/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040120.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, January 20, 2004, Vol. 7, No. 13 Headlines A U S T R A L I A FLOWCOM LIMITED: Suspended Pending Resolution of Crown Facility IWL LIMITED: Posts Latest Earnings Update NOVUS PETROLEUM: Third-party Seen Challenging Medco Bid REDFLEX HOLDINGS: Wins AU$1.1 Million U.S., Australian Contracts SANTOS LIMITED: Signs Heads of Agreement for Maleo Gas Field WESTERN METALS: Receiver Sells Nickel Interest for AU$2.7M C H I N A & H O N G K O N G BIG SMART: Bank of China Initiates Winding up Proceedings EASTERN DRAGON: HK High Court Sets Winding up Hearing March 10 KINGDOM DEVELOPMENT: Faces Winding up Petition in HK High Court REGENT NATIONAL: Winding up Hearing Set Wednesday SENOX INVESTMENT: Bank of China Files Winding up Petition I N D O N E S I A BANK INTERNASIONAL: To Prioritize Consumer, Commercial Lending * New Holding Company Taking On IBRA's Unsold Assets J A P A N HINO MOTORS: Toyota Rewards Top Execs with Promotions NIPPON TELEGRAPH: To Capitalize on High Demand for Smart Cards RESONA HOLDINGS: Sells Sogo Housing Stake for Undisclosed Sum K O R E A LG CARD: Creditor Banks Carve out Card Company from LG Group M A L A Y S I A COMSA FARMS: Subsidiary Sells Agricultural Lands for RM9 Million EDEN ENTERPRISES: 12,000 New Shares to Begin Trading Today GOLDEN FRONTIER: Buys Back 2,000 Shares KRETAM HOLDINGS: Posts Details of Interest Payment on ICULS PUNCAK NIAGA: Subsidiary, not Group Issuing IDR1.5 Billion Bonds P H I L I P P I N E S MANILA ELECTRIC: European Biz Council Scores Rate Hike Ruling NATIONAL STEEL: Indian Bidder Nears Deal with Creditors T H A I L A N D MILLENIUM STEEL: IFCT Converts Preferred Shareholdings NATIONAL FERTILIZER: Details Court-approved Rehabilitation Plan TANAYONG PCL: SET Waives Amendment to Auditor's Statement TPI POLENE: New Shares Fully Subscribed * BOND PRICING: For the week of January 19 - January 23, 2004 - - - - - - - - ================= A U S T R A L I A ================= FLOWCOM LIMITED: Suspended Pending Resolution of Crown Facility --------------------------------------------------------------- FlowCom Limited's letters last January 12 and 14, 2004 requesting, respectively, a trading halt on the company's securities under Listing Rule 17.1, and a suspension from trading under Listing Rule 17.2, pending clarification of the status of arrangements between FlowCom Limited (FlowCom) and its secured creditor, Crown Financial Pty Ltd. (Crown). FlowCom's actions followed a notice of termination of Crown's obligations under a deed between the two companies relating to working capital advances made by Crown to FlowCom and FlowCom's indebtedness to Crown. The stated basis for the notice of termination was the timing of a quarterly interest payment due to Crown and Flowcom under a working capital facility. Flowcom has now paid what it believes to be the correct amount to Crown. Crown has now initiated discussions with the Company in order to seek a resolution by 5:00 pm [today]. As previously indicated, the notice of termination received by FlowCom does not terminate any of the facilities between FlowCom and Crown. The suspension of trading of FlowCom shares will continue until this issue is satisfactorily resolved and FlowCom is able to advise Crown's intentions. "FlowCom will make further announcements as soon as there is any material development," says E.F. Goodwin Director of FlowCom Limited. IWL LIMITED: Posts Latest Earnings Update ----------------------------------------- IWL Limited (IWL) has a corporate policy to deliver regular updates regarding the company's business activities and operating performance to all of its current and prospective shareholders. IWL is also aware of its responsibilities in keeping the market informed of material changes to its business. To this end, following a review of IWL's unaudited draft financial results for the six-month period to December 31, 2003, IWL considers it appropriate to make the following announcement regarding operating activities. OPERATING EARNINGS Unaudited draft financial results to December 31, 2003 foreshadow: (a) Operating revenues exceeding $22.5 million, up +150% as compared to the previous corresponding period (pcp) last year; (b) Operating EBITDA of circa $5 million, up +100% as compared to the pcp last year; and (c) Annualized Operating EBITDA per share of circa &0.036, up +100% as compared to the pcp last year. This stronger level of performance has been achieved notwithstanding the difficulties being experienced within the entire Wealth Management Industry, as it adopts stronger regulation and increasing servicing costs. While not insulated from these higher operating costs, IWL has been sheltered somewhat by its premier market position, as the industry's largest and broadest provider of software and related services. Augmenting this performance has been (ex-Sanford), which did not become a part of the IWL Group until late April 2003 and hence did not contribute in 1H'FY03. To view full copy of this press release, click http://bankrupt.com/misc/iwl_limited.pdf NOVUS PETROLEUM: Third-party Seen Challenging Medco Bid ------------------------------------------------------- Novus Petroleum Ltd. appears to have entered into a "friendly deal" with a third party, according to Dow Jones yesterday, which noted a company disclosure. In a brief statement to the Australian Stock Exchange Monday, Novus said it expects to release a quick response to the so- called counter takeover bid. The firm is currently in the middle of a hostile takeover bid made by Indonesia's Medco Energi International, which is offering AU$326 million or AU$1.74 a share. Novus shares closed Friday at AU$1.93. REDFLEX HOLDINGS: Wins AU$1.1 Million U.S., Australian Contracts ---------------------------------------------------------------- The directors are pleased to announce that Redflex Communications System Pty Ltd., a wholly owned company of the Redflex Group, has been awarded contracts by both the Royal Australian Navy and the U.S. Department of Defense for the provision of Switchplus Communications Systems totaling approximately AU$1.1 million. Redflex will expand its existing helicopter voice intercom system on the Landing Platform Amphibious (LPA) ships for the Australian Navy over the next six months. This contract will see upgrades of both the LPA ships providing the Australian Navy with an increased capability. Redflex has existing Navy systems in service with the Anzac Frigate and Collins class submarine projects. Redflex has also secured a contract with the US Department of Defense, Deployable Joint Command and Control (DJC2) Program Office. The DJC2 program is to provide a common command and control platform to US Joint Task Force wherever they may be deployed. Successful performance of the Switchplus system is expected to lead to additional opportunities within the DJC2 program. Peter Harrison, the General Manager of Redflex Communications Systems said, "This is our third contract with the US Department of Defense in the past six months. Within three months Redflex will have Switchplus equipment installed and commissioned at Ft. McPherson Georgia, with the Secure Conference System, and this Deployable Communications system with the DJC2 in Hawaii." The rapidly deployable communications system is a new product based on Redflex's standard Switchplus hardware and software and provides users, with minimal effort, the ability to establish command centers wherever a defense force is deployed. Redflex is actively working with other US Government agencies and international defense forces with similar requirements and expects a strong demand for this product. Switchplus is the core product of Redflex Communications Systems and is used in Air Traffic Control, Military Operations Centers and other Command and Control and Public safety applications around the world. Redflex Communication Systems, with facilities in Melbourne, Australia and the Washington DC area of the USA, is a leading communications systems integrator for transportation, defense and public safety application worldwide. For further information, contact: Graham Davie Brad Kay Chief Executive Officer President and CEO Redflex Holdings Limited Redflex Communications Systems Inc. grahamd@redflex.com.au bradk@redflex.com.au (03) 9674 1888 +1 703-871-5141 SANTOS LIMITED: Signs Heads of Agreement for Maleo Gas Field ------------------------------------------------------------ Santos Limited on Monday announced a Heads of Agreement (HoA) for the sale of the entire gas reserves of the Maleo field in East Java, Indonesia. The Maleo field is estimated to contain in between 213 and 315 billion cubic feet of recoverable gas. Santos, as operator for the Madura Offshore Production Sharing Contract (PSC) participants, said the HoA between the Madura PSC participants and PT Perusahaan Gas Negara (PGN), Indonesia's state-owned gas distributor, is an important step towards agreeing a Gas Sales Agreement (GSA) that will underpin the field's development. The HoA is an important milestone for Santos' Indonesian operations as it continues to secure long-term customers for its gas. It further develops Santos' solid base in South East Asia and is in line with its overall growth strategy which includes the international diversification of its gas business. Project sanction is targeted for mid 2004 with production commencing in the second half of 2005 at rates of up to 100 million cubic feet of gas per day for more than five years. Gas prices are in line with market conditions and payment will be in US dollars. The joint venture is well advanced in its planning for the development of the Maleo field, which will be developed using an innovative development concept utilizing a Mobile Offshore Production Unit (MOPU) incorporating a converted jack-up rig. This concept meets the customer's requirement for early first gas and significantly alleviates the East Java gas market shortfall. The development of the Maleo field will involve drilling three gas well in 57 meters of water. The MOPU will be connected to the East Java Gas Pipeline by a 7-kilometer sub-sea pipeline. The Maleo offshore gas field is expected to be developed in record time for Indonesia, taking approximately three years from discovery to first gas. This is due to the strong support from the Indonesian Government regulator BPMIGAS, the Ministry of Energy and Mineral Resources and the commitment of Santos, its joint ventures and PT Perusahaan Gas Negara. The finalization of the development option is subject to approval by the joint venture partners and government authorities and appropriate payment security cover. WESTERN METALS: Receiver Sells Nickel Interest for AU$2.7M ---------------------------------------------------------- The final chapter in the receivership of the Western Metals Group (ASX: WMT) was closed last Friday (January 16, 2004). The receivers and managers, David McEvoy and Stephen Longley of PricewaterhouseCoopers, announced the sale of the Group's shareholding in Niwest Limited for AU$2.7 million to Minara Resources Limited (ASX: MRE) (subject to the preemptive rights of GME Resources Limited (ASX: GME). Niwest is an unlisted public company, which was established to merge the nickel laterite tenement holdings of Western Metals and GME. The tenement holdings, located in the Eastern Goldfields region of Western Australia, attracted competitive interest and have strategic significance for the existing local nickel laterite interests of Minara with its Murrin Murrin operations. Receivers and managers were appointed over the Group in July 2003 by U.S. noteholders owed US$195 million. After selling the Mount Gordon (Queensland) copper mine and Lennard Shelf (Western Australia) zinc and lead mine in September and October, the Hellyer Metals Project (Tasmania) was sold in December. Stephen Longley commented, "We are pleased that we have been able to provide certainty to creditors and minimize costs by keeping to a tight sale program. The Niwest sale now concludes a divestment process of just under six months, and brings total realizations to approximately $51 million." For this realization pool, employee entitlement equate to $11.6 million, with the majority of these already paid. Stephen Longley concluded, "Unfortunately, secured creditors will still suffer a significant shortfall and there would not be any surplus available to provide a return to unsecured creditors and shareholders." ============================== C H I N A & H O N G K O N G ============================== BIG SMART: Bank of China Initiates Winding up Proceedings --------------------------------------------------------- The High Court of Hong Kong will hear on March 10, 2004 at 10:00 a.m. the petition seeking the winding up of Big Smart Investments Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed the petition on January 6, 2004. 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. EASTERN DRAGON: HK High Court Sets Winding up Hearing March 10 -------------------------------------------------------------- The High Court of Hong Kong will hear on March 10, 2004 at 9:30 a.m. the petition seeking the winding up of Eastern Dragon Asset Management Limited. Neweast Development Limited of Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong filed the petition on December 30, 2003. Ford, Kwan & Company represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Ford, Kwan & Company, which holds office at Rooms 1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central Hong Kong. KINGDOM DEVELOPMENT: 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 Kingdom Development Limited. Fung Cheung Realty Limited, Virginia Investments Limited, The World Realty Limited, Ying Ho Company Limited of Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong filed the petition on December 1, 2003. Ford, Kwan & Company represents the petitioners. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Ford, Kwan & Company, which holds office at Rooms 1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central Hong Kong. REGENT NATIONAL: Winding up Hearing Set Wednesday ------------------------------------------------- The High Court of Hong Kong will hear on January 21, 2004 at 9:30 a.m. the petition seeking the winding up of Regent National Enterprises Limited. Waygood Investment Limited of 16th Floor, Sing Kui Commercial Building, 27 Des Voeux Road West, Hong Kong filed the petition on November 19, 2003. Siao, Wen and Leung represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Siao, Wen, and Leung, which holds office on the 15th Floor, Hang Seng Building, 77 Des Voeux Road Central Hong Kong. SENOX INVESTMENT: Bank of China Files Winding up Petition --------------------------------------------------------- The High Court of Hong Kong will hear on February 18, 2004 at 9:30 a.m. the petition seeking the winding up of Senox Investment Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, No.1 Garden Road, Central, Hong Kong filed the petition on December 10, 2003. Kao, Lee & Yip represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Kao, Lee & Yip, which holds office on the 17th Floor, Gloucester Tower, The Landmark Hong Kong. ================= I N D O N E S I A ================= BANK INTERNASIONAL: To Prioritize Consumer, Commercial Lending -------------------------------------------------------------- After posting a huge increase in net profit last year, Bank Internasional Indonesia is now looking to further expand its consumer and commercial lending, The Jakarta Post said. As of September last year, the bank had a net profit of IDR221 billion, an exponential increase from IDR30 billion in the same period the year before. It expected full-year net profit to reach IDR300 billion, more than double 2002's figure. BII Director Dira K. Mochtar said on Thursday during a meeting with investors that the publicly listed, foreign-controlled bank planned to provide some IDR6 trillion (about US$705 million) in new lending this year. This is an increase from last year, which saw the bank setting aside around half of its IDR6.2 trillion new loans to the corporate sector. BII Vice President Armand B. Arif, for his part, told the paper that the bank had already taken a number of steps to execute the strategic shift this year. As of December 2003, he said, the bank had completed the establishment of 10 regional loan centers nationwide to cope with rising demand for commercial and consumer loans. "We enjoyed a 117 percent growth in lending exposure to (the two sectors) last year. As of September 2003, credits for [small- and medium-sized enterprises] and consumers have amounted to IDR3.03 trillion," Mr. Armand said. A former financial flagship of Sinar Mas Group conglomerate, BII is now 51%-owned by a consortium led by South Korea's Kookmin Bank and Singapore government's investment arm Temasek Holdings Pte. Ltd. It boasts of total assets of IDR36 trillion and about 1.1 million customers. * New Holding Company Taking On IBRA's Unsold Assets ---------------------------------------------------- The Indonesian government will move ahead with disbanding the Indonesian Bank Restructuring Agency (IBRA) next month to signal that the country is finally over the hump. Established at the height of the Asian financial crisis in the late 1990s, IBRA carries the mandate of cleaning up the country's messy banking sector until February this year. Since its inception, it has taken over more than IDR600 trillion worth of assets from bankrupt or ailing banks. To date, it has IDR40 trillion worth of non-performing loans and assets left to be sold. In an interview with The Jakarta Post, Coordinating Minister for the Economy Dorodjatun Kuntjoro-Jakti said the government will set up an asset management company to takeover any unfinished tasks of IBRA. "The remaining assets, worth IDR40 trillion or 5 percent of the total, will be handed over to the company, called the assets management company," Mr. Dorodjatun said, adding that the company would be under the supervision of the Office of the State Minister of State Enterprises. He said the government was determined to move ahead with the closure of the agency as this would signal that the country has now left behind the scars resulting from the financial crisis. "We have completed the special program with the IMF. We have also closed down JITF and all else related to the crisis. All that's left is IBRA," Mr. Dorodjatun said, referring to the Jakarta Initiative Task Force, which helped mediate restructuring talks between the corporate sector and foreign creditors. Aside from the asset management company, the government will also set up a new institution, this one under the Ministry of Finance, to take over the role of IBRA in implementing the government's blanket guarantee program on bank deposits. "The institution would operate on a temporary basis -- pending the establishment of a permanent unit called the deposit guarantee agency (LPS), which requires a law as its legal basis. The government is currently drafting the law," The Jakarta Post said. In addition, various government agencies will continue deal with the unfinished business related to IBRA's big debtors (former bank owners), Mr. Dorodjatun said: "This matter, after IBRA's dissolution, will be jointly dealt with by the FSPC, the National Police, the Attorney's General Office, the Ministry of Justice and Human Rights." FSPC is the Financial Sector Policy Committee, a powerful grouping consisting of senior economics ministers, the paper said. "The message is clear: debtors deemed uncooperative (in settling their debts) will face litigation," Mr. Dorodjatun warned. "Of 39 debtors who signed debt settlement agreements with IBRA in the late 1990s, only 13 former bankers have been declared cooperative," the paper said. ========= J A P A N ========= HINO MOTORS: Toyota Rewards Top Execs with Promotions ----------------------------------------------------- Beginning June, incumbent Hino Motors Ltd. President Tadaaki Jagawa will become the truck company's new chairman, while current vice president Shoji Kondo will move up to replace him as president. News on Japan said the promotions follow the surge in domestic sales of trucks and buses to 44.1% last year. Both executives were originally from the parent company, Toyota Motor Corp. Toyota intends to reinforce Hino's position at the center of its group's truck operations as part of its ongoing program to strengthen the bond among group companies, unidentified sources who leaked the promotions to News on Japan said. "By rejuvenating the management of Hino, Toyota also aims to further boost business at the subsidiary," the newswire said. NIPPON TELEGRAPH: To Capitalize on High Demand for Smart Cards -------------------------------------------------------------- Predicting a surge in demand for smart cards, Nippon Telegraph and Telephone Corp. (NTT) announced last week it would venture into this business beginning this spring. According to AFX-Asia, the phone company aims to release its smart card version before the end of year. Development of the card, the first to support two international standards -- FeliCa, developed by Sony Corp, and Type B, the standard used by Japan's national resident registry network Juki Net -- will begin this spring. "The new smart card will incorporate a chip installed with programming that supports the protocols used by both FeliCa and Type B with NTT group firm NTT Communications Corp will be responsible for development. The product can be manufactured for about the same cost as a smart card that supports only one of these protocols," AFX-Asia said. "The FeliCa technology, which can process data quickly, is being used by East Japan Railway Co Ltd for the Suica commuter pass. The Type B technology features robust encryption technology, a must for applications like Juki Net where information privacy is an issue," the newswire added. According to the report, more than 60 million smart cards were issued in Japan last year. The Yano Research Institute predicts this number to grow to about 150 million in 2005 and 400 million by 2010. Smart cards are used in a number of transactions in Japan, including a variety of authentication and transaction purposes and a wide range of commuter and government services. By developing a smart card that supports FeliCa and Type B, NTT would be offering an "all-in-one card" solution that should allow it to corner a huge share of the market. "Since banks and credit card companies could also make use of NTT's new smart card, there is a good chance of this becoming the new domestic standard for smart cards," AFX-Asia said. "Financial institutions are studying the use of smart cards for their cash cards and credit cards, making NTT's new dual- standard card a possible candidate for their use." RESONA HOLDINGS: Sells Sogo Housing Stake for Undisclosed Sum ------------------------------------------------------------- As part of an ongoing operational restructuring, Resona Holdings will sell its entire 19.97% stake in Sogo Housing Loan, according to Japan Today. The buyer, Tokyo Start Bank, will pay an undisclosed amount on Friday to complete the transaction. The housing-loan company is based in Osaka. ========= K O R E A ========= LG CARD: Creditor Banks Carve out Card Company from LG Group ------------------------------------------------------------ Following the turnover of the management of LG Card to creditor banks, the debt-ridden credit card company ceased to be a member of the LG Group on Friday, The Maeil Business Newspaper said. The Fair Trade Commission (FTC) approved of branching off of LG Card, the conglomerate told the paper. It vowed to cooperate with creditors in getting LG Card back on track. =============== M A L A Y S I A =============== COMSA FARMS: Subsidiary Sells Agricultural Lands for RM9 Million ---------------------------------------------------------------- The proposed disposal of two (2) parcels of agriculture land by the wholly owned subsidiary of the company, Comsa Breeding Farms Sdn. Bhd. for a total cash consideration of RM9,850,000.00 (1) INTRODUCTION The Board of Directors of Comsa Farms Berhad ("Comsa" or "the Company") is pleased to announce that the Company's subsidiary, Comsa Breeding Farms Sdn. Bhd. ("the Vendor") has entered into two (2) conditional Sale and Purchase Agreements with Masih Jaya Sdn. Bhd. ("the Purchaser") on 10 January 2004 and 12 January 2004 for the disposal of two (2) parcels of agriculture land measuring a total of 1,648.80 acres more or less for a total cash consideration of RM9,850,000.00 ("the Proposed Disposal"). (2) DETAILS OF THE PROPOSED DISPOSAL (2.1) Information on the Land The Vendor is the registered owner of the land which has been fully developed and planted with oil palm trees of an average of two (2) to fifteen (15) years trees. The two (2) parcels of agriculture land held under Provisional Lease No. 116291822 and Provisional Lease No. 116291831 (collectively known as "the Land") are presently charged to a financial institution as a security for the banking facilities granted to Comsa Breeding Farms Sdn. Bhd. No valuation report was commissioned for the purpose of The Proposal Disposal. The Land is described as follows: Title No. Acres Location Provisional Lease No. 116291831 789.57 Ulu Takun locality, KM 48, north-west of Lahad Datu Centre,Sabah Provisional Lease No. 116291822 859.23 Ulu Takun locality, KM 48, north-west of Lahad Datu Centre, Sabah (2.2) Information on the Proposed Disposal (a) Provisional Lease No. 116291831 The sale consideration of RM4,900,000.00 for the land as stated in the Sale and Purchase Agreement dated 10 January 2004 was arrived at through negotiation on a willing-buyer willing-seller basis. The sale consideration would be satisfied in the following manner: (i) RM 450,147.45 is payable upon execution of the Agreement; and (ii) The balance of RM4,449,852.55 is payable within four (4) months from the date of the Agreement. The balance of payment will be paid for the redemption of the land from the financial institution before the completion of the said Agreement. (b) Provisional Lease No. 116291822 The sale consideration of RM 4,950,000.00 for the land as stated in the Sale and Purchase Agreement dated 12 January 2004 was arrived at through negotiation on a willing-buyer willing-seller basis. The sale consideration would be satisfied in the following manner: (i) RM 674,495.55 is payable upon execution of the Agreement; (ii) The balance of RM 4,275,504.45 is payable within four (4) months from the date of the Agreement. The balance of payment will be paid for the redemption of the land from the financial institution before the completion of the said Agreement. (2.3) Original Cost of Investment and Gain on Disposal The date of investment of the Land to the Vendor is 31 October 2001 with the original cost of investment of RM9,233,280.00. The gain (after tax) arising from disposal of the Land is RM294,764.00. Based on the Vendor's audited accounts of the financial year ended 31 March 2003, the net book value of Land is RM11,550,000.00 (3) DETAIL OF PURCHASER Masih Jaya Sdn. Bhd. was incorporated on 23 July 1985 in Malaysia as a private limited company. The present authorized share capital of Masih Jaya Sdn. Bhd. is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each of which RM1,000,000.00 comprising of 1,000,000 ordinary shares of RM1.00 each have been issued and fully paid-up. (4) UTILISATION OF PROCEEDS The total proceeds of RM9,850,000.00 will be utilized for reducing the bank borrowings. (5) RATIONALE Due to the current high price for crude palm oil, the Proposed Disposal is in line with the corporate plan of the Comsa Group. (6) APPROVAL REQUIRED The Proposed Disposal is subject to the approval from the Foreign Investment Committee. However no shareholders' approval is required for the Proposed Disposal. (7) EFFECTS OF THE PROPOSED DISPOSAL (7.1) Share Capital The Proposed Disposal does not have effect on the share capital of the Company. (7.2) Net Tangible Assets The net tangible assets of the Comsa Group would be reduced by RM1,720,602.00. (7.3) Earnings The Proposed Disposal is expected to enhance the earnings of the Comsa Group by the gain on disposal (after tax) of RM294,764.00 contributing the net earning per share approximately of 5.50 sen. (7.4) Substantial Shareholding The Proposed Disposal does not have any effect on the substantial shareholding of the Comsa Group. (8) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST None of the Directors and/or substantial shareholders of the Comsa Group and person connected with them have any interest, direct or indirect, in the Proposed Disposal. (9) DIRECTORS' STATEMENT The Board of Directors after careful deliberation is of the opinion that the Proposed Disposal is in the best interest of the Company and the Comsa Group. ***** In November 2002, the Rating Agency Malaysia Berhad (RAM) placed Comsa's RM50 million Redeemable Unsecured Bonds (the Bonds) on its Rating Watch with a negative outlook as a result of its inability to meet the sinking fund payment of RM5 million on time. Comsa had purchased 6 months' worth of raw materials for its feed milling operations in anticipation of a global supply shortage and corresponding price hikes. In July last year, RAM downgraded Comsa's rating from A3 to BBB3 while simultaneously continuing the Rating Watch on the Bonds, with a negative outlook. The downgrade reflects Comsa's weakened balance sheet and diminished cash flow as a consequence of its aggressive expansion. "Comsa's debt has doubled from our original expectations, mainly to fund its expansion as well as for working capital needs. Huge investments have been made beyond our initial estimates, to upgrade and modernize its poultry facilities to strengthen its foothold in the East Malaysian poultry market. A new feed mill has also been constructed to complement its poultry business," TCR-Asia Pacific quoted the rating agency as saying. Comsa has spent a total of RM139.75 million cash on capital expenditure in the past 3 financial years. The expansion has been mostly funded by debt as its total borrowings ballooned from RM97.21 million as at end-FY 2001 to RM201.31 million as at end-FY 2003. Although the expansion programmed was completed in FY 2002, it yielded poor returns. "Meanwhile, Comsa's feed mill operations are constantly exposed to fluctuations in the prices of soft agricultural commodities such as corn and soybean as these represent about 80% of its raw material requirements. Due to its larger post-expansion operations, its operating cash flow is constantly tied up in inventories as Comsa purchases its raw materials a few months ahead. As a result, its net operating cash flow has been in deficit for the past 2 financial years. Notably, its aggressive expansion has led to a huge deficit in its free cash flow of RM42 million-RM51 million for the last 3 financial years. Should Comsa's financial profile continue to deteriorate, this would exert further pressure on its rating," the rating agency said in a press release containing its assessment. Balancing these factors are Comsa's entrenched position in a levy-protected poultry market in East Malaysia, the moderate level of competition that it faces amongst a handful of players, and stable demand for poultry goods from consumers. Comsa is the largest poultry producer in Sabah, with an estimated market share of 35% before its expansion. EDEN ENTERPRISES: 12,000 New Shares to Begin Trading Today ---------------------------------------------------------- Subject: Eden-Conversion of RM12,000 nominal value of 2.5% irredeemable convertible unsecured loan stocks 2002/2007 (ICULS) Kindly be advised that the additional 12,000 new ordinary shares of RM1.00 each arising from the Conversion of ICULS will be granted listing and quotation with effect from 9:00 a.m., Tuesday, January 20, 2004. GOLDEN FRONTIER: Buys Back 2,000 Shares --------------------------------------- Date of buy back: 16/01/2004 Description of shares purchased: Ordinary Shares of RM1.00 each Total number of shares purchased (units): 2,000 Minimum price paid for each share purchased (RM): 0.855 Maximum price paid for each share purchased (RM): 0.880 Total consideration paid (RM): 1,767.21 Number of shares purchased retained in treasury (units): 2,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 711,000 Background In August last year, Golden Frontier Berhad wound up four subsidiaries: (1) Golden Frontier Development Sdn Bhd; (2) Sound Rich Resources Sdn Bhd; (3) Alcamax Ventures Sdn Bhd; and (4) Carian Wawasan Sdn Bhd. KRETAM HOLDINGS: Posts Details of Interest Payment on ICULS ----------------------------------------------------------- Entitlements (Notice of Book Closure) Reference No CU-040117-31399 Company Name: KRETAM HOLDINGS BERHAD Stock Name : KRETAM-LA Date Announced: 19/01/2004 EX-date : 05/02/2004 Entitlement date :09/02/2004 Entitlement time :05:00:00 PM Entitlement subject :Interest Payment Entitlement description: First interest payment on RM 87,406,000 Nominal Amount of 1% Irredeemable Convertible Unsecured Loan Stocks 2003/2010 (ICULS 2003/2010). A Depositor shall qualify for entitlement only in respect: (a) ICULS 2003/2010 transferred into the Depositor's Securities Account before 4.00 p.m. on 9 February 2004 in respect of ICULS 2003/2010 transfers; and (b) ICULS 2003/2010 bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the Rules of the Kuala Lumpur Stock Exchange Period of interest payment: 11/08/2003 to 10/02/2004 For year ending/Period ending/ended: N/A Share transfer book & register of members will be closed from (both dates inclusive) for the purpose of determining the entitlements : 09/02/2004 to 09/02/2004 Registrar's name, address, telephone no: Lawco Corporate Services Sdn Bhd 6.01, Level 6, Wisma Technip, 241, Jalan Tun Razak, 50400 Kuala Lumpur Tel: 03-27301811 Fax: 03-21487868 Payment date: 10/02/2004 (a) Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 09/02/2004 (b) Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit: N/A (c) Securities bought on KLSE on a cum entitlement basis according to the Rules of the KLSE. Number of new shares/securities issued (units)(If applicable): 87406000 Entitlement indicator: Percentage Entitlement in percentage (%): 1 Remarks : Interest of 1% per annum payable semi-annually in arrears. PUNCAK NIAGA: Subsidiary, not Group Issuing IDR1.5 Billion Bonds ---------------------------------------------------------------- Puncak Niaga Holdings Bhd clarified Friday reports that it is selling IDR1.5 billion in bonds to finance its participation in a privatization project, according to Dow Jones. Malay Mail newspaper had earlier reported the group is involved in the privatization of water supply services in central Malaysia's Selangor state and Federal Territories. Puncak called the report "incorrect," adding a subsidiary is actually the one involved in the project. Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) is a 70%-subsidiary, Dow Jones said. "[It] is Syabas and not Puncak Niaga who will be responsible for arranging for financing to fund the privatization (project)," the company said in its exchange filing. Puncak Niaga added Syabas, the Selangor government and the federal government are still discussing the financing for the privatization project. "No proposal on financing has been firmed up," the stock exchange disclosure clarified. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: European Biz Council Scores Rate Hike Ruling ------------------------------------------------------------- The fallout from the Supreme Court decision that halted a 12- centavo provisional increase in the rates of Manila Electric Co. (Meralco) began with no less than the European Chamber of Commerce of the Philippines (ECCP) expressing dismay over the ruling. In an interview with the Philippine Daily Inquirer, ECCP Executive Vice President Henry Schumacher said the intervention by the High Court speaks volume of the kind of regulatory environment the Philippines has. "The ECCP is concerned for existing investors and potential future ones, who are watching these changes in the regulatory environment," Mr. Schumacher said. He said there are ECCP members who are looking at possible investments in the privatization of National Power Corp.'s power plants, National Transmission Corp.'s power grid and in projects related to the developing local natural gas industry. "These investors want businesses to be able to get a fair return on investments, and an order like that of the Supreme Court undermines this (scenario)," he added. Mr. Schumacher said these were needed for both local and foreign investors to be attracted to the power sector: (a) The independence of the ERC to be guaranteed; (b) Contracts governing fair returns were honored, and (c) Distribution and generation utilities were allowed to earn reasonable investment returns to improve credit standing. "All this is jeopardized if decisions of the ERC and the Supreme Court are politicized," he said. "In our view, the ERC's decision on Meralco's rate increase must be implemented without delay as it will benefit the economy and (electricity users) in the long run." The Energy Regulatory Commission had granted Meralco a 12- centavo per kilowatt-hour provisional increase, while its petition for a 13.85-centavo raise was pending. The increase was supposed to take effect January 1, but the Supreme Court issued a restraining order on January 13. The court was acting on a petition by civic advocacy groups questioning the authority of the commission to give provisional authority for utilities to increase their rates. NATIONAL STEEL: Indian Bidder Nears Deal with Creditors ------------------------------------------------------- The projected reopening of National Steel Corporation in March remains on target as most of its creditor-banks, led by the Philippine National Bank, accepted the offer of Global Infrastructure Holdings Ltd (GIHL). According to the Philippine Daily Inquirer, the Indian steel firm, a subsidiary of the Ispat Group of India, is offering PHP12.25 billion for the mothballed steelmaker based in Iligan City. The company will pay an upfront cash of PHP1 billion and set aside PHP1.375 billion to upgrade facilities. The balance will be paid in eight years. This offer bested that of LNM Holdings N.V.'s PHP7 billion- offer and enabled GIHL to enter into a 90-day exclusive negotiations with creditor-banks. The Department of Trade Industry had earlier expressed optimism the rehabilitation and reopening of the steelmaker could begin this March after five years of being mothballed. The DTI said the re-operation of the steel plant would be beneficial for the city because it would bring back to work the estimated 500 former NSC employees who were displaced after the plant was shut down. GIHL, meanwhile, boasted it has the capability to turn around the debt-ridden company: "GIHL is the holding company of a well- established conglomerate whose principal and assets are in India, where its steel manufacturing arm alone is the 6th largest in that country in terms of fixed assets." It promised to develop a healthy relationship with the constituents of Iligan City should it finally close a deal with creditor-banks. In a statement, it vowed to create a working environment that will be accommodating to the interest of the labor force. =============== T H A I L A N D =============== MILLENIUM STEEL: IFCT Converts Preferred Shareholdings ------------------------------------------------------ To: Managing Director, Stock Exchange of Thailand According to the issuance of Millennium Steel Public Company Limited (Company), preferred shares can be converted into the ordinary shares. The conversion period is 11 years ending on November 28, 2013; the preferred shareholders can apply for the conversion of the preferred shares into ordinary shares on every business day of the company. The Company would like to inform that the Industrial Finance Corporation of Thailand, who held the company preferred shares in the amount of 30,152,109 shares has exercised the right to convert preferred shares into ordinary shares in the amount of 12,060,844 shares. The conversion ratio is 1 preferred share can be converted into 1 ordinary share. The company has completed the conversion on January 13, 2004. The company, therefore, has the issued shares of 3,989,711,809 ordinary shares and 1,588,350,030 preferred shares. Please be informed accordingly. Sincerely yours, Santi Charnkolrawee President Millennium Steel Public Company Limited The Stock Exchange of Thailand classifies Millennium Steel under "Companies under Rehabilitation." CONTACT: Shinawatra Tower 3, Floor 22, 1010 Viphavadi Rangsit Road, Ladyao, Chatuchak Bangkok Phone: 0-2949-2949 Fax: 0-2949-2889 NATIONAL FERTILIZER: Details Court-approved Rehabilitation Plan --------------------------------------------------------------- To: The President of the Stock Exchange of Thailand The National Fertilizer Public Company Limited (NFC) would like to inform that on December 30, 2003 the Central Bankruptcy Court (the Court) rendered an order to approve the Business Rehabilitation Plan (Plan) of NFC and appointed C.J. Morgan Company Limited to be the plan administrator of NFC. All of the rights, powers and duties of C.J. Morgan Company Limited as the Planner were vested in the Plan Administrator from December 30, 2003 onwards. Set out below is a summary of the plan approved by the creditors meeting at 98.11% and the Court, respectively. Capital Restructuring (1) Decrease and Increase of Capital (1st) * To reduce and cancel the un-paid registered capital 180,509,260 shares (1,805,092,600 baht) * To reduce the paid-up registered shares from 1,313,946,879 shares to 6,486,197 shares at the par value 10 baht * To increase registered capital at least 58,375,775 shares by converting debt to equity for Group 1 creditors and Group 2 creditors at the conversion of debt to equity 10 baht to 1 share so the new registered capital will be 648,619,720 baht (64,861,972 shares) (The proportion of present shareholders will decrease to 10% of the new registered capital) (2) Increase of capital (2nd) * To increase registered capital at least 158,800,000 shares by issuing newly ordinary shares (Private Placement) through the selected strategic partner "China Xiyang Group and Thaipicon and Industry Co., Ltd." (Joint Venture) at 10 baht per share, therefore, NFC will receive at least 1,588 million baht from the strategic partner. After increasing registered capital (2nd), NFC may increase the paid-up capital for the shares that have not yet been issued so that NFC will have capital in the amount of not less than 3,000 million baht (300 million shares at par 10 baht). (3) Issuance of Debentures Within 90 days after the Court approved the Plan, NFC will issue debentures to Group 1 and 2 creditors for the total amount of 200 million baht. They will be in 200,000 units at a face value of 1,000 baht per unit with 3 years redemption and no interest. Classification of Creditors and Repayment The Plan classifies the creditors into nine groups, being two groups of secured creditors and seven groups of unsecured creditors, details of which are as follows: Secured Creditors Group 1 Secured Creditors: The financial institution that consists of a number of creditors each of which has a debt amount more than 15% of the total indebtedness. This group has only one creditor that is Thai Asset Management Corporation (TAMC). Group 2 Secured Creditors: The financial institution that consists of a number of creditors each of which has a debt amount more than 15% of the total indebtedness. This group has only one creditor that is Siam Commercial Bank PLC. The principle of Group 1 and 2 secured creditors will be repaid in the proportion of their respective outstanding principals, details of which are as follows: * The principal amount of 188.3 million baht or 70% of the appraisal value will be paid within 30 days from the effective date of the debt restructuring by transferring of ownership in land and buildings that have been mortgaged to Group 1 and 2 secured creditors. The creditors will be paid in the proportion of the outstanding principal with no interest. * The principal amount of 78 million baht will be paid within 15 days from the effective date of the debt restructuring without interest by the deposit in the saving account in the total amount of 78 million baht. * The principal amount of 583,757,750 baht will be paid without interest through debt-to-equity conversion of NFC in the amount of 58,375,775 shares at 10 baht per share. * The principal amount of at least 1,588 million baht will be paid within 15 days from the effective date of the debt restructuring without interest by the proceeds received from the paid-up capital of the strategic partner in the amount of at least 1,588 million baht. The creditors will be paid in the proportion of the outstanding principals. * The principal amount of 200 million baht will be paid by debt-to-debenture conversion in the total amount of 200 million baht with three years redemption and no interest. * The remaining principal including interest, fine, fee and other expenses will be forgiven to Group 1 and 2 secured creditors on the date that the court approves the plan. Unsecured Creditors Group 3 Creditors: Trade Creditors * The principal will be paid in cash or goods in accordance with the terms and conditions of the existing agreements including any other amendment terms that took place before the court approved the plan. * Interest, fine, fee and other expenses will be forgiven on the date that the court approves the plan. Group 4 Creditors: Unpaid Share Contribution Creditors * The principal equal to 7.5% of the total principal or 10.8 million baht will be paid without interest within six months from the effective date of the debt restructuring. * The remaining principal including interest, fine, fee and other expenses will be forgiven on the date that the court approves the plan. Group 5 Creditors: Creditor under Joint Venture and Property Lease Agreements * The Creditors will be paid in full of the total principal or 100,984,762.63 baht within four years from the effective date of the debt restructuring on a quarterly basis in the amount of at least six million baht without interest. * The remaining principal including interest, fine, fee and other expenses will be forgiven on the date that the court approves the plan. Group 6 Creditors: The Contingent Creditors * The debt owed to these creditors is contingent. At present the conditions of the debt have not yet been met. But NFC is obliged to perform its obligations to these creditors. * The creditors will be paid when the liability has occurred and NFC will perform its obligations under the relevant agreements entered into before the court approves the plan. Group 7 Creditors: The Creditors under Share Purchase Agreement Creditors * The creditors will be paid, without interest, the principal equal to 7.5% of : (a) the principal that the creditors applied for repayment of debt, or (b) the principal that the official receiver or the court, as the case may be, grants the final approval for the creditors, whichever is the lower amount, but in any case not more than three million baht within six months from the effective date of the debt restructuring. * The remaining principal including interest, fine, fee and other expenses will be forgiven on the date that the court approves the plan. Group 8 Creditors: Pending Lawsuit Creditors * The Creditors will be paid the principal equal to 7.5% of the total principal without interest within six months from the effective date of the debt restructuring, or from the date the official receiver or the court, as the case may be, grants the final approval for the creditors for the creditors, whichever occurs later. * The remaining principal including interest, fine, fee and other expenses will be forgiven on the date the official receiver or the court grants the final approval for the creditors, whichever occurs later. Group 9 Creditors: Bank Guarantee Creditors * The debts under the applications for debt repayment filed by these creditors are payable is on the condition that NFC have no right for the repayment until the default occurring. * The creditors will be paid in full within six months after the date that the Plan Administrator or NFC, (as the case maybe), is notified according to evidence that such creditors can show and prove. The success of the plan During the period of fulfillment of the Plan, the Plan will be deemed successful when the following events have occurred: (1) NFC has completed the capital restructuring including receipt of payment of the share subscription price from the strategic partner pursuant to the conditions of the Plan. (2) NFC has repaid the debts to Group 1 and 2 Creditors pursuant to the conditions of the Plan. Please be advised accordingly Yours respectfully, Chamni Janchai C.J. Morgan Company Limited On behalf of the Plan Administrator of National Fertilize PCL. TANAYONG PCL: SET Waives Amendment to Auditor's Statement --------------------------------------------------------- This refers to "NP" (Notice Pending) sign, which has been posted against securities of Tanayong Public Company Limited (TYONG) since the second trading session on July 4, 2003 because auditor reported a disclaimer of opinion on audited financial statement as of March 31, 2003 and on November 18, 2003 as auditor stated his inability to reach any conclusion on company's second quarter financial statement as of September 30, 2003. The conclusion on the amendment of captioned financial statements is still pending. Presently, the Securities and Exchange Commission (SEC) has now informed the SET that it is not necessary to amend the above financial statements on the issues that the auditor has stated, therefore, NR (Notice Received) sign is posted on TYONG's securities on January 19, 2004 to announce that the SET received the aforementioned conclusion from the SEC. However, the SET has still suspended trading all securities of TYONG until the causes of delisting are eliminated. TPI POLENE: New Shares Fully Subscribed --------------------------------------- Investors gobbled up the 300 million shares of TPI Polene Plc on the first day of the public offer, Business Day said Monday. Sources say the strong demand was due to the attractive price of the shares, which were offered 26% lower than the market price. "We offered the PO shares through brokers and the response was very strong since the offered shares were fully subscribed on the first day," said a source at Tisco Securities Plc, the financial advisor and lead underwriter of the issue. The new shares will start trading on the equity market on January 27. Trading of the shares already in issue was expected to resume yesterday. The Business Day source, meanwhile, said the company will use the THB11 billion proceeds to buyback its debt at a discount. This confirms earlier pronouncements of TPI Polene CEO Prachai Leophairatana, who had said that the group intends to retire US$180 million of debt following the share offering. The company aims to bring down its debt to about US$500 million before seeking its restructuring, he said. The company's debts currently total a little over US$900 million, according to the report. A 49%-owned by Thai Petroleum Industry Plc, TPI Polene postponed this public offer twice in March and November last year, citing unfavorable equity market situations then. * BOND PRICING: For the week of January 19 - January 23, 2004 ------------------------------------------------------------- Issuer Coupon Maturity Price ----- ------ -------- ----- AUSTRALIA --------- Advantage Group 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 64 Australian Food & Fibre Ltd 4.000% 12/31/08 8 Bendigo Bank Ltd 8.000% 5/29/49 9 BIL Finance Ltd 8.000% 10/15/07 9 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 11 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 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 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% 3/15/10 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 8 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hutchison Telecoms Australia 5.500% 7/12/07 1 JB Were Capital Markets Ltd 8.750% 12/31/03 29 Macquarie Bank Ltd 1.800% 8/15/15 66 New South Wales Treasury Corporation 0.500% 2/16/10 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 9 Salomon Smith Barney Australia 4.250% 2/1/09 8 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 9 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- China Government Bond 2.900% 5/24/32 74 Teco Electric & Machinery Co Ltd 2.750% 4/15/04 74 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 68 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% 10/17/09 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% 2/25/08 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 6 Furqan Business Organisation 2.000% 12/19/05 1 Gadang Holdings Bhd 3.000% 10/21/07 3 Gadang Holdings Bhd 2.000% 12/24/08 2 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 LBS Bina Group Bhd 4.000% 12/31/08 1 Lingkaran Trans Kota Holdings 7.150% 10/23/10 10 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 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pahlawan Power 5.150% 1/31/05 10 Pantai Holdings 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 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 2 Wah Seong Corporation Bhd 3.000% 5/21/12 3 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 71 THAILAND -------- Bank of Asia PCL 3.750% 2/9/04 64 Bangkok Bank 4.589% 3/3/04 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, 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 ***