/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040115.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 Thursday, January 15, 2004, Vol. 7, No. 10 Headlines A U S T R A L I A COLES MYER: Releases Quarter Sales Result Notice SOUTHCORP LIMITED: Slides Anew as Market Observers Cut Forecast VILLAGE ROADSHOW: CIBC Might Leave Credit Line Syndicate C H I N A & H O N G K O N G ASAT HOLDINGS: Citigroup to Handle US$125 Million Bond Issue BEST VERTEX: Bank of China Initiates Winding up Proceedings CHINA SOUTHERN: Goldman Sachs Denies Brokerage Ownership EURO-ASIA AGRICULTURAL: Plans to Reclaim Stock Exchange Spot INDUSTRIAL & COMMERCIAL: To Boost Capital Via Sub-notes Issuance IVY STAR: Faces Winding up Petition in HK High Court ORIENT USA: Court Sets Winding up Hearing Next Month ROTEX CONSULTANTS: Winding up Hearing Set February 18 VANDA SYSTEMS: Trading Halted Tuesday Pending News on Asset Sale I N D O N E S I A GARUDA INDONESIA: Resuming Flights to Beijing EXCELCOMINDO PRATAMA: Plans US$250M 5-Yr Bonds J A P A N MITSUBISHI MOTORS: Recalling 45,357 Minicab, Delica Vehicles MITSUBISHI MOTORS: Shares Suspended After Share Sale Report K O R E A KOREA EXCHANGE: Union Stages Full Strike Tuesday KOREA THRUNET: Creditors to Keep Bankrupt Firm Afloat LG CARD: Templeton Dumps LG Shares LG CARD: KDB to Choose New CEO Within Weeks LG CARD: Revised Rescue Plan Better for Banks, Says S&P LG CARD: Likely to be Crippled for Another Year M A L A Y S I A AMSTEEL CORPORATION: SC Approves Equity Interests FABER GROUP: To List 476,900 New Ordinary Shares Friday FABER GROUP: Modifies December Circular to Shareholders GULA PERAK: Additional Shares for Conversion Granted LONG HUAT: Unveils January 13 EGM Resolutions PAN MALAYSIAN: Completes Takeover of Metrojaya's Ordinary Shares PAN PACIFIC: Default Status Unchanged PILECON ENGINEERING: Proposed Exemption from Rating Approved PSC INDUSTRIES: Details Participation in Oil Exploration SUNWAY CITY: Completes Issuance of Mid-term Notes P H I L I P P I N E S FORTUNE CEMENT: Stockholders' Meeting Set for February 26 INTERNATIONAL CONTAINER: Appoints Martin O'Neil as Advisor INTERNATIONAL CONTAINER: PPA OKs 5% Hike in Vessel Charges NATIONAL POWER: Renegotiates IPP Contracts PRIMETOWN PROPERTY: Issues Plan to Address Capital Deficiency UNIVERSAL RIGHTFIELD: Trading Halted, Rehab Petition Pending S I N G A P O R E AMCOL MULTITECH: Issues Final Dividend Notice AMTEK ENGINEERING: Units Enter Liquidation ASIA FOOD: Issues Debt Rescheduling Update CHANGI AVIATION: Issues Debt Claim Notice to Creditors DDA EVENT: Petition to Wind Up Pending ECON CORPORATION: Issues Judicial Management Order Notice KOJIN MOULD: Creditors Must Submit Claims by February 9 MACLLOYD INDUSTRIAL: Creditors Meeting Set for January 27 RBG RESOURCES: Creditors Must Submit Claims by January 26 SEA CROWN: Releases Debt Claim Notice to Creditors T H A I L A N D ADVANCE AGRO: S&P Welcomes Local Banks' Pact; Hints at Upgrade M.D.X. PUBLIC: SET Posts "NR" Sign on Securities PREECHA GROUP: Appoints New Financial Consultant ROBINSON DEPARTMENT: Directors Quit Post SINO-THAI RESOURCES: Posts Details of Board Shakeup TANAYONG PUBLIC: Issues Business Reorganization Progress Report TPI POLENE: To Repay US$370M Debt Using Debenture Proceeds - - - - - - - - - ================= A U S T R A L I A ================= COLES MYER: Releases Quarter Sales Result Notice ------------------------------------------------ Coles Myer Ltd. issued a notice to release its second quarter sales results for the period ending January 25, 2004, on Thursday, February 12, 2004 and its half-yearly report on Thursday, March 11, 2004. According to the Troubled Company Reporter-Asia Pacific, Coles Myer and Shell will launch their fuel discount offer at around 110 sites throughout Western Australia, South Australia and the Northern Territory on Monday, March 15, 2004. The March launch into WA, SA, and the NT will bring to more than 580 the number of sites operated by Coles Express across every Australian state and territory. SOUTHCORP LIMITED: Slides Anew as Market Observers Cut Forecast --------------------------------------------------------------- Restructuring Southcorp Limited sank Tuesday to another 13-year low, according to the Sydney Morning Herald, after JP Morgan and UBS cut their earnings forecast for the troubled winemaker. Worth AU$8.38 in August 2001, Southcorp's lost 2 cents Tuesday to close at AU$2.58. The slide, according to the report, was triggered by JP Morgan's 7% cut of its forecast for the company's 2004 net profit and 22% for 2005. It cited the strengthening of the Australian dollar, which is making its products more expensive for overseas buyers, particularly those in the United States. "Southcorp remains at the mercy of the [Australian dollar] given its significant dependence on export profit," The Sydney Morning Herald quoted JP Morgan, which cut its 2004 net profit forecast to AU$92.8 million and 2005 result to AU$93 million. "While management is working hard to fix the company's internal problems, the external factors such as the strengthening Australian dollar and U.S. wine supply continue to work against them," it added. UBS, on the other hand, said any reduction in margins would make it more difficult for Southcorp to "reinvest in the [wine] industry and achieve acceptable returns." It cut its 2004 profit forecasts by 1 percent to AU$96.9 million and 2005 result by 6 percent to AU$109 million, the paper said. In a separate note, Goldman Sachs warned Australian winemakers would need to maintain export growth of 11.4 million cases a year and, at the same time, "prices will need to rise to limit margin declines should the dollar remain above US70c." Last September, Southcorp reported a AU$923 million net loss including a write-off of AU$642.5 million in goodwill and AU$240 million written down in the value of its Rosemount brand. The company is now implementing a cost-cutting drive called "Project Veraison," to deliver gross margin improvement of 3 to 4 percent. Considered Australia's largest winemaker, Southcorp is the maker of Penfolds, Rosemount, Lindemans and Wynns wines. VILLAGE ROADSHOW: CIBC Might Leave Credit Line Syndicate -------------------------------------------------------- Village Roadshow Ltd. assured investors the credit line provided by Canadian Imperial Bank of Commerce (CIBC) remains in place despite the latter's deal with U.S. authorities in relation to its involvement in the Enron accounting scandal. CIBC had agreed not to participate in certain structured finance transactions for three years. It also agreed to exit three structured financing businesses, including its financial conduit business in the U.S., Europe and Asia. U.S. authorities also fined the bank US$80 million for taking part in complex deals that helped Enron Corp. manipulate its financial statements. According to Dow Jones, CIBC leads a syndicate of banks that has extended a US$900 million funding to Village Roadshow's 100%- owned Village Roadshow Films (BVI) Ltd. through January 2006. "[These] funding lines are a major component in Village's movie strategy, which has seen the company focus on bigger budget offerings such as the Matrix movie trilogy," Dow Jones explains. Village Roadshow Finance Director Peter Foo believes the undertaking with U.S. prosecutors doesn't extend to existing arrangements, such as the Village Roadshow Films deal. "My understanding is, from the advice that we've had from our contact there (at CIBC) is it doesn't extend to the current arrangements," Mr. Foo told Dow Jones Newswires. "There was actually no change to the facility in any shape or form," as a result of the agreement between CIBC and the U.S. prosecutors, he said. He added other syndicate members have also offered to take CIBC's place should the latter be pulled out of its arrangements with Village. "We've also had serious notices of intent (that), if CIBC did want to withdraw for any reason, to replace them in the syndicate of loans," he said, adding that CIBC accounts for only 20% of the total loan syndicate. TCR-Asia Pacific yesterday reported the company faces a major litigation brought by former business partners, who had invested in its film investment scheme. Filed by a group of current and former KPMG partners, including Chief Executive Lindsay Maxsted and former national chairman David Crawford, the suit comes four years after the Australian Taxation Office cracked down on film investment schemes. This group is suing in relation to the failed AU$23 million investment in the science flick "The Matrix." They claim that Village, through its subsidiaries: (i) Failed to maintain full accounts and records for the partnership; (ii) Failed to consult the investors regularly; (iii) Approved a large increase in the film's budget without consulting investors; (iv) Failed to ensure the investors had an interest in the movie's sequels. ============================ C H I N A & H O N G K O N G ============================ ASAT HOLDINGS: Citigroup to Handle US$125 Million Bond Issue ------------------------------------------------------------ ASAT Holding Ltd. hired Citigroup its proposed bond sale. The seven-year bonds have an aggregate value of US$125 million, according to debt market news service, Basis Point. The bond will be issued by New ASAT (Finance) Ltd., a wholly owned special purpose vehicle. Proceeds will be used to refinance the company's maturing debt. Standard & Poor's recently rated these proposed bonds 'B', according to TCR-Asia Pacific in an previous report. "The rating on ASAT reflects the company's tight liquidity position, the highly competitive and cyclical nature of the independent semiconductor packaging industry, and the company's reliance on the troubled communications sector," S&P said. "The outlook on the rating on the company is currently negative. Although ASAT's short-term liquidity is adequate, its medium- term liquidity could come under stress as a result of increasing capital expenditure and the impending maturation of the US$100.75 million term debt issue in November 2006. However, if the proposed US$125 million bond issue proceeds successfully, the outlook on the rating is likely to be changed to stable to reflect improved liquidity and the subsequent extension of the company's debt maturity," the rating agency added. ASAT is 43 percent owned by integrated circuit maker QPL International Holdings Ltd. BEST VERTEX: Bank of China Initiates Winding up Proceedings ----------------------------------------------------------- The High Court of Hong Kong will hear on February 25, 2004 at 10:00 a.m. the petition seeking the winding up of Best Vertex International Limited. Bank of China (Hong Kong) Limited (the successor corporation to The China State 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 December 15, 2003. Tsang, Chan & Wong represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tsang, Chan & Wong, which holds office on the 16th Floor, Wing On House, 71 Des Voeux Road Central Hong Kong. CHINA SOUTHERN: Goldman Sachs Denies Brokerage Ownership -------------------------------------------------------- Goldman Sachs (Asia) branded as "fabrication" reports that it had already taken over China Southern Securities when regulators took over its operations early this month. "We have not acquired China Southern Securities, nor have we formed any joint venture securities house in China," Mei Zhang, executive director of corporate communications at Goldman Sachs (Asia), told China Daily over the weekend. "Any such talk is entirely fabrication." Ms. Zhang was reacting to an Economic Observer story over the weekend, which suggested that Goldman Sachs, along with Hainan Securities and another company, had acquired the debt-ridden brokerage firm based in Shenzhen. "We do have a plan to launch a joint venture securities company in China, and we have been negotiating with numerous potential partners," Ms. Zhang said. "But the plan is not finalized, and no substantial move has been made." Officials of China Southern Securities also denied the report. "We have not heard of the plan of a foreign take-over," a spokesman of the brokerage told China Daily. A team formed by the China Securities Regulatory Commission is now acting as administrative receivers of China Southern Securities. Accused of mismanagement, the regulator took over the company under the pretext of protecting the interest of creditors and clients. The brokerage continues to conduct business as usual. EURO-ASIA AGRICULTURAL: Plans to Reclaim Stock Exchange Spot ------------------------------------------------------------ After 15 months in the doldrums, Euro-Asia Agricultural (Holdings) revealed Monday it is ready to start trading again on the Hong Kong bourse. According to Dow Jones, the decision to re-list on the stock exchange was taken after the company's liquidators received several investment proposals. The company did not provide further details on such proposals Monday. The report said the re-listing will likely be "aimed at reducing the HK$30 million owed to Chiyu Banking Corp. and another HK$30 million owed to Hamburgische Landesbank of Germany. The company last traded on the Hong Kong market on September 30, 2002. Chiyu Banking Corporation asked the High Court of Hong Kong to liquidate Euro-Asia Agricultural (Holdings) on July 16, 2003 after the company continued to default on its bank loans that fell due November 1, 2002. The court subsequently appointed Deloitte Touche Tohmatsu as provisional liquidator. Euro-Asia raised HK$592 million from the stock market when it listed in 2001. A year later it had total assets of 952.98 million yuan (HK$898.37 million) at the end of June 2002, including 397.77 million yuan in cash. Things went awry when a whistleblower raised serious doubts about its operations. The revelation resulted in a major reduction in cash flow, TCR-Asia Pacific said in a previous issue. A court eventually sentenced disgraced Euro-Asia Chairman Yang Bin to 18 years in jail for commercial crimes on July 14, three days before the company was ordered liquidated. INDUSTRIAL & COMMERCIAL: To Boost Capital Via Sub-notes Issuance ---------------------------------------------------------------- Industrial & Commercial Bank of China has applied for the approval of its subordinated bond issue estimated to be worth "tens of billion yuan," China Daily said recently. One of China's Big Four banks, ICBC lost to Bank of China and China Construction Bank, which split the US$45 billion cash injection the government made last week. Proceeds from the subordinated bond will be used to recapitalize the bank's depleted capital, an unnamed bank spokesman told the paper. In December, the China Banking Regulatory Commission allowed domestic bonds, including state-owned banks, to issue long-term bonds as part of a broader plan to strengthen the country's banking sector. Fujian-based Industrial Bank became the first domestic bank to recapitalize in such way by issuing three billion yuan (US$362.5 million) in subordinated bonds in December, China Daily said. IVY STAR: Faces Winding up Petition in HK High Court ---------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 10:00 a.m. the petition seeking the winding up of Ivy Star Limited. Tang Kwong Cheung Benny of Flat E, 17/F., Ko Fung Court, Harbour Heights, No. 5 Fook Yum Road, North Point, 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. ORIENT USA: Court Sets Winding up Hearing Next Month ---------------------------------------------------- The High Court of Hong Kong will hear on February 25, 2004 at 9:30 a.m. the petition seeking the winding up of Orient USA Travel Limited. Lee Chor Kiu of Flat 2, 5/F., Yeh King House, Siu Shan Court, Tuen Mun, Hong Kong filed the petition on December 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. ROTEX CONSULTANTS: Winding up Hearing Set February 18 ----------------------------------------------------- The High Court of Hong Kong will hear on February 18, 2004 at 9:30 a.m. the petition seeking the winding up of Rotex Consultants Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on December 9, 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 4/F., Jardine House, No. 1 Connaught Place, Central Hong Kong. VANDA SYSTEMS: Trading Halted Tuesday Pending News on Asset Sale ---------------------------------------------------------------- Citing possible breakthrough in its negotiations to sell some assets, Vanda Systems & Communications Holdings Ltd. requested trading suspension Tuesday. Without providing much details, the company said the suspension was necessary "pending the release of an announcement in relation to the acquisition of certain assets which, if materialized, may constitute a major transaction for the company." Prior to the suspension, Vanda shares slipped HK$0.03, or 2.63 percent, to HK$1.11 Tuesday morning. A total of 32.57 million shares worth HK$37.67 million traded, according to Reuters. In March last year, the company reported an annual operating loss of HK$149.45 million and turnover of HK$1.02 billion. Net loss dropped to HK$173 million from HK$191 million in 2002. ================= I N D O N E S I A ================= GARUDA INDONESIA: Resuming Flights to Beijing --------------------------------------------- Flag carrier PT Garuda Indonesia will resume the Jakarta-Beijing route on January 18. It was suspended in October 1997 following a severe economic crisis in the country, Asia Times reports. Garuda spokesman Pudjobroto said the airline will fly three direct flights a week from Jakarta using a 293-seat Airbus-330 aircraft. EXCELCOMINDO PRATAMA: Plans US$250M 5-Yr Bonds ---------------------------------------------- PT Excelcomindo Pratama has set the price guidance of its planned US$250 million, five-year bonds at a yield of 8.375 percent, according to Reuters. The deal, which has so far attracted US$300 million in orders, will be priced on January 14. The mobile phone Company has mandated Credit Suisse First Boston, Morgan Stanley and UBS to arrange the deal. ========= J A P A N ========= MITSUBISHI MOTORS: Recalling 45,357 Minicab, Delica Vehicles ------------------------------------------------------------ Mitsubishi Motors Corporation (MMC) will recall a total of 45,357 Minicab and Delica vehicles for free repairs of defective parts, Kyodo News reports, citing the Ministry of Land Infrastructure and Transport. The carmaker said it will recall 36,434 Minicabs produced between March 1999 and August 2001 because bolts on a fuel tank may become loose, which in turn could damage the tank and lead to a leakage of fuel. MITSUBISHI MOTORS: Shares Suspended After Share Sale Report ----------------------------------------------------------- Mitsubishi Motors Corporation shares were suspended from trading after reports that it will sell 100 billion yen (US$941 million) in new stock to shareholders DaimlerChrysler AG, Mitsubishi Heavy Industries Ltd. and Mitsubishi Corporation, Bloomberg News reported on Wednesday. Shares were suspended from 8:20 A.M. on Wednesday Tokyo time and won't start trading until an hour after the Company provides further information on the report, the Tokyo Stock Exchange said in a statement. ========= K O R E A ========= KOREA EXCHANGE: Union Stages Full Strike Tuesday ------------------------------------------------ The 582 unionized workers of Korea Exchange Bank Credit Services Co. (KEB Credit) went on strike on Tuesday to protest the merger of the firm with its majority shareholder Korea Exchange Bank (KEB) that will include layoffs at the issuer, the Korea Herald reports. The labor union of the debt-ridden credit card issuer plans to remain on strike until the lender scraps the planned takeover of its card unit on February 28. Last week, KEB Credit announced last week it would cut about 360 jobs, or around 54 percent, of KEB Credit's 660 employees. The labor union believes that U.S.-based Lone Star Funds, which owns 68.9 percent of the lender, is pushing for the merger in order to gain a short-term profit and eventually sell off KEB. KEB is seeking to reduce funding costs for its card unit, which posted 410.5 billion won ($347 million) in losses since it was established in January last year, through a merger. KOREA THRUNET: Creditors to Keep Bankrupt Firm Afloat ----------------------------------------------------- Creditors of Korea Thrunet has agreed on Friday to a debt-for- equity swap to keep it in business after canceling existing shares held by Trigem Computer and other shareholders, according to Reuters. The lenders said that the value of the surviving Company would be higher than under immediate liquidation and plan to proceed with its sale later this year, Na Nam-hoon, a KDB restructuring official said. As part of the support package, creditors will extend debt repayments by up to five years and exchange a total of 35 billion won (US$29.63 million) in debt for equity after canceling a 31.85 percent share stake held by Trigem and the remainder owned by a group of minority shareholders. Thrunet had total assets of 611.3 billion won and total debt of 742.2 billion as of June 2003. LG CARD: Templeton Dumps LG Shares ---------------------------------- U.S. investment fund Templeton Asset Management has cut its losses on its equity holdings in troubled LG Card Co., by disposing of massive amount of LG Card shares, Yonhap News reports. Templeton, which had a 10.27 percent holding in LG Card, has sold its stake in large scale as the card Company's shares plunged the daily limit of 15 percent for seven days in a row. LG CARD: KDB to Choose New CEO Within Weeks ------------------------------------------- Korea Development Bank (KDB), which took over LG Card through a US$4.2 billion bailout with other creditors, said it would pick a new Chief Executive Officer for the troubled credit card issuer by the end of this month, the Financial Times said on Tuesday. KDB also said it will sell an 18.3 percent stake in LG Investment & Securities by the end of May. The sale of LG Investment is part of the rescue package for LG Card and will be open to both domestic and foreign investors. KDB has agreed to inject Won567.4bn ($483m) of fresh loans into LG Card in return for a 25 percent stake. It has also pledged to cover Won125bn of LG Card's potential losses as part of the rescue package. LG CARD: Revised Rescue Plan Better for Banks, Says S&P ------------------------------------------------------- Fitch Ratings said the Korean government's revised rescue plan for LG Card is not as negative for Korean banks as previously feared, but it does impose a significant burden on them and uncertainties remain. In its release dated 8 January, Fitch had noted that the proposed rescue of LG Card imposed a heavy burden on Korea's policy banks and commercial banks and exposed them to future losses, as the agency did not consider that the rescue would ensure a viable future for LG Card. The revised rescue plan includes some material changes, notably: - The LG Group has agreed to put up new money of up to KRW1.5 trillion in liquidity and capital support for LG Card; - The Korea Development Bank has agreed to provide an additional KRW125 billion of assistance should this be needed in future, and - Most institutional investors (which Fitch understands to be 80 percent) holding LG Card bonds and asset-backed securities have agreed not to seek repayment of maturing bonds but to delay the maturity for a period of one year. This reduces the concern that the banks would be forced to provide ongoing funding to meet these maturing obligations. Fitch notes that the revised plan removes the risk of imminent bankruptcy, albeit temporarily. It also addresses LG Card's current estimated negative net worth of KRW3.2trn through the KRW3.6trn debt/equity swap, but leaves the Company only just solvent. It remains an urgent task to find a credible new shareholder to give the Company a viable future and restore investor confidence. Should this be unsuccessful, further losses may arise for the creditors and investors. Fitch understands that the agreement includes the understanding that the commercial banks will not be asked to contribute to a future bailout. It appears that the responsibility for this will be taken by the Korea Development Bank but this has not been officially agreed. Fitch will be seeking confirmation of this in order to establish whether the commercial banks' exposure has in fact been capped. The rating agency is currently undertaking a review of Korean banks' prospects for 2004 in the light of the ongoing credit card problems in their own portfolios, the impact of their support for LG Card and the implications of the likely downsizing of LG Card's portfolio on the credit quality of other lenders. Contact: SeokHo Lee, David Marshall, Hong Kong Tel: +852 2263 9963. Media Relations: Campbell McIlroy +44 20 7417 4327, London LG CARD: Likely to be Crippled for Another Year ----------------------------------------------- The operations of LG Card are unlikely to return to normal for at least a year, Digital Chosun reported on Tuesday, citing creditor banks. The Korea Development Bank (KDB) said that outlook was due to the uncertain business environment for the domestic credit card industry. The KDB has agreed to acquire the injured credit card firm from the other creditors, and plans to sell LG Card only after the firm is normalized and can be fairly evaluated. =============== M A L A Y S I A =============== AMSTEEL CORPORATION: SC Approves Equity Interests ------------------------------------------------- Further to the announcements dated September 9, 2003, October 7, 2003 and October 23, 2003, Public Merchant Bank Berhad (PMBB), on behalf of Amsteel Corporation, announced that the Securities Commission (SC) had vide its letter dated 2 January 2004 (which was received on 9 January 2004) approved the following: 1. (a) Disposal of the equity interests of the following companies for an aggregate consideration of RM462.44 million (Sale Consideration) to be satisfied in cash payment of RM138.95 million, deferred cash payment of RM230.86 million and issuance of RM92.63 million 5-Year 2 percent nominal value of Redeemable Convertible Unsecured Loan Stocks of Lion Diversified Holdings Berhad (LDHB)(LDHB RCULS): (i) 7,400,000 ordinary shares of Singapore Dollar (SGD)1.00 each (representing 50 percent of the entire equity interest) in Parkson Venture Pte Ltd; (ii) 5,200,000 ordinary shares of SGD1.00 each (representing 52 percent of the entire equity interest) in Parkson Investment Pte Ltd; (iii) 3,150,000 ordinary shares of SGD1.00 each (representing 70 percent of the entire equity interest) in Parkson Management Pte Ltd; (iv) 70 ordinary shares of SGD1.00 each (representing 70 percent of the entire equity interest) in Parkson Supplies Pte Ltd; (v) 700,000 ordinary shares of SGD1.00 each (representing 70 percent of the entire equity interest) in Parkson Glomart Pte Ltd; (vi) 2 ordinary shares of SGD1.00 each (representing the entire equity interest) in Parkson Pacific Pte Ltd; (vii) 50,000,002 ordinary shares of RM1.00 each (representing the entire equity interest) in Parkson Corporation Sdn Bhd; (viii) 500,000 ordinary shares of RM1.00 each (representing the entire equity interest) in Xtra Supercenter Sdn Bhd; (ix) 2 ordinary shares of RM1.00 each (representing the entire equity interest) in Serbadagang Holdings Sdn Bhd; and (x) 2 ordinary shares of one (1) Hong Kong Dollar each (representing the entire equity interest) in Exonbury Limited, and (b) Utilisation of Sale Consideration as follows: Purpose of utilisation RM Million Repayment of borrowings 461.44 Estimated expenses to be incurred in relation to the Proposed Parkson Disposals 1.00 462.44 Note: 1 Assuming amongst others that, the new LDHB RCULS will be redeemed for cash at the nominal value of RM92.63 million. 2. The SC's approval for the Proposed Parkson Disposals, is subject to the following conditions: (a) Full disclosure must be made in the circular to the shareholders of Amsteel in respect of the following: (i) Detailed justifications in relation to the basis of determining the Sale Consideration; and (ii) Details of the put and call option agreement entered into between Amsteel, Lion Industries Corporation Berhad and Lion Asia Investment Pte Ltd with Tan Sri Cheng Heng Jem, Datuk Cheng Yong Kim, Cheng Yong Kwang and Cheng Yong Liang, in relation to the new LDHB RCULS to be issued in relation to the Proposed Parkson Disposals. In addition, full disclosure is required on the reasons for the said parties to enter into the put and call option agreement; (b) In relation to the utilization of the Sale Consideration:- (i) Any extension of time from the period that has been fixed by Amsteel for the utilization of the Sale Consideration has to be approved by a resolution of the Board of Directors of Amsteel and fully disclosed to the Kuala Lumpur Stock Exchange; (ii) Appropriate disclosure regarding the status of utilization of the Sale Consideration is to be made in the quarterly report and annual report of Amsteel until the said Sale Consideration are fully utilised; and (c) PMBB and Amsteel are required to fully comply with the relevant requirements of the SC's Policies and Guidelines on Issue/Offer of Securities in respect of the aforesaid proposal; 3. PMBB and Amsteel are required to furnish written confirmation that all the above terms and conditions imposed are complied with upon completion of the Proposed Parkson Disposals. FABER GROUP: To List 476,900 New Ordinary Shares Friday ------------------------------------------------------- Subject: FABER-Conversion of RM953,800 nominal value of 2000/2005 irredeemable convertible unsecured loan stocks into 476,900 new ordinary shares (CONVERSION) Kindly be advised that the above-named Company's additional 476,900 new ordinary shares of RM1.00 each issued pursuant to the aforesaid Conversion will be granted listing and quotation with effect from 9.00 a.m., Friday, 16 January 2004. FABER GROUP: Modifies December Circular to Shareholders ------------------------------------------------------- (1) Proposed Acquisition by Faber Group Berhad ("FGB") of 63.0% Equity Interest in Intensive Quest Sdn Bhd ("IQSB") comprising 315,000 ordinary shares of RM1.00 each in IQSB for total cash consideration of RM10, 925,258 ("PROPOSED IQSB ACQUISITION"); (2) Proposed Settlement of the litigations (as defined in the circular to shareholders of FGB dated 30 December 2003) involving, inter-alia, Medlux Overseas (GUERNSEY) Limited, FGB, Faber Healthcare Management Sdn Bhd, Faber Medi-Serve Sdn Bhd ("FMS") and IQSB ("PROPOSED SETTLEMENT"); and (3) Proposed Appointment of Telekom Malaysia Berhad ("TELEKOM") by FMS for the provision, installation, testing and commissioning of FMS'S wide area network for a total contract sum of RM6, 371,133 ("PROPOSED APPOINTMENT") Further to the Circular to Shareholders dated 30 December 2003 (Circular) of FGB, which was dispatched to the shareholders on the same date, please note that Encik Puasa Bin Osman is an "Independent Non-Executive Director" instead of a "Non- Independent Non-Executive Director" as stated in the Circular. This announcement is dated 13 January 2004. GULA PERAK: Additional Shares for Conversion Granted ---------------------------------------------------- Subject: GPERAK-Conversion of RM15,166 irredeemable convertible secured loan stocks into 15,166 new ordinary shares (CONVERSION) Kindly be advised that the above named Company's additional 15,166 new ordinary shares of RM1.00 each issued pursuant to the aforesaid Conversion will be granted listing and quotation with effect from 9.00 a.m., Friday, 16 January 2004. The Group's loss before tax for the period ended 30/09/2003 was RM61.606 million, compared with loss before tax of RM82.656 million same period previous year. The results of the Group for the year under review was largely attributable to restructuring cost incurred in debt restructuring to restructure its 1995/2000 Bonds, Term Loans and Revolving Credit. To see complete copy of the quarterly report, click http://bankrupt.com/misc/Gula1128.xlsand http://bankrupt.com/misc/Gula1128.doc. LONG HUAT: Unveils January 13 EGM Resolutions --------------------------------------------- The Board of Directors announced that at the Extraordinary General Meeting (EGM) and the court convened meetings of the shareholders and the scheme creditors of Long Huat Group Berhad (LHUAT) held at Dewan Mesyuarat, Level 1, Block K, Pusat Bandar Damansara, 50490 Kuala Lumpur on 13 January 2004, the following resolutions were adopted and approved: EGM 1. That the shareholders of the Company approved the ordinary resolution in relation to the proposed restructuring scheme of LHUAT; 2. That the special resolution in relation to the Proposed capital reduction and consolidation of the issued and paid-up share capital of LHUAT and proposed reduction of the share premium account (Proposed Capital Reconstruction) was also approved by the Shareholders. THE COURT CONVENED MEETING OF THE SHAREHOLDERS That the Scheme of Arrangement proposed to be made pursuant to Sections 60, 64, 176 and 178 of the Companies Act, 1965, between LHUAT and its Shareholders was accepted and approved by the Shareholders. THE COURT CONVENED MEETING OF THE SCHEME CREDITORS That the Debt Settlement, forming part of the Scheme of Arrangement proposed to be made pursuant to Sections 60, 64, 176 and 178 of the Companies Act, 1965, between LHUAT and its Scheme Creditors was accepted and approved by the Scheme Creditors. This announcement is dated 13 January 2004. PAN MALAYSIAN: Completes Takeover of Metrojaya's Ordinary Shares ---------------------------------------------------------------- Reference: Takeover offer by PM Securities SDN BHD (PM SECURITIES) on behalf of PMI to acquire all the remaining ordinary shares of RM1.00 each in Metrojaya Berhad (MJB) We refer to the above matter. In accordance with Rule 32 of the Malaysian Code on Take-Overs and Mergers, 1998, PM Securities, on behalf of PMI, hereby informs the Kuala Lumpur Stock Exchange ("KLSE") of the transactions carried out by Excelton Sdn. Bhd., a wholly owned subsidiary of PMI, the details of which are as follows: Date of Securities Units Nature of Transacted Transaction Dealt in Transaction price per Share RM January 13,2004 MJB Shares 18,000 Purchase 1.34 January 13,2004 MJB Shares 235,900 Purchase 1.35 This announcement is dated 13 January 2004. c.c. Mr. Wong Wing Seong Securities Commission PAN PACIFIC: Default Status Unchanged ------------------------------------- Pan Pacific Asia Berhad (PPAB) announced that there are no material changes in PPAB's default in payments in accordance with the Practice Note No. 1/2001 from the date of the last announcement until 31 December 2003. For a summary of borrowings in default as of December 31, 2003, go to http://bankrupt.com/misc/ppab011504.xls PILECON ENGINEERING: Proposed Exemption from Rating Approved ------------------------------------------------------------ Proposed exemption from rating for the proposed issuance of RM 170,000,000 nominal amount of 5% redeemable convertible secured loan stocks series A 2004/2007 ("RCSLS-A") and proposed issuance of RM75,000,000 nominal amount of 5% redeemable convertible secured loan stocks series B 2004/2007 ("RCSLS-B") ("Proposed Exemption from Rating"). The Alliance Merchant Bank Berhad ("Alliance"), for and on behalf of the Board of Pilecon, wishes to announce that the Securities Commission ("SC") had, vide its letter dated 12 January 2004, approved the Proposed Exemption from Rating. Pursuant to the restructuring exercise of Pilecon, Pengurusan Danaharta Nasional Berhad ("Danaharta") will be receiving RCSLS- A and RCSLS-B, which are non-transferable and non-tradable. In view of the proposed closure of Danaharta in 2005, Danaharta shall be granted the privilege to assign/transfer the RCSLS-A and RCSLS-B that it would receive pursuant to the restructuring exercise of Pilecon to a third party(ies). The Proposed Exemption from Rating shall be subject to the following conditions: (a) The RCSLS-A and RCSLS-B holders do not require rating for the proposed issuance of the RCSLS-A and RCSLS-B; (b) RCSLS-A and RCSLS-B to be issued by Pilecon are non- transferable and non-tradable, save for the one-off assignment/transfer by Danaharta to a third party(ies) which shall be identified in due course in view of the proposed closure of Danaharta in 2005; (c) The terms of the proposed limited assignment/transfer by Danaharta be fully disclosed to the RCSLS-A and RCSLS-B holders. Pilecon had, vide the explanatory statement to its unsecured creditors dated 11 July 2003, disclosed the said information to the unsecured creditors who would receive the RCSLS-A and RCSLS- B pursuant to the restructuring scheme; (d) Pilecon and Alliance are required to inform the SC in writing the identities of the third party(ies) who would be receiving the said RCSLS-A and RCSLS-B from Danaharta as soon as the third party(ies) are identified; (e) Prior to the one-off assignment/transfer of the said RCSLS-A and RCSLS-B to third parties, Alliance/Danaharta is required to provide the SC with a written confirmation that the said investors do not require a rating for the proposed issuance of RCSLS-A and RCSLS-B of Pilecon and agree that the RCSLS-A and RCSLS-B will not be tradable and transferable; and (f) Alliance is required to provide a written confirmation on the compliance with the above conditions prior to the proposed issuance of the RCSLS-A and RCSLS-B. Alliance, on behalf of Pilecon, having received the approval from the SC for the Proposed Exemption from Rating, shall proceed to submit a complete application to seek the SC's approval for the proposed issuance of RCSLS-A and RCSLS-B under the Guidelines on the Offering of Private Debt Securities. This announcement is dated 13 January 2004. Last week, TCR-Asia Pacific reported that the default status of Transbay Ventures Sdn Bhd, a subsidiary of Pilecon Engineering Berhad, remained unchanged since December 5, 2003. "To be in line with PEB's proposed scheme of arrangement approved by its scheme creditors in August 2003, TVSB has constructed a new scheme of arrangement for its creditors and will be filing an application to the Kuala Lumpur High Court for a restraining order under Section 176(10) of the Companies Act, 1965," TCR-AP quoted a company statement on January 8. PSC INDUSTRIES: Details Participation in Oil Exploration -------------------------------------------------------- (1) Proposed Participation In Oil Exploration and Development Activities In Republic of Sudan. The Company is pleased to announce that PSC Tenaga Sdn Bhd, a subsidiary company of the PSCI group has been invited to participate in the bidding of Block #15 (Delta Toker Offshore and Onshore) by the Ministry of Energy & Mining of the Republic of Sudan. The bidding process is scheduled in Khartoum on March 1, 2004. (2) Registration as an Engineering, Procurement, Construction and Commissioning ("EPCC") Contractor Petronas Carigali White Nile (5B) Limited, Sudan has included PSC Sudan Oil & Gas Pte Ltd, a subsidiary of PSCI Group, in their list of vendors for any future pre-qualifying exercise for their development projects in the Republic of Sudan. In view of the above developments, the Board of Directors has decided to venture into the Oil & Gas exploration activities. SUNWAY CITY: Completes Issuance of Mid-term Notes ------------------------------------------------- (1) Proposed disposals of five (5) properties, plant and machinery and lease rights, and redeemable preference shares, with an aggregate value of up to RM892 million to ABS Real Estate Berhad ("AREB"), a special purpose vehicle ("Proposed Disposals"); (2) Proposed issue of commercial paper/ medium term note ("CP/ MTN") programme by the Company of up to a nominal amount of RM250.0 million ("Proposed CP / MTN Programme") (3) Proposed taking of operating leases by Suncity from AREB and granting of sub-leases by Suncity to the respective vendors thereof; and (4) Proposed issue of asset-backed securities by AREB of up to a nominal amount of RM450.0 million ("Proposed ABS Issue") to facilitate the purchase of the Proposed Disposals (Collectively Referred to As "THE PROPOSALS") We refer to our announcements dated 15 August 2002, 26 September 2002 and 31 October 2002, and the announcements made by Alliance Merchant Bank Berhad on 16 May 2002, 13 June 2002, 19 August 2002, 25 September 2002 and 21 October 2002 in respect of the Proposals, which include, inter-alia, the Proposed CP/MTN Programme. We wish to inform the Exchange that the Company had fully issued the commercial papers and medium term notes of up to a nominal amount of RM250.0 million on 12 January 2004. ===================== P H I L I P P I N E S ===================== FORTUNE CEMENT: Stockholders' Meeting Set for February 26 --------------------------------------------------------- Fortune Cement Corporation scheduled a special stockholders' meeting on February 26, 2004. Stockholders of record as of January 28, 2004 shall be entitled to notice and to vote at said meeting. According to the Troubled Company Reporter-Asia Pacific, the Company earlier issued a plan to address capital deficiency with reference to Memo for Brokers No. 248-2003 dated October 2, 2003 pertaining to the Implementing Guidelines on Article XVI, Section 2 (f) of the Listings and Disclosure Rules, which took effect on October 17, 2003. In relation thereto, Fortune Cement Corporation (FCC), in a letter dated December 22, 2003, which the Exchange received on January 6, 2004, submitted the attached disclosure with respect to its plan of activities to be undertaken to bring the stockholders' equity from negative to positive. INTERNATIONAL CONTAINER: Appoints Martin O'Neil as Advisor ---------------------------------------------------------- The Board of Directors of International Container Terminal Services, Inc. (ICTSI) recently appointed Martin O'Neil as Chief Financial Advisor (CFA) of the Company and as Senior Vice President and Chief Financial Officer of ICTSI Limited, a fully- owned subsidiary of ICTSI. Mr. O'Neil will assume these positions formerly held by Noel M. Mirasol, who has retired from the Company. International Container Terminal Services, Inc. (ICT) applied its additional paid-in capital to reduce its retained earnings deficit, which stood at 145.3 million pesos as of end 2002, TCR- AP reported recently. At the end of 2001, International Container Terminal Service had negative working capital, as current liabilities were 7.65 billion Philippine Pesos while total current assets were only 5.88 billion Philippine Pesos. INTERNATIONAL CONTAINER: PPA OKs 5% Hike in Vessel Charges ---------------------------------------------------------- The Philippine Ports Authority (PPA) recently approved a five percent increase in vessel charges at the South Harbor and the Manila International Container Terminal (MICT) effective January 2004. The PPA also approved a nine percent increase in vessel charges for next year to be based on 2003 rates not compounded such that the 2005 tariffs will be nine percent over the 2003 rates. International Container Terminal Services, Inc. (ICTSI) had applied for the rate increases at the MICT to allow ICTSI to cover the increase in its cost of operations due to the depreciation of the Philippine Peso against the US Dollar and other major foreign currencies, the increase in fuel costs and utility charges, and the increase in manpower and insurance costs. NATIONAL POWER: Renegotiates IPP Contracts ------------------------------------------ The Philippine government has finished renegotiating all the power supply contracts of the National Power Corporation (Napocor) with its independent power producers (IPPs), which resulted in nominal and present value savings of US$2.9 billion and US$1.03 billion respectively, AFX Asia reports, citing the Department of Energy (DOE) Secretary Vincent Perez said. "We have successfully negotiated and amendments were made (to the IPP contracts) in such a way that both parties will benefit from the new agreement," Perez said. The government had sought to revise the contracts with dozens of IPPs, who were awarded power generation projects beginning in the late 1990s when a power crisis hit the country. The move to renegotiate the contracts was aimed at bringing down electricity costs in the country, as the cost of power purchased from IPPs are eventually passed on to end-users by power generators and retailers. PRIMETOWN PROPERTY: Issues Plan to Address Capital Deficiency ------------------------------------------------------------- This is in reference to a Memo for Brokers No. 248-2003 dated October 2, 2003 pertaining to the Implementing Guidelines on Article XVI, Section 2 (f) of the Listings and Disclosure Rules, which took effect on October 17, 2003. Pursuant to the aforementioned guidelines, a listed Company may be considered for delisting if it's stockholders' equity becomes negative. Thus, listed companies suffering from this financial condition, as reflected in its latest audited financial statements, must comply with the relevant provisions of the guidelines. In relation thereto, Primetown Property Group, Inc. (PMT), in a letter dated January 12, 2004, which was received by the Philippine Stock Exchange on January 14, 2004, submitted the Company's plan detailing the activities being taken by PMT to bring the stockholders equity from negative to positive: The Rehabilitation Plan of Primetown currently pending before the Regional Trial Court of Makati Branch 138 provides for recapitalization by a group connected with the principal shareholders of Primetown upon the approval and implementation of said rehabilitation plan. The Exchange issued a Circular for Brokers No. 3184-2003 dated October 3, 2003, in connection with the Rehabilitation Plan of the Company, as revised on August 13, 2003. The Company shall inform the Trading Participants and the investing public of further developments on the aforementioned matter. For a copy of the disclosure, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_146_PMT.pdf UNIVERSAL RIGHTFIELD: Trading Halted, Rehab Petition Pending ------------------------------------------------------------ Universal Rightfield Property Holdings Inc. (UP) has furnished a copy of the Company's corporate rehabilitation petition to the Philippine Stock Exchange by one of its creditors, D.M. Consunji, Inc. (DMCI). The Exchange issued an announcement for the continued trading suspension on UP shares last November 11, 2003, as advised under Memo for Brokers No. 279-2003 dated November 11, 2003, pending resolution of other disclosure matters. In view thereof, trading of the Company's shares shall remain suspended. The Company will inform the Trading Participants and the investing public of any further developments. For a copy of the petition, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_135_UP.pdf ================= S I N G A P O R E ================= AMCOL MULTITECH: Issues Final Dividend Notice --------------------------------------------- Amcol Multitech Pte Ltd. (In Compulsory Liquidation) issued a notice of intended dividend as follows: Address of Registered Office: 8 Cross Street, #17-00 PWC Building, Singapore 048424. Court: High Court of Singapore. Number of Matter: Companies Winding Up No. 211 of 1997. Last Day for Receiving Proofs: 26th January 2004. Name of Liquidators: Deborah Tan Yang Sock, Yeoh Oon Jin. Address: c/o PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building Singapore 048424. Dated this 9th day of January 2004. AMTEK ENGINEERING: Units Enter Liquidation ------------------------------------------ The Board of Directors of Amtek Engineering Ltd (Amtek) announced: A) Liquidation of 71 percent-owned AmKris (Xiamen) Precision Engineering Co., Ltd (AmKris): AmKris was originally incorporated, as announced on 10 December 1999, to manufacture and supply computer casings to customers in Xiamen City, Fujian Province, PR China. However, the manufacturing activity was not activated, as it was more economical to provide such service from our Shanghai plant because the sales volume in Xiamen locality did not materialize. Amtek's direct 50 percent stake in AmKris amounted to S$179,550 whilst the balance half is held by Kris Components Bhd, the 41.8 percent-held listed metal stamping subsidiary in Malaysia. Amtek will write off S$85,000 against the cost of this investment and the financial effect on Amtek Group's current financial year ended 30 June 2004 is insignificant. B) Deregistration of wholly-owned Microlite Electric Pte Ltd (Microlite): Microlite, maker of automobile electrical devices, has remained dormant since our announcement on 6 July 2000 of its disposal of all its properties. Amtek has applied to Registry of Companies and Businesses for deregistration of Microlite and will write back S$0.26 million of its S$2.8 million diminution provision against S$5.5 million cost of investment. The financial effect of the said deregistration on Amtek Group's current financial year results is insignificant. None of the Directors or substantial shareholders of Amtek have any interest, direct or indirect, in the aforesaid transactions save their shareholdings in Amtek. There were no agreements being executed in respect of the aforesaid transactions. ASIA FOOD: Issues Debt Rescheduling Update ------------------------------------------ Further to our last announcement dated 21 November 2003 (on debt rescheduling status up to 20 November 2003), we wish to advise that AFP Group, including GAR Group, did not reschedule any additional debts. The negotiations with its various creditors are still ongoing. Announcements will be made on a timely basis when there is further progress on our debt rescheduling efforts. Details of the total debt rescheduled during the period July 2001 to 29 December 2003, being the latest practicable date, for AFP and GAR Groups are as follows: Unaudited balance as at AFP GAR Total 30 November 2003 (excluding AFP (in US$ million) GAR (consolidated) Total rescheduled debt and debt which do not require rescheduling (A) 535.2 321.1 856.3 Total debt which require rescheduling (B) 53.4 155.1 208.5 Total debt outstanding (C) 588.6 476.2 1,064.8 (A) / (C) - in percentage 90.9 percent 67.4 percent 80.4 percent (B) / (C) - in percentage 9.1 percent 32.6 percent 19.6 percent The total debt of AFP Group (excluding GAR Group) amounted to US$588.6 million (equivalent to S$1,014.7 million) which comprised long term debt of US$448.8 million (equivalent to S$773.7 million) and short term debt (including current maturities of long term debt) of US$139.8 million (equivalent to S$241 million). The total debt of GAR Group amounted to US$476.2 million (equivalent to S$821 million), which comprised long term debt of US$217.6 million (equivalent to S$375.2 million) and short term debt (including current maturities of long term debt) of US$258.6 million (equivalent to S$445.8 million). CHANGI AVIATION: Issues Debt Claim Notice to Creditors ------------------------------------------------------ The creditors of Changi Aviation Services Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 9th day of February 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. Dated this 9th day of January 2004. CHEE YOH CHUANG LEOW QUEK SHIONG Liquidators. 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. DDA EVENT: Petition to Wind Up Pending -------------------------------------- The petition to wind up DDA Events Management Services Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 16, 2003 at 10 o'clock in the morning. Andrew Thomas Hulme, a creditor, whose address is situated at The Habitat Condominium, Apartment 5D, 91/9 Sukhumvit 53, Bangkok 10110, Thailand, filed the petition with the court on November 27, 2003. The Petitioner's Solicitors are Messrs Tito Isaac & Co of 20 A Circular Road, Singapore 049377. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Tito Isaac & Co. 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). ECON CORPORATION: Issues Judicial Management Order Notice --------------------------------------------------------- Econ Corporation (Interim Judicial Manager Appointed) issued a notice of judicial management order for publication as follows: Notice is hereby given that on 6th day of January 2004, an order for placing Econ Corporation under interim judicial management was made and the relevant particulars of the matter are given as follows: (1) Number of matter: Originating Petition No. 24 of 2003/Z. (2) Date of presentation of petition: 27th November 2003. (3) Petitioner's solicitors: Messrs Rajah & Tann. (4) Date of Order: 6th January 2004. (5) Registered office of the Company: 2 Ang Mo Kio Street 64 Ang Mo Kio Industrial Park 3, Singapore 569084. (6) Name of Interim Judicial Manager: Timothy James Reid. (7) Name and address of Interim Judicial Manager's firm: Ferrier Hodgson, 50 Raffles Place, #44-05 Singapore Land Tower, Singapore 048623. KOJIN MOULD: Creditors Must Submit Claims by February 9 ------------------------------------------------------- Notice is hereby given that the creditors of Kojin Mould Mfg Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 9th day of February 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. Dated this 9th day of January 2004. CHEE YOH CHUANG LEOW QUEK SHIONG Liquidators. 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. MACLLOYD INDUSTRIAL: Creditors Meeting Set for January 27 --------------------------------------------------------- The first meeting of the creditors of Maclloyd Industrial Pte Ltd. (Under Judicial Management) will take place at 50 Raffles Place, #44-05 Singapore Land Tower, Singapore 048623 on the 27th day of January 2004 at 10:30 A.M. Notice is hereby given that a concurrent meeting of creditors held pursuant to section 227M Companies Act, Chapter 50 for the purpose of considering the Judicial Manager's Statement of Proposals for achieving one or more of the purposes mentioned in section 227B (1) (b) Companies Act for whose achievement the Judicial Management order was made; and if thought fit, approving the Statement of Proposals, will be held at 50 Raffles Place, #44-05 Singapore Land Tower, Singapore 048623 on the 27th day of January 2004 at 10:30 A.M., at which place and time all such creditors are requested to attend. The creditors may vote in person at the said meeting or they may appoint another person as their proxy to attend and vote in their stead. To entitle you to vote thereat, your proof must be lodged with me not later than twelve in the afternoon on the 26th day of January 2004. Dated this 9th day of January 2004. TIMOTHY JAMES REID Judicial Manager. Proxies to used at the meeting should be lodged at the office of the Judicial Manager at Ferrier Hodgson, 50 Raffles Place #44-05 Singapore Land Tower, Singapore 048623 not less than 48 hours before the time appointed for holding the meeting. RBG RESOURCES: Creditors Must Submit Claims by January 26 --------------------------------------------------------- The creditors of RBG Resources Plc (In Liquidation in the U.K. and Wales and in liquidation in Singapore), which was wound up in England and Wales on 12th June 2002 and in Singapore on 7th October 2002, are required on or before 26th 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 liquidators, c/o Foo Kon Tan Grant Thornton, 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 and if so required are to prove their debts or claims as shall be specified, pursuant to the Liquidation in England and Wales. Failure to file the particulars stated might result in such claims being excluded from the benefits of any distribution made before such proof. SEA CROWN: Releases Debt Claim Notice to Creditors -------------------------------------------------- The creditors of Sea Crown Shipping Pte Ltd (In Members' Voluntary Liquidation), which is being wound up by Special Resolutions of members on 5th January 2004, are required on or before 9th February 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 Liquidators of the said Company, and, if so required by notice in writing from the said Liquidators, are 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. Dated this 9th day of January 2004. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. =============== T H A I L A N D =============== ADVANCE AGRO: S&P Welcomes Local Banks' Pact; Hints at Upgrade -------------------------------------------------------------- Standard & Poor's Ratings Services said Wednesday that Thailand's Advance Agro Co. Ltd's (Advance Agro, SD/--/--) debt restructuring agreement with the domestic banks has the potential to lead to an upgrade in its rating. Standard & Poor's expects to complete a detailed review of the restructuring arrangement, the company's businesses, and financial profile within the next two months, and announce a change in the rating, if necessary. Standard & Poor's rating on Advance Agro has been 'SD' since June 2001 following the company's continued failure to make timely payment on its bank debts. At March 31, 2003, Advance Agro was in default on repayments of THB2.5 billion (US$60 million) of debt from Thai banks. Advance Agro had also not made the quarterly payments on the Thai bank loans that were restructured in 2000, and it was in breach of financial covenants on these loans, which entitled the banks to call THB5.7 billion debts on demand. M.D.X. PUBLIC: SET Posts "NR" Sign on Securities ------------------------------------------------ The Stock Exchange of Thailand (SET) has posted an "NR" (Notice received) sign on the securities of M.D.X. Public Company Limited (MDX) effective on December 4, 2003 to announce that the SET has received the SEC's conclusion that it is not necessary to amend MDX 's financial statements on the issues so stated by the Company's auditor. However, the SET has still suspended trading on the securities of MDX because the Company must prepare a rehabilitation plan. Previously, the SET had posted the "NP" (Notice pending) sign on the M.D.X. Public Company Limited (MDX) effective from 18 November 2003. This is because in the Company's reviewed financial statements for the period ending 30 September 2003 as submitted to the SET, the Company's auditor was unable to reach any conclusion on the financial statements and the SET was waiting for the SEC'S conclusion on this matter. PREECHA GROUP: Appoints New Financial Consultant ------------------------------------------------ The Stock Exchange of Thailand (SET) announced that Preecha Group Public Company Limited has appointed Siam City Securities Co. as its new financial consultant on December 22, 2003. According to the Troubled Company Reporter-Asia Pacific, SET posted the "NP" (Notice Pending) sign on Preecha Group Public Company Limited (PRECHA) effective from January 7, 2004 onward as the Company had not been able to establish sufficient number of three members of an audit committee, specified by the SET, on the deadline. ROBINSON DEPARTMENT: Directors Quit Post ---------------------------------------- Robinson Department Store Public Company Limited announced the resignation of Directors Thaveevat Tatiyamaneekul and Manit Udomkunnatam effective as of January 5, 2004. The Company is on the process of nominating two new Directors to replace the said vacant positions, in which the Company must obtain prior approval from Robinson Planner Limited, the Plan Administrator of the Company. SINO-THAI RESOURCES: Posts Details of Board Shakeup --------------------------------------------------- Subject: Change of Board of Directors and the Authority of Directors To : Directors and Manager of the Stock Exchange of Thailand Whereas the Board of Directors of Sino-Thai Resources Development Public Company Limited convened the Board of Directors Meeting No. 1/2004 during 10:00 - 11:00 hours on January 13, 2004. The Company would like to report the resolutions adopted at the said meeting as follows: (1) Accepted the resignation of the following directors: Name Position 1.Mr. Prakit Pradipasen Chairman of the Meeting 2.Mr. Pricha Attavipach Director and the member of the Audit Committee 3.Mr. Anutin Charnvirakul Director 4.Mr.Chiravuthi Bunyasiri Director (2) Approved the appointment of the following directors: Name Position 1.Mr. Suthisak Lohsawat Director 2.Mr. Kitti Cheevakittigul Director 3.Mr. Yongyut Manathamphaiboon Director 4.Mr. Sanguan Subanantchai Director (3) Approved the amendment of Authority of Directors as follows: "Any two of three directors of Mr. Suthisak Lohsawat, Mr. Yongyut Manathamphaiboon and Mr. Vitoon Somboon may jointly sign together with the Company's seal affixed" (4) Approved the appointment of Intel Vision Securities Company Limited as independent financial advisor of the Company for advice on the tender offer of all securities of the Company. It's, therefore, informed for your acknowledgment and dissemination to the public and other investors. Yours sincerely, Mr. Vitoon Somboon Managing Director Sino-Thai Resources Development PCL CONTACT: Sino-Thai Tower, Floor 2 32/23 Sukhumvit 21 Road, Wattana, Bangkok Phone: 0-2260-2808-9 Fax: 0-2260-2810 TANAYONG PUBLIC: Issues Business Reorganization Progress Report --------------------------------------------------------------- As the Central Bankruptcy Court had issued an order canceling the business reorganization plan of the Tanayong Public Company Limited on August 15, 2003; and on August 18, 2003, Yong Su Company Limited, one of the creditors has filed with the Court a petition for reorganization of the Company's business with the Company as a plan preparer. Thus, on December 30, 2003, the Court has issued an order for business reorganization and also appointed the Tanayong Public Company Limited to be an interim executive because the creditors who raise the objection also nominate other person as the plan preparer, and shall issue an order to call the meeting of creditors as soon as possible in order to consider which person should be elected as the plan preparer. TPI POLENE: To Repay US$370M Debt Using Debenture Proceeds ---------------------------------------------------------- Most of the cash that TPI Polene will raise today out of its debenture issue will be used to repay US$370 million of debts, according to Dow Jones. The company has said the 300 million debenture issue is expected to raise as much as THB11.10 billion (US$284.7 million). The company will use part of its cash flow to complete the US$370 million debt repayment. Lead underwriter, Tisco Securities Co., says the offering will run from January 15-19. TPI Chief Executive Prachai Leophairatana said the debt repayment will reduce the company's debt to over US$500 million from US$950 million. This will also save the company US$180 million, including the cancellation of accrued interest valued at around US$120 million. Aside from the debentures, the cement maker also plans to issue bath-denominated debt valued at more than US$500 million later this year to help refinance existing debt. It is currently talking to Krung Thai Bank PCL to act as underwriter for this issue. "The company has faced several setbacks in its debt- restructuring process during the past two years as friction between its creditors and Mr. Prachai has blocked attempts to sell a majority stake," Dow Jones said. TPI Polene's creditors include Kreditanstalt Fur Wiederaufbau, Bangkok Bank PCL, Standard Chartered Nakornthon Bank PCL and J.P. Morgan Chase & Co. ********* 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., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Editors. Copyright 2004. 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 ***