/raid1/www/Hosts/bankrupt/TCRAP_Public/030109.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
Thursday, January 9, 2003, Vol. 6, No. 6
Headlines
A U S T R A L I A
ANACONDA NICKEL: Creditors OK Schemes of Arrangement
ENVIROSTAR ENERGY: Second Creditors Meeting Set on Feb 28
FINANCIAL OPTIONS: Former Director Faces Deception Charges
GOODMAN FIELDER: Liability on Re-Financing Facility Unchanged
STARTRACK COMMUNICATIONS: Requests Trading Halt
WESTERN METALS: Restructure Arrangements Completed
C H I N A & H O N G K O N G
CHINA CONSTRUCTION: Updates US$60M Floating Rate Notes' Status
CORNFIELD INVESTMENT: Winding Up Petition Set for Hearing
EASTERN FINANCIAL: Winding Up Petition Pending
FINE KNOWN: Winding Up Hearing Scheduled in February
INNOVATIVE INTERNATIONAL: Shares Price Decrease Unexplainable
LUEN NGAI: Winding Up Sought by Bank of China
PCCW LIMITED: Consolidates Shares
J A P A N
BOSO KANKO: Golf Course Applies For Rehabilitation
MITSUBISHI MOTORS: Endeavor Crossover SUV Debuts in Detroit
NEC CORPORATION: 3M Buys 25% Stake In Sumitomo 3M
SHOEI CORPORATION: Construction Firm Goes Bust
SHOUEI KENSETSU: Court Declares Company Bankrupt
SHUBO KANKO: Golf Course Applies For Rehab
TOMEN CORPORATION: R&I's "Medium-Term Management Plan" Review
K O R E A
DAEWOO MOTOR: GM May Sell Korean-built Cars in U.S.
HYUNDAI MOTOR: Union Accuses Management of Nepotism
HYUNDAI SECURITIES: SDPO Summons Former Chairman
M A L A Y S I A
ABRAR CORPORATION: Deliberating Over Debt Restructuring Proposal
ACTACORP HOLDINGS: Proposed Workout Scheme Approvals Pending
AUTOWAYS HOLDINGS: KLSE Allowing Show Cause on De-Listing Notice
BESCORP INDUS.: Rejects Regularization Time Extension Request
DAMANSARA REALTY: Updates Defaulted Facilities Status
ESPRIT GROUP: Workout Scheme With Kemajuan Amoy Cancelled
GEAHIN ENGINEERING: Awaits FIC, MITI Approval on PRS
GENERAL SOIL: Financial Regularization Plan Underway
GEORGE KENT: SC OKs Proposed Debt Restructuring
JOHAN HOLDINGS: SC Grants Debt Workout Conditional Approval
KELANAMAS INDUSTRIES: SC Approves Proposed Restructuring Scheme
LONG HUAT: Formulating New Restructuring Scheme
MBF HOLDINGS: SC Gives More Time for SOA Implementation
OMEGA HOLDINGS: Gets Show Cause Notice on Securities De-Listing
PARIT PERAK: FIC Grants Proposal Approval
RAHMAN HYDRAULIC: RHD Ceases Business Operation
SOUTHERN PLASTIC: Prepares Show Cause on De-listing Application
TRANS CAPITAL: Receives Relevant Regulatory Bodies Approvals
UCP RESOURCES: Provides Defaulted Payment Update
UCP RESOURCES: Submits Revised Proposed Restructuring Scheme
P H I L I P P I N E S
ASIA TERMINALS: Appoints New Stock Transfer Agent
BELLE CORPORATION: Director Lorenzo Resigns
BENPRES HOLDINGS: AIG Asian Files Suit Against Firm
NATIONAL BANK: Inks MoA With REBAP
NATIONAL POWER: Assets Need Another Valuation, Says TransCo
NATIONAL POWER: Sets New Bidding For More Fuel Requirements
NATIONAL STEEL: Neri Opposes High Tariff Protection
PHILIPPINE LONG: Workers Continue Protest Actions
S I N G A P O R E
NATSTEEL LTD: Responds to BT Article
NATSTEEL LTD: Posts Notice of Shareholder's Interest
UNITED OVERSEAS: Voluntarily Winds Up Unit
T H A I L A N D
C. A. P. L. COMPANY: Files Business Reorganization Petition
EMC PUBLIC: Reveals Registered Paid-Up Capital
EMC PUBLIC: Posts Shares Sale Results
KRISDAMAHANAKORN PUBLIC: Directors Resolve to Increase Capital
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA NICKEL: Creditors OK Schemes of Arrangement
----------------------------------------------------
Meetings of the secured Scheme creditors of Anaconda's two
subsidiaries, Murrin Murrin Holdings Pty Limited (MMH) and
Anaconda Nickel Holdings Pty Ltd (ANH), were held on 8 January
2003. Similar meetings were also held of the secured Scheme
creditors of Glenmurrin Pty Ltd (Glenmurrin) and Glencore Nickel
Pty Ltd (Glencore Nickel). The requisite majority of secured
Scheme creditors of each of the Scheme companies voted to
approve their respective Schemes of Arrangement. The Schemes are
listed in the Supreme Court of Western Australia on 15 January
2003 for final approval.
The group election of the Scheme creditors of MMH, ANH,
Glenmurrin and Glencore Nickel to provide additional funding for
Phase 2 of the Fluor arbitration did not become effective. As a
result, if Anaconda Operations Pty Ltd elects to continue
funding Phase 2 of the Fluor arbitration, the rights of the
Scheme creditors in and to the Phase 2 Fluor claims and their
allocation of the Phase 2 net recovery is extinguished except
for a limited right of the Scheme creditors to recover costs
paid by them up to the completion of the Schemes.
The award of costs in respect of Phase 1 of the arbitration of
$12.4 million as announced on 17 December 2002, has been
received into the escrow account under the control of the Scheme
Administrator for the secured Scheme creditors. As previously
announced, under the terms of a proposed debt restructure, the
secured creditors of the participants in the Murrin Murrin Joint
Venture will receive 90% of the Phase 1 award and costs.
Anaconda Operations will retain 10% on behalf of the Murrin
Murrin joint venture participants.
Anaconda will release a final proposed timetable 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 Scheme creditors, following
final Court approval of the Schemes.
However, and subject to formal Court approval, the current
indicative timetable is as follows:
Issue Timetable Business Day Date
Lodgment of Court order approving Zero 16 January 2003
Schemes with ASIC.
Lodgment of Prospectus with ASIC.
Announcement of Pro Rata Issue.
Lodge Prospectus and Appendix
3B with ASX.
Company sends notice to Shareholders
containing information required by
Appendix JB.
Ex Date. 1 17 January 2003
Rights trading starts.
Record date for determining rights
entitlements 5 23 January 2003
Dispatch of prospectus to shareholders. 6&7 24 and 28 January
Last day for dispatch of prospectus to 8 29 January 2003
shareholders.
Offer opens.
Rights trading ends 13 5 February 2003
New securities are quoted on deferred 14 6 February 2003
settlement basis
Offer closes 18 2 February 2003
Allot & issue shares and dispatch holding 25&26 21 and 24 Feb
statements.
Deferred settlement trading ends.
Advise ASX of outstanding information
required by Appendix 38.
ASX quotes new securities 27 25 February 2003
CONTACT INFORMATION: John Quayle
Company Secretary
1-61 8 9212 8400
Tony Dawe
Ward Holt Corporate Communication
1-61 8 9221 8722
ENVIROSTAR ENERGY: Second Creditors Meeting Set on Feb 28
---------------------------------------------------------
Reference to the Administrators last report to creditors dated
29 October 2002. N D Seaton, Joint And Several Administrator of
Envirostar Energy Ltd ACN 004 119 304, advises pursuant to
section 439A(6) of the Corporations Act (Act) that on 19
December 2003, the Supreme Court of New South Wales granted a
further extension of time for the convening period, within which
to call the second meeting of creditors until 21 February 2003.
Accordingly, the Second Meeting of Creditors must be held at the
latest by Friday 28 February 2003.
The Administrator confirms that the extension of time was
granted by the Supreme Court of New South Wales so that the
Administrators could comply with all statutory obligations under
the Act, Australian Stock Exchange Listing Rules, and to allow
for sufficient time to try and achieve a sale of the Company
and/or its business that is to the best interest of creditors.
The Administrator also confirms that the sale process has
continued to progress satisfactorily to date with much interest
from potential investors. Unfortunately, due to the complexity
of the business, the time that potential investors require for
due diligence and review has been greater than expected.
Additionally the recent Liquidation of Energy Equipment
Engineering Pty Ltd and Energy Equipment Australia Pty Ltd
has also had ramifications on the sale process. Finalization of
the sale process is expected in the next few weeks and we shall
be continuing to liaise with all interested parties during this
time.
The Administrator further confirms that its second report to
creditors will be forthcoming prior to the convening of the
second meeting. The second report will outline the results of
the investigations and set forth the its recommendation under
section 439A(4)of the Act being with regard to the possible
alternatives in respect of the future of the Company, including
potential returns to creditors.
The Administrator has finalized its report to the Australian
Securities and Investment Commission (ASIC) pursuant to section
438D of the Act. Such a report outlines any suspected breaches
of the Act by past and present officers of the Company. The
Company notes that ASIC may pursue my matters outlined in this
report at their discretion.
Should any creditor have any queries, please contact either Mr W
Roland Robson or Mr David Orr on (02) 8226 8101 or (02) 8226
9116 respectively.
FINANCIAL OPTIONS: Former Director Faces Deception Charges
----------------------------------------------------------
Robert Gary Johnstone, a former director of Financial Options
Group Incorporated (FOGI), appeared on Tuesday at the Downing
Centre Local Court in Sydney, to face charges brought by the
Australian Securities and Investments Commission (ASIC).
Mr Johnstone, of Queens Park, New South Wales (NSW), was on
Tuesday charged with 18 counts of deception under the Crimes Act
(NSW). Mr Johnstone was previously charged with two counts of
providing false statements to ASIC, and two counts of deception
relating to his role as the director of FOGI, a failed commodity
trading company.
ASIC alleges that Mr Johnstone was involved in circulating
statements to investors containing false information about the
returns that the investors could expect to receive in relation
to FOGI.
On 18 February 2002, ASIC successfully applied to the Supreme
Court of New South Wales to wind up FOGI and the Australia Fund
Limited, of which FOGI was the major shareholder.
ASIC had previously obtained interim orders freezing the assets
of Mr Johnstone and the co-director of FOGI, Mr Robert Geoffrey
Walker. Mr Johnstone and Mr Walker are now bankrupt and the
interim orders have been lifted.
Mr Johnstone was released on bail to reappear at the Downing
Centre on 4 February 2003. The Commonwealth Director of Public
Prosecutions is prosecuting the matter.
GOODMAN FIELDER: Liability on Re-Financing Facility Unchanged
-------------------------------------------------------------
Goodman Fielder advises of recent correspondence from the
Australian Taxation Office (ATO) in relation to a re-financing
facility that dates back to 1990.
The ATO, on 12 January 2001, requested information from Goodman
Fielder in relation to a re-financing facility that was
implemented 12 years ago and expires in 2006. Goodman Fielder
had previously been the subject of an ATO audit for the years
1988 to 1994, which was settled in 1994 without any issue
arising in relation to the 1990 re-financing facility.
The facility involved Goodman Fielder entering into a new long-
term loan to re-finance short-term maturing debt.
At the time the re-financing facility commenced and since the
receipt of the ATO request in January 2001, Goodman Fielder has
consistently received independent legal and taxation advice,
stating that Goodman Fielder applied the correct tax treatment
to the re-financing facility.
On the basis of advice that no additional tax should be payable
and the fact that no amended assessments had been issued,
Goodman Fielder published Note 29(d) to that effect in its
financial statements for the year to 30 June 2002.
On 24 December 2002, after a course of correspondence and
meetings between Goodman Fielder and the ATO, the ATO advised
that it had determined that Part IVA of the Income Tax
Assessment Act 1936 applied to arrangements concerning the re-
financing facility, and invited Goodman Fielder to respond. The
ATO has not yet issued any amended assessments. Goodman Fielder
has arranged to discuss the matter further in late January 2003.
Upon receipt of the ATO letter of 24 December, Goodman Fielder
sought independent advice as to its tax liability and as to any
potential financial impact on the company. Goodman Fielder has
been advised that it should have no additional tax liability.
If the view expressed by the ATO in its letter prevails,
contrary to independent advice provided to Goodman Fielder,
then, based on the ATOs analysis of the position, Goodman
Fielder may incur an expense for additional income tax,
penalties and interest, of up to $101.6 million, after applying
an existing provision of $37 million. The provision is for
deferred income tax liabilities relating to the 1990 re-
financing facility.
Any potential amount payable remains extremely uncertain,
whether or not the ATO view is correct on the basic issue of
liability.
Although no amended assessments have been issued, and
discussions are continuing, the company has made the
announcement now because it is subject to a takeover bid.
Goodman Fielder is ensuring that shareholders are informed of
this development.
Goodman Fielder continues to be advised that it should have no
additional tax liability in relation to this matter and
therefore maintains that it has applied the correct tax
treatment to its re-financing facility. Accordingly, Goodman
Fielder will object to and vigorously oppose any amended
assessments.
STARTRACK COMMUNICATIONS: Requests Trading Halt
-----------------------------------------------
In accordance with Listing Rule 17.1, Startrack Communications
Limited requests a trading halt until release of the
announcement on the ASX Announcements Platform, relating to the
results of the resolutions proposed at the Company's Annual
General Meeting held at 10:00am on Wednesday 8 January 2003.
In view of the above, the securities of Startrack Communications
Limited will be placed in pre-open at the request of the
Company, pending the release of an announcement by the Company.
Unless ASX decides otherwise, the securities will remain in pre-
open until the earlier of the commencement of normal trading on
Friday, 10 January 2003 or when the announcement is released to
the market.
WESTERN METALS: Restructure Arrangements Completed
--------------------------------------------------
Western Metals Limited announced Tuesday completion of funding
and restructure arrangements with its principal financers.
As previously notified, key elements of this restructuring
include:
* an extension of the Company's standstill credit terms with
its financiers to 30 June 2005 including deferment of payment
terms;
* the provision by a group of Noteholders of $A15,000,000
pursuant to 2 series of notes repayable in 2 principal
installments by 15 March 2004 ($10 Million for working capital
purposes and $5 Million for hedge option cover);
* an extension of the Company's guarantee and performance
bond facilities to 31 May 2004;
* conversion and extension of the Company's standby order
financing facility to a $A7,500,000 revolving term facility
repayable by 30 June 2004.
CONTACT INFORMATION: Geoff Wedlock
Managing Director & CEO
Ph: 61 8 9221-2555
================================
C H I N A & H O N G K O N G
================================
CHINA CONSTRUCTION: Updates US$60M Floating Rate Notes' Status
--------------------------------------------------------------
China Construction Holdings Limited, in relation to the US$60
Million Floating Rate Notes Due 2000 and US$70 Million Floating
Rate Notes Due 2004, announced that on 6 January 2003, the High
Court of the Hong Kong Special Administrative Region has
adjourned the petition hearing for the winding up of CIH to 10
March 2003 for CIH to settle outstanding conditions precedent.
The closing date for completion of the restructuring proposal
put forward by CIH is now scheduled to be on or about 28
February 2003.
A further progress-related announcement will be released in due
course.
CORNFIELD INVESTMENT: Winding Up Petition Set for Hearing
---------------------------------------------------------
The petition to wind up Cornfield Investment Limited is
scheduled for hearing before the High Court of Hong Kong on
February 5, 2002 at 9:30 in the morning.
The petition was filed with the court on November 27, 2002 Lee
Kin Keung of Room 1202, 12th Floor, Sheung Ming House, Sheung
Tak Estate, Tseung Kwan O, New Territories, Hong Kong. Tam Lee
Po Lin, Nina represents the petitioner.
EASTERN FINANCIAL: Winding Up Petition Pending
----------------------------------------------
Eastern Financial Services (HK) 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 20, 2002 HSBC Trustee (Hong
Kong) Limited whose registered office is situated at No.1
Queen's Road Central, Hong Kong.
FINE KNOWN: Winding Up Hearing Scheduled in February
----------------------------------------------------
The High Court of Hong Kong will hear on February 5, 2003 at
9:30 in the morning the petition seeking the winding up of Fine
Known Limited.
Chan Kwai Chun of Room 837, 8/F., Tip Sum House, Butterfly
Estate, Tuen Mun, New Territories, Hong Kong filed the petition
on November 27, 2002. Tam Lee Po Lin, Nina represents the
petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
INNOVATIVE INTERNATIONAL: Shares Price Decrease Unexplainable
-------------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited has noted the recent decreases in the price of the
shares of the Company and wishes to state that the Board is
not aware of any reasons for such decrease.
Save as disclosed in the announcement of the Company on 30
December, 2002, the Board also confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price-
sensitive nature.
LUEN NGAI: Winding Up Sought by Bank of China
---------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Luen Ngai Hong Fashion Limited. The petition was filed on
November 26, 2002, and will be heard before the High Court of
Hong Kong on February 5, 2003.
Bank of China holds its registered office at 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.
PCCW LIMITED: Consolidates Shares
---------------------------------
PCCW Limited requested market participants to note that the
ordinary shares of HK$0.05 each (Old Shares) in the capital of
the Company was consolidated into ordinary shares of HK$0.25
each (New Shares) on the basis of 5 into 1 subject to its
shareholders' approval at the Extraordinary General Meeting
held on 07/January/2003.
Upon the proposals becoming effective, a temporary counter under
stock code 2906 and stock short name "PCCW" will be established
for trading in board lots of 200 New Shares each to replace the
present counter (stock code: 8) for trading in board lots of
1,000 Old Shares each effective from Wednesday, 08/January/2003.
=========
J A P A N
=========
BOSO KANKO: Golf Course Applies For Rehabilitation
--------------------------------------------------
Boso Kanko Kaihatsu KK, which has total liabilities of 10.6
billion yen, recently applied for civil rehabilitation
proceedings, according to Tokyo Shoko Research. The golf course
has 111 employees and is located at Yokohama-si, Kanagawa,
Japan.
MITSUBISHI MOTORS: Endeavor Crossover SUV Debuts in Detroit
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) and Mitsubishi Motors North
America, Inc., MMC's U.S affiliate, on Tuesday held the world
premier of the Endeavor crossover SUV at the North American
International Auto Show Detroit Show.
Other models taking center stage at the Mitsubishi booth are:
the Tarmac Spyder concept model, a proposal for a futuristic hi-
performance open sports car; and the U.S. market specification
Lancer Evolution VIII, the latest in MMC's Evolution series.
Endeavor: Pioneering Project America
Endeavor is the first Mitsubishi model to be designed
exclusively for the North American market under Project America.
Announced in February 2000, this initiative calls for the
Company to design, develop and build in the United States
products destined for core-model positioning in that market.
Endeavor is a new-generation SUV model that marries SUV go-
anywhere utility with the dynamic performance and ride of a
regular passenger model. Its new lightweight but stiff platform
underpins sparkling road performance as well as enabling a
spacious interior.
The U.S. market launch is slated for spring 2003 with a sales
target of 70,000 units for the initial year. Endeavor comes with
a very-accessible price tag in the US$25,000-US$30,000 bracket.
Tarmac Spyder: Targeting Gen Y
Tarmac Spyder offers a peek at the future direction of MMC's hi-
performance open sports car development. Targeting the tech-
savvy Generation Y, Tarmac Spyder offers the optimum balance
between extreme sports car performance and fun-to-ride driving
pleasure for all occupants.
Delivering significant improvements in acceleration, top speed,
cornering, braking and other characteristics of the hi-
performance sport car, Tarmac Spyder adds the joys of open car
driving with its detachable hard top. The on-board CCD camera
and DVD player make this a truly fun-to-ride vehicle for all its
occupants.
Mitsubishi Motors Corporation www.mitsubishi-motors.co.jp
was established in 1970 and is one of the few automobile
companies in the world that produces a full line of automotive
products ranging from 660-cc mini cars and passenger cars to
commercial vehicles and heavy-duty trucks and buses. The Company
also operates consumer-financing services and provides this to
its customer base. Automobile operations accounted for 98
percent of fiscal 2000 revenues and financing business, 2
percent. The Company has one hundred and eighty nine
consolidated subsidiaries worldwide. Overseas sales accounted
for 56.8 percent of fiscal 2000 revenues. Mitsubishi Heavy
Industries, Ltd. is the major shareholder with 25.62 percent of
issued stock.
According to the Troubled Company Reporter-Asia Pacific,
Mitsubishi Motors Corporation (MMC) plans to turn the domestic
passenger car business into the black while maintaining the
current earnings level for North American business under the
turnaround-restructuring plan.
Japan Credit Rating Agency has been pointing out that it is
highly probable that the turning of the domestic car operation
into the black would be delayed, considering it is difficult to
bring back customers who left MMC due to the recall scandal in
such a short period of time. The cost reductions such as cutback
in jobs and reduction in materials cost have been going well as
scheduled. However, it is estimated that MMC would fall behind
around 2 years in turning of the domestic passenger car business
(excluding exports) into the black for fiscal 2003. Introduction
of new cars into the domestic market will be made on a full
scale in and after fiscal 2005, accordingly. During this time,
MMC needs to reduce the burden of loss via rehabilitation of
marketing system and additional models in an urgent manner.
NEC CORPORATION: 3M Buys 25% Stake In Sumitomo 3M
-------------------------------------------------
3M Co. announced that it will acquire NEC Corp.'s 25 percent
interest in Sumitomo 3M Limited for 45 billion Japanese Yen
(approximately $375 million U.S. dollars). Upon completion of
the cash transaction, 3M's interest in the joint venture will
increase from 50 percent to 75 percent, with the remaining 25
percent owned by Sumitomo Electric Industries Ltd., (SEI). The
acquisition is expected to close Jan. 8, 2003.
Sumitomo 3M Ltd. was formed in 1961 by NEC and SEI -- both
members of the Sumitomo Group in Japan -- and 3M. Since then, 3M
has owned 50 percent of the Company with the remaining interest
divided equally between NEC and SEI.
3M is a $16 billion diversified technology Company with leading
positions in consumer and office; display and graphics;
electronics and telecommunications; health care; industrial;
safety, security and protection services; transportation and
other businesses. Headquartered in St. Paul, Minnesota, the
Company has operations in more than 60 countries and serves
customers in nearly 200 countries. 3M is one of the 30 stocks
that make up the Dow Jones Industrial Average and also is a
component of the Standard & Poor's 500 Index.
According to Wright Investor's Service, during the 12-month
period ending March 31, 2002, the Company reported losses of
187.06 per share, implying that the management believes that the
Company will return to profitability soon.
CONTACT:
3M, St. Paul
Media Contact:
Stephen Sanchez, 651/737-5967
or
Investor Contact:
Matt Ginter, 651/733-8206
or
Dan Colvin, 651/736-2637
SHOEI CORPORATION: Construction Firm Goes Bust
----------------------------------------------
Shoei Corporation and two affiliates, with total liabilities of
280.3 billion yen, lodged a bankruptcy filing with the Tokyo
Distric Court on Monday, the Tokyo Shoko Research Ltd. and Jiji
Press reported.
The Company is a builder of public and commercial buildings, as
well as condominiums, with sales reaching 12,865 million yen in
the business year ended in March 2002.
Shoei's business turned sour as irrecoverable loans related to
real estate investments snowballed in the wake of the collapse
in the early 1990s of the asset-inflated "bubble" economic boom.
SHOUEI KENSETSU: Court Declares Company Bankrupt
------------------------------------------------
The Japanese court has declared Shouei Kensetsu KK bankrupt,
according to Tokyo Shoko Research Limited. The general
construction firm, located at Saitama-si, Saitama, Japan has 251
million yen in capital against total liabilities of 280 billion
yen.
SHUBO KANKO: Golf Course Applies For Rehab
------------------------------------------
Shubo Kanko Kaihatsu KK, which has total liabilities of 9
billion yen, recently applied for civil rehabilitation
proceedings, according to Tokyo Shoko Research. The golf course
has 55 employees and is located at Hikari-si, Yamaguchi, Japan.
TOMEN CORPORATION: R&I's "Medium-Term Management Plan" Review
-------------------------------------------------------------
Tomen Corporation announced a medium-term management plan on
December 27, 2002. One core element of the plan is to request
financial assistance of 170 billion yen from the Company's major
financing banks. The plan also includes acceptance by the Toyota
Group, which includes Toyota Tsusho Corp., of a proposal to
increase Tomen's capital by 10 billion yen by allocating new
shares to a third party. Tomen's existing senior long-term
credit rating assigned by Rating and Investment Information,
Inc. (R&I), is B+. R&I intends to keep a watchful eye on various
developments, including Tomen's restructuring of its operations,
the progress of its capital increase plan, and the strengthening
of its ties with the Toyota Group.
The financial support sought by Tomen consists of debt
forgiveness totaling 110 billion yen and the acceptance of
preferred stock valued at 60 billion yen. This will be the
second time for Tomen to seek debt cancellation. In R&I's view,
a Company that requests debt forgiveness is a business that has
lost the capacity to pay its financial obligations and whose
creditworthiness has declined substantially. Even so, because
Tomen is moving in the direction of receiving assistance from
leading banks and the Toyota Group, R&I believes there is little
likelihood that the Company will default on its corporate bonds
as long as the medium-term plan is executed. Consequently,
factoring in the likelihood that Tomen's business will be
reorganized following debt forgiveness, R&I has decided not to
adjust the Company's rating at this time and will watch to see
how the medium-term plan progresses. Given the increasingly
severe operating environment of general trading firms, though,
the success of the plan is not assured. Tomen's consolidated
capital base will be small even after the debt forgiveness and
the capital increase, and its financial foundation will continue
to be fragile. R&I, who announced on November 18 that it had
begun to review the ratings of Tomen and three other general
trading firms, will factor the status of the medium-term plan
will into the Company's rating from now on.
Tomen has also announced that its goal is "management
integration with Toyota Tsusho in the coming years." Toyota
Tsusho currently has an R&I senior long-term credit rating of A.
If the status of Tomen's restructuring is inadequate and its
ties with Toyota Tsusho deepen, the latter's creditworthiness
could also conceivably be impacted. R&I is keeping an eye on the
effectiveness of Tomen's medium-term plan as well as the way in
which the Company's ties with Toyota Tsusho and the rest of the
Toyota Group develop.
The press release is located at
http://bankrupt.com/misc/tcrap_tomen0108.pdf
=========
K O R E A
=========
DAEWOO MOTOR: GM May Sell Korean-Built Cars in U.S.
--------------------------------------------------
General Motors Corp. (GM) may start U.S. sales of cars built by
GM Daewoo as early as this year to halt losses at the South
Korean unit through increased exports, Bloomberg reports.
General Motors, which took over two of bankrupt Daewoo Motor
Co.'s Korean assembly plants in October, probably will sell the
vehicles under a General Motors brand, said Nick Reilly,
President of GM Daewoo Auto & Technology Co.
General Motors completed the $1.17 billion acquisition of
factories and other assets from Daewoo Motor last year, forming
GM Daewoo. Reilly said he plans to halt losses at the unit in
two to three years by increasing both exports and South Korean
sales with new products and distribution networks.
Daewoo Motor ended sales of its vehicles in the U.S. in 2002
after General Motors declined to buy its U.S. sales operations.
The Daewoo Motor America unit filed for bankruptcy protection in
May. Daewoo Motor sold 17,459 cars in the U.S. last year, down
from 48,296 in 2001.
HYUNDAI MOTOR: Union Accuses Management of Nepotism
---------------------------------------------------
Hyundai Motor's union has criticized its management for the
recent personnel changes in which four relatives of Chairman
Chung Mong-koo were promoted to Vice Presidential posts, the
Korea Times said on Wednesday. The union's name was not
mentioned in the report.
On Friday, Hyundai Kia Motor group made Chung Oue-sun, 33, the
only son of the group's Chairman, to the post of Hyundai Motor
Vice President.
Other relatives who were awarded Vice Presidencies of the
group's subsidiaries are Il-sun, 33, the Chairman's nephew (Blue
& Green Steel), Chung Tae-young, 42, the Chairman's second son-
in-law (Hyundai Card) and Shin Sung-jae, 34, the Chairman's
third son-in-law (Hyundai Hysco).
The promotions raise questions over Hyundai Motor's personnel
management policy and paved the way for ``inheritance of
Chairmanship by the heir-apparent whose management skills have
yet to be proven, according to the statement.
``The leadership is resorting to anti-social practices of
nepotism and wayward management, which caused the financial
crisis in late 1997, the union said.
The union vowed that it would aggressively oppose the latest
personnel moves in cooperation with unions of other subsidiaries
such as Kia Motors, Hyundai Hysco and INI Steel.
According to Wright Investor's Service, at the end of 2001,
Hyundai Motor Company Limited had negative working capital, as
current liabilities were 17.88 trillion Korean Won while total
current assets were only 12.04 trillion Korean Won.
HYUNDAI SECURITIES: SDPO Summons Former Chairman
-----------------------------------------------
The Seoul District Prosecutor's Office (SDPO) has summoned Lee
Ick-chi, former Chairman of the Hyundai Securities Co., for
questioning on the rigging of Hyundai Electronics Co. stock
prices, according to the Korea Times on Tuesday.
Lee Ick-chi was asked whether he was aware of the possible
losses when he decided that Hyundai Heavy Industries would
guarantee payment of the debts of Hyundai Electronics in July
1997.
The prosecutors also called on Lee Young-ki, former Vice-
Chairman of Hyundai Heavy Industries, to verify whether Chung
Mong-joon, third son of late Hyundai founder Chung Joo-young,
had anything to do with the stock manipulation, as Lee had
asserted.
Lee, who had been staying in the U.S. after he was released from
jail, returned to Korea on November 16, shortly before the
December election, and argued that Chung, who was then running
for the Presidency, was behind the 1997 stock price rigging
schemes.
Based on Lee's statement, the Democratic Labor Party, headed by
Kwon Young-ghil, filed a suit against Rep. Chung on charges of
complicity in the crime.
In 1999, Lee was penalized for fraudulent stock manipulation,
and was on the prosecution's wanted list for questioning over a
military corruption scandal.
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Deliberating Over Debt Restructuring Proposal
----------------------------------------------------------------
In compliance with paragraph 4.1(b) of PN 4/2001, Abrar
Corporation Berhad (Special Administrators Appointed) wishes to
announce the following:
On 10 January 2002, the Special Administrators (the SAs) of the
Company held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company. The interested parties were required to
submit the offers / proposals by 23 January 2002.
On 6 March 2002, the SAs conducted a restricted re-tender
exercise for the two (2) shortlisted bidders who were required
to submit their revised offers / proposals by 13 March 2002. On
15 April 2002, the SAs of the Company selected a White Knight to
participate in the corporate debt restructuring exercise of the
Company.
On 16 May 2002, the SAs, for and on behalf of ACB, entered into
a Memorandum of Understanding (MoU) with several parties (the
White Knight) to regulate and record the basic understanding of
the key areas of agreement pending finalization and approval of
the Company's corporate restructuring proposal (the Workout
Proposal).
On 23 May 2002, the Company announced that the moratorium under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Danaharta Act), which took effect from 27 May 2000, i.e.
the date of the appointment of SAs to the Company and which
expires on 26 May 2002, has been further extended to 26 May
2003, pursuant to Section 41(3) of the Danaharta Act.
On 11 July 2002, the SAs entered into a Facilitation of Listing
Agreement with Oilcorp Berhad and with the White Knight pursuant
to the MoU dated 16 May 2002 inter alia to transfer the listing
status of the Company to OilCorp Berhad.
On 29 August 2002, Public Merchant Bank Berhad (PMBB), on behalf
of the Company, announced that the quantum and structure of the
proposed offer for sale of OilCorp Shares (Proposed Offer for
Sale) have been finalized. The Proposed Offer for Sale shall
involve an offer for sale of 43,900,000 ordinary shares of
RM1.00 each in OilCorp (OilCorp Shares) at an offer price of
RM1.10 by the creditors of ACB and the vendors of Oil-Line
Engineering & Associates Sdn Bhd (Oil-Line).
On 2 September 2002, PMBB, on behalf of the Company, announced
that the Company's Corporate Debt Restructuring Proposal has
been submitted to the Securities Commission for approval.
On 16 October 2002, PMBB, on behalf of the Company, announced
that the Foreign Investment Committee (FIC) had, vide its letter
received on 15 October 2002, approved the Proposed Share
Exchange, the Proposed Debt Settlement, the Proposed Acquisition
and the Proposed Offer for Sale as proposed. The said FIC's
approval is subject to OilCorp Berhad having a 30% direct
Bumiputera equity interest upon implementation of the Proposal.
On 1 November 2002, PMBB, on behalf of the Company, announced
that the Workout Proposal for ACB was approved by Danaharta in
accordance with Section 45(2) of the Danaharta Act vide its
letter dated 28 October 2002. Under Section 46(4) of the
Danaharta Act, the Workout Proposal binds the Company, all
members and creditors of the Company and any other person
affected by the Workout Proposal.
On 21 November 2002, PMBB, on behalf of the Company, announced
that all relevant parties to the Facilitation of Listing
Agreement dated 11 July 2002 have agreed to extend all the
approvals that are to be obtained before 12 November 2002 to 11
January 2003.
On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had vide its letters dated
18 December 2002 and 20 December 2002 approved the Company's
Corporate Debt Restructuring Proposal as proposed, subject to
certain conditions to be fulfilled. The SAs of the Company and
all the relevant parties to the Company's Corporate Debt
Restructuring Proposal are currently deliberating on the terms
and conditions of the SC's approval, the announcement of the
decision of which will be made in due course.
The Company's Corporate Debt Restructuring Proposal will inter
alia take into consideration the interest of all stakeholders
that will also deal with the Company's plans to regularize its
financial condition, its inadequate level of operations and the
minimum RM 60 million paid - up capital requirement for
companies listed on the Main Board of the Exchange.
ACTACORP HOLDINGS: Proposed Workout Scheme Approvals Pending
------------------------------------------------------------
With reference to the Company's requisite announcement dated 27
December 2002, PM Securities Sdn Bhd, on behalf of the Board of
Directors of Actacorp Holdings Berhad, wishes to announce that
the Company has submitted its plan to regularize its financial
conditions to the relevant authorities for approval on 31
December 2002.
The Board of Directors acknowledges that the Securities
Commission (SC) had earlier imposed a deadline for all public
listed companies, which are classified as "affected listed
issuers" under Practice Note No.4/2001 (PN4) to regularize their
financial conditions on or before 31 December 2002. As at
todate, Company has not fully regularize its financial
conditions.
In this respect, in the interests of the shareholders and
creditors of AHB, the Board of Directors of AHB is of the
opinion that the Proposed Restructuring Scheme is crucial to the
revival of the Company and therefore has sought the SC's
indulgence to consider the Proposed Restructuring Scheme of AHB
and grant AHB an extension of time up to 31 December 2003 to
fully regularize its financial conditions via the Proposed
Restructuring Scheme.
Accordingly, AHB will continue to perform the various
obligations imposed under PN4 to regularize its financial
conditions within the timeframes prescribed under PN4, which is
mainly to obtain the necessary approvals for the Proposed
Restructuring Scheme within four (4) months from the date of the
submission of the relevant applications on 31 December 2002,
pursuant to paragraph 5.1 (c) of PN4.
Pending the approvals from the relevant authorities, the Company
will continue to discuss with its creditors on the Proposed
Restructuring Scheme.
AUTOWAYS HOLDINGS: KLSE Allowing Show Cause on De-Listing Notice
----------------------------------------------------------------
Autoways Holdings Berhad (In Liquidation) wishes to announce the
following:
a) that AUTOWAY has been accorded 14 days by the Kuala Lumpur
Stock Exchange (the Exchange) to make written representations to
the Exchange on why its securities should not be removed from
the Official List of the Exchange.
b) in the event the Exchange decides to de-list AUTOWAY, the
securities of AUTOWAY shall be removed from the Official List of
the Exchange upon the expiry of 14 days from the date of
notification of the decision to de-list AUTOWAY or upon such
other date as may be specified by the Exchange; and
c) in the event the Exchange decides not to de-list AUTOWAY,
other appropriate action / penalty (ies) may be imposed pursuant
to paragraph 16.17 of the Listing Requirements.
BESCORP INDUS.: Rejects Regularization Time Extension Request
-------------------------------------------------------------
On behalf of Bescorp Industries Berhad (Special Administrators
Appointed), the Special Administrators wish to inform that the
Kuala Lumpur Stock Exchange has via its letter dated 3 January
2003 rejected the Company's application for an extension of time
to obtain all approvals from the relevant authorities for the
implementation of the Company's plans to regularize its
financial position as set out in Paragraph 5.1 of PN 4/2001 of
the Kuala Lumpur Sotck Exchange's Listing Requirements.
DAMANSARA REALTY: Updates Defaulted Facilities Status
-----------------------------------------------------
Damansara Realty Berhad posted the Monthly Status Report in
relation to the Default in Principal and/or Interest Payment by:
a) DBHD in relation to RM13.7 million Revolving Credit
Facilities (RC Facilities); and
On 26 December 2002, Danaharta Managers Sdn Bhd had agreed to
accept DBHD's proposal to restructure the amount due of
approximately RM8.8 million under the RC Facility which to be
satisfied via the issuance of new Newco shares at an issue price
of RM1.00 pursuant to the proposed Reconstruction and
Restructuring Exercise of DBHD, subject to certain terms and
conditions . Hereafter, the parties will enter into a definitive
agreement for the full and final settlement of amount owing
under the RC Facility and accordingly a full announcement will
be released to the Exchange in due course.
However, DBHD is still awaiting decision from AmBank Berhad on
DBHD's proposal to restructure the amount owing of approximately
RM5.98 million under the RC Facility.
b) Damansara Realty (Pahang) Sdn Bhd (DRP) in relation to RM57.9
million Syndicated Term Loan Facility (Term Loan Facility)
There is no material development on the Term Loan Facility. DRP
is continuing with its obligations to settle the outstanding
interest.
ESPRIT GROUP: Workout Scheme With Kemajuan Amoy Cancelled
---------------------------------------------------------
Further to the recent monthly announcement in regard to item
4.1(b) of the Practice Note No. 4/2001 of the Kuala Lumpur Stock
Exchange's disclosure requirements, the Board of Directors
wishes to further announce that the Company is unable to proceed
with their proposed restructuring scheme with Kemajuan Amoy
Berhad and Forum Masters Sdn Bhd.
GEAHIN ENGINEERING: Awaits FIC, MITI Approval on PRS
----------------------------------------------------
Further to the announcement date 02 December 2002 and on behalf
of Geahin Engineering Berhad, Public Merchant Bank Berhad had on
30 December 2002 announced that the Securities Commission had
vide its letter dated 26 December 2002 approved the Proposed
Restructuring Scheme (PRS) as proposed.
Meanwhile, the Company is awaiting for the approvals from the
Foreign Investment Committee, the Ministry of International
Trade and Industry and shareholders in relation to the PRS. As
announced on 20 December 2002 the scheme creditors had not
approved the PRS at the Court Convened Meeting held on even
date. In this regard, Geahin is in the midst of re-negotiating
the terms of the PRS with the scheme creditors.
GENERAL SOIL: Financial Regularization Plan Underway
----------------------------------------------------
Further to the announcement dated 2 December 2002, the Board of
Directors of General Soil Engineering Holdings Berhad wishes to
announce that the Company is still in the process of formulating
a comprehensive plan to regularize its financial condition.
Currently the Company is in the midst of evaluating and
finalizing various options for the regularization exercise. This
exercise will include, amongst others, the Proposed Revised
Scheme, the Proposed Private Placement and the Proposed Increase
of the Paid-Up Capital to comply with the minimum capital
requirement for listing on the Second Board of the Kuala Lumpur
Stock Exchange.
The plan will be announced in due course.
GEORGE KENT: SC OKs Proposed Debt Restructuring
-----------------------------------------------
Reference is made to the announcements dated 22 March 2002, 19
July 2002 and 10 September 2002 in relation to the Proposed Debt
Restructuring.
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of George Kent (Malaysia) Berhad, is pleased to
announce that the Securities Commission (SC) had vide its letter
dated 30 December 2002 approved the Proposed Debt Restructuring
as proposed.
The conditions imposed by the SC in respect of the Proposed Debt
Restructuring are as follows:
(i) GKM is to ensure that the debt conversion under the
Proposed Capitalization of Sale Portion and the sale of shares
by GK Equities Sdn Bhd (GKE) to settle part of its debt is
implemented in the best interest of the GKM Group;
(ii) GKM is to ensure the compliance of the public spread
requirement for the new ordinary shares and the irredeemable
convertible unsecured loan stocks (ICULS) prior to its listing;
(iii) In relation to the ICULS, the following conditions must
be complied:
(a) the SC's approval needs to be obtained for any
variation to the terms and conditions of the issuance of ICULS;
(b) the executed trust deed is to be forwarded to the SC;
(iv) Aseambankers and GKM are to fully comply with all other
relevant requirements pertaining to the implementation of the
Proposed Debt Restructuring as provided in the SC's Policies and
Guidelines on Issue / Offer of Securities; and
(v) Aseambankers and GKM are to provide a written
confirmation that the terms and conditions imposed in relation
to the approval of the Proposed Debt Restructuring has been
complied.
In addition, the approval of the Foreign Investment Committee
was obtained on 18 November 2002 and the approval of the
Ministry of International Trade and Industry was obtained on 30
September 2002 and 18 October 2002 for the Proposed Debt
Restructuring.
JOHAN HOLDINGS: SC Grants Debt Workout Conditional Approval
-----------------------------------------------------------
Reference is made to the announcements dated 22 March 2002 and
10 September 2002 in relation to the Proposed Debt
Restructuring.
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Johan Holdings Berhad, is pleased to announce that
the Securities Commission (SC) had vide its letter dated 30
December 2002 approved the Proposed Debt Restructuring as
proposed.
The conditions imposed by the SC in respect of the Proposed Debt
Restructuring are as follows:
(i) JHB is to ensure that the debt conversion under the
Proposed Sale Portion is implemented in the best interest of the
JHB;
(ii) JHB is to ensure the compliance of the public spread
requirement for the new ordinary shares and the irredeemable
convertible unsecured loan stocks (ICULS) prior to its listing;
(iii) In relation to the ICULS, the following conditions must
be complied:
(a) the SC's approval need to be obtained for any variation
to the terms and conditions of the issuance of ICULS;
(b) the executed trust deed is to be forwarded to the SC;
(iv) Aseambankers and JHB is to fully comply with all other
relevant requirements pertaining to the implementation of the
Proposed Debt Restructuring as provided in the SC's Policies and
Guidelines on Issue / Offer of Securities; and
(v) Aseambankers and JHB are to provide a written
confirmation that the terms and conditions imposed in relation
to the approval of the Proposed Debt Restructuring has been
complied.
In addition, the approval of the Foreign Investment Committee
was obtained on 21 November 2002 and the approval of the
Ministry of International Trade and Industry was obtained on 19
September 2002 and 30 October 2002 for the Proposed Debt
Restructuring.
KELANAMAS INDUSTRIES: SC Approves Proposed Restructuring Scheme
---------------------------------------------------------------
Reference is made to the previous announcements dated 30 August
2002. AmMerchant Bank Berhad (AmMerchant Bank), on behalf of the
Board of Directors of Kelanamas Industries Berhad is pleased to
announce that the Securities Commission (SC) has vide a letter
dated 31 December 2002 approved the Proposed Restructuring
Scheme. The approval of the SC is subject to, inter alia, the
following conditions.
a) Moratorium on 50% of the consideration shares to be
received by the vendors of the assets to be acquired by KIB/MP
Technology Resources Berhad (MPTR). In connection thereof, the
moratorium shares cannot be sold, transferred or disposed for at
least one (1) year from the date of the listing of the said
shares. Thereafter, not more than one third of the total
moratorium shares can be sold, transferred or disposed. The
moratorium condition is also imposed on the 8.25 million
Irredeemable Convertible Unsecured Loan Stocks (ICULS)
representing 50% of MPTR's ICULS that is to be issued to the
said vendors as well as the ordinary shares to be issued
pursuant to the conversion of the ICULS. If the said vendor is a
private company, the ultimate beneficial shareholder of the said
company must provide an undertaking to the SC to meet with the
moratorium requirement as required under the SC's guidelines.
AmMerchant Bank must provide to the SC information on the
parties holding the moratorium shares prior to the issuance of
the Circular to Shareholders.
b) Full disclosure must be made in the Explanatory Statement
to Scheme Creditors/Shareholders and also the prospectus
including but not limited to the following:
ú Information on the reasons for the losses incurred by
KIB;
ú Current market price for the landed properties owned by
the companies to be acquired and also the landed properties to
be acquired;
ú Comment from the adviser/independent adviser for the
reasonableness together with concise justification for the
valuation of the assets and business/companies to be acquired
after taking into account the current market value of the landed
properties;
ú Information on the material litigation that can have a
material effect on the financial position of KIB/MPTR and also
the companies to be acquired;
ú Information for the involvement of the major
shareholder/directors of MPTR Group in similar business that can
compete with the business of MPTR Group.
c) The vendors of Tai Seng Plastic Industry Sdn Bhd, Eng Zan
Machinery & Trading Sdn Bhd, Highlight Plastic Machinery Sdn
Bhd, MP Plastic Industries Sdn Bhd, Tralvest (M) Sdn Bhd
(collectively referred to as New Business), Hock Enterprise Sdn
Bhd (Hock) and Plastronic Industries Sdn Bhd (Plastronic) are
required to continue managing their respective business in MPTR
Group.
d) The major shareholder/directors of MPTR Group must not be
involved in any business that can compete with the business of
MPTR Group.
e) Foreclosure proceedings towards the property owned by Hock
is to be canceled before the acquisition by MPR of Hock's
business.
f) With regards to trade debtors, the companies to be
acquired must provide fully for trade debts exceeding six (6)
months and the Reporting Accountants must submit written
confirmation to the SC on the said provisions and the directors
of the companies to be acquired must submit a written
confirmation to the SC that the trade debtors exceeding the
credit period is recoverable and full provisions have been made
for trade debts exceeding six (6) months, before the issuance of
the Explanatory Statement to Scheme Creditors/Shareholders and
prospectus. MPTR/KIB must inform the SC that the companies to be
acquired has complied with this condition prior to the issuance
of the Explanatory Statement to Scheme Creditors/Shareholders.
g) AmMerchant Bank is required to submit a final draft of the
Explanatory Statement to Scheme Creditors/Shareholders for SC's
perusal.
h) With regards to the landed properties to be acquired/owned
by the companies to be acquired, KIB/MPTR must ensure that any
illegal extensions are rectified within six (6) months from the
date of SC's approval and complete the transfer of registered
owner to the companies to be acquired within six (6) moths from
the date of SC's approval or before the acquisition of the
companies are completed, whichever is earlier. Further, a
certificate of fitness must be obtained for the factory building
constructed on the land to be acquired from Hock before the
completion of the acquisition of Hock's land.
i) KIB is required to appoint an independent audit firm that
is experienced in investigative audit and which is not the
current/past auditor of KIB Group within two (2) months from the
date of SC's approval to conduct an investigative audit on the
past losses. Based on the results of the investigative audit,
KIB must report to the relevant authorities of any contravention
of any laws, regulations, guidelines and the Company's
memorandum and articles of association by the directors of KIB
and/or any other parties that resulted in KIB's losses. The
investigative audit need to be completed within six (6) months
from the date of appointment of the independent auditor and
appropriate announcement need to be made on the findings of the
investigative audit.
j) Full compliance to the relevant requirements relating to
the implementation of the above proposals as provided under SC's
guidelines especially Chapter 25 of the said guidelines.
In relation to the above, AmMerchant Bank on behalf of the Board
of Directors of KIB would also like to announce that the SC has
vide another letter dated 30 December 2002 approved the
application on behalf of the vendors of New Business, Hock and
Plastronic for a waiver from having to undertake the mandatory
take-over offer for all the remaining MPTR shares not already
owned by them pursuant to the Proposed Restructuring Scheme.
LONG HUAT: Formulating New Restructuring Scheme
-----------------------------------------------
On 3 January 2003, Long Huat Group Berhad was served with notice
to show cause from the Exchange wherein:
a) the Company has to make written representations to the
Exchange, supported by documentary evidence (if any) within 14
days commencing from the date of aforesaid notice as to why the
securities of the Company should not be de-listed from the
Official List of the Exchange;
b) in the event the Exchange decides to de-list the Company,
the Securities of the Company shall be removed from the Official
List of the Exchange upon the expiry of 14 days from the date of
notification of the decision to de-list the Company or upon such
other date as may be specified by the Exchange; and
c) in the event the Exchange decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the LR.
The Company will make written representations to the Exchange on
why the securities of the Company should not be de-listed from
the Official List of the Exchange within 14 days from the date
of the aforesaid notice.
Notwithstanding the above, the Company is in the process of
formulating a new restructuring scheme for the purpose to
restructure the Company.
MBF HOLDINGS: SC Gives More Time for SOA Implementation
-------------------------------------------------------
Further to the announcement dated 2 December 2002, Alliance
Merchant Bank Berhad (Alliance), on behalf of the Board of
Directors of MBf Holdings Berhad, wishes to announce that the
Securities Commission had, on 24 December 2002, granted an
extension of the approval period for another three (3) months
i.e. till 31 March 2003 for MBf-H to implement the proposed
scheme of arrangement (Proposed SOA) and the proposed employees'
share option scheme.
The Company is presently finalizing the legal documentation for
execution by MBf-H and the parties involved in the Proposed SOA.
Alliance had, on behalf of the Board of Directors of MBf-H, on
27 November 2002 submitted an application to the Kuala Lumpur
Stock Exchange (KLSE) for the listing of and quotation for the
new MBf-H shares and warrants to be issued pursuant to the
Proposed SOA, the approval of which is currently pending.
Save for the above, there is no further development on the
status of MBf-H's plan to regularize its financial condition
pursuant to PN4/2001 issued by the KLSE, subsequent to the
Company's announcement dated 2 December 2002.
OMEGA HOLDINGS: Gets Show Cause Notice on Securities De-Listing
---------------------------------------------------------------
Omega Holdings Berhad wishes to announce that the Kuala Lumpur
Stock Exchange (KLSE or the Exchange) has on 3 January 2003
served a Show Cause Notice to the Company whereby the Company
has been accorded 14 days by the Exchange to make written
representations to the Exchange on why its securities should not
be removed from the Official List of the Exchange.
In the event that the Exchange decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of the Exchange upon the expiry of 14 days from the date of
notification of the decision to de-list the Company or upon such
other dates as may be specified by the Exchange.
In the event that the Exchange decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements of the
KLSE.
The Company had announced the Requisite Announcement (RA),
pursuant to paragraph 5.1 (a) of Practice Note 4/2001 of the
Listing Requirements of the KLSE on 31 December 2002. In the RA,
the Company announced that the Company had entered into new
Restructuring Scheme Agreement with Milan Auto (M) Sdn. Bhd. and
have agreed to undertake and implement the following exercises:
(i) Proposed Acquisition of Omega by Newco;
(ii) Proposed Scheme of Arrangement;
(iii) Proposed Transfer of Business;
(iv) Proposed Acquisition of MAC by Newco;
(v) Proposed Waiver from the MTO;
(vi) Proposed Special Issue of Shares
(vii) Proposed Offer For Sale of Settlement Shares by
Creditors;
(viii) Proposed Offer For Sale of Shares by MA;
(x) Proposed Listing Transfer; and
(xi) Proposed Disposal of Omega Group.
The main purpose for the Proposed Restructuring Scheme is to
restructure the debts of Omega to enable Omega to recapitulate
and regularize its financial position and to comply with the
KLSE PN4 requirements to prevent Omega from being delisted from
the KLSE which will result in the shareholders of Omega not
being able to hold a listed share either in Omega or Newco.
PARIT PERAK: FIC Grants Proposal Approval
-----------------------------------------
On 23 February 2001, Parit Perak Holdings Berhad (Special
Administrators Appointed) announced that PPHB is considered an
"affected listed issuer" pursuant to Practice Note No 4/2001
(PN4) issued by the Kuala Lumpur Stock Exchange (KLSE).
On 22 October 2002, Alliance Merchant Bank Berhad (Alliance) had
announced on behalf of PPHB that the Company had on 21 October
2002, entered into a Restructuring Agreement (RA) with Liqua
Health (M) Sdn Bhd, Align Matrix Sdn Bhd, Chan Wan Cheong, Teh
She Ling, Lim Paik Gaik, Lee Chai Hua, Mohd Fadzil bin Mohd Ali,
Muhammad bin Md Ali and Rafizah bte Abu Hassan (collectively
referred to as "the Vendors") for the implementation of a
proposal to regularize its financial position.
On 18 November 2002, Alliance, on behalf of PPHB, announced that
the Company had formulated a plan to regularize its financial
condition by implementing the Proposals. It was further
announced on 19 November 2002 that the relevant applications had
been made to the Securities Commission (SC") and Foreign
Investment Committee (FIC) for their approval for the Proposals.
Alliance, on behalf of PPHB, now wishes to announce that the
FIC, by its letter dated 30 December 2002, which was received on
3 January 2003, had stated that it had no objections to the
Proposals. The approval of the SC for the same is currently
pending.
The Proposals involves:
- Proposed PPHB Acquisition;
- Proposed Liqua Acquisition;
- Proposed Buyback;
- Proposed Put and Call;
- Proposed Restricted Offer for Sale;
- Proposed Debt Settlement;
- Proposed Disposal;
- Proposed Placement;
- Proposed Transfer of Listing Status; and
- Proposed Waiver
RAHMAN HYDRAULIC: RHD Ceases Business Operation
-----------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that one of its subsidiaries, Rahman
Hydraulic Development Sdn. Bhd. (RHD) has ceased business
operations with effect from 6 January 2003.
RHD, a wholly-owned subsidiary of RHTB, was incorporated in
Malaysia and is principally engaged in property development.
RATIONALE FOR CESSATION
RHD has completed its development in Taman Kempas, Mukim Pinang
Tunggal, Daerah Kuala Muda, Kedah and has no new development
plans.
EFFECTS OF THE CESSATION
The cessation of business operation of RHD involved the
termination of employment contracts of all RHD's employees. All
employees of RHD will be compensated for the termination of
their contracts in accordance to the terms of their employment
and/or the applicable legislation. The cost of termination of
employment contracts (retrenchment benefits payable by RHD) is
estimated at approximately RM280,000.
The cessation of RHD's operation is not expected to have any
material financial effect on the net tangible assets and
earnings per share of the RHTB Group for the financial year
ending 31 December 2003.
SOUTHERN PLASTIC: Prepares Show Cause on De-listing Application
---------------------------------------------------------------
On behalf of Southern Plastic Holdings Berhad, Commerce
International Merchant Bankers Berhad wishes to announce the
following:
(a) The Company has been accorded fourteen (14) days by the
Kuala Lumpur Stock Exchange (KLSE) from the date of receipt of
notice from the KLSE i.e. 3 January 2003 to make written
representations to the KLSE on why its securities should not be
removed from the Official List of the KLSE;
(b) In the event that the KLSE decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of the KLSE upon expiry of the fourteen (14) days
from the date of notification of the decision to de-list the
Company or upon such other date as may be specified by the KLSE;
and
(c) In the event that the KLSE decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements of the
KLSE.
The Company, CIMB and the Company's other advisers are currently
preparing the application to the relevant authorities which it
expects to make this month.
TRANS CAPITAL: Receives Relevant Regulatory Bodies Approvals
------------------------------------------------------------
Reference is made to the announcements made on 31 July 2002 and
16 August 2002 by AmMerchant Bank Berhad (AmMerchant Bank) on
behalf of TCHB with regards to the TCHB's plan to regularize its
financial condition (Requisite Announcement).
AmMerchant Bank, on behalf of Trans Capital Holding Berhad
wishes to announce that TCHB had received the relevant
regulatory bodies approvals for its plan to regularize its
financial condition in compliance with Practice Note No. 4/2001
of the Kuala Lumpur Stock Exchange Listing Requirements (PN4).
The Foreign Investment Committee's approval dated 10 October
2002 (which was received by AmMerchant Bank on 23 October 2002)
was announced on 24 October 2002. The Economic Planning Unit's
and the Securities Commission's approvals dated 12 December 2002
and 24 December 2002 were announced on 18 December 2002 and 27
December 2002, respectively.
The proposals stated in the Requisite Announcement are now
subject to Court sanction pursuant to Section 176 of the
Companies Act, 1965 in relation to the Proposed Share Exchange
(as defined in TCHB's Requisite Announcement) with the
shareholders of TCHB and the Proposed Debt Settlement Scheme (as
defined in TCHB's Requisite Announcement) with the Scheme
Creditors (as defined in TCHB's Requisite Announcement) and the
approvals from the shareholders of TCHB at an extraordinary
general meeting to be convened. A circular containing the
details of the proposals together with a notice for an
extraordinary general meeting will be dispatched to the
shareholders in due course.
UCP RESOURCES: Provides Defaulted Payment Update
------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad hereby provides an
update on its default in payment as follows:
(i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 December 2002, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM44,604,845 made up of a principal sum of
RM38,555,822 and interest of RM6,049,023;
(ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 31 December 2002, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM7,424,711 made up of a
principal sum of RM7,082,336 and interest of RM342,375;
(iii) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 December 2002, defaulted in repayment of
Bankers Acceptance and Overdraft amounting to RM16,112,336 made
up of a principal sum of RM15,347,024 and interest of RM765,312;
and
(iv) Universal Concrete Products Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 December 2002, defaulted in repayment of
Bankers Acceptance amounting to RM3,096,176 made up of a
principal sum of RM3,000,000 and interest of RM96,176.
The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.
UCP RESOURCES: Submits Revised Proposed Restructuring Scheme
------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of UCP Resources Berhad, had on 31 December 2002
announced a revised structure to the original Proposed Corporate
and Debt Restructuring Scheme.
PMBB, on behalf of the Board, is pleased to announce that the
applications for the revised structure to the original Proposed
Corporate and Restructuring Scheme were submitted to the
Securities Commission, Foreign Investment Committee and Ministry
of International Trade and Industry on 3 January 2003.
The Proposed Corporate and Debt Restructuring Scheme
collectively refers to:
ú Proposed Share Exchange
ú Proposed Debt Settlement
ú Proposed Acquisitions
ú Proposed Rights Issue
ú Proposed Placement
ú Proposed Transfer of Listing
ú Proposed Liquidation
ú Proposed Exemption
ú Proposed Capitalization of GRSB Advances
ú Proposed Disposal of GRSB Shares to SHSB
=====================
P H I L I P P I N E S
=====================
ASIA TERMINALS: Appoints New Stock Transfer Agent
-------------------------------------------------
Asian Terminals, Inc. (ATI) has appointed the Rizal Commercial
Banking Corporation as its new stock transfer agent effective
January 6, 2003.
The Troubled Company Reporter-Asia Pacific reported in December
that Asian Terminals Inc. has signed 1.32 billion peso notes
facility with banks led by Standard Chartered Bank.
The notes facility will have varying maturity dates and will be
used to fund capital expenditure as well as refinance existing
debt.
BELLE CORPORATION: Director Lorenzo Resigns
-------------------------------------------
Belle Corporation, in its letter dated January 7, 2003 informed
the Philippine Stock Exchange that:
"Please be advised that on Tuesday the Company received a copy
of the letter resignation of Luis P. Lorenzo, Lr., one of the
members of the Board of Directors of the Corporation.
Lorenzo was recently appointed by Philippine President Gloria
Macapagal-Arroyo as Secretary of the Department of Agriculture.
For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_belle0108.pdf
The Troubled Company Reporter-Asia Pacific reported that Belle
Corporation posted a consolidated net profit of 520.5 million
pesos in the nine-month period to September, versus a net loss
of 977.1 million a year ago.
Contributing significantly to Belle's turnaround was its net
capital gain from the sale of its majority stake in Highlands
Prime Inc. to Henry Sy Sr of the SM group.
Belle, however, incurred operating losses of 15.2 million pesos
during the period, compared with the year-earlier loss of 93.4
million pesos.
BENPRES HOLDINGS: AIG Asian Files Suit Against Firm
---------------------------------------------------
A civil suit for damages alleging violations of the U.S. federal
securities laws and New York state law was filed on December 19,
2002 by AIG Asian Infrastructure Fund, L.P. against Benpres,
Bayantel, certain of their officers and directors and others
with a U.S. federal trial court in New York City. AIG purchased
convertible preferred shares of Bayan Telecommunications
Corporation in 1998, which are guaranteed by Benpres and due to
mature on January 16, 2003 with a maturity value of US$44.8
million.
The complaint alleges that the defendants, including the
placement agent in the sale of the convertible shares of
Bayantel, failed to disclose to AIG at the time it purchased
such shares that certian institutional stockholders of Bayantel
had a preexisting put right to Benpres of their common shares in
Bayantel.
Benpres believes that this case will not affect its debt-
restructuring plan. Benpres intends to continue discussions with
creditors of its Balance Sheet Management Plan for the
settlement of all its direct and indirect obligations.
For a copy of the press release, visit
http://bankrupt.com/misc/tcrap_benpres0108.pdf
NATIONAL BANK: Inks MoA With REBAP
----------------------------------
The Philippine National Bank (PNB) and the Real Estate Brokers
Association of the Philippines, Inc. (REBAP), a national
association of duly licenced real estate brokers in the country
signed a Memorandum of Agreement in the disposition of the
Bank's acquired assets recently.
In line with the Agreement, REBAP through its members will
provide PNB agency service (sales and leasing) and other forms
of services related to real estate asset management while PNB
will accredit members of REBAP without need of individual
accreditation.
At the ceremonial signing were REBAP Chair Almario M. Alibudbud,
REBAP National President Federico E. Ruiz, Jr., EVP Federico Y.
Cadiz, Jr. and SVP Adeline N. Carbonell. Witnessing the event
are REBAP and PNB executives.
The press release, is located at http://www.pnb.com.ph
NATIONAL POWER: Assets Need Another Valuation, Says TransCo
-----------------------------------------------------------
The National Transmission Corporation (TransCo) might ask the
Power Sector Assets and Liabilities Management (PSALM) to
reevaluate the transmission assets of the National Power
Corporation (Napocor) because of the changes in the exchange
rate for the past few months, the Manila Times reports, citing
The National Transmission Corp. (TransCo) President Alan T.
Ortiz.
The Napocor transmission assets were valuated at $2.5 billion by
Credit Suisse First Boston (CSFB).
Proceeds from the sale of Napocor's assets would be used to
financially support and pay the state-owned power Company's
debts.
NATIONAL POWER: Sets New Bidding For More Fuel Requirements
-----------------------------------------------------------
The National Power Corp. (Napocor) will hold in March a new
bidding for some 3.06 billion pesos worth of additional fuel
requirements for 2003, the Philippines Star reports.
Napocor will need an additional 323.7 million liters of fuel oil
valued at 2.899 billion pesos plus 11.04 million liters of
diesel valued at 165.06 million pesos to run power barges in the
Visayas and Mindanao due to the anticipated occurence of El
Ni¤o.
The power firm conducted a bidding for this additional fuel
requirement on December 19 but the bidding failed. Earlier,
Napocor conducted the regular bidding for its 2003 fuel
requirements amounting to about 10 billion pesos.
Napocor will advertise the new bidding in the third week of
February and request for the oil companies to submit their bids
in March.
According to the official, the additional fuel oil will be used
in Genco 2 (Bauang, Subic II, Ogden-Edison, Sual); Genco 3 (NMPC
I or the Agus Pulangi complex); Genco 4 (Cebu Thermal I and II,
Cebu Diesel I); Genco 6 (Pinamucan and Rosario) while the
additional diesel will be used for Genco 2 (Bauang and Subic
II); Genco 4 Cebu Thermal I and II, LBGT (Leyte geothermal and
Palinpinon I and II and Cebu Diesel I); Genco 6 (Pinamucan) and
Small Power Utilities Group (SPUG).
NATIONAL STEEL: Neri Opposes High Tariff Protection
---------------------------------------------------
Philippine Economic Planning Secretary Romulo Neri is not in
favor of granting high tariff protection to the National Steel
Corporation (NSC), the Philippines Star said on Wednesday.
"Imposing high tariffs on steel products would adversely impact
on downstream industries," Neri said.
For now, government has to comply with its trade commitments
under the ASEAN Free Trade Area (AFTA) to lower tariffs on
certain iron and steel products, some of which NSC also
produces.
To be able to attract investors to NSC, government is reportedly
prepared to extend tariff protection to NSC once it resumes
operations.
At present, NSC is still closed as it is undergoing financial
rehabilitation.
PHILIPPINE LONG: Workers Continue Protest Actions
-------------------------------------------------
Some 4,000 employees of the Philippine Long Distance and
Telephone Co. (PLDT) on Tuesday held a protest action at the
Luneta grandstand in Manila to urge management to stop its
retrenchment program, according to the Business World.
This, as the order of the Department of Labor and Employment
(DoLE) for striking PLDT employees to return to work allowed the
Company to reopen its Makati office on January 7, after nearly
two weeks of operating in satellite offices.
The Manggagawa ng Komunikasyon sa Pilipinas (MKP) will continue
their fight on the streets until the management junks its
retrenchment plan. The union has been holding protest actions
since December 23, 2002.
MKP was protesting the retrenchment of 546 employees manning
PLDT's international and national long-distance operations.
DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1
=================
S I N G A P O R E
=================
NATSTEEL LTD: Responds to BT Article
------------------------------------
NatSteel Limited refers to the article entitled "Oei Hong Leong
turns up the heat on NatSteel board" published on the front page
of the Business Times on 7 January 2003.
The said article contains a number of allegations and
insinuations regarding the Board, which the Company takes an
extremely serious view of.
The Company is seeking legal advice on this matter and reserves
all our rights in this regard.
NATSTEEL LTD: Posts Notice of Shareholder's Interest
----------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Beryl Overseas Ltd's interest:
Date of notice to Company: 06 Jan 2003
Date of change of deemed interest: 03 Jan 2003
Name of registered holder: Standard Chartered Bank
Circumstance(s) giving rise to the interest: Others
Please specify details: Acquisition pursuant to open market and
off market purchases
Shares held in the name of registered holder
No. of shares which are the subject of the transaction:
3,101,217
% of issued share capital: 0.83
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.06
No. of shares held before the transaction: 125,374,497
% of issued share capital: 33.56
No. of shares held after the transaction: 128,475,714
% of issued share capital: 34.39
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before the transaction: 125,374,497
% of issued share capital: 33.56
No. of shares held after the transaction: 128,475,714
% of issued share capital: 34.39
Total shares: 128,475,714
The percentages above have been computed based on 373,558,237
shares issued as at 18 December 2002.
This announcement supersedes announcement no. 68 of 6 January
2003.
UNITED OVERSEAS: Voluntarily Winds Up Unit
------------------------------------------
United Overseas Bank Limited (UOB) announced that its wholly-
owned subsidiaries, Overseas Union Realty Services Pte Ltd has
commenced member's voluntary liquidation, and OUB (Australia)
Securities Pty Ltd and OUB Australia Nominees Pty Ltd have been
de-registered.
The liquidation and de-registration are part of the ongoing
rationalisation of the operations of the UOB group of companies.
===============
T H A I L A N D
===============
C. A. P. L. COMPANY: Files Business Reorganization Petition
-----------------------------------------------------------
The Petition for Business Reorganization of C. A. P. L. Company
Limited (DEBTOR), engaged in service for collecting leasing
money, was filed to the Central Bankruptcy Court:
Black Case Number 1147/2544
Red Case Number - /2544
Petitioner: C. A. P. L. COMPANY LIMITED
Debts Owed to the Petitioning Creditor : 105,297,236.50Baht
Date of Court Acceptance of the Petition : September 27, 2001
Date of Examining the Petition: October 22, 2001 at 9.00 A.M.
Court had set the Order Cancelled the Petition for Business
Reorganization on October 31, 2001
Contact : Mr. Chat Tel, 6792525 ext. 124
EMC PUBLIC: Reveals Registered Paid-Up Capital
-----------------------------------------------
EMC Power Co.,Ltd, the plan administrator of EMC Public Company
Limited, informed that the company has registered the paid-up
capital from Bt590,278,160 to Bt592,789,770 on January 6, 2003.
EMC PUBLIC: Posts Shares Sale Results
-------------------------------------
EMC Public Company Limited posted the Report Form to the Stock
Exchange of Thailand of the Results of the Sale of Shares on
January 6, 2003:
1. Information relating to the share offering
Category of shares offered : Ordinary Shares
Number of shares offered : 8,767,615 shares
Offered to : 1 Creditors
Price per share : Bt10
Subscription and payment period : January 6, 2003
2. Result of the sale of shares
[ ] totally sold out
[ X ] partly sold out, 8,516,454 shares remaining.
The company will deal with the remaining shares as follows: The
plan administrator is unable to convert some debt to ordinary
shares because the official receiver don't issue the orders of
the claim for payment yet. The plan administrator has to
receive all the orders then will convert the debt to ordinary
shares again and then will consider the conversion for the
remaining shares.
3. Details of the sale
Thai investors Foreign investors Total
Juristic Natural Juristic Natural
Persons persons persons persons
No of persons 1 - - - 1
No of shares 251,161 - - - 251,161
Subscribed %
of total shares 2.86 - - - 2.86
offered for sale
4. Amount of money received from the sale of shares
Total amount : Bt2,511,610
Less expenses (specify) : -
Net amount received : Bt2,511,610
KRISDAMAHANAKORN PUBLIC: Directors Resolve to Increase Capital
--------------------------------------------------------------
Krisdamahanakorn Public Company Limited informed that
resolutions were made at the Board of Directors Meeting
(#1/2003) held on January 6, 2003 at 17.00 pm. at 2nd Floor
Krisdamahanakorn PLC., auditorium. The details of the
resolutions are as follow:
1. Consider allotment of increased capital in convertible
preferred shares conversion to common shares to lenders for
lender 2, total Preferred shares 341,378,836 shares.
2. Consider allotment of increased capital in common shares for
other creditors for lender 4, total Common shares 58,900,000
shares.
3. Consider allotment of Purchasing new The Common Shares issued
of KRISDA PATANA HOUSING COMPANY LIMITED. Currently,
Krisdamahanakorn Public Company is holding 99 percent of
Krisdapatana housing company's stock.
After capital increasing in Krisdapatana housing company, 99% of
Krisdapatana housing company should currently held by
Krisdamahanakorn Public Company will be reduced to 24.50
percent.
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 2003. 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 ***