/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040121.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, January 21, 2004, Vol. 7, No. 14 Headlines A U S T R A L I A AMP LIMITED: HHG, Branson Nearing Deal on Virgin Money Stake BRAMBLES INDUSTRIES: Details Shareholding Structure HARTS AUSTRALASIA: Ex-director Faces Insider Trading Charges KAEFER TECHNOLOGIES: German Owner Takes Firm Private NATIONAL AUSTRALIA: Placed on Fitch's Rating Watch Negative NATIONAL INVESTMENT: Creditors Meeting Halted on Court's Order NOVUS PETROLEUM: CEO Part of Consortium Offering Alternative Bid NOVUS PETROLEUM: CEO Justifies Participation in Crosby Bid NOVUS PETROLEUM: Investors Uneasy about CEO-backed Rival Bid NOVUS PETROLEUM: Takeover Panel Asks For More Details from Medco C H I N A & H O N G K O N G HANDWELL DATA: Bank of China Initiates Winding up Proceedings INFOSOFT TECHNOLOGY: Wind-up Sought; Hearing Set February 11 KONSUN INTERNATIONAL: Faces Winding up Hearing in HK High Court SUPER CORPORATION: Winding up Hearing Set February 25 WINBELL DEVELOPMENT: Court Sets Winding up Hearing February 18 I N D O N E S I A MERPATI NUSANTARA: No More Delay in Privatization, Says Official * Audit of IBRA Begins; BPK to Focus on Performance J A P A N JAPAN AIRLINES: Enters Code-sharing Arrangement with Air Tahiti K O R E A DAEWOO MOTOR: Former Sales Unit Forecasts Strong 2004 Sales KIA MOTORS: Posts Strong Sales in Europe; Market Share Increases LG CARD: ABS Deal Still 'AAA' Despite Weakened Performance SK CORPORATION: SAM Junks Corporate Governance Guidelines M A L A Y S I A LION CORPORATION: Details Acceptance of LCB Shareholders UCP RESOURCES: Aborts Rights Issue Outlined in Rehab Plan P H I L I P P I N E S ATLAS CONSOLIDATED: Details Steps Taken to Make Equity Positive DMCI HOLDINGS: Disputes Article on Alleged Fraudulent Claims MANILA ELECTRIC: S&P Warns of Further Downgrade to 'SD' NATIONAL POWER: DM Consunji Group Corners Pinamucan Project NATIONAL POWER: Govt to Sell Napocor Bonds to Fund Budget Gap NATIONAL POWER: 14 Power Plants Sit on Unregistered Lands S I N G A P O R E KEPPEL CORPORATION: Corners US$126 Million Rig Project T H A I L A N D EMC CO.: Posts Details of Restricted Share Sale - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: HHG, Branson Nearing Deal on Virgin Money Stake ------------------------------------------------------------ The 50% shareholding of HHG Plc in Virgin Money may finally be sold within the next two weeks, a report by The Age seems to suggest. According to the paper, Sir Richard Branson, owner of the other half, is now willing to buy the stake, which had been for sale even before HHG was spun-off by AMP Limited last month. For more than a year, AMP tried to peddle the stake, but failed to get any serious interest. Only Mr. Branson, the other partner in the joint venture, had offered to buy back the share, although it was unclear how much money he was willing to offer. The Age says the Virgin Money stake is owned directly by Pearl, one of HHG's struggling life funds. "The sale may... be motivated by a desire to free up more capital and avoid more capital raisings," it said. Established in 1995, Virgin Money offers simple savings and investments products. In Australia, the group last year launched a low-rate credit card with Westpac, and has issued more than 200,000 cards, according to The Age. Asked to comment on the possible sale, Virgin Money's managing director in Australia, Rohan Gamble, said the matter was one for shareholders, but "the shareholding has no role in day-to-day management." British daily, The Guardian, said in a separate report an announcement on the sale is expected in the next fortnight. BRAMBLES INDUSTRIES: Details Shareholding Structure --------------------------------------------------- Brambles Industries Plc released Monday its latest shareholding structure. To view full copy of this document, click http://bankrupt.com/misc/brambles_industries.pdf HARTS AUSTRALASIA: Ex-director Faces Insider Trading Charges ------------------------------------------------------------ Maxwell John Sweetman, former Executive Director of Harts Australasia Limited (Harts Australasia), has appeared at committal proceedings in the Brisbane Magistrates Court on insider trading charges brought by the Australian Securities and Investments Commission (ASIC). Mr. Sweetman did not enter a plea to two counts of insider trading in the shares of the former publicly listed company and was committed to appear at the Brisbane District Court on a date to be fixed. Mr. Sweetman was responsible for the finance and administration related activities of Harts Australasia. ASIC alleges that Mr. Sweetman contravened the insider trading provisions of the Corporations Act when, on 8 and 9 January 2001, he sold Harts Australasia shares. On 25 January 2001, Harts Australasia announced to the Australian Stock Exchange (ASX) an anticipated loss before tax of $9.7 million. In early 2001, the Australian Stock Exchange (ASX) reported concerns about unusual trading in Harts Australasia Ltd shares to ASIC. In October 2001, ASIC successfully applied to the Federal Court of Australia to have liquidators appointed to Harts Australasia. The Commonwealth Director of Public Prosecutions is prosecuting the matter. ASIC's investigation into the collapse of Harts Australasia is continuing and no further comment will be made at this time. KAEFER TECHNOLOGIES: German Owner Takes Firm Private ---------------------------------------------------- Kaefer Technologies Limited (KAEFER) announced last Thursday (January 15, 2004) a proposal (the Proposal) under which KAEFER would undertake a selective reduction of capital pursuant to which all shares not already owned by KAEFER Isoliertechnik GmbH & Co. KG (KI) will be cancelled in return for a payment of 6 cents per KAEFER share. This cash payment will be funded by KI. The Proposal reflects a 27.5% premium on the volume weighted average KAEFER share price for the prior three months. If the Proposal is successfully implemented, KAEFER will become a wholly owned subsidiary of KI, which currently holds 32,969,124 shares or 60.17% of KAEFER. Further to the ASX announcements on August 28 and December 29, 2003 regarding KAEFER's profitability and long-term funding requirements, the Board has conducted a detailed review of the Company, its business and future capital requirements. The Company has succeeded in reducing losses in the six months to December 31, 2003 due to the successful completion of a major contract, but continues to incur operating losses. Projections for 2004 indicate that these losses will continue and in fact, increase if the Company continues to operate in its present format. The Company's working capital requirements have to date been provided for by KI in the form of bank and operating guarantees. The Company is unable to raise further capital without KI's support and they have indicated that they are unwilling to provide additional funding to the Company unless it is restructured and the costs reduced significantly. Elimination of the public company and its attendant costs are an essential part of this restructure. The Board and its advisors have explored extensively various proposals to restructure and have concluded that the Proposal to privatize the company provides the only opportunity to effectively secure value for minority shareholders, by allowing minority shareholders the opportunity to realize the value of their shares. The independent directors of KAEFER have closely considered the Proposal and believe it to be in the best interest of KAEFER minority shareholders. The independent directors will engage BDO Corporate Finance to prepare an independent expert report in relation to the Proposal. The independent expert's report will express an opinion whether the Proposal is fair and reasonable to KAEFER shareholders. The Proposal will be put to the minority shareholders at a general meeting, expected to be held in April 2004. KI will be excluded from voting at this meeting. Details of the Proposal, including the independent expert's report, the date of the general meeting and the process for voting will be mailed to all KAEFER shareholders in March 2004. This documentation will also be lodged with Australian Securities and Investments Commission and the Australian Stock Exchange. The independent directors of KAEFER are George Hogg (Chairman) and Gopala Krishnan. CONTACT: Level 5, The Victoria, 14-16 Victoria Avenue, Perth, Australia, 6000 Phone: 61 8 9224-4600 Fax: 61 8 9325-9288 NATIONAL AUSTRALIA: Placed on Fitch's Rating Watch Negative ----------------------------------------------------------- Fitch Ratings on Monday placed National Australia Bank's (NAB) ratings of 'AA' Long-term, 'F1+' Short-term, and 'A/B' Individual on Rating Watch Negative following Monday's announcement that NAB may incur further losses stemming from unauthorized trading in foreign currency options. The bank's Support rating is '2'. Based on present estimates, total losses are likely to be higher than the originally estimated AU$180 million, but precise numbers are still some days away. NAB's ratings will remain on Rating Watch Negative until the full financial impact of the losses and the underlying causes of the apparent failures in risk management can be determined. For more information, contact: John Miles or Andrew Smith (Brisbane) Phone: +617 3222 8600 Campbell McIlroy (Media Relations/London) Phone: +44 20 7417 4327 NATIONAL INVESTMENT: Creditors Meeting Halted on Court's Order -------------------------------------------------------------- The administrator of National Investment Institute Pty Ltd (NII), Andrew Hewitt, of Grant Thornton, did not seek a vote by creditors of NII on Henry Kaye's proposed deed of company arrangement (DOCA) at the Monday, 19 January 2004, meeting of creditors as a result of Federal Court orders last Friday. Following an urgent application by the Australian Securities and Investments Commission (ASIC), the Federal Court ordered Mr. Hewitt not to propose any resolution other than one to adjourn the scheduled creditors meeting to be held on Monday 19 January 2004 until 18 February 2004 (or such later date as the creditors may decide). Mr. Hewitt did not oppose the order. The creditors' meeting was scheduled to be held at 11 a.m. at the Arthur Streeton Auditrorium, Sofitel Hotel, Melbourne. The purpose of the meeting was to allow creditors to consider whether to accept a deed of company arrangement (DOCA) proposed by Mr. Kaye, the director of NII. Mr. Hewitt had recommended that creditors accept the proposed DOCA. The Federal Court order has the effect of stopping Mr. Kaye's proposed DOCA from being considered. ASIC considered that the administrator had not provided sufficient information in his report to creditors explaining NII's financial circumstances and Mr. Kaye's proposed DOCA. In particular, ASIC considered that the administrator's report did not: (a) Adequately set out the details of the DOCA proposed by Mr. Kaye as required by the Corporations Act; (b) Adequately report on whether NII may receive or be entitled to all or part of the proceeds of sale of a number of properties and developments owned by companies controlled by Mr. Kaye; (c) Indicate whether a claim by another company controlled by Mr. Kaye to have priority for a debt of $6.8 million was valid; (d) Adequately explain either the legality or effect of an agreement entered into two days prior to Mr. Hewitt's appointment as administrator of NII by which security over properties and developments owned by companies controlled by Mr. Kaye was granted to a third party. ASIC will continue to review further information that may be provided to creditors of NII, including any future reports on proposals for a DOCA. ASIC is also continuing to investigate the operations of NII and companies related to Mr. Kaye. ASIC's separate Federal Court application to have a receiver appointed to both Mr. Kaye and Property Corporate Services Pty Ltd is adjourned until 29 January 2004. NOVUS PETROLEUM: CEO Part of Consortium Offering Alternative Bid ---------------------------------------------------------------- Novus Petroleum Limited (Novus) has been notified that Crosby Capital Partners (Crosby) is launching an off-market takeover for Novus at AU$1.77 cash per share and that the Novus Chief Officer, Dr. Bob Williams, is part of the Crosby consortium. Since Medco announced its offer on December 22, 2003, Novus and its advisers have sought alternative proposals to maximize shareholders value. The Crosby consortium made the company aware of its proposal on January 17, 2004. As independent directors of Novus, Mr. David Blair (chairman), Mr. Steve Mann and Mr. James Hornabrook are pleased that an alternative proposal has been made to shareholders, but while a modest improvement on the Medco offer, believe that the Crosby offer does not take into account the underlying value of Novus. The independent directors have carefully considered the ongoing role of Bob Williams and have determined that he will no longer be involved in responding to any takeover offers for Novus. However, Bob Williams has been asked to remain as CEO to manage the day-to-day business of Novus as usual. The independent directors advise the shareholders to take no immediate action until further details are available. For further information please contact: David Blair (Chairman) Mike Sandy (Manager, Corporate Development) Elaine Connor (Company Secretary) Phone: 02 9248 0734 NOVUS PETROLEUM: CEO Justifies Participation in Crosby Bid ---------------------------------------------------------- Dr. Bob Williams, CEO of Novus Petroleum Limited (Novus), together with Hong Kong investment banking group Crosby Capital Partners (Crosby), through its wholly owned subsidiary Crosby Asset Management or its nominee, on Monday announced their intention to make an off-market takeover bid for all the shares in Novus. This Management Buyout Group (MBO Group) intends to make an off- market offer through a nominee company for all the ordinary shares of Novus at AU$1.77 cash per share which values Novus at AU$331 million on a fully diluted basis, assuming the exercise of all outstanding options. Dr. Bob Williams commented: "As part of the overall management effort in response to the unsolicited Medco offer received just before Christmas, the Board requested that I should seek alternative offers for Novus in order to maximize value for all of Novus' shareholders. Conversations with institutions and other shareholders since receipt of the Medco offer have indicated that they do not want to lose the opportunity to sell their Novus stock at a price well above its average for the last 12 months. However, the Medco offer is so highly conditional that there is a real risk that the bid will be unsuccessful, resulting in a collapse of the share price in the absence of a credible alternative bid. "In recent discussions I have been encouraged by Mitsui, Novus' major shareholder, to formulate a management-led bid as an alternative. Mitsui invested in Novus principally to establish a Strategic Alliance through which both companies would benefit by sharing certain resources. As a consequence, Mitsui made substantial investment in Novus and in joint venturing with Novus under the umbrella of the Strategic Alliance. I believe that the Strategic Alliance has delivered real benefits to both parties and it would be preserved in the event that Novus is acquired by the MBO Group. "With this background I am pleased to announce a management-led bid that, I believe, provides Novus' shareholders with a greater degree of certainty due to the limited conditions attached. "The independent directors have requested, and I of course have agreed, that I remain in my position of Chief Executive of Novus. However, I am no longer involved in board consideration of offers to Novus shareholders." To view full copy of this press release, click http://bankrupt.com/misc/novus_petroleum.pdf NOVUS PETROLEUM: Investors Uneasy about CEO-backed Rival Bid ------------------------------------------------------------ The Australian Shareholders' Association (ASA) and at least one institutional investor scored the AU$331 million joint bid of CEO Bob Williams and Crosby Capital Partners. They cited possible conflict of interest as reason for their objection. The Crosby offer, according to the West Australian, values Novus Petroleum at AU$1.77 a share, slightly above the AU$1.74-a-share hostile offer of Indonesian bidder, Medco Energi, which launched its bid on Christmas Eve. Investors, however, are not impressed. "Look, to put it delicately, there seems to be a bit of a conflict about asking your chief executive to go find a rival bidder and him coming back with his own offer," one fund manager holding Novus stock told The West Australian. In a separate interview, ASA deputy chairman, Stephen Matthews, said Dr. Williams' role as chief executive was a problem: "There is a conflict. Having the inside running and getting paid to do it is a concern, and it could also be perceived that it could restrict other offers coming in." Dr. Williams said he will leave the finding of rival bidders to investment bank Merrill Lynch and Novus' three remaining independent directors. "I cast my net very widely [when it came to finding other bidders]. From this point onwards, clearly I am restricted from the defense process," he told The West Australian. "There was nothing concrete before this, this process was happening in parallel with other opportunities we were trying to pursue." He said he had been in talks with Crosby for some weeks, but an offer only became a "bit more than a concept" on Saturday. He defended the bid as "fair" even though it is only marginally higher than the Indonesian bid he had previously described as too cheap. He claims to have the crucial backing of 13% shareholder, Mitsui of Japan, which could knock back either bid, both being conditional on 90 percent acceptances, according to the report. NOVUS PETROLEUM: Takeover Panel Asks For More Details from Medco ---------------------------------------------------------------- The Panel has concluded the proceeding held as a result of the application (the Application) made by Novus Petroleum Limited (NVS) on January 6, 2004 following acceptance by the Panel of undertakings to the Panel provided by Medco Energi (Australia) Pty Ltd. (Medco), which has made as off-market cash takeover bid for shares in NVS (the Bid). As noted in Panel Media Release TP 04/01, the Application alleged that unacceptable circumstances had arisen from Medco not disclosing in its bidder's statement its capacity or arrangements to refinance debt owed by Novus which would become repayable on a charge of control, from Medco not announcing whether it would declare the Bid free from the current condition relating to the level of make whole payments which may arise on that change of control (the Fee Condition) in light of the apparent likelihood that the Fee Condition would be triggered and from the inclusion of a brief summary of the report concerning Novus prepared for PT Medco Energi International TBK (Medco's holding company) (MEI) by Madani Securities, a summary of which (the Summary Madani Report), in Indonesian, accompanied MEI's circular to its shareholders concerning a resolution to be voted on at a general meeting of MEI relating to the approval of the Bid. Medco has undertaken: (a) In relation to the Summary Madani Report, to issue a supplementary bidder's statement, no later than January 23, 2004: (i) Offering to provide a hard copy of the short form of the Summary Madani Report in English translation to each NVS shareholder who requests it; and (ii) Including appropriate cautions (which must also accompany each copy of the Summary Madani Report provided) about the origin and nature of the report, which the Panel will settle with Medco; and (b) In relation to the refinancing of such of NVS' debt as must be repaid (together with interest, make whole payments etc.), to issue a supplementary bidder's statement concerning that debt promptly after it is provided with details of the amounts which must be paid and the terms of payment, including; (i) Any details of its new financing arrangements which would be material to a continuing shareholder in NVS, including indications of interest rates, terms, security and penal clauses on repayment; and (ii) If the terms of the refinancing are such that the net effect on NVS of the make whole payment and the refinancing is materially less than the 11 cents/share mentioned in Medco's announcement of December 24, 2003, the fact. The timing of this supplementary bidder's statement will depend on when NVS provides the necessary information, and the Panel accepts Medco's estimate that it may not be issued until the end of January. The Panel has indicated to NVS that its target's statement disclose sufficient details of all its debt which may become payable on a change of control and the timing and other terms of payment. The Panel considers this information to be material to shareholders in deciding whether to accept the Bid and that it would be unreasonable to require Medco to arrange their terms where those terms are not completely standardized. In light of the information available to the market and the Panel to date, the Panel considered that the fact that Medco has not announced a decision whether it will declare the Bid free from the Fee Condition has not yet given rise to unacceptable circumstances and is unlikely to do so. It notes that, offers having been dispatched by Medco, there are no special circumstances (like those considered by the Panel in BreakFree 04 and Breakfree 04K) which suggests a reason to disturb the statutory timetable for announcement of decisions concerning conditions set out in section 630 and 650f of the Corporations Act (which requires that to be done at least seven days before the end of the bid period). For more information, contact: George Durbridge Director, Takeovers Panel Level 47 Nauru House, 80 Collins Street Melbourne VIC 3000 Phone: +63 3 9655 3553 Email: george.durbridge@takeovers.gov.au ============================== C H I N A & H O N G K O N G ============================== HANDWELL DATA: 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 Handwell Data System Company 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 17, 2003. Gallant Y.T. Ho & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Gallant Y.T. Ho & Co., which holds office on the 4th Floor, Jardine House, No.1 Connaught Place, Central Hong Kong. INFOSOFT TECHNOLOGY: Wind-up Sought; Hearing Set February 11 ------------------------------------------------------------ The High Court of Hong Kong will hear on February 11, 2004 at 9:30 a.m. the petition seeking the winding up of Infosoft Technology (HK) Limited. Finedale Industries Limited of Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong filed the petition on December 5, 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. KONSUN INTERNATIONAL: Faces Winding up Hearing in HK High Court --------------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of Konsun International Limited. Wing Lung Bank Limited of 45 Des Voeux Road Central, Hong Kong filed the petition on November 19, 2003. Messrs. C.Y. Kwan & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Messrs. C.Y. Kwan & Co., which holds office at Room 1308, Prince's Building, 10 Chater Road, Central Hong Kong. SUPER CORPORATION: Winding up Hearing Set February 25 ----------------------------------------------------- The High Court of Hong Kong will hear on February 25, 2004 at 9:30 a.m. the petition seeking the winding up of Super Corporation Limited. Cheong Ming Investment Company Limited of Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong filed the petition on December 15, 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. WINBELL DEVELOPMENT: Court Sets Winding up Hearing 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 Winbell Development 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. 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. ================= I N D O N E S I A ================= MERPATI NUSANTARA: No More Delay in Privatization, Says Official ---------------------------------------------------------------- The government will not postpone the privatization of Merpati Nusantara Airlines amidst speculations that investors might price the carrier lower due to the uncertainty brought by the upcoming general elections. "There is no other way; the privatization has to be done as soon as possible to help it cope with tough challenges in the industry," The Jakarta Post quoted State Minister for State Enterprises Laksamana Sukardi on Monday during a signing ceremony between Merpati and local governments in Kalimantan. Mr. Laksamana said private investors would make Merpati better equipped to compete in the market that has seen several shocks in recent years, beginning with the September 11 attacks in the U.S. "That's why we need to find investors soon that are credible, willing to inject capital into the company and to improve the company's performance. This will, in the end, increase tax revenues," Mr. Laksamana was further quoted as saying. Merpati is among 14 state-owned companies up for sale this year under the government's privatization program. Proceeds from the sale is expected to reach IDR5 trillion, which will be use to bridge the government's estimated IDR24.4 trillion budget gap. "Selling a majority in Merpati would allow the government to procure a premium fee in addition to proceeds derived from the sale-per-share price," The Jakarta Post said. The agreement signed between Merpati and the four provincial administrations in Kalimantan on Monday is aimed at setting up a new joint airline, the Kalimantan Air Service, according to the report. Under this agreement, the new airline will use Merpati planes and flight personnel while the local governments would subsidize the fares. Merpati can also operate aircraft purchased by the provinces. The company has a fleet of 42 airplanes servicing 250 routes and 250 daily flights, the paper said. * Audit of IBRA Begins; BPK to Focus on Performance --------------------------------------------------- The Supreme Audit Agency (BPK) has started its audit of the Indonesian Bank Restructuring Agency, which the government intends to disband by February 27 as planned. "We'll look into matters such as whether those ailing banks have all recovered and whether they'll survive without IBRA in the future," BPK chief, Satrio B. Judono, told The Jakarta Post in a recent interview. IBRA was established in 1998 to clean up the banking sector, which was saddled with huge debts following the 1998 financial crisis, and to restore ailing or insolvent banks to health. Over the years, it has taken over a number of banks, but critics believe it has largely failed to carry out its mandate. "Although many of the 'IBRA banks' have started making profits again last year, critics say... these profits came largely from interest revenue paid on the government bonds held by the banks, rather than from lending operations," The Jakarta Post says. BPK has pledged to focus its audit on the agency's performance over the years. ========= J A P A N ========= JAPAN AIRLINES: Enters Code-sharing Arrangement with Air Tahiti --------------------------------------------------------------- Beginning April 20, Japan Airlines and Air Tahiti Nui Inc. will jointly operate the flights to and from Japan and Tahiti, according to Japan Today. The arrangement was formalized recently in a code-sharing agreement signed recently. Under the deal, both airlines will operate three round-trip flights a week between Narita and Papeete, the capital of French Polynesia, and will utilize Air Tahiti Nui's A340 aircraft, each of which seats 294 passengers, Japan Airlines said Monday. The pact still needs the approval of aviation authorities. ========= K O R E A ========= DAEWOO MOTOR: Former Sales Unit Forecasts Strong 2004 Sales ----------------------------------------------------------- Daewoo Motor Sales Co. (DMC), the former domestic sales unit of bankrupt Daewoo Motor Co., raised its sales target for the year to 17.9%, The Korea Herald said over the weekend. The company, now independent from the GM Daewoo Auto & Technology Co. -- the company that emerged following the takeover of the local carmaker by General Motors in November 2002 -- aims to sell 212,450 vehicles domestically in 2004. These include 150,000 cars made by GM Daewoo Auto & Technology Co., 53,550 vehicles manufactured by Ssangyong Motor Co., 8,000 Daewoo Bus Corp. buses and Daewoo Commercial Vehicle Co. trucks, and 900 imported General Motors Corp. cars. "As a company specializing in the sale of five automakers' vehicles, Daewoo Motor Sales will focus on providing the best service for customers by establishing a total service system," Lee Dong-ho, DMC president and chief executive, said during a meeting with the company's nationwide dealers. Aside from DMC, other carmakers are also raising their domestic sales target this year. Earlier this month, according to the paper, Hyundai Motor Co. forecasted 710,000 units, up 13 percent from its 2003 sales. Kia Motors Corp., a Hyundai affiliate, aims to sell 415,000 vehicles, up from 313,330 units last year. Renault Samsung Motors Corp. plans to sell 120,000 units domestically, up from 110,249 units sold in 2003. KIA MOTORS: Posts Strong Sales in Europe; Market Share Increases ---------------------------------------------------------------- Kia Motors boasted Monday its share market in the European Union had increased to .8% last year, up from .5% a year ago. The Association des Constructeurs Europeens d' Automobiles (ACEA), an association of European automobile manufacturers, said Kia was biggest gainer in the continent last year, selling 107,631 vehicles, up 48.4% from the previous year. Matsuda came second with sales rising 30.4% in 2003. Kia Motor officials told Maeil Business Newspaper the increase in sales was in contrast to the overall market decline of 1.3%. The company plans to sell 240,000 units in Europe this year and increase its market share to 2% in 2005. In July 2003, Standard & Poor's Ratings Services upgraded its long-term credit rating on Kia Motors Corp. to 'BB+' from 'BB'. The outlook on the rating is positive. According to the rating agency, "the positive outlook... reflect[s] the likelihood of improvement in the credit quality of the compan[y] over the next few years." LG CARD: ABS Deal Still 'AAA' Despite Weakened Performance ---------------------------------------------------------- Standard & Poor's Ratings Services said in a new report released Monday that it maintained its 'AAA' rating on a securitization of credit card receivables originated by LG Card Co. Ltd., despite the financial troubles besetting the card company, and the resulting deterioration in the transaction's asset performance. Credipia 2001 Ltd.'s (LG Credipia) US$500 million floating-rate guaranteed notes due December 2007 were originally rated 'AAA' by Standard & Poor's in December 2001. The notes are ultimately backed by a pool of Korean won-denominated credit card receivables originated by LG Card, one of Korea's largest card issuers, and carry a surety bond provided by Financial Security Assurance Inc. (FSA; AAA/Stable/--). Concerns over the credit quality of asset-backed securities supported by domestic credit card receivables have heightened as conditions in Korea's credit card industry have deteriorated. However, despite LG Card's financial difficulties and Korea's weakening credit card industry, Standard & Poor's believes no rating action on the transaction will be required at this point. This conclusion is supported by the following reasons: (a) LG Card took measures to strengthen the transaction by various means in the middle of 2003. These consisted of depositing cash into the yield reserve account, increasing the over-collateralization level by 3%, and replacing ineligible receivables with new, eligible ones. Most recently, as of January 2004, LG Credipia has accumulated cash totaling US$232 million. (b) In view of the payment rate in excess of 55%, it is expected that even if an early amortization event occurs, the transaction will accumulate cash and should be able to repay interest and principal in a timely manner. Ultimately, whether or not the payment rates are affected, investors will look to the surety bond issued by FSA. (c) FSA provides an unconditional and irrevocable guarantee to cover shortfalls in interest and principal payments. The 'AAA' rating on the transaction is linked to the issuer rating of FSA. Standard & Poor's has maintained close surveillance of the LG Credipia transaction since closing. The asset pool has deteriorated, and were it not for the consent granted by FSA, the guarantor and controlling beneficiary, the transaction would have triggered early amortization events some time ago. Standard & Poor's will review the performance of the transaction by examining trends in key ratios and how they measure up against the early amortization triggers. SK CORPORATION: SAM Junks Corporate Governance Guidelines --------------------------------------------------------- SK Corporation and its second-largest shareholder, Sovereign Asset Management, are heading towards a likely face off, according to an official who acted as arbitrator between them on Monday. "We've conveyed our version of a draft to improve SK Corp's corporate governance to Sovereign and the oil refiner's management and creditors, but Sovereign refused it," Yonhap News quoted Jang Ha-sung of the People's Solidarity for Participatory Democracy, a leading civic organization, during a news conference. Standard and Poor's Ratings Services recently affirmed its 'BB+' long-term local currency and foreign currency corporate credit ratings on SK Corporation. The rating was removed from CreditWatch where it was placed on March 13, 2003, following the revelation of accounting fraud at SK Networks Co. (formerly SK Global), the trading unit of the SK group. The outlook on the rating was negative. =============== M A L A Y S I A =============== LION CORPORATION: Details Acceptance of LCB Shareholders -------------------------------------------------------- Renounceable restricted offer for sale (ROFS) by Amsteel Corporation Berhad and its wholly owned subsidiary companies, Angkasa Marketing (Singapore) Pte Ltd and Umatrac Enterprises Sdn Bhd (Offerors) of 209,701,572 ordinary shares of RM1.00 each in Lion Corporation Berhad (LCB) (ROFS Shares) to the eligible shareholders of LCB at the offer price of RM1.00 per ROFS share payable in full upon acceptance, on the basis of 9 ROFS Shares for every 10 LCB shares held at 5.00 p.m. on 15 December 2003 We refer to the Offer Circular dated 22 December 2003 for the ROFS (Offer Circular), the Supplemental Document to the Offer Circular dated 29 December 2003 and the announcements dated 23 December 2003, 12 January 2004 and 14 January 2004. It is hereby announced that the details of acceptance by the eligible shareholders of LCB received as at the close of acceptance and payment for the ROFS at 5.00 p.m. on 16 January 2004 are set out below: No. of ROFS Shares % Acceptances 133,373 0.064 Non-acceptances 209,568,199 99.936 Total available for acceptances 209,701,572 100.00 This announcement is dated 19 January 2004. UCP RESOURCES: Aborts Rights Issue Outlined in Rehab Plan --------------------------------------------------------- UPC Resources issued the following announcement: Reference: (a) Proposed Share Exchange (b) Proposed Debt Settlement (c) Proposed Acquisitions (d) Proposed Placement (e) Proposed Transfer of Listing (f) Proposed Liquidation (g) Proposed Exemption (h) Proposed Capitalization of JMR Conglomeration Bhd (formerly known as Goldenseal Resources Sdn Bhd) Advances (i) Proposed Disposal of JCB Shares to JMR Consolidated Holdings Sdn Bhd (formerly known as Synergy Harvest Sdn Bhd) (collectively referred to as the "Proposed Corporate and Debt Restructuring Scheme") For consistency, the abbreviation used throughout this announcement shall have the same meaning as previously defined in UCP's announcements dated October 29, 2002, December 31, 2002, January 16, 2003 and August 15, 2003. On 14 January 2004, Public Merchant Bank Berhad (PMBB) had, on behalf of the Board of Directors of UCP (Board), announced that UCP and JMR Conglomeration Berhad (formerly known as Goldenseal Resources Sdn Bhd) (JCB) have mutually decided to abort the Proposed Rights Issue. PMBB, on behalf of the Board, wishes to announce that the decision to abort the Proposed Rights Issue was made after taking into consideration the following: (i) After further review by the management of JCB, they are in the opinion that the funding requirements of the JCB Group upon completion of the Proposed Corporate and Debt Restructuring Scheme will be sufficient without the Proposed Rights Issue; and (ii) To expedite the implementation of the Proposed Corporate and Debt Restructuring Scheme. This announcement is dated 19 January 2004. ===================== P H I L I P P I N E S ===================== ATLAS CONSOLIDATED: Details Steps Taken to Make Equity Positive --------------------------------------------------------------- This in 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 Pursuant to the aforementioned guidelines, a listed company may be considered delisting if its 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 said guidelines. In relation thereto, Atlas Consolidated Mining and Development Corporation ("AT") submitted the attached disclosure dated January 15, 2004 with respect to its plan of activities to be undertaken to bring the stockholders' equity from negative to positive. We shall inform the Trading Participants and the investing public of further developments on the aforementioned matter. For your information. Jose G. Cervantes Senior Vice President, Philippine Stock Exchange To view full copy of this press release, click http://bankrupt.com/misc/atlasconsolidated.pdf DMCI HOLDINGS: Disputes Article on Alleged Fraudulent Claims ------------------------------------------------------------ This in reference to the news article entitled "DMCI, creditors fight" published in the January 19, 2004 issue of the BusinessWorld (Internet Edition). The article reported that: "DM Consunji, Inc. (DMCI) accused of making fictitious claims against its own subsidiary, Universal Rightfield Property Holdings, Inc. for over PHP480 million. Creditors of Universal Rightfield last week argued before a Mandaluyong trial court that DMCI made it appear as if its own subsidiary owed it nearly half a billion pesos so it could justify its call for the firm's rehabilitation. But creditors said the rehabilitation petition should be dismissed since universal did not owe its mother company. Instead, they said, debt-saddled Universal Rightfield should be immediately placed under receivership to prevent the further dissipation of its assets. "DMCI does not have any liability to related parties nor a PhP480.5-million receivable from [Universal Rightfield] as reflected in both [their] financial statements filed with the Securities and Exchange Commission and the Philippines Stock Exchange, and as audited by SyCip, Gorres, Velayo and Co.," said lawyer Maricel Lopez, who represents a group of Universal Rightfield creditors, handles the multibillion peso estafa suit against four Consunji firms -- including Universal Rightfield -- and their officers for allegedly defrauding stockholders of Universal Leisure Club, Inc. The club is also a DMCI subsidiary. It sold club shares to investors at PhP1 million apiece in the late 1990s but failed to deliver on promised amenities. x x x" DMCI Holdings, Inc. ("DMC" or the "Company"), in its letter dated January 19 2004, contains the following clarification: "We would like to clarify statements presented in the above- mentioned article, which states that DMCI 2002 balance sheet showed it did not have any trade and other receivables from related parties. Please be informed that DMCI Holdings Inc. (the listed Parent Company of DMCI) reported receivables from related parties as of December 31, 2002 in the aggregate amount of approximately PHP1.2 billion. "It was disclosed that these related party receivables included DMCI Receivables from Universal Rightfield amounting to P595- million, which included PHP512-million as trade construction receivables (see Annex A, Note 4 of Notes to Financial Statements as filed by DMCI Holdings, Inc in its 2002 Annual Report-SEC Form 17-A). Moreover, contrary to the statements in the article, the DMCI 2002 Audited Financial Statements also confirmed the amounts disclosed to its parent company DMCI Holdings, Inc. (see Annex B, Note 4 of Noted to Financial Statements of DMCI for 2002)." For your information: Jose G. Cervantes, Senior Vice-President To view full copy of this press release, click http://bankrupt.com/misc/dmci.pdf MANILA ELECTRIC: S&P Warns of Further Downgrade to 'SD' ------------------------------------------------------- Standard & Poor's Ratings Services said yesterday it is awaiting the outcome of the Philippines' Manila Electric Co. Ltd.'s (Meralco, CC/Negative/--) negotiations with its bankers for deferment of its PHP4.7 billion (US$88 million) short-term debt, that falls due on January 21, 2004. Meralco is in advanced stage of negotiations with its lenders, and an agreement is likely to be signed by the end of January 21. However, if the lenders do not agree to a deferment, Meralco is likely to face severe difficulties in making this payment given its very strained liquidity. In a recent judgment, the Supreme Court has suspended a 12-centavo per kilowatt-hour provisional increase in tariff that was awarded to Meralco by the electricity regulator. This has hampered Meralco's plans for refinancing its debt, which would have eased its liquidity problems in the short term. Standard & Poor's 'CC' long-term rating on Meralco indicates that it is currently highly vulnerable to nonpayment of its financial commitments in a timely manner. In the absence of a rollover, Meralco's failure to repay its short-term debt on Jan. 21 is likely to cause lowering of its rating to 'SD' (Selective Default). NATIONAL POWER: DM Consunji Group Corners Pinamucan Project ----------------------------------------------------------- Soon-to-be privatized National Power Corporation has picked a consortium led by DM Consunji Inc. to undertake the transfer of the 110-megawatt Pinamucan diesel power plant to Dingle, Iloilo province. According to AFX-Asia, the consortium offered the lowest bid of PHP629.5 million for the project in Napocor's third public bidding. Napocor has earmarked PHP660.1 million to fund the facility's transfer, which will take 10 months to complete and is intended to prevent power shortage in the Visayas. DM Consunji is a subsidiary of listed DMCI Holdings Inc. Other members of the consortium are Bendimil Construction & Development Corp, Alsons Power Holdings Corp, and Home Construction, Inc. NATIONAL POWER: Govt to Sell Napocor Bonds to Fund Budget Gap ------------------------------------------------------------- The central bank has approved the Department of Finance's plan to sell another US$400 million worth of Napocor bonds to bridge the government's funding gap for the year, the Philippine Daily Inquirer learned recently. These bonds are among the US$1 billion worth of bonds issued by the National Power Corporation (Napocor) in exchange for the dollars the government had raised on its behalf. It issued the bonds in early 2003 after the government sold US$500 million worth of 10-year global bonds and relent half to Napocor. The government again sold US$750 million worth of similarly dated bonds in July last year and lent the entire proceeds to the state-owned power generator. Last December the government sold US$100 million worth of Napocor bonds to beef up the state coffers, the report said. According to Finance Secretary Juanita Amatong, the government has a US$750 million hole on its US$1.8 billion funding requirements for the year. The finance department has already asked investment banks to submit underwriting proposals for US$200 million worth of short-term borrowings to settle maturing zero coupon bonds of the same amount, she said. Currently undertaking a privatization program, Napocor is expected to need US$1.2-2.0 billion this year, according to the report. "Given the difficulty Napocor has in borrowing for itself, the national government may end up raising most of Napocor's requirement, on top of completing its own requirements," the Philippine Daily Inquirer said. NATIONAL POWER: 14 Power Plants Sit on Unregistered Lands --------------------------------------------------------- The privatization of state-owned National Power Corporation (Napocor) could be delayed after it emerged that 14 of its power plants had no title to the lands they are sitting on. The Department of Environment and Natural Resources, according to the Manila Times, has disclosed that Napocor had only asked for assistance in titling the land recently and upon orders of President Gloria Arroyo. "The fact that these power plants have no land titles yet is considered a big hurdle in the privatization of Napocor's assets. The privatization of Napocor is mandated under Republic Act No. 9136, otherwise known as the Electric Power Industry Reform Act," The Manila Times said. The environment department identified the 14 power plants as: (1) Barit Hydroelectric Power Plant in Buhi, Camarines Sur, which occupies 221 hectares; (2) Batangas Coal-Fired Thermal Power Plant in Calaca, Batangas, which occupies 175.4 hectares; (3) Angata Hydro-Electirc Power Plant in Norzagaray, which occupies 73.08 hectares; (4) Amlan Hydroelectric Power Plant in Amland, Negros Oriental, which occupies 31.1 hectares; (5) Pantabangan Hydro-Electric Plant in Nueva Ecija, which occupies 8.46 hectares; (6) Masi-way Hydroelectric Plant in Nueva Ecija, which occupies 3.13 hectares; (7) Cauayan Hydroelectric Power Plant in Guinlajon, Sorsogon City, which occupies 4.6 hectares; (8) Bacon-Manito Geothermal Plant in Sorsogon and Albay, which occupies 17.95 hectares; (9) Cebu Diesel Power Plant in Toledo City, which occupies 12.93 hectares; (10) Naga Thermal Power Plant in Naga, Cebu, which occupies 27.63 hectares; (11) Loboc Hydroelectric Power Plant in Loboc, Bohol, which occupies 1.38 hectares; (12) Tongonan Geothermal Power Plant in Kananga, Leyte, which occupies 140.3 square meters; (13) Palaimpinon Geothermal Power Plant in Valencia, Negros Oriental, which occupies 9.5 hectares; and (14) Talomo Hydroelectric Power Plant in Davao City, which occupies 29.87 hectares. ================= S I N G A P O R E ================= KEPPEL CORPORATION: Corners US$126 Million Rig Project ------------------------------------------------------ Keppel FELS Limited (KFELS) has signed an agreement with a wholly owned subsidiary of the Skeie Group AS of Norway to build a rig for US$126 million. To effect this agreement, financing for the construction of the rig must be completed by 16 February 2004. Construction of the rig is expected to be around 26 months. The rig to be built is a Keppel FELS MOD V B class enhanced jackup capable of operating in water depths of up to 350 feet and deep drilling of down to 35,000 feet. The owner has an option to order within the next 6 months an additional unit with the same technical specification as the first unit with price adjustment for currency fluctuations. KFELS is the world leader in the design and construction of jack-up rigs, having built 60% of the world's fleet on order in the last decade. It is a wholly owned subsidiary of Singapore- listed Keppel Corporation Limited, through Keppel Offshore & Marine Limited. Involved primarily in investments relating to the offshore industry, Skeie Group SA is a private company owned by the Skeie family. For further information, contact: Sarah Seah Deputy General Manager Group Corporate Communications Keppel Corporation Limited Tel: (65) 6413 6420 Email: sarah.seah@kepcorp.com =============== T H A I L A N D =============== EMC CO.: Posts Details of Restricted Share Sale ----------------------------------------------- EMC Power Co., Ltd., as the Plans Administrator of EMC Co., Ltd. (Public), has proposed to sell their shares to other people in a restricted basis at the quantity of 230,000,000 shares and par value of 1 Baht per share, whereby the price has been duly approved by the Central Court of Bankruptcy in pursuance to the Business Restructuring Plan, and the company has duly reported the said information in its Capital Increase Report 53-4. The company hereby gives additional data of the people on restricted basis as follows: Group 1: Khun Suthisak Lohswasdi Education: WorThor.Bor. (Kasethsart University) Training: College of Kingdom Defense, Private Business Branch, Group 4414 (Year 2002) - Korea Development Bank - Industrial Bank of Japan - Asian Institute of Management, Philippines. Work: Assistant to General Manager at Bangkok Bank Co., Ltd. (Public) - responsible for Industrial Credits and Construction Credits in the lines of Special Credits during 1995-2002. Owing to his long experience in the financial field, and also being an expert in the fields of industry and construction, and whereas our company in the process of development and improvement to achieving the former front line position, is searching for people of extensive knowledge, skills and experience in the fields of financial management, financial planning and capable of seeking out the sources of financial supports; as such our company trusts that Khun Suthisak Lohswasdi has possesses the required work experience to motivate our business status up to the normal profitable level, and able to redeem the financial situation from crises to once again making income for the company. Group 2: Khun Sunee Sornchaitanasuk Education: Master Degree in Industrial Business Branch from King Mongkut Institute of Technology Phanakhon Nua Master Degree and Bachelor Degree in Accounting from Thammasart University. Work: Managing Director, DEMED Audio Centre Co. Ltd. Managing Director, DUSITMED Co., Ltd. Deputy CEO, Thai Shinnawatra Co., Ltd. CEO, Affiliate Company (Thai Shinnawatra Co., Ltd.) Director, Chiangmai Thai Silk Co., Ltd. Senior Manager - Author Andersen Co., Ltd. Special Instructor for government & private universities Member, Subcommittee (Information Relations, Subcommittee of secretarial Section) Member, Subcommittee of Standard Auditor, Licenses Accounts & Auditor Association of Thailand. President of Thammasart University's Bachelor Auditor Club Special Lecturer of Commercial Registration Office (Kor.Bor.Chor.) Owing to her extensive experience in setting up Marketing Plans whereby she had secured numerous contracts which served as essential sources of incomes for our company and supported its survival through the years of financial crises until the presence; the company fully realizing Khun Sunee Sornchaitanasuk as a person of excellent knowledge, highly proficient, and skillful in setting-up marketing plans; and has a profound understanding of customers' requirements, highly capable at motivating clients' choices, and help to determined Tender award. The company has strong confidence in Khun Sunee Sornchaitanasuk as a proficient person in setting up marketing plans, and also an able executive to successfully manage the marketing strategies and build-up high earning power to benefit the company's future stability. Group 3: Khun Prasert Kasamekomes Education: Bachelor Degree from Phra Mongkut Institute of Technology Thonburi Curriculum of Kingdom Defense Government Sectors and Private Sectors, College of Kingdom Defense- Institute of Kingdom Defense Technology (Wor.Por.Ror.Or. 4515) Curriculum of Real Estate Management Strategies During Crisis Housing Branch Architectural Faculty of Chulalongkorn University Curriculum of construction and management, etc. Work: Director of Unimex Co., Ltd., engaged in the business of Electrical and Public Sanitary Systems Managing Director of Bonvista Land Development Co., Ltd., engaged in the businesses of Real Estates, Bonvista Projects in Soi Thonglor, Water Ford Condominium Project. Managing Director, Nema Engineering Co., Ltd. engaged in the business of Contractor. Managing Director, Frame Technique Co., Ltd., engaged in the business of design and installation of fire protection system. Managing Director, Power Line Co., Ltd. engaged in the business of electrical, public sanitary, and air conditioning systems Managing Director, Park Hill Realty Co., Ltd. engaged in the business of real estates development Advisor for the Science & Environment Commissioners Advisor for the Parliament's Sports Commissioner Director of the Real Estates Association of Thailand Director of the Condominium Association of Thailand His extensive experience in construction and real estate development is what our company is searching for. We required people of excellent knowledge and skills in the construction development industry to assist the company's work related to government and private sectors, and also assist to earn higher incomes. The company has realized in Khun Prasert Kasamekomes as the person of excellent knowledge and skills in real estates development and thus highly suitable to provide work plans, administration, supervisions to assuring that the company could deal proficiently with customers, gaining confidence of every project's proprietor, and able to increase work loads, increases incomes, and promote the company's good reputation. Group 4: Khun Komol Wongpornpenpap Education: Bachelor Degree in Engineering Faculty, Electrical Branch of King Monkut Institute of Technology Thon Buri Work: President of EMC Co., Ltd. (Public) Managing Director, BIP Engineering & Construction Co., Ltd., Hydrotek Co., Ltd., Sahakarn Engineering Co., Ltd., IEOM Co., Ltd., K.S.S. Construction Co., Ltd., K.S.S. Engineering & Construction Co., Ltd. engaged in the business of electrical and mechanical engineering. From the past until the presence, our company has encountered many crises, but we have successfully fought through and able to continue our business until now, and today we have almost reaching a normal situation. All these were owing to the efficient management of Khun Komol Wongpornpenpap who has applied his excellent knowledge, experience, and visions for our survival throughout the difficult period. We have realized Khun Komol Wongpornpenpap as a unique person in the executive team, as well as an excellent planner, policy builder, and a proficient administrator whom the company strongly required to continue manage our business. In addition to this, we also recognize Khun Komol Wongpornpenpap, as a person of profound knowledge and extensive experience in engineering industry, which is our main business line. As a result of his ability, our customers put-up strong confidence in our operation capability and efficiency, and thus serves as solid ground for our future development. From the experience and professional ability including the skills in each professional line of the investment experts who will join our company in the near future, and including our present Directors, Khun Komol Wongpornpenpap, an expert in engineering who has encountered our problems and successfully solved them until the presence, and will proceed to lead our team forward to achieve an even higher administrative proficiency. Please be advised accordingly. Yours faithfully, Komol Wongpornpenpap Smai Leesakul Directors EMC Power Company Limited Acting as a Plan Preparer of EMC Public Company Limited CONTACT: Rasa Tower, Floor 22, 555 Phaholyothin Road, Chatu Chak Bangkok Phone: 0-2937-0333 Fax: 0-2937-0329 ********* 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. 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