/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/020920.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, September 20, 2002, Vol. 5, No. 187 Headlines A U S T R A L I A COLES MYER: Expects CEO to Quit by Mid-2003 COLES MYER: ASIC Calls For More Info and Shareholder Activism FLOWCOM LIMITED: Unit Sells Flow Broadband Solutions GREENACRES MANAGEMENT: Accountant Found Guilty WESTPAC BANKING: Approves Unit's Restructuring Plan UNITED INVESTMENTS: ASIC Winds Up Unregistered Scheme C H I N A & H O N G K O N G CHINA INTERNATIONAL: Issues Y4.5B Bonds to Repay Foreign Debt E-KONG GROUP: Net Loss Narrows HK$115.328M HENDERSON CYBER: Posts 1H02 Net Loss of HK$136.44M INTERNATIONAL CAPITAL: Winding Up Petition Set on November 6 KING PACIFIC: In Third Stage of Delisting Procedures MASTER MACHINERY: Winding Up Petition Slated For Hearing MODERN PLASTIC: Winding Up Petition Hearing Set SHIMAO CHINA: Widens H1 Net Loss to H$151.447M TERRY LIMITED: Faces Winding Up Petition on October 16 WEBWAY COMMUNICATIONS: Winding Up Petition Slated For October 2 WISDOM PEAK: Winding Up Petition Set For Hearing I N D O N E S I A KAWASAN INDUSTRI: Creditors Take 94.9% After Debt-Equity Swap BANK CIC: Shareholders Inject Funds to Rescue Ailing Bank J A P A N FUJITSU LIMITED: Unveils High-Performance Mobile FCRAM Devices KENWOOD CORPORATION: Ending 567 Employee Positions MARUZEN CO.: R&I Downgrades Rating to B+ NIPPON YAKIN: Seeking Y35B Bailout Package *Fitch Affirms Japanese Banks' Ratings K O R E A HYNIX SEMICON: Chipmakers Future Will Be Resolved Soon KOREA LIFE: PFMC Fails to Reach Agreement to Sell Insurer KOREA LIFE: Labor Union Opposes Sale to Hanwha M A L A Y S I A AOKAM PERDANA: KLSE Suspends Trading of Shares AMSTEEL CORPORATION: Reschedules LSP Meeting on September 25 GEAHIN ENG'NG: Debt Dispute With Industrial Hardware LION LAND: Approves Debt Restructuring Scheme LONG HUAT: Seeking Potential Investors on Restructuring PARIT PERAK: Change of Address Notice PERAK CORPORATION: Disposes of Interest in Anakku Holdings REKAPACIFIC BERHAD: Judicial Review Proceedings Pending RHB CAPITAL: AmMerchant Bank Discloses Dealings in Shares SAP HOLDINGS: Material Litigation Versus AmFinance SOUTHERN PLASTIC: Reveals Conditional S and P Agreement TIME DOTCOM: Sells Mobile Phone Operations to Maxis P H I L I P P I N E S BENPRES HOLDINGS: Misses Interest Debt Payment UNITRUST DEVELOPMENT: Citystate Fails to Meet Bid Deadline UNITRUST DEVELOPMENT: Citystate Seeks More Time on Takeover Bid S I N G A P O R E BBR HOLDINGS: Clarifies Unaudited Half Year Financial Statement BOUSTEAD SINGAPORE: Post Notice of Shareholder's Interest CHARTERED SEMICONDUCTOR: Form 6-K Filing with U.S. SEC PAN-UNITED: Striking-Off Unit From Registry of Companies SEMBCORP INDUSTRIES: Responds to Rumors on Sembcorp Logistics T H A I L A N D KARAT SANITARYWARE: Shareholders Okay Delisting From SET KARAT SANITARYWARE: Issues Board Resignations, Appointments THAI MILITARY: Director Admiral Boonsong Quits Post - - - - - - - - ================= A U S T R A L I A ================= COLES MYER: Expects CEO to Quit by Mid-2003 ------------------------------------------- Warren Flick, Coles Myer Ltd Chief Operating Officer (CEO) of general merchandise and apparel, is set to quit his post by mid- 2003 at the latest, AFX Asia and the Australian Financial Review reports. According to the report, Coles Myer Chief Executive Officer John Fletcher believes there is no place for Flick after the end 2003, irrespective of whether the retailer retains its current structure or be split into two. Flick's contract will end in July and is not expected to be renewed. COLES MYER: ASIC Calls For More Info and Shareholder Activism ------------------------------------------------------------- David Knott, Chairman of the Australian Securities and Investments Commission (ASIC), stressed Monday the importance of restoring long-term stability to Coles Myer Ltd's governance structure. 'The current instability at Coles Myer is a serious cause of confusion and concern. It appears increasingly likely that shareholders will be required to make important decisions at the November annual general meeting affecting the composition of the Board and the future direction of the Company', Knott said. 'In order for them to do so, they need to be fully informed of the contested issues and of any differences in strategic direction being advocated for Coles Myer by relevant directors or shareholders. The current level of publicly available information about all of these matters is inadequate', he said. ASIC is also calling on all shareholders of Coles Myer to inform themselves of the issues at stake ahead of the annual general meeting and to exercise their votes in person or by proxy. 'The widespread shareholding register of Coles Myer will empower retail shareholders to strongly influence the outcomes at the annual general meeting. They need to take an active role in ensuring that the performance of their Company is not undermined by prolonged instability at Board level', said Knott. Knott also drew attention to ASIC's class order designed to ensure that institutional investors are able to discuss and agree in advance of such meetings about how they will vote on corporate governance issues. Policy Statement 128: Collective Action by Institutional Investors provides relief from the provisions of Chapter 6 of the Corporations Act, which may otherwise prohibit large institutional shareholders, whose collective votes exceed 20 per cent of the voting power in a Company, from agreeing in advance on how to vote on issues such as the election or removal of directors. 'ASIC recognises that issues of governance are generally in the hands of the Board and shareholders. However, there are serious implications for the broader market when major divisions appear at Board level of a large listed Company. For that reason, ASIC will closely monitor the Coles Myer situation in the period leading up to the annual general meeting in November', said Knott. FLOWCOM LIMITED: Unit Sells Flow Broadband Solutions ---------------------------------------------------- Flow Communications, a unit of FlowCom Limited, announced Tuesday an agreement with Harris Technology, a member of the Coles Myer Ltd group, to sell the FLOW Broadband ADSL suite throughout its retail outlets and online store. "Harris has a strong presence right through from the individual user through to the major corporate. In choosing FLOW as their provider they have recognized that FLOW has both a range of competitive plans for all of theses types of user and the best setup to fit the Harris retail model" explained Glen Young, FLOW Communications National Channel Manager. "Using D-Link's leading edge DSL modems, FLOW will deliver Harris Technology customers a robust and reliable broadband ADSL service. The unique nature of the FLOW delivered service, means no messy pre-configuration of modems is required and the install process has been simplified to the point that, once the phone line has been provisioned all the customer has to do is plug in the modem and follow the simple self install instructions and start seeing the benefits of high speed Internet," continued Young. FLOW Broadband is available now through all Harris outlets and online a www.ht.com.au. According to TCRAP, Telecommunications carrier FlowCom signed a three-way letter of intent with its secured lender, Alcatel, and a new strategic investor to restructure its debt. The letter of intent is subject to due diligence, any necessary third party approvals and approval at a General Meeting by FlowCom shareholders. GREENACRES MANAGEMENT: Accountant Found Guilty ----------------------------------------------- Douglas Gordon Johnston, an accountant from Cranbourne, Victoria, has been convicted of four charges of obtaining property by deception following a two-and-a-half-week trial in the County Court of Victoria. Johnston had earlier pleaded guilty to a further twelve charges of obtaining property by deception. After completion of the trial, Johnston also pleaded guilty to two counts of knowingly making improper use of his position to gain an advantage, in contravention of the Corporations Law, and one count of acting as a trustee whilst a disqualified person, in contravention of the Superannuation Industry (Supervision) Act. The charges, which were laid following a joint investigation by the Australian Securities and Investments Commission (ASIC), the Australian Federal Police (AFP) and the Australian Prudential Regulatory Authority (APRA), relate to his conduct whilst a director of Greenacres Management Pty Ltd. ASIC alleged that between 19 September 1997 and 3 May 1999, Johnston obtained $843,415.98 from clients of Cranbourne Park Accounting Services, with the intention of permanently depriving the clients of their investments or superannuation interests. Johnston also pleaded guilty to six further counts of misappropriating clients funds totaling $264,000, and one charge of offering securities for subscription where a prospectus had not been lodged and registered by ASIC. This guilty plea relates to Johnston's actions in the management of Terranial Corporation Limited, a Company incorporated to provide cash flow for his own purposes. Terranial Corporation was incorporated subsequent to action taken by ASIC to appoint a Receiver/Manager to Greenacres Management. Johnston was remanded in custody to 14 October 2002 for a pre- sentencing hearing. Johnston's daughter, Fiona Johnston also appeared in the County Court of Victoria. His daughter pleaded guilty to one count of making improper use of her position, in her capacity as a former director of Greenacres Management. Ms Johnston was bailed on her own undertaking to appear at the Melbourne County Court on 20 September 2002 for a pre-sentencing hearing. The matter was prosecuted by the Commonwealth Director of Public Prosecutions. WESTPAC BANKING: Approves Unit's Restructuring Plan --------------------------------------------------- Westpac Banking Corp Limited has endorsed a three-year restructuring plan to turn around ailing unit Hartleys Limited in which it holds a 28.7 percent stake. Chief Executive David Morgan said Westpac would monitor the broker's performance with the strategy to be reviewed annually. UNITED INVESTMENTS: ASIC Winds Up Unregistered Scheme ----------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has been successful in its application to the Federal Court to wind up an unregistered managed investment scheme known as United Investments Trust, operated by Jetsby Pty Ltd as trustee. On 13 September 2002, the Court appointed Hugh McPharlin of Edwards Marshall, as liquidator of the scheme. Terence Eric Loveday and Mr, James Allen Balacco, directors of Jetsby Pty Ltd, consented to the orders. Loveday, Balacco and former director, Sally Louise Loveday, were restrained from leaving Australia until further order, and were ordered to deliver their passports to the Court. ASIC alleged that United Investments Trust commenced operation in July 1999, and received over $9 million from 104 investors in Australia and overseas. ASIC's enquiries to date suggest that much of the money invested in the scheme was applied to investments in New Zealand and the United States of America overseas, and that there is a substantial likelihood that it has been lost. 'ASIC urges investors to only accept financial or investment advice from people who are properly licensed or authorized to give it, and only invest in schemes that comply with the law', ASIC Director Enforcement, Jamie Orchard said. Investors can check whether a financial adviser is authorized on the ASIC website at www.asic.gov.au. ============================== C H I N A & H O N G K O N G ============================== CHINA INTERNATIONAL: Issues Y4.5B Bonds to Repay Foreign Debt ------------------------------------------------------------- In a statement to the China Securities Journal, China International Trust & Investment Corp (CITIC) is planning to issue 4.5 billion yuan in 15-year corporate bonds to repay its foreign currency debt, AFX Asia reports. The bonds will pay an annual interest rate of between 3.7 percent and 4.2 percent, depending on the final size of the issue and the subscription levels. Applications for subscription to the bond issue, which is only open to banks, will start on September 20, 2002. Proceeds will be used to buy foreign currency to pay back existing foreign currency debt. E-KONG GROUP: Net Loss Narrows HK$115.328M ------------------------------------------ E-Kong Group incurred a net loss of HK$115.328 million in the first quarter of 2002, versus a HK$537.085 million a year ago, AFX Asia reported Thursday. The Company's six months to June results: Sales - HK$140.592 million versus 126.923 million Operating loss - HK$114.558 million versus loss 536.479 million Net loss - HK$115.328 million versus loss 537.085 million Loss per share - 2.45 cents versus loss 29.89 cents Interim div - Nil, unchanged According to Wright Investor's Service, the Company 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 3 fiscal years. The Group's principal activities are the provision of telecommunication and corporate management services. Other activities include the provision of Internet security solution, sales and fulfillment solutions, insurance brokerage and investment holding. Telecommunication services accounted for 85 percent of 2001 revenues; corporate management services, 13 percent and other, 2 percent. HENDERSON CYBER: Posts 1H02 Net Loss of HK$136.44M -------------------------------------------------- Henderson Cyber Limited widened its net loss to HK$136.44 million compared to a loss of 84.257 a year ago, according to AFX Asia on Thursday. Henderson Cyber Ltd's year to June results: Sales - HK$67.452 million versus 28.306 million Operating loss - HK$141.454 million versus loss 86.073 million Net loss - HK$136.44 million versus loss 84.257 million Loss per share - HK$0.0273 versus loss 0.0169 Final div - nil, unchanged The Company develops and invests in properties, provides management and agency services. Other activities include finance, construction, decoration and investment holding. Property trading acctd for 56 percent of fis 2001 revs; finance, 21 percent; property investment, 14 percent; Mgt & sales comm, 6 percent & investment, 3 percent INTERNATIONAL CAPITAL: Winding Up Petition Set on November 6 ------------------------------------------------------------ International Capital Network Holdings Ltd's (ICN) hearing on the winding-up petition filed against the Company by its shareholder International Technology Capital Limited will take place on November 6, 2002, AFX Asia reports. International Technology holds 24.33 percent stake in ICN. KING PACIFIC: In Third Stage of Delisting Procedures ---------------------------------------------------- The Stock Exchange of Hong Kong Limited (The Exchange) announces that, effective September 18, 2002, the shares of King Pacific International Holdings Limited (in liquidation) will be placed to the third stage of the Delisting Procedures. Pursuant to the Delisting Procedures, King Pacific International Holdings Limited will be given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by March 17 2003, being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company. Dealing in the shares of the Company has been suspended since 6 November 2000. Since its suspension, the Company has not been able to implement a valid resumption proposal. A valid resumption proposal means a proposal that, if implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the issuer's securities on the Exchange. As the Company is being wound up and its assets apportioned by the provisional liquidator, the Company will now be placed to the third stage of the Delisting Procedures. The Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by 17 March 2003, the Exchange intends to cancel the listing of the Company. The Exchange will make a further announcement in due course if the delisting takes place. MASTER MACHINERY: Winding Up Petition Slated For Hearing -------------------------------------------------------- The petition to wind up Master Machinery Engineering Limited has scheduled a hearing on November 13, 2002 at 10:00 am. The petition was filed with the court on September 2, 2002, by Chu Tik Kwong of Flat D, 10th Floor, Block C, 3 King Fung Path, Tuen Mun, New Territories, Hong Kong. MODERN PLASTIC: Winding Up Petition Hearing Set ----------------------------------------------- The petition to wind up Modern Plastic Products Company Limited was set for hearing before the High Court of Hong Kong on October 16, at 9:30 am. Yung Kam Chun of Room 819, Ko Yuet House, Ko Yee Estate, Kowloon, Hong Kong, filed the petition with the said court last July 16, 2002. SHIMAO CHINA: Widens H1 Net Loss to H$151.447M ---------------------------------------------- Shimao China Holdings Limited posted a net loss of HK$151.447 million versus a net loss of 15.309 a year ago, AFX Asia reports. Shimao China Holdings Ltd's six months to June results: Sales - HK$12.236 million versus 32.206 million Operating loss -HK$148.752 million versus loss 13.353 million Net loss - HK$151.447 million versus loss 15.309 million Loss per share - 23.42 cents versus loss 4.95 cents TERRY LIMITED: Faces Winding Up Petition on October 16 ------------------------------------------------------ The petition to wind up Terry (China) Limited is set for hearing before the High Court of Hong Kong on October 16, 2002 at 10:00 am. The petition was filed with the court on July 30, 2002 Bank of China (Hong Kong) Limited (the successor of all undertakings of Bank of China, Hong Kong Branch by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167) whose registered office is situate at 14th Floor, Bank of China Tower, No. 1 Garden Road, Hong Kong. WEBWAY COMMUNICATIONS: Winding Up Petition Slated For October 2 --------------------------------------------------------------- Webway Communications (Hong Kong) Limited is facing a winding up petition, which is slated to be heard before the High Court of Hong Kong on October 2, 2002 at 9:30 am. The petition was filed on July 8, 2002 by Foundasia (HK) Limited whose registered office is located at 8th Floor, One Exchange Square, 8 Connaught Place, Central, Hong Kong. WISDOM PEAK: Winding Up Petition Set For Hearing ------------------------------------------------ The petition to wind up Wisdom Peak Development Limited was scheduled for hearing before the High Court of Hong Kong on November 13, 2002 at 9:30 am. The petition was filed with the court on August 29, 2002 by Bank of China (Hong Kong) Limited (the successor corporation to The China State Bank Limited pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167)) of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. ================= I N D O N E S I A ================= KAWASAN INDUSTRI: Creditors Take 94.9% After Debt-Equity Swap ------------------------------------------------------------- In a statement to the Surabaya Stock Exchange, industrial estate developer PT Kawasan Industri Jababeka said its creditors will take a 94.9 percent stake in the Company, instead of the previously announced 73.74 percent stake, after it implements a debt-to-equity swap. "With the issuance of 13.3 billion shares, the creditors will hold a 94.9 percent stake in the Company, leaving the founder to hold a 3.5 percent stake and the rest of the 1.5 percent for the public," Jababeka director Budianto Liman said. According to the debt settlement scheme approved by Jakarta Commercial Court on August 13, the debt of US$234.6 million will be converted to 13.3 billion shares at IDR150 per share. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 186, September 19, 2002) BANK CIC: Shareholders Inject Funds to Rescue Ailing Bank --------------------------------------------------------- The shareholders of PT Bank CIC International decided to put up US$15 million to shore up the ailing bank, according to Asia Pulse on Tuesday. Bank Director Anthony C. Kartawiria said including the additional US$15 million, CIC had received a standby fund of US$75 million including Rp 270 billion (US$30M) in local currency. ========= J A P A N ========= FUJITSU LIMITED: Unveils High-Performance Mobile FCRAM Devices -------------------------------------------------------------- Fujitsu Limited announced Wednesday its two new low-power Mobile Fast Cycle RAMs (the MB82DPS02183B and MB82DP02322A) based on the Company's FCRAMR architecture. These latest Application Specific Memories (ASMs) from Fujitsu go on sale today, with sample shipments beginning in October worldwide. The two new FCRAM devices are designed for use in next- generation mobile phones that offer capabilities such as Internet access, music distribution, e-mail, video postcards, information and location-based services. The new ASMs satisfy the expanded memory requirements of advanced mobile network infrastructure and high data rates demanded by these latest mobile cellular technologies. The new Mobile FCRAMs adopt Page Mode operation, which dramatically improves performance when consecutive address access occurs within the same page. The devices also integrate additional new features suited to each target market. The MB82DPS02183B, a 32Mbit Mobile FCRAM, operates from a 1.8V power supply. This is in line with today's GSM/GPRS mobile communications standards, where migration from a 3V to 1.8V power supply is ahead of other cellular phone standards. The second device, the MB82DP02322A, is a 64Mbit Mobile FCRAM that integrates a x32-bit I/O to provide the enhanced performance required for the multimedia processing facilities of feature-rich cellular phone standards like W-CDMA and UMTS. Both of these products are offered as compact Multi-Chip Packages (MCPs) combined with the Fujitsu's Flash memory or in chip or wafer form. Product Specifications Product MB82DPS02183B MB82DP02322A Memory capacity 32Mbit 64Mbit I/O bus structure x16 x32 Power supply 1.65 to 1.95 V 2.7 to 3.1 V Access time Random 85 ns max. 60 ns max. Page 25 ns max. 40 ns max. Power requirements Active 25 mA max. 30 mA max. Standby 100 uA max. 150 uA max. Power down mode 10 uA max. 10 uA max. *FCRAM is a registered trademark of Fujitsu Limited. All other Company/product names mentioned may be trademarks or registered trademarks of their respective holders and are used for identification purpose only. Fujitsu Ltd. is a leading provider of customer-focused IT and communications solutions for the global marketplace. For further information, please visit the Fujitsu Limited home page at: www.fujitsu.com Contact: Press Contacts Eisuke Saito, Nancy Ikehara Fujitsu Limited Public & Investor Relations Tel: +81-3-3215-5259 (Tokyo) Fax: +81-3-3216-9365 E-mail: pr@fujitsu.com Customer Contact Fujitsu Limited Electronic Devices Group System Memory Division Solution & Product Development Department Tel: +81-42-532-1416 (Tokyo) E-mail: edevice@fujitsu.com KENWOOD CORPORATION: Ending 567 Employee Positions -------------------------------------------------- Financially ailing audio device maker Kenwood Corp will cut 567 more workers by the end of September, reducing its workforce by 27 percent since the beginning of this year, Kyodo News reports. The Company said a total of 642 workers would have to quit the their jobs by September 30, 2002. MARUZEN CO.: R&I Downgrades Rating to B+ ---------------------------------------- Rating and Investment Information, Inc. (R&I), has downgraded the following ratings of Maruzen Co., Ltd: Senior Long-term Credit Rating: B+ (Downgraded from BB) ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn) Unsec. Conv. Bonds No. 2 Sep 30, 1994 Mar 31, 2004 Yen 15,000 Unsec. Conv. Bonds No. 3 Sep 30, 1996 Sep 30, 2005 Yen 20,000 RATIONALE: Maruzen is a long-established seller of western and academic books and has maintained competitiveness in sales to universities, government agencies, and private-sector research institutes, as well as in the development and design of library search systems. Nevertheless, due to declining investment security prices and other causes, it has reported large losses over the past few years and its equity capital has dropped significantly as a result. In R&I's judgment, it is unlikely that large annual losses due to these factors will continue; however, with financially weak subsidiaries, the possibility of additional losses remains. For its March 2002 term, the Company reported consolidated interest-bearing debt of 70.8 billion yen. This is 27.5 billion yen less than the peak of 98.3 billion yen the Company reported for its March 1997 term, but the 300 million yen after-interest operating profit for the March 2002 term is small and the Company's debt load is still excessive in relation to its profitability. Though the Company has succeeded in achieving a slight improvement in profitability by aggressively closing unprofitable stores, cutting staff, and eliminating or merging unprofitable operations, a comprehensive operational restructuring and expense cuts will likely be necessary to achieve significant improvements in profitability and cash flow generation. Considering these factors together with the fact that real estate sales and declining investment security values over the past several years have considerably reduced the Company's holdings of assets that are convertible to cash, R&I has downgraded the Company's rating to B+ from BB. It should be noted that the Company is receiving support from its main bank and R&I believes that there is no risk of a near- term cash flow crisis. However, with overall financial conditions worsening, banks are taking a harder line toward financially weak companies, so close attention to the Company's future relations with its banks is warranted. NIPPON YAKIN: Seeking Y35B Bailout Package ------------------------------------------ Nippon Yakin Kogyo Co is seeking 35 billion yen in financial support from creditor banks as its financial health has deteriorated further because of falling product prices, Kyodo News said Thursday. The struggling stainless steel maker will seek a debt waiver totaling 20 billion yen and a debt-for-equity swap worth 15 billion yen from the banks, including main lender Mizuho Corporate Bank. *Fitch Affirms Japanese Banks' Ratings -------------------------------------- Fitch Ratings has affirmed its ratings of the following Japanese banks namely Asahi Bank, Chuo Mitsui Trust & Banking and Daiwa Bank. The following ratings are affirmed: Asahi Bank: Long-term rating of 'BBB-' (BBB minus) with a Stable Outlook, Short-term of 'F3', Support of '2' and Individual of 'E'. Chuo Mitsui Trust & Banking: Long-term rating of 'BBB-' (BBB minus) with a Stable Outlook, Short-term of 'F3', Support of '2' and Individual of 'E'. Daiwa Bank: Support of '2' and Individual of 'E' In common with their peers, Asahi Bank, Chuo Mitsui Trust & Banking and Daiwa Bank recorded substantial bottom-line losses in 2001/02 as the costs associated with deteriorating loan books and disposal/valuation losses on their investment equity holdings greatly exceeded core-banking profits. Consequently, the stand-alone financial condition and performance of all three banks remains weak. They continue to face substantial problems in areas such as asset quality, stock market exposure, capitalization and profitability. The quality of capital for each of these banks is particularly poor, consisting largely of deferred tax assets and government-held preferred securities. All three banks project a return to a modest level of profitability in the year ending March 2003, based on the assumption that credit costs will be substantially reduced from the level of last year. However, it should be noted that in recent years, the initial performance projections of most of the major Japanese banks have usually borne little relation to actual results. This has been due to the banks' over optimistic projections regarding the Japanese economy, loan loss reserve adequacy and stock market trends. The investment-grade debt ratings as well as the Stable Outlooks for the banks are sustained by the agency's expectation that support from the government would be forthcoming should it be necessary. Consequently, there is a high degree of linkage between the banks' debt ratings and the government's ability, and ongoing willingness, to provide adequate and timely support. The ratings of Asahi and Daiwa are at Fitch's initiative, are provided as a service to users of its ratings and are based on public information. Under the reorganization plan of the banks, Asahi will spin off its Saitama operations into a new bank to be named Saitama Resona on March 1, 2003. Asahi's remaining operations will merge with Daiwa to form Resona Bank. The banks will remain subsidiaries of the holding Company, which is to be renamed Resona Holdings. ========= K O R E A ========= HYNIX SEMICON: Chipmakers Future Will Be Resolved Soon ------------------------------------------------------ The future of debt-ridden Hynix Semiconductor Inc. will be decided soon, Bloomberg reported Thursday, citing Finance Minister Jeon Yun Churl. ``I hope we can resolve the Hynix troubles as soon as possible, when Deutsche Bank finalizes the draft for restructuring,'' Jeon told members of the American and European Union chambers of commerce in Seoul. Hynix hired Deutsche Bank to come up with a plan for the Company, after the former board rejected a takeover offer from U.S. firm Micron Technologies Inc. The Company's main choices are to break up and sell off the Company or provide more money to keep it afloat independently. Jeon said he was skeptical about Hynix's ability to survive on its own because memory-chip prices are dropping. In June, Hynix was taken over by its creditors. KOREA LIFE: PFMC Fails to Reach Agreement to Sell Insurer --------------------------------------------------------- The Public Fund Management Committee (PFMC) has failed to reach an agreement to sell off Korea Life Insurance to the Hanhwa Group-led consortium due to differences in prices, Maeil Business Newspaper reported Wednesday. Another meeting is set on September 23 to make a final decision on the matter. There have been hot disputes on pricing of 775.2 billion won proposed by the consortium. Some officials feel that the price is much lower than expected. Lead manager Merrill Lynch previously evaluated the corporate value of the insurer at 1.6 trillion won. KOREA LIFE: Labor Union Opposes Sale to Hanwha --------------------------------------------- Korea Life Insurance's (KLI) labor union opposed to the Public Fund Oversight Committee (PFOC)'s possible sale of Korea Life Insurance (KLI) to the Hanwha Business Group-led consortium, Asia Pulse said Wednesday. All of the eight PFOC members will meet September 18 to deliberate on the issue of selling the KLI to the consortium. The Korea Deposit Insurance Corp. (KDIC) tentatively agreed to sell 51 percent of KLI to the Hanwha-led consortium at 775.2 billion won (US$603 million), putting KLI's value at 1.52 trillion won. The KDIC agreed that Hanwha will pay 400 billion won at the time of KLI's takeover, reimbursing the remainder over time, according to KDIC officials. "The government should find another competitive Company that is able to manage assets of 4.5 million KLI policyholders well, not Hanwha as they are not qualified for the takeover," said KLI labor unionists. =============== M A L A Y S I A =============== AOKAM PERDANA: KLSE Suspends Trading of Shares ---------------------------------------------- The Kuala Lumper Stock Exchange has suspended the trading of Aokam Perdana Bhd shares with effect on September 25 at 9 a.m. after it was unable to submit its restructuring plans to the authorities pursuant to the KLSE Practice Note 4/2001. The share price of the timber Company was unchanged at 10.5 sen with 2,000 shares done at 9.28am. AMSTEEL CORPORATION: Reschedules LSP Meeting on September 25 ------------------------------------------------------------ Further to the announcement dated September 16 2002, the Directors of ACB announced that the scheme meetings of the companies (other than Lion Seremban Parade Sdn Bhd (LSP) with the categories of scheme creditors as particularized in Table 1, convened pursuant to Section 176 of the Companies Act, 1965 were held earlier today and the voting results are as disclosed in Table 1. The scheme meeting of LSP has been adjourned to 11.45 a.m., 25 September 2002 at Novotel Century Hotel, 17-21, Jalan Bukit Bintang, 55100 Kuala Lumpur. With the conclusion of the scheme meetings for ACB and its subsidiaries (other than LSP) on 16 September 2002 and 18 September 2002, the Proposed ACB Scheme remains subject to, inter alia, the following conditions precedent in addition to the requisite approval of scheme creditors of LSP: 1. the approval-in-principle of the Kuala Lumpur Stock Exchange for the listing of and quotation for the new ACB shares, warrants and new ACB shares arising from the exercise of warrants to be issued pursuant to the Proposed ACB Scheme; 2. the shareholders of ACB; 3. the Proposed ACB Scheme being sanctioned by the High Court pursuant to Section 176 of the Companies Act, 1965 and the proposed capital reconstruction exercise for ACB being sanctioned by the High Court pursuant to Section 64 of the Companies Act, 1965; and 4. the proposed corporate and debt restructuring exercises for Lion Corporation Berhad, Lion Land Berhad and Angkasa Marketing Berhad group of companies being unconditional. This announcement is dated 18 September 2002. Categories of Creditors Votes in Favor Avenel Sdn Bhd Meeting of Secured Creditors 100 percent Meeting of Unsecured Creditors 100 percent Lion Mutiara Parade Sdn Bhd Meeting of Secured Creditors 100 percent Visionwell Sdn Bhd Meeting of Secured Creditors 100 percent Meeting of Non-Financial Institutions Creditors 100 percent Lion Ipoh Parade Sdn Bhd Meeting of Secured Creditors 100 percent GEAHIN ENG'NG: Debt Dispute With Industrial Hardware ---------------------------------------------------- Geahin Engineering Berhad disclosed Wednesday that that on September 17, 2002, it has been served with a Statutory Notice dated September 13, 2002. Industrial Hardware is claiming from Geahin Engineering Berhad for the alleged sum of RM 214,833.33 for goods alleged to have been sold and delivered between the periods from October 2000 to December 2001, which are disputed by the Company and for which proof of debt and the accuracy of the accounts are required and questioned by the Company. Geahin further informed that the Company denies the aforesaid claim. The Company has instructed its legal counsel to defend the said case and will keep all parties concerned informed about its outcome in due course. In addition, the Company wishes to inform that except for the alleged disputed sum of RM 214,833.33 as mentioned above, being the expected losses if the Company failed in its defense, there are no other and additional and operational impacts on the Geahin Group. LION LAND: Approves Debt Restructuring Scheme --------------------------------------------- The Directors of Lion Land Berhad (LLB) announced that the scheme meetings of the Company were held Monday and the voting results are as follows: With the conclusion of the scheme meetings for LLB and its subsidiaries on 16 September 2002 and 18 September 2002, the Proposed LLB Scheme remains subject to, inter alia, the following conditions precedent: 1. the approval-in-principle of the Kuala Lumpur Stock Exchange for the listing of and quotation for the LLB shares to be issued pursuant to the Proposed LLB Scheme; 2. the shareholders of LLB; 3. the Proposed LLB Scheme being sanctioned by the High Court pursuant to Section 176 of the Companies Act, 1965 and the proposed capital reconstruction exercise for LLB being sanctioned by the High Court pursuant to Section 64 of the Companies Act, 1965; and 4. the proposed corporate and debt restructuring exercises for Lion Corporation Berhad, Amsteel Corporation Berhad and Angkasa Marketing Berhad group of companies being unconditional. This announcement is dated 18 September 2002. Categories of Creditors Votes in Favor LLB Meeting of Unsecured Creditors Class 1 100 percent Meeting of Unsecured Creditors Class 2 100 percent Meeting of Unsecured Creditors Class 3 100 percent Meeting of Unsecured Creditors Class 4 100 percent Lion Klang Parade Sdn Bhd Meeting of Secured Creditors 100 percent LLB Suria Sdn Bhd Meeting of Unsecured Creditors 100 percent LONG HUAT: Seeking Potential Investors on Restructuring -------------------------------------------------------- Long Huat Group Berhad announced Wednesday that presently, the board of Directors of L.Huat comprises of one (1) Independent director and two (2) Non-Independent non-executive directors. As such, L.Huat does not comply with paragraph 15.02, 15.10(1)(a)&(b) and 15.19 of the LR. The non-compliance was due to the difficulty faced by L.Huat in finding a suitable candidate to act as independent Director as currently, the Company is in the process of finding a potential investor for the purpose to restructure the Company. It is envisaged that L.Huat will only be able to regularize the composition of Board of Directors as per LR, immediately upon the signing of the relevant sale and purchase agreement with Behrang Properties Sdn Bhd and Perbadanan Kemajuan Negeri Perak which is targeted by end of September 2002. However, the Exchange has granted an extension of time of two (2) months from the previous deadline (i.e. 31 July 2002) until 30 September 2002 to comply with the abovementioned requirements. PARIT PERAK: Change of Address Notice ------------------------------------- Parit Perak Holdings announced a change of its address: Change description : Registered Old address : 12th Floor (Right Wing), Menara Kemayan, 160 Jalan Ampang, 50450 Kuala Lumpur. New address : No.18C, Jalan 1/64, Off Jalan Kolam Air/ Jalan Ipoh, 51200 Kuala Lumpur. Name of Registrar : Telephone no : 03-40417233 Facsimile no : 03-40410395 E-mail address : aacco@tm.net.my Effective date : 18/09/2002 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. PERAK CORPORATION: Disposes of Interest in Anakku Holdings ---------------------------------------------------------- Perak Corporation Berhad refers to its announcement dated 30 August 2002 in relation to the Proposed Disposal, on behalf of Perak Corporation Berhad (PCB). The Company has been informed that the Foreign Investment Committee had vide its letter dated 6 September 2002 approved Audrey International (M) Bhd's proposed acquisition of the entire equity interest in Anakku Holdings Sdn Bhd comprising 11,352,326 ordinary shares of RM1.00 each for a purchase consideration of RM50,000,000. REKAPACIFIC BERHAD: Judicial Review Proceedings Pending ------------------------------------------------------- Rekapacific Berhad refers to the Company's announcements dated 7 August 2002: At the hearing of the oral clarification of Enclosure 11 and 18 (the Company's application for discovery, interrogatories and leave to cross examine) on 17 September 2002, the Honorable Court directed that the matter be set for continued hearing on 30 September 2002. In respect of the substantive application for judicial review, the hearing date has yet to be set by the Honorable Court. RHB CAPITAL: AmMerchant Bank Discloses Dealings in Shares --------------------------------------------------------- AmMerchant Bank Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad) (AmMerchant Bank) disclosed the dealing in the shares of RHB Capital by Rothputra Nominees (Tempatan) Sdn Bhd (RN(T)) who is the bare trustee for a fund managed by Alliance Merchant Bank Berhad (Alliance) on a discretionary basis. As announced on 20 March 2002, Alliance has been appointed as the independent adviser to RHB Capital in connection with the Proposed Privatisation of RHB Sakura Merchant Bankers Berhad via a scheme of arrangement pursuant to sections 176 and 178 of the Companies Act, 1965 involving all its shareholders, including RHB Capital. Alliance is therefore a person connected to RHB Capital. The details of the dealing are based on the information furnished to AmMerchant Bank by RN(T) through RHB Capital on September 18, 2002. SAP HOLDINGS: Material Litigation Versus AmFinance -------------------------------------------------- SAP Holdings Berhad (SAP) announced Thursday that an Originating Summons was filed by AMFinance Berhad in the High Court of Shah Alam and was served on SAP on September 16, 2002 as owner of the approximately 235 acres of land held under HS (D) 20034, P.T No. 26549 Mukim Batu, Daerah Gombak (hereinafter referred to as the said Land). SAP, as owner of the Said Land, had created a third party charge over the Said land in favor of AMFinance Berhad as security for the loan facility of RM17 million granted to Cergas Tegas Sdn Bhd pursuant to a joint venture agreement entered into between SAP with Cergas Tegas Sdn Bhd on 12th January 1991 to develop the Said Land. AMFinance Berhad is seeking the foreclosure of the Said Land arising from Cergas Tegas Sdn Bhd's default in payment of the said facility. SAP intends to file the Notice of Appearance within the required period. In the meanwhile, SAP has entered into discussions with AMFinance Berhad and shall continue to take all necessary steps to resolve the matter. Further announcement on the development of the above matter will be made to the Exchange in due course. SOUTHERN PLASTIC: Reveals Conditional S and P Agreement ------------------------------------------------------- Southern Plastic Holdings Berhad announced Wednesday that the Company had entered into the following conditional agreements: a) a Sale and Purchase Agreement with Dato Dr Abdullah Bin Sepien (NRIC No. 461122-03-5175) and Azaldin Bin Dato Dr Abdullah (NRIC No. 641215-10-5927) for the purchase of 100 percent of the issued shares in PANBUILT SDN BHD (Company No. 281955- D) for the purchase price of Ringgit Malaysia Sixty Million (RM60,000,000.00) to be settled by way of RM3,000,000.00 in cash and the issuance of 57,000,000 new ordinary shares of the Company fully paid with par value of RM1.00 upon the terms and conditions contained in the Agreement ("the PSB Agreement") b) a Sale and Purchase Agreement with Tan Hui Ken (NRIC No. 691210-01-5872), Ngiow Lee Eng (NRIC No. 641105-04-5556) and Koh Tian Joo (NRIC No. 600919-01-5419) for the purchase of 100 percent of the issued shares in WESTFORM FAR EAST SDN BHD (Company No. 371416- P) for the purchase price of Ringgit Malaysia Fifty Million (RM50,000,000.00) to be settled by the issuance of 50,000,000 new ordinary shares of the Company fully paid with par value of RM1.00 upon the terms and conditions contained in the Agreement ("the WFESB Agreement") c) a Sale and Purchase Agreement with TALU CORPORATION SDN BHD (Company No. 139788- T) for the purchase of part of the land held under C.T. No. 4199 Grant 603 Lot 479 Mukim Repah District Tampin for the purchase price of Ringgit Malaysia Twelve Million Five Hundred Thousand (RM12,500,000.00) to be settled by the issuance of 12,500,000 new ordinary shares of the Company fully paid with par value of RM1.00 upon the terms and conditions contained in the Agreement ("the TCSB Agreement") d) a Sale and Purchase Agreement with VARIA BIDARI (M) SDN BHD (formerly known as Lembah Seraya Sdn Bhd) (Company No. 389177- W) for the purchase of all that part of the land held under HS (D) 24672 PT No. 4594 Mukim Pasir Panjang, District of Port Dickson, State of Negeri Sembilan for the purchase price of Ringgit Malaysia Thirty Five Million (RM35,000,000.00) to be settled by the issuance of 35,000,000 new ordinary shares of the Company fully paid with par value of RM1.00 upon the terms and conditions contained in the Agreement ("the VASB Agreement") The PSB Agreement, WFESB Agreement, TCSB Agreement and VASB Agreement are part of the Company's restructuring sheme and the completion of the Agreements are conditional upon the approvals being obtained from the relevant authorities. TIME DOTCOM: Sells Mobile Phone Operations to Maxis ---------------------------------------------------- In a statement to the Kuala Lumpur Stock Exchange (KLSE), Time dotCom Bhd CEO Ahmad Pardas Senin said the Company is planning to sell its cellular operations held under unit TIMECel Sdn Bhd to Maxis Communications Bhd at an indicative price of RMB1.3-1.6 billion in cash subject to a due diligence. The sale of TIMECel to Maxis "is only expected to be completed by the first half of next year... As such, a capital repayment to shareholders can only be made after that, which is probably in the second half of 2003," he said. However, in the statement to the Exchange, Time dotCom said it will use the entire proceeds from the sale for capital repayments to shareholders and towards defraying expenses relating to the exercise, subject to approval from shareholders and the relevant authorities. Time dotCom is exploring the possibility of a capital repayment to shareholders after the sale. He declined to estimate the amount of cash to be given to shareholders on the grounds that it is still in the preliminary stages, although he said the amount will be determined after netting off the amount needed for capital expenditure and working capital requirements. Maxis CEO Jamaludin Ibrahim, said the due diligence exercise on TIMECel will take about 6-8 weeks. "(Maxis) management would then decide whether to proceed with the acquisition and the terms and conditions," Jamaludin said. Jamaludin said Maxis expects to fund the purchase by using existing cash and loan facilities. He added that the Maxis, after its recent initial public offering, has some RMB1.9 billion cash. Jamaludin also denied speculation that the Company was doing national duty in buying TIMECel. "It is not right to say that, as all of Maxis' deals are done on a commercial basis where the interest of shareholders and Company is taken into consideration," he added. Jamaludin said the deal is obviously good for the country as it would help to consolidate the industry and at the same time, significantly cut down duplication of infrastructure by reducing the need to import additional equipment and the need to build new physical cell sites. The acquisition of TIMECel, he added, will accelerate "our network roll-out by capitalizing on TIMECel's already installed network and sites as much as possible." He also said if the deal materializes, Maxis may consider leasing fixed lines from Time dotCom as well as a marketing partnership. ===================== P H I L I P P I N E S ===================== BENPRES HOLDINGS: Misses Interest Debt Payment ---------------------------------------------- For the second consecutive quarter, Benpres Holdings Corporation was unable to pay interest on two billion Philippine peso (US$38.215 million) long-term commercial papers due last September 17, Business World reports, Benpres Corporate Information Officer Alexis Paul A. Dimacurot. He also said "Benpres has proposed to make interest payments and principal repayments to its creditors in accordance with the Balance Sheet Management Plan." The Company first defaulted on interest payments last July 17, as it was undertaking efforts to reschedule $596.9 million in maturing debts. In July, Benpres failed to pay interest on $150 million in euronotes maturing in December. Benpres Chief Financial Officer Angel S. Ong said the Company hopes to make interest payments on its obligations by November. Benpres had tapped the services of international investment house Credit Suisse First Boston (CSFB) to restructure its debts, which Mr. Ong hopes would be completed by middle of next year. In the first half of 2002, Benpres incurred a net loss of PhP80 million. Consolidated balance sheets of Benpres and its units as of end 2001 show losses reached PhP10.25 billion, PhP9.9 billion of which represents loss provision for BayanTel. UNITRUST DEVELOPMENT: Citystate Fails to Meet Bid Deadline ---------------------------------------------------------- Citystate Savings Bank, the sole bidder for the rehabilitation of Unitrust Development Bank, failed to meet the September 18 deadline to secure the support of at least two-thirds of Unitrust's shareholders. The Philippine Deposit Insurance Corp. (PDIC) may be forced to liquidate Unitrust Development Bank, in the continued inability of prospective white knights to secure the support of the closed bank's shareholders. "The receivership period lapses by the end of the month... PDIC might be forced to liquidate," the source added. However, former Unitrust President Francis Yuseco stressed that his group is confident the Makati Regional Trial Court will grant their petition for the issuance of an injunction that would bar PDIC from disposing of the bank's assets. "We are just waiting for the court's ruling on our petition for injunction. If issued, then they (PDIC) can no longer liquidate," he said. PDIC decided to reopen the bidding for Unitrust as shareholders of the closed bank refused to support the rehabilitation scheme earlier proposed by the Philippine Bank of Communications (PBCom). PDIC earlier awarded the task of rehabilitating Unitrust to PBCom. PBCom pulled out its bid for Unitrust due to unresolved ownership issues. UNITRUST DEVELOPMENT: Citystate Seeks More Time on Takeover Bid --------------------------------------------------------------- Citystate Savings Bank is seeking five more days to secure the approval of a majority of Unitrust Development Bank's shareholders for its plans to acquire and rehabilitate the closed bank, AFX Asia reports. The Philippine central bank has placed Unitrust Bank under the Philippine Deposit Insurance Corp (PDIC) receivership following the Company's collapse in 2001 because of liquidity problems. ================= S I N G A P O R E ================= BBR HOLDINGS: Clarifies Unaudited Half Year Financial Statement --------------------------------------------------------------- BBR Holdings, furnished this information by order of a letter received from the Singapore Stock Exchange: 2. (a) Explain the increase in other income including interest income in the period ended 30 June 2002 as compared to the previous corresponding period. 7The increase in "other income including interest income" is mainly due to: (i) the inclusion of contribution from Singapore Piling & Civil Engineering Private Limited and its group of companies ("SPCE's group"), which were not consolidated in the previous corresponding period; and (ii) profits arising from the disposal of fixed assets during the current financial period ended 30 June 2002. (b) There were no external sales from "General construction" and "Property development" in the segmental results for the half year ended 30 June 2001. However, for the current half-year ended 30 June 2002, there were external sales from these two segments. The "General construction" segment relates to the business segment of SPCE's group. The SPCE's group became part of the BBR Group in July 2001, hence no external sales from this segment for the previous half year ended 30 June 2001 There were no external sales from the "Property development" segment for the half year ended 30 June 2001 because there were no recognition of costs and revenue made for the half year ended 30 June 2001. However, for the year ended 31 December 2001 and thereafter, including the current half-year ended 30 June 2002, such recognition of costs and revenue were made. The "Property development" relates to the activities of a subsidiary, TKP Development Pte Ltd. (c) In paragraph 6(b) of the Half Year Results, it was stated that "There was no forecast or prospect statement which had been disclosed to shareholders in the corresponding financial period". The corresponding period referred to in the Half Year Results was the half-year ended 30 June 2001 not 31 December 2001. In respect to the commentary on current year prospect announced on 3 April 2002, the Company maintains its commentary for the current financial year ending 31 December 2002. (d) In paragraph 11 of the Half Year Results, the Company had disclosed the Group's borrowings as at 30 June 2002 and as at 30 June 2001. The comparative figures should be that as at the end of the most recently announced financial statement ended 31 December 2001. The following is the revised comparative figures of the group's borrowings (a) Amount repayable in one year or less, or on demand As at 30.06.2002 As at 31.12.2001 Secured Unsecured Secured Unsecured S$'000 S$'000 S$'000 S$'000 5,958 599 7,790 4,654 (b) Amount repayable after one year As at 30.06.2002 As at 31.12.2001 Secured Unsecured Secured Unsecured S$'000 S$'000 S$'000 S$'000 8,556 0 8,362 0 (c) Any other comments relating thereto (i) The decrease in secured borrowings repayable in one year or less is mainly due to the substantial redemption of finance lease during the current financial period ended 30 June 2002 as well as the restructuring of repayment term of the banking facilities. The amount of secured borrowings repayable after one year has increased accordingly. (ii) The amount of secured borrowings repayable after one year included an approximate amount of S$5.3 million owing to Hwa Hong Corporation Limited pursuant to the promissory notes issued by the Company to Hwa Hong Corporation Limited. (iii) The decrease in unsecured borrowings is mainly due to repayment made during the current financial period ended 30 June 2002. 3. Although the Group had a negative working capital position of $14 million as at 30 June 2002, it has continued generating a positive cash flow during the period. In respect to the $5.9 million Group's borrowings which relate mainly to bank overdraft facility granted to a subsidiary, for which the Group has reached an agreement with its banker to restructure the banking facility, as stated in the announcement dated 5 August 2002. BOUSTEAD SINGAPORE: Post Notice of Shareholder's Interest --------------------------------------------------------- Bousted Singapore posted changes in substantial shareholder Chew Leong Chee's Ltd's interest: Date of notice to Company: 18 Sep 2002 Date of change of interest: 17 Sep 2002 Name of registered holder: Chew Leong Chee Circumstance(s) giving rise to the interest: Open market purchase Shares held in the name of registered holder No. of shares of the change: 20,000 percent of issued share capital: 0.01 Amount of consideration per share excluding brokerage,GST,stamp duties,clearing fee: S$0.32 No. of shares held before change: 1,460,000 percent of issued share capital: 0.79 No. of shares held after change: 1,480,000 percent of issued share capital: 0.8 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 17,820,000 1,460,000 percent of issued share capital: 9.62 0.79 No. of shares held after change: 17,820,000 1,480,000 percent of issued share capital: 9.62 0.8 Total shares: 17,820,000 1,480,000 Mr. Chew Leong Chee has a deemed interest in the shares held by: Macondray & Company, Inc - 10,000,000 shares Representations International (H.K.) Ltd - 6,400,000 shares ARC Ventures Limited - 1,420,000 shares Therefore, Mr. Chew Leong Chee's total interest (including deemed interest) is 19,300,000 (10.42 percent) shares. No. of Warrants : 180,000 No. of Options : Nil No. of Rights : Nil No. of Indirect Interest : 1) Macondray & Company, Inc 500,000 Warrants 2) Representations International (H.K.) Ltd 1,520,000 Warrants CHARTERED SEMICONDUCTOR: Form 6-K Filing with U.S. SEC ------------------------------------------------------ In connection with Chartered Semiconductor Manufacturing Ltd's previously announced rights offering, the Company has filed the attached documents relating to the rights offering with the Securities and Exchange Commission (SEC) on September 17, 2002 (U.S. date). For a the 6-K Filing, visit http://bankrupt.com/misc/TCRAP_CharteredSemi0919.pdf PAN-UNITED: Striking-Off Unit From Registry of Companies -------------------------------------------------------- The Board of Directors of Pan-United Corporation Ltd announced: 1 Poly Resources Corporation Pte Ltd, a dormant Company since its incorporation in 1997, was struck off from the Register of Companies with effect from 5 July 2002. The Company owned 50 percent equity in Poly Resources Corporation Pte Ltd. 2 Pan-United Industries Pte Ltd had transferred two ordinary shares of RM1.00 each in the share capital of its 80 percent owned subsidiary, Priscojaya Sdn. Bhd., to Pan-United Concrete Pte Ltd at a consideration of RM2.00. Both Pan-United Industries Pte Ltd and Pan-United Concrete Pte Ltd are wholly owned subsidiaries of the Company. The above transactions will not have a material impact on the consolidated net tangible assets per share and earnings per share of the PUC Group for the financial year ending 31 December 2002. None of the Directors or substantial shareholders of the Company have any interest, direct or indirect, in the transactions. SEMBCORP INDUSTRIES: Responds to Rumors on Sembcorp Logistics ------------------------------------------------------------- SembCorp Industries Limited has noted the existence of market rumors and speculation that (a) it is selling its 62 percent stake in SembCorp Logistics or (b) that it is taking SembCorp Logistics private. SembCorp Industries wishes to state that there is no basis for either of these rumors. We want to emphasize that: a. SembCorp Logistics is a Key Business of SembCorp Industries and will remain so. b. We have no plans at the present time to reduce our stake in SembCorp Logistics or to take this Company private. SembCorp Industries therefore advises investors to ignore these groundless conjectures. =============== T H A I L A N D =============== KARAT SANITARYWARE: Shareholders Okay Delisting From SET -------------------------------------------------------- Karat Sanitaryware Public Company Limited submits an application for the delisting of ordinary shares from the Stock Exchange of Thailand (SET). The details are as follows: 1. Type of Securities of the Company 1.1 Ordinary Shares 1.1.1 In the amount of 47,200,000 shares, with par value of Baht 10 each, totalling Baht 472,000,000 1.1.2 Becoming listed securities on the Stock Exchange of Thailand from August 22,1991 1.1.3 The latest trading price: Baht 39.00 per share on September 18, 2002 1.2 Debentures/Convertible Debentures None 1.3 Warrants on share None 1.4 Other types of securities (specify) None 2. Approval from the Shareholders'' meeting to delist the ordinary shares. The extraordinary shareholders'' meeting no. 1/2002 held on August 20, 2002, has a resolution to delist the Company''s ordinary shares from the SET with the following details; 2.1 the number of all shareholders 1,047, holding 47,200,000 shares 2.2 the number of minority shareholders, who individually hold not exceeding 5/1000 of the Company's paid-up shares but not less than 1 board lot, 983, holding 5,434,347 shares accounted for 11.54 percent of total paid-up shares 2.3 the number of shareholders who attended the meeting in person 29 2.4 the number of shareholders who attended the meeting and by proxy 39, holding 40,869,492 shares representing 86.59 percent of the total paid-up shares 2.5 the number of shareholders who approved for the delisting of the Company''s ordinary shares 61, holding 40,826,504 shares accounted for 86.50 percent of total paid-up shares 2.6 the number of shareholders who disapproved the delisting of the Company''s ordinary shares 2, holding 30,705 shares accounted for 0.07 percent of total paid-up shares 3. Reasons and facts concerning delisting of shares 3.1 A group of major shareholders intend to sell their shares to Kohler Co. After the share sale has completed, Kohler Co. will be the major shareholder of the Company and Kohler Co. will submit tender offer to purchase the remaining shares in order to let other shareholders have the chance to sell their shares, in accordance with the law. After Kohler Co. has purchased the shares from the group of major shareholders and submitted the tender offer in accordance with the law, the number of minority shareholders will be lower than that required by the SET which will cause the Company to be in non-compliance with the listing rule of the SET. Therefore, it is appropriate for the Company to voluntarily delist the Company''s shares from the SET, and at the same time let Kohler Co. makes the general offer to purchase shares. 3.2 If the Company is permitted to delist the shares from the SET, the Company will have more flexibility in managing and operating, and also will be able to reduce the expenses of maintaining the listed Company status. 4. General offer to purchase from shareholders and holders of securities and other securities convertible into shares of the Company 4.1 Name of the offeror or group of offerors and relationship with the Company Kohler Co. is the offeror. Kohler Co. is presently the Company''s customer and has no other relationship with the Company. 4.2 Offer price of securities Baht 40.1073 per share 4.3 Name of financial advisor of the Offeror Merrill Lynch Phatra Securities Co., Ltd. 4.4 Name of independent financial advisor Capital Nomura Securities Public Company Limited 4.5 Tender offer period October 7, 2002 - December 12, 2002 5. Top ten major shareholders of the Company as of the date of extraordinary Shareholders'' meeting in which the delisting resolution was approved (as of August 20, 2002) Name Nationality No. of Shares percent Shareholding Mr. Somkiart Limsong Thai 11,752,760 24.90 Mr. Anun Louharanoo Thai 7,000,000 14.83 Miss Yupaporn Suthiphongchai Thai 5,002,300 10.60 Miss Usa Skulthai Thai 5,000,000 10.59 Mr. Chatchai Teepsuwan Thai 4,016,284 8.51 CLSA SINGAPORE PTE LTD Singapore 1,922,300 4.07 Mr. Kasem Genjai Thai 1,350,133 2.86 Mrs. Parita Tangpakorn Thai 1,000,000 2.12 Mr. Veraphan Teepsuwan Thai 650,050 1.38 Mr. Suthep Pakhamaythawee Thai 600,000 1.27 6. Board of Directors of the Company on September 18, 2002 Name Position percent Holding Mr. Somkiart Limsong Chairman 24.900 Mrs. Duangkamol Sakuntanaga Vice-Chairman 0.960 Mr. Suroj Subhasavasdikul Director 0.300 Mr. Maitree Tawonatiwasna Director 0.040 Captain Prasobsukh Sangprabha Director 0.004 Miss Somsri Limsong Director 0.080 Mrs. Yuwaluck Pipitmethanont Director 0.010 Mr. Theerapone Varanusupakul Director 0.010 Miss Sukon Kanchanalai Independent Director - Mr. Viphandh Roengpithya Independent Director 0.080 Mr. Anun Louharanoo Director 14.830 Miss Usa Skulthai Director 10.590 Miss Yupaporn Suthiphongchai Director 10.600 Mr. Asanee Chantong Director 0.003 Mr. Kraisorn Chamornmano Director 0.002 The Company confirmed that the information contained in this application is accurate and complete KARAT SANITARYWARE: Issues Board Resignations, Appointments ----------------------------------------------------------- Karat Sanitaryware Public Company announced the resignation and appointment of the Company's Director and Executive Director as follows: Resignation of Directors 1. Mr. Somkiart Limsong Chairman of the Board of Directors (but will continue to be Director) 2. Mr. Suroj Subhasavasdikul Chairman of the Board of Executive Directors and Joint Managing Director Administration (but will continue to be Director) 3. Miss Somsri Limsong Director and Executive Director 4. Captain Prasobsukh Sangprabha Director 5. Anun Louharanoo Director 6. Usa Skulthai Director 7. Yupaporn Suthiphongchai Director 8. Kraisorn Chamornmano Director 9. Theerapone Varanusupakul Director and Secretary to the The resignation of these Directors shall be effective from September 20, 2002. Appointment of the Company's Directors The Board of Directors at its meeting No. 6/2002 held on September 18, 2002 has appointed the following person to be the Company's Directors, to supersede those who resigned for the remaining term, and also appoint the position of the new Directors as follows: 1. Herbert V. Kohler, Jr. as Director (supersede Captain Prasobsukh Sangprabha) and Executive Director 2. Natalia A. Black as Director (supersede Miss Somsri Limsong) 3. Karger David Kohler as Director (supersede Mr. Anun Louharanoo), Chairman of the Board of Directors and Chairman of the Board of Executive Directors 4. Derrick Ling Kuan Tay as Director (supersede Miss Usa Shulthai), and Executive Director 5. Derrick Ling Kuan Tay as Joint Managing Director - Administration 6. Asanee Chantong as Joint Managing Director - Administration The appointment will be effective from September 20, 2002. THAI MILITARY: Director Admiral Boonsong Quits Post --------------------------------------------------- Thai Military Bank Public Company Limited, in compliance with he regulations of the Stock Exchange of Thailand, announced the resolutions of the board of directors meeting session no. 9/2002 held on 17 September, 2002 starting at 13.00 hours. The meeting acknowledges the resignation of one director, Admiral Prasert Boonsong, effective from October 1, 2002. 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. 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