/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040129.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, January 29, 2004, Vol. 7, No. 20 Headlines A U S T R A L I A NATIONAL AUSTRALIA: Unveils Employee's Incentive Scheme NATIONAL AUSTRALIA: Labor Union Meets With Executives NATIONAL AUSTRALIA: Currency Probe Widens NATIONAL AUSTRALIA: Knew Traders 'Were Over Limits' NATIONAL AUSTRALIA: Moody's Affirm Ratings NATIONAL AUSTRALIA: Books US$251M Profit From Sale VILLAGE ROADSHOW: Falls After Buyback Flop VILLAGE ROADSHOW: Seeks Advice on Overseas Shareholders C H I N A & H O N G K O N G ASAT HOLDINGS: S&P Revises Rating Outlook to Stable I N D O N E S I A BANK LIPPO: IBRA May Sell 52.05% Stake to Swissasia Global J A P A N JAPAN AIRLINES: R&I Assigns BBB Rating MITSUBISHI MOTORS: Unveils 2003 Worldwide Production Results MITSUBISHI MOTORS: Plans to Sell Cars in Iraq SEVEN INDUSTRIES: JCR Affirms BB+ Rating SUMITOMO HEAVY: JCR Upgrades Rating to BBB TOSHIBA CORPORATION: Dissolves A&T Battery Corporation K O R E A HANARO TELECOM: Unveils December 2003 Subscriber Numbers HYNIX SEMICONDUCTOR: Expects Share Prices to Increase KUMGANG KOREA: S&P Downgrades Rating to BBB- SSANGYONG MOTOR: Workers Angered Over Sale to Blue Star M A L A Y S I A CREST PETROLEUM: EGM Set for February 19 EMICO HOLDINGS: SC OKs Restructuring Scheme Proposal PARK MAY: Securities Exchange OKs Regularization Plan Extension TENAGA NASIONAL: Posts 1Q03 RM26.4M Net Loss P H I L I P P I N E S MANILA ELECTRIC: Shares Up After Court Hearing on Rate Hike MUSIC CORPORATION: PSE Freezes Shares Trading NATIONAL POWER: To Bid Out $54M in Coal Supply Contracts PHILIPPINE LONG: Declares Cash Dividends on Preferred Shares PHILIPPINE LONG: Moody's Upgrades Rating to Ba2 UNIVERSAL RIGHTFIELD: Clarifies "Consunji Loses License" Report * Moody's Downgrades Seven Philippine Banks' Ratings S I N G A P O R E CHARTERED SEMICONDUCTOR: Expects 4Q03 US$44.7M Net Loss ECON CORPORATION: Issues Judicial Management Petition Notice FENGMEI BUILLDERS: Releases Winding Up Order Notice GOLDEN JUPITER: Issues Debt Claim Notice to Creditors GOLDEN RUBY: Creditors Must Submit Claims by February 9 POWER LAND: Releases Winding Up Order Notice TRANS-UNITED CORP.: Issues Judicial Management Order Notice T H A I L A N D Thai Petroleum: Administrators Deny Talks With PTT, SCC - - - - - - - - ================= A U S T R A L I A ================= NATIONAL AUSTRALIA: Unveils Employee's Incentive Scheme ------------------------------------------------------- The National Australia Bank is issuing the following statement to the Australian Stock Exchange to clarify issues raised at an open analyst briefing recently about the pricing of its EVA share offer, 'at risk' shares, options and performance rights for staff. As planned, the National will shortly lodge an Appendix 3B New issue announcement, application for quotation of additional securities and agreement with the Australian Stock Exchange. This application will include the listing of additional EVA shares and 'At Risk' shares allotted to staff on Friday January 16, 2004. The pricing period for such employee incentives was set last year and was conducted during the week ended January 16, 2004. The issue price was $0.25 per share. Such allotments did not include the allotment of shares or the granting of options or performance rights to the two Executive Directors or any operational and risk management staff associated with the unauthorized foreign currency options trading. To avoid any potential conflict, the Board has deferred such allotment and grants pending the outcome of its independent investigation. For further information please contact: Robert Hadler General Manager Group Corporate Affairs Phone: 03 8641 3876 Mobile: 0404 805 675 Brandon Phillips Group Manager Group Corporate Relations Phone: 03 8641 3857 Mobile: 0419 369 058 Or visit http://www.nabgroup.com NATIONAL AUSTRALIA: Labor Union Meets With Executives ----------------------------------------------------- Union bosses will meet with National Australia Bank executives in Melbourne in a bid to seek a guarantee that no jobs will be lost following the multi-million trading loss scandal, according to The Sydney Morning Herald. The bank confirmed the currency losses are expected to amount to a pre-tax loss of $360 million - double the original estimate. It also announced it had sold major share holdings in three companies, including AMP and St George Bank. According to Mr. Rod Massen, Finance Sector Union (FSU) that they want an assurance that no jobs will be lost as a result of the trading scandal, and secondly, we want to know how the culture of performance pay and bonuses contributed to the situation. "Hopefully, after the meeting we will be in a better position to know how this will affect bank staff." NATIONAL AUSTRALIA: Currency Probe Widens ----------------------------------------- The National Australia Bank (NAB) has long been investigating trading in foreign currency options since October last year. NAB Chief Executive Officer Frank Cicutto declined to rule out the possibility of further losses, given that many of the currency contracts are still alive. According to the Age, his comments came after the bank told the market the loss arising from unauthorized trading was $360 million - $185 million from fictitious trades and the balance from a conservative revaluation of its options portfolio. However, the bank losses would not affect dividends this year, and added that the interim dividend would be fully franked. The bank covered the losses by selling out of AMP and its offshoot, HHG, and placing its 8 per cent stake in rival St George Bank on the market - moves that will create more than $400 million in profit. Mr. Cicutto said that the bank had worked as quickly as possible to identify all of the losses arising from the foreign currency options trading accurately. NATIONAL AUSTRALIA: Knew Traders 'Were Over Limits' --------------------------------------------------- According to The Age, one of the rogue currency traders at the center of National Australia Bank's $360 million foreign currency trading loss said the bank was aware they were trading above limits. " The bank was aware the traders were outside trading limits and did nothing'" said Mr. David Bullen, a suspended NAB currency trader in an interview. He said management at least two levels above him knew about the trades and let them through. Mr. Bullen added that other areas of the bank were totally aware of the activity. The risk management division, of the National, which had the power to tell traders to cut their exposure, never, did so. "They have the power to tell you to cut positions," he said. Although the bank interfered in the currency trades there was minimal and sporadic directions to cut back positions. "But as far as putting the foot down (saying) 'get inside limits', things like that, never happened to me personally," Mr Bullen said. Chief executive Frank Cicutto is on NAB's risk management committee. "They could have seen everything," Mr Bullen added. NATIONAL AUSTRALIA: Moody's Affirm Ratings ------------------------------------------ Moody's Investors Service has affirmed National Australia Bank (NAB)'s long- and short-term ratings of Aa3 / Prime-1 and its bank financial strength rating of B. The ratings outlook continues to be stable. The affirmation followed disclosure by NAB that its losses arising from unauthorized foreign exchange options trading will total A$360 million pre-tax, or A$252m post-tax. NAB also disclosed that it had sold its investment stakes in St. George Bank, AMP Ltd and HHG Plc. Moody's previously affirmed the ratings on January 13, 2004, when the bank announced an initial loss estimate of A$180m resulting from the unauthorized trading. Moody's reiterated that the scale of the updated losses is not significant in relation to NAB's strong overall profitability, at 6% of the bank's 2003 pre-tax income. Moreover, NAB's ratings are currently solidly positioned, following several years of strong economic conditions in the bank's home market and efforts to reduce single large exposure concentrations. In the rating agency's view, NAB has considerable franchise strength that is unlikely to be materially affected by this single event. However, the incident does underscore the issue of operational risk management in a large and complex organization, which has been highlighted in Moody's recent report on the bank. NAB has commissioned Pricewaterhouse Coopers to conduct an external investigation, and is simultaneously conducting an internal investigation into its risk management procedures. Moody's will follow the outcome of these investigations closely, and the bank implements the manners in which any ensuing recommendations. The following ratings were affirmed: Long-term deposits: Aa3 Short-term deposits: Prime-1 Bank Financial Strength Rating: B Issuer Rating: Aa3 Senior unsecured debt: Aa3 Subordinated debt: A1 Preferred Stock: A2 Commercial Paper: Prime-1 Other short-term: Prime-1 NATIONAL AUSTRALIA: Books US$251M Profit From Sale -------------------------------------------------- National Australia Bank Ltd. said it has incurred a net profit of A$322 million (US$251 million) from the sale of share investments, higher than losses caused by unauthorized currency trading, according to Bloomberg News. The lender said in a statement Tuesday that it sold almost A$1 billion worth of shares in St. George Bank Ltd., AMP Ltd. and HHG Plc., the same day it reported losses from unauthorized currency trading of A$252 million, twice as high as originally estimated. National's stock rose as much as 3 percent. National Australia Chief Executive Frank Cicutto is trying to revive investor confidence in the bank as regulators probe whether management controls were at fault for the trading losses. The bank expects to complete a report late next month on the currency trading losses. VILLAGE ROADSHOW: Falls After Buyback Flop ------------------------------------------ According to The Age, nearly $60 million was wiped from the value of Village Roadshow on Tuesday as investors mulled over the Company's failure last week to get approval for its controversial preference-share buyback at a second shareholder meeting on the issue. The film production's stocks were suspended for two days while waiting for the result of the votes during last Wednesday's meeting. Village shares plummeted 16› to close at $1.74. The preferred scrip fell 5› to $1.10. The film production Company denies accepting the defeat of its $362 million buyback. They are hoping for a successful court appeal or the intervention of the Takeovers Panel will see it through. "As a result, the company will continue to vigorously pursue the appeal," it said. A decision on the appeal was likely to be given within 10 weeks. It was also revealed that Village lodged an application with the Takeovers Panel after last Wednesday's meeting in Brisbane, in an attempt to flush out a shareholder group that appears to have blocked its proposal. The unknown group has amassed 58 million securities in Village since last December, representing 8.5 per cent of ordinary shares and 15 per cent of preference shares. This stake effectively denied Village the 75 per cent of voters it needed to push its buyback through. Village said in its statement that it was seeking advice on whether some of the vote's casts against the buyback were eligible to be counted. But the Takeovers Panel said that although a party needed to inform the market when it had amassed more than 5 per cent of a company's equity, failure to do so did not necessarily prevent it from participating in a shareholder vote. "The application is quite an intricate one . . . (but) there is no automatic disqualification," Takeovers Panel director George Durbridge said yesterday. Last November, Justice Philip Mandie ruled that Village had not adequately notified all classes of shareholders of their right to vote against the buyback. That ruling meant that holders of preference shares or associates of these holders could vote against the resolution but not in favor. "It's crazy. We have 185 million shareholders who could vote in favor, but 485 million who can only vote against," Village Managing Director Graham Burke said. VILLAGE ROADSHOW: Seeks Advice on Overseas Shareholders ------------------------------------------------------- According to The Age, the Village Roadshow Ltd. has applied to the Takeovers Panel for advice on the eligibility of overseas shareholders to vote on its controversial preference share buyback scheme. These companies are German company Boswell Filmgesellschaft, two Swiss companies whose shares are held by ANZ Nominees and Citicorp Nominees for GNI Ltd of London. The buyback won 97 percent support at an initial vote last November, but was derailed after Boswell Filmgesellschaft acted to block it in the Supreme Court of Victoria. Village resubmitted the plan to shareholders last week but failed to get the 75 percent support necessary to win approval after the overseas shareholders voted against the scheme. The meeting will reconvene again in Melbourne late Wednesday. The film and entertainment company was seeking advice on whether all votes cast against the buyback at a shareholders meeting last week should be counted towards the outcome. Village's share price bombed on Tuesday as investors had their first opportunity to respond to the company's likely failed bid to buy back its preference shares. The downturn came despite Village reconfirming its commitment to the $360 million plan. Village's ordinary shares plunged 19 cents, or 9.84 percent, to $1.74 after coming off a two-day market suspension following the shareholder meeting last week. Its preference shares fell five cents, or 4.35 per cent, to $1.10. CCZ Equities research analyst Tony Waters said the price fall was the flipside of an earlier price run-up. "It's more a reversal of the run-up due to an assumption if the preference shares had been bought back you would have had substantial EPS (earnings per share) leverage on the ordinary shares," he said. "I think a conclusion could be made that you'd be better off sitting on the sidelines until this plays out so you can at least know what you're backing." The film production is appealing the court's decision on the first vote, and remained optimistic the scheme, would get the green light. ============================ C H I N A & H O N G K O N G ============================ ASAT HOLDINGS: S&P Revises Rating Outlook to Stable --------------------------------------------------- Standard & Poor's Ratings Services has revised the long-term foreign currency-rating outlook on ASAT Holdings Ltd. (ASAT; B/Stable/--) to stable from negative. The decision was based on improved liquidity and financial flexibility from a successful US$150 million bond issue by New ASAT (Finance) Ltd., a wholly owned special purpose vehicle of ASAT. The issue will mature in 2011. The proceeds will be partially used to repay an existing US$100.75 million senior note issue by ASAT, and for capital expenditure and working capital needs. As part of a corporate restructuring program, ASAT has decided to move its Hong Kong manufacturing operations to main land China to reduce costs and access the country's high-growth semiconductor markets. The issue has raised the funds necessary to finance the move as well as for additional expansion operations in the country. "ASAT's improving financial profile has benefited from the recovery in the wider semiconductor industry, which has increased the company's capacity utilization and helped it return to a positive cash flow position", said Huiyi Qu, credit analyst at Standard & Poor's. "Given the high cyclical nature of the semiconductor industry, ASAT's focus remains on lowering costs", said Ms. Qu. The company's commitment to further cost cutting and improving debt protection measures are key factors in maintaining the current rating and outlook. ================= I N D O N E S I A ================= BANK LIPPO: IBRA May Sell 52.05% Stake to Swissasia Global ---------------------------------------------------------- The Indonesian Bank Restructuring Agency (IBRA) will sell a 52.05 percent stake in PT Bank Lippo to Swissasia Global, after the consortium raised its bid, Dow Jones reported on Tuesday. Swissasia increased its bid to IDR591.5 per share, from IDR403 previously. The Bank Lippo management, in its report to IBRA, said the IDR519.5 billion losses it incurred in 2003 were due to the increase in deferred tax and losses from collateralized assets. It didn't provide further details. Swissasia Global is the only consortium short-listed by IBRA to buy its stakes in PT Bank Lippo, TCR-AP reported recently. ========= J A P A N ========= JAPAN AIRLINES: R&I Assigns BBB Rating -------------------------------------- Rating and Investment Information, Inc. (R&I) assigned a long- term debt rating of BBB to Airlines System Corporation issued under the shelf registration scheme. RATIONALE: Japan Airlines System Corporation is the pure holding Company for the Japan Airlines System Group (JAL Group) established in October 2002, and its two core subsidiaries are Japan Airlines and Japan Air System. Japan Airlines System, which is the holding company, has control over the operating subsidiaries in terms of capital, personnel, business planning, funding and other areas, and there is strong integration within the group. In terms of the group's finance operations, both Japan Airlines and Japan Air System have given guarantees of obligation for the bonds and long-term loans of Japan Airlines System Corp. The guarantee applies to bonds in this issue as well. International airlines have faced severe fluctuations in earnings, and business risk has become apparent, as shown by the worsening of recent results. Emergency financing provided by government agencies for unexpected circumstances is now in place, so for the immediate future there is little concern over the Company's cash flow. At the same time, increasing debt is compromising the group's financial resilience. In the rating, R&I has taken into consideration to some extent streamlining effects resulting from integration and a strengthening of the earnings base as a result of expansion of the group's domestic business. Therefore, R&I will continue to monitor progress to determine whether these conditions actually bring about expected outcomes and an improvement in the group's financial composition. MITSUBISHI MOTORS: Unveils 2003 Worldwide Production Results ------------------------------------------------------------ Mitsubishi Motors Corporation (MMC) announced Monday the production results for December 2003 and calendar year 2003 as follows: Worldwide production for 2003 slipped 5.7 percent to 1,580,167 units, which is mainly attributable to an easing off of production in North America to bring inventory levels back to an appropriate level. Production in Japan for the year declined 3.4 percent compared to last year at 749,371 units. Lower export volumes of the Montero and Montero Sport* to North America contributed to the decline in domestic production. Overseas production also declined on year, down 7.7 percent to 830,796 units. By region, Asia saw a 4.2 percent decline to 520,925 units, North America dropped 14.9 percent to 173,822 units, and Europe declined 4.9 percent to 82,653 units. Sales in Japan showed steady performance throughout 2003 to finish the year with 367,040 units, up 3.4 percent on the year before. Marking the first rise in domestic unit sales since 1995, the gain comes on the back of the introduction of the Colt compact car and Grandis minivan. The return to growth is also a positive signal for MMC's ongoing reforms of its domestic dealer network, which calls for a complete overall of outlets based on a stringent set of dealer standards. Exports were down for the first time in two years, slipping 6.2 percent to 389,947 units. Exports to Asia totaled 52,485 units, North America 116,418 units, and Europe 97,301 units. As with monthly results, year-on-year comparisons are not available for the calendar year either due to the spin-off of MMC's truck and bus operations. MITSUBISHI MOTORS: Plans to Sell Cars in Iraq ---------------------------------------------- Mitsubishi Motors intends to sell vehicles in Iraq shortly, becoming the first Japanese carmaker to enter the post-war Iraqi auto market, Channel News Asia reports. The carmaker maker will set up a joint venture, capitalized at eight million dollars, in Baghdad, an unnamed spokesman for Mitsubishi said. The 50-50 joint venture between Zayani Motors of Bahrain and major Iraqi distributor Al Dhahir Group will market Mitsubishi's vehicles including the popular Pajero sports utility vehicle (SUV), sold as the Shogun in some markets, and Galant passenger car, the spokesman said. Zayani Motors is Mitsubishi's distributor in Bahrain. The Company estimates demand for new cars in Iraq will grow to 20,000 a year over the next several years. SEVEN INDUSTRIES: JCR Affirms BB+ Rating ---------------------------------------- Japan Credit Rating Agency (JCR) has affirmed the BB+ rating on the senior debts of Seven Industries Co., Limited. RATIONALE: Seven Industries is Japan's largest manufacturer of laminated lumber. It has been suffering from severe business environment due to stagnant demand for new housing and resulting intensification of competition. Earnings from the materials for Japanese rooms, which were the earnings source of Seven Industries in the past, have been lackluster recently due to stagnant demand for the products. Earnings from structural materials, whose production volume in quantity has been increasing, also deteriorated due to fall in price arising from fierce competition. As a result, the overall performance deteriorated. The Company estimates that it could improve the performance for fiscal 2003 through focus on high value added products and cost reductions. Given the severe business environment, JCR considers it will take time for Seven Industries to improve the performance fully. The interest-bearing debt is expected to increase in fiscal 2003, reflecting capital investments made in response to an increase in structural materials production. However, there is little concern over a possibility of a sharp deterioration in the financial structure, given the plan to reduce the inventory. SUMITOMO HEAVY: JCR Upgrades Rating to BBB ------------------------------------------ Japan Credit Rating Agency (JCR) has upgraded the rating on senior debts of Sumitomo Heavy Industries, Ltd. from BBB- to BBB and has affirmed the J-2 rating on the CP program. CP: Maximum: Y45 billion Backup Line: 0% RATIONALE: Sumitomo Heavy Industries is one of the heavy machinery manufacturers. It has been restructuring the business through spin-offs and alliances since fiscal 2000 when overall performance deteriorated due to deterioration in earnings from construction machinery. The earnings from the unprofitable divisions improved in fiscal 2003 ending March 31, 2004, supported by brisk demand in China as well as restructuring. The core products power transmission and injection molding machines have been brisk, reflecting increase in demand for these products. The business structure is beginning to change to one having capability to produce high level of earnings. Although there is room for improvement in the financial structure, the financial risk of the issuer is on the decline in line with improvement in earnings. TOSHIBA CORPORATION: Dissolves A&T Battery Corporation ------------------------------------------------------ On January 27, 2004, Toshiba Corporation decided to dissolve A & T Battery Corporation, a 100% Toshiba-owned subsidiary, by the end of December 2004. 1. Reason for the dissolution The rechargeable lithium-ion battery business currently faces severe market conditions, due to increasing competition and intensifying price pressure. After assessing the difficulties involved in realizing a profit in the business, even after extensive countermeasures, Toshiba decided to withdraw from the rechargeable lithium-ion battery business and to dissolve A & T Battery Corporation. 2. About A & T Battery Corporation Head Office Hatara-cho 1-9-2, Fukaya-shi, Saitama-ken Representative Hideo Ouchi President & CEO Business Manufacture of Rechargeable Lithium-ion Battery Capital 5,000 million yen Principal Shareholders Toshiba 100% The total financial impact associated with this dissolution, to the end of March 2005, is estimated at around 16.0 billion yen. The share of this to be accounted for in the FY2003 financial results has already been incorporated into Toshiba's forecast for this fiscal year, as announced on October 24, 2003. Tadashi Okamura, President & CEO Toshiba Corporation Shibaura 1-1-1, Minato-ku, Tokyo, Japan Contact: Hideo Kitamura, General Manager Corporate Communication Office Tel: 81 3 3457 2096 ========= K O R E A ========= HANARO TELECOM: Unveils December 2003 Subscriber Numbers ------------------------------------------------------- Hanaro Telecom Inc. announced its subscriber numbers for December 2003, filed with Korea Securities Dealers Association Automated Quotation Market (KOSDAQ) on January 9, 2004. 1. BROADBAND Products January Residential ADSL 1,033,619 Cable Modem 1,457,700 SUB-TOTAL 2,491,319 Corporate ADSL 18,272 Cable Modem 1,619 SUB-TOTAL 19,891 VDSL 165,134 LMDS 26,715 Wireless LAN* 22,504 TOTAL 2,725,563 NET ADDS -2,856 2. VOICE Products January Residential 694,102 Corporate 263,495 VoIP 43,784 TOTAL 1,001,381 NET ADDS 11,575 3. LEASED LINE Products January Leased line 3,273 Internet dedicated 3,156 LMDS(I/D) 10 Wireless LAN Leased Line 200 International Leased Line 41 TOTAL 6,680 NET ADDS -139 4. GRAND TOTAL January TOTAL 3,733,624 NET ADDS 8,580 * BASED ON NUMBER OF IDS, WIRELESS LAN HAS 42,477 SUBSCRIBERS. HYNIX SEMICONDUCTOR: Expects Share Prices to Increase ----------------------------------------------------- Hynix Semiconductor Inc. projects share prices will increase as analysts expect an improvement in fourth-quarter earnings and to easily stop any negative impact from a possible decision by Japan to impose chips duties, the Korea Herald reported on Wednesday. The Korea Investment & Securities Co. said Hynix should turn a profit in the most recent quarter ended December. The prices of dynamic random access memory chips are stabilizing, and Hynix continues to generate profits by keeping its production costs at a competitive level, the securities house said. The Company expects some 100 billion won in operating profit for the fourth quarter, after announcing operating profit of 94 billion won on sales of 1.08 trillion won in the third quarter last year, including its overseas affiliates. The latest earnings results are slated for February. Hynix has received three bailouts from domestic lenders over the past two years. The latest one came in December 2002, when Hynix creditors extended a 4.9 trillion won bailout. KUMGANG KOREA: S&P Downgrades Rating to BBB- -------------------------------------------- Kumgang Korea Chemical (KCC)'s long-term credit rating of "BBB" was downgraded to "BBB-" by Standard & Poor's Ratings Services on Tuesday, due to risks from the firm's attempt to control the Hyundai Group. S&P also placed the firm on CreditWatch with negative implications. S&P disclosed that KCC was exposed to more managerial and financial risks in its attempt to take over Hyundai Elevator, the de facto holding company of the Hyundai Group. S&P said it decided to put the company on the CreditWatch list in the wake of the firm's purchase of a controlling stake in Hyundai Elevator. KCC might suffer another downgrade unless the Hyundai Elevator stakes are disposed of and by promising not to provide support to Hyundai affiliates. SSANGYONG MOTOR: Workers Angered Over Sale to Blue Star ------------------------------------------------------- Ssangyong Motor's 7,500 workers launched a partial strike on Tuesday and are planning to stage an all-out strike in February to protest the planned sale to China National Blue Star Group, Digital Chosun reports. Strikes have already caused about W8 billion of production losses for the Company, and could threaten the first Chinese acquisition of an overseas car Company. The labor union workers strongly oppose the sale and want the Company to remain independent. Company creditors signed a preliminary agreement with Blue Star in December to sell a 55 percent stake in the automaker. The union has blocked a Blue Star delegation from conducting an audit of its main plant in Pyeongtaek, blocking the Chinese Company's plan to complete the acquisition by the end of March. =============== M A L A Y S I A =============== CREST PETROLEUM: EGM Set for February 19 ---------------------------------------- The Extraordinary General Meeting (EGM) of Crest Petroleum Bhd (Crest) will be held at Nirwana Ballroom 1, Lower Lobby, Mutiara Hotel Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur on Thursday, 19 February 2004 at 10 A.M., for the purpose of considering and, if thought fit, passing the following resolutions: ORDINARY RESOLUTION 1 PROPOSED ACQUISITION OF A DRILLING RIG, THE T-9, BY CREST TENDER RIGS PTE LTD (CTR), A NEW LABUAN INCORPORATED WHOLLY-OWNED SUBSIDIARY OF VARIA PERDANA SDN BHD (VARIA PERDANA), A COMPANY IN WHICH CREST HAS A 51% EQUITY INTEREST THROUGH ITS WHOLLY- OWNED SUBSIDIARY, PROBADI SDN BHD, FROM SMEDVIG RIG AS, A RELATED COMPANY OF SMEDVIG ASIA LIMITED, WHICH OWNS 49% OF VARIA PERDANA, FOR A TOTAL CASH CONSIDERATION OF USD70 MILLION (PROPOSED T-9 ACQUISITION) "THAT, subject to the approvals of the relevant authorities approval be and is hereby given to the Directors of the Company for the Proposed T-9 Acquisition which is to be satisfied in the manner as stated in Section 2.2 of Part A of the Circular dated 28 January 2004, subject to and upon such terms and conditions as set out in the T-9 Memorandum of Agreement dated 18 December 2003 between CTR and Smedvig Rig AS and any amendments thereto; AND THAT, the Directors of the Company be and are hereby authorized to take all such steps and to enter into all other agreements, undertakings, indemnities, transfers, assignments and/or guarantees with any party or parties as the Directors of the Company may deem fit, necessary, expedient and/or appropriate in order to implement, finalize and give full effect to the Proposed T-9 Acquisition with full powers to assent to any condition, revaluation, modification, variation and/or amendment as may be required by any relevant authorities and to deal with all matters relating thereto and to take all steps and do all acts and things in any manner as they may deem necessary in connection with the Proposed T-9 Acquisition in the interest of Crest." ORDINARY RESOLUTION 2 PROPOSED SHARE SPLIT INTO FIVE (5) NEW ORDINARY SHARES OF RM0.20 EACH FOR EVERY ONE (1) ORDINARY SHARE OF RM1.00 EACH HELD IN CREST (PROPOSED SHARE SPLIT) "THAT, subject to the passing of Special Resolution 1 and subject to the approvals of all relevant authorities including the approval-in-principle of Malaysia Securities Exchange Berhad (MSEB) for the listing of and quotation for the entire issued and paid-up ordinary share capital of Crest comprising of up to 1,157,198,800 ordinary shares of RM0.20 each to be issued pursuant to this resolution, on MSEB, approval be and is hereby given to the Directors of the Company to: (i) subdivide the existing issued and paid-up share capital of the Company into five (5) ordinary shares of RM0.20 each for every one (1) ordinary share of RM1.00 each held on a date to be determined later and thereafter allot and issue up to 1,157,198,800 new ordinary shares of RM0.20 each in Crest arising from the subdivision, to the registered shareholders of the Company whose names appear in the Record of Depositors of Crest at the close of business on a date to be determined and announced by the Directors of the Company as they may deem fit, on the basis of five (5) new ordinary shares of RM0.20 each in Crest for every one (1) ordinary share of RM1.00 each held in Crest; and (ii) take all such steps and do all acts, deeds and things and execute all necessary documents to give full effect to the Proposed Share Split, with full power to assent to any condition, revaluation, modification and/or amendment as may be required by any relevant authorities and to deal with all matters relating thereto and to take all steps and do all acts and things in any manner as they may deem necessary in connection with the Proposed Share Split or as they may deem fit in the interest of Crest." ORDINARY RESOLUTION 3 PROPOSED EMPLOYEE SHARE OPTION SCHEME (ESOS) FOR ELIGIBLE EMPLOYEES AND EXECUTIVE DIRECTORS OF THE COMPANY AND ITS SUBSIDIARIES (PROPOSED ESOS) "THAT, subject to the approvals of all relevant authorities including the approval-in-principle of MSEB for the listing of and quotation for such number of new ordinary shares in Crest (Crest Shares), to be issued hereunder, approval be and is hereby given to the Directors of the Company to: (i) Establish and administer an employee share option scheme for the benefit of eligible employees and Executive Directors of Crest and/or its subsidiaries (which are not dormant) (Scheme), to be known as "Crest Group Employee Share Option Scheme 2004", which is to be administered in accordance with the Bye-Laws set out in Appendix I of the Circular dated 28 January 2004 (Bye- Laws); (ii) Give effect to the Scheme with full power to consent to and to adopt such conditions, variations, modifications and/or amendments as may be imposed by the relevant authorities; (iii) Allot and issue from time to time such number of new ordinary shares in the share capital of the Company being ordinary shares not exceeding ten per centum (10%) of the total issued and paid-up share capital of the Company at any one point of time during the existence of the Scheme, as may be required to be issued pursuant to the exercise of the options subject to the terms and conditions of the Scheme and such new ordinary shares shall, upon allotment and issue, rank pari passu in all respects with the then existing ordinary shares of the Company, provided that they will not be entitled to participate in any dividends, rights, allotments and/or any other distributions, which entitlement date precedes the date of allotment of the said shares. For the purpose hereof, entitlement date means the date at the close of business on which shareholders must be registered in order to participate in any dividends, rights, allotments and/or any other distributions; (iv) To modify and/or amend the Scheme from time to time provided that such modifications and/or amendments are effected in accordance with the provisions of the Bye-Laws of the Scheme relating to modifications and/or amendments and to do all such acts and to enter into all transactions, arrangements, agreements, deeds or undertakings and to make such rules or regulations, or impose such terms and conditions or delegate part of its powers as may be necessary or expedient in order to give full effect to the Scheme; and (v) To modify and/or amend the provisions of the Bye-Laws of the Scheme as may be required by the relevant authorities." ORDINARY RESOLUTION 4 PROPOSED ISSUE OF ESOS OPTIONS TO DATUK SHAHRIL BIN SHAMSUDDIN (DATUK SHAHRIL) "THAT, subject to Ordinary Resolution 3 above being passed and subject to the approvals of all relevant authorities, the Directors of the Company be and are hereby authorized at any time and from time to time to offer and to grant to Datuk Shahril, the Non-Independent Executive Vice-Chairman of the Company, options to subscribe for such number of Crest Shares, and if such options are accepted and exercised, to allot and issue such number of Crest Shares to him under the Scheme subject always to: (i) The number of Crest Shares allocated, in aggregate to eligible employees who are Executive Directors and senior management of the Company and/or its subsidiaries (which are not dormant) does not exceed 50% of the shares available under the Scheme; and (ii) The number of Crest Shares allocated to any individual eligible employee who either singly or collectively through his/her associates (as defined in the Companies Act, 1965), holds 20% or more in the issued and paid-up share capital of the Company, does not exceed 10% of the shares available under the Scheme; subject to such terms and conditions and/or any adjustments which may be made in accordance with the provisions of the Bye-Laws of the Scheme." SPECIAL RESOLUTION 1 PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION (M&A) OF CREST (PROPOSED AMENDMENTS TO M&A) "THAT, subject to the approvals of all relevant authorities, approval be and is hereby given for the Directors to: (a) Increase the authorized share capital of Crest from RM500,000,000 comprising 490,000,000 ordinary shares of RM1.00 each and 100,000,000 redeemable cumulative convertible preference shares (RCCPS) of RM0.10 each to RM1,000,000,000 comprising 4,950,000,000 ordinary shares of RM0.20 each and 100,000,000 RCCPS of RM0.10 each; and (b) Amend, modify, add and delete the M&A of Crest in the form and manner as set out in Section 2.3 of Part B of the Circular dated 28 January 2004, for the following purposes: (i) The subdivision to the par value of the existing ordinary shares in Crest of RM1.00 each to RM0.20 each; (ii) The alteration of the authorized share capital of Crest from RM500,000,000 comprising 490,000,000 ordinary shares of RM1.00 each and 100,000,000 RCCPS of RM0.10 each to RM1,000,000,000 comprising 4,950,000,000 ordinary shares of RM0.20 each and 100,000,000 RCCPS of RM0.10 each; and (iii) the necessary amendments to be made to the M&A of Crest pursuant to the change of name of the Kuala Lumpur Stock Exchange (KLSE) to MSEB in compliance with the amendments to the Listing Requirements of MSEB which took effect on 5 January 2004, consequential to the demutualization of the KLSE, AND THAT the Directors of the Company be and are hereby authorized to take all such steps and do all acts, deeds and things and execute all necessary documents to give full effect to the proposals under this Special Resolution 1, with full power to assent to any conditions, modifications, variations and/or amendments as may be required by any relevant authorities and to deal with all matters relating thereto and to take all steps and do all acts and things in any manner as they may deem necessary in connection with the proposals under this Special Resolution 1 in the interest of Crest." Notes: 1. A member of the Company who is entitled to attend and vote at this EGM is entitled to appoint a proxy to attend and vote on a show of hands or on a poll in his stead. A proxy may but need not be a member of the Company. 2. In the case of the corporate member, the instrument appointing a proxy shall be under its Common Seal or under the hand of an officer or attorney of the corporation duly authorized on their behalf. 3. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless he specifies the proportion of his shareholdings to be represented by each proxy. 4. The instrument appointing a proxy must be deposited with the Registrar of the Company, Mega Corporate Services Sdn Bhd located at Level 11-2, Faber Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur, not less than forty-eight (48) hours before the time appointed for holding the EGM or any adjournment thereof. EMICO HOLDINGS: SC OKs Restructuring Scheme Proposal ---------------------------------------------------- Emico Holdings Berhad announced that the Securities Commission (SC) has, via their letter dated 20 January 2004 (which was received on 26 January 2004), approved the Company's application dated 12 December and 30 December 2003 for a proposed amendments to the terms of the debt restructuring scheme (Scheme) involving the issue of RM84,000,100 redeemable secured loan stocks (RSLS) and RM45,153,700 irredeemable convertible secured loan stocks (ICSLS) (Proposed Amendments) However, the approval is subject to certain conditions set by the SC: i. Affin Merchant is required to inform all parties privy to the RSLS and ICSLS, including the Scheme Lenders, trustee, and if required, obtain the approval of the above parties on the Proposed Amendments; ii. Affin Merchant and EMICO are required to conduct the necessary due diligence on the Proposed Amendments; iii. Affin Merchant is required to provide the SC with the latest and complete copy of the principal terms and conditions (with all the amendments as approved by the SC); in both hard and soft copy forms to be in the PDF format with an Arial font, Size 11, all margins of 1.25 centimeter and single-line spacing; and iv. Affin Merchant is required to give a written confirmation to the SC on the compliance of the conditions imposed therein. PARK MAY: Securities Exchange OKs Regularization Plan Extension --------------------------------------------------------------- Park May Berhad plans to submit a regularization plan to the relevant authorities by February 11, 2004. In this respect, on behalf of the Company, AmMerchant Bank Berhad announced that the Malaysia Securities Exchange Berhad has vide its letter dated 27 January 2004, approved the Company's application for an extension of time of one (1) month until 11 March 2004 to submit its regularization plan to the relevant authorities. TENAGA NASIONAL: Posts 1Q03 RM26.4M Net Loss -------------------------------------------- Tenaga Nasional Bhd booked a net loss of RM26.4 million in the first quarter ended November 20, 2003 due to foreign exchange losses and deferred tax provisions, compared to a net profit of RM663.2 million a year earlier, according to The Edge Daily. This was despite a 4.64 percent rise in revenue to RM4.24 billion from the previous RM4.06 billion. The operating level, posted an 8.8 percent increase in operating profit to RM859.4 million from RM790.1 million but its pre-tax profits dropped to RM136.8 million from RM798.2 million. Tenaga Chairman Datuk Dr Awang Adek Husin said deferred taxes rose to RM153 million from RM114.7 million, while foreign denominated loans contributed to a translation loss of RM382.7 million, against a translation gain of RM293.5 million a year before. Tenaga's total debts as at end of the first quarter stood at RM31.3 billion, compared to RM30.9 billion a year before. As a result of the strengthening of yen, sterling and euro, Tenaga's effective weighted average cost of debt increased to 5.01 percent from 4.92 percent. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Shares Up After Court Hearing on Rate Hike ----------------------------------------------------------- Manila Electric Co. (Meralco) was firmer in mid-trade Wednesday after the Supreme Court begun hearing on Tuesday the merits of a 0.12 peso per kilowatthour rate increase provisionally granted to the Company, AFX Asia reports. Meralco A was up 0.50 pesos at 21 on 433,000 shares. Meralco B gained 0.50 at 34.50 on 257,200 shares. Investors are optimistic that the high court will endorse the Energy Regulatory Commission's (ERC) provisional tariff hike for Meralco on argument that the ERC have acted within the law when it made its decision, they added. MUSIC CORPORATION: PSE Freezes Shares Trading --------------------------------------------- The Philippine Stock Exchange (PSE) has granted the request of Music Corporation for the voluntary trading suspension of its shares effective January 27 to avoid any confusion arising from the firm's quasi-reorganization, reports the Philippine Star. The trading will facilitate the reduction in the number of the Company's listed shares. The quasi-reorganization is aimed at wiping out Music's capital deficiency in line with its plan to absorb the operations of wholly owned subsidiary Music Semiconductors Philippines Inc. (MSPI). As of end-September 2003, the Company has reduced its capital deficiency to P102 million. Music is an investment holding company specializing in identifying key "early state" companies in the networking infrastructure, telecommunications and Internet markets and developing them into mature investments in these communication industry segments. NATIONAL POWER: To Bid Out $54M in Coal Supply Contracts -------------------------------------------------------- The National Power Corporation (Napocor) is seeking tenders for three coal supply contracts worth US$54 million, the Philippine Star reported on Wednesday. The contracts cover the supply of 975,000 metric tons of imported coal (or 325,000 MT each) to the Sual power plant in Pangasinan, the Masinloc plant in Zambales and the Pagbilao plant in Quezon. The delivery of the coal shipments will start in April 2004. The bidding for the coal supply of Sual and Masinloc has been scheduled for Friday, January 30, while the bidding for the coal requirements of Pagbilao has been set for February 27. Napocor has earmarked a budget of US$18.33 million each for Sual and Masinloc, and US$17.31 million for Pagbilao. PHILIPPINE LONG: Declares Cash Dividends on Preferred Shares ------------------------------------------------------------ The Board of Directors of the Philippine Long Distance Telephone Co. (PLDT) has approved the following Company cash dividends: - A total of 12.28 million pesos on all of the Company's series IV cumulative non-convertible redeemable preferred stock, to be paid on March 15 to holders on record as of February 17; - 1.00 peso per outstanding share of Series DD 10 percent cumulative convertible preferred stocks for the annual period ending January 31, 2004, to be paid on February 27 to holders on record as of February 12; - 1.00 peso per outstanding shares of Series CC 10 percent cumulative convertible preferred stock for the annual period ending February 28, to be paid on March 31 to holders on record as of February 25; The Board of Directors also constituted 1 million shares of serial preferred stocks into Series EE 10 pct cumulative convertible preferred stock, the company said in a disclosure to the Philippine Stock Exchange. PHILIPPINE LONG: Moody's Upgrades Rating to Ba2 ----------------------------------------------- Moody's Investors Service has upgraded Philippine Long Distance Telephone Co. (PLDT)'s foreign currency senior unsecured debt rating to Ba2 from Ba3. PLDT's preferred stock rating was also raised to B1 from B2. The outlook for the foreign currency senior unsecured debt rating is negative, reflecting Moody's decision to downgrade the Philippine Government's long-term foreign currency bond rating to Ba2 with a negative outlook today. The foreign currency debt-rating outlook is constrained. The rating action reflects continued improvements in the operating performance of SMART, the company's wholly-owned cellular subsidiary, and the expectation of on-going free cash flow, partly due to dividends from Smart, to help repay debt maturities in the coming years. Furthermore, the ratings reflect PLDT's healthy free cash flow generating ability supported by its stable fixed line business, strong growth at Smart, and lower capital expenditure requirements following the completion of its infrastructure build-out. At the same time, the ratings reflect PLDT's position as a leading integrated telecommunications provider in the Philippines with significant market share and strong EBITDA margins. Philippine Long Distance Telephone Company, based in Manila, is the principal supplier of telecommunications services in the Philippines. UNIVERSAL RIGHTFIELD: Clarifies "Consunji Loses License" Report --------------------------------------------------------------- Universal Rightfield Property Holdings, Inc. clarified the news article entitled "Consunji firm loses license to sell securities" published in the January 26, 2004 issue of The Philippine Daily Inquirer (Internet Edition). The article reported "The Securities and Exchange Commission has stripped the Consunji group's Universal Leisure Inc. (ULC) of its license to offer securities due to a 2-billion peso fraudulent public offering in 1997. In an en banc resolution on Thursday, the SEC revoked ULC's license upon the petition filed by a group of 77 investors who had complained about the company's failure to deliver four promised clubs and resorts. Universal Leisure was granted the permit to sell shares to the public in February 1997. It pioneered in offering the use of various luxury destinations under a single proprietary membership share. Investors who joined the class suit said the SEC's ruling would boost the civil cases separately filed in the courts, which sought attachment orders against the Consunji group's assets. Charges were filed against ULC, Universal Leisure Club Inc., Universal Rightfield Property Holdings Inc. and DM Consunji Inc. and their officers. Universal Rightfield Property Holdings Inc. (UP), in its letter dated January 27, 2004, stated that: Please be informed that the Corporation is not in a position to comment on the veracity of the contents of said news article as it clearly refers to another entity Universal Leisure Club, Inc. (ULCI). At any rate, the Corporation has not been informed by ULCI of any such revocation." Struggling Universal Rightfield Property Holdings, Inc. may receive 150 million pesos aid if the court approves the rehabilitation scheme proposed by its creditor DM Consunji, Inc., TCR-AP reported recently. The funding will be used to develop a property, which Universal Rightfield may later use to service its debt through dacion en pago (payment in kind) arrangements. * Moody's Downgrades Seven Philippine Banks' Ratings ---------------------------------------------------- Moody's Investors Service has lowered the credit ratings of seven Philippine banks namely Banco de Oro Universal Bank, Bank of the Philippine Islands, Development Bank of the Philippines, Equitable-PCI Bank, Land Bank of the Philippines, Metropolitan Bank & Trust Co., and Philippine National Bank, concluding the review initiated on November 26, 2003. These actions reflect the rating agency's downgrades of the Philippines' country ceilings for foreign-currency bonds and bank deposits, as well as the local-currency government rating, and are not because of any bank-specific issues. The negative outlook for the banks' credit ratings is also in line with the sovereign's. The unconstrained Ba3 deposit ratings of Allied Banking Corp., Rizal Commercial Banking Corp. and United Coconut Planters Bank are unaffected and have stable outlooks. The Not-Prime short-term deposit ratings and the bank financial strength ratings (BFSRs) of all ten banks are unaffected. The local currency deposit ratings of Philippine National Bank and Development Bank of the Philippines (the only Philippine banks for which Moody's publishes local currency ratings) were downgraded to Ba1 from Baa3. Moody's believes the government's willingness to support the system's major and government-owned banks remains strong. However, the rating agency is concerned that the government's reduced ability to finance deficits, as well as the potential for bureaucratic hurdles, could delay delivery of support to these important institutions. In line with this conclusion, the subordinated local currency debt of Philippine National Bank was downgraded to Ba2, one notch below its new local currency deposit rating. Similarly, the foreign currency subordinated debt ratings of Metropolitan Bank & Trust Co. and Equitable-PCI Bank were downgraded to Ba2 from Ba1. The following ratings were downgraded: Banco de Oro Universal Bank -- Ba2 long-term foreign currency deposit rating was lowered to Ba3. The outlook is negative. Bank of the Philippine Islands -- Ba2 long-term foreign currency deposit rating was lowered to Ba3. The outlook is negative. Development Bank of the Philippines -- Ba2 long-term foreign currency deposit rating was lowered to Ba3. Baa3/Prime-3 long- term/short-term local currency deposit ratings were lowered to Ba1/Not-Prime. The outlooks for the long-term deposit ratings are negative. Equitable-PCI Bank -- Ba2 long-term foreign currency deposit rating was lowered to Ba3, and is constrained by the country's foreign currency ceiling. The Ba1 foreign currency subordinated debt rating was also revised to Ba2, which is above the bank's constrained deposit rating. The outlooks are negative. Land Bank of the Philippines -- Ba2 long-term foreign currency deposit rating was lowered to Ba3. The outlook is negative. Metropolitan Bank & Trust Co. -- Ba2 long-term foreign currency deposit rating was lowered to Ba3. Ba1 foreign currency subordinated debt rating was also revised to Ba2, which is above the bank's constrained deposit rating. The outlooks are negative. Philippine National Bank -- Ba1 foreign currency debt and Ba2 long-term deposit ratings were lowered to Ba2 and Ba3 respectively. The local currency Baa3/Prime-3 long-term/short- term deposit and Ba1 subordinated debt ratings were also revised to Ba1/Not-Prime and Ba2 respectively. The outlooks for the long-term debt and deposit ratings are negative. The following ratings were confirmed: Banco de Oro Universal Bank -- Ba2 long-term foreign currency debt rating was confirmed, reflecting the bank's moderate debt servicing capability, which is characteristic of institutions with D BFSRs. The outlook is negative. The following ratings were not affected: Allied Banking Corp. -- Ba3/Not-Prime long-term/short-term foreign currency deposit ratings, and E+ BFSR Banco de Oro Universal Bank -- Not-Prime short-term deposit rating and D BFSR Bank of the Philippine Islands -- Not-Prime short-term deposit rating and C- BFSR Development Bank of the Philippines -- Not-Prime short-term deposit rating and D BFSR Equitable-PCI Bank -- Not-Prime short-term deposit rating and D- BFSR Land Bank of the Philippines -- Not-Prime short-term deposit rating and E+ BFSR Metropolitan Bank & Trust Co. -- Not-Prime short-term deposit rating and D BFSR Philippine National Bank -- Not-Prime short-term deposit rating and E BFSR Rizal Commercial Banking Corp. -- Ba3/Not-Prime long-term/short- term foreign currency deposit ratings, and E+ BFSR United Coconut Planters Bank -- B1/Not-Prime long-term/short- term foreign currency deposit ratings, and E BFSR ================= S I N G A P O R E ================= CHARTERED SEMICONDUCTOR: Expects 4Q03 US$44.7M Net Loss ------------------------------------------------------- Chartered Semiconductor Manufacturing Ltd. (CSM) expects to post a net loss of US$44.7 million for the quarter ended December 31 from US$108.7 million net loss a year ago, according to a Dow Jones Newswires poll of five analysts. The fourth quarter loss would mean the chipmaker hasn't made a quarterly profit in three years when it reports earnings Friday before markets open in Singapore. Chartered's five chip plants, all based in Singapore, are expected to operate at around 69 percent capacity on average in the fourth quarter, the busiest level of factory activity since the fourth quarter of 2000. ECON CORPORATION: Issues Judicial Management Petition Notice ------------------------------------------------------------ The petition for placing Econ Corporation Limited under the judicial management of judicial managers by the High Court was, on the 27th day of November 2003, presented by Supermix Concrete Pte Ltd, Thyssen Hunnebeck Singapore Pte Ltd, Tyco International Asia, Inc., Otis Elevator Co (S) Pte Ltd and United Central Engineering Pte Ltd, the creditors, and the said petition is directed to be heard before the Court at 10 A.M. on the 9th day of February 2004 and Mr Tam Chee Chong (NRIC No. S1523232/C) and Mr Wee Aik Guan (NRIC No. S0547056/J) of Messrs Deloitte & Touche have been nominated as judicial managers; and any person who intends to oppose the order under section 227B (5) (b) or the nomination of the judicial managers under section 227B (3) (c) may appear at the time of hearing by himself or his counsel for that purpose; and a copy of the petition will be furnished to any creditor or member of the company requiring it by the undersigned on payment of the regulated charge. The Petitioner's addresses are 72 Sungei Kadut Street 1, Singapore 729372; 10 Pandan Crescent, #03-01 UE Tech Park, Singapore 128466; 20 Bendemeer Road, #07-01/14 Cyberhub Building, Singapore 339914; 9 Tuas View Crescent, Singapore 637612 and 38 Prinsep Street #02-02, Singapore 188665. The Petitioner's solicitors are Messrs Rajah & Tann of No. 4 Battery Road, #15-01 Bank of China Building, Singapore 049908. Messrs RAJAH & TANN Solicitors for the Petitioner. FENGMEI BUILLDERS: Releases Winding Up Order Notice --------------------------------------------------- Fengmei Builders Pte Ltd. issued a notice of winding up order made on the 16th day of January 2004. Name and address of Liquidator: Official Receiver, Singapore at 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Messrs KHATTAR WONG & PARTNERS Solicitors for the Petitioner. Note: (a) All creditors of the Company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the Company should be forwarded to the liquidator. GOLDEN JUPITER: Issues Debt Claim Notice to Creditors ----------------------------------------------------- The creditors of Golden Jupiter Maritime Pte Ltd (In Members' Voluntary Liquidation), which is being wound up by Special Resolutions of members on 5th January 2004, are required on or before 9th February 2004 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the said Company, and, if so required by notice in writing from the said Liquidators, are by their solicitors, or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. GOLDEN RUBY: Creditors Must Submit Claims by February 9 ------------------------------------------------------- The creditors of Golden Ruby Trading Pte Ltd (In Members' Voluntary Liquidation), which is being wound up by Special Resolutions of members on 5th January 2004, are required on or before 9th February 2004 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the Company, and, if so required by notice in writing from the Liquidators, are by their solicitors, or personally, to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. POWER LAND: Releases Winding Up Order Notice -------------------------------------------- Power Land Pte Ltd. issued a notice of winding up order made on January 16, 2004. Name and address of Liquidator: The Official Receiver Insolvency & Public Truste's Office 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Dated this 16th day of January 2004. RAJAH & TANN Solicitors for the Petitioner. TRANS-UNITED CORP.: Issues Judicial Management Order Notice ----------------------------------------------------------- Notice is hereby given that on January 16, 2004, an order for placing Trans-United Corporation Limited under judicial management was made and the relevant particulars of the matter are given as follows: (1) Number of matter: Originating Petition No. 21 of 2003/L. (2) Date of presentation of petition: 7th November 2003. (3) Petitioner's solicitors: Rajah & Tann. (4) Date of Order: 16th day of January 2004. (5) Registered office of the Company: 32 Defu Lane 9 Singapore 539272. (6) Name of Judicial Manager: Timothy James Reid. (7) Name and address of Judicial Manager's firm: Ferrier Hodgson 50 Raffles Place #44-05 Singapore Land Tower Singapore 048623. Messrs RAJAH & TANN Solicitors for the Petitioners. =============== T H A I L A N D =============== Thai Petroleum: Administrators Deny Talks With PTT, SCC ------------------------------------------------------- According to the Business Day, the administrators of Thai Petrochemical Industry Plc (TPI) denied it was in talks with PTT Plc and Siam Cement Plc (SCC) on a possible synergy move through a business alliance. TPI is undergoing business rehabilitation and restructuring of its $3 billion debt with a group of creditors led by Bangkok Bank Plc. "We insist we are not talking with anyone - neither PTT nor Siam Cement. It's too fast. We have to properly clean up the company, before making any decision." said Siri Jirapongpan, the Company's Administrator. Siri added that its financial advisor suggested looking for alliance overseas, but it was not necessary for there are many firms in Thailand with relevant credentials in the petrochemical industry. TPI's plan for business rehabilitation and debt restructuring will include cost cutting by reducing the par price and fund raising by looking for new partners. However, it has not yet fixed the par price because it has to wait for the company's performance, though the cost cutting will affect existing shareholders and creditors. "We are looking for a solution for retail shareholders to minimize impact," said Siri. TPI said it is in talks with creditors for the debt restructuring as part of the business rehabilitation whether the creditor will follow the plan recommended by financial advisor or TPI's chief executive officer Prachai Leophairatana, pictured above. The decision will be made by March. "We will present both plans to the creditors and they will eventually choose the best option for the company," added Siri. Prachai previously proposed the debt restructuring plan to the company board to cut the debt to $500 million from its current $2.64 billion, while 75 percent of debt or about 5.85 billion shares will be converted to assets, of which the selling price will be 20 baht per share. Prachai's plan includes the suggestion to pay interest at 3.50 percent rate in Thai baht and LIBOR+1 for foreign currency, which is fixed to repay within four years by paying the installment at $125 per year. The capacity at the refinery is recommended at 180,000 to 350,000 barrels per day, while the existing shareholders are entitled to buy back the shares within four years at 20 baht per share plus interest. TPI is Southeast Asia's largest petrochemical maker, while SCC and PTT also own petrochemical operations. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., 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 ***