News on 03 June

June 3, 2000

HEADLINE: Receivers and managers for RHTB named

THE High Court of Malaya has appointed Heng Ji Keng and Micheal J.
Monteiro as the receivers and managers of Rahman Hydraulic Tin Bhd (RHTB)
pursuant to an order dated May 24, 2000.
Ferrier Hodgson MH, a division of Monteiro & Heng, said the appointment
directed the receivers and managers to convene and hold, as the first
course of action, an annual general meeting of RHTB within 60 days of the
court order.
Ferrier Hodgson MH specialises in turnaround consulting, corporate
restructuring and insolvency administration.
The firm said the receivers and managers were expected to hold the AGM
in late June or early July this year.
The AGM will table the profit and loss accounts and the company's
balance sheet to its shareholders.
For the six months to June 30, 1999, Rahman Hydraulic posted a group
pre-tax loss of RM17.82 million against RM20.1 million for the same period
the previous year.
Its group turnover was RM18.17 million, down from the RM20.88 million
registered in the first six months to June 30, 1998.
The company had its shares suspended in June 1998 when MBf Finance Bhd
appointed receivers and managers over its property in Kedah.
It said the appointment of the receivers and managers was made with the
interest of creditors and shareholders in mind and to carry on with the
normal course of business.
It advised that the receivers and managers had taken control of Rahman
Hydraulic's tin mining operations in Klian Intan, Perak, the company's
core business.
"We firmly have in mind the need to protect stakeholders' interests
before recommending further measures," it added.