/raid1/www/Hosts/bankrupt/TCRAP_Public/031125.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 25, 2003, Vol. 6, No. 233
Headlines
A U S T R A L I A
AUSTRALIAN GAS: NGC Gets High Court Approval for Capital Return
AUSTRALIAN GAS: Unit Confirms Bonds Issue
COMMONWEALTH PROPERTY: Sells 50% Share of Shopping Centers
PACKAGING HOUSE: Former Director Found Guilty
QANTAS AIRWAYS: ACCC Resolves Federal Litigation Issue
TOWER AUSTRALIA: To Repay More Investors
C H I N A & H O N G K O N G
CMG ASIA: S&P Affirms 'BBB' Ratings; Outlook Stable
CYBERMAN LIMITED: Winding Up Hearing Scheduled in December
G-PROP HOLDINGS: Scheme, Capital Reorganization Effectuated
JADE CITY: Winding Up Sought by Bank of China
SUN MEDIA: Narrows Operations Net Loss to HK$16.024
VAMAX ENTERPRISES: Faces Winding Up Petition
I N D O N E S I A
BANK LIPPO: New Bidders Required to Inject Capital
J A P A N
ASHIKAGA BANK: Delays Release of Interim Results
MATSUSHITA ELECTRIC: Enters Alliance With Thomson
NEC CORPORATION: Approves New Shares Issuance
NEC CORPORATION: CreditWatch Positive on News of Share Issue
SANRIO CO.: Posts 1H03 Y2.89B Net Profit
K O R E A
HANARO TELECOM: Receives US$600M Syndicated Loans
HANARO TELECOM: Samil Accounting Issues Audit Report
HYNIX SEMICONDUCTOR: Starts Mass Production of DDR DRAM
KOOKMIN BANK: Unveils 213 Pending Legal Actions
LG CARD: Suspends Cash Advance Service on Short Liquidity
LG CARD: Wins $1.67B Rescue From Creditors
SK CORPORATION: Plans to Dismiss Three Directors
M A L A Y S I A
ACTACORP HOLDINGS: Proposed Workout Scheme Application Submitted
ANCOM BERHAD: Proposes New Shareholders' Mandate Renewal
AYER HITAM: 25th AGM Scheduled on December 16
BUKIT KATIL: Answers KLSE's Winding Up Petition Query
CSM CORPORATION: Books Q303 Operating Profit of RM3.276M
CSM CORPORATION: Provides Financial Assistance
DENKO INDUSTRIAL: Unit Obtains Additional Banking Facilities
EMICO HOLDINGS: Seeks Proposals Implementation Time Extension
EPE POWER: Hires PwC as Independent Audit Firm
FW INDUSTRIES: KLSE De-listing Securities by Dec 8
HIAP AIK: ICULS Default Status Remains Unchanged
HOTLINE FURNITURE: AAC Resigns as Investigative Auditor
HOTLINE FURNITURE: Resolutions Passed at 9th AGM
MANGIUM INDUSTRIES: Narrows Q303 Loss to RM1.2M
MANGIUM INDUSTRIES: Unit KPD Defaults on Bank Facilities
MBF HOLDINGS: Injunction Application Hearing Set on Nov 20
MEDIA PRIMA: Proposes Corp, Debt Restructuring Scheme
NCK CORPORATION: Court Adjourns Hearing in February
NCK CORPORATION: Posts 18th AGM Notice
OCEAN CAPITAL: Proposals Applications to Relevant Authorities
PILECON ENGINEERING; Court Extends Restraining Order Period
REKAPACIFIC BERHAD: In Winding-Up Petition Settlement Talks
UNIPHOENIX CORPORATION: Dec 18 AGM Set
P H I L I P P I N E S
MANILA ELECTRIC: ERC Approves Third Phase of Refund
NATIONAL BANK: BSP OKs US$140M Subordinated Notes Issuance
S I N G A P O R E
I.R.E. CORPORATION: Shareholders OK Capital Reduction Scheme
LIU GENG: Issues Notice of Intended Dividend
MACLLOYD INDUSTRIAL: Issues Judicial Management Order Notice
MULTI-CHEM LIMITED: Posts Changes in Director's Interest
NATSTEEL LIMITED: Disposes of Interest in Intraco Ltd
NEPTUNE ORIENT: Issues 236 Million Shares in Capital
OVERSEA-CHINESE: Units Enter Voluntary Liquidation
SIIX LOGISTICS: Creditors Must Submit Claims by December 22
STRAITS INTERNATIONAL: Releases Winding Up Order Notice
VLIFESTLE.COM PTE: Releases Dividend Notice
T H A I L A N D
EASTERN STAR: Resolves Capital Reduction, Split Par Value
ITALIAN-THAI DEVELOPMENT: To Proceed With Construction Contract
SIAM AGRO: Posts Rehabilitation Plan Progress
UNION MOSAIC: Debenture Holders Exercising Conversion Right
* BOND PRICING: For the week of November 24 - 28, 2003
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN GAS: NGC Gets High Court Approval for Capital Return
---------------------------------------------------------------
The High Court has approved the proposal by NGC Holdings
Limited, a 66% owned subsidiary of the Australian Gas Light
Company (AGL), to make a $525 million capital return to
shareholders by way of a scheme of arrangement.
As previously announced, three shares out of every seven
ordinary shares held by each shareholder will be cancelled, with
a payment to shareholders of $1.58 per cancelled share.
Having received High Court approval, all procedural steps have
been completed and NGC will now proceed with the capital return
to shareholders.
The record date to determine each shareholder's cash entitlement
and number of shares to be cancelled will be Friday 28 November
2003.
Payment date for the capital return will be 4 December 2003.
CONTACT INFORMATION: Keith FitzPatrick
Manager External Relations
NGC Holdings Limited
Phone: 04 - 462 8704
Mobile: 027 - 443 8349
AUSTRALIAN GAS: Unit Confirms Bonds Issue
-----------------------------------------
NGC Holdings Limited, a 66% owned subsidiary of the Australian
Gas Light Company (AGL), confirms that, in respect of its
current bond issue of up to $200 million, there will be a public
pool of bonds available for subscription.
Applications must be received by the closing date of 28 November
2003.
COMMONWEALTH PROPERTY: Sells 50% Share of Shopping Centers
----------------------------------------------------------
Standard & Poor's Ratings Services said Monday that the ratings
on Commonwealth Property Fund (CPF; A-/Stable/A-2) are
unaffected by the announced sale of the fund's 50% share in
three regional shopping centers to its joint venture partner,
Westfield Trust (Westfield; A/Stable/A-1), for A$610 million.
The sale is in line with CPF's strategy to realize cash returns
to unitholders through the sale of its properties at favorable
points in the property cycle.
The three centers are Belconnen (initial yield 6.75%), Marion
(6.5%), and Arndale (7.95%). While the sale of these centers
will reduce the fund's already moderate asset and geographic
diversity, the fund will retain assets that are generally well
located, of high quality, and which have low vacancies and solid
income streams.
On completion of the sale, CPF's total debt to total assets is
expected to be below 20% (target 25%). The ratings on Westfield
are unaffected by the announced transaction.
PACKAGING HOUSE: Former Director Found Guilty
---------------------------------------------
Mr Leon Theoharopoulos, of Patterson Lakes in Melbourne, has
been found guilty by a County Court jury in relation to 19
charges of obtaining a financial advantage by deception,
following a trial lasting three weeks.
The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC), and
relate to Mr Theoharopoulos'actions as a director of the failed
company Packaging House Pty Ltd, and its dealings with the
National Australia Bank (NAB) under a Debtor Financing
Agreement.
ASIC alleged that Mr Theoharopoulos obtained a financial
advantage by deception by falsely representing to the NAB that
goods, as detailed on invoices totaling $120,001.96, had been
delivered and accepted by the customers named on the invoices,
when in fact the goods had not been ordered.
Mr Theoharopoulos was remanded in custody to appear for a plea
hearing on 5 December 2003.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
QANTAS AIRWAYS: ACCC Resolves Federal Litigation Issue
------------------------------------------------------
The Australian Competition and Consumer Commission and Qantas
Airways Limited have resolved Federal Court litigation
concerning allegations that Qantas Airways Limited misused its
market power on the Brisbane-Adelaide route after Virgin Blue
Airlines Pty Ltd's entry in December 2000.
"The ACCC will discontinue the action, following further legal
advice and a further review of the domestic airlines market",
ACCC Chairman, Mr Graeme Samuel, said Monday.
"Like all section 46 [misuse of market power] cases, final
resolution in the courts of this matter would have been
extremely difficult, lengthy and expensive. Experience in
overseas jurisdictions where similar cases have been instituted
shows the uncertainty and delays such litigation faces. The
action's discontinuance follows discussions between the parties.
Each party will bear its own costs."
Mr Samuel noted that since the action began, the airlines market
had changed and competition has been enhanced. Consumers have
benefited from the competition between Qantas and Virgin Blue on
this and other routes.
"The new entrant, Virgin Blue, continues to operate on the
Brisbane-Adelaide route.
"The ACCC will continue to closely monitor the competitiveness
of airlines in the Australian domestic market".
CONTACT INFORMATION: Mr Graeme Samuel
ACCC Chairman
Mobile: (03) 9290 1812
Pager: 0408 33 5555
TOWER AUSTRALIA: To Repay More Investors
----------------------------------------
Tower Australia Ltd (Tower) provided undertakings to the
Australian Securities and Investments Commission (ASIC)
regarding investments in Tower's FAI Personal Superannuation
Plan (PSP).
The undertakings have been provided in accordance with the terms
of the enforceable undertaking offered by Tower earlier this
year, relating to investments in its Blue Ribbon Products.
Tower has further undertaken to repay any shortfall, plus
interest, to investors who have fully redeemed their
investments, and/or correct the entitlements of investors who
have partially redeemed their investments in the PSP product.
In July 2003, ASIC obtained consent orders from the Federal
Court of Australia that Tower will repay investors who were
underpaid for their investments in Tower's Blue Ribbon Products.
ASIC also accepted an enforceable undertaking from Tower.
As part of the enforceable undertaking, Tower was required to
conduct an internal review of financial products similar to the
Blue Ribbon Products. The PSP was one of the products reviewed
as part of Tower's internal review.
The internal review identified that investors in the PSP may,
since about 1989, have received annual statements containing
incorrect withdrawal amounts, and/or received incorrect
withdrawal amounts on redemption, as a result of computer errors
in Tower's system.
Tower estimates that the cost of repaying policyholders is about
$4.9 million, comprising $2 million to repay investors who have
redeemed their investments, and $2.9 million to adjust the
accounts of existing investors. Tower also estimates that the
cost of fixing the computer system error is approximately
$800,000.
=============================
C H I N A & H O N G K O N G
=============================
CMG ASIA: S&P Affirms 'BBB' Ratings; Outlook Stable
---------------------------------------------------
Standard & Poor's on Monday affirmed its 'BBB' long-term insurer
financial strength and counterparty credit ratings on CMG Asia
Ltd. (CMG Asia). The outlook on the ratings is stable.
The ratings reflect an improved operating performance, good
asset quality, and adequate capitalization against a backdrop of
competitive pressure in Hong Kong's life insurance sector and
the effect of volatile equity investments on the company's
assets. While Standard & Poor's does not consider CMG Asia to be
a strategic subsidiary of its parent, Commonwealth Bank of
Australia (CBA, AA-/Stable/A-1+), the life insurer derives
operational benefits and a degree of implicit support from the
CBA group.
CMG Asia's strategic importance to the CBA group is constrained
from a credit perspective by its small stature within the group
and its lack of proximity to the group's home markets, Australia
and New Zealand. It is likely that the group will extend a
degree of parental support in the event that CMG Asia
experiences difficulties. CMG Asia is the CBA group's largest
insurance operation in Greater China, although the company
represents less than 1% of the group's total assets.
The CBA group has refocused its Asian insurance operations on
Greater China in recent years, while divesting most of its
insurance operations elsewhere in the continent. Together, CBA
and CMG Asia have integrated their distribution channels and
improved the development of wealth management products in Hong
Kong in the past two years under the CBA group's wider wealth
management strategy.
CMG Asia has a favorable market position. In 2002, the company
was the eighth-largest provider of individual life insurance
products in Hong Kong, with a 3.2% market share in terms of
premiums, and the sixth-largest insurer providing retirement
benefits, with a market share of 4.6% in terms of contributions.
In that year, the company reported year-on-year in-force premium
growth of 17%, mainly driven by growth of single premiums.
CMG Asia's operating performance has substantially improved in
recent years. Its return on assets ratio was 0.8% (annualized)
as at September 2003 compared with negative 3.2% in 2002,
negative 3.4% in 2001, and negative 5.5% in 2000. The
improvement was driven by tighter management control over such
factors as costs, quality of agents, and underwriting.
CMG Asia's investment asserts are diverse and of reasonably high
quality. However, the company has relatively high exposure to
equity, which accounts for about 20% of its invested assets.
CMG Asia's capitalization is adequate. As at the end of
September 2003, the company's shareholders' funds had improved
to Hong Kong dollar (HK$) 612 million from HK$568 million at the
end of 2002. Although its capitalization has been strained by
high-accumulated losses, which stood at HK$1.27 billion at the
end of September 2003, as a result of poor operating results
from earlier years, it is expected to improve in line with a
likely improvement in its operating results. CMG Asia's
financial flexibility is adequate and reflects support from the
parent, which has made capital injections of about HK$550
million in the past three years.
CYBERMAN LIMITED: Winding Up Hearing Scheduled in December
----------------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2003 at
10:00 in the morning the petition seeking the winding up of
Cyberman Limited.
Cheung Chi Tak of Room 1418, Fook Hoi House, Lek Yuen Estate,
Shatin, New Territories, Hong Kong filed the petition on October
29, 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.
G-PROP HOLDINGS: Scheme, Capital Reorganization Effectuated
-----------------------------------------------------------
Reference is made to the joint announcements made by G-Prop
Holdings and Chinese Estates Holdings Limited on 15th July, 2003
and 4th September, 2003 respectively, the announcements made by
G-Prop on 13th October, 2003, 22nd October, 2003 and 18th
November, 2003 respectively and the circular of G-Prop dated 5th
September, 2003 (the "Circular").
THE EFFECTIVE DATE OF THE CAPITAL REORGANISATION AND THE SCHEMES
AND COMPLETION OF THE RESTRUCTURING AGREEMENT
The Directors wish to inform the Shareholders that the Capital
Reorganization has become effective and that all conditions
precedent to the Restructuring Agreement have been fulfilled or
waived and the Restructuring Agreement was completed on 21st
November, 2003.
The Schemes have become effective on 21st November, 2003.
APPOINTMENT AND RESIGNATION OF DIRECTORS
As stated in the Circular, the Investor has then intended to
nominate at least four directors to the board of G-Prop,
including two independent non-executive Directors upon
completion of the Restructuring Agreement. The Investor has also
then intended that all then existing Directors would resign upon
completion of the Restructuring Agreement. The Investor has now
determined to nominate three directors to the board of G-Prop
and that four out of six then existing Directors would resign
upon completion of the Restructuring Agreement. As such, the
present Board will comprise five directors, two of whom have
acted as executive Directors for some time and are familiar with
the operations of G-Prop.
The Directors announced that, except for Mr. Leung Wing Pong and
Ms. Shek Lai Ping, Jackie who will remain as executive
Directors, all the existing Directors have resigned as Directors
with effect from 21st November, 2003. Mr. Tam Chong Cheong,
Aaron has been appointed as Chairman and executive Director
while Mrs. Lau Reimer Mary Jean and Mr. Leung Yun Fai have been
appointed as independent non-executive Directors with effect
from 21st November, 2003.
Upon completion of the Restructuring Agreement, the Board
comprises three executive Directors, namely, Mr. Tam Chong
Cheong, Aaron, Mr. Leung Wing Pong and Ms. Shek Lai Ping,
Jackie, and two independent non-executive Directors, namely,
Mrs. Lau Reimer Mary Jean and Mr. Leung Yun Fai.
CHANGE OF FINANCIAL YEAR END DATE
The Directors announced that the financial year end date of G-
Prop has been changed from 31st March to 31st December and the
audited final results of G-Prop for the nine months ending 31st
December, 2003 will be published on or before 30th April, 2004.
The Directors consider that the change of financial year end
date will enable G-Prop to have the same financial year end date
as G-Prop's ultimate holding company, Chinese Estates, which,
together with its Associates, is expected to hold approximately
57.6% of the issued share capital of G-Prop immediately
following the completion of the Restructuring Proposal. Such
change of year end date will be in compliance with the Companies
Act 1981 of Bermuda and the bye-laws of G-Prop.
GENERAL
Prior to the distribution of the New Shares to the Scheme
Creditors, all Scheme Debts will be proved and determined in
accordance with the Schemes.
Trading in the shares in G-Prop on the Stock Exchange has been
suspended at the request of G-Prop since 9:30 a.m. on 19th
February, 2003. Application will be made to the Stock Exchange
by the Directors for the resumption of trading of the New Shares
upon completion of the Restructuring Proposal, which is expected
to take place on or about 26th January, 2004.
JADE CITY: Winding Up Sought by Bank of China
---------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Jade City International Films Limited. The petition was filed on
October 8, 2003, and will be heard before the High Court of Hong
Kong on December 3, 2003 at 9:30 in the morning.
Bank of China holds its registered office at 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.
SUN MEDIA: Narrows Operations Net Loss to HK$16.024
---------------------------------------------------
Sun Media Group Holdings Limited posted its results announcement
summary for the year ending March 31, 2004:
announced on 21/11/2003:
(stock code: 00307 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 30/09/2003 to 30/09/2002
Note ('000) ('000)
Turnover - Continuing : 144,310 96,120
Profit/(Loss) from
Continuing Operations : (16,024) (41,539)
Finance cost : (1,095) (560)
Share of Profit/(Loss) of
Associates : (4,019) N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (7,640) (43,356)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0006) (0.0046)
-Diluted (in dollars) : (0.0006) (0.0046)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (7,640) (43,356)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss from Operations has been arrived at after charging
(crediting) :
Six months ended
30.9.2003 30.9.2002
HK$'000 HK$'000
Depreciation and amortization of property, plant and
equipment :
- owned assets 6,146 8,821
- assets held under finance leases 8,395 22
__________________________
14,541 8,843
Operating lease rentals in respect of:
- rented premises 3,815 5,597
- plant and equipment 11 2,460
__________________________
3,826 8,057
Staff costs, including directors' remu 63,078 31,658
Loss on disposal of property, plant and 2,042 150
Unrealized (gain) loss on investments (222) 105
Interest income (221) (376)
Amortization of goodwill 3,796 8,100
Gain on deemed disposal of a subsidiary (13,546) -
Gain on disposal of subsidiaries (2,821) -
Impairment loss reversed in respect of
prepaid airtime (6,000) -
__________________________
2. Taxation
No provision for Hong Kong Profits Tax has been made in the
financial statements as the Group had no assessable profit for
the period. The Group has no estimated assessable profits in
other jurisdictions for both periods.
3. Diluted loss per share
The computation of diluted loss per shares does not assumed the
exercise of the potential ordinary shares since their exercise
would result in a reduction in loss per share.
VAMAX ENTERPRISES: Faces Winding Up Petition
--------------------------------------------
The petition to wind up Vamax Enterprises Limited is set for
hearing before the High Court of Hong Kong on December 10, 2003
at 9:30 in the morning.
The petition was filed with the court on October 16, 2003 by
Citibank, N.A. whose principal place of business in Hong Kong is
situated at 50th Floor, Citibank Tower, Citibank Plaza, 3 Garden
Road, Central, Hong Kong.
=================
I N D O N E S I A
=================
BANK LIPPO: New Bidders Required to Inject Capital
--------------------------------------------------
Investors interested in buying 52.05 percent of PT Bank Lippo's
shares should inject capital to improve the bank's performance,
Bisnis Indonesia reports, quoting President Director Jos
Luhukay.
He added new bidders should also settle the enforced collateral
assets (AYDA) problem worth Rp2.4 trillion in the bank.
"The bidders should also have good relationship with the former
owner of Bank Lippo," he said, adding that the management
suffered high opportunity cost from maintaining the AYDA.
"Bank Lippo's shares can be disposed to IBRA or be included into
the bank's holding. But sooner or later, the shares should be
disposed to the private sector," he explained.
"Bank Lippo has assets worth Rp25 trillion, but its cost of fund
is the lowest because the bank serves as the payment banking,"
he added.
In August this year, he remarked, the monthly nominal value of
payment through the bank reached Rp300 trillion, while the e-
banking reached Rp15 trillion.
=========
J A P A N
=========
ASHIKAGA BANK: Delays Release of Interim Results
------------------------------------------------
Ashikaga Bank delayed the announcement of its first-half results
to November 25 because an ongoing inspection by the Financial
Services Agency (FSA) had not been completed, the Financial
Times reports.
The announcement adds weight to speculation the bank is in
financial difficulty and may need some form of outside
assistance. The FSA and the bank have officially denied
speculation that a government bailout may be in the works.
The bank is one of the 15 Japanese banks that the FSA ordered in
August to present fresh restructuring plans because of its
failure to meet mandated earnings targets for the year ended
March 31. Ashikaga Bank accepted a total of 135 billion yen in
public funds in 1998 and 1999 for recapitalization.
MATSUSHITA ELECTRIC: Enters Alliance With Thomson
-------------------------------------------------
Thomson, a leading provider of end-to-end solutions
(technologies, equipment and services) to the entertainment
industries, and Matsushita Electric Industrial Co., Ltd., a
global leader in developing and manufacturing consumer and
industrial electronics, best known for its Panasonic brand
products, announced OEM and mutual distribution agreements.
The two broadcast equipment giants revealed a distribution
agreement in which Panasonic will integrate the award-winning
Grass Valley(TM) line of Profile(R) family servers and M-
Series(TM) iVDR products, into its systems solutions worldwide.
The two companies also announced an original equipment
manufacturing (OEM) agreement in which Thomson will continue its
sales and support of the Panasonic DVCPRO products and will
purchase and distribute additional Thomson-brand products from
Panasonic, including its popular line of LCD professional
monitors.
"With its Emmy(R) Award-winning Profile platform and leading
market share position, Thomson's expertise in video servers is
clear," said Yoshihiko Yamada, Vice President for Systems
Business Group at Panasonic AVC Networks Company. "As a
technology leader, Panasonic is extremely pleased to be able to
leverage our world-class systems solutions to expand access to
this popular product -- as well as the revolutionary new M-
Series iVDR products."
"We are delighted to expand what has been a very successful
distribution effort with Panasonic for their best-in-class
professional digital camcorders and VTRs to include their latest
line of LCD professional monitors," said Marc Valentin,
President of Thomson Broadcast & Media Solutions. "The agreement
with Panasonic opens significant worldwide growth opportunities
for Thomson and its Content and Networks division in the Pacific
Region. We look forward to working together to provide long-
term, rewarding benefits for our mutual customers."
About the OEM Agreement
Under the new OEM agreement with Panasonic, Thomson will
continue to distribute a series of Panasonic DVCPRO VTR
products. The DVCPRO format is an affordable choice for digital
production and fast, on-air newsgathering. Since its
introduction, its compact form, robust features, and the
playback capabilities of the format -- as well as those of
DVCPRO-based camcorders, field editing equipment, and studio
equipment -- have made it the standard choice for news teams and
production houses worldwide.
Comprising both HD and SD models, Panasonic's BT series LCD
monitors combine thin profile and light weight with the superior
picture quality and performance needed for broadcast use. With
ultra-sharp resolution and the industry's widest viewing angle,
they are equipped to serve in a studio, OB van, non-linear
editing system, or on location in the field.
ABOUT THE PRODUCTS FOR DISTRIBUTION AGREEMENT
With an all-digital design and a familiar touch-screen
interface, the M-Series iVDR line easily supports traditional
VTR capabilities, including playback, record, removable media,
and the ability to transfer data directly from a camera -- or
connect directly with a camera. Yet it eclipses traditional VTR
capabilities by supporting multiple channels, simultaneous
playout and recording, robust network support, clip editing and
trimming, playlist creation, and the ability to exchange
materials with a variety of applications using industry-standard
protocols.
The Profile line is used to store more of the world's broadcast
content than any other product. It is also the industry's most
flexible platform, supporting multiple compression formats and
standard- and high-definition (SD and HD) materials -- and the
ability to support SD and HD materials on the same server and
the same timeline.
Thomson and Panasonic are working together in many areas,
including Thomson's recently announced endorsement of
Panasonic's Professional Plug-in (P2) technology, a solid-state
memory-based technology for broadcasting and production that
will contribute to accelerate the end-to-end solution business.
About Thomson
Thomson (Euronext Paris: 18453; NYSE: TMS) provides end-to-end
solutions (technologies, equipment and services) to the
entertainment industries. To advance and enable the digital
media transition, Thomson has four principal divisions: Content
and Networks, Consumer Products, Components, and Licensing. The
Company distributes its products under the Technicolor, Grass
Valley, THOMSON and RCA brand names. For more information:
www.thomson.net
As part of Thomson Digital Media Solutions division, the
Broadcast and Media Solutions activity delivers products and
solutions for broadcast and TV/Film professionals under its
Grass Valley brand. These open, integrated digital products that
work together along the entire digital video chain to support a
variety of workflows, from content capture and acquisition
through production, postproduction, and transmission. With a
proven track record in broadcast, including 17 Emmy(R) and
multiple industry awards, it offers an award-winning, robust
product portfolio that touches more high-quality content than
any other; product and systems expertise that has yielded
hundreds of patents and a number of industry standards; and
worldwide software engineering expertise and customer support
teams that are second to none.
For information about Grass Valley products from Thomson please
visit www.thomsongrassvalley.com.
About Matsushita Electric Industrial Co., Ltd. (Panasonic)
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand name, is a worldwide leader in the development
and manufacture of electronics products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated sales of US$61.7 billion for
the fiscal year ended March 31, 2003. Matsushita's shares are
listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York
(NYSE:MC), Pacific, Euronext Amsterdam, Euronext Paris,
Frankfurt, and Dusseldorf stock exchanges.
Panasonic AVC Networks Company is a unit of Matsushita Electric
Industrial Co. Ltd. The Company offers a wide variety of
innovative digital products for modern lifestyles, all built
around a "3D Value Chain" of core technologies, to include SD
Memory Card, DVD and Digital Television. Among the Company's
many popular offerings are cutting-edge DVD players and
recorders; LCD, direct-view, projection and plasma digital
televisions; and SD-enabled multimedia products.
For more information, please visit the Matsushita Web site at
http://www.panasonic.co.jp/global/top.html.
In a recent disclosure to the U.S. Securities and Exchange
Commission, the restructuring of Matsushita Electric Industrial
Co.'s businesses may not bring the improved efficiency, cost
reductions and growth that the Company aims for Under the Value
Creation 21 plan. Matsushita implemented various management
innovations and restructuring initiatives, such as: closing or
integrating its manufacturing bases in Japan and overseas;
reforming its consumer sales and distribution structure in
Japan; innovating manufacturing and R&DD (R&D and design); and
implementing employment restructuring initiatives.
CONTACT: Thomson (Press Contacts)
Severine Wemaere, +33 1. 41. 86 5037
Severine.wemaere@thomson.net
Financial Dynamics, +33 1 47 03 68 10
(Nina Mitz, Aurelie Gasnier)
nina.mitz@fd.com
Tom Bracken, 805-445-72-93
Tom.bracken@thomson.net
or
Panasonic (Press Contacts)
Bill Pritchard, 201-348-7182 (USA)
pritchardw@panasonic.com
Fax: 201-348-7579
Akira Kadota, 03-3578-1237 (Japan)
Fax: 03-5472-7608
or
Thomson Investor Relations
Pierre Villadary, +33 1.41.86.6888
pierre.villardary@thomson.net
NEC CORPORATION: Approves New Shares Issuance
---------------------------------------------
NEC Corporation approved the issue and offer for sale of new
shares at the meeting of Board of Directors held on November 21,
2003 as follows:
1. Offering of Newly Issued Shares
(1) Number of Shares to be Issued
250,000,000 shares of common stock
154,000,000 shares are to be offered in Japan and 96,000,000
shares are to be offered outside Japan. However, the definitive
number of shares to be offered in or outside Japan will be
determined on any date during the period beginning on Monday,
December 8, 2003, and ending on Wednesday, December 10, 2003
('Pricing Date') taking into account the demand for the shares.
(2) Issue Price
The Issue Price will be determined on the Pricing Date in
accordance with the method provided under Section 7-2 of the
Rules of Fair Practice Number 14 of the Japan Securities Dealers
Association.
(3) Portion of Issue Price not to be Accounted to Stated Capital
The amount obtained by subtracting the amount accounted to
stated capital from the issue price determined in accordance
with the method provided in (2) above. The amount accounted to
stated capital shall be a half of the Issue Price, with any
fraction less than a yen resulting from the calculation being
rounded to a full yen.
(4) Offering Price
The Offering Price shall be determined on the Pricing Date,
taking into account the market demand for the shares and shall
be determined by the closing price of our common stock (with any
fraction less than a yen being rounded to zero) on the Tokyo
Stock Exchange, Inc., on the Pricing Date multiplied by 90 to
100 basis points. (If the Tokyo Stock Exchange, Inc. does not
provide a closing pricing on the Pricing Date, the closing price
provided on the business day immediately preceding the Pricing
Date shall be used.)
(5) Offering Method
Shares will be offered simultaneously in Japan and overseas.
(i) Japanese Offering
Shares shall be publicly offered and shall be jointly
underwritten by the Japanese underwriters.
(ii) International Offering
Shares shall be offered in overseas markets, and shall be
severally
underwritten by the international managers.
(6) Fees to Underwriters
Underwriters shall purchase the shares at the Issue Price
and sell the shares at the Offering Price in each offering. The
difference between the Issue Price and the Offering Price shall
be their underwriting fees. The Company shall not pay any
separate underwriting fees.
(7) Subscription Period (in Japanese Offering)
The Subscription Period in the Japanese Offering shall be
from Thursday, December 11, 2003, to Monday, December 15, 2003.
Such period is subject to change based on market demand. The
earliest Subscription Period shall be from Tuesday, December 9,
2003, to Thursday, December 11, 2003.
(8) Payment Date
The Payment Date shall be any date during the period
beginning on Tuesday, December 16, 2003, and ending on Thursday,
December 18, 2003. As stated in (7) above, the Subscription
Period may be changed to an earlier period. The earliest Payment
Date shall be Tuesday, December 16, 2003.
(9) Stock Certificate Delivery Date
Stock Certificate Delivery Date shall be any date during the
period beginning on Wednesday, December 17, 2003, and ending on
Friday, December 19, 2003. As stated in (7) above, the
Subscription Period may be changed to an earlier period. The
earliest Stock Certificate Delivery Date shall be Wednesday,
December 17, 2003.
(10) Initial Date for Dividend Accrual
Wednesday, October 1, 2003
(11) Unit of Shares for Offering
1,000 shares
(12) The Japanese Offering is subject to the effectiveness of
the Securities Registration Statement under the Securities and
Exchange Law of Japan.
2. Secondary Offering of Shares (upon Exercise of Over-Allotment
Option)
(1) Number of Shares to be Sold
23,000,000 shares of common stock
The number of shares mentioned above indicates the maximum
number to be sold, and the actual number of shares to be sold
shall be determined on the
Pricing Date provided in 1.(2) above, taking into account
the market demand in the Japanese Offering. Part or all of such
sales may not be made in certain cases, depending on the market
demand in the Japanese Offering.
(2) Sales Price
The Sales Price shall be the same as the Offering Price of
offering of newly issued shares as mentioned in 1.(4) above.
(3) Selling Method
The representative of the Japanese underwriters shall,
taking into account the market demand in the Japanese Offering
of newly issued shares as mentioned in 1. above, additionally
make a secondary offering of the shares of up to 23,000,000 that
such representative plans to borrow from the shareholders of the
Company.
(4) Selling Period
The Selling Period shall be the same as the Subscription
Period (in the Japanese Offering) for newly issued shares as
mentioned in 1.(7) above.
(5) Stock Certificate Delivery Date
Stock Certificate Delivery Date shall be the same as Stock
Certificate Delivery Date in the offering of newly issued shares
as mentioned in 1.(9) above.
(6) Unit of Shares for Secondary Offering
1,000 shares
(7) The Secondary Offering is subject to the effectiveness of
the Securities Registration Statement under the Securities and
Exchange Law of Japan. The Secondary Offering shall be suspended
upon the suspension of offering of newly issued shares mentioned
in 1. above.
3. Issue of New Shares by Allocation to Third Party (Capital
Increase by Allocation of New Shares to Third Party in
connection with the Secondary Offering Mentioned in 2. above)
(1) Number of Shares to be Issued
23,000,000 shares of common stock
(2) Issue Price
Issue Price shall be the same as Issue Price of offering of
newly issued shares as mentioned in 1.(2) above.
(3) Portion of Issue Price not to be Accounted to Stated Capital
A portion of the Issue Price not to be accounted to stated
capital shall be the same as a portion of the Issue Price not to
be accounted to stated capital of offering of the newly issued
shares as mentioned in 1.(3) above.
(4) Subscription Period
Friday, January 16, 2004
(5) Payment Date
Monday, January 19, 2004
(6) Stock Certificate Delivery Date
Tuesday, January 20, 2004
(7) Allocation and Number of Shares
23,000,000 shares
(8) Initial Date for Dividend Accural
Wednesday, October 1, 2003
(9) Unit of Shares for Offering
1,000 shares
(10) Shares that were not subscribed within the Subscription
Period mentioned in (4) above shall not be issued.
(11) The issue of new shares by allocation to a third party is
subject to the effectiveness of the Securities Registration
Statement under the Securities and Exchange Law of Japan. The
issue of new shares by allocation to a third party shall be
suspended upon the suspension of offering of newly issued shares
mentioned in 1. above.
This press release does not represent an offer of securities for
sale in the U.S. The offer and sale of securities issued by the
Company are not permitted in the U.S., other than in cases where
the securities have been registered under the U.S. Securities
Act of 1933 or have been exempted from the registration
requirement.
NEC CORPORATION: CreditWatch Positive on News of Share Issue
------------------------------------------------------------
Standard & Poor's Ratings Services on Friday placed its 'BBB-'
long-term and 'A-3' short-term credit ratings on NEC Corporation
on CreditWatch with positive implications, following the
announcement by the Company that it will make a new issue of
common stock.
"NEC's capital structure is expected to improve significantly if
the Company succeeds in raising about 200 billion yen through
the issue, and consequently accelerates capital reinforcement
and debt reductions," said Standard & Poor's credit analyst
Fusako Nagao.
NEC's total equity was 749 billion yen, including 98 billion yen
in preferred securities, at September 30, 2003. The Company
plans to allocate the financed capital to investments, as part
of its growth strategy, and to debt reductions. The CreditWatch
placement will be resolved following an examination of the
results of the issuance and the medium to long-term performance
and financial strategy of the Company.
SANRIO CO.: Posts 1H03 Y2.89B Net Profit
----------------------------------------
Character good maker Sanrio Co. incurred a net profit of 2.89
billion yen in the first half ended September 30, versus a net
loss of 13.26 billion yen a year earlier, due to cost-cutting
efforts and a lack of massive one-off losses it incurred a year
earlier resulting from stock sales, Kyodo News reported on
Saturday.
Sanrio Co.'s losses from management and sales of securities in
the year ending in March 31 increased to 16.5 billion yen
(US$141.4 million), TCR-AP reported recently. To cope with large
losses, Sanrio will implement a capital reduction and forego a
dividend payout for the first time in five years. President
Shintaro Tsuji announced in October 2002 that the Company
planned to withdraw from equity investment, which it has pursued
for about 40 years.
=========
K O R E A
=========
HANARO TELECOM: Receives US$600M Syndicated Loans
-------------------------------------------------
Hanaro Telecom succeeded in inducing US$600 million worth
syndicated loans, the Maeil Business Newspaper reports. The
Company will receive the loans from JP Morgan, DBS, Korea
Development Bank and Korea Exchange Bank. The loan will have a
five-year maturity period on cover rates of 6.44 percent.
Hanaro recently implemented US$500 million worth of paid capital
increase and has secured a total $1.1 billion in funds, which
will be used to reduce its debts.
HANARO TELECOM: Samil Accounting Issues Audit Report
----------------------------------------------------
Samil Accounting Corporation have reviewed the accompanying non-
consolidated balance sheet of Kookmin Bank as of September 30,
2003, the related non-consolidated statements of operations and
cash flows for the three-month and nine-month periods ended
September 30, 2003, and statement of operations for the nine-
month period ended September 30, 2002, expressed in Korean Won.
These financial statements are the responsibility of the Bank's
management. The Company's responsibility is to issue a report on
these financial statements based on its review. We have not
performed a review of the statement of operations of the Bank
for the three-month period ended September 30, 2002 presented
herein for comparative purposes.
In a filing to the Securities and Exchange Commission, Samil
conducted its review in accordance with the quarterly and semi-
annual review standards established by the Securities and
Futures Commission of the Republic of Korea. These standards
require that we plan and perform the review to obtain moderate
assurance as to whether the financial statements are free of
material misstatement. A review is limited primarily to
inquiries of the Bank's personnel and analytical procedures
applied to financial data and thus provides less assurance than
an audit. We have not performed an audit and, accordingly, we do
not express an audit opinion.
Based on reviews, nothing has come to our attention that causes
us to believe that the accompanying non-consolidated financial
statements are not presented fairly, in all material respects,
in accordance with financial accounting standards generally
accepted in the Republic of Korea.
Samil previously audited in accordance with auditing standards
generally accepted in the Republic of Korea, the non-
consolidated balance sheet as of December 31, 2002, and the
related non-consolidated statement of operations, appropriations
of retained earnings, and of cash flows for the year then ended,
not presented herein, and in Samil's report dated February 7,
2003, we expressed an unqualified opinion on those non-
consolidated financial statements. In Samil's opinion, except
for the restatement made pursuant to the provisions under
Statement of Korean Financial Accounting Standards No. 6, the
balance sheet as of December 31, 2002 provided herein for
comparative purposes does not differ, in all material respects,
from the balance sheet from which it has been derived.
As discussed in Note 2 to the accompanying non-consolidated
financial statements, as of December 2002, the Bank changed the
rates for determining the allowances for losses from consumer
loans and credit card loans, in anticipation of the increasing
risk of loan losses due to the increase in consumer loans and
credit card loans, as follows:
Allowance Rates
after Changes
Credit Risk Allowance Rates Consumer Credit Cards
Classification before Changes
Normal 0.50 % 0.75 % 1.00 %
Precautionary 2.00 % 8.00 % 12.00 %
Sub-standard 20.00 % 20.00 % 20.00 %
Doubtful 50.00 % 55.00 % 60.00 %
Estimated loss 100.00 % 100.00 % 100.00 %
As a result of the above change, the Bank's allowances for loan
losses as of September 30, 2003 are increased by (Won) 326,451
million for consumer loans and (Won) 381,300 million for credit
card loans compared to the amounts, that which would have been
recorded under the previous rates.
As discussed in Note 33 to the accompanying non-consolidated
financial statements, on May 30, 2003, the Bank obtained
approval from the Board of Directors to enter into a merger
agreement with Kookmin Credit Card Co., Ltd. (the "Subsidiary),
its majority-owned subsidiary. According to the resolution of
the Board of Directors, the Bank merged with the Subsidiary on
September 30, 2003. The merger was effected through an exchange
of shares with the shareholders of the Subsidiary as of July 24,
2003, besides the Bank, receiving 0.442983 share of the Bank's
common stock for each share of the Subsidiary. The total assets
and liabilities of the Subsidiary as of September 30, 2003 are
(Won) 10,595,409 million and (Won)9,391,897 million,
respectively.
As discussed in Note 17 to the accompanying non-consolidated
financial statements, the Bank sold to Sun Capital Inc., 65.43
percent of its 85.43 percent investment in, and (Won) 172,024
million of its loans to, Alpha Capital Corp., for (Won)145,000
million on August 30, 2002. The Bank also sold an additional
5.03 percent of its investment in Alpha Capital Corp. to Sun
Capital Inc. for (Won) 900 million on October 28, 2002.
As discussed in Note 17 to the accompanying non-consolidated
financial statements, the Bank sold its 87.00 percent investment
in Kookmin Investment Trust Management Co., Ltd. to Morgan
Stanley Private Equity (the M&A private funds led by Morgan
Stanley Global Emerging Markets Inc. and affiliated funds) on
May 29, 2002 and sold its 88.66 percent investment in Kookmin
Leasing Co., Ltd. to Sun Capital Inc. on December 27, 2002.
As discussed in Note 4 to the accompanying non-consolidated
financial statements, KB Investment Co., Ltd., Frontier
Investment Co., Ltd., and Kookmin Investment Co., Ltd. were all
previously subsidiaries of the Bank. To avoid duplicate
investments, KB Investment Co., Ltd. merged with Frontier
Investment Co., Ltd. and Kookmin Investment Co., Ltd. on
December 31, 2001 and June 27, 2002, respectively.
As discussed in Note 17 to the accompanying non-consolidated
financial statements, the operations of the Bank may be directly
or indirectly affected by the generally unstable economic
conditions, and the impact of the implementation of structural
reforms in the Republic of Korea. As of September 30, 2003, the
Bank's total exposure (including debt securities, beneficiary
certificates, and loans) to domestic credit card companies and
capital companies amount to (Won) 3,204,091 million. Currently,
securities issued by credit card companies and capital
companies, which are experiencing liquidity problems, are not
widely traded in the bond market. The ultimate effect of these
circumstances on the financial position of the Bank as of the
balance sheet date cannot be presently determined, and
accordingly, no adjustments related to such uncertainties have
been recorded in the accompanying non-consolidated financial
statements.
Accounting principles and review standards and their application
in practice vary among countries. The accompanying financial
statements are not intended to present the financial position,
results of operations and cash flows in conformity with
accounting principles and practices generally accepted in
countries and jurisdictions other than the Republic of Korea. In
addition, the procedures and practices used in the Republic of
Korea to review such financial statements may differ from those
generally accepted and applied in other countries. Accordingly,
this report and the accompanying non-consolidated financial
statements are for use by those who are knowledgeable about
Korean accounting principles or review standards and their
application in practice.
This report is effective as of October 15, 2003, the review
report date. Certain subsequent events or circumstances, which
may occur between the review report date and the time of reading
this report, could have a material impact on the accompanying
non-consolidated financial statements and notes thereto.
Accordingly, the readers of the review report should understand
that there is a possibility that the above review report may
have to be revised to reflect the impact of such subsequent
events or circumstances, if any.
Samil Accounting Corporation
Kukje Center Building
191 Hankangro 2 ga, Yongsanku
Seoul 140-702, Korea
(Yongsan P.O. Box 225, 140-660)
HYNIX SEMICONDUCTOR: Starts Mass Production of DDR DRAM
-------------------------------------------------------
Hynix Semiconductor Inc. has started mass production of 256-
megabyte DDR DRAM (double data rate dynamic random access
memory), utilizing 0.11-micron technology, according to Yonhap
News. Hynix began to mass-produce 256MB DDR DRAM chips using
0.11-micron technology on November 1 after a series of sample
tests.
Hynix Semiconductor Inc. has filed a petition with the Court of
First Instance (CFI), protesting punitive tariffs imposed on its
chips by the European Union (EU), TCR-AP reported recently. The
chipmaker believes that it will be able to prove the EU's claims
that the South Korean government had subsidized the
semiconductor Company are groundless.
KOOKMIN BANK: Unveils 213 Pending Legal Actions
-----------------------------------------------
As of September 30, 2003, 213 pending legal actions with an
aggregate amount of damages of 114,113 million won have been
filed against Kookmin Bank and the Bank had also filed 152
lawsuits, which are still pending with an aggregate amount of
claims of 218,635 million won. Management believes that the
actions against the Bank are without merit and that the ultimate
liability, if any, will not materially affect the Bank's
financial position.
In a filing to the Securities and Exchange Commission, the Bank,
under the Mutual Savings & Finance Company Act, is liable for
the payment of the deposits of Orange Mutual Savings & Finance
Co., Ltd. (previously, Kookmin Mutual Savings & Finance Co.,
Ltd.) and Hansol Mutual Savings & Finance Co., Ltd. (previously,
Bukook Mutual Savings & Finance Co., Ltd.), previously the
Bank's subsidiaries but were sold during 1999, if they enter
into bankruptcy within three years of sale. Orange Mutual
Savings & Finance Co., Ltd. is currently undergoing bankruptcy
procedures due to the disapproval of its business by the
Financial Supervisory Commission. Korea Deposit Insurance
Corporation (KDIC) has paid for the deposit money subject to the
Depositor Protection Act. Despite the fact that Resolution and
Finance Corp. (a subsidiary of KDIC) has filed a lawsuit against
the Bank for the recovery of the repayment, such lawsuit is not
expected to cause losses that would materially affect the Bank's
financial position.
The Bank has entered into commitments to provide a credit line
of (Won) 4,819,100 million, and to purchase commercial paper
amounting to (Won) 1,621,000 million, with asset securitization
companies. Under these commitments, the Bank provides money, in
case of a temporary fund shortage, for the principal and
interest repayment of these companies' senior bonds within the
contracted term and amounts. As of September 30, 2003, loans
outstanding under the credit line commitment amounted to (Won)
33,924 million, and there is no balance for commercial papers
purchased under the purchase commitment. The Bank has arranged
various methods to compensate for losses on these credit line
commitments including payment guarantees, repurchase contracts,
surety certificate guarantees, and cash reserves. Also, a
reserve was recognized for the resulting expected losses
amounting to (Won) 69,396 million as other allowances (Note 14).
The Bank has an offshore loan commitment; limited to USD 12,367
thousand, and the loan balance under the commitment as of
September 30, 2003 is USD 4,323 thousand.
As of September 30, 2003, the Bank has an outstanding obligation
to repurchase and/or indemnify for losses on the loans and
securities sold to Kookmin 6th-ABS Specialty Co., Ltd. and
Jooeun 5th-ABS Specialty Co., Ltd. (collectively, "the SPEs)
with a ceiling of (Won) 72,000 million and (Won) 36,957 million,
respectively. A reserve was recognized for the resulting
expected losses amounting to (Won) 3,435 million as other
allowances ( Note 14).
Also, the Bank has an outstanding obligation to repurchase
and/or indemnify for losses on the loans sold to Kookmincard
1st-ABS Specialty Co., Ltd. and Kookmincard 14th-ABS Specialty
Co., Ltd. (collectively, "the SPEs) with a ceiling of (Won)
9,458 million and (Won) 33,001 million. No adjustments have been
made in the accompanying financial statements related to such
uncertainties.
As of September 30, 2003, post settlements on the loan sales
transaction with Korea Asset Management Corporation (KAMCO) have
been completed and the Bank has provided allowances of (Won)
1,014 million for losses from possible future repurchase of
loans from KAMCO under the repurchase agreement with a ceiling
of (Won) 5,280 million (Note 14).
The Bank sold to Sun Capital Inc., 65.43 percent of its 85.43
percent investment in, and (Won) 172,024 million of its loans
to, Alpha Capital Corp., for (Won) 145,000 million on August 30,
2002. The Bank also sold an additional 5.03 percent of its
investment in Alpha Capital Corp. to Sun Capital Inc. for (Won)
900 million on October 28, 2002.
The Bank sold its 87.00 percent investment in Kookmin Investment
Trust Management Co., Ltd. to Morgan Stanley Private Equity (the
M&A private funds led by Morgan Stanley Global Emerging Markets
Inc. and affiliated funds) on May 29, 2002 and sold its 88.66
percent investment in Kookmin Leasing Co., Ltd. to Sun Capital
Inc. on December 27, 2002.
LG CARD: Suspends Cash Advance Service on Short Liquidity
---------------------------------------------------------
LG Card Co. suspended its cash advance service on Saturday for
the second time amid rumors of a liquidity crisis, according to
Asia Pulse. Unless it gets fresh loans from creditor banks, LG
Card will have to continue the suspension until this week.
LG Card, which has 14 million users, plunged into a liquidity
crisis because of a huge amount of unpaid card bills which
contributed to a record cumulative loss of over 4 trillion won
between April and September.
LG CARD: Wins $1.67B Rescue From Creditors
------------------------------------------
Creditors of the cash-strapped LG Card Co. will offer 2 trillion
won (US$1.67 billion) in emergency loans to bail out South
Korea's largest credit card service provider, Asia Pulse
reports. Officials close to the talks said the Woori Bank and
seven other major creditors had reached an understanding on
providing the emergency loan based on the pledge made by LG
Group Friday.
Creditors also concurred on pushing back the due date on the
card Company's debts by one year. LG Card will have to pay an
annual interest rate of 7.5 percent for the emergency loan.
SK CORPORATION: Plans to Dismiss Three Directors
------------------------------------------------
Sovereign Asset Management, the Monaco-based investment fund, is
asking South Korean minority shareholders to support its bid to
oust three directors of SK Corporation including SK Corporation
Chairman Chey Tae-won, the oil refiner embroiled in a multi-
billion dollar accounting fraud at one of its affiliates, the
Financial Times said on Friday.
The three directors targeted by Sovereign were found guilty in
June of helping to conceal at least 4.4 trillion won (US$3.7
billion) of losses at SK Networks, the trading Company formerly
known as SK Global.
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Proposed Workout Scheme Application Submitted
----------------------------------------------------------------
On behalf of the Board of Directors of Actacorp Holdings Berhad,
PM Securities Sdn Bhd (PM Securities), wishes to announce that
AHB is now classified as an affected listed issuer pursuant to
paragraph 2.1 of Practice Note No.10/2001 (PN/10) under the KLSE
Listing Requirements as AHB has triggered the criteria as set
out in paragraph 2.1 of PN/10, i.e. AHB has an insignificant
business or operations which generated a revenue on a
consolidated basis of RM512,111 which represents less than 5% of
the issued and paid-up capital of AHB of RM37,720,821 comprising
37,720,821 ordinary shares of RM1.00 each based on its latest
audited accounts for the financial year ended 30 June 2003.
As such, AHB is required to implement a detailed proposal to
ensure an adequate level of operations which would warrant
continued trading and/or listing on the Official List pursuant
to the obligations to be complied with under PN/10.
As announced on 26 February 2001, AHB is also an affected listed
issuer pursuant to Practice Note 4/2001 (PN/4) under the KLSE
Listing Requirements. As AHB is required to strictly comply with
the provisions of PN/4, particularly the timeframe prescribed
therein for the regularization of its financial condition, the
time frames stipulated under PN/10 for AHB to regularize its
level of operations would not be applicable to the Company. On
27 December 2002 and 26 September 2003, PM Securities, on behalf
of AHB, announced a restructuring proposal (Proposed
Restructuring Scheme) with the objective to regularize the
financial condition of AHB group. In addition, AHB's
regularization plan pursuant to PN/4 should simultaneously
rectify AHB's level of operations to warrant continued trading
and/or listing on the Official List, thus meeting its
obligations as set out in PN/10.
As of todate, AHB had submitted the relevant applications in
relation to the Proposed Restructuring Scheme of AHB to the
Securities Commission and the other relevant authorities.
Further development on the status of the Proposed Restructuring
Scheme will be announced in due course
ANCOM BERHAD: Proposes New Shareholders' Mandate Renewal
--------------------------------------------------------
Ancom Berhad wishes to announce that at its 34th Annual General
Meeting (AGM) held on Friday, the shareholders of the Company
duly passed all the Resolutions, as contained in the Notice of
AGM dated 30 October 2003.
Ancom also wishes to announce that at the Extraordinary General
Meeting (EGM) held immediately after the AGM, the shareholders
of the Company duly passed the Resolutions in relation to the
following matters:
1. Proposed renewal of mandate for the Company's Share Buy-
back; and
2. Proposed renewal and proposed new shareholders' mandate
for recurrent related party transactions of a revenue or trading
nature.
AYER HITAM: 25th AGM Scheduled on December 16
--------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad hereby announce that the Twenty-Fifth Annual General
Meeting of the Company will be held at Alamanda Room, Second
Floor, Dorsett Regency Hotel, 172, Jalan Imbi, 55100 Kuala
Lumpur on Tuesday, 16 December 2003 at 10:00 a.m.
The full text of the notice can be seen at
http://bankrupt.com/misc/Ayer1125.doc.
BUKIT KATIL: Answers KLSE's Winding Up Petition Query
------------------------------------------------------
Bukit Katil Resources Berhad, in response to a Query Letter by
KLSE reference ID: HY-031120-34052 on Winding Up Petition,
wishes to announce that a winding-up petition under Section
218(2) of the Companies Act, 1965 by OCBC Bank (M) Berhad was
presented on 6 October 2003 and was served on BKATIL on 14
November 2003.
The winding-up petition was due to the claims by OCBC Bank (M)
Berhad on credit facilities granted to its wholly owned
subsidiary Omega Bricks Sdn Bhd secured by tangible assets in
the form of factory building, land, plant and machinery valued
at approximately RM13 million. BKATIL had stood as corporate
guarantor for the said facilities.
The claim under the winding-up petition is for RM5,860,993.59 as
of 31 July 2003. The facilities carry an interest rate of 7% to
7.75% per annum.
The default arose as a result of the non-payment of principal
installments and interest amount. OCBC Bank (M) Berhad has as a
result obtained judgment against Omega Bricks Sdn Bhd and the
Company on 29 November 2002.
The Board of Directors of BKATIL is of the opinion that there
would be no financial and operational impact.
The Board of Directors of BKATIL is also of the opinion that
there will be no further losses upon settlement.
Currently, the Board of Directors of BKATIL has been having
ongoing discussion with other financial and private institution
to raise the alternative funding to fully settle all claims.
The arrangements are now in its final stage and a resolution is
expected soon.
Query Letter content :
We refer to the advertisement on winding up petition appearing
on page 50 of The Star on Thursday, 20 November 2003, a copy of
which is enclosed for your reference. In this connection, kindly
furnish the Exchange with the following additional information
immediately for public release:
The date of the presentation of the winding-up petition and
the date the winding-up petition was served;
The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;
The details of the default or circumstances leading to the
filing of the winding-up petition;
The financial and operational impact of the winding-up
proceedings;
The expected losses, if any arise from the winding-up
proceedings;
The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;
A statement whether the Company is solvent i.e. that no
contingent or other liability has become or is likely to become
enforceable within the period of twelve(12) months from the date
thereof which will or may affect the ability of the Group or the
Company to meet their obligations as and when they fall due;
An undertaking to provide to the Exchange a solvency
declaration executed by the directors of the Company within
seven (7) days (where such declaration can be made).
Please note that the board must endorse the contents of the
announcement
of directors of the Company.
Yours faithfully,
INDERJIT SINGH
Sector Head
Issues & Listing
ASL/THY
Copy to : Securities Commission (via fax)
CSM CORPORATION: Books Q303 Operating Profit of RM3.276M
--------------------------------------------------------
CSM Corporation Berhad posted its quarterly report for the
financial period ended 30 September 2003. Below is the review of
the performance of the Company and its principal subsidiaries:
The Group recorded an operating profit of RM3.276 million in the
current financial year to-date as compared with an operating
profit of RM20.523 million in the preceding year corresponding
period. The lower operating profit in the financial year to date
was mainly due to a lower contribution from its business source
of property rental income and inclusion of a gain on disposal of
property of RM17.2 million recorded in the preceding year
corresponding period.
Go to http://bankrupt.com/misc/CSM1125.docfor complete copy of
the quarterly report.
CSM CORPORATION: Provides Financial Assistance
----------------------------------------------
The Board of Directors of CSM Corporation Berhad wishes to make
this announcement pursuant to paragraph 3.0 of the Practice Note
No. 11/2001 which is to be read in conjunction with paragraph
8.23(1)(ii) of the Kuala Lumpur Stock Exchange Listing
Requirements.
Accordingly, enclosed herewith is the information on financial
assistance rendered by CSM, at
http://bankrupt.com/misc/CSM1125a.doc.
DENKO INDUSTRIAL: Unit Obtains Additional Banking Facilities
------------------------------------------------------------
Denko wishes to announce that Teknik Datasaab Sdn Bhd, a 51%
owned subsidiary company of Denko has obtained additional
banking facilities granted by Bumiputra Commerce Bank Berhad for
working capital purposes.
Type of facility Existing Limit (RM) New Limit (RM)
Overdraft 550,000.00
1,000,000.00
Term Loan -
652,000.00
Multi-Option Line comprising
letters of credit, trust
receipts and bank guarantee
facilities 400,000.00 1,000,000.00
Non of the directors, substantial shareholders and persons
connected with directors and substantial shareholders has any
interests, whether direct or indirect, in the above transaction.
EMICO HOLDINGS: Seeks Proposals Implementation Time Extension
-------------------------------------------------------------
Emico Holdings Berhad refers to the announcement 23 July 2003 in
relation to the Proposals comprising:
-Proposed Debt Restructuring Scheme;
-Proposed Rights Issue; and
-Proposed ESOS.
Affin Merchant Bank Berhad (Affin Merchant), on behalf of Emico,
wishes to announce that the Company has submitted an application
for an extension of time to the Securities Commission on 21
November 2003 to extend the deadline to complete the
implementation of the Proposals from 24 December 2003 to 24
March 2004.
The application was made to give more time for Emico to finalize
the necessary documentation required pursuant to the Proposals.
EPE POWER: Hires PwC as Independent Audit Firm
----------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 26
September 2003 in relation to the Proposed Capital Reduction,
Proposed Acquisitions, Proposed Debt Restructuring, Proposed
Rights Issue, and Proposed Increase In Authorized Share Capital.
On behalf of EPE, Commerce International Merchant Bankers Berhad
wishes to announce that Messrs. PricewaterhouseCoopers has been
appointed on 19 November 2003 as the independent audit firm to
conduct an investigative audit on the previous losses of the EPE
Group. The investigative audit is to be completed within six (6)
months from the date of such appointment, that is, by 18 May
2004 and appropriate announcements will be made on the findings
of the investigative audit.
FW INDUSTRIES: KLSE De-listing Securities by Dec 8
--------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Kuala Lumpur Stock Exchange in the exercise of its powers under
Paragraph 16.17 of the Exchange's Listing Requirements, has
decided to de-list the securities of FW from the Official List
of the Exchange as FW Industries Berhad does not have an
adequate level of financial condition to warrant continued
listing on the Official List of the Exchange.
Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9:00 am on Monday, 8 December 2003.
With respect to the securities of FW, which are currently
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
the securities may remain deposited with the MCD notwithstanding
the de-listing of the securities from the Official List of the
Exchange. It is not mandatory for the securities of a company,
which has been de-listed to be withdrawn from MCD.
Alternatively, shareholders of FW who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System (CDS)
accounts maintained with the MCD at anytime after the securities
of FW has been de-listed from the Official List of the KLSE.
This can be effected by the shareholders submitting an
application form for withdrawal in accordance with the
procedures prescribed by MCD. These shareholders can contact any
Member Company of the Exchange and/or MCD's helpline at 03-
20717711 or 03-20717723 for further information on the
withdrawal procedures.
HIAP AIK: ICULS Default Status Remains Unchanged
------------------------------------------------
Further to the announcement made on 15 October 2003 pertaining
to the default in payment in relation to Practice Note No.
1/2001, Hiap Aik Construction Berhad (Special Administrators
Appointed) announced that there is no change to the status in
respect of the default in payment in registered holders of 8%
Irredeemable Convertible Unsecured Loan Stocks 2001/2006.
HOTLINE FURNITURE: AAC Resigns as Investigative Auditor
-------------------------------------------------------
Reference is made to the announcement made by Public Merchant
Bank Berhad on behalf of the Board of Directors of Hotline
Furniture Berhad on 24 June 2003, wherein HFB had on 20 June
2003 appointed Messrs Anuarul Azizan Chew & Co (AAC) as the
independent investigative auditor (Investigative Auditor) to
carry out an investigative audit on the past losses of the HFB
Group pursuant to one of the conditions imposed by the
Securities Commission (SC) via its letter of approval for the
Proposed Restructuring Scheme dated 23 April 2003 (Approval
Letter).
Further thereto, AAC had on 13 November 2003, informed the Board
of Directors of HFB that they were unable to act as the
Investigative Auditor due to a conflict of interest situation.
Thereafter, AAC had resigned as the Investigative Auditor on 17
November 2003. In this respect, HFB had on 19 November 2003
appointed Messrs PKF (PKF) as the new Investigative Auditor to
carry out the investigative audit on the past losses of the HFB
Group.
In addition, the SC had also imposed a condition in the Approval
Letter that the investigative audit has to be completed within 6
months from the date of appointment of the Investigative
Auditor. In view of the appointment of PKF on 19 November 2003,
PKF will make an application to the SC to seek its kind
indulgence for an extension of time for the completion of the
investigative audit.
HOTLINE FURNITURE: Resolutions Passed at 9th AGM
------------------------------------------------
The Board of Directors of Hotline Furniture Berhad are pleased
to announce that the following businesses have been passed by
the shareholders at the Ninth Annual General Meeting of the
Company held on 21 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. Mr. Wong Tze Kong who retired in accordance with Article
80 of the Company's Articles of Association was re-elected to
the Board.
3. Messrs. Folks DFK & Co. be appointed as Auditors of the
Company in place of the retiring Auditors, Messrs. Horwath Mok &
Poon for the ensuing year and the Directors were authorized to
fix their remuneration.
MANGIUM INDUSTRIES: Narrows Q303 Loss to RM1.2M
-----------------------------------------------
Mangium Industries Berhad posted the quarterly report for the
financial period ended 30 September 2003. Below is an excerpt
from the said report:
The Group made a loss for the 3rd Quarter due to the lack of
contribution from its milling operations. Turnover of RM7.3
million in the current quarter was lower compared to RM8.3
million in the immediate preceding quarter.
The Group's loss before taxation of RM1.2 million in the current
quarter was lower compared to RM1.8 million for the immediate
preceding quarter ended 30.06.2003 due to better cost control
over its production and administration expenses.
Click http://bankrupt.com/misc/Mangium1125.xlsand
http://bankrupt.com/misc/Mangium1125.docfor full copy of the
quarterly report for the financial period ended 30 September
2003.
MANGIUM INDUSTRIES: Unit KPD Defaults on Bank Facilities
--------------------------------------------------------
Mangium Industries Bhd (MIB) (formerly known as Serisar
Industries Bhd) wishes to announce that its wholly owned
subsidiary, Kilang Papan Dasatu Sdn Bhd (KPD) has not paid, and
is deemed to have defaulted in its repayments on facilities
granted by Standard Chartered Bank Malaysia Berhad and Southern
Bank Berhad, which are unsecured. The details of the facilities
currently in default can be viewed at
http://bankrupt.com/misc/Mangium1125a.doc.
A) REASON FOR DEFAULT IN PAYMENTS
Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.
B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS
MIB is currently in negotiations with Standard Chartered Bank
Malaysia Berhad to normalize and regularize the
accounts/facilities and amounts due and owing to the bank.
C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS
The estimated total outstanding as at 31 October 2003, in
relation to the payments, which are in default and are the
subject matter of this announcement amounts to RM9,852,270.86.
Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.
D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER
Not applicable.
E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER
Not applicable.
F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE
The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, KPD, and as a result of their
default, the remaining facilities granted by other lenders to
KPD are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.
However, the lenders have refrained from serious legal action
other than those, which have been disclosed in the Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.
MBF HOLDINGS: Injunction Application Hearing Set on Nov 20
----------------------------------------------------------
MBf Holdings Berhad wishes to make the following announcement
for immediate public release:
a) On 8th November 2003, the Company commenced a suit via Kuala
Lumpur High Court Suit No. D5-22-1818-2003 against the following
Defendants:
1) Advent International Corporation (Advent)
2) Arab-Malaysian Capital Markets Group Sdn Bhd
3) Tay & Partners
4) MBF Cards (M'sia) Sdn Bhd (MBF Cards)
b) The Writ of Summons, the application for injunction and
affidavit in support thereof were served on the 2nd, 3rd
Defendants and MBF Cards, upon extraction of the relevant cause
papers on 17 November 2003. The Company has filed an application
for leave to serve the 1st Defendant out of jurisdiction.
c) The hearing for the Company's injunction application was
fixed for hearing on 20 November 2003. The said application
seeks to restrain the 1st and 2nd Defendants from invoking the
Drag Along Rights and exercising the Call Option under a
Shareholders Agreement, to restrain the 3rd Defendants from
releasing the Escrow Documents to the 1st and/or 2nd Defendants,
and to restrain MBF Cards from calling and/or enforcing the
Guarantee & Indemnity and Inter-Company Loan Agreements dated 29
November 2000 until further order.
Background
d) The registered owners of MBF Cards were MBf Asia Capital
Corporation Limited (MACCL) and MBf Capital Berhad in the ratio
of 68.38% and 31.62% respectively.
e) Pursuant to a Sale and Purchase Agreement (S & P) dated 28th
July 2000, the issued shares in MBF Cards were transferred to
parties in the following proportions:
The Company 51.00%
Defendant 1 37.45%
Defendant 2 11.55%
100.00%
f) The S&P was conditional upon inter alia the approval of the
Foreign Investment Committee (FIC). Upon Advent's application,
FIC approval was granted subject to the condition that the
Bumiputra equity in the Company be increased to 30% and the
foreign participation reduced to 30% respectively by 30 June
2003 (Residual Conditions). The Residual Conditions became an
implied term of the S&P.
g) A Shareholders Agreement (Shareholders Agreement) was also
executed simultaneously with the S&P on 28 July 2000. The
material terms of the Shareholders Agreement are:
i) Listing Provision
All parties were required to use all reasonable endeavors to
list MBF Cards and have its Shares quoted on a recognized stock
exchange by way of an initial public offer, a reverse takeover
of a listed company or reverse listing by swapping its Shares
with the shares of another listed company, within 3 years of the
Completion Date (i.e. 18 December 2003);
ii) Drag Along Rights
If MBF Cards is not listed within 3 years of the Completion
Date, the 1st and 2nd Defendants were purportedly entitled
within 2 years thereafter to require the Company to sell all its
Shares to a 3rd party together with the 1st and 2nd Defendants,
if they wish to sell their Shares. The right to require the
Company to sell its Shares would only arise if the Company
declined to purchase the Shares offered by the 1st and 2nd
Defendants in accordance with the pre-emption procedures for the
transfer of Shares.
iii) Call Option
MBF Cards granted the 1st and 2nd Defendants an option to
subscribe for an additional 2% Shares in the event the Drag
Along Rights were invoked but could not be implemented for
whatever reason.
Upon the exercise of the Call Option, the combine shareholding
of the 1st and 2nd Defendants would increase to 51% and the
Company's shareholding would be reduced to 49%. Management and
control of MBF Cards would then vest with 1st and 2nd
Defendants.
iv) Termination
The Agreement shall lapse and terminate when MBF Cards is listed
or if the S&P terminates or lapses in accordance with the
provisions therein.
h) On or about 28th November 2000, various Inter Company Loan
Agreements were executed in respect of loans granted by MBF
Cards. The Inter Company Loan Agreements provide that these
loans be fully repaid within 3 years from the date of the
agreements (i.e. 27 November 2003) or 2 months prior to the
agreed date of submission for application to the authorities for
listing and quotation on the Kuala Lumpur Stock Exchange (KLSE).
The Company pursuant to the Guarantee and Indemnity Agreement
guarantees these Inter Company Loans Agreements.
i) To facilitate the implementation of the Drag Along Rights
under the Shareholders Agreement, the 3rd Defendant was
appointed Escrow Agent to hold the share certificates relating
to the Company's 51% Shares (Escrow Shares) in MBF Cards, duly
executed transfer forms for the Escrow Shares and a Directors'
Resolution approving the transfer of the Escrow Shares
(collectively called the (Escrow Documents). The Escrow
Documents were to be released to the 1st Defendant upon notice
of the Drag Along Rights or to the Company as the case may be.
The Suit
j) The 1st and 2nd Defendants continue to own 49% of the equity
in MBF Cards. The Company contends that the 1st Defendant has
breached the implied terms of the S&P as the Residual Conditions
of FIC were not met by 30 June 2003. The conduct of 1st
Defendant inter alia in failing to sell-down to achieve the
requisite reduction in foreign participation amounts to a
repudiation of the S&P, which the Company has accepted.
Consequently, the Agreement has lapsed and terminated and is no
longer binding.
k) Nonetheless, the Company and MBF Cards have in good faith
used all reasonable endeavors to list MBF Cards and have its
Shares quoted on the KLSE.
l) Given the failure to comply with the Residual Conditions, an
application for the listing and quotation of the Shares will be
rejected by the Securities Commission ("SC") as the approval of
regulatory authorities and the fulfillment of the conditions
imposed by them is a pre-requisite for SC approval.
m) The Company contends that the non-fulfillment of the Residual
Conditions by the 1st Defendant was intended to achieve its
collateral purpose of taking over control and management of MBF
Cards by invoking the Drag Along Rights and subsequently to
exercise the Call Option for the additional 2% Shares.
n) Further, the Company contends that the 1st Defendant has
acted to stifle and frustrate the progress of the listing of MBF
Cards on the KLSE.
The Reliefs
o) The Company claims:
1) a) The Agreement has lapsed and terminated and is no longer
binding on the parties thereto;
Alternatively
b) Direction by the Court as to the manner in which the
Residual Conditions are to be met
2) a) a declaration that the Listing Provision, Drag Along
Rights and Call Option are void for uncertainty; or
Alternatively,
b) a merchant banker be appointed to have charge and conduct
of the listing and quotation of the Shares on the KLSE and other
bourses with liberty to apply;
3) a) a declaration that all rights and obligations of parties
under the Agreement be suspended until due compliance with the
Residual Conditions;
b) a declaration that Defendant 1 & 2 are not entitled to
invoke the Drag Along Rights and exercise the Call Option for a
period of 2 years after due compliance with the Residual
Conditions;
c) an order to restrain Defendants 1 & 2 whether by themselves
or through their servants or agents or otherwise howsoever from
invoking the Drag Along Rights and exercising the Call Option
under the Agreement;
d) a declaration that the Inter Company Loans be payable after 1
year of the Order made herein;
e) an order that Defendant 3 releases and delivers up the Escrow
Documents to the Plaintiff:
f) damages;
g) interest;
h) costs; and
i) such further or other orders as the Court deems fit and just.
The Injunction Application
p) The Company's injunction application was heard on 20 November
2003.
(i) The Company obtained an Ex-parte Injunction restraining the
1st Defendant from invoking the Drag Along Rights and the Call
Option pending hearing of the Inter-parte application as against
Advent on 10 December 2003.
(ii) The Company has obtained an ad interim injunction order
against the 2nd and 3rd Defendants and MBF Cards pending hearing
of the Inter-parte application for injunction on 15 January
2004. By virtue of the ad interim injunction, the 2nd Defendant
is restrained from invoking the Drag Along Rights and exercising
the Call Option, the 3rd Defendant from releasing the Escrow
Documents and MBF Cards from calling on the Guarantee and
Indemnity and the Inter Company Loans.
Financial Implication
q) In the event the Company is unsuccessful in the suit :-
(i) And 1st and 2nd Defendants exercise the Call Option, the
Company's shareholdings in MBF Cards will be diluted to 49%. The
possible dilution of the 2% Shares will result in a loss of
approximately RM0.8 million to the Company.
(ii) The Company will have to honor the repayment of the Inter
Company Loans.
MEDIA PRIMA: Proposes Corp, Debt Restructuring Scheme
-----------------------------------------------------
On behalf of Media Prima Berhad (MPB) AmMerchant Bank Berhad
(AmMerchant Bank) is pleased to announce that MPB Group, had
entered into the following agreements with the secured creditors
(Secured Creditors) and the Special Administrators (the SA) of
Metropolitan Television Sdn Bhd (MTV):
a. the restructuring and rescheduling of MTV's existing term
loan facilities (Restated & Rescheduled Term Loan Agreement);
b. option to convert MTV's term loan facilities into new
shares in MTV (Subscription Option Agreement);
c. Non-recourse unconditional guarantee by Merit Idea Sdn Bhd
(MISB) (Corporate Guarantee of MISB); and
d. Undertaking from MPB to maintain its shareholding in MISB
and MTV (MPB Shareholding Undertaking).
The above agreements represent the Proposed Debt Restructuring
of MTV (as set out below), which forms part of the Restructuring
Scheme undertaken by the SA. The agreements also represent the
remaining agreements for the implementation of the Restructuring
Scheme, in addition to the agreements for the proposed
recapitalisation as announced on 7 October 2003.
BACKGROUND OF MTV
MTV was incorporated on 14 August 1984 as a private limited
company. MTV had operated the terrestrial television channel
formerly known as Metrovision, but is currently inactive having
ceased operations in 1999.
MTV currently holds a nationwide Content Application Service
Provider (CASP) license to operate a television network. The
Restructuring Scheme envisages the rescue of MTV, thus
preserving MTV's broadcasting license.
MTV is currently a special administrator appointed company
pursuant to the Pengurusan Danaharta Nasional Berhad Act 1998
(Danaharta Act).
THE PROPOSED DEBT RESTRUCTURING
The Proposed Debt Restructuring of MTV involves the settlement
of the creditors of MTV, organized into the following classes:
i. Essential Creditors
Essential Creditors amounting to approximately RM1.28 million
comprising SA creditors and SA related creditors. The amount to
be settled for Essential Creditors shall consist of all expenses
incurred or to be incurred by Essential Creditors. Essential
Creditors shall be fully settled in cash and shall rank in
priority over all other classes of creditors.
ii. Preferential Creditors
Preferential Creditors amounting to approximately RM0.72 million
represents amounts owing to government authorities and will be
settled in cash over a period of two (2) years. The Preferential
Creditors rank below the Essential Creditors but above the
Secured and Unsecured Creditors, set out as follows.
iii. Secured Creditors
Secured Creditors amounting to approximately RM34.78 million
comprise creditors secured against assets of MTV. Full and final
settlement will be made to Secured Creditors at approximately
60% of the amount owing after debt waiver (the Restated Term
Loan) on a pro-rata basis as follows:
a. cash settlement of approximately RM1.0 million of the
Restated Term Loan; and
b. restructuring of the remaining Restated Term Loan into a
three-year secured term loan amounting to RM20.00 million. The
Restated Term Loan is guaranteed by MISB only with no recourse
on MPB.
The Secured Creditors shall rank below the Essential and
Preferential Creditors but above the Unsecured Creditors.
iv. Unsecured Creditors
All amounts owing to Unsecured Creditors amounting to
approximately RM5.61 million will be settled (final settlement)
via an option of two (2) methods of settlement: -
a. cash settlement of approximately 30% of amount owing on a
pro-rata basis over 5 years; or
b. conversion of amount owing into non-transferable airtime
services by way of a contra arrangement over a period of one (1)
year from the date of commencement of operations by MTV.
The Unsecured Creditors shall rank below all other creditors in
respect of the Proposed Debt Restructuring of MTV. MTV has
received indication that RM3.60 million of the unsecured
creditors has opted for the non-cash settlement via airtime.
The amount owing and the amount to be settled shall be subject
to a proof of debt exercise to be undertaken by the SA.
THE RESTRUCTURING SCHEME
The Proposed Debt Restructuring forms part of the Restructuring
Scheme of MTV, and is inter-conditional to the other components
of the Restructuring Scheme.
The Restructuring Scheme of MTV includes inter-alia a proposed
capital reduction and reconsolidation, proposed recapitalisation
(which was announced by MPB on 7 October 2003) and the
abovementioned Proposed Debt Restructuring.
The proposed capital reduction and reconsolidation of MTV
comprise the following:
i. A reduction of MTV's existing issued and paid-up share
capital of RM250,004 comprising 250,004 ordinary shares of
RM1.00 each into RM25,000 comprising 250,004 ordinary shares of
RM0.10 each via a capital reduction of RM0.90 for every existing
ordinary share of RM1.00 each, pursuant to Section 64 of the
Companies Act, 1965; and
ii. A capital consolidation of every ten (10) ordinary shares
of RM0.10 each in MTV into one (1) ordinary share of RM1.00 each
in MTV to be implemented upon completion of the capital
reduction exercise.
As announced on 7 October 2003, the proposed recapitalisation
involved the capital injection into MTV of RM10.00 million via
subscription by MISB (an 80% owned subsidiary of MPB) of
5,000,000 new ordinary shares of MTV of RM1.00 each and the
provision of RM5.00 million subordinated advances by MPB to MTV.
As part of the Restructuring Scheme, MPB had acquired 80% equity
interest in MISB from Intact Media Sdn Bhd at a consideration of
approximately RM3.6 million.
Pursuant to the completion of the proposed recapitalisation, MPB
now owns an effective equity interest of 80% in MTV. It is
intended that MTV will be used as the vehicle to establish a new
television network.
PROFORMA EFFECTS OF THE RESTRUCTING SCHEME
A. Share Capital
The Restructuring Scheme will not have any effect on the share
capital of MPB.
B. Shareholding Structure
The Restructuring Scheme will not have any effect on the
shareholding structure of MPB.
C. NTA
Please refer to Appendix A at
http://bankrupt.com/misc/Media1125.doc.
D. Earnings
Barring unforeseen circumstances, the Restructuring Scheme is
expected to have a positive effect over the medium term on the
earnings and earnings per share of the MPB group as it entails
the rescue of an ailing company whose debts/liabilities have
been restructured with strong earnings potential.
E. Dividends
The Restructuring Scheme will not have any effect on the
dividend policy of MPB.
6. APPROVALS AND CONDITIONS
The Proposed Debt Restructuring is subject to the following
approvals/conditions:
A. The approval of the Restructuring Scheme formulated by the SA
of MTV in accordance with the provisions of the Danaharta Act;
B. The approval of the Secured Creditors in respect of the
Restructuring Scheme formulated by the SA of MTV in relation to
the Restructuring Scheme, if required; and
C. Any other approvals by relevant authorities, if necessary.
All of the above approvals/conditions precedent in respect of
the Restructuring Scheme have been met.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the directors and major shareholders of MPB are
interested in the Proposed Debt Restructuring or the
Restructuring Scheme.
RECOMMENDATION OF THE BOARD OF DIRECTORS
The Board of Directors of MPB, having reviewed the Proposed Debt
Restructuring and the Restructuring Scheme, are of the view that
the Proposed Debt Restructuring and the Restructuring Scheme is
in the best interest of MPB.
DEPARTURE FROM THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES
There are no departures from the Securities Commission's
Policies and Guidelines on Issue/Offer of Securities.
NCK CORPORATION: Court Adjourns Hearing in February
--------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) refers
to the announcement made on 20 November 2002 pertaining to the
Proposed Restructuring Scheme (Proposed Scheme).
On 4 November 2003, Encik Abu Kassim bin Haji Alias, one of the
potential Bumiputera investors in relation to the special issue,
which forms part of the Proposed Scheme, filed a Writ of Summons
(no. D1-22-1787-2003) dated 4 November 2003, Statement of Claim
dated 31 October 2003 and Summons in Chambers dated 4 November
2003 in the High Court of Malaya at Kuala Lumpur against both
APB Resources Berhad (formerly known as Lamquest Holdings Berhad
and previously known as Kekal Sepakat Berhad) (APB) and Alliance
Merchant Bank Berhad (Alliance), being the white knight and the
previous Adviser (withdrawn as Adviser with effect from 31
October 2003) respectively in respect of the Proposed Scheme of
NCK. Briefly, the orders sought in the Summons in Chambers dated
4 November 2003 are as follows:
1. an injunction to restrain both APB and Alliance from
terminating and/or reducing the quantum of the special issue;
and
2. an injunction to restrain both APB and/or Alliance from
continuing to and/or implementing by amending the Proposed
Scheme of NCK.
The High Court has fixed 11 November 2003 for the hearing of the
Summons in Chambers dated 4 November 2003. The hearing was
subsequently adjourned from the earlier date fixed to 26
February 2004.
NCK CORPORATION: Posts 18th AGM Notice
--------------------------------------
Notice is hereby given that the Eighteenth Annual General
Meeting of NCK Corporation Berhad (Special Administrators
Appointed) will be held at Cempaka Room, Mezzanine Floor,
Equatorial Hotel, Jalan Sultan Ismail, 50250 Kuala Lumpur on
Wednesday, 17 December 2003 at 10:00 a.m. to transact the
following businesses:
AGENDA
ORDINARY BUSINESS
1. To receive and adopt the Audited Financial Statements of the
Company for the financial year ended 30 June 2003 and the
Reports of the Directors and Auditors thereon. (Resolution 1)
2. To re-elect the following Directors retiring in accordance
with Article 99 of the Articles of Association of the Company:
a) Mr Yap Tat Meng (Resolution 2)
b) Mdm Yong Shin Ming (Resolution 3)
3. To consider and if thought fit, to pass the following
resolution pursuant to Section 129(6) of the Companies Act,
1965:
"THAT Mr Ng Choo Kwan who is over the age of seventy (70) years
and retiring in accordance with Section 129(2) of the Companies
Act, 1965 be and is hereby re-elected a Director of the Company
and to hold office until the conclusion of the next Annual
General Meeting." (Resolution 4)
4. To re-appoint Messrs Ong Boon Bah & Co. as the Company's
Auditors and to authorize the Directors to fix their
remuneration. (Resolution 5)
OCEAN CAPITAL: Proposals Applications to Relevant Authorities
-------------------------------------------------------------
Further to the earlier announcement dated 19 November 2003 in
relation to the Proposals, involving Proposed Corporate
Restructuring Exercise and Proposed Private Placement.
Hwang-DBS Securities Berhad wishes to announce on behalf of the
Board of Ocean Capital Berhad that the applications to the
Securities Commission and other relevant authorities in respect
of the Proposals have been submitted on 21 November 2003.
PILECON ENGINEERING; Court Extends Restraining Order Period
-----------------------------------------------------------
Pilecon Engineering Berhad refers to Restraining Order and the
announcement dated 19 May 2003 wherein, inter-alia, the Kuala
Lumpur High Court (Court) has, pursuant to Section 176(10) of
the Companies Act, 1965 granted an order for a further extension
of time to the restraining order (Restraining Order) from which
will lapse on 30 November 2003.
Pursuant to the above, Alliance Merchant Bank Berhad, on behalf
of the Board of Directors of Pilecon, wishes to announce that
the Court has granted an order for an extension of time to the
Restraining Order for a period of 120 days from 30 November 2003
to 29 March 2004. The Court has further ordered that,
conditional upon the filing of a petition for the sanction of
the proposed scheme of arrangement between Pilecon and its
Unsecured Creditors (hereinafter referred to as the "Pilecon
Scheme") on or before 31 March 2004, the Restraining Order shall
then be extended from 30 November 2003 until the date of the
order of the said petition for sanction of the Pilecon Scheme.
REKAPACIFIC BERHAD: In Winding-Up Petition Settlement Talks
-----------------------------------------------------------
On 19 November 2003, Rekapacific Berhad's subsidiary,
RekaPacific Builders Sdn Bhd, was served with a Winding-up
Petition pursuant to Section 218 of the Companies Act 1965 by
Sri Keluarga Sdn. Bhd (the Petitioner).
The Petition relates to a judgment of the Kuala Lumpur Sessions
Court in the sum of RM102,536.25 together with interest of
RM44,432.37 and cost of RM1,620.00. The judgment was granted to
the Petitioner in respect of sums due under a construction
agreement.
RekaPacific Builders and the Petitioner are presently in
negotiations to settle the matter.
UNIPHOENIX CORPORATION: Dec 18 AGM Set
--------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad wishes
to announce that the Fourteenth Annual General Meeting of the
Company will be held at Raya Room, Mezzanine Floor, Hotel
Equatorial, Jalan Sultan Ismail, 50250 Kuala Lumpur on Thursday,
18 December 2003 at 10:30 a.m.
Click http://bankrupt.com/misc/UCB1125.docfor Notice of the
said meeting.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: ERC Approves Third Phase of Refund
---------------------------------------------------
The Energy Regulatory Commission (ERC) has approved the third
phase of the Meralco refund based on the recommendation of its
Regulatory Operations Service (ROS), ERC said in a statement.
The new order instructs Meralco to complete the third phase of
the refund scheme within six months starting in January 2004.
The period of refund is 18 months shorter and starts four months
earlier than Meralco's proposal.
"Meralco is expected to complete phase 2 of its refund scheme in
December this year. There is no reason why it cannot initiate
the third phase in January next year," ERC Chairman Manuel R.
Sanchez said.
The Commission further disagreed with the electric distribution
utility's plan to refund customers only through billing credits.
"The third phase also involves residential customers just like
the first two phases. We cannot allow Meralco to restrict their
options in collecting the amount due them," the ERC chief
stressed.
ERC orders Meralco to give its customers the option of receiving
the refund either in cash or through billing credits.
The third phase of the refund will amount to P4.914 billion and
will cover 823,000 residential customers that have a monthly
consumption of more than 300 kWh.
The refund was ordered by the Supreme Court that ruled in
finality that income taxes cannot be considered an expense that
can be recovered from the customers of Meralco.
NATIONAL BANK: BSP OKs US$140M Subordinated Notes Issuance
----------------------------------------------------------
The Philippine National Bank (PNB) received a written
notification from the Bangko Sentral ng Pilipinas (BSP or the
Philippine Central Bank) dated November 20, 2003 that the
Monetary Board has approved PNB's proposed issuance of up to
US$140 million unsecured subordinated notes for raising Lower
Tier 2 Capital subject to the usual conditions imposed by the
BSP on bank's seeking approval to raise Tier 2 capital.
For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3761_PNB.pdf
=================
S I N G A P O R E
=================
I.R.E. CORPORATION: Shareholders OK Capital Reduction Scheme
------------------------------------------------------------
The Directors of I.R.E. Corporation Limited refer to the capital
reduction exercise to reduce the par value of each ordinary
share in the capital of the Company from $0.10 to $0.01 (the
Capital Reduction) for which the approval of the shareholders of
the Company was obtained on 1 October 2003.
The Directors of the Company announced that following the Court
sanction of the Capital Reduction on 12 November 2003, a copy of
the Order of the High Court of Singapore has been lodged with
the Registrar of Companies and Businesses on 21 November 2003
and that Capital Reduction is now therefore complete and
effective.
LIU GENG: Issues Notice of Intended Dividend
--------------------------------------------
Liu Geng Yu & Sons Pte Ltd. issued a notice of intended dividend
preferential dividend as follows:
Address of Registered Office: Formerly of 245 Tanjong Katong
Road Singapore 437033.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 326 of 1997.
Last Day for Receiving Proofs: 5th December 2003.
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Dated: 21st November 2003.
SUNARI BIN KATENI
Assistant Official Receiver.
MACLLOYD INDUSTRIAL: Issues Judicial Management Order Notice
------------------------------------------------------------
Maclloyd Industrial Pte Ltd. (Interim Judicial Manager
Appointed) issued a notice of interim judicial management order
for publication.
Company No.: 197802522N.
Notice is hereby given that on the 19th day of November 2003, an
order for placing the Company under interim judicial management
was made and the relevant particulars of the matter are given as
follows:
(1) Number of matter: Originating Petition No. 20/2003/G.
(2) Date of presentation of petition: 31st October 2003.
(3) Petitioner's solicitors: M Rajaram/Ratanesh K Bal of
Messrs Straits Law Practice LLC.
(4) Date of Order: 19th November 2003.
(5) Registered office of the Company: 31 Sungei Kadut Street 2
Sungei Kadut Industrial Estate Singapore 729243.
(6) Name of Judicial Manager: Timothy James Reid.
(7) Name and address of Judicial
Manager's firm: Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623.
TAN SWEE KIAM
Petitioner.
MULTI-CHEM LIMITED: Posts Changes in Director's Interest
-----------------------------------------------------------
Multi-Chem Limited issued a notice of changes in Director Eu Yee
Kui, Alexander Jr and Eu Sandy's interest:
Date of notice to Company: 21 Nov 2003
Date of change of interest: 21 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: 200,000
% of issued share capital: 0.0638
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.24518
No. of shares held before the transaction: 3,327,000
% of issued share capital: 1.0613
No. of shares held after the transaction: 3,527,000
% of issued share capital: 1.1251
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before the transaction: 3,327,000
% of issued share capital: 1.0613
No. of shares held after the transaction: 3,527,000
% of issued share capital: 1.1251
Total shares: 3,527,000
No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest
NATSTEEL LIMITED: Disposes Interest in Intraco Ltd
--------------------------------------------------
The Board of Directors of NatSteel Ltd announced that NatSteel
has on 21 November 2003 sold its 6,816,990 ordinary shares of
par value S$0.50 each (Shares) in the capital of Intraco Limited
(Intraco) for a cash consideration of S$0.52 per Share (the
Placement). The said Shares represent approximately 6.91 per
cent. of the current issued share capital of the Company.
NatSteel has also on 21 November 2003 accepted an offer from PSC
Corporation Ltd (PSC) to sell to PSC 14,309,260 Shares,
representing approximately 14.51 per cent. of the current issued
share capital of Intraco, for a total cash consideration of
approximately S$8.87 million (the "Divestment). The
consideration of S$8.87 million for the Shares was arrived at on
a willing buyer-willing seller basis.
The net carrying value of NatSteel Group's 21.42 percent equity
interest in Intraco was approximately S$8.5 million as at 30
June 2003.
Following the Placement and the Divestment, Intraco will cease
to be an associated Company of NatSteel.
This divestment is in line with NatSteel's objective to focus on
its core businesses. The Placement and the Divestment are not
expected to have any material impact on the net tangible assets
or earnings per share of the NatSteel Group.
None of the Directors or substantial shareholders of NatSteel
has any interest, direct or indirect, in the above transactions.
NEPTUNE ORIENT: Issues 236 Million Shares in Capital
----------------------------------------------------
In connection with the issue of 236 million new ordinary shares
in the capital of the Company on 14 November 2003, Neptune
Orient Lines Ltd.'s utilization of Share Proceeds arising
announce that as of to-date, 57 percent of the net proceeds of
US$308 million had been utilized to repay bank borrowings. The
Company intends to use up to 94 percent of the said share
proceeds to repay borrowings by the end of November.
OVERSEA-CHINESE: Units Enter Voluntary Liquidation
--------------------------------------------------
Oversea-Chinese Banking Corporation Limited announced the
voluntary winding-up of the following subsidiaries:
OCBC Capital Management Singapore Private Limited
At an Extraordinary General Meeting of OCBC Capital Management
Singapore Private Limited (the Company), held on 21 November
2003, the shareholder of the Company passed a special resolution
for the members' voluntary winding-up of the Company. The
Company is a subsidiary of Oversea-Chinese Banking Corporation
Limited.
The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Companies Act,
Cap. 50, was lodged with the Registrar of Companies and
Businesses on 19 November 2003.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant Company.
The issued and paid-up capital of the Company is S$1,000,000.
OCBC Bullion & Futures Limited
At an Extraordinary General Meeting of OCBC Bullion & Futures
Limited (the Company), held on 21 November 2003, the shareholder
of the Company passed a special resolution for the members'
voluntary winding-up of the Company. The Company is a subsidiary
of Oversea-Chinese Banking Corporation Limited.
The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Companies Act,
Cap. 50, was lodged with the Registrar of Companies and
Businesses on 19 November 2003.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant Company.
The issued and paid-up capital of the Company is S$500,000.
Keppel Factors Pte Ltd
At an Extraordinary General Meeting of Keppel Factors Pte Ltd
(the Company), held on 21 November 2003, the shareholder of the
Company passed a special resolution for the members' voluntary
winding-up of the Company. The Company is a subsidiary of
Oversea-Chinese Banking Corporation Limited.
The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Companies Act,
Cap. 50, was lodged with the Registrar of Companies and
Businesses on 19 November 2003.
The shareholder of the Company has decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant Company.
The issued and paid-up capital of the Company is S$3,000,000.
SIIX LOGISTICS: Creditors Must Submit Claims by December 22
----------------------------------------------------------
Notice is hereby given that the creditors of Siix Logistics
Singapore Pte. Ltd. (In Members' Voluntary Liquidation), which
is being wound up voluntarily, are required on or before the
22nd day of December 2003 to send in their names and addresses,
with particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidator of the Company, and, if so required by notice in
writing by the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
Dated this 21st day Of November 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.
STRAITS INTERNATIONAL: Releases Winding Up Order Notice
-------------------------------------------------------
Straits International Resources Pte Ltd (Receiver and Manager
Appointed) issued a notice of winding up order made the 14th day
of November 2003.
Winding Up Order made the 14th day of November, 2003.
Name and address of Liquidator: Don Ho Mun Tuke of Messrs Don Ho
& Associates of 20, Cecil Street, #12-02/03 Equity Plaza,
Singapore 049705.
Messrs RAJAH & TANN
Solicitors for the Petitioner.
VLIFESTLE.COM PTE: Releases Dividend Notice
-------------------------------------------
Vlifestyle.Com Pte Ltd (In Liquidation) issued a notice of
intention to declare dividends:
A final dividend is intended to be declared in the above matter.
Creditors who have not proved their debt are required to do so
by 8th December 2003, otherwise they would be excluded from this
dividend.
Dated this 21st day of November 2003.
LEE SWEE SIEK
Liquidator.
27 Foch Road
#02-06 Hoa Nam Building
Singapore 209264.
===============
T H A I L A N D
===============
EASTERN STAR: Resolves Capital Reduction, Split Par Value
----------------------------------------------------------
Eastern Star Real Estate Public Company Limited notified the
resolutions of the Board of Directors Meeting No. 12/2003, held
on 19 November 2003 as follows:
1. Approval for submission to the Shareholders meeting for
consideration and approval only for the change of the conditions
and the period of the subscription of capital increase ordinary
shares of Sunrise Group on the part of the offer of the capital
increase share to Sunrise Group as provided under the resolution
of Agenda 8 Item 4 of the Extraordinary General Meeting of
Shareholders of the Company No. 1/2003, held on 15 January 2003,
in respect of the 179,217,446 unsubscribed shares by amending
the said resolutions to allow Sunrise Group to subscribe and
make payment of the said unsubscribed shares on or before 19
December 2003, whereupon the resolutions of the Extraordinary
General Meeting of Shareholders No. 1/2003 to the extent not
changed nor amended as aforementioned shall remain in force and
effect.
However, in the deliberation of the Shareholders meeting for the
amendment to the resolutions of the Extraordinary General
Meeting of Shareholders No. 1/2003 in relation to the change of
the conditions and the period of the subscription of the capital
increase ordinary shares aforesaid, Sunrise Group holding
338,388,019 shares and Mr. Veraphan Teepsuwan and close
relatives holding 441,732 shares, all being interested parties,
are thereby not entitled to vote in relation to the said
resolution.
2. Approval for fixing the offering price of the 1,126,600,000
capital increase ordinary shares to U.S. Capital Group and
Sunrise Group, for 563,300,000 shares each, at the price of Bt5
per share (being the price with discount at 18.3% of the average
closing price of the Company ordinary shares on the SET during 5
trading days prior to 19 November 2003 which is Bt6.12 per share
and being the price with discount at 4.8% of the closing price
as at 19 November 2003 at Bt5.25 per share) which is the
offering price lower than the par value of the share and
approval for fixing the subscription period of the said capital
increase ordinary shares to be from 17 December 2003 to 31
December 2004. And following the expiration of the said
subscription period of the offer of the said capital increase
ordinary shares to U.S. Capital Group and Sunrise Group, the
offer of the capital increase ordinary shares to U.S. Capital
Group and Sunrise Group shall then be cancelled under the
resolution in Agenda 8 Item 7 of the Extraordinary General
Meeting of Shareholders of the Company No. 1/2003, held on 15
January 2003, authorizing the Board of Directors for the
deliberation.
3. Approval for submission to the Shareholders meeting for
consideration and approval for the change of the Head Office of
the Company from the existing "No. 65/14-15 Moo 3, Sukhumvit
Road, Tambol Banchang, Amphur Bangchang, Rayong Province"
to "No. 898, Ploenchit Tower, 5th floor, Ploenchit Road,
Lumpini, Patumwan, Bangkok Metropolis", whereby Clause 5 of the
Memorandum of Association of the Company shall be amended.
4. Approval for submission to the Shareholders meeting for
consideration and approval for the Company to reduce the
registered capital after the registration of the change of the
paid-up capital of the Company to be Bt6,252,653,551.20 by
reducing the capital from the existing amount of the registered
capital of Bt15,145,891,482.40 to Bt10,818,493,916, divided into
2,704,623,479 shares, par value of Bt4, by reducing the par
value of the Company shares from the existing par value of
Bt5.60 per share to Bt4 per share, which the paid-up capital of
the Company shall be reduced from the existing paid-up capital
of Bt6,252,653,551.20 to Bt4,446,181,108, divided into
1,116,545,277 ordinary shares, par value of Bt4 per share, which
the Bt1,786,472,443.20 reduced paid-up capital shall apply to
write off against the discount value of the ordinary shares as
formerly offered by the Company as discounted.
The capital reduction in this occasion shall not affect the
existing number of the shares of the Company. Therefore, all
shareholders shall hold the existing number of the shares.
However, the capital reduction may require a change of the
amount of the paid-up capital to be submitted to the
Shareholders meeting, depending on the subscription of the
capital increase ordinary shares of U.S. Capital Group and
Sunrise
Group.
In addition, the Company shall notify the holders of ESTAR-W1
Warrants that the exercise for the purchase of ordinary shares
of the Company for the month of December 2003 (the 4th quarter),
the Company could affect registration of the change of the paid-
up capital after the Company shall have affected registration of
the reduction of the registered capital and the paid-up capital
aforesaid due to the legal practical problem.
5. Approval for submission to the Shareholders meeting for
consideration and approval for the Company to amend Clause 4 of
the Memorandum of Association to be in line with the reduction
of the registered capital.
6. Approval for submission to the Shareholders meeting for
consideration and approval for the change of the par value of
the Company shares, after registration of the registered capital
reduction by reducing the par value of each ordinary share as
mentioned in Clause 4 aforesaid, from the existing par value of
Bt4 per share to Bt1 per share, by splitting 1 ordinary share,
par value of Bt4 per share, to 4 ordinary shares, par value of
Bt1 per share.
The change of the par value of the Company shares aforesaid
shall be effective to cover the change of the number of shares
as allotted and offered to U.S. Capital Group and Sunrise Group
and as reserved for accommodating the exercise of the holders of
Warrants ESTAR-W1 and/or the holders of Warrant ESTAR-W2 as per
the details in the resolution of the Extraordinary General
Meeting of Shareholders No. 1/2003, held on 15 January 2003, to
be in correspondence with the change of the par value of the
Company shares aforesaid and shall also be effective such that
the Company will adjust the right under Warrants ESTAR-W1 and
Warrant ESTAR-W2 in line with the change of the par value.
7. Approval for submission to the Shareholders meeting for
consideration and approval for the Company to amend Clause 4 of
the Memorandum of Association to be in line with the reduction
of the registered capital.
8. Approval for setting the date of the Extraordinary General
Meeting of Shareholders No.3/2003, to be held on 16 December
2003, at 14.00 hrs., at Salon C Room, 3rd Floor, J.W. Mario
Hotel Bangkok, No. 4 Sukhumvit Soy 2 Road, Cawing Klongtoey,
Khet Klongtoey, Bangkok, and fixing the agenda for the
Extraordinary General Meeting of Shareholders No.3/2003.
9. Approval for fixing the Closing Date of share registration
from 3 December 2003, at 12.00 hrs. until the Extraordinary
General Meeting of Shareholders No.3/2003 will adjourn,
whereupon the Shareholders whose names appear in the Share
Register during the closing period will be entitled to attend
the Extraordinary General Meeting of Shareholders No.3/2003.
ITALIAN-THAI DEVELOPMENT: To Proceed With Construction Contract
---------------------------------------------------------------
Italian-Thai Development Public Company Limited informed the
Stock Exchange of Thailand that on 17 Nov, 2003 the Joint
Venture of ITD-EGC, which is comprised of Italian-Thai
Development and Evergreen Construction Corporation, signed the
contract with Railway Reconstruction Bureau, Ministry of
Transport and Communications, Republic of China, to proceed with
the Nankang Underground Station Project Contract CL 305 for the
Construction of new underground joint station for the High Speed
Rail and the National Rail in Nan Kang, near Taipei, Republic
of China.
The details of the contract are as follows:
The project consists of:
1. Nankang Station including civil and architectural works,
electrical, mechanical and air conditioning/ventilation
works
2. Utility and air conditioning stations for High Speed
Rail and supplemental and utility station for multi
purpose warehouse
3. Utility station for High Speed Rail Tunnel at Sinica
Station
4. Utility station for High Speed Rail Tunnel at Da Kong-
si Station
The Scope of Work includes:
1. Station : - Ground Area 67,000 sq. m.
- Total useable floor area 186,486 sq. m.
2. Underground 3 floors:
- B3 Floor-Taiwan Railway Administration Station
- B3-A Floor-for mezzanine and parking
- B2 Floor for-concourse of ticketing platform
and parking
- B1 Floor-for High Speed Rail Station, parking
and plaza
- B1-A Floor-for mezzanine, parking and plaza
- First Floor-for parking and exit hall
3. Above ground comprises of 6 Buildings:
- A1 Building is the Tourist Place - total 3 floors
- B1 Building is the Station Management Office
and a multi Purpose Building -total 4 floors
- B2 Building is the Mall and Office Building -
4 floors
- B3 Building is the Entrance Building - total
2 floors
- C1 Building is a Mall, Restaurant and Office
Building - total 14 floors
- C2 Building is a car Parking Building - total 4
floors
4. Total Excavation = 1,600,000 cu.m.
Contract value: New Taiwan Dollar 11,736,000,000 (including
5%VAT)
ITD portion 55% = New Taiwan Dollar 6,454,800,000
Approximately Bt7,745,760,000
The period of work: September 12, 2003 - June 30,2009
SIAM AGRO: Posts Rehabilitation Plan Progress
---------------------------------------------
Reference is made to the Stock Exchange of Thailand (the SET)'s
letter No. Bor. Jor. 287/2003 dated April 21, 2003 concerning
the request to report the progress of the performance of the
company.
The Siam Agro Industry Pineapple and Others Public Company
Limited whose shares have been traded under the REHABCO sector
has already implemented a Rehabilitation Plan to remedy the
cause of being de-listed from the SET. The process of
rehabilitating the business commenced on April 30, 1999 when the
Company signed the Debt Restructuring Agreement with its major
creditor, KASIKORNBANK (KBANK), formerly Thai Farmer Bank Plc.
and thereafter submitted a Rehabilitation Plan that was approved
at Shareholders' meeting on August 16, 1999. Since the injection
of new equity in April 1999, the Company has made significant
progress in rehabilitating and securing the business for long-
term growth.
Below is the summary report of the Rehabilitation Plan progress
of The Siam Agro Industry Pineapple and Others Public Company
Limited:
Background
The Siam Agro Industry Pineapple and Others Plc was listed on
the Stock Exchange of Thailand (SET) on 17 May 1989. Following a
period of poor financial performance from 1993, the SET
suspended the trading shares of Company in February 1997 and
transferred the shares to the REHABCO sector. However, in 1999,
the Company embarked earnestly on a rehabilitation program and
made rapid progress that resulted in SET lifting the suspension
notice on the Company's shares with effect from 20 March 2000.
The Company is a manufacturer and distributor of processed
fruits. Its core products are derived from processing of fresh
pineapple and consists canned pineapple and pineapple juice.
Thailand is the world's largest exporter of canned pineapple and
pineapple juice, constituting about 40% of the world's export
volume. The pineapple industry is cyclical with major
fluctuations happening every four or five years subject to
normal weather conditions. Fresh pineapple for processing in
Thailand is sourced mainly thousands of farmers, each
cultivating small size plantations. When the fresh pineapple
price is attractive, farmers will be lured to switch or enlarge
their existing plantations, resulting in an oversupply of
pineapples about 18 months, when the first harvest of fruit is
expected and hence a price slump. As a consequence, farmers will
then switch to other crops that give better income returns. This
will result in supply of fresh to decrease to the extent it is
insufficient to meet demand thus pushing up the prices that will
again encourage farmers to switch back to pineapple. Generally,
one crop of pineapple plantation allows two consecutive harvests
over a period of about 3 years.
Details of the Company's progress since 1997 can be summarized
as follows:
1. Equity injection
In April 1999, Del Monte Group Limited (Del Monte), a member of
the then South African based Del Monte Group of companies, a
leading worldwide manufacturer of processed food products under
the premier "Del Monte" brand name, acquired a controlling
majority stake in the Company by investing Bt. 133.23 million
with the purchase 13.32 million shares in the Company. Del Monte
together with its designee now owns 15,000,001 shares or 50% of
the paid-up share capital of the Company.
2. Debt restructurings
2.1 Following the approval at the Shareholders' meeting on 29
April 1999, the Company signed the Debt Restructuring Agreement
with its major financial creditor, the KASIKORNBANK (KBANK),
formerly Thai Farmer Bank Public Company Limited, on 30 April
1999. Prior to this restructuring, the amount of outstanding
debt to KBANK including accrued interest was Bt.1,348.71
million, accounting for about 89.9% of the Company's total debt
with banks and financial institutions at that moment. The major
components of the debt restructuring with KBANK are as follows:
(a) The entire accrued interest of Bt.333.26 million up to
the date of signing the Debt Restructuring Agreement is
forgiven.
(b) Outstanding debt of Bt. 483.78 million set off against
the sale of land and buildings by the Company to KBANK. After
the set off, KBANK will lease the assets back to the Company for
a period of up to 5 years. The Company has the option to
repurchase these assets at anytime within 5 years at an agreed
price, which is equal to the set-off price plus accumulated
interest at the simple annual rate of 6.0%.
(c) Existing debt of Bt. 200.00 million converted to
debentures with interest paid annually at the rate of 3% per
annum. The debentures will be redeemed from year 11 to
15 (2010-2014) in an equal amount of Bt. 40.00 million per year.
(d) The remaining debt balance of Bt. 331.67 million was
restructured as a 10 year long term loan with a 5-year grace
period on principal repayment. Interest is paid monthly at an
interest rate based on Minimum Lending Rate (MLR) less 0.5%. The
repayment of the principal amount will commence from year 6 to
10 (2005-2009) based on a step-up repayment schedule, starting
in April 2005 when the repayment amount is 12% of the loan
amount. This repayment is increased annually by 4% of the loan
amount through to 2009.
(e) In addition, KBANK has granted to the Company new
Working Capital facilities of Bt. 200.00 million to the Company
with interest charged at MOR. This facility is supported by Bt.
100.00 million guarantee from Del Monte.
(f) Since April 1999, the Company has serviced all the
debts with KBANK as and when they fall due.
2.2 The Company has further restructured the other
outstanding default debts including interest of Bt. 124.48
million with TISCO Finance Public Company Limited, Nakornthon
Bank Public Company Limited, Cathay Finance (debt subsequently
acquired by Kiatnakin Finance Public Company Limited) and Vajira
Finance (now part of BankThai) in 1999 and 2000. With the
exception of BankThai, all the other debts with these banks and
financial institutions have been repaid as at 31 December 2002.
3. Old accounts payable to farmers and Co-op
The Company settled in the 2nd and 3rd quarter of 1999, payables
of approx. Bt. 41.00 million outstanding to the local farmers
and Rayong Agricultural Settlement Co-operatives since 1997.
4. Old accounts payable to trade creditors
As at April 1999, the Company had about Bt. 147.88 million of
old debts outstanding to various trade creditors, some of which
were in litigation. Following court adjudication or bilateral
discussions and negotiations, a work-out plan was agreed and at
31 December 2002, a balance of Bt. 39.19 million was outstanding
to two trade creditors. All other old debts have been settled.
5. Approval of the rehabilitation plan by the shareholders'
meeting
The Company proposed to the shareholders the Rehabilitation Plan
that was approved at the Shareholders' meeting on 16 August
1999. Following this approval by the shareholders, the
Rehabilitation Plan was then submitted to the SET for disclosure
to the public.
6. Financial status and performance from 1997 to 2002
After the equity investment by Del Monte in April 1999, the
Company has progressively resumed normal operations with
increased production from June 1999. The outcome of these early
actions has positively impacted the results of the Company from
1999 onwards.
(a) The Company increased the tonnage of pineapple processed
from about 21,000 metric tones in 1997 to about 144,000 metric
tons in 2000 but fell to about 108,000 metric tons in 2002 due
to the cyclical nature of pineapple industry.
(b) Over the same period, the Company's revenues from sales
have grown from Bt. 262.60 million in 1997 to Bt. 905.73 million
in 2002 after reaching Bt. 1,015.40 million in 2000, reflecting
the cyclical nature of pineapple industry. To minimize the
impact of these pineapple cycles, the Company has embarked on a
diversification strategy to develop and expand the tropical
fruit business, from about Bt. 28.00 million in 1999 to about
Bt. 193.00 million in 2002.
(c) The gross margin has increased from Bt. 2.34 million in
1997 to Bt. 109.42 million in 2002. At the same time, the ratio
of gross margin to net sales has improved from 0.89% in 1997 to
12.08% in 2002. The margin has been depressed in 2001 and 2002
due to higher cost of fresh pineapple as the supply conditions
become tight.
(d) However, since 1999 the Company has returned to
profitability and generated net income, recording net income
from continuing operations of Bt. 29.70 million in 1999
and Bt. 23.73 million in 2002 after posting net income of Bt.
100.51 million and Bt.57.63 million in 2000 and 2001
respectively, highlighting the cyclical impact.
(e) Since 1999, against a backdrop of limited capital
availability, the Company has continued to make modest but
selective investments in fixed assets to maintain and improve
product quality and building infrastructure, develop new
products, satisfy customers' requirements, enhancing efficiency
and ensuring that the Company is in compliance with government
regulations, environmental safety and independently accredited
international quality standards. CAPEX in 1999 was about Bt.
16.36 million but increased to about Bt. 31.49 million in 2000
following the installation of major turnkey project to pack
aseptic pineapple crush products.
(f) Following the debt restructuring with KBANK in April
1999, the Company has managed to reduce the net debt from Bt.
813.45 million at 31 December 1999 to Bt. 752.54 million as at
31 December 2002 with all loans from banks and financial
institutions are serviced as and when they fall due during this
period.
7. Financial performance for 9 months period ended 30 September
2003
Since the beginning of year, the tight fruit supply situation
has impacted the operations and performance of Company. The
salient points are as follows:
(a) As indicated above the cyclical nature of crop continues
to adversely affect the operations of the Company. The pineapple
tonnage processed was about 10% higher than same period last
year but the cost of fruit remains high.
(b) Whilst demand for finished goods remains good, the
Company has sold more volume at slightly higher selling prices
but off-set stronger Thai Baht versus the U.S. Dollar during
this period compared to last year as net sales edged higher to
Bt. 684.59 million in 2003 compared to Bt. 639.57 million for
2002.
(c) Despite the higher net sales during the 9 months period,
the gross margin has fell from Bt. 103.39 million to Bt. 56.35
million due to higher fruit costs and the impact of gradual
strengthening of Thai Baht versus the U.S. Dollar.
(d) Higher sales prices and sale volume via brokers and
distributors resulted in increased selling expenses from Bt.
59.64 million in 2002 to Bt. 69.80 million in 2003.
(e) Net interest expense have reduced from Bt. 12.55 million
in 2002 to Bt. 10.89 million in 2003 as interest rates have
eased during the period.
(f) Consequently, the Company's net profit of Bt. 38.18
million in 2002 declined to a loss of Bt. 14.37 million in 2003
for the nine months period ended 30 September.
(g) Since 1999, against a backdrop of limited capital
availability, the Company has continued to make modest but
selective investments in fixed assets to maintain and improve
product quality and building infrastructure, develop new
products, satisfy customers' requirements, enhancing efficiency
and ensuring that the Company is in compliance with government
regulations, environmental safety and independently accredited
international quality standards. Such CAPEX in 2003 was about
Bt. 4.48 million compared to Bt. 10.94 million for same period
in 2002.
(h) Following the debt restructuring with KBANK in April
1999, the Company has maintained tight control of working
capital and continued to progressively reduce the net debt from
Bt. 752.54 million at 31 December 2002 to Bt. 711.97 million as
at 30 September 2003 with all loans from banks and financial
institutions being serviced as and when they fall due during
this period.
In summary, despite the challenging circumstances this year, the
Company has made significant progress since 1999 in this
cyclical industry as it continues to rehabilitate and secure the
business for long-term growth.
UNION MOSAIC: Debenture Holders Exercising Conversion Right
-----------------------------------------------------------
The Union Mosaic Industry Plc. (The Company) would like to make
an announcement that group of debtors who held the Company's
convertible debenture sent a letter of intent to exercise the
right to convert convertible debenture to ordinary share in
November 28, 2003, which is the specific date to exercise the
right to convert. And this is according to the regulation about
the right and the duty of the convertible debenture issuers and
holders, with conversion ratio: 1 convertible debenture per 100
ordinary shares and exercising price at Bt10 each.
Thai Asset Management Corporation (TAMC) would like to exercise
the right to convert convertible debenture the amount 86,848
shares to ordinary share of 8,684,800, and TISCO Finance Plc.
(TISCO) would like to exercise the right to convert convertible
debenture of 9,152 shares to ordinary share of 915,200 shares.
Details of Convertible Debenture Holders
1. Thai Asset Management Corporation (TAMC): The head office is
situated at 1193 Exim Building, 22nd floor Phaholyothin Road,
Samsen Nai Sub-district, Phaya Thai District, Bangkok.
With intention to exercise the right to convert convertible
debenture of 86,848 shares at Bt1,000 each to ordinary share of
8,684,800 shares at Bt10 each.
2. TISCO Finance Plc. (TISCO): The head office is situated at
48/2 TISCO Tower Building, North Sathorn Road, Silom Sub-
district, Bang Rak District, Bangkok.
With intention to exercise the right to convert convertible
debenture of 9,152 shares at Bt1,000 each to ordinary share of
915,200 shares at Bt10 each.
* BOND PRICING: For the week of November 24 - 28, 2003
------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group Ltd 10.000% 4/15/06 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 4
Australia Commonwealth Gov't Loans 3.000% 7/29/49 62
Austrim National Radiators Ltd 9.500% 10/31/04 45
Bendigo Bank Ltd 8.000% 5/29/49 8
BIL Finance Ltd 8.000% 10/15/07 10
BIL Finance Ltd 8.250% 10/15/04 10
BIL Finance Ltd 8.750% 10/15/04 9
BIL Finance Ltd 8.750% 10/15/05 10
BIL Finance Ltd 9.000% 10/15/04 9
BIL Finance Ltd 9.250% 10/15/06 9
BIL Finance Ltd 10.000% 10/15/04 10
Capital Properties NZ Ltd 8.500% 4/15/05 7
Capital Properties NZ Ltd 8.500% 4/15/07 9
Capital Properties NZ Ltd 8.500% 4/15/09 8
Consolidated Minerals Ltd 11.250% 3/31/05 1
Djerriwarrh Investments Ltd 7.500% 9/30/04 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 9
Fletcher Building Ltd 8.500% 4/15/04 7
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 7
Fletcher Building Ltd 10.800% 11/30/03 7
Feltex Carpets Ltd 10.250% 9/15/08 1
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Garratts Ltd 12.000% 12/31/03 1
Gympie Gold Ltd 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 9
JB Were Capital Markets Ltd 8.750% 12/31/03 29
Macquarie Bank Ltd 1.800% 8/15/15 66
New South Wales Treasury Corporation 0.500% 2/16/10 72
NPT Capital Ltd 9.500% 11/30/04 9
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Retail Finance 9.250% 9/15/07 9
Port Douglas Reef Resorts Limited 9.000% 4/1/04 1
Powerco Ltd 8.150% 9/1/07 7
Powerco Ltd 8.400% 5/22/07 7
Queensland Treasury Corporation 0.500% 5/19/10 71
Richmond Ltd 10.750% 12/15/04 9
Salomon Smith Barney Australia 4.250% 2/1/09 9
Sky Network Television Ltd 9.300% 10/29/49 8
Straits Resources Ltd 10.000% 12/31/03 1
Tower Finance Ltd 8.750% 10/15/07 9
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.500% 9/15/12 8
Vision Systems Ltd 9.000% 12/15/08 1
CHINA & HONG KONG
-----------------
Teco Electric & Machinery Co Ltd 2.750% 4/15/04 74
KOREA
-----
Korea Electric Power Corporation 7.950 4/1/96 63
Kolon Industries Inc 0.250% 12/31/04 52
MALAYSIA
--------
Artwright Holdings Bhd 5.500% 3/05/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 4
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder Holdings Bhd 1.000% 2/25/08 1
Crest Builder Holdings Bhd 3.000% 2/25/06 1
Dataprep Holdings Bhd 4.000% 8/5/05 1
Dataprep Holdings Bhd 4.000% 8/6/07 1
Eden Enterprises (M) Bhd 2.500% 12/2/07 1
Eox Group Bhd 4.000% 1/10/06 1
Equine Capital Bhd 3.000% 8/26/08 1
Fountain View Development Bhd 3.500% 11/02/06 2
Furqan Business Organization Bhd 2.000% 12/19/05 1
Gadang Holdings Bhd 3.000% 10/21/07 3
Grand Central Enterprises Bhd 5.000% 2/17/05 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
Halim Mazmin Bhd 8.000% 6/30/04 3
I-Bhd 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Kumpulan Jetson 5.000% 11/28/12 1
LBS Bina Group Bhd 4.000% 12/31/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
Media Prima Bhd 2.000% 7/18/08 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
MWE Holdings 5.500% 10/7/04 1
NAM Fatt Corporation Bhd 2.000% 6/24/11 1
OSK Holdings Bhd 3.500% 3/1/05 1
OSK Holdings Bhd 6.000% 3/1/05 1
Pantai Holdings Bhd 5.000% 3/28/07 1
Patimas Computer Bhd 6.000% 2/19/06 1
Puncak Niaga Holdings Bhd 2.500% 11/20/16 1
POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1
Orlando Holdings Bhd 3.000% 3/16/05 1
Rashid Hussain Bhd 0.500% 12/23/12 1
Rashid Hussain Bhd 3.000% 12/23/12 1
SKS Power Sdn Bhd 6.300% 11/11/08 10
Southern Steel Bhd 5.500% 7/31/08 2
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tanah Emas Corporation Bhd 2.000% 12/9/06 1
VTI Vintage Bhd 4.000% 8/22/06 2
Wah Seong Corporation Bhd 3.000% 5/21/12 3
PHILIPPINES
-----------
Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 42
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Tampines Assets Ltd 5.625% 12/7/06 1
Tincel Ltd 5.000% 6/13/11 1
Tincel Ltd 7.400% 6/13/11 1
Rabobank Singapore 1.000% 1/15/13 72
Sengkang Mall Ltd 4.880% 11/20/04 1
THAILAND
--------
Bangkok Bank PCL 4.589% 3/3/04 64
Bangkok Land PCL 4.500% 3/31/01 14
Bank of Asia PCL 3.750% 2/9/04 63
Kiatnakin Finance and Securities PCL 4.000% 11/30/03 58
MDX Public Co., Ltd. 4.750% 9/17/03 8
Property Perfect PCL 3.250% 3/25/49 8
Siam Commercial Bank PCL 3.250% 1/24/04 64
Tanayong PCL 3.500% 3/01/04 7
Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par. Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or accurate. The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***