/raid1/www/Hosts/bankrupt/TCRAP_Public/030415.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
Tuesday, April 15 2003, Vol. 6, No. 74
Headlines
A U S T R A L I A
AMP LIMITED: Announces Latest Steps in Restructuring
AMP LIMITED: Moody's Affirms Bank's Ratings; Negative Outlook
ENERGY WORLD: Finalizing Loan Agreement With EWI to Repay Debt
KALREZ ENERGY: Oseil Oilfield Revenue Commences
KINGSTREAM STEEL: Changes Name, Board of Directors
KINGSTREAM STEEL: Manning Replaces Fitzgerald as Secretary
MAYNE GROUP: Hospitals Disposal Completed
MENZIES GOLD: Hallmark Supports Proposed Deed of Co Arrangement
MENZIES GOLF: Proposed Deed of Company Arrangement Approved
POWERLAN LIMITED: Unit Launches PMS V.7 Software
POWERTEL LIMITED: Releases Final Director`s Interest Notice
QANTAS AIRWAYS: Announces More Flexible Domestic Fares
SOUTHCORP LTD: UK On-Trade Distribution Arrangements Terminated
TRANSURBAN GROUP: Issues CARS Offer Additional Information
TRANZ RAIL: S&P Downgrades Rating to 'B-'; CP Rating Withdrawn
C H I N A & H O N G K O N G
ASIA RESOURCES: Appoints Agent for Odd Lot Trading Arrangement
CAN DO: Capital Reorganization Approved at EGM
CHI CHEUNG: Cuts 2002 Operations Loss to HK$20.597M
CIL HOLDINGS: Requests Trading Suspension
CODEBANK LIMITED: Winding Up Petition Slated for Hearing
EMPEROR (CHINA): Hires Emperor Securities for Odd Lot Service
GOOD GAINFUL: Winding Up Hearing Scheduled April 30
GUANGDONG TANNERY: 2002 Net Loss Swells to HK$205.201M
PCCW LIMITED: JV With Telstra Reaches New Loan Terms With Banks
PCCW LIMITED: Posts Connected Transactions
I N D O N E S I A
BANK MANDIRI: Issues US$300M 5-Year Bond Offering
TEXMACO GROUP: FSPC Approves of IBRA Pledging on L/C
J A P A N
AOZORA BANK: Cerebrus Set to Buy All Softbank Shares in Bank
AOZORA BANK: Cerberus' Acquisition Positive for Bank, Says S&P
HUIS TEN: Ripplewood Studies Theme Park Operator
MATSUSHITA ELECTRIC: Expands Business in Vietnam
SEIBU DEPARTMENT: DBJ to Take 14% Stake
K O R E A
HYNIX SEMICONDUCTOR: Resumes Trading After Write-Down
SK CORPORATION: No Intention of Hostile Takeover, Says Crest
SK GLOBAL: Creditors Call For Bailout Plan
SK GLOBAL: Creditors Seek More Help From Affiliates
SK GLOBAL: Suspends Trading for One Day
M A L A Y S I A
AMSTEEL CORPORATION: Estate Land Board OKs Proposed Disposal
KAI PENG: KPV Disposal Completed
LAND & GENERAL: Posts Change in Boardroom Notice
OMEGA HOLDINGS: MITI Endorses Proposed Restructuring Scheme
PAN PACIFIC: Discloses Defaulted Payment Status Update
PSC INDUSTRIES: April 29 EGM Scheduled
TAT SANG: Provides Default in Payment Details
TIME ENGINEERING: Equity Incentive Shares Effectuated
TRANSWATER CORP.: Discloses Unconditional Mandatory Offer Notice
UNITED CHEMICAL: Provides Defaulted Facilities Status Update
P H I L I P P I N E S
BENPRES HOLDINGS: Issues Statement on MWSS, Ondeo Talks
MANILA ELECTRIC: Halts Trading on Refund Order
MANILA ELECTRIC: S&P Reviews Position After Court Ruling
NATIONAL POWER: Trims 2003 Borrowings to $1.2B
NATIONAL STEEL: Credit Agricole Against Debt Restructuring
S I N G A P O R E
EXCEL MACHINE: Petition for Judicial Management Order Pending
FLEXTECH HOLDINGS: Appoints Alternate Director
NEPTUNE ORIENT: Posts Notice of Director's Interest
NEPTUNE ORIENT: Post Changes in Shareholder's Interest
OVERSEA-CHINESE: Dissolves Indonesian Unit
T H A I L A N D
SIKARIN PUBLIC: Changes Shareholders' Meeting Venue
TELECOMASIA CORPORATION: Converts Preferred to Ordinary Shares
TELECOMASIA CORPORATION: SET Grants Listed Securities
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Announces Latest Steps in Restructuring
----------------------------------------------------
AMP Limited has entered into agreements to sell A$2.8 billion in
New Zealand residential mortgages and Australian and New Zealand
property finance loan assets, in line with the restructuring
strategy announced for AMP Banking on 14 November 2002.
HSBC will acquire AMP Banking's A$1.6 billion (NZ$1.7 billion)
residential mortgage portfolio in New Zealand and, subject to
customer consent, accept AMP Banking's A$355 million (NZ$390
million) New Zealand retail deposit portfolio. In addition AMP
Banking will enter into management and funding arrangements with
HSBC over a further A$135 million (NZ$149 million) of mortgages
with mixed residential and commercial characteristics, where the
credit risk is retained by AMP.
GE Commercial Finance will acquire A$1.25 billion ($NZ1.38
billion) in property finance loan assets from AMP Bank and AMP
Finance in Australia and New Zealand.
These divestments are the latest steps to significantly
restructure the operations of AMP Banking, which is now focusing
on providing retail deposits and mortgage products in Australia.
This will allow the Bank to leverage its strong brand name and
strengths in distribution and packaging to grow a profitable,
high-return banking operation.
In New Zealand, AMP's customers and advisers will continue to
have access to banking products through distribution agreements
with HSBC and GE Commercial Finance. In Australia, AMP's
customers and planners will continue to have access to AMP
Banking's suite of retail banking products and will have access
to selected GE Commercial Finance products through a
distribution agreement.
AMP Chief Executive Officer Andrew Mohl said: "These
transactions are the latest step in our restructuring programmed
and are good news for our shareholders, customers and planners.
"For shareholders, they are part of the disciplined execution of
our strategy to restructure our banking operations and free up
significant capital.
"The new distribution arrangements also mean that our planners
and customers still have access to quality products."
Subject to regulatory approval and contractual obligations, the
transfers are expected to complete by the end of the second
quarter of 2003. Final purchase prices will be dependent on a
number of factors, including account balances at the date of
completion.
These transfers follow the sale of the Australian and New
Zealand credit card portfolio to American Express, announced on
23 December 2002, and the proposed transfer of AMP's UK banking
portfolio to Newcastle Building Society announced on 28 March
2003.
The combined proceeds from Monday's transactions are broadly in
line with book value. When combined with the previously
announced transfers, AMP will have achieved a divestment of the
majority of its non-core banking activities at a small premium
to book value.
Discussions continue in relation to the proposed divestment of
approximately A$490 million (NZ$540 million) in rural property
and other property finance loans retained by AMP Bank and AMP
Finance.
AMP is also reviewing the potential outsourcing of various
functions within its core Australian retail banking business.
Decisions on AMP Banking's future outsourcing needs are expected
in the fourth quarter of this year.
AMP has been advised on the transactions announced on Monday by
Caliburn Partnership.
CONTACT INFORMATION: Karyn Munsie
Ph 9257 9870
0421 050 430
AMP LIMITED: Moody's Affirms Bank's Ratings; Negative Outlook
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of AMP Bank
Limited after the bank's announcement to sell A$2.8 billion in
New Zealand residential mortgages and Australian and New Zealand
property finance loan assets.
AMP Bank is rated A3/Prime-2 for long- and short-term deposits
respectively, A3 for senior debt, and Baa1 for subordinated and
junior subordinated debt. The bank financial strength rating is
D. The rating outlook is negative, in line with the negative
rating outlook applied to other rated members of the AMP Group.
According to the rating agency, "This event was consistent with
the bank's strategic reorientation announced last year. AMP Bank
is to focus increasingly on deposit gathering, mortgage
origination in Australia, and cross sales with the rest of the
AMP group. Moody's views this strategy as realistic and with the
potential to boost the bank's financial condition over the
longer term."
The transactions are expected to be completed by the end of June
2003 at an aggregate premium above book value that will depend
on a number of factors, including account balances at the date
of completion. HSBC will acquire AMP's New Zealand NZ$ 1.9
billion (A$1.7 billion) residential mortgage portfolio and
(subject to customer consent), it will also accept NZ$ 390
million in retail deposits. GE Commercial Finance will acquire
NZ$ 1.4 billion (A$1.3 billion) in Australian and New Zealand
property finance loan assets.
"AMP Bank continues to play an integral role in AMP's Australian
business operations. As such, it is expected to continue to
enjoy strong support, underpinning the linkage of its ratings to
those of the broader AMP Group," Moody's said.
ENERGY WORLD: Finalizing Loan Agreement With EWI to Repay Debt
--------------------------------------------------------------
The Directors of Energy World Corporation Ltd (EWC) are pleased
to advise that an agreement is currently being finalized with
the Company's major shareholders, Energy World International
Limited (EWI) to provide loan facilities, repayable in 3 years,
up to an amount of $12.1 Million. The majority of these funds
will be used to repay the Company's debt with Commonwealth Bank
of Australia (CBA) and the balance will be utilized as working
capital for the Company.
These loans will be secured by first ranking fixed and floating
charge and mortgage over all of the assets and undertakings in
Central Energy Australia Pty Ltd and Australian Gasfields Ltd
and a second ranking fixed and floating charge over the
Company's assets and undertakings other than those stated above.
EWC has reached agreement with CBA to permit the above security
arrangements to be implemented and the ASX has granted a waiver
from listing rule 10.1 so that EWC is not required to obtain
shareholder approval in respect of the security to be provided
to EWI for these loans, on the condition that the majority of
the loans will be used to repay CBA debt and the loans are
provided on normal commercial terms and conditions. The terms of
ASX's waiver are attached.
In view of the above developments, EWC is currently negotiating
the documentation with EWI. When the aforementioned arrangements
have been formally concluded, a further announcement will be
made to the Shareholders.
SUMMARY ON THE TERMS OF ASX'S WAIVER (EXTRACTED)
1. Subject to resolution 2, and based solely on the information
provided, Australian Stock Exchange Limited (ASX) grants Energy
World Corporation Limited (the Company) a waiver from listing
rule 10.1 to the extent necessary to permit the Company to
create the following security interests in favor of Energy World
International Limited (EWI) to secure loans totaling $12.1
million to be provided by EWI, without obtaining shareholder
approval.
* A first ranking charge over the assets and undertakings of
Central Energy Australia Pty Limited (CEA)
* A first ranking charge over the assets and undertakings of
Australian Gasfields Limited (AGL)
* A registered mortgage over CEA's Yulara LNG Plant at Alice
Springs
* A registered mortgage over AGL's Gasfield, plants and
pipelines in Queensland
* A mortgage over the Company's shares in CEA
* A mortgage over the Company's shares in AGL
* In respect of the working capital facility, a second
ranking charge over the Company's assets and undertakings other
than those stated above.
2. The waivers in resolution 1 are subject to the following
conditions.
* The majority of the Loan from EWI is used to repay
Commonwealth Bank of Australia (CBA) debt when it is due.
* The terms of the Loan are on normal commercial terms and
conditions.
* The terms of this waiver are immediately released to the
market.
3. ASX has considered listing rule 10.1 only and makes no
statement as to the Company's compliance with other listing
rules.
KALREZ ENERGY: Oseil Oilfield Revenue Commences
-----------------------------------------------
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 May 2003.
On 21st March 2003, Kalrez received its initial payment of
US$116,486.99 for crude oil lifting entitlement for the first
Oseil lifting, completed on February 3rd 2003.
Two further liftings have been completed, on March 4th 2003 and
April 6th 2003.
The fourth tanker commenced loading on April 8th 2003.
This is the first payment received by Kalrez from the Seram JV
and heralds the commencement of regular and ongoing revenue from
the Oseil oil field during its production life.
The current production through the TPS is anticipated to
continue through April 2003, after which the Field Facility that
forms a part of the permanent production and processing
facilities currently under construction should be available.
Production is currently from the three existing wells, Oseil1,
Oseil2 and Oseil4. Plans are being prepared to commence further
development drilling, as part of the Oseil Phase II Plan of
Development in first quarter 2004, to lift production levels.
Kalrez has sunken costs in the Seram JV of US$ 5,823,562.
According to Wrights Investors' Service, at the end of 2002,
Kalrez Energy had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. It has paid no dividends during the last 12
months and has not paid any dividends during the previous 4
fiscal years.
KINGSTREAM STEEL: Changes Name, Board of Directors
--------------------------------------------------
The Deed Administrators of Kingstream Steel Limited (Subject to
Deed Of Company Arrangement) advised that pursuant to the
passing of Resolution 6 by the members of the Company at General
Meeting on Monday, the Company has changed its name to "Midwest
Corporation Limited".
The Company's email address and web site will change as
specified below. All other contact details will remain the same.
Internet (website) Address: www.midwestcorp.com.au
Email Address: info@midwestcorp.com.au
Those people who previously registered on the Kingstream website
to be notified of significant company news will remain on the
mailing list for the new site.
The Australian Stock Exchange (ASX) has advised that the
Company's presence on the ASX will remain as Kingstream with the
listing code of "KSM' until certain corporate matters have been
completed (i.e.: the reconstruction has been successfully
completed).
NEW BOARD TEAM
The members have also appointed three new directors to the Board
of the Company. Mr Jesse Taylor, Mr Stephen de Belle and Mr
Robert Duffin have been appointed and Mr Kenneth Court, Mr Nik
Zuks and Mr Rudi Sirr have all resigned.
KINGSTREAM STEEL: Manning Replaces Fitzgerald as Secretary
----------------------------------------------------------
The Deed Administrators of Midwest Corporation Limited (Subject
to Deed of Company Arrangement) advised that Mr Lawrence
Peter Fitzgerald has resigned as Company Secretary.
The new Board of Directors, with the authority of the Deed
Administrators, has appointed Mr Brett Manning Company
Secretary.
MAYNE GROUP: Hospitals Disposal Completed
-----------------------------------------
Mayne Group Limited advises the Australian Stock Exchange that
further to its announcement on 3 February 2003, Mayne has now
completed the sale of its three Tasmanian hospitals to
Healthscope Limited. The three hospitals are Hobart Private
Hospital, St Helens Private Hospital and Mersey Public Hospital.
The completion on the other hospitals, National Capital
Private Hospital, Geelong Private and Mosman Private has been
delayed due to delays in the assignment of various leases.
Healthscope expects that completion on these remaining hospitals
to be completed within the next two months.
MENZIES GOLD: Hallmark Supports Proposed Deed of Co Arrangement
---------------------------------------------------------------
In 2002 a wholly owned subsidiary of Hallmark Consolidated
Limited, South Murchison Mines Pty Ltd (SMM) (formerly known as
Eaglemist Pty Ltd) advanced to King Solomon Mines Limited (KSM),
a wholly owned subsidiary of Menzies Gold Limited (Menzies), the
amount of $871,000. The Loan was secured by a fixed and floating
charge over the assets and undertakings of KSM, and a guarantee
from Menzies, which was also secured by a fixed and floating
charge over the assets and undertakings of Menzies.
In January 2003, Administrators were appointed to both Menzies
and KSM.
Subsequently Hallmark advised that they intended to work with
the Administrator.
Hallmark advised that it intends to support a proposed Deed of
Company Arrangement (DOCA) for Menzies. The proposed DOCA was
considered at a creditors committee meeting held on 31 March
2003 and further considered at a full meeting of creditors on 11
April 2003. KSM will be placed into liquidation.
Should the creditors of Menzies approve the proposed DOCA and
the creditors of KSM approve the release of Menzies it is then
proposed to call a shareholder's meeting of Menzies to seek
shareholder approval of the DOCA and a number of other matters.
Under the terms of the proposed DOCA the following will occur in
respect to KSM:
1 KSM's plant & equipment, tenements and other assets will
be transferred to Menzies in full and final satisfaction of
Menzies secured and unsecured debts;
2 SMM will provide an absolute release of its claims
against KSM;
3 KSM will be required to pay outstanding rates and
royalties on the tenements to enable the tenements to be
transferred to Menzies;
4 Menzies will replace the KSM performance bonds and inject
$39,000;
5 KSM will release all its claims against Menzies in return
for the above payment;
6 KSM will then be liquidated and a dividend paid to
creditors.
In respect to Menzies:
1 Menzies will acquire the plant & equipment and other
assets as stated above;
2 The debt owing to SMM, which is guaranteed by Menzies,
will be assumed totally by Menzies;
3 Hallmark will facilitate an initial cash injection of
$120,000 and replace the KSM performance bonds ($191,000). The
cash injection will enable Menzies to complete the acquisition
of assets from KSM, make a cash payment to KSM of $39,000 and
make a dividend payment to creditors in full and final
satisfaction of amounts currently outstanding;
4 The transfer of the fixed assets from KSM is in full and
final satisfaction of Menzies secured and unsecured claim
against KSM;
5 Menzies will then proceed to hold a shareholder's meeting
which will consider the re-capitalization of Menzies including a
consolidation of share capital, a capital raising, a change of
name, the appointment of directors, the re-structure of the debt
owing to SMM the terms of which are still to be determined, the
acquisition of the Deflector tenement and the Paynes Find
tenements currently owned or optioned by Hallmark and various
other matters.
It is currently envisaged that shareholder's will be presented
with all available information including an Independent Experts'
report and full details of the proposed capital raising which
will enable the re-listing of Menzies.
The DOCA for Menzies, the liquidation of KSM and the
shareholder's meeting in Menzies will all be interdependent and
the cash injection by Hallmark will not occur until creditors
and shareholders have approved the various matters for their
consideration.
DISTRIBUTION TO HALLMARK SHAREHOLDERS
The Board of Hallmark further advises that it is actively
considering distributing the Menzies shares that it receives as
a result of the creditors and shareholder's approval of the DOCA
to its shareholders. The final decision in respect to this
matter is dependent upon taxation advice and a further
announcement will be made when the matter has been determined.
MENZIES GOLF: Proposed Deed of Company Arrangement Approved
-----------------------------------------------------------
Hallmark Consolidated Limited announced that the creditors of
Menzies Gold Limited (In Administration) (Menzies) voted in
favor of the proposed Deed of Company Arrangement (DOCA) at a
creditors meeting held on 11 April 2003.
The creditors of wholly owned subsidiary King Solomon Mines
Limited (In Administration) voted to place it into liquidation.
A copy of the Administrator's Report Concerning the Affairs of
the Company for both Menzies and KSM can be found at
http://bankrupt.com/misc/TCRAP_MZG0415.pdf.
It is now proposed to attend to all the matters necessary to
satisfy the conditions precedents of the DOCA, which will
include calling a shareholder's meeting of Menzies to seek
approval of a number of matters.
A shareholder's meeting of Hallmark will also be called to seek
approval for a return of capital by the in specie distribution
of shares in Menzies post DOCA.
POWERLAN LIMITED: Unit Launches PMS V.7 Software
------------------------------------------------
Powerlan Limited's unit trust and asset management software
division, Portfolio Manager, announces it is re-branding as
Garradin, and launching Version 7 of its Portfolio Manager
Systems (PMS) software, now rebranded as Garradin Portfolio.
The Garradin system is the only fully integrated unit trust and
asset management software suite in Australia that is accessible
to both enterprise-level and boutique managers. Garradin, which
already has a strong enterprise customer base, also offers a
flexible monthly rental pricing model making it accessible to
smaller managers too.
"Financial services players who hope to maintain a competitive
edge need to keep abreast of cost-effective, efficient and easy-
to-use technologies that help them to automate their unit trust
and asset management systems," explained Garradin business
development director Simon Dominguez. "Our Australian designed
and developed offering, with its monthly rental model, makes it
possible for the growing market of small and medium-sized fund
managers to enjoy the same functionality to which the larger
counterparts have long been accustomed."
The name change from Portfolio Manager System to Garradin - an
Aboriginal term inferring wealth - is also aimed at giving the
company and product a stronger identity in the market as there
are a number of similar, but unrelated product names, which is
causing confusion.
"Selecting an Aboriginal word for our new name reinforces the
fact that our product is Australian developed, meaning that
customers are assured not only of local support but also of
ongoing compliance with complex and ever changing Australian tax
and regulatory requirements," said Dominguez. "US based Advent
Software's recent decision to close its Australian operations
further highlights the importance of having local support."
The latest version (Version 7) of Garradin's automated unit
trust and asset management system boasts significant
enhancements and performance improvements as well as a number of
important new features.
One of these is web capability, improving the information flow
to clients by enabling them to view their latest portfolio
details online. Version 7 also boasts a foreign exchange module
and a payments and receipts module, enabling automatic
reconciliation of bank account entries and transactions.
Enhancements include increased efficiency with interfacing,
hybrid securities, additional building blocks for straight-
through processing, and a substantially improved and
independently certified capital gains tax (CGT) module. The new
Advanced Report Writer now enables the creation and publication
of marketing quality reports, letters and statements.
ABOUT GARRADIN
Garradin Portfolio is a comprehensive multi-currency investment
management system designed for professional investment managers
to manage their portfolio and trading activities in major
domestic and international markets. Key features include the
ability to manage securities trading and settlement, analyze the
composition of portfolios, value and track their performance,
check their compliance against preset rules and mandates,
generate accounting entries, and produce a variety of
operational and management reports, as well as customer
documents.
Garradin Portfolio also incorporates a comprehensive Unitized
Funds subsystem that manages the unit registry and unit pricing
processes. These modules are designed for use in either stand-
alone mode or as an integrated part of Garradin Portfolio.
Garradin Portfolio has been widely accepted by fund managers,
wrap providers, trustees, custodians, banks, stockbrokers,
insurance companies and financial planners and has a significant
market share of some 30 percent of the Australian marketplace.
Clients include Macquarie Bank Wrap, Perpetual Trustees and
Tower Insurance, as well as boutique managers Parker Asset
Management, Austock Brokers and Alpha Investment Management.
Further information can be found at www.garradin.com
According to Wrights Investors' Service, at the end of 2002,
Powerlan Ltd had negative working capital, as current
liabilities were A$106.24 million while total current assets
were only A$61.38 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: Releases Final Director`s Interest Notice
-----------------------------------------------------------
Powertel Limited released this notice:
FINAL DIRECTOR'S INTEREST NOTICE
Name of Company Powertel Limited
ABN 69 001 760 103
We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.
Name of Director John Bumgarner
Date of last notice N/A
Date that director
ceased to be director 24/03/2003
Part 1 - Director's relevant interests in securities of which
the director is the registered holder
Number & class of securities - Nil
Part 2 - Director's relevant interests in securities of which
the director is not the registered holder
Name of holder & Number & class
nature of interest of securities
- Nil
Part 3 - Director's interests in contracts
Detail of contract Nil
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities
to which interest relates
Last month, the 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.
QANTAS AIRWAYS: Announces More Flexible Domestic Fares
------------------------------------------------------
Qantas Airways Limited is overhauling its domestic air fares,
with a new structure for sale from 29 April 2003 for travel from
1 July 2003.
Qantas Executive General Manager Sales and Marketing John
Borghetti said the new fares would provide greater choice and
more flexibility for customers. The new range offers:
* one way fares that can be mixed and matched in any
combination;
* the ability to make itinerary changes right up to the day
before travel for all fares, and right up to departure for
flexible fares;
* the end of 'minimum stay' and 'Saturday night stay away'
restrictions; and
* a more user friendly booking environment for both customers
and travel agents.
"Our customers have told us that they like the fact that our
current fares are priced for value, but that they also want a
simpler, more innovative way of managing their travel," Mr
Borghetti said.
"These new fares will provide greater flexibility by offering
one way fares that can be combined with other fare types to
maximize travel options and suit individual travel needs.
"The fares package will also give customers the opportunity to
change a booking no matter what type of fare has been purchased
with no charge for many fares, and a $27.50* change fee
introduced for heavily discounted fares."
Mr Borghetti said the key feature of the new structure was its
simplicity, with the structure streamlined to offer five fare
types instead of the current 11:
* RED E-DEAL
Qantas' familiar low online only fares, with the new feature of
changes permitted up to the day before travel for a fee.
* SUPER SAVER
An instant or advanced purchase leisure fare, which is still
valid for 12 months in the event of cancellation. Changes also
permitted for a fee.
* FLEXI SAVER
A lower priced business-friendly fare which allows fee-free
changes up to an including the day of travel.
* FULLY FLEXIBLE
As the name suggests, a fully flexible refundable fare which
allows fee-free changes, also up to and including the day of
travel.
* BUSINESS CLASS
Fully flexible and tailored for the business traveler who needs
the freedom to be able to make last minute changes right up to
departure.
"These changes will also allow travel agents to provide an even
higher level of service to their customers," Mr Borghetti said.
"They will be able to amend bookings for their customers with
greater ease and offer fares that more closely fit their
customers' travel needs.
The new structure will also see children's fares** offered
across the full spectrum with the exception of Red e-Deals.
Under the current structure, child fares are offered at 50 per
cent off only the most expensive full adult fare.
* $27.50 change fee per person per one way trip including GST
** Children's fares will now be priced at 80 per cent of Super
Saver and Flexi Saver fares as well as the more expensive fares.
SOUTHCORP LTD: UK On-Trade Distribution Arrangements Terminated
---------------------------------------------------------------
Southcorp Limited announced Monday the termination of its
exclusive United Kingdom on-trade distribution agreement with
Matthew Clark PLC. The termination of the agreement, 14 months
before its due completion date, has been agreed to by Southcorp
following the acquisition of BRL Hardy by Constellation Brands,
which also owns Matthew Clark PLC. The termination involves the
payment of an undisclosed sum to Southcorp.
The termination allows Southcorp to develop both existing and
new arrangements for the UK on-trade market (hotels, clubs,
bars, pubs and restaurants) in a manner which the company
believes will enhance its product mix and profitability from
this channel to the market.
The on-trade agreement with Matthew Clark PLC involved the
distribution of seven of Southcorp's core brands, including
Penfolds, Rosemount, Lindemans and Wynns Coonawarra Estate. An
important part of this arrangement was the distribution of
Southcorp's core brands to the larger on-trade customers through
Matthew Clark's branded wine business, Grants of St James's
Wines.
The termination terms provide that:
* The Grants of St James's Wines customers will transfer to
Southcorp from 1 May 2003. This means Southcorp will assume
direct responsibility for a number of large, well developed on-
trade customers, including Whitbread (via Interbrew), Coors,
Hall & Woodhouse, Coss of Ilford and Christopher Piper amongst
others.
* After 1 July 2003, Matthew Clark Wholesale (part of Matthew
Clark PLC) will continue distribution arrangements for Penfolds
and Wynns Coonawarra Estate, but on a non-exclusive basis.
* The remaining Southcorp brands (including Rosemount,
Lindemans, Seppelt, Seaview and James Herrick) will continue to
be available via Matthew Clark Wholesale until 30 June 2003. By
that time, Southcorp expects to have concluded direct supply
relationships with a number of other UK wholesalers to
facilitate a broader access to the UK on-trade market.
Jeffrey Wilkinson, President of Southcorp Wines Europe,
commented: "We are very keen to develop the UK on-trade market
as it provides excellent brand building opportunities for our
premium portfolio. During the 2002 financial year, the on trade
represented 7% of Southcorp's UK business by value. The change
facilitated by the termination of current arrangements gives us
the opportunity to modify our product mix, remove some lower
value wines, thereby enhancing our product offering to the on-
premise market. We expect the new arrangements being put in
place will broaden Southcorp's access to the on-trade market,
associated with a stronger internal focus and resounding within
the UK region to this important market. This is an exciting
opportunity for us, and a positive development for our
business."
CONTACT INFORMATION: Dr Robert Porter
GENERAL MANAGER, INVESTOR RELATIONS & CORPORATE AFFAIRS
Mobile: 0407 391829
Phone: 02 9465 1203
Facsimile: 02 9465 1181
TRANSURBAN GROUP: Issues CARS Offer Additional Information
----------------------------------------------------------
In relation to the quotation of Convertible Adjusting Rate
Securities (CARS), issued by Transurban Infrastructure
Management Limited as Responsible Entity for Transurban CARS
Trust, which will commence trading on Monday on a deferred
settlement basis, Transurban Group provided the following
information:
1. The CARS were allotted on 14 April 2003.
2. The number of CARS allotted and the number of CARS to be
quoted on the ASX is 4,300,000.
3. All retail applications pursuant to the Prospectus were
satisfied in full.
Last month, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services assigned its
'BBB' long-term rating to the A$430 million convertible
adjusting rate securities (CARS) to be issued by the Transurban
CARS Trust (TCT), a special purpose vehicle for Transurban
group's (Transurban) investment in the Western Sydney Orbital
(WSO) toll road project. The assignment of the final rating
follows the confirmation of final pricing and execution of the
documents, including the underwriting of the total issue amount.
TRANZ RAIL: S&P Downgrades Rating to 'B-'; CP Rating Withdrawn
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered on Monday its long-
term rating on Tranz Rail Holdings Ltd., New Zealand's sole
rail-freight operator, and its guaranteed debt issues
to 'B-' from 'BB+'. The rating change reflects the company's
extremely tight liquidity position, weak financial profile,
recent weakening in its operating performance referenced in its
April 7, 2003, profit warning, and exposure of its operations to
further unfavorable market conditions. The ratings remain on
CreditWatch with negative implications, reflecting the risk of
further deterioration in Tranz Rail's financial flexibility in
the absence of the planned asset sales or commitment from its
banks for further financial support. At the same time, the
rating on Tranz Rail's CP program was withdrawn.
Resolution of the CreditWatch is linked to Tranz Rail's ability
to exhibit an improvement in its financial headroom on the back
of asset sales over the next three months, to achieve its
forecasts, and to continue to enjoy a supportive relationship
with its banks.
Standard & Poor's has agreed with Tranz Rail to discontinue an
interactive rating relationship. Ongoing surveillance of the
rating, and resolution of the CreditWatch will in the future be
based on publicly available information.
================================
C H I N A & H O N G K O N G
================================
ASIA RESOURCES: Appoints Agent for Odd Lot Trading Arrangement
--------------------------------------------------------------
In order to alleviate the difficulties in trading odd lots of
Existing Shares arising from the change in the existing board
lot size of the Existing Shares, Asia Resources Holdings has
appointed KCG Securities Asia Limited (KCG) as an agent to
provide matching services to those Shareholders who wish to top
up or sell their holdings of odd lots of Existing Shares
during the period from Friday, 14th March, 2003 to Monday, 7th
April, 2003 (both days inclusive).
The Company has also appointed KCG as an agent to provide
matching services to those Shareholders who wish to top up or
sell their holdings of odd lots of New Shares (as a result of
the Capital Reorganization) during the period from Tuesday, 8th
April, 2003 to Monday, 19th May, 2003 (both days inclusive).
Holders of Existing Shares / New Shares in odd lots who wish to
take advantage of this facility either to dispose of their odd
lots of Existing Shares / New Shares or to round them up to a
full new board lot may contact Ms. Joe Kwan (Tel.: 2842-1838 and
Fax: 2801-6288) of KCG at Rooms 1914-1917, 19th Floor, Hutchison
House, 10 Harcourt Road, Central, Hong Kong during the aforesaid
period.
The appointed agent, KCG, is an independent third party not
connected with any of the directors, chief executive, or
substantial shareholders of the Company or any of its
subsidiaries or associates (as defined in the Listing Rules).
Holders of Existing Shares in odd lots should note that
successful matching of the sale and purchase of odd lots of
Existing Shares would not be guaranteed. The Shareholders are
advised to consult their professional advisers if they are in
doubt about the above procedures.
CAN DO: Capital Reorganization Approved at EGM
----------------------------------------------
Reference is made to the announcement dated 14th February, 2003
(the Announcement) and the circular dated 19th March, 2003 (the
Circular) issued by Can Do Holdings Limited.
As stated in the Announcement and the Circular, the Capital
Reorganization is conditional on the passing of relevant
resolutions by the Shareholders and/or the holders of the
Preference Shares (as appropriate) at the extraordinary
general meeting of the Company held on 11th April, 2003 (the
"GM), the confirmation by the Court of the Capital
Reduction pursuant to section 60 of the Companies Ordinance, the
registration by the Registrar of Companies of an
off ice copy of the Court order and the minute containing the
particulars required under Section 61 of the Companies
Ordinance, and the Stock Exchange granting approval to the
listing of, and permission to deal in, the Consolidated
Shares then in issue.
The Board announces that at the EGM held on Monday, the
resolutions proposed relating to the Capital Reorganization,
which involves, inter alia, (i) the Capital Reduction and Share
Sub-division, (ii) the Capital Increase and (iii) the Share
Consolidation, were duly passed by the Shareholders. As stated
in the Circular, it is expected that the hearing of the
Company's petition for confirmation of the Capital Reduction
will be heard by the Court on Monday, 30th June, 2003.
Shareholders and holders of the Preference Shares will be
informed of any changes to the expected timetable as set out
in the Circular by press announcement(s). A further announcement
will be made regarding the result of the Court
Hearing, the Effective Date of the Capital Reorganization and
the trading arrangements concerning the existing Shares
and the Consolidated Shares.
In addition, other resolutions proposed to approve, inter alia,
(i) re-designation of Consolidated Preference Shares, (ii)
change of the Company's name, (iii) general mandate for
repurchase of the Company's own shares and (iv) general
mandate for issue of new shares were also duly passed at the
EGM.
CHI CHEUNG: Cuts 2002 Operations Loss to HK$20.597M
---------------------------------------------------
Chi Cheung Investment Company Limited posted its results
announcement summary for the year-end date of 31 December 2002:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 31/12/2002 to 31/12/2001
Note ('000) ('000)
Turnover : 1,198 4,612
Profit/(Loss) from Operations : (20,597) (42,697)
Finance cost : (1,027) (3,948)
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 : (15,624) (46,630)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0053) (0.0157)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (15,624) (46,630)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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. Basis of presentation and comparative figures
The Group has adopted for the following new and revised
Statements of Accounting Practice (SSAP) issued by the Hong
Kong Society of Accountants in preparation of the financial
statements for the current year.
SSAP 1 (Revised) : Presentation of Financial Statements
SSAP 11 (Revised) : Foreign Currency Translation
SSAP 15 (Revised) : Cash Flow Statements
SSAP 34 (Revised) : Employee Benefits
The adoption of these SSAPs has resulted in an inclusion of a
statement of changes in equity, but has had no material effect
on the results for the current and prior years.
2. Loss per share
The calculation of the basic loss per share is based on the loss
attributable to shareholders of approximately HK$15,624,000
(2001: loss of HK$46,630,000) and on the weighted average number
of 2,971,305,343 ordinary shares in issue during both years.
CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
CIL Holdings Limited requested trading in its shares to be
suspended with effect from 9:30 a.m. Monday, (14/April/2003)
pending the release of an announcement of the Company in
relation to the result of the winding up petition.
On March 13, Troubled Company Reporter - Asia Pacific reported
that during the hearing of the Winding-Up Petition, issued
against the Company by Star Dragon Securities Limited, held on
10th March 2003, the Company has made an application to the Hong
Kong Court for an adjournment of the Petition to allow time for
the Company to implement the Scheme with the Scheme Creditors.
CODEBANK LIMITED: Winding Up Petition Slated for Hearing
--------------------------------------------------------
The petition to wind up Codebank Limited is set for hearing
before the High Court of Hong Kong on April 23, 2003 at 10:00 in
the morning.
The petition was filed with the court on February 7, 2003 by To
Yuet Sing of Room 806, Wang Yat House, Lok Fu Estate, Kowloon,
Hong Kong.
EMPEROR (CHINA): Hires Emperor Securities for Odd Lot Service
-------------------------------------------------------------
Emperor (China Concept) Investments Limited advised that
in order to alleviate the difficulties arising from the
existence of odd lots of the New Shares as a result of the Share
Consolidation, it has agreed to procure Emperor Securities
Limited to stand in the market to provide matching services for
the odd lots of the New Shares on best effort basis during the
period from 14th April, 2003 to 9th May, 2003 (both dates
inclusive).
Shareholders who wish to take advantage of this matching
facility either to dispose of their odd lots of shares or to top
up to board lots of 5,000 New Shares, may contact Mr. Wilson Lee
of Emperor Securities Limited at 24th Floor, Emperor Group
Centre, 288 Hennessy Road, Wanchai, Hong Kong at telephone
number (852) 28362601.
Early last month, the Troubled Company Reporter - Asia Pacific
reported that Emperor (China Concept) proposed the Capital
Reorganization, under which the par value of each issued Share
will be reduced from HK$0.50 to HK$0.0001, all unissued Shares
in the capital of the Company will be subdivided into 5,000
shares of HK$0.0001 each and thereafter every 10 shares of
HK$0.0001 each in the issued and unissued share capital of the
Company will be consolidated into one New Share of HK$0.001
each.
GOOD GAINFUL: Winding Up Hearing Scheduled April 30
---------------------------------------------------
The High Court of Hong Kong will hear on April 30, 2003 at 10:00
in the morning the petition seeking the winding up of Good
Gainful Limited.
Fung Fook Shing of Flat B, 6/F., Sheeny Terrace, Tsuen King
Circuit, Tsuen Wan, New Territories, Hong Kong filed the
petition on March 14, 2003. Tam Lee Po Lin, Nina represents the
petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
GUANGDONG TANNERY: 2002 Net Loss Swells to HK$205.201M
------------------------------------------------------
Guangdong Tannery Limited released its financial statement
announcement with a year-end date of 31/12/2002:
Currency: HKD
Auditors' Report: Modified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 31/12/2002 to 31/12/2001
Note ('000) ('000)
Turnover : 529,055 764,929
Profit/(Loss) from Operations : (198,991) (62,571)
Finance cost : (6,387) (15,221)
Share of Profit/(Loss) of
Associates : N/A (154)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (205,201) (72,283)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.3915) (0.1379)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (205,201) (72,283)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 17/06/2003 to
18/06/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. SUMMARY OF REPORT OF THE AUDITORS
An extract from the report of the auditors to the Company for
the year ended 31 December 2002 is as follows:
Fundamental uncertainty - Contingent liabilities
In arriving at our audit opinion, we have considered the
adequacy of the disclosures made in the financial statements
concerning the investigations of the authorities of the People's
Republic of China (PRC) in respect of the irregularities
involving certain former executives of a subsidiary of
the Company. As the investigations of the PRC authorities are
still ongoing, it is not possible to ascertain with any degree
of reasonable certainty the consequential actions that may be
taken by the PRC authorities for the apparent breaches of
certain PRC laws and regulations and the existence or otherwise
of any penalties and claims as a result of the aforesaid
irregularities. As of the date of this report, no provision
has been made in the financial statements for such
contingencies. We consider that appropriate disclosures and
estimates have been made and our audit opinion is therefore not
qualified in this respect.
Opinion
In our opinion the financial statements give a true and fair
view of the state of affairs of the Company and of the Group as
at 31 December 2002 and of the loss and cash flows of the Group
for the year then ended and have been properly prepared in
accordance with the Companies Ordinance.
2. ANALYSIS OF TURNOVER AND LOSS FROM CONTINUING OPERATIONS AND
DISCONTINUED OPERATIONS:
During the year, the Group was principally engaged in the
processing and sale of semi-finished and finished leather, the
sale of merchandise and property investment.
During the year, the Group's businesses in the design,
manufacture and sale of leather ware products and the
manufacture and sale of packaging materials were discontinued as
a result of the Group's disposal of its entire 60% interest in
Alpha Universal Limited and termination of the operation of
Xuzhou Gangwei Colour Package Co., Ltd., respectively.
Continuing operations
(a) the leather processing segment processes raw leather to
finished leather for use in the leather ware products
manufacture industry in Hong Kong and in Mainland China;
(b) the merchandise trading segment purchases commodities
from overseas and sells to customers in Mainland China;
(c) the property investment segment invests in residential
and commercial properties in Hong Kong and Mainland China
for rental income purpose; and
(d) the corporate and other segment mainly comprises the
Group's corporate income and expense items.
Discontinued operations
(a) the leather ware products manufacture and distribution
segment produces leather ware products in Mainland China
and sells them mainly in Hong Kong; and
(b) the packaging materials manufacture and distribution
segment produces and distributes packaging materials in
Mainland China;
Turnover and Loss from continuing operations and discontinued
operations of the Group for the years ended 31 December 2001
and 31 December 2002 are as follows:
2002 2001
HK$'000 HK$'000
TURNOVER
Continuing operations 503,088 711,572
Discontinued operations 25,967 53,357
------------ ---------
529,055 764,929
LOSS BEFORE TAX
Continuing operations (205,002) (19,837)
Discontinued operations (376) (58,109)
----------- ----------
(205,378) (77,946)
3. LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$205,201,000
(2001: HK$72,283,000), and the weighted average of 524,154,000
(2001: 524,154,000) ordinary shares in issue during the year.
No diluted loss per share is presented for the years ended 31
December 2002 and 2001 as there was no diluting events existed
during the years.
PCCW LIMITED: JV With Telstra Reaches New Loan Terms With Banks
---------------------------------------------------------------
Telstra Corporation Limited announced Monday that Reach Ltd, the
50/50 Asian infrastructure joint venture with PCCW Limited,
agreed with its banking syndicate new terms for its US$1.5
billion loan facility, subject to finalization of satisfactory
documentation.
The key elements of the new arrangements are as follows:
* Telstra and PCCW will enter into capacity prepayment
arrangements with Reach to an amount of US$286 million (US$143
million each);
* This amount, together with a drawdown from Reach's own cash
reserves, will be used by Reach to repay US$300 million of the
loan principal (reducing the loan outstanding to US$1.2
billion), and to place US$50 million into escrow for possible
future working capital and interest payment purposes;
* No further scheduled repayments of principal until 31
December 2010 at which time the balance will be due in full;
* Removal of all financial ratio covenants;
* Reach will provide security to its banking syndicate but
the loan remains non-recourse to Reach's shareholders;
* Interest on the remaining loan to be set at LIBOR plus 250
basis points (with a step up on 1 January 2008 to 350 basis
points unless the loan balance has reduced to less than US$900
million);
* Telstra and PCCW will commit to buying a minimum of 90
percent of their relevant international capacity requirements
from Reach at benchmarked arms length prices until the loan is
repaid by Reach;
* Prior obligations between Reach and the Australian-Japan
Cable consortium remain unchanged; and
* Excess Reach cash flow will be shared between the banks (as
to 50 percent), in the form of early principal repayment, and
the shareholders (as to 25 percent each), in reducing the
outstanding capacity prepayments after which excess cash flows
will be directed to repayment of remaining principal.
Telstra Chief Executive Officer, Ziggy Switkowski, said these
new arrangements provided Reach with the financial flexibility
to continue as the leading Asian regional operator for voice and
data connectivity services, while enabling a progressive return
to improved financial results sufficient to meet the
requirements of the new terms within the prescribed seven year
period.
"Telstra is pleased that Reach and its banks have concluded the
revised loan arrangements which accept the changed circumstances
of the industry in which Reach operates," he said.
Dr Switkowski reiterated the importance of the Reach operations,
telecommunications products and services, and reaffirmed
Telstra's support for Dick Simpson, Reach CEO, and his team as
they work to compete in this difficult business sector, and lift
operating performance.
The consequences of the new loan arrangements for Telstra are as
follows:
* Telstra and PCCW remain 50/50 shareholders in Reach;
* The contribution by Telstra to the capacity prepayment will
be funded from the partial early redemption of the US$190
million converting note Telstra holds in PCCW. The balance of
the converting note will then stand at about US$54 million
(including capitalized interest) substantially the same terms as
the original;
* These related transactions mean that there is no new cash
outlaid by Telstra to finance these revised arrangements; and
* The capacity prepayment can be treated as an asset in
Telstra's accounts.
Telstra Chief Financial Officer, David Moffatt, acknowledged the
constructive process of negotiation with the banks, which led to
the agreement between Reach and its lending syndicate.
"Reach now has an appropriate capital structure to enable it to
face the future with confidence," he said.
He further noted that Telstra's balance sheet and financial
settings are unchanged as a result of these new arrangements.
PCCW LIMITED: Posts Connected Transactions
------------------------------------------
The directors of PCCW Limited wish to announce the connected
transactions described below. Each of these transactions has
been previously disclosed both by way of a paid announcement on
April 22, 2002 (relating to transactions A and B below) and a
paid announcement on November 19, 2001 (relating to transaction
C below) and by the inclusion of certain relevant details in the
Company's annual reports and accounts. However, these
transactions constitute connected transactions under Rule
14.25(1) of the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (the Listing Rules) as
modified by the Company's Modified Calculation Concession (see
below) and therefore further disclosure by way of this paid
announcement is required.
A. Connected Transaction with Pacific Century Matrix (HK)
Limited (PC Matrix)
A wholly-owned subsidiary of the Company, PCCW Services Limited
(PCCW Services), provided certain office, management,
administrative and support services to PC Matrix during the year
ended December 31, 2002. The services were provided by PCCW
Services on normal commercial terms and were within the ordinary
course of business of PCCW Services. PC Matrix is a leading
provider of satellite-based broadband network solutions for
broadcasters, Internet service providers, corporations and
content providers across the Asian region. Its headquarters are
in Hong Kong. PCCW Services provides various management,
administrative, office and support services to subsidiaries of
the Company and certain third parties and as such, agreed to
provide these services to PC Matrix. For the year ended December
31, 2002, the total charges for such services provided to PC
Matrix amounted to approximately HK$24.2 million, in respect of
which PC Matrix had paid HK$19.4 million in cash as at December
31, 2002. The charges were negotiated on an arm's length basis
with the charges based on a cost plus arrangement. PCCW Services
is continuing to provide services of a similar scope, and on the
same terms as those referred to above, to PC Matrix.
PC Matrix is a wholly-owned subsidiary of Pacific Century Matrix
Limited (Matrix), a company in which Mr. Li Tzar Kai, Richard,
the Chairman, Chief Executive and controlling shareholder of the
Company, holds an indirect 70 percent (approximately) interest.
The remaining 30 percent (approximately) interest in Matrix is
held by an independent third party not connected with the
directors, chief executive or substantial shareholders of the
Company and its subsidiaries or any of their respective
associates (as defined in the Listing Rules).
B. Connected Transaction with Pacific Century Insurance Company
Limited (PCI)
Following the merger of the Company with Cable & Wireless HKT
Limited (now called PCCW-HKT Limited) in August 2000, the
Company and its subsidiaries (i.e. the enlarged group) have
maintained annually renewable group life and medical policies
with PCI which include life, clinical and hospitalization
coverage for the benefit of employees of the Company and its
subsidiaries. PCI is principally engaged in individual life
insurance, medical and disability insurance, retirement scheme
administration, group insurance and life personal accident
insurance. During the year ended December 31, 2002, the Company
and its subsidiaries (Group) paid to PCI insurance premiums in
cash amounting to approximately HK$6.5 million in respect of
group life and medical insurance coverage for employees of the
Group. PCI is continuing to provide group life and medical
insurance to the Group. The Group has, as at April 4, 2003, paid
to PCI insurance premiums in cash in respect of the current
financial year amounting to approximately HK$4.3 million. The
policies are within the ordinary course of business of PCI, were
negotiated on an arm's length basis, and are on normal
commercial terms. The policies are provided for life, clinical
and hospitalization coverage to employees of the Group in the
ordinary course of the Group's business and are on substantially
the same terms and conditions that are offered by PCI to other
PCI policyholders.
PCI is a wholly-owned subsidiary of Pacific Century Insurance
Holdings Limited, of which Pacific Century Regional Developments
Limited (PCRD) holds approximately 45 percent. PCRD is a
substantial shareholder of the Company.
C. Connected Transactions relating to the lease of certain
office space in Pacific Century Place Marunouchi, Tokyo, Japan
On November 19, 2001 (as disclosed in the Company's announcement
of the same date and in the Company's 2001 Annual Report) PCCW
Communications (Japan) K.K. (PCCW Communications), an indirect
wholly-owned subsidiary of the Company, entered into a five year
lease agreement (the Lease) with Pacific Century Group Japan
Co., Ltd. (PCGJ) regarding the lease of certain office space in
Pacific Century Place Marunouchi, Tokyo, Japan (the Building)
owned by PCGJ at a monthly rent of Yen 7.4 million
(approximately HK$0.5 million) plus other monthly management
expenses and a sub-lease agreement (the Sub-Lease) regarding the
sub-lease of office space in the Building to PCGJ at a monthly
rent of Yen 3.1 million (approximately HK$0.2 million) plus
other monthly management expenses and renovation costs in order
to meet office space requirements. The Sub-Lease has a term of
approximately four years and ten months. PCCW Communications
also entered into a five year lease agreement (the Display
Lease) with The Pacific Century Place Marunouchi Owners Union
(PCPMOU) regarding the lease of space for display of the
Company's logo outside the Building at a monthly rent of Yen
0.95 million (approximately HK$0.06 million). A change was made
to the arrangements described above when, on December 2, 2002,
PCCW Communications entered into an agreement (the Novation)
with PCGJ and a newly incorporated company (New PCGJ Co., Ltd).
The Novation was required in connection with certain financing
arrangements PCGJ entered into with a third party and does not
impact on the substance of the arrangements. Its effect was to
transfer PCGJ's rights and obligations under the Sub-Lease to
New PCGJ Co., Ltd. In the calendar year 2002 PCCW Communications
paid HK$6,143,261 and HK$728,988 under the Lease and Display
Lease respectively and received HK$2,624,674 under the Sub-
Lease.
Li Tzar Kai, Richard indirectly holds a 55 percent interest in
the issued share capital of PCGJ and New PCGJ Co., Ltd. PCGJ is
able to exercise 94 percent of the voting rights of PCPMOU. As
PCGJ, New PCGJ Co., Ltd and PCPMOU are each associates of Li
Tzar Kai, Richard, they are therefore connected persons of the
Company. Accordingly, the arrangements described above
constitute connected transactions for the Company.
=================
I N D O N E S I A
=================
BANK MANDIRI: Issues US$300M 5-Year Bond Offering
-------------------------------------------------
PT Bank Mandiri (Persero) (Bank Mandiri) on Friday announced a
US$300 million offering (the Offering) of senior unsecured fixed
rate bonds due 2008 (the Bonds) off of its US$1 billion Debt
Issuance Program (the Program) to be arranged by Credit
Suisse First Boston, PT Mandiri Sekuritas and UBS Warburg.
The Bonds were priced at 5-year US Treasuries + 425 bps and
carry a coupon of 7% payable semi-annually. The Bonds will
have, subject to obtaining Bank Indonesia approval, a 20%
greenshoe option. Application will be made to list the Bonds
on the Singapore Exchange Securities Trading Limited. Credit
Suisse First Boston and UBS Warburg are acting as Joint
Bookrunners and Joint Lead Managers and PT Mandiri Sekuritas is
acting as a Joint Lead Manager for the Offering.
E.C.W. Neloe, Bank Mandiri's President and CEO noted "When
completed, this represents the largest bond offering out of
Indonesia since the Asian crisis in 1997. The significant over
subscription for the Bonds, with an order book of approximately
US$1 billion, demonstrates investors' strong vote of confidence
for Bank Mandiri and establishes Bank Mandiri, in our view, as
the issuer of choice from Indonesia. Several market observers
were skeptical that we should be launching a bond at this time
in light of the hostilities in Iraq and SARS problems. The
result speaks for itself and I am extremely pleased about the
pricing outcome."
Moody's Investors Services, Standard and Poor's, and Fitch
Ratings recently assigned B3, B-, and B ratings, respectively,
to the Offering.
Bank Mandiri is Indonesia's largest bank in terms of assets,
loans and deposits. Bank Mandiri reported an audited profit
after tax of Rp3.59 trillion (US$400.7 million) for the year
ended 31 December 2002. The Bank employs 17,735 people and has
687 branches as well as four overseas branches/subsidiaries.
TEXMACO GROUP: FSPC Approves of IBRA Pledging on L/C
----------------------------------------------------
The Financial Sector Policy Committee (FSPC) approves the
scheduled signing of Memorandum of Understanding (MoU) between
Bank Negara Indonesia (BNI), the Indonesian Bank Restructuring
agency (IBRA), and Texmaco Group, to pledge for Texmaco Group's
letter of credit (L/C), Bisnis Indonesia reported Friday.
President Director of Bank BNI Saifuddien Hasan confirmed that
the Thursday meeting with FSPC resulted the committee's approval
on the pledging, enabling parties involved to sign the MoU on
Friday.
Meanwhile, IBRA Chairman Syafruddin Arsyad Temenggung stated
that the pledging on Texmaco's US$29 million L/C in arrears is
aimed at rescuing the agreed restructuring scheme. This will
convince BNI that IBRA holds comprehensive control on Texmaco
despite being as a proof to its commitment to control Texmaco
cash flow in order to prevent bad debt.
"If the L/C is cut off, don't save whopping hope that they would
pay their debt to BNI. They don't even pay their debt to us, how
would they settle the L/C arrears to BNI," Temenggung said.
=========
J A P A N
=========
AOZORA BANK: Cerebrus Set to Buy All Softbank Shares in Bank
-------------------------------------------------------------
The Cerberus Group is set to buy all of Softbank Corp.'s shares
in Aozora Bank for 100 billion yen, Japan Times reported Friday.
Cerberus plans to exercise an option that gives it preferential
buyer status to obtain the bank's shares if Sumitomo Mitsui
matches its offer. After becoming the top shareholder in Aozora
Bank, Cerberus plans to dispatch senior executives and work
closely with other major shareholders, including Orix Corp. and
Tokio Marine & Fire Insurance Co., on developing the bank's
operations.
The acquisition by Cerberus would mean that the rehabilitation
of Aozora Bank would be spearheaded by a foreign investor, as is
the case with Shinsei Bank, the former Long-Term Credit Bank of
Japan, which also was nationalized after failing.
AOZORA BANK: Cerberus' Acquisition Positive for Bank, Says S&P
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the planned
purchase of Aozora Bank Ltd. (BBpi) by the U.S.-based Cerberus
group could have a positive impact on the credit quality of the
bank. On April 11, 2003, Cerberus announced its intention to buy
the 49 percent stake in Aozora Bank held by top shareholder
Softbank Corp. While the details of the purchase are yet to be
finalized, if successful, Cerberus will become the largest
shareholder of Aozora.
In determining its ratings on the bank, Standard & Poor's will
assess Aozora's financial outlook and the viability of the
bank's management strategy. This will include whether other
large shareholders, such as ORIX Corp. (BBB/Stable/--), are
willing to continue to provide managerial support to the bank.
Aozora recently reduced its bad loans, and the ratio of loans
classed, as "substandard" net of reserves is lower than at most
of its peers.
Nevertheless, loans to watch-list borrowers increased during the
first half of fiscal 2002, which implies possible pressure on
its asset quality amid the entrenched downturn in the Japanese
economy. As of the end of September 2002, Aozora's Tier 1
capital stood at 12.8 percent, which was higher than its peers.
At the same time, the bank has only a very small exposure to
stock price volatility, but its capital quality is weak due to
the high proportion of preferred shares.
HUIS TEN: Ripplewood Studies Theme Park Operator
------------------------------------------------
Ripplewood Holdings LLC is conducting studies while it considers
providing support to Huis ten Bosch Co., the Japan Times
reports. The U.S. investment fund is one of more than 10
entities mulling support for the revival of failed operator of a
Dutch-style theme park in Nagasaki Prefecture.
Earlier this month, Oriental Land Co., the operator of Tokyo
Disneyland, reportedly expressed interest in joining the
bidding. Huis Ten Bosch filed for court protection from its
creditors in late February with debts of 228.9 billion yen. It
plans to name one Company by early July to sponsor its
rehabilitation.
MATSUSHITA ELECTRIC: Expands Business in Vietnam
------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (MEI), best known
worldwide for its Panasonic brand of consumer electronics and
digital communications products, announced that it has signed a
memorandum of understanding with the Vietnamese Ministry of
Planning and Investment regarding MEI's further business
expansion in the country.
The agreement stated that:
A) MEI will contribute to the enhancement of Vietnam's presence
within the ASEAN region, and to the economic development of
Vietnam through its industrialization.
B) The Vietnamese Ministry of Planning and Investment welcomes
MEI's intentions, and will provide full support and cooperation
in MEI's efforts to expand its business activities.
The signing ceremony was held at MEI's headquarters with Prime
Minister Phan Van Khai of the Socialist Republic of Vietnam in
attendance.
MEI's recent business operations in Vietnam was marked with the
establishment of a manufacturing and sales Company for audio and
video products, Matsushita Electric Vietnam Co., Ltd. (to be
renamed Panasonic AVC Networks Vietnam Co., Ltd. as of May 5),
in Ho Chi Minh City in 1996. As a measure to strengthen its
business operations in the country, MEI will begin feasibility
studies on the establishment of a home appliances manufacturing
and sales Company in Thang Long Industrial Park in the suburbs
of Hanoi, developed by Sumitomo Corporation.
The new Company, Matsushita Home Appliances Vietnam Co., Ltd.
(provisional), is scheduled to commence manufacturing and sales
of home appliances, such as washing machines, refrigerators, and
gas cooking appliances, by the end of this year, with September
as the target. The share capital of the Company totals 900
million yen (approximately US$7.5 million), and the planned
total investment is approximately 2 billion yen. Beginning with
some 100 employees initially, the Company will supply products
for both the domestic and export markets.
About Matsushita Electric Industrial Co., Ltd.
Matsushita Electric Industrial Co., Ltd. (6752), best known for
its Panasonic, National, Technics, and Quasar brands, is a
worldwide leader in the development and manufacture of
electronics products for a wide range of consumer, business, and
industrial needs. Based in Osaka, Japan, the Company recorded
consolidated sales of US$51.7 billion for the fiscal year ended
March 31, 2002. In addition to stock exchanges in Tokyo (TSE:
6752) and elsewhere in Japan, Matsushita's shares are listed on
the Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC),
Pacific, and Paris stock exchanges. For further information,
please visit the Matsushita Electric Industrial Co., Ltd. home
page at: www.panasonic.co.jp/global/top.html
Matsushita Electric Industrial Co. expects a group net loss of
23.5 billion yen for 2002 ending in March 31, the Troubled
Company Reporter-Asia Pacific reported recently. The Company
blamed the forecast on a write-down of 37 billion yen to reflect
the declining value of its
shareholdings.
Contact:
Akira Kadota, Wilson Solano,
International PR, Tokyo
Tel: +81-3-3578-1237 Fax: +81-3-5472-7608
SEIBU DEPARTMENT: DBJ to Take 14% Stake
---------------------------------------
The Development Bank of Japan (DBJ) will purchase common shares
to be issued by Seibu Department Stores Ltd for 1.6 billion yen
to straighten up its finances based on a financial aid package
from creditor banks, Kyodo News said Friday. This will give the
DBJ a 14 percent stake in the department store chain operator,
the report said.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Resumes Trading After Write-Down
-----------------------------------------------------
Shares of Hynix Semiconductor Inc. will resume trading in Korea
after a three-week hiatus when creditors who provided three
bailouts in two years wrote down its shares, Bloomberg reports.
Holders of the stock, which last traded March 26 on the Korea
Stock Exchange, were given 1 common share for every 21 they
owned as creditors forced other shareholders to decrease the
size of their holdings to reflect losses by the Company. The
stock, which last traded at 135 won, is down 52 percent this
year and has plummeted from its 52-week high of 32,235 won last
April.
SK CORPORATION: No Intention of Hostile Takeover, Says Crest
------------------------------------------------------------
Crest Securities, which recently emerged as the largest
shareholder of SK Corporation, the flagship of the SK group, has
reportedly demanded participation rights in the management of
the Company but no intention of a hostile takeover, Digital
Chosun reports.
SK Corporation's shares were well bid despite its accounting
scandal, according TCRAP, citing DebtTraders. Sovereign Asset
Management has bought 8.6 percent of the industrial group in the
last two weeks aiming to replace its management. The Monaco-
based fund became SK Corporation's largest shareholder before
the country's largest oil refiner is suspended from trading on
April 11.
SK GLOBAL: Creditors Call For Bailout Plan
------------------------------------------
Creditors of SK Global Co. are turning up pressures on the
Company to come up with a new set of self-bailout packages,
including financial assistances from other SK companies, the
Korea Herald said Saturday. The creditors may consider
liquidating the Company or putting it under the court
receivership, unless sister units extend sufficient financial
aids for the distressed Company.
Samil Accounting Corporation is currently conducting due
diligence on the firm's financial health. Some domestic creditor
banks estimate SK Global's total liabilities to reach more than
4 trillion won, which is 2.5 trillion won more than their
earlier estimate.
SK GLOBAL: Creditors Seek More Help From Affiliates
---------------------------------------------------
SK Global Creditors are seeking more help from other affiliates
to extend more support to the troubled firm, according to
Reuters on Saturday. The Company is expected to draw up a new
round of self-rescue measures by April 15, after the detection
of its $1.2 billion accounting fraud in March mauled financial
markets for weeks.
In the wake of the accounting scandal, SK Global unveiled a plan
to raise a total of 4.2 trillion won ($3.42 billion) over the
next five years. But creditors, led by the Company's biggest
local lender, Hana Bank, urged SK Global to do more.
The Dong-a Ilbo newspaper said on Saturday the lenders of SK
Global wanted two core units of the SK Group -- SK Corp and SK
Telecom Co -- to provide more bailout to the debt-laden trading
arm. Otherwise, the lenders will move to put SK Global into
court receivership or seek its liquidation, the report said.
SK GLOBAL: Suspends Trading for One Day
---------------------------------------
Trading in shares of SK Global will be suspended for one day on
April 14 after its failure to report a sale of assets, according
to Reuters, citing a statement from the Korea Stock Exchange.
Trade will resume on April 15, the exchange said.
Creditors of SK Global agreed in mid-March to a three-month
reprieve on 6.7 trillion won ($5.45 billion) of debt payments to
stave off a default after a $1.2 billion accounting fraud at the
Company last month. Shares in SK Global, which have fallen
almost 60 percent since the accounting fraud came to light,
closed 3.2 percent lower on Friday at 2,440.
===============
M A L A Y S I A
===============
AMSTEEL CORPORATION: Estate Land Board OKs Proposed Disposal
------------------------------------------------------------
Amsteel Corporation Berhad refers to the announcements made by
OSK Securities Berhad (OSK) on behalf of the Board of Directors
of Amsteel (Board) on 27 August 2002, 28 January 2003 and 7
March 2003 regarding the Proposed Disposal by Henrietta Rubber
Estate Limited (Henrietta), a wholly-owned subsidiary of
Akurjaya Sdn Bhd, which is in turn a 70% owned subsidiary of
Amsteel Corporation Berhad (Amsteel), of 900.87 acres of
Freehold Agricultural Land in the Tanjung Rambutan Estate within
the town boundary of Tanjung Rambutan and the Mukim of Hulu
Kinta, district of Kinta, Perak Darul Ridzuan for a cash
consideration of RM27,927,049 (Proposed Disposal).
On behalf of the Board, OSK is pleased to announce that
Henrietta had on 10 April 2003, obtained the approval of the
Estate Land Board with regards to the Proposed Disposal pursuant
to section 214A of the National Land Code. As such, all
conditions precedent in relation to the Proposed Disposal have
been fulfilled.
KAI PENG: KPV Disposal Completed
--------------------------------
Kai Peng Berhad refers to an advertisement in the Star dated 10
April 2003 with regards to a Winding-up Petition by Renold
(Malaysia) Sdn Bhd served on Kai Peng Vessels Sdn Bhd (KPV).
Kai Peng wishes to inform that the said disposal of KPV has been
completed to-date. Therefore, KPV is no longer a subsidiary of
Kai Peng Berhad. As such, the Winding-up Petition will have no
financial and operational effect on the Kai Peng Group.
LAND & GENERAL: Posts Change in Boardroom Notice
------------------------------------------------
Land & General Berhad posted this notice:
Date of change : 11/04/2003
Type of change : Redesignation
Previous Position : Chairman
New Position : Chairman
Directorate : Independent & Non Executive
Name : Datuk Oh Chong Peng
Age : 58
Nationality : Malaysian
Qualifications : Fellow of Institute of Chartered
Accountants, England and Wales
Working experience and occupation : Datuk Oh Chong Peng was
previously the senior Partner of Coopers & Lybrand,
Malaysia from 1974 until his retirement in 1997. Datuk
Oh sits on the Board of several public listed companies
as tabled below. He is a Government appointed Member of
the Labuan Offshore Financial Services Authority
(LOFSA) and a Trustee of the Huaren Education Foundation
and the UTAR Education Foundation.
Directorship of public companies (if any) :
1. Star Publications (Malaysia) Berhad
2. Powertek Berhad
3. British American Tobacco (Malaysia) Berhad
4. Nanyang Press Holdings Berhad [Chairman]
5. Renong Berhad
6. IJM Corporation Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : None
COMPANY PROFILE:
Originally a sawmiller, trader in sawn timber and also a
manufacturer and trader in timber mouldings, the L & G Group
subsequently expanded its activities to include real estate
development, timber logging and downstream processing,
manufacturing of polyvinyl chloride resins, compound and PVC
products, marine transportation and support services to the oil
and gas sector, education, and high technology.
Currently, the businesses of the L&G Group are divided into
property development and investment. Property development is the
main core business activity.
Among its property development projects are Bandar Sungai Buaya,
Lembah Beringin and Bandar Sri Damansara.
Subsidiary, Sri Damansara Sdn Bhd is the developer of Bandar Sri
Damansara, the Group signature development. Bandar Sri Damansara
is located north west of central Kuala Lumpur and has easy
access to various expressways including the North-South
Expressway and the Damansara-Puchong Expressway. Measuring 1,259
acres, It is substantially developed. As an integrated self-
sufficient township, Bandar Sri Damansara has a comprehensive
development mix of residential, commercial and industrial units
as well as social facilities, schools, a college, a mosque and a
recreation club.
Another subsidiary, Lembah Beringin Sdn Bhd (LBSB) is the
developer of Lembah Beringin. The development is situated in the
northern part of Selangor, and 35 minutes drive from Kuala
Lumpur. Lembah Beringin comprises approx. 2,700 acres, of which
2,000 acres have been opened for development. The township is
serviced by an interchange with the North-South Expressway.
Presently, Lembah Beringin offers residential, commercial and
industrial units, a public golf course and a college. A primary
school is expected to be completed in 2003.
Bandar Sungai Buaya is developed by subsidiary, Bandar Sungai
Buaya Sdn Bhd. The township is in the area of Ulu Selangor,
Selangor. It comprises residential, commercial and industrial
units. Since 1996, Bandar Sungai Buaya has launched over 3,300
units of which 90% have been sold.
The L&G Group also holds various other property interests which
are largely self-funding or currently dormant. Notable interests
include the World Trade Centre, Hidden Valley and Flinders Wharf
all located in Melbourne, Australia, and the Plaza Putra,
Dataran Merdeka, Kuala Lumpur.
The L&G Investment division comprises mainly education, timber
and oil and gas operations.
Education operations provide quality educational facilities and
services from kindergarten to tertiary level. The Group offers a
full range of co-educational schooling through Sekolah Bestari,
a private school, and Manjaria Kindergarten at Bandar Sri
Damansara. In addition, it operates a private higher education
institution, the L&G Twintech Institute of Technology, which has
a branch campus in Kuching, Sarawak.
L&G's forestry and timber interests are represented by sub-
subsidiaries under Overseas & General Limited (OGL), which is
listed on the Australian Stock Exchange. The OGL group holds a
timber concession, sawmill and moulding and kiln-drying plant in
Fiji.
L&G also holds a 17.15% stake in ANSAD Petrol JV, which pursues
oil and gas exploration and production activities in the
Republic of Azerbaijan.
The Group is presently pursuing the restructuring of its
financial obligations to contractors, creditors and bank lenders
as well as its Euro convertible bondholders. On 20.5.02 L&G made
a Bumi Armada Berhad (BAB) swap offer involving the settlement
of approx. RM207m owing by the L&G Group to financial
institutions and bondholders in exchange for 29,634,164 shares
of BAB owned by the L&G Group. On 5.9.02, L&G completed the
swap. As part of the debt restructuring, L&G also proposed
settlement of its remaining indebtedness due to financial
institutions and bondholders amounting to approx. RM450m.
Approval from the FIC for the scheme was obtained on 8.8.02. The
scheme is currently pending approval from SC, BNM, KLSE and
shareholders of L&G.
Meanwhile, the Group is undertaking a programmed to dispose of
its non-core assets. To-date L&G has disposed its entire equity
interests in Armada Tankers Sdn Bhd, Cakara Alam (PNG) Ltd (held
through subsidiary Overseas & General Ltd), and Perlis
Consolidated Sdn Bhd. Other disposals pending completion are
Industrial Resins (Malaysia) Berhad and Kinley Trading Limited
(ultimately the disposal of PT Wapoga Mutiaria Industries).
On 20 August 2002, L&G successfully completed the termination of
the JV with KL-Kepong Property Holdings Sdn Bhd in relation to
the joint- development of Lembah Beringin. The termination
resulted in L&G holding 100% equity interest in Lembah Beringin
Sdn Bhd and other subsidiaries.
On 12 August 2001, subsidiary Bandar Sungai Buaya Sdn Bhd (BSB)
defaulted on its financial obligation to redeem 41,000
redeemable preference shares amounting to RM41,000 and to settle
a deferred cash payment of RM28,464,264 which represent partial
settlement of the purchase consideration for the acquisition of
3,094.5 acres of land in 1996 by BSB from Murna Jaya Development
Bhd (MJD). On 9 August 2002, the Company and BSB agreed to
terminate the JVA entered with MJD for the development of Bandar
Sungai Buaya township. BSB, as a result, would return land
measuring in aggregate approx. 1,617 acres to MJD. This proposal
is pending approval of KLSE and shareholders of L&G.
CONTACT INFORMATION: 2nd Floor, 7 Persiaran Dagang
Bandar Sri Damansara
52200 Kuala Lumpur
Tel : 03-6275 7788;
Fax : 03-6277 7061
OMEGA HOLDINGS: MITI Endorses Proposed Restructuring Scheme
-----------------------------------------------------------
Omega Holdings Berhad refers to its Proposed Restructuring
Scheme which was submitted to the Securities Commission (SC) on
31 January 2003 and announced on 5 February 2003, and entails:
(i) Proposed Acquisition of Omega by Newco;
(ii) Proposed Scheme of Arrangement;
(iii) Proposed Transfer of Business;
(iv) Proposed Acquisition of Milan Auto Corporation (M) Sdn
Bhd, a wholly-owned subsidiary of Milan Auto (M) Sdn
Bhd (MA) by Newco;
(v) Proposed Waiver from the Mandatory Take-Over Offer
Requirement;
(vi) Proposed Special Issue of Shares;
(vii) Proposed Offer For Sale of Settlement Shares By
Creditors;
(viii) Proposed Offer For Sale of Shares by MA;
(ix) Proposed Listing Transfer; and
(x) Proposed Disposal of Omega Group.
In respect of the application to the Ministry of International
Trade and Industry (MITI) on 10 February 2003 with regards to
the Proposed Restructuring Scheme, Affin Merchant Bank Berhad,
on behalf of the Board of Directors of Omega, is pleased to
announce that the MITI vide its letter dated 9 April 2003, has
no objections to the Proposed Restructuring Scheme.
The approval from the MITI is subject to the following:
1. The approval from the Foreign Investment Committee, which
was obtained on 31 March 2003 and the relevant
announcement was made on 2 April 2003; and
2. The approval from the SC, which is pending.
The entire allocation of 30,000,000 Special Issue of the Newco's
shares which is 16.9% of the enlarged share capital, is subject
to a separate approval from the MITI after the SC has approved
the Proposed Restructuring Scheme.
PAN PACIFIC: Discloses Defaulted Payment Status Update
------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad announced the
Default in Payment as at 31 March 2003 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001,
which is detailed at
http://bankrupt.com/misc/TCRAP_PPAB0415.xls.
The Board also informed that there are no material changes in
PPAB's status of default from the date of last announcement
until 31 March 2003.
PSC INDUSTRIES: April 29 EGM Scheduled
--------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
PSC Industries Berhad (PSCI or the Company) will be held at the
Cempaka Room, Mezzanine Floor, Hotel Equatorial Kuala Lumpur,
Jalan Sultan Ismail, 50250 Kuala Lumpur on Tuesday, 29 April
2003 at 9:30 a.m., or any adjournment thereof, for the purpose
of considering and if thought fit, passing the following
ordinary resolution:-
ORDINARY RESOLUTION - PROPOSED BONUS ISSUE
Proposed Bonus Issue Of 79,129,174 New Ordinary Shares Of RM1.00
Each On The Basis Of One (1) New Ordinary Share For Every One
(1) Existing Ordinary Share Held (Proposed Bonus Issue).
"That subject to the approvals of the Kuala Lumpur Stock
Exchange and all other relevant authorities for the listing of
and quotation for the 79,129,174 new ordinary shares of RM1.00
each to be issued hereunder, the Directors of the Company be and
are hereby authorized and empowered to capitalize a sum of
RM79,129,174 from the Company's latest audited Share Premium
Account as at 31 December, 2001 AND THAT the Directors be and
are hereby authorized to apply the said sum and to issue at par
79,129,174 new ordinary shares of RM1.00 each credited as fully
paid-up and such shares to be allotted to the registered
shareholders of the Company whose names appear in the Register
of Members or Record of Depositors at the close of business on a
date to be determined by the Directors on the basis of one (1)
new fully paid-up ordinary share of RM1.00 each for every one
(1) existing ordinary share of RM1.00 each held, fractions of a
share to be disregarded and shall be dealt with by the Directors
as they may deem fit to the benefit of the Company AND THAT such
new ordinary shares will, upon allotment and issue, rank pari
passu in all respects with the existing issued and paid-up share
capital of RM79,129,174 comprising of 79,129,174 ordinary shares
of RM1.00 each in PSCI, except that they will not be entitled to
any dividends, rights, allotments or other distributions which
may be declared, made or paid, prior to the date of allotment of
the Bonus Shares AND THAT the Directors be and are hereby
authorized to give effect to the Proposed Bonus Issue with full
power and discretion to assent to any conditions, variations,
modifications and/or amendments deemed necessary in any manner
as may be required by the relevant authorities, and to deal with
all matters relating thereto and to take all steps and do all
acts and things in any manner as they may deem necessary or
expedient in the best interest of the Company in connection with
the Proposed Bonus Issue, for and on behalf of the Company."
TAT SANG: Provides Default in Payment Details
---------------------------------------------
Tat Sang Holdings Berhad provided an update on the details of
all banking facilities, which are currently in default as per
attached Table 1 at
http://bankrupt.com/misc/TCRAP_TatSang0415.doc.
The Company wishes to inform that the hearing date of the
following legal suits are fixed as follow:
1. Standard Chartered Bank (M) Berhad - VS - Mercuries Muar
Wooden Furniture Mfg Sdn. Bhd. (MMWF) at Kuala Lumpur High Court
Suit No : D5-23-1051-2001
Decision : The above suit case which came up for Decision of the
Plaintiff's Application for Summary Judgment on 1 August 2002.
The Senior Assistant Registrar allowed the Plaintiff's
application and recorded Summary Judgment against all the
defendants. Our Solicitors have filed an Appeal to the Judge in
Chambers. On 14 March 2003, the learned Judge has dismissed the
Appeal with costs. Our Solicitors have to within 30 days from 14
March 2003 to lodge our Appeal against the decision to the Court
of Appeal.
2. Malayan Banking Berhad (MBB) - VS - MMWF at Muar High Court
Suit No. : 23-108-2001
Decision : Based on the outcome of the hearing on 10 October
2002, our Solicitors have managed to set aside the aforesaid
Summary Judgment against all the Defendants. As the dispute is
on the amount claimed by MBB, Interlocutory Judgment against all
the Defendants. As the dispute is on the amount claimed by MBB,
Interlocutory Judgment was instead entered by consent with
amount to be assessed before the Senior Assistant Registrar
based on the rate as specified in the letter of offer dated 19
August 2000. MBB will not be able to enforce or execute the
aforesaid Interlocutory Judgment until the amount to be
calculated is agreed upon by the parties. The Senior Registrar
of the Muar High Court will fix the assessment of the actual
amount due to the Plaintiff on 9 May 2003.
3. Bumiputra-Commerce Bank Berhad - VS - MMWF at Muar High Court
Suit No : 23-76-2001
Hearing date : An application to amend the Writ of Summons and
Statement of Claims dated 16 May 2002 and application for
Summary Judgment which was fixed for hearing of the Order 14
Application on 20 June 2002 has fixed for decision on 23 August
2002.
Decision : The Judgment was obtained on 23 August 2002, the
plaintiff's application for Summary Judgment against the
defendants were allowed by the Senior Assistant Registrar.
Notice of Appeal was filed and the hearing date was fixed on 9
December 2002. The next hearing date for the appeal which was
fixed on 6 February 2003 has postponed to 19 May 2003.
4. Bank Pembangunan & Infrastruktur Malaysia Berhad ("BPIMB") -
VS - MMWF & TSHB
Suit No. : 23-54-2002
Status of the suit: Memorandum of Appearance was filed on 25
July 2002 and our solicitors had filed in defense on 8 August
2002. Hearing date was fixed on 28 November 2002. The BPIMB had
filed an application for Summary Judgment under Order 14 of the
Rules of the High Court 1989 together with the necessary
affidavit in support of application for the aforesaid sum. The
next hearing date has been postponed from 15 January 2003 to 20
February 2003 and subsequently to 20 March 2003.
Decision : Based on the outcome of the hearing dated 20 March
2003, Judgment in default has been obtained against MMWF & TSHB.
Our Solicitors have to file in the appeal to the Judge in
Chambers and the next hearing date is fixed on 16 June 2003.
TIME ENGINEERING: Equity Incentive Shares Effectuated
-----------------------------------------------------
Time Engineering Berhad refers to the announcement on 27 March
2003 in relation to the Transfer of 8,144,881 Ordinary Shares of
RM1.00 each of TIME Dotcom Berhad (Equity Incentive Shares) to
persons who were Holders of RM3,945,832,278 Nominal Value Zero
Coupon Redeemable Secured Notes 2000/2002 (Notes) issued by TIME
on 26 December 2000 and Redeemed in bull by TIME on 13 March
2001 .
TIME informed that it has obtained the approval of Malaysian
Central Depository Sdn Bhd to effect the transfer of 8,144,881
ordinary shares of RM1.00 each of TIME dotCom Berhad (Equity
Incentive Shares) to persons who as at 13 March 2001 were
holders and beneficial owners of the Notes (Noteholders) fully
redeemed by TIME on the said date.
Universal Trustee (Malaysia) Berhad, the Trustee acting for the
Noteholders, shall effect the transfer of Equity Incentive
Shares to the Noteholders effective from 7 April 2003.
With this, the obligations of the Company to transfer the Equity
Incentive Shares to the Noteholders pursuant to the Composite
Scheme of Arrangement under Section 176 of the Companies Act
1965 have been fully performed.
TRANSWATER CORP.: Discloses Unconditional Mandatory Offer Notice
----------------------------------------------------------------
In relation to the announcements dated 30 August 2002 to 9 April
2003 regarding to the Corporate Proposals of Transwater
Corporation Berhad (TCB).
The Share Sale Agreement dated 30 August 2002 entered into
between Berjaya Group Berhad and TCB became unconditional on 11
April 2003. The completion of the acquisition of 100% stake in
Berjaya Systems Integrators Sdn Bhd (BSI) was duly effected on
11 April 2003 and this resulted in TCB effectively (via BSI)
owning 51% equity interest in Hyundai-Berjaya Sdn Bhd (HBSB).
Consequently, TCB is obliged under the Practice Note 2.1 of the
Malaysian Code on Take-overs and Mergers, 1998 (Code), to extend
a mandatory offer to acquire all the remaining 49% equity
interest in HBSB which are not already held by TCB and persons
acting in concert with TCB (excluding 51% equity interest in
HBSB held by BSI).
Accordingly, on behalf of TCB, AmMerchant Bank Berhad (formerly
known as Arab-Malaysian Merchant Bank Berhad), had on even date
served the notice of mandatory offer by TCB to the Board of
Directors of HBSB (Notice) to acquire the remaining 11,025,000
Shares in HBSB representing 49% of the issued and paid-up share
capital of HBSB, which are not already held by TCB and persons
acting in concert with TCB. The offer is at a price of
approximately RM4.44 per Share of HBSB or at a total
consideration of RM49,000,000 to be satisfied by an issuance of
a total of 49,000,000 new TCB Shares.
TCB noted that HBSB had acknowledged receipt of the Notice on 11
April 2003.
The text of the Notice can be found at
http://bankrupt.com/misc/TCRAP_TCorp415.doc.
UNITED CHEMICAL: Provides Defaulted Facilities Status Update
------------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) wishes to inform that there are no new significant
developments in relation to the various defaults in payment
further to the announcement on 10 March 2003.
The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Details are
as per Table A at http://bankrupt.com/misc/TCRAP_UCI0415.xls.
=====================
P H I L I P P I N E S
=====================
BENPRES HOLDINGS: Issues Statement on MWSS, Ondeo Talks
-------------------------------------------------------
Benpres Holdings Corporation issued a statement on reported
talks between Waterworks and Sewerage System (MWSS) and Ondeo
Philippines, the partner of Benpres Holdings Corporation in
Maynilad Water Services, Inc. The talks between Government and
Ondeo are exploratory in nature. Benpres is receptive to a
compromise solution and welcomes Ondeo's proposal to increase
its technical participation in managing the business of
Maynilad.
Benpres's main objective is to protect its investment and manage
its exposure in Maynilad going forward. In line with its Balance
Sheet Management Plan, Benpres is committed as stockholder of
Maynilad to continue to pursue the arbitration process unless a
mutually acceptable solution is reached between Maynilad and
MWSS with the concurrence of Maynilad's creditors.
Ondeo Philippines, the French partner of Maynilad Water Services
Inc, has presented to the Metropolitan Waterworks and Sewerage
System (MWSS) a five-year business plan for Maynilad's water
supply operation in western metropolitan Manila, TCRAP reported
recently, citing MWSS administrator Orlando Hondrade. Ondeo
Philippines (formerly Lyonnaise des Eaux) owns 40 percent of
Maynilad Water, a water concessionaire majority-owned by Benpres
Holdings Corporation.
For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1116_BPC.pdf
MANILA ELECTRIC: Halts Trading on Refund Order
---------------------------------------------
The Philippine Stock Exchange has suspended trading in Manila
Electric Company (Meralco A and B) shares pending clarification
from the Company about the over-billing refund order from the
Supreme Court, AFX Asia said on Friday. Meralco, in a disclosure
to the exchange, said it received a copy of the Supreme Court
decision after office hours yesterday.
It said its management is awaiting a briefing on the Supreme
Court's ruling from its lawyers.
MANILA ELECTRIC: S&P Reviews Position After Court Ruling
--------------------------------------------------------
Standard & Poor's Ratings Services is currently reviewing Manila
Electric Co.'s (Meralco; B-/Negative/--) financial and operating
position, in response to a decision by the Philippines' Supreme
Court to uphold its 2002 ruling that Meralco reduce its tariff
rates by Philippine peso (PhP) 0.17 per kilowatt-hour
retroactively to February 1998 and refund overcharged customers.
The rating service agency is studying the implications, and the
likely impact the ruling will have on the Company. The amount to
be refunded is estimated at between 8 billion pesos and 28
billion pesos. Given Meralco's already weak liquidity position,
immediate enforcement of the envisaged refund could negatively
affect the rating on the Company.
NATIONAL POWER: Trims 2003 Borrowings to $1.2B
----------------------------------------------
The National Power Corporation (Napocor) slashed its 2003
borrowing requirement to $1.2 billion versus an original
estimate of $2.0 billion after an intensive review, according to
Reuters, citing Finance Secretary Jose Camacho. The power
producer has so far secured about $200 million of its
requirement by issuing zero-coupon bonds last month to
investment bank Goldman Sachs.
Napocor would pursue two bond deals worth $500 million in the
second quarter, including a $250 million float that would be
partially guaranteed by the Asian Development Bank and another
$250 million offer to be guaranteed by the U.S.-based Overseas
Private Investment Corp. The Philippine government spends as
much as 38 billion pesos ($723.8 million) a year to finance
Napocor's $6.6 billion debt, putting pressure on its already
weak fiscal position.
NATIONAL STEEL: Credit Agricole Against Debt Restructuring
----------------------------------------------------------
Credit Agricole Indosuez, the biggest foreign creditor of
National Steel Corporation (NSC), opposed the restructuring of
the steel firm's 16 billion pesos (US$305.46 million) debt
following the signing of a debt-equity conversion deal with the
firm's major creditors and investors, Asia Pulse said on Friday.
Credit Agricole is the biggest lender of NSC with an exposure of
P1.6 billion. NSC's biggest lender is PNB with P5.6 billion.
"They (Credit Agricole) want to be bought out," Trade and
Industry Secretary Manuel A. Roxas II said. On the other hand,
Danaharta and the creditors have opposed to Credit Agricole's
demand for a debt repayment. So far, five foreign groups have
expressed interest in the rehabilitation and resumption of
operations of the steel firm following the incorporation of the
Philippine New Steel Industries Inc., the special purpose
vehicle (SPV) for NSC.
The interested parties include two Chinese steel companies
MinMetals Zhejiang International Trading Co., Ltd. and China
International Iron and Steel Investment Corp., French project
financing Company Bhicknapahari Group; Hongkong-based holding
group Bel Trade Investment Holdings Ltd.; and London- based Tael
Capital. Previous bidders for NSC include Cathay Pacific Steel
Co., Allengoal Steel Fabrication Inc., and Voest Alpine of
Austria.
=================
S I N G A P O R E
=================
EXCEL MACHINE: Petition for Judicial Management Order Pending
-------------------------------------------------------------
In the announcement made by Excel Machine Tools Ltd on March 26,
2003 in respect of the joint petition for judicial manager
order, it was stated that the High Court of Singapore would hear
the Petition on April 14, 2003. The Court has notified the
Company that the hearing date on 14 April 2003 has been vacated
until further notice. The Company will make an announcement
immediately upon the fixing of a new hearing date of the
Petition.
FLEXTECH HOLDINGS: Appoints Alternate Director
----------------------------------------------
The Board of Directors of Flextech Holdings Limited announced
that Mr Onn Sin Ching has been appointed as an Alternate
Director to Mr Au Sai Chuen with effect from 10 April 2003.
Flextech Holdings booked a net loss of S$22.17 million in the
year ending in December 31, versus a loss of S$27.86 million a
year earlier, according to the Troubled Company Reporter-Asia
Pacific. The reduction in net loss was mainly due to better
performance and contribution from the divestment of FE Global
Electronics Group and Spire Technologies Group. The net loss
would have been further reduced if not for the higher losses
from ASTI Holdings Ltd.
NEPTUNE ORIENT: Posts Notice of Director's Interest
---------------------------------------------------
Neptune Orient Lines Limited (NOL) posted a notice of changes in
Director Lim How Teck's interests:
Date of notice to Company: 11 Apr 2003
Date of change of interest: 10 Apr 2003
Name of registered holder: Lim How Teck
Circumstance(s) giving rise to the interest:
Sales in open market at own discretion
Information relating to shares held in the name of the
registered holder:
No. of Shares, which are the subject of the transaction,:
(70,000)
% of issued share capital: 0.01
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:S$1.13
No. of shares held before the transaction: 546,403
% of issued share capital:0.05
No. of shares held after the transaction:476,403
% of issued share capital: 0.04
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before the transaction: 546,403
% of issued share capital: 0.05
No. of shares held after the transaction: 476,403
% of issued share capital: 0.04
Total shares:
Based on NOL's paid up capital of 1,176,323,339 as of April 11,
2003.
NEPTUNE ORIENT: Post Changes in Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interests:
Date of notice to Company: 04 Apr 2003
Date of change of deemed interest: 25 Mar 2003
Name of registered holder: CDP: DBS VICKERS SEC
Circumstance(s) giving rise to the interest:
Others Please specify details:
Securities Lending/Borrowing Transaction
Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction,:
(20,000)
% of issued share capital: 0
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$
No. of shares held before the transaction: 1
% of issued share capital:
No. of shares held after the transaction: 2
% of issued share capital:
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before the transaction: 3,923,304 383,465,362
% of issued share capital: 0.33 32.6
No. of shares held after the transaction: 3,903,304 383,465,362
% of issued share capital: 0.33 32.6
Total shares:
Note: Under "Shares held in the name of registered holder",
Temasek will revert with the figures for 1 & 2 when they are
available.
Based on NOL's paid up capital of 1,176,133,887 as of March 7,
2002.
OVERSEA-CHINESE: Dissolves Indonesian Unit
------------------------------------------
Oversea-Chinese Banking Corporation Limited OCBC Bank announced
that effective March 17, 2003, P.T. Bank Keppel TatLee Buana,
Indonesia, a subsidiary of OCBC Bank, has been dissolved and all
its assets, liabilities and all other obligations transferred to
the surviving bank, P.T. Bank OCBC-NISP (BON). Effective the
same date, BON has changed its name to P.T. Bank OCBC Indonesia,
which is 99 percent owned by OCBC Bank. PT Bank NISP holds the
remaining 1 percent share.
===============
T H A I L A N D
===============
SIKARIN PUBLIC: Changes Shareholders' Meeting Venue
---------------------------------------------------
In reference to the report of Sikarin Public Co., Ltd submitted
to the Stock Exchange of Thailand on dated March 28, 2003,
concerning the ordinary meeting of Sikarin's shareholders.
The company would like to change the place of conference from
King Park Hotel to the conference room second floor of Sikarin
Hospital 4/29 Srinakarin Rd, Bangna Bangkok.
For more info on the said meeting, refer to the Troubled Company
Reporter - Asia Pacific, Tuesday, April 01 2003, Vol. 6, No. 64
issue.
TELECOMASIA CORPORATION: Converts Preferred to Ordinary Shares
--------------------------------------------------------------
TelecomAsia Corporation Public Company Limited has issued the
convertible preference shares to Kreditanstalt for Wiederaufbau
(KfW) and the Thai Trust Funds (KfW TTF) and at the same time
KfW has granted the rights to the shareholders of the Company
who have qualifications pursuant to the Terms and
Material Information of Purchase Rights dated 31 March 2000
(Terms) to purchase the ordinary shares issued upon the
conversion of the preference shares from KfW and/or KfW TTF to
enable the shareholders to maintain their existing equity
position in the Company in connection with the increase in
capital and the issuance of the preference shares.
The Company would like to inform that on 31st March 2003, which
was the first scheduled purchase exercise date, the qualified
shareholders pursuant to the Terms have exercised the Purchase
Rights of KfW in the amount of 55,646 shares, and that
the Company has already completed the registration of the
conversion of the preference shares into the ordinary shares
with the Ministry of Commerce on 9th April 2003 whereby said
exercise of the purchase rights does not affect the issued and
paid-up shares of the Company provided that the preference
shares has been partly converted into the ordinary shares but
result in changes in number of the ordinary shares and the
preference shares as follows:
Preference Shares
Number of the outstanding preference shares 699,753,530 shares
Number of the preference shares converted 55,646 shares
into the ordinary shares resulting from this
exercise of the Purchase Rights (31st March 2003)
The preference shares outstanding 699,697,884 shares
Ordinary Shares
Number of paid up shares prior to 2,994,743,684 shares
this exercise of the Purchase Rights
Number of the ordinary shares converted from 55,646 shares
the preference shares resulting from this
exercise of the Purchase Rights (31st March 2003)
Total paid up ordinary shares outstanding 2,994,799,330 shares
Issued and Paid-Up Shares of the Company
Total issued and paid-up shares 3,694,497,214 shares
Consisting of The preference shares 699,697,884 shares
The ordinary shares 2,994,799,330 shares
TELECOMASIA CORPORATION: SET Grants Listed Securities
-----------------------------------------------------
Starting from April 18, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of TelecomAsia Corporation Public
Company Limited (TA) to be traded on the SET and the SET allowed
TA's securities to be listed securities on April 16, 2003, after
completing the registration of conversion of the preferred
shares into the common shares.
Name : TA
Issued and Paid up Capital
Old : Bt36,944,972,140
Consist of 2,994,743,684 common shares and
699,753,530 preferred shares
New : Bt36,944,972,140
Consist of 2,994,799,330 common shares and
699,697,884 preferred shares
Allocate to : TA's shareholders who have
right to purchase the ordinary shares upon the
conversion of the preference shares from
Kreditanstalt fur Wiederaufbau (KfW) 55,646 shares
Ratio : 1 : 1
Price Per Share : US$0.3270
Exercise Date : March 31, 2003
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 ***