/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031210.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 Wednesday, December 10, 2003, Vol. 6, No. 244 Headlines A U S T R A L I A AMP LIMITED: Shareholders Overwhelmingly Approve Demerger Plan BATTSTONE AUSTRALIA: Ex-Director Held in Contempt EPIC ENERGY: Western Power Inclined to Renew Pipeline Contract WATTLE GROUP: Administrator Pleads Guilty to Fraud Charges C H I N A & H O N G K O N G AFFLANCE FURNITURE: Bank of China Files Winding up Petition BETATIN DEVELOPMENT: Winding Up Hearing Next Week CHINA SHANDONG: Bank of China Initiates Winding up Proceedings KAOMEN (CHINA): Faces Winding Up Petition in High Court I N D O N E S I A GARUDA INDONESIA: Re-Opens Flights to Ho Chi Minh City KALBE FARMA: Non-prescription Drug Unit to Boost 2004 Revenue J A P A N HERALD CORPORATION: Starts Civil Rehabilitation Proceedings KOHO KAIHATSU: Golf Course Enters Bankruptcy MATSUYA DENKI: Shinsei Bank Takes Over 78 Outlets MITSUBISHI MOTORS: Speeds Up Thai Turnaround MITSUBISHI MOTORS: U.S. Unit Aims to Enhance Consumer Safety NEC CORPORATION: Raises Y177.7B in Secondary Share Offer SEGA CORPORATION: Sammy Buys 22.4% Stake K O R E A LG CARD: Samjong Accounting Performing Audit M A L A Y S I A ACTACORP HOLDINGS: 15th AGM Set December 30 AMSTEEL CORPORATION: Disposes 1.7M SCB Shares FW INDUSTRIES: KLSE Delist Securities HIAP AIK: Disclose Rights Issue Exercise Update KSU HOLDINGS: Issues Winding Up Petition Update POLY GLASS: Answers KLSE Query RASHID HUSSAIN: Issues Changes in 2003 Annual Report TECHNO ASIA: Completes Restructuring Scheme TONGKAH HOLDINGS: Unveils Restructuring Scheme Update UNITED CHEMICAL: Issues Default in Debt Payments P H I L I P P I N E S MANILA ELECTRIC: Refunds Residential Customers in One Year MAYNILAD WATER: Clarifies Dissolution Report NATIONAL STEEL: Sale Negotiations Still Open PHILIPPINE LONG: Expects Debt Reduction in 2006 S I N G A P O R E DREAM ALLIANCE: Issues First and Final Dividend HANIS & KHAMIS: Issues Dividend Notice HUNG FUNG: Issues Debt Claim Notice to Creditors I.R.E. CORPORATION: Unit Enters Voluntary Liquidation IT CAPITAL: Releases Winding Up Order Notice LAM HONG: Winding Up Hearing Set January 9 MULTI-CHEM LIMITED: Issues Changes in Shareholder's Interest SAKON SINGAPORE: Petition to Wind Up Pending WINCO INVESTMENT: Creditors Must Submit Claims by January 10 - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Shareholders Overwhelmingly Approve Demerger Plan -------------------------------------------------------------- AMP Limited shareholders have overwhelmingly approved the demerger proposal to create two regionally based companies. Pending Federal Court approval, the two entities -- AMP in Australasia and HHG in the United Kingdom -- will be operating independently by the end of the year. AMP Chairman Peter Willcox said the AMP Board was delighted that shareholders had endorsed the demerger proposal, which has unanimously recommended by the Board. Shareholders approved three resolutions at an Extraordinary General Meeting (EGM) in Sydney yesterday. All three resolutions were passed with large majorities. The vote on the demerger resolution attracted an overwhelmingly positive result with 99.35% of shares voted in favor. Mr. Willcox said he was particularly pleased with the shareholder vote, the highest at an AMP meeting since demutualization. A total of 142,717 AMP shareholders or almost 15% of the shareholder base voted either by proxy or at the meeting. At the 2003 Annual General Meeting, just 4.7% of shareholders voted. "Today's historic vote by shareholders to approve the demerger is a defining moment for AMP," Mr. Willcox said. "Shareholders have been justifiably angry with the post-demutualization performance of AMP and the new Board and management team were determined to deal with the issues of the past." "From the moment the Board announced the demerger proposal in May, our aim has been to create two strong, viable companies -- AMP and HHG -- that will have better opportunities as separate businesses, than if they continued to be managed together. "With the process almost complete, each company will now be focused on strong improvement in operating performance to deliver better long-term value to shareholders." The final step to make the demerger effective will be Court approval of the Scheme of Arrangement. AMP expects the Court hearing to commence December 11 and hopes to be completed by Monday, December 15. On December 16-17, AMP shares will be placed in a trading halt to allow the institutional bookbuild for the AMP Rights Offer to proceed. The fully underwritten Rights Offer will raise AU$1.2 billion, which will be used to redeem AMP's Reset Preferred Securities (RPS). The bookbuild price and outcome of the Rights Offer will be announced on December 17. AMP shareholders who participate in the Rights Offer will receive a 10% discount to the bookbuild price. On December 18 AMP shares will begin trading as the new AMP, without entitlement to HHG shares. If the HHG capital raising proceeds, the offer price is expected to be announced on December 22. HHG shares are expected to list on the London and Australian Stock Exchanges on December 22 and 23 respectively. Shareholders should receive their HHG shares certificates/holding statements, along with an information pack, in early January 2004. For AMP shareholders who participate in the AMP Rights Offer, statements for their additional shares in AMP should also be received in early January. Shareholders who chose not to participate in the AMP Rights Offer should receive their payment of 8.2 cents for the value of their rights at this time. It is expected that RPS Holders will be issued a notice of redemption on December 23 and redemption payments received by January 14, 2004. In terms of Capital Adjustment Resolution approved by shareholders [yesterday], the proportion of total AMP shares to be cancelled will be calculated by reference to the volume weighted average price (VWAP) of AMP shares sold on the Australian Stock Exchange for the ten business days prior to [yesterday's] meetings. The VWAP price is AU$5.91. For further details of the calculation, refer to section 3.2.2 of the EM. The results of the voting may be viewed through this link http://bankrupt.com/misc/amp_limited01.pdf A related notification by HHG Plc may be viewed through this link http://bankrupt.com/misc/amp_limited02.pdf A copy of the Chairman's address to the shareholders may be viewed through this link http://bankrupt.com/misc/amp_limitedO3.pdf For more information, contact: Media Inquiries Karyn Munsie Phone: +61 2 9257 9870 0421 050 430 Matthew Coleman Phone: +61 2 9257 2700 0421 611 138 Investor Inquiries Mark O'Brien Phone: +61 2 9257 7053 BATTSTONE AUSTRALIA: Ex-Director Held in Contempt ------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has commenced further contempt proceedings against a banned former company director, Maxwell John Reid. On 10 March 1992, His Honour Justice Jenkinson of the Federal Court ordered that Mr. Reid be prohibited from managing a corporation until the year 2036. On 6 May 1994, His Honour Justice Jenkinson found that Mr. Reid was in contempt of the orders made on 10 March 1992. In February 2002, Her Honour Justice Kenny sentenced Mr. Reid to 12 months imprisonment but suspended that sentence for two years on condition that he have no involvement in directing, managing or administering a company. In the current contempt proceedings, ASIC has alleged that Mr. Reid took part in the management of Battstone Australia Pty Ltd (In Liquidation) and Australian Marble Pty Ltd (In Liquidation). The matter has been adjourned until 17 February 2004. EPIC ENERGY: Western Power Inclined to Renew Pipeline Contract -------------------------------------------------------------- Epic Energy's plan to sell its struggling Dampier-Bunbury pipeline received a huge boost from Western Power, which has reportedly agreed on a new contract with the firm, The West Australian said Monday. Epic wants to sell the asset by March, when AU$1.85 billion owed to bankers fall due. Observers have said the lack of a firm commitment from large clients like Western Power will make it difficult for Epic to dispose of the pipeline. In its leaked mid-year review, however, Western Power said it has agreed on a new "commercial package" with Epic. The information comes after Alcoa revealed it had secured a rollover of its existing contract with Epic, according to the paper. Western Power emphasized, though, that the agreement with Epic is unlikely to be finalized until uncertainty surrounding the pipeline's ownership is resolved. Western Power ships about 150 terajoules of gas on the pipeline each day. WATTLE GROUP: Administrator Pleads Guilty to Fraud Charges ---------------------------------------------------------- Graeme Charles Coote, a former director of Brisbane-based The Fund Administrators Pty Ltd (TFA), has been sentenced in the Brisbane District Court in relation to charges brought by the Australian Securities and Investments Commission (ASIC). Mr. Coote was convicted and released on his own recognizance in the amount of $5,000 to be of good behavior for three years. Mr. Coote had earlier pleaded guilty to 11 charges of being knowingly concerned in the promotion of prescribed interests, in contravention of the Corporations Act. The charges relate to six investors who lost approximately $458,000 invested in the Wattle scheme. TFA received trailing commissions from the Wattle Group of 40 per cent per annum on the funds it sourced from investors. David Christopher Smith, Mr. Coote's co-director in TFA and also a director of Gold Coast company Spectrum Fund Administration Pty Ltd (Spectrum), was sentenced in the Brisbane District Court on 28 November 2003 to a $5,000 good behavior bond for three years, after pleading guilty to 12 similar charges. The matter was prosecuted by the Commonwealth Director of Public Prosecutions. Background The Wattle Group was an unlicensed investment scheme operated by Geoffrey Robert Dexter, which raised more than $160 million from over 2700 Australian investors. The scheme involved Mr. Dexter obtaining unsecured loan funds from investors on the promise of high rates of return, generally 50 per cent per annum. ASIC took action to close down the scheme, and on 7 May 2001 Mr. Dexter was convicted of multiple fraud charges and jailed for ten years. In addition to Mr. Coote, 15 other promoters of the scheme have been charged with similar breaches of the Corporations Act and have been brought before the Courts or are awaiting sentence. ============================== C H I N A & H O N G K O N G ============================== AFFLANCE FURNITURE: Bank of China Files Winding up Petition ----------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 10:00 a.m. the petition seeking the winding up of Afflance Furniture (Hong Kong) Limited. Bank of China (Hong Kong) Limited (the successor corporation to Sin Hua Bank Limited, 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 6, 2003. Chu & Lau represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Chu & Lau, which holds office on the 2nd Floor, The Chinee General Chamber of Commerce Building, 24-25 Connaught Road Central Hong Kong. BETATIN DEVELOPMENT: Winding Up Hearing Next Week ------------------------------------------------- The High Court of Hong Kong will hear on December 17, 2003 at 9:30 a.m. the petition seeking the winding up of Betatin Development Limited. Bank of China (Hong Kong) Limited (the successor corporation to Sin Hua Bank Limited pursuant to 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 October 23, 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. CHINA SHANDONG: Bank of China Initiates Winding up Proceedings -------------------------------------------------------------- The High Court of Hong Kong will hear on December 17, 2003 at 10:00 a.m. the petition seeking the winding up of China Shandong Foodstuffs Company Limited. Bank of China (Hong Kong) Limited (the successor corporation to Kincheng Banking Corporation pursuant to 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 October 30, 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. KAOMEN (CHINA): Faces Winding Up Petition in High Court ------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 10:00 a.m. the petition seeking the winding up of Kaomen (China) 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 6, 2003. Chu & Lau represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Chu & Lau, which holds office on the 2nd Floor, The Chinese General Chamber of Commerce Building, 24-25 Connaught Road Central Hong Kong. ================= I N D O N E S I A ================= GARUDA INDONESIA: Re-Opens Flights to Ho Chi Minh City ------------------------------------------------------ After more than six years, Garuda Indonesia will resume flights to Ho Chi Minh City in Vietnam on December 16. Abandoned in October 1997 due to the Asian financial crisis, the route will be serviced anew three times a week (Tuesdays, Fridays and Sundays) using Boeing 737-400s. In a press release, company Spokesman Pujobroto said passengers will transit in Singapore. A GA-868 plane would depart from Jakarta at 06:45 local time, arrive in Singapore at 09:20 local time, and depart Singapore at 10:45 local time and arrive in Ho Chi Minh at 11:45 local time. A GA-869 airplane will depart the Vietnamese city at 13:35 local time, arrive in Singapore at 16:25 local time. From Singapore, it will depart at 17:15 and arrive in Jakarta at 17:50 local time. He said the flight route via Singapore was comfortable, because it had connecting flights to other destinations such as Amsterdam, Denpasar, Surabaya by other Garuda flights from Singapore. KALBE FARMA: Non-prescription Drug Unit to Boost 2004 Revenue ------------------------------------------------------------- PT Dankos Laboratories (DNKS.JK) is expected to raise the net profit of PT Kalbe Farma (KLBF.JK) next year, according to Dow Jones. Popular among Indonesian workers, the unit produces nonprescription medicines and vitamins such as the well-known energy drink Extra Joss and multivitamins, Irex and Fatigon. In an interview with Dow Jones, company Director Vidjongtius would not give a net profit estimate due to the volatility of the rupiah against the dollar, but the newswire pegged it at 20%. He, however, forecasts sales to grow by 15% or IDR3.4 trillion next year. He said sales at Dankos should rise further this year and next year, after posting a 39% gain to IDR1.065 trillion in 2002. The 71%-owned unit is expected to account about 50% of Kalbe Farma's total revenue next year, he added. Kalbe Farma expects this year's sales will rise by 16% to IDR2.97 trillion from IDR2.56 trillion in 2002. Analysts told Dow Jones net profit may increase by around 20% in 2004, similar to the forecast rate of growth this year. In 2002, profit jumped to IDR266.9 billion from IDR32.7 billion a year earlier due mainly to the appreciation of the rupiah and higher sales. Meanwhile, Vidjongtius said the company will do its best to strike a deal with creditors to restructure its US$85 million debt next year. Under a proposed debt deal, the company wants creditors to reschedule the maturity of its debt to 2010 from 2005, and delay the payment of its principal debt for five years. "Debt rescheduling is still in progress with a working group of creditors," Vidjongtius told Dow Jones. "The debt proposal is aimed at allowing Kalbe Farma to expand its business over the next five years. The company plans to spend around IDR450 billion in the period to help it compete," Dow Jones said. ========= J A P A N ========= HERALD CORPORATION: Starts Civil Rehabilitation Proceedings ----------------------------------------------------------- UFJ Holdings Inc. announced that concurrent with the filing for the start of civil rehabilitation proceedings with the Nagoya District Court by Herald Corporation Co. Ltd, there is possibility of non-collection and/or delayed collection of the exposure extended to the Company by UFJ Bank Limited, a subsidiary of UFJ Holdings, Inc. 1. Amount of exposure to the economy UFJ Bank Limited: YEN 15,949 million 2. Impact on earnings of UFJ Holdings Non-collectible amount of the exposure mentioned above is not determined at the moment. Concurrent with this announcement, there is no change to our forecasts of earnings for the current fiscal year, which have already been announced. KOHO KAIHATSU: Golf Course Enters Bankruptcy -------------------------------------------- Hoho Kaihatsu has been declared bankrupt, according to Tokyo Shoko Research Limited. The golf course located at Taito-ku, Tokyo, Japan has 10 million yen in capital against total liabilities of 5.5 billion yen. MATSUYA DENKI: Shinsei Bank Takes Over 78 Outlets ------------------------------------------------- A newly established subsidiary of the Shinsei Bank group has acquired 78 outlets and some 650 employees from failed appliance retailer Matsuya Denki Co. and its subsidiary in Hokkaido, according to Kyodo News. The new Company, wholly owned by the banking group, also inherited the Matsuya Denki corporate name. The report did not give further details. MITSUBISHI MOTORS: Speeds Up Thai Turnaround -------------------------------------------- Mitsubishi Motors Corporation (MMC) has changed the name of its local subsidiary in Thailand from MMC Sittipol to Mitsubishi Motors (Thailand) Company Limited, a Company statement said. The new name comes as part of the Company's three-year turnaround plan for its operations in Thailand and is intended to reflect the new image of Mitsubishi Motors there while indicating the Company's continued commitment to the Thai automotive industry. I would like to congratulate Mitsubishi Motors (Thailand) Co., Ltd. on the occasion of its formal name change. This marks a new beginning for the Company to once again stake its claim as a major player in Thailand, MMC executive Vice President for international sales and marketing Steven Torok said at a name- changing ceremony in Bangkok this afternoon. The restructuring of Mitsubishi Motors operations in Thailand is showing great progress in terms of creating a more efficient management structure, a more cohesive dealer network, and a more effective product planning and marketing program, he added. The Company today also launched the 2.4-liter, 4-speed automatic Outlander, which combines the off-road capabilities of an SUV with the urban style and comfort of a modern sedan. The market launch of the Outlander crossover SUV is the first in a new product offensive that calls for a shift away from the Companys traditional reliance on pickup trucks to a broader product mix. The Outlander will be followed by the Grandis minivan slated to go into production at the Company's Laemchabang factory near Bangkok next year. This marks the first time the Grandis will be manufactured outside Japan. Mitsubishi Motors Thailand currently produces over 100,000 units a year for the domestic and export markets. The Company expects domestic sales to jump by over 12 percent this year to 36,000 units, which translates to a market share of 8 percent. MMCs operations in Thailand stretch back to 1961 when the Company began producing small pickup trucks. In 1987, Mitsubishi cars became the first Thai-built cars to be exported when MMC Sittipol started exporting the Lancer Champ to Canada. The Company celebrated another first for the Thai automotive industry earlier this year when its accumulated exports exceeded 500,000 units. Mitsubishi passenger cars and pickup trucks built in Thailand are now exported to over 130 countries. MITSUBISHI MOTORS: U.S. Unit Aims to Enhance Consumer Safety ------------------------------------------------------------ Mitsubishi Motors North America, Inc. (MMNA) is participating in a new voluntary industry-initiated safety commitment to enhance vehicle compatibility in front-to-front and front-to-side impact collisions. "Mitsubishi Motors has a long history of making occupant safety a top priority, said Finbarr O'Neill, MMNA CEO. We are totally focused on what our customers want and need in their vehicles, and we will continue to provide innovative safety options to make them feel secure." The new design & performance criteria, developed by technical experts from member companies of the Alliance of Automobile Manufacturers and the Insurance Institute for Highway Safety, will drive the adoption of numerous safety enhancements, including supplemental restraint systems and revised front and side impact structures to enhance vehicle compatibility and occupant safety in front-to-front and front-to-side vehicle impacts. Mitsubishi Motors is among the sixteen automakers participating in the voluntary effort that includes DaimlerChrysler, Toyota and General Motors. Mitsubishi Motors has conducted extensive studies and performed actual crash tests to evaluate the performance of its vehicles in relation to these new design and performance criteria. For front-to-front impact, MMNA's family of SUVs -- including the Montero, Montero Sport, Outlander and Endeavor -- currently meets the new design criteria. This is a significant step toward the 2007 deadline that will require 50 percent of every manufacturer's vehicle line to meet these criteria. For front-to-side impact, Mitsubishi Motors has confirmed through actual crash testing that both the Montero with side air bags and the Endeavor with optional side air bags already meet the new performance criteria that go into effect in '07. Mitsubishi Motors fully embraces the new performance criteria and will continue to diligently improve the performance of its vehicles and their safety systems. Mitsubishi Motors North America, Inc., (MMNA) is responsible for all manufacturing, finance, sales, marketing, research and development operations of the Mitsubishi Motors Corporation in the United States, Canada, Mexico and Puerto Rico. Mitsubishi Motors sells coupes, convertibles, sedans and sport utility vehicles through a network of nearly 700 dealers throughout North America. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com. 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, TCR-AP reported recently. 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. CONTACT: Nancy Carollo, BureauManager, Corporate Communications of Mitsubishi Motors North America, +1-714-372-6187, or Mitsubishi Motors News, +1-888-560-MMSA (6672) NEC CORPORATION: Raises Y177.7B in Secondary Share Offer -------------------------------------------------------- NEC Corporation issued a notice concerning the determination of the offering price of the Company's Shares as follows: On December 8, 2003, NEC Corporation determined the offering price, etc. in connection with the issuance of new shares and the secondary offering of our shares, approved 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 The Company's Shares of Common Stock 250,000,000 Shares (Japanese Offering 119,000,000 Shares) (International Offering 131,000,000 Shares) (2) Offering Price 711 Japanese Yen per Share (3) Total Amount of Offering Price 177,750,000,000 Japanese Yen (4) Issue Price 681.96 Japanese Yen per Share (5) Total Amount of Issue Price 170,490,000,000 Japanese Yen (6) Portion of Issue Price not to be Accounted to 340.96 Japanese Yen per Share Stated Capital (7) Subscription Period (in Japanese Offering) The subscription period in the Japanese Offering shall be from Tuesday, December 9, 2003 to Thursday, December 11, 2003. (8) Payment Date Tuesday, December 16, 2003 (9) Share Certificate Delivery: Wednesday, December 17, 2003 (Note) Underwriters shall purchase the Company's shares of common stock at the issue price and offer them at the offering price. 2. Secondary Offering of the Shares (Over-Allotments) (1) Number of Shares to be Sold The Company's Shares of Common Stock 23,000,000 Shares (2) Sales Price 711 Japanese Yen (3) Total Amount of Sales Price 16,353,000,000 Japanese Yen (4) Selling Period The selling period shall be from Tuesday, December 9, 2003 to Thursday, December 11, 2003. (5) Share Certificate Delivery: Wednesday, December 17, 2003 3. Issuance of New Shares by Allocation to Third Party (Capital increase by allocation of new shares to third party which may be made in connection with the secondary offering mentioned in 2. above) (1) Number of Shares to be Issued The Company's Shares of Common Stock 23,000,000 Shares (2) Issue Price 681.96 Japanese Yen per Share (3) Total Amount of Issue Price 15,685,080,000 (4) Portion of Issue Price not to be Accounted to 340.96 Japanese Yen per Share Stated Capital (5) Subscription Period Friday, January 16, 2004 (6) Payment Date Monday, January 19, 2004 (7) Share Certificate Delivery Date Tuesday, January 20, 2004 SEGA CORPORATION: Sammy Buys 22.4% Stake ---------------------------------------- Pinball-machine maker Sammy Corporation plans to buy a 22.4 percent stake in Sega Corporation for 45.33 billion yen (US$419 million), to become the largest shareholder in the videogame software maker, the Associated Press reports. The announcement comes after talks between Sega and Sammy over a possible tie-up fell through in May. Similar talks between Sega and rival game maker Namco also broke down in May. ========= K O R E A ========= LG CARD: Samjong Accounting Performing Audit -------------------------------------------- The creditors of LG Card Co. have selected Samjong Accounting Corporation, U.S.-based KPMG to perform the audit, which is expected to take place this month. With the audit, creditors seem to be indicating their intention to sell. The request to perform the due diligence and shed some light on LG Card's financial statements came from LG Card's creditors. The LG Group itself is still dithering between a capital increase for LG Card and simply selling off the assets to investors. Joining the relatively long list of potential bidders, including Hana Bank, Standard Chartered Bank, Citibank, HSBC, GE Capital, and Newbridge Capital, is the Korea Development Bank (KDB), which revealed its interest in the firm over the weekend. =============== M A L A Y S I A =============== ACTACORP HOLDINGS: 15th AGM Set December 30 ------------------------------------------- Actacorp Holdings Berhad (Actacorp) will be holding its Fifteenth Annual General Meeting (AGM) at Mezzanine Floor, Cempaka-Raya Room, Hotel Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250, Kuala Lumpur on Tuesday, 30th December 2003 at 9:30 A.M. for the following purposes: AGENDA AS ORDINARY BUSINESS 1. To receive and adopt the Audited Financial Statements for the financial year ended 30th June 2003 and the Reports of the Directors and the Auditors thereon. (RESOLUTION 1) 2. To approve the payment of Directors' fees for the year ended 30th June 2003. (RESOLUTION 2) 3. To re-elect the following Directors retiring in accordance with Article 143 of the Company's Articles of Association: i) Idris Bin Zakaria (RESOLUTION 3) ii) Syed Adeli Bin Syed Amir (RESOLUTION 4) 4. To re-elect the following Directors retiring in accordance with Article 141 of the Company's Articles of Association: i) Faridah Binti Omar Shah (RESOLUTION 5) ii) Rusli Bin Idris (RESOLUTION 6) 5. To re-appoint Messrs Ernst & Young as Auditors and to authorize the Board of Directors to fix their remuneration. (RESOLUTION 7) AS SPECIAL BUSINESS To consider and, if thought fit, to pass the following resolution: 6. ORDINARY RESOLUTION -AUTHORITY TO ISSUE SHARES THAT pursuant to Section 132D of the Companies Act, 1965, and subject to the approval from the relevant governmental / regulatory authorities, the Directors be and are hereby empowered to issue shares in the Company from time to time and upon such terms and conditions and for such purposes as the Directors may deem fit provided that the aggregate number of shares issued pursuant to this resolution does not exceed 10 percent of the issued capital of the Company for the time being and that such authority shall continue in force until the conclusion of the next annual general meeting of the Company. (RESOLUTION 8) 7. To transact any other business which may properly be transacted at an Annual General Meeting for which due notice shall have been given. (RESOLUTION 9) By Order of the Board LIM SECK WAH (MAICSA 0799845) M. CHANDRASEGARAN A/L S. MURUGASU (MAICSA 0781031) Company Secretaries AMSTEEL CORPORATION: Disposes 1.7M SCB Shares --------------------------------------------- On 27 February 2003, the Board of Directors of Amsteel Corporation Berhad announced the completion of the disposal to SCB Developments Berhad (SCB) of its entire equity interest in Optima Jaya Sdn Bhd for a consideration which, inter alia, involved the issuance of 23,111,000 new ordinary shares of RM1.00 each in SCB (SCB Shares) to Amsteel, at an issue price of RM4.50 per SCB share representing 13.11 percent of the total issued and paid-up capital of SCB. The Board of Directors of Amsteel wishes to inform that the Company had from the period between 1 July 2003 and 4 December 2003 disposed of a total of 1,787,900 SCB Shares in the open market at an average price of RM4.26 per SCB Share representing 1.01 percent of the issued and paid-up capital of SCB. The said disposals were direct business transactions through stockbrokers. The disposal proceeds amounting to RM7,615,553.87 is for the repayment to the Itochu Group. FW INDUSTRIES: KLSE Delist Securities ------------------------------------- After consultation with the Securities Commission, the Kuala Lumpur Stock Exchange (KLSE) has decided that the securities of FW Industries Berhad be de-listed from the Official List of the Exchange as the Company 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 Company will be removed from the Official List of the Exchange at 9 A.M. on Monday, 8 December 2003. With respect to the securities of the Company which are deposited with the Malaysian Central Depository Sdn Bhd (MCD), please be informed that the securities of the Company may remain deposited with the MCD notwithstanding the de-listing of the securities of the Company from the Official List of the Exchange. It is not mandatory for the securities of the Company to be withdrawn from MCD. Shareholders of the Company who intend to hold their securities in the form of physical certificate can withdraw these securities from their CDS accounts with MCD, at anytime after the securities of the Company are de-listed from the Official List of the Exchange by submitting the application form for withdrawal in accordance with the procedures prescribed by MCD. Shareholders of the Company can contact any Member Company of the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723 for information on the withdrawal procedures. HIAP AIK: Disclose Rights Issue Exercise Update ----------------------------------------------- The Special Administrators (SA) of Hiap Aik Construction Berhad (Special Administrators Appointed) (HACB) have been appointed by Pengurusan Danaharta Nasional Berhad to carry out the investigation audit in respect of the utilization of RM40.0 million (said Proceeds) from the total proceeds of the Rights Issue (defined below) undertaken by HACB in 2000, of which RM40.0 million was intended for the retirement of short-term borrowings as approved by the Securities Commission (SC). The SA wish to announce that as a result of the investigation audit, it appears that the said Proceeds were not utilized in the manner as approved by the SC. 2.0 THE UTILISATION OF THE PROCEEDS 2.1 Background: Rights Issues The Board of Directors of HACB (Board) had on 2 December 1999 announced to the Kuala Lumpur Stock Exchange (KLSE) of HACB's intention to undertake a corporate exercise that entailed amongst others, fund raising via rights issue of shares and irredeemable convertible unsecured loan stock. The approval of the SC pertaining to the corporate exercise was obtained via its letters dated 18 April 2000, 18 July 2000 and 15 August 2000. On 23 September 2000, the shareholders of HACB had approved the following: (a) Renounceable Rights Issue of up to 24,184,000 new HACB ordinary shares of RM1.00 each (HACB Shares) at an issue price of RM1.28 per HACB Share, together with 24,184,000 free detachable Warrants 2000/2007 on the basis of one (1) new HACB Share together with one (1) free Warrant for every one (1) existing HACB Share held (Rights Shares with Warrants); and (b) Renounceable Rights Issue of up to RM24,184,000 nominal value of 8 percent ICULS 2000/2005 on the basis of RM1.00 nominal value of the ICULS 2000/2005 for every one (1) existing HACB Share held (Rights Issue of ICULS 2000/2005). (hereinafter collectively as Rights Issue) The abridged prospectus pertaining to the Rights Issue was issued on 29 November 2000 (Abridged Prospectus). The Rights Issue was duly completed on 8 February 2001. The gross proceeds raised by HACB from the Rights Issue were as follows: Particulars RM'000 Rights Issue of Shares 30,956 Rights Issue of ICULS 2000/2005 24,284 Total gross proceeds 55,140 The SC and the shareholders of HACB had on 15 August 2000 and 23 September 2000 respectively approved the utilization of the total gross proceeds from the Rights Issue as follows: Utilization RM'000 Retirement of short-term borrowings 40,000 Working Capital 13,640 Expenses relating to corporate exercise 1,500 Total gross proceeds 55,140 As reported in the Abridged Prospectus, the total gross proceeds raised were expected to be fully utilized by end of May 2001. According to the announcement dated 14 May 2001, HACB had fully utilized its approved allocation for working capital and for expenses relating to corporate exercise. Only RM3.901 million had been utilized for the retirement of short-term bank borrowings. The Board had on 14 May 2001 via a Board Resolution approved the extension of time for the completion of the utilization of proceeds raised for the purpose of retiring short-term bank borrowings to a later date pending finalization of the detailed terms of a proposed debt conversion. The proposed debt conversion did not materialize and was apparently withdrawn prior to the appointment of SA. 2.2 Deviation on the utilization of the said Proceeds Based on the findings of the SA from the said investigation audit, the table below summarizes the differences noted between the utilization approved by the SC and the actual utilization: Item As per SC Actual Utilization by Under Utilization Approval HACB RM'000 RM'000 RM'000 Retirement of short-term bank borrowings 40,000 1,528 38,472 * For the period between 1 December 2000 and 28 February 2001. From the bank balance of HACB, which we had examined during the said investigation audit, it appears that the said Proceeds were fully utilized from HACB's bank accounts as at 28 February 2001. 3.0 Conclusion Based on the findings of the SA from the said investigation audit, it appears that HACB did not fully comply with the utilization of the said Proceeds as approved by the SC via its letter dated 15 August 2000 for retiring the short-term bank borrowings. HACB had only utilized 3.8 percent out of the said Proceeds for retiring the short-term bank borrowings for the period from 1 December 2000 to 28 February 2001. In addition, it appears that HACB failed to obtain prior approval from shareholders on the deviation for the utilization of funds amounting to RM40.0 million for the retirement of short-term bank borrowings. 4.0 Actions taken by SA SA have submitted the investigation report resulting from the said investigation audit to the following relevant authorities for their further action: (i) Kuala Lumpur Stock Exchange; (ii) Securities Commission; (iii) Pengurusan Danaharta Nasional Berhad; (iv) Companies Commission of Malaysia; and (v) Polis Diraja Malaysia. KSU HOLDINGS: Issues Winding Up Petition Update ----------------------------------------------- Kumpulan Sepang Utama Sdn Bhd (KSUSB) refers to the earlier announcement dated 2 October 2003. KSU Holdings Berhad informed that apart from the petition to wind up KSUSB by Kien Hwa Landscape Sdn Bhd, there are two other petitions being filed for the winding up of KSUSB. The details of all three petitions are as follows: No. Suit No. Petitioner(s) 1. D8-28-146-03 Soo Kim Yong 2. D5-28-897-02 Kien Hwa Landscape Sdn Bhd 3. D7-28-721-03 Ng Wai Sang & Lee Choy Ching KSUSB was wound up by the High Court on 23 July 2003 vide Suit D8-28-146-03. In view that KSUSB is already in liquidation, we have sought clarification from the solicitors of KSUSB Messrs Ariffin Raj De Silva on the status of the remaining petitions. Upon receiving clarification from KSUSB's solicitors, we will immediately make announcement on the same. POLY GLASS: Answers KLSE Query ------------------------------- Poly Glass Fibre (M) Berhad replied to the query letter by the Kuala Lumpur Stock Exchange (KLSE) regarding the winding up petition of its unit Golden Approach Sdn Bhd. REPLY TO QUERY: Your letter dated 5 December 2003 refers. Further to our announcements dated 21 April 1999, 12 April 2000, 12 June 2000, 22 September 2000, 8 November 2000, 24 November 2000, 24 April 2001, 26 June 2001, 19 October 2001, 16 November 2001, 10 January 2002, 26 March 2002, 8 July 2002, 6 September 2002 and 3 December 2003 pertaining to the winding up order granted on 12 June 2000 on the petition filed by Sri Binaraya Sdn. Bhd. (SBSB) against Golden Approach Sdn. Bhd. (GASB), a wholly owned subsidiary of the Company, for an alleged debts of RM2,108,820-22, we wish to furnish the following information to the KLSE :- 1) The winding-up petition was served on the registered office of Golden Approach Sdn. Bhd. on 19 April 1999. 2) The petition was based on a Statutory Notice under Section 218 of the Companies Act 1965 (Notice). According to the Notice served on GASB the petitioner claimed that a total sum of RM2,108,820-22 making up as below: a) For the Main Access Road RM62,990.00 b) For Stage 1 of Infrastructure Works RM2,045,830.22 Total sum RM2,108,820.22 Was owing to the petitioner under various interim certificates. The notice was served on 8 December 1998 giving GASB 21 days to pay up failing which a petition would be filed. GASB has replied the said letter disputing the claim vide GASB's solicitor's letter of 23 December 1998 which amongst others raised the issue of delay of works by the petitioner. The petitioner proceeded to file the winding-up petition on 4 January 1999 without obtaining a judgment. The contract sums awarded by GASB to SBSB for the above said contracts are RM2,998,398-00 and RM21,300,000-00 respectively; amounting to a total of RM24,298,398.00. To- date GASB had paid RM23,273,311.82 for the said contracts. 3) The petition to wind-up GASB is based on the claim vide the Section 218 notice which is for the total sum of RM2,108,820-22. There is no interest claimed on the petition. 4) The total cost of investment in GASB is RM108,092,000-00. 5) & 6) the major assets of GASB are properties held for development. At this juncture, the Company and GASB are unable to determine the realizable value of the assets (in particular the properties held for development) and/or liabilities of GASB with any certainty or to a satisfactory degree as the outcome of the case is unknown and therefore, the recoverable amount of the Company's investment in GASB and/or those assets in GASB. Hence, we are unable to quantify the financial and operational impact and the expected losses arising from the winding up proceedings on the Group. However, since the winding up proceedings the losses before tax incurred by GASB from 1 June 1999 to 31 August 2003 is RM42.27 million. This announcement is dated 8 December 2003 Query Letter content: The KLSE refers to the Company's announcement dated 3 December 2003 in respect of the aforesaid matter. In this connection, kindly furnish the Exchange with the following additional information for public release: (1) Date the winding-up petition was served on GASB. (2) Details of the default or circumstances leading to the filing of the winding-up petition/order. (3) Particulars of the claim under the petition, including interest rate on the amount claimed for. (4) Total cost of investment in GASB. (5) The financial and operational impact of the winding-up proceedings on the group. (6) The expected losses, if any arising from the winding-up proceedings. Please furnish the Exchange with the announcement containing the aforesaid information within two (2) market days from the date hereof. Yours faithfully Tan Yew Eng Sector Head, Issues & Listing LPY/zm Copy :Securities Commission RASHID HUSSAIN: Issues Changes in 2003 Annual Report ---------------------------------------------------- Rashid Hussain Berhad (RHB) clarified that the first sentence of the last paragraph of Note 35 of the Notes to the Financial Statements on page 123 of the 2003 Annual Report is to be rephrased to read as follows: "During the financial year, a subsidiary Company, RHB Capital Berhad made a gratuity payment of RM20 million to the former Executive Chairman upon his retirement and this item is currently borne by the securities subsidiary." Rashid Hussain Berhad refers to its announcement dated 21 April 2003 wherein the Securities Commission (SC) had approved an extension of six (6) months until 8 October 2003, for RHB to implement the RHB Group Employees' Share Option Scheme (ESOS), TCR-AP reported recently. On behalf of RHB, AmMerchant Bank Berhad announced that it had, on 24 September 2003, submitted an application on behalf of RHB to the SC for a further extension of six (6) months until 8 April 2004, for the implementation of the ESOS. TECHNO ASIA: Completes Restructuring Scheme ------------------------------------------- Further to the announcement on 1 December 2003, AmMerchant Bank Berhad (AmMerchant Bank) on behalf of Techno Asia Holdings Berhad (TAHB), announced that TAHB's plan to regularize its financial position (Restructuring Scheme) as announced on 8 February 2002 has now been completed save for: (i) The admission to the Official List and the listing of and quotation for Yu Neh Huat Bhd (YNHB)'s 213,068,190 ordinary shares of RM1.00 each and RM48,220,000 nominal value of 3 percent 5-year 2003/2008 Irredeemable Convertible Unsecured Loan Stocks (2003/2008 ICULS') on the Main Board of the Kuala Lumpur Stock Exchange (KLSE) in place of TAHB, which will be delisted from the KLSE; and (ii) The Proposed Employee's Share Option Scheme of YNHB (Proposed ESOS), which is subject to YNHB's shareholders approval at an extraordinary general meeting to be convened in due course. The KLSE has vide its letter dated 6 December 2003, advised the following: i) Admission to the Official List and listing of and quotation for YNHB's entire issued and paid-up share capital of RM213,068,190 comprising 213,068,190 ordinary shares of RM1.00 each on the Main Board of the KLSE under the "Properties" sector; ii) Admission to the Official List and listing of and quotation for YNHB's RM48,220,000 nominal value of 2003/2008 ICULS on the Main Board of the KLSE under the "Loans" sector; and iii) YNHB will be listed in place of TAHB, which will be delisted, will be granted with effect from 9 A.M., Tuesday, 9 December 2003. YNHB was incorporated in Malaysia on 18 October 2001 under the Companies Act, 1965, as Giant Express Sdn Bhd, converted to a public limited Company on 6 November 2001 and changed its name to YNHB on 3 July 2002. YNHB is principally an investment holding Company. The principal activities of YNHB's subsidiaries are mainly property development, property investment and general contracting. TONGKAH HOLDINGS: Unveils Restructuring Scheme Update ----------------------------------------------------- Tongkah Holdings Berhad issued a notice to the holders of I 1%- 2% redeemable convertible secured bond a 1999/2004 (bond a) (bond a holders); II 1%-2% redeemable convertible secured bond b 1999/2004 (bond b) (bond b holders); and III 1%-2% irredeemable convertible Unsecured Loan Stocks 1999/2004 (ICULS) (ICULS HOLDERS) as follows: Contents: Following the receipts of all the requisite approvals for the restructuring scheme (save for the approval from the Exchange for the listing of and quotation for the 182,000,002 ordinary shares of RM1.00 each in Harbour-Link Group Berhad) and the execution of the respective supplemental trust deeds constituting Bond A, Bond B and ICULS on 13 November 2003 for the shortening of the conversion period of Bond A, Bond B and ICULS and the other amendments to give effect to the debt restructuring, NOTICE IS HEREBY GIVEN to the Bond A Holders, Bond B Holders and ICULS Holders that the last date of conversion of the Bond A, Bond B and ICULS, whereby, the conversion rights of the Bond A Holders, Bond B Holders and ICULS Holders shall now expire at 5 P.M. on 19 December 2003 (Last Date of Conversion) instead of 29 August 2004. Further notice is hereby given that the trading of the Bond A, Bond B and ICULS on Kuala Lumpur Stock Exchange have been suspended since 10 January 2003 and hence, the Bond A Holders, Bond B Holders and ICULS Holders whose names are as set out in the depositors securities accounts as at 12 December 2003 shall be entitled to exercise their conversion rights. Malaysian Central Depository will not accept any transfer of these securities from 4 P.M. on 12 December 2003 up till 5 P.M. on 19 December 2003. All the deposited Bond A, Bond B and ICULS which are not converted, will be debited from Bond A Holders, Bond B Holders and ICULS Holders' accounts on the next market day. Further, any Bond A, Bond B and ICULS not converted by 5 P.M. on 19 December 2003 shall ceased to be convertible thereafter. The trust deeds dated 27 August 1999 constituting the Bond A, Bond B and ICULS (which expression shall include all the supplemental trust deeds executed in connection therewith) have been amended to incorporate inter-alia, the shortening of the conversion period. A Notice to the Bond A Holders, Bond B Holders and ICULS Holders on the Last Date of Conversion and the procedures for exercising the conversion rights thereon (Notice) has been dispatched to the Bond A Holders, Bond B Holders and ICULS Holders on 5 December 2003. A copy of the Notice is available from THB Satu, Level 2, West Wing, 8, Jalan Damansara Endah, Damansara Heights, 50490 Kuala Lumpur. Telephone number: (03) 2094 3333. Facsimile number: (03) 2094 2323. By Order of the Board LIM PHOOI KEE (MIA 2759) LEONG OI WAH (MAICSA 7023802) NOEL CHUA (LS 005781) Company Secretaries UNITED CHEMICAL: Issues Default in Debt Payments ------------------------------------------------ The Board of Directors of United Chemical Industries Berhad (UCI) announced that there are no new significant developments in relation to the various defaults in payment further to the announcement on 7 November 2003. The Board of Directors of UCI would like to further provide an update on the details of all facilities currently in default in compliance with Section 3.1 of Practice Note No. 1/2001. Details are as per Table A. This announcement is dated 8 December 2003. For a copy of the list of outstanding loans in default go to http://bankrupt.com/misc/UnitedChem120903.xls ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Refunds Residential Customers in One Year ---------------------------------------------------------- Manila Electric Company (Meralco) will refund its big residential customers next year, either in cash or as credit, the Business World reports. But the firm wants to do this over 12 months, and not just six months as ordered by the Energy Regulatory Commission (ERC). Meralco also asked the ERC to divide into two groups those of its clients who are entitled to the refund. The Supreme Court has ordered Meralco to refund its customers for overcharges dating back to 1994. MAYNILAD WATER: Clarifies Dissolution Report -------------------------------------------- This is in reference to the news article entitled "Maynilad Seeking Dissolution, Govt Says" published in the December 8, 2003 issued of the Business World. The article reported "Debt- saddled Maynilad Water Services Inc. sought dissolution -- and not just debt suspension and then rehabilitation -- when it went to a Quezon City court for relief. In a pleading on behalf of state-run MWSS, assistant government corporate cousel Elpidio J. Vega said Maynilad's petition for rehabilitation 'stated in certain terms' that it wanted dissolution. He also said the court should convert the Maynilad petition for rehabilitation to one of receivership due to insolvency. Benpres Holdings Corporation (BPC), in its letter dated December 8, 2003, stated that: "The said article appears to quote a pleading filed on behalf of Metropolitan Waterworkds and Sewerage System (MWSS). Presumably, the pleading is a Comment on the petition for corporate rehabilitation filed by Maynilad. The Company has been informed by Maynilad that they have not received a copy of such pleading from the MWSS or from its counsel and cannot make any confirmation or comment on the said pleading this point." For a copy of the press release, go to http://www.pse.org.ph/html/disclosure/pdf/dc2003_3909_BPC.pdf NATIONAL STEEL: Sale Negotiations Still Open -------------------------------------------- With negotiations still going on for the sale of the National Steel Corporation (NSC), the Company's door has not been totally closed to other interested parties depending on the outcome of talks with Global Infrastructure Holdings Ltd. (GIHL), according to the Philippine Star. The Philippine National Bank (PNB) said GIHL has until this month to firm up its offer and convince NSC's creditors that it would provide the maximum benefit to the Company while addressing its obligations. NSC creditors are keeping their options open, although GIHL had a 90-day exclusivity period within which to firm up the parameters of its offer sheet. This means NSC has agreed not to open negotiations with other prospective buyers until it is certain that negotiations with GIHL will no longer move on. NSC's creditors include the Philippine National Bank, Credit Agricole Indosuez, Land Bank of the Philippines, China Banking Corp., Rizal Commercial Banking Corp., Metropolitan Bank & Trust Co., Equitable PCI Bank, United Coconut Planters Bank, Export & Industry Bank, Wise Capital Investment & Trust Company, Inc., Bank of Commerce, United Overseas Bank, Allied Banking Corp., Bank of the Philippine Islands-Asset Management and Trust Group, and the Development Bank of the Philippines. PHILIPPINE LONG: Expects Debt Reduction in 2006 ----------------------------------------------- The Philippine Long Distance Telephone Co. (PLDT) will reduce its 156.4 billion pesos debt by 46 percent in 2006, the Business World reports, citing analysts Citigroup Smith and Barney. Hence, they recommend investors to buy PLDT stocks as a low-risk bet, with a target price of P950 per share. The analysts rate PLDT low risk according to our quantitative risk system. Fundamental risks include: high gearing levels, regulatory risks and given that its wireless subsidiary is its main earnings and value driver, the Initial Public Offering (IPO) of Smart Communications Inc. whose wireless license sets a deadline of August, 2004. They acknowledged the danger that PLDT may become an "orphan" stock as investors will likely switch to investing in Smart directly instead. Still, the Citigroup analysts regard PLDT as one of their top picks among telephone companies in the Asian region. ================= S I N G A P O R E ================= DREAM ALLIANCE: Issues First and Final Dividend ----------------------------------------------- Dream Alliance Pte Ltd. (In Creditors' Voluntary Winding Up) issued a notice of first and final dividend as follows: Address of Registered Office: 420 North Bridge Road #04-07 North Bridge Centre Singapore 188727. Court: N/A. No. of Matter: N/A. Amount Percentum: 25.558 percent to Unsecured Creditors. First and Final or Otherwise: First and Final to Unsecured Creditors. When Payable: Friday, 5th December 2003. Where Payable: 15 Beach Road #03-10 Beach Centre Singapore 189677. JOHN TEO CHENG LOK Liquidator. HANIS & KHAMIS: Issues Dividend Notice -------------------------------------- Hanis & Khamis International Models Pte Ltd. issued a notice of first and final preferential dividend as follows: Address of Registered Office: Formerly of 20 Maxwell Road #06-03 Maxwell House Singapore 0106. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 31 of 1993. Amount Percentum: 6.75 percent. First and Final or otherwise: First & Final Preferential Dividend. When Payable: 21st November 2003. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. KAREN LOH PEI HSIEN Assistant Official Receiver. HUNG FUNG: Issues Debt Claim Notice to Creditors ------------------------------------------------ Notice is hereby given that the creditors of Hung Fung Investments Pte Ltd (Incorporated in Singapore) (In Voluntary Liquidation), which is being wound up voluntarily, are required on or before 29th December, 2003 to send in their names and addresses with particulars of their debts and claims, and the names and addresses of their solicitors (if any) to the undersigned of 1 North Bridge Road #13-03 High Street Centre, Singapore 179094, the Liquidator of the said Company and if so required in writing from the said Liquidator or by their solicitors or personally to come in and prove the 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. TAY JOO SOON, CPA Liquidator. I.R.E. CORPORATION: Unit Enters Voluntary Liquidation ----------------------------------------------------- The Board of Directors of I.R.E. Corporation Limited (IRE) announced that the voluntary liquidation of Lubeca Systems Australia Pty Ltd (Lubeca Australia), a wholly-owned subsidiary of its wholly-owned subsidiary, Lubeca Systems Singapore Pte Ltd has been finalized and will be deregistered on 17 January 2004. The liquidation of Lubeca Australia is not expected to have any material impact on the net tangible assets or earning per share of the Company and its Group for the financial year ending 31 December 2003. IT CAPITAL: Releases Winding Up Order Notice -------------------------------------------- IT Capital Management Services Pte Ltd issued a winding up order notice made the 28th day of November 2003. Name and address of Liquidator: The Official Receiver Insolvency and Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Republic of Singapore. ASCENTSIA LAW CORPORATION Solicitors for the Petitioner. LAM HONG: Winding Up Hearing Set January 9 ------------------------------------------ The petition to wind up Lam Hong Textile Co. Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 9, 2004 at 10 o'clock in the morning. Singapore Telecommunications Limited, a creditor, whose address is situated at incorporated in the People's Republic of China and having a place of business at 4 Battery Road, Bank of China Building, Singapore 049908, filed the petition with the court on November 21, 2003. The Petitioner's 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 2004 (the day before the day appointed for the hearing of this Petition). MULTI-CHEM LIMITED: Issues Changes in Shareholder's Interest ------------------------------------------------------------ Multi-Chem Limited issued a notice of changes in Director Han Huat Hoon's interest: Date of notice to Company: 05 Dec 2003 Date of change of interest: 05 Dec 2003 Name of registered holder: Foo Suan Sai Circumstance(s) giving rise to the interest: Others Please specify details: Warrants Information relating to shares held in the name of the registered holder: No. of warrants which are the subject of the transaction: 100,000 % of issued share capital: Amount of consideration (excluding brokerage and stamp duties) per share paid or received: 0.145 No. of warrants held before the transaction: 14,315,000 % of issued share capital: No. of warrants held after the transaction: 14,415,000 % of issued share capital: Holdings of Director including direct and deemed interest Deemed Direct No. of warrants held before the transaction: 14,315,000 11,481,000 % of issued share capital: No. of warrants held after the transaction: 14,415,000 11,481,000 % of issued share capital: Total shares: 14,415,000 11,481,000 No. of Warrants No. of Options No. of Rights No. of Indirect Interest SAKON SINGAPORE: Petition to Wind Up Pending -------------------------------------------- The petition to wind up Sakon Singapore Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 9, 2004 at 10 o'clock in the morning. Singapore Telecommunications Limited, a creditor, whose address is situated at 31 Exeter Road Comcentre, Singapore 239732, filed the petition with the court on November 12, 2003. The Petitioner's solicitors are Messrs Lim & Lim of 18 Cross Street, #07-01 China Square Central, Singapore 048423. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Lim & Lim a notice in writing not later than twelve o'clock noon of the 8th day of January 2004 (the day before the day appointed for the hearing of the Petition). WINCO INVESTMENT: Creditors Must Submit Claims by January 10 ------------------------------------------------------------ The creditors of Winco Investment Pte Ltd (In Members' Voluntary Liquidation), which is being wound up, are required on or before the 10th day of January 2004 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 Liquidators of the said Company, and, if so required by notice in writing by the said Liquidators, are personally or by their solicitors, 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. GOH THIEN PHONG Liquidator. c/o 8 Cross Street #17-00 PWC Building Singapore 048424. ********* 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. 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