/raid1/www/Hosts/bankrupt/TCRAP_Public/021223.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, December 23, 2002, Vol. 5, No. 253
Headlines
A U S T R A L I A
ADVANCED ENGINE: Annual Financial Report Underway
ANACONDA NICKEL: Seeks Pro-Rata Rights Issue Waiver From ASX
COTECH PTY: Directors Face Raft of Insolvent Trading Charges
FORTLAND HOTEL: Loan Facility Extended
HIH INSURANCE: Discloses Royal Commission's Hearing Schedule
PMP LIMITED: Update on Strategic Review
SOUTHERN PACIFIC: Restructures Brisbane Office
SUPERSORB ENVIRONMENTAL: Administrators Discharged
C H I N A & H O N G K O N G
CHEERCORP DEVELOPMENT: Faces Winding Up Petition
CIL HOLDINGS: Requests Trading Suspension
CULTURECOM HOLDINGS: Trims Losses; Plans No Dividend Payment
HIGH JET: Winding Up Petition Pending
MANSION HOUSE: Reaches Settlement of HK$78,388,608.71 Debt
PINE VICTORY: Winding Up Hearing Scheduled in January
REGENT PACIFIC: H102 Net Loss Widens to US$4.9M
SEA-FLOW INVESTMENT: Winding Up Sought by Bank of China
THEME INTERNATIONAL: Net Loss Increases to HK$27.5M
YOUNG TRADE: Winding Up Petition Slated for Hearing
I N D O N E S I A
ASTRA INTERNATIONAL: Shareholders OK Rights Issue
DAYABUMI SALAK: S&P Raises Ratings to 'CCC'; Positive Outlook
J A P A N
HITACHI LIMITED: Selects Pumatech as Co-Development Partner
KENWOOD CORPORATION: METI Oks Rehabilitation Plan
MITSUI FUDOSAN: Plans to Liquidate Three U.S. Units
MIZUHO HOLDINGS: Corrects Financial Statements
NIPPON TELEGRAPH: Raising Unit's Financial Aid to Y20B
NTT COM: Verio Posts New Pricing for Web Hosting Plans
NTT DOCOMO: Suspending Diego Garcia, the Seychelles Service
SKYMARK AIRLINES: Sees Y80M Profit in 2003
SUMITOMO METAL: Nippon Takes 80% Stake in JV
K O R E A
DAEWOO CORP: Extends Bid Deadline for Indian Assets
DAEWOO MOTOR: Signs Co-Operation Deal With Chinese Firm Today
HYNIX SEMICONDUCTOR: Down 12% Despite Roh Election Win
KIA MOTORS: US Court Allows Suit Against Carmaker
SEGYE CORPORATION: Ends Court Receivership
SHINSUNG TONGSANG: Free From Court Receivership
M A L A Y S I A
ANGKASA MARKETING: Director Re-appointment Approved at 24th AGM
AOKAM PERDANA: Inks Conditional Definitive Agreement With AMSB
AOKAM PERDANA: Resolutions Approved at 48th AGM
AVENUE ASSETS: Schedules EGM on January 7
AVENUE ASSETS: Strikes Off Dormant Subsidiaries
BERJAYA SPORTS: To Pay Loan Stock Interest
CSM CORPORATION: Provides Defaulted Payment Update
HIAP AIK: Appoints New Member in Audit Committee
HOTLINE FURNITURE: Acquiree Companies Agree Conversion Terms
HUME INDUSTRIES: Final Meeting Resolves Dissolution of Unit
PAN PACIFIC: Submits Proposed Restructuring Scheme
PARK MAY: EGM Scheduled on January 3
TIME ENGINEERING: Proposes ESB Early Exchange
UCP RESOURCES: Amends Proposed Corp, Debt Restructuring Scheme
UH DOVE: January 10 EGM Set
P H I L I P P I N E S
CEBU MEDICAL: Directors First to Go, Says Mayor Osmena
PHILIPPINE LONG: Eyes Sale of Real Estate Assets
PHILIPPINE LONG: Union Members on Mass Leave to Protest Layoffs
PHILIPPINE LONG: Wants NTC to Cancel Registration of ISP's
UNIWIDE HOLDINGS: Responds to Unusual Price Movement
VICTORIAS MILLING: Issues Special Stockholders' Meeting Results
S I N G A P O R E
L&M GROUP: Lists New Shares in SGX-ST Today
LIANG HUAT: Restructuring Banking Facilities
NASTEEL LTD: 98 Holdings Triggers Mandatory Offer
NATSTEEL LTD: Cameo's Deemed Interests Changed
T H A I L A N D
MODERN HOME: SET Grants Listed Securities
RAIMON LAND: Discloses Warrants Offering Result
SAND - POLYCHEMICAL: Files Business Reorganization Petition
THAI MILITARY: TRIS Downgrades Ratings to `BBB-' From `BBB'
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCED ENGINE: Annual Financial Report Underway
-------------------------------------------------
The Directors of Advanced Engine Components Limited wish to
respond to recent press articles regarding the position of the
Company. The Directors confirm that the Company's operations are
continuing and that it continues to operate under the management
of the Directors.
The shares previously owned by New Tel Limited as well as the
intercompany loan with New Tel Limited were property subject to
a mortgage entered into by New Tel Limited. Under the terms of
the mortgage by New Tel Limited, title to the assets were
transferred to LIM ASIA ARBITRAGE FUND INC "LIM" on the 29th of
November 2002.
Persuant to this transfer, the Company understands that LIM is
now the mortgagee in possession of 109,000,000 shares and the
intercompany debt. The company has, and continues to dispute the
quantum of the debt and therefore to make any statement as to
the value of this debt would prejudice the Company's position in
negotiation of the amount. The Directors have met with LIM and
are of the understanding that the debt will not be called in the
foreseeable future.
Regarding comments made on the Company's cash position, the
Directors wish to advise that it is inappropriate to disclose
this information without providing a full position of the
Company via its Financial Statements.
The Company has been suspended from trading on the ASX due to
its failure to lodge its Annual Financial Report. The Company
has been unable to finalize its Annual Financial Report due to
the changing position of its prior involvement with New Tel
Limited. The Company has continued towards finalizing its
accounts and expects to lodge its Annual Report with the
Australian Securities and Investments Commission as soon as
practicable.
The Company continues to operate under its contract with IRISBUS
which provides ongoing revenues to the Company to meet its
operational requirements. The Company will also record revenues
from its supply of Bullet supercars following ADR approval as
disclosed to the market earlier this month.
The Directors also wish to confirm that Peter Malone and Craig
Piercy are no longer involved with the operations or activities
of the Company.
At the end of 2002, Advanced Engine Components Limited had
negative working capital, as current liabilities were A$7.22
million while total current assets were only A$3.99 million,
Wrights Investors' Service reports.
ANACONDA NICKEL: Seeks Pro-Rata Rights Issue Waiver From ASX
------------------------------------------------------------
As previously announced, a meeting of the secured scheme
creditors of Anaconda Nickel Limited's two subsidiaries, Murrin
Murrin Holdings Pty Limited (MMH) and Anaconda Nickel Holdings
Pty Ltd (ANH), is scheduled to be held on 8 January 2003. If the
secured scheme creditors of MMH and ANH vote to approve the
schemes of arrangement, it is anticipated that the matter will
be relisted in the Supreme Court of Western Australia on 15
January 2003 for final approval of the schemes.
In preparation for its impending pro-rata rights issue, part of
the proceeds of which, as previously advised, are to be used to
fund Anaconda's portion of the cash payment to its Secured
Creditors, Anaconda sought a waiver from the ASX from the
requirements of Listing Rule 7.40 "Compliance with timetables".
The ASX has informed Anaconda that it has considered Anaconda's
application and has resolved as follows:
1. Subject to resolution 2 and based solely on the
information provided, ASX grants Anaconda Nickel Limited
(Company) a waiver from listing rule 7.40 to the extent
necessary to permit the timetable for its proposed fully
underwritten 14 for 1 pro rata renounceable rights issue to do
the following:
1.1 Not provide "cum" trading after the Company lodges the
court order for the creditors' scheme of arrangement with the
Australian Securities and Investments Commission (ASIC).
1.2 Keep the offer open for only ten days.
2. The waiver in resolution 1 is subject to the following
conditions.
2.1 The Company releases the terms of this waiver to the
market immediately.
2.2 The Company announce an indicative timetable
immediately after secured creditors approve the scheme of
arrangement.
2.3 The Company announce the Court's decision on the
creditors' scheme of arrangement on the day of that decision and
any updates to the indicative timetable.
2.4 The Court order approving the scheme of arrangement is
lodged with ASIC and an announcement of this fact is sent to
ASX's Company Announcements Office no later than 2pm EDST (11am
WST) on day zero of the proposed timetable.
3. ASX has considered listing rule 7.40 only and makes no
statement as to the Company's compliance with other listing
rules.
Anaconda issues this release in compliance with ASX's condition
2.1 mentioned above.
Anaconda will release an indicative timetable for the rights
issue in accordance with conditions 2.2 and 2.3 above, however,
it is currently anticipated that prospectus for the rights issue
is expected to be lodged with the ASIC and ASX on 16 January
2003 and dispatched to shareholders shortly thereafter.
COTECH PTY: Directors Face Raft of Insolvent Trading Charges
------------------------------------------------------------
Mr Damien Gerald Francis Durkin, of Carrick, and Mr Timothy Rhys
Hawker Williams, of Hobart, appeared on Friday in the Hobart
Court of Petty Sessions on 265 charges of insolvent trading
brought by the Australian Securities and Investments Commission
(ASIC).
ASIC alleges that between 20 December 1999 and 10 September
2000, Mr Durkin and Mr Williams, while directors of Cotech Pty
Ltd (Cotech), failed to prevent Cotech from incurring debts of
$261,901 when the company was insolvent.
Cotech operated in Tasmania producing wooden baby furniture
(cots and change tables) and went into liquidation on 20 October
2000 with debts to creditors of more than $1.7 million.
Mr Durkin and Mr Williams did not enter a plea, and have been
bailed to appear in Hobart on 30 January 2003. The Commonwealth
Director of Public Prosecutions is prosecuting the matter.
FORTLAND HOTEL: Loan Facility Extended
--------------------------------------
Fortland Hotel Property Trust's Loan Facility with Westpac has
been extended until 14 February 2003 on the same terms and
conditions. During this period, negotiations will continue with
prospective purchasers of the Trust's properties at Rockhampton
and Toowoomba.
The Responsible Entity of Fortland Hotel Property Trust also
advises that there will be no distribution for the quarter ended
31 December 2002. As a result there will be no Record Date
required to identify unitholders entitled to the distribution.
HIH INSURANCE: Discloses Royal Commission's Hearing Schedule
------------------------------------------------------------
The HIH Royal Commission will sit in January, on a date to be
fixed, for counsel assisting to speak to their closing
submissions. There will be a Directions Hearing at 2:00 in the
afternoon Thursday 19 December 2002.
Hours of Sitting
The sitting times are usually Monday to Friday 9:30AM to 11AM,
11:15AM to 12:45PM; and 2:15PM to 3:30PM and 3:45PM to 4:30PM.
Commission Location
Level 8, 'The Landmark' 345 George Street, Sydney
PMP LIMITED: CEO Muscat to Leave Company
----------------------------------------
The Chairman of PMP Limited, Mr Graham Reaney, announced Friday
that, after four years as CEO, Mr Robert Muscat will not be
renewing his contract and will leave the company at the end of
February 2003.
To ensure an orderly transition Mr Muscat will work closely with
Mr Reaney while the search for a successor is underway.
Mr Reaney thanked Mr Muscat for his contribution stating "under
Mr Muscat's leadership the company was restructured and the
balance sheet strengthened. Debt was significantly reduced and a
strong executive team forged to focus on print efficiency and
customer service. These changes together with the benefits of
the ongoing cost improvement program will enable the company to
take full advantage of any upturn experienced in the market in
2003."
"We wish Robert every success in his future endeavors," Mr
Reaney concluded.
PMP LIMITED: Update on Strategic Review
---------------------------------------
Chairman of PMP Limited, Mr Graham Reaney, said on Friday that
the company's strategic review now underway would be completed
by PMP's half-year results in late February 2003.
Mr Reaney initiated the wide-ranging strategic review of PMP and
its businesses following his appointment as Chairman at the PMP
annual meeting in October.
He said details of the review and its conclusions would be made
available, to shareholders, once it is completed.
Mr Reaney said "PMP had undergone some significant changes in
the past 20 months, including the sale of its magazine
publishing businesses in Australia and the UK, along with the
refinancing of its debt facilities."
"It is appropriate therefore, for the company to now focus on
its core business of printing and to identify strategies and
opportunities to improve performance and enhance returns."
As part of the review process, PMP has appointed Bain
International to assist it in reviewing the business and
identifying strategies for the future, with a focus on improving
performance. Bain has already made substantial progress and is
scheduled to complete its review in February 2003.
As part of the review and transformation of PMP, the company
recently announced two key personnel changes as follows:
- PMP CEO, Mr Robert Muscat, has advised that he will leave
the company by no later than 1 March 2003. The Board has
appointed Korn Ferry to conduct a search for a new Chief
Executive Officer and aims to complete this task as quickly as
possible.
- Mr Peter George has been appointed to the Board as a Non
Executive Director. Peter brings with him an extensive
background in media and corporate finance.
Mr Reaney said that the company will keep the market informed
about progress made in appointing a new CEO and other
developments.
Mr Reaney confirmed that while market conditions remain
competitive, many parts of PMP are currently performing well and
have strong market positions, hence they are well placed to
materially improve the company's performance in the future.
Mr Reaney also reiterated that the company believed its first
half profit is expected to be in the upper range of its first
half EBIT forecast of $32 million to $35 million and net debt is
expected to be comfortably below $300 million.
S&P has also reaffirmed the company's long-term credit rating as
BB+.
SOUTHERN PACIFIC: Restructures Brisbane Office
----------------------------------------------
Southern Pacific Petroleum NL advises that it has restructured
a number of business support functions in the Brisbane head
office and the Stuart Project site in Gladstone. These changes
are designed to capture synergies between Gladstone and Brisbane
and to reduce overall corporate expenditures. Regrettably, these
changes have resulted in the redundancy of 19 full time
employees and contractors in Brisbane (46% reduction) and five
at the Stage 1 Project in Gladstone (3%). Five other technical
personnel will be reassigned to Gladstone from Brisbane.
SPP Managing Director, Mr Jim McFarland said, "We regret having
to part company with colleagues who have worked with such
dedication to achieve SPP's success. This restructuring has been
implemented to focus the Company's people and financial
resources on its top priorities, namely the Stuart operation and
the program to identify joint venture partners and other forms
of financing to progress development of the Stuart Project."
The Stuart Stage 1 operation continues to provide valuable know-
how and design improvements for the proposed Stage 2 commercial
project. In this respect, the redeployment of five Brisbane-
based technical personnel to Gladstone will provide valuable
support to the Stage 1 operation.
Oil production operations resumed at the Stage 1 plant on 13
December. Oil production rates have been averaging around 2,500
barrels per day.
SUPERSORB ENVIRONMENTAL: Administrators Discharged
--------------------------------------------------
On 6 December 2002 creditors resolved that Supersorb
Environmental NL's wholly owned operating subsidiary Supersorb
Minerals NL execute a Deed of Company Arrangement (DOCA).
Supersorb Environmental confirmed that the unit executed a DOCA
after the close of business WST on 19 December 2002.
Consequently, the Company is no longer under the control of the
Joint and Several Administrators (Neil Cribb and Mark Conlan of
RSM Bird Cameron Partners) who were appointed to the Company on
15 August 2002.
Control of the ongoing affairs of the Company and its business
operations now reverts to the Directors. In accordance with the
DOCA, Neil Cribb and Mark Conlan of RSM Bird Cameron Partners
now act as Joint & Several Deed Administrators.
As previously announced, the Directors of Supersorb
Environmental NL will now proceed to put in place the necessary
steps which will lead to the calling of a meeting of
shareholders to seek approval for the loans provided to the
Group by capital providers to be converted into new shares in
Supersorb Environmental NL. Approval will also be sought for the
Board changes, including the anticipated appointment of Brad
Sounness and Martin Shuttleworth (representing Quangi Pty
Ltd) which is required within 7 days of the execution of the
DOCA.
This meeting of shareholders is expected to take place in the
March quarter of 2003. Subsequently, it is intended to apply for
a lifting of the suspension from trading of shares currently
applied by the ASX.
CONTACT INFORMATION: Dr T Parry
CHIEF EXECUTIVE OFFICER
1800 227 672
================================
C H I N A & H O N G K O N G
================================
CHEERCORP DEVELOPMENT: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Cheercorp Development Limited is set for
hearing before the High Court of Hong Kong on January 15, 2003
at 10:00 in the morning.
The petition was filed with the court on November 6, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The China and South Sea Bank, Limited, Hong Kong Branch pursuant
to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.
1167) of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.
CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
CIL Holdings Limited requested that trading in its shares will
be suspended with effect from 9:30 a.m. Friday (20/12/2002)
pending the release of the announcement relating to the results
of the creditors' meetings.
The Troubled Company Reporter - Asia Pacific reported on
December 18 that Mr. Ke, the Chairman of the Meetings, proposed
that it is in the interests of the Company and the Scheme
Creditors to seek adjournment of the Meetings for 7 days.
CULTURECOM HOLDINGS: Trims Losses; Plans No Dividend Payment
------------------------------------------------------------
Listed Culturecom Holdings Limited posted its interim financial
report reviewed by the Audit Committee, as follows:
Year end date: 31 March 2003
Currency: HKD
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 30/09/2002 to 30/09/2001
Note ('000) ('000)
Turnover : 31,517 28,923
Profit/(Loss) from Operations : (53,004) (58,342)
Finance cost : (5) (24)
Share of Profit/(Loss) of
Associates : (3,948) (6,125)
Share of Profit/(Loss) of
Jointly Controlled Entities : (1,077) N/A
Profit/(Loss) after Tax & MI : (56,989) (62,115)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0192) (0.0229)
-Diluted (in dollars) : (0.0192) (0.0229)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (56,989) (62,115)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
LOSS PER SHARE
The calculation of the basic loss per share is based on the net
loss for the period of approximately HK$56,989,000 (2001:
HK$62,115,000) and the weighted average number of 2,972,809,259
(2001: 2,714,879,861) ordinary shares in issue during the
period.
The computation of diluted loss per share for the periods ended
30th September, 2002 and 2001 does not assume the exercise of
the Company's outstanding share options and warrants since their
exercise would reduce net loss per share.
Dilutive loss per share for the period is not shown as exercise
of outstanding share options granted and warrants issued by the
Company would have an anti-dilutive effect on the loss per share
for the period.
DIVIDEND
The board of directors has resolved not to pay any interim
dividend for the six months period ended 30th September, 2002
(2001: Nil).
HIGH JET: Winding Up Petition Pending
-------------------------------------
High Jet Development Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on January 29, 2003 at 10:00 in the morning.
The petition was filed on November 22, 2002 by American Express
International, Inc., a company incorporated in the State of
Delaware in the United States of America and whose registered
address is situated at 19th Floor, Somerset House, 28 Tong Chong
Street, Quarry Bay, Hong Kong.
MANSION HOUSE: Reaches Settlement of HK$78,388,608.71 Debt
----------------------------------------------------------
The Directors of Mansion House Group Limited announced that the
Company has reached an agreement to settle with the Creditor
regarding the statutory demand received by the Company on
October 11, 2002 in respect of the outstanding debt of
HK$78,388,608.71 together with all accrued interest. Pursuant
to the terms of the Restructuring Agreement, the Creditors has
agreed to refrain from instituting legal proceedings against the
Company for recovery of outstanding balance of the amount due
and interest thereon.
In addition, the Company has reached a settlement with The
Plaintiff regarding the Writ that was served on the Company on
November 7, 2002 in respect to the sum of HK$1,920,867.67.
Pursuant to the terms of the Settlement, The Plaintiff agreed to
stay the abovementioned claim and all further proceedings
against the Company.
PINE VICTORY: Winding Up Hearing Scheduled in January
-----------------------------------------------------
The High Court of Hong Kong will hear on January 22, 2003 at
9:30 in the morning the petition seeking the winding up of Pine
Victory Limited.
Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong filed the
petition on November 11, 2002. Tsang, Chan & Wong represent the
petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tsang, Chan &
Wong, Solicitors for the Petitioner, 16th Floor, Wing On House,
71 Des Voeux Road Central, Hong Kong.
REGENT PACIFIC: H102 Net Loss Widens to US$4.9M
-----------------------------------------------
Regent Pacific Group Limited, formerly known as iRegent Group,
posted its interim financial report with a year end date March
31, 2003 on 17/12/2002:
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/4/2002 from 1/4/2001
to 30/9/2002 to 30/9/2001
Note ('000) ('000)
Turnover : 1,590 3,827
Profit/(Loss) from Operations : (625) (3,749)
Finance cost : (9) (16)
Share of Profit/(Loss) of
Associates : (3,696) 1,165
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (4,962) (1,850)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0042) (0.0016)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (4,962) (1,850)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Loss per share
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the period of US$4,962,000
(2001: US$1,850,000) and on the weighted average of
1,186,902,435 (2001: 1,186,902,435) shares of the Company in
issue during the period.
Diluted loss per share is not presented as the outstanding share
options and warrants were anti-dilutive (2001: Nil).
SEA-FLOW INVESTMENT: Winding Up Sought by Bank of China
-------------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Sea-Flow Investment Company Limited. The petition was filed on
November 26, 2002, and will be heard before the High Court of
Hong Kong on February 12, 2003 at 9:30 am.
Bank of China (Hong Kong) Limited (the successor corporation to
Hua Chiao Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) holds its
registered office at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.
THEME INTERNATIONAL: Net Loss Increases to HK$27.5M
---------------------------------------------------
Loss-making fashion chain Theme International Holdings Limited
announced on 17 December 2002:
(stock code: 00990 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/10/2001 from 1/10/2000
to 30/9/2002 to 30/9/2001
Note ('000) ('000)
Turnover : 198,559 202,372
Profit/(Loss) from Operations : (24,413) (5,204)
Finance cost : (2,986) (2,659)
Share of Profit/(Loss) of
Associates : N/A 1,304
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (27,456) (6,677)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0109) (0.0027)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (27,456) (6,677)
2nd Interim Dividend : NIL N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
2nd Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Change of Accounting Year End Date
On 27th June, 2002, the Board of Directors resolved to change
the Group's financial year-end date from 30th September to 31st
December in order to make no differences in its financial year-
end date and the financial year-end date of their major
subsidiaries in the People's Republic of China. These unaudited
interim financial statements were prepared for the twelve months
ended 30th September, 2002.
The Company previously changed its financial year-end date from
31st March to 30th September on 11th September, 2000 in order to
make its financial year coterminous with that of High Fashion
International Limited (High Fashion) after High Fashion became
the holding company of the Company on 31st August, 2000.
2. Change of figures reported previously for the last
corresponding period
The figures shown in the Last Corresponding Period represent the
results for a twelve months' period from 01/10/00 to 30/09/01
instead of an eighteen-month's period from 01/04/00 to 30/09/01
that reported in the Results Announcement Form submitted
previously.
3. Loss per share
The calculation of basic loss per share is based on the net loss
for the period of HK$27,456,000 (2001: HK$ 6,677,000) and on
2,508,329,402 (2001 : 2,508,329,402) ordinary shares in issue
during the period.
The diluted loss per share for the period has not been
calculated as the company's share options and convertible notes
would have had an anti-dilutive effect.
YOUNG TRADE: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Young Trade Development Limited is
scheduled for hearing before the High Court of Hong Kong on
January 29, 2003 at 10:00 in the morning.
The petition was filed with the court on November 20, 2002 by
Tam Kit Tsuen of Room 708, Ngan Ping House, Long Ping Estate,
Yuen Long, New Territories, Hong Kong.
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I N D O N E S I A
=================
ASTRA INTERNATIONAL: Shareholders OK Rights Issue
-------------------------------------------------
PT Astra International shareholders have approved the company's
proposed 7-for-13 rights issue priced at Rp1,000 each to raise
US$158 million at an EGM held on Friday, AFX-Asia reported
Friday.
The EGM also approved the allocation of 40 percent of the rights
issue proceeds for debt repayment, 26 percent for investment in
unit PT United Tractors, and the remainder for working capital
and debt buybacks.
The company will pay off debt of US$75 million at the end of
December and US$97 million next year using internal cash and
rights issue proceeds, Astra Finance Director John Slack said.
"If we get the minimum US$180 million from the rights issue
proceeds we will pay earlier US$60 million in debt each year for
2003, 2004, and 2005," he said, adding that creditors are also
allowing the company to use US$14 billion to buy its zero-coupon
'Seri III' bonds accounting for around US$120 planned for tender
in the first quarter of 2003.
DAYABUMI SALAK: S&P Raises Ratings to 'CCC'; Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services on Thursday raised its rating
on DSPL Finance Company B.V.'s US$150 million senior secured
notes to 'CCC' from 'CC'. The bond is guaranteed by Dayabumi
Salak Pratama Ltd. (Dayabumi), which operates a 165-megawatt
geothermal power project in Indonesia. The outlook is positive.
"The successful signing of an energy sales contract amendment
(ESC amendment) with offtaker P.T. Perusahaan Listrik Negara
(Persero) (PLN) is expected to improve the credit profile of
Dayabumi. Under the ESC amendment, Dayabumi will be paid 4.45 US
cents/kWh of electricity, which is higher than what they were
paid during interim agreements with PLN. In addition, PLN has
provided DSPL with arrear payments through the purchase of
Dayabumi's rated notes (amounting to US$95 million) and through
US$15 million in cash. As a result, the project's financial
leverage has improved to a debt-to-equity ratio of 68:32
compared with 42:58 under the original financing structure,
while projected debt service coverage ratio is strong averaging
3.7 times between 2003 and 2010," said Standard & Poor's credit
analyst Erly Witoyo.
Nevertheless, Dayabumi faces high counterparty risk, as the
financial profile of PLN remains weak. PLN continues to incur
cash flow losses and depend on timely government subsidies for
its survival. In addition, Dayabumi faces risk arising from
economic and political uncertainties in Indonesia and those
inherent in geothermal projects, such as the premature
depletion of geothermal resources. Offsetting these are the
project's good track record in servicing debt obligations
(having been timely in paying all their debt principal payments
over the past four years), use of a simple and commercially
proven power generation technology, strong knowledge of the
geothermal sector by sponsor Unocal, and the expected
shortage in electricity in the Java region in the near term.
The positive outlook reflects the expected improvement in
revenue stream following the signing of the ESC amendment.
Future development in the rating hinges on PLN's performance in
fulfilling its obligations under the contract.
According to Wrights Investors' Service, DSPL Finance Co's
9.120% (DAYA10IDA1) bond due on 2010 trades between 77 and 80.
For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=DAYA10IDA1.
=========
J A P A N
=========
HITACHI LIMITED: Selects Pumatech as Co-Development Partner
-----------------------------------------------------------
Pumatech, Inc., the leading provider of synchronization software
and services, announced a co-development agreement with Hitachi,
Ltd., one of the world's leading global electronics companies.
The co-development effort will enable Hitachi's corporate sales
force and systems integrators to offer a complete mobile
solution to enterprise customers in Japan. The solution features
Hitachi's NPD-20JWL Mobile Multimedia Communicator PDA device,
based on the Japanese Windows CE .NET operating system, along
with Pumatech's Satellite Forms(R) MobileApp Designer and
Enterprise Intellisync(R) Server software.
The combined Hitachi-Pumatech solution will allow Hitachi's
systems integrators to add value by using Satellite Forms
MobileApp Designer software to develop custom applications that
run on the NPD-20JWL device. The Satellite Forms-generated
applications will integrate with any corporate database via
local or remote connectivity provided by Pumatech's Enterprise
Intellisync Server software. Enterprise Intellisync Server will
also facilitate synchronization of email and PIM data between
the Hitachi PDA and Microsoft Exchange or Lotus Notes.
"By combining Hitachi's Mobile Multimedia Communicator PDA with
Pumatech's Satellite Forms and Enterprise Intellisync Server
software, we are delivering a total solution that provides
enterprise users with access to virtually any kind of corporate
information, whenever and wherever they need it," said Shigeru
Matsuoka, general manager of the Mobile Information &
Communication Appliance Division at Hitachi. "This joint
solution delivers extensive capabilities that enable mobile
users to maximize the power of their Hitachi Mobile Multimedia
Communicator PDAs."
Hitachi's NPD-20JWL Mobile Multimedia Communicator PDA features
built-in wireless LAN IEEE 802.11b connectivity and a high-
performance Intel PXA250 application processor. It's lightweight
(about 5.5 ounces), includes both Windows Media Player and
Microsoft Internet Explorer, and offers Windows CE .NET-based
security and secure Multi Media Card support.
Pumatech's Enterprise Intellisync Server software provides a
single resource for synchronizing PIM, e-mail and custom
database information, both locally and remotely, between desktop
PCs, servers and mobile devices - and for managing handheld
software and devices from one centralized location. The
Company's Satellite Forms MobileApp Designer software offers a
flexible and extensible rapid application development platform
for connecting PDAs to mission-critical enterprise information
residing in desktop and server databases.
"The development of wireless infrastructure in Japan is far
ahead of the rest of the world," explained Clyde Foster,
Pumatech's senior Vice President of sales and marketing.
"Hitachi recognizes the importance of working with Pumatech to
deliver a server-based wireless solution to this eager Japanese
enterprise market. By doing so, they are also giving their
systems integrators the ability to add tremendous value while
creating custom mobile solutions for their customers, utilizing
our Satellite Forms and Enterprise Intellisync Server software."
Hitachi, Ltd. http://global.hitachi.com,headquartered in Tokyo,
Japan, is a leading global electronics Company, with
approximately 320,000 employees worldwide. Fiscal 2001 (ended
March 31, 2002) consolidated sales totaled 7,994 billion yen
($60.1 billion). The Company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.
Pumatech, Inc. www.pumatech.com provides organizations with a
comprehensive suite of software products and services that
synchronizes and distributes critical information for an
individual or throughout an enterprise. Organizations can choose
to use Pumatech's ready-made enterprise offerings, or they can
leverage Pumatech's professional services team to create custom
solutions built upon Pumatech's core enterprise platform.
Pumatech's customer and strategic partner base includes Global
2000 companies such as Microsoft, Sony, Siebel, Oracle, Yahoo!,
NTT DoCoMo, Boeing and General Motors. The Company has
headquarters in Silicon Valley and offices in Munich, Tokyo and
London.
The Troubled Company Reporter-Asia Pacific reported that Hitachi
Ltd's cash and cash equivalents as of June 30, 2002 totaled
799.8 billion yen (US$6,665 million), a decline of 229.5 billion
yen (US$1,913 million) during the first quarter. Debt on June
30, 2002 stood at 2,952.7 billion yen (US$24,606 million), 45.4
billion yen (US$379 million) less than at March 31, 2002.
CONTACT:
McGrath/Power Public Relations (For Pumatech)
Tamara Burnett, 408/727-0351
tamarab@mcgrathpower.com
Amy Robertson, 408/727-0351
amyr@mcgrathpower.com
KENWOOD CORPORATION: METI Oks Rehabilitation Plan
-------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has approved
a rehabilitation plan filed by Kenwood Corporation under the
industrial revival law, Kyodo News said on Friday.
The approval entitles the major audio equipment firm to receive
tax breaks for its plan to receive 25 billion yen in financial
aid from its main creditor, Asahi Bank, in the form of a debt-
for-equity swap.
MITSUI FUDOSAN: Plans to Liquidate Three U.S. Units
---------------------------------------------------
Mitsui Fudosan Co. Ltd. will liquidate three Hawaii-based units
namely MFD 700 Bishop Inc, MFD Partners LLC and Pomai Inc.,
after all completed the sale of their assets, including office
buildings, AFX Asia said on Thursday.
ADDRESS:
Mitsui Fudosan Co Ltd -
Http://Www.Mitsuifudosan.Co.Jp/English/Index.Htm
1-1, Nihonbashi-Muromachi 2-Chome
Mitsui Honkan Building
Chuo-Ku Tokyo 103-0022
Japan +81 3 32463055
+81 3 32463552
Mitsui Fudosan Co., Ltd. was established in 1941 and is involved
in construction works and real estate development. Sales of
residential houses, office buildings and land accounted for 30
percent of fiscal 2000 revenues; rental and leasing of office
buildings and shopping centers, 27 percent; contracted
construction and development works of housing/office buildings,
harbors and land, 23 percent; housing materials/products, 6
percent; non-residential building management services, 5
percent; leisure facilities operations, 4 percent; real estate
agents, 3 percent and other, 2 percent. The Company has one
hundred and sixty consolidated subsidiaries worldwide. Overseas
sales accounted for less than 10 percent of fiscal 2000
revenues.
MIZUHO HOLDINGS: Corrects Financial Statements
----------------------------------------------
Mizuho Holdings, Inc. (MHHD) announced corrections on the
attached material of its "Consolidated Financial Statements for
the First Half of Fiscal 2002", as follows:
1.Organization structure of Mizuho Financial Group (MHFG)
Of the major domestic subsidiaries, the following companies are
listed on Japanese domestic stock exchanges: (p.1-4)
Ownership Percentage( percent)
Previous Statements After Correction
Mizuho Asset Trust & Banking Co., Ltd. 61.5 68.4
(61.5) (68.4)
Mizuho Investors Securities Co., Ltd. 66.5 66.8
(66.5) (66.8)
1. ( ) : Percentage interest held by subsidiaries
2. "Ownership Percentage" for Mizuho Asset Trust & Banking Co.,
Ltd. includes 300,000 voting rights, which arise from First
Series Class I Preferred Stock, and 800,000 voting rights, which
arise from Third Series Class II Preferred Stock in accordance
with provisional clause of Article 242, paragraph 1 of the
Commercial Code of Japan.
This revision has no effect on MHHD's previously disclosed other
consolidated financial statements.
NIPPON TELEGRAPH: Raising Unit's Financial Aid to Y20B
------------------------------------------------------
Nippon Telegraph and Telephone Corporation will boost financial
aid to its U.S. unit Verio Inc. next year to some 20 billion yen
from an initial plan of around 12 billion yen, as part of its
restructuring scheme, the Nihon Keizai and AFX Asia said on
Thursday.
Verio, which the NTT group acquired for about 600 billion yen
through NTT Communications Corp in 2000, has been posting losses
in the slumping US telecommunications market. Verio is expected
to turn operating free cash flow positive in 2004.
Meanwhile, Bloomberg reported that Verio posted a $1.58 billion
loss on sales of $325 million in the year ended December 2001.
It had a loss of $777 million and $328 million in sales the
previous year.
NTT COM: Verio Posts New Pricing for Web Hosting Plans
------------------------------------------------------
Verio Inc., a leading provider of global IP services and a
subsidiary of NTT Communications Corp. (NTT Com), recently
announced a range of lower-priced, long- term web hosting
options and a significant price cut to its Domain Name
Registration (DNR) offering in a bid to help small to medium
enterprises (SMEs) get their businesses on the Web more quickly
and cost-effectively.
A company can now have its Web site hosted by Verio for as
little as $14.95 a month with a five-year contract, and can
register, renew or registrar transfer a name to Verio for only
$9.95 a year, this with a 10-year agreement. Both plans require
advance payment as part of their terms. These reduced rates are
being offered directly through Verio's web site at
(www.verio.com).
"The current economy makes business tough for anyone, but small
to medium-size companies trying to win business from larger,
more established competitors can be affected more than most,"
said Doug Schneider, president of Verio's SME Hosting business
unit. "We are making it far more affordable for these smaller
companies to set up an online presence by offering multi-year
contracts at lower rates."
Verio is the first tier-one vendor to lower its rates for new
registrations, domain renewals and registrar transfers based on
the number of registration years. For example, a 10-year DNR
contract is only $9.95 while a one-year registration increases
to $19, still a competitive price level. "DNR remains a
commoditized product, but customers want to obtain it from a
reputable company that will be around in the future," said
Schneider. "We are rewarding our customers for staying with us
by offering multi-year registrations at a very low cost."
Customers looking to obtain affordable hosting solutions from
Verio can now get the Bronze hosting plan for $14.95 per month
for a five-year contract. This figure scales up incrementally
depending on the number of years required, with all contracts
costing $24.95 per month or less.
More information on the new DNR pricing plans may be found at
http://hosting.verio.com/index.php/dnr.html. More information
on the new long-term, low cost hosting options may be found at
http://hosting.verio.com/index.php/web_bronze.html
Verio Inc. www.verio.com and www.ntt.com/index-e.html is a
wholly owned subsidiary of NTT Communications (NTT Com), which
provides long distance and international telecommunications
reaching over 200 countries worldwide. Verio is the world's
largest operator of Web sites for businesses and a leading
provider of global IP solutions. NTT Com and Verio market their
global IP solutions under the NTT/VERIO brand. The company
offers businesses a broad range of Internet services, including
Web hosting, dedicated access, virtual private networks, and
managed service offerings, among other enhanced services. Verio
supports its operations with highly reliable and scalable global
infrastructure and systems including the NTT/VERIO Global IP
Network, and provides Web hosting services to customers in more
than 170 countries. The combination of Verio and NTT Com offers
services to meet the growing and diverse needs of all
businesses, including small to medium businesses, large global
enterprises and multi-national corporations.
CONTACT:
Verio Inc., Englewood
Mona Peloquin, 303/645-1961
mpeloquin@verio.net
or
Text 100 for Verio, New York
Melissa Talago, 212/871-3926
melissat@text100.com
NTT DOCOMO: Suspending Diego Garcia, the Seychelles Service
-----------------------------------------------------------
NTT DoCoMo, Inc. will suspend its "WORLD CALL(R)" international
dialing service to Diego Garcia (country code 246) and the
Seychelles (248) effective December 26, 2002, to prevent
problems involving customer fraud.
Under the fraud, certain magazines advertise telephone numbers
without indicating that they are to overseas locations. As a
result, users unknowingly place international calls to such
areas as Diego Garcia and the Seychelles.
In a similar case, mobile phone users are unaware that the
automatic dial-up links featured in e-mail advertisements are to
overseas numbers. Both scams can lead to expensive international
phone bills.
Although NTT DoCoMo has not received any complaints to date from
customers about the fraud, the Company is taking preventive
measures.
WORLD CALL allows users to make international calls from their
mobile phones to approximately 220 regions and countries
worldwide. Calls are made using 009130 prefixes.
In accordance with official requirements, DoCoMo has today
notified the Ministry of Public Management, Home Affairs, Posts
and Telecommunications of plans to suspend its service to Diego
Garcia and the Seychelles.
NTT DoCoMo www.nttdocomo.com/top.shtml is the world's leading
mobile communications Company with more than 44 million
customers. The Company provides a wide variety of leading-edge
mobile multimedia services. These include i-mode(R), the world's
most popular mobile internet service, which provides e-mail and
Internet access to over 35 million subscribers, and FOMA(R),
launched in 2001 as the world's first 3G mobile service based on
W-CDMA. In addition to wholly owned subsidiaries in Europe and
North and South America, the Company is expanding its global
reach through strategic alliances with mobile and multimedia
service providers in the Asia-Pacific, Europe and North and
South America. NTT DoCoMo is listed on the Tokyo (9437), London
(NDCM), and New York (DCM) stock exchanges.
Contact:
NTT DoCoMo
Takumi Suzuki
suzukitaku@nttdocomo.co.jp
+81 3 5156 1111
SKYMARK AIRLINES: Sees Y80M Profit in 2003
------------------------------------------
Skymark Airlines expects a net profit of 80 million yen for the
year ending October 31, 2003, compared with a net loss of 1.09
billion yen the previous year, Kyodo News said on Thursday.
It would be the first time for the airline to stay in the black
since its establishment in 1996. The Company attributed the
favorable turnaround to an expected increase in revenues, helped
by the launch of new routes in April, including flights between
Haneda-Aomori and Haneda-Tokushima.
Citing Wright Investor's Service, TCR-AP had previously bared
that at the end of 2001, Skymark Airlines Co., Ltd. had negative
working capital, as current liabilities were 4.17 billion yen
while total current assets were only 1.47 billion yen.
SUMITOMO METAL: Nippon Takes 80% Stake in JV
---------------------------------------------
Nippon Steel Corp will take 80 percent in a stainless steel
joint venture with Sumitomo Metal Industries Ltd, which will
hold the balance, the Nihon Keizai Newspaper reported. The
partners will sign a formal agreement next week for the venture,
which will be set up in October, aiming to post a profit from
its first year of operations.
Nippon Steel has been supplying Sumitomo Metal with hot-rolled
steel coils, the main material in stainless steel. Nippon Steel
will appoint a President to the venture. Nippon Steel and
Nisshin Steel Co will maintain their alliance and continue to
supply stainless steel products to each other.
The joint venture will review the partners' stainless steel
production on an item-by-item basis to streamline operations and
raise profitability.
Currently, Nippon Steel and Sumitomo Metal have a total of seven
production lines for cold-rolled stainless steel. Sumitomo Metal
will close one of the lines in Ibaraki Prefecture as part of
consolidation under the venture.
The stainless steel businesses of both Nippon Steel and Sumitomo
Metal have been unprofitable so far. However, the venture is
expected to post several billion yen in annual pretax profit in
the near future.
About Sumitomo
Sumitomo Metal Industries (SMI), is Japan's #1 seamless pipe
producer; it also makes steel construction materials and
industrial components. Steel products represent about two-thirds
of SMI's sales. To tap into the growing information revolution,
SMI also makes silicon wafers, and has a wafer manufacturing
joint venture with Mitsubishi Materials. SMI also offers
construction engineering and information technology services.
SMI is part of the Sumitomo family of companies.
About Nippon
Nippon Steel manufactures steel plates, sheets, pipes, and
tubes, as well as specialty, processed, and fabricated steel
products.
Nippon Steel's operations include engineering, construction,
chemicals, nonferrous metals, ceramics, electronics, information
and communications, and urban development. The Company also
provides energy, finance, and insurance services. With sales and
profits down because of a weak Japanese economy and antidumping
petitions in the US, Nippon Steel plans to place more emphasis
on its engineering and energy businesses. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 252, December 20, 2002)
=========
K O R E A
=========
DAEWOO CORP: Extends Bid Deadline for Indian Assets
---------------------------------------------------
Potential buyers of assets of bankrupt Daewoo Motors India Ltd.
have won an extension of four weeks to submit their bids, an
unnamed official from a creditor bank told Reuters on Thursday.
A court receiver is attempting to sell the assets of the Company
in six parts to repay creditors. The name of the receiver was
not mentioned in the report.
The firms who had sought an extension were the Indian units of
carmakers Ford and Hyundai, India's top truck maker Tata
Engineering and Locomotive Co Ltd and JBM Tools Ltd.
Indian banks and financial institutions including the Industrial
Development Bank of India, ICICI Bank Ltd and the Export Import
Bank of India have lent over 10 billion rupees ($208 million) to
Daewoo India.
The Indian unit has a capacity to make 72,000 units a year on
the outskirts of New Delhi. Daewoo Motors India is a unit of
Daewoo Corporation, which went bankrupt in November 2000.
DAEWOO MOTOR: Signs Co-Operation Deal With Chinese Firm Today
-------------------------------------------------------------
The China Geely Group will sign a co-operation deal with an
unspecified unit of bankrupt Daewoo Motor Co. Ltd. on December
23, in its continued efforts to build stronger partnerships with
foreign auto groups, Xinhua Financial News said on Friday.
The Chinese carmaker mainly produces and sells passenger cars
priced between 38,000 and 80,000 yuan (US$4,5878 - US$9,639).
According to the Troubled Company Reporter-Asia Pacific, Daewoo
Motors India Ltd. reported a net loss of RS857.4 million in the
third quarter from RS1.15 billion in 2001. The Company said its
operations were not affected as domestic banks had rescheduled
interest payments.
About China Geely Group:
Since its establishment in 1986, China Geely Group has developed
into a multi-structured enterprise, manufacturing cars,
motorcycles, and decoration materials and investing in tourism,
real estate and higher education. Geely had sales of RMB2.25
billion in 2001. By the third quarter of this year, its sales
reached RMB1.98 billion. China Enterprise Confederation (CEC)
and China Enterprise Directors Association (CEDA) ranked the
company among China's top 500 enterprises this year according to
a survey conducted.
HYNIX SEMICONDUCTOR: Down 12% Despite Roh Election Win
------------------------------------------------------
Shares of Hynix Semiconductor Inc. decreased 12 percent or 45
won on Friday, despite pro-government candidate Roh Moo-hyun's
success in the Presidential elections on Thursday, reports Dow
Jones.
The stock is coming off from a rally earlier in the week that
was sparked after Roh's Millennium Democratic Party called for
different capital write-down amounts for Hynix's majority
shareholders, which are creditor banks, and minority
shareholders. Creditors are currently reviewing a 21:1 capital
write-down plan at an equal ratio between creditors and minority
shareholders.
KIA MOTORS: US Court Allows Suit Against Carmaker
-------------------------------------------------
The consumer law firms of Kimmel & Silverman, P.C.; Francis &
Mailman, P.C.; and Donovan Miller, LLC have filed class action
suits in Pennsylvania and New Jersey against Kia Motors America,
Inc., of Irivine, California, alleging brake defects in the
company's 1998, 1999 and 2000 Sephia models. The lead plaintiffs
in these cases are Philadelphia, PA resident Shamell Samuel-
Bassett and Plainfield, NJ resident Regina Little. According to
Kia press releases, more than 166,000 Sephia automobiles have
been sold in the United States between 1997 and 2000.
According to documents filed in the Court of Common Pleas of
Philadelphia County and in the Superior Court of New Jersey,
Union County, Kia Motors has known for several years that the
brake system in the Sephia model is defective. In the past three
years, more than 300 complaints have been filed with the
National Highway Transportation Safety Administration (NHTSA)
for this defect. This problem, which results in premature wear
of the front brake rotors, causes the brakes to grind and the
vehicle to vibrate, and requires continuous replacement of the
brake pads and rotors. In 1996 and 1997, Kia issued Technical
Service Bulletins (TSB's) pertaining to this problem in
subsequent Sephia models.
Since purchasing her 2000 Sephia model in October 1999,
Pennsylvania lead plaintiff Shamell Samuel-Bassett has taken her
car to Kia authorized dealers on five separate occasions,
complaining of vehicle vibration, excessive grinding and
increased stopping distance. As a result of her complaints, the
vehicle's rotors and pads were repaired four times, all within
the vehicle's first 17,000 miles. On average, replacement of
brake rotors occurs at approximately 50,000 miles if parts are
not defective.
Despite constant repairs, Samuel-Bassett continues to experience
brake problems. She was recently involved in an automobile
accident, hitting a vehicle after the brakes failed to properly
stop the car.
"I should feel confident in my car, but I don't," says Ms.
Samuel-Bassett. "My eight-year old son is always talking about
the constant noise and vibrations when I hit the brakes. It's
especially frustrating that Kia knows they have a problem and
they are doing nothing to fix it."
New Jersey lead plaintiff Regina Little purchased her 1999 Kia
Sephia in March, 1999. Ms. Little has also repeatedly returned
her car to authorized Kia dealerships, complaining of the same
brake concerns: an inability to stop the vehicle, continuous
vibrations and rotor defects. Despite Ms. Little's numerous
complaints, and the dealers' replacement of brake and rotors,
the problem still exists. Court papers indicate that employees
from three separate authorized Kia dealerships informed Ms.
Little that Kia Motors America is well aware of the problem, but
will not correct it.
"I am very fearful for my safety," says Ms. Little. "Every three
months, my brakes start to grind. When that happens, I have to
push the brakes hard to get the car to stop. I don't have the
money to keep repairing the problem. I am hoping that this class
action suit will force Kia to admit to the general public that
this problem does exist."
According to co-counsel Craig Thor Kimmel of Kimmel and
Silverman, P.C, "This problem puts the safety of Kia drivers and
passengers, as well as all of us who share the road with Sephia
drivers, at substantial risk. You have a car that is inexpensive
to purchase and a manufacturer that claims in advertising to
have the best warranty in the business. It is no wonder people
are buying the car. However, with the brake defect so widespread
and Kia's refusal to fix the problem, we believe that consumers
are not getting what they are paying for with the Kia Sephia."
"Consumers have been complaining of this problem for the last
five years," said co-counsel James A. Francis of the firm of
Francis and Mailman. "The frequent replacements go well beyond
the normal wear and tear of the braking system. Normally,
drivers rely on the predictability of brakes for their safety.
This is not the case with Sephia drivers."
About Kia Motors America
Kia Motors America is the U.S. sales, marketing and service arm
of Kia Motors Corp. in Seoul, South Korea. Known for its high-
value vehicles, Kia Motors America currently markets the Rio
sub-compact sedan, Rio Cinco five-door sedan, Spectra compact
sedan and hatchback, Optima midsize sedan, Sportage small SUV,
Sorento midsize SUV and Sedona minivan.
Owners and lessees of 1998, 1999, and 2000 Kia Sephia models who
would like more information on this class action contact Craig
Thor Kimmel at 1-800-Lemon-Law (800-536-6652) or via e-mail at
LemonLawFirm@aol.com or call James A. Francis at 1-877-735-8600.
SEGYE CORPORATION: Ends Court Receivership
------------------------------------------
Segye Corporation has ended its three-year-long court
receivership on Wednesday after completing its self-recovery
measures, the Korea Herald reports.
The Company's recovery is largely attributed to a merger and
acquisition (M&A) contract formed with SK Global-led Global &
Associates consortium two months ago.
The clothing firm has now completed repayment of all debt except
19.5 billion won, and has lowered its debt-to-equity ratio to a
stable 42.72 percent.
Segye has appointed Kim Pyeong-won from SK Global as its new
Chief Executive Officer (CEO) earlier this week and Lee Young-
woo, also from SK Global, as the managing director.
SHINSUNG TONGSANG: Free From Court Receivership
-----------------------------------------------
Shinsung Tongsang Co. was recently released from three years of
court receivership, the Korea Herald reports.
The clothing firm has entered an alliance with Canaan Co. and
successfully repaid debt and lowered its debt-to-equity ratio to
61.8 percent. Canaan Co. is an exporter of bags, tents and
clothing. The Company will sell assets to be free of all loans
in the future.
Shinsung, most famous for its Unionbay, Olzen and Ziozia brands,
will also be concentrating on fostering casual brands in the
domestic market, while intensifying overseas performance by
recouping overseas production base and raising productivity, the
report said.
===============
M A L A Y S I A
===============
ANGKASA MARKETING: Director Re-appointment Approved at 24th AGM
--------------------------------------------------------------
Angkasa Marketing Bhd informed that at the Twenty-Fourth Annual
General Meeting of the Company held on 19 December 2002, the
shareholders have approved the following:
i) the re-appointment of Y. Bhg. Tan Sri Dato' Jaffar bin
Abdul who retired pursuant to Section 129(2) of the Companies
Act, 1965 as Director of the Company; and
ii) all other resolutions tabled thereat including the
following ordinary resolution transacted as special business :
Ordinary Resolution - Authority to Directors to issue shares
"That pursuant to Section 132D of the Companies Act, 1965, and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10%
of the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company."
CONTACT INFORMATION: Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Tel : 03-21622155
Fax : 03-21623448
AOKAM PERDANA: Inks Conditional Definitive Agreement With AMSB
--------------------------------------------------------------
On behalf of the Board of Directors of Aokam Perdana Berhad,
Southern Investment Bank Berhad (SIBB) wishes to announce that
the Company has, on 17 December 2002, entered into a conditional
Definitive Agreement with Amalan Menang Sdn Bhd (AMSB), Madam
Ong Sok Hean and Samudera Sentosa Sdn Bhd (Samudera) to
undertake the following proposals:
(i) Proposed capital reduction of Aokam's existing issued and
paid-up share capital from RM83,415,113 to RM4,170,756 by
cancellation of RM0.95 of the par value of each existing
ordinary share of RM1.00 each and subsequent consolidation into
ordinary shares of RM1.00 each in the proportion of ten (10)
ordinary shares of RM0.05 each into one (1) ordinary share of
RM0.50 each (Shares) (Proposed Capital Reduction and
Consolidation);
(ii) Proposed write off RM15,543 in the share premium account
of Aokam as at 30 June 2002 against Aokam's accumulated losses
(Proposed Share Premium Reduction);
(iii) Proposed restructuring of debts which involve the
following four (4) companies within the Aokam Group, namely
Aokam, Aokam Industries Sdn Bhd, Pembangunan Papan Lapis (Sabah)
Sdn Bhd and Pacific Wood Products Sdn Bhd (Proposed Debt
Settlement);
(iv) Proposed acquisition of the entire issued and paid-up
share capital of Key Heights Sdn Bhd for a total purchase
consideration of RM150 million to be fully satisfied by the
issuance of 300 million new Aokam Shares (Proposed Acquisition);
(v) Proposed special issue of 20,000,000 new Aokam Shares to
Bumiputera investors to be identified later at an issue price of
RM0.50 per Share (Proposed Special Issue);
(vi) Proposed share placement of a sufficient number of Aokam
Shares by the vendors of KHSB to the public to meet the 25%
public shareholding requirement (Proposed Share Placement);
(vii) Proposed amendments to its Memorandum and Articles of
Association to enable the Company to revise the par value of the
ordinary shares of Aokam from RM1.00 to RM0.50 each pursuant to
the Proposed Rescue Scheme (Proposed Amendments);
(viii) Proposed exemption to AMSB, Madam Ong Sok Hean,
Samudera and parties connected to them namely, Mr Sy Choon Yen,
Ms Looh Yen Loo, Mr Loke Kar Wing and Ms Ong Dea Bea from the
obligation to undertake a mandatory offer for the remaining
Aokam Shares not already held by them upon completion of the
Proposed Rescue Scheme under the Malaysian Code on Take-overs
and Mergers, 1998 (Proposed Exemption); and
(ix) Proposed employees' share option scheme for the benefit
of the eligible employees and executive Directors of the Aokam
Group (Proposed ESOS).
For further information on the Proposals, go to
http://www.bankrupt.com/misc/TCRAP_Aokam1223.doc
CONTACT INFORMATION: B-11-3, Megan Phileo Promenade
189, Jalan Tun Razak
50400 Kuala Lumpur
Tel : 03-2166 3466;
Fax : 03-2166 3455
AOKAM PERDANA: Resolutions Approved at 48th AGM
----------------------------------------------
Aokam Perdana Berhad advised that the following resolutions were
declared carried at the 48th Annual General Meeting of the
Company duly held on Thursday, December 19, 2002, at the
Ballroom 1, Level 1, Corus Hotel Kuala Lumpur, Jalan Ampang,
50450 Kuala Lumpur at 10:00 a.m.:
(i) Receipt and adoption of the Audited Consolidated
Financial Statements of the Group and of the Company for the
financial year ended 30 June 2002 together with the Reports of
the Directors and of the Auditors.
(ii) Re-election of the following Directors:
(a) Y.Bhg. Tan Sri Dato' Samshuri Bin Arshad
(b) Dr. Tee Choon Hwa
(c) Mr. Peter Lee Pui Tet
(d) Mr. Andrew Gerard Purcell
(iii) Approval on the Directors' fees for the year ended 30
June 2002.
(iv) Re-appointment of Messrs. KPMG as Auditors for the
Company and authorization to the Directors to fix their fees.
(v) Special Resolution 1 - Authorization to issue shares
pursuant to Section 132D of the Companies Act, 1965.
(vi) Special Resolution 2 - Authorization to issue Annual
Report 2003 in CD-ROM format.
AVENUE ASSETS: Schedules EGM on January 7
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Avenue Assets Berhad will be held at the Conference Room, THB
Satu (West Wing), Level 2, No. 8, Jalan Damansara Endah,
Damansara Heights, 50490 Kuala Lumpur at 10.30 a.m. on Tuesday,
7 January 2003 for the purpose of considering and, if thought
fit, passing with or without modifications, the following
Ordinary Resolution:
ORDINARY RESOLUTION - PROPOSED SHARE BUY-BACK
"THAT, subject to the Companies Act, 1965 (the Act), rules,
regulations and orders made pursuant to the Act, provisions of
the Company's Memorandum and Articles of Association and the
requirements of the Kuala Lumpur Stock Exchange (KLSE) and any
other relevant authority, the Directors of the Company be and
are hereby authorized to make purchases of ordinary shares of
RM1.00 each in the Company's issued and paid-up share capital
through the KLSE subject further to the following:
1. the number of ordinary shares of RM1.00 each in Avenue
(Avenue Shares) which may be purchased or held by the Company
shall not exceed ten per centum (10%) of the issued and paid-up
share capital for the time being of the Company, subject to a
restriction that the issued and paid-up share capital of Avenue
does not fall below the applicable minimum share capital
requirements of the Listing Requirements of the KLSE of
60,000,000 ordinary shares. Based on the issued and paid-up
share capital of Avenue as at 30 November 2002 of 652,217,732
Avenue Shares, the maximum number of Avenue Shares that may be
acquired pursuant to the Proposed Share Buy-Back is 65,221,773
Avenue Shares;
2. the maximum fund to be allocated by the Company for the
purpose of purchasing the Avenue Shares shall not exceed the
share premium account of the Company based on the audited
financial statements for the financial year ended 31 January
2002 of RM157.118 million;
3. the purchase price of the Avenue Shares so purchased shall
be determined by the Directors of the Company at a later date
and shall not be more than fifteen percent (15%) above the
weighted average market price of Avenue Shares for the past
five (5) market days immediately preceding the date of the
purchase(s). In the case of a re-sale of treasury shares, the
Company may only re-sell the purchased shares held as treasury
shares on the KLSE at a price which is not less than the
weighted average market price of Avenue Shares for the past
five (5) market days immediately preceding the date of re-
sale(s);
4. the authority conferred by this resolution will commence
immediately upon passing of this ordinary resolution and will
continue to be in force until:
(a) the conclusion of the first annual general meeting (AGM)
of the Company following this extraordinary general meeting at
which this resolution was passed at which time it shall lapse
unless by an ordinary resolution passed at that AGM, the
authority is renewed, either unconditionally or subject to
conditions;
(b) the expiration of the period within which the next AGM
after that date is required by law to be held; or
(c) revoked or varied by ordinary resolution passed by the
shareholders in general meeting,
whichever occurs first, but not so as to prejudice the
completion of purchase(s) by the Company before the aforesaid
expiry date and, in any event, in accordance with the
provisions of the guidelines issued by the KLSE and any
prevailing laws, rules, regulations, orders, guidelines and
requirements issued by any relevant authorities;
5. upon completion of the purchase(s) of the Avenue Shares by
the Company, the Directors of the Company be and are hereby
authorized to cancel the Avenue Shares so purchased or to
retain the Avenue Shares so purchased as treasury shares, of
which may be distributed as dividends to shareholders, and/or
resold on the KLSE, and/or subsequently cancelled and in any
other manner as prescribed by the Act, rules, regulations and
orders made pursuant to the Act and the requirements of the
KLSE and any other relevant authority for the time being in
force;
AND THAT the Directors of the Company be and are hereby
authorized to take all such steps as are necessary or expedient
to implement, finalize or to effect the purchase(s) of the
Avenue Shares with full powers to assent to any conditions,
modifications, resolutions, variations and/or amendments (if
any) as may be imposed by the relevant authorities and to do
all such acts and things as the said Directors may deem fit and
expedient in the best interest of the Company."
AVENUE ASSETS: Strikes Off Dormant Subsidiaries
-----------------------------------------------
Avenue Assets Bhd. wishes to announce that, the following
dormant wholly-owned subsidiaries of the Company have been
struck off from Register by the Registrar of Companies under
Section 308 of the Companies Act, 1965:
1. Global Merge Sdn. Bhd. (GMSB); and
2. Prisma Mewah Sdn. Bhd. (PMSB).
and accordingly, GMSB and PMSB are dissolved.
CONTACT INFORMATION: Level 12
Menara Phileo
189 Jln Tun Razak
50400 Kuala Lumpur
Tel : 03-2166 2828;
Fax : 03-2166 2826
BERJAYA SPORTS: To Pay Loan Stock Interest
------------------------------------------
Berjaya Sports Toto Berhad released this notice:
EX-date : 13/01/2003
Entitlement date : 15/01/2003
Entitlement time : 12:30:00 PM
Entitlement subject : Loan Stock Interest
Entitlement description:
First Interest Payment for the RM751,348,605 nominal amount of
8% Irredeemable Convertible Unsecured Loan Stocks 2002/2012
Period of interest payment :05/08/2002 to 04/02/2003
For year ending/Period ending/ended :
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements to
BERJAYA REGISTRATION SERVICES SDN BHD
Lot C1-C3, Block C, 2nd Floor, KL Plaza
179 Jalan Bukit Bintang
55100 Kuala Lumpur.
Tel No: 03-21450533
Payment date :05/02/2003
a) Securities transferred into the Depositor's Securities
Account before 12:30 pm in respect of ordinary transfers
:15/01/2003
b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit :
c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.
Number of new shares/securities issued (units) (If applicable) :
Entitlement indicator :Percentage
Entitlement in percentage (%) :8
CONTACT INFORMATION: Level 17, Shahzan Prudential Tower
30 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2935 2373/2381;
Fax : 03-2935 8043
CSM CORPORATION: Provides Defaulted Payment Update
--------------------------------------------------
Pursuant to the KLSE Practice Note No. 1/2001, CSM Corporation
Berhad provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 30 November 2002. Go to
http://www.bankrupt.com/misc/TCRAP_CSM1223.pdffor the said
update.
CONTACT INFORMATION: 10th Floor Jaya Shopping Centre
Jalan Semangat
46100 Petaling Jaya
Tel : 03-7958 8888,
Fax : 03-7958 1289
HIAP AIK: Appoints New Member in Audit Committee
------------------------------------------------
Hiap Aik Construction Berhad posted the following notice:
Date of change : 18/12/2002
Type of change : Appointment
Designation : Member of Audit Committee
Directorate : Executive
Name : Yap Ah Bee
Age : 50
Nationality : Malaysian
Qualifications : Bachelor of Engineering, University of
Newcastle, Australia
Working experience and occupation : Was appointed to the Board
of Director of Hiap Aik Construction Bhd (Special Administrators
Appointed) on 1 July 1979 and was promoted to Executive Director
on 25 February 1994.
Started as a project engineer in Hiap Aik Construction Bhd
(Special Administrators Appointed) in 1979 and has been involved
in variety of construction project. Currently, he is overseing
all the construction projects secured by the Company.
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Yap Seng Hock, Yap Ah Ngiah & Yap Kwee
Leong - Cousin relationship
Details of any interest in the securities of the listed issuer
or its subsidiaries : 3,597,944
Composition of Audit Committee (Name and Directorate of members
after change) : The Audit committee of the Company now comprise
of the following:
1. Dr. Tan Teck Sin, Independent & Non Executive director
2. Chee Yon Long, Independent & Non Executive director
3. Yap Ah Bee, Executive director
HOTLINE FURNITURE: Acquiree Companies Agree Conversion Terms
------------------------------------------------------------
Further to the announcement dated 20 September 2002, Public
Merchant Bank Berhad, on behalf of the Board of Hotline
Furniture Berhad wishes to announce that HFB, Mahajaya Berhad
(formerly known as Mahajaya Corporation Berhad) (Mahajaya) and
the vendors of the Jiwa Property Sdn Bhd, Kejuruteraan Mahajaya
Sdn Bhd, Medan Damai Realty Sdn Bhd, Salak Park Property Sdn Bhd
and Spangate Sdn Bhd (collectively known as the "Acquiree
Companies") had mutually agreed to vary a salient term of the
irredeemable convertible unsecured loan stocks (ICULS).
The Conversion Terms is to be issued as part of the purchase
consideration to the vendors of the Acquiree Companies via an
exchange of letter dated 16 December 2002. Details of the said
terms can be found at
http://www.bankrupt.com/misc/TCRAP_Hotline1223.pdf.
CONTACT INFORMATION: 12th Flr (Right Wing)
Menara Kemayan
160, Jln Ampang
50450 Kuala Lumpur
Tel : 03-2166 9660;
Fax : 03-2166 9661
HUME INDUSTRIES: Final Meeting Resolves Dissolution of Unit
-----------------------------------------------------------
Hume Industries (Malaysia) Berhad refers to its announcement
dated 10 April 2002 in connection with the Member's Voluntary
Liquidation of Oplino Pte Ltd (Oplino), a wholly owned
subsidiary of the Company.
The Company now writes to inform that the Liquidator of Oplino
had, on 16 December 2002 convened a Final Meeting to conclude
the Member's Voluntary Liquidation of Oplino. A Return by
Liquidator Relating to Final Meeting was lodged with the
Registrar of Companies and with the Official Receiver on 19
December 2002 and on the expiration of 3 months after the said
lodgment date, i.e. 19 December 2002, Oplino shall be dissolved.
PAN PACIFIC: Submits Proposed Restructuring Scheme
--------------------------------------------------
Further to its earlier announcement dated 17 December 2002,
Alliance Merchant Bank Berhad wishes to announce on behalf of
the Board of Directors of Pan Pacific Asia Berhad that the
applications to the Securities Commission and other relevant
authorities in respect of the Proposed Restructuring Scheme have
been submitted.
The Troubled Company Reporter - Asia Pacific, Friday, December
20, 2002, Vol. 5, No. 252 issue reported the details of the
Proposed Restructuring Scheme.
PARK MAY: EGM Scheduled on January 3
------------------------------------
Park May Berhad notified that its Extraordinary General Meeting
will be convened at Swan II, Pearl International Hotel, Batu 5,
Jalan Kelang Lama, 58000 Kuala Lumpur on Friday, 3 January 2003
at 9.30 a.m. for the purpose of considering and if thought fit,
passing the following resolution, with or without any
modifications, of the Company:
ORDINARY RESOLUTION 1
- PROPOSED RENEWAL OF GENERAL MANDATE FOR RECURRENT RELATED
PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
"THAT approval be and is hereby given pursuant to Chapter 10.09
of the Kuala Lumpur Stock Exchange Listing Requirements for the
Company, its subsidiaries or any one of them to enter into the
specified recurrent transactions of a revenue or trading nature
with the specified classes of the related parties as stated in
Section 2.2 of the Circular to Shareholders dated 18 December
2002 (the "Circular") which is necessary for its day-to day
operations, in its ordinary course of business, made on an arm's
length basis and on normal commercial terms of the Group and on
such terms which are no more favorable to the related party than
those generally available to the public and which are not
detrimental to the minority shareholders of the Company;
AND THAT the approval given in the aforesaid paragraph, unless
revoked or varied by the shareholders of the Company in its
general meeting, shall continue to be in force until the
conclusion of the first Annual General Meeting of the Company,
following this general meeting at which this mandate is passed,
at which time it will lapse, unless by a resolution passed at
the meeting, the authority is renewed or the expiration of the
period within which the next annual general meeting after the
date it is required to be held pursuant to Section 143(1) of the
Companies Act, 1965 (CA), whichever is earlier;
AND THAT the Directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing all such documents as may be required or
approved or permitted by the relevant authorities) as they may
consider expedient or necessary or in the interests of the
Company to give effect to the Proposed Renewal of General
Mandate described in the Circular and/or this Resolution."
CONTACT INFORMATION: Lot 18115, Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Tel : 03-2742166
Fax : 03-2725724
TIME ENGINEERING: Proposes ESB Early Exchange
---------------------------------------------
On 5 March 2001, Time Engineering Berhad (TIME) issued the
RM784,548,000 Nominal Value Zero Coupon Exchangeable Secured
Bonds Due 2004 (ESB) to Khazanah Nasional Berhad (KNB), as an
integral part of a proposed composite scheme under Section 176
(10) of the Companies Act, 1965 of TIME to raise cash proceeds
to partially redeem its RM3,945.83 million nominal value 2-year
zero-coupon redeemable promissory notes. The ESB are secured
against 253,080,000 Time Dotcom Berhad (TdC) shares of RM1.00
each (hereinafter referred to as the TdC Shares), which
represents 10% of the issued share capital of TdC.
TIME has proposed to KNB for the early exchange of the ESB for
the TdC Shares (Proposed Early Exchange) for which KNB has
consented to it via a special resolution, which was received,
vide their letter dated 16 December 2002.
DETAILS OF THE PROPOSED EARLY EXCHANGE
The existing terms of the ESB provide, amongst others, that the
holder of the ESB shall on the maturity date be deemed to have
exchanged each RM1,000 nominal value of ESB held by the holder
for 322.5806 TdC shares.
The maturity date for the ESB is defined as the earliest of the
following:
(i) the date on which the last of the approvals of the
relevant authorities have been obtained for or in connection
with the sale by KNB of any TdC shares to any strategic partner;
(ii) the last day of a period of three (3) years commencing
from and including the date of issue of the ESB, being 5 March
2004; or
(iii) the date on which the ESB becomes due and repayable as
a result of an event of default as set out in the trust deed in
relation to the ESB.
Based on the above definition, the maturity date of the ESB is
therefore 5 March 2004 since event (i) above has yet to arise
given that KNB has not entered into any agreement for the
proposed sale of TdC Shares to a strategic partner whilst event
(iii) above has not occurred as the ESB are not in default.
The Proposed Early Exchange requires the approval of the SC. On
behalf of TIME, Commerce International Merchant Bankers Berhad
(CIMB) wishes to announce that the SC has, vide its letter dated
17 December 2002, approved the Proposed Early Exchange subject
to the following conditions:
(i) The approval for the early exchange from the holder, i.e.
KNB must be obtained;
(ii) Full compliance with the SC's Guidelines for Public
Offering of Securities of Infrastructure Project Companies
wherein at least 51% of the paid-up capital of TdC must be under
moratorium on sale;
(iii) The Proposed Early Exchange does not contravene any
terms of the trust deed of the ESB or any relevant laws; and
(iv) CIMB is required to provide written confirmation to the
SC that the above conditions have been fulfilled.
In respect of condition (ii) above, the TdC Shares, which are
currently under a moratorium on sale, will remain so.
FINANCIAL EFFECTS
The Proposed Early Exchange does not have any effect on the
share capital and substantial shareholders' shareholdings in
TIME. The Proposed Early Exchange will also not have any effect
on the future earnings of the TIME Group other than the once-off
gain of approximately RM174 million arising from the Proposed
Early Exchange.
The proforma effects of the Proposed Early Exchange on the NTA
and gearing of the TIME Group, based on the unaudited
consolidated balance sheet of TIME Group as at 30 September
2002, are illustrated in Table 1 found at
http://www.bankrupt.com/misc/TCRAP_Time1223.gif.
APPROVALS REQUIRED
Save and except for the approvals mentioned in this
announcement, which have all been obtained, the Proposed Early
Exchange is not subject to any other approvals.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Puan Elakumari Kantilal and Puan Salmah binti Sharif, who are
employees of KNB, are the nominees of Renong Berhad (Renong) on
the board of TIME. Renong is the major shareholder of TIME by
virtue of its 46.77% equity interest in TIME.
Puan Salmah binti Sharif is also a director of Syarikat
Danasaham Sdn Bhd, a subsidiary of KNB and the holding company
of UEM, which is a major shareholder of Renong by virtue of its
31% equity interest in Renong.
As such, Puan Elakumari Kantilal and Puan Salmah binti Sharif
are deemed interested in the Proposed Early Exchange and have
abstained and shall continue to abstain from voting at the Board
meetings of TIME in respect of the Proposed Early Exchange.
Save as disclosed above, none of the other directors and major
shareholders of TIME or persons connected to them has any
interest, direct or indirect, in the Proposed Early Exchange.
CONTACT INFORMATION: 11th Flr, Wisma Time
249, Jln Tun Razak
50400 Kuala Lumpur
Tel : 03-4668100
Fax : 03-4668101
UCP RESOURCES: Amends Proposed Corp, Debt Restructuring Scheme
--------------------------------------------------------------
On 21 November 2002, Public Merchant Bank Berhad, on behalf of
the Board of Directors of UCP Resources Berhad announced that
applications with regard to UCP's Proposed Corporate and Debt
Restructuring Scheme had been submitted to the Securities
Commission (SC) on 31 October 2002, and to the Foreign
Investment Committee (FIC) and the Ministry of International
Trade and Finance (MITI) on 19 November 2002.
Further to the submissions to the SC, FIC and MITI, PMBB on
behalf of the Board, wishes to announce that amendments will be
made to the Proposed Corporate and Debt Restructuring Scheme of
UCP. Details in relation to the amendments of UCP's Proposed
Corporate and Debt Restructuring Scheme will be announced at a
later date.
UH DOVE: January 10 EGM Set
---------------------------
UH Dove Holdings Berhad (Company No. 305530-A) announced that
its Extraordinary General Meeting will be held at Crown Hall 1,
Level 1, Crystal Crown Hotel, No. 12 Lorong Utara A, Off Jalan
Utara, 46200 Petaling Jaya, Selangor Darul Ehsan on Friday, 10
January 2003 at 10.00 a.m. for the purpose of considering, and,
if thought fit, passing the following resolutions, with or
without modifications:
ORDINARY RESOLUTION 1
PROPOSED ESTABLISHMENT OF AN EMPLOYEE SHARE OPTION SCHEME
"THAT subject to the approval-in-principle of the Kuala Lumpur
Stock Exchange (KLSE) for the listing of and quotation for the
new shares of RM1.00 each (shares) of the Company on the KLSE
and the approvals of the Securities Commission (SC), the Board
of Directors be and are hereby authorized :
(i) to establish and administer an Employee Share Option
Scheme (Proposed ESOS) for the benefit of the eligible employees
including full-time Executive Directors of UHD and its
subsidiary companies, in accordance with the By-Laws of the
Proposed ESOS (which are set out in Appendix I of the Circular
to the Shareholders of the Company dated 19 December 2002) and
with full powers to do all such acts as the Board of Directors
may consider expedient or necessary to give full effect to the
Proposed ESOS, including without limitation the full powers to
(a) assent to any conditions, modifications, variations, and/or
amendments and (b) register any such documents, as may be
required by the relevant authorities;
(ii) to modify and/or amend the Proposed ESOS from time to
time provided that such modifications and/or amendments are
effected in accordance with the By-Laws of the Proposed ESOS and
to do all such acts and to enter into all such transactions,
arrangements and agreements as the Board of Directors may deem
necessary or expedient in order to give full effect to the
Proposed ESOS;
(iii) to make the necessary applications and do all things
necessary at the appropriate time or times to the KLSE and any
other relevant authorities for the listing of and quotation for
the new shares of the Company which may from time to time be
issued and allotted pursuant to the Proposed ESOS;
(iv) to allot and issue from time to time such number of
shares in the capital of the Company as may be required to be
issued pursuant to the exercise of the options under the
Proposed ESOS (Option) subject to the maximum of an amount not
exceeding 10% of the total issued and paid-up share capital of
the Company (or such amount as allowed from time to time by the
relevant authorities governing the Proposed ESOS) and such other
terms and conditions as stipulated in the By-Laws for the
Proposed ESOS; and
AND THAT the new UHD shares to be allotted upon any exercise of
the Option shall, upon allotment and issue, rank pari passu in
all respects with the existing ordinary shares of the Company
save and except that the new UHD shares will not be entitled to
participate in any dividend, right, allotment and/or other
distributions that may be declared, where the entitlement date
precedes the date of allotment of the new UHD shares. For the
purpose hereof, entitlement date means the date as at the close
of business on which shareholders must be registered as a member
of the Company in order to participate in any dividend, right,
allotment and/or other distributions."
ORDINARY RESOLUTION 2
PROPOSED SHARE OPTIONS TO NG SING HWA UNDER THE PROPOSED ESOS
"THAT contingent upon passing of Ordinary Resolution 1 above,
approval be and is hereby given for the Option Committee
appointed by the Board of Directors of the Company to offer and
if such offer is accepted, to grant at any time and from time to
time to Ng Sing Hwa, a full-time salaried Executive Chairman of
the Company, Options to subscribe for new shares in the Company
available under the Proposed ESOS, subject always to a maximum
of 2,000,000 new shares in the Company and such terms and
conditions and/or any adjustment which may be made in accordance
with the provisions of the By-Laws of the Proposed ESOS, AND
THAT the Board of Directors be and are hereby authorized to
allot and issue that number of new shares in the Company to Ng
Sing Hwa upon exercise of such Options pursuant to the By-Laws
of the Proposed ESOS."
ORDINARY RESOLUTION 3
PROPOSED SHARE OPTIONS TO TAN AI TONG UNDER THE PROPOSED ESOS
"THAT contingent upon passing of Ordinary Resolution 1 above,
approval be and is hereby given for the Option Committee
appointed by the Board of Directors of the Company to offer and
if such offer is accepted, to grant at any time and from time to
time to Tan Ai Tong, a full-time salaried Managing Director of
the Company, options to subscribe for new shares in the Company
available under the Proposed ESOS, subject always to a maximum
of 2,000,000 new shares in the Company and such terms and
conditions and/or any adjustment which may be made in accordance
with the provisions of the By-Laws of the Proposed ESOS, AND
THAT the Board of Directors be and are hereby authorized to
allot and issue that number of new shares in the Company to Tan
Ai Tong upon exercise of such Options pursuant to the By-Laws of
the Proposed ESOS."
ORDINARY RESOLUTION 4
PROPOSED SHARE OPTIONS TO TEH KIM TECK UNDER THE PROPOSED ESOS
"THAT contingent upon passing of Ordinary Resolution 1 above,
approval be and is hereby given for the Option Committee
appointed by the Board of Directors of the Company to offer and
if such offer is accepted, to grant at any time and from time to
time to Teh Kim Teck, a substantial shareholder of the Company
and a full-time salaried Executive Director of Bertam
Development Sdn Bhd, a wholly-owned subsidiary of UHD, options
to subscribe for new shares in the Company available under the
Proposed ESOS, subject always to a maximum of 500,000 new shares
in the Company and such terms and conditions and/or any
adjustment which may be made in accordance with the provisions
of the By-Laws of the Proposed ESOS, AND THAT the Board of
Directors be and are hereby authorized to allot and issue that
number of new shares in the Company to Teh Kim Teck upon
exercise of such Options pursuant to the By-Laws of the Proposed
ESOS."
ORDINARY RESOLUTION 5
PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY
TRANSACTIONS OF A REVENUE OR TRADING NATURE
"THAT, approval be and is hereby given to the Company and/or its
subsidiaries to enter into recurrent transactions of a revenue
or trading nature with related parties mentioned under
Paragraphs 3.1.3, 3.1.4 and 3.1.5 of Part B of the Circular to
shareholders dated 19 December 2002 which are necessary in the
ordinary course of business of UHD and its subsidiaries and for
its day-to-day operations and based on normal commercial terms
which are not more favorable to the related parties than those
available to the public and not detrimental to the minority
shareholders of the Company and such approval shall continue to
be in force until:
(a) the conclusion of the first Annual General Meeting (AGM)
of the Company following the forthcoming Extraordinary General
Meting (EGM) at which such Proposed Shareholders' Mandate was
passed, at which time it shall lapse unless by ordinary
resolution passed at an AGM whereby the authority is renewed,
either unconditionally or subject to conditions;
(b) the expiration of the period within which the next AGM of
UHD after the date it is required to be held pursuant to section
143(1) of the Companies Act, 1965 (Act) (but shall not extend to
such extension as may be allowed pursuant to section 143(2) of
the Act); or
(c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,
whichever is earlier;
AND THAT the Board of Directors and/or any of them be and are
hereby authorized to complete and do all such things (including
executing such documents as may be required) to give effect to
the transactions contemplated and/or authorized by this
resolution."
ORDINARY RESOLUTION 6
RESIGNATION AND APPOINTMENT OF AUDITORS OF THE COMPANY
"THAT, the resignation of the existing Auditors of the Company
for the financial year ending 31 December 2002 be accepted and
Messrs. Ernst & Young, who has given their consent to act, be
appointed Auditors of the Company for the financial year ending
31 December 2002 and that the Directors of the Company be
authorized to fix their remuneration."
SPECIAL RESOLUTION 1
PROPOSED CHANGE OF COMPANY'S NAME FROM UH DOVE HOLDINGS BERHAD
TO BERTAM ALLIANCE BERHAD
"THAT, the name of the Company be changed from "UH Dove Holdings
Berhad" to "Bertam Alliance Berhad" with effect from the date of
the issuance of the Certificate of Incorporation on Change of
Name of the Company by the Registrar of Companies AND THAT all
references in the Company's Memorandum and Articles of
Association to the name "UH Dove Holdings Berhad", wherever the
same may appear, shall be deleted and substituted with the name
"Bertam Alliance Berhad" AND THAT the Directors and Secretary be
and are hereby authorized to carry out all the necessary
formalities in effecting the aforesaid change of name."
CONTACT INFORMATION: 6th Floor
3 Changkat Raja Chulan
50200 Kuala Lumpur
Tel : 03-2380266
=====================
P H I L I P P I N E S
=====================
CEBU MEDICAL: Directors First to Go, Says Mayor Osmena
------------------------------------------------------
The Board of Directors of Cebu City Medical Center (CCMC) will
be the first to go as Cebu City Mayor Tomas Osmena starts to
implement changes in the medical facility, Cebu Daily News said
on Friday. Osmena heads the board under City Ordinance 1508, a
1994 law that created the CCMC board of directors.
The mayor said he would ask his allies to amend the ordinance to
allow a management team to run the ailing hospital. He also said
the management team would bring in city-hired consultants when
they acquire the city hospital and implement a six-month
management study and restructuring scheme.
If the program fails, Osmena said he would resort to other
options, including the closure of the 42-year-old hospital that
is kept alive by a 100-million pesos budget it gets yearly from
the city government.
The City mayor has asked the Cebu City Council to cut the annual
budget to half, giving the city hospital just enough money until
the end of June next year.
"The aim is to see how our 100 million pesos budget can be spent
effectively," he added.
The board is composed of the Chairman of the Council committee
on health and hospital services, the representatives of the
deans of the colleges of medicine and nursing in the city, the
city health officer, the Medical Indigency Foundation and the
Association of Barangay Councils (ABC).
According to the city ordinance, the board's functions include
the "formulation and promulgation of policies governing the
management and operation of the medical center."
The function of the chief of hospital Dr. Lydia Salarda, is only
to "implement and execute policies of the board" as well as to
prepare the annual budget of the hospital for the board's
approval.
The Cebu City government is already looking into many options on
how to run hospital by providing financial assistance to charity
wards of private hospitals so they would accept indigent
patients and;
-Maximizing the training of resident doctors in medical schools.
-Tapping volunteer groups, and
-Improving and assisting the "medical health cards" project of
representatives. Antonio Cuenco (South) and Raul del Mar (North)
for the public.
PHILIPPINE LONG: Eyes Sale of Real Estate Assets
------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) is planning to
sell idle Makati lots to raise money and cut costs, the Malaya
said on Friday.
The lots are the sites for its Malugay and Reposo offices, which
have been closed in the past years.
PLDT President Manny Pangilinan said PLDT's Asset Protection and
Management unit would handle the properties of the telecom
giant.
Pangilinan said the slowdown in the growth in landlines is
worldwide as customers shift to mobile phones. From 1996 to 2002
the volume of operator-assisted calls dropped by 75 percent from
nearly 500 million calls to only about 130 million.
Pangilinan said the consumers' shift to direct dialing services,
the Internet, e-mails and text messages has affected operations
of their long distance services.
PHILIPPINE LONG: Union Members on Mass Leave to Protest Layoffs
---------------------------------------------------------------
Around 500 union members of the Philippine Long Distance
Telephone Co. (PLDT) are going on a mass leave on December 20 to
attend a rally and hearing at the Labor Department to protest
layoffs in the telecom's operator services division, AFX Asia
reports, citing union President Peter Pinlac said. The union
has about 6,700 members.
Pinlac said the union still favors holding a strike, with PLDT
management still not bending to employees' demands not to lay
off 503 workers by the end of this year.
PLDT has said it has to cut jobs in its operator services
division with the declining volume of operator-assisted long
distance calls. However, the Company has promised to absorb some
of the workers and pay out an enhanced separation package.
PHILIPPINE LONG: Wants NTC to Cancel Registration of ISP's
----------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) said the National
Telecommunications Commission (NTC) should investigate and
cancel the registration of some Internet service providers for
alleged non-payment of debts, the Manila Bulletin said on
Friday.
PLDT said some members of the Philippine Internet Services
Organization (PISO) had "breached their contractual obligations
to pay their liabilities to PLDT."
The report did not mention the names of the PISO members.
PISO earlier filed a complaint against PLDT, claiming that the
telecom firm was charging higher rates than offered to
individual consumers and was not granting access to its high-
speed Internet infrastructure. PLDT rejected the allegations.
UNIWIDE HOLDINGS: Responds to Unusual Price Movement
----------------------------------------------------
Uniwide Holdings Inc. refers to the PSE's fax letter on December
19, 2002, asking the Company to furnish the Philippine Stock
Exchange any information relating to the unusual price movement
in the trading in the Company's shares on December 19, which as
PSE wrote, have decreased by 40 percent from P0.039 to P0.024
per share.
The Company would like to inform the Exchange that the Company
is unaware of any such information that may relate to this
unusual price movement.
For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_uniwide1220.pdf
VICTORIAS MILLING: Issues Special Stockholders' Meeting Results
---------------------------------------------------------------
Victorias Milling Company, Inc. announced that the special
stockholders' meeting of the Company was conducted on December
16, 2002. During the meeting, the following were duly elected as
member of the Board of Directors of VMC:
1. Edmundo A. Barcelon
2. Aristotle L. Villaraza
3. Cecilia C. Borromeo
4. Jose M. Chan, Jr.
5. Juliana N. Gamilla
6. Omar T. Mier
7. Andrew D. Alcid
8. Gina S. Go
9. Arthur N. Aguilar
10. Abelardo E. Bugay
11. Norberto B. Capay
In the meeting, where 79.78 percent of the outstanding capital
stock of the Corporation was either present in person or
represented by proxy, the stockholders ratified and confirmed
all the acts and deeds executive by VMC and the VMC Management
Committee to perfect, effectuate and fully enforce the terms of
the Approved Rehabilitation Plan.
The press release is located at
http://bankrupt.com/misc/tcrap_vmc1220.pdf
=================
S I N G A P O R E
=================
L&M GROUP: Lists New Shares in SGX-ST Today
-------------------------------------------
The Board of Directors of L&M Group Investments Limited L&M
disclosed that all the 1,094,386,339 new ordinary shares of
S$0.01 each in the capital of the Company which the Singapore
Exchange Securities Trading Limited SGX-ST had on 14 November
2002 granted in-principle approval for issuance to certain
creditors of L&M Prestressing Pte Ltd at S$0.025 per share
pursuant to the Schemes of Arrangement of L&M Prestressing Pte
Ltd, were allotted on 17 December 2002 the New Shares. The New
Shares shall be listed on the SGX-ST on 23 December 2002. The
SGX-ST's in-principle approval is not an indication of the
merits of the issuance of the New Shares.
Details of the issued and paid-up capital of the Company are as
follows:
(a) As at 31 December 2001, the authorized, issued and paid-up
share capital of the Company is as follows:
Authorized
2,500,000,000 ordinary shares of S$0.10 each: S$250,000,000.00
Issued and paid up
244,421,923 ordinary shares of S$0.10 each: S$24,442,192.30
(b) After the capital reduction exercise undertaken by the
Company and the completion on 18 February 2002 of the placement
of 12,950,000 new shares; the completion on 26 March 2002 of the
placement of 9,241,000 new shares; the completion of the issue
of 108,942,125 new shares on 12 April 2002; the completion of
the issue of 166,867,570 new shares on 28 June 2002; and the
completion of the issue of the New Shares, the authorized,
issued and paid-up share capital of the Company is as follows:-
Authorised
2,500,000,000 ordinary shares of S$0.01 each: S$25,000,000.00
Issued and paid up
1,636,808,957 ordinary shares of S$0.01 each: S$16,368,089.57
(B) REDUCTION IN SHAREHOLDING IN PT SIWANI TRIMITRA TBK AND PT
SIWANI MAKMUR TBK
The Board of Directors of the Company wishes to announce that
with effect from the date of this Announcement the Company holds
less than 50 percent of the shares in PT Siwani Trimitra Tbk AND
PT Siwani Makmur Tbk and as such these companies are no longer
subsidiaries of the Company.
LIANG HUAT: Restructuring Banking Facilities
--------------------------------------------
Reference is made to the announcements on 12 and 16 December
2002 relating to the restructuring of banking facilities of
Liang Huat Aluminium Limited, and in particular to the issue of
the 5 Year Convertible Bond of S$30 million (the Bond) to
Malayan Banking Berhad and United Overseas Bank Limited.
At the request of the Singapore Exchange Limited, the Company
clarified that the Bond will be issued in accordance with the
requirements of the Listing Manual and all relevant laws.
Liang Huat Aluminium Ltd said its net loss widened to S$6.332
million in the six months to June versus 3.097 million a year
ago as sales in the fabrication division fell by 66 percent,
mainly due to the absence of major commercial contracts, the
Troubled Company Reporter-Asia Pacific reports.
The Company does not expect to post a profit for the current
year, as it does not expect any economic recovery in the
countries in which it operates.
NASTEEL LTD: 98 Holdings Triggers Mandatory Offer
-------------------------------------------------
Natsteel Ltd lone bidder 98 Holdings raised its stake in
Natsteel to 31.92 percent, triggering a mandatory conditional
offer for the latter as it has accumulated more than 30 percent
interest in Natsteel, filings to the Singapore Exchange (SGX)
showed.
"Today we have also purchased more shares from the market and
the concert parties have consolidated all their interests into
98 Holdings, converting our voluntary offer into a mandatory
offer with a shareholding of 31.92 percent," the statement said.
"This allows us to continue to purchase shares in the market
thereby giving shareholders another alternative, particularly
for those shareholders who prefer to have a clear exit for their
investment in Natsteel," it added.
It had a 29.70 percent stake in NatSteel on December 5.
Earlier, 98 Holdings, a consortium that includes hotelier Ong
Beng Seng and government investment arm Temasek Holdings, raised
its offer to acquire Natsteel Ltd to SGD2.06 per share from
SGD2.05 and extended the closing date of its offer to January 3.
"We have today raised our offer to SGD2.06 which results in the
closing date of our offer being extended by a further 11 days to
January 3, 2003. We have done this because of the uncertainties
arising from the announcements made by Sanion regarding the
assets and future business requirements of the Natsteel Group,"
98 Holdings said in the statement.
In a separate statement, Natsteel's President Ang Kong Hua said
he has sold his entire shareholding in Natsteel to 98 Holdings
at SGD2.05-2.06 per share.
"I have on 17 and 18 December 2002 sold an aggregate of 4.831
million shares in Natsteel to 98 Holdings Pte Ltd...The 4.831
million shares constitute all my holdings of Natsteel shares,"
Ang said.
He said he sold 3.331 million Natsteel shares at SGD2.05 per
share and the remaining 1.5 million shares were sold at SGD2.06
per share.
According to Ang, the sale of the 4.831 million to 98 Holdings
was not required under the terms of the participation agreement
he had entered into with 98 Holdings in October.
"However, I have elected to sell all my holdings of Natsteel
shares as the price of not less than SGD2.05 per share
represents, in my view, a fair value for the shares," Ang said.
About Natsteel
NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 252, December 20, 2002)
NATSTEEL LTD: Cameo's Deemed Interests Changed
----------------------------------------------
Natsteel Ltd posted a notice of changes in substantial
shareholder Cameo International Finance Limited's deemed
interests as follows:
Name of substantial shareholder: Cameo International Finance
Limited
Date of notice to Company: December 18, 2002
Date of change of deemed interest: December 17, 2002
Name of registered holder: Standard Chartered Bank
Circumstance(s) giving rise to the interest: Open market
purchase
Shares held in the name of registered holder
No. of shares which are the subject of the transaction:
7,473,000
% of issued share capital: 2
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: $2.05
No. of shares held before change: 92,944,313
% of issued share capital: 24.913
No. of shares held after change: 100,417,313
% of issued share capital: 26.92
Holdings of Substantial Shareholder including direct and deemed
interest
No. of shares held before change: 92,944,313 (Deemed)
% of issued share capital: 24.913 (Deemed)
No. of shares held after change: 100,417,313 (Deemed)
% of issued share capital: 26.92 (Deemed)
Total shares: 100,417,313 (Deemed)
Based on 373,078,237 shares issued as at 16 December 2002.
No. of shares which are the subject of the transaction :
Including the purchase of 3,331,500 shares, 734,000 shares and
707,000 shares from Ang Kong Hua, Gan Kim Yong and Lim Say Yan
respectively.
About Natsteel
NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 252, December 20, 2002)
===============
T H A I L A N D
===============
MODERN HOME: SET Grants Listed Securities
-----------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities
of Modern Home Development Public Company Limited (M-HOME) to be
listed securities on the SET after finishing capital increase
procedures, starting from 20 December 2002. However, M-HOME is a
listed company under REHABCO sector and is in the rehabilitation
process; therefore, the SET has still suspended trading all
securities of M-HOME until the causes of delisting are
eliminated.
Name : M-HOME
Issued and Paid up Capital
Old : 620,100 Baht
New : 2,175,583,5000 Baht
Allocate to ; Creditors of M-HOME for debt-for-
Equity swap 217,496,340 shares
Exercise/Payment Date
1. 209,809,026 : - 28 November 2001
2. 7,687,314 : -
Ratio : -
Price Per Share : -
Remarks:
1. M-HOME has been registered at the Ministry of Commerce on 22
November 2001. The total paid-in ordinary shares reduced from
Baht 620,100,000 to Baht 620,010.
2. During the period of September 2002, the Supreme Court has
decision issuing 7,687,314 new ordinary shares for repayment of
debt to the creditors because the amount of debts valuation of
collateral security. Notwithstanding, the paid-up capital, which
are, increased during the period of November 2001 and September
2002 are the first increase of capital in accordance with the
rehabilitation plan.
RAIMON LAND: Discloses Warrants Offering Result
-----------------------------------------------
Raimon Land Planner Co., Ltd. as the Plan Administrator of
Raimon Land Plc., in accordance to Raimon Land warrant listing
application which was approved by SEC on December 16th 2002,
reported on the results of warrant offering in the amount of
299,904,000 free warrants as follows:
1. Offering warrants to the existing shareholders
Offering warrants 199,936,000 units to the existing shareholders
whose names appear on the share register book on the book
closing date of July 18th 2002 at the ratio of 1 existing share
to 4 units of warrants
2. Offering warrants to the existing shareholders who subscribed
for the capital increase ordinary shares
Offering warrants 99,968,000 units to the existing shareholders
whose names appear on the share register book on the book
closing date on July 18th 2002 at the ratio of 1 existing share
to 1 unit of warrant, which resulted that the existing
shareholders reserved shares totaling 43,129,478 shares
equivalent to offer warrants 43,129,478 units to existing
shareholders.
The remaining capital increase ordinary shares and warrants in
amount of 56,838,522 shares and / or units, which resulted as
follows:
a) Offering shares to the major shareholders which resulted
that Knight Thai Strategic Investments Ltd. subscribed the
capital increase ordinary shares of 4,000,000 shares equivalent
to offer warrants 4,000,000 units.
b) to subscribe the capital increase ordinary shares in
addition to their allotted rights, which resulted that 52
existing shareholders subscribed 4,211,080 shares equivalent to
offer warrants 4,211,080 units.
c) Offering shares to investors in a private placement, which
resulted that there were two investors who subscribed for the
capital increase ordinary shares as follows:
- K2 Assets Management Pty Ltd. amounting to 1,600,000 shares
- ACH Investments Pte. Ltd. amounting to 715,000 shares
Totaling 2,315,000 shares equivalent to offer warrants 2,315,000
units
There were 46,312,422 capital increase ordinary shares and
46,312,422 warrants remaining, which the company will from time
to time offer to the investors by way of private placement. The
exercise period is not to exceed 6 months effective from 17th
December 2002.
SAND - POLYCHEMICAL: Files Business Reorganization Petition
-----------------------------------------------------------
Sand - Polychemical Company Limited (DEBTOR), engaged in
producing and distributing chemical products for color, glue,
latex industries, filed its Petition for Business Reorganization
was filed to the Central Bankruptcy Court:
Black Case Number 1055/2543
Red Case Number 11/2544
Petitioner : SAND - POLYCHEMICAL COMPANY LIMITED
Planner: Mr. Paramiat Kajonvittaya
Debts Owed to the Petitioning Creditor : 193,121,015.30 Baht
Date of Court Acceptance of the Petition : December 19, 2000
Date of Examining the Petition: January 16, 2001 at 9.00 AM
Court Order for Business Reorganization and Appointment of
Planner : January 16, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 26, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : February 20,
2001
Deadline for the Planner to submit the Reorganization Plan to
Official Receiver : May 20, 2001
Planner postponed the date of submitting the reorganization plan
#1st to June 20, 2001
Planner postponed the date of submitting the reorganization plan
#2nd to July 20, 2001
Appointment date for the Meeting of Creditors to consider the
plan : August 29, 2001 at 9.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road
The Meeting of Creditors had a resolution not accepting the
reorganization plan pursuant to Section 90/48
Court had issued an Order Cancelled the Petition for Business
Reorganization on October 18, 2001
Announcement of Court Order Cancelled the Petition for Business
Reorganization in Matichon Public Company Limited and Rath
Company Limited: October 29, 2001
Announcement of Court Order Cancelled the Petition for Business
Reorganization in Government Gazette : November 13, 2001
Contact : Mrs. Piyanant Tel, 6792525 ext 113
THAI MILITARY: TRIS Downgrades Ratings to `BBB-' From `BBB'
----------------------------------------------------------
TRIS Rating Co., Ltd. has downgraded the rating of Thai Military
Bank PLC (TMB) to "BBB-" from "BBB" and has also downgraded the
rating of TMB's Bt6,000 million subordinated debentures to "BB+"
from "BBB-". The ratings reflect the uncertainty about how TMB
will replace its capital base as its Bt9,960 million Super Caps
reach maturity in 2004. The ratings also take into account the
increase of non-performing assets as non-performing loans are
transformed into foreclosed assets. However, these weaknesses
are partly offset by the economic recovery in 2002 that allowed
TMB to expand new loans.
TRIS Rating reported that TMB's asset quality has not
demonstrated a consistent improvement. It has transferred
problem loans and foreclosed property worth around Bt33,000
million to its wholly owned Phayathai Asset Management Company
(PAMC). After recording bad debt expenses for the first nine
months of 2002, TMB had Bt1,269 million in net losses compared
with Bt297 million in net profits for the same period last year.
This has affected TMB's capital adequacy. The capital adequacy
ratio may weaken further when its Super Caps fall due. After
receiving financial support from the Ministry of Finance in the
form of tier 1 and tier 2 capital fund injections during 1999-
2000, TMB's capital adequacy ratio reached 13.42% of its total
risk assets; this has continuously declined to 12.14% as of the
end of September 2002. This capital base included Bt9,960
million Super Caps, which accounted for 3.29 % of total risk
assets. TMB's equity to asset ratios declined from 3.71% at the
end of 2001 to 3.17% as of 30 September 2002.
Though TMB's troubled debt restructuring (TDR) loans have
increased yearly since 1998, its interest income derived from
these TDR debts still provide yields of less than half of its
normal yields. Furthermore, the bank's relapse rate remains the
same percentage as last year at 17% of its total accumulated TDR
as of September 2002, despite a strong effort by TMB's
management to reduce this relapse rate. TRIS Rating is concerned
about TMB's weak capitalization. A high relapse rate reflects
TMB's ineffective debt restructuring, which was mostly solved by
debt rescheduling. The total of non-performing loans,
restructured loans and foreclosed properties of the company
increased from 24.51% of total loans and foreclosed properties
at the end of December 2001 to 25.15% at the end of September
2002.
However, TRIS Rating said, many macroeconomic factors are
showing signs of recovery in 2002. Gross domestic product (GDP)
increased from 1.8% growth in 2001 to 4.5% growth in the
first half of 2002 and may reach annual growth of 5% for the
whole year of 2002. The recovery has helped TMB increased its
net interest income to average assets on an annualized basis
from 1.21% as of September 2001 to 1.53% as of September 2002.
In the same period, TMB granted new loans worth around Bt16,000
million; its outstanding loans grew 10.25% year on year. Eighty-
five percent of these new loans were concentrated in TMB's major
loan sectors, namely, manufacturing, commercial, construction
and services, sectors similar to other commercial banks.
A director from TMB's board has been appointed acting president,
after the president resigned in November 2002 with no planned
successor. This acting president is a former deputy central bank
governor who joined TMB's board of directors in April 2002.
TMB's board of directors has resolved to select a new president
within six months and a search committee is actively reviewing
candidates, TRIS Rating said.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2002. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***