with Singaporean
investors headed by insurance tycoon Leow Siak Fah.
=================
S I N G A P O R E
=================
ARMSTRONG INDUSTRIAL: Loses Two Audit Committee Directors
---------------------------------------------------------
The Board of Directors of Armstrong Industrial Corporation
Limited disclosed that in compliance with Principle 11 of the
new Code of Corporate Governance, Gilbert Ong Peng Koon and
Steven Koh Gim Hoe, Executive Directors, have stepped down as
members of the Audit Committee on 16 September 2002.
Subsequent to the above changes, the Audit Committee will
comprise the following:
Audit Committee
1. Peter Chan Pee Teck - Chairman (Independent/Non-Executive
Director)
2. Tan Peng Chin - Member (Independent/Non-Executive Director)
3. Anthony Ang Meng Huat - Member (Independent/Non-Executive
Director)
The Board considers Anthony Ang Meng Huat, who was an Executive
Director of the Company until 31 March 2000, to be independent
despite his previous executive capacity as:
(a) he is not related or, associated with any other director or,
substantial shareholder of the Group;
(b) he has no financial dealings with the Company or, any
companies within the Group (other than his interest in shares of
the Company); and
(c) The Board is satisfied that he will be able to exercise his
judgment independently.
Formation of Nominating Committee
In compliance with Principle 4 of the new Code of Corporate
Governance, the Nominating Committee was formed on 16 September
2002 and comprised the following members:
Nomination Committee
1. Tan Peng Chin - Chairman (Independent/Non-Executive Director)
2. Peter Chan Pee Teck - Member (Independent/Non-Executive
Director)
3. Gilbert Ong Peng Koon - Member (Executive Director)
Formation of Remuneration Committee
In compliance with Principle 7 of the new Code of Corporate
Governance, the Remuneration Committee was formed on 16
September 2002 and comprised the following members:
Remuneration Committee
1. Tan Peng Chin - Chairman (Independent/Non-Executive Director)
2. Peter Chan Pee Teck - Member (Independent/Non-Executive
Director)
3. Anthony Ang Meng Huat - Member (Independent/Non-Executive
Director)
4. Steven Koh Gim Hoe - Member (Executive Director)
According to Wright's Investor Service, at the end of 2001,
Armstrong Industrial Corporation Limited had negative working
capital, as current liabilities were 35.09 million Singapore
Dollars while total current assets were only 26.28 million
Singapore Dollars.
ASTI HOLDINGS: Tang Pen San Quits Post
--------------------------------------
The Board of Directors of ASTI Holdings Limited announced Monday
that Dr. Tang Pen San has resigned from its Board with effect
from September 16, 2002.
The Board of Directors of the Company thanks Dr. Tang for his
service and contributions to the ASTI group of companies and
wishes him all the best in his future endeavors.
According to Wright Investor's Service, ASTI Holdings has paid
no dividends during the last 12 months. The Company also
reported losses during the previous 12 months. The Company has
not paid any dividends during the previous 4 fiscal years.
CHARTERED SEMICON: Form 8-A Registration Statement in US SEC
------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd (the Registrant)
incorporates by reference the description of the securities to
be registered hereunder set forth under the headings "Summary of
the Offering," "The Offering" and "Taxation" in the Registrant's
Prospectus Supplement dated September 14, 2002 to Prospectus
dated March 19, 2001 filed on September 16, 2002 pursuant to
Rule 424(b) under the Securities Act of 1933, as amended, which
are incorporated by reference herein.
EXHIBITS.
1. Memorandum and Articles of Association of the Registrant
filed as Exhibit 3 to the Registrant's Registration Statement on
Form F-1 (Registration No. 333-88397), as filed with the
Securities and Exchange Commission on October 4, 1999, which is
incorporated herein by reference. The Memorandum and Articles of
Association were amended by shareholders resolutions which are
filed as Exhibit 99.1 to the Registrant's Report on Form 6-K, as
filed with the Securities and Exchange Commission on June 29,
2001, and were as set forth in the proxy statement for the
Registrant's annual general meeting in May 2001 which is filed
as Exhibit 99.1 to the Registrant's Report on Form 6-K, as filed
with the Securities and Exchange Commission on April 18,
2001, which exhibits are incorporated herein by reference.
2. Deposit Agreement dated November 4, 1999 by and among the
Registrant, Citibank, N.A. and the holders and beneficial owners
of American Depositary Shares (ADSs) evidenced by American
Depositary Receipts (ADRs) issued thereunder (including as an
exhibit, the form of American Depositary Receipt) filed as
Exhibit 4 to the Registrant's Report on Form 6-K, as filed with
the Securities and Exchange Commission on November 23, 1999,
which exhibit is incorporated herein by reference.
3. Rights Agency Agreement between the Registrant and Citibank,
N.A., as ADS rights agent, with respect to the services to be
provided by the ADS rights agent in connection with the
Registrant's rights offering, filed as Exhibit 99.6 to the
Registrant's Report on Form 6-K, as filed with the Securities
and Exchange Commission on September 16, 2002, which exhibit is
incorporated herein by reference.
4. Forms of the instruction booklet to holders of ADRs, the
notice of guaranteed delivery, the letter to securities dealers,
the letter to clients, the guidelines for substitute tax form W-
9, the substitute tax form W-9, and the ADS rights certificate,
each in connection with the Registrant's rights offering and
filed as Exhibits 99.7 to 99.13, respectively, to the
Registrant's Report on Form 6-K, as filed with
the Securities and Exchange Commission on September 16, 2002,
which exhibits are incorporated herein by reference.
For a copy of the Form 8-A Registration Statement as filed with
the US Securities and Exchange Commission (SEC) on September 16,
2002 (US date), for registration of the ADS Rights pursuant to
Section 12(g) of the US Securities and Exchange Act of 1934,
visit http://bankrupt.com/misc/TCRAP_CharteredSemi0917.pdf
CHARTERED SEMICON: Timetable of Principal Events for Shares
-----------------------------------------------------------
Chartered Semiconductor Manufacturing Limited announced its
expected timetable of principal events of its shares (Singapore
time):
Share ex-rights date September 16
Books closure date for Share Rights 5:00 p.m. on September 18
Trading in Share Rights on the Singapore Exchange commences
September 20
Dispatch of prospectus and application forms and letters to
eligible ordinary shareholders On or about September 21
Subscription period for Shares commences September 23
Last date and time for splitting provisional allotment letters
4:45 p.m. on October 1
Trading in Share Rights on the Singapore Exchange ends 5:00 p.m.
on October 1
Last date and time for exchanging primary Share Rights for
primary ADS Rights to be traded or exercised in the
United States 5:00 p.m. on October 2
Subscription period for Shares expires 4:45 p.m. (9:30 p.m. for
electronic applications) on October 7
Last date and time for acceptance and payment for new Shares
pursuant to primary Share Rights applications 4:45 p.m. (9:30
p.m. for electronic applications on October 7
Last date and time for renunciation and payment for new Shares
pursuant to primary Share Rights 4:45 p.m. on October 7
Last date and time to subscribe for new Shares pursuant to
secondary Share Rights applications) on October 7
Expected date for issuance of new Shares and delivery of new
share certificates to CDP On or about October 10
Expected date for commencement of trading in new Shares on the
Singapore Exchange On or about October 11
CHARTERED SEMICONDUCTOR: Shares Down 43% Since September 2
----------------------------------------------------------
Shares of Chartered Semiconductor Manufacturing Limited fell 7.9
cents, or 6.4 percent, to S$1.16 at the close of trade in
Singapore, Bloomberg reported Tuesday.
They have fallen about 43 percent since Sept. 2, when it
announced plans for the share sale, which lets shareholders buy
eight shares for every 10 they own at S$1 each.
American depositary receipts, each representing 10 ordinary
shares, declined 6.7 percent to $6.44 at 3:59 p.m. at New York
time.
The Singapore Stock Exchange will investigate trading in the
Company's shares, which shed almost a fifth of their value in
the week before the share sale was announced.
Chartered said it will provide a new sales target in October
when reporting third-quarter results. The Company expects an $87
million loss in the quarter.
Starting September 17, investors who buy shares will be
ineligible for the rights offer.
CHARTERED SEMICONDUCTOR: Will Miss Fourth Quarter Revenue Target
----------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited will miss its
fourth-quarter sales target due to a weak demand for computer
chips, Bloomberg reports.
The chipmaker announced two weeks ago to double sales from the
first quarter to $168 million in the fourth quarter, the Company
said in a regulatory filing.
"It was going to be very challenging for them (Chartered) to get
to that target," William Dong, an analyst with UBS Warburg, who
rates the shares "sell," said. "We do need to see a much
stronger pickup in end-market demand."
Chartered disclosed the sales shortfall in a regulatory filing
outlining plans to raise $626 million for a new factory. The
Company will offer shares to existing shareholders, including
government-owned Singapore Technologies Group, which owns about
60 percent of the Company.
DATACRAFT ASIA: Appoints Philip Chu as Executive Director
---------------------------------------------------------
DataCraft Asia Limited has appointed Philip Chu as the Company's
Executive Director as of September 16, 2002.
Name: Philip Chu
Age: 47
Country of principal residence: USA
Whether appointment is executive, and if so, the area of
responsibility: Executive Director
Working experience and occupation(s) during the past 10 years:
Dec 2001 - Present
Chief Financial Officer
Datacraft Asia Ltd
Nov 1995 - Dec 2001
Various positions in Finance, last position being Worldwide
Sales & Marketing Finance Director/Group Controller
Advanced Micro Devices
March 1995 - Nov 1995
Asia Financial Director
Solectron Company, California and Taipei
Prior to March 1995
Various positions in Finance, last position being CFO of IBM JV
in China
IBM Worldwide Headquarters
Other directorships
Past:
None
Present:
Director, Datacraft (Hong Kong) Limited
Director, Datacraft (China) Limited
Director, UCS Communications Limited
Director, Datacraft Korea Inc.
Director, Datacraft Japan Inc.
Director, Datacraft (Malaysia) Sdn Bhd
Director, Datacraft Communications Systems Inc.
Director, Datacraft (Thailand) Limited
Director, Datacraft Holdings (Thailand) Ltd
Director, Training Partners Co., Ltd
Director, Datacraft (NZ) Limited
Director, Datacraft Holdings (NZ) Limited
Director, Training Partners Pte Ltd
Shareholding in the listed issuer and its subsidiaries: None
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None
Conflict of interest: None
Declaration by a Director, Executive Officer or Controlling
Shareholder as Required
(As required per Appendix 2.4)
1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you?
No
1(b) Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No
1(c) Were you in the last 10 years a director or an executive
officer of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer?
No
2. Are there any unsatisfied judgments outstanding against you?
No
3. Have you been convicted of any offense, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding?
No
4. Have you at any time been convicted of any offense, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations?
No
5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding?
No
6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation?
No
7. Have you ever been disqualified from acting as a director of
any Company, or from taking part in any way directly or
indirectly in the management of any Company?
No
8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity?
No
9. Have you, to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
Company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the Company, or
partnership occurring or arising during the period when you were
so concerned with the Company or partnership?
Yes
Assisted in the current Commercial Affairs Department
investigation as announced in the Company's announcement dated
22 August 2002.
According to TCR-AP, Kelive forecast the group to post a net
loss of US$8 million for the fiscal year 2002. The overall
telecommunications sector remains weak as infrastructure
spending has yet to normalize. Without a significant improvement
in end user demand, recovery would likely be relegated to fiscal
year 2003.
===============
T H A I L A N D
===============
A.J. PLAST: Begins Trading of New Warrants
------------------------------------------
The Stock Exchange of Thailand said that 60 million new warrants
of A.J. Plast Public Company Limited would begin trading today
in the warrant sector.
In May, shareholders of A.J. Plast approved transfers of a legal
reserve and share premiums to offset the company's accumulated
losses.
The shareholders have further approved the issue of 6 million
warrants to shareholders, register closed April 9, at a ratio of
five existing shares to 1 warrant for free.
ITALIAN-THAI: Inks Bt391.6M Contract With Harbour Department
------------------------------------------------------------
Italian-Thai Development Public Company Limited had signed a
contract worth 391.6 million baht with the Harbour Department
for shore erosion protection work, Bangkok Post reported.
Plan administrator ITD Planner Co said the Company signed a
contract worth 28.6 million baht with the department for
maintenance dredging of the Samut Sakhon Channel.
TCR-AP reported in August that Italian-Thai Development entered
into a business reorganization plan pursuant to the Bankruptcy
Act. The Stock Exchange of Thailand has required the Company to
submit a progress report in accordance with the business
reorganization plan.
PRANDA JEWELRY: Granted Loan Facility by Krung Thai Bank
--------------------------------------------------------
Pranda Jewelry Public Company Limited has entered into Loan &
Credit Facility Agreement with Krung Thai Bank Republic Company
Limited on September 16, 2002, 9.30 am. at the company premise.
The essence of the Agreement is as follows:
* 8-years-term-loan by quarterly installment payment:
1,083,870,000.00 Baht
* Total Credit Facility: 1,493,870,000.00 Baht
Vice Executive Chairman Sunanta Tiasuwan said that Pranda will
utilize the term-loan by having debt pre-payment paid to its
existing 12 financial institution creditors to mark the end of
Debt Restructuring Agreement, dated 18 September 2000 and all
previous individual loan contracts, which was a contract agreed
with the its creditors through the process of CDRAC under the
Bank of Thailand supervision.
In addition, Pranda will benefit from this debt early retirement
by gain from debt reduction by Baht 61,637,623.06; to reduce
interest expenses burden expectedly by Baht 60,000,000 over
period of the new contract in force comparing with the existing
one as the new interest rate is lower; to reduce operating
expenses burden in relations with contract monitoring and
enforcement. The company expects to complete the process of debt
pre-payment within this month.
THAI CENTRAL: Board Okays Reduction of Capital
----------------------------------------------
The Board of Directors' Meeting of Thai Central Chemical Plc.
held on September 10, 2002 at 10.00-12.15 hours at the company
conference room, 8th Floor Metro Building 180-184 Rajawongse
Road, Samphanthawong, Bangkok, has resolved as follows:
1. Approve the decrease of registered capital of the Company by
deducting the un-paid shares for the Amount of THB 1,412,838,820
from existing registered capital of THB 7,260,000,000 to be the
in accordance with the decrease of registered capital of the
Company by deducting the unpaid shares as follows:
No. 4 Registered capital: THB 5,847,161,180
Divided into: 584,716,118 shares
At par value of: THB 10
Divided into
Common shares: 584,716,118 shares
Preferred shares: None
3. Approve the decrease of registered capital and paid-up
capital of the Company in the amount of THB 4,093,012,826 (four
thousand ninety three million twelve thousand eight hundred
twenty six) and 4,092,998,476 (four thousand ninety tow million
nine hundred ninety eight thousand and four hundred seventy six)
from existing registered capital and paid-up capital of THB
5,847,161,180 and THB 5,847,140,680 respectively by decreasing
the par value from THB 10 per share to be THB 3 (three baht) per
share.
After the capital decrease, registered capital and paid-up
capital of the Company will be THB 1,754,148,354 (one thousand
seven hundred fifty four million one hundred forty eight
thousand three hundred fifty four) and THB 1,754,142,204 (one
thousand seven hundred fifty four million one hundred forty two
thousand two hundred four) divided into 584,716,118 registered
shares and 584,714,068 paid-up shares at par value of THB 3
(three baht) per share. The purpose of this capital decrease is
for writing-off the retained loss amount THB 4,092,998,476 from
total retained loss at beginning of the year at THB
4,109,850,813.
After this capital decrease, the net retained loss of the
Company will be THB 16,852,337 which the Company will further
write-off by deducting the legal reserve of the Company.
4. Approve the amendment of the company's memorandum no. 4 in
accordance with the decrease of registered capital of the
Company by decreasing the par value as follows:
No. 4 Registered capital: THB 1,754,148,354 (one thousand seven
hundred fifty four million one hundred forty eight thousand
three hundred fifty four)
Divided into: 584,716,118 shares
At par value of: THB 3 (three baht)
Divided into
Common shares: 584,716,118 shares
Preferred shares: None
5. Approve the company to transfer legal reserve amount of THB
16,852,337 to offset the remaining retained loss of THB
16,852,337. Therefore, after this transfer of legal reserve, the
net retained loss of the company will be zero and the net legal
reserve will be THB 68,112,571.
6. Approve the date of Extraordinary Meeting of Shareholders
No.1/2545 on Monday October 7, 2002 at 15.00 hours at the
company's conference room, 8th Floor Metro Building, 180-184
Rajawongse Road, Samphanthawong, Bangkok.
And the closing date of the share register book on September 25,
2002 at 12.00 (noon) until the completion of the 1/2545
Extraordinary Meeting of Shareholders in which the agenda is as
follows:
1. To consider and approve the minutes of 30th Ordinary General
Meeting of Shareholders.
2. To consider and approve the decrease of registered capital of
the Company.
3. To consider and approve the amendment of the company's
memorandum no. 4 in accordance with the decrease of registered
capital of the Company.
4. To consider and approve the decrease of registered capital
and paid-up capital of the Company.
5. To consider and approve the amendment of the company's
memorandum no. 4 in accordance with the decrease of registered
capital and paid-up capital of the Company.
6. To approve the company to transfer legal reserve to offset
the remaining retained loss of the company.
7. To consider other matter (if any).
7. Agree that the Superstar Co., Ltd. (subsidiary company) be
liquidated as proposed by the management of the Superstar
Fertilizers Co., Ltd. and that such company's liquidation would
have no effect on TCCC, whether in operation or financial
status, as such company's operation, both in production and
marketing, had been stopped since 1998. TCCC expects that the
liquidated company's performance should not be brought for
consolidation with TCCC's financial statement as from the 4th
Quarter of 2002. The company thereby authorized the President to
proceed in detail on this matter.
THAI MILITARY: Sells 10% Stake in CGU Life for Bt19.8M
------------------------------------------------------
Thai Military Bank had sold all of its 5 million shares, or 10
percent of its stake, in CGU Life Assurance (Thai) Co to
Suwannalak Co for 19.8 million baht, Bangkok Post reported.
TCR-AP reported earlier that Thai Military Bank plans to close
17 unprofitable branches by end of this year and another 10 next
year.
Senior executive vice-president Montri Visoldilokpun said the
branches that have to be closed have 1.5 billion baht in
combined deposits and loans or about 100 million baht per
branch.
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,
Salve M. Mordeno, 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 ***