/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/030124.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 24, 2003, Vol. 6, No. 17 Headlines A U S T R A L I A ANACONDA NICKEL: Discloses Bidder's Statement GOODMAN FIELDER: FIRB Approves BPC Takeover Offer GOODMAN FIELDER: Takeover Bid Period Extended to Feb 18 GOODMAN FIELDER: Issues Shareholder Update Re Offer Extension MAXIS CORPORATION: Posts Change of Director`s Interest Notice NOVUS PETROLEUM: Sells Minor Indonesian Assets to Retire Debt SIGNPROFILES (NSW): Former Employee Faces Fraud Charges SOUTHCORP LTD: S&P Places 'BBB+' Rating on CreditWatch Negative WESTERN METALS: Posts Second Quarter Activities Report C H I N A & H O N G K O N G ANTON INVESTMENT: Winding Up Petition to be Heard CONDO CURTAIN: Winding Up Sought by Sincere Metal CROWN CONCEPT: Petition to Wind Up Pending FIRSTLAND HOLDINGS: Winding Up Petition Set for Hearing KING'S INTERNATIONAL: Winding Up Hearing Scheduled in February I N D O N E S I A BANK NISP: Fitch Assigns 'B-' Rating to US$25M Sub Bonds INDONESIA SATELLITE: To Settle US$25M Debt With BCA This Week * IBRA Hopes to Dispose of All Assets by June J A P A N ALL NIPPON: Delays Hike in Domestic Fares DAIEI INC.: Denies Withdrawal From Home Appliance Business DAIEI INC.: Receives No Order From METI, Spokesman HITACHI LTD: Ends Pay Cut Two Months Early LIFE SERVICE: Golf Course Applies for Rehabilitation MIZUHO HOLDINGS: Support From Daiichi May Result in Downgrade NIPPON STEEL: Names New President RESONA HOLDINGS: Asking Asian Partner for Y2-3Bln Financing SOUTHERN CROSS: Applies for Rehabilitation TOMEN CORPORATION: Toyota May Absorb Firm Within Two Years K O R E A CHOHUNG BANK: PFOC Approves Shinhan as Preferred Bidder HYNIX SEMICONDUCTOR: No Sale Before Restructuring, Keung-Young HYNIX SEMICON: Submits Petition for Capital Write-Down Plan HYUNDAI MERCHANT: Offers B250W ABS in Five Tranches KOREA ELECTRIC: Gets Four Bids for First Power Unit Sale SSANGYONG MOTOR: 10 Firms Resuming Business This Year * Default Rate Shoots Up in December as More Companies Fail M A L A Y S I A CRIMSON LAND: Securities Commission OKs Proposals CSM CORPORATION: Provides Defaulted Payments Update FEDERAL FURNITURE: Unit's Writ of Summon Served on Jan 16 GEAHIN ENGINEERING: Debt Restructuring Negotiation Extended L&M CORPORATION: MITI Conditionally Approved Proposed CDRS LAND & GENERAL: Fixes New Shares Issue Price at RM1.00 METROPLEX BERHAD: Debt Workout With Creditors Ongoing MGR CORPORATION: Changes Company Secretary MGR Corporation: RAM Assigns CBHB's RM10M RCULS `BBB1' Rating MYCOM BERHAD: Proposes Disposal of Beijing Workshop Business RAHMAN HYDRAULIC: Mutually Agrees With IJB for PCE Extension PERNAS INT'L: Appoints Abdul Majid as Audit Committee Chairman TAIPING SUPER: Issue Price Fixed at RM1.00/Share P H I L I P P I N E S MABUHAY VINYL: Court Orders to Pay P119.2M in Tax Deficit MANILA ELECTRIC: Decision on Unbundling Plea Deferred NATIONAL POWER: Postpones Coal Supply Auction NATIONAL POWER: PSALM Concludes Contracts With Seven IPP's PHILIPPINE LONG: SEC OK's Petition to Exempt Shares Registration S I N G A P O R E CHEW EU: Appointment of Executive Director CHEW EU: Changes in Audit Committee CHEW EU: Transfers Listing Status to SGX Sesdaq NEPTUNE ORIENT: 2002 Results 'Worse than Expected,' Says Chair NOL ORIENT: Aims to Return to Profitability This Year T H A I L A N D G. R. M COMPANY: Business Reorganization Petition Filed NATURAL PARK: Posts Shares Offering Results NATURAL PARK: Reports Allotment of Unsubscribed Capital Increase THAI MILITARY: Appoints Malakul as Audit Committee Director * DebtTraders Real-Time Bond Pricing - - - - - - - - ================= A U S T R A L I A ================= ANACONDA NICKEL: Discloses Bidder's Statement --------------------------------------------- Blake Dawson Waldron Lawyers released the Bidder's Statement containing the offer in relation to the proposed off market takeover bid of Mongoose Pty Limited, a wholly owned subsidiary of MatlinPatterson Global Opportunities Partners L.P., for all of the ordinary securities in Anaconda Nickel Limited. Go to http://www.bankrupt.com/misc/TCRAP_ANL0214.pdfto see a copy of the Bidder's Statement. For more takeover information, refer to the Troubled Company Reporter - Asia Pacific Wednesday, January 22, 2003, Vol. 6 No. 15 issue. GOODMAN FIELDER: FIRB Approves BPC Takeover Offer ------------------------------------------------- Burns, Philp & Company Limited (Burns Philp), in relation to the takeover bid by its wholly owned subsidiary BPC1 Pty Limited (BPC1), for all the Goodman Fielder Ltd (Goodman Fielder) ordinary shares, at $1.85 per share (the Offer), and the Bidder's Statement for the Offer dated 19 December 2002, related: Burns Philp has made separate applications for FIRB approval for 19.9 percent and 100 percent of Goodman Fielder. Burns Philp now announces that it has received approval from the Foreign Investment Review Board (FIRB) to acquire shares up to 19.9 percent of the shares in Goodman Fielder by on-market acquisitions. Burns Philp's application for approval to go to 100 percent is still being considered by FIRB. Burns Philp has undertaken that it and its wholly owned subsidiaries will not exercise any rights including voting rights in relation to any shareholding it acquires in Goodman Fielder above a 14.99 percent interest until such times as it acquires approval for a 100 percent interest in Goodman Fielder or obtains foreign investment agreement for this condition to be waived. This FIRB approval means that, subject to the Corporations Act, BPC1 is permitted to buy additional shares in Goodman Fielder on-market up to 19.9 percent (inclusive of acceptances of the Offer) should it decide to do so. GOODMAN FIELDER: Takeover Bid Period Extended to Feb 18 ------------------------------------------------------- Burns, Philp & Company Limited (Burns Philp) refers to the takeover bid by its wholly owned subsidiary BPC1 Pty Limited (BPC1), said a formal notice of variation, which extends the Offer period to 18 February 2003, has been lodged with ASIC on Wednesday and served on Goodman Fielder Limited, and will be dispatched to offerees when available. GOODMAN FIELDER: Issues Shareholder Update Re Offer Extension ------------------------------------------------------------- Goodman Fielder advised shareholders Thursday that the offer period for the Burns Philp unsolicited, off-market takeover bid has been extended by two weeks to 18 February 2003, and may be extended further. Goodman Fielder also notes that Burns Philp has not been granted Foreign Investment Review Board approval to acquire 100 per cent of Goodman Fielder shares. On Monday 20 January 2003, Goodman Fielder dispatched its Target's Statement to all shareholders. The Board of Goodman Fielder recommends that shareholders read the Target's Statement carefully. CONTACT INFORMATION: Lina Melero Nichele Investor relations phone (61) 2 8874 6095 mobile (61) 401 700 000 Stephen Ellaway Media relations phone (61) 2 8874 6064 mobile (61) 401 700 151 MAXIS CORPORATION: Posts Change of Director`s Interest Notice ------------------------------------------------------------- Maxis Corporation Limited posted this notice: CHANGE OF DIRECTOR'S INTEREST NOTICE Name of Company Maxis Corporation Limited ABN 52 009 239 285 We (the entity) give the ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. Name of Director Vincent Sweeney Date of last notice 30/12/2002 Part 1 - Change of director's relevant interests in securities Direct or indirect interest Indirect Nature of indirect interest (including registered holder) Superfund Date of change 17/01/2003 No. of securities held prior to change Nil Class Ordinary shares Number Acquired 7,562,803 Number disposed Nil Value/consideration $174,901 No. of securities held after change 7,562,803 Nature of change On-market trade Part 2 - Change of director's relevant interests in contracts Detail of contract N/A Nature of direct interest - Name of registered holder (if issued securities) - Date of change - No. and class of securities to which interest related prior to change - Interest Acquired - Interest disposed - Value/consideration - Interest after change - Wrights Investors' Service reports that at the end of 2002, Maxis Corporation Limited had negative working capital, as current liabilities were A$2.82 million while total current assets were only A$2.56 million. The company also reported losses during the previous 12 months and has not paid any dividends during the previous 2 fiscal years. NOVUS PETROLEUM: Sells Minor Indonesian Assets to Retire Debt ------------------------------------------------------------- Novus Petroleum Limited has sold its non-operated interests in the Malacca Strait and Lematang properties, both in Sumatra, Indonesia. The total net proceeds from these transactions amount to US$13.1 million, and will be used in the first instance to retire debt. Since early 2001 Novus' strategy has been to focus on using free cash flow to fund its growth, largely through exploration, in areas where discoveries can be quickly commercialized. This has led to increased investment principally in the US and Arabian Gulf regions. The divestment of these two Indonesian assets, which comprise mature oil production and undeveloped gas discoveries with minimal growth potential, is entirely consistent with this strategy. The two low-value Indonesian assets being sold are in stark contrast to the two remaining Indonesian properties, Kakap and Brantas. Both Kakap and Brantas are powerful cash and profit generators and are important to the delivery of the company's strategy. They are worth substantially more than the properties sold, both in absolute terms and in terms of dollars per barrel- equivalent. MALACCA STRAIT PSC The Malacca Strait PSC (Production Sharing Contract area) lies principally onshore in central Sumatra and is a mature property which has produced over 80 percent of its ultimate recoverable reserves since inception in 1984. Remaining reserves amount to 48.4 mmboe (i) (2P (ii) as of 1 January 2002), of which 12.5 mmboe are net to the working interest being sold. The producing basins have been extensively explored and whilst some gas and gas potential remain, there is no local market for gas. Novus considers there to be little or no remaining commercial upside in the Malacca Strait property unless the fiscal regime were to be improved. Novus acquired its original interest in Malacca Strait as part of a package of assets from Oryx at float in 1995. The value then ascribed to Malacca Strait was US$8.4 million. Subsequently, the property has produced US$8.3 million of surplus net cash flow and taking into account the sale proceeds, the property has generated an annualized rate of return of 19 percent over the time Novus has held the asset. Novus' entire 26.03 percent working interest in the Malacca Strait property has been sold to Reliance Universal Ltd, a private company. The consideration for the sale comprises a purchase price, including working capital, of US$13.2 million less net cash proceeds of US$1.2 million between the effective date and closing. The effective date for the transaction was 1 January 2002 and financial closing occurred on 17 January 2003. LEMATANG PSC Novus farmed into the Lematang PSC in 1996 and participated in the discovery of the Singa gas field in the following year. Whilst reserves attributed to the field amount to 6.2 mmboe (2P as of 1 January 2002, net to the 15 percent working interest being sold), the gas remains undeveloped. A sale of Novus' 15 percent working interest has been agreed with a third party for a price of US$1.3 million and an effective date of 4 October 2002. However, the sale has been pre-empted by another member of the Joint Venture and financial closing will not occur until after the approval of the Indonesian government authorities. UTILIZATION OF CAPITAL RELEASED In the immediate term, the proceeds from the sales will be used to retire debt drawn under the Company's revolving credit facility. Novus' net debt to equity ratio will be reduced from approximately 45 percent to 40 percent. With its existing cash flow and undrawn debt facilities, the company is in a strong financial position to fund its existing commitments across the portfolio and to pursue further growth opportunities. Whilst no transaction is imminent, Novus is evaluating a number of properties with a view to acquiring reserves and production with upside in its focus areas. NOVUS' OTHER INDONESIAN PROPERTIES Following completion of these sales, Novus' Indonesian portfolio will consist of a 25 percent working interest in the Kakap PSC and a 50 percent working interest in the Brantas PSC. Kakap and Brantas each have unique features, which set them aside from most other Indonesian properties. Both are principally gas producers, although Kakap continues to produce oil. Kakap sells gas into Singapore at a US dollar price linked to international oil markets. The gas sales are managed under a contract which extends until at least 2028 and whilst Novus perceives limited remaining exploration potential in Kakap, its long and solid future cash stream is important to fund the company's growth elsewhere. Brantas sells gas into the eastern Javan domestic market, again at a price specified and paid in US dollars. The potential of this prospective block is currently being realized with gross gas sales moving from 4 mmcf/d at end 1999 to 11 mmcf/d at end 2001 and over 40 mmcf/d now. Plans are in place to expand production from existing, demonstrated reserves to 50 mmcf/d in 2003. In addition, significant exploration potential remains, perhaps for oil as well as gas. Government imposts on the Brantas revenue stream will remain modest for many years to come. On a dollar per barrel-equivalent basis, the two assets sold are markedly lower in value compared to Kakap and Brantas, which are subject to more favorable fiscal regimes and contain youthful producing fields. In comparison, the Malacca Strait fields are in a high operating cost environment subject to high tax and declining production. An economic market for Singa gas has not emerged and the field remain undeveloped. Hence, despite a relatively high contribution to net production and reserves, the financial contribution from the assets being sold is modest. Bob Williams, Managing Director of Novus Petroleum Ltd, commented: "These sales, together with our recent acquisition of production in Louisiana and the low-cost farm-in to the Maryborough Basin in Queensland, are consistent with Novus' strategy to expose the company to growth opportunities in places where there are market-driven energy prices favorable to the producer. "We had no need to sell Malacca Strait but of course anything is for sale at the right price. I'm very happy with the price. Lematang was going nowhere, and we think the chances of a commercially attractive development there are poor. "As a consequence of these sales, Novus will see a reduction in its reserves, production, cash flow and debt. Our challenge is to reinvest the resources that have been unlocked into other areas where we have numerous projects and prospects with the potential to replace the lost cash-flows and profitability many times over." SIGNPROFILES (NSW): Former Employee Faces Fraud Charges ------------------------------------------------------- Ms Kim Ellen Boothby has appeared before the Downing Centre Local Court on 20 charges brought by the Australian Securities and Investments Commission (ASIC). Ms Boothby, a former employee of Signprofiles (NSW) Pty Ltd (in liquidation) has been charged under the NSW Crimes Act with 20 counts of using a false instrument. ASIC alleges that between November 2000 and January 2001, Ms Boothby provided false documents to Navmost Pty Ltd, trading as Business Capital Finance group (BCFG), with the intent to induce BCFG to purchase bogus invoices of around $5.5 million. Ms Boothby is due to reappear at the Downing Centre on 4 March 2003. The Commonwealth Director of Public Prosecutions is prosecuting the charges. SOUTHCORP LTD: S&P Places 'BBB+' Rating on CreditWatch Negative --------------------------------------------------------------- Standard & Poor's Rating Services has placed on Thursday its 'BBB+' long-term rating on Southcorp Ltd. and the company's guaranteed debt issues, programs, and bank facilities on CreditWatch with negative implications. At the same time, the 'A-2' short-term rating is affirmed. This rating action reflects Southcorp's recently released earning guidance, in which the company revised down its fiscal 2003 operating profit by A$50 million. Largely as a result of heightened competitive pressures in Australia and the U.K., Southcorp now expects its EBITA to be in line with the A$287.1 million recorded in fiscal 2002, rather than A$335 million as previously advised to the market. Although Southcorp has yet to reap the full benefits of its merger with Rosemount, the company's financial profile is likely to be subpar for its 'BBB+' rating until any meaningful improvements in the areas of operating costs, working capital management, capital expenditure, and debt reduction can be demonstrated. To resolve the CreditWatch, Standard & Poor's will meet with the company to clarify management's plan to respond to the challenges posed by more competitive conditions and to achieve prudential performance measures more commensurate with a 'BBB+' rating. WESTERN METALS: Posts Second Quarter Activities Report ------------------------------------------------------ Western Metals Limited posted its Quarterly Report ended 31st December, 2002. Highlights of the report are as follows: PRODUCTION * A new secondary crushing circuit was installed at Pillara and fully commissioned during the quarter. This secondary crusher will assist in the increase of mill throughput and metallurgical performance. As a result of this upgrade quarterly throughput increased to 741,093 tonnes, which represents an annualized equivalent of 2.96mtpa. * Metal production was 6 percent below the September quarter at Pillara due to increased dilution in the high grade Pillara stopes. This is expected to improve in the current quarter. * At Mt Gordon Mammoth underground mining continues to ramp up and the first Lens 2 development ore was intersected in December. * Copper cathode production was lower than the previous quarter, principally due to the treatment of ore from Esperanza with poor filtering and settling characteristics. * The Mt Gordon Stage 2 plant construction work remains on schedule with commissioning planned for the first quarter of 2003. EXPLORATION * Exploration and infill drilling at Pillara South continued with good results. * At the Fossil Downs lead zinc prospect the inferred resource was increased in the latest estimate to 2.15 million onnes grading 9.5 percent Zn and 2.1 percent Pb * At Esperanza South, following a successful drill programmed, a new indicated and inferred resource of 1.9 million tonnes grading 4 percent Cu was estimated using a 1 percent cut off. * The Mt Oxide copper prospect continued to give good drill results and a new inferred resource was estimated at 2.8 million tones grading 2.9 percent Cu using a 1 percent cut off. CORPORATE * Funding and restructuring arrangements with the principal financiers were completed and a separate announcement was made to the ASX to this effect. Go to http://www.bankrupt.com/misc/TCRAP_SMT0124.pdfto see full copy of the report. ================================ C H I N A & H O N G K O N G ================================ ANTON INVESTMENT: Winding Up Petition to be Heard ------------------------------------------------- The petition to wind up Anton Investment Limited will be heard before the High Court of Hong Kong on February 5, 2003 at 9:30 in the morning. The petition was filed with the court on November 27, 2002 by Bank of China (Hong Kong) Limited whose registered address is at 14/F., Bank of China Tower, No. 1, Garden Road, Central, Hong Kong. CONDO CURTAIN: Winding Up Sought by Sincere Metal ------------------------------------------------- Sincere Metal Engineering Company Limited is seeking the winding up of Condo Curtain Wall Company Limited. The petition was filed on December 2, 2002, and ill be heard before the High Court of Hong Kong on February 12, 2003. Sincere Metal holds its registered office at 201A Shung Ching San Tsuen, Tai Tong Road, Yuen Long New Territories, Hong Kong. CROWN CONCEPT: Petition to Wind Up Pending ------------------------------------------ The petition to wind up Crown Concept Limited is scheduled for hearing before the High Court of Hong Kong on February 19, 2003 at 9:30 in the morning. The petition was filed with the court on December 11, 2002 by Yan Yuen Chiu of Room 829, Block 4, Po Tin Interim Housing, Tuen Mun, New Territories, Hong Kong. FIRSTLAND HOLDINGS: Winding Up Petition Set for Hearing ------------------------------------------------------- The petition to wind up Firstland Holdings Limited is set for hearing before the High Court of Hong Kong on February 5, 2003 at 9:30 in the morning. The petition was filed with the court on November 27, 2002 by Bank of China (Hong Kong) Limited whose registered address is at 14/F., Bank of China Tower, No. 1, Garden Road, Central, Hong Kong. KING'S INTERNATIONAL: Winding Up Hearing Scheduled in February -------------------------------------------------------------- The High Court of Hong Kong will hear on February 5, 2003 at 10:00 am at 9:30 in the morning the petition seeking the winding up of King's International Investment (Holdings) Company Limited. Wong Ka Lam Carman of Room 1206, 12/F., Fu Yat House, Tai Wo Hau Estate, Tsuen Wan, New Territories, Hong Kong filed the petition on November 29, 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. ================= I N D O N E S I A ================= BANK NISP: Fitch Assigns 'B-' Rating to US$25M Sub Bonds -------------------------------------------------------- Fitch Ratings, the international rating agency, has assigned a rating of 'B-' ('B minus') to Bank NISP's proposed US$25 million subordinated bonds due 2013. Fitch has also affirmed NISP's Long-term Senior foreign currency rating of 'B', Short-term rating of 'B', Long-term local currency rating of 'B', Individual rating of 'C', and Support rating at '5T'. NISP's senior rating (and therefore its subordinated bonds rating) is constrained by that of Indonesia - also 'B'. As per Fitch's August 2002 report, NISP was one of the few major banks in Indonesia to survive the country's 1997 economic crisis without a government bailout. This was due to NISP's historically prudent management and its focus on small companies with relatively low levels of debt. Indeed, NISP was a recipient of flight to quality funds during the crisis, enabling it to substantially grow its asset base - initially in the area of central bank paper, but over more recent periods through a resumption of lending to small companies as well as consumers and the country's remaining, better-quality larger corporate. At the same time capital constraints have been avoided through earnings retention and equity issuance - the most recent of which was in mid-2002, raising the capital adequacy ratio (CAR) from 9.0 percent to 13.9 percent (all Tier I). The proposed subordinated debt issue will further raise the CAR to close to 16.0 percent. Meanwhile, little in the way of capital erosion from asset quality problems is envisaged, with the non-performing loans/gross loans ratio declining over 9M02 from 4.1 percent to 1.9 percent. Furthermore, NPLs are now fully covered by loan loss reserves. Indeed, capital should continue growing on the back of earnings retention, with profitability being more than adequate given the relatively low risks associated with the bank's quite good loan quality. This, however, may well be outstripped by asset growth as the bank continues to take advantage of its ability to exploit the limited level of credit demand in the country. As such, a gradual lowering of the bank's CAR over the coming years is likely. Established in 1941, NISP has since its inception been controlled by the Surjaudaja family who maintain a 33 percent stake in the bank and have no other notable interests outside 1the bank. The International Finance Corporation owns 15 percent of the bank. Publicly listed, the balance is held by a range of other institutional and private investors. INDONESIA SATELLITE: To Settle US$25M Debt With BCA This Week ------------------------------------------------------------- PT Indonesia Satellite Corp (Indosat) will repay US$25 million in debt to Bank Central Asia this week, using funds from last year's Rp1.25 trillion bond issue, AFX-Asis reported Thursday, referring to the Bisnis Indonesia report. According to the Company's Finance Director Junino Jahja Indosat's total debt of US$75 million, US$40 million has been extended for another five years while 10 million has already been repaid by the company. He added that the company repaid a bridge loan of Rp1.5 trillion to Bank Mandiri in December last year. The loan was used for acquiring a 25 percent stake held by Deutsch Telekom Asia in its cellular subsidiary PT Satelindo International Finance BV. * IBRA Hopes to Dispose of All Assets by June --------------------------------------------- The Indonesian Bank Restructuring Agency (IBRA) hopes to sell all remaining assets under its control and earn Rp26 trillion (US$2.9 billion) by June, Asia Pulse reports citing IBRA Chairman Syafruddin A. Temenggung, adding that the agency aims to contribute Rp26 trillion to the state budget to be fulfilled before the agency end its mission in September. IBRA was set up by the government to recover non performing assets of ailing and liquidated banks in the wake of the devastating crisis in 1997 and 1998 and it is to end its mission by September this year. "We hope to see soft closing in September and final closing in December this year," Syafruddin said. ========= J A P A N ========= ALL NIPPON: Delays Hike in Domestic Fares ----------------------------------------- All Nippon Airways Co (ANA) will postpone raising fares on domestic flights until June, from the originally scheduled April, Kyodo News reports. "Now that Japan Airlines decided to delay raising fares, we judged we would have to do the same to maintain price competitiveness," an ANA official said. The "Totsuzen Waribiki" (Sudden Discount) ticket will be offered on flights chosen at the end of a month before departure, when ANA expects vacant seats, the report said. The Troubled Company Reporter-Asia Pacific said that the operating environment surrounding ANA is changing significantly due to the integration of Japan Airlines Co., Ltd., and Japan Air System Co., Ltd. On domestic routes, there are concerns over deterioration in profit due to fare cutting in the short term. According to Wright Investor's Service, at the end of 2002, All Nippon Airways Co. Ltd (ANA) had negative working capital, as current liabilities were 444.86 billion yen while total current assets were only 407.83 billion yen. DAIEI INC.: Denies Withdrawal From Home Appliance Business ---------------------------------------------------------- Daiei Inc. denied a report from Yomiuri Shimbun that the group is planning to withdraw from its home appliance retail business, but added the strategy for this business is now being reviewed, according to AFX News. "We are now working to review our home appliance retail business and aim to compile the restructuring plan by the end of February," company spokesman Mitsuru Sano said. "We have not decided on the reported move, but will make a final decision, subject to the requirements of regions and areas where our outlets exist." The Yomiuri Shimbun reported earlier that the retail firm intends to stop selling large home appliance products such as air conditioners at its 70 Palex outlets and limit the product lineup to smaller products. DAIEI INC.: Receives No Order From METI, Spokesman -------------------------------------------------- Daiei Inc. said the supermarket operator had received no order from the Ministry of Economy, Trade and Industry (METI) to revamp its rehabilitation plan, Reuters said on Wednesday, citing Daiei spokesman Mitsuru Sano. The ailing retailer also said that it has no plans to increase store closings or job cuts or otherwise alters the main points of a three-year plan that runs until February 2005. "Our restructuring plan is a work in progress, so we often alter it slightly in order to achieve the final goals of the plan," said Daiei spokesman Mitsuru Sano. "But we are not thinking at all of changing the overall main points and goals of the plan." The plan called for it to close 60 unprofitable stores, slash staff and cut its group debt to 900 billion yen by the end of 2004 to 2005 from 1.66 trillion yen. HITACHI LTD: Ends Pay Cut Two Months Early ------------------------------------------ In April, Hitachi Limited will restore full pay to about 40,000 workers as its earnings recover two months earlier than planned, Bloomberg reports, citing Company spokesman Atsushi Konno. The Company implemented an emergency 5 percent salary cut among union workers last June after posting losses in its last business year. Hitachi posted a fiscal first-half profit as it cut costs and sold some shareholdings. Group net income was 12.9 billion yen ($108.9 million) in the six months ended Sept. 30, compared with a loss of 111 billion yen for the year before. LIFE SERVICE: Golf Course Applies for Rehabilitation ---------------------------------------------------- Life Service KK, which has total liabilities of 10.4 billion yen against a capital of 59 million yen, recently applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The golf course is located at Kurokawa-gun, Miyagi, Japan. MIZUHO HOLDINGS: Support From Daiichi May Result in Downgrade ------------------------------------------------------------- Standard & Poor's Ratings Services has placed its 'A-' credit ratings on Dai-ichi Mutual Life Insurance Co. on CreditWatch with negative implications following media reports that the insurer will be asked to support the Mizuho group's planned capital raising of about JPY1 trillion. Dai-ichi Life, the largest shareholder of the Mizuho Group (4.02 percent as of September 30 2002) has substantial exposure and concentration risks to the Mizuho group relative to its capital base, through its equity holdings and subordinated loans. While these risks are incorporated in the current ratings on Dai-ichi Life, any new investment would likely result in a downgrade of the company. NIPPON STEEL: Names New President --------------------------------- Nippon Steel Corporation is planning to promote Executive Vice President Akio Mimura to President in succession to Akira Chihaya, who will become board Chairman, Kyodo News said Wednesday. Incumbent Chairman Takashi Imai, 73, who has served in such influential posts as Chairman of the Federation of Economic Organizations (Keidanren), will become an adviser to the Company, retaining a seat on the board, the report said. Nippon Steel Corporation posted a consolidated net loss of 5.07 billion yen in the first half of 2002, versus a profit of 520 million yen a year earlier, the Troubled Company Reporter- Asia reports. Nippon Steel fell into the red as it booked a net extraordinary loss of 11.66 billion yen including 3.69 billion yen for appraisal of invested securities holdings and 3.8 billion yen for additional retirement allowances. RESONA HOLDINGS: Asking Asian Partner for Y2-3Bln Financing ----------------------------------------------------------- Resona Holdings Inc. will ask for 2-3 billion yen in financing from its Hong Kong partner Bank of East Asia Ltd., the Mainichi Shimbun and Dow Jones reports. The proceeds will be used to accelerate the disposal of its bad debts, the report said. The Company aims to raise around 100 billion yen in new capital to go toward its disposal of bad loans. According to The Troubled Company Reporter-Asia Pacific, Daiwa Bank Holdings, Inc. changed its name to Resona Holdings, Inc. on October 1, 2002. Daiwa Bank Holdings Inc's combined securities appraisal loss at its five banks ballooned to 113.6 billion yen as of the end of June, up from 70.7 billion yen three months earlier, due to a depressed stock market. The five banks are Daiwa Bank, Asahi Bank, Kinki Osaka Bank, Nara Bank and Daiwa Trust & Banking Co. SOUTHERN CROSS: Applies for Rehabilitation ------------------------------------------ Sourthern Cross KK, which has total liabilities of 13 billion yen against a capital of 48 million yen, recently applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The golf course management firm is located at Ito-si, Shizuoka, Japan. TOMEN CORPORATION: Toyota May Absorb Firm Within Two Years ---------------------------------------------------------- Shares in Tomen Corporation increased 6.3 percent on Thursday at 68 yen in the wake of an interview with Toyota Tsusho President Masaaki Furukawa in Nikkan Kogyo Shimbun. In the interview, Furukawa suggested that, following a December restructuring plan which called for Toyota Tsusho to further integrate the debt-laden Tomen into its operations, he wasn't looking to achieve that goal by setting up a holding Company. Instead, he suggested that Toyota Tsusho might want to absorb Tomen within two years. Officials from both firms were reluctant to clarify where the deal is heading. "There's nothing we have officially agreed upon as to how we are going to proceed with our business consolidation and when," said Toshihiro Kaibara, a spokesperson of Toyota Tsusho, when asked about the Furukawa interview. "A merger is just one option," he said. The Company has interest-bearing debts of more than 1 trillion yen. Tomen has sought to survive through a business consolidation with Toyota Tsusho, the trading arm of the Toyota Motor Corporation group. ========= K O R E A ========= CHOHUNG BANK: PFOC Approves Shinhan as Preferred Bidder ------------------------------------------------------- South Korea's Public Fund Oversight Committee (PFOC) has approved Shinhan Financial Group Co. as the preferred bidder for a controlling stake in Chohung Bank, Dow Jones reports. "We will assign a third party to reevaluate the sale price to minimize any controversies that could arise from the process," said Chon Chol-Hwan, Chairman of the committee. South Korea owns 80.04 percent of Chohung and Shinhan Financial will start negotiating the terms of the acquisition including the price. Shinhan Financial has offered to buy the entire government stake in Chohung for 2.9 trillion won with cash and stock. It has proposed to pay half of the stake in cash and the rest with its own shares. HYNIX SEMICONDUCTOR: No Sale Before Restructuring, Keung-Young -------------------------------------------------------------- Lee Keun-young, the Chairman of the Financial Supervisory Commission, recently told President-elect Roh Moo-hyun that the government would be unable to sell off the core memory chip operation of Hynix Semiconductor Manufacturing until it is separated from the non-memory sector and its corporate value is boosted, Digital Chosun said Wednesday. Lee told Roh that the sale of the chipmaker would have to wait several years because little capital investment has flowed into the Company and its major shareholders are mostly banks, which would reject low offers. Roh made no comment opposing the long-term sale plan. HYNIX SEMICON: Submits Petition for Capital Write-Down Plan ----------------------------------------------------------- An association of Hynix Semiconductor's minor shareholders had submitted a petition to the Presidential transition committee calling for the government to move ahead with a differentiated capital write-down plan for the firm before new common shares are issued, Digital Chosun reports. Creditor banks recently proposed an across-the-board capital write-down plan, that would reduce 21 shares into one, and a 1.9 trillion won debt-for-equity swap. HYUNDAI MERCHANT: Offers B250W ABS in Five Tranches --------------------------------------------------- Hyundai Merchant Marine Co. offered 250 billion won of asset- backed securities, in five tranches ranging from one to two years, Reuters reports. The Board of Audit and Inspection (BAI) will file a lawsuit against Hyundai Merchant Marine (HMM) with the Seoul District Prosecutor's Office next week, after the finance department of HMM refused to submit a report on the spending of a 400 billion won questionable loan to the board by Monday, the Troubled Company Reporter-Asia Pacific reports. BAI will be suing HMM for violating the Inspection Law. According to the current inspection law, the violator is sentenced to a maximum of one year in prison and a fine of 5 million won. KOREA ELECTRIC: Gets 4 Bids for First Power Unit Sale ----------------------------------------------------- The Korea Electric Power Corp. (KEPCO) has received four bids for a 34-51 percent stake in its power generation unit Korea South-East Power Co., Dow Jones said on Wednesday. The bidders include two local companies, one foreign Company and one consortium of Korean and foreign companies. Kepco didn't reveal names of the bidders. The stake sale is part of the South Korean government's plan to privatize five of six Kepco power units, which were spun off last year. DebtTraders reports that Korea Electric Power Corp.'s 8.250 percent bond due in 2005 (KORE05KRN1) trades between 112.504 and 113.066. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1 SSANGYONG MOTOR: 10 Firms Resuming Business This Year ----------------------------------------------------- At least 10 companies are due to emerge from their corporate workout program before the year ends, according to the Financial Supervisory Service. The financial watchdog told Korea Herald recently that the rehabilitation of these companies would bring up the success rate of the country's workout plan to 78 percent, or 65 of 83 firms. The 10 that will soon resume business would either be released from workout, sold off, or left to seek independent survival, the paper said. The 10 firms are: Ssangyong Motor, Tongkook Corp., Sehan Group, KP Chemical, Saehan Media, Daewoo Precision Industries, Miju Steel Manufacturing, Dongbang Co., Daewoo Electronics and Ssangyong Engineering and Construction (SEC). Of these firms, Miju Steel and KP Chemical are to be sold off by their creditor banks within the first quarter this year, while the creditors pursue sales of Saehan Media and Ssangyong Motor in June at the very latest, the report said. Dongbang Co. will undergo a debt restructuring to be normalized by the end of the year, while Daewoo Precision Industries is expected to soon break away to survive on its own, along with Tongkook Corp., Saehan Group, Daewoo Electronics and SEC. "The watchdog agency worked hard to normalize these companies, and thanks to such efforts, combined with the strong leadership shown by the creditor banks and of course, the self-rescuing efforts from the companies themselves, we can safely say the corporate workout program was a success," said Park Yoon-ho of the FSS Credit Supervision Department in an interview with Korea Herald. * Default Rate Shoots Up in December as More Companies Fail ----------------------------------------------------------- No doubt the Korean economy is slowly improving, but that did not prevent the default rate of corporate bills and notes from climbing up even higher in December, the Korea Herald said Wednesday. Citing figures from the central bank, the paper said the corporate bill default rate rose to 0.07 percent in December from only 0.04 percent in November. This means that 0.07 percent of all corporate bills and notes cleared at the Korea Financial Telecommunications & Clearance Institute bounced. A major reason for this is the rise in the number of companies that went belly-up during the month at 418 compared with 372 in November. Also responsible, according to the paper, was the fact that the corporate bills and notes dishonored on November 30 was carried over to December because it was a holiday. Companies based in Gyeonggi Province posted the highest default rate of 0.20 percent in December, followed by firms in South Cheongchong Province with 0.19 percent and those in Busan with 0.18 percent, the report said. For the whole of 2002, the default rate of corporate bills and notes sank to 0.06 percent from 0.23 percent in 2001, the lowest level since 1991. A total of 4,244 companies went belly-up last year, the lowest since 1990, the report said. "The default rate and the number of corporate failures were low last year thanks to improved financial conditions of local companies," the central bank said. =============== M A L A Y S I A =============== CRIMSON LAND: Securities Commission OKs Proposals ------------------------------------------------- Further to the announcements dated 26 July 2002, 8 August 2002, 27 November 2002 and 16 December 2002 made in relation to the Proposals, Alliance Merchant Bank Berhad (Alliance), on behalf of the Board of Directors of Crimson Land Berhad, announced that the Securities Commission had, vide its letter dated 21 January 2003, approved the Proposals as detailed below: (i) rights issue of up to RM52,041,254 nominal value of 5 percent 5-year irredeemable convertible unsecured loan stocks (ICULS) at 100 percent of the nominal value together with up to 104,082,508 free detachable warrants (Rights Warrants) on the basis of RM1.00 nominal value of ICULS with two (2) Rights Warrants for every five (5) existing ordinary shares of RM0.50 each in Crimson (Crimson Shares) held (Proposed Rights ICULS Issue with free Rights Warrants); (ii) acquisition by Crimson of the entire equity interest in Linggi Park Resorts Sdn Bhd (LPR) which comprises 5,000,000 ordinary shares of RM1.00 each for a total purchase consideration of RM7,500,000 to be satisfied by way of issuance of 15,000,000 new Crimson Shares at an issue price of RM0.50 per share and assumption of liabilities of up to a maximum of RM2,500,000 (Proposed Acquisition of LPR); (iii) restructuring of Crimson's debts which entails: (a) issuance of RM365,350,000 nominal value of redeemable convertible secured loan stocks (RCSLS) and 100,000,000 new Crimson Shares at an issue price of RM0.50 per share to AmFinance Berhad (formerly known as MBf Finance Berhad) (AmFinance) as full settlement of bank borrowings owing by Crimson First Sdn Bhd (formerly known as MCB Lime Sdn Bhd) (a subsidiary company of Crimson) and Crimson Commercial Park Sdn Bhd (a subsidiary company of Crimson) to AmFinance; (b) issuance of RM27,800,000 nominal value of RCSLS to EON Bank Berhad (EON) as full settlement of bank borrowings owing by Syarikat Desa Permai Sdn Bhd (a subsidiary company of Crimson) to EON; (c) issuance of RM43,070,000 nominal value of RCSLS to Malaysia Building Society Berhad (MBSB) as full settlement of bank borrowings owing by Crimson Properties Sdn Bhd (a subsidiary company of Crimson) to MBSB; (d) issuance of RM10,090,000 nominal value of ICULS to PICA (M) Corporation Berhad (PICA) as full settlement of borrowings owing by Crimson to PICA; and (iv) listing and quotation for new Crimson Shares, ICULS and Rights Warrants to be issued pursuant to the abovementioned Proposals as well as new Crimson Shares to be issued upon conversion/exercise of ICULS, Rights Warrants and RCSLS on the Main Board of the Kuala Lumpur Stock Exchange (KLSE). The Proposals are: � Proposed Rights ICULS Issue with free Rights Warrants; � Proposed Acquisition; � Proposed Debt Restructuring; and � Proposed Increase in Authorised Share Capital SC has acknowledged that the gross proceeds to be raised from the Proposed Rights ICULS Issue with free Rights Warrants will be utilized for the core business of Crimson as detailed at http://www.bankrupt.com/misc/TCRAP_Crimson0124.gif. The following conditions shall be complied with in respect of the proposed utilization of the proceeds: (i) in the event that there are variations on the utilization of the said proceeds whereby the proceeds are utilized for business activity, which is not within the core business of Crimson, approval from the SC shall be sought; (ii) approval of the shareholders of Crimson should be obtained for any deviation of 25 percent or more to the utilization of proceeds initially proposed. Should the variation be less than 25 percent, appropriate disclosure should be made to the shareholders of Crimson; (iii) any extension of time for the completion of utilization of proceeds from that determined earlier should be approved by a clear resolution by the Board of Directors of Crimson and should be fully disclosed to the KLSE; and (iv) appropriate disclosure on the status of the utilization of proceeds for the Proposed Rights ICULS Issue with free Rights Warrants is required to be made in the quarterly report and annual report of Crimson until the proceeds have been fully utilized. Furthermore, the Proposals, are also subject to inter-alia, the following: (i) Alliance/ Crimson to forward to the SC a copy of the final draft Circular to Shareholders for its review; (ii) Alliance/ Crimson shall obtain the SC's approval for any variations to the terms and conditions of the issuance of ICULS with Rights Warrants and RCSLS; (iii) Prior to the issuance of the ICULS with Rights Warrants and RCSLS, Alliance shall forward the following to the relevant parties: (a) FMF/JPB form (Facility Maintenance File) to SC and Bank Negara Malaysia (BNM); and (b) a copy of the duly executed trust deed to SC; (iv) Alliance/ Crimson shall ensure that arrangement to underwrite the portion of Rights ICULS with Rights Warrants which are to be underwritten (i.e the Rights ICULS with Rights Warrants which the shareholders of Crimson have not given their written undertakings to subscribe for) are made prior to the dispatch of the Abridged Prospectus. Alliance is required to be involved in the underwriting of the Proposed Rights ICULS Issue with free Rights Warrants; (v) Crimson shall disclose in the Circular to Shareholders and Abridged Prospectus details of the following: (a) Rationale and benefits to be derived by Crimson from the Proposed Acquisition of LPR, including details on the proposed development project and duration of the proposed development; (b) AmFinance becoming the single largest shareholder in Crimson upon completion of the Proposals assuming the full conversion of the RCSLS to be issued to AmFinance pursuant to the Proposed Debts Restructuring; (c) Details and status on the current/ future development projects undertaken/ to be undertaken by Crimson; and (d) Sources of funds for the coupon payments of the ICULS and the RCSLS and redemption of the RCSLS in future in the event the RCSLS are not converted into Crimson Shares. (vi) The vendors/ shareholders of LPR shall ensure that prior to the completion of the Proposed Acquisition of LPR, the adjusted net tangible assets of LPR shall not be less than the proposed purchase consideration of RM7,500,000; and (vii) The vendors/ shareholders of LPR shall provide written declaration to the SC that they are not related to any directors and substantial shareholders of Crimson. The Proposals are currently pending the approvals of the following: (i) Kuala Lumpur Stock Exchange for the following: (a) the listing of and quotation for the new Crimson Shares to be issued: � pursuant to the Proposed Debt Restructuring and the Proposed Acquisition of LPR; � upon the conversion of the ICULS and the RCSLS; and � upon the exercise of the Rights Warrants. (b) the listing of the ICULS and the Rights Warrants; and (iii) the shareholders of Crimson at an extraordinary general meeting to be convened. CSM CORPORATION: Provides Defaulted Payments 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 31 December 2002. Go to http://www.bankrupt.com/misc/TCRAP_CSM0124.pdffor details. COMPANY PROFILE The Company's activities are focused in manufacturing, trading and distribution of food and allied products, property management, investment and development. Formed as a wholly-owned subsidiary of Cold Storage Holdings PLC (CSH), the Company commenced operations in February 1974, upon completion of a reorganization of the CSH Group in Malaysia. As part of the reorganization the Company acquired the Malaysian assets of Cold Storage Singapore Pte Ltd and was then converted into a public company and listed on KLSE. Current production capacity/production output is 236 m/t of butter per month. Recently, the Company entered into a JV with Saujana Pertiwi Sdn Bhd for development of mixed residential and commercial properties on leasehold land measuring approx. 19.56 acres located at Kelana Jaya, Selangor (Kelana Perdana Project). The first phase, the Bayu Sutera Condominium comprising 260 units residential apartments, was launched in December 1999. Trading, manufacturing and property management will remain the focus of the Group, in addition to property development that is envisaged to improve in years to come. Group operations are located in Kuala Lumpur, Penang, Ipoh, Malacca, Johor, Kuantan, Sabah and Sarawak. Following its shareholders' deficit position for financial year ending 31 December 2000 and default with its bank lenders, the Group is undertaking a corporate and debt restructuring exercise, which may include the divestment of certain assets of the Group, restructuring of the Group's borrowings and new assets injection. The Group has appointed an independent financial advisor and merchant banker to advise on the restructuring proposals. The Group together with its advisors are currently formulating a restructuring scheme to regularize its financial conditions and address its debt obligations. The KLSE has granted the Company a three-month extension until 25 October 2001 to make an announcement on its plan to regularize its financial condition. CONTACT INFORMATION: 10th Floor Jaya Shopping Center Jalan Semangat 46100 Petaling Jaya Tel : 03-7958 8888, Fax : 03-7958 1289 FEDERAL FURNITURE: Unit's Writ of Summon Served on Jan 16 --------------------------------------------------------- Federal Furniture (M) Berhad, in reply to the Query Letter by KLSE reference ID: GK-030120-43756 on Writ of Summon Served on Federal Furniture Holdings (M) Berhad, a subsidiary company, announced that the writ of summon was served on the subsidiary company on 16 January 2003. The Writ has no operational impact on the group. The financial impact will depend on the outcome of the legal action. The potential losses, assuming the Company fails to defend the action is RM1,496,494.04 plus interest and such costs as may be awarded by the High Court. Below is the Kuala Lumpur Stock Exchange's Query Letter content: We refer to your announcement dated 17 January 2003, in respect of the aforesaid matter. In this connection, kindly furnish the Exchange with the following additional information for public release: 1. The date the Writ of Summons (Writ) was served on the Company. 2. The financial and operational impact of the Writ on the group. 3. The expected losses, if any arising from the Writ. Please furnish the Exchange with your reply within two (2) market days from the date hereof. Yours faithfully CHONG FUI TZY Senior Manager Listing Operations HTH/WSW/GK c.c. Securities Commission (via fax) GEAHIN ENGINEERING: Debt Restructuring Negotiation Extended ----------------------------------------------------------- On behalf of Geahin Engineering Berhad, Public Merchant Bank Berhad announced that the Company, Mayford Garments Sdn Bhd (MGSB) and M.K.K. Industries Sdn Bhd (MKK) had on 22 January 2003 mutually agreed on the following matters in relation to the Proposed Corporate Restructuring Exercise: a) to extend the negotiation period between Geahin and/or its agents and the creditors in relation to the settlement and restructuring of debts owed to the creditors for a further six (6) months, expiring on 22 July 2003; and b) to extend the cut-off date for obtaining the creditors' approval and all other regulatory approvals required for the implementation the Proposed Corporate Restructuring Exercise for a further nine (9) months, expiring on 22 October 2003. L&M CORPORATION: MITI Conditionally Approved Proposed CDRS ---------------------------------------------------------- Further to L & M Corporation (M) Bhd (Special Administrators Appointed)'s announcements on 18 October 2002, 19 November 2002 and 15 January 2003, the Special Administrators of L&M namely Mr. Gan Ah Tee, Mr. Ooi Woon Chee and Encik Mohamed Raslan bin Abdul Rahman of KPMG Corporate Services Sdn Bhd are pleased to announce that on 20 January 2003 L&M received the Ministry of International Trade and Industry's (MITI) approval dated 20 January 2003 for the Proposed CDRS, that was previously announced by the Company. The MITI's approval is subject to the Proposed CDRS being approved by the Securities Commission (SC) and the Foreign Investment Committee, the latter's approval was received on 14 January 2003. The MITI have, also in their letter approved the recognition of certain existing Bumiputera shareholders in Prinsiptek (M) Sdn Bhd, Tanah Perangsang Sdn Bhd, Gabungan Sanjung Sdn Bhd and Sekinchan Jaya Sdn Bhd as Bumiputera investors in Itsucom Berhad (ITSB) and their eventual shareholdings in ITSB on the condition that they are allowed to dispose up to 30 percent of their shareholding within a period of 12 months subsequent to the listing of ITSB with the balance 70 percent to be disposed in stages with prior approval of MITI. The Proposed CDRS is subject to the remaining approvals being obtained from: (i) Pengurusan Danaharta Nasional Berhad and the secured creditors of L&M, if any, on the workout proposal of L&M which incorporates the Proposed CDRS, pursuant to the Pengurusan Danaharta Nasional Berhad Act 1998; (ii) the SC; (iii) the Kuala Lumpur Stock Exchange ("KLSE") for ITSB's admission into the Second Board of the KLSE and for the listing of and quotation for the ITSB shares and irredeemable convertible unsecured loan stocks ("ICULS") to be issued pursuant to the Proposed CDRS and the Proposed Transfer of Listing Status and the listing of and quotation for the new ITSB Shares arising from the conversion of ICULS; and (iv) any other relevant authorities/parties. Shareholders of L&M and potential investors are requested to refer to the announcements released by L&M on 18 October 2002, 19 November 2002 and 15 January 2003 for further information on the Proposed CDRS. LAND & GENERAL: Fixes New Shares Issue Price at RM1.00 ------------------------------------------------------ Land & General Berhad refers to the announcement dated 27 December 2002 in relation to the Proposed Composite Debt Restructuring Scheme, which entails: (i) Settlement by the L&G Group Of Secured Debts Owed to the Financial Institution Lenders of L&G and Certain Financial Institution Lenders of a Subsidiary and Associated Company of L&G to Whom Corporate Guarantees Have Been Provided and Holders of 4.5 percent Euro Convertible Bonds Due 2004 Issued by L&G in 1994 (Scheme Creditors) Amounting to Rm101.043 Million Via Proposed Issue of Rm16.884 Million Nominal Value of 5 percent Redeemable Convertible Secured Loan Stocks of Rm1.00 Each to be Issued at 100 percent of its Nominal Value; and (ii) Settlement of Unsecured Debts Owed to the Scheme Creditors Amounting to Rm349.448 Million Via the Proposed Issue of Rm304.079 Million Nominal Value of 5 percent Redeemable Convertible Secured Loan Stocks of Rm1.00 Each to be Issued at 100 percent of Its Nominal Value (RCSLS B Series) and the Proposed Issue of Rm45.369 Million New Ordinary Shares of Rm1.00 Each in L&G (L&G Shares) at an Issue Price to be Determined (Proposed Unsecured Debts Settlement) On behalf of the Board of Directors of Land & General Berhad, Commerce International Merchant Bankers Berhad wishes to announce that the Company has decided to fix the issue price of the new L&G Shares to be issued pursuant to the Proposed Unsecured Debts Settlement at RM1.00, being the higher of the weighted average market price of L&G Shares for the period from 15 January 2003 to 21 January 2003 of RM0.30 per share or at par. METROPLEX BERHAD: Debt Workout With Creditors Ongoing ----------------------------------------------------- Metroplex Berhad refers to the earlier announcement on 23 December, 2002 in relation to the Restraining Order and Proposed Debt Restructuring of the Group. Metroplex Berhad advised that following the restraining order granted by the High Court of Malaya, MB is continuing to work out its debt restructuring with its creditors. An announcement would be made to the Kuala Lumpur Stock Exchange once an agreement has been reached on this. MGR CORPORATION: Changes Company Secretary ------------------------------------------ MGR Corporation Berhad posted this notice: Date of change : 17/01/2003 Type of change : Resignation Designation : Secretary License no. : MIA 2377 Name : Thong Heo Kee Working experience and occupation during past 5 years : Joined MGR Corporation Berhad(Special Administrators appointed) as a Financial Controller since 1994. COMPANY PROFILE The MGR Group is primarily engaged in the manufacturing, marketing and trading of timber and timber related products in Malaysia. MGR was engaged in sawn timber trading when it began operations in 1985. It later expanded into the sale of timber logs. In 1989, MGR ventured into downstream activities beginning with wood moldings. In mid-1996, MGR branched into the downstream processing of plain plywood and subsequently supplemented its furniture operation by moving into the manufacturing of doors. The acquisition of a sawmill in 1993 enabled the Company to capture foreign markets. Henceforth, high-end value-added wood moldings and interior furniture were manufactured for the European and American markets. Currently, the Company is in the process of undergoing a restructuring scheme involving the acquisition of certain assets of the Company, including its listed status. On 5 March 2002, a conditional principal agreement was entered into with Crest Builders Sdn. Bhd and its shareholders for the purpose of implementing the scheme. CONTACT INFORMATION: Wisma Aman, Mile 1 1/2 Jalan Tuaran 88400 Kota Kinabalu Sabah Tel : 088-239006 Fax : 088-239009 MGR Corporation: RAM Assigns CBHB's RM10M RCULS `BBB1' Rating ------------------------------------------------------------- Rating Agency Malaysia Berhad (RAM) has assigned a long-term rating of BBB1 to Crest Builder Holdings Berhad's (CBHB) RM10 million Redeemable Convertible Unsecured Loan Stocks (2003/2008) (RCULS). CBHB was incorporated to facilitate the restructuring of MGR Corporation Berhad (MGR), which is listed on the Second Board of the Kuala Lumpur Stock Exchange (KLSE). As part of the restructuring exercise, CBHB will assume the listed status of MGR and the latter will be disposed of. Simultaneously, Crest Builder Sdn Bhd (Crest Builder), a construction company, will be injected into the CBHB Group. Upon the completion of the restructuring exercise, the CBHB Group will be principally involved in construction activities via Crest Builder. Crest Builder operates within the cyclical and highly competitive construction industry. Additionally, the Company secures the bulk of its contracts via 3 marketing agents. This arrangement is expected to heighten Crest Builder's collection risk as prolonged payments or a default by any of the 3 marketing agents would be detrimental to Crest Builder's financial profile. Crest Builder's experience in the construction industry mainly involves schools, hospitals, colleges and apartments. Given the Company's track record in property-based construction work and the numerous Government projects it has completed, RAM believes Crest Builder will be one of the beneficiaries of the Government's RM9.1 billion allocation for public amenities under Budget 2003. As at 30 September 2002, the Company had tendered for 12 projects from the public and private sectors, with a total contract value of RM525 million. In the last 5 years, Crest Builder has managed to maneuver through the cyclical construction industry with its credit profile fairly unscathed, partly due to its healthy balance sheet. Crest Builder's turnover in FY 2003 is expected to increase by more than 15 percent in line with the Government's continued pump-priming efforts. Nonetheless, the higher interest charges following the issuance of its Irredeemable Convertible Unsecured Loan Stocks (ICULS) and RM10 million RCULS under the restructuring exercise, as well as the amortization of goodwill are expected to moderate the CBHB Group's pre-tax profit for the same period. Apart from the RM5 million borrowings by Crest Builder (as at 30 September 2002), CBHB's post-restructuring debt will also comprise the RM10 million RCULS. Despite the higher debt level, CBHB's future operational cash flow is expected to be adequate to meet its debt obligations. The Group's gearing ratio is expected to be below 0.1 during the tenure of the RCULS. In any case, all the outstanding RCULS will be automatically converted to equity on maturity, if they are not fully redeemed by CBHB. MYCOM BERHAD: Proposes Disposal of Beijing Workshop Business ------------------------------------------------------------ The Board of Directors of Mycom Berhad wishes to announce that Mycom proposed to dispose its Beijing workshop business in the People's Republic of China to Mr. Cheng Yang Poh, Identity Card No. 450208-01-5075 for a cash consideration of Renminbi 500,000 (approximately Malaysian Ringgit 235,000 equivalent). The consideration of Renminbi 500,000 was arrived at on a willing buyer and willing seller basis after taking into account the operational losses incurred by the Beijing workshop for the past financial years. The Beijing workshop was held under a joint venture company named Beijing BMW Automobile Services Co. Ltd (BBASC), which form part of the initial investments in 1995, by Mycom with the Automobile Bavarian China Group of Companies, which specialized in the distribution of motor vehicles in the People's Republic of China. Subsequently, the proposed joint venture was aborted due to difficult business conditions and disputes with the foreign partner. Simultaneous to the proposed disposal, BBASC properties will be transferred to Mycom's wholly-owned subsidiary, Mycom (Bermuda) Ltd. The proposed disposal and the transfer of the properties will result in a gain of approximately RM1,200,000 for the financial year ending 30 June 2003 as the costs/advances made to and in connection with the investments had been fully provided for in the books of the Mycom group. None of the Directors and substantial shareholders of Mycom and persons connected with them, have any interests, direct or indirect in the proposed disposal. The proposed disposal is not subjected to the approvals of the regulatory authorities or shareholders of the Company. RAHMAN HYDRAULIC: Mutually Agrees With IJB for PCE Extension ------------------------------------------------------------ Further to the announcements dated 29 April 2002 and 28 June 2002, Public Merchant Bank Berhad announced on behalf of IJM Corporation Berhad (IJM) and Rahman Hydraulic Tin Berhad (Special Administrators Appointed) (RHTB) that both IJM and RHTB have mutually agreed to an extension of time of three (3) months until the end of March 2003 to complete the Proposed Corporate Exercise (PCE). The Troubled Company Reporter - Asia Pacific reported on September 24 last year that the Ministry of International Trade and Industry (MITI) has approved the proposed corporate exercise. The proposal involves IJM Plantations Sdn Bhd, a wholly owned subsidiary company of IJM Corporation Berhad, which is to be listed on the Main Board of the Kuala Lumpur Stock Exchange in place of Rahman Hydraulic. PERNAS INT'L: Appoints Abdul Majid as Audit Committee Chairman -------------------------------------------------------------- Pernas International Holdings Berhad posted this Change in Audit Committee notice: Date of change : 21/01/2003 Type of change : Appointment Designation : Chairman of Audit Committee Directorate : Independent & Non Executive Name : ABDUL JABBAR BIN ABDUL MAJID Age : 57 Nationality : Malaysian Qualifications : Institute of Chartered Accountants, Australia Malaysian Institute of Certified Public Accountants Working experience and occupation : Jan 2001 - Present: Executive Chairman Malaysia Derivatives Exchange Berhad. 1995-2000: Senior Partner KPMG Malaysia 1993-1995 : Deputy Senior Partner KPMG Malaysia 1979-1993 : Partner KPMG Malaysia 1974-1976 - Bank Pertanian Malaysia Directorship of public companies (if any) : 1. Malakoff Berhad 2. Perusahaan Otomobil Nasional Berhad (Proton) Family relationship with any director and/or major shareholder of the listed issuer : Nil Details of any interest in the securities of the listed issuer or its subsidiaries : Nil Composition of Audit Committee (Name and Directorate of members after change) : 1. Abdul Jabbar bin Abdul Majid - Chairman 2. Mohamed Jamal bin Dato' Mohd Ramli - Audit Committee Member. 3. Mohd Khamil bin Jamil - Audit Committee Member. Wrights Investors reports that at the end of 2001, Pernas International had negative working capital, as current liabilities were RM853.37 million while total current assets were only RM352.45 million. It also reported losses during the previous 12 months and has paid no dividends during the last 12 months. TAIPING SUPER: Issue Price Fixed at RM1.00/Share ------------------------------------------------ Taiping Super Berhad refers to the announcement dated 9 January 2003 on the approval of the Securities Commission for the Proposals of the Company. On behalf of the Board of Directors of Taiping Super Berhad, Southern Investment Bank Berhad is pleased to announce that: (i) the issue price for the 15,999,200 new ordinary shares of RM1.00 each in TSB (TSB Shares) to be issued pursuant to the Proposed Rights Issue with Warrants has been fixed at RM1.00 per TSB Share; (ii) the exercise price for the Warrants has been fixed at RM1.00 for every one (1) new TSB Share; and (iii) the conversion price for the RM10,000,000 nominal value of 6 percent 5-year CULS pursuant to the Proposed Restricted Issue of CULS has been fixed at RM1.00 for every one (1) new TSB Share. The rights issue price, the exercise price of Warrants and the conversion price of the CULS of RM1.00, represent a premium of 11.11 percent from the theoretical ex-all price of RM0.90 per TSB Share. The theoretical ex-all price of RM0.90 per TSB Share, computed after taking into consideration the Proposed Bonus Issue, is based on the weighted average market price of TSB Shares for the last five (5) days up to 21 January 2003 of RM1.00. The Proposals collectively refers to: - Proposed Rights Issue with Warrants; - Proposed Bonus Issue; - Proposed Restricted Issue of Convertible Unsecured Loan Stocks (CULS); and - Proposed Employee Share Option Scheme (ESOS) According to Wrights Investors' Service, at the end of 2001, Taiping Super Berhad had negative working capital, as current liabilities were RM19.30 million while total current assets were only RM12.06 million. It also reported losses during the previous 12 months and has not paid any dividends during the previous 2 fiscal years. ===================== P H I L I P P I N E S ===================== MABUHAY VINYL: Court Orders to Pay P119.2M in Tax Deficit --------------------------------------------------------- Mabuhay Vinyl Corp (MVC) has been ordered by the Court of Tax Appeals to pay 119.2 million pesos because of deficiencies in withholding taxes from February 24, 1998 and corresponding interest, BPI Securities reports. The ruling from the tax appeals court stems from a Bureau of Internal Revenue (BIR) ruling in 1997 saying MVC had withholding and income tax deficiencies valued at 776.9 million pesos. MVC will be filing a motion for reconsideration with the court, and to the Court of Appeals if necessary. However, the Company said the earlier that the BIR ruling had no legal basis. According to Wright Investor's Service, Mabuhay Vinyl has paid no dividends during the last 12 months. The company has not paid any dividends during the previous 2 fiscal years. MANILA ELECTRIC: Decision on Unbundling Plea Deferred ----------------------------------------------------- The Energy Regulatory Commission (ERC) said that the approval of the unbundling rate petition of the Manila Electric Co. (Meralco) for this month has been delayed due to request from oppositors to extend the submission of final requirements, the Manila Times said on Thursday. Unbundling would entail an average rate increase of P1.12 per kilowatt-hour (kWh) - this includes consolidated petitions for the actual unbundling of rates and an electricity rate increase petition. The unbundling rate involves an average P0.82 per kWh increase while the power rate increase petition accounts P0.30 per kWh. With the implementation of unbundled rates, Meralco would simultaneously implement a recent order of ERC to collect some P5.8 billion resulting from the deferral of a portion of purchased power cost from January to September 2002. The increase in power rates would help Meralco recover part of the 45-billion pesos capital the Lopez-owned company invested to upgrade and expand systems from 1994 to 2000. NATIONAL POWER: Postpones Coal Supply Auction --------------------------------------------- The auction of the contracts for National Power Corporation's coal supply was again postponed following the enactment of a law on government purchases, a Napocor official told the Inquirer on Thursday. The power firm is seeking approval of the Department of Budget and Management to proceed with the bidding under the provisions of the new Government Procurement Act, the official said. "We hope that we could secure the go-ahead to conduct the first of the four auctions on January 24," the official said. Originally set for early November 2002, the bidding was first postponed due to an executive order requiring the bidders for government contracts to be at least 60-percent Filipino owned. With the further delay in the auction, Napocor expressed fears that its existing coal inventory would go down to "critical" levels which could affect its power generation capability. Napocor has six major coal-fired power plants that supply about 40 percent of the country's power requirements. NATIONAL POWER: PSALM Concludes Contracts With Seven IPP's ---------------------------------------------------------- The Power Sector Assets and Liabilities Management Corporation expects to conclude within two to three weeks the restructuring of seven power supply contracts between the state-run National Power Corporation and independent power producers (IPP), AFX Asia reports, quoting PSALM President Edgardo del Fonso. "PSALM and the Department of Energy have reached an agreement with at least seven IPP's of Napocor," he told reporters. Del Fonso declined to identify the IPP's, saying they must sign the revised contracts first before making any announcement. He said the documents are being prepared for signing. The Philippine government has been seeking to restructure power supply agreements to cut power purchase costs that are eventually passed on to consumers. PHILIPPINE LONG: SEC OK's Petition to Exempt Shares Registration ---------------------------------------------------------------- The Securities and Exchange Commission (SEC) has approved the petition of Philippine Long Distance Telephone Co. (PLDT) to exempt from registration the 20 million new series preferred shares that the Company plans to issue to raise funds for its expansion, the Manila Bulletin said on Wednesday. The new series preferred shares carry a par value of P10 each and could potentially raise P200 million for PLDT if issued in full. PLDT plans to issue the new series preferred shares under its subscriber investment plan. The Company's fixed-line subscribers are required to buy a certain amount of these preferred shares before they get a new telephone line. Each preferred share would pay a dividend of P10 yearly. The preferred shares are tradable on the Philippine Stock Exchange and can be exchanged for common shares. ================= S I N G A P O R E ================= CHEW EU: Appointment of Executive Director ------------------------------------------ Chew Eu Hock Holdings Limited announced the appointment of Lim Kim Soon Lee, Cindy as its new Executive Director. Date of appointment: 16 Jan 2003 Name: Lim Kim Soon Lee, Cindy Age: 36 Country of principal residence: Singapore Whether appointment is executive, and if so, the area of responsibility: Executive Working experience and occupation(s) during the past 10 years: Lim Kim Soon Lee, Cindy has been the Financial Controller of SuperBowl Holdings Limited Group since 1995 and was appointed an executive director of Xpress Holdings Ltd in 2001. With 14 years of experience in finance, Ms Lim is responsible for overseeing finance as well as business development of the SuperBowl Holdings Limited Group. Ms Lim has 3 years of working experience as an auditor with Deloitte & Touche, Singapore, upon her graduation in 1988. Thereafter, she worked 2 years as Finance and Administration Manager and 2 years as an Accountant with RTW Air Services (general sales agent for EVA Airways) and Myanmar Airways International, respectively. Ms Lim has been a Certified Public Accountant since 1992. Other directorships Past: None Present: Xpress Holdings Ltd Shareholding in the listed issuer and its subsidiaries: None Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries: None Conflict of interest: None Declaration by a Director, Executive Officer or Controlling Shareholder as Required 1(a) Were you in the last 10 years involved in a petition under any bankruptcy laws in any jurisdiction filed against you ? No 1(b) Were you in the last 10 years a partner of any partnership involved in a petition under any bankruptcy laws in any jurisdiction filed against it while you were such a partner? No 1(c) Were you in the last 10 years a director or an executive officer of any corporation involved in a petition under any bankruptcy laws in any jurisdiction filed against it while you were such a director or executive officer? No 2. Are there any unsatisfied judgments outstanding against you? No 3. Have you been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty punishable with imprisonment for 3 months or more, or charged for violation of any securities laws? Are you the subject of any such pending criminal proceeding? No 4. Have you at any time been convicted of any offence, in Singapore or elsewhere, involving a breach of any securities or financial market laws, rules or regulations? No 5. Have you received judgment against you in any civil proceeding in Singapore or elsewhere in the last 10 years involving fraud, misrepresentation or dishonesty? Are you the subject of any such pending civil proceeding? No 6. Have you been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any corporation? No 7. Have you ever been disqualified from acting as a director of any Company, or from taking part in any way directly or indirectly in the management of any Company? No 8. Have you been the subject of any order, judgment or ruling of any court of competent jurisdiction, tribunal or governmental body permanently or temporarily enjoining you from engaging in any type of business practice or activity? No 9. Have you, to your knowledge, in Singapore or elsewhere, been concerned with the management or conduct of affairs of any Company or partnership which has been investigated by an inspector appointed under the provisions of the Companies Act, or other securities enactments or by any other regulatory body in connection with any matter involving the Company, or partnership occurring or arising during the period when you were so concerned with the Company or partnership? No CHEW EU: Changes in Audit Committee ----------------------------------- The Directors of Chew Eu Hock Holdings Limited announced that Ms Wong Swee Choo ceases to be a Member of the Audit Committee with effect from 16 January 2003, and Chew Heng Ching has been appointed as a Member of the Audit Committee with effect from 16 January 2003 as replacement of Wong Swee Choo, until such time as a third independent Director is appointed as a Member of the Audit Committee of the Company. The Audit Committee now comprises the following Members:- (i) Mr Chan Wah Tiong (Chairman) (ii) Dr Wang Kai Yuen; and (iii) Mr Chew Heng Ching TCR-AP reported that Chew Eu Hock Holdings Ltd posted a net loss S$35.325 million in the six months to January 2002 against a loss S$1.129 million a year earlier. CHEW EU: Transfers Listing Status to SGX Sesdaq ----------------------------------------------- The SGX-ST has also stated in the Singapore Exchange Securities Trading Limited (SGX-ST) AIP Letter that it has no objection in- principle to the lifting of the suspension of trading in the Chew Eu Hock Holdings Limited shares, and the resumption of trading in the Company's shares on the SGX-ST Sesdaq, subject to the Company's confirmation that it has complied with conditions set out in the SGX-ST AIP Letter. The Directors wish to inform shareholders that UOB Asia Limited has also, on behalf of the Company, requested for (i) the listing and quotation of the Consideration Shares, the Creditor Shares and the Converted MS Shares on the SGX Sesdaq, and (ii) the lifting of the suspension of trading in the Company's shares, and the resumption of trading in the Company's shares on the SGX-ST Sesdaq to take place on 22 January 2003. Based on the aforesaid confirmations of the Company and Hiap Hoe respectively as submitted by UOB Asia Limited to the SGX-ST, the SGX-ST has approved the above requests. In connection thereto, shareholders should also note that on 22 January 2003, the listing status of the Company would be transferred from SGX Mainboard to SGX Sesdaq. NEPTUNE ORIENT: 2002 Results 'Worse than Expected,' Says Chair -------------------------------------------------------------- Container shipping and logistics firm, Neptune Orient Lines, bared early this week that the Company will report worse than expected 2002 financial results. Announcing the profit warning at the close of trading, NOL Chairman Cheng Wai Keung said: "Our preliminary estimate of the results for the full-year 2002, while worse than expected, is unlikely to exceed US$335 million." According to Business Times, bearing down heavily on the full- year results is a US$110 million charge for exceptional items, which include: (1) an impact of US$8 million from industrial disruption last year on the US West Coast; (2) US$14 million additional write-down of goodwill; (3) restructuring and severance costs of US$37 million; (4) provision of US$33 million relating to losses from the sale of subsidiaries, including write-down of software; and (5) US$18 million for diminution of asset values, including ships. The exceptional items have a cash impact of US$50 million, with US$60 million being non-cash in nature, NOL said. It will announce its 2002 results around end February, Business Times said. Mr. Cheng reiterated that NOL has a strong asset base and positive operating cash flow. Earlier forecasts had pegged the firm's losses at no more than US$300 million, the paper said. Despite the huge loss, analysts still predict the Company to have a better operating year in 2003 largely because freight rates are expected to rise on trans-Pacific routes. They expect the industry to climb out of its two-year slump, the paper said. "There are some very good signs in the marketplace. The volumes are high. In general, it looks more positive, going forward, than last year," Ron Widdows, acting chief executive of NOL's container arm APL, told reporters at the sidelines of a marine conference on Tuesday. Analysts expect NOL to return to the black in 2003, forecasting profits ranging from around US$30 million to around US$80 million, the paper said. Reflecting industry conditions, NOL's earnings have been volatile over the past few years. It swung back into the black with a net profit of US$94 million in 1999 from a huge loss of US$254 million in 1998. Net profit rose again to US$178.5 million in 2000. Then in 2001 it slumped again to a net loss of US$56.6 million. For H1 2002, NOL shocked with a loss of US$151.4 million, the paper added. NOL ORIENT: Aims to Return to Profitability This Year ----------------------------------------------------- Neptune Orient Lines (NOL) hopes to return to profitability this year with its cost-cutting program, Channel News Asia said on Wednesday. It made the announcement one day after warning of hefty losses last year. The shipping giant is banking on huge cost cuts of between US$150 and US$200 million to turn around the Company. NOL is tied down by debts of some US$2.5 billion. The Company plans to sell assets this year in a bid to shave off US$50 million to US$100 million in debt. On Tuesday, NOL confirmed market fears, warning that losses for 2002 could be as high as US$335 million, much worse than the US$250 million analysts, on average, were predicting. =============== T H A I L A N D =============== G. R. M COMPANY: Business Reorganization Petition Filed ------------------------------------------------------- Real estate leaser G. R. M Company Limited (DEBTOR)'s Petition for Business Reorganization was filed to the Central Bankruptcy Court: Black Case Number 745/2544 Red Case Number 697/2544 Petitioner: G.R.M. COMPANY LIMITED BY MR. CHAIYUT PIRUNTAOVERN AS THE AUTHORITY Planner: G. R. M COMPANY LIMITED Debts Owed to the Petitioning Creditor : 64,847,647.35Baht Date of Court Acceptance of the Petition : August 2, 2001 Date of Examining the Petition: August 27, 2001 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner : August 27, 2001 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: September 7, 2001 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette : October 2, 2001 Deadline for the Planner to submit the Reorganization Plan to the Official Receiver: January 2, 2002 Appointment date for the Meeting of Creditors to consider the Reorganization Plan : December 14, 2001 at 9.30 am. Convention Room 1104, 11th Floor, Bangkok Insurance Building, South Sathorn Road The Meeting of Creditors had a special resolution accepting the reorganization plan Court had issued the order accepting the reorganization plan on January 16, 2002 and Appointed G. R. M. Company Limited to be as a Plan Administrator Announcement of Court Order for accepting the Business Reorganization Plan and Appointment of the Plan Administrator in Matichon Public Company Limited and Siam Rath Company Limited: January 23, 2002 Announcement of Court Order for accepting the Business Reorganization Plan and Appointment of the Plan Administrator in Government Gazette: February 5, 2002 Now, Central Bankruptcy Court had issued the Order for canceling the reorganization of G.R.M. Company Limited since March 11, 2002 Announcement of Court Order for Canceling the Reorganization in Matichon Public Company Limited and Siam Rath Company Limited: March 20, 2002 Announcement of Court Order for Canceling the Reorganization in Government Gazette: April 2, 2002 Contact: Mr. Anusit Tel, 6792525 ext. 122 NATURAL PARK: Posts Shares Offering Results ------------------------------------------- N P K Management Service Co., Ltd, the Plan Administrator of Natural Park Public Company Limited reported the results of the Shares Offering on 22 January 2003: 1. Information Relating to the Shares Offering Types of Shares offered: capital increase ordinary shares Number of Shares offered: 19,082,422,135 shares Offered to: Investors in private placement under the Business Rehabilitation Plan Price per Share: 0.10 Baht per share Subscription and Payment Period: 22 January 2003. 2. The Result of the Shares Sale [/] Totally Sold. [ ] Partly Sold, with shares unsold. 3. Details of the Shares Sale unit : shares Thai Investors Foreign Investors Total Juristic Individual Juristic Individual No of Persons - 10 1 2 13 No Subscribed Shares - 9,900,000,000 7,382,422,135 1,800,000,000 19,082,422,135 Percentage of Total Shares Offered for Sale - 51.88 38.69 9.43 100.00 4. Amount of Money Received from Shares Sale Total amount : 1,908,242,213.50 Baht Less expenses : - Baht Net amount received : 1,908,242,213.50 Baht NATURAL PARK: Reports Allotment of Unsubscribed Capital Increase ---------------------------------------------------------------- The Central Bankruptcy Court issued an order approving the Business Rehabilitation Plan as amended of Natural Park Public Company Limited on 26 June 2002. According to the Plan, it provides for the Plan Administrator to carry out the increase of the registered capital of the Company at least 300 Million Baht to be offered to the existing shareholders in proportion after the conversion of the Creditors' debts into equity. N P K Management Service Co., Ltd, the Plan Administrator of Natural Park, carried out the increase of the registered capital of the Company from the existing amount of Bt6,945,935,080 to Bt201,432,117,320; namely, to increase the registered capital by another Bt194,486,182,240 by issuing 19,448,618,224 new ordinary shares, par value of Bt10 to be offered to the existing shareholders in proportion after the conversion of the Creditors' debts into equity, at the ratio of one existing share entitled to 28 new shares, at the selling price of 0.10 Baht per share. It results that the existing shareholders subscribed 366,196,089 shares in proportion with 19,082,422,135 capital increase ordinary shares unsubscribed. The Plan also empowers the Plan Administer to allot and offer the said unsubscribed shares to the investors in private placement and/or investors categorized as 17 institutions. Therefore, the Plan Administrator proceeds to allot and issue the said unsubscribed capital increase ordinary shares, priced at 0.10 Baht per share, to the investors in private placement as follows : Names Number of Shares 1. E-STREET PROPERTIES LIMITED 7,382,422,135 2. Mrs. Sawang Mankongcharoen 1,800,000,000 3. Mr. Taweesak Laotrakul 900,000,000 4. Mr. Pradit Sintawanarong 900,000,000 5. Mr. Jed Piyatat 900,000,000 6. Mr. Wichaya Jatikavanich 900,000,000 7. Mr. Sermsin Samalapa 900,000,000 8. Mrs. Yuwadee Wongkusonkit 900,000,000 9. Mr. Kriengkrai tiennukul 900,000,000 10. Ms. Porntip Wongtawornkit 900,000,000 11. Mr. Visarn Ong-wannadee 900,000,000 12. Dr. Junko Miura 900,000,000 13. Mr. Michael Sofaer 900,000,000 Totaling 19,082,422,135 THAI MILITARY: Appoints Malakul as Audit Committee Director ----------------------------------------------------------- In compliance with the regulations of the Stock Exchange of Thailand, Thai Military Bank advised that the Board of Directors on its meeting No.1/2546 held on 21 January 2003 has adopted a resolution to appoint General Pang Malakul as Audit director to replace the vacant position The appointment takes effect as from 22 January 2003. The Company's operations during 2002 resulted in a net loss of Bt160 million due to the provision for doubtful debts and loss from debt restructuring increased by Bt2,278 million over the provision made in 2001. * DebtTraders Real-Time Bond Pricing ------------------------------------ Issuer Coupon Maturity Bid - Ask Weekly change ----- ------ -------- --------- ------------- Asia Pulp & Paper FRN due 2001 1.5 - 2.5 0 Asia Pulp & Paper 11.75% due 2005 31 - 32 +1 APP China 14.0% due 2010 30 - 32 0 Asia Global Crossing 13.375% due 2006 10.5 - 12.5 -1 Bayan Telecom 13.5% due 2006 16 - 18 0 Daya Guna Sumudera 10.0% due 2007 2 - 4 0 Hyundai Semiconductor 8.625% due 2007 67 - 70 +6 Indah Kiat 11.875% due 2002 35 - 37 +0.5 Indah Kiat 10.0% due 2007 26 - 28 +0.5 Paiton Energy 9.34% due 2014 73 - 78 0 Tjiwi Kimia 10.0% due 2004 21 - 23 +1 Bond pricing, appearing in each Friday's edition of the Troubled Company Reporter - Asia Pacific, is provided by DebtTraders in New York. DebtTraders is a specialist in global high yield securities, providing clients unparalleled services in the identification, assessment, and sourcing of attractive high yield debt investments. For more information on institutional services, contact Scott Johnson at 1-212-247-5300. To view our research and find out about private client accounts, contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing available at www.debttraders.com 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 ***