/raid1/www/Hosts/bankrupt/TCRAP_Public/030421.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 21 2003, Vol. 6, No. 77
Headlines
A U S T R A L I A
ANSELL LTD: Buyback Plans Won't Affect Ratings, Says S&P
AQUILA ASIA: Fitch Withdraws 'B+' Senior Unsecured Rating
BRISBANE BRONCOS: AGM to be Held on May 19
BRISBANE BRONCOS: Posts Top 20 Shareholders
CHIQUITA BRANDS: Discloses AGM Results
CHIQUITA BRANDS: Welcomes Mr Robert Kistinger to Board
FLOWCOM LIMITED: Releases Chairman`s Address to Shareholders
HIH INSURANCE: ASIC Forming Dedicated HIH Taskforce
HIH INSURANCE: Royal Commission Issues Findings Related to ASIC
QUIKTRAK NETWORKS: Issues Shares for Redundancy Payments
C H I N A & H O N G K O N G
FAIR CONSTRUCTION: Winding Up Sought by Rich Source
MAGNUM INTERNATIONAL: Cuts 2002 Loss to HK$21.990M
PCCW LIMITED: Amends Reach Facility Terms
SHIMAO CHINA: 2002 Net Loss Swells to HK$161.115M
THAI ASSET: Operations Loss Narrows to US$531,133M
WING LEE: Parallel Trading Commences Tuesday
WINSON GALLERY: Winding Up Petition Hearing Set
I N D O N E S I A
INDAH KIAT: IBRA Chains Rp40.5B Coupon Payment
J A P A N
DAIEI INC.: Decentralize Store Operations on Restructuring
DAIEI INC.: Maruetsu Strengthens Tie Up With Retailer
EBARA CORPORATION: Expects Y27B Net Loss in 2003
HUIS TECH: 12 Firms Aim to Support Rehabilitation
NEC CORPORATION: New President Issues Statement
SEGA CORPORATION: Namco Offers Merger Talks
TOBISHIMA CORPORATION: Returns to Banks for Y30B Bailout
K O R E A
HYNIX SEMICONDUCTOR: China's BOE Takes Over Unit Assets
HYNIX SEMICONDUCTOR: Negotiation Deal May Suspend Tariffs
HYNIX SEMICONDUCTOR: Rises For Third Day After Renewed Trading
SK GLOBAL: Creditors Demand Chey's W40B Stakes
SK GLOBAL: Creditors Demand Court Receivership
M A L A Y S I A
AUTOINDUSTRIES VENTURES: Bankers Sign Loan Conversion Agreement
BRISDALE HOLDINGS: KLSE Suspends Trading
EPE POWER: Clarifies Media Report Regarding 55% Sale
FURQAN BUSINESS: SC Grants Proposals Approval
KSU HOLDINGS: Injunction Hearing Further Postponed to May 2
KUALA LUMPUR: Posts New Registrar's Address
PARIT PERAK: SC OKs Proposed Placement to Distributors/Directors
RAHMAN HYDRAULIC: Files Summons for Stay of Execution
SISTEM TELEVISYEN: Sets Scheme of Arrangement Books Closure Date
SITT TATT: Proposed Acquisitions, Waiver Circular Dispatched
SUNWAY CONSTRUCTION: Proposals Approved at EGM
TIME ENGINEERING: Not Disposing of EPE's Stake
WEMBLEY INDUSTRIES: Revised FIC Approval Supercedes Original One
P H I L I P P I N E S
MANILA ELECTRIC: Clarifies "Rate Increase Proposal" Report
MANILA ELECTRIC: Sets Liability Management Plan
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Additional Info on SCP
CHARTERED SEMICONDUCTOR: Unveils Results For First Quarter 2003
EXCEL MACHINE: Judicial Management Hearing Set For May 2
HONG LEONG: Voluntarily Liquidates Unit
T H A I L A N D
CHRISTIANI & NIELSEN: Consideration Hearing Postponed
ROBINSON DEPARTMENT: Discloses Tranche 3 Exercise Price
THAI CANE: Sells Warrants to Purchase Ordinary Shares
THAI TAI: Files Reorganization Petition to Bankruptcy Court
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
=================
A U S T R A L I A
=================
ANSELL LTD: Buyback Plans Won't Affect Ratings, Says S&P
--------------------------------------------------------
Standard & Poor's said Wednesday that Ansell Ltd.'s
(BB+/Negative/B) announcement that it would buy back up
to 10 million shares during the next 12 months would have no
immediate impact on the company's ratings or outlook, or on the
ratings of its debt issues and programs. The on-market buyback
is expected to cost about A$50 million to A$60 million and
follows Ansell's recently announced capital management review.
The company also indicated that it would review its dividend
payout policy once the fiscal 2003 financial results are known.
The modest buyback amount can be accommodated at the current
rating given the company's strong free cash flow generation and
manageable debt levels, and should allow the company to continue
to internally fund organic growth and small bolt-on acquisition
opportunities. Furthermore, Ansell has indicated its desire to
improve its credit profile in the medium to long term, which
should ensure that capital-management initiatives are balanced
with its desire to maintain a prudent financial profile.
However, uncertainty remains regarding the impact of delays in
the supply of surgeons' gloves to the North American market
during the past 12 months.
Although these supply issues have now been addressed, it is
unclear to what extent this issue has impacted the company's
relationship with its customers in this key business segment.
Standard & Poor's expects that further clarity on this issue
will be provided during the company's full-year outlook
announcement in late April 2003. Standard & Poor's expects the
outlook on the rating to be reviewed following this
announcement.
AQUILA ASIA: Fitch Withdraws 'B+' Senior Unsecured Rating
---------------------------------------------------------
Fitch Ratings has withdrawn the 'B+' rating of Aquila Asia
Pacific Ltd. and downgraded the senior unsecured rating of
Aquila Canada Finance to 'B-' from 'B+'. In addition, Fitch
removes Aquila Canada Finance from Rating Watch Negative. The
Rating Outlook for Aquila Canada Finance is Negative based on
the entity's relationship with parent guarantor, Aquila, Inc.
The 'B+' senior unsecured rating of Aquila Asia Pacific is
withdrawn due to the repayment of this debt in entirety earlier
in April.
The senior unsecured rating of Aquila Canada Finance has been
downgraded to 'B-' from 'B+' to reflect the entity's dependence
on cash flows from Aquila, Inc, (rated 'B-' by Fitch) for debt
service. Aquila Canada Finance is a financing subsidiary of
Aquila Inc. that does not hold any Canadian utility operating
assets nor does it have any claim upon upstream cash flows from
the Canadian utility business. Cash flows to service debt at
Aquila Canada Finance are derived exclusively from the parent
guarantor, Aquila, Inc., and the entities are closely tied
through tax relationships, thus the rating of Aquila Canada
Finance is equal to the rating of Aquila, Inc. (ILA).
ILA provides network distribution of electricity and gas in the
U.S., Canada, Australia and the UK. It also is in the wholesale
power generating and trading business in North America. ILA is
in the process of selling the Australian and U.K. operations.
BRISBANE BRONCOS: AGM to be Held on May 19
------------------------------------------
Notice is hereby given that the Annual General Meeting of
Shareholders of Brisbane Broncos Limited will be held at the
following time and place:
Time: 9:00 a.m.
Date: Monday 19 May 2003
Place: D'Arcy Mitchell Room
Broncos Leagues Club
Fulcher Road
RED HILL QLD 4059
ORDINARY BUSINESS
To receive the Financial Statements, Directors' Report, and the
Statement by Directors' and Auditors' Report for the year ended
31 December 2002.
To consider and, if thought fit, pass, as ordinary resolutions
of the Company, the following resolutions:
Pursuant to Article 12.6.1 of the Company's Articles of
Association, the directors of the Company appointed Mr Dennis
Watt and Mr Peter Jourdain as directors on 11 February 2003. In
accordance with Article 12.6.2, Mr Dennis Watt and Mr Peter
Jourdain, being eligible, each offers himself for election at
the meeting.
RESOLUTION 1
That Mr Dennis Watt, having consented to act as a director of
the Company, be and is hereby elected as a director of the
Company, with immediate effect.
RESOLUTION 2
That Mr Peter Jourdain, having consented to act as a director of
the Company, be and is hereby elected as a director of the
Company, with immediate effect.
Pursuant to Article 12.4.1 of the Company's Articles of
Association, Mr Donald Nissen must retire from office. In
accordance with Article 12.4.3, Mr Donald Nissen, being
eligible, offers himself for re-election at the meeting.
RESOLUTION 3
That Mr Donald Nissen, having consented to act as a director of
the Company, be and is hereby re-elected as a director of the
Company, with immediate effect.
BRISBANE BRONCOS: Posts Top 20 Shareholders
-------------------------------------------
Brisbane Broncos Limited posted this notice:
DISTRIBUTION OF SHAREHOLDERS AS AT 13/03/2003
RANGE OF HOLDINGS ORDINARY ORDINARY-
SHAREHOLDERS OPTION-
HOLDERS
1 - 1,000 43 -
1,001 - 5,000 289 -
5,001 - 10,000 141 -
10,001 - 100,000 207 -
100,001 and over 27 -
TOTAL 707 -
TOP TWENTY SHAREHOLDERS AS AT 13/03/2003
Ordinary shares
NAME NUMBER %
The news Limited Corporation Group 67,521,089
Ognis Pty Ltd 9,598,685
N & K Holdings Pty Ltd 4,213,784
Lake Morpeth Pty Ltd 2,020,000
William Bryon Findlay & Carolyn Ruth Findlay 1,400,000
SSOR Pty Ltd 920,585
Australian Assets Corporation Limited 623,875
Lister Leisure Investments Pty Ltd 315,833
Pilbeam Investments Pty Ltd 315,833
Moonton Pty Ltd 301,750
W F M Motors Pty Ltd 300,000
Fortris Clearing Nominees Pty Ltd 238,863
Elizan Pty Ltd 215,250
Admirandus Pty Ltd 212,732
Jindabyne Pty Ltd 197,225
Brian Paradine 172,600
Neridah Marie Jacobsen 150,000
Roger Brian Clarke & Barbara Joan Clarke 125,000
Meingrove Pty Ltd (G Bird Super Acc) 120,000
Neale John Campbell 111,110
TOTAL 89,074,214
According to Wrights Investors' Service, at the end of 2001,
Brisbane Broncos Limited had negative working capital, as
current liabilities were A$3.24 million while total current
assets were only A$2.29 million. The Company has paid no
dividends during the last 12 months and has not paid any
dividends during the previous 2 fiscal years.
CHIQUITA BRANDS: Discloses AGM Results
--------------------------------------
As required by section 251AA(2) of the Corporations Act,
Chiquita Brands South Pacific Limited provided the following
statistics in respect to each motion on the agenda. In respect
to each motion the total number of votes exercisable by all
validly appointed proxies was:
TO ELECT ANTHONY GEOFFREY HARTNELL AS A DIRECTOR OF THE COMPANY
Votes where the proxy directed to vote
'for' the motion 85,428,564
Votes where the proxy was directed to
vote 'against' the motion 25,788
In addition, the number of votes where the
proxy was directed to abstain from
voting on the motion was 2,250
The results of voting on each motion is as follows:
The motion was carried on a show of hands an ordinary
resolution.
TO ELECT CRAIG ALLAN STEPHEN AS A DIRECTOR OF THE COMPANY
Votes where the proxy directed to vote
'for' the motion 85,446,511
Votes where the proxy was directed to
vote 'against' the motion 7,006
In addition, the number of votes where the
proxy was directed to abstain from
voting on the motion was 3,085
The motion was carried on a show of hands an ordinary
resolution.
Wrights Investors' Service reports that at the end of 2002, the
Company had negative working capital, as current liabilities
were A$57.88 million while total current assets were only
A$55.48 million. It has paid no dividends during the last 12
months and company also reported losses during the previous 12
months.
CHIQUITA BRANDS: Welcomes Mr Robert Kistinger to Board
------------------------------------------------------
Chiquita Brands South Pacific Limited announced Thursday the
appointment of Mr Robert F Kistinger to the Board effective that
date.
Mr Kistinger, aged 50, is currently President and Chief
Operating Officer of Chiquita Fresh World Wide and President of
Chiquita Fresh North America. Mr Kistinger commenced his career
with Chiquita Brands International Inc more than 20 years ago
and has held a number of senior finance and operational roles
during that time.
CONTACT INFORMATION: Mano Babiolakis
CEO and Managing Director
+ 61 3 8645 1600
FLOWCOM LIMITED: Releases Chairman`s Address to Shareholders
------------------------------------------------------------
Flowcom Limited posted Chairman Neil Tuckwell's address to the
shareholders at the Extraordinary General Meeting held on
Thursday, April 17, 2003:
"I welcome you all to this Extraordinary General Meeting, which,
as was the case with our Annual General Meeting last December,
is closer to a public holiday than would be ideal. Our delay in
that December AGM was related to our plans for the debt
restructure, which is the matter of this meeting.
"The arrangements which were being formulated at the end of
calendar 2002, I was able to outline to you in some detail at
our December AGM. Our proper processes in preparing the balance
sheet restructure for formal consideration by shareholders have
required a report to the shareholders from an Independent
Expert, which in this case was Greenwood BKT. You will also have
received an Explanatory Memorandum from the Company, which fully
explains the transaction.
"In essence, this proposed transaction reduces the heavy debt
burden our company is carrying relative to our income, thus
returning us to a sensible level of gearing. It also brings new
capital to the balance sheet in the form of equity and a working
capital facility.
"Following many months of discussions and negotiations with a
number of parties, in the final quarter of 2002 FlowCom reached
agreement with the Crown-CapX syndicate. Formal approval of this
agreement is the subject of today's (Thursday) shareholder
meeting.
"On January 22 this year Crown-CapX acquired all financial
claims of Alcatel over FlowCom - this included secured debt,
interest, fees and trading liabilities. There was also a
potential damages claim against FlowCom, which Alcatel passed to
Crown-CapX as part of this transaction.
"The genuine debt components which Crown acquired, plus interest
over the period from acquisition to the close of business
yesterday (Wednesday), which is called the Acquired Debt, now
amounts to $14,851,744.
"In addition, Crown Financial has made further advances to
FlowCom to meet various working capital requirements. These
advances, as at April 16, totaled $2,261,102 (at the date of the
Explanatory Memorandum this figure was $1,793,966).
"The Acquired Debt, that is, the $14.85 million, was
restructured under a facility Deed between FlowCom and Crown
Financial in January to be as follows:
* $2.1 million as Conversion Debt.
* $5.0 million as Secured Debt
* $7.75 million as Residual Debt
"It is proposed, and this meeting will be asked to decide on the
matter shortly, that the Conversion Debt ($2.1 million) and the
Residual Debt ($7.75 million) become convertible into ordinary
shares. The Secured Debt ($5.0 million) and the additional
advances which have been made to FlowCom by Crown Financial
since January 22, 2003, and which currently total $2.26 million,
will not be converted and will remain as secured interest
bearing debt of FlowCom.
"The Conversion Debt ($2.1 million) will be the subject of
Resolution 1 today (Thursday). If agreed, this debt will be
extinguished by the issue of 70 million shares at three cents
($0.03) a share. These shares will be issued immediately
following shareholder approval.
"Resolution 2 concerns the issue of 270 million Call Options.
These options are to be convertible at three cents ($0.03) a
share, to be paid firstly from the Residual Debt ($7.75
million), and then from any interest on that debt. These options
expire June 30, 2005.
"The Residual Debt principal may also be satisfied, if the Call
Options are not exercised, by FlowCom exercising a Put Option,
which has been granted to it by Crown-CapX. This is the subject
of Resolution 3. This put option may be exercised by FlowCom on
the earlier of:
* Crown Financial seeking repayment of the Residual Debt, in
which case FlowCom may, during the five business days following
that call, exercise the put option; and
* January 21, 2006.
"Of course, to the extent that the Residual Debt principal has
been satisfied by the exercise of the Call Options, FlowCom will
not be able to exercise the Put Options.
"The issue price for the Put Options will be the greater of the
weighted average trading price on the five trading days prior to
exercise date, and half a cent ($0.005).
"Resolutions 4 and 5 propose the appointment of two new
directors, nominees of Crown-CapX - Tony Huntley and Chris Ryan.
This will bring the board complement to five, three of whom,
including myself as Chairman, would be non-executive directors.
"That summarizes the elements of our proposed transaction which
require approval by the shareholders if they are to be put into
effect, and which we will vote on here today (Thursday). These
matters are of course dealt with in considerably greater detail
in the Explanatory Memorandum.
"There are two additional items dealt with in the Explanatory
Memorandum, though not subject to shareholder approval as such,
which I will mention.
"The Company has had in place for the past few years an Employee
Share Option Plan (ESOP). We are suspending that plan for at
least 12 months, commencing today (Thursday), and in its place
will be instituting a Management Incentive Scheme under which up
to 70 million fully paid shares, which will be issued to the
Subscribers subject to the outcome of this meeting, to be
offered to staff at three cents ($0.03) a share. This involves
the transfer of existing shares, and will not involve the issue
of any new shares by the Company.
"The second item I want to mention is a further capital raising
following the issue of the first 70 million shares under the
debt conversion program, as outlined above. Crown-CapX will
support a placement at three cents ($0.03) a share, of
33,333,334 shares to raise $1 million, and a rights issue, also
at three cents ($0.03) a share, of 50 million shares to raise
$1.5 million.
"Crown Financial has already provided material support for the
Company in the period since they became formally involved in
January, and this will represent an extension of that support.
"In addition to the Explanatory Memorandum you will also have
received the Independent Expert's Report on the proposed
transaction. The preparation of this form of report is a
statutory requirement for a transaction of this nature. The
Expert's Report seeks to draw conclusions, from an independent,
arm's length viewpoint, as to the fairness and reasonableness of
the proposed transaction to the shareholders of FlowCom who are
not associated with members of the Crown-CapX consortium.
"The Independent Expert's Report is prepared for and addressed
to the shareholders, and it is not my role to comment upon it,
other perhaps than to draw your attention to the summary
Conclusion at paragraph 14.1 which I quote:
"In our opinion (i.e. the Independent Expert's opinion), the
individual assessments of fairness and reasonableness are
appropriately combined with the conclusion that the proposed
debt restructuring is fair and reasonable to the non-associated
shareholders of FlowCom Ltd."
"The Independent Expert's Report has been reviewed by ASIC,
which had no comment on it.
IMPACTS ON THE COMPANY
"The changes contemplated in the debt restructure on which we
shall be making decisions shortly are reasonably complex, and
there are many ways in which the consequences of the restructure
may be viewed. The Explanatory Memorandum and the Independent
Expert's Report cover all the material implications of the
proposed changes.
"There is more than one ultimate outcome in terms of the
shareholding and debt structure, but I might just summaries the
most likely:
* There are at present 235.4 million shares on issue, and the
company has secured debt of approximately $17 million (including
amounts advanced by Crown Financial in the period since January
22 this year when they became secured creditor).
* If all the conversions contemplated in the restructure
proposals proceed, the number of shares on issue will be
approximately 575.5 million (depending on which option is used
to satisfy the Residual Debt). Residual secured debt would be
approximately $7 million.
* At that stage, the pre-transaction (current) shareholders,
who currently hold 100% of the Company, would hold 40.9% of the
Company.
* The further capital raisings contemplated (as detailed at
item 3.2(g) of the Explanatory Memorandum), if they occur, would
involve further share issues bringing issued shares to
approximately 658.8 million.
* All the share conversions and other share issues
contemplated here would be at the same rate of three cents per
share.
"I would now like to invite any questions on the proposed
transaction from the meeting before we move into decision mode."
HIH INSURANCE: ASIC Forming Dedicated HIH Taskforce
---------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (AISC), on Wednesday noted the findings
of the HIH Royal Commission involving the referral to ASIC of
investigation of possible breaches of the Corporations Act.
Mr Knott explained that ASIC will not be commenting on the
potential proceedings against any individual, and as a general
policy ASIC will not do so until the required investigations are
completed and final enforcement decisions are reached.
"ASIC has already referred three potential criminal prosecutions
to the Commonwealth Director of Public Prosecutions that are
directly connected to events considered by the Royal Commission.
The referrals were made on 7 February this year and are
currently being considered by the DPP.
"However, we will not be identifying the details of these or
other cases, because it would be completely unfair for any
individual to be the subject of a running commentary by ASIC
about the possibility of criminal or civil proceedings that may
never eventuate", Mr Knott said.
"In order to take work arising from the HIH Royal Commission
forward, ASIC is forming a dedicated HIH Taskforce that will
comprise ASIC investigators and external parties including legal
counsel and other relevant experts. ASIC's existing HIH team
will be incorporated into this taskforce", Mr Knott said.
"The precise composition and terms of reference of the taskforce
will be finalized after the Government determines how it wishes
to manage criminal prosecutions. ASIC will need to confer on
these issues with the DPP and any Special Prosecutor who may be
appointed", Mr Knott said.
"ASIC notes the Government's intention to allocate special
funding for these purposes in the Budget. Those arrangements
should secure a sound financial basis for carrying out this work
without impeding the balance of our enforcement work", Mr Knott
said.
HIH INSURANCE: Royal Commission Issues Findings Related to ASIC
---------------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (AISC), noted on Wednesday the findings
handed down by Mr Justice Neville Owen under terms three and
five of the HIH Royal Commission's Terms of Reference dealing
with regulation.
Specifically, ASIC notes the findings of Justice Owen that:
"There were no events that occurred in the period leading up to
the failure of HIH which might reasonably be expected to have
caused ASIC to take action against HIH earlier than February
2001 when it did so."
"We are pleased that Justice Owen has independently supported
our own assessment that the failure of HIH was in no way linked
to any regulatory failure by ASIC. Indeed, the positive findings
are most welcome", Mr Knott said.
"We also welcome any measures that may be introduced to further
clarify regulatory overlaps between ASIC and APRA as a result of
His Honor's findings", Mr Knott said.
QUIKTRAK NETWORKS: Issues Shares for Redundancy Payments
--------------------------------------------------------
Further to the announcement of 2 April 2003 re the Company's
marketing and organizational restructuring, Quiktrak Networks
Limited wishes to advise that 7,393,395 fully paid ordinary
shares have been issued to a number of employees as part
consideration for their redundancy packages.
Below is the Appendix:
APPENDIX 3B
NEW ISSUE ANNOUNCEMENT
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX
become ASX's property and may be made public.
Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.
Name of Entity
Quiktrak Networks Limited
ACN or ARBN
44 008 718 867
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).
1. Class of securities issued Fully paid ordinary
or to be issued
2. Number of securities issued 7,393,395
or to be issued (if known)
or maximum number which
may be issued
3. Principal terms of the securities Rank pari passu
(eg, if options, exercise price
and expiry date; if partly paid
securities, the amount
outstanding and due dates for
payment; if convertible securities,
the conversion price and dates
for conversion)
4. Do the securities rank equally Yes
in all respects from the date
of allotment with an existing
class of quoted securities
If the additional securities
do not rank equally, please
state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of
a trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other than
in relation to the next
dividend, distribution or
interest payment
5. Issue price or consideration 1.875c
6. Purpose of the issue (if Issued as part consideration
issued as consideration for for redundancy payments
the acquisition of assets,
clearly identify those
assets)
7. Dates of entering securities 7 & 10 April 2003
into uncertified holdings
or dispatch of certificates
NUMBER CLASS
8. Number and class of all 1,158,032,410 Ordinary
securities quoted on 631,714,746 Opts Exp 31/12/2004
ASX (including the
securities in clause
2 if applicable)
NUMBER CLASS
9. Number and class of all 11,500,000 OPTS Exp 30/06/2007
securities not quoted 4,500,000 OPTS Exp 30/06/2005
on ASX (including the
securities in clause 2
if applicable)
10.Dividend policy (in the case Rank Pari passu
of a trust, distribution
policy) on the increased
capital (interests)
PART 2 - BONUS ISSUE OR PRO RATA ISSUE
Items 11 to 33 are Not Applicable
PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities
34. Type of securities (tick one)
(a) X Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities
Entities that have Ticked Box 34(a)
Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to
43)
Tick to indicate you are providing the information or
documents
35. If the securities are equity securities, the names of
the 20 largest holders of the additional securities,
and the number and percentage of additional securities
held by those holders
36. If the securities are equity securities, a distribution
schedule of the additional securities setting out the
number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
37. A copy of any trust deed for the additional securities
(now go to 43)
Entities that have Ticked Box 34 (b)
Items 38 to 42 are Not Applicable
ALL ENTITIES
Fees
43. Payment method (tick one)
Cheque attached
Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive
schemes that involve frequent issues of securities.
QUOTATION AGREEMENT
1. Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.
2. We warrant the following to ASX.
* The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.
* There is no reason why those securities should not be
granted quotation.
* An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.
* Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.
* We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.
* If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.
3. We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.
4. We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.
================================
C H I N A & H O N G K O N G
================================
FAIR CONSTRUCTION: Winding Up Sought by Rich Source
---------------------------------------------------
Rich Source Engineering Limited is seeking the winding up of
Fair Construction Engineering Company Limited . The petition was
filed on March 21, 2003 and will be heard before the High Court
of Hong Kong on May 7, 2003.
Rich Source holds its registered office at Unit No. A, 2nd
Floor, Sunshine Plaza, 17 Sung On Street, Hunghom, Hong Kong.
MAGNUM INTERNATIONAL: Cuts 2002 Loss to HK$21.990M
--------------------------------------------------
Magnum International Holdings Limited posted on 15 April 2003
its result announcement summary for the year end date December
31, 2003:
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ($) ($)
Turnover : 9,920,099 14,323,447
Profit/(Loss) from Operations : (14,335,094) (43,839,869)
Finance cost : (7,504,116) (8,019,885)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (21,990,980) (51,859,754)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0358) (0.0843)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (21,990,980) (51,859,754)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Discontinued operation
The turnover and loss after taxation disclosed under continuing
operation and discontinued operation are as follows:
Turnover
2002 2001
HK$ HK$
Continuing operations 9,920,099 13,673,804
Discontinued operations - 649,643
---------- ----------
Total 9,920,099 14,323,447
========= ==========
Loss attributable to shareholders
2002 2001
HK$ HK$
Continuing operations 21,693,760 26,118,852
Discontinued operations 297,220 25,740,902
----------- ----------
Total 21,990,980 51,859,754
=========== ==========
2. Loss per share
The diluted loss per share for the year ended 31st December 2002
and 2001 have not been shown as the share options outstanding
during these years had an anti-dilutive effect on the basic loss
per shares for these years.
PCCW LIMITED: Amends Reach Facility Terms
-----------------------------------------
The Board of Directors of PCCW Limited refers to the
announcement made by the Company on April 14, 2003 (the
Announcement) in relation to the new terms for its US$1.5
billion loan facility reached between Reach Limited, the
50/50 Asian infrastructure joint venture with Telstra
Corporation.
PCCW Limited is pleased to announce that on April 15, 2003 the
Company, Telstra, Reach Limited, the Borrower, the Lenders and
the other relevant parties entered into definitive documentation
relating to the proposed amendment and restatement of the Reach
Facility, the capacity prepayment arrangements and the partial
redemption of the Existing Note, in each case on the terms
outlined in the Announcement.
The proposed amendment and restatement of the Reach Facility is
expected to become effective on or about April 25, 2003.
SHIMAO CHINA: 2002 Net Loss Swells to HK$161.115M
-------------------------------------------------
Shimao China Holdings Limited released it financial statement
for the year end date of December 31, 2002:
(stock code: 00649 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ('000) ('000)
Turnover : 17,064 44,052
Profit/(Loss) from Operations : (158,513) (29,655)
Finance cost : (7,670) (8,083)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : 3,101 N/A
Profit/(Loss) after Tax & MI : (161,115) (36,538)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.215) (0.112)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (161,115) (36,538)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 23/05/2003 to 27/05/2003bdi
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Turnover 2002 2001
HK$'000 HK$'000
Sale of properties 12,009 42,644
Property management income 719 1,251
Rental income 4,336 157
______ _______
17,064 44,052
2. Loss per Share
The calculation of basic loss per share is based on the net loss
for the year of approximately HK$161,115,000 (2001:
HK$36,538,000) and the weight average of 749,962,841 (2001:
325,192,522) ordinary shares in issue during the year.
The weight average number of ordinary shares for the year ended
31 December, 2001 for the purpose of calculating the basic loss
per share has been adjusted for the rights issue on 23
January,2002 and 11 April, 2002.
The computation of diluted loss per share does not assume the
exercise of the potential ordinary shares since their exercise
would result in a reduction in loss per share.
THAI ASSET: Operations Loss Narrows to US$531,133M
--------------------------------------------------
Thai Asset Fund Limited posted its results announcement summary
for the year-end date of December 31, 2002:
Currency: USD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 31/12/2002 to 31/12/2001
Note ($) ($)
Turnover : 214,602 155,722
Profit/(Loss) from Operations : (531,133) (831,718)
Finance cost : N/A N/A
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 : (571,721) (859,247)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.11) (0.17)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (571,721) (859,247)
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:
DEFICIT PER SHARE
The calculation of deficit per share is based on the Company's
net loss after tax of US$571,721 (2001: loss US$859,247) and
5,000,000 (2001: 5,000,000) shares outstanding during the year.
WING LEE: Parallel Trading Commences Tuesday
--------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Wing Lee Holdings Limited will
commence at 9:30 a.m. on Tuesday, April 22, 2003 under the
following particulars:
Stock Code Stock Short Name Board Lot Certificate Color
---------- ---------------- --------- -----------------
876 WING LEE H-NEW 2,000 shares Pink
2923 WING LEE H-OLD 500 shares Blue
Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.
Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Capital Reorganization became effective at
4:00 p.m. on Thursday, 3rd April, 2003. For more info on the
Capital Reorganization, refer to the Troubled Company Reporter -
Asia Pacific, Wednesday, March 12, 2003, Vol. 6, No. 50 issue.
WINSON GALLERY: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Winson Gallery Limited is set for
hearing before the High Court of Hong Kong on April 30, 2003 at
10:00 in the morning.
The petition was filed with the court on March 4, 2003 by Bank
of China (Hong Kong) Limited (the successor of all the
undertakings of Hua Chiao Commercial Bank Limited by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167) of 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.
=================
I N D O N E S I A
=================
INDAH KIAT: IBRA Chains Rp40.5B Coupon Payment
----------------------------------------------
Bondholders of PT Indah Kiat Pulp & Paper, a subsidiary of Asia
Pulp & Paper (APP), demanded payment a coupon of Rp40.5 billion,
which matured on April 14, Bisnis Indonesia reports, quoting
Vice Chairman of Indonesian Pension Fund Association (ADPI)
Satino.
He said bondholders asked the Company to keep its payment
promise for the principal and bond interest even if the
restructuring is still in progress. "Don't try to run from the
obligation after benefiting from the bond."
G. Sulistiyanto, the Vice Chairman of APP restructuring team,
has on April 1, 2003 sent a letter to the Indonesian Bank
Restructuring Agency (IBRA) asking for approval to withdraw
funds kept by Monthly Mandatory Debt Services (MMDS) for the
required bond payment.
IBRA refused the requests saying that all creditors must have
signed the restructuring proposal before the requested
withdrawal could be made.
Sulistiyanto explained IBRA insisted the payment requires all
creditors' signing the restructuring agreement despite approval
from foreign creditors, Export Credit Agency (ECA). He revealed
that APP is already willing to make payment, but requiring
IBRA's approval to materialize.
Meanwhile, Chairman of ADPI Adler Manurung, said IBRA should in
this case act wisely, referring to the fact that all bondholders
were involved in the signing of restructuring agreement on
December 18, 2002.
=========
J A P A N
=========
DAIEI INC.: Decentralize Store Operations on Restructuring
----------------------------------------------------------
Daiei Inc. is likely to undertake more decentralized
merchandising and store operations as part of its restructuring
scheme, Japan Times reports. The retailer posted a drop in same-
store sales for the seventh straight month in March. The Company
will announce its annual earnings Friday.
Daiei has been trying to revive sales by remodeling shops and
revamping store formats, but Japan's battered economy and
slumping consumption weighed on its bottom line, the Troubled
Company Reporter-Asia Pacific reported recently. The Company's
same-store sales on a parent basis fell during the latter half
of 2002/03 compared with a year earlier, missing its target of
two percent growth. This means Daiei fell around five billion
yen short of its parent recurring profit estimate of JPY20
billion for the year that ended in February.
DAIEI INC.: Maruetsu Strengthens Tie Up With Retailer
-----------------------------------------------------
Supermarket chain operator Maruetsu Inc. will strengthen its
tie-up with ailing retailer Daiei Inc. through the supply of
products and the exchange of personnel, Kyodo News reported
Thursday, citing Maruetsu President Heihachiro Yoshino.
Heihachiro Yoshino, President of Maruetsu Inc., a supermarket
chain 36 percent owned by Daiei, will become Daiei's Vice
Chairman in May.
EBARA CORPORATION: Expects Y27B Net Loss in 2003
------------------------------------------------
Ebara Corporation expects a group net loss of 27 billion yen
(US$227 million) for the fiscal year ending March 31, down from
the 13 billion yen loss it predicted in January, Asia Times said
Thursday. The firm also expects to book 36.4 billion yen in
extraordinary charges, 18.3 billion yen more than it forecast in
January.
HUIS TECH: 12 Firms Aim to Support Rehabilitation
-------------------------------------------------
Six Japanese and six foreign firms are willing to support the
rehabilitation of Huis Ten Bosch Co, the failed operator of a
Dutch theme park in Nagasaki Prefecture, according to Kyodo News
on Thursday, citing Huis Ten administrator Shigeaki Momoo. The
names of the 8 firms were not mentioned in the report.
Ripplewood Holdings LLC is conducting studies while it considers
providing support to Huis ten Bosch Co., The Troubled Company
Reporter-Asia Pacific reported. 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.
NEC CORPORATION: New President Issues Statement
-----------------------------------------------
Akinobu Kanasugi, the new President of NEC Corporation, assured
NEC would continue providing customers with truly valuable
solutions, and will guide NEC into a very exciting future-one
that is full of opportunities. At present, computers and
networks are closely interrelated and are absolutely essential
elements in corporate activities as well as in our day-to-day
lives. And with the proliferation of mobile phones featuring
Internet access capabilities, people can obtain and exchange
information almost any time they wish, from wherever they happen
to be.
As we move forward, I'm confident that computers, networks, and
mobile communications technology will become more deeply
entrenched in society, Kanasugi said. However, a number of
obstacles remain that we have to overcome to ensure continued
growth and progress in these areas. For instance, a malfunction
or failure in an information system can have a very serious
impact on corporate and societal activities. We must therefore
develop highly reliable systems that can respond to the many
different situations possible and that enable uninterrupted
operation.
Having all corporate computers linked via networks has
significantly increased operational efficiency. However, to
date, such connections have mostly been limited to companies
that have very close relationships with one another. Therefore,
considerable demand exists for networks that connect everyone-
from raw material suppliers to end-users-in a value chain. Such
networks create value that is added each step of the way to the
end-users. As a result, even as companies conduct business
activities independently, these widespread connections further
enhance their overall business efficiency.
I feel that there is still a lot of computing and networking
resources whose capabilities are not being fully or effectively
utilized. We must place greater emphasis on developing systems
where our customers can harness the power of these resources,
when they need it. To solve problems such as these, systems
based on a more extensive integration of IT and network
technologies are necessary in system development and operation,
in platform technologies, and in products.
NEC is a unique company in the world of advanced information and
network technologies because we are very strong in both IT and
networking, with numerous experts in each field on our staff. We
have reorganized our corporate structure to take full advantage
of this. The new organizational makeup, effective April this
year, integrates our IT and networking businesses, which had
been operating separately.
NEC constantly strives to meet customers' problems and
technological demands head-on, consistently developing and
delivering systems and services that satisfy increasingly
varying requirements. "Customer satisfaction is our No. 1
priority" best characterizes our efforts.
As we implement our new organizational structure, we will
continue toward our objectives with customer satisfaction first
and foremost in mind. In the area of IT-network integration,
where systems are becoming more and more advanced and intricate,
solution providers will find it increasingly challenging to
develop systems and services that offer the reliability and
overall performance the market demands. At NEC, we intend to
take full advantage of our human resources in our new corporate
organization by promoting the free exchange of ideas and
information among our technological experts. We believe that in
so doing we will be able to provide effective solutions offering
a superior degree of reliability.
The information society is currently headed toward a highly
advanced networking environment termed "ubiquitous," in which
networking pervades virtually every aspect of our lives. People-
to-people, people-to-device, and device-to-device connections
will be commonplace. Our vision of a ubiquitous networking
environment will also serve to inspire new ideas, dreams, and
business endeavors for our customers. It is my fondest hope that
we at NEC will be able to help our customers see their visions
to fruition and that through the continued pursuit of advances
in IT-network integration, we will contribute significantly to
the creation of a ubiquitous networking society.
Truly valuable solutions are those that aid our customers in
solving problems and in maintaining a customer-oriented approach
toward goal achievement as we move ever closer to a ubiquitous
society. Our mission at NEC will be to do all we can to deliver
these solutions. I humbly ask for your continued support as we
enter a new stage in industrial and societal evolution.
NEC Corporation became the latest victim of Japan's weak stock
market on April 8 when it warned of a second year in a row of
net losses, TCRAP reported. NEC expects to post a 25 billion yen
consolidated net loss for the year that ended on March 31, a
reversal of its most recent forecast of a 10 billion yen profit.
That adds to a record 312 billion yen net loss the year before,
putting further pressure on the struggling giant's balance sheet
-- already the weakest among Japan's electronics conglomerates.
Worries about NEC's financial health have weighed heavily on its
share price, which last week hit a two-decade low of 377 yen and
lost nearly two-thirds of their value in the last business year.
For a copy of the disclosure, go to
http://www.nec.com/global/corp/president.html
SEGA CORPORATION: Namco Offers Merger Talks
-------------------------------------------
Namco Limited has offered merger talks with fellow game software
developer Sega Corporation, Kyodo News said on Thursday. Namco
believes that to remain competitive, it should merge with Sega,
which announced in February it was launching merger negotiations
with commercial game maker Sammy Corporation.
Sega returned to profitability for the first time in five in
years, with an operating profit of 14.2 billion yen ($112
million) last year, compared with an operating loss of 51.7
billion yen previously, the Troubled Company Reporter-Asia
Pacific reports. The Tokyo-based maker of viao game software has
been cutting costs and strengthening its balance sheet through
disposals of assets, including offices and stock holdings.
TOBISHIMA CORPORATION: Returns to Banks for Y30B Bailout
--------------------------------------------------------
Tobishima Corporation said it would ask its main creditors,
including Mizuho Financial Group and Sumitomo Mitsui Financial
Group Inc, to take on 30 billion yen of preferred shares it
planned to issue, the Japan Times said on Thursday. Mizuho
Corporate Bank is expected to buy 14 billion yen, Sumitomo
Mitsui Banking Corp. 10 billion yen and Norinchukin Bank 6
billion yen.
The construction firm also expects an extraordinary loss of 34
billion yen for the year ending in March 31. In an attempt to
return to the black, it will also accelerate efforts to cut jobs
and costs. Under the new restructuring program, Tobishima aims
to cut its interest-bearing debts to 48.1 billion yen by the end
of March 2006 from an estimated 101.8 billion yen at the end of
March this year. It will also cut its workforce to 1,454 from
2,197 at present.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: China's BOE Takes Over Unit Assets
-------------------------------------------------------
BOE-Hydis, a unit of China's TV parts maker BOE Technology, has
taken over all assets of Hynix Semiconductor Inc.'s thin-film
transistor liquid-crystal display (TFT LCD) unit for $380
million, Reuters said Thursday. BOE-HYDIS secured $188.2 million
in loans from a number of South Korean financial institutions,
including Korea Development Bank and Korea Exchange Bank.
DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 66 and 69. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1
HYNIX SEMICONDUCTOR: Negotiation Deal May Suspend Tariffs
---------------------------------------------------------
Washington is likely to accept Seoul's proposal that the two
sides negotiate on a suspension deal, JoongAng Daily reports,
citing the Ministry of Commerce, Industry and Energy. If the
agreement is reached, the United States will suspend imposing
punitive tariffs on the chipmaker's exports to the country. In
exchange for the suspension, Seoul will reduce the amount of
Hynix exports.
The Commerce Ministry made the proposal last week after the U.S.
Department of Commerce issued a preliminary ruling that a 57-
percent countervailing duty should be imposed on Hynix' goods
due to alleged government subsidies to the chipmaker.
HYNIX SEMICONDUCTOR: Rises For Third Day After Renewed Trading
--------------------------------------------------------------
Hynix Semiconductor Inc., which resumed trading on April 14
after a week-long trading suspension, rose for a third day on
Thursday, as concerns about heavy debts were reduced after a
massive debt-for-equity swap by its creditors, according to the
Korea Herald on Thursday.
The United States Commerce Department and the European
Commission have slapped a penalty tariff on chips produced by
Hynix, which could limit any further upside in Hynix share.
SK GLOBAL: Creditors Demand Chey's W40B Stakes
----------------------------------------------
Creditors of SK Global are demanding that Chairperson Chey Tae-
won should surrender his additional stake in equity investment
in ventures firms, estimated at 40 billion won, Digital Chosun
reports. The creditors also decided on the additional asset
seizure from Chey, in case the new losses surface at an overseas
affiliate of the trading arm of the group.
The report said Chey has made the investments into about 120
small venture firms since 1998, and the investments are
currently estimated at W40 billion. Following the accounting
fraud scandal, Chey turned over his 0.11 percent stake in SK
Corporation, 7.5 percent in SKC, 3.31 percent in SK Global and
6.84 percent in SK Chemical to the creditors as collateral for
the repayment of the debts.
SK GLOBAL: Creditors Demand Court Receivership
----------------------------------------------
Some creditors of SK Global demanded that the Company be placed
under court receivership after its failure to submit an updated
self-rehabilitation plan on April 15, the Korea Times said on
Wednesday. The creditors will possibly file a petition for
receivership at a court before Samil Accounting Corp. completes
its due diligence on SK Global. The accounting firm said the
result may come out in early May.
===============
M A L A Y S I A
===============
AUTOINDUSTRIES VENTURES: Bankers Sign Loan Conversion Agreement
---------------------------------------------------------------
Further to the announcements made on 14 December 2001 and
subsequently on every month, Autoindustries Ventures Berhad
informed that the Bankers have signed the conversion of the loan
agreement dated 16 April 2003.
The Company also informed that there are no more installment
repayments of the Group borrowings under default.
The Troubled Company Reporter - Asia Pacific reported that
Autoindustries Ventures Berhad and the Group's default in
payments in the month of March, 2003 amounts to RM14,616,064.04.
BRISDALE HOLDINGS: KLSE Suspends Trading
----------------------------------------
Kindly be advised that trading in Brisdale Holdings Berhad's
shares was suspended with effect from 3:10 p.m., Wednesday, 16
April 2003 until further notice due to the Notice of Winding Up
Petition on Brisdale Development Sdn Bhd, a subsidiary of
BRISDAL, on 16 April 2003.
On February 11, the Troubled Company Reporter - Asia Pacific
reported that the Composite Scheme of Reconstruction tabled at
the Court Convened Scheme Meeting of the Company held on
February 7, 2003 at the Kayangan Ballroom, Quality Hotel Shah
Alam, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam,
Selangor Darul Ehsan, has been duly passed.
EPE POWER: Clarifies Media Report Regarding 55% Sale
----------------------------------------------------
EPE Power Corporation Berhad, in reply to Query Letter by KLSE
reference ID: PY-030415-63590 dated 15 April 2003 concerning the
news article appearing in The Edge Malaysia, entitled "Khazanah
Gets Offers For Time" and in particular with regard to the
underlined sentence which reproduced as follows:
"... the sale of its 55 percent subsidiary EPE ....."
EPE Power clarified that on 28 December 2003 it announced its
Proposed Restructuring Scheme, which entails the Proposed
Acquisitions (conditional upon completion of TIME's Disposal)
that is to be satisfied by the issuance of 54,350,000 new shares
of RM1.00 per share in EPE.
Upon completion of the Proposed Acquisitions, Ranhill Berhad
will emerge as the controlling shareholder of EPE holding
approximately 90.06% equity interests in EPE (prior to disposal
of EPE shares to meet public spread requirement). TIME's
shareholding in EPE will thus be diluted to 5.46% from 54.96%.
EPE Power wishes to highlight that the name appeared in
underlined sentence under the said Article should read as "EPE
Power Corporation Berhad" instead of "EPE Engineering Berhad".
KLSE's Query Letter content:
We refer to the above article appearing in The Edge, Page 12, on
Monday, 14 April 2003, a copy of which is enclosed for your
reference. In particular, we would like to draw your attention
to the underlined sentence, which is reproduced as follows:
"... the sale of its 55 per cent subsidiary EPE..."
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts
sufficient to support the same.
Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
ASL/LPY
Copy to: Securities Commission (via fax)
FURQAN BUSINESS: SC Grants Proposals Approval
---------------------------------------------
Referring to the announcements made on 27 February 2003 and 27
March 2003 on the Proposals, Alliance Merchant Bank Berhad
(Alliance) on behalf of Furqan Business Organisation Berhad, is
pleased to announce that the Securities Commission (SC) had, via
its letter dated 14 April 2003 which was received by Alliance on
15 April 2003, approved the following:
(i) The variation to the period of the profit guarantee given
by the vendors of EBF to FBO in connection to the profit before
tax of EBF for the financial years ended/ ending 31 December
2002 to 2004, to the new guaranteed period commencing from the
financial years ending 31 December 2003 to 2005 (New Guaranteed
Period). The profit guarantee provided by the vendors of EBF to
FBO shall include the losses that may be incurred by EBF within
the New Guaranteed Period; and
(ii) The variation to the utilization of proceeds for the
expenses incurred relating to the restructuring exercise of FBO
from RM4.0 million to RM5.5 million.
KSU HOLDINGS: Injunction Hearing Further Postponed to May 2
-----------------------------------------------------------
Reference is made to the previous announcements in relation to
the Legal Proceedings by Ban Guan Hin Realty Sdn Bhd against
Earnest Equity Development Bhd, KSU Holdings Bhd, Abaco Estates
Sdn Bhd and Kumpulan Sepang Utama Sdn Bhd.
KSU Holdings Berhad wishes to announce that the Inter Partes
Injunction Application, which was scheduled on 20th March 2003
and postponed to 16th April 2003 has been further postponed to
2nd May 2003.
The Troubled Company Reporter - Asia Pacific reported last week
that the default by KSUH as at 31 March 2003 amounted to
RM106,315,379.17 of principal sum and RM21,550,656.82 of
interest for term/bridging loans and overdraft facilities.
KUALA LUMPUR: Posts New Registrar's Address
-------------------------------------------
Kuala Lumpur Industries Holdings Berhad posted this notice:
Old registrar : INSURBAN CORPORATE SERVICES SDN BHD
New registrar : SIGNET SHARE REGISTRATION SERVICES SDN BHD
Address : 11th Floor, Tower Block, Kompleks Antarabangsa,
Jalan Sultan Ismail, 50250 Kuala Lumpur
Telephone No : 03-21454337
Facsimile No : 03-21421353
Effective date: 16/04/2003
Last week, the Troubled Company Reporter - Asia Pacific reported
that its Special Administrators has on 4 April 2003 received a
notification from the Provisional Liquidator of Malaysia
Electric Corporation Berhad (Provisional Liquidator
Appointed)(MECB), a subsidiary company of KLIH that the Special
Administrators of MECB have been discharged on 24 March 2003
pursuant to the successful implementation of the restructuring
exercise of MECB.
PARIT PERAK: SC OKs Proposed Placement to Distributors/Directors
----------------------------------------------------------------
On 21 March 2003, Alliance Merchant Bank Berhad (Alliance)
announced that an application was made on 21 March 2003 to the
Securities Commission (SC) to seek its approval for a proposal
by Liqua Health (M) Sdn Bhd and Align Matrix Sdn Bhd
(collectively, the Promoters) to place out an additional
20,000,000 ordinary shares of RM0.50 each in Liqua Health
Corporation Sdn Bhd (formerly known as Joycity Holdings Sdn Bhd)
(LHCSB) (LHCSB Shares) to eligible distributors, directors and
employees of Liqua at an indicative placement price of RM0.75
per share (Proposed Placement to
Distributors/Directors/Employees).
Further, in addition to the Proposed Placement to
Distributors/Directors/Employees, the Promoters also wish to
undertake the placement of up to 20,000,000 LHCSB Shares by way
of private placement to investors to be identified at an
indicative placement price of RM0.75 per share (Proposed Private
Placement). The Proposed Private Placement is to be made to
excluded persons under Schedules 2 and 3 of the Securities
Commission Act, 1993 (SCA).
The Proposed Placement to Distributors/Directors/Employees and
the Proposed Private Placement, which form part of the Proposals
is to ensure that the 25% public shareholding spread requirement
of the Kuala Lumpur Stock Exchange (KLSE) is met.
Parit Perak Holdings Berhad (Special Administrators Appointed)
now wished to announce that the SC had stated, via its letter
dated 14 April 2003 which was received by Alliance on 16 April
2003, that it had no objections to the Proposed Placement to
Distributors/Directors/Employees and Proposed Private Placement,
subject to the condition that Alliance/LHCSB/independent
placement agent furnishes to the SC for its information, the
final list of investors to be identified who fall under
Schedules 2 and 3 of the SCA who will be receiving LHCSB Shares.
The Proposals are:
* Proposed PPHB Acquisition;
* Proposed Liqua Acquisition;
* Proposed Buyback;
* Proposed Put and Call;
* Proposed Restricted Offer for Sale;
* Proposed Debt Settlement;
* Proposed Disposal;
* Proposed Placement;
* Proposed Transfer of Listing Status; and
* Proposed Waiver.
RAHMAN HYDRAULIC: Files Summons for Stay of Execution
-----------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
refers to the Kuala Lumpur High Court Originating Summons No.
D5- 24- 184- 2002 on Speed Operations Sdn Bhd & Anor vs RHTB & 3
Ors.
Rahman Hydraulic wishes to announce that the solicitors for RHTB
have on 15 April 2003 filed Summons In Chambers for a stay of
the execution together with a certificate of urgency to the High
Court of Kuala Lumpur for an order that all further proceedings
by way of execution be stayed, pending the disposal of the
appeal to the Court of Appeal against the decision of the High
Court given on 28 March 2003.
Further developments will be announced in due course.
SEAL INCORPORATED: MITI Approves Proposed Private Placement
-----------------------------------------------------------
Seal Incorporated Berhad refers to the announcement dated 3
December 2002 in relation to the Proposed Private Placement of
12,335,000 New Ordinary Shares of RM1.00 Each (Shares) in the
Company.
On behalf of the Board of Directors of SEAL, AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
is pleased to announce that the Ministry of International Trade
and Industry has approved SEAL's Proposed Private Placement,
subject to the following conditions:
(i) the approval from the Securities Commission (SC) is to
be obtained; and
(ii) SEAL is required to make an effort to raise the
Bumiputera equity shareholdings to at least 30.0%
within 3 years from the date of approval.
The Proposed Private Placement is now subject to the approval
from the following authorities:
(i) the SC;
(ii) the Foreign Investment Committee; and
(iii) the Kuala Lumpur Stock Exchange for the listing of and
quotation for the Proposed Private Placement Shares.
The Troubled Company Reporter - Asia Pacific reported that as at
31 March 2003, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM1.15 million.
SISTEM TELEVISYEN: Sets Scheme of Arrangement Books Closure Date
----------------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3), AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), wishes to announce the books closure date in relation
to the implementation of TV3's Scheme of Arrangement pursuant to
section 176 of the Companies Act, 1965 (TV3 Scheme of
Arrangement), which involves the following:
a) the 60% capital reduction and consolidation of TV3's
existing issued and paid-up share capital from RM170,318,012
comprising 170,318,012 ordinary shares of RM1.00 each into
RM68,127,204 comprising 68,127,204 ordinary shares of RM1.00
each (TV3 Capital Reconstruction);
b) the settlement of outstanding debts of RM636.3 million
owing to scheme creditors of TV3 by way of a debt waiver, cash,
redeemable unsecured loan stocks and new TV3 shares;
c) the acquisition of 100% equity interest in TV3 by Media
Prima Berhad (Newco), formerly known as Profitune Berhad, on the
basis of one (1) new ordinary share of RM1.00 each in Newco for
every one point one (1.1) TV3 share (Acquisition of TV3); and
d) the acquisition of all rights to allotment of Newco shares
not already owned by Malaysian Resources Corporation Berhad
(MRCB), by MRCB on the basis of one point one (1.1) new ordinary
shares of RM1.00 each in MRCB for every one point four five
(1.45) Newco shares (Acquisition of Newco).
BOOKS CLOSURE DATE
Notice is hereby given that, shareholders of TV3 whose names are
registered in the Record of Depositors of TV3 maintained by MCD
as at the close of business at 5:00 p.m. on 6 May 2003 (Books
Closure Date), as well as shareholders whose shares are exempted
from mandatory deposit are hereby advised that their existing
TV3 shares shall be recalled and subjected to the TV3 Scheme of
Arrangement.
Depositors shall qualify for the entitlement to the TV3 Scheme
of Arrangement only in respect of the following:
1. TV3 shares deposited into the respective depositors'
securities accounts before 12:30 p.m. on 2 May 2003 (in respect
of shares which are exempted from mandatory deposit); and
2. TV3 shares transferred into the respective depositors'
securities accounts before 4:00 p.m. on 6 May 2003 (in respect
of ordinary transfers).
IMPLEMENTATION OF THE TV3 SCHEME OF ARRANGEMENT
Pursuant to the TV3 Scheme of Arrangement, following the recall
of the existing TV3 shares, shareholders of TV3 shall only be
allotted new ordinary shares of RM1.00 each in MRCB to be issued
pursuant to the Acquisition of Newco (New MRCB Shares) on the
basis of approximately two hundred and seventy five (275) MRCB
shares for every one thousand (1,000) existing TV3 shares held
as at Books Closure Date.
The TV3 shares arising from the TV3 Capital Reconstruction and
the Newco shares arising from the Acquisition of TV3 will not be
issued to shareholders of TV3.
NEW MRCB SHARES
An application for the listing of the New MRCB Shares on the
Main Board of the KLSE has been made to the KLSE. An application
for the quotation of the New MRCB Shares (which will be quoted
separately from the existing MRCB shares) will be made upon
completion of the Acquisition of Newco.
The New MRCB Shares shall, upon allotment and issue, rank pari
passu in all respects with the existing shares of MRCB except
that the New MRCB Shares shall be entitled to the restricted
offers for sale as follows:
i) 5-year 2% Newco Irredeemable Unsecured Loan Stocks
2003/2008 (Newco ICULS) from MRCB on a basis of one (1) Newco
ICULS for every one (1) ordinary Newco share held after the
Proposed Demerger at an offer price to be determined, but not
less than the intended issue price for the Newco ICULS (RM1.00);
and
ii) 5-year detachable Newco Warrants 2003/2008 (Newco
Warrants) from Gabungan Kesturi Sdn Bhd on a basis of one (1)
Newco Warrant for every one (1) ordinary Newco share held after
the Proposed Demerger at an offer price to be determined, but
not less than the intended issue price for the Newco Warrants
(RM0.10).
SUSPENSION OF TRADING
To facilitate the recall and cancellation of the existing TV3
shares and the issuance of the New MRCB Shares, the trading of
TV3 shares will be suspended on 29 April 2003 effective 9.00
a.m., being three (3) clear market days prior to the Books
Closure Date, and the suspension will continue until TV3 is de-
listed pursuant to the transfer of its listing status to Newco.
As such, kindly be advised that the existing ordinary shares of
RM1.00 each in TV3 will cease to be valid for delivery to Kuala
Lumpur Stock Exchange (KLSE) purposes and for deposit into CDS
accounts.
FURTHER INFORMATION
For further information on the implementation of the TV3 Scheme
of Arrangement, shareholders of TV3 are advised to read the
information circular in relation to the TV3 Scheme of
Arrangement dated 16 April 2003 carefully.
Any queries concerning the above notice of books closure and
share recall should be addressed to the Company's share
registrar at:
Malaysian Share Registration Services Sdn Bhd (378993-D)
7th Floor, Exchange Square
Bukit Kewangan
50200 Kuala Lumpur
Tel: 03 - 2026 8099
Fax:03 - 2026 3736
SITT TATT: Proposed Acquisitions, Waiver Circular Dispatched
------------------------------------------------------------
Sitt Tatt Berhad wishes to inform that the Independent Advice
Circular for the Proposed Acquisitions and Proposed Waiver was
dispatched on 17 April 2003 to the minority shareholders of Sitt
Tatt Berhad.
The Proposed Acquisitions undertakes acquisitions of the entire
issued and paid-up share capital of Pyramid Manufacturing
Industries Pte. Ltd, Singapore, CEM Machinery Pte. Ltd,
Singapore and PMI Plating Services Pte. Ltd, Singapore while the
Proposed Waiver entails proposed waiver for MISL & Associates
Sdn Bhd and concerted parties from having to extend a mandatory
offer for the remaining shares in the company after the Proposed
Acquisition.
SUNWAY CONSTRUCTION: Proposals Approved at EGM
----------------------------------------------
On behalf of the Board of Directors of Sunway Construction
Berhad, AmMerchant Bank Berhad is pleased to announce that the
Company has obtained the approval of its shareholders at the
Extraordinary General Meeting held on April 15, 2003 for the
Proposals.
The Proposals refers to:
- Proposed Termination of the Company's Existing Employees'
Share Option Scheme (ESOS) of a Duration of Five (5) Years From
23 December 1999 to 22 December 2004; and
- Proposed Establishment of a New ESOS 2003/2013.
TIME ENGINEERING: Not Disposing of EPE's Stake
----------------------------------------------
Time Engineering Berhad, in reply to Query Letter by KLSE
reference ID: ZO-030415-63647, in relation to the concerning the
new article entitled, "Khazanah gets offer for TIME" appearing
in The Edge Malaysia, and in particular with regard to the
underlined sentence which is reproduced as follows:
"sale of its 55 per cent subsidiary EPE to Ranhill"
Time Engineering wishes to clarify that the deal with Ranhill
Berhad (Ranhill) is in respect of the proposed disposal by TIME
Engineering Berhad (TIME) of its entire equity stake in
Powertron Resources Sdn Bhd and Penjanaan EPE-TIME Sdn Bhd
(Proposed TIME Disposals) to Ranhill.
TIME is not disposing its stake in EPE Power Corporation Berhad.
KLSE's Query Letter content
We refer to the above news article appearing in The Edge
Malaysia, page 12 on Monday, 14 March 2003, a copy of which is
enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which is
reproduced as follows:
"... sale of its 55 per cent subsidiary EPE ... to Ranhill."
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same.
Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully,
LISA LAM
Senior Manager, Listing Operations
LL/WSW/ASL/ZOOS
c.c. Securities Commission (via fax)
WEMBLEY INDUSTRIES: Revised FIC Approval Supercedes Original One
----------------------------------------------------------------
Alliance Merchant Bank Berhad on behalf of Wembley Industries
Holdings Berhad had, on 13 January 2003, announced that the
Foreign Investment Committee (FIC) has approved the Proposals
(Original FIC Approval) subject to the condition that the FIC
would review the equity structure of WIHB three (3) years after
the completion of the Proposals, which involves:
i. Proposed Capital Reduction and Consolidation;
ii. Proposed Debt Restructuring;
iii. Proposed Rights Issue; and
iv. Proposed Increase in Authorized Share Capital
The FIC had subsequently, via its letter dated 7 April 2003,
revised the Original FIC Approval (Revised FIC Approval) and
approved the Proposals taking into consideration the possible
participation of Daewoo Corporation (Daewoo), a former turnkey
contractor of Plaza Rakyat Sdn Bhd (a wholly owned subsidiary of
WIHB) in the Proposed Debt Restructuring. As a result, the
approval of the FIC now includes the approval for the additional
RM112 million irredeemable unsecured loan stocks (ICULS) and
11.2 million warrants to be issued to Daewoo pursuant to the
Proposed Debt Restructuring. WIHB is currently in negotiation
with Daewoo in respect of the Proposed Debt Restructuring.
The Revised FIC Approval now supercedes the Original FIC
Approval. Save for the above, the other terms of the Original
FIC Approval remain the same in the Revised FIC Approval.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Clarifies "Rate Increase Proposal" Report
----------------------------------------------------------
The Manila Electric Co. responded to the news article entitled
"Meralco seeking higher rate increase" published in the April
15, 2003 issue of the Philippine Daily Inquirer (Internet
Edition). The article reported that:
"Beleaguered Manila Electric Co. (Meralco) has asked the Energy
Regulatory Commission (ERC) to reconsider a decision on the
'unbundling' of Meralco's rates -- itemization of price
components, and a resulting price increase -- saying the
resulting rate rise was way below the amount it was seeking, a
Meralco official said.
The ERC's rate decision will result in a Meralco (sic) in price
increase of 22 centavos perkilowatt-hour. Meralco had asked for
an increase of 1.22 pesos per kilowatt-hour.
Manila Electric Company (Meralco), in its letter dated April 14,
2003, disclosed that:
"Last April 9, 2003, Meralco filed a motion of the Energy
Regulatory Commission (ERC) asking for the reconsideration of
its Decision in Case no. 2001-900 dated March 20, 2003.
According to the Decision, the Commission's adjusted revenue
requirement provides Meralco an Overall Average Tariff
Adjustment (OATA) increase of P0.054 per kWh, compared to a
February 2003 effective selling price supposedly of P5.4040 per
kWh, not including adjustments due to the Currency Exchange Rate
Adjustment (CERA) and the franchise tax. However, Meralco's
computations and simulations show that the unbundled rates
approved by the Commission will not result in the OATA mentioned
by the Decision.
In its Motion for Reconsideration (MR), Meralco highlighted the
Commission's following comment submitted to the Supreme Court on
March 7, 2003, citing Section 43(f) of Republic Act 9136, which
provides that:
'The rates must be such as to allow the recovery of just and
reasonable costs and a reasonable return on rate base (RORB) to
enable the entity to operate viably.
In its MR. Meralco reiterated that the ERC's Comment 'has set a
perspective in which utility rates are to be fixed.'
Meralco thus raised several issues on certain findings and
conclusions of the ERC in its Decision, some of which are: the
allowed rate of return used to determine Meralco's revenue
requirement; disallowances made by the ERC in computing
Meralco's rate base and revenue requirement; and, the system
loss cap imposed by the Commission. Furthermore, Meralco
submitted suggestions on the design of the unbundled charges.
Finally, Meralco asked that the implementation of the rates
approved by the Decision be suspended.
For more information, visit
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1159_MER.pdf
MANILA ELECTRIC: Sets Liability Management Plan
-----------------------------------------------
The Manila Electric Co. (Meralco) is developing a Comprehensive
Liability Management Plan (CLMP) that would help it cushion the
impact of the rate refund order issued against it by the Supreme
Court, the Manila Times said on Wednesday. CLMP would manage its
financing requirements arising from maturing obligations to
creditors and suppliers as well as operating and working capital
needs. Meralco has engaged BPI Capital Corp. and Citibank N.A.
as arrangers of financing facilities to be identified under the
CLMP.
As of December 2002, Meralco's total outstanding debts were
estimated at about P70.2 billion (US$1.34 billion).
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Additional Info on SCP
-----------------------------------------------
Chartered Silicon Partners (CSP or Fab 6), which is a
consolidated subsidiary of Chartered, began operations in 1999
and is Chartered's most advanced fab. As a result of the
prolonged semiconductor downturn, which began in late 2000,
CSP's start-up plan was delayed and revised several times. CSP
continues to make capacity additions consistent with market
demand; however, its current capacity is only 43% of planned
full capacity, substantially below the level required to break
even. Due to cumulative losses, CSP's net worth became negative
in first quarter 2003, triggering an accounting requirement that
Chartered effectively recognize 100% of CSP's losses (and
profits) until such time as net worth becomes positive.
While CSP's financial performance in first quarter was
essentially on plan, the Company had not included this
accounting treatment in its loss guidance for first quarter. The
result of this on Chartered's consolidated results was an
additional loss of approximately $10.7 million in first quarter.
This has no additional impact on Chartered's cash flow nor does
it have an impact on CSP's operations and loan covenants.
Wafer Shipments and Average Selling Prices
-Shipments in first quarter 2003 were 111.6 thousand wafers
(eight-inch equivalent), an increase of 36.8% compared to 81.6
thousand wafers (eight-inch equivalent) in first quarter 2002.
Shipments in first quarter 2003 increased by 6.4% compared to
104.9 thousand wafers (eight-inch equivalent) shipped in fourth
quarter 2002.
-Average Selling Price (ASP) decreased by 9.5% from $1,029 per
wafer in fourth quarter 2002 to $931 per wafer in first quarter
2003, consistent with guidance of "down approximately 10%." The
reduction was primarily due to customer mix and pricing
pressures. Compared to first quarter 2002, ASP declined 10.0%
from $1,034 per wafer. ASP including Chartered's share of SMP
was $1,049, essentially flat with both fourth quarter 2002 and
first quarter 2002.
-Capacity utilization in first quarter 2003 was 45% compared to
28% in the year-ago quarter, and 39% in fourth quarter 2002.
Capacity in first quarter 2003 was essentially flat with fourth
quarter 2002, and up approximately 3% from first quarter 2002.
Capacity utilization is based on total shipments and total
capacity, both of which include our share of SMP.
Investor Contacts:
Suresh Kumar
(1) 408.941.1110
sureshk@charteredsemi.com
Clarence Fu
(65) 6360.4060
cfu@charteredsemi.com
Media Contacts:
Chartered U.S.:
Tiffany Sparks
(1) 408.941.1185
tiffanys@charteredsemi.com
Chartered Singapore:
Maggie Tan
(65) 6360.4705
tanmaggie@charteredsemi.com
CHARTERED SEMICONDUCTOR: Unveils Results For First Quarter 2003
---------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, announced revenues and net loss for
first quarter 2003 as follows:
"In the first quarter, revenues of our total business base,
which include our share of SMP, grew 13 percent sequentially, as
we saw increased demand in all segments of our business,
particularly in the computer segment," said Chia Song Hwee,
President & CEO of Chartered. "Continued gains in advanced
technology products, which we define as 0.18-micron and below,
were a significant factor in our growth. They represented 43
percent of our total business base revenues in the first
quarter, more than a six-fold increase compared to first quarter
2002. We also continue to make good progress in mature
technologies, with new engagements across a number of end-market
applications and regions.
"During the quarter, we announced strategic steps aimed at
allowing us to leverage recent advances in technology and fully
capitalize on the enhanced growth potential we expect as a
result of our joint development agreement with IBM. Included in
the plan is a revitalization of our capacity base to support
leading-edge opportunities, while at the same time addressing
excess mature capacity. The plan, which will be paced by market
demand, targets increasing advanced capacity from 15 percent of
total in 2002 to 50 percent of total by the end of 2004, and
doing so in a more cost-effective manner," Chia said.
Summary of First Quarter 2003 Performance
-Revenues were $103.8 million in first quarter 2003, down 3.8
percent compared to fourth quarter 2002. Revenues including
Chartered's share of SMP were $142.0 million, up 13.3 percent
from $125.3 million in the previous quarter, primarily due to
the computer segment, and to a lesser extent, the consumer and
communications segments. Compared to first quarter 2002,
revenues were up 23.1 percent from $84.4 million. Revenues
including Chartered's share of SMP were up 65.1 percent from
$86.0 million in the year-ago quarter, driven by significantly
higher revenues in the communications segment, and to a lesser
extent, in the computer segment.
-Gross loss was $53.5 million, or negative 51.5 percent of
revenues, an improvement from a loss of $63.8 million, or
negative 75.6 percent of revenues in the year-ago quarter,
primarily due to significantly higher revenues.
-Research and development (R&D) expenses were $32.5 million, an
increase of 31.6 percent from the year-ago quarter, primarily
due to increased investments to accelerate the Company's
technology roadmap which provides customers a breadth of
processes, enabling systems-level integration.
Included in R&D expenses is Chartered's share of this quarter's
expense related to the IBM joint-development agreement announced
in November 2002.
-General and administrative (G&A) expenses were $9.9 million, a
decrease of 31.7 percent compared to $14.6 million in the year-
ago quarter, primarily due to payroll related items. A reduction
in headcount also contributed to this decrease.
-Other operating expenses were a net gain of $24.8 million in
first quarter 2003, and reflected two unusual items:
-Included in net loss was the previously disclosed gain of $28.7
million associated with the conclusion of the Company's Economic
Value Added (EVA) employee bonus plan. Of this amount,
approximately $27.5 million was recorded in the "other operating
expenses" line.
- Included in net loss was the previously disclosed
restructuring charge of $4.4 million associated with the phase
out of Fab 1, $2.7 million of which was recorded in the "other
operating expenses" line.
See Appendix B for additional details regarding unusual items.
-Equity in income of our minority-owned joint-venture fab, SMP
(Fab 5), was $1.9 million compared to a loss of $29.8 million in
the year-ago quarter, primarily due to significantly higher
revenues.
-Minority interest in loss of our joint-venture fab, Chartered
Silicon Partners (CSP or Fab 6), was $9.5 million compared to
$17.1 million in the year-ago quarter. Due to cumulative losses,
CSP's net worth became negative in first quarter 2003,
triggering a consolidation accounting requirement resulting in
Chartered effectively recognizing 100 percent of CSP's losses
(and profits) until such time as CSP's net worth becomes
positive. See "Additional Information Regarding CSP" in the next
section of the release for further details.
-Net loss was $75.7 million, or 72.9 percent of revenues,
reflecting a reduction of $52.7 million from a net loss of
$128.4 million, or 152.2 percent of revenues, in the year-ago
quarter. Included in first quarter 2003 net loss was the
previously disclosed $28.7 million gain resulting from the
conclusion of our EVA bonus plan, and the $4.4 million expense
associated with the previously disclosed phase out of Fab 1.
Also included was the CSP-related impact discussed above, which
increased net loss by $10.7 million.
-Loss per American Depositary Share (ADS) and loss per share in
first quarter 2003 were $0.30 and $0.03 respectively, compared
with a loss per ADS and loss per share of $0.81 and $0.08
respectively in first quarter 2002. Average ADS count and
ordinary share count increased by 90.7 million and 906.6 million
respectively, primarily due to the eight-for-ten rights offering
completed in October 2002.
EXCEL MACHINE: Judicial Management Hearing Set For May 2
--------------------------------------------------------
Further to the announcement made on April 11, 2003, the Board of
Directors of Excel Machine Tools Ltd announced that the joint
petition for judicial management order would be heard before the
High Court of Singapore on May 2, 2003. The Board will make an
announcement immediately upon the outcome of the hearing of the
Petition.
HONG LEONG: Voluntarily Liquidates Unit
---------------------------------------
Hong Leong Finance Limited announced that Singapore Credit
(Private) Limited, a wholly owned subsidiary of the Company,
incorporated in Singapore, has been voluntarily liquidated under
the Companies Act, Chapter 50.
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: Consideration Hearing Postponed
-----------------------------------------------------
Reference is made to the order of the Central Bankruptcy Court
for Christiani & Nielsen (Thai) Public Company Limited to hear
the consideration of the Business Reorganization Plan on April
11, 2003 at 1:30 in the afternoon.
CN Advisory Company Limited, as the Planner of Christiani &
Nielsen (Thai) Public Company Limited, informed that the
consideration by the Court is postpone to April 24, 2003 at
10:00 in the morning.
ROBINSON DEPARTMENT: Discloses Tranche 3 Exercise Price
-------------------------------------------------------
Reference is made to the letter of Robinson Department Store
Public Company Limited dated 4 and 9 April 2003 to the Stock
Exchange of Thailand informing the intention of Central Retail
Corporation Limited (CRC) to exercise Tranche 1, 2 and 3 of the
CRC Option Shares totaling 233,238,838 shares, representing 21
percent of the Company's total fully paid-up shares.
The Company had already informed the SET the exercise price of
Tranche 1 and 2, it is due to the facts that the Pricing Period
of Tranche 3 of the said CRC Option Shares was expired, and the
right of CRC to revoke its intention to exercise the Tranche 3
was also expired on the end of business 16 April 2003.
The Company hereby informed the exercise price of Tranche 3 as
follows:
Tranche No. of share exercise Exercise price Total proceeds
per share (Baht) exercise (Baht) from
3 77,746,280 1.589741 123,596,455.32
THAI CANE: Sells Warrants to Purchase Ordinary Shares
-----------------------------------------------------
According to the resolution of the Extraordinary General Meeting
of Shareholders No. 3/2545 dated November 15, 2002 and the Board
of Directors Meeting No. 4/2546 dated March 27, 2003, Thai Cane
Paper Public Company Limited has resolved to issue and offer for
sale of warrant to purchase ordinary shares of the Company
(Warrants) to the creditors under the Business Reorganization
Plan. Thus, the Company would like to report on the sale of
Warrants as follows:
Date of offer of Warrants : March 31, 2003
Number of Warrants offered : 9,999,999 units
Number of Warrants sold : 9,999,999 units
Offered price : Baht 0
Exercise Ratio : 1 Warrant : 1 ordinary share
Details of Warrants allotted persons :
1. Thai Asset Management Corporation, 4,496,770 units
2. Export - Import Bank of Thailand, 947,120 units
3. Treasury Division, Legal Execution Department, 176,281 units
4. Ploy Assets Management Company Limited, 587,709 units
5. Siam Commercial Bank Public Company Limited, 712,038 units
6. Standard Chartered Nakornthon Bank Public Company Limited,
62,887 units
7. Ayudhya Finance Public Company Limited, 381,561 units
8. Tisco Finance Public Company Limited, 380,607 units
9. NFS Asset Management Company Limited, 1,746,278 units
10. Chatuchak Assets Management Company Limited, 381,561 units
11. Financial Institutions Development Fund, 127,187 units
THAI TAI: Files Reorganization Petition to Bankruptcy Court
-----------------------------------------------------------
Thai Tai Yo Company Limited (DEBTOR), engaged in manufacturing
and production of in-house facilities, office equipments, fire
protection safe, filed its Business Reorganization to the
Central Bankruptcy Court:
Black Case Number 664/2543
Red Case Number 707/2543
Petitioner: THAI TAI YO COMPANY LIMITED
Debts Owed to the Petitioning Creditor : 837,258,643.29 Baht
Planner : Mr. Krieng Saribout
Date of Court Acceptance of the Petition : August 29, 2000
Date of Examining the Petition: September 25, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner : September 25, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 2, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : October 17,
2000
Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : January 17, 2001
Planner postponed the date of submitting the Plan #1st :
February 17, 2001
Appointment date for the Meeting of Creditors to consider the
plan : April 4, 2001 at 9.30 am.
The Meeting of Creditors had passed the resolution accepting the
reorganization plan pursuant to Section 90/46
Court Order for Accepting the reorganization plan : May 4, 2001
and appointed Mr. Krieng Saribout to be the Plan Administrator
Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: May 28, 2001
Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette : July 3, 2001
Appointment Date of the Meeting of Creditors for Amendment the
Plan on September 25, 2002 at 9.30 a.m. Umdulrahim Convention
Room, 2nd Floor, Y.W.C.A., South Sathorn Road
Court had issued an Order Cancelled the Order for Business
Reorganization since January 30, 2003
Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: February 10, 2003
Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : March 11, 2003
Contact : Mr. Thanawat Tel, 6792525 ext 123
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
----- ------ -------- --------- -------------
Asia Pulp & Paper FRN due 2001 1.0 - 2.0 0.0
Asia Pulp & Paper 11.75% due 2005 32.0 - 34.0 0.0
APP China 14.0% due 2010 30.0 - 32.0 0.0
Asia Global Crossing 13.375% due 2006 12.5 - 14.5 +0.5
Bayan Telecom 13.5% due 2006 18.0 - 20.0 0.0
Daya Guna Sumudera 10.0% due 2007 2.5 - 4.5 0.0
Hyundai Semiconductor 8.625% due 2007 66.0 - 68.0 0.0
Indah Kiat 11.875% due 2002 31.0 - 34.0 +1.0
Indah Kiat 10.0% due 2007 28.5 - 29.5 +1.0
Paiton Energy 9.34% due 2014 84.0 - 86.0 0.0
Tjiwi Kimia 10.0% due 2004 25.5 - 27.5 +1.5
Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
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