/raid1/www/Hosts/bankrupt/TCRAP_Public/030730.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
Wednesday, July 30, 2003, Vol. 6, No. 149
Headlines
A U S T R A L I A
ANACONDA LIMITED: Releases June 30 Quarterly Report
FAI GENERAL: Officers Faces Criminal Charges
HIH INSURANCE: Court Upholds Penalties Against Former Directors
NEWCREST MINING: Shares Soar on Better Hedge Book Position
POWERTEL LIMITED: Wiltel Proposes Revised TVG Offer
TRANZ RAIL: Takeovers Panel To Meet on Toll/Crown Agreement
UECOMM LIMITED: CEO Peter McGrath Sells 7% of Stake
C H I N A & H O N G K O N G
CIL HOLDINGS: Names Ching Chun Chung Independent Director
GOLDEN PROPERTY: Petition to Wind Up Scheduled
HANNY HOLDINGS: Q103 Net Loss Ups to HK$648.472M
LAI SUN: Bondholders, Investors Approve ATV Stake Sale
LAI SUN: Sells Lai Sun Yuen Long Centre for HK$89.5 Million
LEABURG ENGINEERING: Winding Up Sought by Progressive
LUCKSTAR ASIA: Winding Up Hearing Scheduled in August
PEAKTOP INTERNATIONAL: Capitalization Circular Deadline Extended
RUBY MATE: Winding Up Petition Slated for Hearing
WELL BRILLIANT: Winding Up Petition Pending
I N D O N E S I A
DIPASENA CITRA: IBRA Chairman Visits Shrimp Farmers
J A P A N
FUJITSU LIMITED: Narrows First Quarter Net Loss to Y39.8B
FURUKAWA CO.: JCR Place Ratings Under Credit Monitor
JAPAN OIL: President Agrees to Work Without Pay to Cut Costs
TOSHIBA CORPORATION: Likely to Post Y4B Loss in First Quarter
K O R E A
HYNIX SEMICONDUCTOR: Develops World's 1st 500MHz 256Mb DDR SDRAM
HYNIX SEMICONDUCTOR: Shares Down 3.07% on EU Tariff Ruling
HYNIX SEMICONDUCTOR: Taiwan Firms Delay Action Vs Chipmaker
HYUNDAI MOTOR: Nearly Out of Cars Due to Strike
SK GLOBAL: Seeks Injunction to Block KSE Delisting
SK GLOBAL: Bringing In Togut Segal as Bankruptcy Counsel
M A L A Y S I A
AUTOWAYS HOLDINGS: KLESE Removing Securities Trading by Aug 11
ESPRIT GROUP: KLSE Delisting Securities Trading by August 11
GENERAL LUMBER: Vendors Propose Revised Settlement
HIAP AIK: SC OKs Proposed ICULS Conversion Price Fixing
INTAN UTILITIES: Issues Default in Payment Summary Update
KEMAYAN CORPORATION: Faces Banking Facilities Related Summon
KRETAM HOLDINGS: FELDA Abandons Land Title Court Appeal
KSU HOLDINGS: Publicly Reprimanded Over LR Violation
MALAYSIAN GENERAL: SC Conditionally Approves Waiver Appeal
MYCOM BERHAD: Files Meeting Time Extension Request
PANGLOBAL BERHAD: Discloses Timber Production Figures
REPCO HOLDINGS: Removing Securities From Official List by Aug 11
SINMAH RESOURCES: All Resolutions Passed at 9th AGM
SOUTHERN PLASTIC: Clarifies KLSE's Winding Up Petition Query
TALAM CORPORATION: Shareholders Approve All AGM Resolutions
TAT SANG: Appoints Caroline Hong as Audit Committee Chairman
P H I L I P P I N E S
ABS-CBN BROADCASTING: Restructures US$3.6M Loan from BNP Paribas
MANILA ELECTRIC: ERC Orders to Implement SPEED
MANILA ELECTRIC: Appoints New Officers
MANILA ELECTRIC: PCCI Rejects Refund Extension Schedule Proposal
PHILIPPINE AIRLINES: Offers Bargain Tours
S I N G A P O R E
ASIA PULP: Indonesian Firms Set Bondholders Meeting August 5
FLEXTRONICS LIMITED: U.S. Unit Cuts 367 Jobs
ST ASSEMBLY: Expects to Post 10th Straight Quarterly Loss
ST ASSEMBLY: Unveils 2Q03 Conference Call
T H A I L A N D
NATURAL PARK: Subsidiary Purchases Golf Course
PRASIT PATANA: Amends Articles of Association
THAI MILITARY: Clarifies Recapitalization Plan
THAI PETROCHEMICAL: Govt Seeks New US$80 Million Loan for Firm
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA LIMITED: Releases June 30 Quarterly Report
---------------------------------------------------
Anaconda Limited released its Quarterly Report for the period
ended 30 June 2003. Maintenance closure was completed on time
and on budget, and the plant is now ramping up as planned. Below
is the results summary:
Health & Safety
* Lost Time Injury Frequency Rate (LTIFR) increased from 6.02
in March to 6.28 in June.
* 4 Lost Time Injuries (LTI) and 5 Medical Treated Injuries
(MTI) in the quarter.
* Major review of permit to work and incident management
systems underway.
* "Back to Basics" safety program introduced.
Murrin Murrin Production
* Production of 5,358 tons of nickel and 355 tons of cobalt.
* 21-day statutory inspection & maintenance shutdown in May
completed on time and on budget.
* Shutdown resulted in approximately 2,100 tons of lost
production in May/ June period.
* Murrin Murrin operating at satisfactory nickel throughput
rates by end of the quarter.
* Four new open pits opened for mining during the quarter.
* Neil Meadows appointed to the position of GM Operations.
Murrin Murrin Financials
* Murrin Murrin net sales revenue: A$76.1 million, down 29%
on previous quarter (ANL share 60%).
* Capital program to complete Murrin Murrin on schedule.
* Murrin Murrin net cash flow deficiency: A$40.9 million (ANL
share 60%).
Corporate
* Group cash on hand at 30 June 2003: A$64.9 million.
* A$300 million Phase 2 Fluor arbitration claim progressing.
Fluor appeal in respect of Phase 1 unsuccessful. Anaconda's
appeal relating to autoclave capacity successful and referred
back to arbitration.
* Institutional investors take up 6% issued capital via over-
subscribed book build.
* All Takeovers panel applications now resolved and
finalized.
* MP Global has 36% of the issued shares of the Company.
* Mr Gustiaman Deru has been appointed to the Board.
Market Conditions
* Nickel prices increase US20c/lb to close at US$3.81/lb.
* Cobalt prices have stabilized.
* The Australian dollar has risen significantly against the
US dollar.
To see full copy of the quarterly report, go to
http://bankrupt.com/misc/TCRAP_ANL0730.pdf.
FAI GENERAL: Officers Faces Criminal Charges
--------------------------------------------
Criminal charges have been laid against officers of FAI General
Insurance Company Ltd (In Liquidation) Messrs Timothy Maxwell
Mainprize, Daniel Wilkie and Stephen Burroughs. All charges are
connected with FAI's reinsurance arrangements with General
Cologne Re Australia Ltd in 1998. It is alleged that the true
substance of those arrangements was concealed from FAI's
auditors.
Messrs Mainprize and Wilkie were each charged with two counts of
failing to act honestly in the exercise of their powers and
discharge of their duties as officers of FAI, and one count of
providing false and misleading information.
Mr Burroughs was charged with one count of failing to act
honestly in the exercise of his powers and discharge of his
duties as an officer of FAI.
"The defendants and the subject matter of the charges were
referred to ASIC by the HIH Royal Commission", said ASIC
Chairman Mr David Knott.
"However, we had been independently investigating these matters
during the course of the Royal Commission, and provided a brief
of eviance to the Commonwealth Director of Public
Prosecutions (DPP) earlier this year.
"These charges follow consideration of all available eviance
connected with these aspects of the referrals and ASIC's brief
of eviance", he said.
These matters are being prosecuted by the DPP and will return to
court on 23 September 2003.
No further comment will be made on the charges pending the Court
proceedings.
HIH INSURANCE: Court Upholds Penalties Against Former Directors
---------------------------------------------------------------
The NSW Court of Appeal has handed down its decision on the
appeals by former HIH Insurance Ltd director Mr Rodney Adler and
the former HIH Chief Executive Officer, Mr Ray Williams, against
the findings of Justice Santow of the Supreme Court that Messrs
Adler and Williams had breached their duties as directors of HIH
Casualty and General Insurance Ltd.
The Court upheld Mr Adler's appeal against the finding that he
had breached s183 of the Corporations Act (wrongly using
information obtained as a company officer) but confirmed all
other breaches decided by Justice Santow against
Mr Adler and Mr Williams.
The Court also upheld the bans, pecuniary penalties and
compensation ordered against the defendants, subject to a
recalculation of the interest component of the compensation. The
Court awarded appeal costs to ASIC (additional to the around
$600,000 costs payable to ASIC for the original proceedings).
"The Court's decision to uphold the penalties ordered by Justice
Santow confirms the seriousness of the breaches committed by the
defendants. While the recalculated interest will result in
reduced compensation, the principal amount of $7,049,931 payable
by Messrs Adler and Williams remains unchanged", said ASIC
Chairman Mr David Knott.
"As a result of the decision, we expect to authorize the release
to the HIH liquidator of the recalculated compensation within
the next month. This will be paid from money already secured
under the original orders. The pecuniary penalties of $1.155
million have already been paid to consolidated revenue.
"As Mr Adler is facing criminal charges on related matters, we
won't be commenting further on this decision", he said.
In March 2002, Justice Santow found that Mr Adler, Mr Williams
and the former HIH Chief Financial Officer, Mr Dominic
Fodera, had breached their duties as directors under the
Corporations Act, in relation to a $10 million payment
by an HIH subsidiary (HIH Casualty and General Insurance Ltd) to
Pacific Eagle Equities Pty Ltd, a company of which Mr Adler was
a director.
NEWCREST MINING: Shares Soar on Better Hedge Book Position
----------------------------------------------------------
Newcrest Mining ended Monday's trading at AU$8.34, its highest
trading close in the last 15 years, Sydney Morning Herald said
yesterday.
According to the paper, shares of the company soared as high as
AU$8.51 during the day following the gold miner's disclosure
that it had erased a AU$1 billion deficit in its hedge books.
The company also impressed the market with better than expected
ore grades at its low-cost Ridgeway mine and a December quarter
start date for its Toguraci operations in Indonesia.
"It was a reassuring quarter. Everything seems to be coming
together," JP Morgan analyst Geoff Breen told the Sydney Morning
Herald.
Adding to sentiment, the paper said, was the value of Newcrest's
currency, gold and copper hedge books, which improved from a
negative of AU$939 million at the end of December to AU$84
million by June 30.
This positive outlook, however, will open the company to
takeover offers. It is commonly known that the firm's complex
hedge books and development risk at the planned AU$1 billion
redevelopment of its Telfer mine in West Australia's Great Sandy
Desert had been regarded as an obstacle to a potential takeover.
"But observers said the miner had simplified hedging and thus
far delivered on Telfer, re-igniting speculation the miner may
soon be in play. Newcrest, whose stock is valued more cheaply
than its potential North American acquirers, has climbed 50
percent since March. Acquisitive Canadian miner Barrick Gold is
commonly cited as the logical buyer," the local daily said.
"Newcrest offers low political risk and growth which means it
will always appear on the radar screens of the bigger gold
houses particularly when [ore] grades at Telfer become more
certain," one fund manger told the Sydney Morning Herald.
Newcrest said its hedge book commitments were fully met by
production in the June quarter, with excess gold sold at spot
prices. "With the inclusion of the Telfer hedging, the total
hedged position is now 8.6 million ounces with total commitments
of 7.8 million ounces," it said.
Newcrest reported fourth quarter gold production of 198,992
ounces at a cash cost of AU$181 an ounce, pushing total
production for the 2003 financial year to 714,377 ounces at a
cash cost of AU$217 an ounce giving the miner its sixth year of
falling cash costs, according to the paper.
POWERTEL LIMITED: Wiltel Proposes Revised TVG Offer
---------------------------------------------------
On Friday evening 25 July 2003 WilTel Communications LLC
(WilTel) made an offer to PowerTel Limited (PowerTel) to forgive
the subordinated debt of A$16 million (plus accrued interest)
and the intercompany debt of A$5.3 million (plus accrued
interest) owed by PowerTel to WilTel (PowerTel Debt) in
consideration for a payment of A$10 million by PowerTel to
WilTel.
A copy of the WilTel offer can be found at
http://bankrupt.com/misc/TCRAP_PWT0730.pdf.
Since Friday, TVG Consolidation Holdings SPRL (TVG) has varied
its takeover offer for PowerTel by:
* Waiving its condition requiring WilTel to assign to TVG the
Subordinated Debt (as defined in the TVG Bidders Statement) for
$1.00; and
* Shortening the payment period for acceptances under the TVG
Offer to three (3) Business Days;
* Extending the offer period to 7.00pm Sydney Time on 12
August 2003.
These variations have the effect of satisfying the conditions
precedent to the WilTel Offer.
PowerTel is considering the amended TVG takeover offer and the
WilTel Offer.
Independently, PowerTel has requested the Takeovers Panel issue
a Third Supplementary Target's Statement by Tuesday, 29 July
2003. The Third Supplementary Target's Statement will contain
further information about these developments.
TRANZ RAIL: Takeovers Panel To Meet on Toll/Crown Agreement
-----------------------------------------------------------
The Takeovers Panel has decided to hold a meeting to determine
whether Toll Group (NZ) Limited (Toll) has complied with, is
complying with, or intends to comply with rule 38 of the
Takeovers Code by entering into an agreement (Toll/Crown
agreement) with the Crown in relation to Tranz Rail Holdings
Limited (Tranz Rail) on 7 July 2003.
On 22 July 2003 Infratil Limited, a substantial security holder
in Tranz Rail, sent the Panel a formal request to hold the
meeting.
The directors of a code company, which has received a takeover
offer, concern rule 38 of the Code with defensive tactics or who
believe a bona fide offer is imminent.
Under the Toll/Crown agreement the parties agreed that:
* neither party would enter into any negotiations or
arrangements, which are inconsistent with the Toll/Crown
agreement until Toll's current offer for Tranz Rail is withdrawn
or lapses. In particular they agreed that no alternative Heads
of Agreement would be negotiated or entered into by either
party;
* in the event that Toll's current offer for Tranz Rail
becomes unconditional, the Crown would enter into a Heads of
Agreement with Tranz Rail and Toll relating to the rail tracks
and other assets of Tranz Rail;
* Toll would use its best endeavors to procure Tranz Rail to
enter into the Heads of Agreement with the Crown as soon as
practicable after Toll declares its offer unconditional.
Infratil alleges that, in contravention of rule 38:
* the exclusive nature of the Agreement could effectively
result in an offer for Tranz Rail being frustrated and/or the
shareholders of Tranz Rail being denied an opportunity to decide
on the merits of an offer;
* in respect of the Agreement, Toll is acting on behalf of
the directors of Tranz Rail or is a director of Tranz Rail
itself for the purposes of the Code.
The Panel considers that Toll, by entering into the Agreement
with the Crown, may not have complied, may not be complying, or
may intend not to comply with rule 38 of the Code.
The Panel decided not to issue any restraining orders in
relation to Toll's current offer for Tranz Rail.
A formal notice of the Panel's meeting can be found at
http://bankrupt.com/misc/TCRAP_TRH0730.pdf.
The Panel's meeting will be held in Wellington on Monday 4
August 2003. It will be private meeting.
UECOMM LIMITED: CEO Peter McGrath Sells 7% of Stake
---------------------------------------------------
Uecomm Limited advises that it has been notified by the Chief
Executive Officer, Mr Peter McGrath, that he has sold
approximately 7% of his shareholding in Uecomm Limited.
Although Uecomm is not legally obliged to provide this
disclosure, it is doing so in the interests of good corporate
governance.
Mr McGrath sold 335,000 shares on 23 July 2003, which represents
approximately 7% of his total equity interest in Uecomm. The
transaction occurred in the 30 day trading window provided for
Directors and employees following the release of Uecomm's 2003
half-year results last week. Mr McGrath originally purchased
the shares at the time he joined the company in mid 2001.
Mr McGrath retains a substantial equity interest in Uecomm
consisting of 1,266,800 shares under the 2001 share loan plan,
1,000,000 vested options under the 2001 option plan and
1,500,000 options and 770,713 performance shares (performance
rights) under the 2003 option and performance share plan which
are subject to performance and time based hurdles.
At the end of 2002, Uecomm Limited had negative working capital,
as current liabilities were A$17.50 million while total current
assets were only A$13.88 million, Wrights Investors' Service
reported.
=============================
C H I N A & H O N G K O N G
=============================
CIL HOLDINGS: Names Ching Chun Chung Independent Director
---------------------------------------------------------
The Board of Directors of CIL Holdings Limited announces that
CHING Chun Chung is appointed as Independent Non-Executive
Director with effect from 28 July 2003. The Board would like to
welcome Mr. CHING to the Company.
By Order of the Board
Chiu King Hoi
Company Secretary
Hong Kong, 28 July, 2003
GOLDEN PROPERTY: Petition to Wind Up Scheduled
----------------------------------------------
The petition to wind up Golden Property International Limited is
set for hearing before the High Court of Hong Kong on August 13,
2003 at 10:00 in the morning.
The petition was filed with the court on June 30, 2003 by Wing
Lung Bank Limited whose registered office is situate at No. 45
Des Voeux Road Central, Hong Kong.
HANNY HOLDINGS: Q103 Net Loss Ups to HK$648.472M
------------------------------------------------
Hanny Holdings Limited disclosed its Results Announcement
Summary for the year-ended date March 31, 2003:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/03/2003 to 31/03/2002
Note ('000) ('000)
Turnover : 4,162,804 4,373,099
Profit/(Loss) from Operations : (315,641) (19,026)
Finance cost : (31,669) (58,144)
Share of Profit/(Loss) of
Associates : (32,397) (3,499)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (648,472) (102,455)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (4.05) (0.64)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (648,472) (102,455)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss after Taxation and MI included the following items:
For the year ended March 31,
2003 2002
HK$'000 HK$'000
Impairment loss on investment
securities (323,287) (15,676)
Impairment loss on goodwill arising
on acquisition of an associate (104,585) -
Net gain on disposal of subsidiaries
and associates 25 5,625
--------------------------
(427,847) (10,051)
========= ========
Accounting policies
The accounting policies used in the preparation of these
financial statements are consistent with those in the annual
financial statements for the year ended March 31, 2002, except
that in the current year, the Group has adopted for the first
time a number of new and revised Statements of Standard
Accounting Practice (SSAP(s)) issued by the Hong Kong Society of
Accountants.
Adoption of these standards has resulted in a change in the
format of presentation of the cash flow statement and an
inclusion of the statement of changes in equity, but has had no
material effect on the results for the current or prior
accounting periods. Accordingly, no prior period adjustment is
required. The major SSAPs, which have had a significant
effect on the financial statements are:
- SSAP 11: Foreign Currency Translation
- SSAP 15 (Revised): Cash Flow Statements
- SSAP 34: Employee Benefits
2. Loss per share
The calculation of the basic loss per share is based on the loss
for the year of HK$648,472,000 (2002: HK$102,455,000) and on the
weighted average number of shares in issue during the year of
160,303,174 shares (2002: 160,525,763 shares after adjusted for
the effect of the consolidation of the Company's shares during
the year).
The computation of diluted loss per share for the years ended
March 31, 2003 and 2002 has not assumed as the exercise of the
Company's share options for the year ended March 31, 2003, and
the conversion of the Company's outstanding convertible note and
the exercise of the Company's warrants and share options for the
year ended March 31, 2002 because their exercise or conversion
would result in a decrease in loss per share for the respective
years.
LAI SUN: Bondholders, Investors Approve ATV Stake Sale
------------------------------------------------------
Reference is made to the announcement of Lai Sun Development
Company Limited dated May 16, 2003 and the circular dated June
9, 2003 issued to the Shareholders in relation to the material
changes to the ATV Transaction. Words and expressions used in
that announcement and circular shall have the same meanings when
used herein, unless the context otherwise requires.
As explained in that announcement and circular, completion of
the ATV Transaction, as amended by the Supplemental DGI
Agreement and the Supplemental eSun Agreement, was conditional
on, among other things, approval by a simple majority of the
shareholders of LSD in accordance with the requirements of the
Stock Exchange and the Rules Governing the Listing of Securities
on the Stock Exchange and the consent or approval of the
Exchangeable Bondholders and the Convertible Bondholders at
their respective meetings duly convened and held in accordance
with the terms of the Exchangeable Bonds and the Convertible
Bonds respectively.
The directors of LSD are pleased to announce that at LSD's
extraordinary general meeting on June 30, 2003, the resolution
to approve the ATV Transaction, as amended by the Supplemental
DGI Agreement and the Supplemental eSun Agreement, was passed.
In addition, at meetings of the Exchangeable Bondholders and the
Convertible Bondholders duly convened and held on July 18, 2003
in accordance with the terms of the Exchangeable Bonds and the
Convertible Bonds respectively, the resolution to approve the
revised ATV Transaction was duly passed. Completion of the
revised ATV Transaction took place on July 25, 2003 in
accordance with the terms of the DGI Agreement.
By Order of the Board Lai Sun Development Company Limited
Yeung Kam Hoi
Company Secretary
Hong Kong, 28th July, 2003
LAI SUN: Sells Lai Sun Yuen Long Centre for HK$89.5 Million
-----------------------------------------------------------
The Directors of the Company announce that the Company has
accepted the tender by the Purchaser to purchase the Property at
a cash consideration of HK$89,500,000. The Company accepted the
Tender on July 28, 2003.
The Purchaser and its beneficial owner are independent third
parties not connected with any of the directors, chief
executive, or substantial shareholders of the Company or any of
its subsidiaries or any of their respective associates.
The Disposal constitutes a discloseable transaction under the
Listing Rules. A circular containing, inter alia, details of the
Disposal will be sent to shareholders of the Company within 21
days of the date of publication of this announcement.
The Directors have noted the recent increase in the price of the
shares of the Company and wish to state that, save as disclosed
above and the completion of the ATV transaction as disclosed in
a separate announcement of the Company dated 28th July, 2003,
the Directors are not aware of any reasons for such increase.
The Directors also confirm that, save as disclosed above, there
are no negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under
paragraph 3 of the Listing Agreement, neither is the Board aware
of, save as disclosed above, any matter discloseable under the
general obligation imposed by paragraph 2 of the Listing
Agreement, which is or may be of a price-sensitive nature.
The Tender
Acceptance Date
The Company accepted the Tender on 28th July 2003.
Parties
Vendor: Lai Sun Development Company Limited
Purchaser: Ho King Worldwide Limited, which company and its
beneficial owner are independent third parties not connected
with any of the directors, chief executive, or substantial
shareholders of the Company or any of its subsidiaries or any of
their respective associates
Property
The subject of the Tender is the Property. The total gross floor
area of the Property (excluding car parking) is approximately
458,080 square feet. Based on the audited financial statements
of the Company as at 31st July, 2002, the book value of the
Property was HK$156,000,000.
Consideration
The total consideration for the Disposal is HK$89,500,000,
payable in cash. The purchase price tendered by the Purchaser in
the Tender was the highest amongst the tenders received by the
Company from tenderers (all being independent third parties not
connected with any of the directors, chief executive, or
substantial shareholders of the Company or any of its
subsidiaries or any of their respective associates) in response
to an invitation made by the Company for the tender of the
Property which closed on 8th July, 2003.
Payment Terms
An initial deposit of HK$5,000,000 has been paid by the
Purchaser in cash to the Company at the time of submitting its
tender on 8th July, 2003. A further deposit of HK$3,950,000 is
payable in cash on or before 30th July, 2003. The initial and
further deposit shall be forfeited to the Company if the
Purchaser shall fail to complete, but shall be refunded to the
Purchaser if the Company shall fail to complete. The balance of
the consideration in the sum of HK$80,550,000 shall be paid by
the Purchaser in cash upon Completion.
Completion Date
Completion shall take place on or before 6th August 2003.
Financial Effects of Disposal
The net profits before and after tax attributable to the
Property for the financial year ended 31st July 2002 were
HK$12,200,000 and HK$10,200,000, respectively, and for the year
ended 31st July 2001 were HK$12,900,000 and HK$10,800,000
respectively. The carrying value of the Property is
HK$156,000,000 as included in the consolidated audited accounts
of the Group for the financial year ended 31st July 2002. Taking
into account the revaluation reserve to be released upon
completion amounting to approximately HK$58,200,000, the loss on
the Disposal, calculated on a pro-forma basis, is approximately
HK$8,300,000.
Reasons for Disposal
The Company completed development of the Property in 1986 and
has since held the Property as an investment property for rental
purpose. The Directors believe that the Disposal is fair and
reasonable in the current market conditions, and that it is in
the best interests of the Company and its shareholders as a
whole. The Directors also consider that the Disposal represents
a good opportunity for the Company to reduce its bank borrowings
whilst increasing the funds available for general working
capital and/or repayment of bank loans when the Directors shall
deem appropriate.
Use of Proceeds
The Property is charged to a bank (the "Lender") under an all-
monies mortgage to secure a term loan facility of originally
HK$50,000,000 (the "Term Loan Facility") and all other sums from
time to time due to the Lender in respect of any other banking
facilities provided by the Lender. The net proceeds of the
Disposal will be used for full repayment of the outstanding loan
balance of the Term Loan Facility amounting to HK$41,000,000
and, as demanded by the Lender, a further HK$28,900,000 will be
applied in partial repayment of the outstanding balance of
another term loan facility secured over Causeway Bay Plaza 2
(the "Causeway Bay Plaza 2 Loan Facility"). The Lender has in
principle agreed to extend the principal repayment date of the
Causeway Bay Plaza 2 Loan Facility to 31st December, 2003. The
balance of the proceeds of HK$19,600,000 will be used for
general working capital purposes.
General
The Disposal constitutes a discloseable transaction under the
Listing Rules. A circular containing, inter alia, details of the
Disposal will be sent to shareholders of the Company within 21
days of the date of publication of this announcement. The
Company is principally engaged in property development, property
investment, hotel ownership and management in Hong Kong. The
Directors have noted the recent increase in the price of the
shares of the Company and wish to state that, save as disclosed
above and the completion of the ATV transaction as disclosed in
a separate announcement of the Company dated 28th July, 2003,
the Directors are not aware of any reasons for such increase.
The Directors also confirm that, save as disclosed above, there
are no negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under
paragraph 3 of the Listing Agreement, neither is the Board aware
of, save as disclosed above, any matter discloseable under the
general obligation imposed by paragraph 2 of the Listing
Agreement, which is or may be of a price-sensitive nature.
Definitions
In this announcement, the following terms have the following
meanings:
"associates" has the meaning ascribed to it in the Listing
Rules;
"Company" Lai Sun Development Company Limited;
"Completion" completion of the Disposal pursuant to the Tender;
"Directors" the directors of the Company;
"Disposal" the disposal of the Property pursuant to the Tender;
"Group" means the Company and its subsidiaries;
"Listing Agreement" the agreement between the Company and the
Stock Exchange setting out the continuing obligations which the
Company
undertakes to comply with as a condition of listing;
"Listing Rules" The Rules Governing the Listing of Securities on
the Stock Exchange;
"Property" All That Lai Sun Yuen Long Centre, No.21-35 Wang Yip
Street East, Yuen Long, New Territories, Hong Kong erected on
All That piece or parcel of ground registered in the Yuen Long
New Territories Land Registry as Yuen Long Town Lot No. 362
which is held by the Company for rental purpose;
"Purchaser" Ho King Worldwide Limited, a company incorporated
with limited liability in the British Virgin Islands, which
company and its beneficial owner are independent third parties
not connected with any of the directors, chief executive, or
substantial shareholders of the Company or any of its
subsidiaries or any of their respective associates;
"Stock Exchange" The Stock Exchange of Hong Kong Limited;
"Tender" the tender for the Property made by the Purchaser.
By Order of the Board
Lai Sun Development Company Limited
Yeung Kam Hoi
Company Secretary Hong Kong, 28th July, 2003
LEABURG ENGINEERING: Winding Up Sought by Progressive
-----------------------------------------------------
Progressive Astel Limited is seeking the winding up of Leaburg
Engineering Limited. The petition was filed on June 18, 2001,
and will be heard before the High Court of Hong Kong on August
13, 2003.
Progressive Astel holds its registered office at Room 27, 12/F.,
Hong Kong International Trade & Exhibition Centre, 1 Trademart
Drive, Kowloon Bay, Hong Kong.
LUCKSTAR ASIA: Winding Up Hearing Scheduled in August
-----------------------------------------------------
The High Court of Hong Kong will hear on August 13, 2003 at
10:00 in the morning the petition seeking the winding up of
Luckstar Asia Limited.
Quan Tieu Kim of Room 707, Wah Lai Hose, Wah Kwai Estate,
Aberdeen, Hong Kong filed the petition on June 25, 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.
PEAKTOP INTERNATIONAL: Capitalization Circular Deadline Extended
----------------------------------------------------------------
Reference is made to the press announcement issued by Peak Top
International Holding Limited dated 7 July 2003 regarding the
Capitalization.
Pursuant to Rule 14.29(2) of the Listing Rules, the circular's
delivery containing details of the Capitalization and the like
is required to reach Shareholders within 21 days of the
Announcement's publication.
As more time is required to finalize the letter from the
independent financial adviser to the Independent Board Committee
regarding the Capitalization, application has been made to the
Stock Exchange for an extension of time for the dispatch of the
Circular to not later than 6 August 2003.
According to Wrights Investors' Service, at the end of 2002,
Peaktop International Holdings Limited had negative working
capital, as current liabilities were HK$340.91 million while
total current assets were only HK$293.27 million. It also
reported losses during the previous 12 months and has not paid
any dividends during the previous 3 fiscal years.
RUBY MATE: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up Ruby Mate Investment Limited is
scheduled for hearing before the High Court of Hong Kong on
August 6, 2003 at 9:30 in the morning.
The petition was filed with the court on June 17, 2003 by
Industrial and Commercial Bank of China (Asia) Limited whose
registered office is situated at ICBC Tower, 122-126 Queen's
Road Central, Hong Kong.
WELL BRILLIANT: Winding Up Petition Pending
-------------------------------------------
Well Brilliant Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on August
13, 2003 at 10:00 in the morning.
The petition was filed on June 30, 2003 by Wing Lung Bank
Limited whose registered office is situated at No. 45 Des Voeux
Road Central, Hong Kong.
=================
I N D O N E S I A
=================
DIPASENA CITRA: IBRA Chairman Visits Shrimp Farmers
---------------------------------------------------
The Chairman of Indonesia Bank Restructuring Agency (IBRA)
Syafruddin A. Temenggung last week made working visit to shrimp
ponds of Dipasena, North Lampung to witness the revival of
shrimp farmers' activities of Dipasena and at the same time
participate in shrimp fry growing and shrimp harvest on site.
The working visit shows the government's care for the Dipasena
shrimp farmers. So far the relationship between PT Dipasena
Citra Darmadja (PT DCD) as the main Company and the shrimp
farmers has been growing closer.
One of the concrete advancements is the signing of cooperation
agreement (PKS) between PT DCD and two Villages (Mulia Village
and Utama Village) on 1 May 2003. This agreement has been
followed up with pre-intensive shrimp fry growing in the two
villages as from 12 June 2003. In addition PT DCD has reached
agreement with 6 other villages on 19 April 2003 as stipulated
in the Draft Cooperation Agreement dated 1 and 8 July 2003.
PT DCD is a collateral asset of Sjamsul Nursalim in the
framework of the shareholders settlement/MSAA, under PT Tunas
Sepadan Investama (PT TSI), which is established as the holding
company for companies pledged by Sjamsul Nursalim pursuant to
the shareholders settlement/MSAA. The main objective of PT TSI
is to optimize the operational survival of the projects under PT
TSI in order to recover BLBI central bank fund and loans and be
repaid to the state budget.
On July 14, the Troubled Company Reporter - Asia Pacific
reported that IBRA has asked PT Dipasena Citra management to
design the business plan for the next five years concerning the
corporate restructuring following the consent of eight villages
in the project owned by Gajah Tunggal Group to participate in
the efforts to revitalization the company.
=========
J A P A N
=========
FUJITSU LIMITED: Narrows First Quarter Net Loss to Y39.8B
---------------------------------------------------------
Fujitsu Limited posted a net loss of 39.8 billion yen (US$333.2
million) in the first quarter of this year against a loss of
56.4 billion yen a year earlier, aided by a modest recovery in
demand for telecom equipment and efforts to reduce costs,
Channel News Asia reported Tuesday. The computer maker also
cited also cited weak global demand, a delay in mobile phone
shipments and damage suffered from an earthquake in May for the
loss.
Its recurring loss for the period grew to 55.1 billion yen
versus a loss of 51.2 billion last year, while revenue dropped
4.5 percent to 938.7 billion yen. After two straight years with
losses exceeding US$1 billion, Fujitsu aims to model itself on
IBM by focusing on its profitable software and services
business, while shying away from the volatile chip industry.
FURUKAWA CO.: JCR Place Ratings Under Credit Monitor
----------------------------------------------------
Japan Credit Rating Agency (JCR) has placed the BBB- and the J-2
ratings on the bonds and CP program of the issuer Furukawa Co.
Ltd. under Credit Monitor, respectively.
Issue Amount (billion) Issue Date Due Date Coupon
Convertible
Bonds no.1 Y25 Dec. 11, 1996 Mar. 31, 2006 0.90 percent
CP:
Maximum: Y10 billion
Backup Line: 0 percent
RATIONALE:
Furukawa announced that it would close its Australian copper-
smelting subsidiary, Port Kembla Copper Pty. Ltd. (PKC), along
with measures to strengthen the financial structure. PKC has
been incurring large losses since its inception of operations in
February 2000 due to lackluster copper prices and instability of
the operations. Furukawa decided to sell off PKC, considering
that it would not be able to bear the burden further. The
announcement is based on this decision. JCR will examine
carefully the effects of the timing and scheme of the sell-off
and loss on the sales on the financials, placing the rating
under Credit Monitor, and then will factor in them in the
rating.
JAPAN OIL: President Agrees to Work Without Pay to Cut Costs
------------------------------------------------------------
Japan Oil Development Co. President Takashi Nonouchi agreed to
work without pay to cut costs at his bankrupt Company, Bloomberg
reported Tuesday. The Company has 615.8 billion yen (US$5.16
billion) accumulated losses and 1.84 trillion yen in debt.
Nonouchi said this month he'll stop taking a paycheck after his
Company filed for bankruptcy protection in March. A third of his
150 employees will lose their jobs. The government plans to
merge the Company with Inpex Corp. and Sakhalin Oil & Gas
Development Co. before selling shares. Failure to find buyers
for the stocks would mean the exploration companies would remain
state controlled. There are few units with value in Japan
National Oil, said Toshinori Ito, an oil analyst at UBS
Securities Japan Ltd.
TOSHIBA CORPORATION: Likely to Post Y4B Loss in First Quarter
-------------------------------------------------------------
Toshiba Corporation will likely post a first-quarter net loss of
4 billion yen, down from 18.8 billion yen a year earlier,
Bloomberg reports. Toshiba cut payroll and procurement expenses
last year after suffering two years of declining chip prices.
Shares have surged in the past three months on investor
confidence that sales of popular consumer items such as camera-
equipped cell phones will continue to increase.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Develops World's 1st 500MHz 256Mb DDR SDRAM
----------------------------------------------------------------
Hynix Semiconductor Inc. has developed a 500MHz 256Mbit DDR
SDRAM and will begin its full-scale volume production in August
2003.
The newly introduced DDR500, a high-performance PC main memory
device, runs at 500MHz and will be available in FBGA, TSOP or
QFP package. The DDR500 product line up is aimed towards the
gaming market enthusiasts who tend to require higher frequencies
and system performance.
The main memory DDR500 follows the introduction a 500MHz graphic
memory last year and will be manufactured using the company's
Prime Chip 0.13-micron process technology.
Currently, the main memory DRAM market is experiencing a rapid
transition in demand from DDR266 to DDR333/400. Hynix expects
the DDR500 to demand a 10-20 percent premium relative to DDR400
due to limited supply.
Hynix aims to continue to maintain and expand its leadership
position in the high-performance PC, workstation and computer
game consol markets, requiring ultra high-speed memory products.
Hynix is dedicated to maintaining its competitive edge in the
high-speed memory market through continuous development of ultra
high-speed devices.
The press release is located at
http://www.hynix.com/eng/index.html
HYNIX SEMICONDUCTOR: Shares Down 3.07% on EU Tariff Ruling
----------------------------------------------------------
Shares in Hynix Semiconductor Inc. fell 3.07 percent to 7,250
won on Tuesday on news that the European Commission (EU) had
decided to impose a 34.9 percent punitive tariff on Hynix chips,
according to Reuters. The duties would make it all but
impossible for Hynix to sell products in the ferociously
competitive memory chip market where most firms already struggle
with losses, analysts said.
The European Commission has set 34.9 percent duties to offset
alleged South Korean government subsidies and plans to finalize
the rate after EU member nations confirm it by the end of
August.
HYNIX SEMICONDUCTOR: Taiwan Firms Delay Action Vs Chipmaker
-----------------------------------------------------------
Taiwan's memory chipmakers are still working on preparing a
formal petition to ask the Taiwanese government to investigate
unfair subsidies South Korea is allegedly providing to Hynix
Semiconductor, Dow Jones said on Tuesday. The petition was
supposed to have been submitted in April, then in mid-July, and
now, is expected to be filed in early August. A preliminary
ruling by Taiwan trade authorities is expected within three
months after the formal application is submitted.
Initially four, and now five, Taiwanese memory chipmakers have
joined the fray. Nanya, Winbond Electronics Corp., Powerchip
Semiconductor Corp., Mosel Vitelic Inc. and ProMOS Technologies
Inc. contend that unfair subsidies to Hynix have hurt their
ability to compete in the US$16 billion dynamic random access
memory chip market.
HYUNDAI MOTOR: Nearly Out of Cars Due to Strike
-----------------------------------------------
The supply of cars and parts from Hyundai Motor have been almost
completely exhausted after about a month of continuous striking
by its labor union, Digital Chosun said on Monday. The supply
for most models has run out or will last only four to five more
days. Due to the strike, Hyundai Motor has failed to produce
95,000 cars, worth a total of W1.27 trillion.
In the case of the firm's SUV, Sante Fe, 4,600 orders came in
before the summer vacation season, yet the firm has only 2,000
units in stock. In the case of Grandeur XG, 5,000 have not yet
been delivered, but only 1,700, 40 percent of the orders, are
ready. A small supply of EF Sonata and Avante XD units are still
in stock. With EF Sonatas, 830 have not been delivered and 7,000
are in stock - enough to last for five days. As for Avante XDs,
after the 3,500 are rolled out of the factory, only 300 will be
left.
SK GLOBAL: Seeks Injunction to Block KSE Delisting
--------------------------------------------------
SK Global Co. has sought an injunction in a Seoul court to block
the Korea Stock Exchange (KSE) from delisting its shares in the
event of a court receivership, according to Reuters. SK Global,
which has been on the brink of an insolvency since a $1.2
billion accounting scandal was unearthed in March, said in a
public notice, "If the exchange decides to delist SK Global
shares, that is going against what the receivership -- a means
of reviving the firm -- aims for."
Local creditors agreed last week to apply for receivership
within two weeks after they failed to win backing from offshore
lenders for an earlier bailout plan. Both sides are set to hold
more talks this week on the plan.
SK GLOBAL: Bringing In Togut Segal as Bankruptcy Counsel
--------------------------------------------------------
SK Global America, Inc., a unit of South Korean SK Global Co.,
asks the U.S. Bankruptcy Court for the Southern District of New
York for permission to employ Togut, Segal & Segal LLP as its
bankruptcy counsel.
CEO Seung Jae Kim tells Judge Blackshear that SK Global selected
TS&S as its attorneys because of the firm's knowledge and
experience. TS&S represented represented Daewoo International
(America) Corp., (Bankr. Case No. 00-11050 (BRL) (S.D.N.Y.) in
its successful restructuring under chapter 11 and has been
actively involved in other major Chapter 11 cases, including In
re Enron Corp., et al., Case No. 01-16034 (AJG); In re Loews
Cineplex Entertainment Corporation, et al., Case No. 01-40346
(ALG); Onsite Access, Inc., Case No. 01-12879 (RLB);
Contifinancial Corporation, Case No. 00-12184 (ALG); Lois/USA,
Inc., Case No. 99-45910 (REG); and Rockefeller Center
Properties, Case No. 95-42089 (PCB).
Albert Togut, Esq., and Scott E. Ratner, Esq., lead the team of
TS&S lawyers charged with:
* Advising the Debtor of its powers and duties as a debtor- in-
possession;
* Assisting in the preparation of financial statements, the
schedules of assets and liabilities, the statement of financial
affairs, and other reports and documentation required by the
Bankruptcy Code and the Federal Rules of Bankruptcy Procedure;
* Representing the Debtor at all hearings on matters pertaining
to its affairs as a debtor-in-possession;
* Prosecuting and defending litigated matters that may arise
during this Chapter 11 case;
* Negotiating, formulating, and confirming a plan of
reorganization for the Debtor;
* Counseling and representing the Debtor concerning the
assumption or rejection of executory contracts and leases,
administration of claims, and numerous other bankruptcies
related matters arising from this case;
* Counseling the Debtor about various litigation and
reorganization matters relating to this Chapter 11 case; and
* Performing such other bankruptcy services that are desirable
and necessary for the efficient and economic administration of
this Chapter 11 case.
SK Global paid TS&S $155,000 for prepetition legal work and paid
an additional $875,000 retainer in contemplation of the chapter
11 filing. TS&S has applied the retainer to prepetition fees and
expenses and will give a final accounting when the Firm files
its First Interim Fee Application. TS&S charges $550 to $675 per
hour for work performed by partners, and $115 to $470 per hour
for hours logged by paralegals and associates. (SK Global
Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service,
Inc., 609/392-0900)
(Troubled Company Reporter Vol. 6. Issue No. 148)
===============
M A L A Y S I A
===============
AUTOWAYS HOLDINGS: KLESE Removing Securities Trading by Aug 11
--------------------------------------------------------------
Autoways Holdings Berhad (In Liquidation) informed that the
Kuala Lumpur Stock Exchange (KLSE) had written to the Official
Receiver and the Company and advised that they, after having
considered all the facts and circumstances of the matter and
upon consultation with the Securities Commission, in the
exercise of its powers under paragraph 16.17 of the KLSE's
Listing Requirements has decided to de-list the securities of
AUTOWAY from the Official List of the KLSE as AUTOWAY does not
have an adequate level of financial condition to warrant
continued listing on the Official List of the KLSE.
Accordingly, the securities of AUTOWAY will be removed from the
Official List of the KLSE at 9:00 a.m. on Monday, 11 August,
2003.
The securities of AUTOWAY, which are deposited with the
Malaysian Central Depository Sdn. Bhd. (MCD), may remain
deposited with the MCD notwithstanding the de-listing of the
securities of AUTOWAY from the Official List of the KLSE. It is
not mandatory for the securities of AUTOWAY to be withdrawn from
MCD.
Shareholders of AUTOWAY who intend to withdraw their securities
from the MCD, may do so at anytime after the securities of
AUTOWAY are de-listed from the Official List of the KLSE by
submitting the application form for withdrawal in accordance
with the procedures prescribed by MCD.
Shareholders of AUTOWAY can contact any Member Company of the
KLSE and/or MCD's helpline at 03-20717711 or 03-20717723 for
information on the withdrawal procedures.
ESPRIT GROUP: KLSE Delisting Securities Trading by August 11
------------------------------------------------------------
Esprit Group Berhad refers to the Kuala Lumpur Stock Exchange's
decision to de-list the securities of the Company via their
letter dated 30th May 2003, the appeal by the Company against
the decision on 6th June 2003 (the Appeal) and the Exchange's
latest letter dated 25th July 2003 in respect of the above said
matter.
The Board of Directors wishes to announce that the Committee of
the KLSE, after having considered all the facts and
circumstances of the matter and upon consultation with the
Securities Commission, has resolved that the Appeal be
disallowed and decided to de-list the securities of EGB from the
Official List of the Exchange as the Company does not have an
adequate level of financial condition to warrant the continued
listing on the Official List of the Exchange.
Accordingly please be informed that the securities of EGB will
be removed from the Official List of the Exchange at 9:00 a.m.
on Monday, 11th August 2003.
With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn. Bhd. (MCD),
please be informed that the securities of the Company may remain
deposited with the MCD notwithstanding the de-listing of the
securities of the Company from the Official List of the
Exchange. It is not mandatory for the securities of the Company
to be withdrawn from MCD.
Shareholders of the Company who intend to withdraw their
securities from the MCD, may do so at anytime after the
securities of the Company are de-listed from the Official List
of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by MCD.
Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.
GENERAL LUMBER: Vendors Propose Revised Settlement
--------------------------------------------------
General Lumber Fabricators & Builders Bhd refers to the
Explanatory Statement cum Circular to Shareholders issued by
GLFB dated 30 May 2003 (ES&Circular) in relation to the
restructuring scheme of GLFB.
As mentioned in Section 6.1 of the ES&Circular, the vendors of
Kin Yip Wood Industries Sdn Bhd (KYWI) shall collectively assign
106,600,000 ordinary shares of RM0.50 each in Maxtral Industry
Berhad (MIB) (MIB Shares) and 106,800,000 irredeemable
convertible preference shares of RM0.10 each in MIB (ICPS) to
four (4) companies nominated by them, namely Platinum Digital
(M) Sdn Bhd (Platinum), and its wholly-owned subsidiaries,
namely Taipantium Sdn Bhd, Merit Partners Limited and Multifold
Investments Inc. (Platinum Group) (Proposed Assignment).
As consideration for the Proposed Assignment, Platinum had
earlier proposed to issue new ordinary shares of RM1.00 each in
Platinum to all the shareholders of KYWI (both individual and
corporate shareholders) on a proportionate basis based on the
proportion of the number of MIB Shares to be assigned by the
vendors to the Platinum Group.
On behalf of the vendors of KYWI and Platinum, the Company
wishes to announce that the vendors of KYWI and Platinum intend
to revise the mode of settlement for the Proposed Assignment as
follows:
(i) Platinum shall issue new ordinary shares of RM1.00 each
in Platinum only to the eleven (11) shareholders of KYWI who are
individuals on a proportionate basis; and
(ii) The consideration due to the remaining three (3)
corporate shareholders of KYWI, namely Jet Express Co Ltd, Tecin
International Ltd and Chu Re Industry Co Ltd (collectively
referred to as "Corporate Shareholders") shall remain as debts
owing by Platinum to them. No Platinum shares shall be issued to
any of the Corporate Shareholders;
(hereinafter referred to as the "Proposed Revised Settlement").
Please refer to Attachment I for the effects of the Proposed
Assignment and Proposed Revised Settlement, found at
http://bankrupt.com/misc/TCRAP_Glumber0730.doc.
Upon completion of the Proposed Assignment, the resultant
effects of the Proposed Revised Settlement are summarized as
follows:
(i) The shareholdings of Platinum and its subsidiaries in MIB
after the Proposed Assignment remain unchanged and unaffected
and Platinum shall remain as the immediate holding company of
MIB;
(ii) The direct shareholdings of Chen Shou Ren, Lau Mei Yong
@ Lau Mii Yong and Chen Rong Chuan in MIB remain unchanged and
unaffected;
(iii) The number of shares directly held by Chen Shou Ren,
Lau Mei Yong @ Lau Mii Yong and Chen Rong Chuan and the other
individual vendors of KYWI in Platinum shall remain unchanged
and unaffected, except that their percentage of shareholdings
will increase proportionately as Platinum would not be issuing
any shares to the Corporate Shareholders as consideration for
the Proposed Assignment;
(iv) Pursuant to the moratorium conditions imposed by the SC
via its letter dated 28 January 2003, all the shareholders of
Platinum (if the shareholder is an individual) or the ultimate
individual shareholder (if the shareholders of Platinum is
another private holding company) are required to give an
undertaking to the SC that he/she shall not sell, transfer or
assign his/her shareholdings in Platinum during the moratorium
period.
In respect of the above, the eleven (11) individual shareholders
of KYWI shall provide the aforesaid letters of undertaking to
the SC. However, none of the Corporate Shareholders or their
respective ultimate shareholders will provide any letters of
undertaking for the moratorium on the sale of shares; and
(v) The terms and effects of the other proposals, namely the
Proposed Share Exchange, Proposed Disposal of GLFB, Proposed
Debt Settlement, Proposed Creditors' Schemes, Proposed GO
Exemption, Proposed Offer/Placement and Proposed Transfer of
Listing (as defined in the ES&Circular) shall remain unchanged
and unaffected.
HIAP AIK: SC OKs Proposed ICULS Conversion Price Fixing
-------------------------------------------------------
Reference is made to the announcement made by AmMerchant Bank
Berhad (AmMerchant Bank) on Hiap Aik Construction Berhad
(Special Administrators Appointed)'s requisite announcement
dated 14 November 2002 and its subsequent announcements on the
Proposed Restructuring Scheme.
AmMerchant Bank, on behalf of the Company, wishes to inform that
the Securities Commission has, via its letter dated 25 July
2003, approved HACB's proposal to fix the conversion price for
the Irredeemable Convertible Unsecured Loan Stock at RM1.00 per
ordinary share of RM0.50 each.
INTAN UTILITIES: Issues Default in Payment Summary Update
---------------------------------------------------------
Intan Utilities Berhad refers to the announcement dated 27 June
2003 and pursuant to Paragraphs 9.02 and 9.04 (1) of the Listing
Requirements and Practice Note No. 1/2001.
The Board of Directors wishes to announce the summary of the
borrowings in default and the steps taken to address the
defaults by IDS Electronics Sdn. Bhd. and IDS Technology Sdn
Bhd, 69% effectively-owned subsidiaries of Intan Utilities
Berhad. Details of which are as per attached at
http://bankrupt.com/misc/TCRAP_Intan0730.xls.
KEMAYAN CORPORATION: Faces Banking Facilities Related Summon
------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that its subsidiary, Kemtrad Holdings Sdn Bhd (KHSB) and KCB had
on 24 July 2003 received a sealed copy of writ of summons from
AmBank Berhad (formerly known as Arab-Malaysian Bank Berhad)
(AMBB) for the following claims against KHSB and KCB jointly and
severally:
(a) Overdraft Facility of RM1,597,486.88 together with the
interest thereon at the rate of 2.50% per annum plus 1% (being
penalty interest) plus 6.40% (being base lending rate) from 1
May 2003 to 26 May 2003 and thereafter interest charges thereon
at the rate of 2.50% per annum plus 1% (being penalty interest)
plus 6.0% (being base lending rate) from 27 May 2003 till full
payment; and
(b) Bankers Acceptance Facility of RM5,450,954.76 together
with penalty interest thereon at the rate of 3.50% per annum
plus 6.40% (being base lending rate) from 1 May 2003 to 26 May
2003 and thereafter penalty interest thereon at the rate of
3.50% per annum plus 6.0% (being base lending rate) from 27 May
2003 till full payment;
(c) Costs;
(d) Legal fees on a solicitor to client basis pursuant to
Advocates' Remuneration Rules 1988 to be taxed; and
(e) Any other relief as this Honorable Court deems fit to
grant.
The claim is in respect of banking facilities provided by AMBB
to KHSB as per Letter of Offer dated 13 May 1996, 11 February
1998 and 4 May 1998, in which KHSB has defaulted the total
payment of RM7,048,441.64 as at 30 April 2003 as claimed by
AMBB. KCB has provided corporate guarantee for the facility.
The financial and operation impact on the Group is not expected
to be significant, as the claim has been provided for in the
Group's account. Hence, no further material expected loss to the
Group is anticipated.
The Company and KHSB are engaging solicitor to defend the claim.
KRETAM HOLDINGS: FELDA Abandons Land Title Court Appeal
-------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad (KHB) wishes to
announce that Federal Land Development Authority (FELDA) had at
the Monday hearing informed the Court that they were abandoning
their appeal with regard to the alienation of the 20,000 acres
of land.
A draft title had been issued by the State Government of Sabah
to KHB in respect of a plantation land of 20,000 acres situated
in Silimpopon, Tawau, Sabah. However, the registration of the
said draft title was delayed because FELDA claimed a right to
this land. On the 25 May 2001, the Assistant Collector of Land
Revenue (ACLR) held a land enquiry and ruled in favor of KHB.
On appeal by FELDA, the Deputy Director of Lands and Survey
(Deputy Director) affirmed the said ruling of the ACLR on 5
November 2001. FELDA had on 12 December 2001 filed an
application to the High Court in Sabah and Sarawak at Kota
Kinabalu to set aside the decisions of the ACLR and the Deputy
Director.
The Court ordered that the draft land title (CL015523911) be
registered in the name of KHB subject to KHB issuing a letter of
undertaking within seven (7) days from 28 July 2003 agreeing to
pay FELDA the sum of RM1,995,087.60.
KSU HOLDINGS: Publicly Reprimanded Over LR Violation
----------------------------------------------------
Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded KSU Holdings Berhad
for breach of Paragraphs 9.03 and 9.04(1) of the Exchange's
Listing Requirements (LR) and Paragraph 2.1(d) of Practice Note
1/2001 (PN1) of the LR.
Paragraph 9.03 (1) of the Listing Requirements (LR) stipulates
that a listed issuer must make immediate public disclosure of
any material information, except as set out in Paragraph 9.05
below. Paragraph 9.04 (l) of the LR stipulates that the
occurrence of an event of default on interest and / or principal
payments in respect of loans is one of the examples of events,
which may require immediate announcement by the listed issuer.
PN1 on default in payment is a practice note issued in relation
to Paragraph 9.03, 9.04(l) and 9.16 of the LR. Paragraph 2.1 (d)
of PN1 stipulates that a listed issuer shall be required to make
immediate announcement to the Exchange on default in payments of
either interest or principal sums or both in respect of credit
facility where the credit facility is 5% or more of the net
tangible assets of the listed issuer.
KSU has breached Paragraphs 9.03 and 9.04(1) of the LR and
Paragraph 2.1(d) of PN1 for failing to make an immediate
announcement to the Exchange when its subsidiary, Kumpulan
Sepang Utama Sdn Bhd (KSUSB) defaulted its repayment of the Term
Loan and Bridging Loan Facilities granted by Malaysia Building
Society Berhad (MBSB Facilities) since June 1999.
KSU assumed the listing status of May Plastic Industries Bhd
(MPI) on 10 May 2002, and KSUSB was one of the subsidiaries
injected into the KSU Group.
The announcement in relation to the default in payment of the
MBSB Facilities by KSUSB was only made on 29 November 2002,
after a delay of 6.5 months from the date KSU assumed the
listing status of MPI on 10 May 2002.
The public reprimand was imposed pursuant to Paragraph 16.17 of
the LR after taking into consideration all the relevant facts
and circumstances of the matter and after consultation with the
Securities Commission.
The Exchange views this contravention seriously and hereby
cautions KSU and its Board of Directors on their responsibility
to maintain appropriate standards of corporate responsibility
and accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.
Previous Public Reprimand
1. On 10 May 2003, KSU was publicly reprimanded and fined
RM57,000 for breach of Paragraph 9.22 (1) of the LR for failing
to give to the Exchange for public release, its interim
financial report for the financial period ended 30 September
2002 within the time frame stipulated.
2. On 24 May 2003, KSU was publicly reprimanded for breach of
Paragraph 9.19(19) of the LR for failing to make an immediate
announcement to the Exchange when a winding up petition was
served on Kumpulan Sepang Sdn Bhd ("KSUSB"), a wholly owned
subsidiary of KSU, on 18 November 2002 by Kien Hwa Landscape Sdn
Bhd for a claim of RM142,810.59, being the amount owing for
landscape works and maintenance services provided to KSUSB. The
announcement in respect of the winding up petition was only made
by KSU to the Exchange for public release on 3 December 2002,
after a delay of eleven (11) market days.
Kuala Lumpur Stock Exchange (KLSE) is a company limited by
guarantee under the Companies Act 1965. KLSE is an approved
stock exchange under Section 8 of the Securities Industry Act
1983. Companies in the KLSE Group include a clearing house,
central depository, derivatives exchange, international
financial exchange and securities industry-training institute.
CONTACT INFORMATION: Mohamad Azam Ali Anita Daud Charles
Vice President Manager
Public Affairs Public Affairs
Tel: 2071 7406 Tel: 2071 7091
Fax: 2732 5258 Fax: 2732 6158
E-Mail: azam@klse.com.my E-Mail: anita@klse.com.my
MALAYSIAN GENERAL: SC Conditionally Approves Waiver Appeal
----------------------------------------------------------
Malaysian General Investment Corporation Berhad's Proposed
Restructuring Scheme comprising the following:
a) Proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in Sumatec
Resources Berhad (SRB) on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC;
b) Proposed debt settlement exercise between MGIC and its
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from MGIC to the
Creditors;
c) Proposed acquisition of the entire issued and paid-up
share capital of Sumatec Corporation Sdn Bhd (Sumatec)
comprising 10,000,000 Shares by SRB from Tekad Mulia Sdn Bhd
(Tekad Mulia) for a purchase consideration of RM95,000,000 to be
satisfied by the issuance of 95,000,000 new Shares in SRB at an
issue price of RM1.00 per Share (Proposed Acquisition of Sumatec
Group);
d) Proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia and parties acting in concert with it from the obligation
to extend an unconditional mandatory general offer for all the
remaining Shares not already owned by them in SRB after the
Proposed Acquisition Of Sumatec Group;
e) Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia (if required);
f) Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and
g) Proposed liquidation of MGIC and all of its subsidiaries.
(collectively to be known as "PROPOSALS")
On 27 June 2003, AmMerchant Bank Berhad (AmMerchant Bank) had,
on behalf of Malaysian General Investment Corporation Berhad/
Sumatec, appealed to the Securities Commission (SC) to waive the
requirement to provide the remaining net debts exceeding the
credit period of RM11.330 million in the audited accounts of
Sumatec for the financial year ended 31 December 2002 and the
Sumatec Group's forecast for the financial year ending 31
December 2003. In making the appeal, Tekad Mulia has proposed to
enter into a stakeholder agreement with a stakeholder to address
any shortfall in the after-tax profit forecast of the Sumatec
Group for the financial year ending 31 December 2003 due to the
non-collectibility of the trade debts exceeding the credit
period, such that an amount of RM11.330 million from the total
sale proceeds arising from the placement of Tekad Mulia's Shares
will be held by the stakeholder whereby the relevant amount will
be released to SRB / Sumatec if Sumatec is unable to collect the
said debts from certain debtors.
In this respect, on behalf of the Company, AmMerchant Bank is
pleased to announce that the SC has approved the appeal via its
letter dated 24 July 2003 (which was received on 25 July 2003)
subject to the following conditions:
(a) The stakeholder agreement to be entered into between SRB,
Sumatec, Tekad Mulia and the stakeholder is irrevocable and must
contain a clause stating the same; and
(b) The stakeholder agreement must be executed prior to the
implementation of the Proposed Acquisition of Sumatec Group.
An announcement will be made in due course once the stakeholder
agreement has been signed.
MYCOM BERHAD: Files Meeting Time Extension Request
--------------------------------------------------
Mycom Berhad refers to the announcement dated 20 May 2003 in
relation to the Proposed Restructuring Scheme.
The Board of Mycom wishes to announce that the Company had on 25
July 2003 filed an application to the High Court of Malaya for a
further extension of time to convene a Meeting with its
shareholders pursuant to Section 176(1) of the Companies Act
1965 to facilitate the implementation of a proposed scheme of
arrangement involving a proposed capital reduction and
consolidation, a proposed share premium account reduction and a
proposed revaluation reserve account reduction to be undertaken
as part of the Proposed Restructuring Scheme.
PANGLOBAL BERHAD: Discloses Timber Production Figures
-----------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of timber of its wholly owned subsidiary, Limbang Trading
(Limbang) Sdn Bhd for the month of June 2003 was 26,606.79 cubic
meters.
The Troubled Company Reporter - Asia Pacific reported on July 1
that the Securities Commission has approved the extension of the
deadline to implement the Proposals, which includes Proposed
Rights Issue; and Proposed Disposal of Panglobal Insurance
Berhad, for a period of one (1) year to 10 June 2004.
REPCO HOLDINGS: Removing Securities From Official List by Aug 11
----------------------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Kuala Lumpur Stock Exchange has decided that the Repco Holdings
Berhad (Special Administrators Appointed)'s appeal against the
KLSE's decision be disallowed and that the securities of the
Company be de-listed from the Official List of the KLSE as the
Company does not have an adequate level of financial condition
to warrant continued listing on the Official List of the
Exchange.
Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9:00 am on Monday, 11 August 2003.
With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
please be informed that the securities of the Company will
continue to remain deposited with the MCD notwithstanding the
de-listing of the securities of the Company from the Official
List of the Exchange. It is not mandatory for the securities of
the Company to be withdrawn from MCD.
Shareholders of the Company who intend to withdraw their
securities from the MCD, may do so at anytime after the
securities of the Company are de-listed from the Official List
of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by MCD.
Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.
SINMAH RESOURCES: All Resolutions Passed at 9th AGM
--------------------------------------------------
The Board of Directors of Sinmah Resources Berhad wishes to
announce that all of the following resolutions have been
approved by the shareholders of SINMAH at the Ninth Annual
General Meeting held on Monday, 28 July 2003 at 10:00 a.m.:
ORDINARY BUSINESS
Resolution 1
To receive the Audited Financial Statements for the year ended
31 January 2003 together with the Reports of the Directors and
Auditors thereon.
Resolution 2
To approve the Directors' fees for the year ended 31 January
2003.
Resolutions 3, 4 and 5
To re-elect the following Directors retiring pursuant to Article
106 of the Articles of Association:
(a) Y. Bhg. Datuk Haji Abdul Razak Bin Alias (Resolution 3)
(b) Y. Bhg. Datuk Ng Peng Hay @ Ng Peng Hong (Resolution 4)
(c) Mr Ng Cheu Kuan (Resolution 5)
Resolution 6
To consider and if thought fit, to pass the following Ordinary
Resolution:
"THAT Messrs Ernst & Young be and are hereby appointed Auditors
of the Company in place of the retiring Auditors, Messrs
Hanafiah Raslan & Mohamad to hold office until the conclusion of
the next Annual General Meeting at a remuneration to be
determined by the Directors."
SPECIAL BUSINESS
Resolution 7
To consider and, if thought fit, pass with or without
modifications, the following Ordinary Resolution:
Ordinary Resolution
Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965
"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby empowered to issue shares of the
Company at any time until the conclusion of the next Annual
General Meeting of the Company upon such terms and conditions
and for such purposes as the Directors may, in their absolute
discretion, deem fit, provided that the aggregate number of
shares issued pursuant to this resolution does not exceed 10% of
the issued capital of the Company for the time being and that
the Directors are also empowered to obtain the approval for the
listing of and quotation for the additional shares so issued on
the Kuala Lumpur Stock Exchange."
COMPANY PROFILE
The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100% in Sinmah Breeders,
100% of Sinmah Livestocks, 100% of Sinmah Food Industries and
99.99% of Sinmah Multifeed. Multifeed handles contract farming
operations while Sinmah Breeders has about six breeder farms
raising 380,000 parent stocks and two hatcheries with a total
capacity of 2.58m hatching eggs annually. Due to higher demand,
Sinmah Group has to import 50,000 parent stock day old chicks
(DOCs) from the US and Canada and source locally another 250,000
parent stock DOCs annually. The Group sells DOC and poultry
feeds to contract and independent broiler farmers. Live broilers
are sold to local wholesalers and Singapore poultry processing
plants. The Group exports some of its processed products like
nuggets, frankfurters and burgers to Brunei. In 1995, the Group
ventured into property development in Malacca. Primarily
concentrating on low- and medium-cost housing projects, the
Company launched the Taman Saujana Indah project in the first
quarter of 2001. It is also developing the Saujana Puri
apartment project.
Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51% interest in Linggi Agriculture Sdn
Bhd and of freehold land in Malacca. The rights issue that was
part of the restructuring was substantially under subscribed. As
a result, the Company is considering other alternatives to
substitute for the rights issue.
CONTACT INFORMATION: Graha Maju (Bangunan P.K.N.M)
Tingkat 10, Lot 1A
Jalan Graha Maju
75300 Melaka
Tel : 06-2840393
Fax : 06-2817481
SOUTHERN PLASTIC: Clarifies KLSE's Winding Up Petition Query
------------------------------------------------------------
Southern Plastic Holdings Berhad, in reply to the Kuala Lumpur
Stock Exchange's Query Letter reference ID: PY-030714-39229 on
Winding Up Order filed against:
i) Southim (M) Sdn. Bhd.
ii) Southtech (M) Sdn. Bhd.
iii) Southern Plastic Holdings Bhd
by United Overseas Bank (Malaysia) Bhd.
The Board would like to clarify the following on the above
subject matter:
1. The winding up petition was served on the Company on 17
April 2003, which was received directly at the Company's
registered office.
2. Any winding up proceedings may trigger cross default
clauses with loans with other financial institutions.
Accordingly this may affect the successful outcome of the
proposal debt restructuring. All operations will continue as
usual.
3. The total cost of investment in subsidiaries is tabled at
http://bankrupt.com/misc/TCRAP_SPlas0730.gif.
The Company believes the above is in order.
Below is the KLSE's Query Letter content:
We refer to your announcements dated 4 July 2003 and 11 July
2003. In this connection, kindly furnish the Exchange
immediately with the following additional information for public
release:
1. The date the winding-up petition was served on SPLAS.
2. The financial impact on the Group, if any, arising from the
winding-up proceedings.
3. Total cost of investment of your Company in STIM and STM
respectively.
Yours faithfully,
TAN YEW ENG
Senior Listing Manager
WSW/LPY/zm
Copy to: Securities Commission (via fax)
TALAM CORPORATION: Shareholders Approve All AGM Resolutions
-----------------------------------------------------------
Talam Corporation Berhad is pleased to inform that its
shareholders have at the Annual General Meeting held on 28 July
2003 approved all the resolutions including seven Ordinary
Resolutions under the Special Businesses, as set out in the
Notice of Annual General Meeting dated 3 July 2003.
The Troubled Company Reporter - Asia Pacific reported early this
month that the High Court of Malaysia sanctioned the members'
schemes of arrangement of Europlus, Talam and Kumpulan Europlus
Berhad under Section 176 of the Companies Act, 1965 for the
implementation of the Proposals, which entails the following:
* Proposed Rationalization of the Businesses of Europlus and
Talam including the Merger of their Property Related Businesses
(Proposed Merger)
* Proposed Increase in Talam's Authorized Share Capital
(Proposed IASC)
* Proposed Amendments to Talam's Memorandum and Articles of
Association (Proposed Amendments).
TAT SANG: Appoints Caroline Hong as Audit Committee Chairman
------------------------------------------------------------
Tat Sang Holdings Berhad posted this Change in Audit Committee
Notice:
Date of change : 28/07/2003
Type of change : Appointment
Designation : Chairman of Audit Committee
Directorate : Independent & Non Executive
Name : CAROLINE HEAH GAIK HONG
Age : 37
Nationality : MALAYSIA
Qualifications : Graduated from London University in 1988 and is
a member of Lincoln's Inn, United Kingdom. She was admitted to
the English Bar in 1989.
Working experience and occupation:
An advocate and solicitor of the High Court of Malaya practicing
at Johor Bahru, Johor. A Legal Assistant with Messrs Presgrave &
Matthews, Penang from 1990-1994.In the same year, she left and
set up her firm in Kluang, Johor under the name Heah & Co. Her
firm has since been relocated to Johor Bahru, Johor in 2002.
Handling convincing, corporate and litigation matters.
Directorship of public companies (if any) : Nil
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) : MS. CAROLINE HEAH GAIK HONG
MR. LIM CHAI HOCK
MR. KHOO KIAM CHONG
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.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Restructures US$3.6M Loan from BNP Paribas
----------------------------------------------------------------
ABS-CBN Broadcasting Corporation (ABS-CBN) informed the
Philippine Stock Exchange that on July 25, 2003, the Company and
BNP Paribas have signed an agreement for a US dollar term loan
facility in the amount of US$3.6 million. Upon grant of the
loan, BNP Paribas shall be considered a Facility Lender under
the Exchangeable Notes Facility Agreement (ENFA) executed by
majority of ABS-CBN's short-term creditors on September 2002. As
such, BNP Paribas will be subject to the same terms and
amortization schedule under the ENFA.
According to TCR-AP, BNP Paribas, together with Standard
Chartered Bank, earlier declared the Company in default for
loans worth US$3.6 million and 100 million pesos, respectively.
For the Standard Chartered loan, Lopez said the company is still
trying to come up with an "acceptable" scheme.
For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2455_ABS.pdf
MANILA ELECTRIC: ERC Orders to Implement SPEED
----------------------------------------------
The Energy Regulatory Commission (ERC) issued an order on July
25, 2003 authorizing the Manila Electric Company (Meralco) to
implement the Special Program to Enhance Electricity Demand
(SPEED). Meralco industrial customers are expected to enjoy a
discount of PhP0.12/kWh.
The implementation of SPEED is aimed at encouraging electricity
demand and increasing the use of existing power plants in the
grids. Effectively, this program reduces average power costs for
large electricity end-users, both industrial and commercial.
The program shall be implemented into two phases: For Phase I,
this will involve 224 industrial eligible customers with a
minimum demand of 1,000 kW. For Phase II, the threshold for
industrial customers will be lowered and will also be made
applicable to non-industrial customers with a minimum demand of
500 kW covering a total of 1,148 eligible customers.
To be eligible to join the SPEED program, customer must have
been a MERALCO customer since July 2001.
The discount given by this program shall only be applied to the
incremental consumption, which is the actual energy consumption
above the Customer Base Load (CBL) for the quarter.
The SPEED program takes effect immediately, until the
implementation of the Wholesale Electricity Spot Market (WESM),
or whenever there is no available NPC unutilized capacity in the
Luzon Grid, whichever comes first.
Cathay Pacific Steel Corporation (CAPASCO) is one of the many
industrial customers of Meralco that will benefit from the SPEED
program implementation.
The press release can be accessed at
http://www.erc.gov.ph/general.asp?news_id=741
MANILA ELECTRIC: Appoints New Officers
--------------------------------------
At the organization meeting of the Board of Director of Manila
Electric Company (Meralco) held on Monday July 28, 2003, Mr.
Carlos G. Dominguez resigned as Director of Meralco and was
replaced by Mr. Edmundo M. Varona.
At the meeting, these persons were elected as Company officers:
Name Position
Manuel M. Lopez Chairman and Chief Executive Officer
(CEO)
Felipe B. Alfonso Vice Chairman
Jesus P. Franciso President and Chief Operating Officer
(COO)
Justice Camilo D. Quiason Corporate Secretary and General
Counsel
Daniel D. Tagaza Sr. VP and Comptroller and CFO
Ricardo V. Buencamino First Vice President
Roberto R. Almazora VP and Chief Information Officer
Rafael L. Andrada VP and Treasurer
Jaime R. Camacho Vice President
Elpi O. Cuna Jr. Vice President
Leonisa C. de la Llana Vice President
Gil S. San Diego VP and Assistant Corporate Secretary
Antonio R. Valera Sr. Assistant VP and Assistant
Comptroller
Helen T. de Guzman Sr. Assistant VP and Corporate Auditor
Anthony V. Rosete Assistant VP and Asst. Corporate
Secretary
Manolo C. Fernando Assistant VP and Assistant Treasurer
Alfonso Y. Lacap Sr. Manager and Assistant Corporate
Secretary
Lastly, at the said meeting, the following person were
designated members of the following Board of Committees:
Manuel M. Lopez Chairman
Felipe B. Alfonso Member
Jesus P. Francisco Member
Washington Z. Sycip Member
Cesar E.A. Virata Member
Gil S. San Diego Secretariat
For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2454_MER.pdf
MANILA ELECTRIC: PCCI Rejects Refund Extension Schedule Proposal
----------------------------------------------------------------
The Philippine Chamber of Commerce and Industry (PCCI) is
against Manila Electric Co. (Meralco)'s proposal to get their
refund over an eight-year period, Business World reported
Monday, citing an official of the Energy Regulatory Commission
(ERC). Industrial and commercial consumers will be serviced in
the fourth phase of the refund.
Meralco needs to spread the refund over an eight-year period for
its industrial and commercial customers because a one-time cash
refund will adversely affect its finances. Industrial users
represent about 30 percent of Meralco's customer base. The ERC
estimates that Meralco needs to allocate PhP18 billion for
industrial and commercial customers. The amount would cover
refunds to 150 industries.
PHILIPPINE AIRLINES: Offers Bargain Tours
-----------------------------------------
Exciting tour packages at discounted rates to various Asian and
domestic destinations are the highlights of Philippine Airlines'
(PAL) new Super Saver holiday packages.
Designed to promote local and regional tourism in the aftermath
of the recent severe acute respiratory syndrome (SARS) scare,
the holiday packages include round-trip Fiesta Class tickets, 2-
to- 3-night hotel accommodation, airport-hotel-airport transfers
and daily breakfast at selected hotels.
Prices of PAL's promotional tours have become very competitive,
lower from previous levels by as much as $190 for international
and 2,000 pesos for domestic packages.
Asian destinations under the Super Saver Swingaround packages
(outbound from Manila) include - Bangkok ($254), Shanghai
($297), Xiamen ($299), Ho Chi Minh ($300), Hong Kong ($130),
Jakarta ($380) and Singapore ($182 - Travel valid until 31 July
2003).
Meanwhile, the flag carrier's improved PALakbayan Super Saver
packages are for such destinations as Boracay (P4,767), Davao
(P4,998), Iloilo (P4,030), Cebu (P4,030), and Manila at P4,556
(for those coming from Cebu, Iloilo or Kalibo) and at P5,440
(for those coming from Davao or Puerto Princesa).
Another irresistible tour of Manila await travelers coming from
Ho Chi Minh (at $264), Jakarta ($310), Taipei (TWD5,520),
Shanghai (CNY1,930) and Hong Kong (HKD2,102).
Hong Kong travelers may also avail of a special package for Cebu
for as low as HKD2,084.
The Swingaround Manila and Cebu Super Saver packages are valid
until August 31, 2003 while the other packages are good until
September 30, 2003.
Philippine Airlines recorded a net income of 286 million pesos
for the year ending in March versus a loss of 1.7 billion pesos
a year earlier, TCR-AP reported recently. However, the airline
failed to reach a P1 billion-profit target for the fiscal year,
nor the estimated 400 million pesos to 500 million pesos net
income as the Severe Acute Respiratory Syndrome (SARS) scare
greatly affected the airline.
PAL was planning to go public, but a net loss on
its third year of rehabilitation following two years of
profitability prevented it from doing so. PAL President Avelino
Zapanta said it is too early to say at this time how the airline
will do for this year.
Inquiries about other details of PAL's Super Saver tour packages
may be emailed to paltourpackage@pal.com.ph, or visit
www.philippineairlines.com.
=================
S I N G A P O R E
=================
ASIA PULP: Indonesian Firms Set Bondholders Meeting August 5
------------------------------------------------------------
Asia Pulp and Paper's four operating companies in Indonesia will
hold meetings with bondholders in August, DebtTraders reports.
Tjiwi Kimia and Pindo Deli will meet bondholders on August 5,
2003. Lontar Papyrus and Indah Kiat will hold a meeting on
August 8. DebtTraders expect the operating companies plan to
discuss the debt-restructuring plan with bondholders.
DebtTraders reports that Asia Pulp's 11.75 percent bonds due on
2005 (APP7) are trading between 28.5 and 30.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP7for
real-time bond pricing.
FLEXTRONICS LIMITED: U.S. Unit Cuts 367 Jobs
--------------------------------------------
Flextronics International Ltd. will cut 367 jobs in September,
the Associated Press reported last week. The Company located in
San Jose, California, employed as many as 750 people in Lebanon,
about 25 miles east of Nashville. Flextronics officials have
said some employees will be able to transfer to Memphis,
Tennessee. Flextronics, which employs about 95,000 people in 29
countries, makes equipment for clients that include Hewlett-
Packard, Palm Co. and Ericsson.
The Singapore-based Electronics giant Flextronics Ltd. expects
losses to soar as it counts the cost of shutting two factories
and business restructuring, the Troubled Company Reporter-Asia
Pacific reported recently. Its net loss more than doubled to
US$290 million, which is equivalent to over S$500 billion,
during its fiscal first quarter. The contract manufacturer will
cut production of printed circuit boards to end losses in this
field.
ST ASSEMBLY: Expects to Post 10th Straight Quarterly Loss
---------------------------------------------------------
Chip testing firm ST Assembly Test Services Ltd. is expected to
post its 10th straight quarterly loss on Wednesday, but analysts
see signs of a turnaround as it focuses on new products and wins
market share, according to Reuters.
Six analysts polled by Reuters forecast an average net loss of
US$6.53 million for the three months ended June, narrower than
the losses of $21.6 million in the same quarter a year earlier
and $9.6 million in the March quarter. Loss estimates ranged
from $1.89 million to $9.2 million.
Analysts expect the Singapore government-controlled firm, which
also packages microchips, to post an average net loss of $4.76
million in the final six months of the year, narrower than its
expected first-half loss of $16.13 million, according to Reuters
Research, a unit of Reuters Group Plc.
ST ASSEMBLY: Unveils 2Q03 Conference Call
-----------------------------------------
ST Assembly Test Services Ltd. (STATS), a leading independent
semiconductor test and advanced packaging service provider,
plans to issue its press release on the results of the second
quarter 2003 on Wednesday, July 30, 2003, in Singapore, before
market opens on the Singapore Exchange.
A conference call has been scheduled for 8:00 a.m. in Singapore
on July 30, 2003. This will be 9:00 a.m. on July 30 in Tokyo,
5:00 p.m. on July 29 in San Francisco, 8:00 p.m. on July 29 in
New York, and 1:00 a.m. on July 30 in London. During that call,
a portion of time has been set-aside for analysts and interested
investors to ask questions of executive officers.
Calling 719/457-2728 and referencing confirmation code 459391
may access the call. The playback will be available
approximately three hours after the conclusion of the conference
call and is accessible by dialing 719/457-0820 and referencing
confirmation code 459391. The Company would also webcast the
conference call live through CCBN at http://www.stts.com.
About ST Assembly Test Services Ltd. (STATS)
ST Assembly Test Services Ltd. (STATS - NNM: STTS and SGX: ST
Assembly), is a leading semiconductor test and assembly service
provider to fabless companies, integrated device manufacturers
and wafer foundries. With its principal operations in Singapore
and global operations in the United States, United Kingdom,
Germany, Japan and Taiwan, STATS offers full back-end turnkey
solutions to customers worldwide. STATS' expertise is in testing
mixed-signal semiconductors, which are extensively used in fast
growing communications applications such as data networking,
broadband and mobile communications. STATS also offer advanced
assembly services and have developed a wide array of traditional
and advanced leadframe and laminate based products, including
various ball grid array packages to serve some of the world's
technological leaders. STATS is listed on the Nasdaq National
Market and The Singapore Exchange in January 2000 and is in the
Morgan Stanley Capital International (MSCI) Index and the
Straits Times Industrial Index. Further information is available
at www.stats.com.sg.
===============
T H A I L A N D
===============
NATURAL PARK: Subsidiary Purchases Golf Course
----------------------------------------------
Natural Park Public Company Limited notified that the Board of
Directors Meeting of the Company No. 9/2003, held on 24 July
2003, resolved for Natural Brands Limited (Natural Brands),
being a subsidiary of the Company to purchase from Assets
Management Corporation (AMC) the land and structures which are
for golf course, whereby the land and structures were formerly
the property of Natural Park Resort Golf Club Co., Ltd. and
Natural Park Hill Golf Club Co., Ltd. and which were transferred
to AMC for settlement of debts, with the following particulars:
1. Date, Month, Year of Transaction: 24 July 2003
2. Related Parties and Relationship with Listed Company
Seller: Assets Management Corporation
Buyer: Natural Brands Co., Ltd.
Relationship between the Parties: AMC and the Company
and Natural Brands have no relationship.
3. General Characteristics of Transaction: Natural Brands
will purchase from AMC the land and structures totaling 67
plots, which are located at Tambol Banmuang, Muang and Bangphra,
Amphur Muang-Chonburi (Bangphra) and Sriracha (Bangphra),
Chonburi Province, with the total area of 1,165 rai 2 ngan 53
square-wah, the property of which is for golf course, at the
total price of Bt400 Million, with the size of the transaction
being equivalent to 8.97% of the Assets Value of the Company.
4. Details of the Purchased Assets: The land and
structures totaling 67 plots, Tambol Banmuang, Muang and
Bangphra, Amphur Muang-Chonburi (Bangphra) and Sriracha
(Bangphra), Chonburi Province, with the total area of 1,165 rai
2 ngan 53 square-wah, which are the Natural Park Resort Golf
Club and Natural Park Hill Golf Club Projects.
5. Total Value of Consideration and Conditions of Payment
Total Value of Transaction : Bt400 Million
Payment Term : Payable in full on the
Transaction Date.
6. Value of Assets Purchased : Natural Brands will be
the owner of the land and structures at the value of
Bt400 Million.
7. Criteria for determining the Value : Being the price
agreed by the Parties of Consideration
8. Benefits expected to be derived by Transaction:
Dividends and/or profits from disposal of the listed
Company from the said asset.
9. Sources of Fund for the Transaction : Natural Brands
borrowed Bt400 Million from the Company in the entering
into of the said transaction.
PRASIT PATANA: Amends Articles of Association
---------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, as the
Plan Administrator of Prasit Patana Public Company Limited,
submitted the Report of Sale of Securities to The Stock and
Exchange of Thailand (F.53-5), as follows:
Report of Sale of Securities to The Stock and Exchange of
Thailand
Prasit Patana Public Company Limited
23 July 2003
1. Information on Debt/Equity Conversion
Type of Shares to be Converted : Common Shares
Volume of Shares : 346,409,504 Shares
In accordance with the Rehabilitation Plan, PYT has to repay its
Convertible Debt by issuing new PYT shares to the financial
creditors of PYT, Phyathai 2 Hospital Company Limited (PYT2) and
Phyathai 3 Hospital Company Limited (PYT3) and the construction
creditors of PYT2 and PYT3.
Conversion Price per Share is Bht 1.51.
PYT registered the increase in issued and paid up share capital
for the debt/equity conversion with the Ministry of Commerce on
18 July 2003.
2. Effect of Debt/ Equity Conversion
The Conversion is a condition stipulated in the rehabilitation
plan of PYT with the allocation to new shareholders as follows:
Financial creditors 15 Names 338,743,277 shares
Construction creditors of PYT 2 3 Names 1,905,729 shares
Construction creditors of PYT 3 8 Names 5,760,498 shares
Total PYT shares to be received
from conversion 346,409,504 shares
3. Details of Conversion
Thai Investors Foreign Investors Total
Legal Entity Individual Legal Entity Individual
# of shareholders 16 - 10 - 26
# of PYT
shares to be received
from conversion 204,692,587 - 141,716,917 - 346,409,504
4. Proceeds received from conversion
It is the process of debt reduction in accordance with the
Rehabilitation Plan of PYT.
The Company certifies that, to the best of our knowledge, this
report is correct and complete.
THAI MILITARY: Clarifies Recapitalization Plan
----------------------------------------------
Thai Military Bank Public Company Limited declared its talk to
Australia and New Zealand Bank (ANZ) about ANZ's minority
participation in TMB's recapitalization program that the
discussions have not reached the mutual agreement.
The participation of ANZ was one of the option that the bank has
for its recapitalization. However, the bank already has other
options for the recapitalization program.
The Board of Directors will conduct a meeting next week to
approve the recapitalization program and present to the
shareholder's meeting to implement the program within September
this year.
The exit of ANZ will not affect the recapitalization plan and
the management of the bank would like to ensure to all
stakeholders that the bank would be able to continue its
business with strong support from the existing shareholders.
THAI PETROCHEMICAL: Govt Seeks New US$80 Million Loan for Firm
--------------------------------------------------------------
Negotiations between the finance ministry and creditors of Thai
Petrochemical Industry Plc over the opening of fresh credits
have started, Business Day reported yesterday.
The paper said the ministry is asking for additional loans of
about US$80 million to be used as working capital. Lawyer
Apichart Pankaesorn, who is advising the creditors' steering
committee, confirmed that talks had indeed begun.
Shortly after the court named Prachai Leophairatana as interim
debt planner, TPI's creditors cancelled a pledge to inject a
previously proposed amount of credit for the firm, the paper
said. As a result, TPI brought its requests forward for the
court to consider.
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,
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Copyright 2003. All rights reserved. ISSN: 1520-9482.
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