/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040224.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 24, 2004, Vol. 7, No. 37 Headlines A U S T R A L I A AMP LIMITED: Ratings Unchanged by Debt Plan, Says S&P AMP LIMITED: Issues Debt Repayment Program Update AMP LIMITED: Raises 2003 Profit Forecasts NATIONAL AUSTRALIA: Kraehe Quits News Corporation, Brambles REYNOLDS WINES: Enters Purchase Deal With Trinchero QANTAS AIRWAYS: Strong Results Support Ratings, Says S&P C H I N A & H O N G K O N G GOLD PHOENIX: Winding Up Petition Slated for March 24 PLASTICOS COMPANY: Faces Winding Up Petition PROVIDE LOGISTICS: Winding Up Hearing Set March 17 SPEEDY LUCK: Bank of China Initiates Winding Up Petition I N D O N E S I A EXCELCOMINDO PRATAMA: Australia's Telstra Plans A$3B Bid J A P A N ALL NIPPON: JCR Assigns BBB+ Rating GRAND TAMAKOSHI: General Merchandise Firm Enters Bankruptcy MITSUBISHI MOTORS: DaimlerChrysler May Withdraw 37% Stake MITSUBISHI MOTORS: Daimlerchrysler Sends Reform Team K O R E A HANARO TELECOM: Unveils Solid 2003 Fourth Quarter Results HANARO TELECOM: Discloses Business Plan for 2004 KOOKMIN BANK: Clarifies of LG Acquisition Reports KOOKMIN BANK: Shareholders Meeting Set March 23 KOOKMIN BANK: Unveils 2003 Operating Results SK CORPORATION: Removes Scandal-tainted Executives SK NETWORKS: U.S. Unit Schedules November 13 Creditors Meeting M A L A Y S I A ACTACORP HOLDINGS: KLSE Extends Restraining Order EPE POWER: Seeks Restructuring Approval METROPLEX BERHAD: Issues Restraining Order Update MYCOM BERHAD: Issues Restructuring Update OLYMPIA INDUSTRIES: To Complete Restructuring Scheme March 7 PROMET BERHAD: KLSE to Delist Securities on March 5 UCP RESOURCES: Extends Investigative Audit to May 21 UNIPHOENIX CORPORATION: Issues Rescue Scheme Update P H I L I P P I N E S ANNA-LYNN'S INC.: Seeks Debt Relief PHILIPPINE LONG: Subscribers Likely to Hit 14 Million by March PHILIPPINE LONG: Issues 24,287,455 Preferred Shares PILIPINO TELEPHONE: Clarifies Debt Restructuring Report S I N G A P O R E BOUSTEAD SINGAPORE: Australian Unit Enters Voluntary Liquidation CHARTERED SEMICONDUCTOR: Honors Top Suppliers NYLECT TECHNOLOGY: Widens Net Loss to S$2.2M PHASE METRICS: Issues Debt Claim Notice to Creditors RIDALEGE TRADING: Issues Notice to Creditors STRATEGY INTERNATIONAL: Issues Dividend Notice THAKRAL CORPORATION: Unit Starts Liquidation Proceedings T&T INSURANCE: Creditors Must Submit Claims by March 22 WESTERN DIGITAL: Creditors Must Submit Claims by March 22 T H A I L A N D ADVANCE AGRO: Moody's Reviews Rating for Possible Upgrade ADVANCE PAINT: Unveils Director's Meeting Resolutions THAI PETROCHEMICAL: Unveils Shareholder's Equity * BOND PRICING: For the week of February 23 - February 27, 2004 - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Ratings Unchanged by Debt Plan, Says S&P ----------------------------------------------------- Standard & Poor's Ratings Services announced that its ratings on AMP Ltd.'s operating units and holding Company remain unchanged following the announcement of its planned debt repayment and its higher-than-expected underlying earnings compared with forecasts in its demerger "Explanatory Memorandum". AMP's main Australia- based subsidiaries are AMP Life Ltd. (A-) and AMP Group Holdings Ltd. (BBB2). "AMP's planned debt reduction through its repurchase of all or part of its income securities reduces the overall degree of leverage--debt and hybrid--in the group to more supportive levels," said Standard & Poor's credit analyst, Kate Thomson. "Although the transferal of A$725 million from AMP Life--to meet the debt repayment--has reduced AMP Life's absolute level of capital, AMP Life's risk-based capitalization appears to remain robust," added Ms. Thomson. AMP Life's lower risk asset strategy, and improved asset performance that is benefiting policyholders and shareholder profits, support the capital transfer. "At the same time, AMP's agreement with the third party seeking a declaration that AMP's recent demerger had caused an event of default--potentially triggering a cross default--resolves a significant uncertainty for the ratings," said Ms. Thomson. Although key risks associated with the demerger process have now ameliorated, AMP's ratings remain on negative outlook. In the short to medium term, Standard & Poor's will focus on its analysis of the following: -- AMP's full-year results (due for release on March 4 when a bottom-line loss in excess of A$5.0 billion is expected to be reported); -- AMP's continued momentum in business recovery and improved underlying financial performance; and -- Its capability to execute debt reduction and other strategies. AMP LIMITED: Issues Debt Repayment Program Update ------------------------------------------------- AMP Limited announced an update on its annual results for the year to 31 December 2003. These results are due for finalization and release on 4 March 2004. AMP Chief Executive Officer Andrew Mohl said the underlying business results were now expected to be considerably higher than the pro-forma forecasts provided in the Explanatory Memorandum (EM) for the demerger. The EM forecast net profit after tax (before goodwill amortization and other items) in a range from A$402 million to A$535 million. AMP indicated at the time the EM was released on 16 October 2003 that it expected the result to be closer to the top end of the forecast range. Mr Mohl said it was now likely that net profit after tax (before goodwill amortization and other items) would be in the range of A$600 million to A$620 million. "The better-than-expected profit result reflects, in roughly equal parts, improved business unit performance, particularly in the final months of the year, and a number of positive one-off items that emerged in the end of year review process," Mr Mohl said. "The stronger business unit performance has seen AMP Financial Services, AMP Capital Investors and Cobalt/Gordian all exceed the top end of their respective ranges provided in the EM." AMP Limited (AMP) ASX Announcement AMP Limited Level 24, 33 Alfred Street Sydney NSW 2000 Australia ABN 49 079 354 519 Mr Mohl said the balance sheet of AMP was also significantly stronger at year-end than had been anticipated at the time of the release of the EM. In particular, AMP Life was in a position at the end of December 2003 to transfer A$725 million to AMP Limited due to: - higher operating profits; - capital management initiatives; - investment outperformance; and - improved market conditions. The solvency position of AMP Life, even after this transfer of A$725 million, was significantly stronger at the end of 2003 than mid-year. It was also stronger than at the end of 2001 and 2002 due to the same factors. 2. Acceleration of debt repayment program AMP currently has debt of A$3.2 billion. The company indicated in the EM that it intended to pay down a net A$600 million of existing debt securities to achieve the EM pro-forma debt level of A$2.6 billion with the nature and allocation of this restructure to be determined. With its improved balance sheet, AMP is now in a position to pay down over A$1.2 billion of external debt, in effect immediately, and reduce its debt to around A$2 billion. AMP has determined that the first step to achieve this reduction is to buy back as much of its A$1.24 billion in outstanding Income Securities (AMQHA) as possible. AMP will make an offer to all Income Securities holders to buy back their holdings at a premium to the current market price. Mr Mohl said AMP was taking this step because interest rate changes have increased the cost of the Income Securities to the company relative to other debt instruments, and it has too much hybrid debt, most of which is Income Securities. AMP therefore plans to write to all Income Securities holders with an offer to buy back their holdings at A$98.00 plus accrued interest. The closing price of the securities on Friday 20 February 2004 was A$94.10. Income Securities holders do not need to accept this offer, as the securities are perpetual instruments that will continue to trade on the Australian Stock Exchange while they are on issue. AMP has separately reached agreement with a third party who was contesting the impact of the demerger on the status of AMP's Income Securities in the Federal Court. AMP will acquire the party's stake at the same price of A$98.00 plus accrued interest and the party has agreed to cease its legal proceedings. "With the demerger now successfully completed, our focus is on rebuilding and rejuvenating AMP as quickly as possible," Mr Mohl said. "The improved performance in underlying results and acceleration in our ability to repay debt are both very good news for our shareholders." For a copy of the press release, go to http://bankrupt.com/misc/tcrap_amp0223.pdf Media inquiries Investor inquiries Karyn Munsie Mark O'Brien Ph: +61 2 9257 9870 Ph: +61 2 9257 7053 0421 050 430 Matthew Coleman Ph: +61 2 9257 2700 0421 611 138 AMP LIMITED: Raises 2003 Profit Forecasts ----------------------------------------- AMP Limited raised its 2003 core profit forecasts as much as 16 percent on Monday and plans to repay more debt following a stronger-than-expected performance late last year, according to Reuters. AMP said net profits before goodwill amortization and other items would be in the range of A$600 million ($462 million) to A$620 million for the year ended December 31. AMP is expected to post a total loss of A$5.4 billion on the back of huge write- downs after it split into two companies to stem massive losses from Britain. The write-downs are mainly on the value of the British business. The Australian insurer has debt of A$3.2 billion and previously had flagged intentions to pay back A$600 million. However, higher interest rates have increased the cost of the income securities for AMP compared with other debt instruments. NATIONAL AUSTRALIA: Kraehe Quits News Corporation, Brambles ----------------------------------------------------------- National Australian Bank (NAB) Chairman Graham Kraehe will resign from the boards of News Corporation, Brambles Industries and Djerriwarrh Investments to concentrate on the bank and BlueScope Steel, where he is also chairman, reports the Age. Kraehe replaced Charles Allen as Chairman of the nation's largest bank earlier this month after it was revealed the bank lost $360 million in a currency trading scandal. PricewaterhouseCoopers and the Australian prudential regulator are investigating the affair. REYNOLDS WINES: Enters Purchase Deal With Trinchero ---------------------------------------------------- Roger J. Trinchero, President of Trinchero Family Estates wine Company, announced that the Napa Valley-based winery and Newco, the management entity for Reynolds Wines, Ltd., Australia, have signed a deal transferring 100% ownership of the Reynolds Vineyards and Little Boomey brands to Trinchero Family Estates. In addition, Trinchero Family Estates will retain exclusive marketing and distribution rights for the brands worldwide with the exception of the United Kingdom. Newco, currently managed by former Southcorp executive Philip Shaw, will retain brand and distribution rights in the U.K. "We are thrilled to be able to move forward at full speed with Little Boomey and Reynolds Vineyards brands in North America and beyond. We believe strongly in the power of Australian wines in the marketplace and are committed to continue to develop this category within our portfolio," Roger Trinchero commented. Trinchero Family Estates has continued marketing and distributing the Reynolds Vineyards and Little Boomey brands over the past year as Reynolds Wines, Ltd. went through a lengthy restructuring. The newly inked deal frees Trinchero Family Estates to control all aspects of production, including grape sourcing. "We're looking forward to enjoying the flexibility to continue to improve vineyard selection for Reynolds Vineyards wines," said Trinchero. "We have an ample inventory to supply our customer needs and continue to be dedicated to cool climate sourcing." Reynolds Vineyards wines bear a New South Wales appellation and an Orange, New South Wales appellation for the Reserve tier. Trinchero Family Estates is owned and operated by the Trinchero family, Napa Valley vintners since 1947. The company produces Sutter Home, Trinchero, Montevina, Trinity Oaks, and the number one alcohol-free wine, Fre, as well as Reynolds Vineyards and Little Boomey wines from Orange, New South Wales, Australia. www.tfewines.com Reynolds Wines, formerly called Cabonne Limited went into voluntary administration on August 4, 2003 and is currently operating under the management of receivers, KPMG. QANTAS AIRWAYS: Strong Results Support Ratings, Says S&P -------------------------------------------------------- Standard & Poor's Ratings Services reported Monday that Qantas Airways Ltd.'s (BBB2) strong results for the first six months of fiscal 2004 support the ratings and outlook on the airline. Qantas' pretax profit increased to A$530 million (A$513.1 million in 2003), despite the airline suffering from the aftermath of severe acute respiratory syndrome (SARS) and the war in Iraq. Key factors underpinning the airline's financial results were the strong performance of its domestic operation, an improved cost structure from cost reductions and investment in new aircraft, and favorable foreign exchange movements (which contributed A$45 million to the company's overall result). Although the improving revenue environment will further assist Qantas' performance in the second half, the airline's cost- reduction initiatives, successful launch of Jetstar, and product-improvement strategies will be critical to sustaining its strong domestic position and improving its overall profitability given increasing competition across its route network. Qantas' credit metrics are expected to strengthen and remain supportive of its ratings in the next few years, although the extent of any improvement will be tempered by the airline's A$7 billion of capital expenditure slated between fiscals 2004-2006, which will be funded mostly from operating cash flows and debt. Contact: [REDACTED] ============================ C H I N A & H O N G K O N G ============================ GOLD PHOENIX: Winding Up Petition Slated for March 24 ----------------------------------------------------- The petition to wind up Gold Phoenix Chinese Restaurant Limited is set for hearing before the High Court of the Republic of Singapore on March 24, 2004 at 10 in the morning. Ho Shui Yin whose registered office is situated at Flat 1006A, 10/F., Far East Bank Building, 135 Castle Peak road, Tsuen Wan, New Territories, Hong Kong, filed the petition on January 26, 2004. The Petitioners' solicitors are Tam Lee Po Lin of Rooms 1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve on or send by post to Ford, Kwan & Company a notice in writing not later than twelve o'clock noon of the 23rd day of March 2004 (the day before the petition hearing). PLASTICOS COMPANY: Faces Winding Up Petition -------------------------------------------- The petition to wind up Plastikos Company Limited is set for hearing before the High Court of the Republic of Singapore on March 17, 2004 at 10 'oclock in the morning. Wong Leung whose registered office is situated at Room 05, 8/F., Wu Yuet House, Wu King Estate, Tuen Mun, New Territories, Hong Kong, filed the petition on January 16, 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 at 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 16th day of March 2004 (the day before the petition hearing). PROVIDE LOGISTICS: Winding Up Hearing Set March 17 -------------------------------------------------- The petition to wind up Provide Logistics Management Service Company Limited is set for hearing before the High Court of the Republic of Singapore on March 17, 2004 at 9:30 in the morning. Yu Chi Ho whose registered office is situated at Room 215, Pok Yat House, Pok Hong Estate, Shatin, New Territories, Hong Kong, filed the petition on January 9, 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 at 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 16th day of March 2004 (the day before the petition hearing). SPEEDY LUCK: Bank of China Initiates Winding Up Petition -------------------------------------------------------- The petition to wind up Speedy Luck Industrial Limited is set for hearing before the High Court of the Republic of Singapore on April 14, 2004 at 10 in the morning. The Bank of China (Hong Kong) Limited whose registered office is situated at Room 215, Pok Yat House, Pok Hong Estate, Shatin, New Territories, Hong Kong, filed the petition on February 13, 2004. The Petitioners' solicitors are Fork, Kwan & Company of Rooms 1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve on or send by post to Ford, Kwan & Company a notice in writing not later than twelve o'clock noon of the 31st day of April 2004 (the day before the petition hearing). ================= I N D O N E S I A ================= EXCELCOMINDO PRATAMA: Australia's Telstra Plans A$3B Bid -------------------------------------------------------- Telstra Corporation Limited plans to bid for mobile operator PT Excelcomindo Pratama for up to A$3 billion (US$2 billion), The Australian newspaper reported on Monday. Citing unnamed sources, the newspaper said at least a dozen Telstra executives had visited Excelcomindo's Jakarta's offices. Excelcomindo is 60 percent owned by Rajawali Group's PT Telekomindo Primabhakti, 23 percent by Verizon Communications of the United States, 13 percent by the Asian Infrastructure Fund and four percent by Japan's Mitsui & Co. ========= J A P A N ========= ALL NIPPON: JCR Assigns BBB+ Rating ----------------------------------- Japan Credit Rating Agency (JCR) has assigned BBB+ ratings to the bonds of All Nippon Airways Co. Limited (ANA) to be issued under the shelf registration. Issue Amount (billion) Issue Date Due Date Coupon Bonds no.19 Y10 Mar. 10, 2004 Mar. 10, 2014 2.27% Covenants: Negative Pledge Commissioned Company: No Shelf Registration: Maximum: Y200 billion Valid: two years effective from March 26, 2002 RATIONALE: Performance of All Nippon Airways (ANA) for fiscal 2003 has been going well as estimated originally. The forecasts for performance for fiscal 2003 announced on February 4, 2004 along with operating results for the 3rd quarter were not changed from the forecasts announced on October 31, 2003. JCR announced the downgrade of the rating for ANA from A- to BBB+ on July 9, 2003. Since then there have been no significant changes in both performance and financial structure affecting the rating. The proceeds from sales of bonds will be used for capital spending as well as repayment for the borrowings and redemption of bonds. The liability, however, will not have material impact on the capital structure. GRAND TAMAKOSHI: General Merchandise Firm Enters Bankruptcy ---------------------------------------------------------- Grand Tamakoshi Co. Ltd. has been declared bankrupt, according to Teikoku Databank America. The general merchandise store operator located at Ichinomiya-shi, Aichi, Japan, has total liabilities of US$200 million. MITSUBISHI MOTORS: DaimlerChrysler May Withdraw 37% Stake --------------------------------------------------------- DaimlerChrysler AG may consider withdrawing its stake from Mitsubishi Motors Corporation (MMC) as an option for reviewing its relationship with the troubled Japanese automaker, Kyodo News reported on Friday. The option will be taken up when the German auto giant studies MMC's future in April. DaimlerChrysler is the biggest shareholder in MMC with an equity stake of about 37%. MITSUBISHI MOTORS: Daimlerchrysler Sends Reform Team ---------------------------------------------------- A team from DaimlerChrysler AG headed by Andreas Renschler, Chief of its Smart cars unit, will arrive in Japan this weekend to help restructure Mitsubishi Motors Corporation, according to Reuters. Renschler's team will be in Tokyo for six weeks to help Mitsubishi draw up a medium-term business plan by the end of April. It is expected to involve DaimlerChrysler and other big shareholders coming up with new capital. Hit by loan finance problems at its North American unit, Mitsubishi Motors said last week it expected an operating loss of 105 billion yen for the year to the end of March rather than the 45-billion-yen loss forecast three months ago. ========= K O R E A ========= HANARO TELECOM: Unveils Solid 2003 Fourth Quarter Results --------------------------------------------------------- Hanaro Telecom, Inc., one of Korea's largest broadband Internet access and local call service providers, announced the results of its operations for the fourth quarter ended December 31, 2003. In a disclosure to the Securities and Exchange Commission, the results are audited, unconsolidated, and prepared in accordance with generally accepted accounting principles in Korea. FOURTH QUARTER 2003 HIGHLIGHTS Foreign investment of US$500 million was secured by a consortium led by American International Group Inc, Newbridge Capital and Telecom Venture Group Ltd., resulting in a 39.6% stake in Hanaro. Costs associated with EGM approval of the investment, together with other factors, contributed to a reduced operating profit this quarter of KRW 21.3 billion (US$ 17.9 million) down 49.5% compared with KRW 42.2 billion in 3Q03. EBITDA in 4Q03 was KRW 132.2 billion (US$ 110.9 million), down 12.6% from KRW 151.3 billion in 3Q03. Total 2003 EBITDA was KRW 500.0 billion (US$ 419.3 million), up 27.7% compared with KRW 391.5 billion in full year 2002. Revenues decreased slightly by 1.0% to KRW 349.2 billion (US$ 292.8 million) in 4Q03, compared with KRW 352.6 billion in 3Q03. This small decline was largely due to a decrease in subscriber growth, but was not negatively affected by a clean up of 240 thousand inactive broadband subscribers in the fourth quarter. CAPEX in 4Q03 was KRW 50.4 billion (US$ 42.3 million), down 35.0% from KRW 77.5 from last quarter. Total 2003 CAPEX was KRW 337.5 billion (US$ 283.0 million), down 11.0% from KRW 378.8 billion in full year 2002. * Income Statement figures have been converted for reader convenience at the exchange rate of US$ 1 = KRW 1,192.6, which is the "Korea Exchange Bank closing standard rate" on December 31, 2003. HANARO TELECOM: Discloses Business Plan for 2004 ------------------------------------------------ In 2004, through the strengthening of its management and the improvement of its financial structure, Hanaro Telecom Inc. plans to achieve KRW 1.5 trillion in revenues and its first net profit since the commencement of its commercial services, and to prepare for a second leap in continuous development, a Company statement said. In order to achieve these goals, Hanaro is enhancing its management team and improving its financial structure by 1) solidifying its competitive position in the broadband Internet market and improve its profitability, 2) increasing its market share in the local telephony market, and 3) increasing investment efficiency in its corporate leased line business. KOOKMIN BANK: Clarifies of LG Acquisition Reports ------------------------------------------------- On February 12, 2004, the Korea Stock Exchange requested Kookmin Bank to confirm reports on the Company's acquisition of LG Investment & Securities Co. In a disclosure to the Securities and Exchange Commission, Kookmin Bank clarified that the rumor was groundless. KOOKMIN BANK: Shareholders Meeting Set March 23 ----------------------------------------------- On February 9, 2004, the Board of Directors of Kookmin Bank has approved and ratified to convene the annual shareholders' meeting for the fiscal year of 2003 as follows: [X] Date & Time March 23, 2004 10 A.M. [X] Venue Kookmin Bank Auditorium, 4/th/ floor, 36-3 Yoido-dong, Youngdeungpo-ku, Seoul, Korea 150-758 [X] Agenda 1) Approval of non-consolidated financial statements (Balance sheet, Income statement and Statement of disposition of deficit) for the fiscal year of 2003 2) Partial amendment to the Articles of Incorporation 3) Appointment of directors 4) Appointment of candidates for the members of the Audit Committee, who are non-executive directors 5) Approval of granting stock options In a disclosure to the Securities and Exchange Commission, the shareholders may exercise their voting rights in writing without attending the meeting in person. KOOKMIN BANK: Unveils 2003 Operating Results -------------------------------------------- On February 9, 2004, the Board of Directors of Kookmin Bank has approved and ratified non-consolidated financial statements prepared in accordance with Korean GAAP for the fiscal year of 2003 and no dividend payout for the same year, a Company statement said. After the board of directors' meeting, Kookmin Bank held an earnings conference and released its operating results for the fiscal year of 2003. The key figures released during the conference, and full presentation material is available at Kookmin Bank website (www.kbstar.com) for further information. The figures in this section are taken from unaudited and non- consolidated financial statements. They are subject to change in the course of audit process by our independent auditor. On September 30, 2003, Kookmin Bank merged with one of its major subsidiaries, Kookmin Credit Card Co. Under Korean GAAP, the merger was accounted for the transaction between the entities under common control and therefore the Bank recognized the assets and liabilities transferred at their carrying amounts in the accounts of Kookmin Credit Card Co. at the date of transfer. However, for the purpose of comparison, we presented, hereunder, the pro-forma figures for year 2002, which have been derived from pro-forma financial statements, which present simple arithmetic summation of the two entities' past earnings and financial conditions, excluding inter-transaction as if the merger had been completed in September 30, 2002. SK CORPORATION: Removes Scandal-tainted Executives -------------------------------------------------- SK Corporation has decided to oust three of its members in a reshuffle aimed at improving governance in a battle with foreign shareholders over management control at the Company, Channel News Asia reports. The three outgoing board members include SK Group Chairman Son Kil-Seung who was jailed last month on charges of siphoning off corporate money. The Company will field seven outside directors instead of five to improve governance, adding SK Group owner Chey Tae-Won would lead the 10-member board as the refiner's chief executive. The new outside directors include former Prime Minister Cho Soon and former Korea Gas Corporation chief Nam Dae-Woo, recommended by Mocano-based Sovereign Asset Management for SK Corporation's new board. SK NETWORKS: U.S. Unit Schedules November 13 Creditors Meeting -------------------------------------------------------------- The first meeting of SK Global America's creditors pursuant to 11 U.S.C. Sec. 341(a) was held on November 13, 2003, at 2 P.M. at 80 Broad St. in New York. SK Global America is a unit of troubled South Korean firm SK Networks Co. The Official Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath. (SK Global Bankruptcy News; Issue Number 11, January 28, 2004) =============== M A L A Y S I A =============== ACTACORP HOLDINGS: KLSE Extends Restraining Order ------------------------------------------------- The Board of Directors of Actacorp Holdings Berhad informed the Kuala Lumpur Stock Exchange that on February 20, 2004, the Company obtained an extension of the restraining order from the Kuala Lumpur High Court vide Suit No.: D6-24-86-2003 until March 17, 2004 pursuant to Section 176 (1) and Section 176 (10A) of the Companies Act 1965. EPE POWER: Seeks Restructuring Approval --------------------------------------- EPE Power Berhad sought the approval from the Malaysia Securities Exchange Berhad (MSEB) for the following matters in relation to its proposed restructuring scheme: (i) Exemption for the trading on MSEB of EPE's Provisional Allotment Letters or the entitlement to the EPE rights shares; (ii) Shortening of the period between the notice of book closure to the book closing date from the prescribed 12 clear market days to two (2) clear market days, and shortening of the period between the book closing date to the closing date for acceptances of the rights issue from the prescribed 22 market days to five (5) market days; and (iii) Extension of time of six (6) months to comply with the 25% public spread requirement from the date of requotation of EPE shares upon completion of the Proposed Rights Issue. 2. On behalf of EPE, CIMB announced that MSEB has via its letter dated 13 February 2004 approved the applications set out in 1(i) and 1(iii) above. In respect of 1(ii) above, MSEB has approved the following: (i) Shortening of the period between the notice of book closure to the book closing date from the prescribed 12 clear market days to three (3) clear market days; and (ii) Shortening of the period between the book closing date to the closing date for the acceptances of the rights issue from the prescribed 22 market days to 14 market days. 3. MSEB's approval of the application set out in 1(iii) above is subject to EPE making an immediate announcement on the following matters: (i) That an extension of time for compliance has been granted by MSEB; (ii) The duration of the extension (including when it will begin and when it will lapse). (The extension of time for compliance with the public shareholding spread requirement will begin on the date of requotation of EPE shares upon completion of the Proposed Rights Issue and will lapse six (6) months thereafter. The actual date will be announced in due course.); (iii) Its plan to comply with the public spread requirement within six (6) months from the date of requotation including: � an explanation of the approvals required (if any) and whether such approvals have been obtained; and - if the approvals have not been obtained, an explanation of the tentative timeline for obtaining the approvals. (In this regard, EPE has received a written undertaking from Ranhill Berhad dated 15 January 2004 that it will place out the shortfall of such number of EPE shares to public investors as follows: (a) prior to the requotation of EPE shares in order for EPE to have at least a 15% public spread; and (b) within six (6) months from the date of the requotation of EPE shares to comply with the 25% public spread requirement.); and (iv) Any conditions that have been imposed by MSEB vis-.-vis the grant of requotation and the extension of time. MSEB also requires EPE to make follow-up announcements on a bi- monthly basis and no later than 14 days from the expiry of the two (2) month period. The announcement must state: (a) The status of its plan to meet the 25% public spread. In this respect, EPE must explain the progress it has made within the last two (2) months in relation to its plan to comply with the 25% public spread; (b) If no progress has been made, the reason as to the lack of progress; and (c) An explanation of any steps EPE has taken in respect of the lack of progress. 4. The Proposed EPE Restructuring Scheme is still pending the completion of the following: (i) Proposed Acquisitions; (ii) Proposed Debt Restructuring; and (iii) Proposed Rights Issue. This announcement is dated 20 February 2004. METROPLEX BERHAD: Issues Restraining Order Update ------------------------------------------------- Metroplex Berhad informed the Kuala Lumpur Stock Exchange that the Company via its solicitors, Messrs Cheang & Ariff, on February 14, 2004 filed an application with the Kuala Lumpur High Court for the extension of the Restraining Order which is expiring on 21 February 2004 pursuant to Section 176(10) of the Companies Act, 1965 and an application for an order that meetings with creditors of MB be convened within a period of time to allow creditors to consider and vote on a scheme of compromise and arrangement pursuant to Section 176(1) of the Companies Act, 1965. The Company will inform the Exchange once the outcome of the application is known. This announcement is dated 20 February 2004. MYCOM BERHAD: Issues Restructuring Update ----------------------------------------- The Board of Directors of Mycom Berhad proposes to vary certain conditions of the Proposed Restructuring Scheme (Proposed Variations) as well as the implementation timeframe imposed by the Securities Commission (SC) in its approval letters. 2. PROPOSED VARIATIONS The Proposed Variations to be sought by Mycom are as follows: i) To waive the condition imposed by the SC that Mycom is required to obtain the approvals from the relevant authorities for the development of Bandar Sri Duta prior to the completion of the Proposed Restructuring Scheme; and ii) To deem the current development order issued by Dewan Bandaraya Kuala Lumpur for the Duta Grand Hyatt Project (DGH Project) to be in compliance with the condition imposed by the SC that Mycom is required to obtain approvals from the relevant authorities for the development of the DGH Project prior to the implementation of the Proposed Restructuring Scheme. The Proposed Variations are sought by Mycom in order to facilitate the earlier completion of the Proposed Restructuring Scheme. The application to the SC in respect of the Proposed Variations has been made by SIBB, on behalf of Mycom on 20 February 2004. 3. EXTENSION OF TIME Pursuant to the approval letter from the SC dated 25 March 2003, the implementation of the Proposed Restructuring Scheme will be completed by March 7, 2004. SIBB had, on behalf of Mycom, made an application to the SC on 20 February 2004, for an extension of time up to 31 December 2004 to complete the implementation of the Proposed Restructuring Scheme. 4. APPROVALS REQUIRED The Proposed Variations and proposed extension of time are subject to the SC's approval. 5. DIRECTOR'S OPINION The Board of Directors of Mycom is of the opinion that the Proposed Variations are in the best interest of Mycom and its shareholders. This announcement is dated 20 February 2004. OLYMPIA INDUSTRIES: To Complete Restructuring Scheme March 7 ------------------------------------------------------------ Olympia Industries Berhad (OIB) proposes to vary certain conditions of the Proposed Restructuring Scheme (Proposed Variations) as well as the implementation timeframe imposed by the Securities Commission (SC) in its approval letters. 2. PROPOSED VARIATIONS The Proposed Variations to be sought by OIB are as follows: i) To waive the condition imposed by the SC that OIB is required to obtain the approvals from the relevant authorities for the development of Bandar Sri Duta prior to the completion of the Proposed Restructuring Scheme; and ii) The SC had imposed the condition that Jupiter Securities Sdn Bhd, a subsidiary of OIB, has to merge with at least one (1) other stockbrokerage company within a period of 12 months from 8 March 2003, i.e. by 7 March 2004. OIB proposes to seek an extension of time of up to December 31, 2004 for OIB to comply with the condition. The Proposed Variations are sought by OIB in order to facilitate the earlier completion of the Proposed Restructuring Scheme. The application to the SC on the Proposed Variation has been made by SIBB, on behalf of OIB on 20 February 2004. 3. EXTENSION OF TIME Pursuant to the approval letter from the SC dated 25 March 2003, the implementation of the Proposed Restructuring Scheme will be completed by March 7, 2004. SIBB had, on behalf of OIB, made an application to the SC on 20 February 2004 for an extension of time up to 31 December 2004 to complete the implementation of the Proposed Restructuring Scheme. 4. APPROVALS REQUIRED The Proposed Variations and proposed extension of time are subject to the SC's approval. 5. DIRECTOR'S OPINION The Board of Directors of OIB is of the opinion that the Proposed Variations are in the best interest of OIB and its shareholders. This announcement is dated 20 February 2004. PROMET BERHAD: KLSE Delisting Securities on March 5 --------------------------------------------------- The Kuala Lumpur Stock Exchange, upon consultation with the Securities Commission (SC), had earlier notified Promet Berhad on February 11, 2004 of its decision to await the outcome of the Company's appeal to the SC against the SC's decision to reject PROMET's application for approval of its regularization plans (PROMET's Appeal). The Exchange also notified the Company that in the event any one of the circumstances set out below occurs, the de-listing of the securities of PROMET from the Official List of the Exchange would be effected without any further representations from PROMET and without further consideration of the matter by the Exchange: a. PROMET's Appeal to the SC is not allowed; or b. PROMET fails to obtain the approval from any of the other regulatory authorities necessary for the implementation of its regularization plans. The SC via its letter dated 16 February 2004 decided not to allow PROMET's Appeal against its decision to reject PROMET's proposed restructuring scheme. In the circumstances and in accordance with the Exchange's earlier decision, the securities of PROMET shall be de-listed from the Official List of the Exchange as the Company does not have an adequate level of financial condition to warrant continued listing on the Official List of the Exchange. Accordingly, please be informed that the securities of the above Company will be removed from the Official List of the Exchange at 9 a.m. on Friday, 5 March 2004. With respect to the securities of PROMET, which are currently deposited with the Malaysian Central Depository Sdn Bhd (MCD), the securities may remain deposited with the MCD notwithstanding the de-listing of the securities from the Official List of the Exchange. It is not mandatory for the securities of a Company, which has been de-listed to be withdrawn from MCD. Alternatively, shareholders of PROMET who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System accounts maintained with the MCD at anytime after the securities of PROMET has been de-listed from the Official List of the Exchange. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by MCD. These shareholders can contact any Participating Organization of the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723 for further information on the withdrawal procedures. UCP RESOURCES: Extends Investigative Audit to May 21 ---------------------------------------------------- On 23 July 2003, Public Merchant Bank Berhad (PMBB) had, on behalf of Board of Directors of UCP Resources Bhd (UCP), announced that the Securities Commission (SC) had approved the Proposed Corporate and Debt Restructuring Scheme subject to certain conditions being fulfilled. Amongst the conditions imposed by the SC, UCP is required to appoint an independent audit firm to carry out an investigative audit within two months from the date of the SC's approval letter to conduct an investigative audit on the past losses of UCP. The investigative audit is to be completed within six (6) months from the date of the appointment of the said independent audit firm. Pursuant thereto, UCP had on 21 August 2003 appointed Messrs Horwath as the independent audit firm to carry out the investigative audit. PMBB, on behalf of the Board, announced that the SC had vide its letter dated 19 February 2004 approved an extension of time from 21 February 2004 to 21 May 2004 for Horwath to complete the investigative audit of UCP. Collectively referred to as the "Proposed Corporate and Debt Restructuring Scheme: - Proposed Share Exchange - Proposed Debt Settlement - Proposed Acquisitions - Proposed Placement - Proposed Transfer of Listing - Proposed Liquidation - Proposed Exemption - Proposed Capitalization of JMR Conglomeration Bhd (formerly known as Goldenseal Resources Sdn Bhd) Advances - Proposed Disposal of JCB Shares to JMR Consolidated Holdings Sdn Bhd (formerly known as Synergy Harvest Sdn Bhd) This announcement is dated 20 February 2004. UNIPHOENIX CORPORATION: Issues Rescue Scheme Update --------------------------------------------------- On behalf of the Board of Directors of Uniphoenix Corporation Berhad (UCB), Southern Investment Bank Berhad announced that the Securities Commission (SC), via its letter dated February 18, 2004, which was received on February 19, 2004, had decided not to approve the appeal on its decision to reject the Proposed Rescue Scheme (Appeal) as the SC deemed that the Proposed Rescue Scheme does not comply with the requirements of the SC's Policies and Guidelines on Issue/Offer of Securities (SC Guidelines), in particular the track record, management and the development potential of the assets to be injected. In addition, SC also maintained that the proposed merger of the Sungai Buaya Land and Splendistar Sdn Bhd under the Irama Spektrum Berhad group is deemed as a marriage of convenience to comply with the requirements of the SC Guidelines and that the Proposed Rescue Scheme favours the promoters of the scheme. The Board of UCB is currently contemplating the next course of action in view of the above. This announcement is dated 20 February 2004. ===================== P H I L I P P I N E S ===================== ANNA-LYNN'S INC.: Seeks Debt Relief ----------------------------------- Mid-sized retailer Anna-Lynn's Inc. was recently forced to seek corporate rehabilitation for fear of a creditor squeeze, Business World reports. The Company, which owes 100 million pesos to some 500 creditor-suppliers, filed a petition for rehabilitation at the Las Pinas Regional Trial Court in December as sales plunged due to stiff competition in the retail industry. The department store, which used to be among the country's top 1,000 corporations, was severely affected by competition from newer and bigger malls in the cities of Las Pinas, Muntinlupa and Paranaque -- all in southern Metro Manila. Nestle Philippine and Coca Cola Bottlers Philippines, Inc. are among the biggest creditors of Anna-Lynn's. Las Pinas Judge Raul de Leon appointed Marilou Adea as its receiver. PHILIPPINE LONG: Subscribers Likely to Hit 14 Million by March -------------------------------------------------------------- The total number of Philippine Long Distance Telephone Co's (PLDT) wireless subscribers is likely to hit 14 million by the end of the first quarter to March, Technistock reports. The projection takes into account subscribers of both Smart Communications Inc and Talk 'N Text, the wireless brand of PLDT affiliate Pilipino Telephone Corp. The PLDT group's total wireless subscribers have exceeded the 13 mln mark in early January, as Smart and Talk 'N Text set another new high for net additions with nearly 1.4 mln subscribers during the fourth quarter of 2003. PHILIPPINE LONG: Issues 24,287,455 Preferred Shares --------------------------------------------------- On October 23, 2002, the Philippine Stock Exchange allowed Philippine Long Distance Telephone Company (PLDT) to fully issue the 24,287,455 remaining listed and un-issued preferred shares under its 10% Cumulative Convertible Preferred Stock as of September 2, 2002, to cover the additional issuance requirements of the other series under the Company's Subscriber Investment Plan (SIP). A total of 20,000,000 shares were reclassified on March 12, 2003 per Circular for Brokers No. 0688-2003 dated March 10, 2003 to cover the 10,000,000 shares for the 10% Cumulative Convertible Preferred Stock Series "DD" and 10,000,000 additional shares for the 10% Cumulative Convertible Preferred Stock Series "CC". Please be advised that the remaining listed and un-issued preferred shares shall be reclassified to cover the 1,000,000 shares for the 10% Cumulative Convertible Preferred Stocks Series "EE" under the SIP. This brings the remaining listed and un-issued preferred shares to a total of 3,287,455 shares available for reclassification t cover the additional issuance requirements of the Company's SIP. The trading symbol of the Company's 10% Cumulative Convertible Preferred Stock Series "EE" shall be "TLEE". PILIPINO TELEPHONE: Clarifies Debt Restructuring Report ------------------------------------------------------- Pilipino Telephone Corporation (Piltel) clarified the information contained in the news article entitled "Deflating Piltel" published in the February 23, 2004 issue of the Philippine Daily Inquirer. The Company advised that as of this date, Piltel is not engaged in any talks with its creditors to "rearrange" its debts. The Piltel Board of Directors has approved, however, the request of Smart Communications, Inc. to be furnished with certain documents pertaining to the indebtedness of Piltel. ================= S I N G A P O R E ================= BOUSTEAD SINGAPORE: Australian Unit Enters Voluntary Liquidation ---------------------------------------------------------------- The Board of Directors of Boustead Singapore Limited announced that its wholly owned subsidiary in Australia, Web Correct Pty Ltd (Web Correct), has been placed in voluntary liquidation. Paul Burgess and Morgan Lane of Worrells Solvency & Forensic Accountants of Level 5, 15 Queen Street, Melbourne Vic 3000, Australia has been appointed liquidators of Web Correct. Web Correct is engaged in the sale and support of high-level web analysis software solutions. A sustained downturn in the industry segment in which it operates and increased pressure from creditors have adversely affected the continued viability of Web Correct. The cessation of the business of Web Correct is not expected to have a material impact on the Group's earnings per share or net asset value per share for the current financial year. None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction. CHARTERED SEMICONDUCTOR: Honors Top Suppliers --------------------------------------------- Chartered Semiconductor Manufacturing, one of the world's top three dedicated semiconductor foundries, has honored several semiconductor manufacturing materials, equipment and services suppliers for their outstanding contributions in 2003. The awards ceremony was held recently during Chartered's Supplier Day, an annual event honoring the achievements of its global network of value-chain suppliers and partners. "Over the past year, Chartered has been making good progress positioning the Company toward long-term growth and profitability, and our suppliers have been part of that. During this year's event, we are taking the opportunity to recognize suppliers and value-chain partners who have provided outstanding support in the execution of our strategies and meeting our customer commitments," said Kay Chai "KC" Ang, senior vice president of fab operations at Chartered. "As Chartered expands its leading-edge capacities and embarks into the Nano Age starting with 90-nanometer implementation, we expect to engage with our key suppliers at deeper levels than ever before, and collaboratively support faster production ramp as well as enable robust platforms for delivering winning, next-generation product solutions to customers." Chartered presented Gold and Silver awards to outstanding materials, equipment and services suppliers based on several evaluation criteria including quality, service, innovation, delivery and cost. The award winners are as follows: Materials Category: Gold Materials Supplier Award Komatsu Electronic Metals Co. Ltd. Silver Materials Supplier Award Hoya Corporation Silver Materials Supplier Award Mallinckrodt Baker Inc. Equipment (150mm manufacturing) Category: Gold Supplier Award Tokyo Electron Limited Silver Supplier Award Applied Materials South East Asia Pte Ltd. Equipment (200mm manufacturing) Category: Gold Supplier Award Ebara Corporation Silver Supplier Award Tokyo Electron Limited Services Category: Gold Services Supplier Award PeopleSoft Asia Pte Ltd. Silver Services Supplier Award Mentor Graphics Asia Pte Ltd. Chartered Semiconductor Manufacturing, one of the world's top three dedicated semiconductor foundries, is forging a customized approach to outsourced semiconductor manufacturing by building lasting and collaborative partnerships with its customers. The Company provides flexible and cost-effective manufacturing solutions for customers, enabling the convergence of communications, computing and consumer markets. In Singapore, Chartered operates five fabrication facilities and has a sixth fab, which will be developed as a 300mm facility. A company with both global presence and perspective, Chartered is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on the Singapore Exchange. Chartered's 3,500 employees are based at 11 locations around the world. Information about Chartered can be found at www.charteredsemi.com. NYLECT TECHNOLOGY: Widens Net Loss to S$2.2M -------------------------------------------- Mechanical and electrical firm Nylect Technology posted a net loss of $2.2 million in 2003, versus a net loss of $2 million a year earlier, Channel News Asia reports. The loss increase was due mainly to a one-off provision for work done for a customer named BKB Engineering, which is currently under judicial management. Nylect has earlier announced that it is diversifying from its mechanical and electrical business into dairy farming in China. PHASE METRICS: Issues Debt Claim Notice to Creditors ---------------------------------------------------- Notice is hereby given that the creditors of Phase Metrics Pacific Pte Ltd (In Members' Voluntary Liquidation), whose debts or claims have not already been admitted, are required on or before 22nd March 2004 to submit particulars of their debts or claims to its liquidator. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Dated this 20th day of February 2004. LIM SAY WAN Liquidator. c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. RIDALEGE TRADING: Issues Notice to Creditors -------------------------------------------- The creditors of Ridalege Trading Pte Ltd (In Liquidation), which is being wound up voluntarily, are required on or before 31st 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 Liquidator at 300 Beach Road, #38-05 The Concourse, Singapore 199555, and if so required by notice in writing from the Liquidator, 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. HENG LEE SENG Liquidator. Date: 20th February 2004. STRATEGY INTERNATIONAL: Issues Dividend Notice ---------------------------------------------- Strategy International Marine Enterprise Pte Ltd. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 3 Shenton Way #21-08 Shenton House Singapore 068805. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 600215 of 2001. Amount Per Centum: 2.8%. First and Final or otherwise: First & Final Dividend. When Payable: 31st January 2004. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 20th February 2004. KAMALA PONNAMPALAM Assistant Official Receiver. THAKRAL CORPORATION: Unit Starts Liquidation Proceedings -------------------------------------------------------- The Board of Directors of Thakral Corporation Ltd. announced that it has placed its wholly owned dormant subsidiary, Spearson Pte Ltd (Spearson), which had ceased business operations since December 2002, under members' voluntary liquidation. Liquidators have been appointed on 20 February 2004. The liquidation follows the cessation of Spearson's business operations since December 2002 as a result of the disposal of its property investments in Australia in FY2001 as announced on 5 September 2000 and subsequent deregistration/vesting of its investment holding subsidiary/trust as announced on 11 July 2003. The liquidation of Spearson will not have a material effect on the net tangible assets and earnings per share of the Company for the financial year ending 31 March 2004. T&T INSURANCE: Creditors Must Submit Claims by March 22 ------------------------------------------------------- The creditors of T&T Insurance Pte Ltd (In Members' Voluntary Liquidation), whose debts or claims have not already been admitted, are required on or before March 22, 2004 to submit particulars of their debts or claims to its liquidator, Egazette reports. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Dated this 20th day of February 2004. LIM SAY WAN Liquidator. c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. WESTERN DIGITAL: Creditors Must Submit Claims by March 22 --------------------------------------------------------- Notice is hereby given that the creditors of Western Digital (Singapore) Pte Ltd (In Member's Voluntary Liquidation), which is being wound up voluntarily, are required, on or before the 22nd day of March, 2004 to send in their names and addresses, with particulars of their debts and claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidators of the said Company; and if so required by notice in writing by the said liquidators, are, personally or by their solicitors, 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 20th day of February, 2004. LOW SOK LEE MONA CHENG SOON KEONG Liquidators. c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807. =============== T H A I L A N D =============== ADVANCE AGRO: Moody's Reviews Rating for Possible Upgrade --------------------------------------------------------- Moody's Investor Services has placed the Caa3 rating for Advance Agro's guaranteed unsecured notes due 2007 under review for possible upgrade. The notes are issued by Advance Agro Capital BV, a subsidiary of Advanced Agro, and guaranteed by Advanced Agro. The rating action follows the company's completion of a major debt-restructuring program, which involved three local Thai banks, and the extension of the repayment schedule for its overdue debts in a period of 9 years until 2012. Moody's understands that as at 31 January 2004 all affected debts were reclassified into long-term debt with their repayment schedules as stipulated under the agreement with the banks. Moody's says the successful completion of this restructuring exercise has removed the uncertainty, which prevailed over whether Advanced Agro could reach an agreement with its principal banks and reduce near-term refinancing risk. The review will focus on evaluating the company's ability to generate sufficient cash flow to meet its on-going debt repayment obligations and its liquidity position. Advance Agro, headquartered in Bangkok, Thailand, is an integrated producer of pulp, uncoated freesheet and coated paper. Advance Agro Capital BV is a finance subsidiary, which has issued the senior unsecured debentures due 2007 and guaranteed by Advanced Agro. ADVANCE PAINT: Unveils Director's Meeting Resolutions ----------------------------------------------------- Advance Paint & Chemical (Thailand) Public Company Limited announced the results and resolutions of its Directors Meeting held on February 19, 2004 as follows: 1. Adoption of the Minutes of the Board of Directors Meeting No.4/2003. 2. Unanimous approval for submission to the Shareholders Meeting to consider for adoption and approval of the Financial Statement for the fiscal year ended December 31st, 2003. 3. Unanimous approval for submission to the Shareholders Meeting to consider appointing Chamras Pingkhalasay the Auditors of Chamras CPA Co.,Ltd or Sevi Viwatpanachat the Auditors of Petisevi & Company be appointed as the auditors of the Company for the fiscal year 2004 and fixing the remuneration of the auditor not more than Bahts 345,000. per year. 4. Unanimous approval for submission to the Shareholders Meeting to consider appointing Narumol Punnakitikashem and Nathee Phanichcheeva as new company directors due to retire by rotation in this occasion. 5. Unanimous approval for submission to the Shareholders Meeting to consider no dividend payment of the fiscal year 2003. 6. Unanimous approval for submission to the Shareholders Meeting to consider and approve the amendment in the Company Articles of Association. 7. Unanimous approval to set the date of the Ordinary Shareholders General Meeting No 1/2004 to be held on March 29th, 2004 at 9 A.M. at the Conference room of the Company, Bangpa-In Industrial Estate, 344 Moo 2,Klongjik, Bangpa-In District, Ayuthaya with the following agenda: 1. To adopt the Minutes of Extraordinary Shareholders Meeting No.1/2003 2. To acknowledge and approve the business performance and Company Annual report from the Board of Directors of the fiscal year 2003. 3. To adopt and approve the audited balance sheet and profit and loss statement for the fiscal year ended December 31st, 2003. 4. To consider and approve no dividend payment of the fiscal year 2003. 5. To consider and appoint new directors to replace those who retired by rotation. 6. To consider and appoint Auditors for the fiscal year 2004 and fix the remuneration. 7. To consider amendment of the company articles of association. 8. Other business (if any). 8. Unanimous approval to fix the closing date for share registration from March 8th, 2004 at 12.00 hours until the Ordinary Shareholders General Meeting No.1/2004 will adjourn whereupon the Shareholders whose names appeared in the Share Registration book during the closing period will be entitled to attend the Ordinary Shareholders General Meeting No.1/2004. Please be informed accordingly and please disseminate the information to the Member Companies and interested investors in support of their decision on any investment in the securities of the Company. Sincerely Yours, (Mrs.Narumol Punnakitikashem) Director THAI PETROCHEMICAL: Unveils Shareholder's Equity ----------------------------------------------- Thai Petrochemical Industries announced the following shareholder's equity as of February 2004. 1. Shareholders equity per Share comes to Baht 22.74 (and Baht 26.43 by DCF method) after restating unfair write-downs of assets, made by EPL (Plan Administrator appointed by Creditors) to Assets and Cancellations of equity issued to Creditors at unfair price. 2. Shareholders equity per share was Baht 17.69 at the end of year 1999, which was continuously reduced after EPL became Plan Administrator to only Baht 0.12 by end of year 2002 {Baht 14.91 end of 2000 (2Q), Baht 10.30 end of 2000 (3Q), Baht (-) 12.08 end of 2000, Baht 0.62 end of 2001 and Baht 0.12 end of 2002 (2Q)} and then started upwards to Baht 1.59 at the end of 2003 (increase by 1,194%) after removal of EPL. 3. The EPL wrote-down shareholders equity by writing down value of assets, swapping Accrued interest (from 1998 to 2000) to equity (5,849 million shares or 75% stake) at hefty discount, charging sky-high restructuring fees and making net operating losses (caused by their inexperience in running fully integrated petrochemical complex) as below: Write-down of assets by Baht 41,839 million Issue of equity to Creditors at discount by Baht 71,819 million Charging the restructuring fees of Baht 2,192 million Made Net operating losses of Baht 23,576 million Besides the above, there were opportunity losses estimated at Baht 13,511 million caused by running the refinery at lower capacity (39%) and other operational mismanagements (not included in this reinstatement). 4. The buy-back of Creditors equity is priced at Baht 1.59 (book value at the end of 2003), below the issue price Baht 5.52, to charge them with part of the losses made by irresponsible Plan Administrator (EPL) appointed by them. For more information, go to http://bankrupt.com/misc/thaipetrochemical022304.pdf * BOND PRICING: For the week of February 23 - February 27, 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 7 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 8 Straits Resources Ltd 10.000% 12/31/03 1 Strathfield Group Ltd 11.000% 12/31/05 1 Tower Finance Ltd 8.750% 10/15/07 9 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 9 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- China Government Bond 2.900% 5/24/32 74 Teco Electric & Machinery Co Ltd 2.750% 4/15/04 75 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 70 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 5 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 2 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 2 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Halim Mazmin Bhd 8.000% 6/30/04 3 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 2 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 2 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 4 Yu Neh Huat Bhd 3.000% 9/2/08 1 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 46 Benpres Holdings Corp. 7.875% 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 ***