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Strategies & Market Trends : C P Pokphand (CPPKY) -- Ignore unavailable to you. Want to Upgrade?

To: Ralph Deen who wrote (225)	7/1/1999 1:48:00 PM
From: Researcher	Respond to of 276

more information: 6/29/99 HK Standard CP Pokphand nears debt restructuring agreement By Teresa Lee CAPTION: Pointing to the future: CP Pokphand directors Liew JoonKeongleftand Thirayut Phitya-Isarakul at the group's annualgeneral meeting. The company is in talks with its creditors for arestructuring of its debt. Picture by Agnes Chen STORY: CP Pokphand said talks with creditor banks on the restructuring of its debt were progressing smoothly. Charoen Pokphand Group, its Thai-based parent company, will ''continue with the disposal of the non-core business on the mainland as well as retail and cotton businesses in Thailand,'' it said. The debt-ridden company it has reached a consensus among the majority of its creditors on the terms of the debt restructuring. ''There are still little differences with the banks,'' company chairman Lee Siu-hing said, but adding that an agreement is expected to be reached soon. CP Pokphand director Lew Joon Keong said the company's net current liabilities stood at US$607.3 million (HK$4.73 billion) as of the end of last year. The company has US$150-million floating rate notes due this year, US$100 million due in 2000 and US$135 million due in 2001. For the first half of the financial year, Chia Tai (China) Agro-Industrial, its wholly-owned subsidiary which runs its agricultural business on the mainland, performed steadily. During last financial year, its poultry operations were seriously effected by the outbreak of the avian flu epidemic, large-scale smuggling of chicken meat and intense competition from other Southeast Asian countries. Ek Chor China Motorcycle, a 70 per cent-owned New York-listed subsidiary, was negatively affected by oversupply last year. The company expects business this year to be slightly better as a result of the government's anti-smuggling activities. ''But demand will remain low due to weak consumption,'' Mr Lee said. good investing Researcher