/raid1/www/Hosts/bankrupt/TCRAP_Public/030724.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, July 24 2003, Vol. 6, No. 145
Headlines
A U S T R A L I A
ANALYTICA LTD: Proposes Takeover Bid for SSH Medical
ANALYTICA LIMITED: Undergoes Financial Restructuring
COMMSOFT GROUP: Deed of Company Arrangement Effectuated
MAYNE GROUP: Clarifies Abbott Laboratories US SEC Filing
UNION CAPITAL: Appoints Mr Stephen Ioannides as Unit's CEO
UNION CAPITAL: Receives Convertible Notes Conversion From Austex
UNITED ENERGY: Scheme of Arrangement Becomes Effective
WESTERN METALS: Appoints PwC as Receiver & Manager
C H I N A & H O N G K O N G
CHUANG'S INT'L: Widens Operations Loss to HK$308.045M
H.K. CHINESE: Winding Up Hearing Scheduled in August
HEALTHWAY INTERNATIONAL: Petition to Wind Up Pending
NEW WORLD: Cuts Q103 Net Loss to HK$44.666M
SMART MATERIAL: Winding Up Petition Slated for Hearing
SUPER SHINE: Winding Up Sought by Citic Ka Wah
TOP GLORY: Scheme Approved at Court Meeting, EGM
WAH HIP: Winding Up Petition Pending
I N D O N E S I A
ASTRA INT'L: Unit FIF Increasing Bonds Issuance to Rp750B
J A P A N
AOZORA BANK: Cerberus Set to Head Bank
JAPAN AIRLINES: Halts Sendai-Honolulu Flights
MITSUBISHI MOTORS: Recalls 4,622 Lancers
SEGA CORP.: Issues R&D Studios Reorganization Notice
SEGA CORPORATION: Beats First Quarter Sales Target
TOSHIBA CORPORATION: Integrates Business With Mitsubishi
K O R E A
HYUNDAI MOTOR: Labor Strike Cripples Production
KIA MOTORS: Workers Vote For Strike Action
KOOKMIN BANK: Expects W342B Q203 Loss
SK GLOBAL: U.S. Arm Seeks Bankruptcy Protection
SSANGYONG CEMENT: Creditors OK Debt-Rescheduling Package
M A L A Y S I A
ABRAR CORPORATION: Shareholder Offer Oversubscribed
ARUS MURNI: Updates CHSB Proposed Acquisitions
DMIB BERHAD: Voluntarily De-registers Inactive Subsidiaries
FORESWOOD GROUP: Proposes Corporate Debt Restructuring Scheme
KEMAYAN CORPORATION: Discloses Level of Foreign Ownership
KEMAYAN CORPORATION: Unit Receives Writ of Summons
KUALA LUMPUR: Commences Unit Disposal Negotiations With Alliance
NCK CORPORATION: Unit Served Judgment Debt Related Notice
NYLEX (MALAYSIA): August 15 EGM Scheduled
SCIENTEX INCORPORATED: Companies Commission Strikes Off Units
SOUTHERN PLASTIC: Re-designates Dato' Vincent Wai as CEO
TAT SANG: Audit Committee Member Yap Chi Keong Resigns
TAT SANG: Issues Shareholders' EGM Results
TEXCHEM RESOURCES: Proposes Disposal of Dormant Unit
TONGKAH HOLDINGS: Disposes Quoted Securities
P H I L I P P I N E S
CEBU PRIVATE: May Not Continue Operations Until Friday
MANILA ELECTRIC: Expects to Pay PHP2.5B Debt Due 2003
NATIONAL BANK: Swings Back to P91M Profit
PRIMETOWN PROPERTY: Files For Rehab Proceedings
RURAL BANK OF DUMANJUG: PDIC to Move For Liquidation of Assets
RURAL BANK OF TAYTAY: PDIC Issues Notice to Creditors
*PDIC Invites Bidders For Closed Bank's Assets
S I N G A P O R E
NEPTUNE ORIENT: June Container Volume Down, Freight Rates Up
T H A I L A N D
CHRISTIANI & NIELSEN: SET Still Suspends Securities Trading
DATAMAT PUBLIC: Revised 2002 Financial Statements Approved
NATURAL PARK: Reduces Registered, Paid-up Capital
TPI POLENE: Proposes New Debt Repayment Plan
- - - - - - - -
=================
A U S T R A L I A
=================
ANALYTICA LTD: Proposes Takeover Bid for SSH Medical
----------------------------------------------------
Analytica Ltd is pleased to announce that it proposes to make a
takeover bid for all of the ordinary shares in listed company,
SSH Medical Limited, under Part 6.5 of the Corporations Act
2001.
Analytica's strategy is to grow through mergers and acquisitions
in the medical and biotechnology industry in Australia. The
takeover bid for SSH is the first such acquisition, with more to
follow in the future.
SSH is an Australian publicly owned medical device company,
which specializes in the research and development of disposable
specula for application in humans and animals. The Company also
has two operating businesses manufacturing equipment for the
medical and veterinary industry.
The company on Tuesday has given notice of its proposal to SSH
Medical, for all formal purposes, including under ASX Listing
Rule 7.9 (which prevents a listed company from issuing shares
whilst the subject of a takeover announcement or bid, except in
certain circumstances).
The bid will be made off-market. The essential elements of the
proposed bid are:
* The bid will offer one Analytica share for each share held
in SSH;
* The bid therefore values the companies approximately
equally, after completion of certain transactions also announced
on Tuesday;
* The bid will be subject to acceptances from the holders of
at least 75% of the ordinary shares in SSH;
* The bid will be subject to the successful completion of the
$3 million rights issue, which, Analytica has announced on
Tuesday. That issue will be fully underwritten by Australian
Technology Innovation Fund Ltd, which is a major shareholder in
the Company, as well as in Psiron Limited, which is Analytica's
largest shareholder.
Explanation and Discussion
SSH has performed poorly following the launch of the Veda-Scope
in July 2001, which has had a severe impact on SSH's revenue,
profit, and on the value of the company and its shares. Despite
managerial and fiscal changes following the failure of the Veda-
Scope launch in 2001, SSH's performance has not significantly
improved. The monthly cash outflow in SSH continue to be
considerable, $1.25 million in the first five months of this
year alone, which has had a severe impact on SSH's cash
reserves.
During that same period, Analytica has staged a steady recovery,
has had its shares re-quoted on the ASX, and has on Tuesday:
* Paid out its Deed of Company Arrangement ahead of schedule;
* Concluded plans for the injection of $3 million under a
fully underwritten rights issue, which is subject to the
takeover progressing;
* Also concluded arrangements for its largest shareholder,
Psiron Limited to convert all of its 8 million preference shares
to 16 million ordinary shares, along with the remainder of its
debt to Psiron, following Analytica's acquisition of the
Diagnostic Division approximately 18 months ago.
The transactions with Psiron will be put to shareholders for
their approval. Psiron's support of Analytica is also expected
to be endorsed by the shareholders.
This will pave the way for the rights issue to raise $3 million,
which the board has budgeted to fund:
* Analytica's working capital requirements;
* The presently anticipated working capital requirements of
SSH, assuming the takeover succeeds;
* Further acquisitions.
Analytica has made this takeover for SSH for the following
reasons:
* Through cost savings and proper business management the
target for the merged entity is to become break-even within a
short period after the takeover is completed; combining the two
businesses alone is expected to result in a $0.5 million cost
saving;
* Small listed companies in the healthcare and biotechnology
sector have difficulties growing their business from a small
base. This takeover will increase the critical mass necessary to
further progress the business and will put it in a strong
position for further acquisitions;
* The merged entity will be well-funded.
The company looks forward to working co-operatively with the
board of SSH, to ensure that all other conditions and due
diligence requirements can be met, and the takeover offers can
be dispatched to SSH shareholders as soon as possible.
CONTACT INFORMATION: Ron van der Pluijm
Managing Director
Analytica Ltd
Tel: 02 9659 8652
ANALYTICA LIMITED: Undergoes Financial Restructuring
----------------------------------------------------
Analytica Limited is announcing it will undergo a financial
restructuring.
There are four components to the financial restructure:
* Analytica has paid out the Deed of Company Arrangement in
full. The Deed is effectively terminated.
* Analytica's major shareholder Psiron Ltd has elected to
convert its 8,000,000 redeemable preference shares into
16,000,000 ordinary shares.
* In addition, Psiron has resolved to seek to convert the
remaining debt from its sale of the Diagnostic Division to the
Company, in the sum of $1.6 million, into ordinary shares at 6
cents per share.
* Analytica has agreed to a placement of approximately 5.8
million ordinary shares, amounting to just under 15% of its
issued ordinary capital, also at 6 cents per share.
The implementation of this strategy has enabled Analytica to
proceed with the following two major transactions:
* Analytica will proceed with an offer to all shareholders to
raise $3 million. The offer will be fully underwritten and is
also priced at 6 cents per share.
* Analytica also announces its proposal to make a takeover
bid for all of the ordinary shares in listed company, SSH
Medical Limited.
Explanation and Discussion
When Psiron sold its diagnostic business to Analytica and
financed the Deed of Company Arrangement (DOCA), it did so to
create a trading business in the medical and biotechnology
sector in Australia. It was planned to enable the company to
grow further through mergers and acquisitions in the
consolidation of this industry segment.
The proposed takeover bid for SSH Medical is the first proposed
acquisition, with more planned to follow in the future. The bid
will be a straight scrip bid, aiming effectively to merge the
two companies and to achieve considerable synergies and cost
savings. It will be subject to a minimum acceptance condition by
the holders of 75% of SSH's capital. A more detailed
announcement is made separately.
To achieve this objective, Analytica needs to be financially
strong, that is cashed-up, which is achieved through the
placement and fully underwritten rights issue which is (the
rights issue) conditional on the takeover bid for SSH Medical
Limited being successful.
The Company also needed to restructure its balance sheet, which
it has achieved through Psiron's conversion of the preference
shares and debt into ordinary shares.
All new share issues have been priced at 6 cents per share,
which is slightly below the weighted average on closing price
for the company's ordinary shares for the previous three months,
which was approximately 6.7 cents.
Psiron's conversion both of its preference shares and its
outstanding debt marks a tremendous vote of confidence in the
future of Analytica.
In addition, the company needed to be relieved from operating
under a DOCA which is achieved through fulfilling the last
outstanding requirements under this DOCA, that is the transfer
of the remaining funds in Graesser and the final payment of
$200,000, which has been made early.
The various transactions with Psiron will be put to the
shareholders of both companies as soon as possible, after
completion of the appropriate information memoranda and experts'
reports.
CONTACT INFORMATION: Ron van der Pluijm
Managing Director
Analytica Ltd
02 9659 8652
COMMSOFT GROUP: Deed of Company Arrangement Effectuated
-------------------------------------------------------
The Directors of Commsoft Group Limited (Subject to Deed of
Company Arrangement) have advised Wednesday that the Deed of
Company Arrangement has been wholly effectuated and that the
Company has been placed back into the control of the Directors.
This brings to an end both the period of Voluntary
Administration and the period of operating under Deed of Company
arrangement. All prior claims of Creditors, other than
Convertible Notes holders, have been extinguished or released by
this Deed.
CommSoft retains a 20% interest in International Software
Services (ISS).
The Directors are considering various strategies to realize
value from the Group and in particular are seeking suitable
businesses to acquire, which would benefit from CommSoft's dual
listing on the ASX and NZSE. Share in CommSoft will remain
suspended pending future announcements.
MAYNE GROUP: Clarifies Abbott Laboratories US SEC Filing
---------------------------------------------------------
The US-based Abbott Laboratories (Abbott) on Tuesday made a US
Securities and Exchange Commission (US SEC) filing regarding the
conditional sale of their 6.7% shareholding in NaPro
BioTherapeutics, Inc (NaPro) to Faulding Pharmaceutical Co.
(Faulding), an affiliate of Mayne Group Limited.
This agreement with Abbott is contingent upon Mayne entering
into an agreement to acquire NaPro's worldwide paclitaxel
business. In April 2003, NaPro disclosed that it was beginning a
formal process to sell its worldwide paclitaxel business and
Mayne is still engaged in this process.
As the negotiations with NaPro are continuing Mayne believes it
is inappropriate to further comment on the transactions.
UNION CAPITAL: Appoints Mr Stephen Ioannides as Unit's CEO
----------------------------------------------------------
Union Capital Limited announces that it has appointed Mr Stephen
Ioannides as Chief Executive Officer (CEO) of its wholly owned
email technology group Jabmail Limited.
Mr Ioannides has 20 years sales and business development,
consulting, product development and IT software experience in
Australia and overseas. In particular, Mr Ioannides will focus
on the commercialization of the investment Union has made into
the Jabmail range of email technology.
Email is the fastest growing and most significant application of
the Internet age, and Mr Ioannides feels that the "application
content" capabilities of Jabmail are a key differentiator in
delivering interactive business services and customer
convenience through the Jabmail application envelope.
Jabmail's business strategy is based on achieving growth through
joint-venture group & strategic business partners with existing
customer channels that can benefit for the low-cost business
service advantages Jabmail offers.
Mr Ioannides has a strong business building background in
technology solutions and services having successfully
established and grown a number of start-up businesses such as
Trysoft Corporation, Co-Cam and Dialog. He has also held
positions at ANZ Banking Group, NCR and Honeywell and provided
consultancy services to companies such as Westpac, Optus,
Queensland Rail, Worldcare, Energex, Suncorp-Metway and Brisbane
City Council.
Mr Ioannides will be joined on the management committee of
Jabmail by Mr Michael Ilett, the Chief Financial Officer (CFO)
for Union Capital Limited and its subsidiaries. Mr Illett is a
chartered accountant and brings to Jabmail a wealth of business
and financial experience having been a successful businessman,
venture capitalist and consultant with organizations such as
Dreamworld, Paul Morgan Securities, Fisher & Paykel, and Aus
Industry.
Jabmail will seek outside investment to fund the
commercialization process. The company will seek a listing of
its shares, given appropriate market conditions and opportunity.
The management and staff of Jabmail will be granted shares equal
in number to up to 25% of the shares of current shares held by
Union in the event that certain Key Performance Indictors are
achieved over a two year period.
Jabmail has contributed positively to Union's cash flows for the
second quarter in a row.
UNION CAPITAL: Receives Convertible Notes Conversion From Austex
----------------------------------------------------------------
Union Capital Limited announced Tuesday that it has received
notice from Austex Mining NL to convert 55,000 one dollar face
value notes (plus accumulated interest), into new ordinary
shares in Union Capital Limited (Union).
The effect of this notice is to issue 3,011,520 ordinary shares
as conversion of 380,000 $1 notes and an additional 233,496
shares as interest payable on the notes converted. The issue
price per shares is $0.0182632 per share, being a 20% discount
to the weighted average price of Union's shares traded over the
previous twenty (20) trading days.
Consequence after this notice and the issue of the new shares,
Austex Mining NL will hold 17.21% of the issued capital of
Union.
According to Wrights Investors' Service, at the end of 2002,
Union Capital Limited had negative working capital, as current
liabilities were A$1.52 million while total current assets were
only A$1.14 million. It also reported losses during the previous
12 months and has not paid any dividends during the previous 4
fiscal years.
UNITED ENERGY: Scheme of Arrangement Becomes Effective
------------------------------------------------------
Following approval of the Scheme of Arrangement by the Supreme
Court of Victoria on July 15, 2003, and in accordance with
Section 411(10) of the Corporations Act, a copy of the
order of the Court has been lodged with the Australian
Securities & Investments Commission. A copy of the Court's order
can be found at http://bankrupt.com/misc/TCRAP_UEL0724.pdf.
The Scheme of Arrangement between United Energy and its
shareholders, under which Power Partnership will acquire all of
the shares in United Energy not already held by it for
$3.15 cash per share, became effective upon lodgment of the
Court's order with ASIC.
This means that trading in United Energy shares will cease from
the close of trading and, subject to the remaining insolvency
and financing conditions being satisfied at the Implementation
Date, the Scheme was implemented on 23 July 2003.
Shareholders who are shown on United Energy's share register as
the holder of United Energy shares at 5:00pm on 22 July 2003
(the Scheme Record Date) received $3.15 cash for each United
Energy share held at that time, in exchange for transferring
their shares to Power Partnership. The transfer will occur
automatically without further action by shareholders.
WESTERN METALS: Appoints PwC as Receiver & Manager
--------------------------------------------------
The Company advises that the secured creditors of Western Metals
Group have appointed David McEvoy and Stephen Longley of
PricewaterhouseCoopers as receivers and managers to the
following Companies:
* Western Metals Limited
* Western Metals Zinc NL
* Western Metals Marketing Pty Ltd
* Western Metals Copper Limited
* Aberfoyle Limited
CONTACT INFORMATION: John McDonough
Pricewaterhouse Coopers
215 Spring Street
Melbourne, VIC 3000
Telephone: 03 8603-1145
Facsimile: 03 8603-6044
Email: John.McDonough@au.pwc.com
================================
C H I N A & H O N G K O N G
================================
CHUANG'S INT'L: Widens Operations Loss to HK$308.045M
-----------------------------------------------------
Chuang's Consortium International Limited posted its results
announcement summary, as follows:
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2002 from 1/4/2001
to 31/3/2003 to 31/3/2002
Note ('000) ('000)
Turnover : 289,650 670,892
Profit/(Loss) from Operations : (308,045) 37,329
Finance cost : (37,737) (58,622)
Share of Profit/(Loss) of
Associates : 10,595 3,268
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (301,788) (19,505)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.2272) 0.0147
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (301,788) (19,505)
Final Dividend : Nil 0.5 cent
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. Loss from operations
Loss from operations for the year ended 31st March, 2003
includes revaluation deficit of investment properties and
provision for properties held for sale of HK$176,917,000 (2002:
HK$25,641,000) and HK$130,000,000 (2002: nil) respectively.
2. Loss per share
The calculation of basic loss per share is based on the loss
attributable to shareholders of HK$301,788,000 (2002:
HK$19,505,000) and 1,328,006,155 (2002:1,328,006,155) shares in
issue during the year.
H.K. CHINESE: Winding Up Hearing Scheduled in August
----------------------------------------------------
The High Court of Hong Kong will hear on August 13, 2003 at 9:30
in the morning the petition seeking the winding up of H.K.
Chinese Traditional Medicine Hospital (Asia) Limited.
Chung Ying Ngo of Flat 16, 37/F., Sau Chi House, Sau Mau Ping
Estate, Kwun Tong, Kowloon, Hong Kong filed the petition on June
20, 2003. Tam Lee Po Lin, Nina represents the petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
HEALTHWAY INTERNATIONAL: Petition to Wind Up Pending
----------------------------------------------------
The petition to wind up Healthway International Limited is
scheduled to be heard before the High Court of Hong Kong on July
30, 2003 at 9:30 in the morning.
The petition was filed with the court on May 30, 2003 by Cheung
Chi Hang of Room 702, 7/F., Block B, Chung Ming Court, Tseung
Kwan O, Kowloon, Hong Kong.
NEW WORLD: Cuts Q103 Net Loss to HK$44.666M
-------------------------------------------
New World CyberBase Limited announced released a summary of its
financial statement for the year end date March 31, 2003:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/03/2003 to 31/03/2002
Note ('000) ('000)
Turnover : 36,183 66,677
Profit/(Loss) from Operations : (39,039) (163,672)
Finance cost : (5,825) (19,941)
Share of Profit/(Loss) of
Associates : N/A (7,889)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (44,666) (189,203)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0077) (0.0496)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (44,666) (189,203)
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. Loss per share
The calculation of the loss per share is based on the loss
attributable to shareholders of HK$44,666,000 (2002:
HK$189,203,000) and on the weighted average number of
5,766,445,569 (2002: 3,817,274,564) shares in issue
during the year.
Diluted loss per share is not presented as the exercise of the
outstanding share options of the Company would be anti-dilutive.
SMART MATERIAL: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Smart Material Limited is scheduled for
hearing before the High Court of Hong Kong on July 30, 2003 at
10:00 in the morning.
The petition was filed with the court on June 9, 2003 by Fan Hin
Hau of Room 904, 9/F., Mau Tung House, Tung Tau(2) Estate,
Kowloon, Hong Kong.
SUPER SHINE: Winding Up Sought by Citic Ka Wah
----------------------------------------------
Citic Ka Wah Bank Limited is seeking the winding up of Super
Shine Development Limited. The petition was filed on June 30,
2003, and will be heard before the High Court of Hong Kong on
August 20, 2003.
Citic Ka Wah holds its registered office at No. 232 Des Voeux
Road Central, Hong Kong.
TOP GLORY: Scheme Approved at Court Meeting, EGM
------------------------------------------------
Top Glory International Holdings Limited refers to the document
(the Scheme Document) dated 26th June, 2003 sent to the
Shareholders in relation to the Proposal and the joint
announcement of the Company and COFCO (HK) dated 30th June,
2003.
The Directors announce that:
(i) at the Court Meeting held on 21st July, 2003 to approve
the Scheme, a total of 483,145,230 Shares (amounting to
approximately 14.4% of the issued share capital of the Company
and approximately 35.2% of the Shares held by all the
Independent Minority Shareholders) were voted either in person
or by proxy. 28 Independent Minority Shareholders, representing
471,877,322 Shares (amounting to approximately 97.7% of the
Shares voted and approximately 34.4% of the Shares held by all
the Independent Minority Shareholders), voted in favor of the
Scheme and 21 Independent Minority Shareholders, representing
11,267,908 Shares (amounting to approximately 2.3% of the
Shares voted and approximately 0.8% of the Shares held by all
the Independent Minority Shareholders), voted against
the Scheme. Accordingly:
(a) the resolution to approve the Scheme was duly passed by
a majority in number of the Independent Minority Shareholders
present and voting either in person or by proxy at the Court
Meeting representing not less than three-fourths in value of the
Shares that were voted either in person or by proxy by the
Independent Minority Shareholders (by way of poll); and
(b) the number of votes cast against the resolution at the
Court Meeting was not more than 10% of all the Shares held by
all of the Independent Minority Shareholders; and
(ii) at the Extraordinary General Meeting held on 21st July,
2003, a total of 2,478,345,684 Shares (amounting to
approximately 74.1% of the issued share capital of the Company)
was voted either in person or by proxy.
2,467,017,296 Shares (amounting to approximately 99.5% of the
Shares voted) were voted in favor of the Scheme and 11,328,388
Shares (amounting to approximately 0.5% of the Shares voted)
were voted against the Scheme. The special resolution to approve
and give effect to the Scheme was accordingly duly passed by a
majority of not less than three-fourths of votes cast by the
Shareholders present and voting, in person or by proxy (by way
of poll), at the Extraordinary General Meeting.
CURRENT STATUS OF THE CONDITIONS OF THE SCHEME
The Scheme will become effective subject to the fulfillment or
waiver (as applicable) of the conditions listed as (c) to (h)
under Conditions of the Proposal section on page 42 and 43 of
the Scheme Document.
EFFECTIVE DATE OF THE SCHEME
The Scheme is expected to become effective on Wednesday, 13th
August, 2003. Shareholders will be notified of the exact
date on which the Scheme becomes effective by further press
announcement. The Scheme will lapse if it does not become
effective on or before 30th September, 2003 (or such late date
as the High Court may allow).
EXPECTED TIMETABLE
Shareholders should note that the expected timetable for the
Proposal is as follows:
(i) last day of dealing in the Shares on the Stock Exchange
will be on Tuesday, 5th August, 2003;
(ii) the latest time for lodging transfers of the Shares to
qualify for the Cancellation Price under the Scheme will be 4:00
p.m. on Friday, 8th August, 2003;
(iii) High Court hearing of petition to sanction the Scheme
will be on Tuesday, 12th August, 2003;
(iv) the Scheme will become effective on Wednesday, 13th
August, 2003;
(v) the listing of the Shares on the Stock Exchange will be
withdrawn at 9:30 a.m. on Wednesday, 13th August, 2003; and
(vi) cheques for payment of the Cancellation Price under the
Scheme will be dispatched to the Shareholders on or before
Friday, 22nd August, 2003.
APPLICATION FOR WITHDRAWAL OF LISTING
As referred to above, an application for withdrawal of the
listing of the Shares will be made to the Stock Exchange.
Subject to the approval of the Stock Exchange, it is expected
that dealings in the Shares on the Stock Exchange will cease at
4:00 p.m. on Tuesday, 5th August, 2003 and the listing of the
Shares on the Stock Exchange will be withdrawn with effect from
9:30 a.m. on Wednesday, 13th August, 2003. As mentioned above,
all transfers of the Shares must be lodged with the Registrar,
Secretaries Limited, Ground Floor, Bank of East Asia Harbour
View Centre, 56 Gloucester Road, Wanchai, Hong Kong not later
than 4:00 p.m. on Friday, 8th August, 2003 in order to qualify
for the Cancellation Price under the Scheme.
SUSPENSION AND RESUMPTION OF TRADING IN THE SHARES
At the request of the Company, trading in the Shares was
suspended with effect from 9:30 a.m. on Monday, 21st July, 2003,
pending the release of this announcement. Applications have been
submitted to the Stock Exchange requesting the resumption of
trading in the Shares with effect from 9:30 a.m. on Tuesday,
22nd July, 2003.
GENERAL
As at the Latest Practicable Date, the aggregate number of
Shares held by COFCO (HK), Rovtec and Ever Fortune was
1,970,774,218 Shares representing approximately 58.94% of the
total issued share capital of the Company. No Shares have
been acquired by COFCO (HK), Rovtec or Ever Fortune since the
Latest Practicable Date.
WAH HIP: Winding Up Petition Pending
------------------------------------
Wah Hip Engineering Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on August 6, 2003 at 9:30 in the morning.
The petition was filed on June 13, 2003 by Lee Po Leung of Room
4013, Un Tai House, Un Chau Estate, Sham Shui Po, Kowloon, Hong
Kong.
=================
I N D O N E S I A
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ASTRA INT'L: Unit FIF Increasing Bonds Issuance to Rp750B
---------------------------------------------------------
Ms. Ida Lunardi, President Director of PT Federal International
Finance (FIF), a subsidiary of PT Astra International Tbk in
retail financing services, said that the company plans to
increase the issuance of fixed income bonds from Rp600 billion
to Rp750 billion.
The increase is due to improvement of company's performance and
opportunity to develop business in the future. In addition,
there is great demand from investors resulted in significant
oversubscription.
The escalation of the amount doesn't change FIF rating because
PEFINDO has made an analysis prior to the plan and it fits with
the overall public offering.
The following is the previous and current schemes of the bonds:
Previous Amount Current Amount Coupon
Series A Rp150 bio Rp150 bio 12.375%
Series B Rp100 bio Rp100 bio 12.875%
Series C Rp100 bio Rp250 bio 13.875%
Series D Rp250 bio Rp250 bio 13.500%
=========
J A P A N
=========
AOZORA BANK: Cerberus Set to Head Bank
--------------------------------------
United States private equity firm Cerberus Capital Management is
to appoint Edward Harshfield as Chairman of Aozora Bank, the
collapsed Japanese lender, according to Reuters and the
Financial Times on Monday. Harshfield, a corporate American
turnaround expert, will be only the second foreigner to run a
Japanese bank in Japan history.
The U.S. equity firm is set to take a majority stake in unlisted
Aozora by buying Internet investor Softbank Corporation's 48.87
percent stake for 101.1 billion yen at the end of August.
Cerberus is expected to receive approval for the move from
Japan's banking regulator, the Financial Services Agency. It
already owns 11.5 percent of Aozora, which was created from
failed Nippon Credit Bank in September 2000 after a group led by
Softbank bought the bank for about 110 billion yen.
JAPAN AIRLINES: Halts Sendai-Honolulu Flights
---------------------------------------------
Japan Airlines (JAL) plans to end four weekly flights between
Sendai and Honolulu this fall as part of its restructuring
measures to deal with a sharp fall in travelers in the wake of
severe acute respiratory syndrome (SARS), according to Kyodo
News on Tuesday, citing JAL President Katsuo Haneda. The report
said the airline could no longer afford to maintain the
unprofitable route.
MITSUBISHI MOTORS: Recalls 4,622 Lancers
----------------------------------------
Mitsubishi Motors Corporation (MMC) will recall 4,622 Lancer
passenger cars to fix defective manual transmissions, Kyodo News
reported Tuesday. Subject to the recall are vehicles
manufactured between January and May this year.
Earlier this week, Japan Credit Rating Agency (JCR) assigned a
preliminary BBB- rating to the shelf registration of Mitsubishi
Motors Corporation. The carmaker implemented cost reduction
measures of its turnaround-restructuring plan earlier than the
schedules. The pretax profit before extraordinary items for
fiscal 2002 ended March 31, 2003 recovered to the amount close
to the target under the restructuring plan. MMC has cut the
interest- bearing debt to 1 trillion yen, spinning off the
division of commercial vehicles. However, the domestic sales
were sharply below the planned amount. Introduction of new
vehicles in Japan would be made on a larger scale in and after
fiscal 2005. MMC needs to reduce the burden of loss hastily via
rebuilding of the marketing system during the time before new
vehicle introduction scheduled in and after fiscal 2005.
Constraint on default risk of auto financing business in North
America is beginning to pay off. MMC will have to tackle
difficult job of trade-off between the constraint on default
risk and the sustaining of sales volume in quantity.
SEGA CORP.: Issues R&D Studios Reorganization Notice
----------------------------------------------------
Sega Corporation announced that in the board meeting held on
July 8, 2003, the Company made the basic policy for the R&D
studios reorganization. The details are as follows.
BASIC POLICY:
To reorganize existing nine R&D studios to five and establish
the two companies
(Details are not determined)
PURPOSES:
1) To strengthen the Product marketability (to make worldwide
success titles)
2) To create the titles necessary for the future growth (to make
brand-new titles, blockbuster titles, and titles for Europe and
North America Market)
3) To improve the productivity (to improve efficiencies and
reduce the cost)
SCHEDULE:
The schedule for this reorganization is as follows;
To determine the details of the reorganization in the board
meeting to be held at the end of July
To transfer to reorganized structures from October 1, 2003.
Struggling videogame maker Sega Corporation posted a net profit
of 3.05 billion yen for the year ending in March 31, after five
years of straight losses, helped by solid results in its game
arcade business, TCR-AP reported recently. After pulling the
plug on its loss-making Dreamcast game console business in 2001,
Sega shifted its focus to software development in consumer games
but has so far failed to attract a wide range of global
consumers due to stiff competition.
SEGA CORPORATION: Beats First Quarter Sales Target
--------------------------------------------------
Japanese videogame publisher Sega Corporation sold 1.45 million
units of home videogame software worldwide in the April to June
quarter, beating its target of 1.22 million, according to
Reuters. It also said it aimed to double its annual sales of
packaged videogame software globally in the next five years. The
improvement comes as a further blessing for Sega, which finally
returned to profit on a group net basis in the last business
year to March after five straight years of losses.
Sega Corp.'s consolidated financial results for the year ended
March 31, 2003 can be accessed at
http://www.sega.co.jp/IR/en/cr/pdf/200305191.pdf
TOSHIBA CORPORATION: Integrates Business With Mitsubishi
--------------------------------------------------------
Mitsubishi Electric Corporation and Toshiba Corporation
announced the outline of their new joint venture Company,
integrating their businesses in industrial electric and
automation systems for manufacturing plants for which they
reached a basic agreement earlier on April 18, 2003.
On October 1st, this new Company, tentatively to be named
"Toshiba Mitsubishi-Electric Industrial Systems Corporation"
will be founded and commence operations. At present, Mr. Isamu
Matsuyama (former Managing Director of Mitsubishi Electric) is
scheduled to become President of this new Company.
The new Company will handle sales, engineering, installation and
servicing of industrial electric and automation systems
(industrial supervisory control systems, drive systems, power
distribution systems, etc.) used in steel, pulp and paper,
petrochemical, automobile, food and other manufacturing plants.
It will bring together all key functions in the partners'
respective businesses including development, manufacturing and
engineering, sales, installation and services which will
integrate the assets of the relevant divisions of each partner,
TMA Electric Corporation, an equally owned joint venture of
Mitsubishi Electric and Toshiba for large capacity motors, and
Toshiba GE Automation Systems Corporation, a Toshiba subsidiary
in Japan. GE Toshiba Automation Systems LLC, currently a U.S.
joint venture between Toshiba and General Electric Company, will
become a subsidiary of the new Company. The combined operations
of the new Company are expected to promote overall
competitiveness and a global presence, and to support an
operating structure that will position the new entity as a
leading system integrator in industrial electric and automation
systems.
Outline of New Company
Company Name: Toshiba Mitsubishi-Electric
Industrial Systems Corporation
(tentative)
Start of Operations: October 1, 2003
Capitalization: 15 billion Japanese yen
(plus approximately 20 billion
Japanese yen in capital reserves)
Shareholding: Toshiba 50 percent, Mitsubishi
Electric 50 percent
President: Isamu Matsuyama
(former Managing Director
of Mitsubishi Electric)
Headquarters: Minato Ward, Tokyo Japan
Manufacturing Facilities: Fuchu, Kobe, Keihin, Mie and
Nagasaki
Business Areas: Sales, engineering, installation and
servicing of industrial electric
and automation systems primarily for
manufacturing plants; and
development and manufacture of
supervisory control systems, power
electronic equipment and motors
(large capacity motors, etc.)
Sales Target: 147 billion Japanese yen
(fiscal year 2006)
No. of Employees: Approximately 2,200
(at initial operation)
About Mitsubishi Electric Corporation
With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (TSE:6503)
is a recognized world leader in the manufacture, marketing and
sales of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and building equipment. The Company has
operations in 35 countries and recorded consolidated group sales
of 3,639 billion yen (US$30.3 billion*) in the year ended March
31, 2003. For more information, visit
http://global.mitsubishielectric.com
* At an exchange rate of 120 yen to the US dollar, the rate
given by the Tokyo Foreign Exchange Market on March 31, 2003.
About Toshiba Corporation
Toshiba Corporation, a world leader in high technology, is a
diversified manufacturer and marketer of advanced electronic and
electrical products, spanning information and communications
equipment and systems, internet-based solutions and services,
electronic components and materials, power systems, industrial
and social infrastructure systems, and household appliances. The
Company's integration of these wide-ranging capabilities assures
its position as a leading Company in all aspects of industrial
electric and automation systems. Toshiba has 166,000 employees
worldwide and annual sales of over US$47 billion. Visit
Toshiba's web site at http://www.toshiba.co.jp/index.htm
The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen (US$636 million) versus a net income of Y11.1 billion in the
year- earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.
COANTACT:
Mitsubishi Electric Corporation
Robert Barz, +81-3-3218-2346 (Public Relations)
Robert.Barz@hq.melco.co.jp
or
Toshiba Corporation
Junko Furuta, +81-3-3457-2105 (Media)
press@toshiba.co.jp
=========
K O R E A
=========
HYUNDAI MOTOR: Labor Strike Cripples Production
-----------------------------------------------
Hyundai Motor plans to stop production lines between July 28 and
August 3 when its workers take summer holidays and the
carmaker's production will be disrupted for about 15 days, Asia
Pulse reports. The plan will disrupt its supply to the domestic
market, costing the carmaker and its suppliers more than US$1
billion in lost output. The carmaker's labor union began a
strike last Friday.
Due to the strike and unionists' refusal to work overtime,
Hyundai's lost output is estimated at 75,600 automobiles worth
1.19 trillion won. In addition, about 2,300 suppliers of Hyundai
Motor are estimated to have suffered 600 billion won in damages.
DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 104.100 and 104.510. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1
KIA MOTORS: Workers Vote For Strike Action
------------------------------------------
Unionized workers at Kia Motors had voted to strike on July 23-
24 in order to press for higher wages and better working
conditions, Reuters said on Tuesday. Union members voted in
support of strikes to seek an 11.1 percent rise in pay and
working week reduced to five days from six. Kia is an affiliate
of South Korea's largest automaker, Hyundai Motor Company.
KOOKMIN BANK: Expects W342B Q203 Loss
-------------------------------------
Kookmin Bank is likely to report 342 billion won (US$289
million) in losses in the three months ending in June, the Korea
Herald reported Wednesday. The lender's second-quarter earnings
would fall far short of market estimates, due to a sharp drop in
its non-operating income. The brokerage firm said the second-
quarter business results might shock investors. What is worse,
the lender's second-half earnings outlook is also murky.
SK GLOBAL: U.S. Arm Seeks Bankruptcy Protection
-----------------------------------------------
SK Global America Inc., a U.S. unit of troubled SK Global Co.
Ltd., filed the application for Chapter 11 bankruptcy protection
with the federal bankruptcy court in southern New York on Monday
to avoid its assets being seized by one of its main lenders,
according to Reuters. SK Global has been on the verge of
bankruptcy since a US$1.2 billion accounting fraud was unearthed
in March, sending shock waves throughout financial markets.
Headquartered in New York City, SK Global America Inc.
specialized in the import and export of an array of raw
materials and value-added products. The Company supplies U.S.
companies with textiles, steel, petroleum, and chemical goods.
Our main business functions involve establishing partnerships
with U.S. companies to develop new products and markets, and
offering value-added services such as financing, distribution,
and technology transfer.
Founded in 1974, the Company has expanded by opening additional
U.S. branch offices in California and Texas. The Company has
offices in Central and South America: Mexico City, Mexico;
Panama City, Panama; and Sao Paulo, Brazil.
SSANGYONG CEMENT: Creditors OK Debt-Rescheduling Package
--------------------------------------------------------
Creditors of Ssangyong Cement Co. have agreed on a debt-
rescheduling package including a debt-for-equity swap worth 600
billion won (US$509 million), the Korea Herald reported
Wednesday. The creditors will also provide fresh funds worth 150
billion won to the financially troubled Company. A majority of
creditors, including state-run Korea Development Bank, Chohung
Bank and Korea Deposit Insurance Corp., has agreed on the debt
restructuring plans. With the debt restructuring, Ssangyong's
outstanding debt will be reduced to 1.4 trillion won from 2
trillion won.
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Shareholder Offer Oversubscribed
---------------------------------------------------
Abrar Corporation Berhad refers to the Prospectus of OilCorp
Berhad dated 30 June 2003 in relation to the following offering:
(i) 1,800,000 ordinary shares of RM1.00 each available for
application by the shareholders of ACB whose names appear on the
record of depositors at 5.00 p.m. on 24 June 2003 (ACB
Shareholder Offer);
(ii) 8,671,000 ordinary shares of RM1.00 each available for
application by the Directors and employees of OilCorp and its
subsidiary companies (Pink Form Allocation); and
(iii) 33,690,000 ordinary shares of RM1.00 each by way of
private placement (Placement).
Public Merchant Bank Berhad, on behalf of OilCorp, is pleased to
announce that as at the closing date on 15 July 2003, the ACB
Shareholder Offer has been oversubscribed.
A total of 641 applications for 1,800,000 shares were received
from the shareholders of ACB for a total of 11,582,178 shares
available for subscription, which represents an oversubscription
rate of 5.43 times.
The Pink Form Allocation has been fully subscribed and the
shares under the Placement have been fully placed out.
ARUS MURNI: Updates CHSB Proposed Acquisitions
----------------------------------------------
Further to the announcement dated 9 July 2003 (Ref: CU-030623-
65427) in relation to the Proposed Acquisitions of Consistent
Harvest Sdn Bhd (CHSB).
The Board of Directors of Arus Murni Corporation Berhad
announced that it had received a letter dated 22 July 2003, from
the Vendors of CHSB stating that:
Status of the Acquisition of CHSB
That the State of Negeri Sembilan Darul Khusus has approved the
transfer of titles held under PT 4611 and PT 4619 in the
Municipality and District of Seremban Darul Khusus to CHSB.
We will be providing updates/announcements on the status of the
acquisitions as soon as it becomes available.
The Troubled Company Reporter - Asia Pacific reported on May 16,
that Arus Murni Corporation Berhad is still in the progress of
reviewing various business proposals to regularize its financial
positions.
DMIB BERHAD: Voluntarily De-registers Inactive Subsidiaries
-----------------------------------------------------------
DMIB Berhad wishes to announce that the following wholly-owned
subsidiary companies of DMIB have received notifications from
the Companies Commission of Malaysia (CCM) on 2 July 2003 that
their names have been struck-off the CCM's register of
companies:
i. DMIB Hiroshima Chemical (Malaysia) Sdn. Bhd. (DMIB
Hiroshima); and
ii. DMI Technologies Sdn. Bhd. (DMIT).
Both DMIB Hiroshima and DMIT have not commenced business since
their incorporation.
The deregistration of the companies is not expected to have a
material effect on the earnings or net tangible assets of the
DMIB Group for the financial year ending 30 June 2004. None of
the directors or substantial shareholders of DMIB or persons
connected to them has any interest direct or indirect, in the
deregistration.
FORESWOOD GROUP: Proposes Corporate Debt Restructuring Scheme
-------------------------------------------------------------
On 22 August 2002, Foreswood Group Berhad had announced that FGB
is an "affected listed issuer" pursuant to Practice Note 4/2001
(PN4) of the Listing Requirements of the Kuala Lumpur Stock
Exchange (KLSE).
The KLSE had, via its letter dated 5 June 2003 approved an
extension of time from 22 May 2003 to 21 July 2003 to enable FGB
to announce its Requisite Announcement.
On behalf of FGB, Public Merchant Bank Berhad wishes to announce
that as part and parcel of the Company's regularization plan,
the Board of Directors of the Company has deliberated and
proposed to undertake the following:
(i) the proposed reduction of the Company's existing issued
and paid-up share capital of RM57,114,000 comprising 57,114,00
ordinary shares of RM1.00 each in FGB (FGB Shares) to
RM5,711,400 comprising 5,711,400 of RM0.10 each, by canceling
RM0.90 of the par value from every existing FGB Share and the
consolidation of the resultant shares thereafter (Proposed
Capital Reduction and Consolidation)
(ii) the proposed cancellation of a portion of FGB's share
premium account of up to RM20.914 million, pursuant to Section
64(1) of the Act, wherein the audited amount in the share
premium account of FGB as at 31 December 2002 stands at RM49.471
million of which RM28.557 million would be utilized for the
Proposed Rights Issue (as detailed below) (Proposed Cancellation
of Share Premium Account);
(iii) the proposed renounceable two-call rights issue of up
to 57,114,000 new FGB Shares (Rights Share) with up to
47,595,000 free warrants (Warrants) at an issue price of RM1.00
per Rights Share on the basis of ten (10) Rights Shares for
every one (1) FGB Share held after the Proposed Capital
Reduction and Consolidation together with five (5) Warrants for
every six (6) Rights Shares issued (Proposed Rights Issue);
(iv) Proposed settlement of debts owing to financial
institution lenders amounting to RM169.111 million to be
satisfied via the issuance of a combination of new FGB Shares,
1.5% 5-year irredeemable convertible unsecured loan stock, 1.5%
10-year redeemable convertible secured loan stocks, the
restructuring of a portion of the debts owing as a term loan and
loan and a cash payment of approximately RM5.4 million (Proposed
Debt Restructuring)
(Collectively referred to as the "Proposed Corporate Debt
Restructuring Scheme")
Go to http://bankrupt.com/misc/TCRAP_Foreswood0724.docfor
further details of the Proposed Corporate Debt Restructuring
Scheme.
KEMAYAN CORPORATION: Discloses Level of Foreign Ownership
---------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad wishes to
announce the following information on the level of foreign
shareholdings as at 30 June 2003:
1) The percentage shareholdings of entitled foreigners as at
30 June 2003 is 49%; and
2) The percentage shareholdings of non-entitled foreigners as
at 30 June 2003 is 6.88%
Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.
KEMAYAN CORPORATION: Unit Receives Writ of Summons
--------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad hereby
announce that its subsidiary, BCM Development Sdn Bhd (BCM Dev)
has been served a Writ Summons on 21st July 2003 issued by the
High Court of Malaya at Johor Bahru under Civil Suit No. MT2-22-
344-2203 (the Summons).
The Summons was jointly taken out by the purchasers of 53
parcels of residential properties (the 53 Purchasers) to be
erected in a proposed residential/commercial project known as
"Taman Mewah Jaya, Johor Bahru" (the Project) undertaken by BCM
Dev pursuant to a Development Rights Agreement dated 16th March
1997 (DRA) entered into between BCM, as the developer, and The
Titular Catholic Bishop of Malacca Johor, as the landowner (the
Landowner), on the ground of breach of respective tripartite
sale and purchase agreements in respect thereof ("collectively
"the SPA") resulting in the termination of the SPA.
By the Summons, the 53 Purchasers are claiming for:-
1) special damages in the refund of the part of the purchaser
prices paid by them amounting to an aggregate sum of
RM4,152,286.35;
2) interest on the sum of RM4,152,286.35 at 8% per annum from 1
March 2003 until final payment;
3) general damages including bank interest, suing cost, rental
and interest on failure to deliver vacant possession;
4) interest on the general damages and/or on the amount found to
be due to them at 8% per annum from 1 March 2003 until the final
payment and/or for such period deemed fit by the Court.
5) costs; and
6) such other relief as the Honorable Court may deem fit and
proper.
BCM Dev holds the 53 Purchasers are not entitled to claim
against it on the grounds that:-
1. the purchase prices paid pursuant to the SPA were applied
towards the development of the Project within the knowledge and
consent of the 53 Purchasers;
2. the 53 Purchasers had since entered into fresh sale and
purchase agreements with the new developer appointed by the
Landowners to continue with the development of the Project in
place of BCM Dev;
3. the 53 Purchasers will be unjustly enriched by the claim in
the circumstances.
BCM Dev further holds that the inability to continue with the
development of the Project caused by a termination of the DRA by
the Landowner, which BCM Dev maintains as wrongful. The
termination of the DRA has since become the subject matter of a
Civil Suit taken out by BCM Dev against the Landowner in the
High Court of Malaya at Johor Bahru under Civil Suit No: MT4-22-
100-2001.
BCM Dev has appointed its solicitors to defend the claim by the
53 Purchasers and is consulting its solicitors on the
possibility of bringing the Landowners as a Third Party to the
action commenced by the Summons for indemnity.
KUALA LUMPUR: Commences Unit Disposal Negotiations With Alliance
----------------------------------------------------------------
The Board of Directors of Kuala Lumpur City Corporation Berhad
announces that on 21 July 2003, the Company received a letter
from Alliance Merchant Bank Berhad, a wholly-owned subsidiary of
Malaysian Plantations Berhad (MPlant) expressing their interest
in acquiring 100% equity interest in Kuala Lumpur City
Securities Sdn Bhd, a wholly-owned subsidiary of the Company.
The Board has deliberated on the matter and has decided to
commence negotiations with Alliance Merchant Bank Berhad.
Save for Encik Mohd Nasir bin Ali who is a Director of KLCCB and
MPlant and Puan Lutfiah binti Ismail who is a Director of KLCCB
and Alliance Merchant Bank and a major shareholder of MPlant,
none of the Directors or major shareholders of KLCCB or persons
connected with them, have any interests, direct or indirect, in
the matter.
Further developments will be duly and accordingly announced.
NCK CORPORATION: Unit Served Judgment Debt Related Notice
---------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) wishes
to announce that Messrs Selvam Shanmugam & Partners, on behalf
of Vimala Rani a/p Ganeson had on 22 July 2003 served a Notice
pursuant to Section 218 of the Companies Act, 1965 on NCK
Development Sdn Bhd (NCKD), a subsidiary of NCK pursuant to the
Judgment of Court dated 2 September 2002.
According to the Notice, NCKD is required to pay to Vimala Rani
a/p Ganeson the Judgment sum of RM607,181.27 (being an amount
made up of a principal sum of RM320,000.00, interest at the rate
of 10% per annum on a bank loan of RM200,000.00 from 25 March
1997 to date of judgment, liquidated damages amounting to
RM106,234.62, and further liquidated damages calculated at 10%
on RM400,998.92 from 16 November 2000 to date of judgment)
together with interest on the judgment sum at the rate of 8% per
annum from the date of judgment until date of full realization
and costs amounting to RM225.00 within twenty-one (21) days from
the date of receipt of the Notice failing which NCKD shall be
deemed to be unable to pay the debt and appropriate action will
be taken for the winding-up of NCKD.
The above action arose from the non-completion of the Sale and
Purchase Agreement dated 25 March 1997 between NCKD and Vimala
Rani a/p Ganeson for a property unit of a development project
known as Rachado Bay Resort situated at Port Dickson, Negeri
Sembilan.
The Management is seeking legal advice and will take appropriate
actions to resolve the matter.
NYLEX (MALAYSIA): August 15 EGM Scheduled
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Nylex (Malaysia) Berhad will be held at Kristal Ballroom 2, 1st
Floor, East Wing, Hilton Petaling Jaya, No.2, Jalan Barat, 46200
Petaling Jaya, Selangor Darul Ehsan on Friday, 15 August 2003 at
3:0 p.m. or at any adjournment thereof, for the purpose of
considering and, if thought fit, to pass the following
resolutions, with or without modifications:
SPECIAL RESOLUTION 1
PROPOSED CAPITAL REDUCTION, PROPOSED SHARE CONSOLIDATION AND
PROPOSED CAPITAL DISTRIBUTION
"THAT, subject to the sanction of the High Court for the
Proposed Capital Reduction and approval by the relevant
authorities including the approval in principle being obtained
from the Kuala Lumpur Stock Exchange (KLSE) for the listing of
and quotation for the 112,243,860 ordinary shares of RM1.00 per
share of the Company arising from the Proposed Capital Reduction
(as defined below) and Proposed Share Consolidation (as defined
below), and subject to the fulfillment of all the conditions
precedent in the conditional Sale and Purchase Agreement dated 3
September 2002 between Nylex and Ancom Berhad ("Conditional
SPA") as amended by the supplemental agreement dated 20 February
2003 (Supplemental Agreement) and addendum dated 7 July 2003
(Addendum) between Nylex and Ancom Berhad and further subject to
the passing of Ordinary Resolutions 1, 2 and 3 approval be and
is hereby given to the Company:
(a) to effect a capital reduction involving the cancellation
of fifty (50) sen from every existing ordinary share of RM1.00
each resulting in the reduction in the issued and paid-up share
capital of Nylex from RM224,487,720 comprising 224,487,720
ordinary shares of RM1.00 each to RM112,243,860 comprising
224,487,720 ordinary shares of RM0.50 each resulting in a
capital reserve of RM112,243,860 pursuant to Section 64 of the
Companies Act, 1965 (Proposed Capital Reduction);
(b) to effect the consolidation of 224,487,720 ordinary
shares of RM0.50 each in Nylex after the Proposed Capital
Reduction into 112,243,860 ordinary shares of RM1.00 each in
Nylex, on the basis of two (2) ordinary shares of RM0.50 each in
Nylex after the Proposed Capital Reduction into one (1) ordinary
share of RM1.00 each in Nylex (Proposed Share Consolidation);
and
(c) to utilize the resultant credit arising from the Proposed
Capital Reduction of RM112,243,860 to distribute the Company's
entire investment in Tamco Corporate Holdings Berhad (Tamco) of
RM112,243,860 comprising 224,487,720 ordinary shares of RM0.50
each to entitled shareholders of Nylex on the basis of two (2)
ordinary shares of RM0.50 each in Tamco for each ordinary share
of RM1.00 each in Nylex held after the Proposed Capital
Reduction and the Proposed Share Consolidation on a date to be
determined later (Proposed Capital Distribution),
AND THAT approval be and is hereby given to the Directors of the
Company to do all acts and things that are necessary to give
effect to the Proposed Capital Reduction, the Proposed Share
Consolidation and the Proposed Capital Distribution with full
power to assent to any conditions, modifications, variations
and/or amendments as may be required by the Court or by any
relevant authorities and to do all such acts, deeds and things
as they may consider necessary or expedient to give full effect
to and complete the Proposed Capital Reduction, the Proposed
Share Consolidation and the Proposed Capital Distribution."
ORDINARY RESOLUTION 1
PROPOSED ACQUISITIONS
"THAT, subject to the passing of the Special Resolution 1 and
Ordinary Resolutions 2 and 3 and the approval by the relevant
authorities including the approval in principle being obtained
from the Kuala Lumpur Stock Exchange for the listing of and
quotation for the Consideration Shares (as defined below),
approval be and is hereby given to the Company to acquire from
Ancom Berhad (Ancom) the following companies:
(i) 2,213,000 ordinary shares of RM1.00 each representing the
entire equity interest in Perusahaan Kimia Gemilang Sdn Bhd for
a consideration of RM27,665,000 to be satisfied by the issuance
of 27,665,000 new ordinary shares of RM1.00 each in Nylex;
(ii) 8,000,000 ordinary shares of RM1.00 each representing
the entire equity interest in Fermpro Sdn Bhd for a
consideration of RM28,818,000 to be satisfied by the issuance of
28,818,000 new ordinary shares of RM1.00 each in Nylex;
(iii) 205,004 ordinary shares of RM1.00 each representing the
entire equity interest in Kumpulan Kesuma Sdn Bhd for a
consideration of RM6,339,000 to be satisfied by the issuance of
6,339,000 new ordinary shares of RM1.00 each in Nylex; and
(iv) 21,000 ordinary shares of RM1.00 each representing the
entire equity interest in Wedon Sdn Bhd for a consideration of
RM1,605,000 to be satisfied by the issuance of 1,605,000 new
ordinary shares of RM1.00 each in Nylex,
all for a total consideration of RM64,427,000 to be satisfied by
the issuance of 64,427,000 new ordinary shares of RM1.00 each in
Nylex (Consideration Shares) at an issue price of RM1.00 (at
par) credited as fully paid-up upon the terms and conditions of
the Conditional SPA, the Supplemental Agreement and the Addendum
after the Proposed Share Consolidation and Proposed Capital
Distribution (Proposed Acquisitions);
AND THAT the Consideration Shares arising from the Proposed
Acquisitions shall upon issuance and allotment rank pari passu
in all respects with the existing ordinary shares of RM1.00 each
in Nylex in issue except that they will not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of allotment of
the Consideration Shares nor for the financial year ended 31 May
2003 of the Company;
AND THAT the Directors of the Company be and are hereby
authorized to give effect to the Proposed Acquisitions and all
other transactions contemplated under the Conditional SPA, the
Supplemental Agreement and the Addendum with full power to
assent to any conditions, variations, modifications and/or
amendments as may be required or permitted by the relevant
authorities, to enter into and execute any agreements,
instruments or documents upon such terms and conditions as they
deem fit including any amendments or supplemental thereto and to
do all such acts, deeds and things as they may consider
necessary or expedient to give full effect to and complete the
Proposed Acquisitions and all other transactions contemplated
under the Conditional SPA, the Supplemental Agreement and the
Addendum."
ORDINARY RESOLUTION 2
PROPOSED EXEMPTION
"THAT, subject to the passing of Ordinary Resolution 1 and also
such conditions as may be imposed by the Securities Commission,
approval be and is hereby given, pursuant to Practice Note 2.9.1
of the Malaysian Code on Take-overs and Mergers, 1998, to waive
the obligations of Ancom, Rhodemark Development Sdn Bhd (RDSB)
and parties acting-in-concert with them (namely Eminent East
Limited and Class Team Resources Sdn Bhd (the latter two being
shareholders of RDSB), CF Fund Holdings Ltd as General Partner
of Asian Corporate Finance Fund, L.P., CF Holdings (II) Ltd as
General Partner of Prime Enterprises II, L.P., Prime Dilmun
Management Limited as manager of the Prime Dilmun Trust (Asian
Corporate Finance Fund, L.P., Prime Enterprises II, L.P. and
Codan Trust Company Limited in its capacity as trustee of the
Prime Dilmun Trust are shareholders of Eminent East Limited),
Heah Kok Soon, Hung Hin Cheong and Chua Ah Lak (persons who are
directors of Class Team Resources Sdn Bhd) from the obligation
to extend a mandatory offer for the remaining 53,860,874
ordinary shares of RM1.00 each representing 30.49% of the
enlarged equity interest in Nylex not already held by Ancom,
RDSB and the parties acting-in-concert with them upon completion
of the Proposed Acquisitions."
ORDINARY RESOLUTION 3
LISTING PROPOSAL OF TAMCO CORPORATE HOLDINGS BERHAD (TAMCO), A
WHOLLY-OWNED SUBSIDIARY COMPANY OF NYLEX, COMPRISING:
(I) PROPOSED PLACEMENT OF UP TO 35,000,000 NEW ORDINARY
SHARES OF RM0.50 EACH IN TAMCO (PLACEMENT SHARESTO BUMIPUTERA
INVESTORS TO BE IDENTIFIED; AND
(II) PROPOSED ADMISSION TO THE OFFICIAL LIST OF THE MESDAQ
MARKET OF THE KUALA LUMPUR STOCK EXCHANGE (MESDAQ MARKET) AND
THE LISTING OF AND QUOTATION FOR THE ENTIRE ISSUED AND PAID-UP
ORDINARY SHARE CAPITAL OF TAMCO COMPRISING UP TO 259,487,720
ORDINARY SHARES OF RM0.50 EACH IN TAMCO (TAMCO SHARES)
(INCLUDING THE PLACEMENT SHARES) ON THE MESDAQ MARKET
(HEREINAFTER REFERRED TO AS THE "LISTING PROPOSAL")
"THAT pursuant to a proposed group reorganization scheme of
Nylex and for the purpose of facilitating the proposed capital
distribution of Nylex (details of which are set out in Section
2.1.1 of Part A of the Circular to Shareholders dated 23 July
2003), Tamco, a wholly-owned subsidiary company of Nylex,
proposes to undertake a capital restructuring (details of which
are set out in Section 3.1 of Part C of the Circular to
Shareholders dated 23 July 2003);
AND THAT, subject to the passing of Special Resolution 1, the
completion of the abovementioned capital restructuring and
capital distribution exercises and the approvals of all relevant
parties and authorities, approval be and is hereby given to the
Company to seek approval for the proposed admission to the
Official List of the MESDAQ Market and the listing of and
quotation for the entire issued and paid-up ordinary share
capital of Tamco comprising up to 259,487,720 Tamco Shares
(including the Placement Shares) on the MESDAQ Market;
AND THAT approval is hereby given to the Directors of Tamco to
(i) allot and issue the Placement Shares at an issue price to be
determined later, but which shall at all times not be less than
the par value of the Tamco Shares and which shall be determined
after taking into consideration of the consolidated net tangible
assets of Tamco after the abovementioned capital restructuring
exercise and the consolidated future earnings of Tamco; and (ii)
place the Placement Shares to prospective placees to be
determined later;
AND THAT the Placement Shares shall upon issue and allotment,
rank pari passu in all respects with the existing issued and
fully paid-up Tamco Shares, save and except that they shall not
be entitled to any dividends, rights, allotments or other
distributions, the entitlement date (namely the date as at the
close of business on which the shareholders must be registered
in order to be entitled to any dividends, rights, allotments or
other distributions) of which is prior to the date of allotment
of the Placement Shares;
AND THAT the Directors of Tamco be and are hereby authorized to
give effect to the Listing Proposal, with full powers to amend
and assent to any conditions, modifications and/or amendments as
may be imposed by the relevant authorities and to deal with all
matters relating thereto and to take all steps and do all acts
and things in any manner as they may deem fit or expedient to
implement, finalize and give full effect to the Listing
Proposal."
SCIENTEX INCORPORATED: Companies Commission Strikes Off Units
-------------------------------------------------------------
Scientex Incorporated Berhad wishes to inform that it had
received a notification from Companies Commission of Malaysia
that the following subsidiary companies had been officially
struck off from the register by the Companies Commission of
Malaysia on 24 April 2003 pursuant to powers conferred by
subsection 308(4) of the Companies Act, 1965:
1. Scientex Manufacturing Sdn Bhd;
2. Scientex Import-Export SdnBhd; and
3. Scientex Bricks Sdn Bhd.
SOUTHERN PLASTIC: Re-designates Dato' Vincent Wai as CEO
--------------------------------------------------------
Southern Plastic Holdings Berhad posted this notice:
Date of change : 21/07/2003
Type of change : Resignation
Name : Dato' Vincent Leong Jee Wai
Age : 44
Nationality : Malaysian
Qualifications : A Level- College Tunku Abdul Rahman
Working experience and occupation : 1993-1997: Finance for
Sabah Shipyard Sdn Bhd (Executive Director)
1996-1998: Timbalan Pengerusi F.A. Labuan
1999-2000: Westmont Industries Bhd (Executive Director)
Techno Asia Holdings Bhd (Formerly known as Westmont Land (Asia)
Bhd (Managing Director)
1999-2000: Southern Plastic Holdings Bhd (Director and Chief
Executive Director)
Present: Persatuan Gerakan Rakyat Malaysia in Labuan (Division
Chairman)
Directorship of public companies (if any) : N/A
Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : N/A
The Troubled Company Reporter - Asia Pacific reported on May
that Southern Plastic and the Group are still in default of
payments towards their bank borrowings from certain financial
institutions. This was a result of the respective banks' actions
in freezing the bank borrowing facilities of the Group and the
Company in view of the Company's proposal of an informal
restructuring scheme.
TAT SANG: Audit Committee Member Yap Chi Keong Resigns
------------------------------------------------------
Tat Sang Holdings Berhad posted this Change in Audit Committee
Notice:
Date of change : 18/07/2003
Type of change : Resignation
Designation : Member of Audit Committee
Directorate : Independent & Non Executive
Name : Yap Chi Keong
Age : 51+
Nationality : Malaysian
Qualifications : Associate of The Chartered Institute of
Management Accountant.
UK (CA (M))
Working experience and occupation :
Assistant Management Accountant - 1978-1979- News Group, UK
Finance & Admin Manager - 1980-1982 -Aquila Malaysia Sdn.Bhd.
Group Accountant - 1982-1990 -Syed Kechik Holdings Sdn. Bhd.
Chief Accountant - 1990-1994 - Homewell Management Services Sdn.
Bhd
Group Treasurer - 1992-1994 -MBF Holdings Berhad.
Consultant - 1994-1998 - Natbusiness (M) Sdn. Bhd.
Consultant - 1998-todate -Horwath Nat Consulting Sdn. Bhd
Directorship of public companies (if any) :
Sportma Corporation Berhad
Grand Hoover Berhad
Tap Resources Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Composition of Audit Committee (Name and Directorate of members
after change) : LIM CHAI HOCK
Early this month, the Troubled Company Reporter - Asia Pacific
provided the Company's update on the details of all banking
facilities which are currently in default. Details can be found
at http://bankrupt.com/misc/TCRAP_TatSang0704.doc.
TAT SANG: Issues Shareholders' EGM Results
------------------------------------------
Further to the announcement to Kuala Lumpur Stock Exchange made
on 19 June 2003 regarding the announcement on Extraordinary
General Meeting (EGM) called by Shareholders.
The Board of Directors of Tat Sang Holdings Berhad announced
that the ordinary resolutions numbered (1), (3), (4), (6), (7)
and (8) proposed in the EGM called by the two shareholders,
namely Eventful Venture Sdn. Bhd. and Mr. Soh Yaw Hian held at
Tropical Inn Johor Bahru, 15 Jalan Gereja, 80100 Johor Bahru on
Monday, 21 July 2003 at 10:00 a.m. have been duly passed.
Whereas ordinary resolutions number (2) and (5) were rescinded.
TEXCHEM RESOURCES: Proposes Disposal of Dormant Unit
----------------------------------------------------
The Board of Directors of Texchem Resources Berhad is pleased to
announce that TRB intends to enter into a conditional share sale
agreement with a new company to be incorporated in Singapore
(Newco' for the proposed restructuring via a disposal of its
entire equity interest in Texchem-Pack (M) Bhd. (Texpack)
comprising 18,000,000 ordinary shares of RM1.00 each in Texpack
(Texpack Sale Shares' to Newco for a total disposal
consideration to be announced in due course (Texpack Purchase
Consideration) currently proposed to be satisfied by the
issuance of new ordinary shares of S$1.00 each in Newco credited
as fully paid-up at par and/or cash (Proposed Newco Acquisition
of Texpack), as may be announced later. At the same time, it is
currently intended that Texpack will also dispose of Texchem-
Pack (Penang) Sdn. Bhd., a dormant company which is one of
Texpack's wholly owned subsidiaries, to the Company at a
consideration to be announced later (Proposed Disposal).
Thereafter, TRB intends to seek a listing of the Newco on the
Singapore Exchange Securities Trading Limited and an initial
public offer of shares in Newco (Proposed Listing) and in
connection thereto, intends to retain between 70% to 75% of its
shareholding in the Newco.
The Proposed Newco Acquisition of Texpack, Proposed Disposal and
the Proposed Listing are collectively called 'the Proposals'.
DETAILS OF THE PROPOSALS
Details of the Proposals are set out below:
It is currently intended that the Proposed Disposal will entail
the disposal of Texchem-Pack (Penang) Sdn. Bhd., a dormant
company, which is one of Texpack's wholly, owned subsidiaries,
to the Company at a consideration to be announced later.
Thereafter, Newco will acquire the Texpack Sale Shares for the
Texpack Purchase Consideration currently proposed to be
satisfied by the issuance of new ordinary shares of S$1.00 each
in Newco credited as fully paid-up at par and/or cash. As a
result of the Proposed Newco Acquisition of Texpack, Texpack
together with Texpack's wholly owned subsidiaries i.e. Texchem
Engineering Plastics Sdn. Bhd., Texchem-Pack (KL) Sdn. Bhd.
(formerly known as Izutex Sdn. Bhd.), Texchem-Pack (Johor) Sdn.
Bhd., Texchem-Pack (Thailand) Co. Ltd., Texchem-Pack (Vietnam)
Co., Ltd. and Texchem-Pack (Wuxi) Co. Ltd. (collectively Texpack
and the aforesaid subsidiaries are called 'the Texpack Group')
will become subsidiaries of the Newco.
Thereafter, the Proposed Listing will be effected. In connection
with the Proposed Listing TRB intends to retain between 70% to
75% of the shareholding in the Newco. Details of the Proposed
Listing will be announced in due course.
The principal activities of Newco and its proposed subsidiaries
(Newco Group) after completion of the Proposals will be that of
investment holding and manufacture and sale of plastic packaging
materials, thermoformed plastic products, plastic packaging
materials, radio handles, shipping rails, profiles, carrier
tapes and injection molding integrated circuit trays through the
Texpack Group.
The Proposed Newco Acquisition of Texpack and Proposed Listing
are inter-conditional.
INFORMATION ON NEWCO
Newco has yet to be incorporated.
RATIONALE FOR THE PROPOSALS
The Proposed Newco Acquisition of Texpack and the Proposed
Disposal are integral steps towards realizing the plan to list
Newco.
The Proposals will also enable Newco Group to gain direct access
to the international capital market to tap into external
financial resources for the future expansion and continued
growth of Newco Group without constraining TRB's existing
resources for its own growth.
EFFECTS OF THE PROPOSALS
Share Capital
The Proposals will not have any effect on the share capital of
TRB.
Earnings and Net Tangible Assets (NTA)
The effects (if any) on the earnings and NTA of TRB Group for
the financial year ending 31 December 2003 will be announced in
due course.
Substantial Shareholders
The Proposals will not have any effect on the substantial
shareholders of TRB.
CONDITIONS OF THE PROPOSALS
The Proposals are conditional upon the following:
(i) the approval of the Monetary Authority of Singapore (MAS)
and Singapore Exchange Securities Trading Limited (SGX) for the
Proposed Listing;
(ii) the approval from the Ministry of international Trade
and Industry in relation to the manufacturing licenses;
(iii) the approval from the shareholders of TRB (if required)
at general meetings to be convened for the Proposals; and
(iv) the approval of any other relevant authorities or other
persons (if required).
The Proposals are inter-conditional upon each other.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
As at the date of this announcement, none of the Directors and
substantial shareholders of TRB or any person connected to the
Directors and substantial shareholders of TRB have any interest,
direct or indirect, in the Proposals (other than as shareholders
of the Company).
DIRECTORS' STATEMENT
The Board of Directors of TRB is of the opinion that the
Proposals are in the best interest of TRB.
APPLICATION TO MAS AND SGX
Application to MAS and SGX for the Proposed Listing is expected
to be submitted within 6 months from the date of this
announcement.
TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad was on 21 July 2003 been notified by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively "Bonds")) that they have on 15 July 2003, disposed
of some of the Company's securities held in public listed
companies, which are pledged with them in relation to the Bonds.
The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.
Please refer to the summary information on the securities
disposed found at
http://bankrupt.com/misc/TCRAP_Tongkah0724.doc.
=====================
P H I L I P P I N E S
=====================
CEBU PRIVATE: May Not Continue Operations Until Friday
------------------------------------------------------
Despite a month-long discussion, there is no assurance yet
whether the Cebu Private Power Corporation (CCPC) will continue
its operation until July 25, the Freeman reported Wednesday. The
Department of Energy (DOE) has facilitated a series of meetings
with the officers of VECO and CPPC as well as conducted
consultations with the consumer groups, business groups and
other stakeholders to arrive at a solution that would balance
both commercial and consumer interest.
CPPC notified VECO on May 16 that they will be shutting down its
operation on June 15, 2003. But it did not push through on date
due to intervention and opposition by the Energy Regulatory
Board, DOE and other sector. Instead CPPC said they would stop
their operation this July 25.
MANILA ELECTRIC: Expects to Pay PHP2.5B Debt Due 2003
-----------------------------------------------------
Manila Electric Co. (Meralco) will be able to repay its PHP2.5
billion worth of debt maturing this year, BusinessWorld reports,
citing Meralco President Jesus Francisco. Francisco said Meralco
would repay the debt using funds from operating revenue.
Meralco owes the PHP2.5 billion to multilateral institutions and
commercial lenders. Of the amount, PHP1 billion will come due in
September and PHP1.2 billion in October. The balance PHP300
million will fall due some time in the second half, he said.
NATIONAL BANK: Swings Back to P91M Profit
-----------------------------------------
Philippine National Bank (PNB), which is in the midst of a five-
year rehabilitation program that begun last year, booked a net
profit of 91 million pesos (US$1.69 million) for the six months
to June 2003, compared with a net loss of 1.4 billion pesos a
year earlier, the Malaya Newspaper reported Wednesday. The
result means the bank posted a net income of about 38 million
pesos in the second quarter after a profit of 53 million pesos
in the three months to March.
The bank said it had trimmed its interest expense by 19.2
percent year-on-year to 2.853 billion pesos in the first half,
allowing it to post a met interest margin of 761 million pesos
versus a negative margin of 320 million a year earlier.
PRIMETOWN PROPERTY: Files For Rehab Proceedings
-----------------------------------------------
Primetown Property Group Inc. will file for rehabilitation after
losing 335 million pesos last year, reports the Malaya
Newspaper. The Company informed the Philippine Stock Exchange on
Tuesday that its board has approved a resolution to place the
Company under rehabilitation. Primetown owns the Century Citadel
Inn and Makati Prime Century Tower in Makati City; two condotel
projects in Cebu City; the Gold Coast Towers in Mactan, Cebu;
the Diamond Head International Resort in Boracay; and the
Conservation in Fort Bonifacio. The PSE has issued an indefinite
trading suspension on the Company.
Its hotel operations recorded 7 million pesos in losses in 2002
due to the slump in the tourism industry. Its Meditel is a
pioneering venture, which features facilities for expanded
outpatient service, state of the art diagnostic center,
dedicated clinics and doctors' offices.
RURAL BANK OF DUMANJUG: PDIC to Move For Liquidation of Assets
--------------------------------------------------------------
On June 23, 2003 at 9:00 A.M., the Philippine Deposit Insurance
Corporation (PDIC), as Liquidator of the closed Community Rural
Bank of Dumanjug (Cebu), Inc. will submit the Project of
Distribution of the assets of the said bank for approval of the
Liquidation Court (Regional Trial Court-Branch XV, Cebu City).
RURAL BANK OF TAYTAY: PDIC Issues Notice to Creditors
-----------------------------------------------------
The Regional Trial Court of Antipolo City, Branch 73, sitting as
Liquidation Court, has approved the Project of Distribution of
the assets of Rural Bank of Taytay, Inc. and directed that final
notice be given to creditors to file their claims with the Court
within fifteen (15) days from July 8, 2003, otherwise, they
shall forever be barred.
Creditors with approved claims shall be notified of the date,
time and place as well as the requirements for the release of
their check payment.
*PDIC Invites Bidders For Closed Bank's Assets
----------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that sealed bids will be accepted on July 30, 2003, Wednesday
(not later than 10:00 A.M.) at the Ground Floor of PDIC' R&L
Building, 2227 Chino Roces Ave. Makati City for the sale the
following assets of closed banks under liquidation by PDIC.
Prospective buyers are enjoined to inspect the following listed
property before entering their bids.
ITEM NO. TCT/OCT/TD LOCATION OF AREA (Sqm) MINIMUM
PROPERTY DISPOSITION
PRICE
PACIFIC BANKING CORPORATION (All in Bulacan)
0882 T- 130790 Lot 3155-D Bulihan, Malolos City 6,608
Php1,321,600.00
0883 T- 130791 Lot 3115-G Bulihan, Malolos City 4,196
839,200.00
0884 T- 130792 Lot 3155-F Bulihan, Malolos City 4,196
839,200.00
0885 T- 130793 Lot 1117-A Caingin, Malolos City * 300
440,000.00
0886 T- 130794 Lot 1117-B Caingin, Malolos City * 300
590,000.00
0887 T- 130795 Lot 1117-C Caingin, Malolos City * 300
600,000.00
0888 T- 130796 Lot 1117-D Caingin, Malolos City * 300
590,000.00
0889 T- 130797 Lot 1117-E Caingin, Malolos City 500
990,000.00
0890 T- 130798 Lot 1117-F Caingin, Malolos City 1,592
2,388,000.00
0891 T- 130799 Lot 1117-G Caingin, Malolos City * 3,292
4,938,000.00
0892 T- 130800 Lot 1117-H Caingin, Malolos City 3,291
4,936,500.00
0893 T- 130801 Lot 1117-I Caingin, Malolos City 3,291
4,936,500.00
RB OF BANTAY (ILOCOS SUR) INC.
0894 TD 007-00640 Lot 3018-C San Sebastian San Vicente, Ilocs
Sur* 534 28,900.00
RB CANAMAN (CAMARINES SUR) INC.
0895 ***33256 Lot 2 (LRC) Psd-135750 Brgy San Isidro, Bombon,
Camarines Sur * 651 820,260.00
RB OF MARAMAG (BUKIDNON) INC. All of Bukidnon
0896 **TD 02-08-634 Lot 9, Blk 59, West Poblacion, Kalilangan*
600 168,000.00
0897 T-12095 Lot C of Psd 72968, Plan F-9490 Bo. Kalasungay,
Malaybalay * 850 93,500.00
0898 **TD F-001047 Poblacion, Pangantucan, Malaybalay *1,250
187,500.00
0899 **TD 13-10274 Lot 13, Blk 30 Linabo, Malaybalay * 625
40,625.00
RB OF MARILAO (BULACAN) INC.
0900 T- 31.215 (M) Lot, bldg & vault cor. Santiago St.
Sandico
St., Brgy Abangan Sur, Marilao, Bulacan 200 2,185,000.00
RB STO. DOMINGO (ILOCOS SUR), INC.
0901 **TD 09-024424-R Purok Centro, Brgy. Balaleng Bantay,
Ilocos Sur * 84 34,400.00
RB OF ZARAGOSA (NUEVA ECIJA) INC.
0902 ****T-28606 Fronting Sumacab Elem. School Lot 1073-B Brgy
Sumacab Norte Cabanatuan City, Nueva Ecija *6,502 877,770.00
RELIABLE SAVINGS & LOAN ASSOCIATION, INC.
0903 M-36018 Lot w/improvements, Gitna Brgy San Guillermo,
Morong * 384 157,200.00
0904 **TD P-001-0558 Sitio Dampol, Brgy, San Isidro, Pillilia
6,833 820,000.00
0905 M-36011 Lot 771, Brgy San Pedro, Morong 1,314
98,550.00
0906 M-36012 Lot 779, Brgy San Pedro, Morong 1,429 107,175.00
All of Rizal
SOLID HOME SAVINGS AND LOAN ASSOCIATION INC.
0907 434030 Lot 16, Blk 7, Tanguile St. La Colina Subd., Parang,
Marikina City 390 975,000.00
SECOND BULACAN DEVELOPMENT BANK
SBDB- VE 01 1993 model Mitsubishi Gli Silver Metal, Plate
No. TLZ-546 108,000.00
A deposit equivalent shall accompany each bid proposal to ten
percent (10 percent) of the bid in the form of cash or Manager's
check only payable to PDIC for the account of the named closed
Bank. Bid forms and Conditions of Bid may be secured from the
Asset Management Group -Ground Floor 2227 R&L Building, Don
Chino Roces Ave, Makati City. For further information, please
dial trunk line nos. 841-4000 locals 4682/4683.
The winning bidder shall undertake the responsibility to acquire
and maintain peaceful possession and enjoyment of the property
without seeking the assistance of PDIC.
PDIC reserves the right to withdraw any or all of the properties
offered for sale at anytime before the deadline for submission
of offers, and to reject any or all bids or to accept such
offers as will be considered most advantageous to the closed
banks. In case an occurrence of flood, storm or other natural
disaster shall result in the cancellation of holding the public
bidding on the published date, such public bidding shall be held
immediately on the next working day.
* Occupied by informal dwellers/former owner
** Unconsolidated titles/untitled
*** Order lifting Lis Pendens dtd. April 28, 2003 remains
unannotated on title.
**** Original title is not available at Register of Deeds
concerned.
For more information, go to
http://www.pdic.gov.ph/amg/biddingjuly302003.asp
=================
S I N G A P O R E
=================
NEPTUNE ORIENT: June Container Volume Down, Freight Rates Up
------------------------------------------------------------
Shipping firm Neptune Orient Lines (NOL) says the volume of
containers it carried last month fell six percent to some
116,000 units, Channel News Asia reports. But its average
freight rate surged to a 32-month high. The rate soared 29
percent to almost US$2,600, or S$4,600, per container.
NOL says that was due to improved yield and rate restoration on
major trade lanes. Total revenue from its logistics business
grew 30 percent last month from a year ago to US$81 million, or
S$142 million. That was due mainly to an increase in
international services.
NOL reported a second year of losses in 2002 and has to sell
assets to reduce $2.8 billion of debt, $264 million of which is
due by June, the Troubled Company Reporter-Asia Pacific reported
recently.
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: SET Still Suspends Securities Trading
-----------------------------------------------------------
Reference to "NP" (Notice Pending) sign posted against
securities of Christiani & Nielsen (Thai) Public Company Limited
(CNT) since March10, 2003 and May 22, 2003 respectively because
CNT's auditor reported disclaimer of opinion and inability to
reach any conclusion on financial statements for the year ending
December 31, 2002 and the first quarter ending March 31,2003
consecutively. Additionally, the conclusion on the amendment of
captioned financial statements is still pending.
Presently, the Securities and Exchange Commission (SEC) has now
informed the SET that it is not necessary to amend CNT's
financial statements on the issues that the auditor has stated,
therefore, NR (Notice Received) sign is posted on CNT's
securities from the second trading session on July 22, 2003 to
announce that the SET received the aforementioned conclusion
from the SEC. However, the SET has still suspended trading all
securities of CNT until the causes of delisting are eliminated.
DATAMAT PUBLIC: Revised 2002 Financial Statements Approved
----------------------------------------------------------
Datamat Public Limited informed that the Extra-Ordinary
Shareholders' Meeting held on July 21, 2003 resolved as follows:
1. The Meeting approved the Minutes of the General
Shareholders' Meeting No. 35/2003
2. The Meeting approved the Company's Balance Sheet and the
Profit and Loss Statements for the fiscal year ended December
31, 2002, as amended.
NATURAL PARK: Reduces Registered, Paid-up Capital
-------------------------------------------------
Natural Park Public Company Limited posted the progress report
on the reduction of the registered capital an d the paid-up
capital of the Company that the Ordinary General Meeting of
Shareholders of the Company No. 1/2003, held on 28 April 2003,
resolved for the Company to reduce the registered capital and
the paid-up capital from the existing amount of
By402,858,000,000 to Bt4,028,580,000 by reducing the par value
of the Company share from Bt100 per share to Bt1 per share, in
order to apply the reduced capital amount of Bt398,829,420,000
to write off the discount of the share value which the Company
earlier offered the ordinary shares with discount and the
discount value accounting wisely of the shares as allotted by
the Company for repayment to the creditors as recorded by the
Company's auditor in the financial statements of the Company,
and if there is a balance, the balance amount shall further
apply to write off the accumulated losses of the Company.
The Company then sent on 9 May 2003 the notice to the Company's
creditors to inform the resolution of the reduction of the
registered capital and the paid-up capital and advertised such
resolution of the reduction of the registered capital and the
paid-up capital in the Manager Newspaper for three days on 12
May 2003 so that the Company's creditors may send the objection
to the reduction of the registered capital and the paid-up
capital aforesaid within two months from the date of receipt of
the notice under the law.
By this letter, the Company wishes to notify that at the
completion of the objection period of the creditors of such
reduction of capital and the paid-up capital, it appeared that
no creditors raised an objection to the said reduction. The
Company submitted the application for registration of the
resolution of the capital reduction aforesaid and the
registration process of the reduction of the registered capital
and the paid-up capital is now under consideration of the Public
Company Registrar.
TPI POLENE: Proposes New Debt Repayment Plan
--------------------------------------------
TPI Polene Public Company Limited has asked for a new debt
repayment plan to restructure its $1.1 billion debt, Reuters
reports, citing Chief Judge Pichai Niltongkhum.
Judge Niltongkhum said TPI Polene had asked creditors to write
off 30 percent of the principal. Creditors would then be repaid
about 70 percent of loans.
"We have seen documents that a Thai financial institution is
willing to give a new credit line to TPI Polene. The money is
about $700-$800 million," Judge Niltongkhum said, declining to
disclose the name of the bank.
Judge Niltongkhum added that TPI Polene would meet with
creditors on July 30 to discuss whether they will accept the
proposal for the $700 million debt repayment.
TPI Polene's major creditors include Thailand's biggest
commercial bank, Bangkok Bank , Thailand's biggest state bank,
Krung Thai Bank , and German development bank Kreditanstalt fuer
Wiederaufbau (KfW).
TPI Polene, a 49 percent-owned by Thailand's biggest corporate
debt defaulter Thai Petrochemical Industry (TPI), has been
restructuring debts since 2001 through a debt-to-equity swap,
debt rescheduling and an equity raising, either by selling new
shares to a strategic partner or to the public.
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
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Copyright 2003. All rights reserved. ISSN: 1520-9482.
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