/raid1/www/Hosts/bankrupt/TCRAP_Public/031006.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, October 06, 2003, Vol. 6, No. 197
Headlines
A U S T R A L I A
DOWNER EDI: Millennium Train Reliability Improves
DUKE ENERGY: Fitch Ups Credit Ratings; Outlook Remains Negative
GRAND HOTEL: Submits Application to Takeovers Panel
JACOBSEN ENTERTAINMENT: First Creditors' Meeting Set on Tuesday
STOCKFORD LIMITED: Creditors May Get 100c in the Dollar
TOWER LIMITED: New Group Company Secretary Appointed
C H I N A & H O N G K O N G
G-PROP MANAGEMENT: Winding Up Petition Hearing Set
HK COMPUTER: Petition to Wind Up Scheduled
HK CONSTRUCTION: Narrows Operations Loss to HK$77.9M
POWER HOLD: Winding Up Sought by Bank of China
QUALIWAY INTERNATIONAL: Winding Up Petition Pending
SUN'S GROUP: Annual Results Dispatch Further Delayed
WINSAN (CHINA): 2003 Net Loss Swells to HK$48.360M
I N D O N E S I A
PERUSAHAAN LISTRIK: Issuing RP1T Bonds by Mid 2004
PERUSAHAAN LISTRIK: Needs Fresh Investment to Reduce Losses
J A P A N
ALL NIPPON: Plans Pay Cuts Across The Board
CROSSWAVE COMMUNICATIONS: KDDI Aids Reorganization
CROSSWAVE COMMUNICATIONS: Unable to Finalize Financial Results
FUJITSU LTD.: Launches Micro Electro-mechanical System
KINKI OSAKA: Cut Employees' Annual Pay by 30%
KITAURA SHOJI: Concrete Manufacturer Enters Rehabilitation
NIKON CORPORATION: Fitch Assigns BBB- Rating
K O R E A
DAEWOO GROUP: KAMCO Disposing Stakes in Units
HYNIX SEMICONDUCTOR: Survival Hinges on More Investment, KDB
HYUNDAI GROUP: KDIC Probing Three Units
KOOKMIN BANK: Completes Merger With Kookmin Credit Card
KOOKMIN BANK: Shutting Down 122 Branches
KOREA INDUSTRIAL: Doosan Acquires Construction Firm For W336.4B
SK NETWORKS: Shares Up 15% as Trading Restarts Thursday
M A L A Y S I A
ASSOCIATED KAOLIN: Issues PCDRS Status Update
BESCORP INDUSTRIES: WCTL Conversion, Name Change Approved
CONSTRUCTION AND SUPPLIES: De-listing Appeal Judgment Pending
CONSTRUCTION AND SUPPLIES: Executes Proposed Acquisition MOU
COUNTRY HEIGHTS: Proposes Assets Disposal to Enhance Cashflow
EPE POWER: Defaulted Interest Payment Ups to RM689.366M
HIAP AIK: To Implement Plan Within Prescribed Timeframe
KL INDUSTRIES: Approval for PDCRS Proposals Pending
KSU HOLDINGS: Unit's Petition Hearing Postponed to Oct 21
LONG HUAT: Defaulted Credit Facilities Remains Unchanged
MECHMAR CORPORATION: Provides Defaulted Loan Details
MENTIGA CORPORATION: Finalizing 2002 Financial Statement
NAUTICALINK BHD: Awaits Proposed Restructuring Scheme Approval
PARIT PERAK: Seeks Securities De-listing Reversal
REKAPACIFIC BERHAD: De-listing Outcome Remains Pending
SRI HARTAMAS: Implementing Proposed Scheme of Arrangement
TECHNO ASIA: Financial Regularization Status Remains Unchanged
TONGKAH HOLDINGS: Awaits KLSE's Scheme Modification Approval
TONGKAH HOLDINGS: Releases Investigative Audit Findings
UNITED CHEMICAL: In Restructuring Finalization W/ White Knight
P H I L I P P I N E S
NATIONAL POWER: ERC Settles NPC-Mirant-Ormeco Dispute
NATIONAL POWER: Okays Sale of Navotas Plant
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Hires Roy Kannan as CIO
E-JIA TRADING: Releases Winding Up Order Notice
FERTIVA ASIA: Unveils Result of General Meeting
FLEXTRONICS LTD.: Seeks Out-of-court Settlement
LA MAR: Creditors Must Submit Claims by October 31
WEE POH: Appoints Chew Eu as Executive Director
WESTINGHOUSE ELECTRIC: Issues Debt Claim Notice to Creditors
ZEPETA CO.: Issues Dividend Notice
T H A I L A N D
BANGCHAK PETROLEUM: Appoints Sukorndhaman as Senior Executive VP
JASMINE INTERNATIONAL: Allocates Shares to Investors
MILLENNIUM STEEL: Reports Warrants Exercise Results
THAI HEAT: Undergoes Preferred Stocks Conversion
WONGPAITOON GROUP: Updates Warrant Exercise Status
- - - - - - - -
=================
A U S T R A L I A
=================
DOWNER EDI: Millennium Train Reliability Improves
-------------------------------------------------
Downer EDI Managing Director Stephen Gillies said that he was
confident that the reliability of the Millennium Train product
manufactured by its rail division, EDI Rail, would continue to
improve. EDI Rail has proactively formed a Reliability
Improvement Taskforce together with our principal supplier
Alstom, which is delivering positive daily results.
Mr Gillies was responding to the media statement "Millennium
Train Update" issued on 2 October by StateRail.
"Following the NSW Government's lifting of the vehicle in-
service suspension at the beginning of June, EDI Rail has
continued to diligently manufacture and deliver four-car sets
for revenue service. All 16 four-car sets are delivered and in
revenue service. During the month of September we exceeded the
reliability requirement for the fleet of less than 1 incident
every 40,000km traveled, which is a demonstrable improvement -
greater than 500% improvement on our August performance.
"The two contract incidents we incurred in September are clearly
described on CityRail's website as door interlock events,
meaning for specified safety reasons this train is unable to
move if a door is shown to be open. We are working with
StateRail to develop a procedure that will allow appropriate
safe override of this function in order to minimize network
disruption. It is this disruption that gives rise to a 3 minute
'incident'.
"StateRail has confirmed that a new limited reliability period
will commence on 16 October, 2003, that steps up our fleet
reliability requirement to 1 incident in 60,000km traveled. As
we enter this new reliability review period, the recording of
operating incidents restarts. Given the improvement from 1
incident in 8,000km traveled in August to 1 incident in 42,000km
traveled currently, we believe the contracted balance of the
four-car sets will continue to be accepted for network
operation.
"EDI rail will continue to manufacture the vehicles in our
Cardiff and Bathurst facilities for delivery and we have been
verbally advised that StateRail will accept sets M17 and M18
within a week.
"We know the traveling public enjoy riding on the train and the
StateRail train crews are also very supportive of the product.
It's a very smooth ride, the safest vehicle in the fleet, quiet
and comfortable, and, like everyone else, we want to see any
concerns about reliability behind us and the trains providing
the service levels expected by the public.
"We continue to be disappointed with comments in the media from
ill informed people such as Mike Gallacher (NSW Shadow Minister
of Transport). The fact remains that the product is functionally
superior to any other product in the StateRail fleet and, we
understand, compares more than favorably with the current
Tangara fleet performance (said to be less reliable than the 1
incident in 40,000km traveled measure)," Mr Gillies said.
On July 14, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings, the international rating agency,
has assigned a Senior Unsecured rating of 'BBB-' to Downer EDI
Limited (Downer). The rating Outlook is Stable.
DUKE ENERGY: Fitch Ups Credit Ratings; Outlook Remains Negative
---------------------------------------------------------------
Fitch Ratings, the international rating agency, on Wednesday
issued a credit update on Duke Energy Australia Pty Ltd (DEA)
following the agency's downgrade on 12 September 2003 of the
Long-term rating for DEA's AUD750 million multi-currency
combined medium-term note and commercial paper programmed to
'BBB-' (BBB minus) from 'BBB' and the Short-term rating to 'F3'
from 'F2'.
DEA's ratings are based upon an unconditional and irrevocable
guarantee for its securities from Duke Capital Corporation
(DCC), which is now rated 'BBB-' (BBB minus)/'F3'. The Outlooks
for DEA and DCC remain Negative.
GRAND HOTEL: Submits Application to Takeovers Panel
---------------------------------------------------
The Panel has received an application from Grand Hotel Group
dated 30 September 2003 alleging unacceptable circumstances in
relation to a meeting of Grand Hotel Trust (GHT) members, which
has been called by Parker Global Strategies LLC for 22 October
2003.
Parker Global Trust, which has a relevant interest in
approximately 12% of GHG, seeks to remove the current
responsible entity of GHT and appoint Hotel Capital Partners Ltd
in its place.
Hotel Capital Partners is 50% owned by the James Fielding Group.
It is not a related entity of Parker Global Strategies.
GHG alleges that the vote will take place in an uninformed
market. It alleges, amongst other things, that:
* further information relating to the relationship between
Parker Global Trust and Hotel Capital Partners Ltd, and Parker
Global Trust and Touraust Corporation Pty Ltd (the entity which
operates most GHT hotels) should be disclosed to members of GHT;
and
* the Notice of Meeting prepared by Parker Global Strategies
is materially deficient and prevents GHT members being able to
evaluate what amounts to a change in control of GHT. The
principal alleged deficiencies are the failure to discuss the
relative merits of having an internally managed trust, and full
information relating to the fees that would be payable to Hotel
Capital Partners.
GHG has applied for interim and final orders, amongst other
things, that GHT members be provided with additional information
to enable them to consider the merits of replacing the
responsible entity of GHT.
The Panel has not yet sought the views of other persons
potentially involved in the application and has therefore formed
no views on the application.
The President of the Panel has yet to appoint a sitting Panel to
consider the application.
CONTACT INFORMATION: George Durbridge
Director, Takeovers Panel
Level 47 Nauru House,
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553 Fax: +61 3 9655 3511
E-mail: george.durbridge@takeovers.gov.au
JACOBSEN ENTERTAINMENT: First Creditors' Meeting Set on Tuesday
---------------------------------------------------------------
Jacobsen Entertainment Limited (Administrators Appointed)
notifies that Mark A. Korda and Mark F. Mentha of KordaMentha,
Level 24, 333 Collins Street, Melbourne, Victoria, were
appointed Administrators on the 29th day of September 2003
pursuant to Section 436A of the Corporations Act.
Notice is also given that the first meeting of creditors of the
Company will be held on the 7th day of October 2003 in Marble
Room 1 at the Radisson Plaza Hotel, 27 O'Connell St, Sydney,
NSW. Registration for all creditors and employees will open at
10:30am with the meeting commencing at 11:00am.
AGENDA
1. The purpose of the meetings is to determine:
(a) whether to appoint a Committee of Creditors; and
(b) if so, who are to be the Committee's members.
2. At the meetings, creditors may also, by resolution:
(a) remove the Administrators from office; and
(b) appoint someone else as Administrator(s) of the Company.
STOCKFORD LIMITED: Creditors May Get 100c in the Dollar
-------------------------------------------------------
Creditors of the failed financial services company Stockford
Limited could still be reimbursed in full, after administrators
announced on Wednesday the first payment a month earlier than
expected, the Age reported Thursday.
Administrators Mark Korda and Mark Mentha, of KordaMentha, said
unsecured creditors of Stockford had received an initial
dividend of 50c in the dollar. The first payment had been
expected at the end of this month.
"Further dividends will be paid on a quarterly basis," Mr Korda
said. "The amount of future dividends will depend on the
resolution of disputed and unresolved claims, which we are
actively resolving.
"However, the administrators iterated that they expected "total
dividends of 50c to 100c to the unsecured creditors," said Mr
Korda, adding that they had sold more than 50 of Stockford's
business units.
TOWER LIMITED: New Group Company Secretary Appointed
----------------------------------------------------
TOWER Limited has announced the appointment of Philippa Ellis to
the position of General Manager, Investor Relations & Corporate
Services, which encompasses the role of Group Company Secretary.
Mark Ngan Kee, the former Group Company Secretary, left TOWER on
19 September 2003.
The Troubled Company Reporter - Asia Pacific reported last month
that TOWER's recent rights issue has been completed and has
raised NZ$210.8 million (before issue expenses). The proceeds of
the sale have been applied to debt reduction.
================================
C H I N A & H O N G K O N G
================================
G-PROP MANAGEMENT: Winding Up Petition Hearing Set
--------------------------------------------------
The petition to wind up G-Prop Management Limited is scheduled
for hearing before the High Court of Hong Kong on October 29,
2003 at 10:00 in the morning.
The petition was filed with the court on September 5, 2003 by
LEE SIU PING whose registered office is at Flat B, 22/F, Hung
Fook Court, 11A-15 Hung Shing Street, Apleichau, Hong Kong .
HK COMPUTER: Petition to Wind Up Scheduled
------------------------------------------
The petition to wind up Hong Kong Computer Registration 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 Bank
of China (Hong Kong) Limited (the successor of all undertakings
of Sin Hua Bank Limited, Hong Kong Branch) by virtual of the
Bank of China (Hong Kong) Limited (Merger) Ordinance, whose
registered office is at 14th Floor, Bank of China Tower No.1
Garden Road Hong Kong.
HK CONSTRUCTION: Narrows Operations Loss to HK$77.9M
----------------------------------------------------
Hong Kong Construction (Holdings) Ltd posted its results
announcement summary for the year ending December 31, 2003:
Currency: HKD
Auditors' Report: Modified and Unqualified
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 ('Million) ('Million)
Turnover : 784.6 709.8
Profit/(Loss) from Operations : (77.9) (98.7)
Finance cost : (76.2) (63.1)
Share of Profit/(Loss) of
Associates : (7.4) 30.1
Share of Profit/(Loss) of
Jointly Controlled Entities : (2.8) (6.3)
Profit/(Loss) after Tax & MI : (162.6) (138.5)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.267) (0.228)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (162.6) (138.5)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss per share
(a) Basic loss per share
The calculation of basic loss per share is based on loss
attributable to shareholders of $162.6 million (2002 restated:
$138.5 million) and on 607.9 million (2002: 607.9 million)
ordinary shares in issue during the period.
(b) Diluted loss per share
There were no dilutive potential ordinary shares in existence
during the six months ended 30 June 2003 and 2002.
2. As a result of the adoption of the revised Statement of
Standard Accounting Practice 12 - Income taxes, the comparative
figure of the group's loss after tax for the period 30 June 2002
has been decreased by $0.9 million.
POWER HOLD: Winding Up Sought by Bank of China
----------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Power Hold Development Limited. The petition was filed on
September 9, 2003 and will be heard before the High Court of
Hong Kong on October 22, 2003.
Bank of China (the successor of all undertakings of Sin Hua Bank
Limited, Hong Kong Branch) by virtual of the Bank of China (Hong
Kong) Limited (Merger) Ordinance, whose registered office is at
14th Floor, Bank of China Tower No.1 Garden Road Hong Kong.
QUALIWAY INTERNATIONAL: Winding Up Petition Pending
---------------------------------------------------
Qualiway International Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 22, 2002 at 10:00 in the morning.
The petition was filed on August 26, 2003 by Bank of China (Hong
Kong) Limited ( the successor of all undertakings of Sin Hua
Bank Limited, Hong Kong Branch ) by virtual of the Bank of China
(Hong Kong) Limited (Merger) Ordinance, whose registered office
is at 14th Floor, Bank of China Tower No.1 Garden Road Hong
Kong.
SUN'S GROUP: Annual Results Dispatch Further Delayed
----------------------------------------------------
The Sun's Group Limited (the Company, together with its
subsidiaries, the "Group") refers to its announcements dated 27
June 2003, 7 August 2003 and 27 August 2003 regarding the delay
in releasing the financial results of the Group for the year
ended 31 December 2002. Since the auditors of the Company need
more time to audit the financial results of the Group, the
directors of the Company (the Directors) currently expect that
the release of the unaudited and audited results of the Group
for the year ended 31 December 2002 will be postponed from on or
before 30 September 2003 and 17 October 2003 respectively to on
or before 17 October 2003 and 7 November 2003 respectively. The
annual report of the Company for the year ended 31 December 2002
will be dispatched thereafter as soon as possible.
The Directors also expect that the interim results of the Group
for the six months ended 30 June 2003 will be released on or
before 28 November 2003. The interim Company report for the six
months ended 30 June 2003 will be dispatched thereafter as soon
as possible.
The Directors acknowledge that the delay in the publication of
the unaudited results and the audited results of the Company for
the year ended 31 December 2002, the delay in the dispatch of
the annual report of the Company for the year ended 31 December
2002 and publication of the interim results and the dispatch of
the interim report of the Company for the six months ended 30
June 2003 constitute breaches of paragraphs 8(1), 8(2), 10(1),
11(1), 11 (3)(i)(c), and 11(6) of the Listing Agreement of the
Company.
The Stock Exchange reserves its rights to take appropriate
action against the Company and/or its Directors in respect of
such breaches.
At the request of the Company, trading in the shares of the
Company has been suspended since 24 April 2003 pending for
further announcement regarding the latest development of the
Group and will remain suspended until further notice.
WINSAN (CHINA): 2003 Net Loss Swells to HK$48.360M
--------------------------------------------------
Winsan (China) Investment Group Co. Ltd. released a summary of
its financial statement for the 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 : 2,464 171
Profit/(Loss) from Operations : (47,248) (17,250)
Finance cost : (1,112) (1,900)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (48,360) (18,335)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0312 (0.0163)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (48,360) (18,335)
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. Basis of preparation and accounting policies
The Interim Financial Statements are prepared in accordance with
Hong Kong Statement of Standard Accounting Practice (SSAP) No.25
`Interim Financial Reporting', issued by the Hong Kong Society
of Accountants (HKSA) and Appendix 16 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong
limited.
The Interim Financial Statements should be read in conjunction
with the Annual Financial Statements for the year ended 31st
December 2002.
The accounting policies and methods of computation used in the
preparation of the Interim Financial Statements are consistent
with those used in the Annual Financial Statements for the year
ended 31st December 2002 except that the Group has adopted
certain revised accounting policies issued by HKSA which are
effective for accounting periods commencing on or after 1st
January 2003 as follows:
SSAP 12 (revised) : Income tax
SSAP 34 (revised) : Employee benefit
The adoption of these revised SSAPs does not have a material
effect on the accounts.
2. Loss per share
The calculation of basic loss per share is based on the Group's
unaudited consolidated loss attributable to shareholders of
HK$48,360,000 (2002: HK$18,335,000) and the weighted average of
1,547,774,981 (2002: 1,124,332,000) (as restated) ordinary
shares in issue during the six months ended 30th June 2003 and
been adjusted for to reflect the right issue during in 2002.
The exercise of the share options granted under the share
options scheme of the Company would not have any dilutive effect
on the loss per share for the six months ended 30th June 2003.
=================
I N D O N E S I A
=================
PERUSAHAAN LISTRIK: Issuing RP1T Bonds by Mid 2004
--------------------------------------------------
PT Perusahaan Listrik Negara will issue bonds worth Rp1 trillion
in mid-2004 to help finance the development of power plants and
distribution networks outside the islands of Java and Bali,
Antara Interactive reported Thursday.
"I hope to issue PLN bonds in mid-2004, with the hope that not
many other companies would do so, so that the market could give
a positive response to ours," PLN President Director Eddy
Widiono said.
He said proceeds from the bond issue would be used to finance
the development of facilities outside Java and Bali,
particularly in Riau in Sumatra island and the entire Kalimantan
island.
PERUSAHAAN LISTRIK: Needs Fresh Investment to Reduce Losses
-----------------------------------------------------------
Indonesia's state-owned electricity company PT Perusahaan
Listrik Negara needs a large amount of investment funds to build
an efficient distribution network to reduce electricity losses
reaching 16 percent, Antara Interactive reports, citing unnamed
company's spokesman.
"PT PLN`s current system still causes electricity losses," Eddie
Widiono, president director of PT PLN, admitted.
However, Eddie said the 16 percent losses were relatively low
compared to other nations and even the World Bank stated the
PLN`s losses remained tolerable.
On September last year, PEFINDO upgraded the ratings on PT
(Persero) Perusahaan Listrik Negara (PLN) and its Rp600 billion
Bond VI/1997 to `idBB-' from `idB'. The upgrade reflects PLN's
improvements in overall financial condition and stronger
operational cash flow following the completion of its debt
restructuring, more favorable tariff structure and positive
outcomes on re-negotiations with independent power producers
(IPP).
=========
J A P A N
=========
ALL NIPPON: Plans Pay Cuts Across The Board
-------------------------------------------
All Nippon Airways Co. Ltd. (ANA) plans to cut employees'
salaries across the board to reduce costs, AFX Asia reports. ANA
submitted a plan to its labor union, which included an average
of a 5.0 percent reduction in all employees, hoping to cut costs
by about 20 billion yen by the end of this year to March 2006.
The airline's international operations have been hit by the
outbreak of Severe Acute Respiratory Syndrome (SARS) and the
Iraqi war.
CROSSWAVE COMMUNICATIONS: KDDI Aids Reorganization
--------------------------------------------------
Cell-phone operator KDDI Corporation will help bankrupt data
communications Company Crosswave Communications Inc. reorganize,
Bloomberg reported on Friday. Crosswave will be able to become
profitable by using the data networks leased by KDDI. Crosswave,
which filed for bankruptcy in August, was created in 1998 by a
group of companies, including Internet Initiative Japan Inc.,
Sony Corp. and Toyota Motor Corporation.
CROSSWAVE COMMUNICATIONS: Unable to Finalize Financial Results
--------------------------------------------------------------
On August 20, 2003, Crosswave Communications Inc. (Crosswave)
and its Japanese subsidiaries filed a voluntary petition for
commencement of corporate reorganization proceedings with the
Tokyo District Court pursuant to the Corporate Reorganization
Law of Japan. Upon the petition's filing, the court appointed an
attorney-at-law to succeed the pre-petition management and to
act as the preservative administrator of Crosswave, and issued a
preservative administration order to protect Crosswave's assets
for the benefit of its creditors. On August 28, 2003, Crosswave
received an order from the Tokyo District Court for the
commencement of its corporate reorganization proceedings and the
Tokyo District Court appointed the preservative administrator as
the reorganization administrator.
Because Crosswave's former management has been replaced and the
reorganization administrator Masaaki Oka is required to devote
time and resources to the reorganization proceedings for the
benefit of creditors, Crosswave has not been able to finalize
its financial statements for the fiscal year ended March 31,
2003. Moreover, Crosswave does not currently expect to be able
at any time in the future to finalize such financial statements.
As a result of the above, Crosswave is unable to file its annual
report on Form 20-F for the fiscal year ended March 31, 2003,
without unreasonable effort or expense within the prescribed
period. Following its corporate reorganization, Crosswave
expects that all current shareholders will be eliminated as
shareholders and Crosswave expects to thereafter suspend or
terminate its reporting obligations under the Securities
Exchange Act of 1934, as amended.
Crosswave believes that its results of operations for the fiscal
year ended March 31, 2003 were significantly worse than its
results of operations for the fiscal year ended March 31, 2002.
Preliminary un-audited summary financial results for the year
ended March 31, 2003 which were prepared and announced prior to
the commencement of Crosswave's corporate reorganization
proceedings, indicated a net loss of JPY 14,651 million for the
fiscal year ended March 31, 2003 compared to a net loss of JPY
13,397 million for the fiscal year ended March 31, 2002. Due to
its corporate reorganization, however, Crosswave has not
finalized consolidated financial statements for the year ended
March 31, 2003 and does not anticipate being able to do in light
of its ongoing corporate reorganization. Accordingly, Crosswave
is currently unable to provide a reasonable estimate of the
change in reported results of operations between the comparable
fiscal year ended March 31, 2002 and the year ended March 31,
2003.
For more information, go to
http://edgarscan.pwcglobal.com/servlets/accession/0001157523-03-
005097.rtf
FUJITSU LTD.: Launches Micro Electro-mechanical System
------------------------------------------------------
Fujitsu Laboratories Ltd. and Fujitsu Limited recently announced
the development of an 80-channel optical communications switch
that adopts MEMS (micro electro-mechanical system*1) mirrors.
The new device achieves a switching speed of one millisecond,
the fastest of any multi-channel optical switch to date. The new
switch is expected to enable the development of the optical
cross-connect systems essential for next-generation optical
transmission networks.
Details of the technology used in this switch were presented at
ECOC-IOOC 2003 (European Conference on Optical
Communication/International Conference on Integrated Optics and
Optical Fibre Communication), held in Rimini, Italy starting
September 21.
BACKGROUND
Because of the need to efficiently transmit the massive amounts
of data carried over high-speed Internet connections, there has
been an increase in demand for cross-connect equipment, which is
required for the effective operation of fiber-optic networks and
for network interconnections. With conventional equipment,
however, optical signals need to be converted to electrical
signals for processing, limiting the ultimate performance that
could be achieved through wave-division multiplexing or other
optical multiplexing techniques. The goal, therefore, has been
to develop cross-connect equipment with all-optical switching so
that the optical signals need not be converted.
ABOUT THE TECHNOLOGY
Fujitsu's development depends on MEMS mirrors to bounce light
beams. MEMS mirrors can be tilted to deflect the beam to
different points in space, resulting, in this case, in a three-
dimensional optical MEMS-mirror switch. The key features of this
technology are as follows:
RAPID SWITCHING
A notch filter (*2) in the MEMS mirror serves to suppress the
mechanical resonance (*3) that normally occurs when switching
the optical signal. The notch filter eliminates just the MEMS
mirror's resonant frequency from the driving electrical
waveform. The use of this control technology and a special comb-
driven rapid-response MEMS mirror array (*4) developed by
Fujitsu enables faster switching times.
Fujitsu developed a folded optical switch fabric configuration
whereby the input beam is reflected through a roof-type retro-
reflector on its way to the output (see figure 2). Compared to
flat mirrors, this configuration halves the length of the
optical path, making for a more compact switch overall.
OPTIC POWER-LEVEL FEEDBACK MECHANISM
The tilt of the MEMS mirrors is precisely controlled thanks to a
feedback loop in a built-in control function, which maintains
the optical power at a fixed level. This makes it possible to
compensate for variations in the power levels of each channel
and also eliminates the need to have variable optical
attenuators external to the switch.
The combination of these technologies results in a switch with 1
millisecond switching speed, compact dimensions (150 x 400 x 300
mm) and optical power stability within 0.5 dB.
Some of this research was conducted on behalf of the
Telecommunications Advancement Organization of Japan under a
contract for the research and development of photonic networking
using optical burst switching.
KINKI OSAKA: Cut Employees' Annual Pay by 30%
---------------------------------------------
Troubled Kinki Osaka Bank plans to skip its bonus payment this
winter and cut employees' annual pay by 30 percent as part of
efforts to accelerate restructuring, Kyodo News said on Friday.
The pay cut will take effect from November. The bank already
skipped bonus payments this summer. Until last year, each
employee received a bonus worth one month's or one-and-a-half
months' pay twice a year in the summer and winter.
KITAURA SHOJI: Concrete Manufacturer Enters Rehabilitation
----------------------------------------------------------
Kitaura Shoji K.K., which has total liabilities of 20 billion
yen against a capital of 99 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The MFR ready-mixed concrete-manufacturer is located in Himeji-
shi, Hyogo, Japan.
NIKON CORPORATION: Fitch Assigns BBB- Rating
--------------------------------------------
Fitch Ratings Agency recently assigned Nikon Corporation, a
major global manufacturer of cameras and semiconductor
processing steppers, a Senior Unsecured rating of 'BBB-' (BBB
minus) and a Short-term rating of 'F3', The Outlook is Stable.
The rating reflects Nikon's weakening financial profile in a
volatile semiconductor equipment market. Although the Company
has implemented cost-cutting measures, like shedding labor, such
rationalization is limited by the need to maintain a certain
production capacity in anticipation of a recovery in demand. The
rating takes into account the loss of Nikon's market leadership
to Netherlands' ASM Lithography in the production for steppers,
and the heavy funding demands on Nikon to develop the next-
generation stepper. The rating also reflects the benefit from
the favorable performance of Nikon's digital camera operation in
this growing market.
Nikon issued corporate bonds in FYE02 and FYE03. Its debt
increased to JPY220.9 billion in FYE03 from JPY180.2bn in FYE01,
close to the FYE99 peak of JPY222.3bn. Its EBITDA for FYE02 and
FYE03 were not enough to make up for the cash outflow that
accompanied its higher inventories and capital expenditure.
Nikon's cash and equivalents dropped to JPY25.7bn in FYE03 from
JPY42.6bn in FYE99. In addition, its shareholders' equity fell
to its FYE99 level of JPY161bn, due to net losses in both FYE02
and FYE03. As a result, its ratio of net debt to equity
increased to 1.2x in FYE03, exceeding the previous peak of 1.1x
in FYE99. To reduce its debt, Nikon is shortening its production
lead times, as well as shrinking sales receivables and
inventories.
Nikon is an optical equipment maker founded in 1917. In addition
to priding itself as being the premier brand for single-lens
reflex cameras, it had the largest global market share in
steppers between 1985 and 2001.
According to Wright Investor's Service, Nikon Corporation has
paid no dividends during the last 12 months. The company also
reported losses during the previous 12 months.
CONTACT:
Masashi Ichikawa 03-3288-2675
masashi.ichikawa@fitchratings.com
Yoko Akashi 03-3288-2641
yoko.akashi@fitchratings.com
=========
K O R E A
=========
DAEWOO GROUP: KAMCO Disposing Stakes in Units
---------------------------------------------
The Korea Asset Management Corporation (KAMCO) plans to sell off
four former units of the bankrupt Daewoo Group soon as part of
efforts to retrieve public funds used to bail out ailing firms,
the Korea Herald said on Friday.
In a report to the National Assembly, KAMCO said it would
dispose of its controlling stakes in Daewoo International,
Daewoo Engineering & Construction Co., Daewoo Heavy Industries &
Machinery and Daewoo Shipbuilding & Marine Engineering. KAMCO
has spearheaded financial sector restructuring since the 1997-98
financial crisis by buying distressed assets from banks and
companies and repackaging them for sale.
Daewoo Heavy, a producer of construction equipment and machine
tools, and Daewoo Shipbuilding have graduated from their debt-
workout programs, while construction concern Daewoo Engineering
and trading Company Daewoo International are about to complete
theirs.
HYNIX SEMICONDUCTOR: Survival Hinges on More Investment, KDB
------------------------------------------------------------
According to Korea Development Bank (KDB) Governor Yoo Ji-chang,
the long-term survival of troubled Hynix Semiconductor Inc.
would depend on whether it could make additional investments,
according to Yonhap News.
"Although the chip industry is improving somewhat, additional
investments will determine whether Hynix can survive on a long-
term basis," said Yoo during a parliamentary audit of the bank.
HYUNDAI GROUP: KDIC Probing Three Units
---------------------------------------
The Korea Deposit Insurance Corporation (KDIC), the government's
corporate-sector liquidation agency, will investigate three core
units of the Hyundai group namely Hynix Semiconductor, Inchon
Oil Refinery and Korea Industrial Development, to find if any of
the firms' current and former executives or staff members were
responsible for the huge losses at the firms, Digital Chosun
said on Thursday. The liquidation agency has given a gigantic
amount of public funds to the creditor banks of the three
companies.
KDIC said Wednesday that the Hyundai units caused their
creditors a total 1.2 trillion won in losses, which the agency
had to compensate for with public funds. The official added that
Hynix has allegedly dumped 730 billion won in losses onto its
creditor banks, including Woori and Chohung.
KOOKMIN BANK: Completes Merger With Kookmin Credit Card
-------------------------------------------------------
On October 1, 2003, Kookmin Bank's Board of Directors (the
Board) officially resolved to announce the completion of Kookmin
Bank's merger with Kookmin Credit Card. This resolution is
pursuant to Article 526-3 of the Korean Commercial Code, which
prescribes that the Board may make a public notice in lieu of a
report to the general shareholders' meeting. The following is
key information regarding Kookmin Bank's merger with Kookmin
Credit Card.
PROGRESS OF MERGER WITH KOOKMIN CREDIT CARD
2003/5/30: Board approval of the merger agreement
2003/7/23: Merger approval by Kookmin Bank's Board
2003/9/5: Merger approval by stockholders' meeting (Kookmin
Credit Card)
2003/9/26: Merger approval by the Financial Supervisory
Commission (FSC)
2003/9/30: Merger date
2003/10/1: Board announcement of the completion of the merger
2003/10/15:Listing of new shares of Kookmin BankReorganization
of Credit Card Business Units
Kookmin Bank reorganized its credit card business unit from one
to two business units. The number of teams related to its credit
card business is increased from three to ten.
NEW POSITIONS OF EXECUTIVE VICE PRESIDENTS
In line with Kookmin Bank's reorganization, Jung-Tae Kim,
President and Chief Executive Officer of Kookmin Bank appointed
new individuals to the following Executive Vice President
positions. The new positions take effect as of October 1, 2003.
Bong-Hwan Cho: Executive Vice President, Credit Card Business
Unit
See-Young Lee: Executive Vice President, Credit Card Collection
Management Business Unit
KOOKMIN BANK: Shutting Down 122 Branches
----------------------------------------
Kookmin Bank will close down 122 branches, leaving 1,138
nationwide, as the firm has been hit by mounting bad household
and credit card loans, according to Digital Chosun. The
reduction would save 54 billion won in expenses. Employees at
the closed branch offices are to be transferred to new business
lines, including bancassurance operations.
KOREA INDUSTRIAL: Doosan Acquires Construction Firm For W336.4B
---------------------------------------------------------------
A consortium led by Doosan group's subsidiaries will acquire
Korea Industrial Development (KID) for 336.4 billion won, adding
that the payment would be made through the acquisition of Korea
Industrial' shares and bonds, Divital Chosun said on Tuesday.
Doosan Construction and Doosan Heavy Industries (formerly known
as Hanjung) led the consortium.
Korea Industrial declared bankruptcy in March 2001. Launched in
1976, it had until 2000 been classified as a subsidiary of
Hyundai Motor Group, headed by Chong Mong-koo. At that time,
sHyundai Motor held 22.7 percent of the firm's equity, Hyundai
Heavy Industries 9.8 percent and Hyundai Oil Refinery 9.5
percent. In mid-2000, however, Chung Mong-koo turned KID over to
Chung Mong-hun after a family feud, in which the two brothers
fought over subsidiary ownerships.
Following the turnover, Chung Mong-hun once again handed over
Korea Industrial to his brother Mong-joon, the current owner of
Hyundai Heavy Industries, when the Hyundai business groups hit
more snags, citing the non-viability of the unit. During its
swings of management, the credit rating of KID plunged, and
creditors recalled W150 billion in loans, sending the firm into
a cash-shortage tailspin and eventual insolvency.
SK NETWORKS: Shares Up 15% as Trading Restarts Thursday
-------------------------------------------------------
The share price of SK Networks Co., formerly SK Global Co.,
soared 15 percent on Thursday due to continuous buying orders,
the Korea Herald reported on Friday. The Company resumed trade
on Thursday after creditors decided against putting the ailing
trading Company under court receivership Wednesday, reports the
Korea Herald.
SK Network, the new name adopted by SK Global in an effort to
enhance its corporate brand, badly hurt after it was indicted
for its US$1.2 billion accounting fraud in March, was forbidden
to trade after July 24, when it closed at 1,385 won ($1.2) per
share, because of a possible court receivership.
===============
M A L A Y S I A
===============
ASSOCIATED KAOLIN: Issues PCDRS Status Update
---------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements and further to AKI's
announcement on 2 September 2003, Associated Kaolin Industries
Berhad (Special Administrators Appointed) wishes to announce
that AKI has completed the following proposals of the Proposed
Corporate and Debt Restructuring Scheme (PCRDS) of AKI:
(i) Termination of AKI's outstanding warrants 1996/2005;
(ii) Capital reduction and Consolidation of AKI Shares;
(iii) Share Exchange of Consolidated AKI Shares for shares in
Greatpac Holdings Berhad (GHB); and
(iv) Acquisition of the entire interest of Greatpac Sdn Bhd
and Success Profile Sdn Bhd by GHB.
The following proposals are still pending completion:
(i) Proposed Rights Issue of the shares of GHB;
(ii) Proposed Special Bumiputera Issue of the shares of GHB;
(iii) Proposed Debt Restructuring of AKI; and
(iv) Proposed transfer of the listing status of AKI to GHB.
BESCORP INDUSTRIES: WCTL Conversion, Name Change Approved
---------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Kuala Lumpur Stock Exchange (the Exchange)'s
Listing Requirements whereby Bescorp Industries Berhad (Special
Administrators Appointed), an affected listed issuer is required
to announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from the
Exchange.
Further to the announcement on the 2 September 2003, the Special
Administrators of BIB wish to inform that on 25 September, 2003,
WCT Land Sdn Bhd (WCTL), the company to be utilized in the
Proposed Corporate and Debt Restructuring Scheme of BIB
(Proposal), has received the approval from the Suruhanjaya
Syarikat Malaysia to convert to a public company and the name of
WCTL will be changed to `WCT Land Berhad'.
CONSTRUCTION AND SUPPLIES: De-listing Appeal Judgment Pending
-------------------------------------------------------------
Construction and Supplies House Berhad refers to the
announcement dated 2 September 2003 in relation to the status of
its plan to regularize its financial condition.
The Company's appeal to the KLSE in relation to the Notice to
Show Cause on De-listing of Securities of the Company from the
KLSE received on 4 August 2003 is still pending the deliberation
by the Sub-listing Committee of the KLSE.
As per the simultaneous announcement made by AmMerchant Bank
Berhad (AmMerchant Bank), on behalf of the Company, CASH has
entered into a Memorandum Of Understanding (MOU) with the
vendors of Oricon Sdn Bhd (Vendors) to form a new company
(Newco) to takeover the listing status of CASH and to acquire
the entire issued and paid-up share capital of Oricon Sdn Bhd
(Proposed Acquisition). The MOU establishes a commercial
relationship between the parties involved and records the terms
of the agreement of the basis in which the Vendors shall
participate in the restructuring exercise of CASH.
In line with Practice Note No. 4/2001 of the Listing
Requirements which requires an announcement on the status of an
affected listed issuer's plan to regularize its financial
condition to be made on the first market day of each month,
AmMerchant Bank, on behalf of the Company, wishes to announce
that the Company and the Vendors are in the midst of finalizing
the detailed terms and conditions of the Proposed Acquisition
and also details of the proposed restructuring scheme A detailed
announcement will be made to the KLSE upon finalization of the
scheme and the signing of a definitive agreement.
CONSTRUCTION AND SUPPLIES: Executes Proposed Acquisition MOU
------------------------------------------------------------
On behalf of the Board of Directors of Construction and Supplies
House Berhad, AmMerchant Bank Berhad (AmMerchant) is pleased to
announce that the Company has on 1 October 2003 entered into a
Memorandum of Understanding (MOU) with the vendors of Oricon Sdn
Bhd (Oricon) for the formation of a new company (Newco) to
takeover the listing status of CASH and to acquire the entire
issued and paid-up share capital of Oricon (Proposed
Acquisition).
Oricon is principally involved in property development,
subletting of properties, provision of management services and
investment holding. The vendors of Oricon are Zaidi Bin Ahmad,
Zamahari Bin Ahmad, Ahmad Bin Mantali and Azlina Binti Abdullah
(collectively referred to as Vendors) who hold 62.5%, 10.0%,
6.5% and 21.0% equity interest respectively in Oricon.
SALIENT TERMS OF THE MOU
The MOU establishes a commercial relationship between the
parties involved and records the terms of the agreement of the
basis in which the Vendors shall participate in the
restructuring exercise of the Company.
The salient terms of the MOU are as follows:
(i) Newo will enter into a share exchange agreement with the
Company to acquire the entire issued and paid-up share capital
of the Company comprising 152,594,143 ordinary shares of RM0.50
each, via the issuance of 3,051,883 new ordinary shares of
RM1.00 each (Shares) in Newco by way of a scheme of arrangement
under Section 176 of the Companies Act, 1965. The listing status
of the Company shall be transferred to Newco;
(ii) Newco shall acquire the entire issued and paid-up share
capital of Oricon and other assets from the Vendors for a total
consideration of RM75,000,000, or such other consideration as
determined by the advisers and agreed by all parties, to be
satisfied by the issuance of 75,000,000 Newco Shares or such
number of Newco Shares at an issue price of RM1.00 each to fully
satisfy the said consideration. The Oricon shares and other
assets shall be acquired free from encumbrances with all rights
thereto from the date of the MOU;
(iii) Newco shall dispose of the Company to a special purpose
vehicle or a party nominated by the majority creditor for a
nominal sum of RM1.00. The majority creditors shall subsequently
appoint a liquidator to wound up the Company for the benefit of
its creditors; and
(iv) As consideration for agreeing to the transfer of the
listing status and subsequent disposal of the Company, Newco
shall issue RM32 million Irredeemable Convertible Unsecured Loan
Stocks (ICULS) to the creditors of the Company.
APPROVALS REQUIRED
The transactions contemplated in the proposed restructuring /
rescue of the Company shall be subject to a further and
subsequent agreement by the parties and shall be subject to the
following approvals:
(i) Shareholders of the Company;
(ii) Securities Commission;
(iii) Kuala Lumpur Stock Exchange;
(iv) Creditors of the Company;
(v) High Court of Malaya;
(vi) Shareholders of the Vendors; and
(vii) Any other approvals, if required.
DURATION OF THE MOU
The duration of the MOU shall be one (1) month from the date of
the MOU and unless extended by mutual agreement by both parties,
shall automatically terminate upon the execution of a further
and subsequent agreement by the parties.
ANNOUNCEMENT UPON EXECUTION OF AGREEMENT
Both parties and their advisers are still finalizing the terms
and conditions of the Proposed Acquisition as well as the
details of the Company's restructuring scheme. A detailed
announcement will be made to the KLSE upon finalization of the
scheme and the signing of a definitive agreement.
COUNTRY HEIGHTS: Proposes Assets Disposal to Enhance Cashflow
-------------------------------------------------------------
The Board of Directors of Country Heights Holdings Berhad
wishes to announce that CHHB had on 1 October 2003 entered into
a Sale and Purchase Agreement (S&P Agreement) with Modern Eden
Sdn Bhd (Modern Eden) and Impressive Circuit Sdn Bhd "ICSB)
(collectively referred to as "the Purchasers") to dispose its
entire investment in its associated company, Setia Haruman for a
total cash consideration of RM50,000,000. The entire investment
consists of 1,500,000 fully issued and paid-up ordinary shares
of RM1 each representing 25% of the equity capital of Setia
Haruman.
The details of the Proposed Disposal are summarized as below:
Purchasers No of shares % Sale consideration
(RM)
Modern Eden 750,000 12.5 25,000,000
ICSB 750,000 12.5 25,000,000
Total 1,500,000 25.0 50,000,000
Background Information
Information on Setia Haruman
Setia Haruman was incorporated in Malaysia on 28 March 1997 as a
joint venture company and is principally engaged in the property
development and sale of land.
CHHB, Landmarks Hotel & Realty Sdn Bhd, Renong Berhad and Menara
Embun Sdn Bhd (MESB) are shareholders of Setia Haruman. Each
shareholder owns 1,500,000 fully paid-up ordinary shares of RM1
each in Setia Haruman constituting 25% of the entire issued and
paid up capital of Setia Haruman.
Setia Haruman is the master developer of Cyberjaya, a high tech
city being developed in the Multimedia Super Corridor. Setia
Haruman is developing the flagship zone of Cyberjaya, which
measures approximately 7,000 acres.
MESB is a private limited company controlled by YBhg. Tan Sri
Mustapha Kamal bin Hj. Abu Bakar (TSMK) who holds 65% of its
shareholding. YBhg holds the balance of 35% shareholding in
MESB. Datuk Kasi A/L K. L. Palaniappan (DK).
Information on Purchasers
Modern Eden is a private limited company controlled by TSMK who
holds 60% of its shareholding and the balance of 40%
shareholding is held by DK. ICSB is a private limited company
controlled by DK.
Consideration
The consideration of RM50,000,000 is arrived at on a willing
buyer, willing seller basis and is to be paid by the Purchasers
in their respective proportion. The consideration is to be
satisfied by the following manner:
(a) Payment of a deposit of RM5,000,000 to CHHB's solicitors
upon execution of the S&P Agreement; and
(b) Balance of the payment to be made at the end of 18 months
from the date of the S&P Agreement. During this 18 months
period, the Purchasers undertake to make monthly installments of
RM500,000. The first of such installment shall commence within
thirty (30) days from the date which all conditions precedent
pursuant to the S&P Agreement are fulfilled.
Financial information on Setia Haruman
Key financial information on Setia Haruman based on Setia
Haruman's management accounts for 8 months ended 31 August 2003
are as follows:
RM'000
Revenue 119,898
Profit before tax 3,708
Profit after tax 2,669
Net tangible assets 72,262
Effect of the transaction on CHHB
CHHB's original cost of investment in Setia Haruman, which was
incurred in 1997, is RM1,500,000.
With the Proposed Disposal, CHHB will recognize profits on
disposal of RM48,500,000 and RM36,841,187 respectively at its
company level and group level. Accordingly CHHB's company level
and group level net tangible asset per share and earnings per
share are expected to increase by 18 sen and 13 sen
respectively. The Proposed Disposal will not have any effect on
the share capital and substantial shareholders' shareholding.
Approvals Required
The Proposed Disposal is conditional upon the following:
(a) Approval of the Foreign Investment Committee for the
purchase of shares by the Purchasers;
(b) Approval of the Securities Commission for the waiver of the
obligation on the Purchasers to make a mandatory general offer
to the remaining shareholders of Setia Haruman to purchase their
respective shares in Setia Haruman;
(c) Respective written undertakings from the remaining
shareholders of Setia Haruman that they would not accept an
offer made under the Malaysian Code on Take-Overs and Mergers;
(d) Agreement in principle being reached between the Purchasers
and the remaining shareholders of Setia Haruman to amend the
Shareholders' Agreement in the manner required by the
Purchasers;
(e) Approval of the directors of Setia Haruman for the transfer
of the shares by CHHB to the Purchasers;
(f) Respective waivers by the other shareholders of Setia
Haruman of any preemption they each may have relating to the
shares whether conferred by the Articles of Association of Setia
Haruman or the Shareholders' Agreement or otherwise and their
respective consents to transfer the shares to the Purchasers;
(g) Respective consents to the transaction herein envisaged by
Cyberview Sdn Bhd and the lenders of Setia Haruman and such
other authorities and parties whose consents are required for
any changes in shareholders or their respective shareholdings in
Setia Haruman either by law, contract or otherwise.
Directors' and Substantial Shareholders' Interests
None of the Directors, substantial shareholders of CHHB or
person connected with them has any interest, direct or indirect,
in the Proposed Disposal.
Rationale for the Proposed Disposal
The proceeds to be raised from the Proposed Disposal will enable
the Company to raise funds for its working capital purposes,
which will enhance the Group's cashflow.
Accordingly, the Board of Directors of CHHB are of the opinion
that the transaction is in the best interests of CHHB.
9. Estimated time frame for the completion of the transaction
the Company anticipates that the transaction will be completed
in 18 months with the collection of the full consideration from
the Purchasers.
A copy of the information circular will be sent out to
shareholders of CHHB in due course.
Documents for Inspection
A copy of the S&P Agreement will be available for inspection
during normal business hours at the Registered Office of CHHB at
9th Floor, Block A, The Mines Waterfront Business Park, 3, Jalan
Tasik, The Mines Resort City, 43300 Seri Kembangan, Selangor.
EPE POWER: Defaulted Interest Payment Ups to RM689.366M
--------------------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 2
September 2003 regarding the default in interest and principal
payment (PN1) and continuing announcement on Practice Note
4/2001 (PN4).
On 24 September 2003, EPE had obtained the approval of
Securities Commission on the Proposed EPE Restructuring Scheme
subject to the conditions as stated in the announcement to KLSE
made by Commerce International Merchant Bankers Bhd ("CIMB") on
26 September 2003.
The Shareholders of EPE had approved all resolutions in relation
to the Proposed EPE Restructuring Scheme tabled at the
Extraordinary General Meeting held on 10 September 2003.
Also with regards to PN1 obligation, EPE wishes to inform that
the Company has further defaulted in the payment of monthly
interest of RM689,366.60 due to several financial institutions
(FIs) under its revolving credit (RC) facilities.
HIAP AIK: To Implement Plan Within Prescribed Timeframe
-------------------------------------------------------
Further to the announcement made on 2 September 2003 by
AmMerchant Bank Berhad (AmMerchant Bank) pertaining to Hiap Aik
Construction Berhad (Special Administrators Appointed)'s plan to
regularize its financial position, AmMerchant Bank wishes to
inform that the KLSE has, via its letter dated 16 September
2003, informed the Company that the Company must proceed to
implement its plan to regularize its financial condition
expeditiously within the time frame stipulated by the Securities
Commission (SC), which is by 6 February 2004 (Prescribed
Timeframe).
The Company must also take expeditious steps to obtain the SC's
approval for the proposed exemption from the obligation to
extend an unconditional mandatory general offer for the
remaining shares in Lebar Daun Berhad not held by Dato' Noor
Azman @ Noor Hizam bin Mohd Nurdin (Dato Noor Azman) and Datin
Norhayati Bt Abd Malik and persons acting in concert with them
(Proposed Exemption) in order to complete the implementation of
its regularization plan within the Prescribed Timeframe.
Save for the above, there is no other material development to
the status of HACB's plans to regularize its financial position.
KL INDUSTRIES: Approval for PDCRS Proposals Pending
---------------------------------------------------
Further to the announcement on 2 September 2003 and pursuant to
paragraph 4.1(b) of Practice Note No. 4/2001 of the Listing
Requirements of the Kuala Lumpur Stock Exchange, the Special
Administrators of Kuala Lumpur Industries Holdings Berhad
(Special Administrators Appointed) are pleased to announce that
the Proposed Corporate and Debt Restructuring Scheme (PCDRS) of
the Company is now pending the completion of the following
proposals:
(i) Rights Issue and Offer for Sale of the new ordinary
shares of RM1.00 each in Equine Capital Berhad (ECB);
The details of the Rights Issue and Offer for Sale can be found
in the Troubled Company Reporter - Asia Pacific Wednesday,
September 24, 2003, Vol. 6, No. 189 issue.
(ii) Repayment to the creditors of the Company from the
rights issue proceeds; and
(iii) Transfer of the listing status of the Company to ECB.
KSU HOLDINGS: Unit's Petition Hearing Postponed to Oct 21
---------------------------------------------------------
KSU Holdings Berhad refers to the Winding-Up Petition on
Kumpulan Sepang Utama Sdn Bhd (KSUSB), a wholly owned subsidiary
of KSU Holdings Berhad (KSUH), filed by Kien Hwa Landscape Sdn
Bhd.
KSU Holdings announced that the hearing for the winding-up
petition which was scheduled on 21st January 2003 and postponed
to 25th Mar 2003, 27th May 2003, 1st July 2003 and 30th
September 2003 has now been further postponed to 21st October
2003 for decision.
For details of the Winding Up Petition, refer to the Troubled
Company Reporter - Asia Pacific Wednesday, July 30, 2003, Vol.
6, No. 149 issue.
LONG HUAT: Defaulted Credit Facilities Remains Unchanged
--------------------------------------------------------
In Compliance with Practice Note 1/2001 (PN1) of Kuala Lumpur
Stock Exchange, Long Huat Group Berhad informed that there is no
material development pertaining to the default in respect of the
credit facilities granted to the Company and its subsidiaries.
The Hearing date for the winding-up petition against LHUAT by
HSBC Bank (Malaysia) Berhad has been adjourned from 10 September
to 4 December 2003.
The Company also announced that, in relation to the approval
given by Securities Commission (SC) on the Proposed
Restructuring Scheme of LHuat, the Company had, on 10 September
2003, appointed Messrs Ernst & Young as an independent audit
firm to conduct an investigative audit on the past losses of
LHuat Group.
MECHMAR CORPORATION: Provides Defaulted Loan Details
----------------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced that during the
month proceeds of RM7.92M received from the sale of a subsidiary
company was released to Utama Merchant Bank Berhad towards
repayment of principal of our syndicated term loan of RM26M
thereby reducing the balance term loan to RM 18.08M. The
principal in default was reduced from RM18M to RM10.08M.
On 26 Sept 2003, the KL High Court dismissed its appeal in
chambers for an outstanding loan of RM3.631M plus interest due
to Alliance Merchant Bank Berhad. The Company has instructed its
lawyer to file for a stay of execution and file an appeal to the
Court of Appeal. Meanwhile the Company is in discussions with
its lender to settle the outstanding loans by installment
payments.
On the 26 Sept 2003, the Shah Alam High Court dismissed its
appeal in chambers for an outstanding syndicated term loan of RM
5.554M plus interest managed by Alliance Merchant Bank Berhad as
agent bank. The Company has instructed its lawyer to file for a
stay of execution and file an appeal to the Court of Appeal.
Meanwhile the Company is in discussions with its lenders to
settle the outstanding loans by installment payments.
Go to http://bankrupt.com/misc/TCRAP_Mechmar1006.xlsfor details
of the loan default.
MENTIGA CORPORATION: Finalizing 2002 Financial Statement
--------------------------------------------------------
Further to the status report made on 2 September 2003, Mentiga
Corporation Berhad wishes to advise that the Company is still in
the process of finalizing the financial statements for the
financial year ended 31 December 2002.
On 11 September 2003, the Company announced that a writ of
Summon No. 52-864-03 was served to the Company claiming the sum
of RM65,644.04 being the payment to TTS Transport Sdn Bhd (TTS)
for the transportation services for the period from 30 September
2000 to 20 December 2001 together with interests, other costs
and relief.
On 15 September 2003, Commerce International Merchant Bankers
Berhad (CIMB) announced on behalf of Mentiga that the Company
proposed to implement the following Proposals:
(i) Proposed Debt Settlement via the Issuance of New Ordinary
Shares of RM1.00 each in Mentiga (Mentiga Shares) as settlement
of an amount owing by Mentiga to its shareholder, Amanah Saham
Pahang Berhad (ASPA) (Proposed Debt Settlement);
(ii) Proposed Restricted Issue of 20,000,000 Redeemable
Convertible Preference Shares of RM1.00 each in Mentiga (RCPS)
to ASPA (Proposed Restricted Issue);
(iii) Proposed partial waiver of the outstanding principal
and interest amounts of certain borrowings of Mentiga and its
subsidiaries (Mentiga Group) due to certain financial
institution creditors (Proposed Debt Waiver);
(iv) Proposed Increase in the Authorized Share Capital of
Mentiga (Proposed Increase In Authorized Share Capital);and
(v) Proposed Amendments to the Memorandum and Articles of
Association of Mentiga (Proposed Amendments).
On 15 September 2003, CIMB also announced on behalf of Mentiga
that the Company and the Board of Trustees of Yayasan Pahang
have mutually terminated the conditional Property Sale Agreement
dated 30 December 2002 in relation to the proposed acquisition
of an oil palm estate located in the District of Rompin, Pahang
Darul Makmur from the Board of Trustees of Yayasan Pahang for a
total consideration of RM95,000,000.
On 17 September 2003, CIMB further announced on behalf of
Mentiga that the application in relation to the Proposed Debt
Settlement and Proposed Restricted Issue has been submitted to
the Securities Commission for its approval on 16 September 2003.
On 25 September 2003, the Company has also submitted its Audited
Statutory Financial Statements for the financial year ended 31
December 2001 to the Exchange.
NAUTICALINK BHD: Awaits Proposed Restructuring Scheme Approval
--------------------------------------------------------------
In compliance with PN4, the Board of Directors of Nauticalink
Berhad is obliged to announce that since submission of the
Group's corporate restructuring proposals on 8 August 2003 to
the relevant authorities, the Company has been engrossed in
meetings with its creditors towards arriving at a definitive
agreement pertaining to the proposed debt restructuring scheme.
The Debt Settlement Agreement's conclusion is expected by the
end of October 2003.
Meantime, the Company is still awaiting approval of the KLSE
with regard to its latest application relating to the proposed
restructuring scheme.
Refer to the Troubled Company Reporter - Asia Pacific Tuesday,
April 01 2003, Vol. 6, No. 64 issue for details of the
Proposed Restructuring Scheme.
PARIT PERAK: Seeks Securities De-listing Reversal
-------------------------------------------------
On 23 February 2001, Parit Perak Holdings Berhad (Special
Administrators Appointed) announced that PPHB is considered an
`affected listed issuer' pursuant to PN4 issued by the KLSE.
On 18 November 2002, Alliance Merchant Bank Berhad (Alliance),
on behalf of PPHB, announced that the Company had formulated a
plan to regularize its financial condition by implementing
certain proposals (Proposals) which include, amongst others, the
proposed acquisition of 100% equity interest in Liqua Health
Marketing (M) Sdn Bhd (Liqua) by Liqua Health Corporation Berhad
(formerly known as Joycity Holdings Sdn Bhd) (LHCB), the company
proposed to take over PPHB's listing status. The Proposals has
since been approved by the Securities Commission (SC) via its
letters dated 10 March 2003, 14 April 2003, 22 April 2003 and 5
September 2003, the Foreign Investment Committee (FIC) via its
letter dated 30 December 2002 and Pengurusan Danaharta Nasional
Berhad (Danaharta) via its letter dated 14 April 2003.
The Proposals, which are detailed in PPHB's information circular
to shareholders dated 16 September 2003, are currently in the
process of being implemented. Further, the Kuala Lumpur Stock
Exchange (KLSE) had, via its letter dated 9 September 2003,
given its approval-in-principle for the listing of the entire
issued and paid-up share capital of LHCB (including warrants and
shares to be issued pursuant to the exercise of warrants).
With the above, LHCB will take over the listing status of PPHB,
and PPHB will be de-listed from the Official List of the Main
Board of the KLSE. Alliance, on behalf of PPHB, will also be
making an application to the KLSE for the upliftment of PPHB's
PN4 status.
REKAPACIFIC BERHAD: De-listing Outcome Remains Pending
------------------------------------------------------
The Board of Directors of RekaPacific Berhad would like to make
the following announcement in relation to the status of the
Restructuring Proposal (the Thirty Second Monthly Status
Announcement):
1. There is no change in the status of the Restructuring
Proposal as the Company's listed status remains uncertain.
2. In respect of the Company's judicial review proceedings
against the Kuala Lumpur Stock Exchange and the Securities
Commission in their decision to de-list the Company on 12
December 2001, the matter remains pending before the High Court
of Malaya at Kuala Lumpur.
3. In respect of the Notice of De-Listing dated 7 April 2003
(details as per the Company's announcement dated 5 February
2003), the outcome of the de-listing remains pending before the
Listing Sub-Committee of the Exchange.
SRI HARTAMAS: Implementing Proposed Scheme of Arrangement
---------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements.
The Special Administrators set out below the monthly report for
the month of September 2003:
"As announced to the KLSE on 4 September 2003, the Special
Administrators of SHB wish to inform that further modifications
have been made to the Workout Proposal of SHB (Modified Workout
Proposal) to reflect the various changes in the manner of
implementation of the Proposed Scheme of Arrangement of SHB.
Pengurusan Danaharta Nasional Berhad in accordance with Section
46(4) (b) of the Pengurusan Danaharta Nasional Berhad Act
approved the Modified Workout Proposal, which incorporated the
said modifications,, 1998 on 29 August 2003.
The implementation of the Proposed Scheme of Arrangement is
subject to the fulfillment of the following approvals:
The KLSE, for the admission of and the listing of and quotation
for the Hartamas Group Berhad (HGB) shares to be issued pursuant
to the Proposed Scheme of Arrangement and from the exercise of
the Rights Warrants and the admission of and listing of and
quotation for the Rights Warrants on the Official List of the
KLSE;
* The FIC for the Proposed Scheme of Arrangement of SHB,
which was obtained on 19 March 2002;
* The Securities Commission, from which conditional approval
was obtained on 9 July 2002;
* The approval of the shareholders of FACB Resorts Berhad
(FACB) for its participation in the Proposed Scheme of
Arrangement of SHB, at the Extraordinary General Meeting, which
was obtained on 24 June 2003; and
* Any other relevant authorities and/or parties, if
required.
In this respect, the Special Administrators of SHB and the
management of FACB Resorts Berhad continue to take the necessary
steps to fulfill all the conditions relating to the Proposed
Scheme of Arrangement."
TECHNO ASIA: Financial Regularization Status Remains Unchanged
--------------------------------------------------------------
Further to the announcements made on 2 September 2003, 5
September 2003, 9 September 2003, 16 September 2003, 23
September 2003 and 24 September 2003, AmMerchant Bank Berhad, on
behalf of Techno Asia Holdings Berhad (Special Administrators
Appointed), wishes to announce that there had been no other
major changes to the status of TAHB's plan to regularize its
financial position.
The Company is currently in the midst of implementing the
proposed restructuring scheme of TAHB and the following steps,
which are part of the proposed restructuring scheme of TAHB,
have been implemented:
(i) Yu Neh Huat Bhd (YNHB), the white knight of TAHB, had on
2 September 2003, completed the acquisition of the entire issued
and paid-up share capital of Kar Sin Berhad and Yu & Sons Sdn
Bhd for the purchase consideration of RM211.098 million and
RM30.000 million respectively, or an aggregate purchase
consideration of RM241.098 million to be satisfied by the
issuance of 192,878,000 new YNHB shares at an issue price of
RM1.00 per YNHB share and the issuance of 48,220,000 nominal
value of 3% 5-year ICULS by YNHB.
(ii) A restricted issue of 15,000,000 new YNHB shares at an
issue price of RM1.00 per YNHB share has been issued to selected
shareholders of YNHB on 2 September 2003 to raise RM15.000
million cash for YNHB to pay TAHB as consideration for the
transfer of the listing status of TAHB to YNHB.
TONGKAH HOLDINGS: Awaits KLSE's Scheme Modification Approval
------------------------------------------------------------
Tongkah Holdings Berhad refers to the announcement made on 2
September 2003 in respect of the status plan to regularize its
financial condition in accordance with Practice Note 4/2001 (PN
4) and the status of the default in payments by THB in
accordance with Practice Note 1/2001 (PN 1). In addition, on 15
September 2003, the Company announced the outcome of the
meetings of its Bonds A, Bonds B, ICULS and Warrant Holders;
Scheme Creditors; and shareholders at the court convened meeting
and Extraordinary General Meeting.
Further to the Company's announcement dated 15 September 2003,
Tongkah Holdings informed that the addendum reflecting the
modifications to the Proposed Debt Restructuring Scheme is
pending clearance of the Kuala Lumpur Stock Exchange. Notices
for the adjourned meetings of the ICULS, Warrant Holders and
Extraordinary General Meeting; and fresh meetings of the Bonds
A, Bonds B and ICULS Holders, will be issued in due course
together with the addendum.
TONGKAH HOLDINGS: Releases Investigative Audit Findings
-------------------------------------------------------
On 29 January 2003, THB obtained the approval of the Securities
Commission (SC) for its Proposed Restructuring Scheme (as
defined in the Company's announcements made on 30 September
2002). One of the conditions imposed by the SC in its approval
for the Proposed Restructuring Scheme was that THB is required
to appoint an independent audit firm to conduct a investigative
audit on the past losses of THB, its subsidiary companies, sub-
subsidiary companies and associated companies (THB Group or
Group) .
On 26 March 2003, Tongkah Holdings Berhad appointed Messrs
Shamsir Jasani Grant Thornton (SJGT) to carry out the
investigative audit. The investigative audit on the THB Group
which covered the financial years from 30 June 1998 to 2002,
completed and submitted to the SC on 26 September 2003.
The Board of Directors of THB hereby announce a summary of the
findings of the investigative audit as extracted from the
Executive Summary prepared by SJGT.
Executive Summary
Financial year ended 30 June 1998
For the financial year ended 30 June 1998, the Group generated a
pre-tax profit of RM0.55 million compared to a pre-tax profit of
RM 100.27 million in 1997. This was mainly due to the effect
from the economic slowdown occurring in the second half of 1997,
higher cost of sales incurred by subsidiary companies, provision
for inventories obsolescence and higher interest expense as a
result of higher interest rate.
In this regard, the manufacturing sector results were
significantly affected by increased cost of materials due to the
decline in the value of Ringgit and the continued slowdown in
the semiconductor and consumer industry. The financial sector
was also not spared , and there was a significant decrease in
contribution from the Group's stockbroking arm, Kestrel
Securities Sdn Bhd (KSSB).
Financial year ended 30 June 1999
The Group has made a pre-tax loss of RM100.69 million and loss
after tax and minority interest of RM72.58 million. The drop in
performance was largely due to decrease in turnover from
RM608.24 million to RM431.66 million as compared to previous
financial year, as a result of lower demand in the manufacturing
sector coupled with the increase in operating cost.
There were also substantial provisions made for doubtful debts
for RM31.64 million and inventories obsolescence for RM12.20
million in the books of Tongkah Electronics Sdn Bhd ("TESB").
The provision was made for three major customers who were under
liquidation/receivership.
Financial year ended 30 June 2000
The Group has continued to suffer deterioration in turnover for
the financial year ended 30 June 2000, leading to high pre-tax
loss of RM121.72 million and a loss after tax and minority
interest of RM118.39 million. The losses was mainly due to the
amount written-off being the difference between nominal value of
new Bonds and ICULS, secured and unsecured loans of RM94.94
million and irrecoverable bad debts written-off for RM51.49
million.
Additionally, bad debts of RM35.8 million was recorded in
respect of amount owing by THB Asia Connect Sdn Bhd (TAC), a
former subsidiary and the sales consideration of TAC which was
not recovered, and a disputed variation order of RM15.69 million
in the books of Prime Granite (Malaysia) Sdn Bhd (PGSB).
Meanwhile, the interest expense has reduced from RM68.38 million
to RM20.41 million due to the conversion of bank borrowings into
Bonds and ICULS during the financial year ended 30 June 2000.
Financial year ended 30 June 2001
For the financial year ended 30 June 2001, the Group has
suffered a higher pre-tax loss for RM430.03 million and loss
after tax and minority interest for RM422.63 million
respectively. The loss was mainly due to the following:
* Low turnover for the Group;
* Write-off of property, plant and equipment for RM12.08
million in TESB;
* Bad debts written off for RM12.58 million;
* Higher provision for inventories obsolesces for RM26.50
million in TESB;
* Higher provision for doubtful debts for RM31.68 million;
* Crystallization of corporate guarantees (extended to TESB
which was disposed of on 29 June 2001) for RM59.09 million
with higher interest charge as a result of default in
payments;
* Provision for diminution in value of quoted shares for
RM62.09 million ((to mark down to market value);
* Loss on disposal of investment in associated company,
Pantai Holdings Berhad (PHB), for RM71.76 million;
* High provision for diminution in value of investment in
associated companies, PHB (to mark down to market value)
and PGSB, for RM151.79 million.
Financial year ended 30 June 2002
The Group has improved its pre-tax loss from RM430.03 million to
RM60.50 million and loss after tax and minority interest from
RM422.63 million to RM62.03 million for the financial year ended
30 June 2002. Among others, the main reasons for the losses are
as follows:
* Lower turnover for the Group;
* Property, plant and equipment written- off for RM2.13
million;
* Bad debts written off for RM8.83 million;
* Provision for diminution in value of investment in
associated company, Sharp-Roxy Appliances Corporation (M)
Sdn Bhd (SRAC) for RM17.07 million; based on its NTA at
30 June 2002;
* Crystallization of corporate guarantees for RM45.83 million
extended to Tongkah Moulding Technologies Sdn Bhd (TMT)
(disposed off in 2002) and PGSB (under receivership in
2002).
The Board of Directors of THB proposes to review the findings of
the investigative audit in greater detail before taking
appropriate action (where necessary/possible).
UNITED CHEMICAL: In Restructuring Finalization W/ White Knight
--------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance) on behalf of the Board
of Directors of United Chemical Industries Berhad, wishes to
announce that UCI had on 19 September 2003 made an application
to the High Court of Malaya in Ipoh (the Court) for an order to
dispose of the Company's manufacturing machineries, including
all spare parts and equipment. UCI is currently awaiting the
Court to fix a date for the hearing of its application.
Earlier, the Securities Commission (SC) had, via its letter
dated 6 August 2003, approved the waiver sought by UCI from
having to obtain the SC's approval for the disposals by the
Company of its manufacturing machineries, including all spare
parts and equipment for a cash consideration of RM2,500,000, and
its business goodwill for a cash consideration of RM500,000.
In the meantime, UCI together with its white knight, Perbadanan
Kemajuan Negeri Perak, are in the progress of finalizing certain
revisions to the Proposed Restructuring, hence requiring a
supplemental submission to be made to the SC. The supplemental
submission will be submitted by Alliance in due course.
=====================
P H I L I P P I N E S
=====================
NATIONAL POWER: ERC Settles NPC-Mirant-Ormeco Dispute
-----------------------------------------------------
The Energy Regulatory Commission (ERC) recently resolved the
issue on the classification of the 69 KV transmission line in
Mindoro, ERC said in a statement. ERC's decision resulted in a
reduction in wheeling fee and ancillary service charges of the
National Power Corporation (NPC) to Mirant (Philippines), an
independent power producer (IPP) selling power to Oriental
Mindoro Electric Cooperative, Inc. (ORMECO).
Chairman Manuel R. Sanchez said, "the Commission sees to it that
all rate complaints submitted to ERC are carefully evaluated."
Based on the contract between NPC-SPUG and Mirant, the charges
that will be passed-on by Mirant to ORMECO for use of NPC's 69
KV transmission line from April to December of 2002 is
PhP3.00/kW/day for wheeling fee, and PhP6.58/kW/day for
ancillary service.
ERC's decision on the applicable rate for use of said
transmission line resulted in PhP1.1632/kW/day for the wheeling
fee from April to September 2002 and PhP0.8558 from October to
December 2002, and PhP0.1841 for the ancillary service from
April to September 2002 and PhP0.6329 from October to December
2002.
This brings down NPC's total bill to Mirant from 3.6 million
pesos to about 700 thousand pesos.
For the transmission charge, ERC said that the 69 KV line is the
highest voltage level serving NPC-SPUG's customers in Mindoro.
It is not connected to the transmission system and no investment
was made by SPUG for transmission network. Initial
classification of transmission assets applies to the National
Transmission Corporation (TRANSCO) or its Buyer or
Concessionaire and does not include NPC-SPUG, thus it can not be
construed as a sub-transmission customer to be charged with both
transmission and sub-transmission charges.
In determining the ancillary service charge for load following
and frequency regulation, ERC corrected the formula used by NPC-
SPUG. ERC adopted the billing cycle, which NPC commonly uses in
billing its customers in computing the maximum load.
For the period January 2003 onwards, ERC ruled that NPC-SPUG
should use the provisionally approved transmission charge in the
amount of PhP0.1958/kWh for the wheeling fee and the approved
ancillary charge in the Luzon Grid amounting to
PhP0.6329/kW/day.
NATIONAL POWER: Okays Sale of Navotas Plant
-------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) has secured the approval of the National Power
Corporation (Napocor)'s board for the sale of its power station
in Navotas (northern Metro Manila), according to Business World.
PSALM President Edgardo M. Del Fonso said the price for the
plant, which has a generating capacity of 210 megawatts, is
subject to bidding. Among those that have earlier expressed
interest for Napocor's generation assets are Korean Electric
Power Corp., Aboitiz Power Corp., and First Gas Power Corp.
PSALM needs to dispose of the generation assets of Napocor to
comply with the Electric Power Industry Reform Act. Under the
law, all the assets and debts of Napocor would be assumed by
PSALM. PSALM will then have to dispose of the generation assets,
the proceeds of which would be used to pay Napocor's debts. The
government is hoping to dispose all of Napocor's generation
assets by the end of the first half of 2004.
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Hires Roy Kannan as CIO
------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, announced on Tuesday
the appointment of Roy Kannan as Chief Information Officer
(CIO). Kannan, who brings more than 20 years of experience in
information services and technology, leads Chartered's global
information technology organization. His responsibilities
include driving the Company's strategic initiative of extending
a dynamic eBusiness network for enabling information sharing and
fostering supply-chain collaboration among its customers,
partners, suppliers and employees. Kannan is based at
Chartered's headquarters in Singapore and reports directly to
Chia Song Hwee, President & CEO.
"Chartered is committed to empowering supply-chain players and
enabling faster and more effective decision-making," said Chia.
"Having someone with the right expertise, who can provide
leadership to drive innovative information solutions, is a must.
We are pleased to welcome Roy, who has a proven track record of
achievement, to the Chartered team to further strengthen our
overall eBusiness platform and solutions to address and
anticipate the industry's evolving needs."
Prior to joining Chartered, Kannan was CIO of the RGM Group, a
multi-divisional conglomerate, where his key role was e-
transformation. His responsibilities included the revamp of the
Company's data, voice, network and security infrastructure, as
well as the management of information services (IS) operations
and data centers. Prior to that, Kannan was director of the
manufacturing solutions practice at Compaq Asia Pacific. In this
position, he was responsible for expanding the Company's
computer-integrated manufacturing and supply-chain solutions
capabilities to support the broad-based outsourcing requirements
of manufacturing companies in the Asia Pacific region. Kannan
has also held senior positions at leading IS solutions companies
such as Mastek Asia Pacific, Digital Equipment India and Patni
Computer Systems.
Kannan holds a bachelor's degree in chemical engineering from
the Indian Institute of Technology, Madras, and a post-graduate
diploma in management from the Indian Institute of Management,
Ahmedabad. Kannan assumes the role of CIO from Tang Yong "TY"
Ang, Chartered's vice President of quality and reliability
assurance (QRA) and fab support operations. Ang had served as
acting CIO since the position was created in August 2002, and he
will now be able to focus on his QRA and fab support
responsibilities.
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 (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.
Information about Chartered can be found at
www.charteredsemi.com.
Media Contact:
Chartered:
Tiffany Sparks
+1.408.941.1185
tiffanys@charteredsemi.com
E-JIA TRADING: Releases Winding Up Order Notice
-----------------------------------------------
E-Jia Trading Pte Ltd. issued a notice of winding up order made
the 19th day of September 2003.
Name and address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118.
Messrs LEE BON LEONG & CO.
Solicitors for the Petitioner.
FERTIVA ASIA: Unveils Result of General Meeting
-----------------------------------------------
At a General Meeting of Fertiva Asia Pacific Pte Ltd. duly
convened and held at fertiva GmbH, Am Victoria-Turm 3, 68163
Mannheim, Germany on 19 September 2003, the following
resolutions set out below were duly passed:
SPECIAL RESOLUTIONS:
(a) That the Company be wound up voluntarily pursuant to Section
290 (1) (b) of the Companies Act (Chapter 50), and that Messrs
Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil
Street #15-00 Cecil Court, Singapore 069538, be and are hereby
appointed Joint Liquidators for the purpose of the winding-up of
the Company;
(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind to K + S Beteiligungs GmbH, the sole
shareholder of the Company, in accordance with its rights and
interests as shareholder of the Company; and (c) That the
Liquidators of the Company be and are hereby authorized to
exercise any of the powers given by Section 272 (1) (b), (c),
(d) and (e), of the Singapore Companies Act (Chapter 50).
ORDINARY RESOLUTION:
That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up the
Company on their normal scale of fees and that the Liquidators
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation thereto.
WERNER HOLZHAUSER
Director.
FLEXTRONICS LTD.: Seeks Out-of-court Settlement
-----------------------------------------------
Flextronics' lawyers are trying to reach an out-of-court
settlement with their counterparts from U.S. medical firm
Beckman Coulter in a bid to scale back a billion-dollar
compensation payout, Channel News Asia reports. The electronics
manufacturer has been ordered by a California jury to pay
Beckman around S$1.6 billion (US$934 million) to settle a
contract dispute.
Flextronics thinks this is far too much and the figure should be
more like US$10 million. It obtained a court appeal date
scheduled for November 25, but hoping both sides can agree on a
more acceptable figure before that. The contract dispute between
the two firms stems from a 1997 contract between Beckman and a
production facility acquired by Flextronics in 2000, during a
time of booming demand for circuit boards and other electronics
components.
LA MAR: Creditors Must Submit Claims by October 31
--------------------------------------------------
The creditors of La Mar Diamant (Overseas) Pte Ltd (In Voluntary
Liquidation) which is being voluntarily wound up are required on
or before the 31st day of October, 2003 to send in their names
and addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street #06-10, The Adelphi, Singapore 179803 and, if so
required by notice in writing from the said Liquidator, are by
their solicitors or personally to come and prove their debts and
claims at such time and place as shall be specified in such
notice or in default thereof, they will be excluded from the
benefit of any distribution made before such debts and claims
are proved.
WEE HUI PHENG
Liquidator.
WEE POH: Appoints Chew Eu as Executive Director
----------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced the
appointment of Mr Chew Eu Hock as an Executive Director of the
Company with effect from 1 October 2003. Mr Chew Eu Hock's
particulars had been announced separately on 5 September 2003 on
his appointment as a non-executive director of the Company.
Wee Poh Holdings Limited has recorded a turnover of S$53.87
million for the full year ended 30 June 2003, a decrease of
S$7.47 million or 12.2 percent over the corresponding period.
The decrease in turnover was due mainly to two of the Group's
previously core subsidiaries, W&P Piling Pte Ltd (WPP) and WP
Conc-Pact Pte Ltd (WPCP) being placed in liquidation by
creditors. As such, the results of these two subsidiaries were
only taken into account up-till the point of liquidation and
deconsolidated from the Group as at 30 June 2003.
WESTINGHOUSE ELECTRIC: Issues Debt Claim Notice to Creditors
------------------------------------------------------------
Notice is hereby given that the creditors of Westinghouse
Electric Singapore Ltd (Members' Voluntary Liquidation) which is
being wound up voluntarily, are required on or before 27th
September 2003 to send in their names and addresses and the
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the under mentioned liquidator
at c/o 10 Collyer Quay, Ocean Building #21-01, Singapore 049315
and if so required are to come in and prove their debts or
claims as shall be specified or in default will be excluded from
the benefit of any distribution made before such proof.
SESHADRI RAJAGOPALAN
Liquidator.
ZEPETA CO.: Issues Dividend Notice
----------------------------------
Zepeta Co. (Pte) Ltd. issued a notice of intended dividend as
follows:
Address of Registered Office: Formerly of 1 Goldhill Plaza #01-
31 Singapore 308899.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 240 of 1995.
Last Day for Receiving Proofs: 10th October 2003.
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Dated: 26th September 2003.
KAREN LOH PEI HSIEN
Assistant Official Receiver.
===============
T H A I L A N D
===============
BANGCHAK PETROLEUM: Appoints Sukorndhaman as Senior Executive VP
----------------------------------------------------------------
The Bangchak Petroleum Public Company Limited informed that the
Company has appointed Mr. Patiparn Sukorndhaman to be Senior
Executive Vice President, who is responsible for Finance and
Accounting Department, with the effective date from October 1,
2003 onwards.
Mr. Patiparn Sukorndhaman has experiences in financial
management of energy business. His latest positions were a Chief
Financial Officer of Banpu Power Co. Ltd., and Director of Banpu
Plc's group companies, such as Banpu Power Co. Ltd., Banpu Gas
Power Co. Ltd., Banpu Coal Power Co. Ltd., Banpu Power
International Co. Ltd., and Tri Energy Co. Ltd., etc.
JASMINE INTERNATIONAL: Allocates Shares to Investors
----------------------------------------------------
The Board of Director's Meeting No.13/2003 of the Chaengwatana
Planner Co., Ltd., Plan Administrator of Jasmine International
Public Company Limited, held on 30 September 2003 has passed the
resolution to allocate 30 million newly issued shares to four
specific investors as the following details:
1. Information relating to the share offering
- Class of shares offered : Ordinary shares
- Number of shares offered : 30 million shares
- Offered to : Subscription Amount of shares
1. SHERRIFF Management Limited 7,000,000 Shares
2. Miss Varinthorn Bulakul 13,000,000 Shares
3. Mr. Soraj Asavaprapha 9,000,000 Shares
4. Miss Paipan Poopat 1,000,000 Shares
- Price per share : Bt. 10
- Subscription and payment period : 30 September 2003
3. Details of the sale
Thai investors Foreign investors Total
Juristic Natural Juristic Natural
- Number of persons
- 3 1 - 4
- Number of shares subscribed
- 23 million 7 million - 30 million
- Percentage of total shares offered for sale
- 76.67% 23.33% - 100%
4. Amount of money received from the share sale
Total amount: Bt300 million
MILLENNIUM STEEL: Reports Warrants Exercise Results
---------------------------------------------------
Millennium Steel Public Company Limited has issued and offered
1,068,328,082 units of warrants 1 to purchase ordinary shares of
company (MS-W1) and 1,499,779,189 units of warrants 2 to
purchase ordinary shares of company (MS-W2), totaling
2,568,107,271 units. The exercise date will be the company's
last business day in each quarter of March, June, September and
December during 10 years term of warrants. the first and last
date for exercise of rights was March 31, 2003 and December 1,
2012, respectively. The exercise ratio of warrants 1 and
warrants 2 is 1 unit of warrant for 1 ordinary share, at the
price of Bt2.10 and Bt6.114, respectively.
The company would like to report the results of the exercise of
warrants, as at September 30, 2003 as follows:
Description No. of issued No. of No. of
warrant exercised unexercised
warrant 1 1,068,328,082 - 1,068,328,082
warrant2 1,499,779,189 - 1,499,779,189
THAI HEAT: Undergoes Preferred Stocks Conversion
------------------------------------------------
Thai Heat Revival Company Limited, as the Reorganization Planner
of Thai Heat Exchange Public Company Limited, announced that the
Company had issued 31,408,200 preferred stocks according to the
recent financial restructure and rehabilitation plan that allows
the conversion being done at the end of each quarter.
As September 30,2003 the company has preferred stocks 24,302,300
shares and paid up common stock Bt325,006,000.
Preferred stocks Amt (Stock) Ratio New Common Stock
THE INDUSTRIAL FINANCE
CORPORATION OF THAILAND 12,412,900 1:1 12,412,900
NFS ASSET MANAGEMENT CO.,LTD 3,417,800 1:1 3,417,800
STANDARD CHARTERED NAKORNTON 709,300 1:1 709,300
By the conversion as mentioned above, it is concluded that the
total number of preferred stocks have 7,762,300 stocks The paid
up common stocks then have been changed from 32,500,600 units
value Bt325,006,000 to be 49,040,600 units value Bt490,406,000.
WONGPAITOON GROUP: Updates Warrant Exercise Status
--------------------------------------------------
Wongpaitoon Group Public Company Limited issued and offered
warrants to subscribe new ordinary shares of the Company in the
amount of 403,230,585 units to the creditors, in accordance with
the Business Reorganization plan, on December 21, 2001. The
warrant holders are entitled to exercise their right to
subscribe shares on a quarterly basis of the accounting year of
the Company; i.e. on March 31, June 30, September 30 and
December 31. If the exercise date is not a business day for the
commercial bank, such date shall be the next following business
day.
Wongpaitoon Planner Company Limited, as the Business
Reorganization Plan Administrator of Wongpaitoon Group, informed
that there were no applications for the 7th exercise of warrants
as of September 30, 2003. The number of the remaining warrants
is 403,230,585 units.
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.
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