/raid1/www/Hosts/bankrupt/TCRAP_Public/030923.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
Tuesday, September 23, 2003, Vol. 6, No. 188
Headlines
A U S T R A L I A
ANACONDA NICKEL: Amends Unquoted Securities Advice
ANACONDA NICKEL: Posts Director's Proposed Name Change Notice
ANACONDA NICKEL: Releases H103 Financial Report
BALLARAT GOLDFIELDS: Implementing Share Purchase Plan
PAN PHARMACEUTICALS: Administrators Advise DOCA Over Liquidation
PAN PHARMACEUTICALS: Discloses Final Deed of Company Arrangement
C H I N A & H O N G K O N G
CELESTIAL ASIA: 2003 Operations Loss Swells to HK$35.585
GOLD PROSPECT: Winding Up Petition Slated for Hearing
I100 LIMITED: Parallel Trading Starts Wednesday
PALIBURG HOLDINGS: 2003 Interim Announcement Released
S&F ENGINEERING: Winding Up Petition Pending
SKYNET (INTERNATIONAL): Requests Trading Suspension
U-CYBER TECHNOLOGY: Narrows Net Loss to HK$8.765M
WALTECH PACIFIC: Winding Up Sought by Ng Wing Ho
WIDEOCEAN ENGINEERING: Winding Up Hearing Scheduled in October
I N D O N E S I A
TEXMACO: IBRA Confirms Asset Purchase Cancellation
J A P A N
DAIEI INC.: Colony Capital Offers Higher Bid for Fukuoka
KASHIWAZAKI RESORT: Golf Course Enters Bankruptcy
KUMAGAI GUMI: S&P Downgrades Rating to 'SDpi'
NIPPON STEEL: May Exceed Its Three-Year Cost-Cutting Target
NISSAN DIESEL: Nissan Motor Mulling Y20B Aid
K O R E A
HYUNDAI MOTOR: Employee Stock Ownership Union to Sue CEOs
KOOKMIN BANK: Under Investigation for Questionable Stock Deals
SK GLOBAL: Wants Lease Decision Period Extended to December 22
SK NETWORKS: Creditors Considering Bailout
M A L A Y S I A
AOKAM PERDANA: Revises Proposed Rescue Scheme
BERJAYA CAPITAL: Proposed Revised BCAP Inter-Company Settlement
BERJAYA CAPITAL: Seek Proposed Shareholders' Mandate Approval
DENKO INDUSTRIAL: Unit Faces Writ Over Unpaid Contribution
FORESWOOD GROUP: Seeks Two-Month RA Extension
KIARA EMAS: Restricted, Special Issue Closing Date Extended
NAM FATT: KLSE Grants ICULS Conversion Listing Today
NCK CORPORATION: Units Under Creditors' Voluntary Liquidation
PARK MAY: Proposed Disposal Talks With SPNB Underway
PICA (M) CORP.: Securities De-listed From KLSE's Official List
SITT TATT: Deed Cut-Off Date Further Extended
SITT TATT: SC Approves Proposed Moratorium Revision
SRI HARTAMAS: Unit's Liquidator Inks Disposal Agreement
UNIPHOENIX CORP.: Creditors Voluntarily Wind Up Units
UNITED ENGINEERS: Obtains SC's Nod of Proposed Exemption
P H I L I P P I N E S
PHILIPPINE LONG: Hopes to Resolve Talks With Worldcom
S I N G A P O R E
ASIA PULP: Dispute Hits Debt Restructuring
BIL INTERNATIONAL: Widens Year Loss to US$60.3M
CHARTERED SEMICON: Develops Nanometer-Scale Chip With Synopsys
DATELINE FORWARDING: Creditors to Submit Claims by September 19
D&Y BUILDERS: Winding Up Hearing Set For September 19
E-JIA TRADING: Winding Up Hearing Slated for September 19
HONG LAI: First Creditor's Meeting Set on October 6
PKTECH INTERNATIONAL: Winding Up Unit
SMRT CORPORATION: Winding Up Dormant Unit
THAKRAL CORPORATION: Kartar Singh Cuts Stake
WANT WANT: Unit Enters Liquidation
T H A I L A N D
PICNIC GAS: SET Grants Company Abbreviation Change Request
PICNIC GAS: BOD Meeting No. 1/2003 Resolves Capital Increase
SINO-THAI RESOURCES: Registers Increased Paid-up Capital
SUN TECH: Planner Explains Auditor's Report
THAI WAH: Discloses Debt to Equity Conversion Method, Period
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA NICKEL: Amends Unquoted Securities Advice
--------------------------------------------------
Anaconda Nickel Limited refers to the Appendix 3B (New issue
announcement, application for quotation of additional securities
and agreement) advice of 30 July 2003.
Please be advised that the 27,200,000 options over ANL unissued
shares subject of that advice, with exercise price $0.06 are
exercisable during the period 6 June 2005 to 6 June 2006 not 5
June as previously advised.
ANACONDA NICKEL: Posts Director's Proposed Name Change Notice
-------------------------------------------------------------
Anaconda Nickel Limited disclosed Managing Director and CEO
Peter Johnston's Notice to the staff regarding the proposed name
change of company:
"I have announced to the Australian Stock Exchange that the
board is seeking shareholder approval at the AGM in November to
change the Company's official name to Minara Resources Limited
(ASX Code: MRE). Assuming shareholders approve the proposed
change, the intention is to roll out the new Minara Resources
corporate identity at the AGM on 26 November and complete the
changeover by the end of the year.
"The Minara Resources name comes from the Minara Downs station,
a large pastoral property encompassing the Murrin Murrin nickel
cobalt project. From a company perspective the need to change is
absolutely essential. The Anaconda "brand" attracted significant
notoriety and controversy over the years, and accumulated a lot
of negative perceptions and "baggage" in the minds of investors
and commentators. The new name gives the Company an opportunity
to put these legacies behind it and look to the future.
"For all employees the new name means the end of one era and the
beginning of a new. Over the coming months you will receive more
information about the proposed new corporate identity, including
the new logo, uniform changeover and the replacement of all
external signage bearing the old logo.
"Minara Resources will be a different company from Anaconda
Nickel. Financially it will start its life in good shape, with a
sound financial base, a sound capital structure, minimal debt
and no metal or foreign exchange hedging. Minara Resources will
be a focused, low-cost, high quality nickel and cobalt producer
at a time when the market is looking for investment
opportunities to provide the best exposure to the rising nickel
price.
"I hope all employees and shareholders will embrace the new name
and the new identity and recognize that the new Company is well
positioned to deliver future profits and growth."
ANACONDA NICKEL: Releases H103 Financial Report
-----------------------------------------------
Anaconda Nickel Limited released its consolidated financial
report of the Consolidated Entity being the Company and its
controlled entities for the year ended 30 June 2003. Below is an
excerpt from the said report:
In March 2002 and thereafter, Murrin Murrin Holdings Pty Limited
(MMH), a wholly owned controlled entity of Anaconda, and owner
of a 60% interest in the Project, was unable to replenish its
Debt Service Reserve Accounts in respect of the Senior Secured
Fixed and Floating Rate Notes (the Notes). The failure by MMH to
rectify these and other breaches of the borrowing indenture
constituted events of default under agreements related to the
Notes. As a consequence, the Consolidated Entity commenced
discussions with holders of the Notes and senior secured foreign
exchange counterparties (collectively referred to as the "Senior
Secured Creditors") addressing both short term and long term
liquidity issues.
In September 2002, the Consolidated Entity concluded
negotiations with Senior Secured Creditors giving rise to
Schemes of Arrangement (the Schemes) between the Senior Secured
Creditors, MMH and Anaconda Nickel Holdings Pty Limited (ANH),
the guarantor of the Notes and a wholly owned controlled entity
of Anaconda. In addition, Glenmurrin Pty Limited and Glencore
Nickel Pty Limited simultaneously reached agreement with their
respective secured creditors to restructure their respective
secured debts over the Project.
Under the terms of the Schemes, MMH and ANH offered each Senior
Secured Creditor a proportionate share of a total cash payment
of US$114 million (the Cash Consideration) and a proportionate
interest in the Phase 1 and Phase 2 Net Recoveries from the
Fluor Arbitration. In consideration, Senior Secured Creditors
agreed to extinguish debt of US$465.5 million (A$775.1 million),
including accrued interest on the effective date. The terms of
the Schemes stipulated that the Senior Secured Creditors'
entitlement to an interest in the Phase 2 Net Recovery of the
Fluor Arbitration was conditional upon a sufficient number of
the Senior Secured Creditors voting to elect to contribute to
the funding of Phase 2 of the Fluor Arbitration (Fluor
Funding Election).
An insufficient number of Senior Secured Creditors voted in
favor of the Fluor Funding Election. Accordingly, the rights of
the Senior Secured Creditors to a proportionate allocation of
the Phase 2 net recovery was extinguished except for a limited
right to recover costs paid by them up until the completion
of the Schemes. The Schemes were approved by the Senior Secured
Creditors on 8 January 2003 and approved by the Supreme Court of
Western Australia on 17 January 2003. The effective date of the
Schemes was 28 February 2003.
In order to fund the payment to Senior Secured Creditors,
Anaconda lodged a prospectus dated 20 January 2003 with the
Australian Securities and Investment Commission (ASIC) offering
a 14 for 1 pro rata renounceable rights issue at an issue price
of $0.05 per share, to raise gross proceeds of $323 million (the
Rights Issue). The Rights Issue was due to close on 14 February
2003 in order for the cash consideration to be paid to the
Scheme Administrator by 28 February 2003. The Rights Issue was
supported by an underwriting agreement with Glencore (the
Glencore Underwriting Agreement) committing Glencore to
fully underwrite the Rights Issue.
To see full copy of the H103 financial report, go to
http://bankrupt.com/misc/TCRAP_ANL0923.pdf.
BALLARAT GOLDFIELDS: Implementing Share Purchase Plan
-----------------------------------------------------
Ballarat Goldfields NL announces that it is implementing a share
purchase plan for existing shareholders (registered as at 9
September 2003) to subscribe for $2,000, $3,000 or $5,000 of
shares (at the choice of shareholders) at 10 cents per share.
This represents a discount of approximately 13% to BGF's closing
share price last week.
The offer closes on 3 October 2003. No shareholder approval is
required for the issue.
The directors intend to subscribe for shares with respect to
their own shareholdings. The funds raised will be used to
continue BGF's systematic and methodical development
of geological understanding and resource base, and for working
capital purposes.
CONTACT Information: Richard Laufmann
Managing Director
Tel: 03 5333 5444
Wrights Investors' Service reports that at the end of 2002,
Ballarat Goldfields had negative working capital, as current
liabilities were A$3.40 million while total current assets were
only A$1.10 million. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding. However, negative working capital in and
of itself is not necessarily bad, and could indicate that the
company is very efficient at turning over inventory, or that the
company has large financial subsidiaries.
PAN PHARMACEUTICALS: Administrators Advise DOCA Over Liquidation
----------------------------------------------------------------
Tony McGrath and Chris Honey, the Administrators of the Pan
Group of Companies, have released their second supplementary
report to creditors. The report provides a recommendation to
creditors as required by the Corporations Law.
As foreshadowed at the meeting of creditors held on September 8,
2003, the Administrators recommend that the Pan Group of
Companies undertake a Deed of Company Arrangement (DOCA) as
proposed by Mr Fred Bart. This recommendation is made as an
alternative to the companies proceeding into liquidation. The
key reasons that can be attributed to the Administrators'
recommendation are as follows:
* The proposed Deed of Arrangement provides, potentially, a
higher return to creditors than under a liquidation.
* Although, there is some uncertainty, should the Pan Group
be able to continue to trade, then further potential benefits
will accrue to employees, trade creditors, and sponsors.
* The Deed provides that in return for a contribution to the
Deed sum of $3 million and forgiveness of any claims Mr Selim
may have against Pan, Mr Selim be granted a release from any
claims from any claims Pan may have against him. This release
falls away should the Deed of Arrangement fail.
In summary, the Administrators are recommending a Deed of
Company Arrangement over a liquidation because it provides a
potentially higher return to creditors, whilst leaving protected
the position of creditors should the Deed fail.
The Administrators' recommendation will be considered at a
meeting of creditors to be held on September 23, 2003.
Click http://bankrupt.com/misc/TCRAP_PAN0923.pdfto view a copy
of the Administrator's Second Supplementary Report to Creditors.
PAN PHARMACEUTICALS: Discloses Final Deed of Company Arrangement
----------------------------------------------------------------
Pan Pharmaceuticals Limited disclosed the final version of the
Deed of Company Arrangement that has been approved by Andrew
Thorpe, Mr Selim's solicitor, but is subject to the approval of
Mr Selim. Mr Thorpe has advised that he will recommend that Mr
Selim accept the deed as drafted.
A copy of the Deed can be found at
http://bankrupt.com/misc/TCRAP_PANDoCA.pdf.
================================
C H I N A & H O N G K O N G
================================
CELESTIAL ASIA: 2003 Operations Loss Swells to HK$35.585
--------------------------------------------------------
Celestial Asia Securities Holdings Limited posted a summary of
its financial statement for they year ending December 31, 2003:
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
Note ('000) ('000)
Turnover : 445,112 578,687
Profit/(Loss) from Operations : (35,585) 17,781
Finance cost : (1,797) (3,151)
Share of Profit/(Loss) of
Associates : 0 (7,665)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (32,479) (10,875)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.103) (0.034)
-Diluted (in dollars) : (0.103) (0.034)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (32,479) (10,875)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss per share
The calculation of basic and diluted loss per share for the six
months ended 30 June 2003 together with the comparative figures
for 2002 is based on the following data:
Unaudited
six months ended 30 June
2003 2002
HK$'000 HK$'000
Loss for the purpose of basic and diluted loss per share
calculation
(32,479) (10,875)
========== =========
Weighted average number of ordinary shares for the purpose of
basic and
diluted loss per share 314,765,595 318,467,629
============ =============
The computation of diluted loss per share for the above two
periods does not assume the exercise of the Company's
outstanding share options as the exercise price of these options
was higher than the average market price of shares for both
periods.
2. Comparative in (LPS)-diluted for the six months period ended
30 June 2002 is changed for consistent disclosure treatment of
diluted loss per share for the six months period ended 30 June
2003.
GOLD PROSPECT: Winding Up Petition Slated for Hearing
-----------------------------------------------------
The petition to wind up Gold Prospect Investments Limited is set
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 22, 2003 by
Butsiri, Somphet of Flat F, 2nd Floor, Un On Building, 130 Camp
Street, Shamtshuipo, Kowloon, Hong Kong.
I100 LIMITED: Parallel Trading Starts Wednesday
-----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of i100 Limited will commence at 9:30
a.m. on Wednesday, 24/09/2003 under the following particulars:
Stock Code Stock Short Name Board Lot Certificate Color
------- ---------------- --------- -----------------
616 I100-NEW 4,000 shares Blue
2966 I100-OLD 50 shares Green
Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.
At the end of 2002, i100 Limited had negative working capital,
as current liabilities were HK$8.15 million while total current
assets were only HK$4.63 million. The fact that the company has
negative working capital could indicate that the company will
have problems in expanding. However, negative working capital in
and of itself is not necessarily bad, and could indicate that
the company is very efficient at turning over inventory, or that
the company has large financial subsidiaries.
PALIBURG HOLDINGS: 2003 Interim Announcement Released
-----------------------------------------------------
Paliburg Holdings Limited released its interim announcement for
the six months ended June 30, 2003. Below is an excerpt from the
announcement:
Management Discussion and Analysis
* Net cash inflow from operating activities during the period
under review amounted to HK$57.8 million (2002 - HK$139.1
million). Net interest payment for the period amounted to
HK$53.7 million (2002 - HK$190.1 million).
* As at 30th June, 2003, the Group's borrowings net of cash
and bank balances amounted to HK$5,029.8 million, as compared to
HK$5,190.2 million as at 31st December, 2002. Gearing ratio
based on total assets of HK$9,343.6 million (31st December, 2002
- HK$9,647.6 million) was about 54% (31st December, 2002 - 54%).
As the majority part of the Group's borrowings is denominated
in Hong Kong dollar currency, being the same currency in which
the Group's major revenues are derived, and with interest
determined with reference to Interbank Offered Rates, the use of
hedging instruments for currency or interest rates purposes is
not considered to be necessary.
* Information in relation to the maturity profile of the
borrowings, the pledge of assets and the contingent liabilities
of the Group as of 30th June, 2003 has not changed materially
from that disclosed in the most recently published annual report
of the Company for the year ended 31st December, 2002 (the "2002
Annual Report"). During the period under review, the Group
continued to adopt the same funding, treasury and remuneration
policies as disclosed in the 2002 Annual Report. Detailed
information in such aspects is contained in the Company's 2003
Interim Report.
* In June 2003, following the default by the relevant third
party purchaser in the closing of a sale and purchase agreement
dated 3rd September, 2002 for the disposal of the Group's 100%
interest in a subsidiary company owning the Regal Constellation
Hotel in Canada, the Group divested of its 100% shareholding
interest in the immediate holding company of such subsidiary
company to another third party purchaser for a nominal
consideration, with sharing arrangements on any recovery from
the defaulted purchaser. As the principal repayment obligations
of the bank loan originally secured on the Regal Constellation
Hotel was without recourse to the Group, such bank loan in the
principal sum of approximately HK$195.9 million has been taken
off the consolidated balance sheet of the Group as at 30th June,
2003. A loss on disposal of the Group's investments in relation
to the Regal Constellation Hotel has been fully accounted for in
the results under review.
* Subsequent to the period under review, on 29th August,
2003, the Group entered into a sale and purchase agreement for
the disposal of its 100% interest in a subsidiary company, which
indirectly owns the Regal Oriental Hotel. Details of such
disposal were disclosed in an announcement of the Company dated
4th September, 2003. At present, there are no immediate plans
for material investments or capital assets other than, as
previously reported, the possible disposal of the Group's other
non-core hotel property, namely, the Regal Riverside Hotel, with
a view to further reduce the overall debt levels.
* Following the divesture of two of the Group's major
investment properties in 2002, the Group's significant
investments constitute primarily its ownership and operating
interests in the five Regal Hotels in Hong Kong. The performance
of these hotels during the period under review, their future
prospects as well as the commentary on the local hotel industry,
changes in general market conditions and their potential impact
on the operating performance of these hotels are contained in
the section headed "Review and Outlook".
For complete copy of the financial result, go to
http://bankrupt.com/misc/TCRAP_Paliburg0923.pdf.
S&F ENGINEERING: Winding Up Petition Pending
--------------------------------------------
S&F Engineering Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
October 15, 2003 at 9:30 in the morning.
The petition was filed on August 18, 2003 by Ling Chung Hang of
Block A, 11/F., Pak Lok Mansions, 322 Nathan Road, Kowloon, Hong
Kong.
SKYNET (INTERNATIONAL): Requests Trading Suspension
---------------------------------------------------
At the request of Skynet (International Group) Holdings Limited,
trading in its shares has been suspended with effect from 9:30
a.m. Monday (22/09/2003) pending the release of an announcement
in relation to the result of the hearing of the winding up
petition.
U-CYBER TECHNOLOGY: Narrows Net Loss to HK$8.765M
-------------------------------------------------
U-Cyber Technology Holdings Limited disclosed its results
announcement 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: 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 : 113,382 24,081
Profit/(Loss) from Operations : (5,158) (20,081)
Finance cost : (2,395) (3,130)
Share of Profit/(Loss) of
Associates : (1,410) (3,079)
Share of Profit/(Loss) of
Jointly Controlled Entities : (827) (397)
Profit/(Loss) after Tax & MI : (8,765) (27,382)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.018) (0.056)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (8,765) (27,382)
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
WALTECH PACIFIC: Winding Up Sought by Ng Wing Ho
------------------------------------------------
Ng Wing Ho is seeking the winding up of Waltech Pacific
(Engineering) Limited . The petition was filed on August 20,
2003, and will be heard before the High Court of Hong Kong on
October 15, 2003.
Ng Wing Ho holds its registered address at Room 2501, Hing Fai
House, Tai Hing Estate, Tuen Mun, New Territories, Hong Kong.
WIDEOCEAN ENGINEERING: Winding Up Hearing Scheduled in October
--------------------------------------------------------------
The High Court of Hong Kong will hear on October 8, 2003 at 9:30
in the morning the petition seeking the winding up of Wideocean
Engineering Limited.
Mok Chung Mau of Room 2512, 25/F., Chu Ping House, Long Ping
Estate, Yuen Long, New Territories, Hong Kong filed the petition
on August 11, 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.
=================
I N D O N E S I A
=================
TEXMACO: IBRA Confirms Asset Purchase Cancellation
--------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) Deputy Chairman T
Priyono confirmed the cancellation of Mirzan Mahathir's plan to
acquire PT Texmaco Perkasa Engineering's assets, in which IBRA
was trying to sell in its program of Strategic Assets Sales II
(PPAP II), Bisnis Indonesia reported Saturday.
Mahathir previously planned to purchase the assets of Texmaco
using Utara Capital, its investment vehicle.
An unidentified source said that Mirzan Mahathir, the son of
Malaysian Prime Minister Mahathir Mohammad, cancelled his plan
because he did not get additional members for his consortium.
"Mirzan was interested in purchasing the assets of Texmaco
because he has some experiences in similar industries," the
source said, adding that Mirzan tried to get some partner to
acquire the assets of Texmaco, but he could not find one.
Texmaco group previously belonged to Marimutu Sinivasan. Today
IBRA controlled the shares of the group as Sinivasan failed to
pay its obligation following the financial crisis of 1997/98.
IBRA was now controlling 70% shares of Bina Prima Perdana,
textile manufacturer of Texmaco Group, while Sinivasan was still
holding the rest of the shares.
=========
J A P A N
=========
DAIEI INC.: Colony Capital Offers Higher Bid for Fukuoka
--------------------------------------------------------
U.S.- based Colony Capital LLC has offered a higher bid for
ailing retailer Daiei Inc.'s businesses in Fukuoka than that of
other U.S. rivals Ripplewood and Lehman, the Japan Times
reported on Saturday. Daiei is expected to review the two bids
and decide which one to pick by the end of this month after
consulting with the state-backed Industrial Revitalization Corp.
of Japan.
Last week, Colony Capital and the consortium of investment firms
Ripplewood Holdings LLC and brokerage Lehman Brothers Holdings
Inc. submitted their respective bids to Daiwa Securities SMBC
Co., which acts as financial adviser for the Daiei deal. Both
sides presented three different business plans, and Colony
Capital outbid the Ripplewood-Lehman team in all three.
KASHIWAZAKI RESORT: Golf Course Enters Bankruptcy
-------------------------------------------------
Kashiwazaki Resort K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The golf course located at
Kashiwazaki-shi, Niigata, Japan has 23.1 billion yen in capital
against total liabilities of 71 million yen.
KUMAGAI GUMI: S&P Downgrades Rating to 'SDpi'
---------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on
construction Company Kumagai Gumi Co. Ltd. to 'SDpi' from
'CCpi', following the completion of debt forgiveness by the
Company's creditor banks.
Kumagai Gumi's main creditor banks completed the debt
forgiveness program of Y268.4 billion on Sept. 18, 2003. The
company received Y256.2 billion in debt forgiveness from its
main bank, Sumitomo Mitsui Banking Corp. (BBB/Negative/A-2);
Y6.4 billion from Sumitomo Trust & Banking Co. Ltd.
(BBB/Stable/A-2); and Y5.8 billion from UFJ Bank Ltd.
(BBB/Negative/A-3).
Despite this debt forgiveness, Standard & Poor's believes a
quick turnaround in Kumagai Gumi's credit quality is unlikely.
Even after the debt forgiveness and issuance of preferred stock
of Y30 billion on Sept. 11, 2003, the company's ratio of debt
to total capital remains very high, at about 90%. Moreover,
potential benefits from consolidation with Tobishima Corp. are
unlikely to be large enough to offset pressure on Kumagai Gumi's
order volume and pricing.
An 'SD' rating is assigned when an obligor has selectively
defaulted on a specific issue or class of obligations but is
expected to continue to meet its payment obligations on other
issues or classes of obligations in a timely manner.
NIPPON STEEL: May Exceed Its Three-Year Cost-Cutting Target
-----------------------------------------------------------
Nippon Steel Corporation (NSC) may exceed a three-year cost-
cutting target because it has reduced energy bills and is making
products with fewer defects, Bloomberg said on Friday. The steel
maker may reduce operating costs by 40 billion yen (US$345
million) in the year ending March 2004, or almost half of the 85
billion yen it planned to cut by March 2006, Akio Mimura,
President of Nippon Steel said in an interview.
The steel maker, which posted a net loss of 80.1 billion yen in
the last two years, wants to slash 130 billion yen from total
costs during the next three years.
NISSAN DIESEL: Nissan Motor Mulling Y20B Aid
--------------------------------------------
Nissan Motor Co. is considering about 20 billion yen in
financial aid for ailing truck manufacturer Nissan Diesel Motor
Co., a core unit of its group, according to Kyodo News. Nissan
is examining the assistance as the biggest shareholder of Nissan
Diesel, which has already begun negotiations with Mizuho
Corporate Bank and other major lenders on a bailout plan
totaling 100 billion yen.
Since hitting an all-time low of 62 yen last October, Nissan
Diesel's shares have nearly quadrupled to 228 yen as of Friday,
mainly due to a surge in truck sales on replacement buying
before stricter emissions regulations are introduced in parts of
Japan this autumn.
=========
K O R E A
=========
HYUNDAI MOTOR: Employee Stock Ownership Union to Sue CEOs
---------------------------------------------------------
The employee stock ownership union of Hyundai Motor has decided
to file a damage compensation lawsuit against eight registered
Directors of the carmaker, including CEO Chung Mong-koo, Digital
Chosun reported on Friday. The names of the other Directors were
not mentioned in the report.
The union claimed that in the first half of this year, the
management of the firm unfairly extended a loan of about 500
billion won to Hyundai Card, a unit of the Hyundai Motor group,
causing shareholders 234.7 billion won in losses.
The union's branch at Kia Motors will hold a meeting on Monday
to determine whether Kia also provided an unfair loan to sister
firms of the group. The group's core units -- Hyundai Motor, Kia
Motors and INI Steel -- provided W502.6 billion in rescue funds
to Hyundai Card through share acquisitions.
One official of the Hyundai stock ownership union claimed that
the group subsidiaries have acquired shares of the ailing card
unit at prices far higher than that on the market.
KOOKMIN BANK: Under Investigation for Questionable Stock Deals
--------------------------------------------------------------
Kookmin Bank could become the first local financial institution
to be charged by the prosecution for violating fair trade
regulations for its questionable stock transactions, the Korea
Times said on Friday, citing Samsung Securities. The bank could
suffer 1.5 billion won in financial losses due to the
allegations.
Kookmin suffered another blow to its corporate image Thursday as
it is under suspicion of using insider information as basis for
the sale of its 50 percent stake in SK Securities in May. The
bank sold 7.2 million shares of SK Securities for 8.1 billion
won just one day before the financially troubled securities firm
announced plans for a capital reduction.
The bank came under fire after the transaction as market
watchers speculated that Kookmin knew about the capital
reduction before it was disclosed to the public, allowing the
lender to significantly reduce losses arising from SK
Securities.
SK GLOBAL: Wants Lease Decision Period Extended to December 22
--------------------------------------------------------------
SK Global America, Inc., a unit of South Korea's troubled SK
Networks Co., is currently a party to four unexpired non-
residential real property leases that have neither been assumed
nor rejected. Some of these Leases may be valuable assets of the
Debtor's Chapter 11 estate or may be integral to the continued
operation of its business.
The Debtor asks Judge Blackshear to extend its deadline to
assume or reject the Leases to December 22, 2003, without
prejudice to the rights of each of the lessors under the Leases
to seek, for cause shown, an earlier date upon which the Debtor
must assume or reject a specific Lease.
Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
explains that additional time is needed for the Debtor to
analyze the Leases to avoid what would be either a premature
assumption or rejection of them. If the Debtor were to assume
the Leases prematurely, Mr. Ratner points out that the Debtor,
its estate and creditors would incur unnecessary administrative
costs for the Leases, which ultimately may not be important as
the Debtor continues to work on a business plan that may include
relocation or consolidation of its operations. In addition, any
post-assumption breach by the Debtor under an assumed Lease
would give rise to an administrative expense claim.
As an international trading Company with several offices located
throughout the U.S., annual sales exceeding $2,600,000 and
numerous trading partners located in the country and abroad, the
Debtor's financial affairs and contractual relationships are
complex and extensive. Mr. Ratner notes that the Debtor's case
is still in its early stages. During the first 60 days of its
case, the Debtor expended significant time and resources on
issues relating to its orderly transition to operating in a
Chapter 11 context.
Mr. Ratner explains that it's simply not possible for the Debtor
to make a reasoned decision as to the assumption or rejection of
the Leases prior to the current deadline. The Debtor does not
want to inadvertently forfeit any Lease as a result of the
"deemed rejected" provision of Section 365(d)(4) of the
Bankruptcy Code.
Mr. Ratner assures the Court that granting the Debtor a 90-day
extension will not prejudice the Lessors because:
(a) The Debtor is current on its postpetition rent obligations
under the Leases;
(b) The Debtor has the financial wherewithal and intent to
continue to timely perform all of its postpetition obligations
under the Leases as required by Section 365(d)(3) of the
Bankruptcy Code; and
(c) In all instances, individual Lessors may ask, for cause
shown, that the Court fix an earlier date by which the Debtor
must assume or reject a Lease. (SK Global Bankruptcy News, Issue
No. 5; September 5, 2003)
SK NETWORKS: Creditors Considering Bailout
------------------------------------------
Domestic creditors of SK Networks Co. (SKN), formerly known as
SK Global, will decide on Monday (September 22) to bail out or
liquidate the trading Company, as fresh details emerged of the
fraud that disguised its US$5.6 billion of losses, the Financial
Times reports. Creditors agreed in July to save the trading arm
of SK Group, but the deal was thrown into doubt because fewer
than expected foreign banks agreed to support the bailout.
SKN's survival was conditional on support from foreign creditors
holding at least 80 percent of the Company's debt but the
overseas banks fell 1.2 percent short of the target ahead of
Monday's deadline. Domestic creditors, led by Hana Bank, must
decide whether to relax the terms of the deal and accept 78.8
percent support from foreign creditors - including Standard
Chartered, HSBC and Bank of New York - or scrap the bail-out and
throw SKN into bankruptcy.
SKN, which specializes in oil trading, changed its name from SK
Global last week in an attempt to repair its tattered image
following the conviction in June of 10 directors on fraud
charges.
===============
M A L A Y S I A
===============
AOKAM PERDANA: Revises Proposed Rescue Scheme
---------------------------------------------
Aokam Perdana Berhad refers to the announcement made on behalf
of the Board of Directors of Aokam (Board) on 7 May 2003 in
relation to the Proposals, involving Proposed Rescue Scheme and
Proposed ESOS.
On behalf of the Board, Southern Investment Bank Berhad
announced that Aokam had on 19 September 2003 entered into a
supplemental agreement with the vendors of Key Heights Sdn Bhd
(KHSB), namely Amalan Menang Sdn Bhd (AMSB), Ong Sok Hean and
Samudera Sentosa Sdn Bhd (Samudera), to revise some of the terms
of the Proposed Rescue Scheme (Revised Scheme). The proposed
revision to the Proposed Rescue Scheme is shown in Table 1 at
http://bankrupt.com/misc/TCRAP_Aokam0923.xls.
The Revised Scheme has been formulated after taking into
consideration, inter-alia, the approved valuation of the
Securities Commission on the contractual timber rights to be
injected into Aokam.
FINANCIAL EFFECTS OF THE REVISED SCHEME
The financial effects of the Revised Scheme on the Company are
shown in Table 2 at
http://bankrupt.com/misc/TCRAP_Aokam0923.doc.
APPLICATION TO THE AUTHORITIES
The application on the Revised Scheme will be made to the
relevant authorities within two (2) months from the date of this
announcement.
DOCUMENT FOR INSPECTION
The supplemental agreement dated 19 September 2003 is available
for inspection at B-11-3 Megan Phileo Promenade, 189 Jalan Tun
Razak, 50400 Kuala Lumpur for a period of two (2) weeks from the
date of this announcement.
BERJAYA CAPITAL: Proposed Revised BCAP Inter-Company Settlement
---------------------------------------------------------------
Pursuant to the announcement made by Berjaya Group Berhad
(BGroup) on its proposed restructuring exercise dated 28 June
2002, Commerce International Merchant Bankers Berhad
(CIMB) had on 11 July 2002, on behalf of the Board of Directors
(Board) of Berjaya Capital Berhad, announced that BCap proposes
to undertake the following proposals (BCap Proposals):
(i) The proposed settlement of inter-company balance by a
newly incorporated company (Newco) on behalf of BGroup to BCap
through the issuance of 2% 10-year irredeemable convertible
unsecured loan stocks (ICULS) at the nominal value of RM1.00
each in Newco (2% Newco ICULS) (Proposed BCap Inter-Company
Settlement);
(ii) The proposed bonus issue of approximately 794.99 million
new ordinary shares of RM1.00 each in BCap (BCap Shares),
credited as fully paid-up, on the basis of seven (7) new BCap
Shares for every five (5) existing BCap Shares held on a date to
be determined and announced later by the Board of BCap (Proposed
BCap Bonus Issue); and
(iii) The proposed capital repayment pursuant to Section 64
of the Companies Act, 1965 (Act) of RM0.90 for every one (1)
BCap Share held after the Proposed BCap Bonus Issue and the
subsequent consolidation of ten (10) ordinary shares of RM0.10
each in BCap into one (1) BCap Share (Proposed BCap Capital
Repayment and Consolidation).
On 26 August 2003, CIMB had, on behalf of the Board of BGroup,
announced a revision to BGroup's proposed restructuring exercise
(BGroup Revised Proposals), which includes, amongst others, a
proposed revision to the settlement of inter-company balance due
to BCap (BGroup Revised Proposals Announcement).
In the BGroup Revised Proposals Announcement, BGroup proposes
that the inter-company balance due to BCap be settled partly
through cash of approximately RM130 million and the balance
through the issuance of approximately RM1,828 million 0% ICULS
at the nominal value of RM0.50 each in Newco (0% Newco ICULS)
instead of the previously announced 2% Newco ICULS as full and
final settlement of the inter-company balance due to BCap
(Proposed Revised BCap Inter-Company Settlement).
Pursuant thereto, there will no longer be any proposed set off
on BGroup's portion of its entitlement arising from the Proposed
BCap Capital Repayment and Consolidation of approximately RM130
million against the Proposed BCap Inter-Company Settlement as
announced on 11 July 2002. In addition, the Proposed BCap
Capital Repayment and Consolidation will involve the
distribution of 0% Newco ICULS rather than the 2% Newco ICULS.
Save for the above-mentioned proposed revisions, there are no
further changes to the BCap Proposals.
The Proposed Revised BCap Inter-Company Settlement, the Proposed
BCap Bonus Issue and the Proposed BCap Capital Repayment and
Consolidation are hereinafter collectively referred to as the
"BCap Revised Proposals".
Pursuant to the BGroup Revised Proposals, CIMB, on behalf of the
Board of BCap is pleased to announce the Proposed Revised BCap
Inter-Company Settlement, the details of which are set out in
the ensuing sections.
DETAILS OF THE PROPOSED REVISED BCAP INTER-COMPANY SETTLEMENT
The Proposed Revised BCap Inter-Company Settlement, which is the
settlement by BGroup to BCap of its inter-company balance due to
BCap, involves the proposed partial cash settlement of
approximately RM130 million and the balance through the issuance
of approximately RM1,828 million 0% Newco ICULS as full and
final settlement of the inter-company balance due to BCap.
The inter-company balance was accumulated over a period of time
and is essentially unsecured, with interest bearing of
approximately 6.75% per annum and with no fixed term of
repayment.
As at 30 April 2003, the amount of inter-company balance owing
to BCap is approximately RM1,385 million. Based on the
assumption that the Proposed Revised BCap Inter-Company
Settlement will be completed by 30 June 2004, the estimated
inter-company balance will be approximately RM1,569 million.
The 0% Newco ICULS to be issued pursuant to the Proposed Revised
BCap Inter-Company Settlement shall have the same terms and
conditions as those to be issued pursuant to the BGroup Revised
Proposals, but will not be entitled to participate in the
proposed rights issue to be implemented by Newco thereof.
The indicative principal terms of the 0% Newco ICULS are set out
in Table 1.
RISKS ASSOCIATED WITH THE PROPOSED REVISED BCAP INTER-COMPANY
SETTLEMENT
The risks associated with the Proposed Revised BCap Inter-
Company Settlement include but may not be limited to the
following:
Issue Price and Market Price of the 0% Newco ICULS
The issue price for the 0% Newco ICULS has been fixed at RM0.50
each. There is no assurance that the market price of the 0%
Newco ICULS will remain at or above the issue price upon or
subsequent to their listing.
Restriction on the Convertibility of the 0% Newco ICULS
In compliance with the provisions under Section 17 of the Act,
it is stipulated that a corporation cannot be a member of a
company, which is its holding company. As such, BCap, being a
subsidiary of BGroup and in turn an indirect subsidiary of Newco
after the BGroup Revised Proposals, is not allowed to hold any
new ordinary shares of RM1.00 each in Newco ("Newco Shares")
that may arise from the subsequent conversion of the 0% Newco
ICULS held by BCap. In view thereof, BCap will need to dispose
of the 0% Newco ICULS held by it prior to its maturity. The
subsequent disposal(s) of the remaining 0% Newco ICULS held by
BCap will depend on the market price of the 0% Newco ICULS upon
their listing. There is no assurance that the market price of
the 0% Newco ICULS will remain at or above the issue price upon
or subsequent to their listing.
EFFECTS OF THE PROPOSED REVISED BCAP INTER-COMPANY SETTLEMENT
Share Capital and Shareholding Structure
The Proposed Revised BCap Inter-Company Settlement will not have
any effect on the issued and paid-up share capital and
shareholding structure of BCap.
Net Tangible Assets (NTA)
For illustration purposes, the proforma effects of the BCap
Revised Proposals on the NTA per BCap Share of BCap and its
subsidiary and associated companies ("BCap Group") based on its
audited consolidated balance sheet as at 30 April 2003 are set
out in Table 2.
Earnings
The Proposed Revised BCap Inter-Company Settlement is expected
to be completed by the last financial quarter of 2004. There
will be a reduction in future inter-company interest income (net
of tax) arising from the Proposed Revised BCap Inter-Company
Settlement.
APPROVALS REQUIRED
The BCap Revised Proposals are subject to the approvals of the
following parties:
(i) the Securities Commission (SC);
(ii) the Kuala Lumpur Stock Exchange for the listing of and
quotation for the 0% Newco ICULS to be issued by Newco to BCap
pursuant to the Proposed Revised BCap Inter-Company Settlement
and the Newco Shares to be issued pursuant to the conversion of
the 0% Newco ICULS;
(iii) the shareholders of BCap at an extraordinary general
meeting (EGM) to be convened;
(iv) the Orders of the High Court of Malaya sanctioning the
Proposed BCap Capital Repayment and Consolidation pursuant to
Section 64 of the Act; and
(v) any other relevant authorities, if required.
The Proposed Revised BCap Inter-Company Settlement is
conditional upon the following:
(a) The BGroup Revised Proposals; and
(b) The proposed exemptions to Tan Sri Dato' Seri Vincent Tan
Chee Yioun (TSVT) and parties acting in concert with him and
Newco from undertaking any mandatory general offer obligation(s)
under the Malaysian Code on Take-Overs and Mergers, 1998 that
may arise from the BGroup Revised Proposals.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
Tan Sri Dato' Danny Tan Chee Sing (TSDT), Chan Kien Sing (CKS)
and Robert Yong Kuen Loke (RYKL) (Interested Directors) are
deemed interested in the Proposed Revised BCap Inter-Company
Settlement by virtue of their common directorships in BCap and
BGroup. Accordingly, they will abstain from voting on the
Proposed Revised BCap Inter-Company Settlement at all Board
meetings of BCap and BGroup held to deliberate on the Proposed
Revised BCap Inter-Company Settlement. The Interested Directors
will also abstain from voting on the Proposed Revised BCap
Inter-Company Settlement in respect of their direct or indirect
shareholdings in BCap at the forthcoming EGM of the Company.
BGroup, the holding company of BCap, is deemed interested in the
Proposed Revised BCap Inter-Company Settlement and as such, will
abstain from voting in respect of its direct and indirect
shareholdings in BCap at the forthcoming EGM of the Company.
TSVT is a substantial shareholder of BGroup as well as a deemed
substantial shareholder of BCap. As such, he is deemed
interested in the Proposed Revised BCap Inter-Company
Settlement. In view thereof, he will abstain from voting in
respect of his direct and indirect shareholdings in BCap at the
forthcoming EGM of the Company.
Dato' Robin Tan Yeong Ching (DRT) is the son of TSVT. As such,
he is deemed to be a person connected to TSVT. Accordingly, he
will abstain from voting in respect of his direct and indirect
shareholdings in BCap at the forthcoming EGM of the Company.
Details of the Interested Directors' common directorships in
BCap and BGroup as well as their shareholdings in BCap and
BGroup as at 31 July 2003 are as set out in Table 3(a) and Table
3(b) respectively. Details of the shareholdings of TSVT, BGroup
and DRT in BCap and BGroup (where applicable) as at 31 July 2003
are as set out in Table 3(c).
Save as disclosed above, the Company is not aware of any other
Directors or substantial shareholders of BCap and/or persons
connected to them by virtue of Section 122A of the Act who have
any interests, direct or indirect, in the Proposed Revised BCap
Inter-Company Settlement.
DIRECTORS' STATEMENT
The Board of BCap is of the opinion that the Proposed Revised
BCap Inter-Company Settlement is in the best interest of the
Company.
Tables 1 and 2 can be found at
http://bankrupt.com/misc/TCRAP_Berjaya0923.doc.
BERJAYA CAPITAL: Seek Proposed Shareholders' Mandate Approval
-------------------------------------------------------------
The Board of Directors of Berjaya Capital Berhad wishes to
announce that pursuant to paragraph 10.09 of the Kuala Lumpur
Stock Exchange Listing Requirements (Listing Requirements), the
Company intends to seek the approval of its shareholders for a
proposed shareholders' mandate for recurrent related party
transactions of a revenue or trading nature (Proposed Mandate)
at the forthcoming 10th Annual General Meeting (AGM) of the
Company.
At the Extraordinary General Meeting (EGM) held on 17 October
2002, the shareholders of the Company had granted a mandate for
the Company and its subsidiaries to enter into recurrent related
party transactions. In accordance with paragraph 4.1.4 of
Practice Note 12/2001 of the Listing Requirements, the said
mandate will lapse at the forthcoming AGM. Pursuant thereto, the
Proposed Mandate being sought from shareholders at the
forthcoming AGM will also include the renewal of the
shareholders' mandate obtained at the EGM held on 17 October
2002.
A circular setting out the details of the Proposed Mandate will
be dispatched to the shareholders of the Company in due course.
DENKO INDUSTRIAL: Unit Faces Writ Over Unpaid Contribution
----------------------------------------------------------
Denko Industrial Corporation Berhad (Denko) wishes to announce
that Skiva Marketing Sdn Bhd (SM), a wholly owned subsidiary
company of Denko and two directors of SM, had been served a writ
of summons (dated 14 August 2003) and statement of claim (dated
13 August 2003) on 18 September 2003, filed by Lembaga Kumpulan
Wang Simpanan Pekerja (KWSP) in the Kuala Lumpur High Court with
suit No. S5-21--243-03, allegedly due to failure to submit the
KWSP contributions amounting to RM294,700, for the period
January 2001 to June 2001.
The expected loss is minimal and as follows:
The plaintiff claimed the following :
a) KWSP contributions of RM294,700;
b) dividend declared on the contributions for the period of
January 2001 to June 2001 at a rate of 5% per annum in year
2001, 4.25% per annum for year 2002 and the following dividend
at a rate to be declared by KWSP until the day of full
settlement;
c) interest on contributions at the rate of 7% per annum for
period 26 February 2001 to 12 March 2002, 6% per annum for the
period 13 March 2002 to 20 April 2003 and continuing interest at
a rate to be determined by KWSP until the day of full
settlement;
d) legal costs; and
e) such other relief as the Honourable Court deemed fit
Denko and SM do not expect any material financial and
operational impact arising from the above suit as the KWSP
contributions in arrears has been provided for in the accounts
of SM and monthly installment has been negotiated.
The cost of investment of Denko in SM was RM6,672,070 in 1997.
FORESWOOD GROUP: Seeks Two-Month RA Extension
---------------------------------------------
Foreswood Group Berhad is an affected listed issuer under PN4.
On 21 July 2003, Public Merchant Bank Berhad had on behalf of
FGB made a requisite announcement with regards to FGB's plan to
regularize its financial condition via the Proposed Corporate
and Debt Restructuring Scheme (Requisite Announcement). In
accordance with paragraph 5.1(b) of PN4, FGB should submit its
regularization plans to the relevant authorities for approval
within two (2) months from the date of the Requisite
Announcement, which was made on 21 July 2003. FGB wishes to seek
Kuala Lumpur Stock Exchange (KLSE)'s approval for an extension
of two (2) months up to 21 November 2003, to enable the Company
to submit its applications to the relevant authorities in
compliance with paragraph 5.1(b) of PN4.
STATUS OF FGB'S PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME
As at the date of the Requisite Announcement, FGB obtained the
approval-in-principle for a majority of the aggregated debt.
However, discussions are still ongoing with certain lenders in
relation to the Proposed Corporate and Debt Restructuring
Scheme. As a result of ongoing discussions, the Company is
unable to finalize and sign the debt settlement agreement with
its lenders.
EXPECTED DATE OF SUBMISSION TO REGULARISE FINANCIAL CONDITION
Pending the agreement of the lenders and the signing of the debt
settlement agreement, FGB regrets to inform the KLSE that the
Company will be unable to make a submission of its
regularization plan to the authorities in relation to the
Proposed Corporate and Debt Restructuring Scheme for approval by
the stipulated time-frame as stated in FGB's announcement dated
21 July 2003.
It is anticipated that the Company would require an additional
two (2) months to finalize its applications to the relevant
authorities pending the completion of the on-going discussions
with certain lenders and the signing of the debt settlement
agreement.
APPROVAL SOUGHT
Premised on the above, FGB wishes to seek the KLSE's approval to
grant an extension of two (2) months up to 21 November 2003 for
FGB to comply with the requirements of paragraph 5.1(b) of PN4.
KIARA EMAS: Restricted, Special Issue Closing Date Extended
-----------------------------------------------------------
Pursuant to the notice advertised in the Star on 8 September
2003 and the announcement released to the Kuala Lumpur Stock
Exchange (KLSE) on 8 September 2003, in relation to the
Proposals consisting of:
i. Proposed Shareholders' Scheme
ii. Proposed Creditors' Scheme
iii. Proposed Disposal
iv. Proposed Acquisition
v. Proposed Special Issue
vi. Proposed Restricted Issue
vii. Proposed Mandatory Offer
viii. Proposed Transfer Of Listing Status
(hereinafter collectively referred to as the "Proposals"
ix. Proposed Exemption
AmMerchant Bank Berhad wishes to announce, on behalf of the
Board of MTHB, that following the Board's deliberation on the
implications arising from the demise of Mr. Wong Thiam Loy on
the restructuring scheme of Kiara Emas, the Board has decided
that the Company will proceed with the said restructuring
scheme, including the Restricted Issue and the Special Issue. In
this respect, the Board has, in the interests of the Company,
extended the closing date of the Restricted Issue and the
Special Issue from 5:00 p.m. on 9 September 2003 to 5:00 p.m. on
17 October 2003.
A Supplementary Prospectus, which is to be read together with
the Prospectus dated 28 August 2003, and the accompanying new
Provisional Allotment Letter for the Restricted Issue and new
Application Form for the Special Issue, will be dispatched to
the shareholders and investors of MTHB in due course.
NAM FATT: KLSE Grants ICULS Conversion Listing Today
----------------------------------------------------
Kindly be advised that the Nam Fatt Corporation Berhad's
additional 5,764,000 new ordinary shares of RM1.00 each issued
pursuant to the Conversion of RM5,764,000 Irredeemable
Convertible Unsecured Loan Stocks - A Into 5,764,000 New
Ordinary Shares (Conversion) will be granted listing and
quotation with effect from 9:00 a.m., Tuesday, 23 September
2003.
Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission has on 6 January 2003
approved an extension of time to 9 June 2003 for Nam Fatt to
complete the Proposals, which involves Proposed Loans
Restructuring Scheme; Proposed Additional Issue; Proposed Rights
Issue; and Proposed Increase in Authorized Share Capital
NCK CORPORATION: Units Under Creditors' Voluntary Liquidation
-------------------------------------------------------------
NCK Corporation Bhd (Special Administrators Appointed)
wishes to announce that its subsidiaries Nusantara Kukuh Sdn Bhd
(NKSB) and NCK Marketing Sdn Bhd, which is also a subsidiary of
NCK Aluminium Extrusion Sdn Bhd (In Creditors' Voluntary
Liquidation), are proposed to be wound up voluntarily by way of
creditors' voluntary liquidation.
NCK also announced that Mr Lim Tian Huat and Mr Adam Primus
Varghese bin Abdullah of Messrs Ernst & Young be appointed
jointly and severally as Provisional Liquidators for the purpose
of the Creditors' Voluntary Liquidation pursuant to Section 255
of the Companies Act, 1965 with effect from 10 September 2003
and 19 September 2003, respectively.
PARK MAY: Proposed Disposal Talks With SPNB Underway
----------------------------------------------------
Reference is made to the Kuala Lumpur Stock Exchange's Query
Letter reference ID: ZO-030918-55919 on the article entitle,
"Prasarana Negara to take over Intrakota and Parkmay", which
appeared in various national newspapers on 18 September 2003
concerning the takeover of the management and operations of two
(2) private bus companies, namely Intrakota Consolidated Berhad
and Park May Berhad by Syarikat Prasarana Negara Bhd (SPNB) with
retrospective effect from 1 September 2003.
In this respect, Park May Berhad on Friday clarified that it is
currently negotiating with SPNB on the disposal of the fleet of
stage buses owned by its subsidiaries (Proposed Disposal). The
terms and conditions are expected to be finalized soon. The
Company will make the necessary announcement on the Proposed
Disposal once it has been formalized via the signing of an
assets sale and purchase agreement.
KLSE's Query Letter content:
We refer to the above news article appearing in Sin Chew Daily,
page 4, on Thursday, 18 September 2003, a copy of which is
enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which states
that Prasarana Negara will take over ... Parkmay with effect
from
this month.
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts
sufficient to support the same.
Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully,
LISA LAM
Sector Head, Issues & Listing
LL/KLL/WSW/ZOOS
c.c. Securities Commission (via fax)
PICA (M) CORP.: Securities De-listed From KLSE's Official List
--------------------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Kuala Lumpur Stock Exchange in the exercise of its powers under
Paragraph 16.17 of the Exchange's Listing Requirements, has
decided to de-list the securities of Pica (M) Corporation Berhad
from the Official List of the Exchange as the Company does not
have an adequate level of financial condition to warrant
continued listing on the Official List of the Exchange.
Accordingly, please be informed that the securities of Pica (M)
Corporation Berhad were removed from the Official List of the
Exchange at 9:00 am on Monday, 6 October 2003.
With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
please be informed that the securities of the Company may remain
deposited with the MCD notwithstanding the de-listing of the
securities of the Company from the Official List of the
Exchange. It is not mandatory for the securities of the Company
to be withdrawn from MCD.
Shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw their
securities from their CDS accounts with MCD, at anytime after
the securities of the Company are de-listed from the Official
List of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by MCD.
Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.
SITT TATT: Deed Cut-Off Date Further Extended
---------------------------------------------
Sitt Tatt Berhad refers to the announcement dated 10 September
2003 in relation to the extension of the Cut-off Date from 10
September 2003 to 12 September 2003.
Pursuant to the Deed of Settlement (Deed) between Tan Sri Datuk
Dr Mohan M. K. Swami, J.P. (TSDDMS), Dato' Pang Wee Pat, J.P.
(DPWP), and the Vendors, it was agreed, inter alia, that MISL &
Associates Sdn Bhd (MISL), as legal and beneficial owner, is to
sell and Datuk Mazlan Bin Jamaludin, Kor Hiang Ling, Lim Lek
Teck, Lai Moon Kwai and Lim Chih Li @ Lin Zhili (the Vendors)
are to procure the sale of, and TSDDMS and DPWP (the Purchasers)
are to purchase, 43,459,500 ordinary shares of RM1.00 each in
Sitt Tatt held by MISL (Sale Shares) at RM1.20 per share on 6
August 2003 (Completion Date) or in any event not later than 10
September 2003 (Cut-off Date), free of all security interests,
moratorium, other third party rights and all charges, lien,
encumbrances, equities or other adverse claims or interests.
The parties to the Deed had mutually agreed that the Cut-off
Date be extended from 10 September 2003 to 12 September 2003 and
thereafter from 12 September 2003 to 19 September 2003.
However, litigation proceedings have since been commenced by
Julung Prestasi Sdn Bhd against MISL under Suit Number D6-22-
1535-2003 (Said Proceedings) and an injunction has been served
on MISL (Said Injunction), which prohibits, inter alia, MISL
from transferring the Sale Shares, and hence MISL cannot
complete the sale and purchase of the Sale Shares.
In view of the abovementioned litigation, at the request of MISL
and the Vendors, the parties to the Deed have mutually agreed
that the Cut-off Date be further extended from 19 September 2003
to the fifteenth (15th) market day from the date of the decision
of the High Court in Malaya in respect of the application to set
aside the Said Injunction or in respect of the inter partes
application for the Said Injunction.
SITT TATT: SC Approves Proposed Moratorium Revision
---------------------------------------------------
Sitt Tatt Berhad refers to the announcements made on 11 August
2003 and 10 September 2003 in relation to the Mandatory offer
obligation (Proposed Mandatory Offer) arising from:
* Sale and Purchase Agreement (SPA) between Tan Sri Datuk Dr
Mohan M. K. Swami, J.P. (TSDDMS), Dato' Pang Wee Pat, J.P.
(DPWP), and the Vendors (as defined herein) and Bintang Ketara
Sdn Bhd;
* Deed of Settlement (Deed) between TSDDMS, DPWP and the
Vendors.
(collectively referred to as the Agreements)
On behalf of TSDDMS and DPWP (the Purchasers), Southern
Investment Bank Berhad (SIBB) had on 22 August 2003 made an
application to the Securities Commission (SC) for the proposed
revision to the moratorium requirement (Proposed Moratorium
Revision) pursuant to the Agreements.
Pursuant to the above, SIBB wishes to announce that the SC had
via its letter dated 16 September 2003 which was received on 18
September 2003 approved the abovementioned Proposed Moratorium
Revision. In approving the Proposed Moratorium Revision, the SC
has taken note of the following:
(i) On 31 July 2003, the Purchasers entered into the SPA with
MISL & Associates Sdn Bhd (MISL), Datuk Mazlan Bin Jamaludin,
Kor Hiang Ling, Lim Lek Teck, Lai Moon Kwai and Lim Chih Li @
Lin Zhili (the Vendors) and Bintang Ketara Sdn Bhd to acquire
the entire equity interest in MISL comprising 1,002 ordinary
shares of RM1.00 each (MISL Shares) (MISL Sale Shares) (Proposed
MISL Acquisition) for a total purchase consideration of RM1,002;
(ii) The Purchasers had also on even date, executed the Deed
with the Vendors and MISL for the Purchasers to acquire the
43,459,500 ordinary shares of RM1.00 each in Sitt Tatt (Sitt
Tatt Shares) free from moratorium (Cross Shares) for the sum of
RM52,151,400 or at RM1.20 per Sitt Tatt Share (Proposed Cross
Shares Acquisition); and
(iii) The Proposed Cross Shares Acquisition will be
implemented prior to the Proposed MISL Acquisition by the
Purchasers.
In this regard, the SC has approved the Proposed Moratorium
Revision, as follows:
(i) The waiver of the undertakings given by the Vendors to
the SC that they will not sell, transfer or assign their equity
interest in MISL over the moratorium period;
(ii) MISL can adopt the revised moratorium requirement under
the new SC's Policies and Guidelines on Issue/Offer of
Securities (Revised Moratorium Requirement); and
(iii) The Purchasers to undertake to the SC that, upon the
completion of the Proposed MISL Acquisition and effective from
such date, the Purchasers will not sell, transfer or assign
their equity interest in MISL over the remainder of the revised
moratorium period imposed on MISL under the Revised Moratorium
Requirement, i.e. the period of one (1) year commencing from 3
June 2003 and expiring on 2 June 2004.
The SC approval on the Proposed Moratorium Revision is subject
to the following conditions:
(i) The Purchasers are required to furnish to the SC an
undertaking letter stating that they will not sell, transfer or
assign their equity interest in MISL over the remainder of the
revised moratorium period;
(ii) The management contracts between MISL, the management
and key personnel and Pyramid Manufacturing Industries Pte Ltd,
Singapore, CEM Machinery Pte Ltd, Singapore and PMI Plating
Services Pte Ltd, Singapore are to be finalized and executed
prior to the implementation of the Proposed MISL Acquisition by
the Purchasers; and
(iii) The Purchasers are required to furnish to the SC a
written confirmation stating that all agreements entered into
between Sitt Tatt and MISL will remain in effect after the
Proposed MISL Acquisition by the Purchasers.
SRI HARTAMAS: Unit's Liquidator Inks Disposal Agreement
-------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB) wish to
announce that the Liquidators of its wholly-owned subsidiary,
Mawar Tiara Sdn Bhd - In Liquidation (Vendor) had on 19
September 2003 entered into a Sale and Purchase Agreement (S&P)
with Archmill Sdn Bhd (Purchaser), for the sale of one (1)
parcel of freehold land for a total cash consideration of
RM5,000,000.00.
DETAILS OF THE DISPOSAL OF THE LAND
The Vendor had carried out an open tender exercise for the sale
of its assets from 26 June 2003 to 18 July 2003. Pursuant to the
said tender exercise, the Vendor acting through its Liquidators
had on 19 September 2003, entered into a S&P with the Purchaser,
for the sale of one (1) parcel of freehold land held under
H.S.(D) 90324 P.T. 15233 in Mukim Batu, Daerah Kuala Lumpur
(Land) measuring a total provisional land title area of
approximately 10,798 square meters for a total cash
consideration of RM5,000,000.00.
The Land is being disposed free from all lien, charges and other
encumbrances with vacant possession and the Land will be
transferred in its present state and condition on an "as is
where is" basis (subject to all existing conditions of title and
category of land use in respect of the Land) to the Purchaser.
The purchase consideration will be paid in the following manner:
a) Prior to the execution of the S&P, the Purchaser had paid
to the Vendor the earnest money amounting to RM50,000.00;
b) Upon the execution of the S&P, the Purchaser had paid the
balance deposit amounting to RM450,000.00 to the Vendor;
c) The balance of the purchase price amounting to
RM4,500,000.00 shall be payable to the Vendor within three (3)
months from the date of the S&P or fourteen (14) days from the
date of notification to the Purchaser's solicitor by the Vendor
that the S&P has become unconditional, whichever is later.
CONDITION PRECEDENT
Based on the terms of the S&P, the sale of the Land is
conditional upon and subject to compliance with guidelines,
regulations and/or rules issued by regulatory and/or statutory
authorities or bodies (the Guidelines) in respect of the
disposal of the Land by the Vendor (by virtue of the Vendor
being a subsidiary of SHB) or otherwise waived or deemed
unnecessary in the sole and absolute discretion of the Vendor
within a period of not later than 3 months from the date of the
S&P.
If the above condition precedent is not fulfilled within 3
months from the date of the S&P, the period will be
automatically extended for another 3 months. In the event the
Vendor does not issue such confirmation by the expiry of 3
months or the extended period, the S&P shall terminate and cease
to be of any effect and neither party shall have any claims
against the other save for any antecedent breach provided always
that the parties may mutually agree to extend the extended
period for such further period.
BASIS OF ARRIVING AT THE CONSIDERATION
The latest valuation by M/S Jones Lang Wootton dated 4 July 2003
values the Land at RM6,800,000 and RM5,000,000 based on open
market value and forced sale value respectively using the
comparison method. The disposal price of RM5,000,000.00
represents approximately 73.5% of the open market value.
DESCRIPTION OF THE LAND
The Vendor is the registered owner of the Land. The Land was
acquired by the Vendor on 6 December 1993 at the cost of
investment of approximately RM1,329,000. The net book value of
the Land as at 30 June 2002 amounted to approximately
RM3,030,000.
The Land is presently free from all lien, charges and
encumbrances.
Upon completion of the sale, the Land will be transferred in its
present state and condition on an "as is where is" basis
(subject to all existing conditions of title and category of
land use in respect of the Land) to the Purchaser.
INFORMATION ON THE VENDOR
The Vendor was incorporated in Malaysia under the Companies Act,
1965 on 26 August 1993.
The Vendor's present authorized share capital is RM500,000
divided into 500,000 ordinary shares of RM1.00 each of which
250,000 ordinary shares of RM1.00 each have been issued and
fully-paid.
The principal activity of the Vendor is in property development
(including dealing in land).
Liquidators have been appointed over the Vendor on 28 May 2003
pursuant to the Extraordinary General Meeting and creditors'
meeting held on the same date.
INFORMATION ON THE PURCHASER
The Purchaser was incorporated in Malaysia under the Companies
Act, 1965 as a private limited company on 28 April 2001. The
Purchaser is a subsidiary of Rapid Synergy Berhad, a public
company listed on the Second Board of the Kuala Lumpur Stock
Exchange.
The Purchaser's present authorized share capital is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which 2
ordinary shares of RM1.00 each have been issued and fully-paid.
The Purchaser has yet to commence its intended principal
activities, which are property investment and development.
RATIONALE OF THE DISPOSAL OF THE LAND
The Vendor has been wound-up by way of creditors' voluntary
winding-up on 28 May 2003 in accordance with the Vendor's
Workout Proposal dated 30 November 2001 and the Modified Workout
Proposal dated 28 June 2002.
In the course of liquidation, the Liquidators of the Vendors
shall utilize the net sales proceed of the disposal of the Land
to settle the creditors of the Vendor in accordance with the
Companies Act, 1965.
FINANCIAL EFFECTS OF THE DISPOSAL OF THE LAND
There is no financial effects of the disposal of the Land on the
share capital, substantial shareholder's shareholding, earnings
per share, net tangible assets per share of the SHB Group as the
Vendor's financial statements was deconsolidated from the SHB
Group as at 30 June 2003.
LIQUIDATORS OF THE VENDOR, SPECIAL ADMINISTRATORS OF SHB,
DIRECTORS OF SHB AND SUBSTANTIAL SHAREHOLDERS OF SHB'S INTERESTS
The Board of Directors of SHB as at 31 August 2003 is as
follows:
(i) Tan Sri Dato' Elyas Bin Omar;
(ii) Dato' Abdul Rahman Bin Dato' Mohammed Hashim;
(iii) Gopala Krishnan s/o Sanguni Nair; and
(iv) Nirmaljit Singh a/l Surjit Singh.
None of the Directors held any share in SHB as at 31 August
2003.
None of the shareholders of SHB as at 31 August 2003 held more
than 5% of the issued and paid-up capital of SHB.
Neither the Liquidators of the Vendor, the Special
Administrators of SHB, Board of Directors of SHB, Major
Shareholders of SHB (if any) and/or persons connected with them
have any interest, direct or indirect, in the disposal of the
Land.
SPECIAL ADMINISTRATORS OF SHB'S OPINION
The Special Administrators of SHB upon the advice of the
Liquidators of the Vendor are of the view that the disposal is
in the interest of the creditors of the Vendor and the terms and
conditions thereof are fair and reasonable in the circumstances.
UNIPHOENIX CORP.: Creditors Voluntarily Wind Up Units
-----------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad wishes
to announce the following:
1) At an Extraordinary General Meeting of Halim Capital
Management Sdn Bhd (Halim), a subsidiary of the Company the
following resolutions were duly passed:
"a) That Halim be wound up by way of a creditors' voluntary
winding up.
b) That Mr Tan Kim Leong, JP of Business Suite 19A-30-2,
Level 30, UOA Centre, No. 19 Jalan Pinang, 50450 Kuala Lumpur be
appointed as Liquidator of Halim for the purpose of a creditors'
voluntary winding up.
c) That the liquidator's fees (including service tax and
disbursements) be fixed at RM18,250.
d) That the books and records of Halim be destroyed three
(3) months after the dissolution of Halim."
2) At an Extraordinary General Meeting of Pembangunan KGMMB-
UCB (Melaka) Sdn Bhd (PKGMMB), a subsidiary of the Company the
following resolutions were duly passed:
"a) That PKGMMB be wound up by way of a creditors' voluntary
winding up.
b) That Mr Tan Kim Leong, JP of Business Suite 19A-30-2,
Level 30, UOA Centre, No. 19 Jalan Pinang, 50450 Kuala Lumpur be
appointed as Liquidator of PKGMMB for the purpose of a
creditors' voluntary winding up.
c) That the liquidator's fees (including service tax and
disbursements) be fixed at RM18,250.
d) That the books and records of PKGMMB be destroyed three
(3) months after the dissolution of PKGMMB."
Both the above winding up do not affect the on-going operation
of the Group and also do not have any adverse financial impact
on the Group.
UNITED ENGINEERS: Obtains SC's Nod of Proposed Exemption
--------------------------------------------------------
Further to the announcement dated 19 September 2003 in relation
to the following:
(i) the Proposed Scheme of Arrangement Between Intria Berhad,
United Engineers (Malaysia) Berhad (UEM), Projek Penyelenggaraan
Lebuhraya Berhad (Propel) and the Shareholders of Propel Under
Section 176 of the Companies Act, 1965 to take Propel Private;
(ii) the Proposed Acquisition of UE Construction Sdn Bhd by
Intria;
(iii) the Proposed Renaming of Intria to UEM Builders Berhad
or Such other name as may be determined by Intria; and
(iv) the Proposed Exemption for UEM and Parties Acting in
Concert from the Obligation to make a Mandatory Take-Over Offer
for the Remaining Shares in Intria not Already Owned by them
Upon Completion of the abovementioned Proposals (i) and (ii)
(Proposed Exemption).
AmMerchant Bank Berhad, on behalf of Intria Berhad, is pleased
to announce that the Securities Commission had on 18 September
2003 approved the Proposed Exemption.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE LONG: Hopes to Resolve Talks With Worldcom
-----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has agreed to meet
with US-based WorldCom Inc. on Monday (September 22) to discuss
termination rates that would hopefully start the resolution of a
seven-month long dispute between the American and local
carriers, PLDT Senior Vice President for International and
Carrier Business Group Alfredo Panlilio said. WorldCom is
looking to meet with all local carriers, but so far, only PLDT
has agreed to do so. WorldCom has met with local carriers thrice
since the dispute on rates started in February this year.
=================
S I N G A P O R E
=================
ASIA PULP: Dispute Hits Debt Restructuring
------------------------------------------
Asia Pulp & Paper Co.'s (APP) debt restructuring has been left
hanging in the balance by an 11th-hour dispute between APP and
its creditors, the Financial Times reported on Saturday. APP has
hit a fresh impasse in discussions with creditors that threaten
the finalization of a long-promised settlement of the US$6.7
billion owed by the Company's Indonesian units.
Leading creditors from Europe and Asia are flying out to
Indonesia to join talks with APP's major creditor, the
Indonesian Bank Restructuring Agency (IBRA), early this week.
APP, which is controlled by Indonesia's Widjaja family, stopped
payments on $13.9bn in debts in March 2001. It signed an outline
of key terms with creditors of its four Indonesian subsidiaries
in June.
BIL INTERNATIONAL: Widens Year Loss to US$60.3M
-----------------------------------------------
BIL International Ltd. posted a full-year net loss of US$60.3
million, from a net loss of US$21.8 million a year earlier,
according to Reuters. The net loss for the year ended June 30,
2003, included unrealized foreign exchange losses of $54.7
million, resulting from foreign currency denominated loans.
BIL recently moved to full ownership of Britain's Thistle
Hotels, the biggest hotel group in London, spending $562 million
to acquire the 54.2 percent of the firm it did not already own.
CHARTERED SEMICON: Develops Nanometer-Scale Chip With Synopsys
--------------------------------------------------------------
Chartered Semiconductor Manufacturing (CSM), one of the world's
top three dedicated semiconductor foundries, and Synopsys, Inc.,
the world leader in semiconductor design software, announced
that Synopsys has developed silicon libraries for Chartered's
NanoAccess 90 nanometer (nm) system-on-chip (SoC) manufacturing
technologies. In addition, the two companies are qualifying chip
design tool flows for the NanoAccess 90nm process. In concert
with this effort, Synopsys has joined Chartered's NanoAccess
Alliance, which is aimed at accelerating development and
reducing the risk of nanometer-scale integrated circuits (ICs)
and SoC devices for fabless and fab-lite chip companies.
The 90nm libraries consist of standard cells, I/O components and
memory compilers, and are optimized for Synopsys' Galaxy design
and Discovery verification platforms. The Synopsys offering
features multiple standard cell libraries characterized for
multiple voltage thresholds, as well as new signal integrity and
power management design views. These capabilities enable
designers to effectively target the performance and power
requirements of their products in silicon. Advanced chip design
is further supported with run-set and technology files optimized
for Chartered's 90nm process and Synopsys' industry-leading IC
physical design tools, including Hercules and Star-RCXT. The two
companies have also begun validation of a joint 90nm reference
design flow.
"Companies are depending on Chartered and Synopsys, as key
players in the semiconductor supply chain, to provide more of
the design solution for leading-edge technologies," said Kevin
Meyer, vice President of worldwide marketing and services at
Chartered. "We're setting the foundry standard for 90nm with a
design platform that supports one of the most popular customer-
owned tooling design flows and uses common third-party libraries
instead of proprietary foundry offerings to ensure design
portability. This means companies can choose Chartered as their
manufacturing partner and also implement multi-sourcing
strategies as needed."
"Synopsys is dedicated to working with leading foundries to
ensure chip designers of a smooth path to silicon," said Rich
Goldman, vice President of Strategic Market Development at
Synopsys. "Chartered and Synopsys are long-term partners in the
qualification of physical verification tools and library
development. We have worked to provide our mutual customers with
early, unrestricted access to the libraries that they need to
design with Chartered's leading edge technologies. Our joint
efforts at 90nm forge an even tighter link between process
libraries and tools."
Synopsys is an inaugural member of Chartered's NanoAccess
Alliance and joins an extensive ecosystem of industry-leading
library, electronic design automation, intellectual property,
and outsourced design and manufacturing services companies. The
NanoAccess Alliance brings together critical SoC technologies
and services with Chartered's NanoAccess semiconductor
manufacturing processes for 90nm and beyond. Chartered and the
NanoAccess Alliance companies promote access to open design
solutions that allow foundry customers more control over their
leading-edge design and manufacturing options. (See September
18, 2003 press release, "Chartered Launches NanoAccess Alliance
to Enable Chip Design on Foundry-Proven 90nm Process Platform)
Availability
The production releases of 90nm libraries, Hercules run-set
files and Star-RCXT technology files are anticipated in the
first calendar quarter of 2004. Early adopters can immediately
leverage functional and timing views to characterize the
performance of critical design elements. The 90nm offering
augments Synopsys libraries available today for Chartered's
processes from 0.35 micron to 0.13 micron.
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.
About Synopsys
Synopsys, Inc. is the world leader in electronic design
automation (EDA) software for semiconductor design. The Company
delivers technology-leading semiconductor design and
verification platforms to the global electronics market,
enabling the development of complex systems-on-chips (SoCs).
Synopsys also provides intellectual property and design services
to simplify the design process and accelerate time-to-market for
its customers. Synopsys is headquartered in Mountain View,
California and is located in more than 60 offices throughout
North America, Europe, Japan and Asia. Visit Synopsys online at
http://www.synopsys.com/.
Media Contacts:
Chartered Singapore:
Maggie Tan
+65.360.4705
tanmaggie@charteredsemi.com
For Chartered:
Laurie Stanley, Wired Island, Ltd.
+1.510.656.0999
laurie@wiredislandpr.com
For Synopsys:
Isela Gamboa
+1.650.584.1644
igamboa@synopsys.com
DATELINE FORWARDING: Creditors to Submit Claims by September 19
---------------------------------------------------------------
The petition to wind up Dateline Forwarding Services Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on September 19, 2003 at 10 o'clock in the morning.
Freedie Chin Kek Khiong practicing under the name of style of
Fredie Chin & Co., a creditor, whose address is situated at No.
2 Finlayson Green, #10-06 Asia Insurance Building, Singapore
049247, filed the petition with the court on August 25, 2003.
The petitioners' solicitors are Messrs Ng Ong & Chee at No. 2
Finlayson Green, #10-05 Asia Insurance Building, Singapore
049247. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs Ng Ong & Chee 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).
D&Y BUILDERS: Winding Up Hearing Set For September 19
-----------------------------------------------------
The petition to wind up D&Y Builders Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on September
19, 2003 at 10 o'clock in the morning. Eastern Steel Services
Pte Ltd., a creditor, whose address is situated at No. 22,
Tanjong Kling Road, Singapore 628048, filed the petition with
the court on August 28, 2003.
The petitioners' solicitors are Messrs Gurbani & Co of No. 9,
Temasek Boulevard, #17-01 Suntec Tower 2, Singapore 038989. Any
person who intends to appear at the hearing of the petition must
serve on or send by post to Messrs Gurbani & Co 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).
E-JIA TRADING: Winding Up Hearing Slated for September 19
---------------------------------------------------------
The petition to wind up E-Jia Trading Pte Ltd. 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 27, 2003.
The petitioners' solicitors are Messrs Lee Bon Leong & Co. of 79
Anson Rd #11-01/02, Singapore 079906. Any person who intends to
appear on the hearing of the petition must serve on or send by
post to Messrs Lee Bon Leong & Co. 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).
HONG LAI: First Creditor's Meeting Set on October 6
---------------------------------------------------
Hong Lai Huat Construction Pte Ltd. (Under Judicial Management)
issued a notice that the first meeting of creditors will be held
at Oasis Room, 3rd Floor, Le Meridien Singapore, 100 Orchard
Road, Singapore 238840 on Monday 6th of October 2003 at 10 a.m.
for the purpose to consider and approve the Judicial Manager's
proposal.
To entitle you to vote thereat your proof must be lodged with me
not later than 5.00 p.m. on the 3rd of October 2003.
BOB LOW SIEW SIE
Judicial Manager.
Address of Judicial Manager:
c/o Bob Low & Co.
10 Anson Road #39-15
International Plaza
Singapore 079903.
PKTECH INTERNATIONAL: Winding Up Unit
-------------------------------------
Extropia.com Pte Ltd (Extropia), a subsidiary of PK Tech
International Ltd, called a meeting of Shareholders on 13 August
2003 and immediately after, convened a meeting pursuant to
Section 296 of the Companies Act.
The Board of Directors of PK Tech International Ltd (PKTech)
announced that at the Shareholders' meeting called by Extropia
the following resolution was passed and immediately after, the
appointment of Liquidators was confirmed at the meeting of
Creditors:
"That it has been proved to the satisfaction of the meeting that
the Company cannot by reason of its liabilities continue its
business and accordingly the Company be wound up voluntarily and
that Messrs Chee Yoh Chuang and Lim Lee Meng of 18 Cross Street
#08-01 Marsh & McLennan Centre Singapore 048423 be and are
hereby appointed as joint and several liquidators for the
purpose of winding up the affairs of the Company."
With the winding up, PKTech would have to write off
approximately S$3.2 million on its investment in Extropia and
the portion of the term loan that cannot be recovered. This
write-off will have a material adverse impact on the Group's
financial results for the financial year ended 30 June 2003.
SMRT CORPORATION: Winding Up Dormant Unit
-----------------------------------------
SMRT Corporation Ltd. announced that its subsidiary EZCard Pte
Ltd (EZCard) has been placed under members' voluntary winding up
on 25 July 2003. Ezcard is a dormant Company.
Messrs Ong Yew Huat and Seshadri Rajagopalan have been appointed
as the liquidators for EZCard.
The liquidation of EZCard is not expected to have any material
financial impact on the Company.
THAKRAL CORPORATION: Kartar Singh Cuts Stake
--------------------------------------------
Following is a notice of changes in substantial
shareholder's/Director's Deemed Interests filed by Thakral Corp.
Ltd. with the Singapore Exchange:
Name of Substantial Shareholder/Director: Kartar Singh Thakral
Date of notice to Company: 19 Sep 2003
Date of change of interest: 18 Sep 2003
Name of registered holder: B. B. L. (Nominees) Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by a financial
institution to meet obligation of a related Company.
Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction:
5,970,500
% of issued share capital: 0.399
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.105
No. of shares held before the transaction: 5,970,500
% of issued share capital: 0.399
No. of shares held after the transaction: 0
% of issued share capital: 0
Holdings of Substantial Shareholder/Director including direct
and deemed interest
Deemed Direct
Shares held before: 334,243,154 0
% of issued share Capital: 22.343 0
Shares held after: 328,272,654 0
% of issued share Capital: 21.944 0
Total Shares: 328,272,654 0
Amount of consideration is denominated in Singapore dollars
unless otherwise noted.
WANT WANT: 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
===============
PICNIC GAS: SET Grants Company Abbreviation Change Request
----------------------------------------------------------
Picnic Gas and Chemicals Public Company Limited (PICNIC) has
requested to the Stock Exchange of Thailand to change its
abbreviation. As a result, effective from September 23, 2003
onwards, the abbreviation of Picnic Gas and Chemicals Public
Company Limited in trading system will be changed from "PICNIC"
to "PICNI".
PICNIC GAS: BOD Meeting No. 1/2003 Resolves Capital Increase
------------------------------------------------------------
Picnic Gas and Chemicals Public Company Limited, in reference to
the Board of Directors No. 1/2003 held on September 18, 2003,
has resolved to a capital increase and shares allotment, as
follows:
1. Capital Increase
The meeting of the Board of Directors passed a resolution
approving the increase of a registered capital of the Company
from Bt400,000,000 to Bt750,000,000 by means of the issuance of
70,000,000 new ordinary shares with a par value of Bt5 each,
totaling Bt350,000,000.
2. Allotment of new shares
The meeting of the Board of Directors passed a resolution
approving the allotment of 70,000,000 ordinary shares with a par
value of Bt5 each, totaling Bt350,000,000.
3. Schedule for shareholders meeting to approve the capital
increase/allotment
The Extraordinary General Meeting of Shareholders No. 1/2003 is
scheduled to be held on October 17, 2003 at head office at
Conrad Hotel, All Season Place 87, Wireless Road, Pathumwan
Bangkok 10330 passed the following resolution:
The share register will be closed for share transfer in order to
determine the rights to attend this meeting starting from
October 2, 2003 at 12:00 p.m.
4. Approval of the capital increase/share allotment by relevant
governmental agency and condition
The allotment of shares to public offering, warrants to existing
shareholders and to be attached to PO shares require the
submission of application for approval of an offer of newly
issued shares, warrants and shares reserved for the exercise of
warrants, the filing and draft prospectus to the Office of the
Securities and Exchange Commission (SEC) after the Extraordinary
General Meeting of Shareholders No.1/2003 approves the issuance
and offering of shares and warrants. Thus, the offering of
shares and warrants will be carried out after the Company
obtains the approval from the SEC and the filing and draft
prospectus become effective.
5. Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase
To be used as working capital and for business expansion.
6. Benefits, which the Company will be received from the
capital increase/share allotment
The Company will have adequate capital to invest in new projects
and to enhance its capability in generating future revenues.
7. Benefits, which the shareholders will be received from the
capital increase/share allotment
7.1 The Company has a policy to pay dividends by
approximately at 40% of the net profit after taxes, or as it may
deem appropriate, except in cases where there are other
necessities and such payments would significantly affect the
normal operations of the Company.
7.2 The shareholders will be entitled to receive dividend
from the year 2003. The warrant holders who exercise their
rights to purchase the Company's shares will be entitled to
receive dividend from the year that the exercise occurred.
8. Other details necessary for shareholders to approve the
capital increase/share allotment -None-
9. Schedule of action where the Board of Directors of the
Company passed a resolution approving the capital increase or
allotment of new shares
1. The closing date of the share register book for
determining the rights to attend the Extraordinary General
Meeting of Shareholders No. 1/2003 on October 2, 2003
2. The Extraordinary General Meeting of Shareholders No.
1/2003 on October 17, 2003 to approve the capital increase,
share allotment and the issuance of warrants.
3. The Board of Directors or the Management will determine
later the closing date of the share register book for
determining the rights of the shareholders to receive the
warrants.
SINO-THAI RESOURCES: Registers Increased Paid-up Capital
--------------------------------------------------------
The Annual General Meeting of Shareholders of Sino-Thai
Resources Development Public Company Limited No. 25/2003 held on
March 20, 2003 and the Board of Directors Meeting No. 2/2003
held on July 11, 2003, have resolved to increase 6,000,000 new
ordinary shares, and allocated such shares at the par value of
Bt10 in portion. The first portion of 1,000,000 shares were
allocated for Mr. Dhol Watanasri at the offering price of Bt3.40
on August 27, 2003. The Company had informed the Business
Development Department, Ministry of Commerce for the registered
capital and paid-up shares increasing on September 16, 2003. The
Company has the remaining shares unallocated 5,000,000 shares.
The Company would like to report that the Company had allocated
the last portion of 5,000,000 new issued shares, at the par
value of Bt10, The details are as follows:
Allocation of the increased: Mr. Dol Wattanasri
Mr. Niti Thavornvanich
Number of shares to be sold: 3,000,000 shares
2,000,000 shares
Offering Price: Bt3.40/share
Bt3.40 /share
Total: Bt10,200,000
Bt6,800,000
Time & date of subscription & Payment: September 2, 2003
September 5, 2003
The Company had informed the Business Development Department,
Ministry of Commerce for the registered capital and paid-up
shares increasing on September 17, 2003 for the registered
capital and paid-up shares increasing from Bt150 million to
Bt200 million.
SUN TECH: Planner Explains Auditor's Report
-------------------------------------------
Srisongkram Planner Co., Ltd, as the Planner of Sun Tech Group
Public Company Limited, provided explanation on the auditor's
report dated September 9, 2003, as follows:
Third paragraph: Subsidiary company, Sun-Master
International, has loaned from Rachelle Finance Limited. Auditor
did not received debt confirmation from Rachelle Finance Limited
because they sent it after auditor report date.
Forth paragraph: Sun Tech amended the rehabilitation plan and
is preparing the details to the Board of Creditors for approval.
Fifth paragraph: According to forth paragraph, after the
Board of Creditors approve the Plan, Sun Tech would be ready to
operate steel business. That will get value from the asset.
Sixth paragraph: Debt that may incur under law-suit, was
already recorded in restructuring plan, which was approved by
majority Board of Creditors. AMC's total debt including interest
amounts Bt440.60 million and Sin-Asia Finance amount Bt26.39
million. According to restructuring plan of Sun Tech dated June
s18, 2001, the company proposed to receive debt balance and
would convert debt to equity. Law-suit case with Intercredit and
Trust Finance, which total debt amounts to Bt0.57 million, has
been cleared already.
Seventh paragraph: A subsidiary in the rental and sale of
videotape business was unable to comply with conditions in
accordance with an area development agreement due to economic
crisis and lack of working capital.
THAI WAH: Discloses Debt to Equity Conversion Method, Period
------------------------------------------------------------
Thai Wah Group Planner Co., Ltd., as the Plan Administrator of
Thai Wah Public Company Limited, informed the method and period
of debt to equity conversion as specified in the amended
business reorganization plan of the Company that was approved by
the Central Bankruptcy Court on 30 June 2003 (Plan). The
essential matters are summarized below:
1. Increase of registered capital of the Company
On 18 August 2003, the Company duly registered an increase of
registered capital with the Ministry of Commerce by increasing
the registered capital of Bt262,500,000 dividing into 26,250,000
new ordinary shares at a par value of Bt10 per share.
2. Allotment of new ordinary shares of the Company
2.1 On 26 September 2003, the Company will allot the new
ordinary shares to all Thai creditors in Class 1 and Class 2
Creditors. Such allotment will be made in proportion to
all debts in Tranche E Converted Debt owed to such creditors
under the Plan. The payment of such new ordinary shares will be
made by means of converting Tranche E Converted Debt into equity
of the Company at a price of Bt7.62 per share.
The list of creditors and the number of new ordinary shares to
be allotted are as follows:
Name of Creditors Number of new ordinary
shares to be allotted
(1). Bangkok Bank PCL 891,196
(2). Bangkok Commercial Asset Management Co., Ltd. 39,219
(3). Bank of Ayudhya PCL 117,421
(4). Bank Thai PCL 720,013
(5). DBS Thai Danu Bank PCL 797,014
(6). Phayathai Asset Management Co., Ltd. 20,967
(7). Standard Chartered Nakornthon Bank PCL 566,211
(8). Sukhumvit Asset Management Co., Ltd. 102,925
(9). The Industrial Finance Corporation of Thailand 777,047
(10). The Siam Commercial Bank PCL 2,150,144
(11). TISCO Finance PCL 209,126
Total 6,391,283
2.2 On 29 September 2003, the Company will allot the new
ordinary shares to all foreign creditors in Class 1 and Class 2
Creditors. Such allotment will be made in proportion to all
debts in Tranche E Converted Debt owed to such creditors under
the Plan. The payment of such new ordinary shares will be made
by means of converting Tranche E Converted Debt into equity of
the Company at a price of Bt7.62 per share.
On the date of this letter, all foreign creditors in Class 1 and
Class 2 Creditors are as follows:
(4) Avenue Asia Special Situations Fund II, LP
(5) Bank of China BIBF
(6) Bank of China, Singapore Branch
(7) Chiao Tung Bank, Singapore Branch
(8) Credit Agricole Indosuez (Suisse) S.A.
(9) Credit Agricole Indosuez, Bangkok Branch BIBF
(10) HL Bank
(11) ICAP AP (Singapore) Pte Ltd.
(12) PT Bank Mandiri (Persero) Tbk Singapore Branch
(13) RHB Bank Berhad, Bangkok Branch
(14) Societe Generale, Singapore Branch
(15) The Hongkong and Shanghai Banking Corporation
Limited and
(16) United Overseas Bank Limited
If the allotment of new ordinary shares to the foreign creditors
on the above-mentioned date will cause the proportion of foreign
shareholding of the Company to exceed the rate as specified by
law, the Company will allot new ordinary shares to such
creditors in the proportion to Tranche E Converted Debt to the
extent permitted by law. If there remains Tranche E Converted
Debt owed to foreign creditors in Class 1 and Class 2 Creditors,
the Company will convert such debt into equity by 25 June 2004,
provided that the proportion of foreign shareholding of the
Company after such conversion does not exceed the maximum
allowable by law.
3. The Company has reserved an amount of 3,673,756 new ordinary
shares for the debt to equity conversion after Class 5 Creditors
are transferred to Class 1 Creditors or Class 2 Creditors
pursuant to the Plan and such debt to equity conversion will be
made in proportion to Tranche E Converted Debt owed to the said
creditors.
The list of creditors and the number of new ordinary shares
reserved are as follows:
Name of creditors Number of new ordinary shares
reserved for allotment
(1) Bangkok Bank PCL 209,167
(2) Everen Investment Pte Ltd. 3,464,589
Total 3,673,756
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***