/raid1/www/Hosts/bankrupt/TCRAP_Public/030908.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, September 08 2003, Vol. 6, No. 177
Headlines
A U S T R A L I A
ADVANCED ENGINE: Posts Distribution Schedule, Top 20 Holders
AMP LIMITED: Posts Director Handley's Interest Notice
ANSELL LIMITED: S&P Revises Outlook Rating to Stable
ARISTOCRAT LEISURE: Inks MoU Agreement With Sammy Corporation
DRAGON MINING: Inks Outokumpu Acquisition Heads of Agreement
TRANZ RAIL: Board Unanimously Recommends Revised Toll Offer
TRANZ RAIL: Toll Holdings Gets Directors Support, Ups Bid Price
C H I N A & H O N G K O N G
CHINA HEAVY: Petition to Wind Up Pending
CHUN WAI: September 24 Winding Up Hearing Scheduled
SEAPOWER RESOURCES: Circular Dispatch Further Delayed
SHENZHEN HI-TEC: 2003 Net Loss Swells to HK$39M
SUI WO: Winding Up Petition Hearing Set
TRULY INT'L: Cuts 2003 Operations Loss to HK$3.954M
ZHU KUAN: Winding Up Sought by Standard Chartered Bank
I N D O N E S I A
DIRGANTARA INDONESIA: IBRA Disbursing US$54M Fresh Funds
DIRGANTARA INDONESIA: IBRA Wants Old Management Re-audited
J A P A N
DOI K.K.: Camera Manufacturer Enters Rehab Proceedings
FUJITSU LIMITED: Launches Reliable Web Services
IIJIMA SILICON: Silicon Steel Firm Enters Rehab Proceedings
NIPPON STEEL: Fitch Affirms BB+ Rating
K O R E A
HANARO TELECOM: Unveils Building Lease to Dreamline
HANARO TELECOM: LG Group Boosts Stake to Fight AIG Bid
HYNIX SEMICON: In Talks With Citigroup to Sell Chip Business
HYUNDAI CORPORATION: Signs Management Normalization Plan
HYUNDAI MOTOR: Intends to Dispose of 48.6M Kia Shares
HYUNDAI MOTOR: U.S. Unit Appoints New CEO
KOOKMIN BANK: Goldman Sachs Sells 3.96% Stake In Bank
M A L A Y S I A
ACTACORP HOLDINGS: Finalizing Proposed Scheme With Adviser
AKTIF LIFESTYLE: RA Time Extension Application Pending
EPE POWER: Further Defaults RM711,175 Interest Payment to FIs
HIAP AIK: Proposed Restructuring Implementation Period Extended
JUTAJAYA HOLDING: PCDRS Regulatory Authorities Approval Pending
KELANAMAS INDUSTRIES: Releases Financial Condition Status Update
KILANG PAPAN: Awaits KLSE's Revised Proposed Scheme Approval
KRAMAT TIN: Continuing New Core Business Search
KL INDUSTRIES: Capital Reduction, Share Consolidation Completed
LONG HUAT: Further Extends Restraining Order for 90 Days
NCK CORPORATION: SC Grants Proposed Disposal Approval
PANCARAN IKRAB: Sale, Purchase Agreement Terminated
PENAS CORPORATION: In the Midst of Proposals Implementation
REKAPACIFIC BHD: Restructuring Proposal Status Remains Uncertain
SCK GROUP: Regularization Plan Preparation Underway
SRI HARTAMAS: SC OKs Proposed Scheme of Arrangement Extension
TAI WAH: Updates Restructuring Exercise Status
TAJO BERHAD: Investigative Audit Completion Time Extended
UCP RESOURCES: Proposed Rescue Scheme Approval Pending
UCP RESOURCES: Provides Defaulted Payment Status Update
P H I L I P P I N E S
MANILA ELECTRIC: Clarifies US$200M Bond Issue Report
MANILA ELECTRIC: Mulls Financing Plans; No Decision Yet
NATIONAL STEEL: Attracts Foreign Groups
S I N G A P O R E
ALLANDES CORPORATION: Issues Winding Up Order Notice
CHARTERED SEMICONDUCTOR: Improves Third Quarter Outlook
ESTATE HOLDINGS: Issues Winding Up Order Notice
FLOORING & TIMBER: Petition to Wind Up Pending
GLENBAR AGENCIES: Releases Winding Up Order Notice
KIM GUAN: Winding Up Order Set September 19
MORELASTIC PTE: Wind Up Hearing Slated For September 12
TECH-FIELD EQUIPMENT: Issues First & Final Preferential Dividend
T H A I L A N D
CHRISTIANI & NIELSEN: Registered Capital Decrease Completed
DATAMAT PUBLIC: Posts Shareholders' Meeting Resolutions
JASMINE INT'L: Creates Special Purpose Vehicle to Repay Debt
NAVA LEASING: TRIS Affirms "BBB+" Rating to Bt1.2M Debentures
SINO-THAI RESOURCES: Sells Increased Shares
SUN TECH: F/S Submission Extended to Sept 15
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCED ENGINE: Posts Distribution Schedule, Top 20 Holders
------------------------------------------------------------
In accordance with ASX Listing Rule 3.4.2 Advanced Engine
Components Limited provides a distribution schedule and list of
top twenty shareholders for its fully paid ordinary shares
following the closure on 19 August 2003 of the takeover offer
made by 698 Capital International Limited:
Distribution Schedule:
Holders Total Units %
1 - 1,000 190 114,586 0.07
1,001 - 5,000 166 443,175 0.26
5,001 - 10,000 160 1,281,897 0.76
10,001 - 100,000 319 9,699,601 5.73
100,001 and over 55 157,802,777 93.18
Totals 890 169,342,036 100.00
Top Twenty Shareholders:
Number %
698 Capital International Limited 131,771,576 77.81
Westpac Custodian Nominees Limited 3,131,000 1.85
Merrill Lynch (Australia) Nominees Limited 2,569,369 1.52
Kassett Pty Ltd 2,516,066 1.49
Kassett Pty Ltd 2,400,000 1.42
Mrs Ileen Peovitis 1,674,000 0.99
Pastol Investments Limited 1,592,791 0.94
Zegna Corporation Global Ltd 1,500,728 0.89
Mr Vivekananthan s/o M V Natham 1,250,000 0.74
Mr Raymond Lee Ming Wan 517,800 0.31
Foxrock Capital Management Ltd 500,000 0.30
WSF Pty Ltd (Alan D Hill S/F A/C) 446,384 0.26
Border Panel Works Pty Ltd 330,000 0.19
Mr Darren Cruickshank 307,400 0.18
Totally West Pty Ltd 305,000 0.18
Aztec Trading Services Ltd 300,000 0.18
Patrick M Collins 300,000 0.18
Mrs Francine Middleton 276,000 0.16
Mr Adrian Eng Cheong Khoo 250,000 0.15
Arlco (Australia) Pty Ltd 249,657 0.15
152,187,771 89.87
According to Wrights Investors' Service, at the end of 2002,
Advanced Engine Components Limited had negative working capital,
as current liabilities were A$7.22 million while total current
assets were only A$3.99 million.
AMP LIMITED: Posts Director Handley's Interest Notice
-----------------------------------------------------
AMP Limited has provided a Change of Director's Interest Notice
in respect of Roger Patrick Handley
Number of sercurities held after change:
- 1,600 Ordinary Shares held in the name of Crown Advisory
Pty Limited ATF R.P. Handley & D.K. Handley;
- 4,472 AMP Reset Preferred Securities held in the name of
Crown Advisory Pty Limited ATF R.P. Handley & D.K. Handley; and
- 2,628 Ordinary Shares held in the name of Crown Advisory
Pty Limited ATF Superannuation Fund A/C.
- 1,938 AMP Reset Preferred Securities held in the name of
Crown Advisory Pty Limited ATF Superannuation Fund A/C.
ANSELL LIMITED: S&P Revises Outlook Rating to Stable
----------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it has
affirmed its 'BB+/B' long- and short-term corporate credit
ratings on Ansell Ltd., and the ratings on the company's
guaranteed debt issues and programs. At the same time, the
rating outlook was revised to stable from negative. The outlook
change is based on Ansell's significantly improved financial
profile, satisfactory operating performance, and commitment to
retaining strong prudential measures in the medium term.
The ratings on Ansell Ltd. reflect the group's position as a
relatively small player in global health care product markets,
the cyclical nature of some of its key product segments, its
exposure to exchange rate and input price volatility, and the
short life cycle of many of the company's product lines. These
factors are tempered by Ansell's moderate financial profile,
significant market share in a number of its product segments,
strong free cash flow generation, and strong liquidity.
"Rating stability should be underpinned by a conservative
approach to debt usage, continued strong operating performance,
and a conservative approach to acquisitions," said credit
analyst Paul Draffin, associate director with Corporate &
Infrastructure Ratings. "Furthermore, Ansell's commitment
to maintaining strong credit protection measures should enable
the company to absorb some potential volatility in its earnings
and to accommodate contingent exposures arising from various
litigation and warranty claims associated with continuing and
divested businesses."
ARISTOCRAT LEISURE: Inks MoU Agreement With Sammy Corporation
-------------------------------------------------------------
Aristocrat Leisure Limited announces that Aristocrat and Sammy
Corporation (Sammy) signed a Memorandum of Understanding in
Japan on Friday, 29 August 2003. The new Agreement, which
replaces an earlier Manufacturing Entrustment Agreement, expands
Aristocrat's access to Sammy's integration facilities from
one plant to an additional two plants with a combined
manufacturing capacity of 5,000 units per day. The Agreement
also provides for Sammy and Aristocrat to co-develop hardware
products and jointly submit hardware products for the approval
of regulatory authorities in Japan.
David Creary, Acting Chief Executive Officer of Aristocrat,
said: "We are delighted with our new agreement with Sammy
Corporation. We are deeply appreciative of the interest that
Sammy Corporation and its President, Hajime Satomi, have shown
in Aristocrat and in this Agreement and we very much look
forward to continuing to work closely with Sammy Corporation and
its President."
Aristocrat also announced the retirement of Steve Kamo, 64, who
has been President of Aristocrat Japan for the last four years.
"Steve Kamo made a significant contribution to Aristocrat's
Japanese operations and we wish him all the best for his
retirement", David Creary said. Steve Kamo is succeeded by
Toshio Yoshimatsu, General Manager, Operations (Japan), who was
appointed President of Aristocrat Japan with effect from 31
August 2003.
Toshio Yoshimatsu joined Aristocrat in 1999 as Financial
Controller. Before joining Aristocrat he had worked for ten
years for a subsidiary of American Home Products where he
occupied the position of Deputy General Manager.
DRAGON MINING: Inks Outokumpu Acquisition Heads of Agreement
------------------------------------------------------------
Dragon Mining NL (Dragon) and Outokumpu Mining Oy (Outokumpu) on
Thursday signed a Heads of Agreement relating to the acquisition
by Dragon of the precious metals assets of Outokumpu.
The acquisition properties consist of a number of advanced gold
properties with drilled resources, the Vammala mill and
flotation plant, the Orivesi mine and an extensive portfolio of
gold and base metal exploration properties, primarily in
Finland.
For Dragon this represents a major acquisition that has clear
synergy with its current operations in Scandinavia (the
Svartliden Gold Project), and offers the prospect of continued
strong growth of shareholder value.
The broad terms of the Heads of Agreement allow for a 30-day
`exclusive' due diligence period that would culminate in the
signing of a Sale and Purchase Agreement (Agreement), with a
closing date set at 30 days after the signing of the Agreement.
The Heads of Agreement outlines the following consideration
structure:
* Dragon to pay Outokumpu 5.5 million in cash. Dragon is
discussing the financing of this with Macquarie Bank Limited,
financiers of Dragon's Svartliden Project in Sweden;
* Outokumpu to be issued with 30 million new ordinary Dragon
shares;
* Outokumpu to receive up to 10 million new ordinary Dragon
shares within 6 months of the closing date.; and
* Outokumpu to receive up to a further 1.5million cash in
deferred and contingent payments relating to the financial and
operating performance of the acquisition properties.
Dr James Searle (Dragon CEO and Executive Director) sees this
major acquisition as, "a unique opportunity for Dragon to become
a substantial European focused gold producer within a much
shorter time scale than was previously envisaged. Dragon is
looking forward to continuing exploration and development on
these properties with the objective of bringing new mines into
production as soon possible in concert with the development of
its Svartliden Gold Mine in Sweden, which recently gained
environmental approval."
The Investment Banking Group of Macquarie Bank Limited has acted
as Dragon's financial adviser for this acquisition.
TRANZ RAIL: Board Unanimously Recommends Revised Toll Offer
-----------------------------------------------------------
The Board of Tranz Rail Holdings Limited on Friday unanimously
recommended that shareholders accept the new Toll Group (NZ)
Limited offer of $1.10 per ordinary share for the following
reasons:
a) The Toll offer represents a value for Tranz Rail greater
than the underlying valuation of Tranz Rail set out in the Grant
Samuel Report of 25 July 2003.
b) At $1.10, the Toll offer is at the upper end of the Grant
Samuel Valuation for the Tranz Rail agreement with the Crown.
When compared to that agreement, the Toll offer represents
greater certainty of value for shareholders.
c) The directors have diligently sought to encourage
competing offers for shareholders to consider and none have
emerged.
Those directors who currently hold Tranz Rail shares have also
indicated that they will accept the Toll Group (NZ) Limited
offer for their entire shareholding.
"Tranz Rail Board Chairman Wayne Walden said that the directors
had worked hard to encourage a superior offer than the original
$0.95 per ordinary share and they were pleased with this
mornings announcement from Toll that the original offer has
increased. "This is a good outcome for all concerned," Mr Walden
said.
TRANZ RAIL: Toll Holdings Gets Directors Support, Ups Bid Price
---------------------------------------------------------------
Toll Holdings announced Friday that it will increase its bid
price for Tranz Rail Holdings Limited to $1.10 per share
securing support from the company's Board of Directors and major
shareholders.
The decision to raise the offer price comes following Toll's
further due diligence of Tranz Rail, including their audited
annual results which were released last week.
Managing Director Paul Little says further analysis has given
Toll the confidence to increase its price, while still making it
a financially viable transaction for the company and Tranz Rail
shareholders.
"We are pleased that both the Tranz Rail board and major
shareholders are supporting our new offer and believe we have
overcome the final obstacle to a full takeover of the company."
Major shareholders, who collectively own more than 25% of Tranz
Rail, have indicated their intention to sell their shares to
Toll at the new price. They are Infratil Limited, Tower Asset
Management, AMP Henderson, Brook Asset Management, and Alliance
Capital Management.
Toll have also confirmed that the new offer will be open to
shareholders until 10 October 2003 and is conditional on gaining
90% acceptance.
Little said once the takeover bid is successful, Toll would be
seeking a dual listing on the New Zealand Exchange.
"We are responding to many New Zealand investors who have
indicated they would like to share in the upside of Toll's
ownership and management of Tranz Rail and a dual listing on the
NZSE will make it easier for them to do that".
"We believe that with the support of the Government, Tranz Rail
and the company's major shareholders we can now set about
closing this deal and start to improve the rail services offered
in New Zealand," said Little.
================================
C H I N A & H O N G K O N G
================================
CHINA HEAVY: Petition to Wind Up Pending
----------------------------------------
The petition to wind up China Heavy Equipment & Automation (HK)
Limited will be heard before the High Court of Hong Kong on
October 8, 2003 at 9:30 in the morning.
The petition was filed with the court on August 8, 2003 by Chim
Kee Transportation Co. Ltd. whose registered office is at 1st
Floor, Front, 438 Nathan Road, Kowloon, Hong Kong.
CHUN WAI: September 24 Winding Up Hearing Scheduled
---------------------------------------------------
The High Court of Hong Kong will hear on September 24, 2003 at
9:30 in the morning the petition seeking the winding up of Chun
Wai Container Transportation Co. Limited.
Lai Kwai Hung of Room 2603, Pok On House, Pok Hong Estate,
Shatin, New Territories, Hong Kong filed the petition on August
4, 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.
SEAPOWER RESOURCES: Circular Dispatch Further Delayed
-----------------------------------------------------
Reference is made to the announcements jointly issued by
Seapower Resources Many Returns Limited (Provisional Liquidators
Appointed) and International Limited Kenneth Chan (Investor)
dated 18 June 2003 and 4 July 2003 in relation to the
Restructuring Proposal and delay in dispatch of the circular
(Announcements).
On 4 July 2003, the Company and the Investor applied to the
Executive of the SFC for its consent to an extension of the time
for the dispatch of the circular from 9 July 2003 to on or
before 2 September 2003. The Executive granted such consent on 9
July 2003. However, as
(i) the time required to finalize the financial information,
in particular the audited financial statements of the Company
for the two years ended 31 March 2002 and 2003, was more than
originally anticipated; and
(ii) additional time was needed to consider and take legal
advice on the claims made by the Former Investors in relation to
the validity of the termination of the Former Restructuring
Agreement and update the circular in this regard, an application
has been made to the Executive for a further extension of the
time for the dispatch of the circular from 2 September 2003 to
on or before 3 October 2003.
The Stock Exchange informed the Company on 7 March 2003 that the
Company had been placed into the second stage of the delisting
procedures in accordance with Practice Note 17 of the Listing
Rules.
The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as the conditions precedent to the Restructuring
Agreement may not be fulfilled or otherwise waived. Trading in
the Shares of the Company has been suspended since 2:30 p.m. on
28 December 2001 and will remain suspended until Completion and
a sufficient public float has been restored.
Further announcements will be issued as and when appropriate.
SHENZHEN HI-TEC: 2003 Net Loss Swells to HK$39M
-----------------------------------------------
Shenzhen High-Tech Holdings Limited posted a summary of its
results announcements for the year ending date December 31,
2003:
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
Note ('000) ('000)
Turnover : 91,436 68,917
Profit/(Loss) from Operations : (38,551) (34,178)
Finance cost : N/A (82)
Share of Profit/(Loss) of
Associates : (21) (192)
Share of Profit/(Loss) of
Jointly Controlled Entities : (293) (17)
Profit/(Loss) after Tax & MI : (39,009) (34,114)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0058) (0.0053)
-Diluted (in dollars) : (0.0058) (0.0053)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (39,009) (34,114)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Loss from Operations
2003 2002
HK$'000 HK$'000
Turnover 91,436 68,917
Cost of sales and services (69,746) (57,654)
----------- --------
Gross profit 21,690 11,263
Other operating income 1,083 4,379
Distribution costs (17,389) (18,063)
Administrative expenses (25,127) (23,877)
Other operating expenses (18,808) (7,880)
----------- --------
Loss from operations (38,551) (34,178)
============ ========
(2) Loss per share
The calculation of basic loss per share for the period is based
on the net loss attributable to shareholders for the period of
approximately HK$39,009,000 (2002: HK$34,114,000) and on the
weighted average number of 6,730,491,250 (2002: 6,376,617,628)
shares in issue during the period.
The computation of diluted loss per share for both of the six
months ended 30 June 2003 and 30 June 2002 did not assume the
exercise of the outstanding share options and/or convertible
notes as their exercise would result in a decrease in the loss
per share in both periods.
SUI WO: Winding Up Petition Hearing Set
---------------------------------------
The petition to wind up Sui Wo Timber Company Limited is
scheduled for hearing before the High Court of Hong Kong on
October 15, 2003 at 10:00 in the morning.
The petition was filed with the court on August 26, 2003 by Lok
Kwun Wanof Room 3608, Ping Wong House, Ping Tin Estate, Lam Tin,
Kowloon, Hong Kong.
TRULY INT'L: Cuts 2003 Operations Loss to HK$3.954M
---------------------------------------------------
Truly International Holdings Limited issued its results
announcements summary for the year ending December 31, 2003:
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
Note ('000) ('000)
Turnover : 492,101 356,319
Profit/(Loss) from Operations : 82,805 57,007
Finance cost : (3,954) (4,538)
Share of Profit/(Loss) of
Associates : 315 N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 58,399 45,873
% Change over Last Period : +27 %
EPS/(LPS)-Basic (in dollars) : 0.1315 0.1033
-Diluted (in dollars) : 0.1304 0.1027
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 58,399 45,873
Interim Dividend : 7.0 cents 5.0
cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 13/10/2003 to
17/10/2003bdi.
Payable Date : 22/10/2003
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
The calculation of basic earnings per share is based on the
profit for the period of HK$58,399,000 (2002: HK$45,873,000) and
on the 444,259,000 (2002: 444,259,000) ordinary shares in issue
during the period.
The calculation of diluted earnings per share is based on the
profit for the period of HK$58,399,000 (2002: HK$45,873,000) and
on the 447,981,000 (2002: 446,491,000) ordinary shares for the
purposes of diluted earnings per share.
ZHU KUAN: Winding Up Sought by Standard Chartered Bank
------------------------------------------------------
Standard Chartered Bank is seeking the winding up of Zhu Kuan
(Hong Kong) Company Limited. The petition was filed on August
13, 2003, and will be heard before the High Court of Hong Kong
on October 8, 2003 at 9:30 in the morning.
Standard Chartered Bank holds its registered office at Standard
Chartered Bank whose principal place of business is at 3rd
Floor, Standard Chartered Bank Building, 4-4A Des Voeux Road
Central, Hong Kong.
=================
I N D O N E S I A
=================
DIRGANTARA INDONESIA: IBRA Disbursing US$54M Fresh Funds
--------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) planned to
disburse some US$54 million to PT Dirgantara Indonesia, Bisnis
Indonesia reported Friday, quoting President Edwin Sudarmo.
Sudarmo said the company will repay the loan in one year.
"Dirgantara plans to sell non core assets of the company to get
some fresh fund. But we have to evaluate which assets we will
sell to determine the fair value of the assets," adding that the
company would use funds from IBRA to finance the workers'
termination other operational costs.
The company intends to finalize the termination of its 6,000
workers by the end of this year.
Sudarmo also added that the company would soon finalize the
existing contracts with its clients and search for other new
clients. "Dirgantara will finalize the working contract on
schedule to avoid any penalty."
Sudarmo also revealed that the company chose PT Persodata as the
human resource consultant to determine the workers the company
would terminate.
"As far as I know, Persodata is chaired by Sartono Mukadis," he
concluded.
DIRGANTARA INDONESIA: IBRA Wants Old Management Re-audited
----------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) has asked its
consultant to re-audit the performance of the old management of
PT Dirgantara Indonesia, Bisnis Indonesia reports, citing IBRA
Deputy Chairman for Credit Management Asset Mohammad Syahrial.
IBRA, as the majority shareholder, will ask for accountability
from the old shareholders if there is a mistake.
"The audit is not finished. We are still waiting the report from
the consultant. As the new shareholder, we asked for a re-audit
on Dirgantara's performance in the previous year," Syahrial
said, admitting that he had not given official response on the
possibility of a mistake.
IBRA two weeks ago signed a temporary capital equity agreement
by converting its loan worth Rp1.7 trillion into a 92.36%
ownership in Dirgantara Indonesia.
=========
J A P A N
=========
DOI K.K.: Camera Manufacturer Enters Rehab Proceedings
------------------------------------------------------
DOI K.K., which has total liabilities of 5.2 billion yen against
a capital of 415 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The camera and photographic supply store is located in Chiyoda-
ku, Tokyo, Japan.
FUJITSU LIMITED: Launches Reliable Web Services
-----------------------------------------------
Fujitsu Limited, Hitachi, Ltd., NEC Corporation and Oracle
Corporation announced Thursday that they have successfully
demonstrated interoperability between four independent
implementations of reliable Web services based on the Web
Services-Reliability (WS-Reliability) specification, which the
companies jointly submitted to the Organization for the
Advancement of Structured Information Standards (OASIS) in
January. The WS- Reliability specification defines an open
reliable messaging infrastructure that enables companies to
conduct reliable business-to-business trading or collaboration
using Web services. This demonstration is the first deliverable
of an ongoing Proof-of-Concept activity for the Web Services-
Reliability specification. The OASIS Web Services Reliable
Messaging (WS-RM) Technical Committee members plan to update
their implementations to accommodate the upcoming release of the
next version of the specification, already under development by
the committee. (Logo: http://www.newscom.com/cgi-
bin/prnh/20020718/ORCLLOGO)
The interoperability demonstration will be conducted today
during the latest WS-RM Technical Committee meeting in Bedford,
Massachusetts. The WS-Reliability specification enabled the four
Web service applications used in the Proof-of- Concept
demonstration to reliably exchange messages over an unreliable
network test bed that simulates message loss, duplication and
delays. The group for future WS-Reliability interoperability
tests will use the network test bed. Additional supporters of
WS-Reliability are expected to participate in future Proof-of-
Concept demonstrations.
The demonstration highlights two functions of the WS-Reliability
specification. The first one is "Guaranteed Delivery" in which
the sender will automatically resend the same message if no
positive acknowledgement was received, and the other is
"Duplicate Elimination" in which the receiving application
eliminates duplicates of the same message. These two functions
greatly improve the reliability and efficiency of business
applications, by preventing message loss and duplication. This
will allow, for example, buyers to ensure that Purchase Order
messages are successfully delivered to their suppliers, and
prevent suppliers from receiving duplicate orders due to network
routing problems.
In addition to guaranteed delivery and duplicate elimination,
the OASIS WS- Reliability specification also addresses message
delivery management, including message persistence, ordered
delivery, and delivery status notifications for sending and
receiving applications.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE: 6702) reported consolidated revenues of 4.6 trillion yen
(US$38 billion) for the fiscal year ended March 31, 2003. For
more information, please see: http://www.fujitsu.com/.
About Hitachi, Ltd.
Hitachi, Ltd. (NYSE: HIT), headquartered in Tokyo, Japan, is a
leading global electronics company, with approximately 340,000
employees worldwide. Fiscal 2002 (ended March 31, 2003)
consolidated sales totaled 8,191.7 billion yen ($68.3 billion).
The company offers a wide range of systems, products and
services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For more information
on Hitachi, please visit the company's Web site at http://
www.hitachi.com .
About NEC
NEC is one of the world's leading providers of Internet,
broadband network and enterprise business solutions dedicated to
meeting the specialized needs of its diverse and global base of
customers. Ranked as one of the world's top patent-producing
companies, NEC delivers tailored solutions in the key fields of
computer, networking and electron devices, by integrating its
technical strengths in IT and Networks, and by providing
advanced semiconductor solutions through NEC Electronics
Corporation. The NEC Group employs more than 140,000 people
worldwide and had net sales of approximately $40 billion in the
fiscal year that ended March 2003. For additional information,
please visit the NEC home page at: http://www.nec.com.
About Oracle
Oracle is the world's largest enterprise software company. For
more information about Oracle, visit our Web site at
http://www.oracle.com.
Trademarks
Oracle is a registered trademark of Oracle Corporation and/or
its affiliates.
Standard & Poor's Ratings Services recently lowered its rating
on Fujitsu Limited to 'BB+pi' from 'BBB-pi', reflecting the
Company's weak financial profile and the relatively slow
recovery of its earnings and cash flow despite several years of
business reforms.
Like other electronics companies, Fujitsu continues to face
difficulty in securing profits in the platform business-which
includes computer hardware and communication equipment-amid
strong pricing pressures. The business environment is expected
to remain difficult, especially in the North American
telecommunications market, on which the Company still has a
relatively high dependence compared with its domestic peers. In
the electronic devices business, Fujitsu lacks competitive
products to ensure an improvement in earnings. Although the
Company's software business has offset weakness in its platform
and electronic devices segments; it is uncertain whether Fujitsu
can improve earnings from this business as planned, as
intensifying competition pressures its operating performance.
CONTACT: Julie Geer-Brown of Oracle Corp., 650-607-5204, or
julie.geer-brown@oracle.com
IIJIMA SILICON: Silicon Steel Firm Enters Rehab Proceedings
-----------------------------------------------------------
Iijima Silicon Steel Co. Ltd., which has total liabilities of
8.4 billion yen against a capital of 50 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The silicon steel firm is located in Sakura-shi,
Chiba, Japan.
Oriented silicon steel sheet is used to make iron core material
for medium- and high-frequency transformers, magnetic amplifiers
and adapters used in equipment for national defense, aerospace
industry, aviation and telecommunications services.
For more information on silicon steel, go to
http://www.steeland.com/silicon.htm
NIPPON STEEL: Fitch Affirms BB+ Rating
--------------------------------------
Fitch Ratings recently affirmed Nippon Steel Corporation's
(Nippon Steel) Senior Unsecured rating of 'BB+', following the
gas tank accident yesterday at one of its plants. The rating
Outlook is Stable. A gas tank exploded and burned within the
precincts of Nippon Steel's Nagoya plant yesterday evening,
Japan time. Fire fighters managed to put out the blaze in eight
hours after the accident.
The gas tank, some 50 meters in height and 35 meters in
diameter, was used to store carbon monoxide produced in the
course of manufacturing coke from coal. Some fifteen workers
were injured in the blast, one seriously, while the rest escaped
with minor injuries. All production facilities at the Nagoya
plant were brought to a halt as a result of the accident. The
Nagoya plant manufactures plate and sheet steel for automakers,
including Toyota, Honda, Mitsubishi Motors and Suzuki, as well
as electric appliance manufacturers.
Fitch notes the accident will have a negative impact on Nippon
Steel's business results. However, the overall effect is muted.
The Nagoya plant has a crude steel production volume of 5.72
million tons, which accounts for about 20 percent of the
Company's overall production volume. Should the shutdown
continue for about a week, Fitch estimates that it could affect
the Company's sales by nearly 0.5 percent. It also seems certain
that clean-up costs and other damage from the accident will
mount.
Although there is no indication of when the plant will come back
on line, it appears that other production facilities within the
plant have been unaffected by the blast and that the facilities
can function without the gas tank. Moreover, Nippon Steel
generally maintains inventories enough for a month and the
Company tentatively plans to procure such products from other
steel plants.
Fitch will continue to closely monitor developments at Nippon
Steel, including the impact of the recent accident and the
Company's response.
Last month, Fitch Ratings affirmed Nippon Steel Corporation's
(Nippon Steel) Senior Unsecured rating at 'BB+' and Short-term
rating at 'B'. The Outlook is Stable. The ratings reflect the
company's improved but still weak financial profile while the
severe industrial operating environment as characterized by
sluggish demand - especially from the domestic construction
industry - protectionism by the US and China, and the problem of
global steel overcapacity, remain fundamentally unchanged.
Contact: Masashi Ichikawa, Tokyo, Tel: +81 3 3288 2675; Yoko
Akashi,Tel: +81 3 3288 2641
=========
K O R E A
=========
HANARO TELECOM: Unveils Building Lease to Dreamline
---------------------------------------------------
Hanaro Telecom Inc. announced the lease of its building offices
to Dreamline Co. Ltd., filed with the Korea Securities Dealers
Association Automated Quotation Market (KOSDAQ) and the
Financial Supervisory Commission on August 19, 2003.
1. Name (Name of Lessee) Dreamline Co., Ltd.
- Relation with Our Company Affiliated Company
2. Details of Lease
a. Date of Lease August 19, 2003
b. Real Estate subject of Lease Building
c. Location - Dalsuh Switch Office, 1915-6
Songhyun-dong, Dalsuh-ku, Taegu-shi, Soosung Transmission
Office, 4-2 Nohbyun-dong, Soosung-ku, Taegu-shi
d. Specifics of Lease Period of Lease August 27, 2003 - August
26, 2004
Deposit (KRW) 4,500,000
Rent (KRW) 1,600,000
3. Purpose of Lease To lease to Dreamline for its use as
offices.
4. Date of Decision (Resolution Date of Board of August 19, 2003
Directors)
- Presence of Outside Director(s) -
- Presence of Auditor(s) -
5. Applicability of Fair Trade Act -
6. Others - Deposit:
Dalsuh Office: KRW2,250,000
Soosung Office: KRW2,250,000
- Rent:
Dalsuh Office: KRW800,000
Soosung Office: KRW800,000
- The rent is the annual maintenance fee.
- The date of decision is the date on which the contract was
signed.
- This is a renewal of the contract that was signed on August
27, 2002.
HANARO TELECOM: LG Group Boosts Stake to Fight AIG Bid
------------------------------------------------------
LG Group has raised its shareholding in Hanaro Telecom Inc. to
17.97 percent from 15.9 percent via its brokerage unit LG
Investment & Securities Company, according to Reuters. The LG
Group has vowed to fight a deal led by American International
Group and Newbridge Capital to buy a controlling stake in Hanaro
for US$500 million.
LG Group rejected the sale plan, saying the deal would erode
shareholder value and provide no help in the government's drive
to reform the domestic telecom sector, despite Hanaro board's
approval of the plan.
HYNIX SEMICON: In Talks With Citigroup to Sell Chip Business
------------------------------------------------------------
Hynix Semiconductor Inc. is in talks with Citigroup of the
United States to sell its non-memory chip business for around
$US500 million, JoongAng Daily said on Friday.
Citigroup submitted a letter of intent (LOI) to invest in Hynix
at the end of last year. But the two are at odds over price;
Hynix wants US$600 million based on its own appraisal, but
Citigroup is offering US$400 million.
Hynix' non-memory division consists of four production lines in
Gumi, North Gyeongsang province, and Cheongju, North Chungcheong
province. The company generated 260 billion won (US$220 million)
in revenue from the division last year.
HYUNDAI CORPORATION: Signs Management Normalization Plan
--------------------------------------------------------
Hyundai Corporation and its creditors will sign a memorandum of
understanding (MOI) on Friday, finalizing a Company self-rescue
plan, according to its main creditor Korea Exchange Bank (KEB),
according to Asia Pulse. The Company, which owes 747.7 billion
won (US$637.04 million) to domestic banks and non-bank financial
institutions, is currently under joint management by creditors.
Under the "management normalization plan," the Company will
raise 150 billion won through the sale of non-core assets such
as securities and real estate by 2006.
HYUNDAI MOTOR: Intends to Dispose of 48.6M Kia Shares
-----------------------------------------------------
The proposed US$300 million five-year bond offering of Hyundai
Motor Co. is part of its plan to dispose 48.6 million shares in
Kia Motors Corporation, by entering into a type of derivative
trading with Credit Suisse First Boston and JP Morgan, according
to Dow Jones on Thursday.
Hyundai Motor started an international roadshow to promote the
global issue earlier this week in Hong Kong, Singapore, Boston,
New York and London. Credit Suisse First Boston, JP Morgan and
Morgan Stanley are arranging the issue.
At the end of June, Hyundai Motor owned a 36.3 percent stake in
Kia Motors, separate from the Kia stake held at the Woori Bank
trust division.
DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 104.100 and 104.510. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1
HYUNDAI MOTOR: U.S. Unit Appoints New CEO
-----------------------------------------
Mark Barnes, a 21-year veteran of the automotive industry, has
been named General Manager of Hyundai Motor America's Southern
Region. Barnes and will be responsible for all sales, marketing
and parts and service operations in the region. The appointment
was made following the recent untimely death of Jim Hurban, who
held the position for several years.
"With his professionalism and the passion he brings to the job,
Mark will be a tremendous asset in the Southern Region "said Bob
Cosmai, acting president and CEO of Hyundai Motor America, "Mark
became an immediate impact player in the organization when he
joined us just two years ago."
"Jim Hurban was well loved and respected by both our dealers and
Hyundai Motor America and he will be greatly missed by all who
knew him," said Barnes. "I am excited at the chance to work with
the dealers in the Southern Region and continue the growth the
region experienced over the past four years."
The Southern region includes: Oklahoma, Arkansas, Texas,
Tennessee, Louisiana, Mississippi, Alabama, Georgia, Florida,
and North and South Carolina.
Barnes, formerly Director of Sales Operations for Hyundai Motor
America, joined the company in August 2001 as National Manager
of Sales Operations and was promoted to his most recent position
the following year. Prior to joining Hyundai Motor America, he
spent 18 years with Nissan North America working in a variety of
positions in sales, marketing and fixed operations.
An Indiana native, Barnes is a graduate of Indiana State
University. Barnes will take over his new position in mid-
September.
Hyundai Motor America, headquartered in Fountain Valley, Calif.,
is a subsidiary of Hyundai Motor Company of Korea. Hyundai cars
and sport utility vehicles are distributed in the United States
by Hyundai Motor America and are sold and serviced by more than
600 dealers nationwide.
KOOKMIN BANK: Goldman Sachs Sells 3.96% Stake In Bank
-----------------------------------------------------
Goldman Sachs Group Inc. sold a 3.96 percent stake in Kookmin
Bank (KB) for US$465 million on September 4, 2003, a Company
statement said. Goldman Sachs sold 13 million American
Depositary Receipts in Kookmin at $35.78 per ADR in the market.
Goldman's Kookmin shares were offered at a 7 percent discount to
the bank's closing price in Seoul yesterday, and a 0.6 percent
discount to its ADR price in New York. As a result of the sale,
Goldman Sachs' stake in the bank fell to 1.18 percent from 5.14
percent. The government is Kookmin Bank's largest shareholder
with a 9.33 percent stake, while ING Bank N.V. owns a 3.87
percent stake.
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Finalizing Proposed Scheme With Adviser
----------------------------------------------------------
PM Securities Sdn Bhd (PM Securities), on behalf of the Board of
Directors of Actacorp Holdings Berhad, wishes to announce that
the Company and its Adviser, PM Securities are presently
finalizing the details of an additional landed property
contemplated to be injected pursuant to the Proposed
Restructuring Scheme of Actacorp. An announcement on the details
of the said injection of property will be made in due course.
Apart from the above, there has been no further development on
the status of the Proposed Restructuring Scheme of Actacorp.
The Troubled Company Reporter - Asia Pacific reported last month
that the Company had on 20th August 2003 obtained an extension
of the Restraining Order from Kuala Lumpur High-Court via Suit
No:D6-24-86-2003 for ninety (90) days effective from 21st August
2003 pursuant to Section 176 (1) and 176 (10A) of the Companies
Act 1965.
AKTIF LIFESTYLE: RA Time Extension Application Pending
------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month. On 1 August
2003, Southern Investment Bank Berhad (SIBB) on behalf of Aktif,
announced that the Company has been granted an extension of time
up to 7 September 2003 by the KLSE to make its Requisite
Announcement.
The Board of Directors of Aktif wishes to inform that Aktif is
still in active negotiations with the lenders to incorporate
some of the requests made and to address certain critical issues
raised by the lenders. In relation to this, further negotiations
are still needed between Aktif and the lenders in order to reach
mutual agreements.
In view of this, the Company had on 22 August 2003, submitted an
application to the KLSE for a further extension of time to 31
January 2004 for Aktif to make its Requisite Announcement. The
said application is pending KLSE's approval. The Company will
announce the outcome of the said application in due course.
The Company will inform its shareholders of any pertinent
development on the proposed restructuring scheme.
EPE POWER: Further Defaults RM711,175 Interest Payment to FIs
-------------------------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 1
August 2003 regarding the default in Interest and Principal
Payment (PN1) and continuing announcement on Practice Note
4/2001 (PN4).
On 29 July 2003, EPE had obtained the approval from Ministry of
International Trade and Industry in relation to the proposed
acquisition of 60% equity interest in Penjanaan EPE-TIME Sdn
Bhd, which is part of the debt restructuring exercise. In
addition, EPE had on 14 August 2003 obtained the clearance from
KLSE for the Circular to Shareholders in relation to EPE's
corporate and debt restructuring exercises. The Extraordinary
General Meeting to approve the corporate and debt restructuring
exercise is fixed on 10 September 2003.
Also with regards to PN1 obligation, EPE wishes to inform that
the Company has further defaulted in the payment of monthly
interest of RM711,175.89 due to several financial institutions
(FIs) under its revolving credit (RC) facilities.
HIAP AIK: Proposed Restructuring Implementation Period Extended
---------------------------------------------------------------
Further to the announcement made on 1 August 2003 by AmMerchant
Bank Berhad (AmMerchant Bank) pertaining to Hiap Aik
Construction Berhad (Special Administrators Appointed)'s plan to
regularize its financial position, AmMerchant Bank wishes to
inform that the Securities Commission has, via its letter dated
7 August 2003, approved HACB's proposed restructuring scheme
save for the proposed exemption from the obligation to extend an
unconditional mandatory general offer for the remaining shares
in Lebar Daun Berhad not held by Dato' Noor Azman @ Noor Hizam
bin Mohd Nurdin and Datin Norhayati Bt Abd Malik and persons
acting in concert with them.
In addition to the above, an application has been made to the
Kuala Lumpur Stock Exchange by the Company for a further
extension of time until 31 October 2003 to obtain the necessary
approvals for the implementation of the proposed restructuring
scheme.
Save for the above, there is no other material development to
the status of HACB's plans to regularize its financial position.
JUTAJAYA HOLDING: PCDRS Regulatory Authorities Approval Pending
---------------------------------------------------------------
Further to the announcement made on 1 August 2003, OSK
Securities Berhad, on behalf of the Board of Directors of
Jutajaya Holding Berhad, wishes to announce that a revised
proposed corporate and debt-restructuring scheme was resubmitted
to the Securities Commission and the Foreign Investment
Committee on 8 August 2003. The decision of the relevant
regulatory authorities is therefore pending.
Apart from the above, there has been no other change to the
status of JHB's plan to regularize its financial position.
KELANAMAS INDUSTRIES: Releases Financial Condition Status Update
----------------------------------------------------------------
On 26 November 2001, Kelanamas Industries Berhad had entered
into a Memorandum of Understanding (MOU) with MP Technology
Resources Berhad (MPTR), Tai Seng Plastic Industries Sdn Bhd
(Tai Seng) and other companies, in relation to a proposed scheme
to regularize its financial condition.
Subsequently on 28 February 2002, KIB had entered into a
Restructuring Scheme Agreement (RSA) with MP Technology
Resources Berhad (MPTR) which involves the injection of the
following companies into MPTR.
a) Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
b) Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
c) Highlight Plastic Machinery Sdn Bhd (HL)
d) VCM Precision Sdn Bhd (VCM)
e) Tralvest (M) Sdn Bhd (Tralvest)
f) MP Plastic Industries Sdn Bhd (MPPI)
(Collectively referred to herein as "New Business")
The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme which is subject to
approval from the authorities and consist of the following
exercises:
(a) Proposed Acquisition of KIB;
(b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
(c) Proposed Scheme of Arrangement;
(d) Proposed Acquisition of New Business;
(e) Proposed Special Issue;
(f) Proposed Offer for Sale;
(g) Proposed Acquisition of MPR;
(h) Proposed Acquisition of Plastronic;
(i) Proposed Transfer of Listing Status;
(j) Proposed Disposal/Liquidation; and
(k) Proposed General Offer Waiver (GO Waiver)
(Collectively referred to herein as "Proposed Restructuring")
The transactions contemplated above are inter-conditional to
each other save for the Proposed Acquisition of MPR, Plastronic
and Disposal/Liquidation. The Proposed Acquisition of MPR,
Plastronic and Disposal/Liquidation are conditional upon the
completion of the other proposals under the Proposed
Restructuring but not vice versa.
On 3 May 2002, AmMerchant Bank Berhad (AmMerchant) has made
announcement on behalf of the Board of Directors of KIB to seek
the approval of Kuala Lumpur Stock Exchange (KLSE) for an
extension of time of three (3) months, from 3 May 2002 to 3
August 2002 for KIB to make the submission of its proposal to
the authorities.
On 18 June 2002, AmMerchant has made announcement on behalf of
the Board of Directors of KIB that KLSE has, via its letter
dated 17 June 2002, approved the Company's application for an
extension of time to make the required submission to the
authorities. The extension of time is effective from 3 May 2002
to 3 August 2002.
On 30 August 2002, KIB has submitted the Proposed Restructuring
to the Securities Commission. For further details, kindly refer
to the announcements made by AmMerchant on behalf of KIB on 2
August 2002 and 30 August 2002.
Kuala Lumpur Stock Exchange has, via its letter dated 9
September 2002, approved the Company's application for an
extension of time from 3 August 2002 to 30 August 2002 to make
the required submission to the authorities. As previously
announced, the submission had been made to the relevant
authorities on 30 August 2002.
The Foreign Investment Committee (FIC) has via its letter dated
21 November 2002, approved the Proposed Restructuring Scheme
subject to MPTR, the vehicle to assume the listing status of
KIB, maintaining at least 30% bumiputra equity interest at the
point of listing. For further details, kindly refer to the
announcement made by AmMerchant on behalf of KIB dated 2
December 2002.
The Securities Commission has via its letter dated 31 December
2002, approved the Proposed Restructuring Scheme subject to
conditions as stated in the said letter. For further details,
kindly refer to the announcement made by AmMerchant on behalf of
KIB dated 2 January 2003.
On 14 January 2003, AmMerchant announced on behalf of the Board
of Directors of KIB that via a letter dated 14 January 2003, an
appeal was made against the FIC's condition such that MPTR, the
company to assume the listing status of KIB, be granted a period
of three (3) years from the date of quotation of MPTR's shares
on the Main Board of the KLSE to achieve the 30% bumiputra
equity interest instead of upon listing of MPTR's shares as
contained in FIC's approval letter dated 21 November 2002.
On 20 January 2003, AmMerchant had announced on behalf of the
Board of Directors of KIB that the Ministry of International
Trade and Industry (MITI) has via a letter dated 15 January 2003
approved the Proposed Restructuring Scheme subject to
conditions. For further details, kindly refer to the
announcement dated 20 January 2003.
Further to the announcement dated 14 January 2003, AmMerchant
has on behalf of the Board of Directors of KIB announced on 12
March 2003, that the FIC has via a letter dated 6 March 2003,
granted MPTR a period of three (3) years (from the date of
quotation of MPTR's shares on the Main Board of the KLSE) to
increase its bumiputra shareholding interest to 30%.
On 22 April 2003, KIB has obtained a Court Order in term of the
Application under Section 176(1) of the Companies Act, 1965.
On behalf of the Board of Directors of the Company, AmMerchant
Bank Berhad has announce that MPTR, the vehicle to assume the
listing status of the Company, has on 29 July 2003 entered into
the Supplemental Agreement with the vendors. For further
details, refer to announcement made by AmMerchant on 31 July
2003.
KILANG PAPAN: Awaits KLSE's Revised Proposed Scheme Approval
------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Kilang Papan Seribu Daya
Berhad (Special Administrators Appointed), announced that the
Company is presently awaiting decision from the Securities
Commission (SC) on the Company's application to the SC to revise
certain terms and conditions set by the SC in their approval of
the proposed restructuring scheme.
Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.
Early last month, the Troubled Company Reporter - Asia Pacific
reported that Mangium Industries's wholly owned subsidiary,
Kilang Papan Dasatu Sdn Bhd (KPD) has not paid, and is deemed to
have defaulted in its repayments on facilities granted by
Standard Chartered Bank Malaysia Berhad and Southern Bank
Berhad, both which are unsecured. The details of the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001 are as tabulated in Table 1 attached at
http://bankrupt.com/misc/TCRAP_Mangium0804.doc.
KRAMAT TIN: Continuing New Core Business Search
-----------------------------------------------
Pursuant to the announcement dated 1 August 2003, the Board of
Directors of Kramat Tin Dredging Berhad wishes to inform that
the Company is currently continuing its efforts in identifying a
suitable new core business, the implementation of which will
enable KTD to ensure a level of operations that is adequate to
warrant continued trading and/or listing on the Official List.
The Troubled Company Reporter - Asia Pacific reported this week
that the Kuala Lumpur Stock Exchange has granted KTD an
extension of three (3) months from 5 July 2003 to 6 October 2003
to make its Requisite Announcement under PN10 to the Exchange
for public release.
KL INDUSTRIES: Capital Reduction, Share Consolidation Completed
---------------------------------------------------------------
In accordance with paragraph 4.1(b) of Practice Note No. 4/2001
of the Listing Requirements of the Kuala Lumpur Stock Exchange,
the Special Administrators of Kuala Lumpur Industries Holdings
Berhad (Special Administrators Appointed) announced the status
of the Company's plan to regularize its financial condition
since the previous monthly announcement made on 1 August 2003.
As announced by Commerce International Merchant Bankers Berhad
on behalf of the Company on 26 August 2003, the Company has
completed the following proposals on the respective date in
respect of the Proposed Corporate and Debt Restructuring Scheme
of the Company:
(i) Capital reduction, consolidation and share exchange on 6
August 2003;
(ii) Internal reorganization of Equine Capital Berhad (ECB)
comparing the acquisitions of Kuala Lumpur Industries Berhad
(Special Administrators Appointed) (KLIB) and Syarikat Tenaga
Sahabat Sdn Bhd, both wholly-owned subsidiaries of the Company,
on 7 August 2003;
(iii) Transfer of all assets (except for KLIB, STS and
Pharmaniaga Logistic Sdn Bhd) and liabilities to KLIH Debt
Management Sdn Bhd on 7 August 2003;
(iv) Acquisition by ECB of the entire equity interest of
Taman Equine (M) Sdn Bhd on 26 August 2003; and
(v) Issuance of 24,962,409 ECB shares to the agent for the
unsecured creditors of the Company on 26 August 2003.
Save as the above mentioned, the following proposals are still
pending completion:
(i) Rights Issue and Offer for Sale of the shares of ECB;
(ii) Repayment to the unsecured creditors of the Company
comprising:
a) RM6,038,000 cash from the rights issue proceeds; and
b) RM30,000,000 nominal value redeemable convertible
secured loan stocks A of ECB;
(iii) Issuance of RM18,500,000 nominal value redeemable
convertible secured loan stocks B of ECB to the secured creditor
of KLIB; and
(iv) Transfer of the listing status of the Company to ECB.
LONG HUAT: Further Extends Restraining Order for 90 Days
--------------------------------------------------------
Long Huat Group Berhad refers to the earlier announcement dated
4 August 2003. Save for the following, Long Huat wishes to
inform that there is no material development pertaining to the
default in respect of the credit facilities granted to the
Company and its subsidiaries:
(1) as announced on 6 August 2003 and 19 August 2003, the
Court had granted the extension of time for a further 90 days
from 6 August 2003 to 5 November 2003 in relation to the
Restraining Order under Section 176 (10) of the Companies Act
and for the convening of meetings of creditors and shareholders
pursuant to Section 176 (1) of the Companies Act 1965.
The Company is now in the process of preparing the Explanatory
Statement to the shareholders and scheme creditors of LHGB as
well as the circular to the shareholders of LHGB to obtain their
approvals for the proposed restructuring exercise at the
respective court convened meetings/extraordinary general
meeting.
NCK CORPORATION: SC Grants Proposed Disposal Approval
-----------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) (NCK
or Company) refers to the announcement made on 12 May 2003 in
relation to the Proposed disposal of the entire equity interest
comprising 5,568,750 ordinary shares of RM1.00 each in Ken Rimba
Jaya Sdn Bhd (formerly known as Hock Hup Developments
(Sendirian) Berhad), a wholly-owned subsidiary of NCK, to Ken
Projects Sdn Bhd, a wholly-owned subsidiary of Ken Holdings
Berhad, for a cash consideration of RM14,170,000 (Proposed
Disposal).
On behalf of the Special Administrators of NCK, Southern
Investment Bank Berhad is pleased to announce that the
Securities Commission had via its letter dated 28 August 2003,
which was received on 29 August 2003, approved the Proposed
Disposal.
PANCARAN IKRAB: Sale, Purchase Agreement Terminated
---------------------------------------------------
Reference is made to paragraph 4.1(b) of PN4/2001 whereby
Pancaran Ikrab Bhd is required to announce the status of its
plan to regularize its financial position on a monthly basis
until further notice from KLSE.
The Securities Commission had via its letter dated 1st April
2003 (SC Letter) which was received on 3rd April 2003, approved
the Proposed Restructuring Scheme (Scheme) as proposed save for
the purchase consideration for the proposed acquisition of a
piece of 99 years leasehold land measuring 95,927 square meters
(the Land) by Capital Abound Sdn Bhd (CASB) is at RM5,500,000 to
be satisfied by way of issuance of 5,500,000 new ordinary shares
of RM1.00 each in CASB instead of RM8,000,00 as proposed. The
SC's approval for the Scheme is subject to certain conditions as
announced earlier.
On 30th April 2003, Public Merchant Bank Bhd (PMBB) on behalf of
the Company, CASB and the Vendor of the Land had submitted an
appeal against the SC's decision on the valuation of the Land of
RM5,500,000.
The Company through PMBB is also seeking the SC's consideration
on certain revisions in relation to the Scheme to satisfy
certain conditions of the SC Letter.
As announced earlier, the Securities Commission had via its
letter dated 12th August 2003 which was received on 15th August
2003, approved the revisions in relation to the Scheme to
satisfy certain conditions of the SC Letter but rejected the
appeal against the decision of the SC on the valuation of the
Land of RM5,500,000.
On 26th August 2003, PMBB on behalf of the Company and Dceil
International Berhad (formerly CASB), announced that they have
written to the Vendor of the Land to terminate the Sale and
Purchase Agreement dated 30th October 2002.
An appropriate announcement will be made accordingly in due
course.
PENAS CORPORATION: In the Midst of Proposals Implementation
-----------------------------------------------------------
On behalf of Penas Corporation Berhad, AmMerchant Bank Berhad
(AmMerchant Bank) wishes to announce the status of Pencorp's
plan to regularize the financial position (Proposals). The
Company is currently in the midst of implementing the Proposals
and the following steps which formed part of the Proposals have
been implemented:
i) Acquisition Of Vintage Tiles Industries Sdn Bhd (VTI) And
Vintage Tiles Holdings Sdn Bhd (VTH) (collectively "Vintage
Group") By VTI Vintage Berhad (VVB)
VVB, the new company, had on 8 August 2003 completed the
acquisitions of the entire equity interest in VTI and VTH from
the vendors of Vintage Group for considerations of RM59.795
million and RM205,000 respectively, or an aggregate purchase
consideration of RM60,000,000 satisfied by the issuance of 60
million new ordinary shares of RM1.00 each (Share(s)) at the
price of Ringgit Malaysia One (RM1.00) per new VVB Share;
ii) Reduction And Consolidation Of Pencorp's Existing Issued And
Paid-Up Share Capital And Thereafter, Swapping Of The
Consolidated Shares in Pencorp With Securities in VVB
Pencorp had on 4 August 2003 announced and on 5 August 2003
served notice to its shareholders via advertisement in The Star
newspaper and circularization of Closure of Book Notice for the
reduction of 97.5 sen from every existing Share in Pencorp and
the consolidation of the resultant 59,999,997 ordinary shares of
2.5 sen each into 1,500,000 Shares (Consolidated Shares).
Thereafter, the entire 1,500,000 Consolidated Shares will be
swapped with 450,000 new Shares and RM1,050,000 nominal value of
4% Irredeemable Convertible Unsecured Loan Stocks 2003/2006
(ICULS) in VVB on the basis of three (3) new Shares issued at
RM1.00 per Share and RM7 nominal value of ICULS of RM1.00 each
issued at 100% per nominal value of ICULS in VVB for every ten
(10) Consolidated Shares held in Pencorp. The new Shares and
ICULS in VVB were allotted and issued on 22 August 2003 (but
pending the crediting into their respective CDS Accounts); and
iii) Distribution Of Securities In VVB To The Secured And
Unsecured Creditors Of Pencorp
7,796,000 Shares and RM18,190,000 nominal value of ICULS in VVB
were allotted and issued on 22 August 2003 (but pending the
crediting into their respective CDS Accounts) to all secured and
unsecured creditors of Pencorp (including the debts recognized
at Pencorp's subsidiaries level assumed via corporate guarantees
granted by Pencorp) proportionately based on the amount of debts
outstanding as at the Cut-Off Date i.e. 31 December 2001, being
the consideration for the listing status of Pencorp to be
transferred to VVB.
Save as disclosed above, there had been no major changes to the
status of Pencorp's Proposals.
REKAPACIFIC BHD: Restructuring Proposal Status Remains Uncertain
----------------------------------------------------------------
The Board of Directors of RekaPacific Berhad would like to make
the following announcement in relation to the status of the
Restructuring Proposal (the Thirty First Monthly Status
Announcement):
1. There is no change in the status of the Restructuring
Proposal as the Company's listed status remains uncertain.
2. In respect of the Company's judicial review proceedings
against the Kuala Lumpur Stock Exchange and the Securities
Commission in their decision to de-list the Company on 12
December 2001, the matter remains pending before the High Court
of Malaya at Kuala Lumpur.
3. In respect of the Notice of De-Listing dated 7 April 2003
(details as per the Company's announcement dated 5 February
2003), the outcome of the said de-listing remains pending before
the Listing Sub-Committee of the Exchange.
SCK GROUP: Regularization Plan Preparation Underway
---------------------------------------------------
Further to the announcement made on 1 August 2003 in relation to
the above, status of SCK Group Berhad Plan to regularize its
financial condition in accordance with Practice Note No. 4/2001
and obligations pursuant to Paragraph 8.14 of the listing
requirements of the Kuala Lumpur Stock Exchange, the Company
wishes to announce the status of the Company's plan to
regularize the Company's financial condition for the month ended
31 August 2003 as follows:
MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION
On 25 July 2003 the Company received a notification from the
Kuala Lumpur Stock Exchange (the Exchange) informing that the
securities of the Company will be de-listed from the Official
List of the Exchange with effect from 11 August 2003. On 1
August 2003, the Company submitted its appeal to the Exchange
against the Exchange's decision to de-list the securities of the
Company. On 8 August 2003, the Exchange informed that the KLSE
Committee shall defer the removal of the securities of the
Company from the official list of the Exchange on 11 August 2003
pending the decision of the Company's appeal.
The Company now awaits the decision of the Exchange on its
appeal.
Hitherto, the Company had secured another Lender's agreement to
the Company's Revised Proposed Restructuring Scheme. The Company
had now received formal approval from six (6) of the seven (7)
Lenders, representing about 79% of the total debts to be
restructured. The Company is doing its utmost to secure the
agreement of the last remaining Lender soonest. Notwithstanding
the aforesaid, the Company is progressing in its preparation to
submit its regularization plan to the authorities for their
consideration and approval not later than 18 October 2003.
FURTHER ANNOUNCEMENTS
Further announcements on the progress of the Revised Proposed
Restructuring Scheme would be made monthly or as and when
required.
SRI HARTAMAS: SC OKs Proposed Scheme of Arrangement Extension
-------------------------------------------------------------
Sri Hartamas Berhad - Special Administrators Appointed refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements. Sri
Hartamas set out below the monthly report for the month of
August 2003 for your kind attention:
The Special Administrators of SHB wish to inform that Commerce
International Merchant Bankers Berhad (CIMB) had on 29 August
2003 announced on behalf of SHB that the Securities Commission
(SC) had, via its letter dated 27 August 2003 granted SHB an
extension of time for a period of six (6) months up to and
including 9 January 2004 to complete the implementation of the
Proposed Scheme of Arrangement. This extension will be the final
extension granted to SHB for the implementation of the Proposed
Scheme of Arrangement.
In this respect, the Special Administrators of SHB and the
management of FACB Resorts Berhad continue to take the necessary
steps to fulfill all the conditions relating to the Proposed
Scheme of Arrangement.
TAI WAH: Updates Restructuring Exercise Status
----------------------------------------------
In compliance with KLSE PN4, Tai Wah Garments Manufacturing
Berhad wishes to update the status of its proposed restructuring
exercise to regularize its financial condition for the month
ended August 2003.
On 13 August 2003, the Company had announced that the Court
Convened Meeting of the scheme creditors of TWGB pursuant to the
provisions of Section 176 of the Companies Act, 1965 for the
purpose of considering and if thought fit to approve (with or
without modification(s)) the proposed restructuring scheme, was
held at Level 23A, Menara Milenium, Jalan Damanlela, Pusat
Bandar Damasara, 50490 Kuala Lumpur on Friday, 5 September 2003
at 10:00 a.m.
The Shareholders of the Company had unanimously approved the
Proposed Restructuring Scheme which include a Special Resolution
and Ordinary Resolutions 1 to 6 as set out in the Explanatory
Statement cum Circular to shareholders dated 25 July 2003 at the
Court Convened Meeting of the Shareholders and the Extraordinary
General Meeting of the Company held at Matahari Room III, Level
5, Cititel Mid Valley, Mid Valley City, Lingkaran Syed Putra,
59200 Kuala Lumpur on Monday, 18 August 2003.
TAJO BERHAD: Investigative Audit Completion Time Extended
---------------------------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No 4/2001
of the Listing Requirements of Kuala Lumpur Stock Exchange, Tajo
Berhad wishes to announce that there has been no change to the
Company's plan to regularize its financial condition since its
previous Monthly Announcement made on 1 August 2003 and
announcement dated 28 August 2003 on the Securities Commission's
(SC) approval on the revisions to the Proposed Restructuring
Exercise.
In addition, Public Merchant Bank Berhad, on behalf of TAJO,
wishes to announce that the SC had via its letter dated 29
August 2003, approved the extension of time to 31 October 2003
for Anuarul Azizan Chew & Co. to complete the investigative
audit on TAJO.
Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.
UCP RESOURCES: Proposed Rescue Scheme Approval Pending
------------------------------------------------------
In accordance with the Paragraph 4.1(b) of the Practice note No.
4/2001 - Criteria and Obligation pursuant to Paragraph 8.14 of
the Listing Requirements of the Kuala Lumpur Stock Exchange, UCP
Resources Berhad announced on its first market day of September
2003 that there is no change in the status of its plan to
regularize its financial condition since the announcement made
on 1 August 2003 and 15 August 2003.
Pursuant to the Paragraph 4.1(b) of Practice Note 4/2001 and its
announcement dated 2 June 2003, the Company wishes to announce
to the Exchange that the application in relation to the Proposed
Rescue Scheme is pending approval from the Securities Commission
and Foreign Investment Committee.
UCP RESOURCES: Provides Defaulted Payment Status Update
-------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad provides an update on
its default in payment as follows:
(i) UCP Manufacturing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 31 August 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM49,155,713 made up of a principal sum of
RM40,508,072 and interest of RM8,647,641;
(ii) UCP Marketing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 31 August 2003, defaulted in repayment of
Bankers Acceptance and Term Loan amounting to RM8,702,151 made
up of a principal sum of RM7,936,500 and interest of RM765,651;
and
(iii) Universal Concrete Products Sdn. Bhd., a subsidiary of
UCP Resources Bhd, as at 31 August 2003, defaulted in repayment
of Bankers Acceptance amounting to RM3,217,421 made up of a
principal sum of RM3,000,000 and interest of RM217,421.
The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the defualt until such time when it
is remedied. Details of the default can be found at
http://bankrupt.com/misc/TCRAP_0908.xls
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Clarifies US$200M Bond Issue Report
----------------------------------------------------
This is in reference to the news article "Meralco to issue
US$200M debt papers" published in the September 4, 2003 issue of
the Business World (Internet Edition). The article reported that
"Manila Electric Co. (Meralco) said yesterday it would issue up
to US$200 million in 'high-yielding capital market instruments'
to boost its cash flow and avoid a potential default on maturing
debt. 'It is crucial this instrument is issued in the soonest
possible time on or before October 2003 in order to mitigate
Manila Electric's risk of defaulting on its debt service,' the
utility said in a filing with the Energy Regulatory Commission."
Manila Electric Company (MER), in its letter dated September 4,
2003, stated that:
Meralco is considering various financing options under its
Comprehensive Liability Management Program. The Company has not
made any final determination as to any particular transaction
and shall make the appropriate disclosures when such a decision
to undertake a new financing has been reached.
MANILA ELECTRIC: Mulls Financing Plans; No Decision Yet
-------------------------------------------------------
Manila Electric Co. (Meralco) is considering various financing
options under its liability management program, but hasn't made
a final decision on the matter, Dow Jones said on Thursday.
"The Company has not made any final determination as to any
particular transaction and shall make the appropriate
disclosures when such a decision to undertake a new financing
has been reached," Meralco said.
NATIONAL STEEL: Attracts Foreign Groups
---------------------------------------
National Steel Corporation (NSC)'s plant in Iligan Philippines
has attracted several foreign groups, including two big steel
trading units, the Philippine Daily Inquirer reported, AFX Asia
reported Friday.
Brazilian steel trader Duferco and Global Infrastructure
Holdings Ltd., the parent of the Ispat group's Indian steel
operations, have expressed interest to lease the Iligan plant.
NSC creditors and shareholders earlier agreed on a
rehabilitation program, under which the cash-strapped Company's
assets will be transferred to a newly incorporated special
purpose vehicle for disposal.
=================
S I N G A P O R E
=================
ALLANDES CORPORATION: Issues Winding Up Order Notice
----------------------------------------------------
Allandes Corporation Pte Ltd. issued a notice of winding up
order made on the 15th day of August 2003.
Name of Liquidator: Mr Chee Yoh Chuang and Mr Lim Lee Meng.
Address of Liquidator: 18 Cross Street #08-01
Marsh & McLennan Centre
Singapore 048423.
CHEO YEOH & ASSOCIATES LLC
Solicitors for the Petitioners.
CHARTERED SEMICONDUCTOR: Improves Third Quarter Outlook
-------------------------------------------------------
On September 4, 2003, in its scheduled mid-quarter update,
Chartered Semiconductor Manufacturing indicated that it expects
higher revenues and an improved net loss, compared to its
original guidance, which was provided on July 18, 2003.
For the third quarter, Chartered now projects revenues will be
up approximately 5 to 8 percent sequentially, compared to the
original guidance of "up 3 to 7 percent." Revenues including
Chartered's share of Silicon Manufacturing Partners (SMP) are
expected to be up 10 to 14 percent sequentially, compared to the
original guidance of "up 5 to 10 percent."
"We now expect that Chartered's third quarter revenues including
our share of SMP will be approximately $183 million. This
represents an approximate 30 percent year-over-year increase,
compared to an increase of about 10 percent for the overall
semiconductor market," said George Thomas, vice president & CFO
of Chartered. "The increase compared to our July outlook is
primarily due to moderately higher demand from customers in our
computer segment. Primarily as a result of the expected higher
revenues, we have also improved our guidance for the third-
quarter net loss.
"This quarter we also are maintaining good momentum in advanced
technology products. Shipments of our 0.13-micron offering
continue to ramp, and customer feedback remains very good. We
expect that this quarter, revenues from 0.13-micron products
will increase over 35 percent sequentially," concluded Thomas.
Based on its current assessment of market and customer trends,
the Company's updated guidance for third quarter 2003 is as
follows:
2Q 2003 3Q 2003 Guidance
-------- -------------------------------
Actual July 18 Guidance September 5
Midpoint/Range Guidance
Midpoint/Range
--------------------- -------- ----------------- ------------
Revenues (a) $127.6M $134M, $3M $136M, $2M
--------------------- -------- ----------------- ------------
Chartered's share of
SMP revenues $35.5M $42M, $1M $47M, $1M
--------------------- -------- ----------------- ------------
Revenues including
Chartered's share
of SMP $163.1M $176M, $4M $183M, $3M
--------------------- -------- ----------------- ------------
ASP (a) $911 $929, $20 $917, $10
--------------------- -------- ----------------- ------------
ASP of Chartered's
share of SMP
revenues $1,331 $1,567, $25 $1,564, $15
--------------------- -------- ----------------- ------------
ASP including SMP $978 $1,029, $25 $1,026, $15
--------------------- -------- ----------------- ------------
Net loss(a) (b) $90.0M $83.0M, $5M $79.0M, $4M
--------------------- -------- ----------------- ------------
Total unusual items
(gain)/loss $4.4M $(4.2)M $(4.2)M
--------------------- -------- ----------------- ------------
- Conclusion of
EVA bonus plan - - -
--------------------- -------- ----------------- ------------
- Fab 1
restructuring
charge $(3.8)M $(4.2)M $(4.2)M
--------------------- -------- ----------------- ------------
- Intellectual
property
licensing & gain
on equipment
disposition $8.2M - -
--------------------- -------- ----------------- ------------
Loss per ADS $0.36 $0.33, $0.02 $0.32, $0.02
--------------------- -------- ----------------- ------------
Net loss without
unusual items (b) $94.4M $78.8M, $5M $74.8M, $4M
--------------------- -------- ----------------- ------------
(a) Determined in accordance with US GAAP
(b) Includes loss impact due to CSP accounting treatment of
$10.7M in
1Q 2003, $22.4M in 2Q 2003 and $22.0M in 3Q 2003
--------------------- -------- ----------------- ------------
Utilization 55% 55%, 57%,
2% points 2% points
--------------------- -------- ----------------- ------------
Chartered plans to release its third-quarter 2003 earnings on
October 23, 2003, Singapore time.
Chartered's original guidance for third quarter 2003 was
published in the Company's second-quarter 2003 earnings release
which can be found at
http://investor.charteredsemi.com/releases.cfm.
About Chartered
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.
A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 11 locations
around the world. Information about Chartered can be found at
www.charteredsemi.com.
CONTACT: Chartered Semiconductor Manufacturing
Investor Contacts:
Suresh Kumar, 408-941-1110
sureshk@charteredsemi.com
Clarence Fu, (65) 6360.4060
cfu@charteredsemi.com
or
Media Contacts:
Chartered U.S.
Tiffany Sparks, 408-941-1185
tiffanys@charteredsemi.com
Chartered Singapore
Maggie Tan, (65) 6360.4705
tanmaggie@charteredsemi.com
ESTATE HOLDINGS: Issues Winding Up Order Notice
-----------------------------------------------
Estate Holdings Pte Ltd. issued a notice of winding up order on
the 22nd day of August 2003.
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre, East Wing
Singapore 069118.
Messrs RAJAH & TANN
Solicitors for the Petitioners.
FLOORING & TIMBER: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Flooring & Timber Products Pte Ltd
(Formerly known as Sparklewood Corporation Pte Ltd) (Formerly
known as Sparklewood Products Pte Ltd) is set for hearing before
the High Court of the Republic of Singapore on September 12,
2003 at 10 o'clock in the morning. Oversea-Chinese Banking
Corproation, a creditor, whose address is situated at 65 Chulia
Street, #29-02/04 OCBC Centre, Singapore 049513, filed the
petition with the court on August 19, 2003.
The Petitioners' solicitors are Messrs RODYK & DAVIDSON of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs RODYK & DAVIDSON a notice in
writing not later than twelve o'clock noon of the 11th day of
September 2003 (the day before the day appointed for the hearing
of the Petition).
GLENBAR AGENCIES: Releases Winding Up Order Notice
--------------------------------------------------
Glenbar Agencies (S) Pte Ltd. issued a notice of winding up
order made on the 4th day of July 2003.
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre, East Wing
Singapore 069118.
Messrs RAJAH & TANN
Solicitors for the Petitioner.
KIM GUAN: Winding Up Order Set September 19
-------------------------------------------
The petition to wind up Kim Guan Metals (Private) Limited is set
for hearing before the High Court of the Republic of Singapore
on September 19, 2003 at 10 o'clock in the morning. Bank of
China, a creditor, whose address is situated at 4 Battery Road,
Bank of China Building, Singapore 049908, filed the petition
with the court on August 22, 2003.
The Petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN a notice in
writing not later than twelve o'clock noon of the 18th day of
September 2003 (the day before the day appointed for the hearing
of the Petition).
MORELASTIC PTE: Wind Up Hearing Slated For September 12
-------------------------------------------------------
The petition to wind up Morelastic Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on September
12, 2003 at 10 o'clock in the morning. Goodway Rubber Industries
Sdn Bhd, a creditor, whose address is situated at 29-7, The
Boulevard Offices, Mid Valley City, Lingkaran Syed Putra, 59200
Kuala Lumpur, Malaysia, filed the petition with the court on
August 21, 2003.
The petitioners' solicitors are M/s Kelvin Chia Partnership of 6
Temasek Boulevard, 29th Floor, Suntec Tower Four, Singapore
038986. Any person who intends to appear on the hearing of the
petition must serve on or send by post to M/s Kelvin Chia
Partnership a notice in writing not later than twelve o'clock
noon of the 11th day of September 2003 (the day before the day
appointed for the hearing of the Petition).
TECH-FIELD EQUIPMENT: Issues First & Final Preferential Dividend
----------------------------------------------------------------
Tech-Field Equipment Engineering Pte Ltd. issued a notice of
first and Final Preferential Dividend as follows:
Address of Registered Office: Formerly of 8 Defu Lane 8
Singapore 539313.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 243 of 1998.
Amount Per Centum: 15.29 percent.
First and Final or otherwise: First & Final Preferential
Dividend.
When Payable: 19th August 2003.
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
KAREN LOH PEI HSIEN
Assistant Official Receiver.
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: Registered Capital Decrease Completed
-----------------------------------------------------------
Christiani & Nielsen (Thai) Public Co., Ltd. (CNT) has informed
the Stock Exchange of Thailand (SET) that it is has completed
the legal process required for decreasing of the company's
registered capital and paid-up capital, by decreasing the par
value from Bt10 to Bt0.01 without any changes in number of
shares.
As a result, effective from September 3, 2003 onwards, the par
value of the "CNT" security in the trading system will be
changed from Bt10 to Bt0.01.
Remark: Since the "CNT" security is still suspended from
trading, "CNT" can be trade under the new par value of Bt0.01
when the "CNT" is allowed to resume for trading.
DATAMAT PUBLIC: Posts Shareholders' Meeting Resolutions
-------------------------------------------------------
Kindly be informed that the Board of Directors' Meeting of
Datamat Public Company Limited held on September 2, 2003
resolved as follows:
1. The Meeting resolved to call the Extra-Ordinary Shareholders'
Meeting No. 2/2003 which would be held on October 6, 2003 at
2:00 P.M., at The Westin Grand Sukhumvit Hotel on the 7th Floor,
2) To cancel resolutions in relation with the capital decrease
and the modification of the Company's Memorandum of Association
in Agenda 7 and Agenda 8 of the Extraordinary Shareholder
Meeting No. 2/2002
3) To consider the Company's capital decrease from the
registered capital of Bt10,000 million to Bt6,784,341,940.00, by
canceling non-issued 321,565,806 shares at the par value of
Bt10.00 per share,
4) To approved a modification on the Company's Memorandum of
Association Clause 4, in compliance with the resolution on the
capital decrease in the previous agenda by canceling the
existing Company's Memorandum of Association Clause 4 and
replace with the following text:
"Clause 4
Registered Capital Bt6,784,341,940.00
Divided into 678,434,194 Shares
Par value per share Bt10.00
Categorized into
Ordinary Shares 678,434,194 Shares
Preferred Stock - None - "
5) To consider the Company's capital increase of
Bt4,070,605,170.00, by issuing new 407,060,517 ordinary shares
at Bt10.00 per share. Therefore, the Company's total capital
would be Bt10,854,947,110.00. The newly issued shares would be
allotted to the current shareholders on the basis of 3 new
shares for every 5 shares held, at Bt1.00 per share.
Any unsubscribed newly issued shares remaining from such
allotment to the existing shareholders shall be offered to the
shareholders who wish to subscribe for shares in excess of their
entitlement at the same offering price. The Company shall
allocate the remaining unsubscribe newly issued shares to the
shareholders who wish to subscribe for shares in excess of their
entitlement in the following manner:
(a) If the number of remaining unsubscribe shares exceeds the
number of shares the shareholders wish to subscribe in excess of
their entitlement, all remaining shares will be allocated to the
shareholders who wish to subscribe for shares in excess of their
entitlement. The Board of Director shall be empowered to
consider and allocate those remaining unsubscribed shares to the
maximum of 35 specific investors and/or 17 types of
institutional investors and/or qualified investors in accordance
with the regulation the Securities and Exchange Commission
(SEC).
(b) If the number of remaining unsubscribe shares is less
than the number of shares the shareholders wish to subscribe for
shares in excess of their entitlement, the remaining shares will
be proportionately allocated to those shareholders at the same
ratio as their entitlement. Nevertheless, if there are still
remaining shares, this allocation method will be applied until
there is no remaining share. The Board of Director shall be
empowered to consider and allocate those remaining unsubscribed
shares (if any) to the maximum of 35 specific investors and/or
17 types of institutional investors or qualified investors in
accordance with the regulation the Securities and Exchange
Commission (SEC).
6) To approved a modification on the Company's Memorandum of
Association Clause 4, in compliance with the resolution on the
capital increase in the previous agenda by canceling the current
Company's Memorandum of Association Clause 4 and replace with
the following text:
"Clause 4
Registered Capital Bt10,854,947,110.00
Divided into 1,085,494,711 Shares
Par value per share Bt10.00
Categorized into
Ordinary Shares 1,085,494,711 Shares
Preferred Stock - None - "
7) To consider the Company's capital decrease from
Bt10,854,947,110.00
8) To approved a modification on the Company's Memorandum of
Association Clause 4, in compliance with the resolution on the
capital increase in the previous agenda by canceling the
previous Company's Memorandum of Association Clause 4 and
replace with the following text:
"Clause 4
Registered Capital Bt2,713,736,777.50
Divided into 1,085,494,711 Shares
Par value per share Bt2.50
Categorized into
Ordinary Shares 1,085,494,711 Shares
Preferred Stock - None - "
In brief, the Company will decrease the capital, then increase
the capital by issue new shares, and finally will decrease the
capital by reduce the share par value. A part of the fund
gained from this capital increase will be repaid to financial
institution debtors and the remaining balance will be used as
the Company's working capital.
9) To consider on the directors and their authorities
10) To consider on other issues (if any)
2. The Meeting resolved to close the shareholders' register
book, for the rights to attend the Shareholders' Meeting and the
rights to purchase new issued shares, on September 17, 2003 at
12:00 P.M. until the Shareholders' Meeting No. 2/2003 adjourned.
3. The Meeting approved the transfer of the business and license
of the Pramuanphol Prayuk School to Datamat Education Co., Ltd.
4. The Meeting approved the Company's loan of Bt25 million from
Devonshire Capital Co., Ltd. with interest of 10 percent per
annum for a period of 3 months. The fund would be used to
purchase rights issue shares of DVM Technology Berhad.
JASMINE INT'L: Creates Special Purpose Vehicle to Repay Debt
------------------------------------------------------------
The Board of Directors' Meeting No. 10/2003 of Chaengwatana
Planner Co., Ltd., as the Plan Administrator of Jasmine
International Public Company Limited (JASMIN), held on September
2, 2003 resolved to establish Chaengwatana Special Purpose
Vehicle Co., Ltd. to take on the transfer of debts and non-core
assets of JASMIN, and to use such assets to repay debts to
relevant creditors under the Program of Debt-to-Asset Swap (Non-
Core-Assets) through SPV as provided in JASMIN's Business
Rehabilitation Plan (the Plan).
Chaengwatana Special Purpose Vehicle Co., Ltd. will have the
registered capital of Bt1,000,000 divided into 100,000 ordinary
shares with the par value of Bt10 each. In the initial stage,
JASMIN will hold 99,993 shares in Chaengwatana Special Purpose
Vehicle Co., Ltd. or approximately 99.99% of all ordinary shares
of the company. JASMIN expects to make a full payment of all
such shares within the third quarter of the year 2003.
The value of assets acquired or disposed of under the
transaction as mentioned above compared to the total value of
JASMIN's assets accounts merely for 0.006%. As a result, this
transaction is not considered as a transaction under the
Notification of the Stock Exchange of Thailand Re: Rules and
Procedures for Disclosure of Acquisition and Disposal of Assets
of Listed Companies.
NAVA LEASING: TRIS Affirms "BBB+" Rating to Bt1.2M Debentures
-------------------------------------------------------------
TRIS Rating Co Ltd. assigns the rating of Nava Leasing Public
Company Limited (NVL) at "BBB" and affirms the rating of its
Bt1,200 million senior secured debentures (NVL063A) at "BBB+".
The ratings are based on NVL's experienced management team,
sustained and solid relationships with automobile dealers and
its efficient asset quality control. In addition, the ratings
are also supported by good prospects in the company's core
business, as domestic automobile sales continue to post strong
growth, which will expand the total hire purchase market and
generate increased demand for hire purchase. However, these
strengths are partially offset by the company's relatively high
cost of funds and the fierce competitive environment in the hire
purchase business, particularly from finance companies and
captive leasing operators, which has weakened NVL's competitive
position in the automobile hire purchase business. The ratings
also take into consideration the value of the hire purchase and
financial lease receivables for automobiles pledged as
collateral, which is equivalent to 125% of the outstanding value
of the debentures. Should the receivables fall below the 125%
mark, NVL will hold cash equal to the value of the debentures
not secured by the receivables.
The hire purchase industry is highly competitive. The entry of
foreign players, captive leasing operators and finance companies
into the business, beginning in 1999, has intensified the
competitive environment. To increase customer base and market
share, some of the big players have employed aggressive
strategies, such as cutting lending rates and lowering down
payments. Although NVL's management demonstrated its ability to
escape the worst of the crisis, the company's relatively higher
cost of funds, compared with its peers, is likely to cause it
difficulty in keeping its market position in the automobile hire
purchase business. NVL, therefore, has re-entered businesses it
had much experience with before the crisis of 1997: the hire
purchase and financial lease businesses for machinery and
equipment. This segment has lower competition and yields higher
returns; however, it has also exposed NVL to higher credit risk.
NVL manages its loan portfolio quite efficiently, resulting in a
low level of non-accrual loans. Its non-accrual loans fell from
15.86% of average loans in 1998 to only 0.68% in 2002 and 0.17%
as of June 2003, according to the Bank of Thailand's (BOT)
three-month past due criterion. NVL's hire purchase business,
accounting for 68% of its total lending portfolio, reported a
ratio for non-accrual loans to hire purchase loans outstanding
of 0.22% at the end of June 2003, which was slightly lower than
the average ratio of about 1% for its peers in TRIS Rating's
accounts. NVL closely matches the same criteria for loan loss
provisions as the BOT set up for financial institutions. At the
end of June 2003, the company's allowance for loan loss to non-
accrual loans was more than 300%.
NVL's leverage has been satisfactory, although major ratios of
leverage have deteriorated since 2000. At the end of June 2003,
NVL reported an equity-to-total asset ratio of 24.21%, down from
32.95% in 2002 and 51.43% in 2001, because its assets have grown
faster than its equity. NVL has consistently reported positive
net income, even during the crisis years, though the figure
nose-dived to Bt8 million in 1997, reflecting the impact of
foreign exchange rate losses. Net income improved steadily after
the crisis, increasing from Bt44 million in 1998 to Bt62 million
in 1999 and to Bt91 million in 2000. However, net income dropped
to Bt60 million in 2001 and to Bt61 million in 2002 primarily
due to lending rate cuts implemented to keep its market position
and increases in operating expenses.
NVL has changed its borrowing structure to rely more on long-
term and fixed-rate borrowing. However, during the first six
months of 2003, NVL's new loan portfolio almost doubled and the
company funded its long-term portfolio with short-term funding,
resulting in an asset-liability mismatch. As of June 2003,
short-term borrowing accounted for 48% of its total borrowing,
compared with only 14% as of December of 2002. Steady cash flow
from monthly installment payments and available credit lines
provide NVL with sufficient financial flexibility.
SINO-THAI RESOURCES: Sells Increased Shares
-------------------------------------------
The Board of Directors' Meeting No. 25/2003 of Sino-Thai
Resources Development Public Company Limited No. 25/2003 held on
March 20, 2003, has resolved to increase the registered capital
by another Bt60,000,000 by means of the issuance of 6,000,000
ordinary shares. The new ordinary shares shall be sold under
private placement arrangement in accordance with the
notification of the Securities Exchange Commission No. Kor. Jor.
12/2000 regarding the criteria, considers and procedures in
relation to the offer of new shares, at the offering price of
not lower than Bt3. The Board of Directors shall be authorized
to determine the conditions and other details of this matter.
The Board of Directors Meeting No. 2/2003 held on July 11, 2003,
resolved to allocate such shares at the offering price of
Bt3.40. The Management shall be authorized to allocate the
increased shares to any appropriate persons under private
placement and is not the connected person to the Company.
Furthermore, the Board of Directors resolved to determine the
market price of the Company's share by calculation from the
average closing price of shares, which trade in the Stock
Exchange of Thailand at 2nd Quarter, during April 1, 2003 to
June 30, 2003. The average closing price of the Company's share
during such period amounting Bt3.97 per share.
Upon comparison of such average closing price with the offering
price to private placement, the offering price is different from
such average closing price 14.36 percent. Therefore, the sale
price offered by the Company to private placement is not lower
than the price fixed by the Annual General Meeting of
Shareholders No. 25/2003. Moreover, the offering price is not
lower than 80 percent of the Company's market price in
accordance with the notifications of the Securities Exchange
Commission.
The Company would like to report that the Company would allocate
the 6,000,000 shares, at the par value of Bt10 in portion. The
second portion of 3,000,000 new issued shares will be allocated
as follows:
Allocation of the increased: Mr. Dhol Watanasri
Number of shares to be sold: 3,000,000 shares
Offering Price: Bt3.40Bt/share
Time & date of subscription and payment: September 2, 2003
The remaining shares unallocated: 2,000,000 shares
SUN TECH: F/S Submission Extended to Sept 15
--------------------------------------------
Sun Tech Group Public Company Limited is required to submit the
fiscal year ended financial statements as of 30 June 2003 within
29 August 2003, but the Account Department of data system have a
problem.
Therefore, the Company would like to extend the financial
statements submission to within 15 September 2003. The Company
does put the highest effort to file the Financial Statements as
soon as possible.
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2003. All rights reserved. ISSN: 1520-9482.
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