/raid1/www/Hosts/bankrupt/TCRAP_Public/030328.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, March 28 2003, Vol. 6, No. 62
Headlines
A U S T R A L I A
AMP LIMITED: Agrees to $100,000 Community Education Contribution
AUSTRALIAN PLANTATION: Discloses 2002 Financial Report
BEYOND ONLINE: Undergoes Operations Restructuring
CHROME GLOBAL: ASX Grants Listing Rule 14.7 Waiver
ERG LIMITED: April 30 EGM Scheduled
FLOWCOM LIMITED: General Meeting Set on April 17
GOODMAN FIELDER: ATO Imposes Additional Income Tax, Penalties
IBJ AUSTRALIA: MFG Reorganization Prompts S&P Ratings Withdrawal
KALREZ ENERGY: Issues Oseil Oilfield Production Update
POWERTEL LIMITED: Director John Bumgarner Resigns From Post
C H I N A & H O N G K O N G
APPLIED INT'L: 2002 Operations Loss Widens to HK$101.438M
FUJIAN GROUP: Restructuring Proposal Negotiations Underway
LAI SUN: Proposed Privatization Docs Dispatch Further Postponed
LAI SUN: Sees No Reason for Share Price Decrease
MILLENNIUM GROUP: Narrows 2002 Net Loss to HK$6.472M
PINOY IMPEX: Winding Up Petition Slated for Hearing
SUNDAY COMM.: 2002 Loss Down by 57% Before Restructuring Costs
I N D O N E S I A
ASTRA AGRO: January CPO Export Volume Reaches 15,205 Tons
SEULAWAH AIR: On the Brink of Bankruptcy
J A P A N
ALTE CO.: Resona OKs Reorganization Scheme
GENERAL HOUSING: Resona Agrees to Reorganization Plan
JAPAN AIRLINES: Reducing International Flights
MITSUBISHI MOTORS: Extends Performance-Based Wage System
SEIYU LIMITED: Five Wal-Mart Execs Join Board
TOKYO ELECTRIC: Liquidates SpeedNet After Integration
TOKYU CORPORATION: Converting to Holding Company
K O R E A
CHOHUNG BANK: Launches MOT Quality Management System
CHOHUNG BANK: Schedules AGM Today
CHOHUNG BANK: Shinhan Proposal Reasonable, MOFE Says
DAISHIN LIFE: Green Cross Acquires Insurance Firm
HYUNDAI INVESTMENT: Government Sells 80% Stake to Prudential
SK GLOBAL: Seeks Reappointment of Four Board Members
M A L A Y S I A
ABRAR CORP.: Unit Serves Unpaid Lease-Related Writ of Summons
AOKAM PERDANA: Units Served Summons Over Outstanding Payment
BUKIT KATIL: Disposes BKAT for Working Capital, Debt Reduction
GEORGE KENT: Issues Change in Boardroom Notice
HO HUP: Court Strikes Off Winding-Up Petition
INDUSTRONICS BERHAD: Replies KLSE's Winding Up Petition Query
KSU HOLDINGS: Unit's Petition Hearing Postponed to May 27
MENTIGA CORP.: ABB Claims Outstanding Sum of RM26,787,482.25
PENAS CORP.: Hires PwC Advisory to Conduct Investigative Audit
RAHMAN HYDRAULIC: Originating Summons Court Hearing Set Today
TAI WAH: FIC, MITI Approve Proposed Restructuring Scheme
TAJO BHD: Vendors Withdraw Properties Injection
TIMBERMASTER INDUSTRIES: SC Approval Letter Appeal Granted
TONGKAH HOLDINGS: Hires Messrs Thornton as Independent Auditors
WEMBLEY INDUSTRIES: Appoints Independent Audit Firm
P H I L I P P I N E S
NATIONAL POWER: CSFB, Rivals Aim to Replace Sale Arrangers
PHILIPPINE LONG: Unveils 2002 Financial Results
VICTORIAS MILLING: Accepts Gotianun Offer for Capital Injection
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Unveils Interest Rate Risk
CHARTERED SEMICON: Adds Notes to Financial Statements
I.R.E. CORPORATION: Widens FY02 Net Loss to S$19.69M
OVERSEA-CHINESE: Disposes of Unit Shares
OCULUS LIMITED: Operating Losses Continue to Narrow
T H A I L A N D
DATAMAT PUBLIC: Requests 2002 F/S Submission Time Extension
GENERAL ENGINEERING: Proposes Registered Capital Reduction
NATURAL PARK: Issues Capital Increase Report Form
THAI DURABLE: SET Lifting 'SP' Sign on April 2
UNION MOSAIC: Explains Revised Financial Statement
UNION MOSAIC: SET Still Suspends Securities Trading
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Agrees to $100,000 Community Education Contribution
----------------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Thursday that ASIC and
AMP Limited (AMP) have reached an agreement to resolve an
investigation by ASIC into announcements made by AMP to the
market between July and September 2002, and to settle
proceedings commenced by ASIC.
Under the settlement, AMP has agreed that it will fund a
training program to the value of $100,000 in relation to
continuous disclosure obligations under the Corporations Act
2001 and the ASX Listing Rules, which will be conducted by one
or more training organizations acceptable to ASIC. It will
involve specialized training to company executives and officers
to increase awareness of market disclosure and related
governance issues.
This settlement has been reached without admissions from AMP,
and ASIC's proceedings have been dismissed by consent.
"AMP has acknowledged that some of its disclosures in the period
between 29 July and 17 September 2002 should have been done
differently," Mr Knott said.
"The new Chairman and CEO of AMP have expressed regret over last
year's events and have accepted that a resolution of the matter
is appropriate.
"Both ASIC and AMP agree that if a fining regime had been in
place then a fine of $100,000 would have been appropriate. AMP's
acceptance of a community education contribution of equivalent
value is an effective substitute for that outcome.
"ASIC regards yesterday's settlement as an appropriate closure
to conduct that occurred under different management and Board
composition at AMP.
"I wish to acknowledge the constructive and open manner in which
both Mr Willcox and Mr Mohl have dealt with this difficult
issue. I am confident that under Mr Willcox's chairmanship, and
with this experience behind them, the AMP Board will be firmly
committed to observing best practice standards of market
disclosure," Mr Knott said.
AUSTRALIAN PLANTATION: Discloses 2002 Financial Report
------------------------------------------------------
Australian Plantation Timber Limited A.C.N. 054 563 057 and
controlled entities released its Financial Report for the year
ending December 31, 2002, which can be found at
http://bankrupt.com/misc/TCRAP_APL0328.pdf.The contents of the
report include:
* Directors' Report
* Independent Auditor Report
* Directors' Declaration
* Statement of Financial Performance
* Statement of Financial Position
* Statement of Financial of Cash Flow
* Notes to and forming part of the Financial Statement
* Additional Shareholder Information.
Early this month, Troubled Company Reporter - Asia Pacific
reported that Australian Plantation booked a profit after tax of
$30.5 million for the six months ended 31 December 2002. The
profit comprised a once-off net gain of $30.7 million arising
from the cancellation of debts as part of the Deed of Company
Arrangement (DOCA) approved by creditors and shareholders in the
first half of 2002.
BEYOND ONLINE: Undergoes Operations Restructuring
-------------------------------------------------
The Directors of Beyond Online Limited have decided that it
is in the best interests of shareholders to sell the Company's
existing operations and assets in an orderly way over the next
three months and to preserve the current Shareholders Funds of
Approx. $1,670,000 equal to approx. 9 cents per share. This
decision is subject to shareholder approval.
The Company will continue to meet all its existing contractual
commitments to 30 June 2003 after which these will expire and
not be renewed.
As a consequence of this decision the Company has on Thursday
given the appropriate notice to Mr Tom Kennedy, the Managing
Director and to Mr. Ian Ingram, the Executive Chairman under
their respective Executive Service Agreements. Mr Kennedy will
be leaving the Company on 30 June 2003 and Mr Ingram will
continue as Executive Chairman.
The Directors will consider any alternative proposals received
for the re-direction of the Company's assets.
If no acceptable proposals are received within a reasonable time
after 30 June 2003 the Directors will consider alternatives for
returning funds to shareholders.
CHROME GLOBAL: ASX Grants Listing Rule 14.7 Waiver
--------------------------------------------------
Chrome Global Limited is pleased to announce that the Australian
Stock Exchange Ltd has granted it a waiver from listing rule
14.7 to the extent necessary to permit the Company to issue the
up to 28,290,000 fully paid ordinary shares to the vendors of
Key2 Limited, and the up to 11,000,000 fully paid ordinary
shares to be issued via a prospectus, approved by shareholders
at the Annual General Meeting on 6 January 2003.
The waiver is subject to:
1. The shares are issued no later than 18 May 2003, and
2. The terms of this waiver are immediately released to the
market.
ERG LIMITED: April 30 EGM Scheduled
-----------------------------------
Notice is given that a general meeting of ERG Limited
Shareholders will be held on 30 April 2003 at 10:30am at the
Hyatt Regency Perth, 99 Adelaide Terrace, Perth, Western
Australia.
RESTRUCTURE RESOLUTIONS
1.1 ISSUE OF SHARES UNDER LISTED NOTE CONVERSION AND EXCLUDED
NOTES
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That, subject to and conditional upon Resolutions 1.2 and 1.3
being passed and, if Resolution 2.1 is not passed, ERG electing
to proceed with the Listed Note Conversion, for the purposes of
rules 7.1 and 10.11 of the ASX Listing Rules and for all other
purposes, the Company approves the issue to Noteholders on the
Listed Note Conversion Record Date (or a nominee appointed by
the Company on behalf of certain of those Noteholders) of up to
1,666,666,710 Shares (166,666,671 post Share Consolidation
Shares) in full and final satisfaction of all outstanding
obligations (other than in relation to the April Interest
Payment) under:
(a) the Listed Note Conversion; and
(b) the conversion of the Excluded Notes (if any)."
1.2 ISSUE OF SECURITIES FOR DEBT RESTRUCTURE
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That, subject to and conditional upon Resolutions 1.1 and 1.3
being passed and the conditions to Resolution 1.1 being
satisfied, for the purposes of rules 7.1 and 10.11 of the ASX
Listing Rules and for all other purposes, the Company approves
the issue of the following securities to the Ingot Entities:
(a) up to a maximum of 169,564,095 Listed Options (or
16,956,410 post-Share Consolidation Listed Options) in
consideration for the provision of the Ingot Loans;
(b) up to a maximum of 169,564,095 (or 16,956,410 on a post-
Share Consolidation basis) Preference Shares, Shares or Unlisted
Options or any combination of Preference Shares, Shares or
Unlisted Options up to an aggregate maximum of 169,564,095 (or
16,956,410 on a post-Share Consolidation basis) in consideration
for:
(i) in relation to the issue of Unlisted Options, the early
repayment of part or all of the Ingot Loans if the Company
elects to repay part or all of the Ingot Loans early; and
(ii) in relation to the Preference Shares or Shares,
conversion of the principal and accumulated interest outstanding
under the Ingot Loans; and
(c) if the Company elects to satisfy interest payments due
under the Ingot Loans by way of issue of Shares, the issue of
the number of Shares and at the issue price determined by the
formula in the Ingot Loan Agreements and described in the
Information Memorandum in relation to the Interest Conversion
Rights."
1.3 ACQUISITION OF VOTING SHARES BY INGOT ENTITIES
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That, subject to and conditional upon Resolutions 1.1 and 1.2
being passed and the conditions to Resolution 1.1 being
satisfied, for the purposes of item 7 of section 611 of the
Corporations Act and for all other purposes, the Company
approves the Ingot Entities being issued a maximum of
1,453,763,251 Shares (or 145,376,325 post-Share Consolidation
Shares) representing a maximum of 41.22% of the Company's
Shares, pursuant to any combination of:
(a) the issue of Shares under Resolution 1.1 in relation to
the conversion of Notes held by or for the benefit of the Ingot
Entities;
(b) the acquisition of Shares by the Ingot Entities on:
(i) the conversion to Shares of any Preference Shares
issued under Resolution 1.2;
(ii) the exercise of any Unlisted Options or Listed Options
issued under Resolution 1.2; and
(iii) the issue of Shares issued under Resolution 1.2;
(c) if the Rights Issue proceeds, the acquisition of Shares
by the Ingot Entities on:
(i) the conversion to Shares of any Preference Shares
received under the Rights Issue, the SUITS Underwriting
Agreement or the Excluded Loan;
(ii) the exercise of any Listed Options received under the
Rights Issue, the SUITS Underwriting Agreement or the Excluded
Loan; and
(iii) any other issue of Shares under the Excluded Loan;
(d) if the Ingot Entities hold Preference Shares and the
Company elects to satisfy a dividend payable under the terms of
the Preference Shares by the issue of Shares, the issue of
Shares to satisfy the payment of the dividends due on those
Preference Shares in accordance with the terms of the Preference
Shares; and
(e) if the Ingot Loan advanced by SUITS is classified as an
Excluded Loan and the Company satisfies dividends on the
Preference Shares by an issue of Shares, the issue of Shares to
SUITS in lieu of those dividends under the terms of the Ingot
Loan."
2.1 PREFERENCE SHARE TERMS
To consider and, if thought fit, pass the following resolution
as a special resolution: "That, for the purpose of section
254A(2) of the Corporations Act, the terms of the Preference
Shares are hereby approved."
2.2 ISSUE OF PREFERENCE SHARES AND LISTED OPTIONS UNDER THE
EXCLUDED LOAN
To consider, and if thought fit, pass the following resolution
as an ordinary resolution: "That, subject to and conditional on
Resolution 2.1 being passed and the Company proceeding with the
Rights Issue, for the purposes of rule 7.1 of the ASX Listing
Rules and for all other purposes, the Company approves the issue
of up to 133,333,333 Preference Shares (or 13,333,333 post-Share
Consolidation Preference Shares) and 133,333,333 Listed Options
(or 13,333,333 post-Share Consolidation Listed Options) to SUITS
under the SUITS Underwriting Agreement or the Excluded Loan."
2.3 ISSUE OF DIVIDEND SHARES
To consider, and if thought fit pass, the following resolution
as an ordinary resolution:
"That, subject to and conditional on Resolution 2.1 being passed
and the Company proceeding with the Rights Issue, for the
purposes of rules 7.1 and 10.11 of the ASX Listing Rules and for
all other purposes, the Company approves the issue of the number
of Shares and at the issue price determined by the formula set
out in clause 4.5 of the terms of the Preference Shares to
holders of Preference Shares to satisfy future dividend payments
due under the terms of those Preference Shares."
2.4 ISSUE OF SHARES IN RELATION TO EXCLUDED LOAN
To consider, and if thought fit pass, the following resolution
as an ordinary resolution:
"That, subject to and conditional on Resolution 2.1 being passed
and the Company proceeding with the Rights Issue, for the
purposes of rules 7.1 and 10.11 of the ASX Listing Rules and for
all other purposes, the Company approves the issue of Shares to
SUITS to satisfy the requirement to issue SUITS Shares if all or
any of the SUITS Loan is classified as an Excluded Loan and
dividends on the Preference Shares are satisfied by the issue of
Dividend Shares. The number of Shares and issue price will be
determined by the formula in the SUITS Loan Agreement."
RESOLUTION 3 SHARE CONSOLIDATION
To consider, and if thought fit pass, the following resolution
as an ordinary resolution:
"That, pursuant to section 254H of the Corporations Act and for
all other purposes, the Company approves the consolidation of
every ten Shares on issue on the Consolidation Record Date into
one Share and where the number of Shares held by a member of the
Company as a result of the consolidation effected by this
resolution includes any fraction of a Share, those fractions be
cancelled and extinguished and the consolidation will otherwise
be on the terms and conditions set out in the Information
Memorandum."
RESOLUTION 4 RATIFICATION OF SHARES ISSUED UNDER APRIL INTEREST
CAPITALISATION
To consider, and if thought fit pass, the following resolution
as an ordinary resolution:
"That, subject to the April Interest Capitalization being
implemented, the Company ratifies for the purposes of rule 7.4
of the ASX Listing Rules and for all other purposes, the issue
and allotment on or about 1 April 2003 to persons who were
registered as Noteholders on 17 March 2003 (or a nominee by the
Company on behalf of certain of those Noteholders) of up to
62,500,002 Shares at a deemed issue price of $0.15 each in full
and final satisfaction of the April Interest Payment."
CHAIRMAN'S INTENTIONS FOR UNDIRECTED PROXIES
The Chairman intends to vote all undirected proxies granted in
his favor in favor of each of the resolutions.
CONDITIONAL NATURE OF RESOLUTIONS
Resolutions 1.1, 1.2 and 1.3 are interconditional. None of these
resolutions will be given effect to unless each resolution is
passed by the requisite majority and certain other conditions
described in the Information Memorandum are satisfied.
Resolutions 2.2, 2.3 and 2.4 are conditional on Resolution 2.1
being passed by the requisite majority. Resolutions 2.2, 2.3 and
2.4 will not take effect unless Resolution 2.1 is passed by the
requisite majority.
FLOWCOM LIMITED: General Meeting Set on April 17
------------------------------------------------
A General Meeting of FlowCom Limited ACN 085 462 362 will be
held at 10:00 am on 17 April 2003 at the Mercure Hotel Lawson,
383-389 Bulwara Road, Ultimo, 2007.
The business to be considered at the General Meeting is set out
below. This Notice of Meeting should be read in conjunction with
the accompanying Explanatory Memorandum and Independent Expert's
Report. A Proxy Form also accompanies this Notice.
SPECIAL BUSINESS
RESOLUTION 1 - ISSUE OF SHARES TO CROWN FINANCIAL PTY LIMITED,
MR ANTHONY HUNTLEY AND KATHBE PTY LTD
To consider, and if thought fit, to pass the following ordinary
resolution:
"THAT for the purposes of Listing Rule 7.1 of the Australian
Stock Exchange Limited and section 611, item 7 of the
Corporations Act 2001, the issue of a total of 70 million fully
paid ordinary shares in the capital of the Company to Crown
Financial Pty Limited, Mr Anthony Huntley and Kathbe Pty Ltd be
approved, subject to resolutions 2 and 3 being passed as
ordinary resolutions."
RESOLUTION 2 - GRANT OF CALL OPTIONS AND ISSUE OF CALL OPTION
SHARES TO ALLOTTEES
Provided resolution 1 is passed as an ordinary resolution, to
consider, and if thought fit, to pass the following ordinary
resolution:
"THAT for the purposes of Listing Rule 7.1 of the Australian
Stock Exchange Limited and section 611, item 7 of the
Corporations Act 2001, the:
(a) grant of 270 million call options to the persons and on
the terms specified in Part 6 of the Explanatory Memorandum; and
(b) issue of up to 270 million shares in the Company on the
exercise of the call options referred to in paragraph (a) above
to the persons specified in Part 6 of the Explanatory
Memorandum,
be approved, subject to resolutions 1 and 3 being passed as
ordinary resolutions."
RESOLUTION 3 - ENTRY INTO PUT OPTION AND ISSUE OF PUT OPTION
SHARES TO ALLOTTEES.
Provided resolutions 1 and 2 are passed as ordinary resolutions,
to consider and if thought fit, pass the following ordinary
resolution:
"THAT for the purposes of Listing Rule 7.1 of the Australian
Stock Exchange Limited and section 611, item 7 of the
Corporations Act 2001, the:
(a) Company's entry into the put option on the terms
specified in Part 7 of the Explanatory Memorandum; and
(b) issue of the number of fully paid ordinary shares in the
Company on the exercise of the put option referred to in
paragraph (a) above to the persons specified in Part 7 of the
Explanatory Memorandum,
be approved, subject to resolutions 1 and 2 being passed as
ordinary resolutions."
RESOLUTION 4 - APPOINTMENT OF MR ANTHONY JOHN HUNTLEY AS A
DIRECTOR
To consider, and if thought fit, pass the following ordinary
resolution:
"THAT the appointment of Mr Anthony John Huntley as a Director
of the Company, being a person nominated by the Subscribers, be
approved with immediate effect."
RESOLUTION 5 - APPOINTMENT OF MR CHRISTOPHER ROBERT RYAN AS A
DIRECTOR
To consider, and if thought fit, pass the following ordinary
resolution:
"THAT the appointment of Mr Christopher Robert Ryan as a
Director of the Company, being a person nominated by the
Subscribers, be approved with immediate effect."
CONTACT INFORMATION: Ed Goodwin
FINANCE DIRECTOR
FlowCom Limited
Phone (02) 9263 5000
Fax. (02) 9264 9868
www.flow.com.au
GOODMAN FIELDER: ATO Imposes Additional Income Tax, Penalties
-------------------------------------------------------------
In an announcement to the Australian Stock Exchange on 8 January
2003 and in its Target Statement dated 17 January 2003, Goodman
Fielder advised its shareholders of correspondence from the
Australian Taxation Office (ATO) relating to a financing
facility entered into more than 12 years ago and which expires
in December 2005. Goodman Fielder advised shareholders at that
time that 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.
Goodman Fielder has now received notification from the ATO that
amended assessments have been issued. The amended assessments
impose additional income tax, penalties and interest of
approximately $126.5 million. Based on this assessment, Goodman
Fielder's additional taxation liability in respect of the
financing facility is approximately $89.5 million (after
applying existing provisions).
The company is currently considering its position in relation to
the amended assessments.
IBJ AUSTRALIA: MFG Reorganization Prompts S&P Ratings Withdrawal
----------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that has
withdrawn its BBB/Negative/A-3 counterparty credit ratings on
IBJ Australia Bank Ltd. (IBJA) at the request of the company.
The withdrawal of IBJA's ratings reflects its entry into
voluntary liquidation given the reorganization of the Mizuho
Financial Group entities in Australia following the formation of
Mizuho Corporate Bank Ltd. on April 1, 2002.
KALREZ ENERGY: Issues Oseil Oilfield Production Update
------------------------------------------------------
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder,
and Operator of the JV, is KUFPEC (Indonesia) Limited with
97.5%.
Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.
The TPS facility is a temporary process facility to be utilized
until the permanent facilities currently being installed are
completed. Current expectations are that the permanent
facilities will be available during April 2003.
REPORTING PERIOD From midnight To midnight
16th Mar 2003 23rd Mar 2003
Oil produced for the period 41,769 barrels of oil
Average daily production for
the period 5,967 barrels of oil
Cumulative oil produced from
31/12/2002 711,541 barrels of oil
Oil sold during the period 0 barrels of oil
Oil in stock 173,685 barrels of oil
The above represents total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.
COMMENTS
All three wells Oseil #1, Oseil #2 and Oseil #4 on production.
Wells being regularly monitored and adjusted to control water
production. TPS facility unable to process higher water rates,
hence requirement to adjust individual well rates based on water
production variations. Current operations are continuing
production through the TPS system.
Wrights Investors Service reports that at the end of 2002,
Kalrez Energy Limited had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. The company also reported losses during the
previous 12 months and has not paid any dividends during the
previous 4 fiscal years.
POWERTEL LIMITED: Director John Bumgarner Resigns From Post
-----------------------------------------------------------
Powertel Limited announces the resignation of John Bumgarner as
a director of PowerTel Limited.
John Bumgarner was previously the chairman of PowerTel from 14
August 1998 until 31 May 2002.
John Bumgarner retired from Williams Communications Inc., and
due to other commitments has elected to resign as a director
effective 24 March 2003.
Two weeks ago, Troubled Company Reporter - Asia Pacific reported
that PowerTel announced a non-cash asset write down of $106.9
million, reflecting the decline in telecommunications asset
values throughout the industry. Excluding the write-down,
PowerTel reduced its net operating loss to $52.8 million in 2002
from $83.3 million in 2001. After the write-down, the 2002 loss
was $161.9 million.
================================
C H I N A & H O N G K O N G
================================
APPLIED INT'L: 2002 Operations Loss Widens to HK$101.438M
---------------------------------------------------------
Applied International Holdings Limited disclosed its unaudited
financial statement with a year end date 30 June 2003:
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 01/07/2002 from 01/07/2001
to 31/12/2002 to 31/12/2001
Note ('000) ('000)
Turnover : 65,649 111,032
Profit/(Loss) from Operations : (101,438) (10,161)
Finance cost : (3,862) (2,995)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (80,893) (10,460)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.086) (0.0111)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (80,893) (10,460)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Loss per share
The calculation of the basic loss per share is based on the loss
attributable to shareholders of HK$80,893,000 (2001: loss of
HK$10,460,000) and on 941,080,745 (2001: 941,080,745) ordinary
shares of the Company in issue during the period.
No diluted loss per share has been presented as the exercise
prices of the Company's outstanding share options and warrants
were higher than the average market price of the shares of the
Company for both periods.
FUJIAN GROUP: Restructuring Proposal Negotiations Underway
----------------------------------------------------------
Reference is made to the announcement dated 17 February 2003
issued by Fujian Group Limited (Provisional Liquidators
Appointed) in relation to, amongst others, the appointment of
the Provisional Liquidators and the Restructuring Proposal (the
Announcement).
As stated in the Announcement, the Company and the Investor on
17 January 2003, amongst others, entered into the Restructuring
Proposal, which sets out non-binding indicative terms on a
"subject to contract" basis for a restructuring of the Company.
The Company continues to negotiate with the Investor regarding
the detailed terms and conditions of the Restructuring Proposal.
To the best knowledge of the Provisional Liquidators, no major
issues have so far been identified by the parties. As at the
date of this announcement, the parties have not reached any
formal and legally binding agreement for the Restructuring
Proposal.
As announced on 22 July 2002, the Company is in the final stage
of the delisting procedure under Practice Note 17 to the Listing
Rules. The Company submitted the Restructuring Proposal to the
Stock Exchange on 17 January 2003. The Listing Committee of the
Stock Exchange has agreed to extend the deadline for the
cancellation of the Company's listing status to 6 May 2003 for
the submission of details of the Restructuring Proposal for
approval by the Listing Committee. The Company is in the process
of compiling the information relating to the Restructuring
Proposal as requested by the Stock Exchange on 3 March 2003. The
Company will submit a detailed Restructuring Proposal as soon as
the requested information is available.
At the hearing of the petition numbered HCCW68/2003 for the
winding-up of the Company (the Petition) on 12 March 2003, which
was adjourned to 17 March 2003, the Court further adjourned
the hearing of the Petition to 5 May 2003 to allow time for
negotiation and implementation of the Restructuring Proposal.
Further announcements will be made to keep the Company's
shareholders and the investing public informed of the
developments regarding the Restructuring Proposal.
Trading in the securities of the Company has been suspended
since 16 February 2001 and will be remain suspended until
further notice.
Shareholders of the Company should note that a successful
implementation of the Restructuring Proposal will be subject to
the signing of a formal and legally binding restructuring
agreement and satisfaction of conditions precedent therein,
which may include, amongst others, the approval by the Stock
Exchange, which may or may not be forthcoming. If the
Restructuring Proposal is not approved or otherwise completed,
the shares of the Company will be delisted in accordance with
Practice Note 17 to the Listing Rules.
LAI SUN: Proposed Privatization Docs Dispatch Further Postponed
---------------------------------------------------------------
Lai Sun Development Company Limited and eSun Holdings Limited
refer to their joint announcement dated 19th February, 2003
regarding the proposed privatization of eSun by LSD by way of a
scheme of arrangement under section 99 of the Companies Act and
their joint announcement dated 11th March, 2003 in relation to
an extension of the deadline for the dispatch of the Circular
and the Document (Announcements).
As stated in the joint announcement dated 11th March, 2003, LSD
and eSun respectively applied to the Stock Exchange and the
Executive for, and were subsequently granted, an extension of
the deadline for the dispatch of the Circular to the LSD
Shareholders and the Document to the eSun Shareholders
respectively to 26th March, 2003. As the Bermuda Court hearing
to obtain an order to convene the Court Meeting (Order) is
scheduled to take place in the morning of 28th March, 2003
(Bermuda time) (which will be the evening on 28th March, 2003
(Hong Kong time)), LSD has applied to the Stock Exchange and
eSun has applied to the Securities and Futures Commission for a
further extension of the deadline for the dispatch of the
Circular and the Document to 4th April, 2003. It is expected
that the Circular and the Document will be dispatched on or
before 2nd April, 2003 if the Order does not give rise to any
material changes to the contents of the Document.
LAI SUN: Sees No Reason for Share Price Decrease
------------------------------------------------
Lai Sun Development Company notes the recent decrease in the
price of the shares of the Company and states that it is not
aware of any reasons for such change.
The Company also confirms that, save for the matters disclosed
in the respective announcements of the Company dated 29th
January, 2003 and 21st March, 2003, 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.
Early this week, Troubled Company Reporter - Asia Pacific
reported that subsidiaries of CapitaLand and American
International Group agreed to buy a 20% stake of Lai Sun
Development as part of the Company's attempt to cut debts, which
stood at HK$8.19 billion at the end of July 2002.
MILLENNIUM GROUP: Narrows 2002 Net Loss to HK$6.472M
----------------------------------------------------
Millennium Group Limited released its interim financial report
year end date 30 June 2003:
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/7/2002 from 1/4/2001
to 31/12/2002 to 30/9/2001
Note ('000) ('000)
Turnover : 131,286 36,253
Profit/(Loss) from Operations : (1,405) (19,642)
Finance cost : (17) N/A
Share of Profit/(Loss) of
Associates : N/A (14)
Share of Profit/(Loss) of
Jointly Controlled Entities : 215 9,417
Profit/(Loss) after Tax & MI : (6,472) (8,510)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0041) (0.0062)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (6,472) (8,510)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Change of financial year end date
The Company's financial year end date has been changed from 31st
March to 30th June as announced on 28th March, 2002. As such,
this interim report covers the six months period ended from 1st
July, 2002 to 31st December, 2002 with comparative figures for
the six months period ended from 1st April, 2001 to 30th
September, 2001.
2. Loss per share
The calculation of loss per share is based on the following
data:
Six months ended
31/12/2002 30/9/2001
(Unaudited) (Unaudited)
Net loss for the period (HK$'000)
(6,472) (8,510)
======== ========
Weighted average number of shares
for the purposes of basic loss per share
1,564,967,692 1,383,011,170
============= =============
The computation of diluted loss per share does not assume the
exercise of the Company's outstanding share options as their
exercise would result in a decrease in net loss per share for
both periods.
3. Loss from operations in the prior period increased from
18,526K to 19,642K due to reclassification of gain on disposal
of jointly controlled entities amounted to 1,116K.
PINOY IMPEX: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Pinoy Impex (Hong Kong) Limited is set
for hearing before the High Court of Hong Kong on April 2, 2003
at 10:00 in the morning.
The petition was filed with the court on February 19, 2003 by
Mr. Celso S. Cudia of Flat 5E, Block 6, Site 11, Bauhinia
Mansions, Whampoa Garden, Hung Hom, Kowloon, Hong Kong.
SUNDAY COMM.: 2002 Loss Down by 57% Before Restructuring Costs
--------------------------------------------------------------
SUNDAY Communications Ltd. -- www.sunday.com -- announced its
results for the 2002 financial year ending 31 December 2002.
Earnings before interest, tax, depreciation, amortization and
share of losses from joint ventures (EBITDA) rose by 135% to
HK$240 million excluding one-off restructuring costs. The net
loss decreased by 57% to HK$91 million before restructuring
costs, and since January 2003, SUNDAY has been recording net
profits on a month-to-month basis.
"The 2002 financial year was an important one for SUNDAY," said
Group Managing Director Bruce Hicks. "In a competitive market,
we made further improvements in both our financial performance
and customer base. At the same time, we brought changes to our
business that will ensure continued increases in profitability
in 2003 and create a competitive platform for the new era of
mobile communications that is just beginning."
Increased Subscribers, Lower Churn
Growth in mobile services business revenue of 5% to HK$1,218
million was driven by increased subscriber numbers, which
reflects SUNDAY'S success in its strategy of market
segmentation. "In the past two years, mobile communications in
Hong Kong has shifted from being a high-growth mass market
to one characterized by saturation of penetration, where
opportunities to increase revenues center on delivering tailored
services including new data services to well understood user
groups," Mr. Hicks said.
The Group's total subscriber base rose 9% over 2001 to 603,000.
In this regard, it is important to note that the methodology of
reporting adopted by SUNDAY is very conservative and fully
accounts for all types of subscriber activations, disconnections
and usage. Average revenue per user (ARPU) was broadly flat,
reversing the downtrend, which had prevailed in the Hong Kong
market for the preceding four years. Short message service
(SMS) and multi-media messaging service (MMS) volumes grew
sharply, boosted by events such as the football World Cup and
festivals.
Contributing to the improved performance was a much lower churn
rate and hence lower average acquisition cost. Churn more than
halved from 7.8% at the start of the year to 3.5% by year end.
Again, it is emphasized that SUNDAY uses churn calculation
methods that are very conservative.
Quality of Products and Services
SUNDAY's ability to achieve revenue growth during the year also
testifies to the enhancements it made to its network, customer
service, as well as the new or improved products and services
introduced.
The number of cell sites increased by 17% to over 1,050
locations. Unlike many companies, SUNDAY runs these sites on a
single network, ensuring a high quality of coverage and call
performance for users. Customer service quality was greatly
enhanced by the establishment of an operations center in
Shenzhen in mainland China. The greater resources and high
productivity this center affords have enabled the Group to
improve customer response.
The new products and services introduced by SUNDAY in the fourth
quarter of 2002 targeted a wide variety of consumer segments and
followed the principles laid down in SUNDAY's four core values
of simplicity, transparency, quality and value-for-money:
"Location Based Services" enables corporate customers to monitor
effectively their fleets of vehicles, field staff or valuable
parcels on a real time basis.
`My Album' is a one-stop-shop for personalized MMS photos, with
music, voice and text to MMS-enabled handsets, as well as email
and with made-to-order printouts available at over 450 Hong Kong
locations.
`SUNDAY Look! Hear!' features MMS entertainment through popular
content downloads of celebrity photos, cartoon and comic
characters and e-cards.
`SUNDAY Games' brings a real life `Game Store' experience to
mobile handsets through new collections of Java games.
`Handy Workstation' is a complete mobile email and Personal
Information Management (PIM) solution enabling mobile users to
access corporate email accounts and up to 10 POP3/IMAP4 Internet
email accounts.
`ICQ for SMS' allows users to stay in touch with ICQ friends 24
hours a day through a handset with a short messaging function.
`MSN Mobile Messenger' allows users to send, receive and reply
to instant messages from their online contacts who are using MSN
Messenger on a computer or a mobile phone.
Higher Productivity
During 2002, SUNDAY put considerable emphasis on raising
productivity. Operating expenses before depreciation and
restructuring costs fell by 10% over 2001 and as a percentage of
mobile services revenue, fell from 73% to 63%. The operations
center in Shenzhen also contributed to lower costs in 2002,
although the main benefits will be realized beginning in 2003.
The overall reduction of operating expenses came despite an
expanded subscriber base, improved service quality and new
services.
Further improvements in productivity resulted from major
organizational changes during the year, whose benefits will
accrue more forcefully from 2003. These changes reorient the
Group towards addressing the market in a more targeted manner
and include the creation of teams covering product development,
sales, marketing and retention focused on specific market
segments rather than broad product categories. In addition, in
December SUNDAY reduced its workforce in an initiative that will
generate significant cost savings beginning in 2003.
Outlook
Looking forward, Mr. Hicks said that he expects 2003 to continue
to be a competitive year for the industry, in which SUNDAY will
continue to post improved results, following the solid
groundwork laid down in 2002. "We will focus our attention on
profitability through improving customer retention, growing the
subscriber base, increasing ARPU and further enhancing
productivity," he said.
Market segmentation will continue to be a core strategy. The
new wireless data services and MMS interoperability introduced
in the fourth quarter of 2002 are expected to provide additional
revenue growth in 2003. Wireless data service usage is expected
to grow at faster rates as more mobile phones supporting these
services are introduced.
"The key to success in 3G services is a cost-effective platform
that delivers creative and tailored services. This is what we
have," said Mr. Hicks. "We have completed comprehensive
planning of all network, IT and service delivery systems
required for the launch of 3G services and in preparation are in
active discussions with vendors and financial institutions, to
enable us to roll out our 3G service on schedule and on a sound
commercial basis, when the time is right."
"It is ever more eviant that a 3G license will be essential for
success in the future and that alternative ways of delivering
wireless communications services based on either older
technology or mobile virtual network operations will not be
competitive. We expect that the arrival of 3G commercially will
be a catalyst for the long-expected consolidation in the
industry, to the benefit of 3G license holders."
"SUNDAY's competitive strengths are becoming ever more relevant
as a new generation of technologies begins to transform the way
people use and think about mobile communications."
About SUNDAY
SUNDAY is an innovative developer and provider of wireless
communications and data services in Hong Kong. SUNDAY began
commercial operations in 1997. The company's core strategy is to
capitalize on the convergence of wireless communications and
data technologies to develop innovative services and solutions.
Today, SUNDAY enhances people's lives by delivering targeted
wireless data applications and services to meet their specific
lifestyle needs. Owning a 3G mobile license, SUNDAY is well
positioned to further develop a more advanced range of 3G
wireless services to further enhance people's lives by providing
innovative, relevant and value-driven services.
=================
I N D O N E S I A
=================
ASTRA AGRO: January CPO Export Volume Reaches 15,205 Tons
---------------------------------------------------------
In January 2003, PT Astra Agro Lestari Tbk (AALI) exported its
crude palm oil units (CPO), totaling 15,205 tons or 32.1 percent
of AALI's CPO sales volume to Malaysia (50.8 percent of the
total export) and Rotterdam (49.2 percent). At the same time,
AALI also exported its olein to Liverpool and Pakistan,
amounting to 1,785 tons and 1,260 tons respectively. In 2003 and
2004, AALI plans to expand its market export contribution to
between 20 percent and 25 percent of the total revenue.
In line with the rapid growth of its outlets, Cap Sendok sales
volume in January 2003 increased sharply by 161.9 percent, from
329.1 tons in the same period last year to 861.9 tons. The
commodity was mainly marketed in East Java (36 percent of the
total Cap Sendok Sales volume), Jakarta (20%), West Java (9%),
Central Java (7%) and Sumatra (27%). Compared to the previous
year, Cap Sendok sales volume in 2003 is projected to grow
between 27 - 30 percent.
Wrights Investors' Service reports that at the end of 2001, PT
Astra Agro had negative working capital, as current liabilities
were Rp427.52 billion while total current assets were only
Rp254.05 billion The fact that the company has negative working
capital could indicate that the company will have problems in
expanding.
SEULAWAH AIR: On the Brink of Bankruptcy
----------------------------------------
PT Seulawah Air, a carrier jointly owned by the Nanggroe Aceh
Darussalam (NAD) and a private company, is said to be on the
brink of bankruptcy due to a failure to operate its Boeing-737
aircraft since March 21, Asia Pulse reports, quoting an
undisclosed Company official.
"The company has failed to operate its Boeing 737 aircraft to
serve the Banda Aceh-Medan-Jakarta route since last Friday
(March 21) and we don't know yet when the aircraft will be back
in the air," the unidentified official said.
Meanwhile, Teuku Zainal TD, a local Legislative Aassembly's
Commission C member, said a halt in the operation of the
aircraft had to do with an internal problem of the company.
He added that the Company owed some seven billion rupiah to its
employees, PT Angkasa Pura (airport operator), state oil company
Pertamina, aircraft owners and catering companies.
The commission also asked for a financial audit of the company's
management. "The management has been very poor. Unless it is
overcome, I am afraid that the company will only remain in the
mind of the people," he said.
"This is very saddening. It is only in a span of six months that
the company's losses had reached billions of rupiahs. What kind
of management is that?" he asked.
=========
J A P A N
=========
ALTE CO.: Resona OKs Reorganization Scheme
------------------------------------------
Resona Bank, Limited (Resona Bank, President: Yasuhisa Katsuta),
one of the wholly owned banking subsidiaries of Resona Holdings,
Inc. (Resona HD), decided to renounce its claims to Alte Co.,
Ltd., having agreed to the reorganization plan formulated by the
Company. Details were announced as follows:
1. Outline of The Company
Head Office Address 11-20, Minamisenba 4-chome, Chuo-ku, Osaka
Representative director: Yuichi Sumida
Amount of Capital 100 million yen
Line of Business Real estate leasing business
2. Outline of Waiver
Date of Waiver March 26, 2003
Amount of Waiver 34.0 billion yen
Other banking subsidiaries of Resona HD, Kinki Osaka Bank and
Nara Bank, have no claims to the Company.
3. Impact of This Development on The Consolidated Earnings
Forecast of Resona HD.
The losses in relation to the waiver were already reflected in
the previous earnings forecasts for the fiscal year ending March
31, 2003, which were announced on March 11, 2003 and thus this
development does not affect the earnings forecasts.
GENERAL HOUSING: Resona Agrees to Reorganization Plan
-----------------------------------------------------
Resona Bank, Limited (Resona Bank, President: Yasuhisa Katsuta),
one of the wholly owned banking subsidiaries of Resona Holdings,
Inc. Resona HD, decided to renounce its claims to General
Housing Finance Co., Ltd., having agreed to the reorganization
plan formulated by the Company. Details were announced as
follows:
1. Outline of The Company
Head Office Address 6-11, Nanba 3-chome, Chuo-ku, Osaka
Representative director: Kiyomi Nishizawa
Amount of Capital 1,386 million yen
Line of Business Consumer loan business
2. Outline of Waiver
Date of Waiver March 28, 2003
Amount of Waiver 15.0 billion yen
Other banking subsidiaries of Resona HD, Kinki Osaka Bank and
Nara Bank, have no claims to the Company.
3. Impact of This Development on The Consolidated Earnings
Forecast of Resona HD.
The losses in relation to the waiver were already reflected in
the previous earnings forecasts for the fiscal year ending March
31, 2003, which were announced on March 11, 2003 and thus this
development does not affect the earnings forecasts.
JAPAN AIRLINES: Reducing International Flights
----------------------------------------------
Japan Airlines will temporarily cut its international flights
due to a fall in demand because of the ongoing war in Iraq, AP
Online reports. The airline will reduce weekly flights on the
Tokyo-Honolulu route to 14 from 21 in April. For May, they will
be reduced from 28 to 21 a week.
Honolulu-Osaka, Tokyo-London, Tokyo-Hong Kong and Tokyo-Guam
flights will also be reduced. The seven weekly flights from
Osaka to Paris, including three shared with Air France, have
been canceled, the report said.
Japan Airlines expects a second straight annual operating loss
after a slowdown in international flight reservations due to
worries over the Iraq war, the Troubled Company Reporter-Asia
Pacific reported recently. The airline expects a group operating
loss of two billion yen ($16.63 million) for the business year
ending in March. The group aims to cut an additional 600 jobs,
or 2.8 percent of its workforce, by March 2006. To reduce costs
and overlap from the merger, it said last year it would reduce
its workforce by 3,000 staff.
MITSUBISHI MOTORS: Extends Performance-Based Wage System
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) will extend its performance-
based wage system to include all salaried workers, effective
April 1, 2003. The decision to extend the performance-based
system, which was introduced for managerial posts already last
April, makes MMC a pioneer in the Japanese auto industry in
abolishing a seniority-based wage structure across-the-board.
In addition to doing away with ranking employees by age, the new
system calls for an evaluation of workers based on their
performance during a set period. The new system introduces the
"role" concept, whereby an individual employee's potential and
the contribution he or she is expected to make to the Company's
business results is under constant assessment. Setting out
clearly defined goals, this will heighten target-awareness on
the part of individual employees. Wages will be structured
according to salary bands commensurate with each post. Raises
will be paid within each salary band depending on employee
performance. Wages within single salary bands will differ up to
10 percent by evaluation on the new system.
The new HR system also provides an evaluation of the employee's
potential for future tasks. This means that not only wages but
also promotion will become purely performance-based. Performance
assessment will look at target achievement levels, at whether
the right employee is in the right job. This assessment will
also be used in the selection of education and training programs
that will enable the employees to achieve their full potential
and make a more productive and profitable contribution to the
Company.
The new system provides the Company with an efficient tool for
fair performance evaluation including bigger rewards for high-
performing employees. This is expected to greatly increase
motivation and behavior and thus directly contribute to the
Company's performance.
For employees, the new system means clearly defined target
setting and a higher level of accountability. With the enhanced
transparency that comes with a performance-based system, MMC
will be able to place employees in the position best suited to
their skills and the Company's needs.
Mitsubishi Motors Corporation 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. For further information, please visit the
Mitsubishi Motors Corporation home page at: www.mitsubishi-
motors.co.jp
According to Japan Credit Ratings Agency (JCR), 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. JCR 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. MMC has now put brakes on deterioration in
the financial structure. The financial structure is expected to
improve gradually along with recovery of the earnings power.
Contact:
Mitsubishi Motors Corporation
Fumio Nishizaki
f-nishizaki@mitsubishi-motors.co.jp
+81-3-5232-7342
SEIYU LIMITED: Five Wal-Mart Execs Join Board
---------------------------------------------
Five representatives of Wal-Mart Store Inc. have joined the
board of directors of ailing Seiyu Limited, formalizing the U.S.
retail giant's involvement in Seiyu's management, the Japan
Times said on Thursday. The new board members include John
Menzer, President and CEO of Wal-Mart International. The names
of other new officials were not mentioned in the report.
Wal-Mart became the largest shareholder in Seiyu in December,
when it acquired a blocking stake of about 37.7 percent. In the
three-phase deal, Wal-Mart has options to purchase up to 66.7
percent of Seiyu shares by the end of 2007. Seiyu expects a net
loss of 83 billion yen this year ending in February due to weak
sales and the write-down of its shareholdings in Seibu
Department Stores Ltd.
Seiyu will introduce Wal-Mart's "retail link" system of sharing
inventory information with suppliers, starting at three stores
in August, the report said.
TOKYO ELECTRIC: Liquidates SpeedNet After Integration
-----------------------------------------------------
Tokyo Electric Power Co. (TEPCO) will liquidate SpeedNet Inc., a
unit offering high-speed Internet access services, Kyodo News
said on Wednesday. SpeedNet, established in 1999, is currently
owned 77.13 percent by TEPCO, Japan's largest power Company.
Meanwhile, Asia Times reported that TEPCO would launch a
hydroelectric power business in April 1. The plan will produce
electricity by harnessing water currents in waterworks and
sewage systems. The move is in line with a new law that takes
effect next month that requires power companies to use clean
energy sources.
TOKYU CORPORATION: Converting to Holding Company
-----------------------------------------------
Tokyu Corporation will change into a holding Company to
supervise its group companies under a two-year business plan
starting April 1, reports the Kyodo News. The Company will also
reorganize business operations into the main railway business
and living-related business for people in urban areas along
Tokyu's railway lines to focus resources on these businesses.
Under the business plan, the Company will cut its debt by 337.7
billion yen to 1.2 trillion yen by the end of March 2005 from
1.54 trillion yen at the end of March 2002. The Company booked a
net loss of 12.08 billion yen for the April-September 2002,
versus a profit of 4.52 billion yen in the same period a year
earlier, the Troubled Company Reporter-Asia Pacific reported.
=========
K O R E A
=========
CHOHUNG BANK: Launches MOT Quality Management System
----------------------------------------------------
Chohung Bank launched an integrated quality management system to
improve customer satisfaction, a Company statement said.
The system, the first of its kind in the industry, is based on
the Moment of Truth (MOT) quality management system, which
analyzes each contact, or ømoment of truthñ, that the
customers makes with the Bank.
The new system integrates quality management across all of the
Bank's increasingly diversified product and service delivery
channels. By providing a holistic model for monitoring and
evaluating every point of contact with customers, including
automated services at ATMs, internet banking and phone banking,
the system enables the Bank to offer a consistently high level
of service.
CHOHUNG BANK: Schedules AGM Today
---------------------------------
The Annual General Meeting of Shareholders of Chohung Bank will
be held on the 3rd floor of the Head office building, located at
14, 1-ka, Namdaemun-ro, Chung-ku, Seoul 100-57, Korea, on
Friday, March 28, 2003 at 10:00 a.m.
The agenda is as follows:
1. Presentation of the adopted financial statements and business
results for the year 2002.
2. Resolution on the appropriation of the retained
earnings/loss.
3. Changes to the Article of Incorporation
4. Appointment of the members of the Board of Directors.
5. Appointment to Non-Standing Directors to the Audit Committee.
6. Changes in regulation for the retirement payments for the
managing directors.
The press release is located at
http://www.chb.co.kr/eng/
CHOHUNG BANK: Shinhan Proposal Reasonable, MOFE Says
----------------------------------------------------
The Ministry of Finance and Economy (MOFE) said that the
takeover conditions offered by Shinhan Financial Group for
Chohung Bank (CHB) were reasonable, Asia Pulse reports. The
government will try to sell off the lender once due diligence is
completed.
"All that remains to be done is to hold final negotiations, and
to reach an agreement on details that will allow the selling of
CHB," an unnamed MOFE official said.
Chohung Bank has delayed its plan to increase funding to mid-
April from March, BasisPoint reported earlier this month. The
bank is now expecting to next tap the market for a one-year loan
and/or Floating Rate Note (FRN) for about US$150 million.
DAISHIN LIFE: Green Cross Acquires Insurance Firm
-------------------------------------------------
Pharmaceutical firm Green Cross Corporation will acquire Daishin
Life Insurance anytime soon, Digital Chosun reported Wednesday.
The insurance firm was put under a KDIC liquidation plan after
it went bankrupt in July 2001.
The sale contract will be signed this month and all the sale
procedures, including the transfer of Daishin's insurance
contracts, assets and liabilities, will be completed by August,
the KDIC said.
In 2001, the Financial Supervisory Commission (FSC) had stamped
Daishin Life Insurance as an insolvent financial institution and
places it under FSC management due to net asset deficiency of
W241.1 billion, TCR-AP reports.
HYUNDAI INVESTMENT: Government Sells 80% Stake to Prudential
------------------------------------------------------------
The South Korean government has signed a memorandum of
understanding (MoU) to sell an 80 percent stake in Hyundai
Investment Trust & Securities Co Ltd. to Prudential Financial
Inc. worth 500 billion won, AFX Asia reports, citing the
Financial Supervisory Commission.
The government said it would inject unspecified amount of funds
into the Company to help remove its bad assets before selling
the investment trust Company. It said Prudential would also take
management control of the Company by acquiring the controlling
stake in its parent Hyundai Investment Trust & Management Co
Ltd.
SK GLOBAL: Seeks Reappointment of Four Board Members
----------------------------------------------------
SK Global Co. will ask shareholders at its Annual General
Shareholder's Meeting on March 31 to reappoint four board
members accused of being responsible for the Company's
accounting scandal, in order for them to help the Company's
turnaround plan, the Maeil Business Newspaper and Bloomberg
reported. The names of the officials were not mentioned in the
report.
The four officials have been indicted without arrest on charges
of breach of trust because they were working as board directors
in 2001 when the Company inflated earnings and bought an
affiliate's shares at higher-than-market prices.
===============
M A L A Y S I A
===============
ABRAR CORP.: Unit Serves Unpaid Lease-Related Writ of Summons
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that Bangsar Properties Sdn Bhd (BPSB), a 100% sub-
subsidiary of the Company, was served with a Writ of Summons on
21 March 2003 by the Solicitors representing Messrs. Prima Prai
Offices Sdn Bhd (PPOSB).
PPOSB has commenced the legal suit against BPSB at the Kuala
Lumpur Sessions Court for the non - payment by BPSB for
maintenance charges, quit rent, insurance and interests in
respect of its four (4) units of three (3) storey shop offices
at Prai Business Point, Prai, Pulau Pinang amounting to RM
90,633.40 (as at 31st October 2002). The legal suit has been
fixed for Mention on 24 April 2003.
The Company also wishes to announce that it is currently under
the administration of Special Administrators since 27 May 2000
by Pengurusan Danaharta Nasional Berhad. The Board / Management
of BPSB is currently assessing the implication of the Summons
served on BPSB, being a sub-subsidiary of the Company.
AOKAM PERDANA: Units Served Summons Over Outstanding Payment
------------------------------------------------------------
Aokam Perdana Berhad wishes to announce that its subsidiaries
namely Aokam Industries Sdn Bhd (AISB) and Pembangunan Papan
Lapis (Sabah) Sdn Bhd (PPL) were served notices issued pursuant
to Section 218 of the Companies Act 1965 on Friday, 21 March
2003 by Messrs. Chau & Thien, the Solicitors for Chong Fui
Shipping & Forwarding Sdn Bhd (CFSF) for outstanding payment for
transport and freight charges as at 31 January 2003. The amount
claimed by CSFS are as follows:
(a) AISB - RM111,444.66
(b) PPL - RM264,249.91
By the Notices, AISB and PPL are required to settle to
abovementioned claims within 21 days from the date of service of
the notice, failing which appropriate actions would be taken by
CFSF for the winding-up of AISB and PPL respectively.
Aokam was also served a summon by Messrs Yeo. Ainie. Rubiah, the
Solicitors for Aseambankers Malaysia Berhad (Aseambankers) for
the claims on outstanding payment due to Aseambankers amounting
to RM131,257.00 for professional services rendered in respect of
the previous aborted corporate exercises involving the Company.
The hearing date have been fixed on 16 April 2003.
Aokam and its subsidiaries mentioned above are in the midst of
negotiations with the abovementioned creditors to restructure
and/or reach an amicable settlement on the said claims.
BUKIT KATIL: Disposes BKAT for Working Capital, Debt Reduction
--------------------------------------------------------------
Bukit Katil Resources Berhad had on 24 March 2003 entered into a
Sale of Shares Agreement (SSA) with Atlas Plantations Sdn Bhd
for the disposal of 1,500,001 ordinary shares of RM1/- each in
the capital of Bkat Sdn Bhd (Bkat), representing 40% equity
interest of Bkat, for a consideration of RM3,320,000/-.
DETAILS OF THE DISPOSAL
BKATIL will dispose of its entire shareholding in Bkat for a
cash consideration of RM3,320,000/- or approximately RM2.2134
per Bkat's share (Selling Price).
The Selling Price was arrived at based on a willing-buyer,
willing-seller basis after taking into consideration the audited
net tangible assets (NTA) of RM1.129 per Bkat's share as at 31
December 2001.
The disposal consideration shall be received from the purchaser
in the following manner:
* Upon signing of the SSA, a deposit and part payment of
RM332,000/- (Deposit).
* The balance of RM2,988,000/- of the disposal consideration
(Balance), to be payable within 30 days from the date of the
agreement. In the event the purchaser is unable to pay the
Balance within the time stipulated above, the vendor shall be
entitled to terminate the agreement and the Deposit shall be
forfeited.
Bkat's shares will be disposed off free from all liens, charges,
mortgages, options, claims and other encumbrances whatsoever
with all rights attached thereto upon the terms and conditions
of the SSA.
INFORMATION ON BKAT
Bkat was incorporated on 21 April 1983 in Malaysia under the
Companies Act, 1965. The authorized share capital of Bkat as at
31 December 2001 is RM5,000,000/- comprising 5,000,000 ordinary
shares of RM1/- each and its issued and paid-up share capital is
RM3,750,004/- comprising 3,750,004 ordinary shares of RM1/-
each.
Bkat is principally involved in the operations of a rubber and
oil palm plantation. The plantation of Bkat is freehold and
located in Mukim of Gemencheh, District of Tampin, under land
titles GN 11032, GN 00658, GN 00659, GN 00648, GN 00647, GN
00657, GN 00646, GN 00668, GN 00669, GN 00660 with a land area
approximately 220.53 hectares.
The book value of Bkat's shares in the unaudited consolidated
accounts of BKATIL as at 31 December 2002 is RM1,500,001/-.
EARNINGS PER SHARE
The transaction will not have any impact on the Earnings Per
Share of BKATIL save for the expenses to be incurred in relation
to the above disposal.
NET TANGIBLE ASSETS (NTA) PER SHARE
The transaction is not expected to have any material effect on
the NTA of BKATIL.
SHARE CAPITAL
The transaction will not have any effect on the issued and paid-
up share capital of BKATIL.
SUBSTANTIAL SHAREHOLDERS' SHAREHOLDING
The transaction will not have any effect on the substantial
shareholders' shareholding of BKATIL.
RATIONALE FOR THE TRANSACTION
The rationale for the transaction is to realize BKATIL's
investment in Bkat for a total cash consideration of
RM3,320,000/-, which will be applied towards the reduction of
borrowings and working capital requirements.
APPROVAL REQUIRED
The transaction is not subject to any approvals of any
authorities on compliance to all legislations required for
completion.
DIRECTORS' AND/OR MAJOR SHAREHOLDERS' AND/OR PERSONS CONNECTED
WITH A DIRECTOR OR MAJOR SHAREHOLDERS' INTEREST
None of the directors and/or substantial shareholders of neither
BKATIL nor any person connected to the directors and/or
substantial shareholders of BKATIL has any interest, direct or
indirect, in the transaction.
STATEMENT BY DIRECTORS
The Directors of BKATIL, after having considered all aspects of
the above disposal, are of the opinion that the above disposal
is fair and reasonable and is in the best interest of the
Company.
GEORGE KENT: Issues Change in Boardroom Notice
----------------------------------------------
George Kent (Malaysia) Berhad posted this:
Date of change : 25/03/2003
Type of change : Redesignation
Previous Position : Director
New Position : Non-Executive Director
Directorate : Independent & Non Executive
Name : Dato' Ir. Haji Zaidan bin Haji Othman
Age : 70
Nationality : Malaysian
Qualifications : Master of Science in Engineering from
Northwestern University, USA Postgraduate Diploma in Highway &
Traffic Engineering from Kings College, Durham University,
England and Diploma in Civil & Structural Engineering from
Brighton Technical College, England.
Working experience and occupation : 30 years of experience in
the engineering industry and had held the positions of Director
of Highway Planning Unit (1972-1980), Director General in
Lembaga Lebuhraya Malaysia (1980-1984) and Deputy General of
Jabatan Kerja Raya Malaysia (1984-1988).
Directorship of public companies (if any) : Kinta Kellas PLC
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
Yesterday, Troubled Company Reporter - Asia Pacific reported
that George Kent booked a net loss of RM1.510 million for the 3
months ended 31 January 2003 compared to RM54.228 million net
loss for the same period last year. Go to
http://bankrupt.com/misc/TCRAP_George0327.xlsand
http://bankrupt.com/misc/TCRAP_TCRAP_GeorgeNotes0327.doc,to see
a copy of its Interim Financial Report ended 31 January 2003 and
Notes to the Interim Financial Report ended 31 January 2003,
respectively.
HO HUP: Court Strikes Off Winding-Up Petition
---------------------------------------------
The Board of Directors of Ho Hup Construction Company Berhad
informed that on 25 March 2003 the Kuala Lumpur High Court has
struck off the winding-up petition.
The Company has been served with a winding up petition
(Petition) on 17 March 2003 which was filed by HL Engineering
(M) Sdn Bhd on 27 February 2003. The claim is in respect of
works performed by HL under several subcontracts and no interest
is being claimed by HL.
Negotiations to settle the outstanding amount had been going on
since November 2002. The total amount outstanding then was
RM911,221.76. This amount had been partially settled and the
balance outstanding was RM312,434.12. Further negotiations to
settle the balance outstanding were held with HL and the Company
was surprised to receive the Petition out of the blue on 17
March 2003.
INDUSTRONICS BERHAD: Replies KLSE's Winding Up Petition Query
-------------------------------------------------------------
Industronics Berhad, in reply to Query Letter by KLSE reference
ID: MN-030321-33910 on Winding-Up Petition on associated
companies, PDX Computers Sdn Bhd and PDX.com Sdn Bhd, advised as
follows:
1) The total cost of investment in PDX Computers Sdn Bhd is
RM8,626,521.54
2) The total cost of investment by PDX Computers Sdn Bhd in
PDX.com Sdn Bhd amounted to RM8,800,000.00
KLSE's Query Letter content:
We refer to your Company's announcements dated 20 March 2003 in
respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following
additional information for public release:
1) The total cost of investment in PDX Computers Sdn Bhd; and
2) The total cost of investment by PDX Computers Sdn Bhd in
PDX.com Sdn Bhd.
Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)
KSU HOLDINGS: Unit's Petition Hearing Postponed to May 27
---------------------------------------------------------
KSU Holdings Berhad (KSU) informed that the hearing date for the
Winding-Up Petition on a Wholly Owned Subsidiary, Kumpulan
Sepang Utama Sdn Bhd (KSUSB), has been postponed to 27 May 2003.
On December last year, Troubled Company Reporter - Asia Pacific
reported that property in which KSUSB is developing known as
Taman Kenanga belongs to another subsidiary, Lengkap Lagenda Sdn
Bhd (LLSB). The property was charged to Malaysia Building
Society Berhad (MBSB) for a term loan and bridging loans
facilities granted to KSUSB. As mentioned in the earlier
announcement the filing of the petition is an event of default
of KSUSB's loans from MBSB.
In an announcement made to the Exchange on 29th November 2002,
it was informed that KSUSB was already in default of the same
loans, which had resulted in stoppage of work and failure to
deliver houses to buyers. In view of this situation, the winding
up petition does not add further to the existing difficulties
faced by KSUSB in financial and operational implications. As
KSUSB was the only present operating income of the Group, the
current situation of KSUSB has the same operational and
financial impact on the Group.
MENTIGA CORP.: ABB Claims Outstanding Sum of RM26,787,482.25
------------------------------------------------------------
Reference is made to the Kuala Lumpur High Court Companies No.
D6-28-385-2002: Affin Bank Berhad -Vs- Mentiga Corporation
Berhad, which was presented on May 2, 2002.
Mentiga Corporation Berhad wishes to announce that ABB had on 25
March 2003 served on MCB a Notice of Motion dated 11 March 2003
and the supporting Affidavit affirmed on 10 March 2003 claiming
the outstanding sum of RM26,787,482.25 as at 25 January 2002.
For further info on the above Winding Up Petition, refer to the
Troubled Company Reporter - Asia Pacific Monday, August 26,
2002, Vol. 5, No. 168 issue.
PENAS CORP.: Hires PwC Advisory to Conduct Investigative Audit
--------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Penas Corporation Berhad, is
pleased to announce that Pencorp had on 26 March 2003 appointed
PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC Advisory)
to conduct an investigative audit on Pencorp's previous business
losses in compliance with one of the conditions set by the
Securities Commission in its approval letter dated 2 December
2002.
The Company's Proposals collectively refers to:
(1) Proposed Composite Scheme of Arrangement and Compromise
Repayment to Pencorp's Creditors and Members Pursuant to Section
176 of the Companies Act 1965 (Proposed Scheme)
(2) Proposed Acquisitions of Vintage Tiles Industries Sdn Bhd
(VTI) and Vintage Tiles Holdings Sdn Bhd (VTH) (collectively
Vintage Group) by VTI Vintage Berhad (VVB) (Proposed Acquisition
of Vintage Group);
(3) Proposed Exemption for the Vendors of Vintage Group and
Parties Acting in Concert to Undertake a Mandatory General Offer
to Acquire the Remaining Shares in VVB not Owned by them
(Proposed Exemption);
(4) Proposed Disposal of Pencorp;
(5) Proposed Public Issue and Proposed Offer for Sale;
(6) Proposed Placement of Irredeemable Convertible Unsecured
Loan Stocks; and
(7) Proposed Transfer of Listing Status of Pencorp to VVB.
RAHMAN HYDRAULIC: Originating Summons Court Hearing Set Today
------------------------------------------------------------
Reference is made to the announcement on 14 January 2003 in
relation to the Kuala Lumpur High Court Originating Summons No.
D5-24-184-2002 Speed Operations Sdn. Bhd. & Anor v Rahman
Hydraulic Tin Berhad (Special Administrators Appointed) & 3 Ors
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the Court hearing for the Originating
Summons was held on 25 March 2003 and 26 March 2003. The matter
is now fixed for decision on 28 March 2003.
Further developments on the suit will be announced in due
course.
TAI WAH: FIC, MITI Approve Proposed Restructuring Scheme
--------------------------------------------------------
As announced on 7 March 2003, Ramatex Textiles Industrial Sdn
Bhd has foreclosed on the entire equity interest of Tai Wah
Garments Industry Sdn Bhd (TWGI) pursuant to a Share Charge
Agreement dated 8 October 2001. TWGI ceased to be a subsidiary
with effect from 7 March 2003.
As a result thereof, the Company is an affected listed issuer
having an inadequate level of operations pursuant to paragraph
2.1(b) of PN10/2001.
Being an affected listed issuer, the Company is obliged to do as
follows:
1. makes this announcement herein and
2. comply with obligations as set out in paragraph 6 of
PN10/2001.
In the event the Company fails to comply with any obligations as
set out in PN10/2001, the Exchange may suspend the trading of
the Company's securities and subsequently delist the Company.
In addition to the above, the Company is also an affected listed
issuer pursuant to PN4/2001 and the requirements and obligations
as set out in PN4/2001 will prevail. The Company has submitted a
Proposed Restructuring Scheme that involves a reverse take over
exercise of Versatile Paper Boxes Group of Companies to the
relevant authorities for consideration and approval on 31
December 2002.
FIC and MITI have given their approval to the Proposed
Restructuring Scheme. The obligations as set out in PN4/2001 and
PN10/2001 would be adequately addressed should the Proposed
Restructuring Scheme is successfully completed.
TAJO BHD: Vendors Withdraw Properties Injection
-----------------------------------------------
Tajo Berhad refers to the announcement dated 6 March 2003,
whereby the Securities Commission (SC) had via its letter dated
3 March 2003, rejected the appeal made by Public Merchant Bank
Berhad (PMBB) on behalf of Tajo (Appeal).
Following deliberations on the SC's decision with regards to the
Appeal, Malaysian Assurance Alliance Berhad (MAA) and Tokojaya
Sdn Bhd (Tokojaya), being the vendors of the properties
mentioned below have decided not to proceed with the injection
of the said properties into Tajo as part of the proposed
restructuring exercise.
The properties that will not be injected into Tajo are as
follows:
(i) Property held by MAA
Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 storey retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an approximate total area of 233,685
square feet known as "Menara MAA" located in Penang.
(ii) Property held by Tokojaya
Sixteen (16) subsidiary parcels of commercial space situated on
the Mezzanine, Eighth and Tenth Floors with an approximate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as "Menara MAA" located in Kota
Kinabalu.
In view of the exclusion of the abovementioned properties, the
number of 3% 8-year redeemable convertible secured loan stocks,
1% 5-year redeemable convertible unsecured loan stocks and new
ordinary shares of RM1.00 each in Mithril Berhad (Mithril) to be
issued pursuant to the proposed restructuring exercise will be
reduced correspondingly.
In addition, PMBB on behalf of Tajo, wishes to announce that
Tajo/Mithril and the vendors of Saferay (M) Sdn Bhd and the
properties located in Kota Kinabalu and Kuching, namely Mr. Ong
Kah Huat and Mr. Cheong Chee Yun and MAA respectively, having
deliberated on the conditions imposed by the SC via its approval
letter dated 24 December 2002, have accepted all other terms and
conditions imposed by the SC.
TIMBERMASTER INDUSTRIES: SC Approval Letter Appeal Granted
----------------------------------------------------------
On behalf of Timbermaster Industries Bhd (Special Administrators
Appointed) and the Vendors, Aseambankers Malaysia Berhad is
pleased to announce that the Securities Commission (SC) had via
its letter dated 21 March 2003 approves its appeal against
certain terms and conditions stated in the approval letter
received from SC dated 2 December 2002 (SC Approval Letter).
The approval is subject to:
1. The condition stated in paragraph 5(x) of the SC Approval
Letter wherein the Vendors of Maju Weko Timber Industries Sdn
Bhd (MWTI), Maju Leweko Timber Sdn Bhd, Syarikat Amiziz (M) Sdn
Bhd, Kota Pinang Sdn Bhd, Sesenduk Air Sdn Bhd and Petralman Sdn
Bhd (Vendors Companies) are required to fully settle the related
parties advances prior to the completion of the Proposed
Restructuring of TMIB, can be waived on condition that the
Vendors / Leweko Resources Berhad (LRB) provide undertaking that
the trade debts are from transactions based on an arms-length
basis and the terms are not detrimental to LRB Group and the
said trade debts are collectible within the credit period
imposed;
2. The condition stated in paragraph 5(xv) of the SC Approval
Letter, wherein, MWTI is required to obtain the certificates of
fitness for the land and buildings located on Lots No. 1219,
1220 and 11841 Mukim of Gerik, prior to the implementation of
the Proposed Restructuring Scheme, can be waived on condition
that:
(a) Application for approval on the buildings located on
Lot 1220 has to be submitted to the local authority within 6
months from the date of this approval letter.
(b) MWTI has to use its best endeavor to obtain the
approval and certificates of fitness for factories/buildings
located on Lots no 1219, 1220 and 11841 Mukim of Gerik within 1
year from the date of this approval letter.
(c) MWTI has to inform the SC the status of the
applications (as mentioned in paragraph 2(a) and (b) above) on a
monthly basis until the certificates of fitness for all
factories/buildings located on Lots No. 1219, 1220 and 11841
Mukim of Gerik are issued by the local authority.
3. The condition stated in paragraph 5(xvii) of the SC
Approval Letter wherein the lessee has to provide an undertaking
to register the lease on the title of the land within 6 months
after the title is issued by the relevant authority, can be
waived on condition that the lessee use their best endeavor to
ensure registration of lease on the title of land within 6
months after the individual titles are issued by the relevant
authority and inform the SC the status of the approval on a
monthly basis until such time that the registration is
completed.
4. The SC has no objection for LRB to meet the requirement of
public spread of 25% of its issued and paid-up share capital
within 6 months from the date of listing of LRB, on condition
that the Offeror provide an undertaking to sell such number of
shares in LRB through the open market transaction by way of an
off market placement in order to meet the requirement on the
public spread.
Save as disclosed above, all other conditions stated in the SC
Approval Letter remain.
TONGKAH HOLDINGS: Hires Messrs Thornton as Independent Auditors
---------------------------------------------------------------
Tongkah Holdings Berhad refers to the announcement dated 6
February 2003 whereby, the Securities Commission (SC) had
approved the Proposed Restructuring Scheme via its letter dated
29 January 2003.
Following thereto, Public Merchant Bank Berhad on behalf of the
Board of Directors of THB, is pleased to announce that the
Company had on 26 March 2003 appointed Messrs Shamsir Jasani
Grant Thornton as the independent auditors to carry out an
investigative audit on the past losses of the THB Group pursuant
to one of the conditions imposed by the SC, via its letter dated
29 January 2003.
WEMBLEY INDUSTRIES: Appoints Independent Audit Firm
---------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Wembley Industries Holdings, wishes to announce
that the Company had on 22 March 2003 appointed Messrs. Horwath
as the independent audit firm to carry out the investigative
audit on the past losses incurred by Wembley.
The said appointment is in compliance with one of the conditions
imposed by the Securities Commission in approving the Proposals,
involving:
i. Proposed Capital Reduction and Consolidation;
ii. Proposed Debt Restructuring;
iii. Proposed Rights Issue; and
iv. Proposed Increase in Authorized Share Capital
=====================
P H I L I P P I N E S
=====================
NATIONAL POWER: CSFB, Rivals Aim to Replace Sale Arrangers
----------------------------------------------------------
Credit Suisse First Boston and rivals are trying to replace
Salomon Smith Barney Inc. and Lehman Brothers Holdings Inc. as
arrangers of the government's planned sale of bonds for National
Power Corp. (Napocor).
Ten banks, including Salomon, Lehman, Deutsche Bank AG, HSBC
Holdings Plc, J.P. Morgan Chase & Co. and UBS Warburg, are
competing to manage the sale of $250 million of bonds, said
Edgardo M. del Fonso, President at the agency overseeing the
sale of the government's power plants and transmission lines.
The sale was scrapped last year after Argentina's difficulties
in repaying its debts to the World Bank sent emerging-market
bonds lower.
"The structure on which the mandate was given to Salomon and
Lehman was no longer feasible because of what happened to
Argentina,'" said del Fonso, who heads Power Sector Asset and
Liabilities Management Corp. "The selection will be done in
April. The amount will probably be the same."
The Philippine government wants to sell Napocor's power plants
and transmission lines to reduce electricity prices and raise
money to pay Napocor's debt, which has a net loss that may
double to P84.5 billion this year from 2002.
PHILIPPINE LONG: Unveils 2002 Financial Results
-----------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) said its 2002
revenues grew 14 percent to 80.2 billion pesos ($1.5 billion) in
2002 from a year ago, mainly attributable to Smart's strong
growth in subscriber base, DebtTraders reports.
Smart's GSM subscriber base grew to 6.8 million in 2002 from 4.6
million in 2001. EBITDA rose 12 percent to 42.7 billion. The
worst performing unit was Pitel, which made provisions of 7.2
billion pesos ($135 million). PLDT has also made full provisions
of 4.1 billion ($77 million) for its investment in Piltel.
Despite the provision, PLDT ended up with a net profit of 3.1
billion pesos ($58 million) in 2002, versus 2.8 billion pesos
($52 million) a year ago.
VICTORIAS MILLING: Accepts Gotianun Offer for Capital Injection
---------------------------------------------------------------
The Board of Directors of Victorias Milling Corporation accepted
an offer from the Gotianun family for a capital injection of 300
million pesos, Today Newspaper and AFX Asia said on Wednesday.
The Gotianun family is the major shareholder of medium-sized
commercial bank East West Bank.
The milling firm rejected a parallel proposal from the Gokongwei
group, which coursed its offer through JG Summit Holdings,
because the offer was "too small".
Victorias, which is in the middle of a 15-year rehabilitation
program, is required to come up with an additional 300 million
pesos in 120 days from the election of a new board, which took
place December 16, TCRAP reports. The money will be used to
improve management efficiency and to pay off more retrenched
workers.
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Unveils Interest Rate Risk
---------------------------------------------------
Chartered Semiconductor Manufacturing announced:
Our cash equivalents and short-term investments are exposed to
financial market risk due to fluctuation in interest rates,
which may affect our interest income and the fair market value
of our investments. We manage the exposure to financial market
risk by performing ongoing evaluations of our investment
portfolio and investing in short-term investment-grade corporate
securities. These securities are highly liquid and generally
mature within 12 months from our purchase date. Due to the short
maturities of our investments, the carrying value approximates
the fair value. In addition, we do not use our investments for
trading or other speculative purposes.
We are exposed to interest rate risk on our existing floating
rate debt and on additional debt financing that may be
periodically needed for the capital expenditures associated with
our capacity expansion and new fabs. The interest rate that we
will be able to obtain on debt financing will depend on market
conditions at that time, and may differ from the rates we have
secured on our current debt.
DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.2 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1
CHARTERED SEMICON: Adds Notes to Financial Statements
-----------------------------------------------------
The top five customers of Chartered Semiconductor Manufacturing
Ltd. accounted for 42 percent, 43 percent and 53 percent, of the
Company's net revenue in the years ended December 31, 2000, 2001
and 2002, respectively. As a result, loss or cancellation of
business from, or significant changes in scheduled deliveries or
decreases in the prices of products sold to any of these
customers could materially and adversely affect the Company's
results of operations or financial position. The Company
believes that the concentration of its credit risk in trade
receivables is mitigated substantially by its credit evaluation
process, credit policies, credit control and collection
procedures.
SUBSEQUENT EVENTS
On February 13, 2003, the Company announced that, as a result of
continuing under-utilization of its fabs resulting from the deep
and continuing semiconductor industry downturn, it would close
Fab 1 and consolidate its business currently in Fab 1 into Fab
2. The Company expects to complete this closure by March 2004.
As a result, the Company expects to incur approximately $18 to
$22 million of employee termination benefit costs, contract
termination costs, and other associated costs of consolidating
and closing the facility. These amounts do not include potential
gains on disposition of fixed assets. The Company also expects
this closure to result in the loss of post-pioneer tax status
for Fab 1 with resulting tax expense of approximately $6
million. The change in depreciable lives of the long-lived
assets utilized in Fab 1 resulting from this closure are
expected to increase annual depreciation expense by
approximately $6 million through the date of closure.
In prior years, the Company had implemented an employee bonus
award plan with respect to the payment of bonuses to employees.
In March 2003, the Company cancelled the employee bonus award
plan. As a result, compensation accrued for past services under
the bonus award decreasing compensation expense in the period of
the cancellation-eliminated plan of $28 million.
I.R.E. CORPORATION: Widens FY02 Net Loss to S$19.69M
----------------------------------------------------
I.R.E Corporation booked a net loss of S$19.69 million in the
year to December 2002, versus a loss of S$8.26 a year earlier,
according to Reuters on Tuesday. The losses were due to the
increased losses suffered by the Company, I.R.E. Corporation
(H.K.) Limited, and certain local and overseas subsidiaries. It
expects performance in 2003 to be better than 2002.
The Company is engaged in the provision of building maintenance
and renovation and retrofitting services, and the sale of paints
and building materials.
OVERSEA-CHINESE: Disposes of Unit Shares
----------------------------------------
Oversea-Chinese Banking Corporation Limited OCBC announced that
its subsidiary iPropertyNet Pte Ltd iProp, (in members'
voluntary liquidation) has on 24 March 2003 completed the sale
of its entire 100 percent stake (amounting to two (2) issued
ordinary shares) in the share capital of IP Technology Solutions
Pte Ltd IPTech to Rocky Chia Boon Khong for a nominal
consideration of S$1.00 on a willing-buyer-willing-seller basis.
The sale is part of iProp's ongoing voluntary winding-up
process. Following the sale, IPTech ceases to be a subsidiary of
iProp.
The intended principal activities of IPTech are that of
development of E-commerce applications and other software and
multimedia works including software maintenance. IPTech has not
commenced business activity since its date of incorporation.
The sale of IP Tech is not expected to have any material impact
on the net tangible assets per share or earnings per share of
OCBC for the financial year ending 31 December 2003.
None of the directors or substantial shareholders of OCBC have
any interest, direct or indirect, in the sale of IP Tech.
OCULUS LIMITED: Operating Losses Continue to Narrow
---------------------------------------------------
Oculus Limited, a leading regional innovator, manufacturer and
marketer of contact lenses and contact lens solutions, announced
that the group registered lower operating losses of S$ 1.6
million in second half of 2002 compared with first half 2002
losses of S$ 2.3 million and second half 2001 losses of S$ 3.1
million.
" In light of very difficult operating environments and at the
same time putting through costly internal changes to strengthen
our team, structures and operating systems to enable us to
compete more effectively going forward, we are pleased to be
able to improve our gross profits and margins, contained our
operating expenses and achieve lower operating losses." said Mr
Siew Chee Meng, executive Chairman of Oculus Limited.
" With an expected closing of the announced new equity financing
with Xiang Le Investment Pte. Limited, stronger management team
and leadership with the incoming of Mr Anthony Mak, an improved
high volume disposable product line and stronger operating
systems, we are confident of achieving sustain recovery of our
financial performance going forward. Now that most of the
internal changes that need to take place are behind us, we are
ready to drive and support revenue growth and look forward to
returning the group to profitability." added Mr Siew Chee Meng.
About Oculus Limited
Oculus Limited is a leading innovator, manufacturer and
marketeer of contact lenses and contact lens care products in
the region. It offers a broad line of contact lens products
including disposable daily clear lenses, disposable monthly
color lenses; specialty products such as toric and gas permeable
lenses; primarily under the FreshKon brand. With direct presence
in Singapore, China, Taiwan, Hong Kong and Malaysia, its
products are sold in more than 30 countries in the Asia Pacific
region.
Contact Information
Investor relations
Tel: 6284 5922 Fax: 6284 9277
Lay Hoon LEE, layhoon @ oculuslens.com
===============
T H A I L A N D
===============
DATAMAT PUBLIC: Requests 2002 F/S Submission Time Extension
-----------------------------------------------------------
Reference is made to the Stock Exchange of Thailand's letter no.
406/2546 dated March 11 2003 advising that Datamat Public
Company Limited has to revise its Financial Statements for the
year 2002 to include two new acquired subsidiaries in
Consolidated Financial Statement and apply equity accounting
method for the said investment. In addition the auditor has to
audit another new subsidiaries abroad which its account was
already included in Consolidated Financial Statement and need to
be done within 15 days or on March 26 2003 as stated there in.
The Auditor and Datamat Public Company Limited have been working
as required but cannot finish them in time due to:
1. Two newly acquired companies books of record are being
prepared in the same accounting procedures of Datamat PCL.,
which will be ready for auditing stating form next week.
2. The subsidiaries abroad is now under applying for listing
status in MESDAQ MARKET of Kuala Lumpur Stock Exchange (KLSE)
they are required to maintain the present auditor. However, the
Company has already requested KPMG in Malaysia to audit the
Financial Statements for the year ended 31st December 2002 so
that the auditor can review and express her opinion.
The company and auditor expect to finish the revision by April
25 2003 due to the time need to coordinate between auditor and
KPMG Malaysia and would like to request the Stock Exchange
Commission for the extension of time.
For the additional information in response to the matters stated
in the SET's letter, the company will clarify them together with
the re-submission of the Revision of Financial Statement.
GENERAL ENGINEERING: Proposes Registered Capital Reduction
----------------------------------------------------------
The Board of Director of General Engineering Public Company
Limited, in reference to its deficit Shareholders' Equity as at
December 31,2002 of Bt129.17 and Retains loss of Bt542.43
million due to the rehabilitation plan submission, passed the
following resolutions at a Meeting # 2/2003 held on March 25,
2003:
1. That the meeting approved to decrease the registered capital
from Bt180,000,000 to Bt45,000,000 by reducing par value Bt10 to
Bh2.50. The registered and paid-up capital after decrease shall
be Bt45,000,000 divided into 18,000,000 shares par value is
Bt2.50. This mater shall be proposed to the meeting of the
shareholders for consideration and approval.
2. That the meeting approved to amend of Article 4 of the
Memorandum of Association of the Company to be consistent with
the details of the registered capital decrease. Article 4 of
the Memorandum of Association shall be amended as follows:
"Article 4 Registered Capital Bt45,000,000
Divided into 18,000,000 Shares
Par value Bt2.50
Consisting of on ordinary shares 18,000,000 shares"
This matter shall be proposed to the meeting of shareholders for
consideration and approval.
3. That the meeting approved to amend the Article 4 as follows:
"Article 4 The Company's shares are ordinary shares which every
par value is equal. The Company has the right to issue and offer
for sale to the public bonds, preferred shares and convertible
debentures.
The Company convertible debentures can be convent into the
ordinary shares provide that the shareholder shall submit the
application to convent the shares to Company with share
certificate. The conversion of convertible debentures to
ordinary shares shall come into force begins from the date of
application and the company receiving the application."
This matter shall be proposed to the Meeting of shareholders for
consideration and approval.
4. That the meeting approved to transfer of Company's total
reserve fund, which are reserve found pursuant to the law
totaling Bt2,500,000 and share premium reserve fund totaling
Bt220,000,000 to compensate for the Company's retained loss.
This matter shall be proposed to the meeting of shareholders for
consideration and approval.
5. That the meeting approved to find new investor increase
capital which is during negotiation. The company requires to
renegotiate another round of debt restructuring with financial
creditors.
6. That the meeting approved to appoint Miss kalyarat
Chaivorapongsa or Mr. Winid Silamongkol or Vichaian Thamtrakul
aor Mr. Vairaj Jindamaneepitak of KPMG Phoomchai Audit Limited
auditors of the Company for 2003.
7. That an ordinary general meeting of shareholders # 1/2003
should be held on April 24, 2003 from 9:30 a.m. at Bangkok Golf
Spa Resort Hotel, 99/3 Moo 2 Tivanon Road, Bangkadi Muang
District, Pathumthani Province 12000 with the agenda as
follows:
1. Adoption of the minutes of the Ordinary Meeting of
shareholders No. 1/2002.
2. Approval of the Company's Annual Report and directors'
report for the year 2002.
3. Approval of the balance sheet and profit and loss account
for the year ended December 31, 2002.
4. Approval of the dividend and the directors' remuneration.
5. Election of the directors to replace those retiring by
rotation and appointment of the new directors.
6. Appointment of the auditors and fixation of their audit
fees.
7. Approval of the paid up capital decrease.
8. Approval of the amendment of Article 4 of the Memorandum
of Association and Article 4.
9. Approval of this transfer of Company's reserve fund
pursuant to the law and share premium reserve fund to
compensate for the company's retained loss.
10. Other business (if any)
NATURAL PARK: Issues Capital Increase Report Form
-------------------------------------------------
Natural Park Public Company Limited, having office at No. 88 Soi
Klang (Sukhumvit 49), Sukhumvit Road, Kwaeng Klongton-Nua, Khet
Wattana, Bangkok Metropolis, notified the resolutions of the
Board of Directors Meeting No. 1/2003, held on 25 March 2003, on
the capital increase and allotment of the capital increase
ordinary shares, s follows:
1. Capital Increase
The Board of Directors Meeting No. 1/2003 resolved to
increase the registered capital of the Company from the existing
amount of Bt201,428,715,270 to Bt402,857,430,540, by issuing
20,142,871,527 new ordinary shares, par value of Bt10 each.
2. Allotment of Capital Increase Ordinary Shares.
2.1 The Board of Directors Meeting resolved to allot
20,142,871,527 newly issued capital increase ordinary shares,
par value of Bt10 each, amounting to Bt201,428,715,270.
2.2 Unallotted shares remaining - shares.
3. Setting the Date of Shareholders Meeting for Approval of the
Capital Increase and the Allotment of the Capital Increase
Shares.
The Board of Directors set the date of the Ordinary General
Meeting of Shareholders No. 1/2003, for consideration and
approval of the capital increase and allotment of capital
increase ordinary shares, to be held on 28 April 2003, at 8.00
hrs., at SHANGRI-LA HOTEL, BALLROOM 3, BANGRAK BANGKOK and
fixed the closing date of share registration for entitlement of
the Shareholders to attend the Ordinary General Meeting No.
1/2003 and to subscribe for capital increase ordinary shares,
from 9 April 2003, at 12:00 noon until the Ordinary General
Meeting of Shareholders will adjourn.
4. Approval of capital increase and allotment of capital
increase shares from the government agencies concerned and
conditions of approval (if any).
The Company will register the increase of the registered capital
and the paid-up capital with the Department of Business
Development, Ministry of Commerce, and apply for listing the
allotted capital increase ordinary shares as listed securities
on the Stock Exchange of Thailand.
5. Objectives of capital increase and plans for utilizing
proceeds received from the capital increase.
5.1 For expansion of investment in new projects.
5.2 For acquisition of assets to generate income.
5.3 For use as the working capital of the Company.
6. Benefits received by the Company from capital
increase/allotment of capital increase shares.
6.1 The capital increase will contribute an increase of
the financial liquidity of the Company.
6.2 The capital increase will contribute an increase of
the income of the Company.
7. Benefits received by the Shareholders from capital
increase/allotment of capital increase shares.
7.1 The Company shall maintain the dividend policy to the
Shareholders at approximately 50% of the net profits after
deduction of corporate income tax.
7.2 Investors purchasing the capital increase ordinary
shares in this occasion shall be entitled to dividends from the
operations commencing from the fiscal year 2003 onwards.
7.3 The Company will have the potential to further operate
its business during this economic recession period, which may
result in the Company having opportunity to earn more income in
order that the returns will be further given to the
Shareholders.
8. Other details necessary for the shareholders in support of
their decision in approval of capital increase/allotment of
capital increase shares. -None-
9. Schedule of period of action
The Company certifies that the information contained in this
Capital Increase Report Form is accurate and complete in all
respects.
SCHEDULE FOR ALLOTMENT OF CAPITAL INCREASE ORDINARY SHARES
SUBJECT DATE
Date of Board of Directors resolving for
allotment of the capital increase ordinary shares 25 March 2003
Date of notification of the resolutions to the SET 25 March 2003
Date of closing the share register book 9 April 2003
Date of sending documents to TSD for distributing
to the Shareholders 11 April 2003
Date of publication of Notice of Ordinary General
Meeting of Shareholders in daily newspapers 21-23 April 2003
Date of Ordinary General Meeting of Shareholders
No. 1/2003 28 April 2003
Date of notification of the resolutions to the SET 28 April 2003
Date of sending the letter and subscription form
to the Shareholders 2 May 2003
Date of subscription and payment for capital
increase ordinary shares 12-14, 16, 19 May 2003
Date of subscription and payment for capital
increase ordinary shares of investors in private
placement for remaining shares (if any) 20 May 2003
Date of registration of change of paid-up capital
to Department of Business Development on/before 2 June 2003
THAI DURABLE: SET Lifting 'SP' Sign on April 2
----------------------------------------------
The Stock Exchange of Thailand would like to amend the news of
Thai Durable Textile Public Company Limited entitled, 'SP' SIGN
TO BE LIFTED FROM TDT from "the ceiling and floor limits on the
main board of the securities of TDT will be temporarily removed
on February 2003 to allow the market mechanism to work freely"
to "the ceiling and floor limits on the main board of the
securities of TDT will be temporarily removed on 2 April 2003 to
allow the market mechanism to work freely."
The correct news is as follows:
However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999,the ceiling and floor limits on the main
board of the securities of TDT will be temporarily removed on
February 2003 to allow the market mechanism to work freely.
As the Board of Governors of the SET revised rules on allowing
securities trading of listed companies in the REHABCO sector
with the concept that the companies make certain level of
progress in solving their financial problems and fully disclose
relevant information to investors.
Thai Durable Textile Public Company Limited (TDT) has submitted
the petition for trading reinstatement to the SET because TDT
has completed its debt restructuring agreement by more than 50%
worth of total debts, and the rehabilitation plan has been
approved by its shareholders on 5 February 2003. In addition,
TDT has already disclosed major elements of rehabilitation plan
as specified by the SET's rules (details as on Public SIMS
dated 6 February 2003).
Therefore, the SET decides to lift 'SP' sign from TDT on 2 April
2003 to allow the trading of such securities in REHABCO sector.
Shareholders and investors should follow the companies'
rehabilitation plan and the progression of its operation before
making investment decision.
In addition, 10 major shareholders of TDT, which hold totaling
105,178,500 shares or 35% of its paid-up capital, voluntarily
certify to the SET that their shares will not be sold for the
period of 6 months from the trading date of the TDT (details as
on Public SIMS dated 21 March 2003).
However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of TDT will be temporarily removed on 2
April 2003 to allow the market mechanism to work freely.
UNION MOSAIC: Explains Revised Financial Statement
--------------------------------------------------
The Union Mosaic Industry Public Company Limited, in reference
to its submitted Revised Financial Statement as at December
31st, 2002 that has been reviewed by the Certified Public
Accountant, explained as follows:
1. The Company's auditors, which is the Certified Public
Account, has examined the validity of information in its
subsidiaries' Financial Statement and set up additional reserve
according to the same accounting standard as the Company.
2. As for the value's assessment of machines, the Company has
hired the experts from the machines suppliers to tiles'
manufacturers in Thailand to make an assessment on the Company's
machines that have not been used. And the machines' assessment
has been submitted to the Company's auditors.
3. The total receivable, which is not the same as the
information in Financial Statement, the Company has already
corrected it. And the information on Loan from Directors of
subsidiaries has been forward to the Company's auditors.
As for the measurement to prevent this incident to happen in the
future, the Company has instructed subsidiaries to follow
strictly the same accounting standard as the Company in making
the preparation for the Financial Statement.
UMI's audited annual financial statements:
Audited
Ending December 31, (In thousands)
Year 2002 2001
Net profit (loss) (32,657) (180,064)
EPS (baht) (1.02) (5.63)
UNION MOSAIC: SET Still Suspends Securities Trading
---------------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of The Union Mosaic Industry
Public Company Limited (UMI) from March 5, 2003 because the
company has publicly submitted the SET its audited financial
statement for the year 2002 ending December 31 with the
Disclaimer of Opinion from the information whether the company
have to amend its financial statements.
The SET now has been informed by UMI that UMI amended its
financial statements, therefore, the SET post "SP" sign for
suspended trading on UMI's securities on March 26, 2003 to
enable general investors to have sufficient time to consider the
said information as a whole. The SET will later grant the
company permission to continue trading its securities and still
posts "NP" sign from March 27, 2003 until the SET is informed
that the company amends its financial statements according to
the instruction of the SEC.
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
----- ------ -------- --------- -------------
Asia Pulp & Paper FRN due 2001 1.0 - 2.0 0.0
Asia Pulp & Paper 11.75% due 2005 31.5 - 32.5 +0.5
APP China 14.0% due 2010 30.0 - 32.0 +0.5
Asia Global Crossing 13.375% due 2006 11.75 -12.75 -0.25
Bayan Telecom 13.5% due 2006 14.0 - 16.0 0.0
Daya Guna Sumudera 10.0% due 2007 2.5 - 4.5 0.0
Hyundai Semiconductor 8.625% due 2007 67.0 - 69.0 0.0
Indah Kiat 11.875% due 2002 35.0 - 37.0 -1.0
Indah Kiat 10.0% due 2007 27.5 - 28.5 +0.25
Paiton Energy 9.34% due 2014 84.5 - 86.5 +5.0
Tjiwi Kimia 10.0% due 2004 24.5 - 26.5 +1.5
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 ***