/raid1/www/Hosts/bankrupt/TCRAP_Public/031107.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
Friday, November 7, 2003, Vol. 6, No. 221
Headlines
A U S T R A L I A
ADVANCED ENGINE: Nov 28 AGM Scheduled
AMP LIMITED: Posts Notice to AMP RPS Holders
AUSTRALIAN GAS: Secures Gas Contract at Kooragang Island
JUPITERS LTD: S&P Places 'BBB+' Ratings on CreditWatch Negative
POWERLAN LIMITED: Attends to Debt Payment Issues
STRAITS RESOURCES: Whim Creek Project Development to Proceed
TRANZ RAIL: S&P Raises Credit Rating to 'B+'; Outlook Positive
VILLAGE ROADSHOW: Discloses Chairman's Scheme Meeting Address
C H I N A & H O N G K O N G
CHINLUCK (HOLDINGS): Winding Up Sought by Sky Cruise
HENAN LIANHUA: Xinhua Cuts Ratings to CCC (pi); Outlook Negative
HEUNG FEI: Winding Up Petition Set for Hearing
NEW WORLD: Narrows H103 Loss to HK$53.931M
SPECO OPHTHALMIC: Winding Up Sought by Chan Chun Lok
TOMORROW INTERNATIONAL: Open Offer Becomes Unconditional
VERTEX PRODUCTIONS: Winding Up Hearing Scheduled in December
WAH WAI: Faces Winding Up Petition
I N D O N E S I A
TEXMACO GROUP: State Increases Losses Over Takeover
J A P A N
MITSUBISHI MOTORS: Unit Selects Autobytel's Management System
NISSHO IWAI-NICHIMEN: Issues Stock Purchase Notice
TAISEI CORPORATION: R&I Assigns BBB+
K O R E A
DAEWOO MOTOR: Indian Firm Signs MoU With Truck Unit
SK CORPORATION: Chairman Chey Won Out on Bail
SK CORPORATION: S&P Affirms 'BB+' Rating; Outlook Negative
SK GLOBAL: Seeks to Establish Claims Bar Date
SK GROUP: Uncovers Slush Fund in Futures Market
M A L A Y S I A
AKTIF LIFESTYLE: Proposes Disposal to Boost Financial Position
C.I. HOLDINGS: Sept Defaulted Interest Payment Hits RM8.054M
FOREMOST HOLDINGS: Replies KLSE's Writ of Summon Query
HIAP AIK: Proposes GCR Disposal to Settle Debt
INTAN UTILITIES: MITI, SC Grant Proposals Approval
LONG HUAT: Court Grants 90-Day Restraining Order Extension
LONG HUAT: Credit Facilities Status Remains Unchanged
NCK CORP.: Seeks Proposed Scheme Implementation Time Extension
NCK CORPORATION: Posts Proposed Acquisitions Details
OCEAN CAPITAL: Regularization Plan Extension Request Pending
PARIT PERAK: Proposed Put and Call Completed
PERAK CORPORATION: Answers KLSE's Unusual Market Activity Query
PILECON ENGINEERING: Unit's Default Status Remains Unchanged
PROMET BERHAD: Disposes Property to Set-Off Debts
SRI HARTAMAS: Proposes Part Removal of Inter-Conditionality
UCP RESOURCES: KLSE OKs Proposed Disposal Reversal
UCP RESOURCES: Provides Defaulted Payment Status Update
UNITED ENGINEERS: Propel Scheme Underway
P H I L I P P I N E S
MANILA ELECTRIC: Expects Arrangement With Phase 4 Customers
MONDRAGON INTERNATIONAL: Unusual Price Movement Inexplicable
MUSIC CORPORATION: Conducts Investor Briefing November 11
NATIONAL BANK: Launches Bond Roadshows Nov. 19
PHILIPPINE LONG: Clarifies Management Changes Report
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Enters Alliance With MoSys
ECON INTERNATIONAL: Unveils Restructuring Update
HONG LEONG: Strikes Off Dormant Subsidiary
JADE TECHNOLOGIES: Widens FY03 Net Loss to S$4.12M
L&M GROUP: Discloses Restructuring Exercise Status
ST ASSEMBLY: Offers 83 Million Shares
ST ASSEMBLY: China Plant Ready for Operations
T H A I L A N D
MODERN HOME: Notifies BOD No. 8/2003 Resolutions
SIAM SYNTECH: Subscribing Shares in Subsidiary
THAI WAH: Increases Registered Capital Via Shares Issue
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCED ENGINE: Nov 28 AGM Scheduled
-------------------------------------
Notice is given that the 2003 Annual General Meeting of Advanced
Engine Components Limited will be held at 14 Energy Street,
Malaga, Western Australia, on Friday 28th November 2003 at
10:00am.
AGENDA
ORDINARY BUSINESS
1 Financial Reports
To receive the financial report and the directors' and auditors'
reports for the year ended 30 June 2003.
2 Resolution 1: Election of Director - Mr Graham Keys
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That Mr Graham Keys being a Director of the Company who retires
by rotation pursuant to Rule 8.1(e) of the Company's
Constitution, and being eligible, is re-elected as
a Director of the Company."
3 Resolution 2: Election of Director - Mr George Long
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That Mr George Long being a Director of the Company who retires
by rotation pursuant to Rule 8.1(e) of the Company's
Constitution, and being eligible, is re-elected as
a Director of the Company."
SPECIAL BUSINESS
4 Resolution 3: Directors' Fees
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That the aggregate remuneration of all non-executive directors
be fixed at a maximum of $350,000 per annum, to be divided
amongst the non-executive directors as the Board may resolve
from time to time."
5 Resolution 4: Ratification of the Issue of Securites
To consider, and if thought fit, pass the following resolution
as an ordinary resolution:
"That for the purposes of Listing Rule 7.4 of the Listing Rules
of ASX, the company ratifies the allotment and issue of
7,500,000 fully paid ordinary shares in the capital of the
Company at an issue price of 4.6 cents per share in
consideration for advisory and corporate services provided by
Margrave Holdings Ltd."
To see copy of the Notice of Meeting & Explanatory Memorandum to
Shareholders, go to http://bankrupt.com/misc/AEC1107.pdf.
AMP LIMITED: Posts Notice to AMP RPS Holders
--------------------------------------------
Below is a copy of a notice being mailed by AMP Limited to AMP
Reset Preferred Securities (RPS) holders with a copy of the AMP
Limited Proposal to Demerger Explanatory Memorandum:
"On 1 May, the AMP Board announced a new strategic direction for
AMP: to separate the AMP Group into two regional businesses, AMP
in Australasia and HHG in the UK.
Enclosed is a copy of the Explanatory Memorandum that is being
sent to AMP shareholders which provides information on the
proposed Demerger. This document is being sent to you for your
information only in accordance with the terms of your AMP Reset
Preferred Securities (RPS).
If the Demerger is approved, AMP is proposing that the RPS will
be redeemed for cash. The Explanatory Memorandum provides
details of the proposed redemption. If the redemption proceeds,
further information regarding the proposed redemption will be
sent to you after shareholder meetings are held in December
2003.
AMP shareholders will hold two meetings on 9 December to vote on
whether to approve the Demerger. Unless you are also an AMP
shareholder, you will not be entitled to vote at these
shareholder meetings.
If, after reading the Explanatory Memorandum, you have questions
regarding the effect of the Demerger on your RPS, please call
the Information Line on the number set out above."
A copy of the Explanatory Memorandum is available on AMP's
website at www.ampgroup.com/shareholdercentre/demerger.
AUSTRALIAN GAS: Secures Gas Contract at Kooragang Island
--------------------------------------------------------
The Australian Gas Light Company (AGL) is pleased to announce
that it has secured a new gas supply contract for Orica
Limited's Kooragang Island ammonia plant in Newcastle, New South
Wales.
The contract is for a ten-year period, commencing in January
2006, with an option to extend a further five years.
The commercial terms of the agreement are confidential.
According to Wrights Investors' Service, at the end of 2001, The
Australian Gas Light Co had negative working capital, as current
liabilities were A$1.88 billion while total current assets were
only A$1.05 billion.
CONTACT INFORMATION: Jane McAloon
Group Manager External Affairs
Direct: (02) 9921 2349
Mobile: 0419 447 384
JUPITERS LTD: S&P Places 'BBB+' Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said on Thursday that it
placed its 'BBB+' ratings on TABCORP Holdings Ltd. (Tabcorp) and
the company's bank facilities on CreditWatch with negative
implications. At the same time, the 'BBB+' ratings on Jupiters
Ltd. and the company's US$135 million bonds are also placed on
CreditWatch with negative implications. The two rating actions
reflect Tabcorp's A$2.29 billion bid for New South Wales
wagering company Tab Ltd. (which also owns and operates the Sky
Channel satellite television service).
The transaction, which Tabcorp intends to fund using a mix of
debt (about 52%) and equity (48%), comes just as Tabcorp
completes its largely debt-funded A$1.7 billion takeover of
Jupiters Ltd. "Although the Tab acquisition would further
improve Tabcorp's business and geographic diversity (in revenue
and EBITDA generation and regulatory exposure), it also is
likely to delay the return of Tabcorp's finances to levels
commensurate with its 'BBB+' rating by one to two years, with
the company's gross debt levels reaching about A$3.1 billion
following the two transactions against a proforma 2003 EBITDA of
A$926 million," said Standard & Poor's credit analyst, Jeanette
Ward, Corporate & Infrastructure Finance Ratings.
The Tab bid also is subject to a number of conditions and
uncertainties, including government and regulatory approvals,
legislative changes, and Tab withdrawing from its proposed
merger with UNiTAB Ltd. The Tab transaction could therefore take
several months to complete and, among other things, be subject
to a bidding war with UNiTAB. Resolution of the CreditWatch will
depend on the timing of the transaction and, importantly, the
implications the acquisition will have for Tabcorp's financial
profile and the company's flexibility to make further
acquisitions as it seeks to grow its operations in the medium
term.
POWERLAN LIMITED: Attends to Debt Payment Issues
------------------------------------------------
Software developer and vendor Powerlan Limited announced its
cash-flow statement for the September quarter. In summary,
receipts were $9.2m and net operating cash flow was $0.36m for
the quarter.
The quarter's operating cash flow also incorporated last
financial year's superannuation payment. By normalizing the
quarter's cash flow by adding back this superannuation payment
and subtracting the September quarter's superannution paid in
October the operating cash flow for the September quarter would
increase to $1.1M.
Despite the positive cash flow for the September quarter,
Powerlan still predicts it will face negative cash flows on a
monthly basis from time-to-time as the Company continues to
address legacy issues relating to its revenue model and debt
payments.
To view/download entire Financial Report click
http://bankrupt.com/misc/PWR1107.pdf.
STRAITS RESOURCES: Whim Creek Project Development to Proceed
------------------------------------------------------------
Straits Resources Limited announced that it is to proceed with
the development of its 100% owned Whim Creek Project in
Western Australia.
Project development will commence early in 2004 with first
copper production expected in the second half of 2004.
Straits' Chief Executive Officer Mr Milan Jerkovic said, "market
conditions are now favorable for the development of Whim Creek
which will utilize plant and equipment from the Girilambone
Copper Mine which closed down earlier this year.
Whim Creek enables Straits to continue in the business of heap
leach SX-EW copper production having successfully operated the
Girilambone Mine in NSW over its entire mine life and the Nifty
Copper Mine, sold earlier this year to the Aditya Birla Group of
India".
Background
The Whim Creek Project is located between Karratha and Port
Hedland in the Pilbara region of Western Australia. The project
feasibility study indicates a mine life of at least 4 years
yielding a total of 51,000 tonnes of copper cathode. The
principal approvals necessary for project development are in
place.
Mining will be by open pit methods with the operation having an
extremely low life-of-mine waste to ore ratio of 0.9:1.
Cash costs are estimated at A$0.79 cents per pound of copper
produced over the life of the operation. Capital start up costs
is estimated at $23 million and will utilize the plant
from the Girilambone operation which was closed down in mid
2003. The company is evaluating possible cost reductions to the
project through the use of second hand crushing equipment.
Exploration potential of the Whim Creek area is considered
favorable. Significant sulphide chalcopyrite liberalization
exists below the oxide ore taken up in the current SX-EW
feasibility study.
Straits Development Strategy
Straits are an Australian-listed company focused on acquiring
and developing assets within the bulk commodities, copper and
gold sectors. Based in Perth, the company has an impressive
management team with an outstanding track record of advancing
resource projects through to full-production. Straits owns (80%
stake and operator) the 2 million tonnes per annum Sebuku Coal
Mine in Indonesia, and holds a portfolio of development
projects and highly prospective exploration tenements throughout
Australia and Indonesia.
CONTACT INFORMATION: Mr Milan Jerkovic
Chief Executive Officer
(08) 9480 0500
E-mail: info@straits.com.au
URL: www.straits.com.au
TRANZ RAIL: S&P Raises Credit Rating to 'B+'; Outlook Positive
--------------------------------------------------------------
The corporate credit rating on Tranz Rail Holdings Ltd. has been
raised to 'B+' from 'CC' and removed from CreditWatch positive
where it was placed on June 9, 2003. The rating outlook is
positive. At the same time, the issue rating on Tranz Rail
Finance Ltd.'s US$74.48 million pass-through notes due June
2008, guaranteed by Tranz Rail, has been raised to 'B+'.
Immediately following the ratings upgrade, the rating on Tranz
Rail and the guaranteed issue rating have been withdrawn.
The ratings upgrade reflects the implicit support provided by
Toll Holdings Ltd. (Toll, not rated), which currently owns about
84% of Tranz Rail's shares and are currently bidding for the
remaining minority share holding. Standard & Poor's has based
its assumption of potential support being provided by Toll on
the following factors:
Although Toll is not guaranteeing the debt obligations at Tranz
Rail, Toll has replaced about A$110 million of Tranz Rail's
debt.
Toll is beginning to integrate the management of Tranz Rail into
the group's operations, as evidenced by Mark Rowsthorn,
executive director of Operations at Toll, assuming the role of
chairman of the new Tranz Rail board of directors.
Toll's equity investment in Tranz Rail is significant, and the
extension of the unconditional bid indicates Toll's strong
desire to achieve 100% ownership.
The Tranz Rail assets will provide Toll with the platform to
develop an integrated logistics capability within New Zealand
along the lines of their Australian platform.
The ratings on Tranz Rail are not equivalent to Standard &
Poor's credit assessment of Toll due to the debt at Tranz Rail
being subordinated to Toll's corporate debt obligations. The
outlook on Tranz Rail is positive, reflecting the implied
support from Toll, a restructured capital base that has extended
near-term debt repayments, Toll's strong management experience
in transport logistics, and following the agreement reached
with the New Zealand government in relation to rail services,
Tranz Rail's ability to generate free cash and amortize future
debt obligations is enhanced. Standard & Poor's has continued to
comment on Tranz Rail's rating based on publicly available
market information as the bid progressed. However, Tranz Rail
will become a subsidiary of Toll, and Standard & Poor's ready
access to information on Tranz Rail's business and financial
performance will be segmented in Toll's public reporting. As a
consequence, the ratings on Tranz Rail are withdrawn.
VILLAGE ROADSHOW: Discloses Chairman's Scheme Meeting Address
-------------------------------------------------------------
Village Roadshow Limited posted the Chairman Robert G. Kirby's
Address to Scheme Meeting held on November 3, 2003:
"This meeting has been convened in accordance with an order of
the Supreme Court of Victoria made on 26 September 2003 under
section 411(1) of the Corporations Act to allow holders of
Preference Shares to consider and, if thought fit, pass a
resolution approving the proposed scheme of arrangement between
the Company and Preference Shareholders under which it is
proposed that the Company will buy-back all of the Preference
Shares on issue.
To be passed, the resolution must be approved by both:
* more than 50% by number of Preference Shareholders present
and voting in person or by proxy, attorney or corporate
representative; and
* 75% of the votes cast by Preference Shareholders.
A booklet containing explanatory information on the scheme, a
report on the scheme by the independent expert, Grant Samuel,
the Company's audited financial statements and the notices of
this meeting and the General Meeting has been sent to all
members of the Company, including all Preference Shareholders.
Grant Samuel has concluded that the scheme is in the best
interests of Preference Shareholders.
Grant Samuel has valued the consideration for the buy-back at
$1.22 to $1.25. This represents a substantial premium to the
price of the Preference Shares on ASX during the 12 months prior
to the announcement of the proposed Scheme.
Your Directors unanimously recommend that Preference
shareholders vote in favor of the scheme. Detailed reasons for
your directors' recommendations are set out in section 5 of the
Scheme Booklet. We have strongly encouraged shareholders to read
those reasons in full.
Each Director entitled to vote on the resolution at this meeting
intends to vote in favor of the resolution.
The proposed consideration for the buy-back is $1.25 for every
Preference Share held, 25 cents of which will be paid in cash
and $1 of which will be applied under the scheme on behalf of
the Preference Shareholders to acquire one Unsecured Note with
an initial face value of $1.
Each Unsecured Note will have an initial face value of $1 and is
to be repaid in 3 installments:
* 33 cents cash on the first anniversary of the date of issue
of the Unsecured Notes (Issue Date);
* 33 cents cash on the second anniversary of the Issue Date;
and
* 34 cents cash on the third anniversary of the Issue Date.
Interest will be payable on the principal outstanding on the
Unsecured Notes six monthly in arrears at the rate of 10% per
annum, the first interest payment being due 6 months after the
Issue Date.
Noteholders will be entitled to attend general meetings of the
Company but will not be entitled to vote.
To become effective, the scheme must also be approved by the
Supreme Court of Victoria.
If both resolutions to be put to this General Meeting and the
resolution to be put to the Scheme Meeting are passed, it is
proposed that the Court hearing at which the Court will be asked
to approve the scheme will be held on 7 November 2003.
If the Court approves the scheme on 7 November 2003, it is
proposed that the Company will lodge an office copy of the Court
order approving the scheme with the Australian Securities and
Investments Commission on 10 November 2003.
The scheme will become effective on the office copy of the Court
order being lodged with ASIC.
If the scheme becomes effective, the buy-back will take place on
17 November 2003 and it is expected that:
* holding statements in respect of the Unsecured Notes and
the cash component of the buy-back consideration will be
dispatched on 24 November 2003; and
* the Unsecured Notes will commence trading on ASX on 25
November 2003.
We can now move to the business of the meeting."
=============================
C H I N A & H O N G K O N G
=============================
CHINLUCK (HOLDINGS): Winding Up Sought by Sky Cruise
----------------------------------------------------
Sky Cruise International Company Limited is seeking the winding
up of Chinluck (Holdings) Company Limited. The petition was
filed on August 16, 2003, and will be heard before the High
Court of Hong Kong on November 12, 2003 at 9:30 in the morning.
Sky Cruise holds its registered office at 13th Floor, Bel Trade
Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.
HENAN LIANHUA: Xinhua Cuts Ratings to CCC (pi); Outlook Negative
----------------------------------------------------------------
Xinhua Far East China Credit Ratings, the pioneering undertaking
to rank credit risk among Chinese corporations using
international standards, downgrades the long-term credit rating
of Henan Lianhua Gourmet Powder Co Ltd from BB (pi) to CCC (pi)
and lowers its outlook to negative.
This rating action is prompted by the findings of the Zhengzhou
Division of China Securities Regulatory Commission ('CSRC') in
its on-site examination. The CSRC found the main problems of the
Company in its corporate governance structure, independence with
the Group, information disclosure, financial management and
auditing, and persistent overdue debts. These incidents of non-
compliance reveal that the corporate governance and internal
control deviate significantly from the average market norms and
from the very fundamental regulatory requirements for listed
companies that aim to protect the basic interests of public
investors. In addition, it shows that the Company's willingness
to repay overdue debt is low. In Xinhua Far East's opinion,
these weaknesses are so severe that it would be very challenging
for the Company to rectify the system that deem comparable to
the average listed companies in China. In addition, given the
weaknesses of the Company's system in controlling and disclosing
non-compliance, it remains uncertain if all severe violations
have all been reported. As such, it would be very difficult
for the Company to rebuild investors' faith and thus would be
very challenging for the Company to seek external financing,
which would in turn reduce sharply the Company's capability to
withstand risks and emergencies.
The CSRC found that the Company's controlling shareholder, Henan
Lianhua Gourmet Powder Group Co Ltd ('Lianhua Group' or 'the
Group'), on behalf of its subsidiaries and clients, received
LHGP acceptance drafts totaling RMB 436.5 million yuan (USD 53.9
million) during March to June 2003, thus tying up RMB 436.5
million yuan (USD 53.9 million) of the Company's capital.
As of August 31, 2003, Lianhua Group and its subsidiaries had
tied up a total of RMB 858.6 million yuan (USD 106 million) of
the Company's capital, representing a substantial increase of
RMB 564 million yuan (USD 69.6 million) over the end of 2002.
This has severely affected the Company's independent operation,
causing its performance to decline rapidly. In the third quarter
of 2003, the Company set aside RMB 28.1 million yuan (USD 3.47
million) in bad debt reserves for the capital tied up by its
controlling shareholder, causing its net profit of the first
three quarters of 2003 to decrease 89% year-on-year. Meanwhile,
the Company's cash balance declined from RMB 836 million yuan
(USD 103.2 million) in the end of 2002 to RMB 532 million yuan
(USD 65.7 million), while its net debt increased rapidly from
RMB 392 million yuan (USD 48.4 million) at the end of 2002 to
RMB 869 million yuan (USD 107.3 million). Nevertheless, the
capital tied up by the controlling shareholder was neither
discussed in Board Meeting and Shareholders' Meeting nor timely
disclosed.
Moreover, the Company's operations and finance are not
completely independent from its controlling shareholder. The
frequent and large amounts of related party transactions, plus
the Company's untimely and insufficient information disclosure
reveal its disordered internal management. These severe
non-compliances seriously affect the operational independence of
the Company, hurt its shareholders' interests, and increase the
possibilities of bad-debt losses. In Xinhua Far East's view,
although the Company has made some rectifications and its
controlling shareholder has promised to repay the debt, the
Company still needs to improve its internal control to prevent
the similar problems.
The Company's financial reports state that it has had overdue
debts that are still pending rollover. Xinhua Far East believes,
even if the Company has the ability and willingness to repay the
debts, the long period of these overdue loans reflects the
Company's loopholes in finance and capital management. The
Company's short-term debts are particularly large, so there
exists uncertainties over its management of liquidity risks.
The rating outlook for LHGP changes to negative. By the third
quarter of 2003, the Company's monosodium glutamate ('MSG')
sales had been declining continuously. Furthermore, the price
increase of the Company's major raw material, i.e. wheat,
adversely impacts the Company's profitability, raising the
Company's short term operating risks. In the long run, Xinhua
Far East is concerned that before rectifying its current
shortcomings the Company will still be subject to large risks
due to its weak internal control and substantial capital tied up
by controlling shareholder. It will also be challenging for the
Company to rebuild the investors' faith, which in turn affects
its external financing. Given the importance of timely, accurate
and thorough information disclosure for investors' risk control,
Xinhua Far East will continue to monitor the Company's
improvement of information disclosure.
LHGP is mainly engaged in the production and sales of MSG,
gluten powder and feedstuff, as well as generation and sales of
electric power and thermal power. The Company is the largest
production base of MSG in China, main products including Lianhua
MSG, Lianhua Wheat Protein, Lianhua starch and Liuyuechun flour.
LHGP and Ajinomoto Co Ltd have formed a JV namely Henan Lianhua
Ajinomoto Co Ltd, in which the Company holds a stake of 49%.
The Company is a large cap company ranking the 141st in the
Xinhua/FTSE China A 200 Index and Xinhua/FTSE China B 35 Index
respectively. As of November 3, 2003, it's total market cap
reached RMB 4.55 billion yuan (USD 562 million) and the
investible market cap accounted for RMB 2.28 billion yuan (USD
281 million).
HEUNG FEI: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up Heung Fei Chicken Restaurant Limited is
set for hearing before the High Court of Hong Kong on November
26, 2003 at 9:30 in the morning.
The petition was filed with the court on September 29, 2003 by
Wu Yuet Ming of 5/F., 400 Castle Peak Road, Kowloon, Hong Kong.
NEW WORLD: Narrows H103 Loss to HK$53.931M
------------------------------------------
New World Infrastructure Limited posted this results
announcement summary for the year ended June 30, 2003:
Year end date: 30/06/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/07/2002 from 01/07/2001
to 30/06/2003 to 30/06/2002
Note ('000) ('000)
Turnover : 383,461 759,662
Profit/(Loss) from Operations : (727,024) (53,931)
Finance cost : (638,980) (849,277)
Share of Profit/(Loss) of
Associates : 15,534 174,128
Share of Profit/(Loss) of
Jointly Controlled Entities : 516,110 728,655
Profit/(Loss) after Tax & MI : (959,484) (148,364)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (1.01) (0.23)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (959,484) (148,364)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Analysis of turnover and loss from operations
Turnover
2003 2002
HK$'000 HK$'000
Continuing operations 645 12,277
Discontinued operations (Note) 382,816 747,385
Gain from the reorganization (Note) - -
-------- --------
383,461 759,662
======= =======
(Loss)/profit from operations
2003 2002
HK$'000 HK$'000
Continuing operations (1,147,344)
(303,039)
Discontinued operations (Note) 86,062 249,108
Gain from the reorganization (Note) 334,258 -
-------- --------
(727,024) (53,931)
========= =========
Note: During the year ended 30 June 2003, New World Group
undertook a reorganization to streamline its organization
structure and to create a greater business focus among its
affiliated businesses. The reorganization was completed on 29
January 2003. The discontinued operations represented the
Group's investments in roads, bridges, water treatment, power
plant projects (the Infrastructure Assets) and investment in NWS
Holdings Limited (NWSH, previously known as Pacific Ports
Company Limited). As part of the reorganization, the Company
disposed of its investments in Infrastructure Assets to NWSH for
a consideration of approximately HK$10,227 million comprising
cash, NWSH shares (the Consideration Share) and undertaking by
NWSH to pay certain liabilities of the Group. In addition, the
Group converted all preference shares of NWSH into ordinary
shares and thereafter distributed all the NWSH ordinary shares
including the Consideration Shares to the shareholders of the
Company on 29 January 2003.
Gain from the reorganization was approximately HK$334 million.
2. Details of items before taxation, which are of exceptional
nature:
2003 2002
HK$'000 HK$'000
Continuing operations
Gain on disposal of unlisted investments 118,541 -
Gain on disposal of subsidiaries 15,514 -
Gain on disposal of jointly controlled entities - 666
Impairment losses on other investments (21,349)
(148,250)
Impairment losses on fixed assets (10,002) -
Loss on disposal of listed non-trading securities (201,367) -
Provision for payments on account of proposed
joint ventures (111,635) (33,002)
Provision for deposits paid for proposed
investments (122,445) -
Provision for amount due from a jointly
controlled entity (158,559) -
Write-down of inventories to net realizable
value (458,362) -
======== =======
Discontinued operations
Gain on disposal of subsidiaries - 21,735
Gain on disposal of jointly controlled entities - 113,010
Impairment losses on other investments - (5,774)
Impairment losses on fixed assets (35,000) (119,500)
======== ========
3. Loss per share
The calculation of loss per share is based on the loss for the
year of HK$959,484,000 (2002: loss attributable to the
shareholders of HK$197,513,000 after adjusting for the interest
of HK$49,149,000 on the mandatorily convertible bonds) and the
weighted average of 952,180,007 (2002: 871,516,679) shares in
issue during the year.
Diluted loss per share for the year is not presented as the
Company has no dilutive potential shares at year end (2002:
n/a).
4. Comparative figures
Interest income of HK$42,235,000 for the year ended 30 June 2002
has been reclassified from turnover to other operating income to
conform with current year's presentation.
SPECO OPHTHALMIC: Winding Up Sought by Chan Chun Lok
----------------------------------------------------
Chan Chun Lok is seeking the winding up of Speco Ophthalmic
Science Company Limited. The petition was filed on September 29,
2003, and will be heard before the High Court of Hong Kong on
November 26, 2003.
Chan Chun Lok holds its registered address at Room 1105, 11/F.,
Block E, Brilliant Garden, Tuen Mun, New Territories, Hong Kong.
TOMORROW INTERNATIONAL: Open Offer Becomes Unconditional
--------------------------------------------------------
Reference is made to the joint announcement of Tomorrow
International Holdings Limited Swank International Manufacturing
Company Limited dated 30th September, 2003 and the prospectus
of Swank dated 17th October, 2003 (the Prospectus) regarding the
Open Offer.
RESULTS OF THE OPEN OFFER
The directors of Swank announce that, up to 4:00 p.m. on 31st
October, 2003, being the latest time for the application
and payment for the Offer Shares, Swank has received 45 valid
applications for 2,109,835,133 Offer Shares, representing
approximately 72.71% of the total number of 2,901,658,253 Offer
Shares available for subscription under the Open Offer. One of
the 45 valid applications was received from Probest, which has
applied for 1,679,130,245 Offer Shares provisionally allotted to
it in compliance with the irrevocable undertaking given by it to
Swank.
As the Open Offer is under-subscribed, Probest, as the
Underwriter, is obliged to subscribe for and/or procure
subscription for the remaining balance of 791,823,120 Offer
Shares in accordance with the terms of the Underwriting
Agreement.
The Open Offer has become unconditional at 4:00 p.m. on 4th
November, 2003.
PUBLIC FLOAT
As at the date of this announcement, there is approximately
16.78% of the total issued share capital of Swank in public
hands. Each of Probest and Swank has undertaken to the Stock
Exchange, in terms to be agreed with the Stock Exchange, to take
appropriate steps to place down the shareholdings of Probest in
Swank as soon as practicable to ensure that there will be
sufficient public float for the Shares in accordance with Rule
8.08(1) of the Listing Rules.
Probest is currently negotiating with potential placing agents
and investors for placement of its shareholdings in Swank
to independent third parties so as to restore the minimum public
float. No agreement has been entered into regarding such
placement at present. Further announcement will be made as and
when appropriate.
SUSPENSION OF TRADING
At the request of Swank, trading of the Shares will be suspended
with effect from 9:30 a.m. on 5th November, 2003, until the
public float for the Shares be restored to 25% of the issued
share capital of Swank.
VERTEX PRODUCTIONS: Winding Up Hearing Scheduled in December
------------------------------------------------------------
The High Court of Hong Kong will hear on December 3, 2003 at
9:30 in the morning the petition seeking the winding up of
Vertex Productions Company Limited.
Cheng Hoi Ping of Room 644, Block C, Kwun Lung Lau, 20 Lung Wah
Street, Sai Wan, Hong Kong filed the petition on October 8,
2003. Tam Lee Po Lin, Nina represents the petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
WAH WAI: Faces Winding Up Petition
----------------------------------
The petition to wind up Wah Wai (Holdings) Company Limited is
scheduled for hearing before the High Court of Hong Kong on
November 19, 2003 at 9:30 in the morning.
The petition was filed with the court on September 17, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.
=================
I N D O N E S I A
=================
TEXMACO GROUP: State Increases Losses Over Takeover
---------------------------------------------------
The takeover of PT Texmaco Group by the government through
Indonesia Bank Restructuring Agency (IBRA) will swell the state
losses, Bisnis Indonesia reported Thursday.
According to a Bisnis source, "If the government decided to take
over Texmaco, Marimutu Sinivasan, the owner and founder of the
business group, still could not escape from the legal action.
Policies concerning Texmaco will be determined in the cabinet
meeting."
Through debt restructuring worth Rp29.04 trillion, IBRA controls
70% shares of PT Bina Prima Perdana (textile newco tekstil),
while Sinivasan owns 30%. In the meantime, 100% shares of PT
Jaya Perkasa Engineering (engineering newco) are controlled by
the debtor.
"However, if the government stubbornly decided to take over
Texmaco, it should put into account the liabilities that the
company owed to other creditors," the source added.
"The value on the market is only 1 cent dollar. Say, the
government takes over Texmaco, it should first know who owns the
bonds. If the bonds are held by the former owner, it will be
difficult for the government to manage Texmaco."
The source went on saying that the takeover should also put into
account the possibility of worker lay-offs.
Separately, Deputy Chairman of IBRA for Credit Management Assets
confirmed that the settlement of Texmaco's problems would be
brought to the cabinet meeting next week. "The management of
Texmaco's problem is a difficult one and requires comprehensive
settlement pattern, so it should be decided in the cabinet
meeting."
=========
J A P A N
=========
MITSUBISHI MOTORS: Unit Selects Autobytel's Management System
-------------------------------------------------------------
Autobytel Inc.'s AVV, Inc. subsidiary has announced that
Mitsubishi Motors North America, Inc. has selected AVV's best-
in-class lead management system, Web Control(R), for nearly 650
dealers nationwide. The Web Control implementation is
specifically customized for Mitsubishi Motors dealers.
Web Control is an Internet-based lead management application
that tracks and enhances communication between the dealership
and all customers or prospects -- whether they walk in, phone
in, or surf in through the Internet. The application can be
accessed from any PC with Internet connectivity, or via the
Microsoft Pocket Internet Explorer wireless device.
"AVV is proud to help Mitsubishi Motors dealers bolster their
already successful customer service efforts," says AVV Vice
President and General Manager Dan Vogel. "Web Control will help
Mitsubishi Motors capitalize on the two out of every three car-
buyers who are utilizing the Internet during their car-
purchasing process, while also providing crucial tools for the
management of non-Internet customers." According to Vogel,
implementation of Web Control will allow Mitsubishi to provide
improved marketing support to its dealers, and to assist
participating dealers in establishing and managing relationships
with customers.
"Web Control helps bridge the communication gaps that can exist
between the dealership and its customers, whether walk-in,
phone-in or Internet generated, providing a more seamless and
rewarding sales process, " said Greg O'Neill, President,
Mitsubishi Motors North America Sales Division. "We're looking
forward to putting it to work for our sales teams nationwide."
Web Control accepts sales inquiries from any website and
automatically routes the email to the most qualified dealership
representative according to pre-defined criteria. Wireless
integration immediately prompts the recipient to respond to the
consumer's request as quickly as possible. Web Control also
handles leads that originate by phone or through a visit to the
dealership.
Each customer contact is automatically recorded in the Web
Control database, creating a comprehensive, easy-to-track
history for every prospect and customer. Based on this
information, scheduled activities are delivered through a daily
planner and electronic calendar system. Management can also
install follow-up processes so that each sales person
communicates with the customer according to a pre-defined
contact schedule.
Mitsubishi Motors Corporation expects to post an 80 billion yen
loss (US$725 million) in the first half of this year after it
took a special charge for customer loan defaults in the United
States, where sales were slumping, TCR-AP reported recently.
ABOUT AUTOBYTEL INC.
Autobytel Inc., a leading Internet automotive marketing services
Company, helps retailers sell cars and manufacturers build
brands through marketing, advertising and CRM (customer
relationship management) tools and programs. The Company owns
and operates the automotive websites Autobytel.com, Autoweb.com,
Carsmart.com and AutoSite.com, as well as AIC (Automotive
Information Center), a leading provider of automotive marketing
data and technology. Autobytel is the industry leader in
dealership lead management and CRM solutions and owns and
operates AVV, Inc., a leading provider of dealership CRM and
data extraction services. As the Internet's largest new-car
buying service, Autobytel generates over a billion dollars a
month in car sales for dealers through its services. Autobytel
Inc. is also among the largest syndicated car-buying content
networks, reaching millions of unique visitors as they are
making their vehicle buying decisions.
ABOUT MITSUBISHI MOTORS
Mitsubishi Motors North America, Inc. (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States, Canada, Mexico and Puerto Rico. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers throughout
North America. For more information, contact the Mitsubishi
Motors News Bureau at 888-560-6672 or visit
media.mitsubishicars.com.
CONTACTS
Autobytel Inc.
Melanie Webber, 949-862-3023
melaniew@autobytel.com
http://www.autobytel.com
or
RBI Communications
Betsy Smith Isroelit, 323-960-1360, ext. 17
betsy@rbicom.com
Joe Foster, 323-960-1360, ext. 13
joe@rbicom.com
NISSHO IWAI-NICHIMEN: Issues Stock Purchase Notice
--------------------------------------------------
As previously announced on July 29, 2003, in the plastics
business field, Nissho Iwai-Nichimen Holdings Corporation (NNH)
advances business restructuring under the umbrella of PLA-NET
HOLDINGS, INC. (PNH), the NNH Group's joint holding Company of
the plastics Operation.
On November 1, 2003, as part of the reorganization procedures,
Nichimen Corporation (Nichimen), a wholly owned subsidiary of
NNH, entered into a stock transfer agreement with Chori
Corporation (Chori) to purchase Chori's holding of PNH stock and
implemented the purchase on the same day.
1. PURPOSE OF STOCK PURCHASE
Aiming at building an optimal business portfolio and quick
realization of integration effects, NNH Group accelerates
rationalization and increases profitability by reorganization
and business restructuring.
Preceding the purchase, on September 1, 2003, Nichimen spun off
its plastics business to its wholly owned subsidiary, Pla-Net
Corporation (Pla-Net), as the first step of the plastics
business reorganization. The Nichimen's purchase of PNH stock
from Chori was the second step of the reorganization. As a
result, PNH became a wholly owned subsidiary of NNH Group.
Subsequently, PNH acquired Nichimen's holding of Pla-Net stock
by a stock exchange on Tuesday, in order to make Pla-Net a
wholly owned subsidiary of PNH.
Furthermore, to complete the reorganization, the PNH's three
major subsidiaries, Pla-Net, Nissho Iwai Plastic Corporation and
Chori Pla-Techno Co., Ltd., will be merged in January 2004. The
series of aforementioned reorganization will maintain and
further strengthen the Group's solid business platform as well
as accelerate streamlining operations. To this end, it will lead
NNH Group to become a top-tier player in the plastics business
field.
The consolidated sales and operating income of PNH will be 350
billion and Y7billion respectively in the second fiscal year
after the reorganization, the year ending March 2005.
2. OUTLINE OF STOCK PURCHASE
(1) Outline of PLA-NET HOLDINGS, INC.
Company Name: PLA-NET HOLDINGS, INC.
A Representative: Katsuyuki Sumida, President
B Registered Address: 1-23, Shiba 4-chome, Minato-ku, Tokyo
C Date of incorporated: March 30, 1985
D Main Business: Holding Company of plastics operations
E Accounting year-end: March
F Capital: Y6.16 billion iSeptember 30, 2003j
(2) Transferee Company
Company Name: Chori Co., Ltd.
A Representative: Kenichi Tanaka, President
B Registered Address: 4-7, Kawaramachi 2-chome, Chuo-ku, Osaka
C Main Business: Trading Company with specialty in textiles and
chemicals areas
(3) Number and price of shares to be purchased, Change in PNH
stock holders and holdings
Number of Shares to be purchased: 16,030 shares
Purchase Price: Y801.5 million
Change in shareholding and its percentage
Shareholder Nichimen Nissho Iwai Chori Co., Ltd.
Corporation Corporation
Before 82,060 shares 25,200 shares 16,030 shares
purchase 66.56 20.44 13.00
After 98,090 shares 25,200 shares
Purchase 79.56 20.44
(4) Schedule
Conclusion of stock transfer agreement November 1, 2003
Date of transfer November 1, 2003
3. EFFECT ON EARNINGS FORECAST
There is no effect on the NNHs earnings forecast for the fiscal
year ending March 31, 2004.
Inquiries: Shinichi Taniguchi, General Manager
Public Relations Dept.
Phone: +81(3)5446-1061
TAISEI CORPORATION: R&I Assigns BBB+
------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned a
BBB+ long-term debt rating to Taisei Corporation issued under
the Shelf Registration scheme.
R&I RATING: BBB+
ISSUE: Long-term Debt
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 23 Nov 13, 2003 Nov 13, 2008 Yen 10,000
RATIONALE:
Taisei Corp. is one of Japan's large general contractors.
Taisei's profitability is high compared to other large general
contractors, but the business risk for the construction industry
in the mid- to long-term is expected to follow a rising trend.
Consequently, its enhanced financial composition
notwithstanding, the Company's burden of interest-bearing debt,
is heavy, and there is still room to improve the balance between
it and cash flow. Depending on the circumstances involved,
Taisei's refinancing of securitizations undertaken in the past
could cause its interest-bearing debt to grow.
R&I is therefore watching to see how much the Company's
financial picture improves.
As far as commercial properties of the Taisei Group are
concerned, there may be a need to carry out a further disposal
of assets, and attention must also be paid to the impact of the
Company's introduction of loss accounting for fixed assets.
NOTE/FINANCIAL COVENANTS:
1) negative pledge clause, which covers other unsecured domestic
bonds the firm issued or may issue in the future
2) a change of security status, which requires authorization of
the bondholder's meeting
3) if the issuer grants security interest approved as
appropriate by the bondholder's meeting, the negative pledge
clause will no longer apply
=========
K O R E A
=========
DAEWOO MOTOR: Indian Firm Signs MoU With Truck Unit
---------------------------------------------------
India's truck and bus maker Tata Motors will sign a memorandum
of understanding (MoU) with Daewoo Commercial Vehicle Company
(DWCV) on November 6 for a feasibility study to acquire the
truck-making arm of the beleaguered Daewoo Motor Company, Asia
Pulse reports.
The negotiations would take about 2-3 months. Only after that,
Tata Motors will decide on the price for DWCV. The official was
commenting on reports from South Korea, which stated that Tata
Motors has agreed to buy DWCV for about 118 million dollars.
SK CORPORATION: Chairman Chey Won Out on Bail
---------------------------------------------
The Seoul High Court granted SK Corporation Chairman Chey Tae
Won's bail application, Yonhap News reported. Chey, who is
convicted for fraud, had been languishing in jail since February
22, 2003. Chey is presently appealing the case.
According to Youngsam Cho of Bloomberg News, SK Group officials
are hopeful that Chey's release will help "smoothen SK Networks
Co.'s normalization." (SK Global Bankruptcy News, Issue No. 6;
October 10, 2003)
SK CORPORATION: S&P Affirms 'BB+' Rating; Outlook Negative
----------------------------------------------------------
Standard and Poor's Ratings Services on Wednesday affirmed its
'BB+' long-term local currency and foreign currency corporate
credit ratings on SK Corporation. The rating was removed from
CreditWatch where it was placed on March 13, 2003, following the
revelation of accounting fraud at SK Networks Co. (formerly SK
Global), the trading unit of the SK group. The outlook on the
rating is negative.
"The rating affirmation follows the finalization of the terms of
a creditor-led workout program for SK Networks, which removes
immediate concerns over SK Corp.'s access to financing," said
Standard & Poor's credit analyst Eun Jin Kim.
Following a Korean won (W) 850 billion debt-for-equity swap, SK
Networks is now an approximately 50 percent-owned consolidated
subsidiary of SK Corp.
"While the rating is supported by SK Corp.'s strong position in
the oligopolistic Korean oil refinery and marketing business, it
is also weighed down by the Company's central role in the SK
Networks bailout," Ms. Kim said.
SK Corp. has experienced a marked deterioration in its financial
profile stemming from about W2 trillion in accounting
irregularities at SK Global earlier this year. As a result, SK
Corp. is expected to post over W500 billion in net losses in
fiscal 2003, ending Dec. 31, 2003.
With the terms of the SK Networks workout program now in place,
the financial impact on SK Corp. is not expected to exceed the
current buildup of reserves against SK Networks' receivables. SK
Corp.'s access to funds-once problematic-should also improve
noticeably.
The negative outlook reflects uncertainties over the business
direction and financial policies of SK Corp., particularly with
regard to supporting subsidiary and affiliate companies. The
absence of meaningful measures to address the perception of
mediocre corporate governance could also result in weakened
financial flexibility over time and again raise the possibility
of heightened liquidity risk.
SK GLOBAL: Seeks to Establish Claims Bar Date
------------------------------------------
To facilitate the formulation of a Chapter 11 plan, SK Global
America, a unit of South Korea's SK Networks, asks the Court to
establish a bar date for filing proofs of claim and interests by
entities asserting claims against its estate, pursuant to Rule
3003(c)(3) of the Federal Rules of Bankruptcy Procedure.
Furthermore, the Debtor wants Judge Blackshear to approve:
-- the proof of claim form;
-- the procedure for the filing of proofs of claim and
interest; and
-- the form and method of the Bar Date Notice.
According to Scott E. Ratner, Esq., at Togut, Segal & Segal LLP,
in New York, Bankruptcy Rule 3003(c)(3) provides that "the Court
will fix and for cause shown may extend the time within which
proofs of claim or interest may be filed."
Additionally, Bankruptcy Rule 2002(a)(7) requires that creditors
be given at least 20 days' notice by mail of the time fixed for
filing proofs of claim. SK Global proposes to give not less
than 35 days' notice of the Bar Date to its creditors and other
parties-in-interest.
Mr. Ratner explains that the fixing of a Bar Date will assist
the Debtor in identifying each of its creditors and fixing the
amounts and classifications of their claims, all of which is
absolutely essential to the Debtor's efforts to promulgate and
confirm a Chapter 11 plan.
A Bar Date Notice will be mailed, not later than 35 days
preceding the Bar Date, to:
(a) all of the Debtor's known creditors and interest holders
identified in its Schedules of Assets and Liabilities;
(b) all parties to executory contracts and unexpired leases
with the Debtor;
(c) all parties to litigation with the Debtor;
(d) the Internal Revenue Service;
(e) all parties who have filed a notice of appearance and
demand for service of papers in SK Global's case; and
(f) the U.S. Trustee.
The Debtor also intends to also publish the Notice at least once
in each of these newspapers or trade publications not later than
25 days preceding the Bar Date:
-- the national edition of The Wall Street Journal;
-- the international edition of The Wall Street Journal; and
-- Chosun Ilbo, the largest newspaper in Korea. (SK Global
Bankruptcy News, Issue No. 6; October 10, 2003)
SK GROUP: Uncovers Slush Fund in Futures Market
-----------------------------------------------
The prosecution has uncovered a scheme in which SK Group
Chairman Son Kil-seung diverted nearly $200 million dollars in
slush funds for investment in the futures market, Yonhap News
reported on Wednesday. Son has been under investigation for
allegedly providing tens of billions of won in slush funds to
political parties just before last year's Presidential election.
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Proposes Disposal to Boost Financial Position
--------------------------------------------------------------
On behalf of Aktif Lifestyle Corporation Berhad, Hwang-DBS
Securities Berhad (Hwang-DBS) wishes to announce that the
Company had, on 31 October 2003, entered into a conditional sale
and purchase of shares agreement (SPSA) with CP Properties Sdn
Bhd (CP), a wholly-owned subsidiary of Lion Diversified Holdings
Berhad, to dispose of its entire issued and paid-up share
capital in ALS comprising 31,000,000 ordinary shares of RM1.00
each in ALS (ALS Shares) to CP for a nominal cash consideration
of RM1.00.
THE ALS GROUP
On 29 October 2003, Aktif had announced that it had undertaken a
group reorganization, which involves transfers of shareholdings
within Aktif. Resulting from the group reorganization, certain
subsidiaries and an associated company of ALS were transferred
to Aktif for nominal consideration of RM1.00 each.
The companies which were transferred from ALS to Aktif were
Dolce Carlotta (M) Sdn Bhd, Tioman Duty Free Sdn Bhd, Aktif
Lifestyle Duty Free Sdn Bhd, Retail Commercial (M) Sdn Bhd (all
subsidiaries of ALS) and Hopemark (M) Sdn Bhd (Hopemark)
(associated company of ALS).
Simultaneously with those transfers, Hopemark had also
transferred its 70% shareholding in Octon Electronics Sdn Bhd
(OESB) to ALS also for a nominal consideration of RM1.00.
After the above group reorganization, the subsidiaries of ALS
are Aktif-Sunway Sdn Bhd (ASSB), Sunbeam Bakeries Sdn Bhd (SBSB)
and OESB as set out in Table 1.
As part of the terms of the Proposed Disposal, CP is to acquire
ALS, which holds 100% equity interests in SBSB and OESB and 80%
equity interest in ASSB. ALS, SBSB, OESB and the 80%
shareholding of ALS in ASSB are hereinafter collectively
referred to as the "ALS Group" while SBSB, OESB and ASSB are
hereinafter collectively referred to as "the Target
Subsidiaries".
DETAILS OF THE PROPOSED DISPOSAL
On 31 October 2003, Aktif entered into a conditional SPSA with
CP to dispose of the ALS Group via the disposal of the Sale
Shares for a total cash consideration of RM1.00. Baring any
unforeseen circumstances, the Proposed Disposal is expected to
be completed by the first quarter of 2004.
The disposal consideration was arrived at on a "willing-buyer
willing-seller" basis after taking into account the consolidated
negative net tangible asset position of ALS as at 28 February
2003, being the date of the latest available audited financial
statements of ALS, of RM33,049,365 and as at 30 September 2003,
being the date of the latest available management accounts of
ALS, of RM54,611,183.
The dates and original costs of investment of Aktif in the
companies of the ALS Group are shown in Table 2.
Pursuant to the Proposed Disposal, Aktif will incur a loss on
disposal of RM24.35 million, representing its investment cost of
RM18.41 million in ALS and a write off of inter-company balance
of approximately RM5.94 million with the ALS Group.
CP will acquire the Sale Shares and will provide corporate
guarantees of RM20.0 million as stated in Section 3.6(v) of this
announcement.
Information on ALS
ALS is a private company limited by shares and incorporated in
Malaysia under the Companies Act, 1965 ("Act") on 10 August 1974
with an authorized share capital of RM35,000,000 comprising of
35,000,000 ordinary shares of RM1.00 each. As at the date of
this announcement, ALS has an issued and paid-up capital of
RM31,000,000 comprising 31,000,000 ordinary shares of RM1.00
each. Financial information of ALS for the past three (3)
financial years are set out in Table 3.
ALS is principally involved in the operation of supermarkets and
departmental stores.
Information on SBSB
SBSB is a private company limited by shares and incorporated in
Malaysia under the Act on 26 November 1997 with an authorized
share capital of RM100,000 comprising of 100,000 ordinary shares
of RM1.00 each. As at the date of this announcement, SBSB has an
issued and paid-up capital of RM100,000 comprising 100,000
ordinary shares of RM1.00 each. Financial information of SBSB
for the past three (3) financial years are set out in Table 4.
SBSB is principally involved in the operation of bakeries and
food courts.
Information on OESB
OESB is a private company limited by shares and incorporated in
Malaysia under the Act on 26 December 1986 with an authorized
share capital of RM1,000,000 comprising of 1,000,000 ordinary
shares of RM1.00 each. As at the date of this announcement, SBSB
has an issued and paid-up capital of RM1,000,000 comprising
1,000,000 ordinary shares of RM1.00 each. Financial information
of OESB for the past three (3) financial years are set out in
Table 5.
OESB is principally involved in the retailing of electrical and
electronic household appliances.
Information on ASSB
ASSB is a private company limited by shares and incorporated in
Malaysia under the Act on 25 June 1996 with an authorized share
capital of RM20,000,000 comprising of 20,000,000 ordinary shares
of RM1.00 each. As at the date of this announcement, SBSB has an
issued and paid-up capital of RM10,000,000 comprising 10,000,000
ordinary shares of RM1.00 each. Financial information of ASSB
for the past three (3) financial years are set out in Table 6.
ASSB is principally involved in the operation of departmental
stores.
Information on CP
CP is a private company limited by shares and incorporated in
Malaysia under the Act on 23 May 1981. CP is a wholly-owned
subsidiary of LDH, a public company admitted to the Official
List of the Kuala Lumpur Stock Exchange (KLSE) and its shares
are traded on the Main Board of the KLSE on.
CP has an authorized share capital of RM10,000,000, comprising
of 10,000,000 ordinary shares of RM1.00 each. As at the date of
this announcement, CP has an issued and paid-up capital of
RM9,868,098 comprising 9,868,098 ordinary shares of RM1.00 each.
Financial information of CP for the past three (3) financial
years are set out in Table 7.
CP is currently an inactive company.
Salient Terms of the SPSA
The salient terms of the SPSA are as follows:
(i) Aktif acknowledges that CP's willingness to enter into the
Proposed Disposal is on the basis of the following critical
financial considerations:
(a) the irrevocable and unconditional waiver and
relinquishment, prior to the date of the SPSA, all of the rights
and entitlements by the landlords to all rental and service
charges of whatever nature payable by ALS pursuant to the
tenancies of office and business premises at The Mall and Grand
Seasons for the period commencing from 1 July 2003 up to and
inclusive of the date immediately following the date of this
SPSA;
(b) that following the waiver or relinquishment referred to
in 3.6(i)(a) above and the settlement of all inter-company
balances owed by or to the ALS Group to Aktif and/or its
subsidiaries and related companies (Aktif Group), the total
amount (including all accrued interests, if any) owing by the
ALS Group as at such later date as Aktif and CP may mutually
agree in writing ("Ops Takeover Date") shall not exceed
RM25,629,680, to be paid over a period of 8 years as set out in
Table 8, comprising the following amounts:
(i) RM22,261,938 being the interest free rental and service
and utility charges of whatever nature due and payable by ALS
Group pursuant to the tenancy at The Mall (Rental); and
(ii) RM3,367,742 being the balance of the interest free
dividend monies declared but remained unpaid by ALS (Dividend)
to its previous shareholders;
(c) The financial position and net tangible asset (NTA) value
of ALS Group as a whole as at the Ops Takeover Date will not be
worse off by more than 3% compared to the figures and NTA value
stated in the projected profits and loss accounts and the
balance sheet for the financial period ending 31 October 2003 of
the relevant companies within the ALS Group before adjustment or
taking into consideration the matters stated in 3.6(i)(a) and
3.6(i)(b) above;
(d) that, save for the lease entered into with the Penang
Development Corporation, none of the landlords or lessor of
properties leased or rented to the relevant companies within the
ALS Group have or will suspend and/or terminate the tenancy(ies)
or lease(s) within the period commencing from the date of the
SPSA until a completion date, as mutually agreed in writing
between Aktif and CP within thirty (30) days from the date the
Conditions Precedent of the SPSA are fulfilled within a period
of six (6) months from the date of the SPSA (Conditional Period)
(Completion Date);
(e) The execution of the principal terms of tenancy in
respect of the tenancy at The Mall.
(ii) The SPSA is conditional upon the fulfillment, within the
Conditional Period, of the following Conditions Precedent:
(a) approval by the Foreign Investment Committee (FIC)'s of
the acquisition by CP;
(b) approvals of all relevant authorities (including the
Securities Commission (SC)'s;
(c) approvals of ALS' principal bankers;
(d) Aktif's shareholders' approvals at an extraordinary
general meeting of Aktif; and
(e) the approval of any other party(ies) and/or relevant
authorities, if applicable;
(iii) Aktif, as the registered holder and beneficial owner of
the Sale Shares, shall sell to CP and CP shall purchase from
Aktif, on a willing buyer and willing seller basis, the Sale
Shares at the purchase price of RM1.00 free from encumbrances
and with all rights, benefits and advantages attached thereto
except for any dividends and other distributions which may be
declared, made or paid in respect of the Sale Shares prior to
the Completion Date.
(iv) Notwithstanding the non-fulfillment of the Conditions
Precedent or the non-completion of the SPSA on or prior to the
Ops Takeover Date, the Parties agrees that CP shall takeover and
assume, with effect from the Ops Takeover Date, all day-to-day
operations and management control of the ALS Group.
(v) CP shall use its best efforts to procure, subsequent to the
Completion Date, the release and discharge of Aktif of its
obligations under two corporate guarantees given by Aktif to
secure banking/credit facilities granted to ALS; one given in
favor of RHB Bank Berhad to secure the principal sum of
RM40,000,000 (but only a sum of RM10,000,000 has been drawn down
todate); and another given in favor of OCBC Bank (Malaysia)
Berhad to secure the principal sum of RM10,000,000;
Subject to the due performance and observence by Aktif of its
obligations under the SPSA, CP shall, pending the release and
discharge of these guarantees, unconditionally indemnify and
save harmless Aktif against all liabilities, actions,
proceedings, demands and costs which Aktif may suffer or incur
in connection with any claims arising from the aforesaid
guarantees subsequent to the Ops Takeover Date;
(vi) Aktif covenant and undertake with CP that Aktif will
indemnify and keep CP indemnified against all losses which CP
and/or ALS may incur, suffer or sustain as a result of or in
connection with any settlement or successful claims made by
Merit Properties Sdn Bhd (Merit Properties) (and its successor-
in-title or assigns) for a sum of RM19,500,000 in relation to a
lease agreement dated 24 July 1997 between Merit Properties and
ALS in respect of a business premises located at Johor Bahru
City Square, Johor Bahru (civil court proceedings suit No. S7-
22-10060-2000); and all other claims which Merit Properties may
have against ALS under the lease agreement;
(vii) There is RM4,593,548 contingent liabilities in respect of
dividend payable by ALS to Yaohan Japan Corporation for which
ALS has made a set-off on this amount. The previous shareholders
of ALS have agreed that CP and/or ALS shall be entitled, at its
absolute discretion, to withhold or set-off all or any part of
such contingent liabilities against the amount up to
RM3,303,226;
(viii) For a period of two (2) years after the completion date
of the Proposed Disposal, Aktif undertakes that it and its
related corporations shall not carry on or hold, directly or
indirectly, any beneficial interest in a company or corporation
in Malaysia carrying on business which is in competition/similar
to the ALS Group, unless such business has been consented to by
CP or if such beneficial interest are held by Aktif and/or its
related corporations are not more than 5% in a company carrying
on the same business and such company is listed on the KLSE.
Further, for a period of two (2) years, Aktif and its related
corporations shall not solicit or entice away any employee in
the ALS Group unless with CP's consent or such employee has been
terminated or retrenched from the ALS Group.
RATIONALE FOR THE PROPOSED DISPOSAL
For the financial year ended 28 February 2003, Aktif reported a
consolidated loss after taxation of RM20.0 million, which was
mostly contributed by the ALS Group. Aktif is also currently
classified as an "affected listed issuer" under Practice Note
No. 4/2001 issued by the KLSE (PN4) (PN4 company).
As an initial step to restore the financial strength of Aktif,
the Proposed Disposal will result in the Aktif Group's negative
net tangible asset position being restored to a positive net
tangible asset position.
This will enhance Aktif's attractiveness in future corporate
exercises to acquire viable businesses.
EFFECTS OF THE PROPOSED DISPOSAL
Earnings
For the financial year ended 28 February 2003, Aktif reported a
consolidated loss after tax of RM20.0 million, which was mostly
contributed by losses from the ALS Group. As such, resulting
from the Proposed Disposal, Aktif is expected to improve on its
previous year's performance in the current financial year ending
28 February 2004.
Aktif will incur a loss on disposal of RM24.35 million,
representing its investment cost of RM18.41 million in ALS and a
write off of inter- company balance of approximately RM5.94
million with the ALS Group.
NTA
The effect of the Proposed Disposal on the NTA of Aktif is shown
in Table 9.
Share Capital
The Proposed Disposal will not have any effect on the share
capital of Aktif as the Proposed Disposal will be satisfied in
cash.
Substantial Shareholders' Shareholding
The Proposed Disposal will not have any effect on the
substantial shareholders' shareholdings in Aktif as the Proposed
Disposal will be satisfied in cash.
Gearing
The effect of the Proposed Disposal on the gearing ratio of
Aktif is shown in Table 10.
For tables 1 to 10, go to http://bankrupt.com/misc/Aktif1107.doc
APPROVALS REQUIRED
The Proposed Disposal is subject to approvals from the
following:
(i) the SC;
(ii) the FIC, to be obtained by CP;
(iii) the shareholders of Aktif at an extraordinary general
meeting; and
(iv) any other relevant authorities, if required.
INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED
TO THEM
None of the Directors, major shareholders of Aktif and/or
persons connected to them are interested in the Proposed
Disposal.
STATEMENT BY DIRECTORS
The Directors of Aktif having considered all the terms and
conditions of the Proposed Disposal, are of the opinion that the
Proposed Disposal is in the best interest of Aktif.
ADVISER
Aktif has appointed Hwang-DBS as its adviser for the Proposed
Disposal.
APPLICATION TO THE RELEVANT AUTHORITIES
Barring unforeseen circumstances, applications to the relevant
authorities for the Proposed Disposal are expected to be made
within three (3) months from the date of this announcement.
OTHER MATTER
As stated in Section 4 above, Aktif is currently a PN4 company.
While the Proposed Disposal is expected to result in an
improvement in the financial condition of Aktif, the Board of
Directors of Aktif are also in the process of formulating a more
comprehensive strategy to increase the level of business
activities. Appropriate announcements will be made in due course
as and when required.
INSPECTION OF DOCUMENTS
A copy of the SPSA in respect of the Proposed Disposal can be
inspected at the registered office of Aktif at Level 9, Grand
Season Avenue, No 72, Jalan Pahang, 53000 Kuala Lumpur from
Mondays to Fridays (except public holidays) during business
hours from 9:00 a.m. to 5:00 p.m. for a period of three (3)
months from the date of this announcement.
C.I. HOLDINGS: Sept Defaulted Interest Payment Hits RM8.054M
------------------------------------------------------------
In compliance with Kuala Lumpur Stock Exchange Practice Note No.
1/2001, C.I. Holdings Berhad wishes to announce the following
with regards to the status of the default in servicing the
interest payment on the RM198 million term loan facility granted
by Alliance Bank Malaysia Berhad (ABMB-TLF) to C.I. Enterprise
Sdn Bhd (CIE), a wholly-owned subsidiary of the Company.
CIE had defaulted in servicing of interest payment which stood
at RM8,054,233.03 as at 30th September 2003 compared to
RM6,619,269.87 as at 31st August 2003 an increase of
RM1,434,963.16 attributable to interest accrued for the month of
September 2003.
On 20th December 2002 the Company had announced its Proposed
Reorganization Scheme (PRS) which inter-alia includes the
disposal of 300,000 ordinary shares of RM1.00 each representing
the entire equity interest in CIE to QSR Brands Sdn Bhd
(formerly known as Good Platform Sdn Bhd) for a cash
consideration of RM1.00 and the assumption of the corporate
guarantee for the ABMB-TLF given by the Company to Alliance Bank
Malaysia Berhad (ABMB).
The Company is currently completing the PRS. Upon completion of
the PRS, the ABMB-TLF will be fully settled.
FOREMOST HOLDINGS: Replies KLSE's Writ of Summon Query
------------------------------------------------------
Foremost Holdings Berhad, in reply to Query Letter by KLSE
reference ID : GK-031031-39627 on the Writ of Summons and
Statement of Claim Served on Yaku Shin E-Tech (M) Sdn Bhd, a
wholly owned subsidiary of Yaku Shin (M) Sdn Bhd; Yaku Shin (M)
Sdn Bhd is a 58.75% owned subsidiary of Foremost Holdings
Berhad.
1. The plaintiff has claimed unliquidated damages, interest and
cost, therefore, currently the Company is not in position to
quantify the claims. As to the interest claim, the rate has not
been quantified in the writ of summon;
2. Total cost of investment in Yaku Shin E-Tech (M) Sdn Bhd by
its immediate holding company, Yaku Shin (M) Sdn Bhd was RM2
(Ringgit Malaysia Two) only;
3. The Board of Directors of Foremost Holdings Berhad hereby
inform the Exchange that the financial impact on the Group as at
this stage has yet to be determined since the claim has not been
decided by the Honorable Court and the Board expects no
operational impact on the Group since Yaku Shin E-Tech (M) Sdn
Bhd is currently dormant.
4. Since Yaku Shin E-Tech (M) Sdn Bhd is neither a core
subsidiary nor a core business for the Group, the Board of
Directors of FHB is in the opinion that the expected losses are
very minimal.
5. Yaku Shin E-Tech (M) Sdn Bhd has appointed a solicitor and
has instructed them to enter an appearance, to file the defense
and to counter claim to the plaintiff's summon.
KLSE's Query Letter content:
We refer to your announcement dated 30 October 2003, in respect
of the aforesaid matter. In this connection, kindly furnish the
Exchange with the following additional information for public
release:
1. Particulars of claim under the Writ of Summons and State of
Claim (Writ) including the total amount of claim and the
interest rate thereof.
2. The total cost of investment in Yaku Shin E-Tech (M) Sdn Bhd.
3. The financial and operational impact of the Writ on the
group.
4. The expected losses, if any arising from the Writ.
5. The steps taken and proposed to be taken by your Company in
respect of the Writ.
Please furnish the Exchange with your reply within two (2)
market days from the date hereof.
Yours faithfully,
HENG TECK HENG
Senior Manager
Issues & Listing
HTH/ASL/GK
c.c. Securities Commission (via fax)
HIAP AIK: Proposes GCR Disposal to Settle Debt
----------------------------------------------
The Special Administrators (SA) of Hiap Aik Construction Berhad
(Special Administrators Appointed) wishes to announce that, the
Company had on 3 November 2003 entered into a conditional Share
Sale Agreement (SSA) with Temasya Jaya Sdn Bhd (Temasy) for the
disposal of 750,000 issued and fully paid up ordinary shares of
RM1.00 each representing 100% equity interest in Green Crescent
Resources Sdn Bhd (GCR), a wholly owned subsidiary of HACB, for
a cash consideration of RM2,000,000 (Proposed GCR Disposal).
DETAILS OF THE DISPOSAL
On 14 July 2003, the SA published an open invitation to tender
for HACB's wholly owned subsidiary, GCR in The Star, Utusan
Malaysia and Sin Chew Jit Poh newspaper (Tender). The proposals
submitted by the prospective buyers were opened on the closing
date of the tender on 28 July 2003 at the office of Pengurusan
Danaharta Nasional Berhad (Danaharta) in the presence of the
representatives from Danaharta.
(a) Information on GCR
GCR was incorporated on 9 June 1994 under the Companies Act,
1965. GCR has an authorized share capital of RM1,000,000
ordinary shares of RM1.00 each have been issued and paid-up. The
principal activity of GCR is property development. GCR has one
wholly owned subsidiary, details of which are as follows:
Subsidiary Date and Place of incorporation Issued and fully paid
share capital (RM) Equity interest (%) Principal/ Business
activities Skyvillas Property Management Sdn Bhd 22 December
2000 Malaysia 2 100 Dormant
(b) Salient Terms of the SSA
i) The total Purchase Price of RM2,000,000 shall be or has been
paid by Tesmaya in the following manner:
A. 10% of the Purchase Price upon signing of the SSA.
B. 90% of the Purchase Price upon completion date of SSA.
ii) The Purchaser acknowledges GCR had undertaken the property
development project and agrees to continue the project and
resume construction and completion of the project.
iii) The shares of GCR on disposal to Temasya shall be free from
all claims, charges, liens, encumbrances and equities whatsoever
together with all rights attached thereto and all dividends
rights and distributions declared paid or made in respect
thereof.
(c) Basis of Determining the Sale Consideration
The sale consideration of RM2,000,000 in cash for the Proposed
GCR Disposal was arrived at based on the best tender submitted
for the Proposed GCR Disposal at the Tender.
The sale consideration takes into consideration inter alia, the
assumption of a contingent liability for liquidated ascertain
damages in respect of a delay in the current property
development project undertaken by GCR of approximately RM31
million as at 31 December 2002.
3. CONDITIONS PRECEDENT
a. Approval/ No objection for the disposal from the Securities
Commission which was obtained on 28 October 2003; and
b. Approval of the Foreign Investment Committee or any other
relevant authorities for the acquisition of shares to be
obtained by Temasya.
4. UTILSATION OF PROCEEDS
The entire proceeds from the Proposed GCR Disposal, which is
RM2,000,000 in cash, is proposed to be utilized for the working
capital/settlement of indebtedness of the creditors of HACB.
5. RATIONALE
HACB is an affected listed issuer pursuant to Practice Note
4/2001 (PN4) of the Kuala Lumpur Stock Exchange (KLSE) Listing
Requirement. Based on HACB's latest quarterly results, HACB and
its subsidiaries (HACB Group) recorded a loss of RM8.67 million
for the six (6) months ended 30 June 2003.
In view of this, the SAs are of the view that to maximize the
returns to HACB creditors, it is in the best interest of the
stakeholders and creditors to dispose of the assets.
6. EFFECTS OF THE PROPOSED GCR DISPOSAL
a. Share Capital
The Disposal will not have any effect on the issued and paid-up
share capital of HACB.
b. Earnings
The Disposal will reduce the loss after tax of HACB by
approximately RM2 million.
c. Net Tangible Assets/ Liabilities Per Share
The Disposal will increase the net liability per share of HACB
by RM0.38.
d. Substantial Shareholdings
The Disposal will not have any effect on the substantial
shareholdings of HACB as it does not involve transfer of shares.
7. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the SA, Directors and/ or major shareholders of HACB or
any other company which is its subsidiary or holding company or
a subsidiary of its holding company, or person connected to the
Directors, major shareholders or any other company which is its
subsidiary or holding company or a subsidiary of it holding
company, has any interest, direct or indirect, in the Proposed
GCR Disposal.
8. SA'S STATEMENT
The SA of HACB are of the opinion that the Proposed GCR Disposal
is in the best interest of HACB.
INTAN UTILITIES: MITI, SC Grant Proposals Approval
--------------------------------------------------
Intan Utilities Berhad refers to the announcements made by
AmMerchant Bank Berhad (AmMerchant Bank) on behalf of the
Company dated 16 January 2003 and 18 March 2003 in relation to
the Proposals, comprising:
Proposed Divestment Of 30% Equity Interest In Metropolitan
Utilities Corporation Sdn Bhd (MUC) For A Total Cash
Consideration Of Rm36,000,000 (Proposed Divestment I);
Proposed Non-Renounceable Restricted Offer For Sale By
Veolia Water Asia Pte Ltd (Formerly Known As Vivendi Water Asia
Pte Ltd) (Veolia) Of 16,062,000 Ordinary Shares Of Rm1.00 Each
(Shares) (ROS Shares) Representing 30% Of The Issued And Paid-Up
Share Capital Of Intan At An Offer Price Of Rm2.25 Per Ros Share
(Proposed ROS);
Proposed Bonus Issue Of 42,834,402 New Shares On The Basis
Of Four (4) New Shares For Every Five (5) Existing Shares Held
In The Company (Proposed Bonus Issue);
Proposed Divestment Of The Remaining 70% Equity Interest In
Muc Via A Management Lead Buy-Out For A Total Cash Consideration
Of Rm84,000,000 (Proposed Divestment II);
Proposed Subscription Of New Shares Representing
Approximately 46.19% Of The Enlarged Share Capital In The
Management Buy-Out Entity (Proposed Reinvestment); and
Proposed Subscription Of New Shares And Redeemable
Preference Shares Representing Almost The Entire Enlarged Share
Capital Of Premier Merchandise Sdn Bhd (Premier) (Proposed
Subscriptions).
Further thereto, AmMerchant Bank on behalf of the Board of
Directors of Intan (Board), is pleased to announce that the
Company has obtained the approvals of the Securities Commission
(SC) and the Foreign Investment Committee (FIC) (via the SC) for
the Proposals (collectively known as the Approvals) vide the
letter dated 31 October 2003.
The conditions of the Approvals include, inter-alia, the
following:
(i) The purpose and timeframe for the proposed utilization of
proceeds arising from the Proposed Divestment I and Proposed
Divestment II must be disclosed in detail in the Circular to
shareholders / Abridged Prospectus. Any extension of time from
the initial timeframe as determined by Intan for the utilization
of the said proceeds must be approved via a final resolution of
the Board and must be fully disclosed to the Kuala Lumpur Stock
Exchange (KLSE);
(ii) Appropriate disclosure in relation to the status of the
utilization of the proceeds must be made in the quarterly report
and annual report of Intan until the proceeds are fully
utilized;
(iii) Intan must provide a written undertaking to the SC that
the Company will comply with all the terms and conditions in the
license agreement with 7-Eleven, Inc. and will strive to obtain
the renewal of the said license in the future;
(iv) Intan must obtain the approval of 7-Eleven, Inc. for the
change in the shareholding of Convenience Shopping Sdn Bhd
(CSSB) before proceeding with the proposed restructuring of the
said organization. A copy of the approval letter from 7-Eleven,
Inc. must be furnished to the SC and the contents of the said
letter must be disclosed in the Circular to shareholders /
Abridged Prospectus;
(v) Intan must obtain the prior approval of the relevant parties
for changes in the shareholdings of MUC and Air Utara Indah Sdn
Bhd (if required) before proceeding with the proposed
restructuring of the said organizations; and
(vi) Intan must comply with all the relevant requirements in
relation to the implementation of the Proposals as stated in the
Policies and Guidelines on Issue/Offer of Securities of the SC.
The conditions imposed by the FIC (via the SC) under the FIC
requirements are as follows:
(i) Intan is required to increase its Bumiputera equity interest
from 20.74% (assuming none of the subscribers entitled to the
Proposed ROS, save for Tan Sri Dato' Seri Vincent Tan Chee Yioun
(TSVT) and parties acting in concert, subscribe for the Proposed
ROS and TSVT acquires all the excess ROS Shares from Veolia and
there are no acceptances for the proposed mandatory offer by
TSVT for the remaining Shares in Intan) to 25.68% within one (1)
year from the date of the Approvals. In the event that there is
full acceptance of the proposed mandatory offer by TSVT and
parties acting in concert, Intan must provide SC with details /
proposals to increase the Bumiputera equity interest in Intan,
for the approval of the SC; and
(ii) JHSB must have at least 30% Bumiputera shareholdings within
one (1) year from the date of the Approvals.
The SC had also approved the extension of time until the
completion of the Proposals to comply with the requirement to
increase the issued and paid-up share capital of Intan to RM60
million by 31 December 2003 in line with SC's the press
statement dated 3 December 2002.
The Proposals are now subject to the approvals being obtained
from the following:
(i) the shareholders of Intan at an Extraordinary General
Meeting (EGM) to be convened for the Proposals;
(ii) 7-Eleven, Inc., the licensor for the change in the
shareholdings of CSSB pursuant to the Proposed Subscriptions;
(iii) the shareholders of Berjaya Group Berhad (BGroup) at an
EGM to be convened for the Proposed Subscriptions, the profit
guarantee, the put option and the call option arrangement;
(iv) the KLSE, for the listing and quotation for the new Shares
to be issued pursuant to the Proposed Bonus Issue; and
(v) any other parties involved.
LONG HUAT: Court Grants 90-Day Restraining Order Extension
----------------------------------------------------------
Further to the previous announcement dated 2 October 2003, Long
Huat Group Berhad announced that, in relation to the Proposed
Restructuring Scheme of LHuat, the Company was, on 31 October
2003, granted by the Court for an extension of time for a
further 90 days in relation to the Restraining Order under
Section 176(10) of the Companies Act 1965 and for the convening
of meetings of creditors and shareholders pursuant to Section
176(1) of the Companies Act 1965.
LONG HUAT: Credit Facilities Status Remains Unchanged
-----------------------------------------------------
Long Huat Group Berhad refers to the earlier announcement dated
2 October 2003. Save for the following, LHUAT informed that
there is no material development pertaining to the default in
respect of the credit facilities granted to the Company and its
subsidiaries:
1. The notice of winding-up petition served on Long Huat
Development Sdn Bhd by Sim Huat Timber & Hardware Sdn Bhd and
LTT Veneer (Singapore) Pte Ltd which was advertised on The Malay
Mail newspaper on 31 October 2003 and had been announced to the
Exchange on 3 November 2003.
NCK CORP.: Seeks Proposed Scheme Implementation Time Extension
--------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
Refers to the earlier announcements dated 22 May 2003 and 3
November 2003 in relation to the Proposed Restructuring Scheme.
The Special Administrators of NCK announced that the deadline of
15 November 2003 for the implementation of the Proposed Scheme
will lapse soon. Pursuant thereto, OSK Securities Berhad (OSK),
on behalf of the Special Administrators of NCK, has already
submitted an application to the Securities Commission (SC) on 5
November 2003 for a further extension of time for the
implementation of the Proposed Scheme for a six (6) months
period to 15 May 2004, and is awaiting the SC's approval.
NCK CORPORATION: Posts Proposed Acquisitions Details
----------------------------------------------------
NCK Corporation Berhad (Special Administrator Appointed) refers
to the announcement dated 16 January 2002, 6 June 2002 and 26
June 2002 released by Alliance Merchant Bank Berhad (Alliance)
on behalf of the Special Administrators of NCK (SA), in relation
to the Proposed Scheme as set out below:
(i) Proposed acquisition of 37,360,005 ordinary shares of RM1.00
each in NCK (NCK Shares) by APB Resources Berhad (formerly known
as Lamquest Holdings Berhad) (APB) representing the entire
equity interest in NCK for a purchase consideration of RM934,000
to be satisfied by the issuance of 934,000 ordinary shares of
RM1.00 each in APB (APB Shares) at par to the existing
shareholders of NCK;
(ii) Proposed acquisition of 45,638,085 ordinary shares of
RM1.00 each in Era Julung Sdn Bhd (EJ) by APB representing the
entire equity interest in EJ for a purchase consideration of
RM76,837,000 to be satisfied by the issuance of 51,837,000 new
APB Shares at par and 25,000,000 5.5% 2003/2008 Cumulative
Irredeemable Convertible Preference Shares of RM1.00 each (ICPS)
at par to the vendors of EJ;
(iii) Proposed transfer of the listing status of NCK on the Main
Board of the Kuala Lumpur Stock Exchange (KLSE) to APB;
(iv) Proposed transfer of the entire equity interest in NCK
comprising 37,360,005 NCK Shares to nominee/nominees of the SA
for a nominal consideration of RM1.00. As part settlement of the
liabilities of NCK, APB will issue 12,802,000 new APB Shares at
par to NCK, its assigns and/or creditors' agent;
(v) Proposed restricted issue of 2,802,000 new APB Shares at par
to the existing shareholders of NCK on the basis of three (3)
new APB Shares for every one (1) APB Share held;
(vi) Proposed public issue of 2,000,000 new APB Shares held
after the proposed acquisition explained under (i) above at par;
and
(vii) Proposed special issue of 16,200,000 new APB Shares at par
to bumiputera investors to be approved by the Ministry of
International Trade and Industry (MITI).
Alliance, on behalf of NCK, had on 20 November 2002 announced
that the Company had received the approval of the Securities
Commission (SC) vide its letter dated 15 November 2002, subject
to certain conditions.
On behalf of the SA, OSK Securities Berhad (OSK) wishes to
announce the following modifications to the Proposed Scheme:
(i) The proposed acquisition by APB of 4,900 ordinary shares of
RM1.00 each and 4,300,000 twelve percent (12%) 2003/2013
redeemable convertible preference shares (RCPS) in EPIC Constant
Sdn. Bhd. (ECSB) from Musteq Energy Services Sdn Bhd (MESSB),
representing approximately 49% equity interest therein, for a
purchase consideration of RM4,304,900 (Proposed ECSB
Acquisition);
(ii) The proposed acquisition by APB of 4,900 ordinary shares of
RM1.00 each and 4,300,000 RCPS in Konsep Realiti Sdn. Bhd.(KRSB)
from Projass Engineering Sdn. Bhd. (PESB), representing
approximately 49% equity interest therein, for a purchase
consideration of RM4,304,900 (Proposed KRSB Acquisition)
(The Proposed ECSB Acquisition and the Proposed KRSB Acquisition
shall collectively be referred to as the "Proposed
Acquisitions"); and
(iii) In addition, pursuant to item (iv) above, due to the delay
in the completion of the Proposed Scheme from the last extension
period granted to 31 August 2003, APB and/or the vendors of EJ
(Vendors) is agreeable to issue an additional 1,300,000 new APB
Shares to NCK, its assigns and/or creditors' agents of NCK and
the SA is agreeable to grant the extension period for the
implementation of the Proposed Scheme to 31 March 2004 pursuant
to the Workout Proposal dated 25 July 2002 (Workout Proposal).
In the event, the said additional 1,300,000 APB Shares are not
issued for any reason whatsoever, it shall be satisfied by a
cash payment of RM1,300,000 by APB or the vendors (Proposed
Shares Compensation).
Further, pursuant to the Put and Call Option Agreement dated 6
June 2002, an agreement shall be entered into between the
Vendors and the SA whereby APB or the Vendors shall exercise the
full option of 6,300,000 APB shares (5,000,000 APB Shares from
the original workout proposal plus the above mentioned 1,300,000
APB Shares) immediately upon listing of the same on the KLSE
which shall occur no later than 31st March 2004.
The Proposed Shares Compensation shall not be inter-conditional
with the other terms and conditions of the Workout Proposal as
is and as modified.
This announcement on the proposed modifications to the earlier
Proposed Scheme, should be read in conjunction with all the
other previous announcements made on the Proposed Scheme.
Details of the Proposed Acquisitions are set out in the detailed
announcement as attached with this summary announcement at
http://bankrupt.com/misc/NCK1107.doc.
OCEAN CAPITAL: Regularization Plan Extension Request Pending
------------------------------------------------------------
Ocean Capital Berhad informed that since its announcement dated
1 October 2003 in relation to the proposed corporate
restructuring exercise of the Company, there has been no change
in the status of the plan as disclosed below.
On 21 October 2003, Hwang-DBS Securities Berhad, on behalf of
the Board of Directors of OCEAN, had announced that an
application of extension of time had been made to the Kuala
Lumpur Stock Exchange (KLSE) on 16 October 2003 for a further
action of three (3) weeks to 11 November 2003 to enable OCEAN to
make a submission of its regularization plan to the authorities
for approval. The application is currently pending KLSE's
decision
PARIT PERAK: Proposed Put and Call Completed
--------------------------------------------
On 18 November 2002, Alliance Merchant Bank Berhad (Alliance),
on behalf of Parit Perak Holdings Berhad (Special Administrators
Appointed), announced that PPHB had formulated a plan to
regularize its financial condition as it is an "affected listed
issuer" under Practice Note No. 4/2001 issued by the Kuala
Lumpur Stock Exchange (KLSE) (PN4). The regularization plan
(hereinafter referred to as "the Proposals") has since been
approved by the Securities Commission vide its letters dated 10
March 2003, 14 April 2003, 22 April 2003 and 5 September 2003,
the Foreign Investment Committee vide its letter dated 30
December 2002 and Pengurusan Danaharta Nasional Berhad vide its
letter dated 14 April 2003.
The creditors' agent for PPHB (Creditors' Agent) and the
promoters of the "white knight" for PPHB, Liqua Health Marketing
(M) Sdn Bhd (Liqua), namely Align Matrix Sdn Bhd and Liqua
Health (M) Sdn Bhd (collectively, the Promoters) have also on 11
September 2003 entered into the following agreements:
(i) A Sale of Shares and Warrants Agreement for the Promoters to
purchase from the Creditors' Agent 18,000,000 ordinary shares of
RM0.50 in Liqua Health Corporation Berhad (formerly known as
Joycity Holdings Sdn Bhd) (LHCB) (LHCB Shares) at the purchase
price of RM0.75 per LHCB Share and 3,600,000 5-year detachable
warrants 2003/2008 (Warrants) at the purchase price of RM0.10
per Warrant (Proposed Buyback). Under the terms of the Sale of
Shares and Warrants Agreement, the Proposed Buyback is to be
completed within three (3) market days from the date of
completion of the Proposed PPHB Acquisition; and
(ii) A Put and Call Agreement whereby the Creditors' Agent
grants the Promoters an option to purchase from the Creditors'
Agent 18,000,000 LHCB Shares and 3,600,000 Warrants at an
exercise price of RM0.75 per LHCB Share and RM0.10 per Warrant
during the Call Option Period and the Creditors' Agent shall put
to the Promoters to purchase the above 18,000,000 LHCB Shares
and 3,600,000 Warrants at the same exercise prices during the
Put Option Period (Proposed Put and Call).
The Call Option Period is the period commencing seven (7) market
days immediately prior to the date of listing of LHCB on the
Main Board of the KLSE and ending six (6) months after the date
of listing of LHCB while the Put Option Period is for the period
of twenty (20) market days commencing on the day immediately
after the day of expiry of the Call Option Period.
Further, as security for the Promoters' obligations under the
Put and Call Agreement, the Promoters agree to procure the
release of a deposit sum amounting to RM13,860,000 by Alliance
acting as placement agent for the Proposed Placement to the
Creditors' Agent upon the issuance of the notices of allotment
of such LHCB Shares.
On 14 October 2003, the Promoters had placed a deposit sum of
RM13,860,000 from Alliance acting as placement agent to the
Creditors' Agent as security for the Promoters' obligations
under the Put and Call Agreement.
On behalf of the Promoters, Alliance is pleased to announce that
in accordance with the Put and Call Agreement, the Promoters had
on 4 November 2003 exercised the option to purchase 18,000,000
LHCB Shares and 3,600,000 Warrants at the purchase prices of
RM0.75 and RM0.10 each respectively. With the exercise of the
option above, the Proposed Put and Call has been completed.
The Proposals collectively refers to:
* Proposed PPHB Acquisition;
* Proposed Liqua Acquisition;
* Proposed Buyback;
* Proposed Put and Call;
* Proposed Restricted Offer for Sale;
* Proposed Debt Settlement;
* Proposed Disposal;
* Proposed Placement;
* Proposed Transfer of Listing Status; and
* Proposed Waiver.
PERAK CORPORATION: Answers KLSE's Unusual Market Activity Query
---------------------------------------------------------------
Perak Corporation Berhad, in reply to Query Letter by KLSE
reference ID : AA-031104-39670 on Unusual Market Activity dated
4 November 2003 concerning the sharp increase in price in the
Company's shares on even date.
Save as disclosed below, on behalf of the Company, advised as
follows:
(1) there is no material development in the Company's business
and affairs not previously disclosed;
(2) there is no impending change in the major shareholders; and
(3) we have no knowledge of any other reasons to account for
the unusual market action.
The Company is in the midst of implementing the private
placement exercise of 10 million new ordinary shares, which was
approved by the shareholders at the Company's Extraordinary
General Meeting, held on 27 May 2003.
In addition, we are not aware of any rumors or report (whether
true or false) which contains information which has or likely to
have, an effect on the trading of the Company's securities.
KLSE's Query Letter content:
We draw your attention to the sharp increase in price in your
Company's shares today. In accordance with paragraph 9.11 of the
Exchange's Corporate Disclosure Policy on Response To Unusual
Market Activity, you are requested to furnish the Exchange with
an announcement for public release after a due enquiry seeking
the cause of the unusual market activity in the Company's
securities. When considering your response and when making the
required announcement, your attention is particularly drawn to
the continuing disclosure requirements set out in Chapter 9 of
the KLSE's Listing Requirements.
The announcement is to reach the Exchange immediately today via
KLSE Listing Information Network (KLSE Link).
Yours faithfully,
WONG KAY YONG
Head
Listing Compliance
WT/hm
PILECON ENGINEERING: Unit's Default Status Remains Unchanged
------------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on 3 October 2003 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB wishes to hereby announce
that there have not been any changes to the status of default
since then.
TVSB is in the process of finalizing a new scheme of arrangement
for the purposes of applying to the Kuala Lumpur High Court for
a fresh restraining order to be in line with PEB's proposed
scheme of arrangement approved by its participating creditors in
August 2003.
PROMET BERHAD: Disposes Property to Set-Off Debts
-------------------------------------------------
On behalf of the Board of Directors of Promet Berhad (Promet
Board), Southern Investment Bank Berhad wishes to announce that
Pertama Emas Tourist Corporation Sdn Bhd (PETC), a wholly-owned
subsidiary of Promet had on 4 November 2003, entered into a
conditional sale and purchase agreement (Agreement) with Damai
Pasti Sdn Bhd (DPSB) to dispose of three (3) pieces of land
(Properties) to DPSB for a total cash consideration of
RM14,500,000 to be paid to TA First Credit Sdn Bhd (TA) being
the chargee of the Properties. The Proposed Disposal is part of
the arrangements to set-off the amounts due and owing by Promet
to its creditor, TA.
Proposed Disposal
Background information
The Proposed Disposal involves the proposed disposal of the
following Properties by PETC to DPSB:
(i) H.S. (M) 98, MLO No. 2240, Tempat Kampong Sungai Danga,
Mukim Pulai, State of Johore, measuring approximately 359,370
square feet;
(ii) H.S. (M) 99, MLO No. 2239, Tempat Kampong Sungai Danga,
Mukim Pulai, State of Johore, measuring approximately 348,840
square feet; and
(iii) Geran No. 29467, Lot No. 1720, Mukim Pulai, District of
Johor Bahru, State of Johor Darul Takzim, measuring 2,629,935
square feet.
The Properties, which are intended for property development, are
currently vacant. The Properties are located off Jalan Sungai
Danga within Kg. Sungai Danga, 81100 Skudai, approximately 18 km
north-west of Johor Bahru city center totaling 3,338,145 square
feet.
Further information on the Properties is set out in Appendix 1
at http://bankrupt.com/misc/Promet1107.pdf.
Basis of arriving at the sale consideration
The sale consideration of RM14,500,000 was arrived at on a
willing buyer-willing seller basis after taking into
consideration the valuation of the Properties by independent
professional valuers, HENRY BUTCHER, Lim, Long & Teoh (South)
Sdn Bhd on 22 November 2002 based on the comparative method of
valuation at a market value of RM13,000,000.
Salient terms and conditions of the Agreement
The salient terms of the Agreement are as follows:
(i) DPSB, at its own cost and expenses, is to obtain the
approval of the Foreign Investment Committee (FIC), if necessary
and any other approvals that may be required by the law or by
relevant authorities/bodies for the purchase and subsequent
transfer of the Properties from PETC to DPSB and for which DPSB
agrees to submit any applications for the necessary approvals
within 14 days from the date of the Agreement and in the event
more time is required, then as soon as is possible without any
undue delays.
(ii) PETC, at its own cost and expenses, is to obtain the
approval of the Securities Commission (SC) and any other
approvals that may be required by the law or by relevant
authorities/bodies for the disposal of the Properties and for
which PETC agrees to submit any applications for the necessary
approvals within 14 days from the date of the Agreement and in
the event more time is required, then as soon as is possible
without any undue delay within six (6) months from the date of
this Agreement.
(iii) The parties shall be entitled, to the extent permitted by
law, to waive the requirements to obtain any of the approvals
and thereafter the parties may proceed to completion in
accordance with the provisions of the Agreement. Unless the
parties agree to the waiver pursuant to this paragraph, the
Agreement shall become unconditional on a date (Unconditional
Date) when the last of these approvals, having been obtained and
delivered by the party requesting for the approval pursuant to
paragraph (i) above but subject to the terms of the Agreement,
are received by the other parties provided always that this
Unconditional Date falls within the aforesaid six (6) months
from the date of this Agreement;
(iv) The consideration is to be paid in the following manner:
DPSB will pay to TA for the account of PETC an amount of
RM1,160,000 as payment for the balance of the deposit (Balance
Sum) upon execution of the Agreement; and
The remaining amount of RM13,050,000 is to be paid to
PETC's solicitors' as stakeholders within six (6) months from
the date of the Agreement.
An earnest sum of RM290,000 (Earnest Sum) has been paid by DPSB
to TA prior to the execution of the Agreement. The Earnest Sum
and Balance Sum are collectively referred to as the Deposit
forming 10% of the total cash consideration.
There are no liabilities to be assumed by DPSB pursuant to the
Proposed Disposal.
Information on DPSB
DPSB was incorporated on 26 April 2002 as a private limited
company. The present authorized share capital of DPSB is
RM1,000,000 comprising 1,000,000 ordinary shares of RM1.00 each,
of which 505,000 ordinary shares of RM1.00 each have been issued
and fully paid up.
DPSB is principally involved in property development.
Rationale for the Proposed Disposal
On 23 February 2001, Promet had announced to Kuala Lumpur Stock
Exchange (KLSE) that it is an affected listed issuer pursuant to
Practice Note No. 4/2001 issued by the KLSE pursuant to the
requirements under paragraph 8.14 of the Listing Requirements of
KLSE (PN4/2001) and is required to regularize its financial
condition within the time frame stipulated in the practice note,
failing which, the Company may be suspended and/or de-listed
from the Official List of KLSE. In this respect, trading in
Promet Shares has been suspended since 28 July 1998.
Given the level of debts, the impending threat of liquidation
from the creditors of Promet as well as the possible de-listing
of Promet from the Official List of the KLSE, there is an urgent
need for Promet to address its financial position and undertake
adequate measures to regularize its financial condition.
The proceeds arising from the Proposed Disposal is to set-off
the amounts due and owing by Promet to its creditor, TA and is
to be paid to TA being the chargee of the Properties.
In view of the PN4/2001 status of Promet, the Board is of the
view that the Proposed Disposal is consistent with the overall
objective of Promet to regularize its financial conditions and
address its debts pursuant to the requirements under PN4/2001,
which is intended to unwind the debt position of Promet.
Utilization of proceeds from the Proposed Disposal
The proceeds arising from the Proposed Disposal is to set-off
the amounts due and owing by Promet to its creditor, TA and is
to be paid to TA being the chargee of the Properties.
Effects of the Proposed Disposal
Share capital
The Proposed Disposal will not have any effect on the issued and
paid-up share capital of Promet.
Earnings
The Proposed Disposal will result in a gain on disposal of
approximately RM11,870,050 to the Promet group for the financial
year ending 30 April 2004, computed based on the audited
financial statements of Promet group for the financial year
ended 30 April 2003.
Net tangible assets (NTA)
The proforma effects of the Proposed Disposal on the
consolidated NTA of Promet based on the consolidated financial
statements of Promet as at 30 April 2003, assuming the Proposed
Disposal was implemented on that date.
Major shareholders' shareholdings
The Proposed Disposal will not have any effect on the major
shareholders' shareholding in Promet.
Approvals required
The Proposed Disposal is subject to the following approvals
being obtained:
(i) the SC;
(ii) the FIC; and
(iii) any other relevant authority.
Directors' and substantial shareholders' interests
None of the Directors and/or major shareholders of Promet and/or
persons connected to them have any interest, direct or indirect,
in the Proposed Disposal.
Directors' recommendation
The Promet Board, having considered all aspects of the Proposed
Disposal, is of the opinion that the Proposed Disposal is in the
best interest of the Company.
Estimated time frame
Barring any unforeseen circumstances, the Proposed Disposal is
estimated to be completed in the second quarter of 2004.
Departure from the SC's Policies and Guidelines on Issue/Offer
of Securities (SC Guidelines)
To the best knowledge of the Promet Board, there are no
departures from the SC Guidelines in undertaking the Proposed
Disposal.
Documents for inspection
The Agreement will be available for inspection at the registered
office of Promet on the 3rd Floor, Plaza Kelanamas, 19 Lorong
Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia from
Monday to Friday (except public holidays) during business hours
for a period of two (2) weeks from the date of this
announcement.
SRI HARTAMAS: Proposes Part Removal of Inter-Conditionality
-----------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the announcements dated 3 June 2003 and 16 October 2003 in
respect of the Securities Commission's (SC) decision on the
Proposed Waiver for the Concert Parties from having to undertake
the Mandatory Offer under Practice Note 2.9.3 of the Code. The
decision from the SC consists of two (2) parts and the details
are as follows:
(a) The SC has granted its approval on the Proposed Waiver for
the Concert Parties from having to undertake the Mandatory Offer
under Practice Note 2.9.3 of the Code (referred to as the First
Part); and
(b) The SC will only consider the Proposed Waiver for the
Concert Parties in respect of the proposals/exercises which
represent future obligations of the Concert Parties, namely the
exercise of the warrants of HGB by the Concert Parties and/or
the exercise of the call and put option by the Concert
Parties/creditors of SHB/underwriters to acquire/sell the HGB
Shares by/to the Concert Parties, when the Concert Parties have
obtained the approval from the non-interested shareholders of
HGB in accordance with the "white-wash" procedures under
Practice Note 2.9.1 of the Code (referred to as the Second
Part).
On behalf of SHB, CIMB wishes to announce that FACB has decided
to remove the inter-conditionality between the Proposed Scheme
of Arrangement involving SHB and the Second Part of the Proposed
Waiver (Proposed Part Removal of Inter-Conditionality).
The Board of FACB and the members of the Concert Parties have
decided to adopt the Proposed Part Removal of Inter-
Conditionality after considering that the SC, via its letter
dated 27 May 2003 (Letter), allows the Concert Parties to apply
for a waiver from having to undertake the Mandatory Offer under
Practice Note 2.9.1 of the Code at a later date provided the
Concert Parties have met the conditions stated in the Letter
including the requirement to obtain the approval of the non-
interested shareholders of HGB.
UCP RESOURCES: KLSE OKs Proposed Disposal Reversal
--------------------------------------------------
Further to the announcements made on 24 January 2003 and 27
January 2003, UCP Resources Berhad informed that the Kuala
Lumpur Stock Exchange had not approved the request for a waiver
from KLSE Listing requirement.
Arising from the above, the Directors proposed to dispose the
same motor vehicles back to the Group at the price purchased and
to treat the situation as if the first batch of Related Party
Transactions did not take place at all.
Pursuant to a letter dated 4 November 2003 from the Exchange,
the application to reverse the Disposals as mentioned above had
been approved by the Exchange.
UCP RESOURCES: Provides Defaulted Payment Status Update
-------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad provides an update on
its default in payment as follows:
(i) UCP Manufacturing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 31 October 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM49,155,713 made up of a principal sum of
RM40,508,072 and interest of RM8,647,641;
(ii) UCP Marketing (M) Sdn. Bhd., a subsidiary of UCP Resources
Bhd, as at 31 October 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,702,151 made up of a
principal sum of RM7,936,500 and interest of RM765,651; and
(iii) Universal Concrete Products Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 31 October 2003, defaulted in repayment of
Bankers Acceptance amounting to RM3,217,421 made up of a
principal sum of RM3,000,000 and interest of RM217,421.
The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.
Go to http://bankrupt.com/misc/UCP1107.xlsfor defaulted payment
details.
UNITED ENGINEERS: Propel Scheme Underway
----------------------------------------
Reference is made to Intria Berhad (now known as UEM Builders
Berhad)'s previous announcements dated 30 April 2003, 22 July
2003, 15 August 2003, 19 September 2003, 27 September 2003 and
16 October 2003 in relation to the Scheme of Arrangement Between
Intria, United Engineers (Malaysia) Berhad (UEM), Projek
Penyelenggaraan Lebuhraya Berhad (Propel) and the Shareholders
of Propel Under Section 176 of the Companies Act, 1965 to take
Propel Private (Propel Scheme).
AmMerchant Bank Berhad, on behalf of Intria, is pleased to
announce that Intria has duly effected the settlement of the
consideration to the shareholders of Propel in accordance with
the Propel Scheme on November 4, 2003.
A total of 34,772,012 Intria Shares have been issued and
allotted to the Other Propel Shareholders who elected Settlement
Option 2 and arrangements made for payment of an aggregate sum
of RM17,386,006 to them. A total of 105,227,988 Intria Shares
have been issued and allotted to UEM, in consideration of the
cancellation of the Propel Shares held by UEM on the Effective
Date and such settlement made by UEM to the Other Propel
Shareholders in accordance with Settlement Option 1, together
with payment of the sum of RM52,613,994.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Expects Arrangement With Phase 4 Customers
-----------------------------------------------------------
The Manila Electric Co. (Meralco) expects to firm up a detailed
scheme for industrial and commercial customers under Phase IV of
the refund process within the next two weeks, the Philippine
Star reports. Meralco is expected to file their proposal with
the Energy Regulatory Commission (ERC) in the next two weeks.
Phase IV covers 127,355 big commercial and industrial customers
with a funding requirement of P18.5 billion.
The Company also proposed to issue "refund coupons" to
customers. The refund mode is either through a financial
instrument incorporating a liquidity mechanism or fixed credit
to bills, depending on the gross refund amount. If approved by
the ERC, the processing of the refunds through the financial
instrument would be completed by June 2004.
MONDRAGON INTERNATIONAL: Unusual Price Movement Inexplicable
------------------------------------------------------------
Mondragon International Philippines, Inc. announced that it is
unaware of any information affecting the value and trading of
its stocks more so the increase of its price from P0.150 to
P0.225 per share in the trading on Wednesday, November 5, 2003.
For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3542_MON.pdf
MUSIC CORPORATION: Conducts Investor Briefing November 11
---------------------------------------------------------
Music Corporation will conduct an Investor Briefing on November
11, 2003 at 2:00 p.m. at the Mactan Room of the EDSA Shangri-la
Hotel to discuss the following matters:
1. 3rd Quarter Results
2. Important Agenda items that will be taken up at the Annual
Meeting of the Stockholders of Music scheduled for 17 December
2003; and
3. Launch of the new Music website.
The Board of Directors will meet on 10 November 2003 to
consider, inter alia, the 3rd quarter results and approve the
filing of Music's SEC Form 17-Q for the third quarter.
For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3548_MUSX.pdf
NATIONAL BANK: Launches Bond Roadshows Nov. 19
----------------------------------------------
The Philippine National Bank (PNB) will kick off investor
roadshows on November 19 to sell up to US$140 million of
subordinated bonds, according to Reuters. The roadshows will
start in Manila on November 19, move to Singapore on the 20th
and Hong Kong on the 21st and pricing will be done shortly
thereafter. JP Morgan Securities is the sole lead manager for
the transaction.
PHILIPPINE LONG: Clarifies Management Changes Report
----------------------------------------------------
This is in reference to the news article entitled "Top PLDT
management changes seen" published in the November 5, 2003
issued of the Philippine Star. The article reported that: "A
major change in management of the Philippine Long Distance
Telephone CO. (PLDT) is expected to unfold in the next few
months after Company President and CEO Manuel V. Pangilinan
indicated that he might be leaving his post early next year and
has recommended Smart Communications Inc. President and CEO
Napoleon Nazareno to take his place.
PLDt, in its letter dated November 5, 2003, advised the
Philippine Stock Exchange that:
"PLDT confirmed that at the Board of meeting held on November 4,
2003, Mr. Antonio O. Cojuangco expressed his intention to retire
as Chairman of the Boar dof PLDT to be able to focus on his role
as President & CEO of the business which the group recently
acquired. The Board requested Mr. Cojuangco to remain as
Chairman until February 2004 to allow for a smooth transition.
It is anticipated that our current President & CEO, Mr. Manuel
V. Pangilinan will succeed Mr. Cojuangco as Chairman of the
Board. Also, Mr. Pangilinan has recommended Mr. Napoleon L.
Nazareno for appointment as President & CEO of PLDT concurrent
with his post as President & CEO of Smart Communications, Inc.
The appropriate announcement will be made when the Board
appoints the new Chairman and President & CEO of PLDT in due
course."
For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3545_TEL.pdf
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Enters Alliance With MoSys
---------------------------------------------------
MoSys, Inc. the industry's leading provider of high density
system-on-chip (SoC) embedded memory solutions, and Chartered
Semiconductor Manufacturing, one of the world's top three
dedicated semiconductor foundries, announced an agreement to
qualify and offer MoSys' innovative quad density 1T-SRAM(R)-
Q(TM) technology on Chartered's 0.13-micron process. This
agreement extends the existing collaboration between the
companies to offer additional optimized high-density memory
solutions on multiple technology generations and products.
MoSys and Chartered have already successfully qualified MoSys'
1T-SRAM high-density memory solution on Chartered's 0.18-micron
and 0.13-micron process technologies, and are in the process of
qualifying the 1T-SRAM technology on Chartered's NanoAccess(TM)
90nm SoC manufacturing technologies. MoSys is a member of
Chartered's NanoAccess Alliance aimed at accelerating
development and reducing the risk of nanometer-scale integrated
circuits (ICs) and SoC devices for fabless and fab-lite chip
companies.
"We are pleased to extend our partnership with Chartered for the
support of our advanced 1T-SRAM-Q technology," noted Mark-Eric
Jones, vice President and general manager of Intellectual
Property at MoSys. "This addition broadens the range of options
for Chartered's foundry customers requiring integration from one
to hundreds of megabits of high-performance SRAM in their SoCs."
"The memory requirements of customers are increasing over time
and with each technology node. By offering MoSys' high-density
embedded memory technologies as a complement to Chartered's
proven 0.13-micron platform, customers have greater flexibility
and a predictable path for implementing their SoCs," said Kevin
Meyer, vice President of worldwide marketing and services at
Chartered. "Our ongoing efforts with MoSys to qualify its 1T-
SRAM-Q technology is a reflection of our desire to provide
access to advanced solutions for our mutual customer base."
ABOUT 1T-SRAM-Q
1T-SRAM-Q technology is the latest offering from MoSys as part
of its embedded memory solutions. 1T-SRAM-Q achieves its
exceptional density by using bit cells of just 0.50 micron2 in
the 0.13-micron logic process. Using only one additional, non-
critical mask on the standard logic process, 1T-SRAM-Q enables
cost-effective integration of large amounts of embedded memory
on SoC designs without any change to the other logic IP blocks
or libraries. 1T-SRAM-Q incorporates MoSys' proprietary
Transparent Error Correction(TM)(TEC(TM)) technology delivering
the additional benefits of improved yield and reliability with
elimination of laser repair and soft error concerns.
ABOUT MOSYS
Founded in 1991, MoSys (Nasdaq:MOSY), develops, licenses and
markets innovative memory technologies for semiconductors.
MoSys' patented 1T-SRAM technologies offer a combination of high
density, low power consumption, high speed and low cost
unmatched by other available memory technologies. The single
transistor bit cell used in 1T-SRAM memory results in the
technology achieving much higher density than traditional four
or six transistor SRAMs, while using the same standard logic
manufacturing processes. 1T-SRAM technologies also offer the
familiar, refresh-free interface and high performance for random
address access cycles associated with traditional SRAMs. In
addition, these technologies can reduce operating power
consumption by a factor of four compared with traditional SRAM
technology, contributing to making it ideal for embedding large
memories in System on Chip (SoC) designs. MoSys' licensees have
shipped more than 50 million chips incorporating 1T-SRAM
embedded memory, demonstrating the excellent manufacturability
of the technology in a wide range of silicon processes and
applications. MoSys is headquartered at 1020 Stewart Drive,
Sunnyvale, California 94085. More information is available on
MoSys' website at http://www.mosys.com.
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.
Note for Editors: 1T-SRAM(R) is a MoSys trademark registered in
the U.S. Patent and Trademark Office. NanoAccess is a trademark
of Chartered Semiconductor Manufacturing. All other trade,
product, or service names referenced in this release may be
trademarks or registered trademarks of their respective holders.
CONTACTS:
MoSys, Sunnyvale
K.T. Boyle, 408-731-1830
kboyle@mosys.com
or
Chartered Semiconductor Manufacturing, Milpitas
Tiffany Sparks, 408-941-1185
tiffanys@charteredsemi.com
or
Shelton PR, Dallas
Katie Olivier, 972-239-5119 x128
kolivier@sheltongroup.com
ECON INTERNATIONAL: Unveils Restructuring Update
------------------------------------------------
Econ International Limited announced that in accordance with the
Group's financial restructuring plan as earlier announced, the
Company has applied for and obtained an Order of Court under
Section 210 of the Companies Act, (Cap. 50) (the "Act), to
convene a meeting for the purpose of proposing to its creditors
a scheme of arrangement (the "EIL Scheme). Under the Court
Order, further proceedings in any action or proceedings against
the Company (including execution proceedings) are restrained
under Section 210(10) of the Act, except with leave of Court.
Further announcements will be made of any significant
developments in respect of the proposed EIL Scheme.
By way of additional update, Econ Corporation Limited (ECL) has
been debarred from tendering for government jobs for a period of
5 years. ECL intends to seek an appeal against this decision
when the Court sanctions its scheme of arrangement.
HONG LEONG: Strikes Off Dormant Subsidiary
------------------------------------------
Pursuant to Rule 704 of the Singapore Exchange Securities
Trading Limited Listing Manual, Hong Leong Asia Ltd. announced
that Hong Leong Strategic Holdings Limited, a subsidiary of the
Company, incorporated in Bermuda, which was previously dormant,
has been struck off from the register of the Registrar of
Companies in Bermuda.
JADE TECHNOLOGIES: Widens FY03 Net Loss to S$4.12M
--------------------------------------------------
Jade Technologies posted a net loss of US$4.1 million for the
year ended September 27, versus a net loss of S$1.7 million a
year earlier, the Straits Times reports. This was due to falling
margins and the weakness in the electronics industry. The group
was also affected by an increase in metal prices.
Jade also proposed a capital-reduction exercise to reduce the
par value of each share from 50 cents to one cent. It is also
proposing a rights issue of up to 816,225,700 shares at an issue
price of one cent per share. The issue will be on the basis of
25 rights shares for every one share.
Jade Technologies Singapore Limited manufactures and sells
stamped and plated integrated circuit lead frames.
L&M GROUP: Discloses Restructuring Exercise Status
--------------------------------------------------
The Singapore Exchange Limited has, for the purposes of
promoting a fair and orderly market, requested L&M Group
Investments Limited to announce the status of its restructuring
exercise at the end of each month commencing 30 September 2003.
The Board of Directors of the Company wishes to announce that
the Company is in the process of finalizing the circular for the
holding of the shareholders' meeting to obtain the shareholders'
approval for the restructuring exercise.
ST ASSEMBLY: Offers 83 Million Shares
-------------------------------------
ST Assembly Test Services Ltd announced that its offering of
83,389,375 new ordinary shares of S$0.25 each (Placing Shares)
in the capital of the Company, underwritten by Deutsche Bank AG,
Singapore Branch and Morgan Stanley Dean Witter Asia (Singapore)
Pte, at a placing price of S$2.40 for each Placing Share, has
successfully closed Wednesday. The 83,389,375 Placing Shares
will be admitted to the Official List of the Singapore Exchange
Securities Trading Limited (the "SGX-ST) with effect from 9.00
a.m. (Singapore time), Thursday, 6 November 2003.
A separate announcement will be made by the Company in due
course, on the closing of its offering of convertible notes due
2008 and the admission to the Official List of the SGX-ST of the
convertible notes due 2008.
By Order of the Board
Linda Nai
Director, Legal
Singapore
5 November 2003
This announcement is not an offer of securities for sale in the
United States or in Singapore. Securities may not be sold in the
United States unless they are registered or are exempt from
registration.
ST ASSEMBLY: China Plant Ready for Operations
---------------------------------------------
ST Assembly Test Services Ltd., a leading independent
semiconductor test and advanced packaging service provider,
announced that its Shanghai manufacturing facility is ready for
operations. Located in Pudong, STATS' new facility offers wafer
probe and final test services to cater to the growing mixed
signal market in China.
Tan Lay Koon, STATS President and Chief Executive Officer, said,
"We have opened in record time our first manufacturing facility
in China to meet immediate market demand for mixed signal and
high-end test services. With this strategically located
facility, we are able to provide our world-class products and
services to one of the fastest growing semiconductor markets in
the world. Apart from supporting indigenous foundries and design
houses, this facility also allows STATS to serve existing
customers expanding into China on a first-to-market, cycle-time
driven basis."
On September 3, 2003, STATS announced that Semiconductor
Manufacturing International Corporation (SMIC), China's most
advanced pure-play foundry, is utilizing its Shanghai facility
to perform initial and final testing of its mixed signal
devices. Following the opening, existing engagements with SMIC
will be transferred to STATS' Shanghai facility.
First announced in July 2003, this new test facility gives STATS
a strategic foothold to participate in China's growing
outsourcing business and a geographical base to support its
global customers who require turnkey services in China.
Conveniently located in Zhangjiang High Tech Park, a premier hub
for semiconductor manufacturers in Shanghai, STATS' facility
occupies 25,000 sq. ft. with Class 10K clean room space. The
plant is outfitted with a range of mixed signal and digital test
platforms including Teradyne Catalyst, Teradyne J750 and Agilent
93K. These platforms are suitable for testing a wide range of
communications and digital consumer products, including
wireless, RF, xDSL, SONET and 3D graphics.
Han Tiang Fong, STATS Vice President, Test Operations and
General Manager of STATS China, said, "Initial staff strength of
our facility includes a team of experienced engineers and
operations personnel who have been relocated from STATS'
Singapore facility. We have also hired and trained local
technicians and operators in anticipation of full volume
production."
ABOUT ST ASSEMBLY TEST SERVICES LTD. (STATS)
ST Assembly Test Services Ltd. is a leading semiconductor test
and assembly service provider to fabless companies, integrated
device manufacturers and wafer foundries. With its principal
operations in Singapore and global operations in the United
States, United Kingdom, Japan and Taiwan, STATS offers full
back-end turnkey solutions to customers worldwide. STATS'
expertise is in testing mixed-signal semiconductors, which are
extensively used in fast growing communications applications
such as data networking, broadband and mobile communications.
STAT also offers advanced assembly services and has developed a
wide array of traditional and advanced leadframe and laminate
based products, including various ball grid array packages to
serve some of the world's technological leaders. STATS was
listed on the Nasdaq National Market and The Singapore Exchange
in January 2000 and is in the Morgan Stanley Capital
International (MSCI) Index and the Straits Times Industrial
Index. Further information is available at www.stts.com.
Certain of the statements in this press release including
statements regarding the opening of the facility as scheduled,
the growth and development of the China semiconductor
manufacturing industry, the growth of STATS' operations in China
and the success of STATS' investment in its China facility are
forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ
materially. Factors that could cause actual results to differ
include general business and economic conditions and the state
of the semiconductor industry; demand for end-use applications
products such as communications equipment and personal
computers; reliance on a small group of principal customers;
decisions by customers to discontinue outsourcing of test and
assembly services; changes in customer order patterns;
rescheduling or canceling of customer orders; changes in product
mix; capacity utilization; level of competition; pricing
pressures including declines in average selling prices;
continued success in technological innovations; delays in
acquiring or installing new equipment; shortages in supply of
key components; availability of financing; exchange rate
fluctuations; litigation and other risks. Information on risk
factors that could affect the outcome of events set forth in
these statements and that would affect the Company's operating
results and financial condition is described from time to time
in the Company's SEC filings, including its annual report on
Form 20-F dated 31 March 2003. We undertake no obligation to
publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
===============
T H A I L A N D
===============
MODERN HOME: Notifies BOD No. 8/2003 Resolutions
------------------------------------------------
Modern Home Planner Company Limited (M-HOME), the Plan
administrator of Modern Home Public Company Limited held its
Board of Directors' Meeting No. 8/2003 on November 3, 2003 at
18/1 Moo 11, Ramkamhaeng Rd., Sapansoong, Bangkok and passed the
following resolutions:
1. Approved the allotment of 1,029,202 newly issued ordinary
shares (par value 10 Baht per share) to the existing
shareholders of M-Home (rights offering) with the following
details:
a. subscription and payment period: 8 Dec 2003 - 15 Dec 2003
December 2003
b. Subscription price: Bt10 per share.
c. Rights to subscribe: 33 old shares: 1 new shared.
The Company's plan in case where there is a fraction of shares
remaining: The shareholders are able to express their intention
to subscribe the shares more than their rights.
The Plan Administrator will allocate the unsubscribed shares to
the shareholders, who express their intention, in proportion to
their existing rights.
2. The closing date of the shareholders registration book for
the rights to subscribe the shares shall be on November 19, 2003
at 12:00 p.m. until the share subscription is completed.
3. Approved the report of Capital Increase (F53-4).
SIAM SYNTECH: Subscribing Shares in Subsidiary
----------------------------------------------
Siam Syntech Construction Public Company Limited informed that
the Board of Directors Meeting of the Company No. 4/2003, held
on 4 November 2003, had resolved for the Company to subscribe
the increasing ordinary shares of Richee Intertrade Supply Co.,
Ltd., (being a subsidiary of the Company with 24.95%
shareholding) with the number of shares 247,500, at the price of
Bt100 per share, totaling Bt24,750,000, in order to maintain the
proportion of shareholding with the following particulars:
1. Name of Subsidiary: Richee Intertrade Supply Co., Ltd.
2. Registered Capital: as at 31 October 2003, Richee Intertrade
Supply Co.,Ltd. had the fully paid-up capital of Bt1,000,000,
divided into 10,000 ordinary shares, par value of Bt100 each.
On 4 November 2003, the Shareholders meeting of Richee
Intertrade Supply Co., Ltd. resolved for the increase of the
registered capital by another Bt99 million, making up the
registered capital of Bt100 million, by issuing 990,000 new
ordinary shares, par value of Bt00 each, to be allotted and
offered in proportion to the existing Shareholders, priced at
Bt100 per share.
3. Proportion of Shareholding: The Company will subscribe
247,500 capital increase ordinary shares (par value of Bt100
each), at the price of Bt100 per share, making the total
investment of Bt24,750,000, in order to maintain the
proportion of shareholding of the Company in Richee
Intertrade Supply Co., Ltd.
4. Source of Funds : Working Capital of the Company.
THAI WAH: Increases Registered Capital Via Shares Issue
-------------------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company Limited (the Company),
announced that the Company has increased its registered capital
from Bt525,000,000 to Bt787,500,000 by the issuance of 6,250,000
new ordinary shares, at Bt10 per share in accordance with the
Amended Business Reorganization Plan of the Company as approved
by the Central Bankruptcy Court on 30 June 2003 (the Plan) and
the Company has duly allocated the new ordinary shares by
converting debt into equity to Class 1 and Class 2 Creditors
under the Plan.
As a result of such debt to equity conversion, Class 1 and Class
2 Creditors have received 17,100,913 shares and 5,475,331
shares, respectively. For the remaining 3,673,756 shares,
the Company has reserved those shares for the debt to equity
conversion for Class 5 Creditors after they are transferred to
Class 1 Creditor or Class 2 Creditor as prescribed in the
Plan.
Therefore, the Company herewith submits the details of directors
and shareholding structure of the non-bank foreign creditors who
have received the new ordinary shares to the Stock
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------- ------ ------------ -------
CHINA & HONG KONG
-----------------
Guangdong Sunrise Holdings
Co., Ltd. 000030 (184.24) 23.04
Jinan Qingi Motorcyle
Co., Ltd. 600698 (193.08) 113.96
Shenzhen China Bicycles
Co., Ltd. 000017 (239.91) 60.39
Shenzhen Great Ocean
Shipping Co., Ltd. 200057 (10.87) 11.27
Shenzhen Petrochemical
Industry Group Co., Ltd. 000013 (243.36) 89.48
INDONESIA
---------
PT Lippo Securities Tbk LPPS (3.62) 14.26
PT Mulia Industrindo Tbk MLIA (118.23) 479.02
Smart Tbk SMAR (37.38) 398.89
MALAYSIA
--------
CSM Corporation Bhd CSMB (8.40) 41.55
Faber Group Bhd FBMS (7.16) 504.98
Kemayan Corp Bhd KOPS (289.67) 114.38
MBf Corp Bhd MBFS (516.81) 189.99
Panglobal Bhd PGL0 (41.07) 187.79
Promet Bhd PMPT (148.71) 65.25
Sri Hartamas Bhd SRIH (118.91) 99.76
Tongkah Holdings Bhd TKHS (78.01) 112.62
Uniphoenix Corporation Bhd UNI (145.25) 33.34
PHILIPPINES
-----------
Pilipino Telephone Co PNOTF (356.17) 122.97
SINGAPORE
---------
Pacific Century Regional
Developments Ltd PCEN (931.65) 7369.85
THAILAND
--------
Datamat PCL DTM (9.53) 13.66
Krisda Mahanakorn PCL KMC (64.17) 266.88
National Fertilizer PCL NFC (30.82) 297.40
Siam Agro-Industry Pineapple
And Others PCL SAIC (13.88) 14.02
Thai Nam Plastic PCL TNPC (2.00) 24.33
Tuntex (Thailand) PCL TUN (26.82) 381.43
Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication. At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short. Don't be fooled. Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets. A company may
establish reserves on its balance sheet for liabilities that may
never materialize. The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.
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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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