/raid1/www/Hosts/bankrupt/TCRAP_Public/031112.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
Wednesday, November 12, 2003, Vol. 6, No. 224
Headlines
A U S T R A L I A
AMP LIMITED: Posts Director's Interest Notice
ANACONDA NICKEL: Issues Settlement Deed Payment Update
AUSTRALIAN INVESTORS: ASIC Bans Founding Director
MAYNE GROUP: All Resolutions Approved at 2003 AGM
TASSAL GROUP: Business Acquisition Completed
TRANZ RAIL: Discloses Outstanding Share Options
VILLAGE ROADSHOW: Court OKs Proposed Scheme of Arrangement
C H I N A & H O N G K O N G
CHI CHEUNG: Hires Broker for Odd Lot Arrangement Services
CIL HOLDINGS: Non-Executive Director Douglas Resigns
CLEVER MIND: Winding Up Hearing Scheduled in December
PERFECT SKILL: Winding Up Sought by Goldstar Elevator
PROJECT GLOBAL: Winding Up Petition Pending
STYLE CONCEPT: Hearing of Winding Up Petition Set
VICTORY GROUP: Requests Trading Suspension
WINSAN (CHINA): Vendors Seeking Proposed Acquisition Approvals
I N D O N E S I A
INDOFARMA TBK: Releases IGM to Lower Loss
TIRTAMAS MAJUTAMA: IBRA Cancels Sale Plan
J A P A N
CROSSWAVE COMMUNICATIONS: Enters Reorganization Proceedings
CROSSWAVE COMMUNICATIONS: Issues ADSs Termination Notice
NEC CORPORATION: Launches TFT LCD JV Firm in Shanghai
SEGA CORPORATION: Moody's Reviews Rating For Possible Upgrade
SOFTBANK CORPORATION: 1H03 Net Loss Widens to Y77.3B
TOSHIBA CORP.: Nomura Principal Bids For Toshiba Tungaloy
K O R E A
HANARO TELECOM: Deploys Force10 Networks E-Series
HYUNDAI GROUP: KCC Buys Additional 7.5% of Hyundai Elevator
SAEHAN INDUSTRIES: Turns to W7.1B Profit
SK GROUP: Units Protect SK Corp. From Takeover
SK NETWORKS: Shares Up After Stock Merger
M A L A Y S I A
BERJAYA GROUP: Discloses 35th AGM Resolutions
HYUNDAI-BERJAYA CORP.: KLSE Lifts Trading Restriction
KSU HOLDINGS: Financial Regularization Plan Status Unchanged
KSU HOLDINGS: Oct Loan Facility Default Stands RM138.2M
HOTLINE FURNITURE: Proposals Approval Pending
LONG HUAT: Replies to KLSE's Winding Up Order Query
MBF CORPORATION: SC Approves Proposed 2.9.1 Exemption
METACORP BERHAD: KLSE Grants LR Compliance Time Extension
MYCOM BERHAD: Dec 2 AGM Scheduled
NAM FATT: KLSE Grants Conversion Listing
NCK CORPORATION: Proposed Disposal Completed
OCEAN CAPITAL: Seeks Plan Submission Time Extension
PAN PACIFIC: Notes Level of Operations Pursuant to PN10
PANGLOBAL BERHAD: Discloses Mining Production Figures
PASARAYA HIONG: RAM Reaffirms BBB3/P3 Ratings
TA ENTERPRISE: Put and Call Option Agreement Terminated
TECHNO ASIA: Submits Monthly, Statutory Report to KLSE
P H I L I P P I N E S
BANK OF DON CARLOS: Releases Notice to Creditors
BANK OF SAN LEONARDO: Issue Creditors Notice
BENPRES HOLDINGS: IAC Allows MWSS to Draw US$120M Bond
MUSIC CORPORATION: Expects Profit in 2004
PHILIPPINE LONG: Denies Php15B 2004 Debt Issuance Plans
S I N G A P O R E
CAPITALAND LIMITED: Dormant Unit Enters Voluntary Liquidation
CHANNEL K: Issues Dividend Notice
CRIDA HOLDINGS: Issues Notice of Final Meeting
MULTI-CHEM LIMITED: Posts Notice of Shareholder's Interest
NEPTUNE ORIENT: Raises US$308M From Share Placement
NEPTUNE ORIENT: Temasek Facilitates Place Shares
SERES CAPITAL: Creditors Must Submit Claims by December 9
SINGAPORE PETROLEUM: Voluntarily Winding Up Unit
SNP CORPORATION: Winding Up Dormant Unit
SYMBOLIC BUILDERS: Petition to Wind Up Pending
TOKUHON LIMITED: Issues Winding Up Order Notice
T H A I L A N D
NAKORNTHAI STRIP: Converts Debt to Equity
NAKORNTHAI STRIP: Posts Audit Committee Names, Scope of Duties
NAKORNTHAI STRIP: Releases Warrants Sale Results
RAIMON LAND: Unit Successfully Restructured
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Posts Director's Interest Notice
---------------------------------------------
AMP Limited has provided an Initial Director's Interest Notice
in respect of The Right Honourable Victor Miles George Aldous
Baron Killearn. No. of securities held after change:
- 13,840 ordinary shares registered in the name National
Nominees Limited;
- 4,147 ordinary shares held in the name of the director.
The Company has also provided a Change of Director's Interest
Notice in respect to Nora L¡a Scheinkestel.
Number of Securities held after change: 3,000 Ordinary Shares in
the name of the Director; 3,536 Ordinary shares in the name of
Scheinkestel Superannuation Pty Limited ATF Scheinkestel
Superannuation Fund No. 1 Account.
ANACONDA NICKEL: Issues Settlement Deed Payment Update
------------------------------------------------------
Queste Communications Ltd (Queste) and its 48.817% controlled
entity Central Exchange Ltd (Central Exchange) are pleased to
provide this weekly update on the status of the possible payment
by Anaconda Nickel Ltd (Anaconda) to Central Exchange of the sum
of $19,071,610 (as indexed by United States Consumer Price Index
(US CPI)) - pursuant to a settlement deed (the Settlement
Deed) between Anaconda and Central Exchange.
Settlement Deed Payment Calculations
Current Last Change since
(to 7 Nov 2003) Announcement Last
(to 31 Oct 2003) Announcement
(1) Current LME nickel
price - 7 Nov 2003 US$5.4434/lb US$5.3890/lb $0.0544 higher
$12,000/tonne $11,880/tonne $120 higher
(2) Current US CPI
indexed LME nickel
Trigger Price US$4.1077/lb US$4.1077/lb Same
(3) 12 month average LME
nickel price to 7
November 2003 US$3.9842/lb US$3.9422/lb $0.0042 higher
(4) Shortfall/Gap between
LME nickel Trigger Price
And 12 month Average LME
nickel price US$0.1235/lb US$0.1655/lb $0.0042 less
(5) Current 5 day average
LME nickel price - 3 to 7
November 2003 US$5.4393/lb US$5.1980/lb $0.2413 higher
(6) Estimated date when
Trigger Price is attained
(i.e. the date when the
12 month Average LME nickel
price would exceed the
Trigger Price) if (5) is
sustained and US CPI remains
at 185.2 28 November 2003 3 December 2003 4 days earlier
The above table is based upon calculations made by Central
Exchange and Queste consistent with the terms of the Settlement
Deed. The projected date when the Trigger Date is attained in
(6) assumes that the LME nickel price in the 5 days prior to the
date of this announcement is sustained and the latest published
September 2003 US CPI remains unchanged.
Central Exchange and Queste note that the October 2003 US CPI
rate is due to be published later this month and if there is a
positive increase from the previous month, the LME nickel
Trigger Price will increase and the estimated date in (6) above
will change depending on the movements in current LME nickel
prices.
The $19M Settlement Deed amount will become due and payable to
Central Exchange if at a relevant "Review Date" the 12 month
average LME nickel price exceeds the US CPI indexed LME nickel
Trigger Price. Under the terms of the Settlement Deed, Anaconda
is required to provide an audited "Review Date Notice" within 14
business days of a "Review Date" and if the Trigger Price on
such date is attained, to effect payment within a further 14
business days after service of such notice (if neither party
disputes any matter in such notice).
Therefore, according to Anaconda's view (based on its public
statements and correspondence to Central Exchange), the $19M
Settlement Deed amount would be payable to Central Exchange at
the Review Date of the 28th of a relevant month if the average
LME nickel price in the 12 months prior to the 28th of such
month exceeded the Trigger Price on such date. Anaconda is
required to confirm this in a Review Date Notice within 14
business days after the relevant Review Date and effect payment
of the $19m amount within a further 14 business days after
service of such notice.
For further information, please contact William Johnson or
Victor Ho on telephone (08) 9214 9797.
AUSTRALIAN INVESTORS: ASIC Bans Founding Director
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr Martin Lloyd-Cocks, a financial adviser from Darling
Point, New South Wales, from acting as a representative of a
securities dealer or investment adviser for five years.
Mr Lloyd-Cocks was an authorized representative and founding
director of Australian Investors Forum Pty Ltd (AIF), now in
liquidation. He played a major role in the management of AIF,
wrote much of AIF's promotional material and was nominally
responsible for compliance.
AIF promoted itself as an investment club, offering clients
allocations in share floats. AIF held a restricted dealers
license, which precluded it from holding client funds and from
holding shares on behalf of clients. AIF's dealers license was
suspended by order of the Supreme Court on 30 October 2001.
ASIC found that Mr Lloyd-Cocks had caused AIF, in whole or in
part, to breach various conditions of its dealers license, and
to engage in other conduct in breach of the Corporations Act.
ASIC established that Mr Lloyd-Cocks assisted AIF in requiring
its clients to sign discretionary authorities allowing AIF to
conduct transactions without reference to the clients. In
addition, Mr Lloyd-Cocks assisted AIF in holding client funds,
in breach of its license conditions, which AIF used in part to
fund its day-to-day operations.
ASIC found that Mr Lloyd-Cocks also caused AIF in whole or in
part to breach the license condition, which precluded it from
holding its clients' shares in AIF's name, and/or in the name of
a related company, Nominee Securities Pty Ltd.
As a result, ASIC formed the view that Mr Lloyd-Cocks had failed
to meet the standards of fairness and honesty expected of a
securities representative, and imposed a five-year ban.
ASIC commenced proceedings against AIF, Mr Lloyd Cocks and
related companies and individuals in October 2001. This action
is still before the Courts.
Mr Lloyd-Cocks has lodged an appeal with the Administrative
Appeals Tribunal regarding ASIC's banning decision.
MAYNE GROUP: All Resolutions Approved at 2003 AGM
-------------------------------------------------
The shareholders of Mayne Group Limited have approved all items
of ordinary and special business put forward at the company's
annual general meeting held in Melbourne on Monday.
Chairman of Mayne's Board of Directors, Mr Peter Willcox, said
the Directors appreciated the shareholders' support of the
resolutions and that after recent structural changes the company
was well positioned for future growth.
"We want to focus our resources on those businesses which have
attractive characteristics, most importantly businesses in which
we have established a strong competitive position and have a
proven track record of being successful," Mr Willcox said. Items
of business approved by shareholders at the meeting included the
reelection of non-executive directors Peter Barnett and Rowan
Russell.
Shareholders also approved a change to the remuneration for
Group Managing Director and Chief Executive Officer, Stuart
James. The company conducted a review, which benchmarked CEO
salaries and found that Mr James was well below relevant peers.
The Board believed it was important to correct this shortfall
and if the company meets defined strategic and financial
targets Mr James will be eligible for a bonus of up to 150% of
his base salary.
At least 40% of any bonus granted must be taken in shares.
"We believe that by making CEO remuneration contingent on key
success factors and taking a significant proportion of any bonus
in shares will benefit shareholders," Mr Willcox said..
TASSAL GROUP: Business Acquisition Completed
--------------------------------------------
Tassal Group Limited (Tassal Group) announces that the
completion of the acquisition of the business and assets of
Tassal Limited (Receivers and Managers appointed) (Tassal) took
place on Monday.
Mr. David Williams, Chairman, said the acquisition marks the
beginning of a new period for the Tasmanian Salmon and Trout
industry, with excellent growth prospects. All current Tassal
staff have been offered and accepted jobs with the new company.
Mr. Williams said the Board of Tassal Group looks forward to
working with the management and staff in building a strong and
profitable enterprise.
Tassal Group has raised $31M from a fully underwritten issue,
which, along with facilities from the ANZ Bank, has been used to
complete this acquisition. It is anticipated that Tassal Group
will make its ASX debut at 11:15am on Wednesday, 12 November
2003, under the code "TGR".
Tassal Group is Australia's biggest producer of Atlantic Salmon.
It has fully integrated operations including a hatchery, marine
sites, value adding facilities and sales and marketing.
Revenues for the year ended 30 June 2004 are expected to be in
excess of $94 million.
CONTACT INFORMATION: David Williams
Managing Director
Mariner Corporate Finance Pty Ltd
03 8317 1152
0414 383 593
TRANZ RAIL: Discloses Outstanding Share Options
-----------------------------------------------
Tranz Rail Holdings Limited gave notice that the total number of
options outstanding at 6 October was 2,605,304. Since that date
the following options have lapsed, bringing the total as at 10
November 2003 to 2,585,000.
5,705 options ($3.50) lapsed on 30 October 2003
11,733 options ($5.78) lapsed on 30 October 2003
2,866 options ($3.50) lapsed on 4 November 2003
VILLAGE ROADSHOW: Court OKs Proposed Scheme of Arrangement
----------------------------------------------------------
The hearing of the Supreme Court of Victoria to approve the
proposed scheme of arrangement between Village Roadshow Limited
and holders of its A class preference shares as well as to
clarify and determine issues relating to voting on resolution 1
in the Notice of General Meeting was held last Friday 7 November
2003.
As expected following a failed attempt to adjourn the meetings
through an injunction application the previous Friday, Boswell
Filmgesellschaft mbH, a recent acquirer of 1,000 preference
shares and 1,000 ordinary shares in the Company, objected to the
Scheme. Not unusually when a Scheme faces objection, the Court
has reserved its judgment.
As a result, the timetable for the implementation of the Scheme
as set out on page 3 of the Scheme Booklet will be delayed
pending the Courts approval and ruling.
A further announcement will be made when the Court hands down
its decision and will include, where appropriate, an amended
timetable for implementation of the Scheme.
In addition, the General Meeting has been further adjourned from
7 November 2003 and will be reconvened at 12 noon Melbourne time
on Monday, 17 November 2003 in Minter Ellison's offices at Level
23 in the South Tower, 525 Collins Street, Melbourne, Victoria,
3000.
=============================
C H I N A & H O N G K O N G
=============================
CHI CHEUNG: Hires Broker for Odd Lot Arrangement Services
---------------------------------------------------------
Chi Cheung Investment Company Limited announced that in order to
facilitate the trading of the odd lots of New Shares, the
Company has procured a broker to arrange for the sale and
purchase of odd lots of New Shares on behalf of the shareholders
of Chi Cheung, at the prevailing market prices during the period
from 8th October, 2003 to 12th November, 2003 (both dates
inclusive).
Shareholders of Chi Cheung should note that the sale and
purchase of odd lots of New Shares are not guaranteed and all
related transaction costs and commission shall be payable by the
shareholders of Chi Cheung. Holders of odd lots of New
Shares who wish to take advantage of this facility in order to
dispose of odd lots or to top-up odd lots to board lots should
contact Mr. Albert Tam of Fair Eagle Securities Company Limited
at Room 201, 2nd Floor, MassMutual Tower, 38 Gloucester Road,
Wanchai, Hong Kong (telephone number: 2864-4485) within the
aforesaid period.
If shareholders of Chi Cheung are in any doubt, it is
recommended they consult their stockbroker or other registered
dealer in securities, bank manager, solicitor, professional
accountant or other professional adviser.
CIL HOLDINGS: Non-Executive Director Douglas Resigns
----------------------------------------------------
The Board of Directors of CIL Holdings Limited announces
that Mr. HUI Ching Shan Douglas has resigned as non-executive
director with effect from 10 November, 2003. The Board would
like to take this opportunity to thank Mr. HUI for his valuable
contribution to the Company during his tenure of service.
The Troubled Company Reporter - Asia Pacific reported that the
Group had net current liabilities of HK$164 million as at 31
December 2002. Since there was a negative equity at the balance
sheet date, calculation of gearing ratio is not applicable. A
creditors' scheme of arrangement (the Scheme) under Section 166
of the Companies Ordinance of Hong Kong and under Section 99 of
the Companies Act 1981 of Bermuda was completed on 16 May 2003
to restructure the Group's total indebtedness and net proceeds
of HK$30 million were raised from subscription of new shares of
the Company for this purpose.
CLEVER MIND: Winding Up Hearing Scheduled in December
-----------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2003 at
9:30 in the morning the petition seeking the winding up of
Clever Mind Investment Limited.
Chan Kin Lam of Flat G, 16/F., Block 1, High Prosperity Terrace,
188 Kwai Shing Circuit, Kwai Chung, New Territories filed the
petition on October 27, 2003. Tam Lee Po Lin, Nina represents
the petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
PERFECT SKILL: Winding Up Sought by Goldstar Elevator
-----------------------------------------------------
Goldstar Elevator (HK) Ltd. is seeking the winding up of Perfect
Skill Property Management Co. Ltd. The petition was filed on
October 21, 2003, and will be heard before the High Court of
Hong Kong on December 10, 2003 at 9:30 in the morning.
Goldstar Elevator holds its registered office at 6th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong.
PROJECT GLOBAL: Winding Up Petition Pending
-------------------------------------------
Project Global Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
November 19, 2003 at 9:30 in the morning.
The petition was filed on September 23, 2003 by Energy World
International Limited whose registered office address is
situated at Offshore Incorporations Limited, P.O. Box 957,
Offshore Incorporations Centre Road Town, Tortola, British
Virgin Islands.
STYLE CONCEPT: Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up Style Concept Furniture Company Limited
is scheduled for hearing before the High Court of Hong Kong on
December 10, 2003 at 9:30 in the morning.
The petition was filed with the court on October 20, 2003 by
Richmill Limited whose registered office is situated at 10th
Floor, A3 Grandview Tower, 126-130 Kennedy Road, Hong Kong.
VICTORY GROUP: Requests Trading Suspension
------------------------------------------
At the request of Victory Group Limited, trading in its
shares was suspended with effect from 9:30 a.m. on Tuesday
(11/11/2003) pending announcement in relation to the placing of
new shares of the Company.
At the end of 2002, Victory Group Limited had negative working
capital, as current liabilities were HK$37.59 million while
total current assets were only HK$4.53 million. The fact that
the company has negative working capital could indicate that the
company will have problems in expanding. However, negative
working capital in and of itself is not necessarily bad, and
could indicate that the company is very efficient at turning
over inventory, or that the company has large financial
subsidiaries.
WINSAN (CHINA): Vendors Seeking Proposed Acquisition Approvals
--------------------------------------------------------------
Reference is made to the announcements of Winsan (China)
Investment Group Company Limited dated 2nd May, 2003, 5th
June, 2003, 10th July, 2003, 8th August, 2003, 8th September,
2003 and 8th October, 2003.
The Company is given to understand that the process of obtaining
the relevant PRC regulatory approvals by the Vendor is now at an
advanced stage. The Acquisition will proceed only after Winsan
and the Vendor, amongst other, enter into a formal sale and
purchase agreement for the Acquisition. No such formal agreement
has yet been executed, the Acquisition may or may not
proceed. Investors should exercise caution when dealing in
Winsan Shares.
Further announcement will be made as appropriate of further
developments on the proposed Acquisition.
Trading in the Winsan Shares on the Stock Exchange was suspended
with effect from 9:30 a.m. on 20th December, 2002 at the request
of the Company. Trading in Winsan Shares will remain suspended
until the Company in connection with the Acquisition makes
further announcement.
=================
I N D O N E S I A
=================
INDOFARMA TBK: Releases IGM to Lower Loss
-----------------------------------------
PT Indofarma Tbk finally succumbed to PT Tiga Raksa Satria Plc's
offer to release of its majority share in PT Indofarma Global
Medika (IGM) in a bid to bring down consolidated net loss,
Bisnis Indonesia reports, quoting President Director M. Dani
Pratomo.
"The release would significantly cut consolidated net loss,
perhaps more than Rp10 billion of the total net loss," Pratomo
said.
Of the total recorded consolidated net loss position, IGM made
the greatest contribution, but the subsidiary divestment itself
would also cut consolidated sale value by about 10%-15% in
effect.
Tiga Raksa's entrance into IGM is expected to lift the latter's
business performance through distribution of its products.
"As the parent company, we'd give our focus on the manufacturing
as told by the State Minister of State Enterprises," Pratomo
said.
TIRTAMAS MAJUTAMA: IBRA Cancels Sale Plan
-----------------------------------------
Indonesian Bank Restructuring Agency (IBRA) canceled the plan to
sell the assets credit of PT Tirtamas Majutama as it was of the
opinion that the project would be profitable in the future,
Bisnis Indonesia reports.
According to Mohammad Syahrial, an IBRA deputy chairman, the
Tuban Project will get loans of Rp400 million in December. "We
retain our ownership on Tirtamas because the project is
profitable in the future."
Previously, IBRA planned to sell the shares of Tirtamas at the
program of Strategic Assets Sales (PPAS) III. At the Rp5.4
trillion debt restructuring of Tirtamas, IBRA and Tirtamas
established a new company, PT Tuban Petrochemical Industries.
Then the company issued a promissory note to IBRA.
As the part of the debt restructuring, Pertamina hold 15% shares
of the company to guarantee the US$400 million debt with the
sale and purchase contract of low sulphur wax residue (LSWR).
"IBRA has not been offering the asset to any investor so that
the cancellation is no problem at all," he said.
He added that if the company would get the loan next December,
the company would be able to start constructing the project.
=========
J A P A N
=========
CROSSWAVE COMMUNICATIONS: Enters Reorganization Proceedings
-----------------------------------------------------------
Crosswave Communications, Inc. and its Japanese subsidiaries,
Crosswave Facilities Inc. and Crosswave Services Inc., received
an order for the commencement of corporate reorganization
proceedings from the Tokyo District Court on August 28, 2003.
The court appointed Masaaki Oka to serve as the reorganization
administrator for the Company and its subsidiaries.
As you may know, ADR holders do not have the same rights as
shareholders and accordingly cannot exercise rights of
shareholders against the Company. The depositary is the
registered shareholder of the deposited shares underlying the
American Depositary Shares (ADSs), and therefore only the
depositary can exercise the rights of shareholders in connection
with the deposited shares. However, even shareholders are unable
to exercise their voting rights if the Company's liabilities
exceed its assets upon the commencement of the reorganization
proceedings under the reorganization law of Japan.
The Company's ADSs were removed from quotation of the Nasdaq
Stock Market at the opening of business on August 29, 2003 as a
result of the Company's announcement of filing a voluntary
petition for the commencement of corporate reorganization
proceedings. We do not have any plans to encourage quotation of
our ADSs on the OTC Bulletin Board (OTCBB) or other markets. Any
market for our ADSs is likely to be highly illiquid.
As of June 30, 2003, the Company's liabilities exceeded its
assets. If the Company is determined through the reorganization
proceedings to have liabilities greater than its assets, shares
of the Company's common stock and ADSs representing such shares
will most likely lose all value. The Tokyo District Court
typically only approves a reorganization plan, which
extinguishes existing shareholders.
The administrator truly regret having to petition for the
commencement of corporate reorganization, but please understand
that it was necessary in order to continue the provision of
telecommunication services to the Company's clients.
CROSSWAVE COMMUNICATIONS: Issues ADSs Termination Notice
--------------------------------------------------------
Crosswave Communications Inc. announced a notice of termination
of its American Depositary Shares (ADSs) representing common
shares as follows:
The Company refers to the provisions of the Amended and Restated
Deposit Agreement (the Deposit Agreement) dated as of February
18, 2003 between Crosswave Communications Inc. (Crosswave),
JPMorgan Chase Bank, as Depositary (the "Depositary) and all
Owners and holders from time to time of American Depositary
Receipts (ADRs) issued thereunder. In light of the
reorganization proceedings involving Crosswave, Crosswave has
instructed the Depositary that it will not appoint a successor
to the Depositary.
We respectfully draw your attention to the termination
provisions of paragraph (21) of your ADR certificate. In
accordance with the terms and conditions set forth therein, we
hereby give notice of termination of the Crosswave ADR facility
effective at the close of business (New York time) on February
27, 2004. At this time, you have the option to surrender your
Crosswave ADRs to JPMorgan Chase Bank for cancellation and
delivery of the Deposited Securities or cash represented
thereby. This option to cancel your Crosswave ADRs will expire
one year from such date of termination, i.e. February 28, 2005.
If you choose to exercise this option, kindly surrender your
ADRs along with instructions as to where the Crosswave common
shares should be delivered. Please send such cancellation
instructions to:
JPMorgan Service Center C/o EquiServe 150 Royall Street Canton,
MA 02021 Mail Stop 45-02-54 Attn: Robert Salvati
ADRs must be accompanied by payment of the cancellation fee of
$5.00 per 100 ADSs or fraction thereof plus a $7.50 cable fee.
Example A: 200 ADSs = $10.00 + $7.50 = $17.50. Example B: 350
ADSs = $20.00 + $7.50 = $27.50. If you are surrendering an ADR
certificate for cancellation directly to the Depositary, you
must complete the enclosed cancellation form in its entirety and
return it to the Depositary. The Depositary will endeavor to
process cancellation requests for whole Crosswave ADSs only.
Please note: In light of the reorganization of Crosswave, it is
possible that the ADSs and shares represented thereby are or may
be worthless or may have only nominal value. As a result, you
should consult with a financial advisor before you decide to
cancel your ADSs and seek delivery of the deposited securities.
The method of delivery of ADRS is at the option and risk of the
holder of ADRS. If delivery is by mail, it should be made by
registered mail with return receipt requested, properly insured.
Deposits in the mail do not constitute delivery to jpmorgan
chase bank. In all cases sufficient time should be allowed to
ensure timely delivery.
According to the terms and conditions set forth in the Deposit
Agreement, as soon as practicable after the expiration of one
year from such date of termination, i.e. February 28, 2005, the
Depositary may sell any remaining Deposited Securities, if any,
in such manner as it may determine, and may thereafter hold the
net proceeds of any such sale or sales, if any, together with
any distributions received prior to such sale or the U.S.
Dollars received on conversion thereof, without liability for
any interest thereon, for the pro rata benefit of the registered
holders of the ADRs which have not theretofore been surrendered
for cancellation. After making such sale, the Depositary shall
be discharged from all obligations whatsoever to the holders of
the ADRs, except to make distribution of the net proceeds of the
sale and other distributions, if any, (after deduction of all
charges and expenses of the Depositary) upon surrender of the
ADRs. In light of the current circumstances surrounding
Crosswave and its reorganization, it is highly unlikely that the
Depositary will be able to sell or receive any value for any
Deposited Securities it may hold on February 28, 2005. Unless a
market exists for the Deposited Securities and the value of the
Deposit Securities exceeds the cost of such sale, the aggregate
cancellation fees owing the Depositary and the costs of
processing such sale, the Depositary may not sell any Deposited
Securities it holds on February 28, 2005 or, even if sold, may
not have sufficient funds to distribute on the surrender of
ADRs.
Under the Interest and Dividend Tax Compliance Act of 1983, as
amended, payers must generally withhold 28 percent of interest,
dividend, and certain other payments if U.S. resident payees
fail to furnish payers with the correct taxpayers identification
number (TIN). This is referred to as backup withholding and
certain penalties may also apply if such number is not provided.
The TIN for most individual taxpayers is that taxpayer's social
security number.
If you are unable to locate your ADRS or have any questions,
please call the JPMorgan Service Center (781) 575-4328.
NEC CORPORATION: Launches TFT LCD JV Firm in Shanghai
-----------------------------------------------------
NEC Corporation and SVA (Group) Co., Ltd. (SVA) announced that
the two companies have established a TFT LCD joint venture
Company in Shanghai, China, "Shanghai SVA NEC Liquid Crystal
Display Co., Ltd."
Shanghai SVA NEC Liquid Crystal Display Co., Ltd. will plan,
develop and manufacture TFT LCD panels and modules for PCs,
monitors and TVs, while focusing on China's huge market as its
main sales target. The joint venture Company is the first
facility in China that will be capable of handling every aspect
of TFT LCD manufacturing from the initial array and cell process
to the final production line phase.
The new Company's capital totals 50 billion yen (controlling
share, SVA Group: 75 percent, NEC: 25 percent.). With capital
expenditure forecast at 85 billion yen, a state-of-the-art
fifth-generation production line (glass base: 45 thousand sheets
per month) with a large-size glass substrate of 1,100mm x
1,300mm, is scheduled to begin operation in October, 2004. The
facility will employ an initial workforce of approximately 1200
staff.
In April 2003 NEC separated its LCD business by way of
corporation separation and established a new Company, NEC LCD
Technologies Ltd. (NEC LCD Technologies). NEC LCD Technologies
develops, designs, manufactures and sells color LCDs. The
Company focuses on providing TFT LCD solutions designed to meet
the requirements of industrial and high-value added display
applications. For commodity products, NEC aims to strengthen its
business model by carrying out product development, production
and sales through the new joint venture Company in China.
Shanghai SVA NEC Liquid Crystal Display Co., Ltd.
Company name: Shanghai SVA NEC Liquid Crystal Display Co., Ltd.
President: Zhou JiaChun
Location: 3388 Huaning Road, Minhang District, Shanghai, China
Capital: 50 billion yen (SVA Group 75 percent, NEC 25 percent)
Start of operation: October 2004 (Exact date to be decided)
Production size: Glass base: 45 thousand sheets per month
Employee number: 1200 (At start of operation)
Major Operations: Product planning, development, manufacturing
and sales of TFT color LCD modules
SVA (Group) Co., Ltd. (SVA)
Company name: SVA (Group) Co., Ltd. (SVA)
President: Xu Weihu
Location: 3800 Jindu Road, Minhang District, Shanghai, China
Capital: 2.09 billion RMB
Sales: 38.3 billion RMB (FY2001, 574.5 billion yen)
Established: 1995
Employee number: 26,400
Major Operations: Holding Company for companies that perform
product development, manufacturing and sales of household
electric appliances, home communication terminals and CRT, PDP,
STN LCD displays
About SVA (Group) Co., Ltd.
SVA (Group) Co., Ltd. (SVA) was founded in 1995. Today, SVA is
the largest electronics group in China. It has over 20,000
employees worldwide, R&D in US, China, and Taiwan, and
production facilities in China, Argentina, and South Africa.
International Corporate Partnerships with fortune 500 companies
include Hughes, InFocus, JVC, Kenwood, Motorola, National,
Samsung, Sharp, Siemens, SONY, Toshiba, and VDO. For more
information, please visit the SVA home pages at:
http://www.sva.com.cn
About NEC Corporation
NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For further information,
please visit the NEC Corporation home page at: www.nec.com
NEC Corporation aims to cut its debt-to-equity ratio to one from
a current 3.54, in an effort to shore up a badly weakened
balance sheet, according to TCR-AP. The Company's equity-to-
asset ratio remains below 10 percent, compared with nearly 20
percent a decade ago, due in part to the lingering effects of
record losses in 2001/2002 and an under funded pension plan.
Contact:
NEC Corporation
Diane Foley
d-foley@ax.jp.nec.com
+81-3-3798-6511
SEGA CORPORATION: Moody's Reviews Rating For Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed Sega Corporation's (Sega)
B3 senior unsecured long-term debt ratings on review for
possible upgrade. The rating action reflects Moody's expectation
that Sega's overall credit profile is likely to improve with
greater stability.
In its review, Moody's will assess the Company's strategy and
its ability to execute it. The strategy is for Sega to provide -
in a potentially volatile business environment - home video game
software titles to multi-platforms, such as PS2, Game Boy
Advance, Game Cube and Xbox.
Since 2001, Sega has transformed itself into a contents provider
in the home video games business, mainly through developing
software titles for other game hardware platforms. At the same
time, the Company continues its arcade games business and
amusement facility operations, which remain a stable source of
earnings.
Sega Corporation, headquartered in Tokyo, is one of the world's
largest suppliers of home video game software. It is also
involved in the arcade games business and amusement facility
operations.
SOFTBANK CORPORATION: 1H03 Net Loss Widens to Y77.3B
----------------------------------------------------
Softbank Corporation posted a net loss of 77.3 billion yen
(US$707 million) in the first half ended in September, versus a
net loss of 55.8 billion yen a year earlier, the Financial Times
reports. The Company fell deeper into debt in the first six
months because of hefty costs associated with its aggressive
broadband service marketing.
TOSHIBA CORP.: Nomura Principal Bids For Toshiba Tungaloy
---------------------------------------------------------
Nomura Principal Finance Co., Ltd. (NPF, President: Yoshifumi
Kawabata), announced it would be making a tender offer through
NPF T2 Investment Co., Ltd. (NPFT2I, President: Nobuyuki
Higashi), a wholly owned subsidiary of NPF, for the controlling
shares of Toshiba Tungaloy Co., Ltd. (Tungaloy, TSE 6139) in the
course of structuring the planned management buyout (MBO) of
Tungaloy.
The purpose behind NPFT2I's tender offers is to acquire all the
remaining issued shares of Tungaloy, excluding treasury shares
owned by Tungaloy (representing 99.23% of the outstanding
78,918,393 shares as of March 31, 2003).
Toshiba Corporation, the leading shareholder of Tungaloy (with
36.99% of its outstanding shares) and Tungaloy's eight board
members including President Akihiro Tokunaga (collectively
referred to as Tungaloy's management), who own the target shares
(representing 0.08% of the outstanding shares), have agreed in
principle to tender their Tungaloy shares.
The tender offer is to be implemented as part of an MBO* by
Tungaloy's management such that the management will basically
continue to run Tungaloy with other management appointed by NPF
after completion of the tender offer. Tungaloy's management and
NPF signed an agreement on November 10, 2003, stipulating that
Tungaloy's management and other designated persons will purchase
a portion of shares of NPFT2I, subject to the success of the
tender offer.
Tungaloy specializes in cemented carbide tools, responding to
the needs of users by providing products such as cutting
instruments, wear resistant tools, printed-circuit board
drilling tools, civil-engineering and building construction
tools and friction materials and related products. However,
Japan's cemented carbide tool industry has faced difficult times
due to various factors, including a long-term slowdown of
corporate capital investment, pricing pressures and global
trends in decentralizing production bases by main users,
automakers, and others. Given this environment, there have been
moves to expand production lines using M&A among cutting
instrument makers in Japan, and competition is more intense now
than ever before.
Restructuring will be required for Tungaloy's further growth and
such efforts will take the form of rearranging distribution
networks, prioritizing product lines, developing new products in
major fields, and strengthening manufacturing and distribution
systems in Asia from a medium to long term perspective. NPFT2I
has decided to implement the tender offer after consultations
with Tungaloy's management, with the aim of developing a system
to implement such measures promptly and to shift to a management
system that clearly promotes self-responsibility without being
too concerned about short-term performance.
The ultimate objective of NPFT2I is to operate Tungaloy as its
wholly owned subsidiary and setting a maximum acquisition level
for this tender offer is unnecessary. Depending on procedures
after the tender offer, Tungaloy shares may be delisted.
* An MBO generally refers to a transaction where the management
of the target acquires the target's shares jointly with
financial investors.
NPFT2I Name: NPF T2 Investment Co., Ltd.
Name and Title of Representative: Nobuyuki Higashi
President
Address: 2-2-2, Otemachi, Chiyoda-ku, Tokyo
Amount of Paid-in Capital: 10 million yen
Shareholder: Nomura Principal Finance Co., Ltd. (100%)
(NPF is a wholly owned subsidiary of Nomura Holdings, Inc.
(NHI))
Tungaloy Name: Toshiba Tungaloy Co., Ltd.
Address: Solid Square 580, Horikawa-cho, Saiwai-ku, Kawasaki
City 212-8503 Japan
Name and Title of Representative: Akihiro Tokunaga
President and Chief Executive Officer
Amount of Paid-in Capital: 10,456 million yen
Established: February 1950
Major shareholders (at the end of FY2002):
Shares in thousands
1. Toshiba Corporation 29,414 36.99%
2. Japan Trustee Services Bank, Ltd. (Trust Account) 8,304
10.44%
3. Kennametal, Inc. (Standing Proxy: HSBC Tokyo Branch) 3,900
4.90%
4. The Master Trust Bank of Japan, Ltd. (Trust Account) 3,456
4.34%
5. The Nomura Trust and Banking Co., Ltd.
(Investment Trust Account) 1,554 1.95%
Tender Offer Period
November 11, 2003 through December 11, 2003 (31 days)
Tender Offer Price: 483 yen per share
(The offer price will be at a 26.1% premium to the average
closing price on the Tokyo Stock Exchange over the past six
months as of November 7, 2003, and will be above 475 yen, the
highest share price since 2002.)
Number of Shares to be Purchased
52,608,000 shares (66.15% of the outstanding shares, 66.66% of
the total target shares)
When the total number of shares applied for is less than the
number of shares to be purchased (52,608,000 shares), the full
amount of shares applied for will not be purchased.
When the total number of shares applied for exceeds the number
of shares to be purchased (52,608,000 shares), all shares
applied for will be purchased.
Changes to Ownership of Share Certificates after the Tender
Offer
Before the Tender Offer: 0 shares (0%)
After the Tender Offer: 52,608,000 shares (66.15%)*
* Number of shares owned after the tender offer indicates the
minimum number of shares to be purchased. The total number of
outstanding shares is 79,527,093 shares.
Date of Public Notice
November 11, 2003
Tender Offer Agent
Nomura Securities Co., Ltd., Japan
Funds Required for Purchase
NPF is financing this tender offer through NPFT2I backed by
funds provided by NHI. Its maximum commitment will be around
39.0 billion yen.
Management Plan under the Industrial Revitalization Law
NPFT2I has received approval of its Management Plan under the
Industrial Revitalization Law (IRL). The Plan allows NPFT2I, if
it is unable to acquire all remaining shares excluding shares
held by Tungaloy in the tender offer, to conduct a stock-for-
stock exchange transaction through delivery of cash as permitted
under Article 12.9 of the IRL followed by merger with Tungaloy.
More specifically regarding the stock-for-stock exchange, the
Plan gives NPFT2I permission to deliver cash to the other
shareholders in exchange for Tungaloy shares, after which
Tungaloy will be a wholly owned subsidiary and NPFT2I, a wholly
owning parent company. While the amount of cash to be delivered
at the time of the stock-for-stock exchange will be calculated
based on the offer price in the tender offer, there is no
express guarantee that the amount will equal the offer price of
the tender offer. In addition, NPFT2I expects to use the special
measure relating to simple stock-for-stock exchange under IRL
Article 12.4, Paragraph 2, as described in the approved Plan.
Agreements between Tungaloy and NPFT2I
The board of Tungaloy resolved that it supports the tender
offer.
The Nomura Group
Nomura Group, with its core businesses of the securities and
related businesses, is dedicated to providing a broad range of
financial services for individual, institutional, corporate and
government customers. We offer a diverse line of competitive
products and value-added financial and advisory services through
the 128 domestic branch offices of Nomura Securities Co., Ltd.
and our overseas network that combines offices in 28 countries.
Our business activities include investment consultation services
for domestic retail investors, securities brokerage services,
securities underwriting for domestic and foreign governments and
corporations, mergers and acquisition and financial advisory
services, merchant banking, and asset management for investment
trusts and pension funds.
=========
K O R E A
=========
HANARO TELECOM: Deploys Force10 Networks E-Series
-------------------------------------------------
Force10 Networks, Inc., a pioneer in resilient switching and
routing, announced Monday that Hanaro Telecom, Inc.
(Nasdaq:HANA) has selected CommVerge Solutions to deploy
Force10's E-Series switch/routers for 10 Gigabit Ethernet
routing and Gigabit Ethernet aggregation services. Hanaro
Telecom's network expansion, including increasing high-capacity
connectivity for a wide range of broadband services, required
the resiliency, fault-tolerance and robust 10 Gigabit routing
that Force10's E-Series is uniquely designed to provide.
"Force10's E-Series enhances our core routing infrastructure,
enabling us to extend our IP service offerings to include native
Gig and 10 Gig connectivity," said Mr. Park, Chan-Woong, team
manager of the Network Planning Team for Hanaro Telecom. "We
selected Force10's E-Series because it clearly demonstrated the
capacity to meet our customers' current demands and allows us to
address the future capacity needs of our customers."
Nearly 30 percent of South Korea's 10 million broadband
subscribers are Hanaro customers and the Company is expanding
its network in order to increase its market share. Force10's
switch/routers provide the added capacity that will enable
Hanaro to expand its customer base throughout South Korea while
the resilient architecture that characterizes the E-Series
ensures line-rate performance. With Force10's E-Series, Hanaro
can reliably deliver multi-megabit connectivity to its current
and future subscribers.
"Hanaro Telecom's investment in the E-Series for 10GbE core
routing services demonstrates that carriers around the world
demand a new breed of routers and switches that offer advanced
reliability and resiliency in combination with next generation
performance," said Andrew Feldman, vice President of marketing
at Force10 Networks, Inc. "Force10 and CommVerge Solutions are
delivering the resiliency and reliability that sophisticated
telecommunications providers like Hanaro need to continue
supporting and developing advanced services."
Force10's E-Series provides resilient IP switching and routing
at line-rate Gigabit and 10 Gigabit speeds. The E-Series
combines the industry's first fully distributed hardware
architecture with modular software to provide best-in-class
resiliency and redundancy and enable new levels of network-based
security.
Sixty-five percent of South Korea's 16 million households have
broadband connections -- the world's highest broadband
penetration. According to the International Telecommunications
Union, 94 percent of all Internet subscribers in South Korea
subscribe to broadband, a rate that is approximately three years
ahead of the global average.
ABOUT FORCE10 NETWORKS
Force10 Networks is the pioneer in scalable resiliency for high
performance switching and routing. Based on a revolutionary
system architecture that delivers best-in-class resiliency and
massive scalability, Force10's E-Series switch/routers ensure
predictable application performance, increase network
availability and reduce operating costs. Today, many of the
world's largest Gigabit Ethernet and 10 Gigabit Ethernet
networks depend on Force10's Networks. For more information,
please visit www.force10networks.com.
ABOUT HANARO TELECOM
Hanaro Telecom, Inc. is a provider of high-speed Internet
access, local telephony, multimedia, data and Internet data
center services in Korea. The Company offers its subscribers
always-on, high-speed Internet access at speeds up to 10 Mbps
(megabits per second) over its own and leased networks. It also
offers local telephony services as one of only two companies
licensed to own and operate a local telephony network in Korea.
In addition, Hanaro Telecom provides leased line services and
IDC services to its corporate clients. As of August 31, 2003,
the Company provided high-speed Internet access services to over
three million subscribers in 98 districts through owned and
leased cable lines, to 35,477 subscribers through local
multipoint distribution system connections and to 20,843
subscribers through wireless local area networks connections.
For more information, visit Hanaro Telecom at www.hanaro.com.
ABOUT COMMVERGE SOLUTIONS
CommVerge Solutions is a unique services Company and a leading
integrator of technology and business solutions, serving
Telecommunications Service Providers throughout Asia. Since its
inception in 1999, CommVerge has undertaken countless projects
to design, implement and maintain converged voice and data
networks, mobile network infrastructure, as well as 2.5G and 3G
application platforms. CommVerge's mission is to assist
customers, maximize value and reduce risk by offering superior
professional services and network solutions designed to realize
their business, technical and operational objectives.
Headquartered in Hong Kong, CommVerge has established offices in
Beijing, Shanghai, Singapore, Taipei, Seoul, Kuala Lumpur,
Manila, Bangkok, Brunei Darussalam and San Jose, Calif. For more
information, please visit www.commverge.com.
Force10 and E-Series are trademarks of Force10 Networks, Inc.
All other Company names are trademarks of their respective
holders.
CONTACT: Force10 Networks, Inc.
Peter Ruzicka, 408-965-5151
pruzicka@force10networks.com
HYUNDAI GROUP: KCC Buys Additional 7.5% of Hyundai Elevator
-----------------------------------------------------------
Keumgang Korea Chemical (KCC) bought an additional 7.5 percent
stake in Hyundai Elevator Co., the virtual holding Company of
the troubled Hyundai Group, the Maeil Business Newspaper
reports. The purchase of 420,000 Hyundai Elevator shares raised
KCC's total share in the top elevator maker to 10.6 percent.
Chung Sang-yung, honorary Chairman of KCC, may require Hyundai
Elevator's chairwoman Hyun Jung-eun to step down. Hyundai
officials said Chung has now become the largest shareholder of
Hyundai Elevator and he may purchase more shares if necessary.
SAEHAN INDUSTRIES: Turns to W7.1B Profit
----------------------------------------
Textile manufacturer Saehan Industries incurred a net profit of
7.1 billion won in the first nine months ending in September,
the first such surplus for five years, Yonhap News reports. The
Company, currently undergoing debt rescheduling, reported sales
at 546.1 billion won.
The creditors of Saehan Industries Inc. last year approved to
swap 400 billion won ($331 million) of debt into stock to reduce
the fabric maker's debt to 700 billion won, the Troubled Company
Reporter-Asia Pacific reports.
SK GROUP: Units Protect SK Corp. From Takeover
----------------------------------------------
SK Group units increased their combined stake in SK Corp. to
15.9 percent to protect their affiliate from any takeover. The
move surpassed Sovereign Asset Management Ltd., a Monaco-based
fund, which used to hold the largest stake of SK Corp.
Sangim Han of Bloomberg News reports that SK Corp. Chairman Chey
Tae Won, SK Chemicals Co. and two other companies bought 2.47
percent of SK Corp., bringing their stake to 15.93 percent.
Sovereign Asset Management holds 14.99 percent. (SK Global
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service,
Inc., 609/392-0900)
SK NETWORKS: Shares Up After Stock Merger
-----------------------------------------
Shares of SK Networks Co. Ltd., formerly SK Global, which is
struggling to emerge from a US$1.2 billion accounting fraud,
soared on Tuesday after a 13-day suspension for a share merger,
according to Reuters.
SK Networks jumped to 13,800 won at 0007 GMT versus a 1.02
percent loss in the benchmark stock index. The merger of seven
shares to one was part a planned capital reduction stipulated by
a creditor-led restructuring plan for the trading firm.
===============
M A L A Y S I A
===============
BERJAYA GROUP: Discloses 35th AGM Resolutions
--------------------------------------------
The Board of Directors of Berjaya Group Berhad is pleased to
announce that all the following resolutions proposed at the
Company's Thirty Fifth General Meeting held on Monday, 10
November 2003 have been duly passed:
Ordinary Resolution 1
- Adoption of the audited financial statements of the Company
for the year ended 30 April 2003.
Ordinary Resolution 2
- Approval of Directors' Fees.
Ordinary Resolution 3
- Re-election of Tan Sri Dato' Seri Vincent Tan Chee Yioun as a
Director of the Company.
Ordinary Resolution 4
- Re-election of Chan Kien Sing as a Director of the Company.
Ordinary Resolution 5
- Re-election of Datuk Robert Yong Kuen Loke as a Director of
the Company.
Ordinary Resolution 6
- Re-election of Rayvin Tan Yeong Sheik as a Director of the
Company.
Ordinary Resolution 7
- Re-election of Vivienne Cheng Chi Fan as a Director of the
Company.
Ordinary Resolution 8
- Re-election of Tan Sri Datuk Abdul Rahim Bin Haji Din as a
Director of the Company.
Ordinary Resolution 9
- Re-election of Freddie Pang Hock Cheng as a Director of the
Company.
Ordinary Resolution 10
- Re-election of Dato' Hj Md Yusoff @ Mohd Yusoff Bin Jaafar as
a Director of the Company.
Ordinary Resolution 11
- Re-election of Mohd Zain Bin Ahmad as a Director of the
Company.
Ordinary Resolution 12
- Re-appointment of Dato' Suleiman Bin Mohd Noor as a Director
of the Company.
Ordinary Resolution 13
- Appoinment of Messrs Ernst & Young as the Company's Auditors.
Ordinary Resolution 14
- Authority for the Directors to allot and issue shares pursuant
to Section 132D of the Companies Act, 1965.
Special Resolution 15
- Proposed Amendment to the Company's Articles of Association.
HYUNDAI-BERJAYA CORP.: KLSE Lifts Trading Restriction
-----------------------------------------------------
Hyundai-Berjaya Corporation Berhad, formerly known as Transwater
Corporation Berhad, announced that the trade restriction in the
form of full payment before purchase on the securities was
lifted and the securities were traded on a 'Ready' basis
pursuant to the Rules of the Kuala Lumpur Stock Exchange with
effect from 9:00 am, Tuesday, 11 November 2003
KSU HOLDINGS: Financial Regularization Plan Status Unchanged
------------------------------------------------------------
Further to the announcements dated 20th August 2003, 10th
September 2003 and 9th October 2003 in relation to the
Compliance With Practice Note No.4/2001 on the Criteria and
Obligations to Paragraph 8.14 of the Kuala Lumpur Stocks
Exchange (KLSE) Listing Requirements.
KSU Holdings Berhad wishes to inform that as of November 10
there has been no further development on its plan to regularize
its financial condition.
KSU HOLDINGS: Oct Loan Facility Default Stands RM138.2M
-------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Receiver &
Manager of KSU Holdings Bhd (KSUH) wishes to provide an update
on the details of all the facilities currently in default, as
enclosed at http://bankrupt.com/misc/KSU1112.pdf.
The default by KSUH as at 31 October 2003 amounted to
RM106,452,694.87 of principal sum and RM28,786,715.58 of
interest for term/bridging loans and overdraft facilities.
HOTLINE FURNITURE: Proposals Approval Pending
---------------------------------------------
The Board of Directors of Hotline Furniture Berhad hereby
announce that the Company is an affected listed issuer in
accordance to paragraph 8.16 of the KLSE Listing Requirements
and paragraph 2.1(b) of Practice Note 10/2001 (PN 10).
The Company is also an affected listed issuer as announced on 23
February 2002 pursuant to Paragraph 8.14 of the KLSE Listing
Requirements and KLSE's Practice Note 4/2001.
DETERMINATION OF ADEQUACY OF LEVEL OF OPERATIONS
The Company had announced on 12 August 2002 that Alliance Bank
Malaysia Berhad (as security agent) had on 9 August 2002
appointed Receivers & Managers to the following subsidiary
companies (affected subsidiaries):
(i) Hotline Furniture Manufacturers Sdn Bhd (HFM)
(ii) Hotline Furniture Trading (Malaysia) Sdn Bhd (HFT)
(iii) Hotline Furniture Export Trading Sdn Bhd (HFE)
(iv) Hotline Home Centre Sdn Bhd (HHC)
(v) Hotline Wooden Furniture Manufacturers Sdn Bhd (HWF)
(vi) Hotline Panel Products Sdn Bhd (HPP)
Subsequently, the Receivers and Managers ceased the operations
of the affected subsidiaries. The affected subsidiaries
constituted the core businesses and operations of HFB Group,
therefore the level of operations in the Group were affected and
considered ceased.
HFE and HWF were placed under creditors' voluntary winding up.
Receivers and Managers on HFT, HHC and HPP were uplifted on 4
August 2003. The uplifted subsidiaries could not continue
operations as the Receivers and Managers had sold majority of
their assets.
OBLIGATIONS OF HFB UNDER PRACTICE NOTE NO 10
The Company must within 9 months from the date it was an
affected listed issuer make a Requisite Announcement. The
Company had made the Requisite Announcement on 20 September 2002
pursuant to Practice Note 4/2001.
The Company must submit its proposal to the relevant authorities
within 2 months from the date of Requisite Announcement. The
Company's proposal was submitted to the Securities Commission on
15 October 2002 and together to the Foreign Investment Committee
and Ministry of International Trade and Industry on 8 November
2002.
The Company must obtain all relevant approvals for
implementation within 4 months from date of submission. The
Company had received the approvals of the Foreign Investment
Committee, Securities Commission and Ministry of International
Trade & Industry on 30 December 2002, 23 April 2003 and 13 May
2003 respectively on its proposal.
CONSEQUENCE OF NON COMPLIANCE WITH THE OBLIGATIONS
If the Company fails to comply with any of the obligations set
out in Practice Note 10/2001, the Company may be suspended from
trading on the Exchange and may be subsequently be de-listed.
The Company's shares were suspended on the Exchange on 19 April
2002 pursuant to Practice Note 4/2001.
STATUS OF HFB IN REGULARISING IS FINANCIAL CONDITION
The Company is in the midst of implementing its approved
proposals. The proposals are pending shareholders' approvals at
a court meeting and extraordinary general meeting.
LONG HUAT: Replies to KLSE's Winding Up Order Query
---------------------------------------------------
Long Huat Group Berhad refers to the Kuala Lumpur Stock
Exchange's query in connection to the announcement dated 7
November 2003 on the Notice of Winding-up Order served on Long
Huat Development Sdn Bhd (LHDSB), a wholly owned subsidiary of
LHuat, by Sim Huat Timber & Hardware Sdn Bhd (Sim Huat) and LTT
Veneer (Singapore) Pte Ltd (LTT Veneer). The Company's reply is
as follows:
1. The winding-up petition served by the petitioners was as a
result of default in payment by LHDSB on the purchase of wood
products from the petitioners back in 1999.
2. From the time of the notice of summon dated 30 July 2002 was
served to LHDSB, LHDSB did not make any payment since it did not
have the financial means following the cessation of the
operation in August 2001.
MBF CORPORATION: SC Approves Proposed 2.9.1 Exemption
-----------------------------------------------------
MBf Corporation Berhad refers to the announcement dated 31
December 2002 pertaining to the Proposals, made on behalf of MBf
Capital, a wholly-owned subsidiary of MBf Corp, comprising:
* Proposed Capital Reduction;
* Proposed Consolidation;
* Incorporation of Perfect Utilization Sdn Bhd;
* Proposed Scheme of Arrangement;
* Proposed Subsidiary Debt Restructuring;
* Proposed Debt Settlement;
* Proposed Internal Reorganization;
* Proposed Acquisitions;
* Proposed Transfer of Listing Status;
* Proposed Liquidation/Disposal;
* Proposed Employees' Share Option Scheme;
* Proposed 2.9.1 Exemption; and
* Proposed Settlement of MBf Holdings Berhad's Scheme
Alliance, on behalf of the Company, wishes to announce that the
Securities Commission (SC) had vide its letter dated 3 November
2003, approved the Proposed 2.9.1 Exemption.
Leisure Holidays Holdings Sdn Bhd is required to disclose to the
SC any trading of MBf Corp securities for a twelve (12) month
period after the approval date of the SC for the Proposed 2.9.1
Exemption.
METACORP BERHAD: KLSE Grants LR Compliance Time Extension
---------------------------------------------------------
Metacorp Berhad wishes to announce that the Kuala Lumpur Stock
Exchange (KLSE) has granted Metacorp a further extension of time
to comply with the public shareholding spread requirement
pursuant to Paragraph 8.15(1) of the Listing Requirements and
the information in relation thereto is as follows:
i) The public shareholding spread of Metacorp as at 30
September 2003 is 15.02% and there is a shortfall of 9.98%;
ii) That an extension of time has been granted for compliance
with the public shareholding spread requirement pursuant to
paragraph 8.15(1) of the Listing Requirements;
iii) The duration of extension of time of 6 months granted by
KLSE on 4 November 2003 will expire on 3 May 2004;
iv) Metacorp is constantly liaising with its advisors and
merchant banks exploring and evaluating various options and
proposals to enable the Company to comply with the public
shareholding spread requirement pursuant to Paragraph 8.15 (1)
of the Listing Requirements. The Company has to date yet to
finalize the proposals pending negotiation with relevant parties
and market conditions. Following is the tentative timetable for
Corporate Proposals and Placement Exercise:
Date Description
1st Quarter 2004 Announcement of Proposals and Application for
Approvals to the relevant authorities
2nd Quarter 2004 EGM to approve Proposed Corporate Exercise and
completion of Proposed Corporate Exercise
2nd Quarter 2004 Placement exercise to meet public shareholding
spread
MYCOM BERHAD: Dec 2 AGM Scheduled
---------------------------------
The Board of Mycom Berhad wishes to announce that the Thirty-
Sixth Annual General Meeting of Mycom will be held and convened
at Mahkota II, Ballroom Floor, Istana Hotel,50200 Kuala Lumpur
on Tuesday, 2 December, 2003 at 11:30 a.m. for the purpose of
transacting both the ordinary and special business of the
Company.
A copy of the said Notice is attached at
http://bankrupt.com/misc/Mycom1112.doc.
NAM FATT: KLSE Grants Conversion Listing
----------------------------------------
Kindly be advised that Nam Fatt Corporation Berhad's additional
910,900 new ordinary shares of RM1.00 each issued pursuant to
the Conversion of RM910,900 Irredeemable Convertible Unsecured
Loan Stocks - A Into 910,900 New Ordinary Shares will be granted
listing and quotation with effect from 9:00 a.m., Wednesday, 12
November 2003.
Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission has on 6 January 2003
approved an extension of time to 9 June 2003 for Nam Fatt to
complete the Proposals, which involves Proposed Loans
Restructuring Scheme; Proposed Additional Issue; Proposed Rights
Issue; and Proposed Increase in Authorized Share Capital.
NCK CORPORATION: Proposed Disposal Completed
--------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) (NCK
or Company) refers to the announcements made on 12 May 2003 and
13 October 2003 in relation to the Proposed disposal of the
entire equity interest comprising 5,568,750 ordinary shares of
RM1.00 each in Ken Rimba Jaya Sdn Bhd (formerly known as Hock
Hup Developments (Sendirian) Berhad), a wholly-owned subsidiary
of NCK, to Ken Projects Sdn Bhd (KPSB), a wholly-owned
subsidiary of Ken Holdings Berhad, for a cash consideration of
RM14,170,000 (Proposed Disposal).
On behalf of the Special Administrators of NCK (SA), Southern
Investment Bank Berhad wishes to announce that the Proposed
Disposal is completed on 10 November 2003.
OCEAN CAPITAL: Seeks Plan Submission Time Extension
---------------------------------------------------
Further to the announcement made on 5 November 2003, Hwang-DBS
Securities Berhad on behalf of the Board of Directors of Ocean
Capital Berhad, wishes to announce that an application of
extension of time has been made to the Kuala Lumpur Stock
Exchange (KLSE) on 10 November 2003 for a further period of one
(1) month from 11 November 2003 to 11 December 2003 to enable
OCEAN to make a submission of its regularization plan to the
authorities for approval.
PAN PACIFIC: Notes Level of Operations Pursuant to PN10
-------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd wishes to
announce to the Exchange that PPAB is an affected listed issuer
pursuant to paragraph 2.1(c) of the Practice Note No. 10 of the
Listing Requirements of the Kuala Lumpur Stock Exchange (PN10).
Under paragraph 2.1(c) of PN10, a listed issuer who has an
insignificant business or operations, is deemed to have
inadequate level of operations. Insignificant business or
operations means business or operations which generates revenue
on a consolidated basis that represents 5% or less of the issued
and paid-up share capital of the listed issuer based on its
latest audited accounts.
PPAB has previously announced to the Exchange that it is an
affected listed issuer under Practice Note No. 4/2001 of the
Listing Requirements of Kuala Lumpur Stock Exchange (PN4). Since
PPAB is a PN4 company, the requirements and obligations of PN4
would prevail over those of PN10. The Company is therefore
required to strictly comply with the provisions of PN4,
particularly the timeframe prescribed therein for the
regularization of its financial condition.
The requisite announcement as required under PN4 was made on 17
December 2002.
The application to regularize the financial position of the
Company was submitted to the authorities on 19 December 2002.
The Securities Commission, Foreign Investment Committee and
Ministry of International Trade and Industry have approved the
Proposed Debt Restructuring of the Company.
It is expected that the Company's regularization plan would
address both its financial condition (PN4) and the level of
operations (PN10) to maintain a continuing listing on the
Official List of the Exchange.
PANGLOBAL BERHAD: Discloses Mining Production Figures
-----------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of October 2003 was 17,986.06mt.
COMPANY PROFILE
The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.
The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.
Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.
An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.
CONTACT INFORMATION: Level 27, Menara IMC
8 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2019199
Fax : 03-2023977
PASARAYA HIONG: RAM Reaffirms BBB3/P3 Ratings
----------------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the long- and
short-term ratings of Pasaraya Hiong Kong Sdn Bhd's (Hiong Kong)
RM120 million Commercial Papers/Medium-Term Notes (CP/MTN) at
BBB3 and P3, respectively, and has concurrently lifted its
Rating Watch. These ratings had been placed on Rating Watch with
a developing outlook on 28 April 2003, in view of Hiong Kong's
participation in the corporate restructuring exercise of Ocean
Capital Berhad (Ocean). Hiong Kong operates 5 supermarkets and
departmental stores in the Klang Valley while Ocean operates a
chain of 12 supermarkets and departmental stores throughout
Peninsular Malaysia.
Ocean is a PN-4 company due to the deficit in its shareholders'
funds. To regularize its financial position, Ocean had
undertaken a restructuring exercise involving Premium Acme Sdn
Bhd (Premium Acme - a special-purpose vehicle set up to effect
the restructuring exercise), Hiong Kong as well as Hiong Kong's
holding company, Tat Seng Fatt Holding Sdn Bhd (TSF). The scheme
involves a reverse takeover of Ocean and the acquisition of
Hiong Kong by Premium Acme via a share-swap arrangement with
TSF. Upon completion of the restructuring exercise, Premium Acme
will assume Ocean's listed status on the local bourse and own
the entire equities of both Ocean and Hiong Kong. Meanwhile,
Hiong Kong had also entered into Asset Lease Agreements and Sale
of Stocks Agreements with Ocean - on 21 April 2003 - to lease
the latter's fixed assets and manage its 12 supermarkets and
departmental stores, without assuming Ocean's liabilities. All
the 17 outlets of Hiong Kong and Ocean will eventually carry a
new name, PHK-Ocean, once the restructuring exercise is
completed.
The ratings reflect Hiong Kong's enlarged geographical
diversification from its original 5 to the present 17 outlets
across Peninsular Malaysia, as well as the potential synergistic
gains from Ocean's existing business and market reach. With the
12 additional stores, Hiong Kong's debt-servicing ability could
be boosted by their operational cash flow contribution of RM9
million - RM12 million per annum.
These positive factors are, however, constrained by the
competitiveness of the retail industry as well as the challenges
faced by Hiong Kong in proving its ability to manage a larger
number of outlets, contain costs and successfully turn around
the loss-making Ocean outlets. Moreover, it may also take some
time to establish the new identity of all 17 "rebranded"
outlets.
CONTACT INFORMATION: Chong Van Nee
RAM Analyst
Tel: 03-7628 1028
E-mail: vannee@ram.com.my
TA ENTERPRISE: Put and Call Option Agreement Terminated
-------------------------------------------------------
TA Enterprise Berhad refers to the announcement dated 26 June
2003 in relation to the Put and Call Option Agreement between TA
First Credit Sdn Bhd (TAFC), a wholly owned subsidiary of TA
Enterprise Berhad (TAE) and Dato' Che Annuar Bin Che Mohd Senawi
(DAS).
Further thereto, the Board of Directors of TAE wishes to
announce that on 7 November 2003, both TAFC and DAS had mutually
agreed to terminate the Option Agreement. Subsequently, TAFC and
a third party had on 7 November 2003 entered into a new
agreement whereby the third party undertakes to purchase the
41.0 million Irredeemable Convertible Unsecured Loan Stock A
(ICULS-A), which was the subject matter of the Option Agreement
from TAFC at a price of RM0.98 per ICULS-A.
The termination of the Option Agreement shall not have any
impact on the Supplemental Debt Restructuring Agreement (SDRA)
signed with Idris Hydraulic (Malaysia) Berhad as announced on 26
June 2003.
TECHNO ASIA: Submits Monthly, Statutory Report to KLSE
------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad, being an affected listed
issuer wishes to announce that in compliance with the obligation
imposed under the practice note, the monthly report for the
month of October 2003 accompanied by the statutory declaration
duly executed by the Special Administrators had been submitted
to the KLSE on 10th November, 2003.
=====================
P H I L I P P I N E S
=====================
BANK OF DON CARLOS: Releases Notice to Creditors
------------------------------------------------
On July 31, 2003, the Honorable Court, Regional Trial Court of
the City of Malaybalay, Branch 10, approved the Project of
Distribution of Liquidating and Surplus Dividends of Rural Bank
of Don Carlos (Bukidnon), Incorporated.
Check payments for approved claims will be released starting
October 20, 2003 from Monday to Friday, 8 A.M. to 5 P.M. at the
Claims Settlement Department, Sixth Floor of SSS (Makati)
Building, Ayala Avenue cor. Herrera St., Makati City. Creditors
are advised to submit the requirements when claiming payment.
For inquiries and assistance, creditors/claimants may contact
Mr. Jaime H. Saret at telephone nos. (02) 841-47-64 or
841-47-59.
Philippine Deposit Insurance Corporation (PDIC)
Liquidator
BANK OF SAN LEONARDO: Issue Creditors Notice
--------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that on August 27, 2003, the Honorable Court, Regional Trial
Court of Gapan City, Branch 36, approved the Project of
Distribution of the Assets of Rural Bank of San Leonardo (Nueva
Ecija), Incorporated.
Check payments for approved claims will be released starting on
October 23, 2003 from Monday to Friday, 8 A.M. to 5 P.M. at the
Claims Settlement Department, 6th Floor, SSS Building, corner
Herrera and Ayala Avenue, Makati City.
For inquiries and assistance, creditors/claimants may contact
Ms. Thelma M. Tabugader at Telephone No. 841-4000 local 4774 &
4776.
Philippine Deposit Insurance Corporation (PDIC)
Liquidator
BENPRES HOLDINGS: IAC Allows MWSS to Draw US$120M Bond
------------------------------------------------------
In connection with the dispute submitted to international
arbitration by Maynilad Water Services, Inc. (MWSI) and Metro
Manila Water and Sewerage System relating to the termination of
the concession for water and sewerage services over the West
Service Area, MWSI received on November 7, 2003 a decision from
the arbitration panel declaring that there is neither an MWSI or
an MWSS Event of Termination.
The arbitration panel said that the concession agreement shall
continue in force and the parties shall perform their respective
obligations there under. The panel further concluded that the
parties undoubtedly have problems in their internal relations
but they have to find extra-judicial solutions to them. The
panel further declared that the past due Concession Fees which
amount to P6.77 billion as of September 15, 2003 are payable
within 15 days after receipt by the parties of the award and
that MWSS may draw on the US$ 120 million performance bond of
MWSI. The performance bond is guaranteed by Benpres to the
extent of 60 percent and by Suez/Ondeo to the extent of 40%.
The Benpres guarantee of the performance bond is already
included in the US$553 million obligations currently being
restructured under its Balance Sheet Management Plan.
BENPRES HOLDINGS CORPORATION
Registrant
By:
Enrique I. Quiason
Corporate Secretary
MUSIC CORPORATION: Expects Profit in 2004
-----------------------------------------
Music Corporation expects to post a nine-month net profit of 70
million pesos from October this year to end-June 2004, which
will help reduce its deficiency to 32 million pesos from
operations improvement alone, AFX Asia reports. The
semiconductor firm will ask shareholders in a December 17
meeting to approve its planned increase in capital and to issue
new shares to raise between 60-90 million pesos.
PHILIPPINE LONG: Denies Php15B 2004 Debt Issuance Plans
-------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) denied any
specific plans for any bond issue this year, Dow Jones reports.
There had been reports that the Company was looking at a US$400
million international bond. The Company also denied a report in
the Philippine Daily Inquirer that PLDT plans to issue as much
as 15 billion pesos in debt next year to refinance maturing
foreign currency-denominated debt.
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Dormant Unit Enters Voluntary Liquidation
-------------------------------------------------------------
The Board of Directors of CapitaLand Limited announced that its
indirect 80 percent-owned subsidiary, Jurong Development Pte Ltd
(JDPL), has been placed under members' voluntary liquidation. A
party unrelated to the CapitaLand Group holds the balance 20
percent stake in JDPL.
Messrs Lam Seng Tiong and Tan Suah Pin of Messrs S P Tan & Co
have been appointed as the liquidators of JDPL.
JDPL is currently dormant. The voluntary liquidation of JDPL is
not expected to have any material impact on the net tangible
assets or earnings per share of the CapitaLand Group for the
financial year ending 31 December 2003.
CHANNEL K: Issues Dividend Notice
---------------------------------
Channel K TV Pte Ltd. (In Creditors' Voluntary Liquidation)
issued a notice of intended dividend as follows:
Address of registered office: c/o 8 Cross Street #17-00 PWC
Building Singapore 048424.
Last day for receiving proofs: 26th November 2003.
Name of Liquidator: Chan Ket Teck.
Address: 8 Cross Street #17-00 PWC Building Singapore 048424.
Dated this 7th day of November 2003.
CRIDA HOLDINGS: Issues Notice of Final Meeting
----------------------------------------------
Notice is hereby given pursuant to Section 308 (2) of the
Companies Act (Chapter 50), that a Final Meeting of the Members
of Crida Holdings Pte Ltd (In Members' Voluntary Liquidation)
will be held at 21 Fifth Avenue Singapore 268784 on 10th
December 2003 at 10 A.M. for the purposes as stated in section
308 of the Companies Act (Chapter 50).
MADAM CHIA LAY BENG
MR LOK LAI CHENG
Liquidators.
Note: A member entitled to attend and vote at the General
Meeting is entitled to appoint a Proxy to attend and vote on his
behalf and such Proxy need not be a member of the Company. The
Form of Proxy must be deposited at the Liquidators' Office not
less than 48 hours before the time appointed for holding the
Meeting or adjourned Meeting.
MULTI-CHEM LIMITED: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Multi-Chem Limited issued a notice of changes in
Director/substantial shareholder Han Juat Hoon's Interest:
Date of notice to Company: 10 Nov 2003
Date of change of interest: 10 Nov 2003
Name of registered holder: Foo Suan Sai
Circumstance(s) giving rise to the interest: Open market
purchase
Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: 93,000
% of issued share capital: 0.0297
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.230
No. of shares held before the transaction: 117,115,500
% of issued share capital: 37.359
No. of shares held after the transaction: 117,208,500
% of issued share capital: 37.389
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before the transaction: 117,115,500
86,104,500
% of issued share capital: 37.359 27.467
No. of shares held after the transaction: 117,208,500
86,104,500
% of issued share capital: 37.389 27.467
Total shares: 117,208,500 86,104,500
No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest
NEPTUNE ORIENT: Raises US$308M From Share Placement
---------------------------------------------------
Neptune Orient Lines Limited (NOL) announced Tuesday the
conclusion of its share placement exercise, raising US$308
million through an overnight placement of 236 million shares
through its placement and underwriting agent Credit Suisse First
Boston.
The placement was launched recently on the back of strong third
quarter results showing a net profit so far this year of US$295
million. A scrip lending arrangement with NOL's single largest
shareholder, Temasek Holdings, facilitated the placement.
Mr. David Lim, CEO of NOL, said, "The proceeds will be used to
repay debt, lowering our gearing even further to about one. A
strengthened balance sheet will enhance NOL's competitive
position, enabling us to make the most of any future
opportunities that may arise, and to manage the impact of any
future industry volatility. This will allow us to continue to
grow, to meet customer needs, and increase shareholder value."
The placement was executed at S$2.32 per share, representing a
4.4 percent discount to the weighted average price of S$2.42 for
shares traded on Friday, 7 November.
The placement will increase the existing issued and paid up
share capital of the Company by approximately 19.9 percent from
S$1,187,184,876 comprising 1,187,184,876 ordinary shares as of
10 November 2003 to S$1,423,184,876 comprising 1,423,184,876
ordinary shares.
The placement will also increase the Group's net tangible assets
backing per share from 57.1 US cents as of 19 September 2003 to
69.3 US cents. The net asset value per share will increase from
72.3 US cents as of 19 September to 82.0 US cents as of Tuesday.
About NOL
NOL is a global transportation and logistics Company engaged in
shipping and related businesses. Its container transportation
arm, APL, provides customers around the world with container
transportation services that combine high quality inter-modal
operations with state-of-the-art information technology while
APL Logistics provides end-to-end supply chain management
services through its global network.
Media inquiries:
Sarah Lockie
(+65) 6371.5022
sarah_lockie@nol.com.sg
NEPTUNE ORIENT: Temasek Facilitates Share Placement
---------------------------------------------------
To facilitate Neptune Orient Lines Ltd.'s share placement being
undertaken on Monday, Temasek Holdings has agreed to act as
scrip lender, lending NOL 236 million ordinary shares of S$1.00
each, which represent around 20 per cent of the issued and paid
up share capital of the Company.
Temasek is not subscribing to the share placement, but remains
committed, as the single largest shareholder, to supporting the
long-term growth of NOL.
For media enquiries, please contact:
Temasek Holdings
Rachel Lin
Associate Director
Corporate Communications
DID: (65) 6828 6766
Mobile: (65) 96661855
Email: rachellin@temasek.com.sg
SERES CAPITAL: Creditors Must Submit Claims by December 9
---------------------------------------------------------
Notice is hereby given that the creditors of Seres Capital
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily, are required on or before the 9th
day of December 2003 to send in their names and addresses, with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidator
of the said Company, and, if so required by notice in writing
from the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
Dated this 7th day of November 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street #17-00
PWC Building
Singapore 048424.
SINGAPORE PETROLEUM: Voluntarily Winding Up Unit
-------------------------------------------------
The Board of Directors of Singapore Petroleum Company Limited
(SPC) announced that its subsidiary, Singapore Petroleum
Dovechem Pte Ltd (SPD) has on 5 November 2003 appointed a
liquidator to proceed with the members' voluntary winding-up of
SPD.
SPD is a 60 percent owned subsidiary held through Singapore
Petroleum (China) Pte Ltd, a wholly owned subsidiary of SPC. SPD
was a dormant Company as at 5 November 2003.
For more information, please contact:
Mr Teo Chang Ching
Executive
Group Corporate Communications
Keppel Corporation Limited
Tel: 6413 6426
E-mail: changching.teo@kepcorp.com
Ms Chua Mun Yuen
Investor Relations & Communications
Singapore Petroleum Company Limited
Tel: 6477 1535
Fax: 6271 1829
Email: cmy@spc.com.sg
SNP CORPORATION: Winding Up Dormant Unit
----------------------------------------
SNP Corporation Ltd. announced that its subsidiary Pacific Book
Centre (S) Pte Ltd, a wholly owned subsidiary of SNP Retail Pte
Ltd, which is in turn a subsidiary of the Company has been
placed under members' voluntary winding-up on 9 October 2003.
Pacific Book Centre (S) Pte Ltd was incorporated in Singapore on
30 June 1986 and has been dormant since 30 September 2002.
The winding-up will not have any material impact on the net
tangible assets per share and earnings per share of the Group.
SYMBOLIC BUILDERS: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Symbolic Builders Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
November 28, 2003 at 10 o'clock in the morning. United Overseas
Bank Limited, a creditor, whose address is situated at 80
Raffles Place, UOB Plaza, Singapore 048624, filed the petition
with the court on October 31, 2003.
The petitioners' solicitors are Messrs Chow Peng & Partners of
400 Orchard Road, #13-07 Orchard Towers, Singapore 238875. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs David Siow Chua a notice in
writing not later than twelve o'clock noon of the 27th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).
TOKUHON LIMITED: Issues Winding Up Order Notice
-----------------------------------------------
Tokuhon (Private) Limited issued a notice of winding up order
made the 31st day of October 2003.
Name and address of Liquidator: The Official Receiver of 45
Maxwell Road, #06-11 The URA Centre, East Wing, Singapore
069118.
DREW & NAPIER LLC
Solicitors for the Petitioners.
===============
T H A I L A N D
===============
NAKORNTHAI STRIP: Converts Debt to Equity
-----------------------------------------
Nakornthai Strip Mill Public Company Limited posted the Report
Form of the Debt to Equity Conversion Shares Results (F 53-5):
Name of Company : Nakornthai Strip Mill Public Company Limited
Date : October 31, 2003
1. Information relating to the share from Debt to Equity
conversion
Number of shares offered: 6,467,758,777 shares
Offered to: Thai Finance Institutions and Bondholders
Price per share: Bt2.92
Subscription and payment period: October 31, 2003
2. Results of the Debt to Equity conversion of shares:
[/] totally sold out
[ ] partly sold out, with_____________ shares remaining.
The company will deal with the remaining shares as follows
3. Details of the Conversion shares
Thai investors Foreign investors
Juristic Natural Juristic Natural Total
Number of persons
7 3 10
Number of shares subscribed
3,176,388,199 3,291,370,578 6,467,758,777
Percentage of total shares offered for sale
49.11 50.89 100
NAKORNTHAI STRIP: Posts Audit Committee Names, Scope of Duties
--------------------------------------------------------------
Maharaj Planner Co., Ltd., in its capacity as the Plan
Administrator (Plan Administrator) of Nakornthai Strip Mill
Public Company Limited, appoint the Audit Committee as follows:
1. The members of the Audit Committee consists of:
The Chairman of the Audit Committee: Asst. Prof. Raveewan
Peyayopanakul
Member to the Audit Committee: Associate Prof. Wasant Pongsapich
Member to the Audit Committee: Mrs. Punnee Worawuthichongsathit
The period of office of the above members is three years. The
letter acknowledging the appointment and their bibliography are
attached herewith.
2. The Audit Committee has the scope of duties and
responsibilities and is required to report the Company as
follows:
1. to ensure that the Company has the accurate and
sufficiently disclosed financial report by coordinating with
external auditors and management responsible for preparing both
quarter and annual financial reports.
During the auditing process, the Audit Committee may advise the
auditor to review any necessary and important matters.
2. to ensure that the Company has an appropriate and
efficient internal control and internal audit system by
coordinating with internal and external auditors.
3. to ensure that the Company complies with securities and
exchange law, the regulations of the Stock Exchange of Thailand
or laws relating securities business.
4. to select and propose an auditor of the Company and
consider the proposed remuneration of the auditor taking into
account of creditability, sufficient resource, work load of the
office of that auditor, and the experience of that auditor.
5. to ensure the accurate and complete disclosure of the
Company's information in the event of connected transactions and
conflict of interest.
6. to perform any action as assigned by the Board of
Director and approved by the Audit Committee such as review of
financial and risk management policy, review of business ethics
of management, review with management on important matters to be
disclosed to public as provided by law such as management
discussion and analysis.
7. to prepare report of activities of the Audit Committee by
disclosing in the Company's annual report. The report shall be
signed by the Chairman of the Audit Committee and contains the
following information:
* opinion regarding the reliability, accuracy and
completeness on the process of preparing the Company's financial
report;
* opinion regarding the sufficiency of the Company's
internal control system;
* reason to believe that the Company's auditor is eligible
to be re-appointed for another period;
* opinion regarding the Company's compliance with
securities and exchange law, the regulations of the Stock
Exchange of Thailand or other law relevant to the Company's
business; and
* any other report of which shareholders and investors
should aware as per the scope of duties and responsibilities
assigned by the Plan Administrator or the Board of Director of
the Company (in the case of termination of the reorganization of
the Company).
In performing the above duties, the Audit Committee shall comply
with all regulations and resolution of the Plan Administrator or
the Board of Directors (in the case of termination of the
reorganization of the Company) and shall not approve any
transactions in which they have interest or any persons have
conflict of interest which shall disclose to the Plan
Administrator or the Board of Directors (in the case of
termination of the reorganization of the Company) for
consideration.
The Plan Administrator hereby confirms that the members to the
Audit Committee have the completed qualifications as required by
the Stock Exchange of Thailand in all respects.
NAKORNTHAI STRIP: Releases Warrants Sale Results
------------------------------------------------
Reference is made to the warrants offering of Nakornthai Strip
Mill Public Company Limited on October 27-29, 2003 to the
existing shareholders whose names appeared in the share
registration book on April 11, 2000, at the ratio of 4.5
Warrants to 1 existing Share at the price Bt0.05 per unit, and
the outstanding unsubscribed units will be allotted to Company's
significant existing shareholder (the first ten major
shareholders whose names appeared the share register book on
April 11, 2000)
Maharaj Planner Co., Ltd., as the Plan Administrator of the
Company, would like to report the result of sale of warrants, as
follows:
Amount of right warrants subscription: 856,596,035 units
The remaining unsubscribed warrants allotted:
1. Mr. Chan Bulakul 1,500,000,000 units
2. Mr. Vinai Thaptimtes 877,283,353 units
Company received the proceeds from sale of warrants totaling
Bt161,693,969.40.
RAIMON LAND: Unit Successfully Restructured
---------------------------------------------
Raimon Land Public Company Limited clarified the over 20%
fluctuation in operating result of the Company and its
subsidiaries for the third quarter of year 2003. The over 20%
fluctuation in operating results compared to the third quarter
of year 2002, mainly arose from the successful debt
restructuring of Raimon Tower Co., Ltd. which is a subsidiary of
the Company.
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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re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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