/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031209.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, December 9, 2003, Vol. 6, No. 243 Headlines A U S T R A L I A NEWCREST MINING: Recommences Mining Operations in Indonesia PACKAGING HOUSE: Court Convicts Ex-director for Fraud PROPERTY CORPORATE: Regulator Wants Appointment of Receiver C H I N A & H O N G K O N G GLORY TREASURE: High Court Sets Winding Up Hearing December 24 HONG KONG: Bank of China Initiates Wind up Proceedings PATRICH DEVELOPMENT: Winding up Hearing Set December 24 POWERISE INVESTMENTS: Hondon Development Files Winding up Suit SUPERCRAFT (HONG KONG): Winding up Hearing Set January 14 I N D O N E S I A ASIA PULP: IBRA Unhappy with Bids; To Relaunch Sale this Week BANK NEGARA: To Move on Suspects' Assets to Recover Loan Losses BANK NEGARA: Government Delays Stake Sale Indefinitely J A P A N ALL NIPPON: Enters Alliance With U.S. Airways ASHIKA BANK: Government Picks New Management Team Soon CROSSWAVE COMMUNICATIONS: Signs Deal to Transfer Operations HUIS TEN: Picks NPF as Official Sponsor MITSUBISHI MOTORS: U.S. Unit Lays Off 425 Workers NISSHO IWAI-NICHIMEN: Revises Conversion Price of Bonds K O R E A KOOKMIN BANK: Government Selects 170 Bidders to Buy Stake KOREA THRUNET: Resume Creditors Meeting on January 9 LG CARD: Issues Transfer of Rights Likely from Dec.1-12 LG Card: Unveils CEO Press Conference Results LG CARD: KDB Eyes Acquisition M A L A Y S I A AMALGAMATED INDUSTRIAL: Settles RM3.6M Debt C.I. HOLDINGS: ABMB OKs Term Loan Facility FW INDUSTRIES: Unveils Acquisition Proposal Update JIN LIN: Answers KLSE Query L&M CORPORATION: Completes Debt Restructuring Scheme MECHMAR CORPORATION: Issues Default in Loans as of November 30 PANTAI HOLDINGS: Unveils December 5 AGM Resolutions PILECON ENGINEERING: Issues Default Payment Status SASHIP HOLDINGS: Issues Changes in Principal Agreement SRI HARTAMAS: Unit Appoints Provisional Liquidators TECHNO ASIA: Delist Shares From KLSE WING TIEK: Enters Settlement Deal With Petitioners P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: S&P Lowers Rating to D MANILA ELECTRIC: ERC Reviews Rate Hike Approval NATIONAL POWER: BSP OKs US$40M Loans S I N G A P O R E CERAMIC TECHNOLOGIES: Neocorp Demands S$21M From Directors CHENG BEE: Petition to Wind Up Pending CHUAN & CO.: Issues Dividend Notice DILIGENT AIR-CON: Winding Up Petition Set For January 9 FORD REALTY: Releases Winding Up Order Notice HUNG FUNG: Discloses EGM Resolutions KTD (SINGAPORE): Releases Debt Claim Notice to Creditors KTD (SINGAPORE): Unveils November 28 EGM Resolutions SHWETA INTERNATIONAL: Issues Winding Up Order Notice TOOLING INDUSTRIES: Creditors Must Submit Claims by January 5 T H A I L A N D CAPETRONIC INTERNATIONAL: Details Exercise of Warrants THAI MILITARY: Conversion Class B to Ordinary Shares December 20 * BOND PRICING: For the week of December 8-12, 2003 - - - - - - - - ================= A U S T R A L I A ================= NEWCREST MINING: Recommences Mining Operations in Indonesia ----------------------------------------------------------- Newcrest Mining Limited advises that pre-strip development has recommenced at Toguraci following a five-week suspension of operations due to unauthorized mining by a group of illegal miners. Following strong support from the Indonesian government, local government and the local community, the unauthorized miners departed the site without major incident following negotiations with local police. Newcrest now expects to commence gold production in early February 2004. The resolution of this situation in a timely, structured and controlled manner is important for mining investment in Indonesia. The dedication and cooperation of the Indonesian government to achieving this outcome and continued legal certainty is greatly acknowledged. PACKAGING HOUSE: Court Convicts Ex-director for Fraud ----------------------------------------------------- Leon Theoharopoulos, a company director, of Patterson Lakes, Melbourne, has been sentenced in the County Court to serve two and a half years jail, which was wholly suspended. Mr. Theoharopoulos had earlier been found guilty by a County Court jury on 19 counts of obtaining a financial advantage by deception, following a trial, which lasted three weeks. The charges were laid following an investigation by the Australian Securities and Investments Commission (ASIC). The charges 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. The charges alleged that Mr. Theoharopoulos obtained a financial advantage by deception by falsely representing to the NAB that goods as detailed on invoices had been delivered and accepted when in fact they had not. The Commonwealth Director of Public Prosecutions prosecuted the matter. PROPERTY CORPORATE: Regulator Wants Appointment of Receiver ----------------------------------------------------------- Henry Kaye and Property Corporate Services Pty Ltd (PCS) last Thursday gave undertakings to the Federal Court of Australia in relation to their assets until an application from the Australian Securities and Investments Commission (ASIC) for the appointment of a receiver or trustee can be heard on 15 December 2003. Mr. Kaye also gave an undertaking not to leave Australia before 15 December 2003, when an ASIC application for orders requiring Mr. Kaye to deliver all passports held by him to the Court and prohibiting Mr. Kaye from leaving Australia without the consent of the court will be heard in the Federal Court. Today Mr. Kaye's solicitors, Maddocks, gave the court an undertaking to hold Mr. Kaye's passport until 15 December 2003. ASIC has applied to the court for the appointment of a receiver or trustee over the property of Mr. Kaye and PCS. PCS is an operating entity associated with Mr. Kaye. In their undertakings to the court, Mr. Kaye and PCS agreed that they would not transfer, deal with, diminish, mortgage, assign or dispose of any assets unless for full value and in the ordinary course of business, or to meet legal or living expenses. On 20 October 2003, ASIC began an investigation into the operations of National Investment Institute Pty Ltd (NII) and companies related to Mr. Kaye. As part of this investigation, ASIC has taken steps to secure all relevant documents, financial information and computers held by NII and Mr. Kaye's group of companies. Among areas ASIC is investigating are suspected breaches of directors duties by directors and officers of NII and PCS in relation to loans totaling approximately $28 million from NII to PCS. ASIC commenced its current Federal Court application to protect the interests of creditors of those companies, including those seeking compensation from NII for fees paid for NII training courses in reliance on a statement that the course was approved by ASIC. ASIC continues to meet with both the receiver of NII, Mr. Andrew McLellan of PPB, and the administrator, Mr. Andrew Hewitt of Grant Thornton. Both Mr. McLellan and Mr. Hewitt have assured ASIC they will fully co-operate with ASIC in its inquiries and provide ASIC with information arising from their own investigations into the affairs of NII. Mr. Kaye must co-operate and help the administrator in his inquiries into the affairs of NII. The receiver and the administrator are also obliged to notify ASIC of any contraventions they believe may have been committed by any director or other person involved in the management of the companies. ASIC received a written undertaking from Mr. McLellan in relation to the distribution of assets. The receiver has given an undertaking that during the administration process he will not make any distribution of assets that are the subject to the charge granted to Group Corporate Services Pty Ltd, without first conferring with ASIC. ASIC has also been meeting with state and federal consumer authorities concerning the operations of NII and related companies. As well, ASIC has been communicating with the Victorian Office of Training and Tertiary Education. The Office of Training and Tertiary Education regulates and had registered NII's training courses and seminars. Background In March this year, ASIC commenced Federal Court proceedings against Mr. Kaye, NII and others. In those proceedings, ASIC had alleged that NII, Mr. Kaye and others had disseminated false information and misleading and deceptive information in connection with mezzanine mortgage lending facilities and the related NII training courses. ASIC's concerns also related to statements that investment opportunities and training programs allegedly promoted by NII were approved by ASIC, which they were not. In July 2003 ASIC obtained court and enforceable undertakings from Mr. Kaye and NII, including compensation for consumers who paid for NII training courses in reliance on an ASIC approval statement. ASIC commenced further proceedings in September 2003 against Mr. Kaye and NII in the Federal Court of Australia alleging that Mr. Kaye and NII have breached the compensation provisions of the enforceable undertaking. These proceedings have been adjourned until 30 January 2004 by consent following the appointment of an administrator to NII. ============================== C H I N A & H O N G K O N G ============================== GLORY TREASURE: High Court Sets Winding Up Hearing December 24 -------------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 9:30 a.m. the petition seeking the winding up of Glory Treasure Engineering Limited. Li Maan Man of Room 3417, Chung Kwan House, Chung On Estate, Ma On Shan, New Territories, Hong Kong filed the petition on November 5, 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 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. HONG KONG: Bank of China Initiates Wind up Proceedings ------------------------------------------------------ The High Court of Hong Kong will hear on January 7, 2004 at 9:30 a.m. the petition seeking the winding up of Hong Kong Golden Future Properties Limited. Bank of China (Hong Kong) Limited (the successor corporation to Kincheng Banking Corporation, Hong Kong Branch by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 8, 2003. Tsang, Chan & Wong represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tsang, Chan & Wong, which holds office on the 16th Floor, Wing On House, 71 Des Voeux Road Central Hong Kong. PATRICH DEVELOPMENT: Winding up Hearing Set December 24 ------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 10:00 a.m. the petition seeking the winding up of Patrich Development Limited. Lee Chiu Lan of 3/F., Block C, 2A-2B Eastern Street, Sai Ying Pun, Hong Kong filed the petition on November 10, 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 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. POWERISE INVESTMENTS: Hondon Development Files Winding up Suit -------------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 9:30 a.m. the petition seeking the winding up of Powerise Investments Limited. Hondon Development Limited and Vincent Step Limited of Flat 3, 3rd Floor, Nos. 14-16 Johnston Road, Wanchai, Hong Kong filed the petition on November 1, 2003. Tang, Wong & Cheung represents the petitioners. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tang, Wong & Cheung, which holds office on the 8th Floor, Ginza Square, 565- 567 Nathan Road, Kowloon Hong Kong. SUPERCRAFT (HONG KONG): Winding up Hearing Set January 14 --------------------------------------------------------- The High Court of Hong Kong will hear on January 14, 2004 at 9:30 a.m. the petition seeking the winding up of Supercraft (Hong Kong) Limited. Chung Ying Tak of Room 10K, Block 2, Grandeur Terrace, Tin Shui Wai, New Territories, Hong Kong filed the petition on November 17, 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 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. ================= I N D O N E S I A ================= ASIA PULP: IBRA Unhappy with Bids; To Relaunch Sale this Week ------------------------------------------------------------- The soon-to-be disbanded Indonesian Bank Restructuring Agency will re-launch the sale of its outstanding claims in Asia Pulp & Paper Co. next week, Dow Jones said yesterday. IBRA Chairman Syafruddin Temenggung disclosed the bids received by his agency last week were too low. The bidders numbered three, "but none of them could meet our qualitative criteria," he said. The agency, set up after the 1997-1998 Asian crisis, will be disbanded February next year. It must find other investors to take over its loans to APP, of which it is the largest creditor. APP defaulted on US$13.9 billion in March 2001; it owes IBRA US$1 billion. IBRA will relaunch the debt sale later this week and expects to conclude the sale by the end of this year, Mr. Temenggung said. BANK NEGARA: To Move on Suspects' Assets to Recover Loan Losses --------------------------------------------------------------- State-owned PT Bank Negara Indonesia will try to recover the losses it could potentially absorb from a lending fraud discovered recently by seizing the assets of those involved in the scam, Dow Jones said yesterday. The bank, which is 99.12%-owned by the government, is estimated to have lost IDR1.7 trillion from the lending scam. Bank President Saifuddien Hasan said the bank could recover as much IDR1.05 trillion out of the bank accounts and fixed assets of the suspects. Two senior executives of the bank and three other people are now under police custody in connection to the scandal. "We may recover around 62% of the total losses," Dow Jones quoted Dow Jones as saying. "The BNI scandal involved the issue of approximately US$200 million in letters of credit by institutions in Kenya, Switzerland and the Cook Islands to cover commodity exports from Jakarta-based companies. A Jakarta branch of BNI paid out export credits to the companies although they never made the exports," Dow Jones said. "These scandals highlight the lack of internal control mechanisms in state banks, where corruption remains a problem," the news wire added. The government will replace the bank's top management at the next shareholders' meeting on December 15. BANK NEGARA: Government Delays Stake Sale Indefinitely ------------------------------------------------------ The government will delay the sale of its stake in Bank Negara until after the lending scam discovered at the bank earlier shall have been sorted out, Minister of State Enterprises Affairs Laksamana Sukardi said Saturday. "We are not going to do that if we are not ready," Dow Jones quoted Mr. Laksamana as saying on the sideline of a business conference in Bali. "Who will buy the shares?" The government had originally targeted the first quarter of 2004 for the sale of its 98% stake. The government has been selling stakes in several state-owned companies following the 1997-98 Asian financial crisis to help finance the deficit in the state budget. Laksamana told investors in Bali that the most crucial motivation for divesting state companies isn't "economic or fiscal, but rather political." "The state-owned enterprises are such a rampant breeding ground for corruption," Mr. Laksamana was quoted as saying. "Once there's substantial private ownership of the (state-owned) enterprises, the new management will be less tolerant of having their revenues skimmed or squeezed." ========= J A P A N ========= ALL NIPPON: Enters Alliance With U.S. Airways --------------------------------------------- All Nippon Airways (ANA) and U.S. Airways have concluded a comprehensive business tie-up agreement, Kyodo News reports. The agreement marks the start of joint studies by ANA and the U.S. airline to begin code-sharing flights involving ANA's U.S. routes and U.S. Airways' services to New York, Washington, Mexico and other destinations. ASHIKA BANK: Government Picks New Management Team Soon ------------------------------------------------------ The Japanese government will select a new management team for nationalized Ashikaga Bank in a few weeks, according to the Japan Times, citing the Japan Financial Services Minister Heizo Takenaka. The insolvent bank had deferred tax assets comprising 180 percent of core equity capital. The average at major banks is 50 percent. Ashikaga Bank President Yoshiaki Higano was replaced Monday by Koichi Makita, a former managing director who formed a provisional management team before the government sends new management to the bank. The government nationalized Ashikaga Bank after finding the bank insolvent with a negative net worth of 102.3 billion yen as of September 30 driving its capital adequacy ratio down to minus 3.7 percent. Banks operating domestically are required to have a minimum capital adequacy ratio of 4 percent. CROSSWAVE COMMUNICATIONS: Signs Deal to Transfer Operations ----------------------------------------------------------- Crosswave Communications, Inc. and Crosswave Services Inc. (jointly referred to as Crosswave), will sign a definitive agreement on a transfer of Crosswave operations to NTT Communications Corporation (NTT Com). Since concluding a letter of intent on November 11, 2003, Crosswave and NTT Com have been negotiating the details of the agreement, and today both parties agreed to the full terms and conditions covering the transfer of Crosswave business operations. The transaction will be completed on December 15, 2003 subject to the permission of the Tokyo District Court after a creditor's meeting. As part of this agreement, Crosswave's assets and more than 400 corporate customers will devolve on NTT Com. Crosswave believes that current Crosswave customers will be able to enjoy Crosswave's technology and product development capabilities more fully after the transfer of business. Crosswave will ask the customers currently using Crosswave services, excluding those using international services, to consent to transfer their contracts to NTT Com in order to allow them to continue using these services after the date of the business transfer. AGREEMENT SUMMARY Operations to be transferred: All Crosswave operations, excluding operations for international services (*) (*) Operations of Crosswave Communications Inc. and Crosswave Services Inc. Consideration: JPY 10 billion Date of transfer: December 15, 2003 Corporate Profile of NTT Communications Corporation Established: July 1, 1999 Capital: JPY 211.7 billion (as of March 31, 2003) Business: Telecommunications and related services Annual Sales: JPY 1.15 trillion Employees: About 7,450 (as of March 31, 2003) CONTACT: Crosswave Communications Inc. Media/Investor Relations Office Hiroaki Tsuno, Taisuke Ono, +81- 3-5205-4580 +81-3-5205-4581 (Fax) ir@cwc.co.jp http://www.cwc.co.jp/ HUIS TEN: Picks NPF as Official Sponsor --------------------------------------- On 3 September 2003, Nomura Principal Finance Co., Ltd. (NPF) announced that it had been granted the first refusal right to newly issued shares of Huis Ten Bosch Co., Ltd. (Sasebo City, Nagasaki), a NPFC said in a statement. On December 6, 2003, an agreement was reached among Huis Ten Bosch's administrators to appoint NPF as the company's official sponsor, and the Tokyo District Court appointed NPF President as the business administrator. THE NOMURA GROUP Nomura Group, with its core businesses of the securities and related businesses, is dedicated to providing a broad range of financial services for individual, institutional, corporate and government customers. We offer a diverse line of competitive products and value-added financial and advisory services through the 128 domestic branch offices of Nomura Securities Co., Ltd. and our overseas network that combines offices in 28 countries. Our business activities include investment consultation services for domestic retail investors, securities brokerage services, securities underwriting for domestic and foreign governments and corporations, mergers and acquisition and financial advisory services, merchant banking, and asset management for investment trusts and pension funds. MITSUBISHI MOTORS: U.S. Unit Lays Off 425 Workers ------------------------------------------------- Mitsubishi Motors North America, a unit of Japan's Mitsubishi Motors, will cut 425 employees at its Normal, Illinois assembly plant by next year because of falling sales that earlier halted a planned US$200 million expansion of the facility, Dow Jones reports. The plant is Mitsubishi's only production facility in North America, which has 2,870 union workers and 490 nonunion employees. Earlier this week, the carmaker fired 200 workers at its American headquarters in Cypress, California. NISSHO IWAI-NICHIMEN: Revises Conversion Price of Bonds ------------------------------------------------------- Nissho Iwai-Nichimen Holdings Corporation (NNH) has decided to revise the conversion price of the yen denominated bonds with stock acquisition rights (convertible bonds) as follows. 1. Revision of the Conversion Price Nissho Iwai-Nichimen Holdings Corporation Y5 billion Bonds with Stock Acquisition Rights due November 2005 Current conversion price: �740 Revised conversion price: �555 2. Effective Date As from December 8, 2003 3. Reasons for revision The revision is made in accordance with the provisions as specified in the terms and conditions. ========= K O R E A ========= KOOKMIN BANK: Government Selects 170 Bidders to Buy Stake --------------------------------------------------------- The South Korean government has picked 170 foreign and local institutions eligible to take part in an auction to buy the government's 9.1 percent stake in Kookmin Bank, the Korea Herald reported on Saturday. The report did not give further details. The bidders, which include Kookmin itself and who all run financial services businesses, will be allowed to participate in the one-day auction to purchase some or all of the 30.6 million government-held Kookmin Bank shares on December 12. KOREA THRUNET: Resume Creditors Meeting on January 9 ---------------------------------------------------- Korea Thrunet Inc. announced its SEC form 6-K filing to report the following: As scheduled, on November 28, 2003, the second meeting of interested parties was held for the deliberation and acceptance of the draft plan of reorganization. However, certain major creditors including Korea Development Bank raised different opinions as to certain terms of the draft reorganization plan. Accordingly, the court determined to resume the meeting on January 9, 2004 to reach an agreement among the Company and the creditors on these issues. LG CARD: Issues Transfer of Rights Likely from Dec.1-12 ------------------------------------------------------- LG Card Co. announced the transfer of new share rights as follows: 1. Transfer of new share rights is possible from December 1st to 12th, 2003. 2. The new share rights can be transferred over the counter. They will not be listed on the KSE. Lead manager LG Investment Securities is the designated broker for the trading of LG Card's new share rights. 3. Upon request, new share rights can be deposited into shareholders' accounts. Shareholders can transfer their rights electronically to a third party account, specifying the quantity of transfer. LG Card: Unveils CEO Press Conference Results --------------------------------------------- LG Card CEO Dr. Chong S. Lee held a press meeting with reporters on November 25, 2003 to announced plans for the Company's restructuring process. The key points mentioned in the conference are as follows: 1. Liquidity - 8 credit banks have agreed to support LG and entered into a contract for a 2 trillion won new loan with the Company yesterday. - In addition, creditor banks have agreed to extend the maturities on their existing holdings of LG Card issued notes. - In return, LG Card's major shareholders will contribute additional capital to help the Company raise a total of 1 trillion won by the first quarter of 2004. - LG Card itself will carry out full-scale restructuring measures to achieve business normalization at the earliest possible time. It will also improve its financial leverage by managing its asset size at an appropriate level to lower funding and operational risk. 2. Self-rescue plan - The Company will continue to clean up its assets through bold disposal of NPLs. - The number of branches will be halved through consolidation, and the entire workforce will be cut by 25%. - All costs not directly associated with operations will be cut, including certain marketing expenses. 2004 SG&A costs will be controlled to be around 900 billion won, 400 billion won less than year 2003 levels. 3. Long-term Forecast - To secure a stable operating platform oriented on profit generation, the Company's business model will be redesigned primarily around the credit purchase business. - The Company's strategy is to carry out a complete analysis of its core member base, and provide services tailored to the individuals of life cycle. - Once the Company completes its normalization process, it expects a turnaround to yearly profit in 2005 in the range of 400 billion won. Year 2006 estimate is 600 billion won and normalized managed earning asset size is 20 trillion won. 4. Inviting Strategic Investor - LG Card is currently searching for a strategic investor with a banking background who is willing to acquire a controlling stake in the Company. Internal preparations for this are underway and the Company is working its best to achieve a marked progress by the end of 1Q04. 5. Possibility of Capital Reduction - When asked about the possibility of capital reduction for existing shareholders, CEO Dr. Chong S. Lee stated that, �gin the case that we enter negotiations with a potential strategic investor, LG Card management will do its best to work in the interest of our minor shareholders. Please be advised that although these statements are based on the Company's latest analysis and plan, they may be different from the actual results depending on changes in external circumstances and the Company's management. Investor Relations 23rd Fl, LG Kangnam Tower 679, Yoksam-Dong, Gangnam-gu, Seoul, Korea 135-985 Tel.: 82-2-2005-8292, 8285 Fax: 82-2-2005-8289 kelly@card.lg.co.kr LG CARD: KDB Eyes Acquisition ----------------------------- Korea Development Bank (KDB) will consider taking over the ailing LG Card Co. if measures to sell off the card unit of LG group do not proceed as scheduled, Digital Chosun reports. KDB said that keeping the struggling card firm afloat is more desirable, in order to avoid a market calamity. Currently, KDB does not have a credit-card business. Currently, several domestic and foreign financial firms have been moving ahead with procedures to take over the card firm, including a consortium of domestic banks, including Hana and Woori banks, Citigroup, HSBC, Newbridge Capital and GE Capital. LG Card is to accept investment proposals from these firms on or around December 20, after due diligence on the firm is completed. =============== M A L A Y S I A =============== AMALGAMATED INDUSTRIAL: Settles RM3.6M Debt ------------------------------------------- Amalgamated Industrial Steel Berhad settled its debt worth RM3,684,648 due to Dato' Cheah Lai Shin, a former managing director of the Company, through the issuance of 3,000,000 new ordinary shares at an issue price of RM0.50 per share and the remaining RM2,184,648 through cash installments (debt settlement) as follows: The Comapny refers to its Circular to shareholders dated 13 August 2003 wherein it was stated, among others, that the remaining cash installment of RM1,584,648 for the Debt Settlement will be made upon completion of the settlement through shares. In this connection, AISB wishes to announce that the outstanding debt has been fully settled in the following manner: RM Payment to the Employees' Provident Fund (EPF) for the employee and employer's contributions (EPF Contribution) 704,700 Payment to the Inland Revenue Board (IRB) for income tax deduction (Income Tax) 544,059 Net cash payment to Dato' Cheah Lai Shin (Net Cash Payment) 335,889 ---------------- 1,584,648 Payment of the EPF Contribution was made on 15 November 2003. Income Tax payments of RM485,555 and RM58,504 were made to the IRB on 10 November and 5 December 2003 respectively. The Net Cash Payment owed to Dato' Cheah Lai Shin was fully settled on December 5, 2003. C.I. HOLDINGS: ABMB OKs Term Loan Facility ------------------------------------------ C.I. Holdings Berhad (CIH) informed the Kuala Lumpur Stock Exchange that on December 2, 2003, CIH on behalf of C.I. Enterprise Sdn Bhd, a wholly-owned subsidiary of CIH had obtained financing and had settled in full the term loan facility granted by Alliance Bank Malaysia Berhad (ABMB) for the amount of RM209,007,000 being the settlement of the principal amount of RM198.0 million and the interest accrued thereon. FW INDUSTRIES: Unveils Acquisition Proposal Update -------------------------------------------------- FW Industries Berhad refers to the Requisite Announcement made on 31 July 2003 under Practice Note No. 4/2001 (PN4/2001) issued by the Kuala Lumpur Stock Exchange (KLSE) pursuant to Paragraph 8.14 of the Listing Requirements of KLSE. On behalf of the Board of Directors of FWI (FWI Board), Southern Investment Bank Berhad (SIBB) announced that the Proposed MPSI Acquisition and Proposed MYSB Acquisition as set out in the Requisite Announcement are regarded as related party transactions. Puan Sri Datin Minuira Sabki (Puan Seri Minuira) was a director of FWI until 30 May 2003. Puan Seri Minuira is currently a director and major shareholder of South Ken Technology Sdn Bhd (SKTSB), which in turn is a major shareholder of Malaysia Power Industries Sdn Bhd (MPSI). She is also a director and major shareholder of Mestika Capital Sdn Bhd, which is a major shareholder of Mestika Yakin Sdn Bhd (MYSB). In addition, she is a director of MYSB. Accordingly, pursuant to Part E Paragraph 10.08 of the Listing Requirements of KLSE, the Proposed MPSI Acquisition and Proposed MYSB Acquisition are regarded as related party transactions. In compliance with Part E Paragraph 10.08 of the Listing Requirements of KLSE, FWI has appointed Avenue Securities Sdn Bhd as the independent adviser to advise the independent directors and minority shareholders of FWI for the Proposed MPSI Acquisition and Proposed MYSB Acquisition. Puan Seri Minuira had abstained from all deliberations and voting on the relevant resolutions at the board meetings of FWI during her directorship in FWI. Puan Seri Minuira currently does not hold any shares directly and/or indirectly in FWI and will abstain from voting in respect of her direct and/or indirect shareholdings (if any) on the relevant resolution pertaining to the Proposed Restructuring Scheme at the forthcoming extraordinary general meeting (EGM) of FWI to be convened. Puan Seri Minuira will also ensure that the persons connected to her will abstain from voting on the relevant resolutions pertaining to the Proposed Restructuring Scheme at the forthcoming EGM. Save as disclosed above, none of the directors and major shareholders of FWI or persons connected to them have any interests, direct and indirect, in the Proposed Restructuring Scheme. JIN LIN: Answers KLSE Query --------------------------- Further to the announcements made by Jin Lin Wood Industries Berhad (JLWIB) dated 27 November 2003 and 3 December 2003, JLWIB wishes to inform the following: The litigation filed by the Plaintiff against JLT does not have any impact on the operations of the JLWIB Group. QUERY LETTER CONTENT: We refer to your Company's announcement dated 20 November 2003 in respect of the aforesaid matter. In this connection, kindly furnish the Exchange immediately with the following additional information for public release:- 1. The details of the default or circumstances leading to the filing of the litigation against Jin Lin Trading Sdn Bhd; 2. The financial and operational impact of the litigation on the Group; and 3. The expected losses to your Group, if any, arising from the litigation. Yours faithfully TAN YEW ENG Sector Head, Issues & Listing WSW/TYE/LMN copy to: Securities Commission (via fax) L&M CORPORATION: Completes Debt Restructuring Scheme ---------------------------------------------------- For consistency, the abbreviations used throughout this announcement shall have the same meaning as previously defined in L&M Corporation (M) Bhd (Special Administrators Appointed) (L&M)'s announcement dated 19 November 2002. Please also refer to L&M's announcements made subsequently on 15 January 2003, 21 January 2003, 24 April 2003, 12 May 2003, 27 May 2003, 4 July 2003, 6 October 2003, 6 November 2003, 20 November 2003 and 27 November 2003 in relation to the CDRS. The Special Administrators of L&M, namely Mr. Gan Ah Tee, Mr. Ooi Woon Chee and Encik Mohamed Raslan bin Abdul Rahman of KPMG Corporate Services Sdn Bhd, announced that the Capital Reduction and Consolidation, Share Exchange, Distribution of Shares and Distribution of ICULS were completed on 3 December 2003 whilst the Cancellation and Re-issuance of L&M Shares was completed today on 4 December 2003. The completion of the CDRS is now pending the Transfer of the Listing Status. The Special Administrators further wish to announce that the Securities Commission had vide their letter dated 2 December 2003 approved the Company's application for an extension of time to 23 January 2004 to complete the CDRS and to 23 May 2004 to complete the Proposed ESOS. MECHMAR CORPORATION: Issues Default in Loans as of November 30 -------------------------------------------------------------- Mechmar Corporation (Malaysia) Berhad And Group announced that there is no change in status or arrangement in repayment of loans under default since last month. Attached the list of default loans as at 30 November 2003 for reference. Loans are being repaid as per restructured schedules. For a copy of the Company's loan payment default, go to http://bankrupt.com/misc/klse-loan-1103.xls PANTAI HOLDINGS: Unveils December 5 AGM Resolutions --------------------------------------------------- Further to our announcement of 12 November 2003, announced that at the Thirty-First Annual General Meeting (AGM) of Pantai Holdings Berhad (PHB) held on 5 December 2003, the shareholders present passed all resolutions tabled thereat including the two ordinary resolutions tabled as Special Business. The Board of Directors of the Company is now comprised of the following persons: 1. Datuk Dr. Ridzwan Bin Abu Bakar - Chairman (Non-Independent and Non-Executive Director); 2. Dato' Lim Tong Yong @ Lim Tong Yaim - Group Chief Executive Officer; 3. Lim Poh Seong - Executive Director; 4. Lim Peng @ Lim Pang Tun - Executive Director; 5. Eliza Jasmin Binti Hashim - Independent and Non-Executive Director; 6. John Madsen - Independent and Non-Executive Director. The Secretary of the Company is Noel Chua (LS 005781). The Auditors for the Company is Messrs Deloitte KassimChan (AF 0080). PILECON ENGINEERING: Issues Default Payment Status -------------------------------------------------- Transbay Ventures Sdn Bhd (TVSB), a subsidiary of Pilecon Engineering Berhad (PEB) issued a monthly Announcement on the Status of Default in Payment Pursuant to Practice Note 1/2001. Further to the announcement made by PEB on 4 November 2003 with regards to the status of default in payment pursuant to Practice Note 1/2001 by its subsidiary, Transbay Ventures Sdn Bhd (TVSB), PEB wishes to hereby announce that there have not been any changes to the status of default since then. As announced earlier, a new scheme of arrangement will be finalized soon in order for TVSB to apply to the Kuala Lumpur High Court for a fresh restraining order to be in line with PEB's proposed scheme of arrangement approved by its participating creditors in August 2003. SASHIP HOLDINGS: Issues Changes in Principal Agreement ------------------------------------------------------ Saship Holdings Berhad (Special Administrators Appointed) (SHB) announced the execution of agreements in relation to the proposed acquisitions and amendments to the principal agreement. Contents: 1. INTRODUCTION 1.1 Execution of Agreements in relation to the Proposed Acquisitions Further to the announcements dated 21 November 2003 and 28 November 2003, AmMerchant Bank Berhad (AmMerchant Bank), on behalf of the Company, wishes to announce that Operasi Unggul Sdn Bhd (Operasi Unggul), the wholly owned subsidiary of Ramunia Energy & Marine Corporation Sdn Bhd (Ramunia), had on 5 December 2003, entered into the following two (2) agreements with Ramunia pursuant to the Principal Agreement dated 21 November 2003 (Principal Agreement): (a) TR Yard Sale and Purchase Agreement to acquire Teluk Ramunia Fabrication Yard (TR Yard) from Ramunia; and (b) RFSB Share Sale Agreement to acquire the entire issued and paid-up share capital of Ramunia Fabricators Sdn Bhd (RFSB) (RFSB Shares) from Ramunia. (Collectively referred to as Proposed Acquisitions). (TR Yard Sale and Purchase Agreement and RFSB Share Sale Agreement are collectively referred to as "Agreements). Ramunia and Operasi Unggul are currently finalising the share sale agreement in relation to Maritime Industrial Services Co. Ltd. Inc., which is expected to be executed by 12 December 2003. 1.2 Amendments to the Principal Agreement In addition, the Special Administrators, on behalf of the Company, and Ramunia had, agreed to vary certain terms of the Principal Agreement via a letter dated 5 December 2003. The said variation includes amendment to the following sections of the announcement dated 21 November 2003 (with amendments marked): Section 2.1.6 "Ramunia undertakes to procure underwriting arrangements to be in place to underwrite the 24,175,960 Newco Shares to be issued to the Creditors Agent at the price of not less than RM1.00 per Newco Share for the purposes of the Proposed Restricted Offer for Sale/Placement. Any costs and expenses incurred in relation thereto shall be borne by Ramunia" Section 2.3.2 (i) (b) "The Purchase Considerations, Newco Shares, Newco Warrants and/or the Newco ICULS shall be adjusted in the event that the forecast profit after tax (Forecast PAT) of RFSB and/or MIS for the year ending 31 October 2004 (Forecast PAT) as determined by a firm of reporting accountants appointed by the Company or the Special Administrators shall be less than the management's forecast as a result of which the valuation of RFSB and MIS is less than the RFSB Consideration and MIS Consideration respectively" Section 2.3.2 (iii) "The Purchase Considerations, Newco Shares, Newco Warrants and/or the Newco ICULS shall be adjusted in the event that the SC imposes, directs or requests for a change in the issue price or exercise price of the Newco Shares, Newco Warrants and/or the Newco ICULS" 2. SALIENT TERMS OF THE AGREEMENTS 2.1 TR Yard Sale and Purchase Agreement 2.1.1 Agreement to Sell Ramunia agreed to sell and Operasi Unggul agreed to purchase TR Yard free from all encumbrances for the total purchase price of RM170,000,000 ( TR Yard Purchase Price) upon the terms and conditions therein contained. 2.1.2 Purchase Price Operasi Unggul shall pay the TR Yard Purchase Price in the following manner: (a) The issuance of 51,000,000 ordinary shares of RM1.00 each in Operasi Unggul (Shares) at par (TR Yard Consideration Shares) together with 229,500,000 detachable warrants in Operasi Unggul (Warrants) on the basis of nine (9) Warrants for every two (2) Shares issued (TR Yard Consideration Warrants); and (b) The issuance of 148,750,000 irredeemable convertible unsecured loan stocks (ICULS) at an issue price of RM0.80 per ICULS (TR Yard Consideration ICULS) in favour of Ramunia which shall be in full and final settlement of the TR Yard Purchase Price. 2.1.3 Conditions Precedent The obligations of Ramunia to sell and Operasi Unggul to purchase the TR Yard upon the terms therein shall be conditional upon the fulfillment of the following conditions precedent on or before the expiry of six (6) months from the date of the TR Yard Sale and Purchase Agreement or such other date as the Special Administrators of SHB may in its sole and absolute discretion determine: (a) The approval of the Foreign Investment Committee (FIC) being obtained by Operasi Unggul for the purchase of the TR Yard; (b) The approval of the Securities Commission (SC) for the issuance of TR Yard Consideration Shares, TR Yard Consideration Warrants and TR Yard Consideration ICULS to effect the acquisition of the TR Yard; (c) The shareholders' approval of Operasi Unggul being obtained for the purchase of the TR Yard; (d) The approval of the relevant State Authority being obtained by Ramunia for the transfer of the land on which TR Yard is located (Land) to Operasi Unggul pursuant to the restrictions- in-interest on the title to the land; (e) The withdrawal of the private caveats lodged by Alliance Bank Malaysia Berhad over the Land; (f) All conditions precedent set out in the agreements which reflect and give effect to the terms of the proposed transactions of SHB (Transaction Agreements) have been fulfilled or deemed to have been fulfilled or waived, as the case may be, save for any condition requiring the TR Yard Agreement to be unconditional; and (g) Such other approvals, consents, authorization, permits or waivers of any regulatory agency or authority necessary or appropriate to permit completion of the transaction contemplated hereby; 2.2 RFSB Share Sale Agreement 2.2.1 Agreement For Sale And Purchase Of RFSB Shares In consideration of the premises set out in the RFSB Share Sale Agreement, Ramunia as legal and/or beneficial owner of the RFSB Shares shall sell and Operasi Unggul relying on the warranties, representations and indemnity by Ramunia therein contained shall purchase the RFSB Shares free from encumbrance and claims whatsoever and with all rights, benefits and advantages now or hereafter attaching thereto, including, but without limitation, all bonuses, rights, dividends and distributions declared made and paid as from completion upon the terms and subject to the conditions herein contained. 2.2.2 RFSB Purchase Price The consideration payable to Ramunia for the RFSB Shares shall be the RFSB Purchase Price to be satisfied in the following manner: (a) The issuance of 30,000,000 Shares at par credited as fully paid-up (RFSB Consideration Shares) together with 135,000,000 detachable Warrants on the basis of nine (9) Warrants for every two (2) Shares issued (RFSB Consideration Warrant); and (b) The issuance 87,500,000 ICULS at an issue price of RM0.80 per ICULS (RFSB Consideration ICULS); in the favor of Ramunia, which shall be in full and final settlement of the RFSB Purchase Price. 2.2.3 Conditions Precedent The sale and purchase of the RFSB Shares shall be conditional upon the fulfillment of the conditions precedent set out therein on or before the expiry of six (6) months from the date of the RFSB Share Sale Agreement or such other date as the Special Administrators may in its sole and absolute discretion determine: (a) The approval of the FIC being obtained by Operasi Unggul for the sale and purchase of the RFSB Shares upon the terms and conditions therein; (b) The approval of the SC for the issuance of RFSB Consideration Shares, RFSB Consideration Warrants and RFSB Consideration ICULS to effect the acquisition of RFSB Shares; (c) The shareholders' approval of Operasi Unggul being obtained for the purchase of RFSB; (d) All conditions precedent set out in the Transaction Agreements have been fulfilled or deemed to have been fulfilled or waived, as the case may be, save for any condition requiring the RFSB Share Sale Agreement to be unconditional; and (e) Such other approvals, consents, authorizations, permits or waivers of any regulatory agency or authority necessary or appropriate to permit completion of the transaction contemplated hereby. 3. RECOMMENDATION BY THE SPECIAL ADMINISTRATORS The Special Administrators, having considered all aspects of the Proposed Acquisitions, is of the opinion that the Proposed Acquisitions are in the best interests of SHB. 4. DOCUMENTS FOR INSPECTION The Agreements and the letter dated 5 December 2003 on the amendments to the Principal Agreement will be available for inspection at the office of SHB (Special Administrators Appointed) c/o Ernst & Young at 4th Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250, Kuala Lumpur during normal office hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement. 5. OTHER INFORMATION Please refer to the announcement dated 21 November 2003 for the other information on the Proposed Acquisitions. SRI HARTAMAS: Unit Appoints Provisional Liquidators --------------------------------------------------- The Special Administrators of Sri Hartamas Berhad (SHB), being the ultimate holding Company of ATP Consultants Sdn Bhd (ATP), announced the Kuala Lumpur Stock Exchange (KLSE) that the directors of ATP had on 5 December 2003 resolved: - That the Company cannot by reason of its liabilities continue its business and that it be wound up voluntarily; - That pursuant to Section 255 of the Companies Act, 1965, Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3 Level 10 Block D Menara Uncang Emas 85 Jalan Loke Yew, 55200 Kuala Lumpur, be and are hereby appointed Provisional Liquidator for the purpose of the winding up; and - That separate meeting of members and creditors of the Company be convened on 29 December 2003 pursuant to Section 255(1)(b) of the Companies Act, 1965. The aforesaid liquidation will not have any material financial and operational impact on Sri Hartamas Group of Companies. TECHNO ASIA: Delist Shares From KLSE ------------------------------------ The completion of the Proposals, Techno Asia Holdings Berhad (Tecasia), a PN4 Condition Company, will be removed from the Official List of KLSE and YNHB will be admitted in place of TECASIA with effect from 9 A.M., Tuesday, 9 December 2003. In this connection, YNHB's entire issued and paid-up share capital of RM213,068,190 comprising 213,068,190 ordinary shares of RM1.00 each (Shares) and RM48,220,000 nominal value of ICULS arising from the aforesaid Proposals, will be admitted to the Official List of the Exchange and the listing and quotation of YNHB's Shares and ICULS on the Main Board under the "Property" and "Loans" sectors respectively, on a "Ready" basis pursuant to the Rules of the Exchange, will be granted with effect from 9 A.M., Tuesday, 9 December 2003. The Stock Short Name, Stock Numbers and ISIN Codes of YNHB's Shares and ICULS are as follows: Securities Stock Short Name Stock Number ISIN Code Shares YNHB 3158 MYL3158OO002 ICULS YNHB-LA 3158LA MYL3158LAI97 The reference prices for both YNHB's Shares and ICULS are RM1.00 and the trading limit will be 500 percent. The YNHB ICULS can be converted into new YNHB Shares commencing on the issue date (i.e. 2 September 2003) and ending at the close of business at 5 P.M. on 1 December 2008. All outstanding ICULS shall be converted into new Shares on the Maturity Date. The Conversion Price of the ICULS is RM1.00 to be satisfied by tendering RM1.00 nominal value of ICULS for each Share. Kindly be advised that the YNHB Shares and ICULS are prescribed securities. Dealings in the aforesaid Shares and ICULS should be carried out in accordance with Securities Industry (Central Depositories) Act, 1991 and the Rules of Malaysian Central Depository Sdn Bhd. Kindly also be reminded that only "free securities" can be utilised for settlement of trades involving the aforesaid Shares and ICULS. The following are collectively referred to as "Proposals". (i) Reduction of the existing issued and paid-up share capital of TECASIA from RM207,597,589 comprising 207,597,589 ordinary shares of RM1.00 each to RM5,189,940 comprising 207,597,589 ordinary shares of RM0.025 each representing a capital reduction of RM0.975 for every existing ordinary share of RM1.00 each. Thereafter, forty (40) ordinary shares of RM0.025 each was consolidated into one (1) ordinary share of RM1.00 each; (ii) Acquisition of the entire issued and paid-up shares of TECASIA by YNHB, satisfied by the issuance of 5,189,940 new ordinary shares of RM1.00 each in YNHB, on the basis of one (1) new YNHB share for every one (1) consolidated share held in TECASIA; (iii) Acquisition of the entire issued and paid-up share capital of RM800,000 comprising 800,000 ordinary shares of RM1.00 each in Kar Sin Berhad (KSB) by YNHB for a total purchase consideration of RM211,098,000 satisfied by the issuance of 168,878,000 new YNHB shares at an issue price of RM1.00 per share and the issuance of RM42,220,000 nominal value of 3 percent 5 Years Irredeemable Convertible Unsecured Loan Stocks 2003/2008 (ICULS) by YNHB; (iv) Acquisition of the entire issued and paid-up share capital of RM250,000 comprising 250,000 ordinary shares of RM1.00 each in Yu & Sons Sdn Bhd (YSSB) by YNHB for a total purchase consideration of RM30,000,000 satisfied by the issuance of 24,000,000 new YNHB shares at an issue price of RM1.00 per share and the issuance of RM6,000,000 nominal value of ICULS by YNHB; (both item (iii) & (iv) are collectively referred to as "Acquisitions) (v) Exemption to the estate of the late Dato' Yu Neh Huat, Yu Kuan Huat, Yu Kuan Seng, Yu Kuan Huat, Dato' Dr Yu Kuan Chon, Teh Nai Sim and Ling Mooi Hung (collectively referred to as "Yu Family" or "the Offerors) from the obligation to extend an unconditional mandatory take-over offer for the remaining shares in YNHB not already owned by them on completion of the Acquisitions in accordance with the Malaysian Code on Take-Overs and Mergers, 1998; (vi) Restricted issue of 15,000,000 new YNHB shares at an issue price of RM1.00 per YNHB share to the Yu Family to raise RM15 million cash for YNHB to pay TECASIA as consideration for the transfer of the listing status of TECASIA to YNHB; (vii) Transfer of the listing status of TECASIA to YNHB in consideration for RM15 million cash and approximately RM5.2 million shares in YNHB arising from the share swap with YNHB. The RM15 million cash shall be utilized as part settlement of TECASIA's group's debts. Consequently TECASIA will be de-listed from the Main Board of the KLSE and YNHB will be listed on the Main Board of the KLSE; (viii) Disposal by YNHB of the entire issued and paid-up share capital of TECASIA to a special purpose vehicle nominated by the Special Administrator (SA) for a nominal sum of RM1.00; (ix) Offer for sale of 2,000,000 shares in YNHB at an offer price of RM1.00 per share by the Offerors to the Malaysian public and proposed placement of 50,000,000 shares in YNHB by the Offerors at a placement price of RM1.00 per share; (x) Disbursement of RM100,000 nominal value of ICULS for free by Dato' Dr Yu Kuan Chon, a vendor of KSB and YSSB, to staff and service providers of KSB group and YSSB; WING TIEK: Enters Settlement Deal With Petitioners -------------------------------------------------- On 4 December 2003, Wing Tiek Holdings Berhad entered into a Settlement Agreement with Ang Siew Kian and Chan Poh Ngo (Petitioners), Anjur Wawasan Sdn Bhd (AWSB) and Lembaga Tabung Haji (LTH) to record the terms of the settlement arrangement between them. Pursuant to the Settlement Agreement, LTH has on 5 December 2003 withdrawn its suit (including all interlocutory applications filed) against the Company with no order as to costs and with no liberty to file afresh. Pursuant to the Settlement Agreement and without any admission of liability by LTH and/or AWSB, the Kuala Lumpur High Court has on 5 December 2003 ordered by consent that the resolutions of the Company dated 24 September 2003 be varied to reflect the approval of the Company's proposed corporate and debt restructuring scheme by discounting the votes of LTH and/or AWSB. Further, Bangkok Bank Berhad on 5 December 2003 withdrew its application to intervene with no order as to costs and with no liberty to file afresh. Pursuant to the Settlement Agreement, LTH and AWSB have also withdrawn the requisitions dated 30 September 2003 and 15 October 2003 to the directors of the Company. ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: S&P Lowers Rating to D ------------------------------------------------ Standard & Poor's Ratings (S&P) Services lowered its corporate credit rating on Philippine telecom operator Bayan Telecommunications Inc. (Bayantel) to 'D' from 'SD'. S&P's issue rating on Bayantel's US$200 million senior unsecured notes due 2006 remains at 'D'. At the same time, Standard & Poor's has withdrawn all its ratings on Bayantel. The ratings on Bayantel reflect the company's failure to make scheduled principal and interest payments on all borrowings after the Philippine regional court's decision to place the company in receivership, thereby allowing a moratorium on the servicing of about US$477 million in debt. Bayantel has been under debt restructuring negotiations with its creditor banks and bondholders since January 2001. Its default is due to the company's very aggressive financial position and challenging operating conditions, in particular, intense competition in the domestic fixed-line services. The court- supervised process will resolve future negotiations with all creditors. MANILA ELECTRIC: ERC Reviews Rate Hike Approval ----------------------------------------------- The Energy Regulatory Commission (ERC) will review its decision to let Manila Electric Co. (Meralco) raise its rates by 0.12 pesos a kilowatt-hour starting next month, according to Dow Jones. ERC will wait for a public hearing on December 22. ERC Chairman Manuel Sanchez said several groups have filed their opposition to ERC's provisional authority for Meralco, the country's largest power distributor, to hike its rates. The provisional authority was granted last week. NATIONAL POWER: BSP OKs US$40M Loans ------------------------------------ The Bangko Sentral ng Pilipinas (Philippine Central Bank)'s policy-making Monetary Board has approved US$40 million loan to National Power Corporation, AFX Asia reports. The Monetary Board gave the go ahead to Napocor's US$40 million 20-year loan from the Japan Bank for International Cooperation. The loan will be used to finance the establishment of the Wholesale Electricity Spot Market. ================= S I N G A P O R E ================= CERAMIC TECHNOLOGIES: Neocorp Demands S$21M From Directors ---------------------------------------------------------- As disclosed in the Circular dated 27 December 2002, Presscrete Holdings Ltd, now known as NeoCorp International Ltd commenced a suit against three individual minority Shareholders-cum- directors of Ceramic Technologies Pte Ltd (CT) (under judicial management) in the High Court of the Republic of Singapore (the Court). The Court subsequently entered interlocutory judgment against the three individual minority Shareholders-cum-directors of CT with damages to be assessed. The Board of Directors announced that on 22 October 2003, the Court ordered the three individual shareholders-cum-directors of CT to pay damages amounting to S$21,090,066.63 plus interest and costs. The Company intends to pursue enforcement but however is uncertain as to the ability of the three individual minority shareholders-cum-directors of CT to pay the above damages. CHENG BEE: Petition to Wind Up Pending -------------------------------------- The petition to wind up Cheng Bee Pte Limited is set for hearing before the High Court of the Republic of Singapore on January 9, 2004 at 10 o'clock in the morning. Bank of China, a creditor, whose address is situated at 4 Battery Road, Bank of China Building, Singapore 049908, filed the petition with the court on November 24, 2003. The petitioners' solicitors are Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Rajah & Tann a notice in writing not later than twelve o'clock noon of the 8th day of January 2003 (the day before the day appointed for the hearing of the Petition). CHUAN & CO.: Issues Dividend Notice ----------------------------------- Chuan & Co Hardware Pte Ltd (In Compulsory Liquidation) issued a notice of first interim dividend as follows: Address of Registered Office: c/o Deloitte & Touche 6 Shenton Way #32-00 DBS Building Tower 2 Singapore 068809. Court: High Court of Singapore. Number of Matter: Winding Up No. 81 of 2003. Amount percentum: 0.25 cents. First and Final or otherwise: First Interim. When Payable: 5th December 2003. Where Payable: c/o Deloitte & Touche 6 Shenton Way #32-00 DBS Building Tower 2 Singapore 068809. TAM CHEE CHONG Liquidator. DILIGENT AIR-CON: Winding Up Petition Set For January 9 ------------------------------------------------------- The petition to wind up Diligent Air-con Engineering Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 9, 2003 at 10 o'clock in the morning. RHB Bank Berhad, a creditor, whose address is situated at No. 90 Cecil Street #01-00, Singapore 069531, filed the petition with the court on November 13, 2003. The Petitioner's solicitors is Messrs Billy & Alsree of No. 151 Chin Swee Road #11/11-13 Manhattan House, Singapore 169876. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Billy & Alsree a notice in writing not later than twelve o'clock noon of the 8th day of January 2003 (the day before the day appointed for the hearing of the Petition). FORD REALTY: Releases Winding Up Order Notice --------------------------------------------- Ford Realty Private Limited issued a winding up order notice made on the 21st day of November 2003. Name and address of Liquidator: Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118. Messrs TAN RAJAH & CHEAH Solicitors for the Petitioners. HUNG FUNG: Discloses EGM Resolutions ------------------------------------ At an Extraordinary General Meeting (EGM) of Hung Fung Investments Pte Ltd (Incorporated in Singapore) (In Voluntary Liquidation) duly convened and held at 1 North Bridge Road, #13- 03 High Street Centre, Singapore 179094 on Friday, 28th November, 2003 at 10:30 A.M. the following Special Resolutions were duly passed: ''RESOLVED: (a) That Hung Fung Investments Pte Ltd be wound up voluntarily; and (b) That Mr. Tay Joo Soon, Certified Public Accountants of 1 North Bridge Road, #13-03 High Street Centre, Singapore 179094 be and is hereby appointed Liquidator for the purpose of such winding up; and that the said Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.'' FUNG KOON YAU Chairman. KTD (SINGAPORE): Releases Debt Claim Notice to Creditors -------------------------------------------------------- The creditors of KTD (Singapore) Pte Limited (Members' Voluntary Winding Up), which is being wound up voluntarily, are required on or before 5th January 2004 send in their names and addresses and the particulars of their debts or claims, and the names and addresses of their solicitors (if any), to the liquidators, c/o 47 Hill Street #05-01, Chinese Chamber of Commerce & Industry Building, Singapore 179365, and if so required are to come in and prove their debts or claims as shall be specified or in default will be excluded from the benefits of any distribution made before such proof. KON YIN TONG WONG KIAN KOK WILLIAM CAVEN HUTCHISON Joint Liquidators. KTD (SINGAPORE): Unveils November 28 EGM Resolutions ---------------------------------------------------- At an Extraordinary General Meeting (EGM) of KTD (Singapore) Pte Ltd (Members' Voluntary Winding Up) duly convened and held at Arimino Building, 3F, 1-5-22, Shimo-ochiai, Shinjuku-ku, Tokyo 161-0033, Japan, on 28th November 2003 at 11 A.M., the following resolutions were duly passed: SPECIAL RESOLUTION (a) RESOLVED that the Company be wound up voluntarily pursuant to section 290 (1) (b) of The Companies Act, Chapter 50. ORDINARY RESOLUTIONS RESOLVED: (b) That Mr Kon Yin Tong, Mr Wong Kian Kok and Mr William Caven Hutchison of Foo Kon Tan Grant Thornton be and are hereby appointed liquidators, jointly and severally, for the purpose of the winding up. (c) That the liquidators be remunerated for the work of winding up the Company on their normal scale of professional fees. SPECIAL RESOLUTION (d) That the liquidators be empowered to exercise any of the powers given by sub-sections of (1) and (2) of section 272 of the Companies Act, Chapter 50 and to distribute to members in specie any part of the assets of the Company. HIROSE FUMIO Director. SHWETA INTERNATIONAL: Issues Winding Up Order Notice ---------------------------------------------------- Shweta International issued a winding up order notice made the 28th day of November 2003. Name and address of Liquidator: The Official Receiver of 45 Maxwell Road, #06-11 The URA Center (East Wing), Singapore 069118. DREW & NAPIER LLC Solicitors for the Petitioner. TOOLING INDUSTRIES: Creditors Must Submit Claims by January 5 ------------------------------------------------------------- Notice is hereby given that the creditors of Tooling Industries Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 5th day of January 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the said Company and, if so required by notice in writing by the said Liquidators are, by their solicitors or personally, to come in and prove their 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. CHEE YOH CHUANG LEOW QUEK SHIONG Liquidators. 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. =============== T H A I L A N D =============== CAPETRONIC INTERNATIONAL: Details Exercise of Warrants ------------------------------------------------------ December 4, 2003 Subject : Information regarding exercise of Company's Warrants To : Warrant Holders of Capetronic International (Thailand) Public Company Limited As Capetronic International (Thailand) Plc. issued 63,220,000 units of Warrants on 30th July 1998 and these warrants will be at 22nd exercise date on 5th January 2004. The Company, herewith, informs the details of the exercise of the warrants as below: 1. Exercise date: The exercise dates of the Warrants are the normal working hours of the Company's share registrar during 8:30 a.m. to 3:30 p.m. on 30th of March, June, September and December of each year. The first exercise date was on 30th September 1998 and the last exercise date shall be on 30th June 2008. If any exercise date falls on the holiday of the Company's share registrar, such exercise date shall be the succeeding working day. The 22nd exercise date is scheduled 5th January 2004. 2. Date to notify the intention to exercise : At any time during 8.30 a.m. to 3.30 p.m. of December 16, 2003 - December 30, 2003. 3. Exercise ratio : 1 warrant has a right to subscribe 1.074 ordinary shares. 4. Exercise price : Baht 10 per share. 5. Documents to be submitted : (1) Exercise notice, which has been accurately and completely \ filled in. (2) Warrant certificates or temporary warrant certificates in the form prescribed by the Stock Exchange of Thailand with the amount specified in the exercise notice. (3) Cheque, draft, bill of exchange or payment order from banks, which can be cashed in Bangkok Metropolitan when called within 2 days and shall be made payable to "Capetronic International (Thailand) Public Company Limited". The date on such payment shall not exceed the date of each exercise date. (4) Certified copy of identification card for individual holders or copy of corporate certification from Department of Commerce for corporate holders. (5) Contact place : Capetronic International (Thailand) Plc. 105 Moo 3, Bangna- Trad Road, KM. 52 Thakham, Bangpakong, Chachoengsao 24130, Telephone No. (038) 573-161 ext. 1120 or 1128, Fax No. (038) 573-218. The Company shall not close the register book to stop the transfer of the Warrants except for the last exercise that the register book shall be closed 21 days prior to the last exercise date. Sincerely yours, Seni Sudsawad Director of Finance & Accounting The Stock Exchange of Thailand classifies Capetronic International (Thailand) Public Company Limited under "Companies under Rehabilitation." THAI MILITARY: Conversion Class B to Ordinary Shares December 20 ---------------------------------------------------------------- Subject: Schedule for Conversion of Class B Preferred Shares into Ordinary Shares on December 20, 2003 To : Manager of the Stock Exchange of Thailand Pursuant to Thai Military Bank PCL (Bank) issued Class B Preferred Shares which holders of the preferred shares are entitled to convert them into Ordinary Shares of the Bank at a ratio of 1:1 at every 3-month interval namely, March 20, June 20, September 20 and December 20 of each year and Thailand Securities Depository Company Limited to be the conversion agent. In addition, the Bank would like to inform that the conversion schedule on December 20, 2003 those shareholders who wish to convert Class B Preferred Shares to Ordinary Shares shall submit the application in the form designed by the bank during December 12, 2003 to December 19, 2003 together with the documents as indicated in Rules, Conditions and Procedures for the Conversion of Class B Preferred Shares into Ordinary Shares. In this respect, the shareholders may, for such conversion, contact the Thailand Securities Depository Company Limited or any securities company which is a broker and a member of the Stock Exchange of Thailand or Thai Military Bank Public Company Limited at Head Office. Please be informed accordingly, Yours faithfully Mrs. Sumitra Trisrisakdi Advisor to the President and Secretary to the Board of Directors Thai Military Bank Public Company Limited * BOND PRICING: For the week of December 8-12, 2003 --------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group Ltd 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 1 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 47 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 10 BIL Finance Ltd 9.250% 10/15/04 9 BIL Finance Ltd 10.000% 10/15/04 9 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 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 8 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 7 Hy-Fi Securities Ltd 8.750% 8/15/08 9 Hutchison Telecoms Australia 5.500% 7/12/07 1 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 71 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 10 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 70 Richmond Ltd 10.750% 12/15/04 11 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 Strathfield Group Ltd 11.000% 12/31/05 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 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 53 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Arus Murni Corporation Bhd 0.500% 8/24/06 1 Berjaya Group Bhd 5.000% 12/30/09 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 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 Sdn Bhd 3.500% 11/2/06 2 Furqan Business Organisation 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 Gula Perak Bhd 6.000% 4/23/08 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 Emas Bhd 7.000% 11/15/04 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 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Time Engineering Bhd 2.000% 12/25/05 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 70 Sengkang Mall Ltd 4.880% 11/20/04 1 THAILAND -------- Bangkok Bank PCL 4.589% 3/3/04 64 Bangkok Land PCL 3.125% 3/31/01 16 Bangkok Land PCL 4.500% 3/31/01 14 Bank of Asia PCL 3.750% 2/9/04 64 Kiatnakin Finance and Securities PCL 4.000% 11/30/03 58 MDX Public Co., Ltd. 4.750% 9/17/03 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 ***