/raid1/www/Hosts/bankrupt/TCRAP_Public/030918.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, September 18, 2003, Vol. 6, No. 185
Headlines
A U S T R A L I A
MAYNE GROUP: Sells WA Diagnostic Imaging Assets
PASMINCO LIMITED: CBH's Elura Mine Purchase Completed
PASMINCO LIMITED: Books H103 Net Loss of $2052.7M
POWERLAN LIMITED: Incurs $2.5M H103 Net Profit
QANTAS AIRWAYS: Changes Fare Structure, NZ Domestic Services
SIRTEX MEDICAL: Executives Appointed to European Operation
TRANZ RAIL: Directors Recommend Toll Offer Acceptance
C H I N A & H O N G K O N G
DOUBLE MINDOPTICAL: Winding Up Petition Hearing Set
E-NEW MEDIA: Cuts 2003 Net Loss to HK$3.674M
FILLIP ROUTING: Sept 24 Winding Up Hearing Scheduled
GR INVESTMENT: Ups 2003 Operations Loss to HK$1.674M
PRIME-TEC INDUSTRIAL: Winding Up Sought by Vigor Toys
I N D O N E S I A
ASTRA GRAPHIA: Issuing Rp150B Fixed Income Bond
DIRGANTARA INDONESIA: May Use Collateral Cash as Working Capital
J A P A N
DAIEI INC.: Sees Lower Sales in First Half
HUIS TEN: Nomura May Beef Up Plan For Theme Park Investment
MITSUI & CO.: Ski Equipment Unit Enters Liquidation
NIPPON TELEGRAPH: Buys New Shares of IIJ
NISSAN DIESEL: May Get Y100B Aid From Lenders
TOSHIBA CORPORATION: Issues FY03 Revised Business Forecasts
TOSHIBA CORP.: PC Business Restructuring to Boost 2H03 Earnings
K O R E A
HANARO TELECOM: Files Form 6-K, Report of Foreign Issuer
KOOKMIN BANK: Goldman Sachs Sells 3.96% Stake in Bank
SK GLOBAL: Obtains Court Injunction Against Utilities
SK NETWORKS: Becomes DaimlerChrysler Dealer
SK NETWORKS: Resumes Auto, Oil Businesses
M A L A Y S I A
HIAP AIK: Defaulted ICULS Status Remains Unchanged
HUME INDUSTRIES: October 8 EGM Scheduled
KEMAYAN CORP.: Hires Messrs. Monteiro as Investigative Auditor
KEMAYAN CORPORATION: Writ of Summon Withdrawn
L&M CORPORATION: August Defaulted Payment Reaches RM60.835M
MANGIUM INDUSTRIES: Discloses August Production Figures
MBF HOLDINGS: Audit Committee Chairman Tuan Hitam Resigns
MENTIGA CORPORATION: Proposes Debt Waiver to Raise Funds
MOL.COM BERHAD: KLSE Cancels Oct 9 Trading Suspension
SAFIRE PHARMACEUTICALS: Subscription Agreement Fulfilled
SRIWANI HOLDINGS: SC Grants ESOS Implementation Time Extension
TECHNO ASIA: Unit Sells Properties to Repay Secured Creditors
TONGKAH HOLDINGS: Modifying Proposed Debt Restructuring
TRU-TECH HOLDINGS: Unit Dumps Shares to Repay Loans
UNITED CHEMICAL: Issues Defaulted Facilities Status Update
P H I L I P P I N E S
BALABAC RESOURCES: Submits Capital Restructuring Plan to SEC
MANILA ELECTRIC: Sure it Will Pay Part of Debt Due September
MANILA ELECTRIC: Phase 2 of Refund Starts This Month
S I N G A P O R E
C-CURE PTE: Issues Notice of Final Meeting
CHIP HUAT: Nominates Tay Swee Sze as Judicial Manager
CMP HOLDINGS: Creditors to Submit Claims by October 14
HOTEL PROPERTIES: In Members' Voluntary Winding Up of Subsidiary
INNOCEPT CAPITAL: Issues Notice of Winding Up Order
RAFFLES HOLDINGS: Updates Dormant Units' Liquidation Status
STRIKE ENG'G: Appoints Ravindran Govindan as Committee Member
TRADEMART SINGAPORE: Enters Winding Up Petition
WANT WANT HOLDINGS: Unit Enters Liquidation
T H A I L A N D
DATAMAT PUBLIC: Oct 13 Share Subscription Set
MILLENNIUM STEEL: Notifies Warrants Exercise
MILLENNIUM STEEL: SET Grants Listed Securities
SUN TECH: Widens H103 Net Loss to Bt874.69M
SUN TECH: SET Still Suspends Securities Trading
- - - - - - - -
=================
A U S T R A L I A
=================
MAYNE GROUP: Sells WA Diagnostic Imaging Assets
-----------------------------------------------
Mayne Group Limited has announced it has entered into an
agreement with PerthRadClinic (PRC) for the sale of its
diagnostic imaging assets in Western Australia. This agreement
covers the operation of the inpatient and outpatient radiology
departments at Joondalup Health Campus, including equipment, all
staff and the nuclear medicine practice at the site.
Mayne's diagnostic imaging presence in WA was not significant,
contributing less than 1% of revenue to the division, and
accordingly this was not considered a core asset to the
portfolio.
The contract will be effective from 1 December 2003.
CONTACTT INFORMATION: Rob Tassie
Ph: 03 9868 0886
Mb: 0411 126 455
PASMINCO LIMITED: CBH's Elura Mine Purchase Completed
-----------------------------------------------------
The directors of Consolidated Broken Hill Ltd are pleased to
announce the completion of the purchase from Pasminco Australia
Limited (subject to Deed of Company Arrangement) of the Elura
Mine and related assets. This marks a significant turning point
in the history of CBH, transforming it from an exploration
company to a significant producer of zinc, lead and silver. CBH
will also be the operator of the only dedicated concentrate
shiploading facility in NSW.
CBH Company has taken possession of the Elura Mine and the
shiploading facility at Newcastle. Contractors are now at the
mine site with build up to full production expected over the
next eight weeks. At Newcastle, loading of export concentrates
from Elura and other NSW mines will continue uninterrupted.
The directors expect that after an initial ramp up period of 12
months, CBH will produce of the order of 100,000 tonnes of zinc,
60,000 tonnes of lead and 70,000 kgs of silver per annum in
concentrates from the Elura Mine, and that the shiploading
facility at Newcastle will handle over 600,000 tonnes of
concentrates from four of the larger base metal mines in NSW,
including the Elura Mine.
Following completion of CHB's Rights Issue (scheduled for 17
September 2003), CHB will commence the implementation of its
mine improvement plan to upgrade the mine output, improve the
mine performance and extend the mine life to more than 9 years.
The Elura Mine purchase and upgrade will establish CHB as a low
cost zinc, lead and silver producer with annual revenues of the
order of $100 million per year.
PASMINCO LIMITED: Books H103 Net Loss of $2052.7M
-------------------------------------------------
In accordance with Listing Rule 4.3A and Appendix 4E of the ASX
Listing Rules, Pasminco Limited (Subject to Deed of Company
Arrangement) released its Preliminary Unaudited Full Year
Results to 30 June 2003. Below is an excerpt of the result:
Pasminco recorded a loss after tax of $225.7 million for the
year ended 30 June 2003 after allowing for a net benefit from
significant items of $50.0 million. The loss after tax in the
previous year ended 30 June 2002, was $411.0 million, including
significant items of $224.1 million. Significant items for the
2003 year included:
* Restoration provisions associated with remediation of the
Cockle Creek site of $96.8 million
* Restructure costs of $27.5 million, associated with the
closure of the Cockle Creek smelter and the sale of the Elura
mine
* Asset write-downs of $105.3 million due to a reassessment
of asset carrying values in the light of lower Australian dollar
metal prices
* Net foreign exchange gains of $245.8 million, due to the
revaluation of US dollar denominated debt
* A gain of $33.8 million on the close out of remaining
currency options Borrowing costs, which include accrued interest
on debt which is subject to a moratorium as a result of the
administration, and on-going interest and financing charges,
were $209.2 million for the year. This represented an increase
of $28.7 million over the previous year, reflecting higher
interest rates and finance charges.
The loss before interest, tax and significant items was $64.2
million, compared with a loss of $3.6 million in the previous
year, an unfavorable movement of $60.6 million.
This was largely due to the appreciation of the Australian
dollar/US dollar exchange rate, which averaged US58.6 cents in
2003 compared with US52.5 cents in 2002, partly offset by
improved production and cost performance throughout the group.
Total zinc and lead production in 2003 on a comparative basis
was 2% higher than the previous year. Mine production for 2003
was 743,653 tonnes of contained zinc and 137,442 tonnes of
contained lead compared with 694,048 tonnes of contained zinc
and 156,567 tonnes of contained lead for the previous year.
Smelter production for 2003 was 697,112 tonnes of zinc and
329,054 tones of lead compared with 678,500 tonnes of zinc and
332,099 tonnes of lead for the previous year.
Total net cash flow for the period before financing activities
was $11.7 million, an improvement of $158.8 million over the
previous year. Cash flow in the previous year was adversely
impacted by the cessation of the debtors' securitization
Programmed, which decreased cashflow by approximately $100
million, and also by an increase in payments to suppliers of
approximately $47 million upon entering administration.
Net cash flow excluding the impact of administration and
preparations for re-listing was marginally positive.
To view complete copy of the Preliminary Unaudited Annual
Results to 30 June 2003, go to
http://bankrupt.com/misc/TCRAP_PAS0918.pdf.
POWERLAN LIMITED: Incurs $2.5M H103 Net Profit
----------------------------------------------
Powerlan Limited has achieved a net profit of $2.5 million for
the financial year (FY) ended 30 June 2003, based on revenues of
$71 million. Earnings before interest and tax (EBIT) was $4.7
million. These figures compare with a loss of $142.5 million in
FY 2001/02 on revenues of $211 million. Go to
http://bankrupt.com/misc/TCRAP_PWR0918.pdfto see full copy of
the Financial Statement.
According to Wrights Investors' Service, at the end of 2002,
Powerlan Ltd had negative working capital, as current
liabilities were A$106.24 million while total current assets
were only A$61.38 million. The company also reported losses
during the previous 12 months and has not paid any dividends
during the previous 4 fiscal years.
QANTAS AIRWAYS: Changes Fare Structure, NZ Domestic Services
------------------------------------------------------------
Qantas Airways Limited announced that following the successful
introduction of simpler, more flexible domestic fare structures
in Australia and New Zealand the concept would be expanded to
trans-Tasman services.
Qantas Executive General Manager Sales and Marketing John
Borghetti said Qantas was also introducing a range of new low
fares for travel between Australia and New Zealand. The new
fares go on sale on 19 September 2003 for travel commencing 15
October 2003.
"The new fare structure will make trans-Tasman travel more
flexible and more affordable," Mr Borghetti said.
One way fares will be priced from $243* ($179 base fare plus
charges and taxes of $64) between Sydney and Auckland, and be
available every day of the year. The new Sydney-Auckland return
fare of $451 will offer a significant saving compared with
current year-round return fares that start from $675 (both
including charges and taxes).
Mr Borghetti said features of the new fare package included:
* one way fares that can be mixed and matched to better suit
individual travel needs;
* the removal of minimum stays, including Saturday night
restrictions;
* the removal of advance purchase conditions; and
* the removal of seasonal surcharges.
Qantas currently operates 111 flights per week from Australia to
New Zealand.
Mr Borghetti also said that Qantas would commence all Economy
Class operations on its New Zealand domestic services from 15
October.
"In a highly competitive environment, and particularly on short
haul trips between Auckland, Wellington and Christchurch, there
is not sufficient demand for Business Class," he said.
"The reconfiguration of our Boeing 737-300 fleet will increase
capacity by approximately eight per cent, giving more people
access to our low fares."
Customers on New Zealand domestic services will be offered
complimentary coffee, tea, water and a snack, and a cash bar on
afternoon flights and Qantas' award-winning inflight
entertainment will continue.
Qantas currently operates ten flights a day between Auckland and
Wellington and nine flights a day between Auckland and
Christchurch.
The airline will offer daily jet services between Auckland,
Christchurch and Queenstown from 22 September and daily non-stop
jet services between Auckland and Queenstown from 26 October.
Qantas also code shares with Origin Pacific on a number of other
regional New Zealand routes.
SIRTEX MEDICAL: Executives Appointed to European Operation
----------------------------------------------------------
Sirtex Medical Ltd is pleased to announce that, as part of
organizational changes within the company, three Sirtex
staff will relocate to a new European office that will be opened
in Bonn, Germany during September 2003. This team will develop
the European market for SIR-Spheresr, Sirtex's lead product for
the treatment of liver cancer.
Nigel Lange has been appointed as Chief Executive for Europe. Mr
Lange joined Sirtex a year ago and has successfully supported
the USA operations since then as Vice President Sales and
Marketing for North America. Prior to that Mr Lange was Global
Product Manager for MDS Nordion, the only company that has a
commercially competitive product for SIR-Spheresr. He has twenty
years experience in the health-care industry.
Michael Warrener will relocate from Australia in a sales
management position. Mr Warrener has held the position of
National Business Development Manager for Sirtex and has ably
assisted the expansion of the Australian market over the past
two years.
David Cade joined Sirtex three months ago as Medical Director
for Europe and will relocate from Australia to support all
aspects of the company's activities, but with an emphasis on
clinical affairs. Dr Cade trained in surgery at Monash Medical
Centre in Melbourne and after completing an MBA at the Melbourne
Business School he joined the global management consultancy Booz
Allen Hamilton, where he gained international business
experience.
Although Sirtex received approval for marketing of SIR-Spheresr
in 2002, the European market has not been actively targeted as
result of the takeover bid from Cephalon Australia. As this has
now passed, Sirtex management is rebuilding its presence in all
key markets.
TRANZ RAIL: Directors Recommend Toll Offer Acceptance
-----------------------------------------------------
Tranz Rail Holdings Limited has provided a copy of the following
communication to shareholders:
On 26 July 2003 Toll Group (NZ) Limited ("Toll") sent you an
offer for your shares in Tranz Rail Holdings Limited (Tranz
Rail). This offer replaced an earlier offer sent to you on 23
June 2003. On 4 August 2003 Tranz Rail sent you a revised Target
Company Statement on the new offer. The Target Company Statement
included an independent report by Grant Samuel and Associates
Limited (Grant Samuel) in respect of the revised offer.
On 5 September 2003 Toll issued a Notice of Variation of
Takeover Offer for Tranz Rail pursuant to Rules 27 (a) and 27
(d) of the Takeovers Code. This variation varied the 26 July
2003 offer by extending the date that acceptances of the Offer
must be received to 6.00pm on 10 October 2003, and increasing
the price paid per ordinary share to $1.10. Other than the
extension of the offer period and the increase of the price
payable all other terms of the offer remain the same.
As a result of this revised offer your Directors have updated
their recommendation on the offer.
UPDATED RECOMMENDATION
The directors unanimously recommend that shareholders accept the
new Toll 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.
If circumstances change further, the directors will advise
shareholders accordingly. Those directors who currently hold
Tranz Rail shares have also indicated that they will accept the
Toll offer for their entire shareholding. The directors have
worked hard to encourage a superior offer than the original
$0.95 per ordinary share and we are pleased that Toll has
increased its offer price.
================================
C H I N A & H O N G K O N G
================================
DOUBLE MINDOPTICAL: Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Double Mindoptical Disc Manufacture
Limited is set for hearing before the High Court of Hong Kong on
September 24, 2003 at 10:00 in the morning.
The petition was filed with the court on August 6, 2003 by
Koninklijke Philips Electronic N.V. whose principal place of
business is at Groenewoudseweg 1, 5621 BA Eindhoven, The
Netherlands.
E-NEW MEDIA: Cuts 2003 Net Loss to HK$3.674M
--------------------------------------------
e-New Media Company Limited posted a summary of its results
announcement for the year ending December 31, 2003:
Year-end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
Note ('000) ('000)
Turnover : 54,519 73,011
Profit/(Loss) from Operations : (1,207) (49,605)
Finance cost : (518) (1,354)
Share of Profit/(Loss) of
Associates : (1,973) 24
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (3,674) (50,888)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0022) (0.0308)
-Diluted (in dollars) : (0.0022) (0.0308)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (3,674) (50,888)
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 per share
a. Basic loss per share
The calculation of basic loss per share is based on the loss
attributable to shareholders of HK$3,674,000 (2002:
HK$50,888,000) and the number of 1,650,658,000 (2002:
1,650,658,000) ordinary shares in issue during the period.
b. Diluted loss per share
The potential issue of ordinary shares in connection with the
Company's share options would not give rise to an increase in
loss per share and therefore had no dilutive effect on the
calculation of the diluted loss per share.
2. Loss from ordinary activities before taxation
The Group's loss from ordinary activities before taxation is
arrived at after charging:
Six months ended 30 June
2003 2002
HK$'000 HK$'000
Net realized and unrealized loss on investments in securities
658 18,721
Amortization of goodwill 938 907
FILLIP ROUTING: Sept 24 Winding Up Hearing Scheduled
----------------------------------------------------
The High Court of Hong Kong will hear on September 24, 2003 at
10:00 in the morning the petition seeking the winding up of
Fillip Routing Group Limited.
Ching Yat Hung of Flat B, 20/F., Liberty Mansion, 26E Jordan
Road, Jordan, Kowloon, Hong Kong filed the petition on June 27,
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.
GR INVESTMENT: Ups 2003 Operations Loss to HK$1.674M
----------------------------------------------------
GR Investment International Limited disclosed its result
announcement summary for the year ending December 31, 2003:
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
Note ($) ($)
Turnover : 1,442,854 1,799,144
Profit/(Loss) from Operations : (1,674,881) (1,112,845)
Finance cost : N/A N/A
Share of Profit/(Loss) of
Associates : (3,305,104) (1,458,113)
Share of Profit/(Loss) of
Jointly Controlled Entities : (1,808,104) 2,365,225
Profit/(Loss) after Tax & MI : (1,745,744) (904,932)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.015) (0.01)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit/(Loss) after ETD Items : (1,745,744) (904,932)
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 after taxation and minority interest was arrived at
after taking into account of gain on disposal of interest in a
jointly controlled entity of HK$5,583,473 (2002 : Nil).
2. Earnings/(Loss) per share
The calculation of the loss per share is based on the following
data:
For the six months ended 30 June
2003 HK$ 2002 HK$
Loss attributable to
shareholders (1,745,744) (904,932)
Weighted average number of ordinary shares
- originally stated N/A 899,900,000
- including effects of open offer
and consolidation of shares 116,042,354 89,990,000
PRIME-TEC INDUSTRIAL: Winding Up Sought by Vigor Toys
-----------------------------------------------------
Vigor Toys Limited is seeking the winding up of Prime-Tec
Industrial Limited. The petition was filed on August 20, 2003,
and will be heard before the High Court of Hong Kong on October
15, 2003.
Vigor Toys holds its registered office at Flat A1, A4-8, Block
A, Texaco Road Industrial Centre, 256-264 Texaco Road, Tsuen
Wan, New Territories, Hong Kong.
=================
I N D O N E S I A
=================
ASTRA GRAPHIA: Issuing Rp150B Fixed Income Bond
-----------------------------------------------
PT Astra Graphia Tbk is going to issue a public offering for a
Rp150 billion fixed income bond with a five-year amortization.
Pefindo rates idA- (Single A Minus Stable Outlook) for the
firstly issued Astragraphia bonds. Astragraphia appoints PT
Mandiri Sekuritas and PT Indo Premier Securities as the
underwriter while PT Bank Mega Tbk acts as the trust agent.
Lukito Dewandaya, President Director ASGR, said that the purpose
of this bond issuance is to refinance the company's US$27M debt
due in 2004. It is expected that the Company will be able to
minimize risk of currency volatile because, by then, the company
will only have long term Rupiah debt which matures on 22 October
2008.
In the next five years, the Company expects to use its strong
cash flow to develop its business, especially to strengthen its
Document Solution business in the area of digital system
strategy. The Company believes that it will be able to increase
recurring revenue and profit.
The bond's collateral is land and building property ownership
rights and fiduciary rights to the Company's debt, worth 75% of
the total nominal debt. The obligation will be registered in
Surabaya Stock Exchange on 23 October 2003 with offering period
from 15 to 17 October 2003.
CONTACT INFORMATION: Handoyo Gunawan
Chief Corporate Secretary
PT Astra Graphia Tbk.
Tel. 5721177 ext. 1600
Fax 5744241
DIRGANTARA INDONESIA: May Use Collateral Cash as Working Capital
----------------------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) will try to make PT
Dirgantara Indonesia use its US$20 million cash collateral at
Bank Mandiri as its working capital, Bisnis Indonesia reports,
citing Deputy Chairman of IBRA Mohammad Syahrial.
However, he said it was possible for IBRA to inject some fresh
money into the aircraft manufacturer on a project basis. "But it
would be better if Dirgantara use its fund in the escrow account
of Bank Mandiri first. I have submitted a proposal to my
supervisor so that Dirgantara will be able to use the fund."
For IBRA, Syahrial admitted, it was better for Dirgantara to use
its cash collateral than to ask for some fresh money from the
agency.
He said, to be able to operate normally, Dirgantara needed some
working capital of US$150 million to US$200 million. But he
added initially the company just needed around US$5 million to
US$10 million.
"IBRA and Dirgantara keep trying to be able to use the fund and
get some profit from it."
=========
J A P A N
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DAIEI INC.: Sees Lower Sales in First Half
------------------------------------------
Ailing retailer Daiei Inc. sees bigger than-expected decline in
sales for the February-August first half of its current business
year due to unseasonably cool weather that hit sales of summer
merchandize items, Kyodo News said on Tuesday. The midterm sales
are likely to show a decline of just less than 3 percent from
the same period the year before on a same-store basis, rather
than the 1 percent fall initially expected.
HUIS TEN: Nomura May Beef Up Plan For Theme Park Investment
-----------------------------------------------------------
Nomura Principal Finance Co. is likely to revise upward the size
of its planned equipment investment in failed theme park
operator Huis Ten Bosch Co, Kyodo News said on Wednesday, citing
Masahiro Tsuda, head of investment at Nomura Principal Finance.
The investment in new facilities may be greater than the
initially announced level described as a few billion yen more
than 10 billion yen.
MITSUI & CO.: Ski Equipment Unit Enters Liquidation
---------------------------------------------------
Trading house Mitsui & Co. aims to liquidate its Tokyo unit
Mitsuibussan Rossignol Corporation that sells ski equipment and
skiwear of brands such as Rossignol, Dynastar and Lange by
around September 2004, according to Kyodo News.
In line with the liquidation, the Japan office of Skis Rossignol
SA of France, the brands' trademark right holder, will take over
sales starting from products for the 2004-2005 season.
NIPPON TELEGRAPH: Buys New Shares of IIJ
----------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) and NTT
Communications (NTT Com) subscribed for shares of common stock
of Internet Initiative Japan Inc. (IIJ) by third party allotment
(purchase price payment date: September 16, 2003) according to
the following terms.
1. Details of subscription
NTT NTT Com NTT Group
total
Subscription price (billion yen) 9.6 0.75 10.35
Issue price per share (yen) 951,300 951,300 -
Number of shares 10,095 788 10,883
NTT Group owns 12,135 shares in IIJ, 31.6 percent in total, as a
result of this subscription.
2. Fundamental considerations behind subscription
NTT decided to subscribe to this private offering of IIJ's
shares by third party allotment after consideration of a
management support request from IIJ to subscribe to the offer.
NTT believes that the NTT Group can utilize IIJ's sophisticated
Internet-related technological capabilities by further enhancing
its business collaboration with IIJ as a result of this
subscription.
NTT recognizes the amount of this private offering of IIJ's
shares by third party allotment corresponds to the amount, which
IIJ considers necessary to establish its financial management
base. In deciding the amount of subscription, NTT also
considered the amount of subscription by existing shareholders
of IIJ and IIJ's future operational prospects.
(Additional information)
Major items agreed with respect to this subscription
(1) Business Collaboration
NTT and IIJ agreed to cooperate and promote primarily the
following in order to effectively achieve synergies:
- Joint development of broadband and information technology and
other related businesses.
- Use of NTT Group services in IIJ's new businesses in order to
expand businesses of both NTT and IIJ.
- Arrangements for seconding employees to carry out the above.
(2) Board of Directors of IIJ
IIJ agreed that up to three members of its board of directors
and the board of corporate auditors will be nominated by NTT in
order to achieve efficiently the business collaboration between
NTT and IIJ agreed to above and also as a result of IIJ becoming
a consolidated subsidiary of NTT under equity method of
accounting after the consummation of issuance of shares. Until
the time IIJ appoints NTT's officials, NTT will attend the board
of directors of IIJ as an observer in order to build up its
business collaboration with IIJ without delay.
For further inquiries, please contact:
Department I
Phone: +81-3-5205-5122
E-mail: ki-ope@hco.ntt.co.jp
NISSAN DIESEL: May Get Y100B Aid From Lenders
---------------------------------------------
Nissan Diesel Motor Co. may receive 100 billion yen (US$861
million) in aid from lenders including Mizuho Corporate Bank,
Bloomberg reported on Wednesday. Banks will take shares in the
Company in return for debt. The package will be completed by the
end of the month and reduce Nissan Diesel's 390 billion yen debt
by about 25 percent.
The automaker has been struggling to make profits as demand in
the domestic truck market is at half the levels of a peak in
1991. Nissan Diesel plans to reduce debt by 14 percent to 330
billion yen this year.
TOSHIBA CORPORATION: Issues FY03 Revised Business Forecasts
-----------------------------------------------------------
Toshiba Corporation issued on Tuesday a revised consolidated and
non-consolidated business forecasts for the first half and full
fiscal year to March 31, 2004. The Company also announced its
intention to nullify its interim dividend for the first half of
the current fiscal term.
1. Consolidated forecast
Tuesday's announcement revises downwards the forecast that
Toshiba issued with the announcement of its results for the last
fiscal year, on April 25, 2003. The key points are as in the
table below.
(1) 1st Half FY2003 (Apr. 1st, 2003 - Sept. 30, 2003) (Ybln)
Net Sales Income (Loss) Before Net Income
Income Taxes and (Loss)
Minority Interest
Original Forecast (A) 2,640 -10 -15
Revised Forecast (B) 2,600 -20 -25
(B)-(A) -40 -10 -10
1H/FY2002 2,635.1 -43.8 -26.4
(2) FY2003 (Apr. 1st, 2003 - Mar. 31, 2004) (Y billion)
Net Sales Operating Income (Loss) Before Net Income
Income Taxes and (Loss)
Minority Interest
Original Forecast (A) 5,700 170 90 40
Revised Forecast (B) 5,650 140 90 35
(B)-(A) -50 -30 - -5
FY2002 5,655.8 115.5 53.1 18.5
2. Non-consolidated forecast
(1) 1st Half, FY2003 (Apr. 1st, 2003 - Sept. 30, 2003) (YBln)
Net Sales Recurring Net Income
Profit (Loss) (Loss)
Original Forecast (A) 1,520 3 0
Revised Forecast (B) 1,460 -15 0
(B)-(A) -60 -18 -
1H/FY2002 1,554.9 -22.4 47.1
(2) FY2003 (Apr. 1st, 2003 - Mar. 31, 2004) (Y billion)
Net Sales Recurring Net Income
Profit (Loss) (Loss)
Original Forecast (A) 3,120 70 25
Revised Forecast (B) 3,020 40 25
(B)-(A) -100 -30 0
FY2002 3,408.2 43.3 83.3
3. Reasons for revision
While Electronic Devices and Social Infrastructure segments are
performing favorably, this does not compensate for worsening
results in the Digital Products segment.
4. Planned Interim dividend for 1H/FY2003
In accordance with the revisions described above, the board of
Toshiba decided the intention to nullify its interim dividend,
as it did last year. The dividend payment for the end of the
current fiscal year, which was 3-yen per share for the last
fiscal year, is yet to be decided.
TOSHIBA CORP.: PC Business Restructuring to Boost 2H03 Earnings
---------------------------------------------------------------
Toshiba Corporation expected the restructuring of its personal
computer business to improve the division's operating earnings
by 26 billion yen (US$221 million) in the October-March second
half, according to Reuters. The chipmaker said the division was
expected to post an operating loss of 17 billion yen for the
first half.
The restructuring would help it make an operating profit of nine
billion yen in the second half.
=========
K O R E A
=========
HANARO TELECOM: Files Form 6-K, Report of Foreign Issuer
--------------------------------------------------------
Hanaro Telecom, Inc. furnished under cover of Form 6-K, a
corporate disclosure on a 7.22 percent equity investment by the
Company in C.C.S. Inc., a listed Company in Korea, filed with
the Korea Securities Dealers Association Automated Quotation
Market (KOSDAQ) and the Financial Supervisory Commission on
September 9, 2003.
1. ISSUING COMPANY
Company name CCS Company code 66790
Corporate classification: Listed
Total outstanding shares: 4,708,000
Location: 35 Yongsan-dong, Chungju-shi, Chungbuk, Korea
2. REPORTING COMPANY
Company name: Hanaro Telecom, Inc.
Date of establishment: September 26, 1997
Business registration number: 214-86-18758
Company location: 1445-3 Seocho-dong, Seocho-ku, Seoul
Phone number: 02-6266-5500
Main business: Broadband Internet
Paid-in-capital (KRW)
1,396,613,400,000 access, local telephony
Name of the largest shareholder: LG Group
Shareholding position (%) 13.05
Contact: Mr. Sang Yup Lee, Assistant Manager, Investor Relations
726 Changhang 2-dong, Ilsan-ku, Koyang-shi, Kyunggi-do
Tel. 82 2 6266 4554
3. SHAREHOLDING POSITION (AS OF JUNE 30, 2003)
Reporting Company: Hanaro Telecom, Inc.
Number of shares owned: 340,000
Shareholding position (%) 7.22
Purpose of equity investment: To increase competitiveness
through share acquisition
4. DETAILS OF CHANGES IN EQUITY INVESTMENT
Details
Date \ Method \Type of \ Before\ Change \After \ Sale Price
\of acquisition\ Shares\ Change\ Change\ Won
New registration (+)\Common shares\-\300,000\ 300,000\ 15,000
New registration (+)\CB \-\ 40,000\ 40,000\ 6,000
Conversion (-) \CB \40,000\-\40,000\-\ 6,000
Exercise of CB (+) \Common shares\-\ 40,000\ 40,000\ 6,000
- 340,000 340,000 -
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 $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 on September 4, 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.
Meanwhile, the Korea Herald reported that Kookmin Bank fell for
the second consecutive day on Wednesday on continuing problems
with overdue payments at its affiliated credit card-issuer,
Kookmin Card. Analysts said allowances for bad debt would have
to be increased at Kookmin Bank, which plans to merge with
Kookmin Card at the end of this month, and they added that it
would hurt the earnings performance of the bank.
SK GLOBAL: Obtains Court Injunction Against Utilities
-----------------------------------------------------
SK Global America Inc. Co. has obtained Judge Blackshear's
approval to:
-- Enjoin the Utility Companies from altering, refusing or
discontinuing service because of non-payment of prepetition
balances; and
-- find that the Company's history of prompt payment, ample
postpetition liquidity, the statutory administrative priority
and the debtor's promise to pay constitute adequate assurance
under Section 366.
SK Global America Inc. is a unit of South Korea's SK Networks
Co. (SK Networks; formerly known as SK Global Co.)
SK Global America has the ability and will continue to pay all
undisputed post petition obligations for the Utility Companies
in accordance with the parties' prepetition practices. The
Debtor estimates its average monthly utility costs at about
$50,000. SK Global has a good payment history with the Utility
Companies and it will have ample cash resources to adequately
assure the Utility Companies of timely future payment. (SK
Global Bankruptcy News, Issue No. 4; September 5, 2003)
SK NETWORKS: Becomes DaimlerChrysler Dealer
-------------------------------------------
SK Networks Co., formerly known as SK Global, has signed an
agreement to serve as a dealer for DaimlerChrysler in South
Korea, Company officials said on Tuesday. SK Networks agreed to
provide services in the areas of automobile maintenance,
disseminating information, rental business, used car sales and
gasoline sales.
SK NETWORKS: Resumes Auto, Oil Businesses
-----------------------------------------
SK Networks Co., a troubled trading unit of the SK Group, has
resumed its stalled automobile and oil trading businesses, as
the Company strives to return to normal operations if and when
legal issues concerning its debt workout plan are finalized, the
Korea Herald reported on Wednesday.
SK Networks, formerly called SK Global Co., had operated Lexus
SK, the dealer network for the luxury brand vehicles
manufactured by Japan's Toyota Motor Corp. since early 2001, but
the Japanese auto giant ended the dealership contract following
the revelation in March of the Korean Company's large-scale
accounting fraud.
Meanwhile, the Korea Fair Trade Commission has allowed SK
Networks to defer for one year the payment of 4.1 billion won
($3.5 million) in fines slapped on it for illegal internal
transactions in a bid to ease the ailing Company's financial
difficulties.
===============
M A L A Y S I A
===============
HIAP AIK: Defaulted ICULS Status Remains Unchanged
--------------------------------------------------
Further to the announcement made on 15 August 2003 pertaining to
the default in payment in relation to Practice Note No. 1/2001,
Hiap Aik Construction Berhad (Special Administrators Appointed)
wishes to announce that there is no change to the status in
respect of the default in payment in registered holders of 8%
Irredeemable Convertible Unsecured Loan Stocks 2001/2006.
COMPANY PROFILE
Construction company Hiap Aik Construction Bhd (HACB) has been
operating from Malacca since incorporation. Prior to its
incorporation, the founder of HACB, Yap Seng Hock, started the
business under a partnership in the early 1960s. During the
early years of the Company, it was involved in construction
works for plantation companies, Dunlop Estates Bhd and Kumpulan
Guthrie Bhd. As the Company expanded over the years, it
diversified into construction for the government and private
sectors. Today, HACB is a registered "Class A" contractor and
currently, the Group's job order book and work-in- progress
total approx. RM351m.
The Company also has its own timber molding operations.
Production capacity of these operations is 50 tons of timber
per month for the manufacture of plywood flush doors, window
frames and other timber-related products. All the timber
molding products manufactured are used solely for the Company's
construction activities.
In line with diversification plans in 1993 and 1994, HACB
ventured into the manufacturing of cement sand bricks and
precast blocks as well as trading and distribution of building
materials.
In 1995, HACB ventured into property development in Sungai Besi
and Malacca. This was followed by the Company's diversification
into oil palm plantations in 1999.
CONTACT INFORMATION: 327-A, Taman Melaka Raya
75000 Melaka
Tel : 06-2848398;
Fax : 06-2838086
HUME INDUSTRIES: October 8 EGM Scheduled
----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Hume Industries (Malaysia) Berhad will be held at the
Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450
Kuala Lumpur on Wednesday, 8 October 2003 at 11.30 a.m. and at
any adjournment thereof, for the purpose of considering and, if
thought fit, passing with or without modifications, the
following motion:
ORDINARY RESOLUTION
- PROPOSED DISPOSAL OF 11,880,000 ORDINARY SHARES OF RM1.00 EACH
REPRESENTING 90% EQUITY INTEREST IN HUME FURNITURE INDUSTRIES
SDN BHD TO HUME CEMBOARD BERHAD FOR A TOTAL CASH
CONSIDERATION OF RM53.28 MILLION
"THAT approval be and is hereby given for the Company to dispose
of 11,880,000 ordinary shares of RM1.00 each representing 90%
equity interest in Hume Furniture Industries Sdn Bhd to Hume
Cemboard Berhad, for a total cash consideration of RM53.28
million (Proposed Disposal) AND THAT Y Bhg Tan Sri Dato' Ir
Talha bin Hj Mohd Hashim, a Director of the Company, be and is
hereby authorized to do all such acts and things to give effect
to and implement the Proposed Disposal with full power to assent
to any condition, modification, variation and/or amendment as
may be imposed by the relevant governmental/regulatory
authorities."
KEMAYAN CORP.: Hires Messrs. Monteiro as Investigative Auditor
--------------------------------------------------------------
Kemayan Corporation Berhad refers to the announcement dated 15
August 2003 in relation to the Proposed Restructuring Scheme.
Public Merchant Bank Berhad, on behalf of the Board of KCB,
wishes to announce that the Board of KCB has appointed Messrs.
Monteiro & Heng as the independent investigative auditor as
required by the Securities Commission via its approval letter
dated 16 July 2003 in respect of the Proposed Restructuring
Scheme. Further developments in relation to the Proposed
Restructuring Scheme will be made to the Exchange in due course.
For further information on the Proposed Restructuring Scheme,
refer to the Troubled Company Reporter - Asia Pacific Tuesday,
November 19, 2002, Vol. 5, No. 229 issue.
KEMAYAN CORPORATION: Writ of Summon Withdrawn
---------------------------------------------
Reference is made to the announcement dated 10 January 2003 in
relation to the Writ of Summon Served on Subsidiary, Kemayan
Land Sdn Bhd - Kuala Lumpur High Court Civil Suit No: S-22-1286-
02.
The Board of Directors of Kemayan Corporation Berhad announced
that an Order has been recorded on Tuesday for the withdrawal of
the full action without costs of the Writ of Summon served by
Cedar Hill Sdn Bhd, Popular Synergy Sdn Bhd, Popular Time Sdn
Bhd, Popular Passage Sdn Bhd, Madihill Development Sdn Bhd and
Metrosharp Sdn Bhd
L&M CORPORATION: August Defaulted Payment Reaches RM60.835M
-----------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd informed
that the total default payments to financial institutions, in
respect of various credit facilities granted to its subsidiary
company, L & M Geotechnic Sdn Bhd, based on the latest available
information provided by financial institutions as at 31 August
2003 was RM60,835,077.59.
As announced on 2 September 2003, L&M is seeking waiver /
indulgence from the Securities Commission (SC) in respect of
certain conditions stated in the SC's approval letter dated 23
May 2003.
Remark: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
Special Administration.
MANGIUM INDUSTRIES: Discloses August Production Figures
-------------------------------------------------------
The Board of Directors of Mangium Industries Bhd. (formerly
known as Serisar Industries Bhd.) and subsidiaries (the Group),
announced the following monthly production figure for the month
of August 2003 in compliance with Paragraph 9.29 of the Chapter
9 of the Kuala Lumpur Stock Exchange Listing Requirements:
M3
Kilang Papan Dasatu Sdn. Bhd.
1. Production of sawn timber 137.64
2. Production of finger joint timber
------------------
KILANG PAPAN DASATU SDN. BHD. 137.64
Serisar Forest Plantation & Products Sdn. Bhd.
1. Production of logs 9,199.75
------------------
Total 9,337.39
------------------
On August, 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.
MBF HOLDINGS: Audit Committee Chairman Tuan Hitam Resigns
---------------------------------------------------------
MBF Holdings Berhad posted hits Change in Audit Committee
Notice:
Date of change : 16/09/2003
Type of change : Resignation
Designation : Chairman of Audit Committee
Directorate : Independent & Non Executive
Name : Tuan Haji Othman Bin Hitam
Age : 68
Nationality : Malaysian
Qualifications : Member of the Malaysian Association of
Certified Public Accountants
Working experience and occupation : Tuan Haji Othman began his
career as the Senior Accountant of Felda between 1962 and 1968
before being appointed as the Bursar of University of Malaya for
6 years. He spent 2 years as the Finance Manager of Bank
Simpanan Nasional and subsequently opened his own accounting
firm known as Othman Hew & Co. In 1986, he was appointed as the
Finance Director of Syarikat Telekom Malaysia Berhad. In 1984,
he was appointed to the Board of MBf Finance Berhad (now known
as AmFinance Berhad) and subsequently resigned from the Board on
21 May 1999. He was previously the Honorary Treasurer General of
the Federation of Family Planning Associations of Malaysia and a
committee member of the Malay Chamber of Commerce in the Federal
Territory. He was a council member of the Malaysian Association
of Certified Public Accountants for several years.
Directorship of public companies (if any) : MBf Capital Bhd's
Group
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Composition of Audit Committee (Name and Directorate of members
after change) : Datuk Azizan Bin Abdul Rahman (Member)
- Non Independent & Non-Executive Director
The Troubled Company Reporter - Asia Pacific reported on July
that MBf-H completed the offshore debt restructuring scheme with
the execution of all relevant documents, including the trust
deed, and the redeemable convertible secured loan stocks in USD
denomination will be issued to the offshore scheme creditors
accordingly.
MENTIGA CORPORATION: Proposes Debt Waiver to Raise Funds
--------------------------------------------------------
On behalf of Mentiga Corporation Berhad, Commerce International
Merchant Bankers Berhad (CIMB) wishes to announce that the
Company proposes to implement the following:
(i) proposed debt settlement via the issuance of 12,500,000
new Mentiga Shares at an issue price of RM1.00 per share to ASPA
as settlement of an amount owing amounting to RM12,500,000 by
Mentiga to ASPA;
(ii) proposed restricted issue of 20,000,000 RCPS at an issue
price of RM1.00 per RCPS to ASPA;
(iii) proposed partial waiver of the outstanding amounts due
to the financial institution creditors of the Mentiga Group
participating in the Proposed Debt Waiver (Participating FI
Creditors);
(iv) proposed increase in the authorized share capital of
Mentiga; and
(v) proposed amendments to the Memorandum and Articles of
Association of Mentiga.
DETAILS OF THE PROPOSALS
Proposed Debt Settlement
Mentiga proposes to implement a debt settlement exercise
involving the proposal to issue 12,500,000 new Mentiga Shares at
an issue price of RM1.00 per share to ASPA, as settlement of an
amount owing amounting to RM12,500,000 by Mentiga to ASPA.
The issue price of the new Mentiga Shares to be issued pursuant
to the Proposed Debt Settlement has been fixed at RM1.00 per
share, being the par value of Mentiga Shares.
The issue price of the Mentiga Shares of RM1.00 per share, based
on the market price of Mentiga Shares as at 12 September 2003
(being the latest practicable date prior to the announcement of
the Proposals) of RM0.22, represents a premium of 355% over the
market price of Mentiga Shares as at 12 September 2003. Mentiga
Shares have been suspended from trading on the Kuala Lumpur
Stock Exchange (KLSE) since 1 October 2001.
The new Mentiga Shares to be issued pursuant to the Proposed
Debt Settlement shall, upon allotment and issue, rank pari passu
in all respects with the existing Mentiga Shares, save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the date of allotment of new Mentiga Shares.
Proposed Restricted Issue and Proposed Debt Waiver
Mentiga proposes to implement a restricted issue of 20,000,000
RCPS at an issue price of RM1.00 per RCPS to ASPA.
The issue price of the RCPS to be issued pursuant to the
Proposed Restricted Issue has been fixed at RM1.00 per RCPS
being the par value of the RCPS.
The indicative principal terms of the RCPS to be issued pursuant
to the Proposed Restricted Issue are as set out in Table 1.
Mentiga has also sought the consent and agreement of the
Participating FI Creditors to partially waive the outstanding
principal and interest amounts of certain borrowings of the
Mentiga Group with the Participating FI Creditors amounting to
RM32.54 million (based on the estimated amount outstanding as at
30 September 2003). However, the agreement of the Participating
FI Creditors for the Proposed Debt Waiver is subject to the
balance of the amounts owing (after the Proposed Debt Waiver) to
be fully settled on or before 30 September 2003.
Due to the urgent requirement for funds to repay the
Participating FI Creditors on or before 30 September 2003,
Mentiga has procured an undertaking from ASPA to advance RM20.0
million to the Company to meet the repayment deadline. The
advance will be a liability to Mentiga and is proposed to be
converted into 20,000,000 RCPS which will be issued pursuant to
the Proposed Restricted Issue upon the receipt of all relevant
approvals.
The gross proceeds from the advance from ASPA of RM20.0 million
(which will be settled through the Proposed Restricted Issue)
will be utilized in the manner as set out in Table 2.
Proposed Increase in Authorized Share Capital
Mentiga proposes to increase its authorized share capital from
the present RM60,000,000 comprising 60,000,000 Mentiga Shares to
RM200,000,000 comprising 150,000,000 Mentiga Shares and
50,000,000 preference shares of RM1.00 each by the creation of
an additional 90,000,000 Mentiga Shares and 50,000,000
preference shares of RM1.00 each.
Proposed Amendments
Mentiga proposes to amend its Memorandum and Articles of
Association to facilitate the Proposed Increase in Authorized
Share Capital and the proposed issuance of the RCPS pursuant to
the Proposed Restricted Issue.
RATIONALE FOR THE PROPOSALS
The Proposals is an interim proposal to regularize the Mentiga
Group's financial condition and to restructure the debts of the
Mentiga Group with the objective of being declassified as an
affected listed issuer as ascribed under Practice Note 4/2001 of
the KLSE Listing Requirements.
The rationale for the Proposals is as follows:
Proposed Debt Settlement
The Proposed Debt Settlement will facilitate the Group's
settlement of its amount owing to ASPA without any cash outflow
by the Group.
Proposed Restricted Issue and Proposed Debt Waiver
The Proposed Restricted Issue will raise funds for the Mentiga
Group to repay bank borrowings as well as for working capital
requirements of the Group.
The Proposed Debt Waiver is aimed to partially reduce the
outstanding amounts owing to Participating FI Creditors and thus
reduce the burden on the Mentiga Group to service a portion of
the outstanding borrowings.
Proposed Increase in Authorized Share Capital
The Proposed Increase in Authorized Share Capital is required in
anticipation of and to cater for the increase in the share
capital of Mentiga pursuant to the Proposed Debt Settlement and
the conversion of the RCPS to be issued pursuant to the Proposed
Restricted Issue into new Mentiga Shares as well as for future
proposals.
Proposed Amendments
The Proposed Amendments are made to facilitate the Proposed
Increase in Authorized Share Capital and the issuance of RCPS
pursuant to the Proposed Restricted Issue.
EFFECTS OF THE PROPOSALS
Share capital
The Proposed Debt Waiver, Proposed Increase in Authorized Share
Capital and Proposed Amendments will not have any effect on the
issued and paid-up share capital of Mentiga. The effects of the
Proposed Debt Settlement and Proposed Restricted Issue on the
issued and paid-up share capital of Mentiga are as set out in
Table 3.
Net Tangible Assets (NTA)
The Proposed Increase in Authorized Share Capital and Proposed
Amendments will not have any effect on the consolidated NTA of
Mentiga. The proforma effects of the Proposed Debt Waiver,
Proposed Debt Settlement and Proposed Restricted Issue on the
consolidated NTA of Mentiga, based on the unaudited consolidated
balance sheet of Mentiga as at 31 December 2002, are as set out
in Table 4.
Earnings
Save for the estimated gain arising from the Proposed Debt
Waiver of RM32.54 million on the assumption that the Proposed
Debt Waiver is completed on 30 September 2003, the Proposals are
not expected to have any material effect on the earnings of
Mentiga Group for the financial year ending 31 December 2003 as
the Proposals are only expected to be completed after the end of
the said financial year. However, the Proposals together with
the comprehensive proposal to be proposed and announced in due
course, are expected to contribute positively to the future
earnings of the Mentiga Group.
Shareholdings of substantial shareholders
The Proposed Debt Waiver, Proposed Increase in Authorized Share
Capital and Proposed Amendments will not have any effect on the
shareholdings of substantial shareholders of Mentiga. The
effects of Proposed Debt Settlement and Proposed Restricted
Issue on the shareholdings of substantial shareholders of
Mentiga according to the Register of Substantial Shareholders as
at 29 August 2003 are as set out in Table 5.
Tables 1 to 5 can b found at
http://bankrupt.com/misc/TCRAP_Mentiga0918.doc.
Dividend
The company did not declare and pay any dividends for the
financial year ended 31 December 2002 and does not expect to
declare and pay any dividend for the financial year ending 31
December 2003.
CONDITIONS OF THE PROPOSALS
The Proposals are conditional upon approvals being obtained from
the following:
(i) Securities Commission (SC) for the Proposed Debt
Settlement, Proposed Restricted Issue and for the listing of and
quotation for the new Mentiga Shares to be issued pursuant to
the Proposed Debt Settlement and from the conversion of the RCPS
to be issued pursuant to the Proposed Restricted Issue;
(ii) SC (on behalf of Foreign Investment Committee) for the
Proposed Debt Settlement and Proposed Restricted Issue;
(iii) KLSE for the listing of and quotation for the new
Mentiga Shares to be issued pursuant to the Proposed Debt
Settlement and upon conversion of the RCPS;
(iv) Ministry of International Trade and Industry for the
Proposed Debt Settlement and Proposed Restricted Issue;
(v) shareholders of Mentiga for the Proposed Debt Settlement,
Proposed Restricted Issue, Proposed Increase in Authorized Share
Capital and Proposed Amendments at an Extraordinary General
Meeting (EGM) to be convened;
(vi) Participating FI Creditors for the Proposed Debt Waiver;
and
(vii) any other relevant authorities.
The Proposed Debt Settlement and Proposed Restricted Issue are
conditional upon the Proposed Increase in Authorized Share
Capital and Proposed Amendments.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
ASPA is a major shareholder of Mentiga with direct shareholdings
of 19,228,000 Mentiga Shares representing 51.27% of the equity
interest in Mentiga as at 29 August 2003. ASPA is therefore
deemed interested in the Proposed Debt Settlement and Proposed
Restricted Issue. The Proposed Debt Settlement and Proposed
Restricted Issue are conditional upon the Proposed Increase in
Authorized Share Capital and Proposed Amendments. Accordingly,
ASPA shall abstain and shall undertake to ensure that persons
connected with it will abstain from exercising their direct and
indirect voting rights on the resolutions pertaining to the
Proposed Debt Settlement, Proposed Restricted Issue, Proposed
Increase in Authorized Share Capital and Proposed Amendments at
an EGM to be convened.
Save as disclosed above, none of the Directors and major
shareholders of Mentiga or persons connected to the Directors
and major shareholders of Mentiga have any interest, direct or
indirect, in the Proposals.
DIRECTORS' STATEMENT
The Board of Directors of Mentiga, having considered all aspects
of the Proposals, is of the opinion that the Proposals are in
the best interest of the Company.
ADVISER
CIMB has been appointed as the Adviser to the Company for the
Proposals.
DEPARTURE FROM SC GUIDELINES
Save as disclosed below and to the best knowledge and belief of
the Board of Directors of Mentiga, the Proposals are not
expected to depart from the Policies and Guidelines on
Issue/Offer of Securities of the SC (SC Guidelines).
The Proposed Debt Settlement and Proposed Restricted Issue are
related party transactions in accordance with Chapter 10 of the
SC Guidelines. Pursuant to paragraph 10.02 of the SC Guidelines,
shares, which are placed out to related parties, must be priced
at least at the weighted average market price of the shares of
the company for the five market days prior to a price-fixing
date to be set after the approval of the SC for the placement.
In addition, pursuant to paragraph 10.03 of the SC Guidelines,
the exercise/conversion price of warrants/convertible securities
must be set at least at the weighted average market price of the
shares of the company for the five market days prior to a price-
fixing date to be set after the approval of the SC for the
placement.
The issue price of the new Mentiga Shares and RCPS to be issued
pursuant to the Proposed Debt Settlement and Proposed Restricted
Issue respectively has been fixed at RM1.00 per share, being the
par value of Mentiga Shares and RCPS respectively. The
conversion price of the RCPS to be issued pursuant to Proposed
Restricted Issue has also been fixed at RM1.00 per share, being
the par value of the Mentiga Shares. Therefore, the Proposed
Debt Settlement and Proposed Restricted Issue do not comply with
the SC Guidelines in respect to the fixing of the
issue/conversion prices after the approval of the SC.
Nevertheless, Mentiga Shares have been suspended from trading on
the KLSE since 1 October 2001. Furthermore, the issue/conversion
prices represent a premium of 355% over the market price of
Mentiga Shares as at 12 September 2003 of RM0.22 per Mentiga
Shares.
It is therefore the intention of the Board of Directors of
Mentiga to seek the approval of the SC for a waiver from having
to comply with the aforesaid requirements of paragraphs 10.02
and 10.03 of the SC Guidelines relating to the fixing of the
issue/conversion prices after the approval of the SC on grounds
set out above.
MOL.COM BERHAD: KLSE Cancels Oct 9 Trading Suspension
-----------------------------------------------------
Reference is made to the announcement dated 4 September 2003 in
relation to the extension of time until 27 January 2004 to
comply with the Public Shareholding Spread Requirement.
The Board of Directors of MOL.com Berhad is pleased to announce
the receipt of a letter from the Exchange on 15 September 2003
informing that the KLSE noted the public shareholding spread of
the Company as at 3 September 2003 of 11.96%. Thus, the Exchange
advised that the trading of MOL shares will not be suspended on
9 October 2003.
COMPANY PROFILE
The Company is principally involved in providing engineering and
contracting services for electrical and theatrical machinery and
apparatus; distribution of electrical products; and manufacture
and trading of fluorescent lighting and lamps, wires and cables.
The bulk of its trading stocks and a major part of its product
components are imported. Operations are located in Subang Jaya,
Kota Bharu, Penang, Johor Bahru, Senawang and Klang. The Group's
products are sold locally.
In early 2000, the Company began to invest in Internet
companies. The main business, MOL Online Sdn Bhd (popularly
known as Malaysia Online), serves as an aggregator site for the
Company's contents and streamlines its branding strategy.
Following the acquisition of various other Internet- related
businesses, the Company changed name to MOL.Com to better
reflect its strategic shift towards investments in IT
particularly related to the Internet and its objective to become
a major Internet incubator.
During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.
Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation
are in deficit by RM31.7m. The Company on 18 April 2001
announced, inter-alia, a rights issue of two for one at par,
which will result in an issue of approx. 150,674,600 shares,
raising RM150,674,000. The application is pending approval from
the relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31 December 2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the
major controlling shareholder of the Company, has advanced
principal amount of RM125.05m to the Group. TSVT has indicated
that the whole of these advances will be applied towards the
subscription of his entitlement of the rights issue and has
further stated his intention to subscribe for any remaining
rights shares that are not taken up by other shareholders.
SAFIRE PHARMACEUTICALS: Subscription Agreement Fulfilled
--------------------------------------------------------
Further to the announcements on 4 September 2002 and 11
September 2002 in relation to the Subscription Agreement between
Safire Pharmaceuticals (M) Sdn Bhd (Special Administrators
Appointed) and Pharmaniaga Berhad.
The Board of Directors of Pharmaniaga Berhad announced that all
the conditions precedent of the Subscription Agreement (the
Agreement) dated 4 September 2002 have been fulfilled and
payment of the balance purchase price of RM18.0 million and
other payments pursuant to Clause 4 of the Agreement were paid
on 15 September 2003 (Effective Date).
Thereafter, the 20,000,000 ordinary shares of RM1.00 each (being
the subscription shares) representing 100% of the issued and
paid up capital of Safire Pharmaceuticals (M) Sdn Bhd will be
issued to Pharmaniaga within 7 days from the Effective Date.
SRIWANI HOLDINGS: SC Grants ESOS Implementation Time Extension
--------------------------------------------------------------
Sriwani Holdings Berhad refers to the announcements dated 24
December 2002 and 24 March 2003 regarding the Employees' Share
Option Scheme for Eligible Employees and Executive Directors of
SHB and its subsidiaries (ESOS).
and on behalf of SHB, Commerce International Merchant Bankers
Berhad hereby announces that the Securities Commission has on 15
September 2003 approved an extension of time to 21 March 2004
for the implementation of the ESOS.
The Troubled Company Reporter - Asia Pacific reported last week
that the Securities Commission has on 5 September 2003 approved
a further extension of time to 31 October 2003 for the
completion of the investigative audit.
TECHNO ASIA: Unit Sells Properties to Repay Secured Creditors
-------------------------------------------------------------
AmMerchant Bank Berhad (AmMerchant Bank), on behalf of Techno
Asia Holdings Berhad (Special Administrators (SA) Appointed),
wishes to announce that its subsidiary Wisma Dindings Sdn Bhd
(SA Appointed) (WDSB), had on 15 September 2003 entered into a
sale and purchase agreement (SPA) with Chao Yang Properties &
Development Sdn Bhd (formerly known as Chao Yang Video Centre
Sdn Bhd) (the Purchaser) to dispose thirty four (34) parcels of
subdivided lots in Wisma Ganda located at GM No. 10882 (formerly
EMR No. 1263), Lot No. 1374, Pekan Sitiawan, Perak (the
Property) for a purchase consideration of RM2.80 million
(Purchase Price).
The Property includes the 31 units from the Proposed Set-off And
Transfer of 31 Commercial Units By WDSB to the secured creditor
at a transfer value of approximately RM2.0 million, which was
earlier approved by the secured creditor of WDSB in accordance
with the approved workout proposal of WDSB. The secured creditor
of WDSB has chosen Option II in accordance with the approved
workout proposal of WDSB, which allows the SA to dispose the 31
commercial units in Wisma Ganda to repay the secured creditor
the balance outstanding as determined in the workout proposal of
WDSB and the proof of debt exercise undertaken by the SA. The SC
has approved the Proposed Set-Off and Transfer by WDSB on 4
December 2002.
The salient terms of the SPA are as follows:
(A) PURCHASE PRICE AND PAYMENT TERMS
WDSB had entered into an agreement to dispose the Property to
the Purchaser for a purchase consideration of RM2.80 million. A
total RM280,000 has been paid, consisting of the payment of
earnest monies of RM140,000 being five percent (5%) of the
Purchase Price paid prior to the execution of the SPA and also a
deposit of RM140,000 being five percent (5%) of the Purchase
Price paid upon the execution of the SPA.
The balance of the Purchase Price of RM2.52 million (Balance
Purchase Price) shall be paid on or before the Payment Date
(being the date of expiry of ninety (90) days from the date of
this SPA or the date of expiry of the Extended Period whichever
is the later). The Extended Period is a period of thirty (30)
days calculated from the Payment Date or any other period
mutually agreed to in writing by the parties hereto.
In the event the Purchaser fails to pay the Balance Purchase
Price by the Payment Date, the Extended Period will be
automatically invoked provided that the Purchaser shall pay to
the Vendor interest at the rate of eight per cent (8%) per annum
on all outstanding sums of the Balance Purchase Price remaining
unpaid calculated on a daily rest basis from the expiry of
ninety (90) days from the date of the SPA until full payment is
received by the Vendor.
(B) AS IS WHERE IS BASIS
The Property and the Information Memorandum relating to it have
been made available to the Purchaser for inspection prior to the
SPA. The Purchaser is deemed to have inspected and conducted
independent inquiries into the state and condition of the
Property and to be satisfied with the Property and to buy on an
"as is where is" basis with full knowledge of the Property
including without limitation knowledge of the state and
condition of the Property, all existing tenancies and all
conditions of title and restrictions in interest applicable
thereto and the present zoning road widening drainage
improvement or other schemes whatsoever affecting the Property
(if any). Save and except for warranty as to the Property being
sold free from encumbrances all representations warranties
conditions and other terms (including without limitation
warranties and conditions as to the merchantable quality,
fitness for purpose and description) expressed or implied by
statute or otherwise in respect of the Property are excluded.
The Purchaser shall not be entitled to rescind this SPA or to
make any claim for compensation or reduction of the Purchase
Price or claim any damages in respect of any of the aforesaid
matters or of any misdescription, condition or the state of the
Property or any part thereof.
(C) DEFAULT
By Purchaser
In the event that the Purchaser fails to pay the Balance
Purchase Price or any part thereof in accordance with the
provisions of the SPA or otherwise fails to discharge any of its
obligations under the SPA, the Vendor shall be entitled to give
the Purchaser not less than fourteen (14) working days' notice
in writing of the Vendor's intention to terminate the SPA and
unless in the meantime such default or breach alleged therein is
rectified, the SPA shall at the expiration of the said notice be
deemed to be terminated by the Vendor.
By Vendor
In the event that the Vendor fails to complete the sale and
purchase of the Property after the Purchaser has on its part
complied with all the terms and conditions and discharged all
obligations contained in the SPA, the Purchaser shall be
entitled to seek the remedy at law for specific performance of
the SPA against the Vendor or to give the Vendor not less than
fourteen (14) working days' notice in writing of the Purchaser's
intention to terminate the SPA and unless in the meantime such
default or breach alleged therein is rectified, the SPA shall at
the expiration of the said notice be deemed to be terminated by
the Purchaser.
TONGKAH HOLDINGS: Modifying Proposed Debt Restructuring
-------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad, is pleased to announce that in the court
convened meetings for the shareholders and Scheme Creditors of
the Company both held on 15 September 2003, the shareholders and
the Scheme Creditors, as the case may be, voted in favor of the
Proposed Scheme of Arrangement in accordance with Section 176 of
the Companies Act, 1965.
The Company is currently preparing the modifications to the
Proposed Debt Restructuring, which will be announced, to the
shareholders, Bonds Holders, ICULS Holders and Warrant Holders
in due course. Pursuant thereto, an addendum will be issued to
the said parties (Addendum). Accordingly, the Bonds Holders in
the Bond A Holders meeting and the Bond B Holders meeting
respectively, unanimously voted that the respective Bonds
Holders meetings be adjourned sine die or indefinitely. The
shareholders also voted unanimously to adjourn the Extraordinary
General Meeting (EGM) of THB to another date to be determined by
the Board of THB pending the issuance of the Addendum to the
shareholders detailing the modifications on the Proposed Debt
Restructuring.
In addition, the following meetings that were held on 15
September 2003 were adjourned to another date to be determined
by the Board of THB due to lack of quorum:
(i) ICULS Holders Meeting to consider the Proposed Debt
Restructuring, as set out in the trust deed dated 27 August 1999
constituting the ICULS; and
(ii) Warrant Holders Meeting to consider the Proposed
Amendments, as set out in the deed poll dated 27 August 1999
constituting the Warrants.
The notices for the adjourned EGM, the adjourned Warrant Holders
Meeting and the adjourned ICULS Holders Meeting will be issued
in due course.
In addition, notices convening the fresh Bond A Holders Meeting,
Bond B Holders Meeting and the ICULS Holders Meeting to consider
the amended special resolution in respect of the modifications
to the Proposed Debt Restructuring will be issued together with
the Addendum to the shareholders, Bond A Holders, Bond B
Holders, ICULS Holders and the Warrant Holders as soon as
possible.
TRU-TECH HOLDINGS: Unit Dumps Shares to Repay Loans
---------------------------------------------------S
The Board of Directors of Tru-Tech Holdings Berhad announced
that on 16 September 2003, Tru-Tech Electronics (M) Sdn Bhd
(TTEM), a wholly-owned subsidiary of Tru-Tech, had entered into
a Sale and Purchase Agreement (the Agreement) with Madam Toh Ah
Chaw [Singapore NRIC No. 1135474B] of No. 31, Jalan Tua Kong,
Singapore 457232 to dispose of its entire share investment in
Cinch Electronics Pte Ltd (CEPL) comprising of 620,880 ordinary
shares of S$1.00 each fully paid at S$0.80 per share amounting
to S$496,704-00 representing approximately 20.7% equity interest
in CEPL.
CEPL is a private limited company incorporated in the Republic
of Singapore with an authorized share capital of S$5,000,000
divided into 5,000,000 ordinary shares of S$1.00 each of which
3,000,000 ordinary shares of S$1.00 each have been issued and
credited as fully-paid. CEPL's principal activities are those
relating to the manufacture and distribution of electronics data
products.
The disposal is not expected to have any material effect on the
earnings and NTA of Tru-Tech Group. There are no conditions
precedents to the disposal.
The cost of investment in CEPL is RM1,646,100.00 based on the
Audited Financial Statement ended 31 December 2002 and TTEM will
realize an extraordinary loss of RM573,219.00 on its investment
in CEPL as a result of the disposal. The disposal will enable
TTEM to generate cashflow to be utilized for repayment of
borrowings.
None of the directors and/or substantial shareholders of Tru-
Tech or persons connected with them have any interest, direct or
indirect, in the said disposal.
Wrights Investors' Service reports that at the end of 2001, Tru-
Tech Holdings, electronic components manufacturer, had negative
working capital, as current liabilities were RM208.37 million
while total current assets were only RM163.34 million. The
company also reported losses during the previous 12 months and
has not paid any dividends during the previous 2 fiscal years.
UNITED CHEMICAL: Issues Defaulted Facilities Status Update
----------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
would like to further provide an update on the details of all
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001. Click
http://bankrupt.com/misc/TCRAP_UCI0918.xlsfor details.
The Board also informed that there are no new significant
developments in relation to the various defaults in payment
further to the announcement on 5 August 2003.
=====================
P H I L I P P I N E S
=====================
BALABAC RESOURCES: Submits Capital Restructuring Plan to SEC
------------------------------------------------------------
Balabac Resources and Holdings Co. Inc. have submitted to the
Securities and Exchange Commission (SEC) the application for its
capital-restructuring plan.
In a disclosure to the Philippine Stock Exchange (PSE), Balabac
corporate secretary Ma. Cecilia L. Pesayco said the Company's
counsel submitted the application to the SEC on September 15,
2003, as follows:
1. Quasi Reorganization for the utilization of appraisal surplus
against capital deficit;
2. Decrease of Authorized Capital Stock From P1 billion to
P73,798,267.00 to generate reduction surplus to partially wipe
off the Corporation's deficit.
3. Application of the Corporation's paid-in surplus against the
capital deficit
4. Increase of Authorized Capital Stock from P73,798,267.00 to
P5 billion and
5. Application for Exemption from Registration (SEC Form 10-1)
of the additional issuance of shares pursuant to the increase in
capital.
For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2993_BAL.pdf
MANILA ELECTRIC: Sure it Will Pay Part of Debt Due September
------------------------------------------------------------
Manila Electric Co. (Meralco) is confident that it will be able
to pay a part of its long-term debt due at the end of this
month, ABS-CBN reported on Tuesday, citing an unnamed Meralco
official. The report did not however say how much of the
Company's obligations will mature this month.
Recent reports had it that some P2.5 billion worth of long-term
debts from commercial banks led by Citibank are set to mature
end-October this year while some of the long-term debts are due
this month.
The Company also has long-term loans from commercial banks --
Citibank N. A. and Philippine Import Export Bank. Also, Meralco
is trying to convince Citibank and other long-term creditors to
extend the payment of the long-term loans including the P2.5
billion by another two years. Meralco finance chief Daniel
Tagaza earlier said the final payments for these long-term debts
will due in 2006.
MANILA ELECTRIC: Phase 2 of Refund Starts This Month
----------------------------------------------------
Manila Electric Company announced that its "Refund Phase 2"
covering active residential and general services customers who
consumed 101 kWh to 300 kWh based on their April 2003 bill
begins this September 2003 to December 2003 even as processing
of refunds for customers with terminated accounts (100 kWh and
below as of their last full month's bill) began this August, a
Company statement said.
Meralco has submitted to the Energy Regulatory Commission (ERC)
the detailed guidelines and procedures for active and terminated
accounts covered by Phase 2 including a refund schedule based on
consumption for an orderly refund and cash flow management.
The Phase 2 refund schedule follows:
Those who consumed 101-130 kWh as of April 2003 will receive
their refund in September 2003
Those who consumed 131to 170 kWh in October
Those who consumed 171 to 230 kWh in November
Those who consumed 231 to 300 kWh in December
Procedures for Phase 2 will be similar to that of Phase 1. The
gross refund amount, net refund amount, claim schedule and the
designated refund center will be printed on the customers'
current bill during their scheduled month.
In their September bills, customers covered by Phase 2 will be
informed of what month they can claim their refund.
The company has filed an additional submission and motion for
extension of time with the ERC for us to submit by Nov. 17 the
procedures and guidelines for Phases 3 and 4.
=================
S I N G A P O R E
=================
C-CURE PTE: Issues Notice of Final Meeting
------------------------------------------
The Final General Meeting of the members of C-Cure (Far East)
Pte Ltd (In Members' Voluntary Liquidation) will be held at 103,
Defu Lane 10, Poh Lian Building 1, Singapore 539223 on 15th
October 2003 at 10.00 in the morning for the following purposes:
1. To receive an account from the Liquidators showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidators.
2. To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.
Dated this 12th day of September 2003.
KON YIN TONG
WONG KIAN KOK
HELEN HEE BOE HIAN
Joint Liquidators.
A member entitled to attend and vote at the General Meeting is
entitled to appoint a proxy to attend and vote in his stead. All
proxies should be deposited at the Liquidators' Office not less
than forty-eight hours before the time for holding the meeting
or any adjournment thereof. A proxy need not be a member of the
Company.
CHIP HUAT: Nominates Tay Swee Sze as Judicial Manager
-----------------------------------------------------
Notice is hereby given that a petition for placing Chip Huat
Construction Co. Pte Ltd under the care of a judicial manager by
the High Court was, on the 12th day of August 2003, presented by
the Company (pursuant to a resolution of its the board of
directors) and that the said petition is directed to be heard
before the Court at 10.00 am on the 26th day of September 2003,
and Mr Tay Swee Sze of Messrs Tay Swee Sze & Associates has been
nominated as the judicial manager; and any person who intends to
oppose the making of an order under section 227B (5) (b) or the
nomination of a judicial manager under section 227B (3) (c) may
appear at the time of hearing by himself or his counsel for that
purpose; and a copy of the petition will be furnished to any
creditor or member of the Company requiring it by the
undersigned on payment of the regulated charge.
The Petitioners' address is 101 Upper Cross Street, #05-24
People's Park Centre, Singapore 058357.
The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of 5 Shenton Way, #29-00 UIC Building, Singapore 068808.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Tan Kok Quan Partnership
a notice by post in sufficient time to reach the Messrs not
later than twelve o'clock noon of the 25th day of September 2003
(the day before the day appointed for the hearing of the
Petition).
CMP HOLDINGS: Creditors to Submit Claims by October 14
------------------------------------------------------
The creditors of CMP Holdings Pte Ltd. (In Member's Voluntary
Liquidation), which is being wound up, are required on or before
the 14th day of October 2003 to send in their names and
addresses, with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the said Company, and, if so
required by notice in writing by the said Liquidator, are
personally or by their solicitors, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
LOKE POH KEUN
Liquidator.
8 Robinson Road,
#08-00 ASO Building
Singapore 048544.
HOTEL PROPERTIES: In Members' Voluntary Winding Up of Subsidiary
----------------------------------------------------------------
The Directors of Hotel Properties Limited announced that its
wholly owned unit in Malaysia, Central Perk Sdn Bhd (Central
Perk), has been placed under members' voluntary liquidation.
Central Perk is a dormant subsidiary.
Messrs Chin Kim Chung and Loh Kok Leong of K C Chin & Co., have
been appointed as Liquidators of Central Perk.
The voluntary liquidation of Central Perk will have no
significant effect on the consolidated net asset value per share
and the consolidated earnings per share of HPL and its
subsidiaries for the year ending 31 December 2003.
INNOCEPT CAPITAL: Issues Notice of Winding Up Order
---------------------------------------------------
Innocept Capital (Asia Pacific) Pte Ltd issued a winding up
order made on the 29th day of August 2003.
Name and address of Liquidator: The Official Receiver
The URA Centre, East Wing
45 Maxwell Road #05-11/#06-11
Singapore 069118.
Messrs LEE BON LEONG & CO.
Solicitors for the Petitioner.
RAFFLES HOLDINGS: Updates Dormant Units' Liquidation Status
-----------------------------------------------------------
Further to the announcement released by Raffles Holdings Limited
on 6 January 2003, the Company announced that these indirect
dormant subsidiaries have been duly liquidated:
Swissotel Management Europe AG
Swissotel Data AG
Swissotel Properties Inc.
The liquidations are not expected to have a material impact on
earnings per share or the net tangible asset of the Raffles
Holdings Limited Group for the financial year ending 31 December
2003.
STRIKE ENG'G: Appoints Ravindran Govindan as Committee Member
-------------------------------------------------------------
The Board of Directors of Strike Engineering Limited (the
Company) announced that Independent Director Mr. Ravindran
Govindan has been appointed as a member of both the Nominating
and Remuneration Committees to fill the vacancy of Mr. Tan Boon
Tiong who has resigned.
Chan Sing En had also stepped down as a member of the Nominating
and Remuneration Committees due to him undertaking executive
duties in the Company.
The composition of the Nominating and Remuneration Committees
now are:
Nominating Committee
1. Mr Lew Syn Pau - Chairman (Independent Director)
2. Mr Yeo Jiew Yew - Member (Executive Director)
3. Mr Ravindran Govindan - Member (Independent Director)
Remuneration Committee
1. Mr Lew Syn Pau - Chairman (Independent Director)
2. Mr Yeo Jiew Yew - Member (Executive Director)
3. Mr Ravindran Govindan - Member (Independent Director)
TRADEMART SINGAPORE: Enters Winding Up Petition
-----------------------------------------------
Parkway Holdings Limited (Parkway) and Hwa Hong Corporation
Limited (Hwa Hong) disclosed that Trademart Singapore Pte Ltd
(TMS), an associated Company, has on 21 August 2003 resolved to
be liquidated by way of a members' voluntary winding up pursuant
to Section 290 of the Companies Act, Chapter 50. Ms Lim Chin
Choo @ Elizabeth Lim has been appointed Liquidator of TMS.
TMS is a joint venture Company, which is 50 percent owned by
each of Parkway and Singapore Warehouse Company (Private) Ltd.
(a wholly owned subsidiary of Hwa Hong). Following the disposal
of its investment property situated at 60, 60B and 60C Martin
Road, Singapore to Riverwalk Promenade Pte Ltd in 1999, TMS
became a dormant Company.
WANT WANT HOLDINGS: Unit Enters Liquidation
-------------------------------------------
The Directors of Want Want Holdings Ltd announced that its
China-incorporated wholly-owned subsidiary, Liang Want Property
Consultants (Shanghai) Co., Ltd. (Liang Want) has been
liquidated. The development of the land acquired at Lane 201,
No. 237, Shi Men Yi Road, Shanghai, PRC announced previously
will not be affected by the above organizational change and will
continue to be undertaken by the Group.
The liquidation of Liang Want is not expected to have any
material impact on the net tangible assets or earnings per share
of the Company and its Group for the financial year ending 31
December 2003.
===============
T H A I L A N D
===============
DATAMAT PUBLIC: Oct 13 Share Subscription Set
---------------------------------------------
Datamat Public Company Limited informed that its Board of
Directors' meeting held on September 15, 2003 resolved to set
date, time and payment for the rights issue of 407,060,517
shares on October 13, 2003, during the Company's normal business
hours 8:30 a.m. - 5:00 p.m., at the Company's office on 12th
Floor, Asoke Towers, 219/56-59 Sukhumvit 21 (Asoke) Road,
Klongtoey Nue, Wattana, Bangkok. The shareholders who had not
received the Rights Issue Form could obtain one at the Company's
office until October 13, 2003
On August 25, the Troubled Company Reporter - Asia Pacific
reported that the Company is at the final stage of the Capital
Increase Plan of approximately Bt500 million. The Plan involves
the selling of 321 million new shares to specific 38 types of
investors (Private Placement) according to the announcement of
SEC and the rehabilitation plan, which has been approved by the
Company's shareholders.
MILLENNIUM STEEL: Notifies Warrants Exercise
--------------------------------------------
Millennium Steel Public Company Limited issues and offeres
1,068,328,082 units of warrants 1 (MS-W1) and 1,499,779,189
units of warrants 2 (MS-W2) to purchase ordinary shares of
company, total of warrants 2,568,107,271 units. The exercise
date will be the company's last business day in each quarter
(each last business day of March, June, September and December)
during 10 years term of warrants. The first and the last day for
exercise of rights will be on March 31, 2003 and on December 1,
2012, respectively.
The company would like to inform the details concerning to the
exercise of the above warrants as at September 30, 2003 as
follows:
1. Expression Date
Date : September 25, 26 and 29, 2003
Time : 8:30 am. 3:30 pm.
2. Exercise Date
Date : September 30, 2003
3. Exercise Ratio and Price :
MS-W1 : 1 unit for 1 ordinary share at the price Bt2.10
MS-W2 : 1 unit for 1 ordinary share at the price Bt6.114
4. Contact Persons and Contact Place :
Miss Parinda Boonpraspai/Miss Ramita Sriraksa
Millennium Steel Public Company Limited
Shinawatra Tower 3, 22nd Floor, 1010 Viphavdee Rangsit
Road, Ladyao, Chatuchak, Bangkok 10900
Tel. 0-2949-2883
Fax. 0-2949 2889
or the office of every Finance and Securities Company and
Securities Company during the expression period.
MILLENNIUM STEEL: SET Grants Listed Securities
----------------------------------------------
Starting from September 18, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Millennium Steel Public Company
Limited (MS) due to the conversion of preferred shares to common
shares to be traded on the SET after finishing capital increase
procedures.
Name : MS
Issued and Paid up Capital
Old : Bt5,445,463,627
- Commom Shares 3,831,031,503 shares
- Preferred Shares 1,614,432,124 shares
New : Bt5,445,463,627
- Commom Shares 3,841,714,922 shares
- Preferred Shares 1,603,748,705 shares
Par Value : Bt1
Allocate to : The MAX Asset Management Company Limited
for conversion of Preferred Share to Common Share
mounting to 10,683,419 shares.
Ratio : 1 Preferred Share : 1 Common
Share Conversion Price : -
Conversion Date : 29 August 2003
Note : MS's preferred shares are not listed on the SET
SUN TECH: Widens H103 Net Loss to Bt874.69M
-------------------------------------------
Submission and report on fiscal year ended financial statements
Sun Tech Group Public Company Limited submitted and reported on
its financial results for fiscal year ended financial statements
as of 30 June 2003, which are as follows:
Total revenue decreased 38.40% compared with the previous year.
Revenue from sale decreased 44.40% compared with the previous
year due to revenue decreasing in both agriculture and scrap
processing business
Revenue from others business has 0.98% decreased because of the
company didn't has enough working capital to proceed, then the
company couldn't increase capacity to fulfill the customers'
order. The company didn't has revenue from scrap business,
because the scrap business have stopped processing for a length
of time, cause the major customers are in the business
reorganization and will be alliance with the other company.
Total expense increase 30.05% compared with the previous year.
The company has net loss Bt874.69 million or 28.18% increase
from previous year.
SUNTEC audited annual financial statement as follows:
Audited
Ending June 30, (In thousands)
For year
Year 2003 2002
Net profit (loss) (874,692) (682,394)
EPS (baht) (5.30) (4.12)
SUN TECH: SET Still Suspends Securities Trading
-----------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of Sun Tech Group Public Company
Limited (SUNTEC) from 1 September 2003 and posted SP
(Suspension) sign from 8 September 2003 because SUNTEC has
failed to submit its audited financial statements for the year
ending 30 June 2003 to the SET via the Electronic Listed Company
Information Dissemination system (ELCID).
Now, SUNTEC has publicly submitted the SET its audited financial
statements for the year ending 30 June 2003 so the SET posts NR
(Notice Received) sign on 16 September 2003.
Since its auditor issued a Disclaimer of Opinion on SUNTEC's
financial statements, it can be considered that the numbers
(indicating the financial status and operating results of the
company presented in its financial statements) did not reflect
the actual position of the company and the Securities and
Exchange Commission (SEC) probably issues an instruction that
SUNTEC is obliged to amend its financial statements. SUNTEC's
shareholders and general investors should scrutinize the
auditor's opinion relating to the results in financial
statements.
Presently, SUNTEC has been under the rehabilitation process so
the SET has still suspended trading all securities of SUNTEC
until the causes of delisting are eliminated.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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