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/raid1/www/Hosts/bankrupt/TCRAP_Public/040217.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, February 17, 2004, Vol. 7, No. 32 Headlines A U S T R A L I A AMP LIMITED: Denies Merger Talks With Westpac AUSTRALIAN MAGNESIUM: Submits Business Plan to Government COLES MYER: Dawn Robertson Keen to Take Top Role NATIONAL AUSTRALIA: Appoints Graham Kraehe as Chairman QANTAS AIRWAYS: Boosts Capacity in Western Australia C H I N A & H O N G K O N G COMPUTER CLUB: Winding Up Petition Slated for March 3 MICHAELINK ENTERPRISE: BoC Initiates Winding Up Petition PROFIT EAGLE: Winding Up Petition Set March 10 YESWAY INVESTMENT: Faces Winding Up Order I N D O N E S I A BANK LIPPO: Swissasia to Submit Income Statement Friday J A P A N ASHIKAGA BANK: Sets Up Panel to Probe Past Lending FURUKAWA ELECTRIC: Books Y75.5B Loss in April-December Period KANEBO LIMITED: Union Threatens to Derail Sale Plan MITSUBISHI MOTORS: Expects US$948M Operating Loss MITSUBISHI MOTORS: Aims to Sell Sheet Metal Processing Unit MITSUI MINING: Comes Under Government Control NISSAN MOTOR: S&P Sees Risk in Expansion Plans in China NISSHO IWAI: JCR Revises EMTN Rating to BBB- NISSHO IWAI-NICHIMEN: JCR Assigns BBB- Rating K O R E A DACOM CORPORATION: Posts Q403 W291B Loss HYNIX SEMICONDUCTOR: Wins Patent Battle Against Rambus KEB CREDIT: Q403 Loss Balloons on Card Crisis LG CARD: Expects US$2.75B Loss in 2003 SSANYONG MOTOR: Creditors, Union Holds Three-Way Talks on Sale M A L A Y S I A GENERAL SOIL: Issues Restructuring Proposal Update HIAP AIK: Issues Book Closure Notice OSK HOLDINGS: Lists 79,000 New Ordinary Shares Wednesday RNC CORPORATION: Post Investigative Audit Results P H I L I P P I N E S MANILA ELECTRIC: ERC Gives 1 Year to Refund Big Customers MANILA ELECTRIC: ERC Awaits SC Decision MUSIC CORPORATION: Changes Name to Music Semiconductors NATIONAL BANK: Offers Php3.8B Subordinated Notes NATIONAL STEEL: Reopening Affects Businesses in Mindanao PHILIPPINE LONG: Elects Nazareno as President S I N G A P O R E ASIA PULP: New York Court Rules in Favor of APP BETAWAN PTE: Creditors Must Submit Claims by March 15 EXCEL MACHINE: Extends Judicial Management Order to June 24 KIM TAT: Winding Up Set February 27 KYUN PTE: Releases Winding Up Order Notice MULTI-CHEM LIMITED: Sells Stake in Hawera Precision TAI HOCK: Faces Winding Up Petition TAI THONG: Issues Winding Up Order Notice T H A I L A N D ASIA HOTEL: Unveils Business Transactions for 2003 SINO THAI: Submits Tender Offer Results * BOND PRICING: For the week of February 16 - February 20, 2004 - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Denies Merger Talks With Westpac --------------------------------------------- Westpac Bank Chief Executive David Morgan denied that the bank has any direct shareholding in AMP Limited, The Age reports. Both firms are denying merger talk rumors circulating since before National Australia Bank conducted its share market raid on AMP Limited in August. The announcement was interpreted as the last bit of bad news from the embattled financial services group after three years of rolling crises resulting in write- offs of more than $6 billion. Meanwhile, Credit Suisse First Boston reduced the loss it expects AMP to report on March 4 to $5.5 billion, Citigroup Smith Barney to $5.5 billion, UBS to $5.4 billion and Morgan Stanley to $5.3 billion. AUSTRALIAN MAGNESIUM: Submits Business Plan to Government --------------------------------------------------------- Australian Magnesium Corporation submitted its proposed business plan (The Plan) to the Queensland State and the Commonwealth Governments on Friday, a Company statement said. Delivery of the Plan is in accordance with the Heads of Agreement (HOA) negotiated between AMC, the two Governments and other stakeholders in June 2003. The Business Plan proposes future objectives and funding initiatives for AMC beyond mid June 2004, when the funding, under the HOA, concludes. The strategic intent is for AMC to continue as an independent business with the three business units described in its 2003 Annual Report: - To finance and develop an Advanced Magnesium Technologies (AMT) business as a profitable producer of proprietary alloys and products. - To refinance the QMAG business and to implement its business plan to ensure its continued operation and growth. - To maintain an option for primary magnesium production at Stanwell when market and economic conditions are more suitable, by financing the continued development of the AM Process. The plan also proposes to continue AMC's alliance relationships with CSIRO and CAST, to maximize the commercial returns from ongoing technology development. The commercialization of AMC's proprietary alloys, metal handling technologies and casting expertise, particularly for the automotive industries, forms the basis of business growth and development for the AMT business unit. Commercial relationships are being progressively realized with auto companies, Tier One suppliers and die casting companies. It is targeted to have AMT as a self sustaining business by the end of 2006, producing and selling proprietary alloys by remelting pure metal feedstock. Research work undertaken with CSIRO since June 2003 has targeted simplification of the AM Process (the basis of the Stanwell Magnesium Project), in order to reduce the capital intensity of a metal production plant. Significant improvements to the commerciality of the AM Process are achievable and research results have indicated a potential to reduce the capital intensity by 25 percent. Further reductions in the capital intensity are targeted in the next stage of research to ensure that the AM Process is the most competitive electrolytic production method. The AM Process continues to be the most environmentally responsible method for the electrolytic production of magnesium metal. Despite the potential significant reduction in capital intensity, international economic conditions (persistent low magnesium metal and alloy prices, high value of the Australian dollar and the competitive position of Chinese magnesium production) are not conducive to investment in new electrolytic production of magnesium in the western world at this time. The Company will continue to monitor the timing of the future investment in primary metal production. Funding alternatives will be pursed with existing stakeholders and new investors with a strategic interest in the emerging magnesium technology industry. Interest in the business opportunity is emerging and potential investors in the business are being engaged in parallel with stakeholder consideration of the Plan. The Company acknowledges the consideration of the Stakeholders in allowing the ongoing operations of the organization, while the Company prepared a plan to take the business forward in a sustainable manner. The details of the Plan are confidential to the Government Stakeholders who are obliged to consider AMC's proposals and respond by mid March 2004. For a copy of the press release, go to http://www.austmg.com/html/investor_news.htm COLES MYER: Dawn Robertson Keen to Take Top Role ------------------------------------------------ Myer Grace Bros' Managing Director Dawn Robertson has expressed interest in taking over as chief executive of Coles Myer if John Fletcher steps down next year, the Syndey Morning Herald reports. Robertson was Coles Myer's second highest paid executive in 2002-2003 after Fletcher, having picked up $3.18 million in total remuneration for the 12 months to June 30, 2003. NATIONAL AUSTRALIA: Appoints Graham Kraehe as Chairman ------------------------------------------------------ National Australia Bank Ltd. (NAB) has appointed Graham Kraehe as its new Chairman, replacing Charles Allen, who has resigned, Yahoo Finance Australia reported on Monday. This follows the recent resignation Frank Cicutto as Chief Executive and his replacement by John Stewart, who had been running the bank's U.K. and Irish operations. QANTAS AIRWAYS: Boosts Capacity in Western Australia ---------------------------------------------------- Qantas Airways will significantly boost capacity to six Western Australian destinations, adding 700 seats each week from 23 February and a further 1,000 seats from 28 March by using larger aircraft, a Company statement said. Executive General Manager Qantas Airlines John Borghetti said the airline would use larger series BAe-146 and two-class Boeing 737 aircraft to operate services from Perth to Kalgoorlie, Karratha, Broome, Port Hedland, Paraburdoo and Newman. "These larger aircraft provide extra seats that will stimulate the leisure and business markets and boost the state's tourism industries," he said. Mr Borghetti said this latest increase in capacity followed a series of other Qantas initiatives in Western Australia. "From 1 May, Qantas will introduce weekly services between Perth and Kununurra, catering for a very busy tourist trade. "These services will operate during the seasonal peak period between May and September - a perfect time for holiday travelers to explore the unique beauty of the East Kimberley Region, including the Ord River, Bungle Bungle and East Kimberley ranges," Mr Borghetti said. "Earlier this month Qantas also launched non-stop services between Canberra and Perth and Perth and Cairns, reducing travel times by up to an hour and boosting tourism in both cities as well as meeting the needs of business travelers. "From next month, we plan to add 800 seats each week on our routes between Broome to Alice Springs, Sydney and Melbourne," he added. Mr Borghetti said these moves demonstrated the airline's continued commitment to Western Australia. "We will continue to look for ways of better serving our Western Australian customers, and ensuring that our services support the state's tourism needs," he said. Issued by Qantas Corporate Communication (3031) Email: qantasmedia@qantas.com.au ============================ C H I N A & H O N G K O N G ============================ COMPUTER CLUB: Winding Up Petition Slated for March 3 ----------------------------------------------------- The petition to wind up Computer Club (HK) Limited is set for hearing before the High Court of the Republic of Singapore on March 3, 2004 at 9:30 A.M. Yu Yuen Ling, a creditor, situated at Room 819, Yiu Sin House, Upper Wong Tai Sin Estate, Kowloon, Hong Kong, filed on December 22, 2004. The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Tam Lee Po Lin, Nina a notice in writing not later than twelve o'clock noon of the 2nd day of March 2004 (the day before the petition hearing). MICHAELINK ENTERPRISE: BoC Initiates Winding Up Petition -------------------------------------------------------- The petition to wind up Michaelink Enterprise (Far East) Limited is set for hearing before the High Court of the Republic of Singapore on March 17, 2004 at 9:30 A.M. Bank of China (Hong Kong) Limited (BoC), a creditor, situated at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong, filed on January 14, 2004. The Petitioners' solicitors are Arthur K.H. Chan & Co. of Unit C1, 15th Floor, United Centre, 95 Queensway, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Arthur K.H. Chan & Co. a notice in writing not later than twelve o'clock noon of the 16th day of March 2004 (the day before the petition hearing). PROFIT EAGLE: Winding Up Petition Set March 10 ---------------------------------------------- The petition to wind up Profit Eagle International Limited is set for hearing before the High Court of the Republic of Singapore on March 10, 2004 at 9:30 A.M. Bank of China (Hong Kong) Limited (BoC), a creditor, whose address is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong, filed on January 14, 2004. The Petitioners' solicitors are Arthur K.H. Chan & Co. of Unit C1, 15th Floor, United Centre, 95 Queensway, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Arthur K.H. Chan & Co. a notice in writing not later than twelve o'clock noon of the 9th day of March 2004 (the day before the day appointed for the hearing of the petition). YESWAY INVESTMENT: Faces Winding Up Order ----------------------------------------- The petition to wind up Yesway Investment Limited is set for hearing before the High Court of the Republic of Singapore on March 17, 2004 at 9:30 A.M. Wing Lung Bank Limited, a creditor, whose address is situated at No. 45 Des Voeux Road Central, Hong Kong, filed the petition with the court on January 13, 2004. The Petitioners' solicitors are Rowland Chow, Chan & Co. of 15th Floor, Wing Lung Bank Building, 45 Des Voeux Road Central, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Rowland Chow, Chan & Co., Nina a notice in writing not later than twelve o'clock noon of the 16th day of March 2004 (the day before the day appointed for the hearing of the petition). ================= I N D O N E S I A ================= BANK LIPPO: Swissasia to Submit Income Statement Friday ------------------------------------------------------- The Indonesian Bank Restructuring Agency (IBRA) has not started the evaluation of Swissasia Global as the potential buyer of PT Bank Lippo Tbk failed to submit a "letter of comfort and income statement of the members of the consortium," Dow Jones reported on Friday, citing Bank Indonesia Senior Deputy Governor Anwar Nasution. Swissasia is a consortium led by Austria's Raiffeisen Zentralbank Oesterreich AG. Swissfirst Bank, a unit of Swiss financial group Swissfirst A.G., is also a member of the consortium. Swissasia was expected to supply the central bank with the necessary documents by Friday. ========= J A P A N ========= ASHIKAGA BANK: Sets Up Panel to Probe Past Lending -------------------------------------------------- Ashikaga Bank has established a third-party panel to investigate whether the bank's former executives committed any illegal acts leading to its bankruptcy, according to Kyodo News. The panel consists of two lawyers and one public accountant. They are Hiroshi Kasuga, Michihiko Takabe, who both belongs to bar associations in Tokyo, and Sakae Morishige, a registered accountant. FURUKAWA ELECTRIC: Books Y75.5B Loss in April-December Period ------------------------------------------------------------- Furukawa Electric Co. booked a loss of 75.50 billion yen in the April-December period, versus a loss of 110.75 billion yen in the same period a year earlier, due to cost cuts at its ailing U.S. optical fiber unit and other group companies, AFX Asia said on Friday. The Company sees a net loss of 102.2 billion yen for the year to March, compared with the earlier loss forecast of 72.5 billion, citing the adverse impact of a stronger yen and weaker-than-expected sales of optical fibers and other optical equipment. Standard & Poor's Ratings Services reaffirmed its "BB" long-term corporate credit rating on Furukawa Electric after the company announced its revised forecast for the full year, but retained a negative outlook. KANEBO LIMITED: Union Threatens to Derail Sale Plan --------------------------------------------------- Labor union members are threatening to derail Kanebo Ltd.'s plan to sell its key cosmetics operations to rival Kao Corporation and buoy its foundering financial condition, the Asahi Shimbun reports. Both parties intended to integrate their cosmetics businesses under a joint company, but talks ran aground in January after they failed to agree on the worth of Kanebo's cosmetics operations. It is unclear whether the companies would reconsider the merger option. Kanebo had a negative net worth of 62.9 billion yen as of the end of last September, largely due to losses on its textile operations, and is buried under more than 500 billion yen in debts. The company is hoping to strike a deal for its cosmetics operations before closing its books at the end of March. MITSUBISHI MOTORS: Expects US$948M Operating Loss ------------------------------------------------- Mitsubishi Motors Corporation expects a group operating loss of 100 billion yen (US$948 million) for the year to March due to poor sales in North America, AFP Online reports. The carmaker booked an operating profit of 82.7 billion yen a year earlier and had estimated a loss of 45 billion yen for the current fiscal year. An increase in defaults on past loans that the automaker offered in the United States raised its estimated amount of bad loans to more than 40 billion yen, which the firm will post as a one-time loss this fiscal year. MITSUBISHI MOTORS: Aims to Sell Sheet Metal Processing Unit ----------------------------------------------------------- Mitsubishi Motors Corporation (MMC) announced plans to sell its unit Ryowa Sheet and Metal Processing Co. Ltd. to Futaba Industrial Co. Limited, a Company statement said. The transaction is for all 300,000 outstanding shares and will take place during the current fiscal year ending March 31, 2004. The sale is part of MMC's procurement strategy calling for a renewed focus on cost and quality performance in all areas of purchasing. By aligning itself with Futaba - a major supplier to the auto industry - Ryowa expects to be able to more effectively concentrate resources on increasing overall competitiveness. MMC will directly benefit from this increased competitiveness, as Ryowa is MMC's main supplier for stamping, welding and body parts in the Nagoya area. Ryowa, established in 1964 in Aichi, Japan, is capitalized at 6.9 billion yen and had sales of 150 million yen in fiscal 2002. MITSUI MINING: Comes Under Government Control --------------------------------------------- Struggling Mitsui Mining Co. has come under the control of the Industrial Revitalization Corporation of Japan (IRCJ) as it sold a 52 percent stake to the governmental corporate revival body on Friday, according to Kyodo News. This is the first specific step taken by the Company in line with a rehabilitation plan it agreed upon last year with the IRCJ and its creditor banks, including Sumitomo Mitsui Banking Corporation. NISSAN MOTOR: S&P Sees Risk in Expansion Plans in China ------------------------------------------------------- Nissan Motor Co. is most at risk in China among Japan's top three auto makers given its relatively large $1 billion investment in the country's booming but uncertain auto sector, Standard & Poor's said on Thursday. S&P analyst Chizuko Satsukawa noted that Nissan's local 50-50 joint venture, Dongfeng Motor Co., had a big workforce, adding it would be difficult for it to cut China's notoriously high production costs. NISSHO IWAI: JCR Revises EMTN Rating to BBB- -------------------------------------------- Japan Credit Rating Agency (JCR) has revised the rating on the Euro Medium Term Note Programme of Nissho Iwai Corporation, Nissho Iwai HK (Cayman) Ltd., and Nissho Iwai International Finance (Cayman) Limited, from BB+ to BBB-, removing it from Credit Monitor. Program Euro Medium Term Note Programme Amount equivalent of US$3 billion Program Established August 16, 2000 Maturities To be decided for each issue. Status Unsecured and unsubordinated obligations ranking pari passu with other unsecured and unsubordinated indebtedness of issuer. Credit Enhancement Guaranteed by Nissho Iwai Corporation Covenants Negative Pledge & Cross Default RATIONALE: This program is established jointly by Nissho Iwai Corporation, Nissho Iwai HK (Cayman) Ltd., and Nissho Iwai International Finance (Cayman) Limited. Nissho Iwai HK (Cayman) Ltd. and Nissho Iwai International Finance (Cayman) Limited are directly or indirectly wholly owned subsidiaries of Nissho Iwai Corporation. The debt service capabilities of subsidiaries concerning the issues under this program are considered the same as that of the parent company because of the guarantee by it. JCR rates the parent company as BBB-. The rating on this program reflects the rating on the parent company. NISSHO IWAI-NICHIMEN: JCR Assigns BBB- Rating --------------------------------------------- Japan Credit Rating Agency (JCR) has assigned a BBB- rating to senior debts of Nissho Iwai-Nichimen Holdings Corporation. RATIONALE: Nissho Iwai-Nichimen Holdings (NNH) is a pure holding company for Nichimen and Nissho Iwai. NNH has been restructuring the operations. It is expected to attain a pretax profit before extraordinary items amounting to 48 billion yen for fiscal 2003. However, NNH would incur a net loss of 29 billion yen, recording restructuring charge continually. It is probable that NNH would fail to attain the earnings goals, although it would push for restructuring. The restructuring will take time to pay off. NNH carries unrealized loss on real estate. Purchase method of accounting treatment at time of merger might realize the unrealized loss. Further deterioration in assets and additional incurrence of loss in the process of business reorganization should be also taken into account to evaluate the equity capital conservatively. However, financial strength improved by capital increase through issue of shares. Concerning the fundraising, JCR evaluates highly the good transactions with main banks. On the other hand, JCR considers that NNH should improve the balance between the short-term and long-term borrowings. JCR believes that subordinated structure should not be reflected in the rating for NNH, given the strong unity of the group as a whole. ========= K O R E A ========= DACOM CORPORATION: Posts Q403 W291B Loss ---------------------------------------- Fixed-line carrier Dacom Corporation incurred a loss of 201 billion won in the fourth quarter ended December 31, versus a 3.7 billion won loss a year earlier, according to Reuters. "Revenues from fixed-line operations decreased, hit by price cuts in international calls and aggressive marketing," Dacom said in a statement. The Company expects to return to profit this year, targeting 9.5 billion won ($8.2 million) in net profit, and aims to boost sales by seven percent to 1.07 trillion won by focusing more on value-added services. HYNIX SEMICONDUCTOR: Wins Patent Battle Against Rambus ------------------------------------------------------ Hynix Semiconductor Inc. has won a victory in the first round of a patent battle against Los Altos, California-based Rambus Inc., Digital Chosun reports. The European Patent Office revoked Rambus Inc.'s patent on designing DDR DRAMs and SDRAMs on February 13. The U.S. semiconductor designer brought the case against Hynix and other global chipmakers to a European court in 2000, claiming that they violated its patent by manufacturing memory chips using its technology without paying royalty fees. KEB CREDIT: Q403 Loss Balloons on Card Crisis --------------------------------------------- KEB Credit Service Co. posted a 1.02 trillion won (US$879.2 million) net loss in the three months ended in December, according to Reuters. The Korea Exchange Bank will absorb the Company by the end of February in an effort to end a cash flow crisis. The restructuring plan involves massive job cuts at KEB Credit and its labor union has been on strike to protest the plan. Last year, KEB Credit posted a 1.43 trillion won net loss, compared with a 52.4 billion won net loss in 2002. LG CARD: Expects US$2.75B Loss in 2003 -------------------------------------- Debt-ridden LG Card Co. expects to post an estimated loss of more than 3.2 trillion won (US$2.75 billion) in 2003, Asia Pulse reports. The creditors will order the credit card firm to make allowances for bad debts within the limit of its management in an effort to get over its insolvency. After agreeing on a 3.49-trillion-won (US$3 billion) rescue plan, LG Card's creditors commissioned the KDB to run the company on their behalf. Hit by increasing defaults, LG Card has been floundering under debts of more than 23 trillion won. SSANYONG MOTOR: Creditors, Union Holds Three-Way Talks on Sale -------------------------------------------------------------- The creditors, management and union of Ssangyong Motors Co. will hold a second round of talks on Friday to discuss the proposed sale of the carmaker to a leading Chinese petrochemical company China National Bluestar Group Corporation, according to Asia Pulse. The three parties held their first talks Sunday, with the union agreeing to call off its planned partial strike and come to the negotiating table. Early this month, Ssangyong's unionized workers threatened to stage a half-day strike every Wednesday to protest the proposed sale, which they claim would lead to mass layoffs, and vowed to launch a general strike if there was significant progress in the talks with Chinese firm Lanxing. On December 22, Ssangyong creditors and the Chinese firm signed a memorandum of understanding on the sale of the ailing automaker. =============== M A L A Y S I A =============== GENERAL SOIL: Issues Restructuring Proposal Update -------------------------------------------------- General Soil Engineering Holdings Berhad refers to the announcement dated October 14, 2003 in relation to the proposed restructuring scheme wherein the Company had on even date entered into a supplemental restructuring agreement (Supplemental RA) with (a) Dr Chin Mee Leen, Lok Kau Lin, Mohammad Azaham Wahab and Pembangunan K.T.I Sdn Bhd (KTI Vendors); and (b) Che Ah Ha, Wong Min Teck and Leong Kok Kee (DJM Vendors) to supplement and vary certain terms and conditions of the restructuring agreement dated 23 May 2003 (Restructuring Agreement) for the Proposed Restructuring Scheme. Avenue Securities Sdn Bhd on behalf of Gensoil wishes to announce that the Company had on 13 February 2004 entered into a second supplemental agreement (Second Supplemental RA) with the KTI Vendors and DJM Vendors to further modify and supplement the terms of the Restructuring Agreement and the Supplemental RA. The salient amendments made pursuant to the Second Supplemental RA are as shown in Table 1 below. Save as disclosed above, the remaining salient terms and conditions of the Restructuring Agreement and Supplemental RA remains unchanged. A copy of the Second Supplemental RA may be inspected at the registered office of Gensoil at 346, Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement. Collectively known as the proposed restructuring scheme are as follows: - Proposed Capital Reconstruction; - Proposed Debt Restructuring; - Proposed Kti Acquisition; - Proposed Djm Acquisition; - Proposed Exemption; - Proposed Newco Share Placement; - Proposed Private Placement; And - Proposed Listing Transfer HIAP AIK: Issues Book Closure Notice ------------------------------------ Hiap Aik Construction Berhad (HACB) has obtained approval from Malaysia Securities Exchange Berhad on January 27, 2004, for the shortening of the notice period from not less than one (1) month prior to maturity date as required under paragraph 8.29 of the Listing Requirements to three (3) clear market days. Further notice is hereby given that arrangement of 8% Irredeemable Convertible Unsecured Loan Stocks 2001/2006 (HACB ICULS) holders whose names appear in the Record of Depositors of HACB at the close of business at 5.00 p.m. on 20th February 2004 shall be subject to the Arrangement of HACB ICULS in respect of the following: (i) Depositors shall qualify for entitlement to the Arrangement of HACB ICULS only in respect of HACB ICULS transferred into the respective depositors' securities accounts before 4.00 p.m. on 20th February 2004 (in respect of transfers). NOTICE OF HACB WARRANT RECALL AND MATURITY FOR WARRANT HOLDERS OF HACB NOTICE IS HEREBY GIVEN that Warrant holders of HACB are advised that all HACB Warrants which the subscription rights of HACB Warrants have not been exercised by the warrant holders by 5.00 p.m. on 20th February 2004 will be terminated without any further notice and/or approval by the warrant holders of HACB. The subscription rights of HACB Warrants will lapse and cease to be exerciseable thereafter. Any outstanding HACB Warrants not exercised by 5.00 p.m. on 20th February 2004 will lapse and become null and void. Accordingly, the subscription rights of HACB Warrants held by the warrant holders in respect of the outstanding HACB Warrants shall cease after 5.00 p.m. on 20th February 2004. NOTICE OF HACB ICULS RECALL AND MATURITY FOR ICULS HOLDERS OF HACB In view that the special administrators of HACB have been appointed under the Act, irrespective of whether the trustee of HACB ICULS, being AmTrustee Sdn Bhd (Trustee), has declared that the outstanding HACB ICULS is immediately due and repayable, and the outstanding HACB ICULS shall become immediately due and repayable at their nominal amounts of RM1.00 each together with accrued interest up to the Cut-off Date. As provided in the SA Proposal, any accrued interest after the Cut-off Date will be waived and the holders of the HACB ICULS shall rank as unsecured creditors with the debts to be settled via the Debt Settlement. If you are a holder of CDS account, holding HACB ICULS at or before 5 P.M. on 20th February 2004, you are not required to take any action. Your attention is also drawn to HACB's Circular to Shareholders dated 26th January 2004 to Shareholders, ICULS holders and Warrant holders in relation to the Restructuring Scheme. OSK HOLDINGS: Lists 79,000 New Ordinary Shares Wednesday -------------------------------------------------------- OSK Holdings Berhad's additional 79,000 new ordinary shares of RM1.00 each issued pursuant to the OSK-Executive Share Option Scheme will be granted listing and quotation with effect from 9 A.M., Wednesday, February 18, 2004. RNC CORPORATION: Post Investigative Audit Results ------------------------------------------------- Further to the announcement dated February 10, 2004 in relation to the exemption on the requirement to appoint an independent audit firm to conduct an investigative audit on the past losses of RNC Corporation Berhad (RN), the Special Administrators (SA) are also required to make appropriate announcements on the findings of the report that was submitted to the Securities Commission (SC) on September 12, 2000. OSK Securities Berhad (OSK), on behalf of the SA of RNC, announced that the investigative report that was submitted to the SC on 12 September 2000 has identified various transactions that led to the losses suffered by RNC. Among these transactions are the shortfall in the Profit Guarantee that was given by the guarantors in relation to the profit guarantee agreement, provisions for doubtful debts, non-performing loans made by a subsidiary of RNC, and various unprofitable investments, in addition to losses in the operations of its core plastic businesses. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: ERC Gives 1 Year to Refund Big Customers --------------------------------------------------------- The Energy Regulatory Commission (ERC) has allowed Manila Electric Co. (Meralco) to implement the third phase of its refund program in twelve months, longer than the six-month period earlier imposed by the regulator, BusinessWorld newspaper reported. ERC Chairman Rodolfo Albano said the commission approved Meralco's petition because it already paid 82 percent of the low-income end-users. This refund was estimated to have already cost Meralco some 3 billion pesos. The third phase of the refund, which covers residential customers with electricity consumption of over 300 kWh, will cost 4.9 billion pesos. The company's four-phase refund of overcharges dating back to 1994 will cost more than 30 billion pesos. MANILA ELECTRIC: ERC Awaits SC Decision --------------------------------------- The Energy Regulatory Commission (ERC) will await the decision of the Supreme Court before it can proceed with the public hearing on the provisional authority (PA) of the Manila Electric Co. (Meralco)'s 12-centavo power rate hike, the Philippine Star reports. Albano explained that the commission could only proceed with the public hearing if the oppositors of the Meralco's PA can submit some documents. The ERC had said it would follow the Supreme Court's order, which stopped Meralco from increasing its power rate by 12 centavos per kilowatthour (kWh). MUSIC CORPORATION: Changes Name to Music Semiconductors ------------------------------------------------------- This in reference to Circular for Brokers Nos. 3307-2003 dated October 16, 2003 and 4018-2003 dated December 18, 2003 pertaining to the approval by the Board of Directors and stockholders of Music Corporation (MUSX) of the amendment of the Company's Articles of Incorporation. In relation thereto, the Company, in a letter dated February 13, 2004, through its legal counsel, Soo Gutierrez Leogardo and Lee, stated that: The Philippine Stock Exchange, on behalf of Music Semiconductors Corporation advises that the Securities and Exchange Commission (SEC) has approved the Amendment of the Articles of Incorporation of MUSX, more particularly, (a) The change in its name from Music Corporation to Music Semiconductors Corporation, amending Article I of its Articles of Incorporation for the purpose; and (b) The change in its primary purpose from that of a holding company to that of a semiconductor manufacturing company, amending Article II of its Articles of Incorporation for the purpose. The PSE will submit next week SEC certified copies of the Certificates evidencing the foregoing. In view thereof, the change in corporate name of the Company from Music Corporation to Music Semiconductors Corporation and the change in primary purpose from a Holding Company to a Manufacturing Company shall be reflected in the Exchange's computer system upon receipt of the Company's Procedures in Updating of Stock Certificates. However, the trading of Music Corporation's shares shall remain suspended pending compliance with Listing and Disclosure requirements. The PSE shall inform the Trading Participants and the investing public of further developments on the aforementioned matter. The company had significantly reduced its capital deficiency to 102 million pesos as of September 30 from 344 million at end- 2001, but intends to raise funds to wipe out the deficit totally. NATIONAL BANK: Offers Php3.8B Subordinated Notes ------------------------------------------------ Philippine National Bank (PNB) has received approval from the Bangko Sentral ng Pilipinas (BSP or central bank) to offer up to PhP3.8 billion in subordinated notes that would qualify as Tier 2 capital--or capital outside common equity, Business World reports. The increase was due to higher demand against the original issue size of 2.2 billion pesos. The report said should the bank expand the issue size to 3 billion pesos, this would improve the parent bank's capital adequacy ratio to 11.9 percent from the present 9.6 percent of total capital. The ratio serves as a barometer to determine a bank's ability to cover for risks. In an earlier disclosure to the Philippine Stock Exchange, the bank said the pricing of its peso-based lower Tier 2 debt has a yield of 12.5% or higher by 126.83 basis points over the five- year MART 1 FXTN (fixed rate treasury notes). NATIONAL STEEL: Reopening Affects Businesses in Mindanao -------------------------------------------------------- The reopening of the National Steel Corporation (NSC) in Iligan City is expected to cause a power shortage in the Mindanao area, affecting other businesses and residents in the surrounding provinces, the Philippine Star reports. According to the National Economic and Development Authority (NEDA) in Northern Mindanao, NSC would require megawatts (MW) of power that would not be met by the existing power source, mostly from the Ma. Cristina Falls Hydroelectric power facility. Local officials and business leaders are wary that the steel plant would disrupt power supply because there was no facility to fill its power demand. When this power plant becomes commercially operational, NEDA regional director Casimira V. Balandra said it would supply at least 20 MW of NSC's requirement. Until then, however, the steel plant would have to get power from the existing power grid already limited by current demand. Local businessmen were already complaining about the region's periodic power interruptions, which they say have grown worse over the last few months. PHILIPPINE LONG: Elects Nazareno as President --------------------------------------------- The Board of Directors of the Philippine Long Distance Telephone Co. (PLDT) is set to elevate Company President and Chief Executive Manuel Pangilinan to Chairman and name Napoleon Nazareno as its new President, the Philippine Star reports. Nazareno is currently President of PLDT unit Smart Communications Incorporated. After PLDT Chairman Antonio Cojuangco resigned in November to focus on the Associated Broadcasting Corp. television network, his latest acquisition, PLDT's board is expected to elevate Pangilinan to the chairmanship position. ================= S I N G A P O R E ================= ASIA PULP: New York Court Rules in Favor of APP ----------------------------------------------- In another round in what is beginning to resemble a legal heavyweight bout, the New York court with jurisdiction over $277 million in bonds purchased by American investors in Asia Pulp & Paper (APP) and its affiliates granted a temporary restraining order preventing the company from taking further action in an Indonesian suit to nullify certain of these bonds, PR Newswire reports. The Indonesian suit was brought by APP affiliate P.T. Lontar Papyrus Pulp & Paper. Sunday's order is the second temporary restraining order granted by the New York Supreme Court in the last three months against APP. Justice Helen Freedman previously issued a similar order (which is still in effect) restraining litigation of an Indonesian lawsuit brought by APP affiliate Indah Kiat Pulp & Paper. Both Indonesian lawsuits were filed after Justice Freedman granted investors' summary judgment motion against APP in their lawsuit to collect on their bonds. APP and its affiliates issued the bonds under New York law pursuant to a registration statement filed with the SEC and granted jurisdiction to the courts in New York. "We hope that the New York court's commitment to the accountability demanded by the modern day financial system will move APP in a different direction," said Robert Rauch, Managing Director of Gramercy Advisors. "Rather than suing their creditors and seeking to invalidate their debts, we continue to believe the company should come to the bargaining table and negotiate in good faith with its creditors." The two lawsuits filed by these APP affiliates in Indonesia seek to: declare the bonds were issued deceptively and as such are unenforceable; obtain more than $2 billion in damages from the bondholders and parties involved in the bond issuance; and, enjoin American bondholders and other financial institutions from further attempting to enforce the bonds. APP, the world's 10th largest paper company, owes various public and private investors over $14 billion. Melissa Obegi, Associate General Counsel for Oaktree Capital, reiterated her concern for the impact of APP's actions on future investment in Indonesia: "APP's continued attempts to avoid its corporate obligations through the Indonesian courts have to stop. American investors bought New York bonds governed by New York law to assure predictability of their treatment. APP's filing suit after frivolous suit against the investors, underwriter, indenture trustee, and clearinghouse doesn't help the country attract much-needed investment capital." Richard Cooper, a partner at Cleary, Gottlieb, Steen & Hamilton, representing these secured creditors, said: "Today's ruling is important because it further demonstrates the New York court's commitment to ensuring that APP meets its contractual obligations. Indonesia is the only emerging market country where you regularly see large private sector corporations using the legal system to nullify international financings and sue their creditors. It is very destructive to the country's long-term interests." For more information or to schedule an interview, please contact Dan Rene at 202-448-3127 or drene@qorvis.com BETAWAN PTE: Creditors Must Submit Claims by March 15 ----------------------------------------------------- The creditors of Betawan Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before 15th March 2004 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the said Company, and, if so required by notice in writing from the said Liquidators, are by their solicitors, or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Dated this 13th day of February 2004. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. EXCEL MACHINE: Extends Judicial Management Order to June 24 ----------------------------------------------------------- The judicial managers of Excel Machine Tools Limited announced that pursuant to the Order of Court dated November 19, 2003, the Judicial Management Order has been extended to June 30, 2004. Additionally, the Judicial Managers were granted an extension of time till 30 June 2004 to comply with the requirements set out in section 227M of the Companies Act, in particular to lay before the creditors of the Company a statement of proposals for achieving the objectives of the Judicial Management Order made herein on 5 May 2003. Submitted by Ramasamy Subramaniam Iyer, the Judicial Manager on February 12, 2004. KIM TAT: Winding Up Set February 27 ----------------------------------- The petition to wind up Kim Tat Seng Group Pte Ltd is set for hearing before the High Court of the Republic of Singapore on February 27, 2004 at 10 o'clock in the morning. Kwangtung Provincial Bank, a creditor, whose address is situated at 4 Battery Road, Bank of China Building, Singapore 049908, filed the petition with the court on January 30, 2004. The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery Road, #15-00 Bank of China Building, Singapore 049908. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Rajah & Tann a notice in writing not later than twelve o'clock noon of the 26th day of February 2004 (the day before the day appointed for the hearing of the petition). KYUN PTE: Releases Winding Up Order Notice ------------------------------------------ Kyun Pte Limited issued a notice of winding up order made on January 30, 2004. Name and Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. TAN PENG CHIN LLC Solicitors for the Petitioner. MULTI-CHEM LIMITED: Sells Stake in Hawera Precision --------------------------------------------------- The Board of Directors of Multi-Chem Limited announced that its 35 percent owned associated company, Hawera Precision Tec Pte Ltd has sold its 100 percent equity interest in Hawera Precision Tec (Suzhou) Co., Ltd to HPTec GmbH, the 65 percent shareholder of Hawera Precision Tec Pte Ltd on 31 December 2003. Hawera Precision Tec (Suzhou) Co., Ltd is incorporated in Suzhou of Jiangsu Province, the People's Republic of China ("PRC") and its principal activities are those relating to the distribution of precision tools and the provision of regrinding services. The consideration for the sale is US$85,380, based on Hawera Precision Tec (Suzhou) Co., Ltd's net asset value as of 30 September 2003. The amount is payable upon the completion of the transfer registration with the State Administration of Industry and Commerce in PRC. The net tangible liabilities of Hawera Precision Tec (Suzhou) Co., Ltd as at 31 December 2003 were S$31,971. The transaction is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2004. None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction. The Directors are not aware of any substantial shareholders having any interest, direct or indirect, in the transaction. TAI HOCK: Faces Winding Up Petition ----------------------------------- The petition to wind up Tai Hock Textiles (Pte) Ltd is set for hearing before the High Court of the Republic of Singapore on February 27, 2004 at 10 o'clock in the morning. The Bank of China, a creditor, whose address is situated at 4 Battery Road, Bank of China Building, Singapore 049908, filed the petition with the court on January 30, 2004. The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery Road, #15-00 Bank of China Building, Singapore 049908. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Rajah & Tann a notice in writing not later than twelve o'clock noon of the 26th day of February 2004 (the day before the day appointed for the hearing of the petition). TAI THONG: Issues Winding Up Order Notice ----------------------------------------- Tai Thong Hung Industrial Chemicals Private Limited issued a notice of winding up order made on the 30th day of January 2004. Name and address of Liquidators: Mr Chee Yoh Chuang and Mr Lim Lee Meng care of Messrs Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. Messrs CHUA HAY & PARTNERS Solicitors for the Petitioners. =============== T H A I L A N D =============== ASIA HOTEL: Unveils Business Transactions for 2003 -------------------------------------------------- Asia Hotel Public Company Limited (ASIA) announced the following transactions for 2003 as follows: 1. Transaction between Asia Hotel Public Company Limited and Nam Seng Insurance Public Company Limited 1. Parties involved Parties Involved: Asia Hotel Public Company Limited. "ASIA" as Insured, Nam Seng Insurance Public Company Limited "NSI" as Insurer Transaction Date: 15 February 2004 2. Description of transaction 2.1 Fire Insurance Property Insured - Hotel and office Amount Insured 600 MB Period of Insurance 15 February 2004 to 30 May 2005 2.2 Limit of liability for third party not exceed 10 MB for loss of life and medical payment and damage of property Period of Insurance 23 March 2004 to 30 May 2005 3. Size of transaction: Net premium including stamp duty and VAT of Baht766,000 for 8 installment from March to October 2004 To view full copy of this press release, click http://bankrupt.com/misc/asiahotel021604.htm SINO THAI: Submits Tender Offer Results --------------------------------------- The preliminary results of tender offer report (Form 247-6-B) to purchase securities of Sino-Thai Resources Development Plc. are as follows: Mrs. Suladda Asawapayuthkul, Mr. Vichai Limpanyakul, Mrs. Karnchana Manathamphaiboon, Mrs. Jintana Surapanich and Mr. Kitti Cheevakittigul have an intention to purchase the ordinary shares of Sino-Thai Resources Development Plc. through a tender offer totaling 5,199,000 shares, representing 25.99 percent of the total issued shares of STRD, at the offer price of Baht 10. Sincerely yours, Cholapan Vongsing (Mr. Cholapan Vongsing ) Assistant Managing Director * BOND PRICING: For the week of February 16 - February 20, 2004 ------------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 4 Australia Commonwealth Gov't Loans 3.000% 7/29/49 63 Australian Food & Fibre Ltd 4.000% 12/5/08 10 Bendigo Bank Ltd 8.000% 5/29/49 9 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 9 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 9 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 9 Capital Properties NZ Ltd 8.500% 4/15/09 9 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.500% 4/15/04 7 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 7 Feltex Carpets Ltd 10.250% 9/15/08 1 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Garratts Ltd 12.000% 12/31/03 1 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 9 Hy-Fi Securities Ltd 8.750% 8/15/08 11 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure and Utility 8.500% 9/15/13 9 JB Were Capital Markets Ltd 8.750% 12/31/03 29 Macquarie Bank Ltd 1.800% 8/15/15 66 New South Wales Treasury Corporation 0.500% 2/16/10 74 NPT Capital Ltd 9.500% 11/30/04 9 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Retail Finance 9.250% 9/15/07 10 Port Douglas Reef Resorts Limited 9.000% 4/1/04 1 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 7 Queensland Treasury Corporation 0.500% 5/19/10 73 Richmond Ltd 10.750% 12/15/04 9 Salomon Smith Barney Australia 4.250% 2/1/09 8 Sky Network Television Ltd 9.300% 10/29/49 7 Straits Resources Ltd 10.000% 12/31/03 1 Strathfield Group Ltd 11.000% 12/31/05 1 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 8 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- China Government Bond 2.900% 5/24/32 74 Teco Electric & Machinery Co Ltd 2.750% 4/15/04 75 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 71 Kolon Industries Inc 0.250% 12/31/04 52 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Arus Murni Corporation Bhd 0.500% 8/24/06 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/08 1 Crest Builder Holdings Bhd 3.000% 2/25/06 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Eox Group Bhd 4.000% 1/10/06 1 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 6 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 3.000% 10/21/07 3 Gadang Holdings Bhd 2.000% 12/24/08 3 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 2 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Halim Mazmin Bhd 8.000% 6/30/04 3 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 Lingkaran Trans Kota Holdings 7.150% 10/23/10 10 Media Prima Bhd 2.000% 7/18/08 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 MWE Holdings 5.500% 10/7/04 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pahlawan Power 5.150% 1/31/05 10 Pantai Holdings 5.000% 3/28/07 1 Patimas Computer Bhd 6.000% 2/19/06 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Orlando Holdings Bhd 3.000% 3/16/05 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Southern Steel Bhd 5.500% 7/31/08 1 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 2 Wah Seong Corporation Bhd 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 46 Benpres Holdings Corp. 7.785% 12/19/02 55 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Housing and Dev. Board 3.875% 2/11/04 1 Rabobank Singapore 1.000% 1/15/13 72 Tampines Assets Ltd 5.625% 12/7/06 1 Tampines Assets Ltd 6.000% 12/7/06 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 THAILAND -------- Bank of Asia PCL 3.750% 2/9/04 64 Bangkok Bank 4.589% 3/3/04 64 Bangkok Land 3.125% 3/31/01 18 Bangkok Land 4.500% 10/13/03 17 Siam Commercial Bank PCL 3.250% 1/24/04 64 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a Variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer Or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and Equity securities about which we report. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., 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 ***