/raid1/www/Hosts/bankrupt/TCRAP_Public/031121.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 21, 2003, Vol. 6, No. 231
Headlines
A U S T R A L I A
AMP LIMITED: Demerger Has No Immediate Rating Effect, Says S&P
AUSTAR UNITED: Welcomes Penalty for Bendigo TV Pirates
DASWANI GROUP: Director Lux Daswani Committed for Trial
QANTAS AIRWAYS: Lodges Appeal to NZCC Decision
QANTAS AIRWAYS: Purser Receives Int'l Security Honor
C H I N A & H O N G K O N G
GRAND WEALTHY: Winding Up Hearing Scheduled in December
KONDER TRADING: Winding Up Petition Hearing Set
STAR EAST: Appoints (FSCL) as Independent Financial Adviser
WISDOM GATEWAY: Winding Up Sought by Sun Hung
I N D O N E S I A
* Government Plans to Disband IBRA by Next February
J A P A N
DAIHATSU MOTOR: Dissolving Three Overseas Sales Units
JAPAN AIRLINES: Pilots Call Off Strike
JAPAN AIRLINES: Targets Profitability Next Year
MITSUBISHI MOTORS: Aims to Restore U.S. Operations
SNOW BRAND: Posts Y392M Profit After Restructuring
K O R E A
AK CAPITAL: Seeks Extension of Payment Deadline
HANARO TELECOM: Post Changes in Major Shareholders
HANARO TELECOM: Shares Down On Full Foreign Investment Limit
HANARO TELECOM: Unveils October 2003 Subscriber Numbers
HYUNDAI GROUP: Prudential May Sign Takeover Contract This Week
KOOKMIN BANK: Likely to be Fully Privatized Next Month
SK CORP.: Enters Alliance With U.S. Hunt Oil Company
SK CORPORATION: Starts Crude Oil Production in Vietnam
M A L A Y S I A
ACTACORP HOLDINGS: SC Grants Further Restraining Order Extension
ASSOCIATED KAOLIN: SC Imposes Additional Terms on Proposals
AYER HITAM: Books RM730,000M Q303 Net Loss
DENKO INDUSTRIAL: Court Confirms Capital Reduction
E&O PROPERTY: Extends Repayment, Cut Off Date
FABER GROUP: Proposes Restructuring Scheme to Retire Debt
GADANG HOLDINGS: Replies KLSE's Query
IDRIS HYDRAULIC: IDAMAN Replaces Listing in KLSE
KEMAYAN CORPORATION: Releases 38th AGM Resolutions
MYCOM BERHAD: Proposed Disposal Agreement Extended
NCK CORPORATION: Proposed Scheme Implementation Period Extended
PANCARAN IKRAB: Court Orders Convened Meeting For February
PICA (M) CORPORATION: Incurs Q303 Gross Loss of RM10.5M
RNC CORPORATION: SC OKs Proposed Scheme Modifications
SOUTH MALAYSIA: Debt Restructuring Granted Listing
TAJO BERHAD: High Court Confirms Share Capital Reduction
TECHNO ASIA: Seeks Investigative Audit Completion Time Extension
TRU-TECH HOLDINGS: Appoints Noor as Audit Committee Member
TRU-TECH HOLDINGS: Seeks Coupon Payment Deferment With Holders
WING TIEK: SC Approves Proposed CDRS Time Extension
P H I L I P P I N E S
ATLAS MINING: Widens Q303 Net Loss to Php331.55M
BACNOTAN CONSOLIDATED: Cement Sales Down in Third Quarter
MANILA ELECTRIC: ERC Orders Cash Refund to Customers
MUSIC CORPORATION: Plans to Raise Capital For Expansion
S I N G A P O R E
ALPHAMEGA SOLUTION: Issues Winding Up Order Notice
CHUANG QIN: Petition to Wind Up Pending
DSTORE SINGAPORE: Issues Notice of Preferential Dividend
MULTI-CHEM LIMITED: Post Changes in Shareholder's Interest
PACIFIC RIM: Creditors Must Submit Claims by December 22
PACIFIC RIM: Unveils November 14 GM Resolutions
SHWETA INTERNATIONAL: Winding Up Hearing Set November 28
T H A I L A N D
BANGCHAK PETROLEUM: Issues, Financial Restructuring Progress
EMC PUBLIC: Financial Statement Amendment Not Necessary
MILLENNIUM STEEL: Discloses Capital Increase Report Form
SIAM SYNTECH: Posts Audit Committee Members, Scope of Work
UNION MOSAIC: Gains Bt982.905M From Debt Restructuring
* Suspended Due to Auditors Inability to Reach Conclusion
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Demerger Has No Immediate Rating Effect, Says S&P
--------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that AMP Ltd.'s
(AMP) announcement regarding the impact of AMP's proposed
demerger on its income securities guaranteed by AMP Group
Holdings Ltd. (BBB+/Negative/A-2) has no immediate effect on the
ratings of AMP's group of companies, including its main
Australia-based subsidiaries AMP Life Ltd. (A+/Negative/--) and
AMP Group Holdings. AMP has announced that the trustee of the
income securities, Perpetual Trustee Company Ltd., will seek
judicial advice on whether AMP's planned demerger constitutes an
event of default under the terms and conditions of the income
securities.
At this stage, legal advice being sought by the trustee appears
to relate to a possible technical breach leading to an event of
default, rather than a breach concerning matters of economic
substance impacting the AMP group. Standard & Poor's notes the
statements in AMP's "Proposal to Demerge Explanatory Memorandum"
that no default has occurred, or will occur, as a
result of the demerger.
If a court ultimately finds that the demerger does constitute an
event of default, repayment of the income securities would
accelerate. In addition to on balance sheet resources, AMP has
in place committed financing facilities that would enable the
redemption at face value of all securities affected, if a court
were to ultimately find that an event of default had occurred.
"These committed financing facilities mitigate Standard & Poor's
immediate concerns regarding funding and liquidity, as these
facilities would assist AMP to manage any required debt
repayments in line with terms and conditions of the issues,"
said Standard & Poor's credit analyst, Kate Thomson, Financial
Services Ratings group.
Standard & Poor's will review its ratings as required to reflect
developments in the judicial process, details of refinancing
facilities secured by AMP, and the reaction of markets to these
emerging events. "The matter as to whether or not the demerger
constitutes an event of default will be a potential rating
sensitivity in the short term, as will AMP's ongoing ability to
satisfactorily access funding sources. A failure by AMP to
satisfactorily access funding sources, and a legal finding that
an event of default has occurred, has the potential to
negatively impact the financial strength of the AMP group of
companies," said Ms. Thomson.
AUSTAR UNITED: Welcomes Penalty for Bendigo TV Pirates
------------------------------------------------------
Austar United Communications on Thursday welcomed the $2,000
fine imposed on a Bendigo man found guilty of selling pirated
subscription television smartcards.
This follows a $1,000 fine brought down in September on another
Bendigo man who was found guilty of a similar crime. Both men
were initially arrested in February 2003 following a joint
investigation by AUSTAR's fraud investigation team and Bendigo
detectives that revealed a highly organized scam in which the
men were selling illegal smartcards that give the user access to
subscription television channels without payment to the
providers.
AUSTAR's Deanne Weir, Group Director Corporate Development and
Legal Affairs, said, "AUSTAR is pleased that these TV pirates
have been fined for their crime, as they were facilitating the
theft of our services. This is unfair for our legitimate
subscribers and is harming the sustainability of the
subscription television industry. We are pleased that this has
been recognized by the court."
In addition to continuing its fraud investigations, AUSTAR
recently announced it is investing in an initiative that will
eliminate satellite television piracy by early next year.
The key element of the upgrade is the replacement of existing
smartcards (the cards that are inserted in decoder boxes to
enable them to receive and read the satellite signal) with a new
version that pirates have been unable to compromise anywhere in
the world.
Ms Weir said: "The new smartcards that we are deploying use a
globally-proven technology that pirates cannot break into that
will essentially stop satellite piracy as we know it."
The smartcard swap-out will occur progressively over several
months across Australia, impacting both AUSTAR and FOXTEL
subscribers. When they receive their new smartcards, subscribers
should install them immediately and call their service provider
to have it activated to avoid interruption to their service.
Ms Weir said: "Our message to anyone who may be pirating the
service today is: don't lose your signal! Continue to enjoy the
great benefits of your satellite television service by becoming
a legitimate subscriber. Would-be purchasers of pirated
equipment should not waste their money because very soon they
won't have access to services".
DASWANI GROUP: Director Lux Daswani Committed for Trial
-------------------------------------------------------
Former Gold Coast businessman Mr Lakhmi Gulabrai Daswani, also
known as Lux Daswani, was ordered on Wednesday to stand trial in
the District Court on charges brought by the Australian
Securities and Investments Commission (ASIC).
Mr Daswani will stand trial on 15 charges under the Corporations
Act and 12 charges under the Criminal Code of Queensland (Qld).
The Corporations Act charges relate to allegations that Mr
Daswani's dishonestly misused his position as a company director
with the intention of causing a detriment to a company.
The Criminal Code (Qld) charges relate to allegations that Mr
Daswani's dishonestly induced various financiers to loan money
to companies in the Daswani Group of companies (Daswani Group)
through the use of false invoices and false contracts of sale.
ASIC alleges that the amount of money involved in these offences
totals more than $10 million.
The charges follow an ASIC investigation into the conduct of Mr
Daswani as a director of the Daswani Group. The Daswani Group,
which was involved in retail sales of jewellery, children's wear
and surf clothing in Brisbane, the Gold Coast, the Sunshine
Coast and Victoria, was placed in administration in late
September and early October of 2000, owing in excess of A$30
million.
Mr Daswani was extradited from Hawaii in June this year to face
the charges.
Mr Daswani has been remanded in custody, and is next scheduled
to appear in the Brisbane District Court on a date to be fixed.
The Commonwealth Director of Public Prosecutions is prosecuting
the matter.
QANTAS AIRWAYS: Lodges Appeal to NZCC Decision
----------------------------------------------
Air New Zealand and Qantas Airways Limited on Thursday lodged an
appeal with the New Zealand High Court against the New Zealand
Commerce Commission's determination to decline the airlines'
Alliance authorization applications.
Air New Zealand Chairman John Palmer said that the Boards of
both Air New Zealand and Qantas had carefully reviewed the
NZCC's final determination and had received advice from leading
international economists and prominent competition lawyer Jim
Farmer QC that the Commission's determination is seriously
flawed and that the factual and economic evidence provide strong
grounds for an appeal.
"Based upon the strength of the legal advice the Air New Zealand
and Qantas Boards received, it would have been negligent for the
respective Boards not to proceed with an appeal," said Mr
Palmer.
Air New Zealand Chief Executive Ralph Norris said that much of
the Commission's determination is based on analysis, assumptions
and information that does not stand up to scrutiny, or indeed,
bear any resemblance to the commercial realities of the aviation
market.
"The High Court appeal is likely to be heard in the middle of
next year. As the appeal documents have now been lodged with the
High Court, it is inappropriate to comment further on the
details of the appeal until such time as it is heard.
"In the meantime, it is business as usual for Air New Zealand as
we continue to focus on providing our customers with great value
in an increasingly competitive market," said Mr Norris.
QANTAS AIRWAYS: Purser Receives Int'l Security Honor
----------------------------------------------------
The International Air Transport Association (IATA) has honored
QantasLink, a subsidiary of Qantas Airways Limited, purser Greg
Khan with the inaugural IATA International Aviation Security
Award of Excellence.
The award, presented last night in Athens where the
IATA/ACI/ECAC AVSEC World Symposium is being held, was an
initiative of IATA to recognize extraordinary contributions to
aviation security.
Mr Khan tackled a passenger to the ground during QantasLink
Flight 1737 between Melbourne and Launceston 29 May 2003, when
the customer moved toward the front of the aircraft.
Mr Khan and another Flight Attendant were stabbed with two small
wooden stakes during the struggle. One passenger also suffered
minor injuries.
Qantas Chief Executive Officer Geoff Dixon said the airline was
extremely proud of Greg Khan and the professional way in which
he handled the situation.
"Mr Khan displayed extraordinary bravery and courage and his
actions were crucial in protecting the aircraft and the safety
of all passengers and crew on board.
"We are delighted that IATA has chosen to acknowledge Greg in
this way."
IATA's Director of Security and Facilitation, Jeffrey Durante,
presented the award to Mr Khan in front of more than 600 senior
aviation representatives from the world's airlines, airports and
government authorities.
Mr Durante said the special award would be presented annually
where appropriate, to an individual or organization considered
to have made a significant contribution to aviation security.
"This could include undertaking special security initiatives,
developing or sponsoring important legislation or industry
leading technology or concepts," Mr Durante said.
Greg Khan and the other members of the QantasLink crew from
Flight 1737 were also recently presented with the inaugural
Qantas Chairman's award.
The award has two levels - Diamond (presented to Greg Khan) and
Ruby (presented to Captain Corey Purves, First Officer John
Morgan, and Flight Attendants Denise Hickson, Fiona Arnold and
Catherine Coventry).
Qantas Chairman Margaret Jackson said the Qantas Chairman's
Award would be reserved each year for Qantas staff members who
exhibit such extraordinary velour, selflessness and community
spirit that the image of the airline is enhanced in the eyes of
other Qantas staff and the Australian public.
=============================
C H I N A & H O N G K O N G
=============================
GRAND WEALTHY: Winding Up Hearing Scheduled in December
-------------------------------------------------------
The High Court of Hong Kong will hear on December 3, 2003 at
9:30 in the morning the petition seeking the winding up of Grand
Wealthy Engineering Limited.
Leung Lai Lee of Room 401, Wang Ngai House, Cheung Wang Estate,
Tsing Yi, New Territories, Hong Kong filed the petition on
October 15, 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.
KONDER TRADING: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Konder Trading Limited is set for
hearing before the High Court of Hong Kong on December 10, 2003
at 10:00 in the morning.
The petition was filed with the court on October 22, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
STAR EAST: Appoints (FSCL) as Independent Financial Adviser
-----------------------------------------------------------
Reference is made to the announcement dated 6 November 2003
issued jointly by Star East Holdings Limited in relation to the
Subscription, the Proposed Acquisition and the Star East
General Offer.
The Board wishes to announce that First Shanghai Capital Limited
(FSCL) has been appointed as the independent financial adviser
to the independent board committee of the Company in relation to
the Subscription, the Proposed Acquisition and the Star East
General Offer.
WISDOM GATEWAY: Winding Up Sought by Sun Hung
---------------------------------------------
Sun Hung Kai Real Estate Agency Limited is seeking the winding
up of Wisdom Gateway Investment Limited. The petition was filed
on December 17, 2003, and will be heard before the High Court of
Hong Kong on October 28, 2003 at 9:30 in the morning.
Sun Hung holds its registered office at 45th Floor, Sun Hung Kai
Centre, 30 Harbour Road, Wanchai, Hong Kong.
=================
I N D O N E S I A
=================
* Government Plans to Disband IBRA by Next February
---------------------------------------------------
The government decides to disband Indonesia Bank Restructuring
Agency (IBRA) on February 27, 2004, while the way to manage the
remaining assets will be discussed in early January next year,
Bisnis Indonesia reported Thursday, citing Coordinating Minister
for Economic Affairs Perekonomian Dorodjatun Kuntjoro-Jakti.
"We have talked the importance of establishing Savings Guarantor
Institution (LPS) but it should be further discussed. We will
also deliberate about what actions should be taken against
delinquent debtors in MSAA, MRNIA or APU," Dorodjatun said,
explaining that the Attonery General and Chief of Indonesian
Police Force had been asked to prepare legal actions to be taken
against the delinquent debtors.
According to the plan, the cabinet meeting would be held in
January 2004 to take the final decision.
In the meantime, the Chairman of IBRA Syafruddin A. Temenggung
said by the end of December 2003, the IBRA-controlled credit
management assets (AMK) only remained 3% with Rp43 trillion in
value, including Texmaco (Rp29 trillion).
IBRA was established in February 1999 under the governmental
regulation (PP) No.17/1999. Article 2 clause 4 of the PP
mentioned that IBRA's term of service was five years since the
PP was brought into effect and it could be extended whenever
necessary.
Head of IBRA's Communication Division Rohan Hafas said the
remaining IBRA-controlled assets would be shifted to a holding
company. However, he admitted the holding company had yet been
created.
"The disbandment should also be accompanied with the
establishment of Savings Guarantor Institution," Hafas
concluded.
=========
J A P A N
=========
DAIHATSU MOTOR: Dissolving Three Overseas Sales Units
-----------------------------------------------------
Daihatsu Motor Co., Ltd. (Daihatsu) has resolved to dissolve
three of its subsidiaries, Daihatsu Australia Pty. Limited,
Daihatsu Motor (HK) Limited, and Daihatsu America, Inc., as
described below.
1. FACTS ABOUT THE SUBSIDIARIES
(1) Daihatsu Australia Pty. Limited
Location: Suite 6002, Bayside Plaza 376 Bay Street
Brighton Le Sands 2216
Name of representative: Isao Kumoda
Capital: AUS$2,000,000
Shareholder: Daihatsu 100 percent
(2) Daihatsu Motor (HK) Limited
Location: 8th Floor, Chung Nam Building, 1 Lockhart Road,
Wanchai, Hong Kong
Name of representative: Katsumi Yoshida
Capital: HK$4,000,000
Major shareholder: Daihatsu 70 percent
(3) Daihatsu America, Inc.
Location: 2301 Dupont Dr. Ste. 530 Irvine, CA 92612-7502,
U.S.A.
Name of representative: Yoichi Shibaike
Capital: US$3,500,000
Shareholder: Daihatsu 100 percent
2. REASON FOR DISSOLUTION OF THE SUBSIDIARIES
As the operating activities of the above three subsidiaries have
already been suspended, the Company has decided to dissolve
these subsidiaries.
3. SCHEDULE FOR LIQUIDATION OF THE SUBSIDIARIES
The above three subsidiaries have initiated procedures for
liquidation and are scheduled to be liquidated during the year
2004.
4. ANTICIPATED EFFECTS ON ITS BUSINESS PERFORMANCE
The anticipated effects of the liquidation on each of Daihatsu's
and Toyota's business performance will be minor.
JAPAN AIRLINES: Pilots Call Off Strike
--------------------------------------
Pilots at Japan Airlines Co. and Japan Air System Co., units of
Japan Airlines System Corporation, called off a strike that
threatened to disrupt services on Wednesday, Bloomberg reports.
Both carriers will operate normally on November 19, after the
pilots' unions called off the strike, Company spokesman Tatsuo
Yoshimura said.
JAPAN AIRLINES: Targets Profitability Next Year
-----------------------------------------------
Japan Airlines System Corporation is on target to return to the
profit in 2004/2005 because of stepped-up cost savings from its
merger with Japan Air System (JAS) and a full recovery from
severe acute respiratory syndrome (SARS), according to Reuters.
The JAL Group posted a net loss of 65 billion yen for the year
to March, versus a net loss of 43 billion year a year earlier,
hit by the fallout from the SARS and war in Iraq.
MITSUBISHI MOTORS: Aims to Restore U.S. Operations
--------------------------------------------------
Mitsubishi Motors Corporation aims to restore its North American
operation to profitability, the Nihon Keizai Shimbun reported.
For the six months to September, the Company's North American
division posted an operating loss of 104 billion yen.
By focusing more on sales to individuals, the carmaker has now
lowered its percentage of corporate client sales to 18 percent.
Mitsubishi has also slashed the excessive stock at its U.S.
subsidiaries, which reached 91,000 vehicles in April. By cutting
local production, it has now pared inventory to about 54,000
vehicles. The German-US giant DaimlerChrysler AG controls
Mitsubishi Motors.
SNOW BRAND: Posts Y392M Profit After Restructuring
--------------------------------------------------
Snow Brand Milk Products Co. incurred a group net profit of 392
million yen in the first half ended September 30, versus a net
loss of 45.36 billion yen in the same period the previous year,
due to intense restructuring efforts, the Japan Times reported
on Thursday.
The core food business reported an operating profit of 246
million yen on sales of 117.77 billion yen, about one-quarter of
the previous year's level. The Company will continue to skip
interim dividend payments. Snow Brand Milk's business was
ravaged by a widespread food-poisoning outbreak caused by its
milk products in 2000.
=========
K O R E A
=========
AK CAPITAL: Seeks Extension of Payment Deadline
-----------------------------------------------
Local consortium AK Capital will ask the court to extend a
payment deadline once again in relation to its purchase of Hanbo
Iron and Steel Co., which is under court receivership, Yonhap
News reports. The deadline was Tuesday, but AK Capital failed to
meet it, resulting in a rupture of the deal.
HANARO TELECOM: Post Changes in Major Shareholders
--------------------------------------------------
Hanaro Telecom Inc. announced changes in its major shareholders
following the completion of the new share issuance to an
investor group led by Newbridge and AIG on November 18, 2003,
filed with the Korea Securities Dealers Association Automated
Quotation Market (KOSDAQ) and the Financial Supervisory
Commission of Korea on November 19, 2003.
1. Details of the change to the Company's major shareholders
upon new share issuance
A. Before the change
Name of the largest shareholder and/or Dacom and 6 other
major shareholders shareholders listed below
- Number of shares owned 38,767,621
- Stake (%) 13.88
B. After the change
Name of the largest shareholder and/or AIF II NT, Ltd. and 1
major shareholders shareholder
- Number of shares owned 63,178,125
- Stake (%) 13.67
2. Ground for change: Change to the largest shareholder due to
new share issuance
3. Date of the change confirmed: November 18, 2003
4. Others
- The name of the Company's largest shareholder and the number
of shares owned by such shareholder before the new share
issuance hereto is based on the Company's shareholder register
closed on September 16, 2003 for the Company's extraordinary
shareholders' meeting. The number of shares before the new share
issuance exclude the shares owned by LG Securities pursuant to
the Company's local filing on October 30, 2003.
The percentage of stake before the new share issuance is based
on the Company's total outstanding shares (279,322,680 shares)
before the new share issuance.
- The number of shares and the percentage of stake after the new
share issuance is based on the Company's total outstanding
shares after the new share issuance, which is 462,135,180
shares, including the number of shares that exceed the 49%
foreign ownership limit set by Telecommunications Business Law
of Korea.
The shares that exceed the limit shall not have voting rights
until the Company's foreign ownership falls below 49%.
- Upon the completion of the new share issuance, the Company's
largest shareholder changed.
* New largest shareholder after the new share issuance: AIF NT,
Ltd. (relationship to Hanaro: N/A)
* Objective of subscription/financing method: management control
over Hanaro/financing by forming an investment consortium
* Composition of management after the new share issuance:
Conditional upon the deal closing on October 21, 2003, the
Company's 8 directors resigned, 2 non-standing directors and 3
outside directors were newly nominated, and 2 outside directors
were re-nominated at the Company's October 21 Extraordinary
Shareholder Meeting.
- For more detailed information on the shares that exceed the
49% limit, please see below.
HANARO'S NEW MAJOR SHAREHOLDERS
NAME RELATIONSHIP BEFORE AFTER
Shares Stake (%) Shares Stake (%)
Dacom largest shareholder 19,754,656 7.07 19,754,656 4.27
the new share issuance
LG Corp. Special party
to the largest shareholder
before the new
share issuance 11,175,047 4.00 11,175,047 2.42
LG Telecom Special party
to the largest shareholder
before the new share
issuance 5,397,574 1.93 5,397,574 1.17
Boomin Savings Special party to
the largest shareholder
before the new share
issuance 22,500 0.01 22,500 0.00
Bon Yup Koo Special party to
the largest shareholder
before the new share
issuance 278,004 0.10 278,004 0.06
Wan Ku Hur Special party to
the largest shareholder
before the new share
issuance 277,624 0.10 277,624 0.06
AIF II NT, Ltd. New largest
shareholder after the
new share issuance - - 29,448,941 6.37
within the 49% foreign ownership limit
AIF II NT, Ltd. New largest
shareholder after the
new share issuance - - 9,007,309 2.34
over the 49% foreign ownership limit
AOF NT, Ltd. Special party to
the largest shareholder
after the new share
issuance - - 22,920,413 4.96
within the 49% foreign ownership limit
AOF NT, Ltd. Special party to
the largest shareholder
after the new share
issuance - - 1,801,462 1.95
over the 49% foreign ownership limit
HANARO TELECOM: Shares Down On Full Foreign Investment Limit
------------------------------------------------------------
Hanaro Telecom Inc. shares fell 6.3 percent on Thursday, as
foreign investors can no longer invest in the stock because
foreign stock investment in the Company has already reached its
maximum level, Dow Jones reports, citing Daewoo Securities
analyst Sung Yang. Foreign stock investment in the Company has
reached more than 49 percent, so there is no room to invest for
foreigners.
After American International Group Inc. and Newbridge Capital's
joint investment of US$500 million in Hanaro Telecom, foreign
investors own a combined 51.39 percent stake in the company.
HANARO TELECOM: Unveils October 2003 Subscriber Numbers
-------------------------------------------------------
Hanaro Telecom Inc. issued a corporate disclosure on its October
subscriber numbers, filed with the Korea Securities Dealers
Association Automated Quotation Market (KOSDAQ) and the
Financial Supervisory Commission of Korea on November 18, 2003.
1. BROADBAND
PRODUCTS OCTOBER
Residential ADSL 1,040,849
Cable Modem 1,471,835
SUB-TOTAL 2,512,684
Corporate ADSL 18,082
Cable Modem 1,753
SUB-TOTAL 19,835
VDSL 150,699
LMDS 28,475
Wireless LAN (Note 1)) 20,730
TOTAL 2,732,423
NET ADDS -242,915
2. VOICE
PRODUCTS OCTOBER
Residential 685,479
Corporate 261,063
VoIP 35,644
TOTAL 982,186
NET ADDS -35,742
3. LEASED LINE
PRODUCTS OCTOBER
Leased line 3,324
Internet dedicated 3,245
LMDS(I/D) 11
Wireless Internet Dedicated 234
International Leased Line 45
TOTAL 6,859
NET ADDS -63
4. GRAND TOTAL
OCTOBER
TOTAL 3,721,468
NET ADDS -278,720
NOTE 1): Based on number of IDS, Wireless LAN has 39,224
subscribers
NOTE 2): Non-active subscribers are deducted from the October
2003 subscriber number.
HYUNDAI GROUP: Prudential May Sign Takeover Contract This Week
--------------------------------------------------------------
The official contract to sell Hyundai Investment and Securities
Co. (HISC), the ailing financial unit of the Hyundai group, to
U.S. life insurance giant Prudential Financial Inc., is set to
be signed this week, according to Digital Chosun.
The government, which became the largest firm shareholder after
providing public funds to prop up the Company, convened a
meeting of the Public Fund Oversight Committee (PFOC) and
screened conditions for the sale on Tuesday. The meeting
approved most of the conditions, except a few minor ones. The
PFOC is the financial-sector liquidation agency.
A government official who participated in the meeting said that
the members of the PFOC accepted most of the sale conditions.
KOOKMIN BANK: Likely to be Fully Privatized Next Month
------------------------------------------------------
Kookmin Bank is likely to be fully privatized before the end of
this year after the government sells off 9.1 percent stake in
the bank to institutional investors at home and abroad, the
Maeil Business newspaper reports. The South Korean government
decided not to issue convertible bonds for individual investors.
Kookmin Bank is also allowed to buy the Company shares held by
the government.
Kookmin Bank President Kim Jung-tae said in September 2003 that
it will plan to fully buy back shares put up for sale by the
government and it has already earmarked ample capital to
purchase them.
SK CORP.: Enters Alliance With U.S. Hunt Oil Company
----------------------------------------------------
SK Corporation is in the process of establishing a joint venture
with U.S.- based Hunt Oil Company regarding the production and
export of liquid natural gas (LNG), a Company statement said.
The new Company is expected to produce and export about 4.4
million tons of LNG annually, and will be extracted from Camisea
of Peru.
For this project, SK Corp. has invested 18 percent of the gas
field of Camisea, and Hunt Oil has established an MOU with
Tractebel LNG, a multinational corporation, in order to export
2.7 million tons of the aforementioned products to Mexico.
Standard and Poor's Ratings Services recently affirmed its
'BB+' long-term local currency and foreign currency corporate
credit ratings on SK Corporation. The rating was removed from
CreditWatch where it was placed on March 13, 2003, following the
revelation of accounting fraud at SK Networks Co. (formerly SK
Global), the trading unit of the SK group. The outlook on the
rating was negative.
SK CORPORATION: Starts Crude Oil Production in Vietnam
------------------------------------------------------
SK Corporation and Korea National Oil Corporation (KNOC) have
both invested in Vietnam's Su Tu Den Oil Field, which began its
crude oil production, SK Corp. said in a statement.
The Su Tu Den Oil Field expects to have a daily production of
about 60,000 barrels of crude oil, and SK Corp. plans to
allocate about 6,000 barrels of its daily production for
marketing.
SK Corp. and KNOC will directly import 5 million barrels of the
crude oil to Korea, which will provide a significant support in
the country's effort to secure its energy resources.
The contract for Block 15-1 was established in 1998. SK Corp.
and KNOC were the only two Korean companies to invest in the oil
field, with respective shares of 9 percent and 14.3 percent.
Other investment shares include 50 percent by PetroVietnam, a
state-operated petrochemical Company, 23.3 percent by
ConocoPhillips of the US, and 3.5 percent by Geopetrol of
Monaco.
The produced crude oil will be stored at the Floating
Production, Storage and Offloading (FPSO) facility located on
site, which can store up to 1 million barrels, until shipment.
SK Telecom Participates in PT/Wireless Comm China 2003 and
Showcases World's Best 3G Service
SK Telecom has joined the fierce competition to be selected by
China as the country's 3G service provider.
As part of its strategic move, SK Telecom participated in the
PT/Wireless and Networks Comm China 2003 exhibition in Beijing,
which was held Nov. 12-16. At the exhibition, SK Telecom
showcased its CDMA 2000 1xEV-DO network and the world-class
level 3G services.
With the theme "Realizing a Ubiquitous World with SK Telecom,"
the Company introduced to the Chinese people its wireless
services, such as NATE, June, MONETA, and SKY handsets, which
make communication possible any time, anywhere.
Hosted by China's Ministry of Information Industry, the
PT/Wireless and Networks Comm is Asia's largest showcase event
for the telecom industry. About 500 companies, from over 21
countries, participated in the exhibition. These companies have
either already advanced into the market in China or are planning
to do so.
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: SC Grants Further Restraining Order Extension
----------------------------------------------------------------
Further to Actacorp Holdings Berhad's announcement dated 20th
August 2003, the Board of Directors informed that the Company
has on 19th November 2003 obtained an extension of the
Restraining Order from the Kuala Lumpur High Court via Suit
No:D6-24-86-2003 for thirty (30) days effective from 20th
November 2003 pursuant to Section 176 (1) and Section 176 (10A)
of the Companies Act 1965.
ASSOCIATED KAOLIN: SC Imposes Additional Terms on Proposals
-----------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the Corporate Proposals, comprising:
i. Capital Reduction;
ii. Termination of AKI's outstanding warrants 1996/2005;
iii. Share exchange of 5,465,023 ordinary shares of rm1.00
each in AKI (AKI shares) on the basis of one (1) new
ordinary share of rm1.00 each in Greatpac Holdings Berhad
(GHB) (GHB share) for every one (1) AKI share held (share
exchange);
iv. Renounceable rights issue of up to 16,395,070 new GHB
shares on the basis of three (3) new GHB shares for every
one (1) existing GHB share held after the share exchange
at an issue price of rm1.00 per GHB share (Rights Issue);
v. Special Bumiputera Issue (SBI) of 25,000,000 new GHB
shares to bumiputera investors at an issue price of
rm1.00 per GHB share (SBI);
vi. Acquisition of the entire equity interest in Greatpac Sdn
Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of
72,000,000 new GHB shares at an issue price of rm1.00 per
GHB share (GPSH Acquisition);
vii. Acquisition of the entire equity interest in success
profile SDN BHD (success profile) by GHB for a total
consideration of RM17,727,272 to be satisfied by the
issuance of 17,727,272 new GHB shares at an issue price
of rm1.00 per GHB share (success profile acquisition);
viii. Debt restructuring of AKI;
ix. Waiver from undertaking a mandatory general offer
(waiver); and
x. Transfer of listing status of AKI to GHB (transfer of
listing).
On behalf of Associated Kaolin Industries Berhad and Great Pac
Holdings Berhad (GHB), Commerce International Merchant Bankers
Berhad (CIMB) wishes to announce the following:
(i) On 11 September 2003, Jasa Ringgit Holdings Sdn Bhd (Jasa
Ringgit) was served with a notice by the Majlis Daerah Kuala
Selangor (Majlis) to close/demolish a building located at Lot
250, Mukim Ijok, Daerah Kuala Selangor (Lot 250) (Jasa Ringgit
Notice). Lot 250 is owned by Jasa Ringgit. The Jasa Ringgit
Notice stated that Jasa Ringgit had constructed a building
within the 20 feet "set back" from the building, which was not
in the approved building plan. Jasa Ringgit had via its letter
dated 23 October 2003, informed GPSB that the building was
demolished in early October 2003. The building was a temporary
store used to house the maintenance tools for the factory.
One of GPSB's production facilities is housed in a building
located at Lot 250 (Production Building). The Production
Building is currently leased to GPSB by Jasa Ringgit to carry
out GPSB's production of polystyrene-based products such as food
packaging products. The Production Building has complied with
the 20 feet "set back" requirement.
(ii) GPSB had also received a notice of demolition dated 11
September 2003 (GPSB Notice) for its temporary staff quarters
built on Lot 251, Mukim Ijok, Daerah Kuala Selangor (Lot 251)
from the Majlis. Lot 251 is owned by GPSB. The GPSB Notice
stated that the workers quarters were built within the 20 feet
"set back" from the boundary with no approved building plans or
the "Sijil Layak Menduduki" from the Majlis. There are no
production facilities located on Lot 251.
Jasa Ringgit and GPSB had engaged a licensed land surveyor,
Jurukur GeoMap Technologies (JGT) to ascertain Jasa Ringgit's
and GPSB's respective compliance with the 20 feet "set back"
requirement as stated in the Jasa Ringgit Notice and GPSB
Notice. JGT had pursuant to a survey undertaken, informed GPSB
that the "set back" distances for Lot 250 and Lot 251 are as
indicated in its plan no. JGT07/SEL/2006/ENG/D1. Based on the
said plan, the "set back" distances for Lot 250 and Lot 251 are
at least 6.911 meters and 10.645 meters respectively, which are
equivalent to 22.67 feet and 34.92 feet respectively. Hence, the
"set back" requirements by the Majlis have been met. Jasa
Ringgit and GPSB will be writing to the Majlis to inform them of
the same. GPSB will also submit its appeal to the Majlis to
request for the staff quarters on Lot 251 to remain. The
Directors of GPSB are confident that this matter will be
resolved with the Majlis soon.
Jasa Ringgit is in the process of obtaining the "Sijil Layak
Menduduki" from the Majlis for the Production Building. In the
event that Jasa Ringgit fails to obtain the "Sijil Layak
Menduduki", it will result in the cessation of the existing
operations located on Lot 250 and the same operations will move
to the existing main factory at Sungei Buloh. The existing
factory at Sungei Buloh has the capacity to meet any production
shortfall without any need of additional capital expenditure.
The production output of the Production Building contributes
approximately 8% of GPSB's total production requirement.
The Directors of GHB believe that the financial and operational
effects to GPSB would not be material even if the production
undertaken on Lot 250 is ceased. On behalf of GHB, CIMB had on
29 October 2003, 3 November 2003 and 10 November 2003 submitted
an explanation clarifying the above matters to the Securities
Commission (SC) and at the same time sought a wavier from the SC
from the requirement to issue a supplementary prospectus.
The SC had via its letter dated 17 November 2003, imposed the
following new conditions in addition to those conditions as
stated in its previous letters dated 11 July 2002 and 7 May
2003:
(i) GHB is to ensure that Jasa Ringgit obtains the "Sijil
Layak Menduduki" from the Majlis for Lot 250 within six (6)
months from 17 November 2003. In the event that the "Sijil Layak
Menduduki" is not obtained within the stipulated six (6) months
period, GHB is required to vacate the building located at Lot
250 and move its operations to its main factory located in
Sungei Buloh;
(ii) GHB is to rectify the structure of the building which
has no proper approval located at Lot 251 within six (6) months
from 17 November 2003; and
(iii) GHB is required to inform the SC on its status of
compliance of the above conditions (i) and (ii) on a monthly
basis from 17 November 2003 until the time the above conditions
(i) and (ii) have been complied with.
The SC had issued another letter dated 17 November 2003 to
approve the waiver from the requirement to issue a supplementary
prospectus subject to GHB placing a notice which is subject to
SC's approval in an English daily in relation to the following:
(i) The Jasa Ringgit Notice;
(ii) The GPSB Notice;
(iii) Information on how CIMB/GHB's is addressing the Jasa
Ringgit Notice and the GPSB Notice together with the impact on
GHB's financials and operations in the event that the building
located at Lot 250 is closed down; and
(iv) Other terms and conditions imposed by the SC.
AYER HITAM: Books RM730,000M Q303 Net Loss
------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad released its unaudited
quarterly report for the financial period ended 30 September
2003. The Group reported a turnover and loss for the financial
year of RM1,821,000 and RM730,000 respectively for the current
quarter under review as compared to RM2,680,000 and loss for the
year of RM774,000 respectively in the preceding year's
corresponding period.
For full copy of the report, go to
http://bankrupt.com/misc/Ayer1121.xlsand
http://bankrupt.com/misc/Ayer1121.pdf.
CONTACT INFORMATION: Suites 4-6 Level 24
Menara Olympia
8 Jalan Raja Chulan
50200 Kuala Lumpur
Tel : 03-2031 9633;
Fax : 03-2031 6920
DENKO INDUSTRIAL: Court Confirms Capital Reduction
--------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
on 3 November 2003 in relation to the Proposed Corporate And
Debt Restructuring Scheme.
Denko is pleased to announce that at the hearing day of the
Petition for confirmation of the reduction of capital on 14
November 2003 at the Kuala Lumpur High Court (the Court), the
Court confirmed the reduction of capital of Denko pursuant to
Section 64, Companies Act 1965, from RM43,855,815 divided into
43,855,815 ordinary shares of RM1.00 each to RM10,963,954
divided into 43,855,815 ordinary shares of RM0.25 each by the
cancellation of the issued and paid-up share capital which has
been lost or unrepresented by available assets of the Company to
the extent of RM0.75 of the nominal value per ordinary share
upon each of the 43,855,815 ordinary shares which have been
issued and fully paid-up, and by reducing the nominal amount of
all the ordinary shares in the Company from RM1.00 to RM0.25 per
share and the share premium account of the Company in the amount
of RM47,136,152 be reduced by RM44,000,000 and the credit
arising therefrom be utilized to partly reduce the accumulated
losses of the Company.
E&O PROPERTY: Extends Repayment, Cut Off Date
---------------------------------------------
Further to the announcements dated 28 May 2002, 29 May 2002, 2
September 2002, 29 November 2002, 3 April 2003 and 30 September
2003, Alliance Merchant Bank Berhad on behalf of E&O Property
Development Berhad, wishes to announce that the Company, Eastern
& Oriental Berhad (EOB) formerly known as Kamunting Corporation
Berhad, and True Vitality Sdn Bhd (TVSB) had on 17 November 2003
entered into a further supplemental agreement (Fourth
Supplemental Agreement).
Pursuant to the share sale agreement between EOB and the Company
dated 28 May 2002 (Regal Alliance Sdn Bhd (RASB) Share Sale
Agreement) as amended by a supplemental share sale agreement
dated 2 September 2002 (Supplemental RASB Agreement) and the
third supplemental agreement dated 3 April 2003 (Third
Supplemental RASB Agreement), EOPD agreed to acquire, inter
alia, the entire issued and paid up share capital of RASB from
EOB. The RASB Share Sale Agreement and the Supplemental RASB
Agreement and the Third Supplemental RASB Agreement shall
hereinafter be referred to, collectively as the RASB Principal
Agreements.
Pursuant to the RASB Principal Agreements, EOPD shall pay to EOB
the balance of the purchase consideration less retention sum and
the inter-company debt owing by EOB to RASB.
When the RASB Share Sale Agreement was entered into, it was
envisaged that the completion date would be in December 2002 and
at the time the completion inter-company debt would amount to
approximately RM18,000,000. As a result of the unexpected
deferment of the completion date, the completion inter-company
debt owing by EOB to RASB has increased to approximately
RM35,000,000 (Completion Inter-company Debt) .
As EOB requires the balance of the purchase consideration to
redeem certain charges over the properties to be transferred to
EOPD before the completion date, EOB has requested and EOPD has
agreed to extend the repayment date of the Completion Inter-
company Debt (Repayment Date) based on the terms and subject to
the conditions set out in the Fourth Supplemental Agreement.
EOB, EOPD and TVSB have also agreed to extend the cut-off date
to satisfy and fulfill the conditions precedent as set out in
the relevant share sale agreements and sale and purchase
agreement (for TVSB Land) in connection with the Proposals (Cut
Off Date).
SALIENT TERMS OF THE FOURTH SUPPLEMENTAL AGREEMENT
Extension of Repayment Date
In consideration of EOB agreeing to pay the interest as set out
in the ensuing paragraph, EOPD hereby agrees to allow EOB to
repay the Completion Inter-company Debt on or before 31st March
2004 and in the event such date shall not be as business day,
the next succeeding business day. EOB undertakes to repay the
Completion Inter-company Debt on the earlier of:
(a) 31 March 2004; or
(b) date of receipt by EOB of the proceeds after full
placement of their Proposed Shares Placement of 116,236,000 EOPD
Shares (as announced by EOB on 8 August 2003) if such proceeds
are received by EOB before 31 March 2004.
EOB shall pay to EOPD for the account of RASB, interest at the
rate stipulated by Malayan Banking Berhad as its Base Lending
Rate (BLR) plus 2% (Prescribed Rate) on the Completion Inter-
Company Debt or the reduced balance of the Completion Inter-
Company Debt calculated from the completion date until the date
of full repayment of the Completion Inter-Company Debt.
Extension of Cut-Off Date
EOB, TVSB and EOPD have mutually agreed to extend the Cut-Off
Date for a further period of three (3) months from the 23
November 2003 to 22 February 2004 or to such other later date as
EOB and EOPD may mutually agree.
FINANCIAL EFFECTS
Share Capital and Shareholding Structure
There is no effect on the share capital and shareholding
structure of EOPD pursuant to the Fourth Supplemental Agreement.
Earnings
The deferment of the repayment date pursuant to the Fourth
Supplemental Agreement will not have any material impact on the
earnings of EOPD for the financial year ending 31 March 2004.
However, the future earnings of the EOPD group are expected to
be enhanced after the completion of the Proposals.
Net tangible assets (NTA)
The Fourth Supplemental Agreement will not have any material
impact on the proforma consolidated NTA of EOPD as at 31 March
2003.
RATIONALE FOR THE FOURTH SUPPLEMENTAL AGREEMENT
The Fourth Supplemental Agreement is to facilitate the
completion of the Proposals. Comprising:
ú Proposed Acquisitions;
ú Proposed Debt Acquisition;
ú Proposed Debt Settlement
ú Proposed Exemption for Eastern & Oriental Berhad and
parties acting in concert with it from undertaking a
general offer; and
ú Proposed increase in authorized share capital
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Dato' Tham Ka Hon, Dato' Siew Ka Wei and Encik Kamil Ahmad
Merican are Directors of EOB and EOPD and are deemed interested
in the Proposals.
Dynamic Degree Sdn Bhd (DDSB), is a major shareholder of EOPD.
EOB is a major shareholder of EOPD by virtue of its substantial
shareholding in DDSB, which in turn has a 26.93% shareholding in
EOPD. As such, EOB and DDSB are deemed interested in the
Proposals (Interested Major Shareholders).
Accordingly, the above interested Directors and Interested Major
Shareholders have abstained and will continue to abstain from
all deliberations and voting in the Board meetings of EOPD in
respect of the Proposals.
DIRECTORS RECOMMENDATION
Having considered the rationale and all relevant aspects
including the terms of the Fourth Supplemental Agreement the
Board of EOPD is of the opinion that the Fourth Supplemental
Agreement is in the best interest of the Company.
DOCUMENTS AVAILABLE FOR INSPECTION
The Fourth Supplemental Agreement is available for inspection at
the registered office of the Company at 13th Floor, Wisma
Damansara, Jalan Semantan, 50490 Kuala Lumpur during normal
business hours from Monday to Fridays (except for public
holidays) for a period of three (3) months from the date of this
announcement.
FABER GROUP: Proposes Restructuring Scheme to Retire Debt
---------------------------------------------------------
Faber Group Berhad refers to the announcement dated 18 November
2003 in relation to Practice Note 4/2001 (PN4/2001) of the Kuala
Lumpur Stock Exchange (KLSE) Listing Requirements.
Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Company, wishes to announce that the Company will dispatch an
Information Memorandum (IM) dated 19 November 2003 detailing the
Proposed Restructuring Scheme to all the bondholders of the
redeemable convertible secured zero coupon 2000/2005 bonds
(RCSB), for the purpose of giving effect and implementing the
Proposed Restructuring Scheme as detailed below.
The Proposed Restructuring Scheme of the FGB Group comprises the
following:
(i) Proposed transfer of a selection of FGB's subsidiaries and
assets to a Special Purpose Vehicle (SPVH) (Proposed Transfer of
Assets);
(ii) Proposed waiver of the accreted yield from the date of
issuance to 10 April 2003 (Proposed Waiver of Accreted Yield);
and
(iii) Proposed novation of liability under RCSB and proposed
issuance of bonds by SPVH in settlement of FGB's total liability
under the RCSB as at the implementation date (Proposed Novation
of Liability and Issuance of SPVH Bonds);
(iv) Proposed issuance of redeemable convertible preference
shares (RCPS) and redeemable unsecured loan stocks (RULS) to
SPVH;
(v) Proposed acknowledgement of debt and settlement of the
balance sum amounting to RM51.442 million (Proposed
Acknowledgement and Settlement of Balance Sum);
(vi) Proposed management and maintenance arrangements between
and its subsidiaries with FGB (Proposed Management Arrangement);
and
(vii) Proposed settlement of the restructured RCSB amounting up
to RM929.460 million (Proposed Settlement by SPVH of SPVH
Bonds).
The abovementioned proposals are collectively known as the
"Proposed Restructuring Scheme".
Rationale for the Proposed Restructuring Scheme
The Proposed Restructuring Scheme is part of an integral
turnaround approach with the primary objective of creating a
definitive debt repayment/reduction programmed that will place
FGB Group on a better financial footing and thus will enable it
to reinvent and position itself to strengthen its core
businesses and prepare itself to explore potential and promising
fresh businesses.
This Proposed Restructuring Scheme is comprehensive for it seeks
to retire the entire debt outstanding within a clearly defined
timeline. Notwithstanding that, whilst the RCSB will mature only
in 2005 and were restructured not too long ago, this Proposed
Restructuring Scheme is imperative at this juncture because
clearly, the global economic climate has dramatically affected
the regional landscape causing major erosion in FGB's financial
posture, specifically in the hotel/tourism sector. It further
anticipates providing FGB with a fairly clean balance sheet and
profitable business moving forward, creating a positive impact
on the EPS.
In summary, this Proposed Restructuring Scheme is both essential
and necessary with the aim to:
1. Prevent further deterioration of FGB's financial condition
that may lead to regulatory implications.
2. Provide a definitive repayment mechanism that will allow the
Bondholders a higher recovery possibility than a liquidation
scenario, whilst addressing FGB's debt capacity problem.
The Proposed Restructuring Scheme is conditional upon the
approvals of all the bondholders of the RCSB, the Securities
Commission (SC), the Foreign Investment Committee (FIC), Bank
Negara Malaysia (BNM) if required, KLSE, shareholders of FGB,
consent from Sheraton Overseas Management Corporation (SOMC) and
any other relevant authorities. The proforma financial effects
of the Proposed Restructuring Scheme are set out in the
attachment of this announcement.
None of the directors and substantial shareholders of FGB and
any other persons connected to them has any substantial
interest, direct or indirect in the Proposed Restructuring
Scheme.
Having considered all aspects of the Proposed Restructuring
Scheme, the Board of Directors of FGB is of the opinion that the
Proposed Restructuring Scheme is in the best interest of the
Company and the FGB Group.
Further details of the abovementioned Proposed Restructuring
Scheme are set out at http://bankrupt.com/misc/Faber1121.doc.
GADANG HOLDINGS: Replies KLSE's Query
-------------------------------------
Reference is made to the Query Letter by Kuala Lumpur Stock
Exchange reference ID : KM-031118-52817 on the article entitled,
"Gadang Eyes Shift to Main Board Listing" appearing in The Malay
Mail, MailMoney, page 22 on Tuesday, 18 November 2003, in
particular the sentence ".... the group is confident that it
will achieve at least a 10 per cent growth in turnover in the
current financial year".
Gadang Holdings Bhd, having made due and diligent enquiry,
informed that the "10 per cent" in the aforesaid sentence was
not mentioned by the Company during the interview. However, the
group expects to achieve a better turnover in the current
financial year in line with the group's increase in construction
activities and the expansion of its property division.
KLSE's Query Letter content:
We refer to the above article appearing in The Malay Mail,
MailMoney, page 22 on Tuesday, 18 November 2003, a copy of which
is enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which is
reproduced as follows:
"the group is confident that it will achieve at least a 10 per
cent growth in turnover in the current financial year."
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
article, you are required to set forth facts sufficient to
clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
article, you are required to set forth facts sufficient to
support the same, including the relevant basis and assumptions
in arriving at the above forecast. In this respect, you are also
required to confirm whether the accounting bases, calculations
and assumptions have been reviewed by the external auditors.
Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully,
INDERJIT SINGH
Sector Head
Issues & Listing
CKM
Copy to : Securities Commission (via fax)
IDRIS HYDRAULIC: IDAMAN Replaces Listing in KLSE
------------------------------------------------
The Restructuring Exercise of Idris Hydraulic (Malaysia) Berhad
comprises, amongst others, the following:
(i) Cancellation of 32,812,500 ordinary shares of RM0.50 each
in IDRIS pursuant to the rescission and revocation of the
acquisition of Wisma KFC;
(ii) Capital reduction and consolidation of shares on the
basis of twenty (20) ordinary shares of RM0.025 each into one
(1) ordinary share of RM0.50 each in IDRIS;
(iii) Cancellation of the Consolidated Shares and replacement
with IDAMAN shares on the basis of one (1) IDAMAN share for
every two (2) Consolidated Shares
(iv) Rights Issue of 42,027,729 new IDAMAN shares at an issue
price of RM1.00 per share on the basis of three (3) new IDAMAN
shares for every one (1) IDAMAN share held.
(v) Rights Issue of RM21,044,928 nominal value zero coupon
five (5) year Irredeemable Convertible Unsecured Loan Stocks-B
(ICULS-B) at nominal value of RM0.10 per ICULS-B.
(vi) Share Subscription of 150,000,000 new Idaman shares at
RM1.00 per share
(vii) Transfer of the listing status of IDRIS to IDAMAN
(viii) Debt Novation and Crystallization of corporate
guarantee
(ix) Debt Settlement via Creditors' Scheme of Arrangement by
a combination of cash settlement, issuance of SPV-Redeemable
Secured Loan Stocks (SPV-RSLS) and Irredeemable Convertible
Unsecured Loan Stocks-A (ICULS-A).
(x) Issuance of new IDAMAN shares as full settlement of the
aggregate yield of 5% of ICULS-A and SPV-RSLS.
Kindly be advised that:
Following the completion of the Restructuring Exercise, IDRIS, a
PN4 Condition company, will be removed from the Official List of
KLSE and IDAMAN will be admitted in place of IDRIS with effect
from 9:00 a.m., Thursday, 20 November 2003.
In this connection, IDAMAN's entire issued and paid-up share
capital of RM303,753,522 comprising 303,753,522 ordinary shares
of RM1.00 each and RM55,147,000 nominal value of ICULS-A and
RM21,044,928 nominal value of ICULS-B arising from the
Restructuring Exercise will be admitted to the Official List of
the Exchange, and the listing and quotation of IDAMAN's ordinary
shares, ICULS-A and ICULS-B on the Main Board under the
"Finance" and "Loans" sectors respectively will be granted with
effect from 9:00 a.m., Thursday, 20 November 2003, on a "Ready"
basis pursuant to the Rules of the Kuala Lumpur Stock Exchange.
KEMAYAN CORPORATION: ReleasesS 38th AGM Resolutions
-------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad are pleased
to announce that the following businesses have been passed by
the shareholders at the 38th Annual General Meeting of the
Company held on 18 November 2003:
1. The Financial Statements for the financial year ended 31 May
2003 together with the Reports of the Directors' and Auditors'
Reports thereon were received.
2. Dato' Tang Yong Kiat, Rickie who retired in accordance with
Article 97 of the Company's Articles of Association was re-
elected to the Board.
3. Encik Mohd Sharif Bin Hj Yusof who retired in accordance with
Article 103 of the Company's Articles of Association was re-
elected to the Board.
4. Mr. Koh Boon Chin who retired in accordance with Article 103
of the Company's Articles of Association was re-elected to the
Board.
5. Puan Faridah Begum Bt K A Abdul Kader who retired in
accordance with Article 103 of the Company's Articles of
Association was re-elected to the Board.
6. Messrs. Shamsir Jasani Grant Thornton be appointed as
Auditors of the Company in place of the retiring Auditors,
Messrs. PricewaterhouseCoopers for the ensuing year and the
Directors were authorized to fix their remuneration.
The shareholders also approved the payment of Directors' fees of
RM96,000.00 for the year ended 31st May 2003.
MYCOM BERHAD: Proposed Disposal Agreement Extended
--------------------------------------------------
Further to the announcement made on 18 July 2003 on the Share
Sale Agreement for the proposed disposal of a 100% equity
interest in Mycom Berhad's wholly-owned subsidiary, Sentul Murni
Sdn Bhd.
Mycom informed that both Mycom Berhad and Paramount Venue Sdn
Bhd on Wednesday agreed on an extension of four (4) months from
18 October 2003 for the completion of the due diligence
investigation pursuant to Clause 3B(a) of the said Agreement
dated 18 July 2003.
The proposed disposal has obtained the approval of the
Securities Commission on 2 October 2003.
NCK CORPORATION: Proposed Scheme Implementation Period Extended
---------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) refers
to the earlier announcement on 5 November 2003 in relation to
the Proposed Restructuring Scheme.
On behalf of NCK, OSK Securities Berhad wishes to announce that
NCK has on evendate received the approval from the Securities
Commission for an extension of six (6)-month period to 15 May
2004 to implement the Proposed Scheme.
PANCARAN IKRAB: Court Orders Convened Meeting For February
----------------------------------------------------------
Pancaran Ikrab Berhad refers to the announcements dated 15
October 2002, 30 October 2002, 7 April 2003, 7 May 2003, 20
August 2003, 26 August 2003 and 14 October 2003 in regards to
the Proposed Restructuring Scheme.
Public Merchant Bank Berhad, on behalf of the Board of Directors
of PIB, is pleased to announce that the Company had obtained an
order from the High Court of Malaya (Court) granting the Company
leave to convene a meeting for its shareholders for the purposes
of considering and, if thought fit, approving with or without
modification the Proposed Share Exchange pursuant to Section 176
of the Companies Act, 1965 (Court Convened Meeting). A fair copy
of the court order duly executed by the Deputy Registrar of the
Kuala Lumpur High Court was extracted on 14 November 2003.
Pursuant thereto, the Company is required to hold the Court
Convened Meeting by 4 February 2004. At this juncture, the
Company is presently in the midst of finalizing the Explanatory
Statement and Circular for the Proposed Restructuring Scheme to
be dispatched to the shareholders of PIB.
PICA (M) CORPORATION: Incurs Q303 Gross Loss of RM10.5M
-------------------------------------------------------
Pica (M) Corporation Berhad released its unaudited quarterly
report for the financial period ended 30 September 2003. Below
is a Review of Group performance:
For the financial period ended 30 September 2003, the Group has
recorded a turnover of RM398k of which 54% are mainly derived
from `Interest & Trading Income'.
The Group's loss after tax of RM13.5 million is mainly
attributable to:
(I) A gross loss position of RM10.5 million;
(II) A net operating expenses of RM3.0 million.
In the third quarter 2003, the Group recorded a loss after tax
of RM3.8 million, against a loss after tax of RM4.9 million for
the preceding quarter.
A better performance for the quarter was mainly due to an
investment gain of RM881k, as compared with a loss of RM193k in
preceding quarter.
For full copy of the quarterly report, go to
http://bankrupt.com/misc/Pica1121.xls.
RNC CORPORATION: SC OKs Proposed Scheme Modifications
-----------------------------------------------------
Further to the announcement dated 18 April 2003, OSK Securities
Berhad (OSK), on behalf of the Special Administrators of RNC
Corporation Berhad is pleased to announce that the Securities
Commission (SC), via its letters dated 13 November 2003 and 17
November 2003, approved the modifications to the earlier
approved Proposed Corporate and Debt Restructuring Scheme
(Proposed Scheme).
The approval of the SC for the modifications to the Proposed
Scheme is subject to the following terms and conditions:
(i) Compliance with the conditions imposed in relation to trade
debtors as follows:
(a) Full disclosure in the Information Circular to
shareholders and Prospectus (if applicable) regarding the trade
debtors position, aging analysis of trade debtors and for trade
debtors that have exceeded the credit period,
comments/statements from the directors on the recoverability of
the debts that have exceeded the credit period;
(b) Full provision to be made for all trade debtors amounts
under dispute, or upon which legal action has been taken, or
which exceed a six (6) month period. In relation thereto, the
directors are required to furnish a written confirmation to the
SC that this condition has been met prior to the issuance of the
Information Circular to shareholders; and
(c) The directors are required to furnish a written
confirmation to the SC that all trade debtors that have exceeded
the credit period are recoverable, and that full provision for
trade debtors that have exceeded a six (6) month period have
been made to the accounts and/or financial forecast/projections.
The written confirmation has to be furnished to the SC prior to
the issuance of the Information Circular to shareholders;
(ii) The valuation of the companies that will be acquired to be
studied again as a result of the conditions in paragraph (i)
above;
(iii) A moratorium, as stipulated in the SC Guidelines, on
113,949,996 new ordinary shares in Aliran Ihsan Resources Berhad
(AIRB) (representing 50% of the AIRB shares that will be
received by the vendors) as listed below. In relation thereto,
the vendors are not allowed to sell, transfer or assign the AIRB
shares under the above moratorium condition for at least one (1)
year from the date that the AIRB shares are listed on the KLSE.
Thereafter, the shares will not subjected to any moratorium in
line with the implementation of the final phase of disclosure-
based regulation, as detailed at Table 1;
(iv) Detailed disclosure to be made in the Information Circular
to shareholders and/or Prospectus (if applicable) on the
following:
- The basis of determining the purchase consideration of SWC,
ESB, STSB and KDSB, and justifications for the purchase
considerations;
- Risk management plan to mitigate the risks that relate to
the business operations of the AIRB Group, including risks
associated with fire and other emergency risks that may
jeopardize the operations of the AIRB Group in the future;
- Specific details on the prospects and the main risks
associated with the operations of the AIRB Group, including
plans and practices that have been/will be taken to mitigate the
risks;
- All the debts of the companies to be acquired, that are
under dispute;
- The Share Valuation Report that was prepared by Messrs
Ernst & Young;
(v) RNC/AIRB is required to appoint an independent audit firm
(which is experienced in the area of investigative audit, and
is/was not the present/former auditor for the RNC Group) within
two (2) months from the date of the SC approval letter, to
conduct an investigative audit on past losses, including taking
the necessary/relevant steps towards recuperating losses and to
report to the relevant authorities the findings of any
contravention of laws, rules, guidelines and the memorandum and
articles of association of companies related to the members of
the Board of Directors and/or any other party that caused the
loss for RNC. The investigative audit is to be completed within
six (6) months from the date of appointment of the independent
audit firm, and appropriate announcements are to be made on the
findings of the investigative audit. Four (4) copies of the
investigative audit report are to be furnished to the SC upon
completion of the investigative audit.
(vi) OSK and AIRB are to obtain the prior approval of the SC on
any modification on the terms and conditions of the AIRB RCULS
issue;
(vii) Prior to the issuance of the AIRB RCULS, OSK is to furnish
the following information or documents to the SC:
(a) Date of issuance of the RCULS;
(b) A certified copy of the duly executed trust deed for the
RCULS;
(c) Final rating and rating basis report for the RCULS; and
(d) A copy of the complete principal terms and conditions of
the RCULS;
(viii) Prior to the listing of the RCULS, the declaration letter
that was furnished by AIRB is to be ratified by the future Board
of Directors of AIRB after they have been appointed, and an
extract of the directors' resolution is to be furnished to the
SC;
(ix) Declaration letters from the future Directors of AIRB on
their fitness and competence to act as directors in line with
Chapter 4 of the SC Guidelines, to be furnished to the SC;
(x) OSK to provide written confirmation with a completed
checklist on the compliance with all the terms and conditions
that have been imposed above, and in the SC's previous letters
(if any) subsequent to the implementation of the said proposals;
and
(xi) OSK/RNC/AIRB is required to fully comply with the other
conditions that have been imposed in the SC's approval letter
dated 15 November 2000.
OSK is also pleased to announce that in line with the Foreign
Investment Committee Guidelines on the Acquisition of Assets,
Mergers and Take-overs 1974 (FIC Guidelines), the SC had via the
same letters dated 13 November 2003 and 17 November 2003, taken
note of change in the equity structure of AIRB, as detailed at
Table 2.
Tables 1 and 2 can be found at
http://bankrupt.com/misc/RNC1121.pdf.
In relation to the above, the SC has indicated that they have no
objections to the above proposed equity structure of AIRB.
SOUTH MALAYSIA: Debt Restructuring Granted Listing
--------------------------------------------------
Kindly be advised that South Malaysia Industries Berhad's
RM107,850 nominal value of 5 Year, Zero Coupon Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 (ICULS) issued
pursuant to the Settlement of RM88,040.86 of the Unsecured Loans
in Relation to the Amount Owed to the Liquidated Ascertained
Damages Creditors (Debt Restructuring) will be granted a listing
and quotation with effect from 9:00 a.m., Friday, 21 November
2003.
The Stock Short Name and Stock Number of the ICULS is "SMI-LB"
and "4375LB" respectively.
TAJO BERHAD: High Court Confirms Share Capital Reduction
--------------------------------------------------------
Public Merchant Bank Berhad, on behalf of Tajo Berhad, is
pleased to announce that Tajo had on 12 November 2003 obtained
the confirmation and sanction of the High Court of Malaya for
the reduction of the issued and paid-up share capital of Tajo
pursuant to the Proposed Capital Reconstruction, the
cancellation of the share premium account pursuant to the
Proposed Cancellation of Share Premium Account and the Share
Exchange and Warrant Exchange pursuant to the Proposed Scheme of
Arrangement.
An announcement on the books closing date of the Proposed
Capital Reconstruction and Proposed Scheme of Arrangement will
be made in due course.
TECHNO ASIA: Seeks Investigative Audit Completion Time Extension
----------------------------------------------------------------
With reference to the announcements made on 1 August 2003 and 19
August 2003 in relation to the Proposed Restructuring Exercise.
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Techno Asia Holdings Berhad
(Special Administrators (SA) Appointed), had submitted an
application to the Securities Commission on 18 November 2003 for
an extension of time of up to 29 February 2004 for Messrs BDO
Binder to finalize the investigative audit on TAHB's previous
business losses.
TRU-TECH HOLDINGS: Appoints Noor as Audit Committee Member
----------------------------------------------------------
Tru-Tech Holdings Bhd posted this Change in Audit Committee
Notice:
Date of change : 18/11/2003
Type of change : Appointment
Designation : Member of Audit Committee
Directorate : Independent & Non Executive
Name : DATO' MOHAMED SHAMSUDDIN BIN MOHD. NOOR
Age : 53
Nationality : Malaysian
Qualifications :
1. Bachelor of Economics (Hons.) degree from the University of
Malaya.
2. Master of Arts degree from the University of Wisconsin,
U.S.A.
3. Certified Diploma in Accounting and Finance, (ACCA, U.K.).
Working experience and occupation : He has a range of job
experiences starting with the Public Services Department and
thereafter in the Merchant Banking arena handling corporate and
project financing. His experiences expand further to Corporate
Development Programs when he was attached to PNB Corporate
Development Sdn Bhd. Dato' is currently with K & N Kenaga Berhad
and sits on the Board of Cybron Holdings Sdn. Bhd. and Taylor
Nelson (M) Sdn. Bhd.
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Dato' Mohamed Shamsuddin holds 12,000
ordinary shares of RM1.00 each in the Company.
Composition of Audit Committee (Name and Directorate of members
after change):
1. Mr Ngo Kong Song (Chairman) [Independent Non-Executive
Director]
2. Dato' Mohamed Shamsuddin Bin Mohd. Noor [Independent Non-
Executive Director]
3. Ms Chek Khai Juat [Executive Director]
TRU-TECH HOLDINGS: Seeks Coupon Payment Deferment With Holders
--------------------------------------------------------------
Tru-Tech Holdings Berhad refers to the announcement dated 17
October 2003 in relation to the Default of Coupon Payment on
RM55,000,000 Nominal Amount of Redeemable Unsecured Loan Stocks
(RULS) Under Practice Note 1/2001 (Default).
Pursuant to Practice Note 1/2001, the Board of Directors of Tru-
Tech wishes to announce that the Company is still in discussion
with the RULS holders to defer the coupon payment in default up
to a period of twelve (12) months from the date of the Default.
RULS holders have verbally agreed not to demand for the
immediate repayment of the outstanding balance of the RULS
pending finalization of the deferment of the coupon payment. In
addition, the Company is presently in negotiation with several
parties in an effort to restructure the debts of the Company to
improve its cashflow position. As at the date of this
announcement, there is no finalized debt-restructuring plan.
As stated in the announcement dated 17 October 2003, since
thirty (30) days have elapsed from the due date of payment of
the coupon, the trustee may at its discretion institute such
proceedings as it may think fit against the Company to enforce
the provisions of the Trust Deed (as hereinafter defined).
The principal outstanding amount of all other credit facilities
granted to Tru-Tech and its subsidiaries as at 31 October 2003
is set out in Table 1 at http://bankrupt.com/misc/Tru1121.pdf.
The Company also wishes to announce that the Company has not
made its monthly deposit of RM1, 200,000 due on 17 November 2003
into the sinking fund account maintained for the purposes of
redemption of the RULS, in accordance with the terms of the
Trust Deed dated 18 October 1996 as amended by the Supplemental
Trust Deed dated 16 November 2001 and the 2nd Supplemental Trust
Deed dated 10 September 2003 (collectively Trust Deed) (Deposit
Default). The financial and legal implications to Tru-Tech in
respect of the Deposit Default are similar to that of the
Default, which had been set out in the announcement dated 17
October 2003.
The Company is also presently in discussion with RULS holders to
address the Deposit Default.
WING TIEK: SC Approves Proposed CDRS Time Extension
---------------------------------------------------
Wing Tiek Holdings Berhad refers to the announcement made by RHB
Sakura Merchant Bankers Berhad, on behalf of WTHB, on 7 January
2003 wherein the Securities Commission (SC) had, via its letter
dated 2 January 2003, approved the Proposed Corporate and Debt
Restructuring Scheme (Proposed CDRS), subject to inter-alia,
that JAKS Resources Berhad/WTHB is required to comply with all
the required conditions of the WTHB Land within 6 months from
the date of the approval of the SC.
In this respect, the Board of WTHB wishes to announce that the
SC has, via its letter dated 10 November 2003 which was received
on 18 November 2003, approved an extension of time to comply
with the said conditions subject to the following:
(i) WTHB shall provide to the SC a written undertaking that
WTHB shall use its best efforts to fulfill all the conditions
within 1 year from the date of its letter;
(ii) WTHB shall disclose in a quarterly announcement to the
KLSE on the status of compliance to the said conditions; and
(iii) WTHB shall inform the SC when the aforesaid quarterly
announcement is made.
=====================
P H I L I P P I N E S
=====================
ATLAS MINING: Widens Q303 Net Loss to Php331.55M
------------------------------------------------
Atlas Consolidated Mining announced its third quarter results
ended September 30, 2003 as follows:
Revenues - nil vs 4.88 mln pesos
Cost and operating expense - 331.55 mln pesos vs 97.85 mln
Net loss - 331.55 mln pesos vs loss 92.97 mln
Loss per share - 0.93 pesos vs loss 0.35
Mining Atlas Consolidated Mining and Development Corporation was
established through the merger of assets and equities of three
distinctive companies. These are Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. Its copper mine site is located in Toledo, Cebu while
its gold mine site is in Aroroy, Masbate. The Company is into
mineral and metallic mining and exploration and primarily
produces copper concentrates and gold with silver and pyrites as
major by-products.
BACNOTAN CONSOLIDATED: Cement Sales Down in Third Quarter
---------------------------------------------------------
Bacnotan Consolidated Industries Inc. (BCII) incurred losses in
the third quarter of this year due to lower cement sales volume
and prices, as well as losses it booked on assets it divested,
Dow Jones reports.
In the quarter ended September 30, BCII said it lost 282 million
pesos, slightly narrower than the 284 million pesos loss it
suffered in the year-ago period.
All figures are in pesos (PHP).
2003 2002
Revenue PHP2.64 bln PHP2.47 bln
Cost of sales 2.39 bln 2.45 bln
Gross profit 251.9 mln 12.2 mln
Operating expenses 200.7 mln 253.9 mln
Operating income 51.1 mln 241.8 mln
Other expenses 536.7 mln 549.4 mln
Net profit (282.0 mln) (284.0 mln)
Preferred share div 4.09 mln 6.49 mln
Earnings per share (1.72) (1.71)
9 months ended Sept. 30.
2003 2002
Revenue PHP8.47 bln PHP9.24 bln
Cost of sales 7.66 bln 7.66 bln
Gross profit 809.2 mln 1.58 bln
Operating expenses 557.4 mln 699.9 mln
Operating income 251.9 mln 877.2 mln
Other expenses 1.09 bln 373.2 mln
Net profit (550.8 mln) 30.8 mln
Preferred share div 18.9 mln 32.6 mln
Earnings per share (3.36) (0.01)
$1=PHP55.34
Figures in parentheses are losses.
Results are based on Philippine accounting standards and are un-
audited.
MANILA ELECTRIC: ERC Orders Cash Refund to Customers
----------------------------------------------------
The Energy Regulatory Commission (ERC) will order the Manila
Electric Co. (Meralco) to pay customers in cash starting in
January, AFX Asia reports, citing ERC Chairman Manuel Sanchez.
The customers are those under the phase three of its ongoing
30.5 billion pesos refund program.
The phase three refunds will cost Meralco some 5 billion pesos,
which cover 822,744 residential customers with monthly
consumption of more than 301 kilowatthours. Meralco had proposed
to carry out the last phase of its refund to residential
customers through credit to future billings, and intends to
implement it within a 24-month period or between- March 2004 to
February 2006.
Meralco has been ordered by the Supreme Court to return
overcharges to customers dating back to 1994, which the Company
expects to cost about 30.5 billion pesos, TCR-AP reported
recently. The Company has so far paid 2.75 billion pesos either
in cash or bill rebates to customers with electricity
consumption of no more than 300 kilowatthours monthly. Earlier
Meralco's estimate placed the refund to industrial and
commercial customers, comprising the bulk of its big users, at
18-20 billion pesos.
MUSIC CORPORATION: Plans to Raise Capital For Expansion
-------------------------------------------------------
Music Corporation plans to raise between 60 million pesos to 90
million pesos in fresh capital through the issuance of new
shares, in a move to bankroll the expansion of its content
addressable memory (CAM) production as well as develop new
computer chips, Dow Jones reported on Tuesday.
The fresh funds will also eliminate a capital deficiency worth
102 million pesos at the end of September. The capital
deficiency has been narrowed from 344 million pesos at the end
of 2001. The Company is also planning to change its corporate
name to Music Semiconductors Corporation and focus to being a
semiconductor producer instead of a holding Company.
=================
S I N G A P O R E
=================
ALPHAMEGA SOLUTION: Issues Winding Up Order Notice
--------------------------------------------------
Alphamega Solution Pte Ltd issued a winding up order notice made
on 31st of October 2003.
Name and Address of Liquidators: The Official Receiver
The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore
069118.
TAN PENG CHIN LLC
Solicitors for the Petitioner.
CHUANG QIN: Petition to Wind Up Pending
---------------------------------------
The petition to wind up Chuang Qin 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. Bank of China, a
creditor, whose address is situated at 4 Battery Road, Bank of
China Building, Singapore 049908, filed the petition with the
court on November 5, 2003.
The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN a notice in
writing not later than twelve o'clock noon of the 7th day of
November 2003 (the day before the day appointed for the hearing
of the Petition).
DSTORE SINGAPORE: Issues Notice of Preferential Dividend
--------------------------------------------------------
Dstore Singapore Pte Ltd. (In Creditors' Voluntary Liquidation)
issued a notice of preferential dividend as follows:
Address of former registered office: 116 Changi Road #05-01/02
Singapore 419718.
Name of liquidators: Chee Yoh Chuang & Lim Lee Meng.
Amount percentum: 100 percentum of all preferential claims under
section 328 (1) (b) to (f) and 328 (4) of the Companies Act
(Chapter 50).
First and final or otherwise: First and final.
When payable: 1st December 2003.
Where payable: Chio Lim & Associates 18 Cross Street #08-01
Marsh & McLennan Centre Singapore 048423.
Dated this 14th day of November 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
MULTI-CHEM LIMITED: Post Changes in Shareholder's Interest
----------------------------------------------------------
Multi-Chem Limited posted a notice of changes in Director's Eu
Yee Kui, Alexander Jr. and Eu Sandy's interests:
Date of notice to Company: 19 Nov 2003
Date of change of deemed interest: 19 Nov 2003
Name of registered holder: Palmer & Co. Pte. Ltd.
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: 327,000
% of issued share capital: 0.1043
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.2450
No. of shares held before the transaction: 3,000,000
% of issued share capital: 0.957
No. of shares held after the transaction: 3,327,000
% of issued share capital: 1.0613
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before the transaction: 3,000,000
% of issued share capital: 0.957
No. of shares held after the transaction: 3,327,000
% of issued share capital: 1.0613
Total shares: 3,327,000
No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest
PACIFIC RIM: Creditors Must Submit Claims by December 22
--------------------------------------------------------
Notice is hereby given that the creditors of Pacific Rim
Warehousing (S) Pte Ltd (In Members' Voluntary Winding-Up),
which is being wound up voluntarily, are required on or before
22 December 2003 to send in their names and addresses and the
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to the undersigned, the
Joint Liquidators of the said Company, and if so required by
notice in writing from the said Joint Liquidators or 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 19th day of November 2003.
STEVEN TAN CHEE CHUAN
and
DOUGLAS TAN KAY YEOW
Joint Liquidators.
138 Cecil Street
#15-00 Cecil Court
Singapore 069538.
PACIFIC RIM: Unveils November 14 GM Resolutions
-----------------------------------------------
At a General Meeting (GM) of Pacific Rim Warehousing (S) Pte Ltd
duly convened and held at 150 Beach Road, #24-00 Gateway West,
Singapore 189720 on 14 November 2003, the following resolutions
set out below were duly passed:
SPECIAL RESOLUTIONS:
(a) ``That the Company be wound up voluntarily pursuant to
section 290 (1) (b) of the Companies Act (Chapter 50), and that
Messrs Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138
Cecil Street, #15-00 Cecil Court, Singapore 069538, be and are
hereby appointed as Joint Liquidators for the purpose of such
winding-up.''
(b) ``That the Liquidators be and are hereby authorized (when
and as soon as the debts and liabilities of the Company have
been paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests.''
(c) ``That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by section 272
(1) (b), (c), (d) and (e) of the Singapore Companies Act
(Chapter 50).''
ORDINARY RESOLUTION:
``That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding up of the
Company on their normal scale of fees and that the Liquidators,
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in the execution and discharge of their duties in relation
thereto.''
YUKIO ISHIKAWA
Director.
SHWETA INTERNATIONAL: Winding Up Hearing Set November 28
--------------------------------------------------------
The petition to wind up Shweta International 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 1, Singapore 048624, filed the petition
with the court on November 7, 2003.
The petitioners' solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Drew & Napier LLC 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).
===============
T H A I L A N D
===============
BANGCHAK PETROLEUM: Issues, Financial Restructuring Progress
------------------------------------------------------------
Bangchak Petroleum Public Company Limited, further to its
approved Business and Financial Restructuring Plan on July 8,
2003, reported the progress of such restructuring plan as
follows:
1. Progress of Business Restructuring
The Company together with the Ministry of Energy and the related
oil companies will sign the Letter of Understanding of the
operation synergy on November 17, 2003. The Company expects that
such cooperation will strengthen the operation results of the
Company in term of EBITDA in 2004 and the year onwards.
2. Progress of Financial Restructuring
2.1 Restructuring of Loans, the Company is on the process of
negotiations for new loans with the new lenders and for
redemption the existing loans with the bondholders. However, it
will take awhile before such restructuring will be completed.
2.2 Restructuring of Capital, according to the resolution of
the Company's Extraordinary Shareholder Meeting to decrease the
registered capital from Bt5,220 million to Bt522 million, the
Company will register such capital reduction within this week.
For the capital increase, the registration will be made after
the capital reduction process will be completed in accordance
with the Financial Restructuring Plan.
At last, the Company would like to inform that the Company's
Business and Financial Restructuring Process will take awhile
before completed, and the Company will inform later after the
completely success of restructuring process.
EMC PUBLIC: Financial Statement Amendment Not Necessary
-------------------------------------------------------
The Stock Exchange of Thailand has posted an NR (Notice
received) sign on the securities of EMC Public Company Limited
(EMC) effective from the second trading session of 17 November
2003 to announce that the SET has received the SEC' s conclusion
that it is not necessary to amend EMC's financial statements on
the issues so stated by the company' s auditor.
However, the SET has still suspended trading on the securities
of EMC until the causes of delisting are eliminated.
Previously, the SET had posted the NP (Notice pending) sign on
the EMC effective from the first trading session of 13 November
2003. This is because in the Company's reviewed financial
statements for the period ending 30 June 2003as submitted to the
SET, the company's auditor was unable to reach any conclusion
on the financial statements and the SET was waiting for the
SEC's conclusion on this matter.
MILLENNIUM STEEL: Discloses Capital Increase Report Form
--------------------------------------------------------
Millennium Steel Public Company Limited reported the resolution
of the Board of Directors Meeting No. 14 held on November 13,
2003 in respect of a capital increase/share allotment, as
follows:
1. Capital Increase
The meeting of the board of directors passed a resolution
approving the increase of a registered capital of the Company
from Bt8,742,660,564 to Bt10,742,660,564 by means of the
issuance of 2,000,000,000 ordinary shares with a par value of
Bt1 each, totaling Bt2,000,000,000.
2. Allotment of new shares:
2.1 The meeting of the board of directors passed a resolution
approving the allotment of 2,000,000,000 ordinary shares with
par value of Bt1 each, totaling Bt2,000,000,000.
2.2 The company's plan in case where there is a fraction of
shares remaining. - None -
2.3 The number of shares remaining. - None -
3. Schedule for shareholders meeting to approve the capital
increase/allotment
The extraordinary meeting of shareholders no. 3 is scheduled to
be held on December 18, 2003 at the Siam Cement Public Company
Limited, Building 6, 2nd floor (Taluang Room), 1 Siam Cement
Road, Bangsue, Bangkok. The share register will be closed for
share transfer in order to determine the right to attend this
meeting from December 1, 2003 at 12:00 a.m., until the meeting
has been duly convened.
4. Approval of the capital increase/share allotment by relevant
governmental agency and condition thereto (if any).
The company has to register the amendment of clause 4 of the
company's memorandum of association for change of the company's
authorized capital with the Ministry of Commerce as below:
4.1 Register the decreased capital from Bt8,813,120,000 to
Bt8,742,660,564 by writing off all shares unissued and alloted
to reserve for exercise of convertible debentures or warrants in
the amount of 70,459,436 shares
4.2 Register the increase capital from Bt8,742,660,564 to
Bt10,742,660,564 divided into 10,742,660,564 shares with par
value of Bt1 each, comprising of the ordinary shares of
9,138,911,859 shares and the preferred shares of 1,603,748,705
shares.
SIAM SYNTECH: Posts Audit Committee Members, Scope of Work
----------------------------------------------------------
The Board of Director Meeting of Siam Syntech Construction
Public Company Limited No. 5/2546, held on 14 November 2003
resolved to appoint the following 3 members of the Audit
Committee and 1 Secretary to the Audit Committee:
1. Mr. Chaiwat Assawintrangkul chairman
2. Miss. Benchawan Sinkunakorn
3. Mr. Tawee Kullertprasert
Therefore, the members of the Audit Committee shall have a fixed
term of 3 years, and scope work as below:
1. To review the company's financial reporting process to
ensure accuracy and adequacy.
2. To ensure that the company has appropriate and efficient
control system and internal audit.
3. To consider, select, nominate and recommend remuneration
of the company's external auditor.
4. To review the performance of the company to ensure
compliance with the securities and exchange law, regulations of
the Stock Exchange of Thailand, and laws relating to business of
the company.
5. To review the disclosure of information of the company
in case that there is a connected transaction that may be lead
to conflict of interest so as to ensure the accurateness and
completeness.
6. To prepare a report on monitoring activities of the
Audit Committee and disclose it in an annual report of the
company, and have such report signed by the chairman of the
Audit Committee.
7. To appoint, remove, transfer of terminated the service
of the director of the internal audit office.
8. To consider the budget and personnel of the internal
audit office.
UNION MOSAIC: Gains Bt982.905M From Debt Restructuring
------------------------------------------------------
The Union Mosaic Industry Public Company, in reference to the
submitted Financial Statement of the third quarter and for the
period of 9 months ended September 30, 2003 that has been
reviewed by the Certified Public Accountant, which shows
improving performance, provided additional explanation as
follows:
1. The Company has received profit from Debt Restructuring in
the third quarter for an amount of Bt982,905,048.20.
2. The paid interest has been decreased, because of Debt
Restructuring.
3. The Company's net sales have been increased by 10% compared
with the same period of the previous year, because demand of
total market for this year has been increased and the Company
has been able to increase sales.
4. The Company's production cost has been decreased as compared
with the same period of last year. Since the Company has
undergone cost reduction program continuously and productivity
has been increased to be competitive with the other companies.
* Suspended Due to Auditors Inability to Reach Conclusion
---------------------------------------------------------
The following listed companies have submitted to the Stock
Exchange of Thailand (SET) their reviewed financial statements
for the period ending 30 September 2003. As the companies'
auditors were unable to reach any conclusion on the financial
statements, it can be considered that the numbers, which
represent the companies' financial status and operating outcome
as presented in their financial statements, failed to adequately
and/or properly reflect the actual position of the Companies.
Due to these discrepancies, the Securities and Exchange
Commission (SEC) is considering requiring that the Companies
amend their financial statements on the issues raised by their
auditor.
1. Thai Petrochemical Industry Public Company Limited (TPI)
2. TPI Polene Public Company Limited (TPIPL)
Therefore, the SET has posted an "SP" (Suspension) sign to
suspend trading on the securities of the above companies on 17
November 2003 to enable shareholders and general investors to
have sufficient time to scrutinize an auditors' report on the
review of their financial statements. The SET will grant the
above companies permission to continue trading their securities
and post an NP sign on 18 November 2003 until the Companies have
the opportunity to submit their amended financial statements or
the SEC concludes that they will not be necessary to amend their
financial statements.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------- ------ ------------ -------
CHINA & HONG KONG
-----------------
Guangdong Sunrise Holdings
Co., Ltd. 000030 (184.24) 23.04
Jinan Qingi Motorcyle
Co., Ltd. 600698 (193.08) 113.96
Shenzhen China Bicycles
Co., Ltd. 000017 (239.91) 60.39
Shenzhen Great Ocean
Shipping Co., Ltd. 200057 (10.87) 11.27
Shenzhen Petrochemical
Industry Group Co., Ltd. 000013 (243.36) 89.48
INDONESIA
---------
PT Lippo Securities Tbk LPPS (3.62) 14.26
PT Mulia Industrindo Tbk MLIA (118.23) 479.02
Smart Tbk SMAR (37.38) 398.89
MALAYSIA
--------
CSM Corporation Bhd CSMB (8.40) 41.55
Faber Group Bhd FBMS (7.16) 504.98
Kemayan Corp Bhd KOPS (289.67) 114.38
MBf Corp Bhd MBFS (516.81) 189.99
Panglobal Bhd PGL0 (41.07) 187.79
Promet Bhd PMPT (174.45) 50.49
Saship Holdings Bhd SASH (168.68) 136.30
Sri Hartamas Bhd SRIH (118.91) 99.76
Tongkah Holdings Bhd TKHS (78.01) 112.62
Uniphoenix Corporation Bhd UNI (145.25) 33.34
PHILIPPINES
-----------
Pilipino Telephone Co PNOTF (356.17) 122.97
SINGAPORE
---------
Pacific Century Regional
Developments Ltd PCEN (931.65) 7369.85
THAILAND
--------
Datamat PCL DTM (9.53) 13.66
Krisda Mahanakorn PCL KMC (64.17) 266.88
National Fertilizer PCL NFC (30.82) 297.40
Siam Agro-Industry Pineapple
And Others PCL SAIC (13.88) 14.02
Thai Nam Plastic PCL TNPC (2.00) 24.33
Tuntex (Thailand) PCL TUN (26.82) 381.43
Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication. At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short. Don't be fooled. Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets. A company may
establish reserves on its balance sheet for liabilities that may
never materialize. The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
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*** End of Transmission ***