/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031230.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, December 30, 2003, Vol. 6, No. 256 Headlines A U S T R A L I A AMP LIMITED: Ratings Affirmed on Successful Demerger NYLEX LIMITED: Latest Disposals Net AU$96 Million PARMALAT FINANZIARIA: Assures Aussie Farmers of Payments C H I N A & H O N G K O N G CONSORT ENGINEERING: Winding up Hearing Set January 7 GREAT INTELLIGENCE: Asia Winner Files Winding up Petition PARKA HOLDINGS: Winding up Hearing Set February 4 THL HOLDINGS: Bank of China Initiates Winding up Proceedings I N D O N E S I A SINAR LG: Korean Parent Abandons Loss-making Local Operations J A P A N HIKARI TSUSHIN: JCR Upgrades Rating to BBB- MISAWA HOMES: Expects FY03 Y127B Net Loss MYCAL CORPORATION: Moody's Withdraws Rating K O R E A HYUNDAI GROUP: CEOs May Lose Jobs in Reorganization KIA STEEL: KTIC Sells 6.84% Stake to HK Firm LG CARD: Creditors to Increase Debt-equity Swap to W5Tr LG CARD: LG Investment Cuts Stake to 9.86% LG CHEM: Shutting Down Indonesian Unit M A L A Y S I A KUMPULAN EMAS: Unveils December 22 AGM Resolutions LION CORPORATION: Shareholders Meeting Set for Jan 12 MWE HOLDINGS: Units Appoint Lee Chee Wung as Liquidator NALURI BERHAD: Appoints Bin Abdullah as Audit Committee Chairman OCEAN CAPITAL: Submits Regularization Plan for Approval PSC INDUSTRIES: SC OK's Private Placement Proposal SILVERSTONE CORPORATION: SPV Debt Holders Meeting Set January 12 SRI HARTAMAS: Unit Enters Voluntary Liquidation SOUTHERN PLASTIC: Releases Winding Up Petition Update P H I L I P P I N E S PHILIPPINE LONG: New Labor Pact Ends in Deadlock UNIWIDE GROUP: SEC May Reject Calls to Replace Receiver S I N G A P O R E CASTLE GREEN: Final Meeting Set for January 26 ECON INTERNATIONAL: Clarifies Business Times Report ELOGICITY INTERNATIONAL: Petition to Wind Up Pending EXCEL MACHINE: Judicial Managers Appoint New Secretary GABERON PTE: Creditors Must Submit Claims by January 15 MULTI-CHEM LIMITED: Post Changes in Shareholder's Interest PCBT PTE: Issues First & Final Dividend Notice PICA CORPORATION: Issues Credit Loan Facility Update PICA CORPORATION: KLSE Extends Restraining Order to March 8 PQR DELIVERY: Issues Debt Claim Notice to Creditors T H A I L A N D DATAMAT PUBLIC: Clarifies Debt Status EMC POWER: Court Approves Revisions to Rehabilitation Plan NATURAL PARK: Details Offer for Pacific Assets PCL THAI MILITARY: Finance Ministry Confirms President's Appointment * BOND PRICING: For the week of December 29 - January 2, 2004 - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Ratings Affirmed on Successful Demerger ---------------------------------------------------- Moody's Investors Service affirmed last week all its ratings on AMP Limited, but assigned a negative outlook on the long-term grades. The outlook of the short-term ratings is stable. The ratings affirmed with a negative outlook are those of: (a) AMP Life Ltd -- Insurance financial strength A1 (b) AMP Group Holdings Ltd -- Senior debt Baa1 (c) AMP (UK) Finance Services plc -- Senior debt Baa1 (d) AMP Group Finance Services Ltd -- Senior debt Baa1; subordinated debt Baa2 (e) AMP Henderson Global Investors Ltd -- Preferred stock Baa3 (d) AMP Bank Ltd -- Long-term deposit rating Baa1; Long-term senior debt Baa1; Long-term subordinated debt Baa2; Long- term junior subordinated debt Baa2; These ratings have been assigned a stable outlook: (a) AMP (UK) Finance Services plc -- P-2 commercial paper (b) AMP Group Finance Services Ltd -- P-2 commercial paper (c) AMP Bank Ltd -- P-2 commercial paper; D bank financial strength. Moody's lauded the successful completion of the group's demerger, which separated the Australian and UK businesses and involved a successful rights issue. Moody's notes, "although the uncertainty and transaction risks surrounding the completion of the demerger process have now been removed, uncertainty continues regarding AMP's capital plans and plans to reduce external debt and persists over the status of its income securities." Moody's also noted positively Henderson Holdings Group's (HHG) successful share offering, which will release AMP from its stand-by commitment on the Convertible Loan Notes and its 15% stake in HHG will be diluted to approximately 11%. "As indicated, there is continued uncertainty over the status of the income securities, given the news that AMP has received a statement of claim from two income securities holders, who seek a declaration that the demerger has caused an event of default," the rating agency said. "Moody's will continue to monitor the situation and notes that if a court were to ultimately find that a default had indeed occurred because of the demerger, it is possible that -- under the cross-default provisions present within AMP's other debt securities -- the company might be forced to accelerate repayment of its senior corporate debt." AMP Limited is headquartered in Sydney, Australia. NYLEX LIMITED: Latest Disposals Net AU$96 Million ------------------------------------------------- Nylex Limited sold Monday AU$96.1 million in non-core assets, the latest in divestment under its ongoing restructuring program, Dow Jones said yesterday. Sold were Pryda and Reid building products businesses in Australia, New Zealand and Asia, which Illinois Tool Works Inc. (ITW) paid AU$79.5 million. Teleflex Inc. (TFX), on the other hand, paid AU$11.2 million for Henderson's USA and Australian lumbar operations. To cap the disposal, Nylex sold AU$5.5 million worth of properties that are surplus to businesses that have already been sold. Since June, the company has sold 13 non-core businesses, generating AU$151.7 million. It has pledged to bring down debt by AU$80 million by the end of 2003. "We are confident that we are well on the way to reducing our debt levels to around AU$130 million, following the expected completion of our asset divestment program in the first part of the new year," Nylex Managing Director Glen Casey said in a statement. "With the most recent divestments, as well as the successful completion of a AU$100 million capital raising program last month, Nylex is now in the best financial position it has been in for several years," he added. Mr. Casey added the sale of Pryda and Reid puts the firm in a "very strong position to finalize in the new year currently advanced negotiations with a new banking group to restructure the group's funding arrangements." PARMALAT FINANZIARIA: Assures Aussie Farmers of Payments -------------------------------------------------------- Australian dairy farmers who supply the local operations of Parmalat Finanziaria S.p.A. need not worry about whether they will be paid or not. Australian Dairy Farmers Association President Allan Burgess said he has received assurances that local farmers would be paid for the milk they supply the Brisbane unit of Parmalat. "We've had significant assurances that it's run separately in Australia; we're being told that for it to stay profitable it needs to have milk from Australian farmers who have been assured that they'll be paid for that milk," Mr. Burgess told Australian Broadcasting Corp. radio Monday. Italian prosecutors last week launched investigations into Parmalat, believed to have maintained fictitious bank accounts to cover losses. In what could be a 15-year-old practice, the company reportedly has a US$12 billion gap in its books. Parmalat has annual sales of around US$9.2 billion and employs 36,000 people in 29 countries. It sells milk, yogurt, juice and other food products in Europe, the U.S. and around the world. ============================== C H I N A & H O N G K O N G ============================== CONSORT ENGINEERING: Winding up Hearing Set January 7 ----------------------------------------------------- The High Court of Hong Kong will hear on January 7, 2004 at 9:30 a.m. the petition seeking the winding up of The Consort Engineering Company Limited. Smartfield Limited of Unit 317, 3rd Floor, Hong Leong Industrial Complex, 4 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong filed the petition on November 11, 2003. Charles Yeung Clement Lam Liu & Yip represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Charles Yeung Clement Lam Liu & Yip, which holds office on the 13th Floor, Grand Building, 18 Connaught Road Central Hong Kong. GREAT INTELLIGENCE: Asia Winner Files Winding up Petition --------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of Great Intelligence Technology Limited. Asia Winner Corporation Limited of Suite 12-A2, Block 1, Tai Ping Industrial Centre, No. 57 Ting Kok Road, Tai Po, New Territories, Hong Kong filed the petition on November 26, 2003. Messrs. Wat & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Messrs. Wat & Co., which holds office on the Asia Winner Corporation Limited whose registered office is situate at Suite 12-A2, Block 1, Tai Ping Industrial Centre, No. 57 Ting Kok Road, Tai Po, New Territories, Hong Kong. PARKA HOLDINGS: Winding up Hearing Set February 4 ------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of Parka Holdings Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 25, 2003. Gallant Y.T. Ho & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Gallant Y.T. Ho & Co., which holds office on the 4th Floor, Jardine House, No. 1 Connaught Place, Central Hong Kong. THL HOLDINGS: Bank of China Initiates Winding up Proceedings ------------------------------------------------------------ The High Court of Hong Kong will hear on January 28, 2004 at 9:30 a.m. the petition seeking the winding up of THL (Holdings) Company 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 November 25, 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. ================= I N D O N E S I A ================= SINAR LG: Korean Parent Abandons Loss-making Local Operations ------------------------------------------------------------- Korea's LG Chem Ltd. has shut down its local unit, PT Sinar LG Plastics Industry, amid growing competition from small and medium local manufacturers of Polyvinyl Chloride (PVC) pipes. According to Asia Pulse, increased productions from rivals in the Southeast Asian region has made LG's Indonesian unit lose price competitiveness. Sinar LG's liquidation value has been estimated at 21.13 billion won (US$17.63 million). ========= J A P A N ========= HIKARI TSUSHIN: JCR Upgrades Rating to BBB- ------------------------------------------- Japan Credit Rating Agency (JCR) has upgraded the bonds of Hikari Tsushin from BB+ to BBB-. Issues / Amount (bn) / Issue Date / Due Date / Coupon Bonds no.4 / Y10 / Nov. 24, 1999 / Nov. 24, 2004 / 1.75 percent Bonds no.5 / Y10 / Nov. 24, 1999 / Nov. 24, 2006 / 2.35 percent RATIONALE: Hikari Tsushin is an independent large dealer for cellular phones and office equipment. Its performance improved with a series of restructuring measures having been implemented. Loss from investments has been disposed of. JCR upgraded the rating for Hikari Tsushin by 3 notches in September this year, given that concern about risk of running counter to the covenant with respect to net assets had cleared away and that risk of additional write-offs had lowered. Moreover, performance had improved and Hikari Tsushin had resumed raising funds from some of the external sources. JCR upgraded this time the rating for Hikari Tsushin to BBB-, considering that a series of improvements in the financial structure has come to a conclusion according to retirement of bonds no.6, which accounted for 80 percent of the interest-bearing debt at the end of September 2003. Hikari Tsushin Inc. forecast a consolidated net loss of 4.4 billion yen for the year ending March 31, versus an earlier projected loss of 400 million yen, TCR-AP reported recently. For the seven-month accounting term to March 2002, the Company reported a group net loss of 16.12 billion yen and a pretax loss of 1.52 billion yen. MISAWA HOMES: Expects FY03 Y127B Net Loss ----------------------------------------- Misawa Homes Holdings Inc. expects a group net loss of 127 billion yen this fiscal year ending in March 31, a reversal from its initial profit estimates of 3 billion yen, due mainly to appraisal losses on its fixed assets, Kyodo News reports. The Company will book one-off losses of 149 billion yen resulting from appraisal losses on the Company's golf courses in Japan and overseas and properties for sale, as well as from loan-loss provisions and restructuring costs. MYCAL CORPORATION: Moody's Withdraws Rating ------------------------------------------- Moody's Investors Service has withdrawn the C ratings of Mycal Corporation because the rating agency lacks sufficient information to maintain a rating. Mycal is one of Japan's major retailers. The Company filed for corporate rehabilitation under the Corporate Rehabilitation Law in November 2001. On September 30, 2003, the Tokyo Regional Court subsequently approved Mycal's rehabilitation plan. ========= K O R E A ========= HYUNDAI GROUP: CEOs May Lose Jobs in Reorganization --------------------------------------------------- Four Hyundai Chief Executive Officers (CEO)'s will be forced to resign as part of the group's bid to revamp its management in the face of a hostile takeover attempt by Kumgang Korea Chemical (KCC), according to Asia Pulse on Monday. The report identified the four outgoing CEO's as Kang Myung-gu of Hyundai Logistics, Cho Kyu-wook of Hyundai Securities, Jang Cheol-soon of Hyundai Merchant and Marine and Kim Jae-soo of the group's management strategy team. KIA STEEL: KTIC Sells 6.84% Stake to HK Firm -------------------------------------------- Korea Technology Investment Corporation (KTIC) has signed a memorandum of understanding (MoU) to sell a. 6.84 percent stake, or 300 million shares, in Kia Steel Co. to Hong Kong-based Asia Infrastructure Funds Management Ltd., according to Dow Jones, citing KTIC Senior Investment Officer Yang Young-Sig. Asia Infrastructure Funds will conduct due diligence in the next four weeks, and expects to sign a final contract with KTIC in January. Earlier this month, KTIC invested KRW70 billion for a 32 percent stake in the steel maker, which went bankrupt in 1997 amid the regional financial crisis. Kia Steel specializes in specialty steel and auto parts. LG CARD: Creditors to Increase Debt-equity Swap to W5Tr ------------------------------------------------------- LG Card Co. creditors plans to increase up to 5 trillion won (US$4.2 billion) the amount of debts to be swapped for equity in the troubled firm, according to Yonhap News. The creditors set a Friday deadline to sell the nation's largest credit card issuer with an offer of 3.5 billion won for a debt-for-equity swap. But the deadline passed without any bid. LG CARD: LG Investment Cuts Stake to 9.86% ------------------------------------------ LG Investment & Securities Co. has reduced its equity holdings in its affiliate LG Card Co. to 9.86 percent from 12.56 percent after selling 4.2 million shares in LG Card Co. for 18.8 billion won (US$15.66 million) in the market on December 24, according to Asia Pulse on Monday. The amount sold was part of the 7.2 million shares that LG Investment earlier bought under underwriting terms for the card Company's rights offering last week. A new deadline passed Friday without a potential buyer for LG Card, with none of the creditor banks submitting a letter of intent to acquire the troubled credit card issuer. LG CHEM: Shutting Down Indonesian Unit -------------------------------------- LG Chem Limited has closed its unit in Indonesia, which manufactures Polyvinyl Chloride (PVC) pipes, according to Asia Pulse. PT. Sinar LG Plastics Industry's liquidation value has been estimated at 21.13 billion won (US$17.63 million), according to the world's sixth-largest PVC manufacturer. Increased production by small and medium makers of PVC pipes in the Southeast Asian country, which made LG's Indonesian unit lose price competitiveness, was the main reason for the closure. =============== M A L A Y S I A =============== KUMPULAN EMAS: Unveils December 22 AGM Resolutions -------------------------------------------------- Kumpulan Emas Berhad announced that the following resolutions were passed by the shareholders at the thirtieth Annual General Meeting (AGM) of the Company held on 22 December 2003: 1. Adoption of the Audited Financial Statements for the year ended 31 July 2003 together with the Directors' and Auditors' Reports thereon. 2. Payment of Directors' fee of RM70,000. 3. Re-election of the following Directors who retire in accordance with the Company's Articles of Association:- (i) Dato' (Dr.) Teoh Seng Foo (ii) Lee Teik Yang 4. Re-appointment of Messrs KPMG as Auditors of the Company and authority to Directors to fix their remuneration. 5. Special business: (i) Ordinary Resolution no. 1 - Authority to allot and issue shares pursuant to the Employees' Share Option Scheme (ii) Ordinary Resolution no. 2 - Proposed issue of options to Dato' Dr. Loga Bala Mohan a/l Jaganathan (iii) Ordinary Resolution no. 3 - Authority to allot and issue shares in general pursuant to Section 132D of the Companies Act, 1965 LION CORPORATION: Shareholders Meeting Set for Jan 12 ----------------------------------------------------- The renounceable restricted offer for sale (ROFS) by Amsteel Corporation Berhad and its wholly-owned subsidiary companies, Angkasa Marketing (Singapore) Pte Ltd and Umatrac Enterprises Sdn Bhd (Offerors) of 209,701,572 ordinary shares of RM1.00 each in Lion Corporation Berhad (LCB) (ROFS Shares) to the eligible shareholders of LCB at the offer price of RM1.00 per ROFS Share payable in full upon acceptance, on the basis of 9 ROFS Shares for every 10 LCB shares held at 5 P.M. on 15 December 2003 Further to the Offer Circular dated 22 December 2003 for the ROFS (Offer Circular), the Offerors hereby notify the Eligible LCB Shareholders (as defined in the Offer Circular) that LCB has announced a proposal to, inter alia, vary the redemption/repayment of the LCB Bonds and LCB Consolidated and Rescheduled Debts (as defined in the Offer Circular) due on 31 December 2003 and 31 December 2004, details of which are set out in the announcement by LCB on 23 December 2003 (Proposed Variation). The meetings of holders of the LCB Bonds and LCB Consolidated and Rescheduled Debts for the Proposed Variation will be held on 12 January 2004. The potential consequences of the Proposed Variation not being approved by holders of the LCB Bonds and LCB Consolidated and Rescheduled Debts and the relevant authorities may include enforcement proceedings being commenced by the aforesaid holders against the LCB Group, which could potentially have an impact on the trading price of the ROFS Shares. In addition to the information disclosed in the Offer Circular, Eligible LCB Shareholders may wish to monitor and assess the outcome of the meetings for the Proposed Variation before deciding to accept the ROFS Shares. MWE HOLDINGS: Units Appoint Lee Chee Wung as Liquidator ------------------------------------------------------- Pursuant to paragraph 9.19 (19) of the Listing Requirements of Kuala Lumpur Stock Exchange, MWE Holdings Berhad (MWE) informed that MWE (Singapore) Pte Ltd (MWES) and MWE Optical Pte Ltd (MO), both companies were incorporated in Singapore will be placed under Member's Voluntary Winding-Up pursuant to the Companies Act of Singapore, Chapter 50. Mr Lee Chee Wung of Messrs Lee Chee Wung & Co., 371 Beach Road, #09-05 Keypoint, Singapore 199597 shall be appointed as liquidator of MWES and MO. MO is a wholly owned subsidiary of MWE Optical Holdings Sdn Bhd, which in turn is a 55 percent owned subsidiary of MWE and MWES is a wholly-owned subsidiary of First Cosmopolitan Sdn Bhd which in turn is a wholly-owned subsidiary of MWE. Both companies had ceased operations since 1995 and there is no future plan to activate them. The Group estimates that an exchange gain of RM830,000 will be realized from the winding-up of both MWES and MO. NALURI BERHAD: Appoints Bin Abdullah as Audit Committee Chairman ---------------------------------------------------------------- Naluri Berhad refers to the Company's two (2) announcements both released on 23 June 2003 pursuant to the retirement of two (2) directors of the Company, Encik Bistamam Ramli (non independent non executive director) and Dato' Haji Mohamed Amin Haji Daud (independent and non executive director), at the Company's Annual General Meeting held on even date. On 26 June 2003, the Company had written to the Exchange to seek a waiver from compliance with Paragraphs 15.02, 15.10(1)(a), 15.10(1)(b), 15.11 and 15.19 of the Listing Requirements. On 3 October 2003, the Exchange has rejected Naluri's request for a waiver to comply with Paragraphs 15.02, 15.10(1)(a), 15.10(1)(b), 15.11 and 15.19 of the Listing Requirements. However, the Exchange has granted Naluri an extension until 22 December 2003 for the Company to comply with the said paragraphs of the Listing Requirements. The Special Administrators of the Company are pleased to announce that the Company has appointed MOHD RADZUAN BIN ABDULLAH as an independent non-executive director to the Board of Directors of the Company and as the Chairman to the Audit Committee of the Company with effect from 22 December 2003. In this respect, the Special Administrators wish to announce that the Company is now in compliance with Paragraphs 15.02, 15.10(1)(a), 15.10(1)(b), 15.11 and 15.19 of the Listing Requirements. The Board of Directors of the Company as at 22 December 2003, is comprised of these directors: 1. Tan Sri Dato' Tajudin Ramli (Chairman and non-independent non-executive director) 2. Tan Sri Saw Huat Lye (Non-independent executive director) 3. Dato' Wan Malek Ibrahim (Non-independent non-executive director) 4. YB Datuk Lau Ngan Siew (Independent non-executive director) 5. Dato' Lim Kheng Yew (Non-independent non-executive director) 6. Mohd Radzuan Bin Abdullah (Independent non-executive director) The Audit Committee of the Company as at 22 December 2003, comprises the following directors: 1. Mohd Radzuan Bin Abdullah (Chairman and independent non-executive director) 2. YB Datuk Lau Ngan Siew (Independent non-executive director) 3. Dato' Lim Kheng Yew (Non-independent non-executive director) OCEAN CAPITAL: Submits Regularization Plan for Approval ------------------------------------------------------- Further to announcement made on 10 November 2003 in relation to the application of extension of time to the Kuala Lumpur Stock Exchange (KLSE) to submit its regularization plan to the authorities; Ocean Capital Berhad announced that the Kuala Lumpur Stock Exchange (KLSE) has approved an extension of time from 12 November 2003 to 21 November 2003. As also announced on 21 November 2003, the Company has submitted its regularization plan to the Securities Commission and other relevant authorities for approval. PSC INDUSTRIES: SC OK's Private Placement Proposal -------------------------------------------------- PSC Industries Berhad refers to the announcement dated 17 August 2001 made by Aseambankers Malaysia Berhad on behalf of the Company wherein the Securities Commission (SC) had via its letter dated 15 August 2001 approved, amongst others the proposed private placement of up to 15,825,000 new ordinary shares of RM1.00 each in PSCI (PSCI Shares) representing not more than 10 percent of the issued and paid-up share capital of the Company (Proposed Private Placement). The said SC's approval is subject to amongst others, the requirement to furnish the final draft Circular to Shareholders for the Proposed Private Placement to the SC for approval (Said Condition). Avenue Securities Sdn Bhd (Avenue) on behalf of PSCI, is pleased to announce that the SC had, vide its letter dated 23 December 2003 approved the Company's application for exemption from complying with the said Condition. The SC also takes note that PSCI intends to implement the Proposed Private Placement through its shareholders' resolution dated 23 June 2003 which empowers Directors of PSCI to allot and issue new PSCI Shares up to 10 percent of the issued and paid-up share capital of the Company pursuant to Section 132D of the Companies Act, 1965. Hereinafter collectively referred to as the Proposals are: - Proposed Private Placement; - Proposed Debt Restructuring; - Proposed Restricted Offers for Sale; and - Proposed Waivers from Mandatory General Offer SILVERSTONE CORPORATION: SPV Debt Holders Meeting Set January 12 ---------------------------------------------------------------- Reference is made to the announcement of 19 March 2003 made by Silverstone Corporation Berhad (SCB) regarding, inter alia, the issuance of the Bonds, SPV Debts and the new ordinary shares by the SCB Group to the SCB Scheme Creditors. The global economy for the year 2003 was adversely affected by the war in Iraq and the outbreak of the Severe Acute Respiratory Syndrome, thereby affecting consumer and business sentiments in the regional economies. Against the backdrop of concerns of the possibility of the weakening of the global economy, there was limited scope of possible buyers for the assets of SCB under the divestment program of the SCB Scheme. This in turn had affected SCB's repayment obligations to the holders of the Bonds (Bondholders) and holders of the SPV Debts (SPV Debt Holders). In the light of the aforesaid, the Board of Directors of SCB wishes to announce that the SCB Group had issued notices of meetings dated 22 December 2003 to the Bondholders and SPV Debt Holders to seek, inter alia, the indulgence and approval of the relevant Bondholders and relevant SPV Debt Holders to vary the redemption date for the Bonds (Redemption Date) and the scheduled date for the repayment of the SPV Debts (Repayment Date), both of 31 December 2003 (Proposed Variation). With the Proposed Variation, the management of SCB anticipates that it will be better placed to negotiate better prices for the assets which are proposed to be disposed in anticipation of improving domestic and world economic outlook. 2. DETAILS OF THE PROPOSED VARIATION The Proposed Variation involves the variation of the Redemption Date and the Repayment Date of 31 December 2003 to the proposed redemption dates of 31 December 2003, /31 March 2004 and 31 December 2004 (Proposed Redemption Dates) and the proposed repayment dates of 31 December 2003, 31 March 2004 and 31 December 2004 (Proposed Repayment Dates) at the respective redemption/repayment amounts (Proposed Redemption Amount" and "Proposed Repayment Amount" respectively) as set out in Table I- Bonds and Table II-SPV Debts. It is proposed that interest shall be paid for the delay in payment at 1 percent above the issue YTM rate for the Bonds/SPV Debts per annum, calculated on such portion of the Redemption Amount/Repayment Amount which is delayed from (and including) the Redemption Date/Repayment Date up to the Proposed Redemption Dates/Proposed Repayment Dates (excluding the day upon which payment is made), details of which are set out in Table III- Bonds and Table IV-SPV Debts. The aforesaid interest shall be paid together with the payment of the Proposed Redemption Amount/Proposed Repayment Amount on the Proposed Redemption Dates/Proposed Repayment Dates. 3. APPROVALS FOR THE PROPOSED VARIATION The Proposed Variation requires the approval from: 3.1 the Securities Commission (SC); 3.2 Bondholders and SPV Debt Holders at the respective meetings to be convened; and 3.3 Bank Negara Malaysia (BNM), in respect of the SPV Debts. Applications to the SC and BNM to seek the requisite approvals will be submitted after receipt of approvals of the Bondholders and SPV Debt Holders at the respective meetings to be convened for the Proposed Variation. The Meetings of the Bondholders and the SPV Debt Holders are scheduled to be held on 12 January 2004. Unless the context otherwise requires, terms and references defined in the Circular to Shareholders dated 9 January 2003 in respect of the SCB Scheme shall have the same meaning when used herein. For more information, go to http://announcements.klse.com.my/linkwebmainpage.nsf/lca.htm SRI HARTAMAS: Unit Enters Voluntary Liquidation ----------------------------------------------- ATP Consultants Sdn Bhd (In Liquidation) (ATP), a unit of Sri Hartamas Berhad, had on 5 December 2003 resolved the following: - That the Company cannot by reason of its liabilities continue its business and that it is wound up voluntarily; - That pursuant to Section 255 of the Companies Act, 1965, Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200 Kuala Lumpur, be and is hereby appointed as Provisional Liquidator for the purpose of the winding up; and - That separate meeting of members and creditors of the Company be convened on 29 December 2003 pursuant to Section 255(1)(b) of the Companies Act, 1965. - The Special Administrators of Sri Hartamas Berhad (SHB), being the ultimate holding company of ATP, informed the Exchange that the following meetings were held pursuant to Section 255(1)(b) of the Companies Act, 1965. 1. Members Meeting At an Extraordinary General Meeting (EGM) of the members of the Company convened on 29 December 2003, the following resolutions were duly passed: Special Resolution - That it has been proven to the satisfaction that the Company cannot by reason of its liabilities continue its business, and that it is advisable to wind-up the same and that accordingly the Company are wound-up voluntarily. Ordinary Resolution - That Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200 Kuala Lumpur, be and is hereby appointed as Liquidator for the purpose of such winding-up. 2. Creditors Meeting In a creditors' meeting held on 29 December 2003 immediately following the said EGM, the creditors have confirmed the appointment of Tam Kok Meng as Liquidator of the Company. To assist the Liquidator in discharging his duties in the winding up process, the creditors had appointed a Committee of Inspection. The aforesaid liquidation will not have any material financial and operational impact on Sri Hartamas Group of Companies. Yours faithfully For and on behalf of Sri Hartamas Berhad - Special Administrators Appointed Ooi Woon Chee Special Administrator SOUTHERN PLASTIC: Releases Winding Up Petition Update ----------------------------------------------------- The Board of Directors of Southern Plastic Holdings Berhad announced on the present status of the following winding-up petitions: 1. No. MT 3-28-97-02 will be heard before the court sitting at Shah Alam High Court on 12th April 2004 between United Overseas Bank (Malaysia) Berhad Vs Southtim (M) Sdn. Bhd. 2. No. MT 3-28-96-02 will be heard before the court sitting at Shah Alam High Court on 12th April 2004 between United Overseas Bank (Malaysia) Berhad Vs Southtech (M) Sdn. Bhd. 3. No. MT 28-3-2003 will be heard before the court sitting at Shah Alam High Court on 14th January 2004 between United Overseas Bank (Malaysia) Berhad Vs Southern Plastic Holdings Bhd. 4. No. MT 4-28-8-03 will be heard before the court sitting at Penang High Court on 21st April 2004 between OCBC Bank (Malaysia) Berhad Vs Southern Plastic Holdings Bhd. 5. No. MT 28-144-2003 will be heard before the court sitting at Penang High Court on 20th January 2004 between OCBC Bank (Malaysia) Berhad Vs Southern Plastic Holdings Bhd. ===================== P H I L I P P I N E S ===================== PHILIPPINE LONG: New Labor Pact Ends in Deadlock ------------------------------------------------ Philippine Long Distance Telephone Co. (PLDT)'s talks to reach a new labor pact have ended in a deadlock after rank-and-file employees rejected management's plan to freeze wages for the next three years, the Business World newspaper reported. Unless resolved, the deadlock is seen leading to a strike. The report said the PLDT management pushed for employees to accept a "no wage hike" proposal in exchange for a lump-sum bonus of 50,000 pesos each to be given over a three-year period. Management reportedly offered to pay 25,000 pesos to each employee in 2004, 15,000 in 2005 and 10,000 in 2006. PLDT Vice President Butch Jimenez, however, denied that the talks have bogged down. He said management did not propose to freeze workers' wages. UNIWIDE GROUP: SEC May Reject Calls to Replace Receiver ------------------------------------------------------- The Securities and Exchange Commission (SEC) may junk the call of unsecured creditors of the Uniwide Group of Companies to replace its rehabilitation receiver with a management committee supposedly to improve the operations of the debt-saddled firm, Business World reports. The SEC said Uniwide's rehabilitation proceedings do not see the need to grant the request of the unsecured creditors. Un unnamed SEC official said that so far Uniwide's rehabilitation receiver, lawyer Julio C. Elamparo, is doing a good job. Mr. Elamparo was appointed by the corporate regulator last May to replace interim receiver Monico Jacob. Last January, the SEC approved the second amendment to the rehabilitation plan, which focuses on the dacion en pago (payment in kind) scheme and the settlement of unsecured debts through cash flow from retail operations. This led the Company to post a net income of 87.514 million pesos from January to September, a much better performance than the 166.779 million pesos in losses it incurred in the same period last year. ================= S I N G A P O R E ================= CASTLE GREEN: Final Meeting Set for January 26 ---------------------------------------------- The final General Meeting of the members of Castle Green Property Pte Ltd (In Members' Voluntary Liquidation) will be held at No. 1 Kim Seng Promenade, #05-02 Great World City, Singapore 237994, on 26th January 2004 at 10 A.M. for the following purposes: 1. To receive an account from the Liquidators showing the manner in, which the winding up has been conducted and the property of the Company disposed of, and to hear any explanations that may be given by the Liquidators. 2. To determine by resolution the manner in which the books, accounts and documents of the Company shall be disposed of. KON YIN TONG WONG KIAN KOK HELEN HEE BOE HIAN Joint Liquidators. A member entitled to attend and vote at the General Meeting is entitled to appoint a proxy to attend and vote in his stead. All proxies should be deposited at the Liquidators' Office not less than forty-eight hours before the time for holding the meeting or any adjournment thereof. A proxy need not be a member of the Company. ECON INTERNATIONAL: Clarifies Business Times Report --------------------------------------------------- Econ International Limited (EIL) refers to the articles in the Business Times and the Straits Times dated 3 December 2003 and 5 December 2003 respectively, commenting on the liquidation of its subsidiary, Econ Corporation Limited (ECL). This is a short response to these articles. It was necessary for ECL to propose a Scheme of Arrangement to its creditors in May 2003 (the ECL Scheme), given its then financial position and outlook. The hope and expectation was that with the ECL Scheme in place, ECL's debts could be compromised/restructured, and at the same time ECL be allowed to continue to tender for projects. In this way, the continued survival of ECL as an on-going concern could be facilitated. The objective, if achieved, would also result in better recovery for ECL's creditors. With the ECL Scheme in place, the scheme that EIL intended to propose to its creditors (the intended EIL Scheme) would also be facilitated. The ECL Scheme that was proposed to creditors was one that management felt was realistically achievable. Under the ECL Scheme, ECL's creditors would ultimately become the majority shareholders in EIL. The ECL Scheme was voted on and approved by the requisite majorities of creditors, at the creditors' meeting held on 17 June 2003. The creditors' meeting was held in accordance with the Order of Court dated 7 May 2003, under which the creditors' meeting had to be held by 18 June 2003. ECL's efforts to obtain the Court sanction for the ECL Scheme (which was approved by the requisite majorities of creditors) met with opposition from certain creditors (Opposing Creditors). The delay in obtaining the Court's sanction, as a result of protracted legal proceedings due to opposition from the Opposing Creditors, created more uncertainty and made on-going operations more difficult as ECL's financial status continued to be in doubt. A series of contract terminations then took place. These changes and the continued worsening of the operating environment for ECL in the weeks and months after May 2003 (exacerbated by the delay in obtaining the sanction of the Scheme) resulted in ECL operating under very extreme circumstances. There was a loss in confidence from customers, suppliers, sub-contractors and banks, which are vital to the on-going operations of ECL. Nevertheless, if the sanction of the Court for the ECL Scheme were to be granted, the management of ECL believed that the Scheme could still be carried out. On 24 November 2003, the High Court ruled that it would not sanction the ECL Scheme. By this time, the circumstances facing ECL were very different from those at the outset when the ECL Scheme was proposed. With the Scheme dismissed, ECL's operations could not have continued whilst ECL was insolvent. Options such as appointing interim judicial managers would, in ECL's management's opinion, not be useful now since the operating circumstances have deteriorated and are likely to be aggravated even further after the Court's unfavorable ruling even if the ruling were to be appealed. Any possible appeal against the decision would have to be weighed against the reality of the circumstances facing ECL, the continued uncertainty of ECL's position, the loss of creditor confidence and the lack of legal immunity from lawsuits during the period while the appeal was waiting to be heard. Further losses of S$28m were also incurred by ECL for the first-half of the financial year ended 30 September 2003 (which were included in EIL's announcement on 28 November 2003 of the Group's un-audited results for the same period); and ECL was also debarred from tendering for government jobs for a period of five years (which was intended to be appealed against, if the ECL Scheme was approved, as per the announcement on 4 November 2003). Having considered the circumstances in their totality, the consequences (and the viability) of the various possible courses of action and taking into account the relevant advice obtained, it was with deep regret that ECL was put into liquidation by ECL's management. On 26 November 2003, ECL commenced the creditors' voluntary liquidation, and provisional liquidators were appointed, which was announced by EIL on 28 November 2003. On 27 November 2003, the Opposing Creditors petitioned to place ECL under interim judicial management (the "Petition). The Petition was heard in the High Court on 3 December 2003. The High Court ordered that all proceedings in the Petition filed by the Opposing Creditors be stayed for the reason that leave of Court was not obtained before the Petition was filed as required by Section 299(2) of the Companies Act, Cap 50. Unless the stay order is lifted by another order of court, the Opposing Creditors cannot proceed further with their Petition. The Opposing Creditors have filed an application for the stay order to be lifted and this application is fixed for hearing in the High Court on 15 December 2003. ELOGICITY INTERNATIONAL: Petition to Wind Up Pending ----------------------------------------------------- The petition to wind up Office Elogicity International Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 16, 2004 at 10 o'clock in the morning. P&O Australia Ports Pty Ltd., a creditor, whose address is situated at New South Wales, Australia and having its registered office at Level 8, 160 Sussex Street, Sydney, NSW 2000, Australia, filed the petition with the court on December 15, 2003. The petitioners' solicitors are TSMP Law Corporation of 6, Battery Road #33-01, Singapore 049909. Any person who intends to appear on the hearing of the petition must serve on or send by post to TSMP Law Corporation a notice in writing not later than twelve o'clock noon of the 15th day of January 2004 (the day before the day appointed for the hearing of the Petition). EXCEL MACHINE: Judicial Managers Appoint New Secretary ------------------------------------------------------ The Judicial Managers of Excel Machine Tools Limited announced that Messrs Abdul Jabbar Bin Karam Din and Pauline Khoo Bee Keow are hereby appointed jointly and severally as the Secretaries of the Company in place of Ms Lee Kim Lian Juliana with effect from 7 November 2003. Ms Lee Kim Lian Juliana has on 7 May 2003 tendered her resignation as the Company's Secretary with effect from 8 May 2003. GABERON PTE: Creditors Must Submit Claims by January 15 ------------------------------------------------------- The creditors of Gaberon Pte Ltd (In Members' Voluntary Winding- Up), which is being wound up voluntarily, are required on or before 15 January 2004 to send in their names and addresses and the particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to the undersigned, the Joint Liquidators of the said Company, and if so required by notice in writing from the said Joint Liquidators or by their Solicitors or personally 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. STEVEN TAN CHEE CHUAN AND DOUGLAS TAN KAY YEOW Joint Liquidators. 138 Cecil Street #15-00 Cecil Court Singapore 069538. MULTI-CHEM LIMITED: Post Changes Shareholder's Interest ------------------------------------------------------- Multi-chem Limited posted a notice of changes in Director Han Juat Hoon's interest: Date of notice to Company: 26 Dec 2003 Date of change of interest: 26 Dec 2003 Name of registered holder: Foo Suan Sai Circumstance(s) giving rise to the interest: Open market purchase Information relating to shares held in the name of the registered holder: No. of shares which are the subject of the transaction: 160,000 % of issued share capital: 0.05104 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: 0.26375 No. of shares held before the transaction: 118,042,500 % of issued share capital: 37.655 No. of shares held after the transaction: 118,202,500 % of issued share capital: 37.706 Holdings of Director including direct and deemed interest Deemed Direct No. of shares held before the transaction: 118,042,500 86,104,500 % of issued share capital: 37.655 27.467 No. of shares held after the transaction: 118,202,500 86,104,500 % of issued share capital: 37.706 27.467 Total shares: 118,202,500 86,104,500 No. of Warrants No. of Options No. of Rights No. of Indirect Interest PCBT PTE: Issues First & Final Dividend Notice ---------------------------------------------- PCBT Pte Ltd. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 1 Sixth Lok Yang Road Singapore 628099. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 399 of 1999. Amount Percentum: 0.5779 percent. First and Final or otherwise: First & Final Dividend. When Payable: 13th December 2003. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. SUNARI BIN KATENI Assistant Official Receiver. PICA CORPORATION: Issues Credit Loan Facility Update ---------------------------------------------------- The Board of Directors of Pica (M) Corporation Berhad announced the following for public release: 1. RM60 Million Guaranteed Revolving Underwriting Facility Further to the Company's announcement on the status of the above matter, the Court has fixed January 29, 2004 for further mention in relation to the Defendant's striking out application. Apart from the above, the legal proceeding is still pending in court. 2. RM5 Million Revolving Credit Facility & RM7 Million Short Term Loan Further to the Company's announcement, the Company wishes to inform that the Plaintiff's summary judgment application has been postponed to 29.03.2004 for mention. Apart from the above, the legal proceeding is still pending in court. 3. RM50 Million Term Loan Facility Further to the Company's announcement, the Company wish to inform that the Plaintiff's summary judgment application has been postponed to 2.04.2004 for mention. Apart from the above, the legal proceeding is still pending in court. 4. RM4 million Revolving Credit Facility & RM7 million Overdraft Facility Further to the Company's announcement, the Company wish to inform that the Plaintiff's summary judgment application has been further fixed for mention of which the date has yet to be confirmed. Apart from the above, the legal proceeding is still pending in court. 5. Approx RM3 million Credit Facility Further to the Company's announcement, the Company wishes to inform that the Company has filed in its Statement of Defense and the Plaintiff's summary judgment application has been fixed for mention on 05.05.2004. Apart from the above, the legal proceeding is still pending in court. PICA CORPORATION: KLSE Extends Restraining Order to March 8 ----------------------------------------------------------- Further to Pica (M) Corporation Bhd's announcement on Practice Note 4, Commerce International Merchant Bankers Bhd (CIMB) had on 3 December 2003, submitted the Revised Proposal through to the relevant authorities, namely Securities Commission, Foreign Investment Committee and Bank Negara Malaysia. The Company's independent monitoring accountant, namely RSM Nelson Wheeler Teo Corporate Advisory Sdn Bhd has also commenced its duty on 5 December 2003, being the date within 30 days after the date of obtaining the majority Lender's approval at the Court Convened Meetings on 7 November 2003. In addition, the Company had on 5 December 2003 through CIMB announced that the Kuala Lumpur High Court has extended the Restraining Order to 8 March 2004. The Company's appeal dated 26 September 2003 in relation to the Exchange's decision to de-list the Company's securities was deliberated by the Exchange on 22 December 2003, the Company is still awaiting the Exchange's decision. PQR DELIVERY: Issues Debt Claim Notice to Creditors --------------------------------------------------- Notice is hereby given that the creditors of PQR Delivery Services Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 19th day of January 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidators of the said Company and, if so required by notice in writing by the said liquidators are, by their solicitors or personally, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. NEO BAN CHUAN YEAP LAM KHENG Liquidators. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. =============== T H A I L A N D =============== DATAMAT PUBLIC: Clarifies Debt Status ------------------------------------- Subject: Progress of Company's Business To: The President, Stock Exchange of Thailand Reference is made to the news on the Web site http://www.set.or.thwarning the investors about investing in securities of companies in REHABCO group. The news indicates that the securities of these companies may be under the trading suspension, or signed SP in case the operating performance by year's end shows a decrement in the equity. Many investors have contacted the Company for a clarification on this matter. Therefore, the Company would like to provide the following information for more accurate and better understanding of investors: (1) The Company has already repaid debts to creditor banks in the total of approximately Baht 287 million. These banks have agreed to reduce the Company's debts to 60% for cash repayment, resulting a total of Baht 115 million discount in total debts and a Baht 67 million decrease of accrued interests shown in the Company's record. (2) The shares of DVM Technology Sdn Bhd, a subsidiary in Malaysia doing the business of network integration solutions, telecommunication services and telecommunication system installation, in which the Company hold 61.2 million shares or 38%, have been listed in MESDAQ Market in KLSE and will start trading on January 2, 2004. The Company's capital increase and the abovementioned performances will result in an increase in the equity, which will be shown in the Company's fourth quarter of 2003 financial statements. For your information. Sincerely yours, Kusol Sangkananta Director and Secretary to the Board EMC POWER: Court Approves Revisions to Rehabilitation Plan ---------------------------------------------------------- The Stock Exchange of Thailand The Stock Exchange of Thailand Building 62 Rachadapisek Road Klongtoey, Bangkok 10110 Subject: Summary of Revision of Rehabilitation Plan Attention: The Managing Director Dear Sir, Pursuant to EMC Power Company Limited, the Plan Administrator of EMC Public Company Limited (EMC), has filed an application for revision of the Rehabilitation Plan and the Court's approval order for Revision of Rehabilitation Plan on 22 December 2003. The company received the copy of the approval order on 26 December 2003, on the following essential elements: (1) Capital Restructuring of EMC EMC will decrease its registered capital by decreasing the par value of Ten Baht per share to One Baht per share. After the decrease, the shareholding proportion of the Existing Shareholders must not be less than ten percent of the paid-up capital after capital decrease. EMC shall increase the registered capital by an amount not less than 360,000,000 Baht by issuing not less than 360,000,000 ordinary shares, with the price of One Baht per share, for the following purposes: (i) To conduct the private placement of not less than 230,00,000 shares; (ii) To convert debt into equity by converting the long-term loan for WS (Working Capital Sweetener) that remains unpaid to the lender of new working capital, numbering 30,000,000 shares, into equity, and to support the conversion of 50,000,000 convertible bonds; and (iii) To support the exercising of share purchasing rights in accordance with the warrants representing the right to purchase shares, numbering 50,000,000 units. In this regard, EMC shall give the amount received from such increment of capital under the Rehabilitation Plan to the Creditors, deposit it with the Security Agent to secure debt repayment, and use it as working capital. (2) Sale of Shares of Affiliated Company Because of the value of account is less than 0, EMC shall sell the shares in its 3 affiliated companies to any person, at the price of One Baht per company for the whole shares which EMC holding. (3) Management with Guarantee Burden of EMC Subsidiaries After EMC increases and reduces its capital the second time, if any EMC Subsidiaries fail to make a payment on due under the rehabilitation plan or fail to execute according to the rehabilitation plan, the creditors in the Creditor Group Class 3, only to the extent of those who choose the debt repayment method specified in Clause 6.1.3 (b), shall have the right to receive debt repayment from EMC, upon which EMC shall pay principal amount or issue new ordinary shares to such certain creditors. (4) New Investor The Plan Administrator shall seek new investors through the increment of the capital of EMC by way of newly issuing not less than 230,000,000 ordinary shares for sale to such new investors at the price of One Baht per share. EMC shall apply the proceeds gained from such sale of shares for the debt repayment to Creditor Groups Classes 1, 2 and 5, long-term loan for WS, and Creditor Group Class 8. (5) Issuance of Warrants Representing the Right to Purchase Shares To induce EMC's employees to work to their full capacity and to subsequently encourage the stability of EMC's business and timely business reorganization, EMC may issue warrants representing the right to purchase shares, numbering not exceeding 50,000,000 units, to its employees. The holders of the warrants shall have the right to purchase ordinary shares at the price of One Baht per share (if it is apparent that the closing price on the SET as at any date is not less than Three Baht per share), and shall obtain such right within five years of the date of issuance of the warrants. (6) Condition of Accomplishment of the Rehabilitation Plan The Rehabilitation Plan shall be deemed as having been accomplished upon occurrence of the following events, i.e. EMC has undergone the capital restructuring and it is shown in the balance sheets of EMC that EMC has assets exceeding liabilities. (7) Conversion of Long-Term Loan for WS into Equity If new investors purchase newly issued shares within 120 days of the date of the Court's approval of the application for revision of the Rehabilitation Plan or within the period of time extended as the lender of new working capital deems appropriate, the lender of working capital agrees to convert the long-term loan for WS of 30,000,000 Baht into the equity of EMC. In this regard, EMC shall issue new ordinary shares with the price of One Baht per share, at the debt-to-equity conversion price of One Baht per share. (8) Conversion of Convertible Bonds issued to Lenders of New Working Capital After completing the capital restructuring, EMC shall amend the terms regarding the rights and duties of convertible bonds to enable one convertible bond to convert into 1,000 ordinary shares. The Plan Administrator would like to summarize the progress of the implementation of the Rehabilitation Plan from May 15, 2001 as follows: (1) Capital Restructuring of EMC -- On July 25, 2001, EMC reduced its registered capital in the amount of Baht 225,000,000, from Baht 300,000,000 to Baht 75,000,000 (which have the par value of Baht 10 per share). -- On July 26, 2001, EMC issued the ordinary shares of 60,295,431 shares, which have the par value of Baht 10 per share, for conversion of debt into common equity and for the convertible bonds. -- On September 20, 2001, EMC issued the additional ordinary shares in the amount of 36,680,654 shares, which have the par value of Baht 10 per share, for the creditors and the surety creditors of affiliated companies, so that EMC had paid-up capital of Baht 441,806,540. -- On February 20, 2002 and May 10, 2002, EMC issued the additional ordinary shares to the creditors in the number of 14,847,162 shares, which have the par value of Baht 10 per share, so that EMC had paid-up capital of Baht 590,278,160. -- On January 6, 2003, EMC issued the additional ordinary shares to the creditors in the amount of 251,161 shares, which have the par value of Baht 10 per share, so that EMC had paid-up capital of Baht 592,789,770. (2) EMC has issued the convertible bonds in the amount of 50,000 shares, which have the par value of Baht 1,000 per share, in the amount of Baht 50,000,000 to Bangkok Bank Public Company Limited, the financial institution creditor who agree to accredit for a new circulating capital to EMC, there were no conversions until now. (3) At present, EMC has converted of debt into common equity to creditor groups 3, 4 and 7, therefore there is no performance to be made to these creditors (according to the letter no 2003048/EMC, dated October 7, 2003). Please be informed accordingly. Yours faithfully, Komol Wongpornpenpap Slib Soongsawang Directors Acting as Plan Preparer of EMC Public Company Limited NATURAL PARK: Details Offer for Pacific Assets PCL -------------------------------------------------- Subject: Report on the Preliminary Result of Tender Offer (Form 247-6-b) To: Director and Manager, Stock Exchange of Thailand Reference is made to the Tender Offer document (Form 247-4) for securities of Pacific Assets Public Company Limited, which was submitted to The Office of Securities and Exchange Commission (the SEC) by Natural Park Public Company Limited (N-Park) with a copy sent to the SET on November 26, 2003. N-Park would like to submit the copy of Form of Report of the Preliminary Result of Tender Offer for securities of Pacific Assets Public Company Limited (Form 247-6-b) to the SET, of which the original document has been sent to the SEC. Please be informed accordingly. Sincerely yours, Sermsin Samalapa President & Chief Executive Officer ---------- ATTACHMENT ---------- (Translation) Form 247-6-b SorJor.6/2003) Form of Report of the Preliminary Result of Tender Offer (1) Date of Submission: December 29, 2003 (2) Name of securities subject of the tender offer: Ordinary shares of Pacific Assets Public Company Limited (3) Name of the Offeror: Natural Park Public Company Limited (4) Name of the Preparer of the tender offer: Finansa Securities Limited (5) Offer period: 25 business days starting from November 27, 2003 to January 6, 2004 (6) Amount and percentage of securities held before the making of tender offer and securities tendered up to the end of December 26, 2003: 6.1 Shares % of total % of total issued voting shares right of the of the Type Amount company company ---- ------ ---------- --------- Shares held Ordinary 180,020,236 53.90 53.90 before the Shares tender offer Shares tendered Ordinary 400 0.0001 0.0001 shares Shares held Ordinary 180,020,636 53.90 53.90 before the shares tender offer and shares tendered 6.2 Convertible Securities - None - We hereby certify that the above information is correct and accurate and that there is no information contained herein that may lead other persons to misunderstanding in any material respect and no concealment is made of any material information. Sermsin Samalapa) Thowthawal Subhavanich Natural Park Public Company Limited The Offeror THAI MILITARY: Finance Ministry Confirms President's Appointment ---------------------------------------------------------------- As previously reported, the board has appointed Subhak Siwaraksa to be the bank's President and Chief Executive Officer. Effective December 26, 2003, the Finance Minister has approved the board resolution appointing Mr. Subhak. Please be informed accordingly. Yours truly, Sumitra Trisrisakdi Secretary to the Board Thai Military Bank Public Company Limited * BOND PRICING: For the week of December 29 - January 2, 2004 ------------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group Ltd 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 1 APN News & Media Ltd 7.250% 10/31/08 4 Australia Commonwealth Gov't Loans 3.000% 7/29/49 65 Australian Food & Fibre Ltd 4.000% 12/31/08 10 Austrim National Radiators Ltd 9.500% 10/31/04 46 Bendigo Bank Ltd 8.000% 5/29/49 8 BIL Finance Ltd 8.000% 10/15/07 10 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 9 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 9 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 9 Capital Properties NZ Ltd 8.500% 4/15/09 9 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/06 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.500% 4/15/04 7 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 4/30/05 8 Fletcher Building Ltd 10.500% 4/30/05 7 Feltex Carpets Ltd 10.250% 9/15/08 1 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Garratts Ltd 12.000% 12/31/03 1 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 9 Hy-Fi Securities Ltd 8.750% 8/15/08 9 Hutchison Telecoms Australia 5.500% 7/12/07 1 JB Were Capital Markets Ltd 8.750% 12/31/03 29 Macquarie Bank Ltd 1.800% 8/15/15 68 New South Wales Treasury Corporation 0.500% 2/16/10 73 NPT Capital Ltd 9.500% 11/30/04 9 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Retail Finance 9.250% 9/15/07 10 Port Douglas Reef Resorts Limited 9.000% 4/1/04 1 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 7 Queensland Treasury Corporation 0.500% 5/19/10 72 Richmond Ltd 10.750% 12/15/04 10 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sky Network Television Ltd 9.300% 10/29/49 8 Straits Resources Ltd 10.000% 12/31/03 1 Strathfield Group Ltd 11.000% 12/31/05 1 Tower Finance Ltd 8.750% 10/15/07 9 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 8 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- Teco Electric & Machinery Co Ltd 2.750% 4/15/04 74 KOREA ----- Korea Electric Power Corporation 7.950 4/1/96 67 Kolon Industries Inc 0.250% 12/31/04 53 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Arus Murni Corporation Bhd 0.500% 8/24/06 1 Berjaya Group Bhd 5.000% 12/30/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/06 1 Crest Builder Holdings Bhd 3.000% 2/25/06 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Eox Group Bhd 4.000% 1/10/06 1 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 5 Furqan Business Organisation Bhd 2.000% 12/19/05 1 Gadang Holdings Bhd 3.000% 10/21/07 3 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 2 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Halim Mazmin Bhd 8.000% 6/30/04 3 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 Media Prima Bhd 2.000% 7/18/08 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 MWE Holdings 5.500% 10/7/04 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pantai Holdings Bhd 5.000% 3/28/07 1 Patimas Computer Bhd 6.000% 2/19/06 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Orlando Holdings Bhd 3.000% 3/16/05 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Southern Steel Bhd 5.500% 7/31/08 1 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Tap Resources Bhd 2.000% 6/29/06 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 2 Wah Seong Corporation Bhd 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 42 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Tampines Assets Ltd 5.625% 12/7/06 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 Rabobank Singapore 1.000% 1/15/13 70 THAILAND -------- Bank of Asia PCL 3.750% 2/9/04 64 Siam Commercial Bank PCL 3.250% 1/24/04 64 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina Pernites-Lao, Editors. Copyright 2003. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***