/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031219.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 Friday, December 19, 2003, Vol. 6, No. 251 Headlines A U S T R A L I A AMP LIMITED: CEO Notes Strong Demand in Institutional Bookbuild AUSTRALIAN MAGNESIUM: ASIC Refuses to Grant Magtrust Exemption MAYNE GROUP: Senior Unsecured Rating Cut to Ba1; Outlook Stable NATIONAL TEXTILES: Major Shareholder Demands Repayment for Loan QANTAS AIRWAYS: Boosts Regional Fleet with Six New Dash 8s QANTAS AIRWAYS: International Traffic Down Year-on-year C H I N A & H O N G K O N G EVERBRIGHT CHUNG: Winding up Hearing Set For February GOLDEN ISLAND: Winding up Hearing Set Next Week SONWA LIMITED: Faces Winding Up Petition in HK High Court J A P A N AOZORA BANK: Moody's Upgrades L-T Rating to D FUJITSU LIMITED: Unveils Total Value of Shares Sale of FANUC MINOHARA COUNTRY: Golf Course Enters Rehabilitation RESONA BANK: Forms Y30B Revival Fund With Nomura SEGA CORPORATION: Moody's Upgrades Rating to B1 K O R E A KOOKMIN BANK: Issues Partial Disposition of Treasury Stocks KOOKMIN BANK: Schedules Shareholders' Meeting on December 31 KOOKMIN BANK: Government Sells 9.1% Stake LC CARD: Bans Foreign Bidders LG CARD: Bidding Set for December 31 M A L A Y S I A FABER GROUP: Bondholders OK Restructuring Plan FARLIM GROUP: Issues Financial Aid Update FFM BERHAD: Unveils December 17 EGM Resolutions HIAP AIK: Issues Payment Default Update MALAYSIAN AIRLINES: Answers KLSE Query SRI HARTAMAS: SC OKs Disposal of Assets SRI HARTAMAS: SC Approves Proposal SOUTHERN PLASTIC: Answers KLSE Query Letter P H I L I P P I N E S MUSIC COR.: Changes Corporate Name to Music Semiconductor NATIONAL POWER: Government Sells US$100M Bonds NEXTSTAGE INC.: Issues Quasi-reorganization Update PHILIPPINE LONG: PhilRatings Assigns PRS 1 STCPs Rating UNITED COCONUT: Board OKs 10-Year Business Plan S I N G A P O R E CENTRAL PROPERTIES: Withdraws Stock Units From SGX-ST CHARTERED SEMICONDUCTOR: Post Changes in Shareholder's Interest E&A CERAMICS: Issues First & Final Dividend Notice LKN-PRIMEFIELD: Converts NRCPS to Ordinary Shares OKURA & CO.: Creditors Final Meeting Set January 8 THAKRAL CORPORATION: Post Changes in Shareholders Interest T H A I L A N D BANGKOK BANK: Fundraising 'Encouraging Development,' Says S&P * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: CEO Notes Strong Demand in Institutional Bookbuild --------------------------------------------------------------- AMP Limited bared Wednesday the details of the institutional bookbuild held as part of its Rights Offer, with shares allocated to bookbuild participants at AU$4.30. The near-140,000 shareholders who participated in the Rights Offer will be allocated shares for their rights acceptances at AU$3.87, which represents a 10% discount to the institutional bookbuild price. AMP Chief Executive Officer Andrew Mohl said there had been extremely strong demand in the institutional bookbuild, with the book multiple times covered at this level. He said at AU$4.30, the majority of the shares had been allocated to existing shareholders, both domestic and international. Over 150 institutions participated in the book. "We are pleased that this capital raising has been completed, enabling AMP to redeem its Reset Preferred Securities as the final step in the demerger process," Mr. Mohl said. "We remain confident that the fundamental long-term value of both AMP and HHG will emerge over time as a result of the demerger." Approximately 306 million new AMP shares will be issued as part of the Rights Offer. These shares will be allotted on December 23, 2003. Trading of these shares will commence on the Australian Stock Exchange and the New Zealand Stock Exchange on December 23, 2003 on a normal settlement basis (T+3) under the same code as pre- existing AMP shares, with no deferred settlement trading. Shareholders wishing to trade before receipt of their Rights Offer holding statements should confirm their holding by calling 1300 654 442 (Australia) and 0800 448 062 (New Zealand) on or after December 23. Existing AMP shares returned to trading on the Australian Stock Exchange and the New Zealand Stock Exchange Thursday. It was the first time that AMP shares traded without an entitlement to HHG. The underwriters and joint lead managers for the Rights Offer are UBS Advisory and Capital Markets Australia Limited and Macquarie Equity Capital Markets Limited. Caliburn is the principal adviser to AMP on the Rights Offer. CONTACT: AMP LIMITED Investor inquiries Mark O'Brien Phone: +61 2 9257 7053 AUSTRALIAN MAGNESIUM: ASIC Refuses to Grant Magtrust Exemption -------------------------------------------------------------- Magtrust Pty Ltd (Magtrust) has advised Australian Magnesium Corporation Limited (AMC) that it has not received an exemption from the takeovers provisions of the Corporations Act from Australian Securities Investment Commission to acquire the remaining 6.8% of AMC shares owned by Newmont Mining Corporation (Newmont) under the Share Sale Deed entered into by AMC, Magtrust and Newmont and announced to the ASX on 8 December 2003. The arrangement between Magtrust, a company owned and controlled by the Directors of AMC and Newmont with regard to the remaining 6.8% of AMC shares held by Newmont will terminate as a result of ASIC refusing relief. ASIC has also advised AMC that it is considering whether Magtrust is an entity controlled by AMC, and therefore whether the transfer of 19.9% of AMC that has been registered in the name of Magtrust is void and whether ASIC will take action in relation to that transfer. ASIC has not given reasons for their views. AMC does not agree with ASIC's view and to support its position AMC has executed a deed poll declaring that it does not control Magtrust and that it will not exercise its rights in respect of certain undertakings that Magtrust gave AMC under the share sale deed, namely the undertakings that: (1) Upon transfer of the shares to Magtrust, Magtrust will not exercise, and will not allow any person to exercise a right to vote attached to the shares; (2) Magtrust will not dispose of the shares except as provided in clause 4.4 (a), (b) or (c) of the share sale deed. Magtrust now owns 19.9% of shares in AMC and it has advised AMC that it will make available its shareholding to facilitate the introduction of a new corporate partner into AMC, who has a shared vision for the development of AMC's magnesium business. Magtrust has also advised AMC that: (1) While it holds the shares, the voting rights attached to the shares will not be exercised; (2) It will seek to sell the shares to a party who is supportive of AMC's objectives to develop a magnesium business; the sale may be subject to AMC shareholder approval; (3) Alternatively it may seek to sell the shares to other parties (other than Newmont), subject to AMC's consent and to any legal requirements; (4) If it is unable to sell the shares within 12 months, then it will seek to sell the shares to AMC under a selective share buy- back; the selective share buy-back would be subject to AMC shareholder approval; (5) If a takeover bid is made for AMC, and the bidder obtains voting power of at least 35% in respect of AMC and the takeover bid is or becomes unconditional or is recommended by the board of directors of AMC, then Magtrust will accept the takeover offer in respect of the shares. If the proceeds of the sale of the shares by Magtrust exceed the consideration paid to Newmont plus administrative costs, then the net proceeds will be held on trust for AMC. Magtrust and its shareholders will not profit from the transaction. Magtrust will not receive any remuneration for performing this role or receive any other benefit as a consequence of holding the AMC shares. For more information, contact: Australian Magnesium Corporation Limited ABN 51 010 441 666 Brisbane Office: Level 5, 30 Little Cribb St, Milton, Queensland 4064 Tel: +61 7 3837 3400 Fax: +61 7 3837 3423 Web site: http://www.austmg.com MAYNE GROUP: Senior Unsecured Rating Cut to Ba1; Outlook Stable --------------------------------------------------------------- Noting the narrowing of Mayne Group Limited's operating risk profile following the sale of its hospitals division, Moody's Investors Service lowered Wednesday its senior unsecured long- term ratings to Ba1 from Baa3 and short-term ratings to Not Prime from Prime-3. The rating agency said, the ratings reflect its: (1) Solid market shares and profitability in key areas of operations, with medium to high barriers to entry; (2) Stable underlying revenue streams from pathology and diagnostic imaging; (3) Good growth prospects for the generic injectibles business in key markets of operation; and (4) Sound financial risk profile, given its lowly geared balance sheet and cash position. Other aspects considered by the rating agency were: (1) The consequent reduced scale of operations has increased exposure to two primary businesses: generic injectibles and diagnostics (pathology and radiology); (2) A still to be demonstrated ability to create a long-term, stable business profile in the generic injectibles business and which is capable of generating predictable recurring cash flows; (3) A history of evolving corporate strategy that creates uncertainty as to the make-up of its long-term asset portfolio; (4) Challenges in executing and sustaining a strong pipeline for generic injectibles as well as maintaining a reliable source of APIs (Active Pharmaceutical Ingredients); and (5) Currency risk in the pharmaceuticals business, given the partial mismatch between revenues, which are predominantly in AUD/GBP/Euro/CAD, and expenses, which are mainly USD/AUD. Moody's expects Mayne's business profile to narrow further should it sell its pharmacy services/distribution business. "The company's operating profile has evolved rapidly in recent years, with the current management team displaying acumen in reshaping the business and enhancing shareholder value," it said. "Moody's notes that Mayne -- given its geographic presence -- occupies a somewhat unique position as a global provider in the nascent generic injectibles market. The rating considers the benefits that may accrue should it prove capable of executing its strategy and establishing greater scope. Event risk, however, remains moderate in that both the diagnostics and generic injectibles segments are attractive stand-alone businesses and could therefore be disposed of at the right price." "Mayne's stable outlook reflects the sound prospects for its operating performance, supported by a reasonable liquidity profile," it added. Based in Melbourne, Australia, Mayne Group Limited is a global provider of generic injectible drugs and provides health care services in Australia, including radiology and pathology. For more information, contact: Charles F. Macgregor (Sydney) VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service Pty Ltd 612 9270 8100 Brian Cahill (Sydney) Managing Director Corporate Finance Group Moody's Investors Service Pty Ltd 612 9270 8100 NATIONAL TEXTILES: Major Shareholder Demands Repayment for Loan --------------------------------------------------------------- National Textiles, which collapsed in 2000, will raise AU$4.963 million by offering existing shareholders 19 new shares for every two shares at 3 cents each. According to The Age, the company will use the proceeds of this transaction to pay a long- overdue debt to Philip Bart, the chairman and controlling shareholder of Australian Weaving Mills (AWM). The paper said Mr. Bart has already demanded payment for the AU$2.5 million he had contributed to pay workers entitlement when the company collapsed in early 2000. He wants the money by December 2004. In a statement filed with the Australian Securities and Investments Commission, National Textiles directors indicated the loan could only be repaid by restructuring the group's inter-company and external debt, The Age said. "We are faced with the situation where the only way to raise the money is to go to the shareholders," Director Dan O'Connor said. "We have a dollar that is going through the roof, and a cotton price that is going through the roof. Now is the time to do it." This capital raising is the first major transaction of the company since the NSW Supreme Court terminated in late September the deeds of company arrangement that had governed National Textiles since March 2000, when a failed merger with Bruck Textiles hastened its demise. At the time, it listed obligations of AU$29 million, including AU$11 million owed to workers; while its saleable assets only amounted to AU$2.3 million. "[The firm's] insolvency generated a highly controversial settlement involving the Federal Government -- controversial because National Textiles at the time was chaired by Stan Howard, brother of Prime Minister John Howard, and because the Government contributed AU$4 million towards the workers' entitlements," The Age said. Mr. O'Connor said National Textiles is now trading positively. Profit after tax totaled AU$677,000 in the latest year from AU$40.2 million of sales, compared with net losses of AU$126,000 in 2001-02 when revenue topped AU$39 million. According to The Age, if no other shareholder subscribes to the rights issue, Mr. Bart would emerge with about 90% of the company. He currently owns 47.24% of National Textiles. He has indicated that he will subscribe for AU$2.344 million of the offer but will not support a rights offer priced above 3 cents a share, the paper said. "National Textiles' main asset is 51 percent of Australian Weaving Mills, which makes Dickies, Dri-Glo and Palm Beach brand towels at its plant in Devonport. About 40 percent of its revenue comes from sales to Coles Myer," The Age said. "AWM owes AU$2.11 million to National Textiles, AU$1.75 million to the Tasmanian Government's Tasmania Development and Resources fund and a further AU$700,000 to a wholly owned unit of National Textiles." AWM employs about 240 people and is 49 percent owned by the Tasmanian Government's TDR unit. AWM owes TDR AU$1.75 million. It also wants to strike a two-pronged deal with the Tasmanian Government to repay debt, the report said. QANTAS AIRWAYS: Boosts Regional Fleet with Six New Dash 8s ---------------------------------------------------------- QantasLink has ordered six turboprop Dash 8 aircraft for delivery in the first half of 2004, an investment of more than AU$100 million. Executive General Manager Regional Airlines, Narendra Kumar, said the new 50-seater Q300 Dash 8s would replace older model 36-seat Dash 8 aircraft currently operated by QantasLink for its services to regional Australia. He said Qantas had also taken options on two additional Dash 8 Q300s. "This is the largest-ever single investment Qantas has made in the regional turboprop fleet," Mr. Kumar said. "We are committed to continuing our investment in QantasLink to ensure we have the best aircraft to meet the needs of regional Australia. "The new aircraft will operate in New South Wales, the ACT, Queensland, Victoria and Tasmania. They will enable us to make more seats available at peak times on key routes -- for example between Sydney and Canberra, Coffs Harbour, Port Macquarie and Albury, on Melbourne-Canberra and Melbourne-Devonport services, and between Cairns and Townsville, and Cairns-Hamilton Island." "The Dash 8 is a key part of the Qantas regional fleet, offering our customers improved reliability and comfort, including a quieter cabin, with an additional flight attendant on board the 50-seater aircraft enhancing the inflight service," he said. Mr. Kumar said QantasLink offered more then 2,500 flights each week, serving 54 destinations throughout Australia and employing more than 1,600 people. QANTAS AIRWAYS: International Traffic Down Year-on-year ------------------------------------------------------- International traffic, measured in Revenue Passenger Kilometers (RPKs) decreased by 7.7% in October 2003 while capacity, measured in Available Seat Kilometers (ASKs), decreased by 5.6%. This resulted in a revenue seat factor of 78.6%, 1.8 percentage points lower than for October 2002. Domestic RPKs increased by 2.4% in October, while ASKs increased by 1.2% over the same period. The resulting revenue seat factor of 82.5% was 1.0 percentage point higher than the previous year. October Group (comprising International, Domestic, Australian Airlines and QantasLink) passenger numbers decreased by 0.4% over the previous year. RPKs decreased by 1.3%, while ASKs were up 0.3%, resulting in a revenue seat factor of 79.2%, which was 1.3 percentage points lower than the previous year. Financial Year to Date October 2003 International revenue seat factor for year to date October 2003 decreased by 0.6 percentage points to 79.9% when compared with year to date October 2002, while international yield excluding exchange decreased by 2.4% over the same period. Domestic yield excluding exchange for the financial year to October decreased by 1.8%. Domestic revenue seat factor increased by 2.6 percentage points to 82.6% over the same period. Group passenger numbers for the year to October decreased by 1.4% from the previous year. RPKs decreased by 3.0% while ASKs decreased by 2.8%, resulting in a revenue seat factor of 80.1%, 0.1 percentage points lower than the previous year. Recent Developments On December 1, 2003, Qantas announced that its new low cost domestic airline will be called Jetstar. Jetstar will begin selling seats in February 2004 and start flying in May 2004, using 14 Boeing 717s currently operated by Impulse Airlines under the QantasLink brand. Qantas also announced the placement of an initial order of 23 Airbus A320s, with 177 slimline seats, for Jetstar. The first Airbus A320 will be delivered in June 2004 and Jetstar will, over time, move to an all A320 fleet. Jetstar's route network and fare structure will be announced in January 2004. On December 1, 2003, Qantas also announced the following initiatives for Qantas' full service domestic airline, including the: (1) Reorganization of the full service Qantas domestic airline into a two-class jet operation on all services, using only two aircraft types -- Boeing 737s and 767s; and (2) Acquisition of an additional five Boeing 737-800 aircraft for the full service domestic airline to replace the airline's last 737-300s and further modernize the fleet. On November 28, 2003, Qantas announced the appointment of Patricia Cross as a non-executive Director of the Board of Qantas Airways Limited. Mrs. Cross fills a casual vacancy on the Board and will take up that position on January 1, 2004. Mrs. Cross is Chairman of Qantas Superannuation Limited and a Director of Wesfarmers Limited. On November 21, 2003, Qantas welcomed the resolution of the Federal Court litigation by the ACCC for alleged breaches by Qantas of s46 of the Trade Practices Act. The ACCC will discontinue the action, which related to Qantas' commercially justified competitive response to Virgin Blue commencing operations on the Brisbane-Adelaide route in early 2001. ============================== C H I N A & H O N G K O N G ============================== EVERBRIGHT CHUNG: Winding up Hearing Set For February ----------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 10:00 a.m. the petition seeking the winding up of Everbright Chung Cheong DVD Company Limited. Tsoi Wng Yan of Room 3016, Heng Tai House, Fu Heng Estate, Tai Po, New Territories, Hong Kong filed the petition on December 1, 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. GOLDEN ISLAND: Winding up Hearing Set Next Week ----------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 10:00 a.m. the petition seeking the winding up of Golden Island Shipping (Hong Kong) Limited. Kwok Chung Yin of 10/F., Block E, Joyful Building, 18 Belcher's Street, Kennedy Town, 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. SONWA LIMITED: Faces Winding Up Petition in HK High Court --------------------------------------------------------- The High Court of Hong Kong will hear on January 21, 2004 at 9:30 a.m. the petition seeking the winding up of Sonwa Limited. Tsang Sun Yi of 1/F., 2 Anton Street, Wan Chai, Hong Kong filed the petition on November 21, 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. ========= J A P A N ========= AOZORA BANK: Moody's Upgrades L-T Rating to D --------------------------------------------- Moody's Investors Service has upgraded bank financial strength rating, and long-term deposit rating of Aozora Bank, Ltd. to D from E+ and to Baa1 from Baa2, respectively. The bank's unsecured senior debt rating has also been upgraded to Baa1 from Baa3. Its short-term deposit rating of Prime-2 is affirmed. Rating outlook is stable. This concludes the review initiated on August 22, 2003. The upgrade in bank financial strength rating (BFSR) is prompted by the bank's successful achievements in reducing its inherited problem credit exposure, the bank's lower sensitivity to its remaining balance sheet, the comparatively higher level of protection against loan portfolio deterioration, and the bank's high regulatory and economic capitalization. In Moody's view, the bank's balance sheet has limited equity risk, and its rate risk appetite has been managed conservatively. However, the bank's current scale of concentration risk is a remaining concern, given its still low earning cushion to absorb the potential losses from concentration exposure. The D bank financial strength rating continues to incorporate the weight of government preferred stock in its total capitalization and remaining long-term challenge to the bank in creating sustainable franchise in Japanese banking markets. With the recent change in ownership structure, the bank is re- assessing its long-term strategic direction. Moody's continues to view that the bank may be challenged by critical mass constraints, and this fundamental profile would not change in the near future. Entry into new financial risk and business would accordingly require strong risk management expertise and higher capitalization to absorb the risks. The credit rating also incorporates the Moody's expectation that regulatory support should be extended to the institution in case of stressful situation. However, regulatory support element is given lower weight in the rating of Aozora when compared to megabanks due to its small banking size, limited franchise value, lesser systemic importance. The following ratings have been upgraded. Aozora Bank, Ltd.: the bank financial strength rating to D from E+, the long-term deposit rating to Baa1 from Baa2, and the unsecured senior debt rating to Baa1 from Baa3 The following rating is affirmed. Aozora Bank, Ltd.: the short-term deposit rating of Prime-2. Aozora Bank, Ltd., headquartered in Tokyo, is a banking institution with total assets of JPY5.4 trillion as of September 30, 2003. FUJITSU LIMITED: Unveils Total Value of Shares Sale of FANUC ------------------------------------------------------------ Fujitsu Limited announced the total value of the sale of the portion of its shareholdings in Fanuc Limited (FANUC) that it has announced to sell, on October 28 and November 12, 2003, through a secondary offering (the Offering, as Nikko Citigroup, the holder of the option to purchase up to 3,600,000 additional shares (the Greenshoe Option), has decided to exercise this option for 2,207,700 shares. Details are as below. Total number of shares sold 26,207,700 shares (including 2,207,700 shares as per today's exercise of the Greenshoe Option) Total value of sale 162,142,846,668 yen (including 13,658,686,668 yen as per today's exercise of the Greenshoe Option) Remaining shares of FANUC held by Fujitsu after the Offering 33,473,963 shares The percentage of total voting rights to be held by Fujitsu in FANUC, including the 8,000,000 shares held by the employee pension trust over which Fujitsu retains voting rights, will be 18.64 percent. The above-mentioned sale of shares is expected to result in an extraordinary profit for the current fiscal year of approximately 90.7 billion yen (including approximately 7.6 billion yen as per today's transaction) on a consolidated basis. The impact on consolidated net income for the current fiscal year is projected to be an increase of about 25.0 billion yen (including approximately 2.1 billion yen as per today's transaction). On an unconsolidated basis, the transaction is expected to result in an extraordinary profit of approximately 161.8 billion yen (including approximately 13.6 billion yen as per today's transaction) and an increase in net income of about 96.1 billion yen (including approximately 8.0 billion yen as per today's transaction) for the current fiscal year. Fujitsu's FY2003 earnings projections, issued November 12, 2003, will remain unchanged as a result of this transaction. *All Company names mentioned may be trademarks or registered trademarks of their respective holders and are used for identification purpose only. About Fujitsu Limited Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace- setting technologies, high-reliability/performance computing and telecommunications platforms, and a worldwide corps of systems and services experts make Fujitsu uniquely positioned to unleash the infinite possibilities of the broadband Internet to help its customers succeed. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of 4.6 trillion yen (about US $38 billion) for the fiscal year ended March 31, 2003. For further information, please visit the Fujitsu Limited home page at: http://www.fujitsu.com/ Contact: Fujitsu Limited, Public & Investor Relations http://pr.fujitsu.com/en/news/fjcontacts.html MINOHARA COUNTRY: Golf Course Enters Rehabilitation --------------------------------------------------- Minohara Country Kurabu, K.K., which has total liabilities of 6.642 billion yen against a capital of 416 million yen, has applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The golf course is located in Agazuma-gun, Gunma, Japan. RESONA BANK: Forms Y30B Revival Fund With Nomura ------------------------------------------------ Resona Bank and Nomura Securities Co. will establish a corporate revival fund of 30 billion yen specializing in small and midsize companies, according to Kyodo News on Thursday. Both firms will hold respective stakes of 20 percent and 30 percent in the fund, while domestic institutional investors will have a combined stake of 35 percent. SEGA CORPORATION: Moody's Upgrades Rating to B1 ----------------------------------------------- Moody's Investors Service has upgraded Sega Corporation (Sega)'s senior unsecured long-term debt ratings to B1 from B3. The rating outlook is stable. This rating action reflects the Company's improved credit profile, due to greater stability in overall earnings and reductions in debt. However, stabilizing the operating performance of its consumer business remains a major challenge. The ratings also incorporate the sound and stable support Sega receives from major financial institutions. This rating action concludes the review initiated on November 10, 2003. Sega's arcade games business and amusement facility operations remain stable sources of earnings. The contributions of both segments have increased over the last few years due to the successful launch of attractive arcade games and extensive restructuring at its amusement facility operations. On the other hand, Sega's consumer business remains a major drain on overall earnings. Since 2001, the Company has transformed itself into a contents provider in the home video games business, mainly through the development of software titles for other game hardware platforms, such as PS2, Game Boy Advance, Game Cube and Xbox. Although Sega is well recognized for the advanced technology it has on hand to develop attractive titles, the Company has fallen behind its targets, due mainly to its failure to secure market positions in the US in sports games. Effective October 1, 2003, Sega restructured its software subsidiaries to strengthen its ability to develop and launch game software titles, which should help further stabilize its operating performance. However, Moody's still has some concerns over the potential for performance swings. Sega's ongoing ability to sustain earnings and cash flow will largely depend on the success of effective allocation of management resources and its multi-platform strategy in its consumer business. Moody's notes that Sega has significantly improved its debt levels, reducing consolidated debt to Yen 59.7 billion as of 9/2003 from Yen 120.1 billion as of 3/2001, while at the same time keeping sufficient cash on hand. In addition, Sega has maintained good and stable relationships with its major lenders, which can support liquidity, should the need arise. Moody's is further concerned over uncertainty regarding the intentions of Sega's major shareholders. As of December 11, 2003, Sammy Corporation (Sammy) became Sega's top shareholder after it acquired 25.3 percent of the Company from CSK Corp. Sammy is the leading maker of pachinko slot machines and also produces home video game software titles as well as arcade game machines. Merger talks have occurred before between Sega and Sammy, but both sides decided to cease negotiations in early May 2003. The synergies, which could arise over the medium-term because of Sammy's purchase, remain unclear. Sega itself holds 19.9 million shares in treasury stocks, or 11.4 percent of total shares, and which it plans to use to form business alliances with third parties. Such alliances, if they prove significant, may impact Sega's overall operating performance and credit profile. Sega Corporation, headquartered in Tokyo, is one of the world's largest suppliers of home video game software. It is also involved in the arcade games business and amusement facility operations. ========= K O R E A ========= KOOKMIN BANK: Issues Partial Disposition of Treasury Stocks ----------------------------------------------------------- On December 17, 2003, the Board of Directors of Kookmin Bank has approved and ratified partial disposition of treasury stocks for the purpose of contribution to Employee Stock Ownership Plan (ESOP). Kookmin Bank had purchased 3,000,000 shares for the Plan in 2002. The disposition details are as follows: 1. Number of disposition: 1,000,000 shares 2. Price of disposition: The stocks will be contributed to ESOP account without consideration 3. Disposition method: After-Trading Hour transaction (The stocks shall be transferred to the registered ESOP account) 4. Disposition period: From December 22, 2003 to December 31, 2003 KOOKMIN BANK: Schedules Shareholders' Meeting on December 31 ------------------------------------------------------------ On December 16, 2003, Kookmin Bank announced that the record date for the annual shareholders' meeting for the fiscal year of 2003 is December 31, 2003. In a disclosure to the Securities and Exchange Commission, common stock holders registered in Kookmin Bank's shareholder registry as of December 31, 2003 will be entitled to exercise his or her voting right in the annual shareholders' meeting for the fiscal year of 2003. Kookmin Bank will close its shareholders' registry book from January 1, 2004 to January 31, 2004. Whereas, the date of annual shareholders' meeting for the fiscal year 2003 has not been determined yet. KOOKMIN BANK: Government Sells 9.1% Stake ----------------------------------------- Kookmin Bank has been fully privatized as the government has sold off its entire 9.1 percent stake in the bank, the Korea Times reports. The Ministry of Finance and Economy has disposed of the 30 million shares for 1.33 trillion won through an auction. The share was priced at 43,424 won. Kookmin Bank bought back 27 million shares, and the remainder was sold to 10 unnamed local and foreign investors. Kookmin Bank owns 9.05-percent stake. ING owns 3.78 percent and Goldman Sachs owns 1.15 percent. Kookmin Bank will be free from state audits and its president Kim Jung-tae also finds himself with a boost in power as independent manager. LC CARD: Bans Foreign Bidders ----------------------------- Foreign investors will be excluded from the auction of LG Card reflecting concern in Seoul about growing foreign influence over the Country's financial sector, the Financial Times said on Wednesday. Newbridge Capital and GE Capital are among several foreign investors interested in acquiring troubled LG Card, but the Company's creditors on Wednesday said it would be sold to a local bank. Woori Bank, LG Card's main creditor, said the Company would be sold to one or more of eight local creditors that contributed to its recent $1.7 billion bailout. "Foreigners will not be allowed to bid because we are giving priority to those creditors that participated in the emergency fundraising," said a Woori Bank official. LG CARD: Bidding Set for December 31 ------------------------------------ LG Card will be auctioned off on December 31 in a sale limited to its eight local creditors, Channel News Asia reports, citing main creditor Woori Bank. The bidding price for LG Card will start at one trillion won (US$840 million) and the buyer will also have exclusive rights to acquire LG Investment Securities together with the ailing card unit. =============== M A L A Y S I A =============== FABER GROUP: Bondholders OK Restructuring Plan ---------------------------------------------- Hotel group Faber Group Bhd said Monday that bondholders of its zero-coupon redeemable convertible secured bonds due in 2005 approved a Company restructuring plan, which foresees an asset transfer, waiver of accumulated yields, an issue of preferred shares, and a bond settlement scheme, Dow Jones reports. The plan requires approval by all regulatory authorities and shareholders. FARLIM GROUP: Issues Financial Aid Update ----------------------------------------- Pursuant to Paragraphs 8.23 and 10.08 of the Listing Requirements of Kuala Lumpur Stock Exchange, Farlim Group announced the financial assistance rendered on December 17, 2003. For more information, please go to http://bankrupt.com/misc/farlim121803.xls FFM BERHAD: Unveils December 17 EGM Resolutions ----------------------------------------------- FFM Berhad (FMM) informed the Kuala Lumpur Stock Exchange (KLSE) that the shareholders of Narwa Sdn. Bhd. (Narwa, in which FFM has 65.1 percent effective interest, has at an Extraordinary General Meeting (EGM) held on 17 December 2003 resolved to: 1. Undertake a Members' Voluntary Winding-up; and 2. Appoint Mr. John Liew Chee Shing of Tengis Corporate Services Sdn. Bhd. (formerly known as Signet (East Malaysia) Sdn Bhd) as Liquidator for the purpose of winding-up. The rationale for the Members' Voluntary Winding-up is that Narwa had ceased operations since 1 January 2003 and is now inactive after the disposal of its fixed assets on even date. The cessation of business and disposal of fixed assets of Narwa were announced to the Kuala Lumpur Stock Exchange on 2 January 2003. Narwa was incorporated on 22 October 1987, with an authorized and issued and paid-up capital of RM600,000/-. The principal activities of Narwa prior to the cessation were operation of a PET bottle blowing plant, packing and sales of cooking oil and consumer products in Sabah. The Members' Voluntary Winding-up of Narwa will not have any material effect on the Net Tangible Assets and earnings of FFM Berhad. None of the directors or substantial shareholders of FFM or persons connected to them has any interest, direct or indirect in the Members' Voluntary Winding-up of Narwa. HIAP AIK: Issues Payment Default Update --------------------------------------- Further to the announcement made on 20 November 2003 pertaining to the default in payment in relation to Practice Note No. 1/2001, Hiap Aik Construction Berhad (Special Administrators Appointed) announced that there is no change to the status in respect of the default in payment in registered holders of 8 percent Irredeemable Convertible Unsecured Loan Stocks 2001/2006. MALAYSIAN AIRLINES: Answers KLSE Query -------------------------------------- Malaysian Airline System Berhad refers to your letter of 17 December 2003 pertaining to the above matter. As requested, append hereunder the following for your attention: 1. The Petition of the Winding Up Proceeding as appeared in the Malay Maildated 17 Dec 2003 against Malaysian Airline System Berhad (the Defendant/MAS) by JP Anandan, the petitioner. The Petition was served on December 12, 2003. 2. The claim under the petition is for a sum of RM250,000/- (Ringgit Two Hundred and Fifty Thousand Only) which is made pursuant to a Consent Judgment entered between the Defendant and the Petitioner on Oct 15 2002 at the Shah Alam High Court. No interest was allowed under the said Consent Judgment. 3. The said Consent Judgment clearly indicated that the Defendant is to pay the sum of RM 250,000/- subject to verification of documents by the Defendant. Upon verification, the defendant found out that the sum payable is only RM 63,173.69.The Petitioner issued a Notice pursuant to Section 218 of the Companies Act dated July 29 2003 demanding the payment of RM 250,000/- by the Defendant within 21 days. Based on the verification, the defendant paid the sum of RM 63,173.69 to the Petitioner on Sept 24 2003 but was rejected by the Petitioner. The Petitioner argued that the verification is for the additional sum to be paid to the Petitioner and not on the RM250,000/-. The Defendant replied that this is not what is reflected in the Consent Judgment and was never the intent of the defendant to agree on the sum payable unless verified when deciding on the Consent Judgment before the Judge. 4. The claim and the proceedings will not have any significant financial and operational impact on the defendant and its group. 5. There will be no significant losses to the defendant. 6. The defendant has instructed its solicitors to dismiss the petition since the petition is an abuse of the process of court. 7. The defendant is solvent and is able to meet and pay all its debts and liabilities as and when they are due, including the claim by the petitioner in the event the Court decides that the defendant is liable to pay as per the claim. Further the defendant undertakes to provide the Exchange with solvency declaration executed by all the directors to that effect within 7 days from the date of this announcement. 8. There is no contingent liability or other liability which has become enforceable or is likely to become enforceable within the period of twelve months from the date of this announcement which will or may affect the ability of the Group or of the Company to meet their obligations as and when they fall due. Query Letter content: The KLSE refers to the advertisement on winding-up petition against Malaysian Airline System Berhad (MAS, which appeared in The Malay Mail, page 53, on Wednesday, 17 December 2003, a copy of which is enclosed for your reference. In this connection, kindly furnish the Exchange with an immediate announcement on the following: (1) The date of the presentation of the winding-up petition and the date the winding-up petition was served on MAS; (2) The particulars of the claim under the petition, including the amount claimed for under the petition and the interest rate; (3) The details of the default or circumstances leading to the filing of the winding-up petition against MAS; (4) The financial and operational impact of the aforesaid petition on the group; (5) The expected losses, if any, arising from the aforesaid petition; (6) The steps taken and proposed to be taken by MAS in respect of the winding-up petition; (7) Whether MAS is solvent and is able to pay all debts and liabilities as and when they fall due and that MAS undertakes to provide the Exchange with a solvency declaration executed by all the directors to that effect within 7 days from the date of the announcement; (8) Whether there is any contingent liability or other liability which has become enforceable or is likely to become enforceable within the period of twelve months from the date of the announcement which will or may affect the ability of the Group or of the Company to meet their obligations as and when they fall due. Yours faithfully LISA LAM Sector Head, Issues & Listing LL/YYT/CY c.c. Securities Commission (via fax) SRI HARTAMAS: SC OKs Disposal of Assets --------------------------------------- On behalf of Sri Hartamas Berhad (SHB) (Special Administrators Appointed), Commerce International Merchant Bankers Berhad announced that the Securities Commission (SC had, via its letter dated 12 December 2003, granted its approval to SHB for a waiver from the need to comply with the requirement set out under Paragraph 12.1 of Chapter 12 of the SC's Policies and Guidelines on Issue/Offer of Securities in relation to the Disposals. The Disposals relate to the disposal of assets owned by the subsidiaries of SHB that have been placed under liquidation, namely Mewah Rembang Sdn Bhd, Puncak Permata Sdn Bhd, Mawar Tiara Sdn Bhd and Cempaka Mewah Sdn Bhd, or other subsidiaries of the SHB which are in the midst of being liquidated and special administrators appointed (Affected Companies. SHB has lost its control over the Affected Companies in which liquidators have been or will be appointed and the financial statements of the Affected Companies has been or will be deconsolidated from the consolidated accounts of the SHB group. SRI HARTAMAS: SC Approves Proposal ---------------------------------- On behalf of Sri Hartamas Berhad (Special Administrators Appointed), Commerce International Merchant Bankers Berhad announced that the Securities Commission (SC) had, via its letter dated 12 December 2003, granted its approval to allow the Moratorium Shares which are owned by the Affected Parties to be charged as part of the replacement security for the land relating to the Bukit Unggul Eco-Media City's business undertaking and the land and building relating to the Nexus Resort Karambunai's business undertaking which have been charged to, amongst others, the RM420 million nominal value zero-coupon secured bonds 2001/2005 issued by FACB which are being held by Abrar Discounts Berhad. The approval of the SC on the above is subject to the following conditions: (i) The moratorium imposed on the Moratorium Shares are to remain based on the existing conditions and timeframe imposed; and (ii) The prior approval of the SC is required for any sale, transfer and assignment of the Moratorium Shares during the moratorium period. SOUTHERN PLASTIC: Answers KLSE Query Letter ------------------------------------------- Southern Plastic Holdings Berhad replied to the Kuala Lumpur Stock Exchange (KLSE) query letter regarding the winding up petition of OCBC Bank (M) Bhd against the Company. Contents: Southern Plastic Holdings Berhad refers to the Exchange's Letter dated 15th December 2003. 1. The date the winding-up petition was served on SPLAS. The winding-up petition was presented to Penang High Court (No:28-144-2003) by OCBC on 18th October 2003 and the affidavit verifying petition affirmed on 20th November 2003. 2. The financial impact on the group, if any arising from the winding-up petition There is no financial impact on the group arising from the winding-up petition. The outstanding amount will be settled once the restructuring exercise is completed. 3. The expected losses, if any arising from the winding-up petition The expected losses will be the increase in accumulated interest. 4. The steps taken and proposed to be taken by SPLAS in respect of the winding-up petition. The debt-restructuring scheme incorporated in Southern Plastic Holdings Bhd's restructuring scheme will be used to settle the debt. 5. The particulars of the claim under the petition, including the interest rate. OCBC in claiming for a sum of RM4,281,045.02 as at 30th April 2001 further interest at 9.3 percent with effect from 1st May 2001 till full settlement. 6. Details of the default of circumstances leading to the filing of the winding-up petition. The outstanding amount is for trade line and OD facilities granted by OCBC. When Southern Plastic Holdings Bhd was made a PN4 Company in 2001, all the banks had withdrawn the facilities granted to Southern Plastic Holdings Bhd and its subsidiaries. As we were unable to continue with our business, we were having financial difficulties in repaying the outstanding amounts. KLSE Query Letter content: The KLSE refers to the Company's announcement dated 11 December 2003. In this connection, kindly furnish the Exchange immediately with the following additional information for public release: The date the Winding-up petition was served on SPLAS. The financial impact on the Group, if any, arising from the Winding-up petition. The expected losses, if any arise from the Winding-up petition. The steps taken and proposed to be taken by SPLAS in respect of the Winding-up petition. The particulars of the claim under the petition, including the interest rate. Details of the default of circumstances leading to the filing of the Winding-up petition. Yours faithfully TAN YEW ENG Senior Listing Manager WSW/LPY/zm ===================== P H I L I P P I N E S ===================== MUSIC COR.: Changes Corporate Name to Music Semiconductor --------------------------------------------------------- Music Corporation will change its Company name to Music Semiconductors Corporation and a plan to raise capital of between 60 million and 90 million pesos through an issue of new shares, AFX Asia reports. The shareholders also approved the change in the Company's primary purpose to a semiconductor manufacturing entity from a holding firm. The Company also aims to eliminate completely its capital deficiency and to record a capital surplus come mid-2004 in order to avoid being de-listed from the Philippine Stock Exchange. The Company earlier said it significantly reduced its capital deficiency to 102 million pesos as of September 30 from 344 million at end-2001, but intends to raise funds to wipe out the deficit completely. For more information, go to http://www.pse.org.ph/html/disclosure/pdf/dc2003_4018_MUSX.pdf NATIONAL POWER: Government Sells US$100M Bonds ---------------------------------------------- The Philippine government is selling at least US$100 million worth of National Power Corporation (Napocor) bonds that it bought this year in an attempt to raise funds without having to issue new debt, according to Dow Jones. The report did not disclose other details on pricing and whether the government or other funding agency guarantees the bonds. NEXTSTAGE INC.: Issues Quasi-reorganization Update -------------------------------------------------- This is in reference to Circular for Brokers Nos. 3934-2003 dated December 11, 2003 pertaining to the quasi-reorganization of Nextstage, Inc. (NXT). In relation thereto, the Company, in its letter dated December 12, 2003, advised the following updates regarding the aforementioned matter: The Corporation filed with the Securities and Exchange Commission (the 'SEC') on 3 December 2003 an application for the decrease of its authorized capital stock from P500 M to P100 M thru the reduction of its par value per share from P1.00 to P0.20 without changing the number of shares corresponding thereto. The effect on the capital structure of the Corporation of the foregoing transaction shall be as follows: BEFORE AFTER Decrease of ACS Decrease of ACS Auth. Capital Stock P 500,000,000.00 P100,000,000.00 Divided into common shares 500,000.00 500,000.00 Subscribed Capital 270,256,740.00 54,051,348.00 Divided into common shares 270,256,740 270,256,740 Par Value per share P1.00 P0.20 Simultaneous therewith, the Corporation also filed for the amendment of its par value per share from the newly reduced P0.20 back to P1.00 entailing an adjustment in the number of shares corresponding to the capital. As result, the final capital structure of the Corporation shall be as follows: BEFORE AFTER Amendment of Par Value Amendment of Par Value Auth. Capital Stock P 100,000,000.00 P100,000,000.00 Divided into common shares 500,000,000 100,000,000.00 Subscribed Capital P54,051,348.00 P54,051,348.00 Divided into common shares 270,256,740 54,051,348.00 Par Value per share P0.20 P1.00 Based on the foregoing, the number of shares of each stockholder shall be reduced by approximately 80%. Any resulting fractional shares shall be rounded off to the nearest whole number and/or paid by the Corporation. It is requested that the same be effected in your boards accordingly as soon as the SEC shall have approved the matter. As soon as the Company will receive the SEC Certificates of Amended Articles of Incorporation and Certificate of Decrease of Capital, the Corporation shall furnish a copy of the same and advise all stockholders of record of the matter. Subsequently transaction shall be covered by stock certificates bearing the new par value and authorized capital. All outstanding stock certificates bearing the unadjusted number of shares shall be honored subject to adjustment in the number of shares in accordance with the Corporation's application with the SEC. For more information, go to http://www.pse.org.ph/html/disclosure/pdf/dc2003_3972_NXT.pdf PHILIPPINE LONG: PhilRatings Assigns PRS 1 STCPs Rating ------------------------------------------------------- "Philippine Long Distance Telephone Co., Inc.'s (PLDT) P2.0 billion short-term commercial papers (STCPs) continue to be rated PRS 1," PhilRatings announced. PRS 1, the highest possible rating on PhilRatings' short-term issue rating scale is defined as: "Strongest capability for timely payment of debt instrument issue on both interest and principal." PLDT's STCPs were initially given a rating in late 2002. Its license to issue its STCPs was approved by the Securities and Exchange Commission (SEC) in April 2003. With this latest review, PLDT's P2.0 billion STCP rating (and changes to it, if any) will be valid until December 2004. PLDT continues to dominate in the fast-growing wireless sector (with a 57 percent market share) and in the fixed line business (64 percent market share). Recent results demonstrate management's ability to sustain improvements in profitability and cash flow generation. Although the Company continues to be highly leveraged, the pressure of loan payments has been very well eased by the refinancing program undertaken in 2002 which has improved PLDT's debt maturity profile. PLDT is likewise exposed to foreign exchange risk as foreign currency-denominated obligations make up about 96 percent of total consolidated debt. The Company, however, has put in place measures to minimize or mitigate such risks as hedges cover 34 percent of total debt. PLDT also benefits from having dollar-linked revenues. Going forward, PLDT is expected to maintain its leadership in both wireless and fixed line markets although increased competition is foreseen. A potential slowdown in subscriber growth and revenue per user in the wireless sector is likewise highly likely as penetration reaches the lower income groups. How PLDT also addresses a shrinking fixed line market and how it uses its existing fixed line infrastructure to produce revenues through new products and services also bear close watch. Notwithstanding certain risk factors, however, the issue is expected to maintain its strong credit standing over the next year. UNITED COCONUT: Board OKs 10-Year Business Plan ----------------------------------------------- The Board of Directors of United Coconut Planters Bank (UCPB) has approved a 10-year business plan calling for an aggressive build-up in deposits and a significant reduction in the bank's non-performing assets, the Philippine Daily Inquirer reported, citing UCPB Chairman Deogracias Vistan. UCPB will submit the business plan to the Philippine Deposit Insurance Corp and the central bank's Monetary Board before the end of the year. ================= S I N G A P O R E ================= CENTRAL PROPERTIES: Withdraws Stock Units From SGX-ST ----------------------------------------------------- The trading period for Central Properties Limited (CPL Stock Units) and Delisting of CPL are as follows: Reference is made to the announcement dated 17 December 2003 made by the liquidators of Hotel Malaysia Limited (In Members' Voluntary Liquidation) (HML on the expected date of distribution of CPL Stock Units held by HML, on 22 December 2003. As stated in the circular dated 5 September 2003 (Circular from CPL to its stockholders (Stockholders, the suspension in trading of the CPL Stock Units will be lifted by the Singapore Exchange Securities Trading Ltd (SGX-ST for a period of seven (7) market days immediately after completion of the distribution of the CPL Stock Units by HML (CPL Trading Period. This is to give Stockholders who wish to dispose of their CPL Stock Units in the market, the opportunity to do so. The CPL Liquidators wish to inform that the CPL Trading Period will commence from 9 January 2004 to 19 January 2004 (both dates inclusive). The CPL Liquidators will sanction the transfer of CPL Stock Units made during the CPL Trading Period. Investors who purchase CPL Stock Units during the CPL Trading Period will be entitled to participate in the Distributions under the CPL Voluntary Liquidation if they are Stockholders on the Books Closure Date(s) for the purpose of determining Stockholders' entitlements to the Distributions (as defined in the Circular). The CPL Voluntary Liquidation will lead to the de-listing and withdrawal of the CPL Stock Units from the Official List of the SGX-ST. Investors who purchase CPL Stock Units during the CPL Trading Period should note that after the CPL Trading Period, trading in CPL Stock Units on the SGX-ST will be suspended up to the date of delisting of CPL. The date of delisting will be announced in due course. Notice of Books Closure Date NOTICE IS HEREBY GIVEN that the Register of Members and Share Transfer Books of CPL will be closed as at 5.00 p.m. on 28 January 2004 (Books Closure Date for the purposes of determining the Stockholders' entitlements to the Distributions as set out in the Circular. Settlement and Registration Procedures Entitled Stockholders whose CPL Stock Units are deposited with The Central Depository (Pte) Ltd (CDP Entitlements to the Distributions will be determined on the basis of (in the case of Stockholders who are Depositors) the number of CPL Stock Units standing to the credit of their Securities Accounts of such Stockholders on the Books Closure Date. Stockholders whose Securities Accounts are credited with their CPL Stock Units as at 5.00 p.m. on the Books Closure Date need not take any action in respect of their holdings of their CPL Stock Units for the purposes of the Distributions. Entitled Stockholders whose CPL Stock Units are not deposited with CDP. Entitlements to the Distributions will be determined on the basis of (in the case of Stockholders who are not Depositors) the holdings of such Stockholders of CPL Stock Units appearing in the Register of Members of CPL on the Books Closure Date. Such Stockholders who have not already done so are requested to take the necessary action to ensure that the CPL Stock Units owned by them are registered in their names as at the Books Closure Date. Stockholders whose physical stock certificates in respect of their CPL Stock Units are not in their names must lodge all duly completed and stamped transfer forms, together with their physical stock certificates in respect of their CPL Stock Units and registration fees, with the Share Registrar, Lim Associates (Pte) Limited, situated at 10 Collyer Quay #19-08 Ocean Building, Singapore 049315, before 5.00 p.m. on the Books Closure Date. Distributions The Distributions are expected to commence as soon as reasonably practicable either before or after the realization of CPL's assets which are not to be distributed in specie and subject to the CPL Liquidators being satisfied that adequate provision has been made for CPL's liabilities (including tax). The CPL Liquidators may, in their absolute discretion, make Interim Distributions at various stages of the liquidation after setting aside such amounts as they consider prudent to meet the liabilities (including potential tax liabilities) of CPL and expenses of the CPL Voluntary Liquidation. Appropriate announcements will be made on the timing and amounts of such Distributions as and when they are made. Summary of Indicative Dates Expected distribution by HML of 22 Dec. 2003 the CPL Stock Units CPL Trading Period 9 Jan. 2004 to 19 Jan. 2004 (both dates inclusive) Books Closure Date 5.00 p.m., 28 January 2004 Distributions To be announced Capitalized terms used but not defined in this announcement bear the same meanings and construction as those in the Circular. ONG YEW HUAT LIQUIDATOR CENTRAL PROPERTIES LIMITED (IN MEMBERS' VOLUNTARY LIQUIDATION) CHARTERED SEMICONDUCTOR: Post Changes in Shareholder's Interest --------------------------------------------------------------- Chartered Semiconductor Manufacturing Ltd. posted a notice of changes In Subsidiary Company's Director's Shareholding Leow Kim Keat's interests. Date of notice to Company: 17 Dec 2003 Date of change of interest: 16 Dec 2003 Name of registered holder: CDP - Leow Kim Keat Circumstance(s) giving rise to the interest: Exercise of share options/convertibles Information relating to shares held in the name of the registered holder: No. of shares which are the subject of the transaction: 26,223 % of issued share capital: 0.001 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: 4,187@S$1.00 22,036@S$0.80 No. of shares held before the transaction: 65,560 % of issued share capital: 0.0026 No. of shares held after the transaction: 91,783 % of issued share capital: 0.0036 Holdings of Director including direct and deemed interest Deemed Direct No. of shares held before the transaction: 0 65,560 % of issued share capital: 0 0.0026 No. of shares held after the transaction: 0 91,783 % of issued share capital: 0 0.0036 Total shares: 0 91,783 Mr Leow Kim Keat is a Director of Chartered Silicon Partners Pte Ltd., which is a subsidiary of Chartered Semiconductor Manufacturing Ltd. E&A CERAMICS: Issues First & Final Dividend Notice -------------------------------------------------- E&A Ceramics Pte Ltd (In Creditors' Voluntary Liquidation) issued a NOTICE of first and final dividend as follows: Address of former registered address: 44 Sungei Kadut Loop Singapore 729428. Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng. Amount percentum: 3.3 percentum of all admitted unsecured claims. First and final or otherwise: First and Final. When payable: 19th December 2003. Where payable: Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. CHEE YOH CHUANG LIM LEE MENG Liquidators. LKN-PRIMEFIELD: Converts NRCPS to Ordinary Shares ------------------------------------------------- Lkn-Primefield Limited issues a conversion OF 27, 722, 728 Non- Redeemable Convertible Preference Shares (NRCPS INTO 27, 722, 728 ordinary shares as follows: The Board of Directors of LKN-Primefield Limited wishes to announce that due to the following conversion of: a) 13,427,273 NRCPS into 13,427,273 Ordinary Shares of S$0.20 each fully paid at par by Ms Florence Tay Eng Neo, a holder of the NRCPS; b) 5,886,364 NRCPS into 5,886,364 Ordinary Shares of S$0.20 each fully paid at par by Mr Chew Tiong Sim, a holder of the NRCPS; c) 4,204,546 NRCPS into 4,204,546 Ordinary Shares of S$0.20 each fully paid at par by Mr Leong Sin Kuen, a holder of the NRCPS; d) 4,204,545 NRCPS into 4,204,545 Ordinary Shares of S$0.20 each fully paid at par by Mr Leong Heng Keng, a holder of the NRCPS, The Company's issued and paid-up capital shall now be S$45,999,611.60 divided into 229,998,058 Ordinary Shares of S$0.20 each. OKURA & CO.: Creditors Final Meeting Set January 8 -------------------------------------------------- Okura & Co., Ltd issued a notice that the creditors final meeting will be held at 10 Jalan Besar, #15-08 Sim Lim Tower, Singapore 208787 on the 8th day of January 2004 at 3 P.M. AGENDA 1. To receive an account from the Liquidator showing the manner in which the winding up has been conducted and the assets of the Company has been disposed of and to hear any explanation that may be given by the Liquidator. 2. To approve Liquidator's fee. 3. To approve the legal fees and incidentals to the Liquidator's solicitors. 4. To approve the cost and authorize the Liquidator to destroy all books, accounts and documents of the Company three months after the discharge of the Liquidator. To entitle you to vote there, your proxy form must be lodged with us not later than 3.00 p.m. on 6th January 2004. Dated this 10th day of December 2003. ONG SIN HUAT Liquidator for Okura & Co., Ltd (Singapore Branch). Address of Liquidator c/o Ong Yong & Partners 190 Middle Road #12-07 Fortune Centre Singapore 188979. THAKRAL CORPORATION: Post Changes in Shareholders Interest ---------------------------------------------------------- Thakral Corporation Ltd posted a notice of changes in substantial shareholder Inderbethal Singh Thakral's interest as follows: Date of notice to company: 16 Dec 2003 Date of change of deemed interest: 14 Nov 2003 Name of registered holder: G K Goh Stockbrokers Pte Ltd Circumstance(s) giving rise to the interest: Others Please specify details: Sale initiated by financial institution to meet obligation of Thakral Investments Limited. Information relating to shares held in the name of the registered holder: - No. of shares which are the subject of the transaction: 180,000 % of issued share capital: 0.012 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: S$0.14 No. of shares held before the transaction: 189,862 % of issued share capital: 0.013 No. of shares held after the transaction: 9,862 % of issued share capital: 0.001 Holdings of Substantial Shareholder/Director including direct and deemed interest Deemed Direct No. of shares held before the transaction: 287,321,654 0 % of issued share capital: 19.206 0 No. of shares held after the transaction: 287,141,654 0 % of issued share capital: 19.194 0 Total shares: 287,141,654 0 No. of Warrants - Nil No. of Options - Nil No. of Rights - Nil No. of Indirect Interest - Nil =============== T H A I L A N D =============== BANGKOK BANK: Fundraising 'Encouraging Development,' Says S&P ------------------------------------------------------------- Standard & Poor's Ratings Services said Bangkok Bank Public Co. Ltd.'s (Bangkok Bank; BB/Positive/B) recent issuance of 384.3 million new ordinary shares, which raised THB32 billion (US$807 million), is an encouraging development. Proceeds from this issuance are earmarked to help redeem the bank's THB46 billion worth of its hybrid securities in April 2004. These hybrid securities carry coupons at about 11%, which are considered high given the current interest rate environment. The exercise is expected to translate to lower funding costs for the bank, besides strengthening the quality of the bank's capital position. Based on the bank's numbers as of September 30, 2003, the capital raising could bolster the bank's ratio of adjusted common equity to assets to slightly above 5%, compared with almost 2.6% before the exercise. Despite the capital raising, Bangkok Bank continues with the need to address the challenge of residual impaired assets. For more information, contact: Nancy Koh (Singapore) Phone: (65) 6239-6392 Terry Chan (Hong Kong) Phone: (852) 2533-3590 Ernest D. Napier (New York) Phone: (1) 212-438-7397 * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Jinan Qingoi Motorcyle Co., Ltd. 600698 (193.08 ) 113.96 Shenzhen China Bicycles Co., Ltd. 000017 (239.91) 60.39 Shenzhen Great Ocean Shipping Co., Ltd. 200057 (10.87) 11.27 Shenzhen Petrochemical Industry Group Co., Ltd. 000013 (243.36) 89.48 INDONESIA --------- PT Lippo Securities Tbk LPPS (3.62) 14.26 Smart Tbk SMAR (37.38) 398.89 MALAYSIA -------- CSM Corporation Bhd CSMB (8.40) 41.55 Kemayan Corp Bhd KOPS (289.67) 114.38 Saship Holdings SASH (168.68) 136.30 Tongkah Holdings Bhd TKHS (78.01) 112.62 Uniphoenix Corporation Bhd UNI (145.25) 33.34 PHILIPPINES ----------- Pilipino Telephone Co PNOTF (356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PCEN (931.65) 7369.85 THAILAND -------- Datamat PCL DTM (9.53) 13.66 National Fertilizer PCL NFC (30.82) 297.40 Siam Agro-Industry Pineapple And Others PCL SAIC (13.88) 14.02 Thai Nam Plastic PCL TNPC (2.00) 24.33 Tuntex (Thailand) PCL TUN (26.82) 381.43 Each Friday edition of the Troubled Company Reporter - Asia Pacific contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* 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 ***