/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040225.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, February 25, 2004, Vol. 7, No. 38 Headlines A U S T R A L I A AMP LIMITED: Post Changes in Shareholder's Interest AMP LIMITED: Moody's Revises Rating Outlook ARISTOCRAT LEISURE: Posts 2003 Financial Results ARISTOCRAT LEISURE: Enters Deal With TransAct Technologies TRANZ RAIL: Posts 1H03 US$235M Net Loss C H I N A & H O N G K O N G CENTURY GROUP: Faces Winding Up Petition GOLDEN BRIGHT: Winding Up Petition Slated for March 31 FAN YICK: Wah Sun Initiates Winding Up Petition KINGSTONE GROUP: Winding Up Hearing Set March 31 J A P A N BOUTIQUE TAKEO: Clothing Firm Enters Bankruptcy CATS INC.: Building Maintenance Firm Enters Bankruptcy KANEBO LIMITED: President Takashi Hoashi Plans to Resign SOFTBANK CORP.: Assigns (P)B1 Rating to Eurobonds Due 2011 K O R E A HANARO TELECOM: Unveils 4Q03 Operating Costs HYNIX SEMICONDUCTOR: Infineon Overtakes Third-Largest DRAM Maker HYNIX SEMICONDUCTOR: Shares Down 3.15% Tuesday KOOKMIN BANK: Launches US$210M Two-Tranche Loan Financing LG CARD: Expects FY03 US$4.7M Net Loss SK CORPORATION: Nominates Board Member Candidates SK CORP.: Proposes Amendment to its Articles of Incorporation SK GLOBAL AMERICA: Tape Tech Demands Decision on Agreements M A L A Y S I A HONG LEONG: Lists 106,516 New Ordinary Shares Today KSU HOLDINGS: Aims to Regularize Financial Condition PILECON ENGINEERING: MSEB Issues Public Reprimand P H I L I P P I N E S BATAAN POLYETHYLENE: Metro Alliance May Acquire US$201M Debt BEYOND CABLE: Rehabilitation Plan to Proceed FORTUNE CEMENT: Unveils Amended SEC Form 17-Q NATIONAL POWER: Refunds Php2.9B Overcharges to Power Retailers PILIPINO TELEPHONE: Shares Down 3% on Monday S I N G A P O R E ALL BUILDING: Issues Judicial Management Order Notice CHINA CHONGQING: Faces Winding Up Petition KHAMIS HOLDINGS: Issues Dividend Notice LKN-PRIMEFIELD: Narrows FY03 Net Loss to US$9.04M NH CERAMICS: H103 Net Loss Widens to US$0.93M RIDALEGE INVESTMENTS: Issues Debt Claim Notice to Creditors PATRIA DESIGN: Releases Debt Claim Notice to Creditors RINASIA ENTERPRISE: Creditors Must Submit Claims by March 22 SEATOWN CORPORATION: Extends Judicial Management Order Notice T H A I L A N D SAHAMITR PRESSURE: Unveils February 23 BDM Resolutions SINO THAI: Clarifies Director's Meeting Resolution THAI DURABLE: Issues Private Placement of Shares - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Post Changes in Shareholder's Interest --------------------------------------------------- Pursuant to Section 671B of the Corporations Law, AMP Limited posted a notice of changes in its relevant interest in Village Life Limited. Gavin Young Manager, Corporate Actions BNP Paribas Securities Services Tel: 61292220045 To view full copy of this press release, click http://bankrupt.com/misc/amplimited022404.pdf AMP LIMITED: Moody's Revises Rating Outlook ------------------------------------------- Moody's Investors Service has revised the outlook of AMP Group's long-term ratings to stable from negative, and affirmed all existing ratings, including AMP Group Holdings Ltd's Baa1 senior debt rating and AMP Life Ltd's A1 insurance financial strength rating. The outlook revision follows AMP's update on its annual results for 2003, which included an announcement of its plans to buy back as much as A$1.24 billion in outstanding Income Securities (at A$98) and the cessation of legal actions against AMP by two holders of the securities. The resolution of this issue, which could have cross-defaulted and accelerated all of the group's senior debt, was a factor in the rating committee's decision to improve the rating outlook. The outlook revision was also supported AMP's announcement that its 2003 net profit would be above the higher range projected in the demerger Explanatory Memorandum, the planned up-streaming of some A$725 million from AMP Life to AMP Limited. Moody's is encouraged by AMP's success in maintaining its very strong brand and position in the Australian market. The demerger process appears to have had a limited effect on AMP's brand image in terms of its effect on new business volumes. Its diversified and extensive distribution approach and product offering, positions it for continued growth. Going forward, Moody's will continue to monitor AMP's progress against stated plans and will view positively any further debt reduction initiatives. AMP Group, headquartered in Sydney, Australia, had total assets of A$141 billion as at 30 June 2003. The following ratings have been affirmed with a stable outlook - AMP Life Ltd Insurance financial strength A1 AMP Group Holdings Ltd Senior debt Baa1 AMP (UK) Finance Services plc Senior debt Baa1 AMP Group Finance Services Ltd Senior debt Baa1; Subordinated debt Baa2 AMP Bank Ltd Long-term deposit rating Baa1 Long-term senior debt Baa1 Long-term subordinated debt Baa2 Long-term junior subordinated debt Baa2 The following ratings have been affirmed with a continuing stable outlook - AMP (UK) Finance Services plc P-2 commercial paper AMP Group Finance Services Ltd P-2 commercial paper AMP Bank Ltd P-2 commercial paper D bank financial strength ARISTOCRAT LEISURE: Posts 2003 Financial Results ------------------------------------------------ The Board Directors of Aristocrat Leisure Limited announced its annual results for the period ended December 31, 2003. KEY POINTS INCLUDE: Revenue for the period increased marginally from $976.5 million to $995.2 million setting a new revenue record for Aristocrat. The Company reported a loss after tax of $106.0 million in 2003. This loss arose principally from one-off adjustments amounting to $160.0 million. Prior to these one-off adjustments, the Company's net profit after tax of $54.0 million was down 32.6% on the $80.1 million earned in 2002. A major achievement of Aristocrat during the year was the $125.4 million increase in operating cash flow over 2002. This strong result enabled the Company to repay all but a nominal amount of bank debt during the year. Over the year net debt, including US convertible bonds, fell from $292.1 million to $70.2 million. The Chief Executive Officer (designate), Mr. Paul Oneile, said the loss was disappointing. However, he was confident of the underlying strength of the Company. Mr. Oneile went on to say: "The strong cash flows generated during the year reflect the underlying financial health of Aristocrat and the resilience of its business. The Company has taken the necessary action in relation to the one-off adjustments and can now move forward with confidence, totally focused on its core business and customers and driving shareholder value." OPERATING SECTOR KEY POINTS INCLUDE: Australian revenue (excluding inter segment revenue) was $302.4 million, 16.4% less than 2002, reflecting the difficult market conditions that prevailed during the year. Segment revenue from North America was down by 17.9% to $241.4 million, however, in local currency terms, revenue were flat year on year. In South America, revenue was negative $20.6 million compared to $38.4 million in 2002. A highlight of the year was the Japanese result. Revenue was $360.7 million, a 98.9% increase over 2002. The contribution made by Aristocrat's Japanese business towards total revenue was 36.2% compared to 18.6% in 2002. Notwithstanding the success of the Japanese business during 2003, new regulatory requirements and a return to a more competitive environment during this year may have a negative impact on the Company's operations during 2004. The Company is, however, working on a number of initiatives to mitigate any impact on future results. The Board has approved a final dividend for the year ended 31 December 2003 of 3 cents per share. The total dividend for the year is 6 cents. The final dividend, payable on 24 March 2004, will be 40% franked. Media inquiries: Margot McKay on 0412 132 769 To view full copy of this press release, click http://bankrupt.com/misc/aristocratleisure022404.pdf ARISTOCRAT LEISURE: Enters Deal With TransAct Technologies ---------------------------------------------------------- TransAct Technologies Incorporated, a leading producer of transaction-based printers for customers worldwide, announced that Aristocrat Leisure Limited has selected TransAct's Series 850 line of thermal printers to be largely used for slot machines in the Australian gaming market, PR Newswire reports. Australia is the second largest slot machine market in the world with over 240,000 slot machines. According to industry sources, Aristocrat currently controls 70% of the slot machine manufacturing market in this region. Bart C. Shuldman, Chairman, President and CEO of TransAct Technologies said, "This is exciting news for us, as TransAct will now be the dominant supplier of slot machine printers to the Australian gaming market. Aristocrat's decision to use our Series 850 line as their printer of choice further validates the design, quality, and reliability of our printers. The Company has been working with casino operators and slot machine manufacturers to bring the concept of cashless gaming to fruition in the U.S. over the last year. With Australia's transition to cashless gaming beginning to take hold and rolling out over the next few years, this agreement further extends the momentum we have generated domestically and should significantly drive increased sales of our slot machine printers in the years to come. Given the strategic relationships we have in place with key players in the industry worldwide, TransAct will continue to benefit considerably from the international market's move to cashless gaming." About TransAct Technologies Incorporated TransAct (Nasdaq: TACT) designs, develops, manufactures and markets transaction-based printers under the ITHACA and MAGNETEC names. In addition, the Company markets related consumables, spare parts and service. The Company's printers are used worldwide to provide receipts, tickets, and coupons, register journals and other documents. TransAct focuses on two core markets: point-of-sale (retail and financial) and gaming and lottery. TransAct sells its products to original equipment manufacturers, value-added resellers and selected distributors, as well as directly to end-users. The Company's product distribution spans across the Americas, Europe, the Middle East, Africa, the Caribbean Islands and the South Pacific. For further information, visit TransAct's web site located at http://www.transact-tech.com. CONTACTS: Richard L. Cote, Chief Financial Officer, 203-269-1198 Ext. 6020 or David Pasquale, 646-536-7006, or Jim Olecki, 646- 536-7021 both with The Ruth Group TRANZ RAIL: Posts 1H03 US$235M Net Loss --------------------------------------- New Zealand rail operator Tranz Rail Holdings Limited incurred a net loss of NZ$346 million (US$235 million) in the first half of 2003, versus a net profit of NZ$1.9 million a year earlier, according to Reuters. The sale of the Company's rail network to the New Zealand government resulted in an unusual loss of NZ$322 million. Asset write-downs contributed NZ$56 million in losses. Earnings before interest, tax and unusual items was NZ$11.8 million against NZ$11.2 million in the same period a year ago. ============================ C H I N A & H O N G K O N G ============================ CENTURY GROUP: Faces Winding Up Petition ---------------------------------------- The petition to wind up Century Group Limited is set for hearing before the High Court of Hong Kong on March 17, 2004 at 10 in the morning. Virtyre Limited whose registered office is situated at 18th Floor, China Minmetals Tower, No. 79 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, filed the petition on January 16, 2004. The Petitioners' solicitors are Charles Yeung Clement Lam Liu & Yip of 13th Floor, Grand Building, 18 Connaught Road Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve on or send by post to Charles Yeung Clement Lam Liu & Yip a notice in writing not later than twelve o'clock noon of the 16th day of March 2004 (the day before the petition hearing). GOLDEN BRIGHT: Winding Up Petition Slated for March 31 ------------------------------------------------------ The petition to wind up Golden Bright Industrial Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 10 in the morning. Chui Muk Lin whose registered office is situated at Room 969, 9/F., Camelia House, So Uk Estate, Kowloon, Hong Kong, filed the petition on January 28, 2004. The Petitioners' solicitor is 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 Tam Lee Po Lin a notice in writing not later than twelve o'clock noon of the 30th day of March 2004 (the day before the petition hearing). FAN YICK: Wah Sun Initiates Winding Up Petition ----------------------------------------------- The petition to wind up Fan Yick Company Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 9:30 in the morning. Wah Sun Finance Limited whose registered office is situated at Top Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong, filed the petition on January 29, 2004. The Petitioners' solicitors are Ford Kwan and 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 and Company a notice in writing not later than twelve o'clock noon of the 30th day of March 2004 (the day before the petition hearing). KINGSTONE GROUP: Winding Up Hearing Set March 31 ------------------------------------------------ The petition to wind up Kingstone Group Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 9:30 in the morning. Fort Crown Investments Limited whose registered office is situated at Top Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong, filed the petition on January 30, 2004. The Petitioners' solicitors are Ford Kwan and 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 and Company a notice in writing not later than twelve o'clock noon of the 30th day of March 2004 (the day before the petition hearing). ========= J A P A N ========= BOUTIQUE TAKEO: Clothing Firm Enters Bankruptcy ----------------------------------------------- Boutique Takeo Co. Ltd. has been declared bankrupt, according to Teikoku Databank America. The clothing store is located at Minato-ku, Tokyo, Japan, has total liabilities of US$9.17 million. PRESS CONTACT: Junro Nishida TEL:03-3478-3557 FAX:03-3478-3563 CATS INC.: Building Maintenance Firm Enters Bankruptcy ------------------------------------------------------ Cats Inc. has been declared bankrupt, according to Teikoku Databank America. The building maintenance services firm located at Shibuya-ku, Tokyo, Japan, has total liabilities of US$155.29 million. Meanwhile, Japan Times reported that the Company had a negative net worth of 686 million yen as of the end of June after suffering from falling sales and booking a loss stemming from a write down of its fully owned U.S. subsidiary. COMPANY INFORMATION: Website: http://www.cats.co.jp Telephone Numbers: +81 3 3407 6435 +81 3 5466 7803 President - Hirotaka Ohtomo Senior Managing Director - Koei Murakami Managing Director - Shinji Nishiuchi Director - Hitoshi Sekiguchi Director - Masaaki Abe The Group's principal activities are the manufacture of termite and pest control including soil treatment, building treatment and building reform. The Group is also involved in the provides own brand merchandise 'Cats Fan' under-the-floor ventilation systems and 'Cats Dry' drying agents, 'Cats Wave' rodent deterrent systems and 'Cats Sensor' termite alarms, and other relevant equipment. Environmental hygienic products accounted for 93% of fiscal 2001 revenues; agriculture-related products, 7% and other, nominal. KANEBO LIMITED: President Takashi Hoashi Plans to Resign -------------------------------------------------------- Takashi Hoashi, President and Chairman of Kanebo Limited, will resign following a failed effort to revive the struggling cosmetics manufacturer, the Japan Times reported on Tuesday. Hoashi will announce his resignation at an extraordinary shareholders' meeting on March 30. The second-biggest cosmetics maker in Japan sought assistance from the governmental Industrial Revitalization Corporation of Japan (IRCJ) a week ago, scrapping an earlier plan to sell its cosmetics business to Kao Corporation. SOFTBANK CORP.: Assigns (P)B1 Rating to Eurobonds Due 2011 ---------------------------------------------------------- Moody's Investors Service has assigned a (P)B1 rating to Softbank Corporation's (Softbank) proposed EURO 350 million bond due 2011. The rating outlook remains negative. The rating reflects Softbank's strong brand recognition in the Japanese Internet market and its leading position in the asymmetric digital subscriber line (ADSL) market. The rating further considers the company's volatile operating performance with its accompanying negative operating cash flow, its high level of dependence on capital gains to finance its investments and the intensifying competition in the ADSL market. The Softbank group - a pioneer of internet-related businesses in Japan - is currently focusing on broadband as a core operation and, as such, is building broadband infrastructures, platforms, content and services. It prompted a round of industry-wide price cuts after it began a low priced ADSL service in September 2001, and local consumers now enjoy the world's cheapest ADSL rates. Since then, Softbank has been aggressively promoting its ADSL services with the burden of heavy customer acquisition costs. One of Softbank's strengths is that it combines fast Internet access with free Internet protocol phone services between subscribers. The company's free-trial marketing campaign had contributed to a rise in its subscriber base to about 3.8 million as of January 2004, giving it the 2nd largest market share in Japan and only slightly behind the leader, the NTT group. Furthermore, in line with the increase in the number of subscriber bases, Softbank's operating performance has gradually improved. Nevertheless, costs have risen in the wake of this aggressive competitive strategy and expansion. Moody's is concerned that these costs - such as those tied to sales promotions and incentive payments - may pressure Softbank's earnings and operating cash flow. However, until the company can generate positive operating cash flow, it is Moody's understanding that it intends to use cash and unrealized gains on its securities holdings to finance its ADSL business. As of December 2003, the company held Yen 309.7 billion cash on hand and over Yen 262 billion of investment securities with a market value of approximately Yen 1.7 trillion on a consolidated basis. Such fund should give it the financial flexibility needed to manage ADSL-related operating expenses and repay bonds maturing in the next few years. Moody's believes that it is critical for Softbank to be able to generate positive profit and cash flow from its core ADSL businesses as soon as possible. The sector's intensified level of competition may further increase the business costs of maintaining and growing its subscriber base, leading to pressure on earnings and a delay in any recovery in investments. Moody's will continue to monitor how Softbank manages these challenges, while - at the same time - maintain an acceptable level of financial flexibility. Softbank Corporation, headquartered in Tokyo, is a leading global provider of various internet-related businesses. The company is also engaged in software distribution, networking and publishing services. ========= K O R E A ========= HANARO TELECOM: Unveils 4Q03 Operating Costs -------------------------------------------- Hanaro Telecom Inc. announced that its total operating costs in the fourth quarter of 2003 was KRW 327.8 billion, which included depreciation and amortization, commissions to Customer Care Centers and sales agents, telecommunication equipment lease expenses, interconnection fees, wages and salaries, and advertising. Despite the reduction of commission due to the decrease in subscriber numbers, costs increased by 5.6% compared to 3Q03 mainly due to the increase in advertising costs and extraordinary expenses for the EGM held in October and foreign equity infusion. In a disclosure to the Securities and Exchange Commission, the Company's depreciation and amortization in 4Q03 increased to KRW 110.9 billion, up 1.7%, compared to KRW 109.0 billion in 3Q03. Commissions in 4Q03 totaled KRW 62.7 billion, down 5.9% from KRW 66.6 billion in 3Q03. A drop in commissions is attributable to slowdown of the subscriber growth and the downward adjustment of costs of customer management centers. Wages and Salaries amounted to KRW 20.9 billion in 4Q03, up 20.6% from KRW 17.4 billion in 3Q03. The increase came from KRW 2.8 billion of extraordinary severance and retirement payments made in connection with the restructuring of the management team. Telecommunications equipment lease expense was KRW 41.5 billion, up 1.8% from KRW 40.8 billion in 3Q03. This includes international telephony network lease expense of KRW 3.7 billion. Interconnection fees amounted to KRW 31.9 billion, down 5.3% from KRW 33.6 billion in 3Q03. Advertising expenses totaled KRW 8.7 billion, up from KRW 3.7 billion in 3Q03. Repairs and maintenance expense was KRW 16.5 billion, up 20.5% from KRW 13.7 billion in 3Q03. Repairs and maintenance expenses included telecommunications facilities maintenance costs and costs for system upgrading/revamping. Bad debt expenses reached KRW 10.5 billion, up 99.3% from KRW 5.3 billion in 3Q03. The increase is attributable to bad debts and expense of bad sales credit in the fourth quarter of 2003. Operating Profit (Loss) Hanaro recorded an operating profit in 4Q03 amounting to KRW 21.3 billion, down 49.5% from KRW 42.2 billion in 3Q03. EBITDA in 4Q03 decreased to KRW 132.2 billion, down 12.6%, from KRW 151.3 billion in 3Q03, with an EBITDA margin of 37.9% in 4Q03. Non-Operating Income (Expenses) On the non-operating side, the Company recorded a net loss of KRW 125.0 billion in 4Q03, up 242.6% from KRW 30.5 billion in 3Q03. The expenses increased due to the extraordinary costs associated with the foreign equity infusion and the one-time KRW 61.1 billion loss due to write off of obsolete property and equipment. Net Profit Before Income Taxes The Company recorded a net loss of KRW 103.7 billion from net income KRW 5.7 billion largely due to a one-time substantial increase in non-operating expenses. Diluted Net Loss Per Share Basic net loss per share was KRW 286 in 4Q03, compared to net earnings of KRW 21 per share in 3Q03. Diluted net loss per share was KRW 274 in 4Q03 since there was new share issuance of 182,812,500 shares during the third quarter. HYNIX SEMICONDUCTOR: Infineon Overtakes Third-Largest DRAM Maker ---------------------------------------------------------------- Infineon Technologies AG overtook Hynix Semiconductor Inc. to become the world's third-largest maker of computer memory chips in 2003, Bloomberg News reports, citing market researcher IDC Corporation in its preliminary tally of 2003 figures. Infineon accounted for 15.5 percent of global revenue for the $16.9 billion market for computer chips known as dynamic random access memory (DRAM). That took Munich-based Infineon ahead of the 14.8 percent share of Icheon-based Hynix, which fell to fourth in the ranking, IDC said. The top spot was retained by Suwon, South Korea-based Samsung Electronics Co. with 29.7 percent market share, followed by Boise, Idaho-based Micron Technology Inc. with 19.7 percent, according to IDC. HYNIX SEMICONDUCTOR: Shares Down 3.15% Tuesday ---------------------------------------------- Shares in Hynix Semiconductor Inc. dropped by 3.15 percent to 9,520 won on Tuesday after U.S. chip peers fell three percent on news that the U.S. Internal Revenue Service was auditing Intel Corporation tax returns for 2001 and 2002. Shares in the chipmaker had jumped eight percent in the previous session to their highest close in 15 months on improving earnings and an optimistic outlook for the semiconductor sector. KOOKMIN BANK: Launches US$210M Two-Tranche Loan Financing --------------------------------------------------------- Kookmin Bank has launched syndication of its US$210 million, two-tranche loan financing, Basis Point reports. The deal comprises a US$157.5 million one-year tranche and a US$52.5 million, two-year tranche. The shorter tranche has a margin of 15 bps over Libor and the two-year tranche a margin of 20 bps. Responses are due on February 27. LG CARD: Expects FY03 US$4.7M Net Loss -------------------------------------- LG Card Co. expects a net loss of 5.5 trillion won (US$4.7 billion) for 2003, the Korea Herald reported on Tuesday. The credit card issuer has written off 4 trillion won in bad debt earlier than planned. The 4 trillion won had been scheduled for write-off this year. The Company almost faced bankruptcy due to a surge in delinquent accounts but creditors agreed in January to a bailout package amounting to 5 trillion won. The early debt write-off is said to have been welcomed by Korea Development Bank, which will take over LG Card's management from this year. SK CORPORATION: Nominates Board Member Candidates ------------------------------------------------- SK Corporation has nominated candidates for five independent and one internal director, as six current members whose terms expire this year will retire from the board. As a result, the Board of Directors (BoD) will comprise of seven outside directors and three internal directors, which, the Company humbly believe, will greatly enhance the independence of its BoD. SK Corporation introduced an unprecedented Shareholder Recommendation System for Outside Directors through its Web site. Also, the advisory committee for nominating outside directors, which consisted of five academic and financial experts, was established to fairly evaluates the expertise and competence of candidates worthy of being outside directors. Finally, the Outside Director Nominating Committee narrowed down the list of candidates, from which the BoD elected five highly respectable nominees. Choosing to build a constructive relationship to maximize shareholder value rather than follow a path that could lead to unproductive confrontation, SK Corporation also accepted an outside director and audit committee member candidate suggested by a foreign shareholder. SK Corporation is always ready to accept candidates with high standards of integrity, transparency and accountability. The candidates for BoD members are: Dr. Soon Cho: Formerly Bank of Korea governor. Dr. Cho also served as Deputy Prime Minister for the Korean Government. Mr. Dae Woo Nam: Formerly an outside director of Korea Gas Corporation. Mr. Nam has been also recommended by Sovereign Asset Management Ltd. as a candidate. Mr. Sei Jong Oh: Formerly Chairman of Koomin Bank's BoD. Mr. Oh also served as President of Long Term Credit Bank. Dr. Tai Yoo Kim: Chairman of Korea Resource Economics Association. Dr. Kim also served as a Presidential Advisor for Information, Science and Technology. Dr. Yoon Suk Suh: Vice Chairman of Korea Accounting Association and a professor at Ewha Woman's University. Mr. Heon Cheol Shin: As executive director at SK Group companies, Mr. Shin has unrivaled expertise and experience in the energy industry. He currently serves as Chief Executive Officer of SK Gas. For a copy of the press release, go to http://eng.skcorp.com/invest/frame_ir_dataroom.asp SK CORP.: Proposes Amendment to its Articles of Incorporation ------------------------------------------------------------- SK Corporation proposed amendments to its Articles of Incorporation (AoI) to enhance the independence of its Board of Directors (BoD), a Company statement said. The proposed amendments are limited to items, which are instantly applicable and supported by the majority of shareholders. The new BoD will review the feasibility of other amendments proposed and will continue to implement further plans to enhance corporate governance. The ultimate goal of current management is to create wealth for all shareholders by maximizing corporate value. SK Corporation is always ready to listen to the voice of its shareholders and will respect shareholders' decisions at the upcoming Annual General Meeting (AGM) in March. SK GLOBAL AMERICA: Tape Tech Demands Decision on Agreements ----------------------------------------------------------- Tucker Anthony Private Equity Technology Fund, L.P., a private, collective investment fund, was organized in January 2000, as a "fund of funds" in order to invest in new venture capital funds targeting the Internet and technology markets. TAPE TECH has $43,000,000 of committed capital from its limited partners, including the Debtor, which it has fully committed to a portfolio of 10 venture capital funds, which have and will continue to invest in start-up and early-stage companies. The underlying venture capital funds are themselves organized as limited partnerships. As these funds locate technology companies in which to invest, they call committed capital from their limited partners, including TAPE TECH, and TAPE TECH in turn calls for the capital committed by its limited partners, including SK Global America Inc. On August 30, 2000, SK Global America, a unit of South Korea's troubled SK Networks Co., subscribed for a limited partnership interest in TAPE TECH for $1,000,000, the terms of which are reflected in a Limited Partnership Agreement and Subscription Agreement. Following a pro-rata reduction in TAPE TECH's fund size, the Debtor's final Commitment was reduced to $945,274. The Limited Partnership Agreement provides in relevant part that: The Limited Partners understand and agree that the Partnership will, during its term, require additional capital in order to purchase Partnership Investments, to comply with capital calls in respect of the Partnership Investments held by the Partnership in one or more Funds, or to repay Partnership borrowings, and the interest thereon, incurred to allow the Partnership to meet any one or more of the capital calls. On August 11, 2003 and January 5, 2004, the Debtor defaulted on a capital call for $28,358 and $42,537, aggregating $70,896. Additional capital calls are expected shortly. The Debtor's remaining capital commitments under the Agreements currently total $189,304. Accordingly, the aggregate of the Defaulted Capital Calls, plus the Remaining Commitment equals $260,199. A summary of the Debtor's obligations shows: Amount of the Debtor's Original Commitment $1,000,000 Commitment After Reduction in Fund Size 945,274 Paid to date by the Debtor 685,075 Capital Calls Currently in Default 70,896 Remaining Uncalled Commitment 189,304 Total to be Contributed 260,199 In addition to its proof of claim filed on November 17, 2003, TAPE TECH has, on several occasions, contacted the Debtor's counsel in writing, by telephone and by e-mail, to ascertain whether the Debtor intended to assume or reject the Agreements, honor its obligations, or would agree to a sale of its interest in the Limited Partnership. By this motion, TAPE TECH asks the Court to: (a) compel the Debtor to assume or reject the Agreements; and (b) compel the Debtor to immediately pay to TAPE TECH all postpetition capital contributions now due or hereafter accruing under the Agreements. Since the Petition Date, Robert O. Resnick, Esq., at Posternak Blankstein & Lund LLP, in Boston, Massachusetts, points out that the Debtor has not timely performed its obligations and is in material breach of the Limited Partnership Agreement and Subscription Agreement. Pursuant to Section 365(d) of the Bankruptcy Code, Mr. Resnick asserts that the Court should compel the Debtor to fulfill its executory contract obligations by immediately paying all postpetition arrearages under the Agreements. The Limited Partnership Agreement, pursuant to its terms, is subject to the laws of Delaware. The Laws of Delaware provide that a limited partner's interest may be assigned if the partnership agreement so provides or if all the partners consent. Accordingly, the Limited Partnership Agreement provides that a limited partner may assign its interest to a third party with the written consent of the General Partner. TAPE TECH has indicated to the Debtor that it would cooperate in the assignment of the Debtor's limited partnership interest to a qualified investor, and has presented the investor to the Debtor. The Debtor, however, was unwilling or unable to sell its interest. Given the Debtor's unreasonable delay in assuming, assigning, or rejecting the executory contract, the Court should compel the Debtor to immediately assume or reject the Agreements, Mr. Resnick says. In the alternative, Mr. Resnick continues, TAPE TECH should be granted relief from the automatic stay to permit it to sell or otherwise dispose of the Debtor's limited partnership interest pursuant to the terms of the Agreements. Cause exists to grant TAPE TECH relief from stay because the Debtor has failed to provide it with "adequate protection" within the meaning of Section 362(d)(1) of the Bankruptcy Code. The Limited Partnership Agreement provides that in the event a limited partner fails to make required additional capital contributions, the General Partner will have the right, among other things, to arrange a unilateral sale of the delinquent limited partner's interest, or to purchase the limited partner's interest. Under circumstances where the Debtor is not paying its capital contributions, TAPE TECH's other partners do not receive adequate protection for their investment in the limited partnership and it is therefore appropriate to lift the automatic stay to allow this partnership interest to be sold by TAPE TECH, Mr. Resnick says. In October 2003, TAPE TECH offered to the Debtor a potential sale of its interest to an unaffiliated third party that would have provided, as consideration, for the payment of all outstanding defaults and the assumption of the Remaining Commitment by the purchaser. Allowing TAPE TECH, at that time, to sell and assign the Debtor's interest would have had the effect of removing from the Bankruptcy Estate a liability of $260,199. But the Debtor did not act on this proposal. For these reasons, Mr. Resnick asserts that cause exists to modify the automatic stay to permit TAPE TECH to handle the disposition of the Debtor's interest in the partnership as permitted under the Agreements. (SK Global Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000) =============== M A L A Y S I A =============== HONG LEONG: Lists 106,516 New Ordinary Shares Today --------------------------------------------------- Hong Leong Industries Berhad (HLIND)'s additional 106,516 new ordinary shares of RM0.50 each arising from the conversion of RM660,400 nominal value of 4% 5-Year irredeemable convertible unsecured loan stocks 2002/2007 into 106,516 new ordinary shares will be granted listing and quotation with effect from 9 A.M., Wednesday, February 25, 2004. KSU HOLDINGS: Aims to Regularize Financial Condition ---------------------------------------------------- KSU Holdings Bhd is required to make an announcement to the Malaysia Securities Exchange Berhad (MSEB) of a plan to regularize its financial condition within six (6) months from the date of the First Announcement. The Company has made its First Announcement to the MSEB on 20 August 2003 in respect of its plan to regularize its financial condition. Pursuant to Paragraph 5.1 (a) of the Practice Note No. 4/2001 LR, the Company is required to make a further announcement to the MSEB by 19 February 2004 in respect of the same. In view of the limited powers of the Receiver and Manager to deal with the assets of the Company arising from the ad interim order granted on 6 November 2003 and which is continuing up to 1 June 2004, the Company has submitted an application to the MSEB on 29 January 2004 for an extension of six (6) months commencing 20 February 2004 to announce its plan to regularize the financial condition. This application is presently being considered by the MSEB and a further announcement will be made once the MSEB has made a decision on the Company's application. PILECON ENGINEERING: MSEB Issues Public Reprimand ------------------------------------------------- The Malaysia Securities Exchange Berhad (MSEB) in consultation with the Securities Commission (SC), publicly reprimanded Pilecon Engineering Berhad (PILECON) for breach of paragraph 9.19(19) of the Listing Requirements (LR). Paragraph 9.19(19) of the LR requires a listed issuer to make immediate announcement to the Exchange upon any commencement of winding-up proceedings against the listed issuer or any of its subsidiaries or major associated companies. PILECON did not make an immediate announcement pursuant to paragraph 9.19(19) of the LR in respect of a winding up petition served on Corroless (Malaysia) Sdn Bhd, a 51%-owned subsidiary of the Company by Timuran Engineering Sdn Bhd on 28 August 2003 for a claim of RM13,625 (the Petition). The Petition was only announced to the Exchange on 9 October 2003, after a delay of 29 market days. The public reprimand was imposed pursuant to paragraph 16.17 of the LR after taking into consideration all relevant factors including the fact that PILECON had previously breached the LR and after consultation with the Securities Commission. PREVIOUS PUBLIC REPRIMANDS The Exchange had previously publicly reprimanded PILECON for breaches of the listing requirements, the details of which are as follows: (a) The Exchange had on 4 September 1999 publicly reprimanded and imposed a fine of RM100,000 on the Company for breach of section 335 of the Main Board Listing Requirements in respect of the Company's failure to make an immediate announcement in relation to its shareholders' decision not to approve the proposed extension of the duration and exercise period of the PILECON Warrants at an Extraordinary General Meeting; and (b) The Exchange had on 30 March 2002 publicly reprimanded the Company for breach of paragraph 9.19(19) of the LR in respect of the Company's failure to make immediate announcements when two of its subsidiaries, namely Pilecon Pte Ltd and Pilecon Construction Sdn Bhd, were served with winding-up petitions on 27 June 2001 and 16 July 2001 respectively. The announcements were only made on 17 July 2001 and 27 July 2001, after a delay of 14 and 9 market days respectively. MSEB views the above contravention seriously and hereby cautions PILECON and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public. ===================== P H I L I P P I N E S ===================== BATAAN POLYETHYLENE: Metro Alliance May Acquire US$201M Debt ------------------------------------------------------------ Metro Alliance Holdings and Equities Corporation plans to acquire resin manufacturer Bataan Polyethylene Corporation (BPC)'s US$201 million worth of debts, paving the way for the takeover of the dormant Company, reports the Business World. The transactions will be completed by March 31, 2004. Metro Alliance said it is also organizing a consortium of local and foreign investors that would eventually operate BPC's plant. The Company's stockholders include Profinda Holdings Corporation, All Asia Capital and Trust Corporation, and Gatchalian-controlled Plastic City Corp. BPC opened in February 2001 only to suspend operations after six months for lack of government support. Petronas and British Petroleum pulled out from the project last year. BEYOND CABLE: Rehabilitation Plan to Proceed -------------------------------------------- Beyond Cable Holdings Inc.'s rehabilitation will proceed even without a major creditor's approval, according to the Business World on Tuesday. Beyond Cable is the product of a union between HomeCable and the Lopezes' SKYCable or Central CATV, Inc. HomeCable is a wholly owned subsidiary of Unilink Communications Corp., which in turn is wholly owned by MediaQuest Holdings, Inc. MediaQuest is owned by the Beneficial Trust Fund of Philippine Long Distance Telephone Co. (PLDT). Beyond Cable, which is two-thirds owned by SKYCable and one- third owned by HomeCable, will need US$30 million over a three- year period. The report said the fresh capital would come from the Lopez Group. Other creditors are Philippine Commercial Capital, Inc., Equitable PCI Bank, Metrobank, Development Bank of the Philippines, J.P. Morgan Chase, PCI Capital, Inc., Security Bank, Philippine Commercial Capital, Inc., Filcredit Finance and Capital Development Corp. and Banco de Oro. FORTUNE CEMENT: Unveils Amended SEC Form 17-Q --------------------------------------------- Fortune Cement Corporation furnished the Philippine Stock Exchange a copy of its letter to the Securities and Exchange Commission, in relation to its 2003 Third Quarter Report. The Corporation likewise submitted a copy of its Amended Third Quarter Report, using SEC Form 17-Q, for the quarter ended September 30, 2003. To view full copy of this press release, go to http://bankrupt.com/misc/fortunecement022404.pdf NATIONAL POWER: Refunds Php2.9B Overcharges to Power Retailers -------------------------------------------------------------- State-owned National Power Corporation (Napocor) will implement its own refund program, which will involve 2.9 billion pesos worth of overcharges translating to 0.0556 pesos per kilowatthour (kWh) in Luzon and 0.0218 per kWh in the Visayas, AFX Asia reports. The Energy Regulatory Commission (ERC) has ordered Napocor to return the overcharges resulting from the implementation of the so-called Long-Run Avoidable Cost (LRAC) mechanism in Luzon and in the central Philippines between October 2003 and January 2004. In September 2003, the ERC allowed Napocor to collect Long-Run Avoidable Cost (LRAC) rates of 2.4717 pesos per kWh in Luzon and 2.5752 in the Visayas. Napocor intends to implement the refund program over a two-year period from March this year. PILIPINO TELEPHONE: Shares Down 3% on Monday -------------------------------------------- Shares of Pilipino Telephone Corporation (Piltel) decreased 0.04 pesos or 3.03 percent on Monday after Philippine Long Distance Telephone Co. (PLDT) ruled out a merger between Piltel and Smart Communications Inc., AFX Asia reports. PLDT Chairman Manuel Pangilinan dismissed on Thursday persistent market speculation that Smart will merge with Piltel to facilitate Smart's backdoor listing. ================= S I N G A P O R E ================= ALL BUILDING: Issues Judicial Management Order Notice ----------------------------------------------------- Notice is hereby given that on February 12, 2004 an order for placing All Building Supply Pte Ltd under judicial management was made and the relevant particulars of the matter are given as follows: (1) Number of matter: Originating Petition No. 11 of 2003/F. (2) Date of presentation of petition: 11th day of June 2003. (3) Petitioner's solicitors: Zaheer K. Merchant of Messrs Madhavan Partnership 80 Robinson Road #08-01/02 Singapore 068898. (4) Name and address of Judicial Managers: Mr Mick Aw Cheok Huat and Mr Neo Keng Jin of Messrs Moore Stephens 11 Collyer Quay #10-02 The Arcade Singapore 049317. (5) Date of Order: 12th day of February 2004. (6) Registered office of the Company: 336 Smith Street #06-308 New Bridge Centre Singapore 050336. Messrs MADHAVAN PARTNERSHIP Solicitors for the Petitioner. CHINA CHONGQING: Faces Winding Up Petition ------------------------------------------ The petition to wind up China Chongqing Construction Engineering (Singapore) 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. KLW Wood Products Pte Ltd., a creditor, whose address is located at 19 Senoko Loop, Singapore 758169, filed the petition with the court on January 30, 2004. The Petitioners' Solicitors are Messrs ANG & PARTNERS of No. 8 Robinson Road, #11-00 ASO Building, Singapore 048544. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs ANG & PARTNERS 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). KHAMIS HOLDINGS: Issues Dividend Notice --------------------------------------- Khamis Holdings Pte Ltd. issued a notice of intended dividend as follows: Address of Registered Office: Formerly of 7500A Beach Road #13- 320, The Plaza Singapore 0719. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 55 of 1994. Last Day for Receiving Proofs: 5th March 2004. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated : 20th February 2004. KAMALA PONNAMPALAM Assistant Official Receiver. LKN-PRIMEFIELD: Narrows FY03 Net Loss to US$9.04M ------------------------------------------------- LKN-Primefield Limited posted a net loss of US$9.04 million, versus a net loss of US$24.74 million a year earlier, according to Reuters. Year to December 31, 2003 (in millions of S$ unless stated) 2003 vs 2002 Operating profit/(loss) (9.04) vs (24.74) Pre-tax profit/(loss) (24.67) vs (48.06) Net profit/(loss) (26.03) vs (49.75) Group shr (cents) (11.00) vs (22.00) Turnover 49.79 vs 69.53 Dividend (pct) nil vs nil The Company is engaged in property development and investment activities, building and civil engineering and construction activities. NH CERAMICS: H103 Net Loss Widens to US$0.93M ------------------------------------------- NH Ceramics Limited booked a net loss of US$0.93 million, compared to a net loss of US$0.52 million a year earlier, according to Reuters. Six months to December 31, 2003 (in millions of S$ unless stated) Pre-tax profit/(loss) (0.93) vs (0.52) Net profit/(loss) (0.93) vs (0.50) Group shr (cents) (1.43) vs (0.76) Turnover 9.59 vs 12.54 Dividend (cents) nil vs 0.30 NH Ceramics Ltd, a supplier of ceramic and marble tiles, expects the performance in the second half of 2004 to be better than the first half. RIDALEGE INVESTMENTS: Issues Debt Claim Notice to Creditors ----------------------------------------------------------- The creditors of Ridalege Investments Pte Ltd., which is being wound up voluntarily, are required on or before March 31, 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 said 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. Date: 20th February 2004. HENG LEE SENG Liquidator. PATRIA DESIGN: Releases Debt Claim Notice to Creditors ------------------------------------------------------ The creditors of Patria Design Centre Pte Ltd (In Members' Voluntary Liquidation) are required within thirty days thereof 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 of the said Company c/o 2 Mistri Road, #12-01 HMC Building, Singapore 079624, and if so required by notice in writing from the said Liquidator, are by their solicitors or personally to come in and prove the 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. TEH KWANG HWEE Liquidator. RINASIA ENTERPRISE: Creditors Must Submit Claims by March 22 ------------------------------------------------------------ Notice is hereby given that the creditors of Rinasia Enterprise 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 and any security held by them to the 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. SEATOWN CORPORATION: Extends Judicial Management Order Notice ------------------------------------------------------------- Further to the announcement made by the Board of Directors of Seatown Corporation Limited on February 27, 2003, the High Court of Singapore made the following orders on February 20, 2004: a) That the Judicial Management Order dated 26 February 2003 be extended for a further six (6) months from 27 February 2004 to 26 August 2004. b) That the Judicial Manager be given a further extension of time until July 26, 2004 to comply with the requirements in section 227 million of the Companies Act. =============== T H A I L A N D =============== SAHAMITR PRESSURE: Unveils February 23 BDM Resolutions ------------------------------------------------------ The Board of Director's Meeting (BDM) of Sahamitr Pressure Container Public Company Limited held on February 23, 2004 passed the following resolutions: 1. The meeting duly considered and unanimously approved the Board of Director's Minute of Meeting no. 6/2546 held on December 12, 2003. 2. The Board of Director's report concerning the Company Performance in 2003. 3. The meeting duly considered and unanimously approved no dividend payment for the year 2003. 4. The meeting duly considered and unanimously approved to add new agenda of The Ordinary Shareholders Meeting No.1/2547 regarding the amendment of the company policy concerning its related transactions and acquisition & disposal of its assets to comply with the SET rules and regulations. 5. The meeting duly considered and unanimously approved The Ordinary Shareholders Meeting No.1/2004 to be held on April 30, 2004 at 14.00 P.M., at the head office of Sahamitr Pressure Container Public Company Limited No. 72/9 Moo7, Bangkhuntien- Chaitalay Road, Kwang Samaedam, Khet Bangkhuntien, Bangkok to consider the following agendas: 1. To approve the minutes of the Ordinary Shareholders Meeting No.1/2546. 2. The Board of Director's report concerning the Company Performance in 2003. 3. To approve the Company's 2003 Balance Sheet and Profit and Loss Account. 4. To consider the dividends of the year 2003. 5. To elect new directors in place of the periodical directors. 6. To elect the auditors and set the remuneration. 7. To approve the amendment of the company policy concerning its related transactions and acquisition & disposal of its assets to comply with the SET rules and regulations. 8. Other agenda (if any). The Company will close the share register book in order to determine the names of the shareholders to attend this meeting from April 9, 2004 at 12.00 hrs. to April 30, 2004. 6. No other consideration is proposed. Yours faithfully, Mr. Sutham Ekahitanond Chairman and Managing Director SINO THAI: Clarifies Director's Meeting Resolution -------------------------------------------------- Sino-Thai Resources Development Public Company Limited clarified the resolution of its Board of Directors Meeting (BDM) held on February 20, 2004 as follows: The Company informed that there was a typographical error on the names of directors who can sign for the Company as mentioned in the resolution at item 3 of the Board of Directors Meeting sent to you this morning. The Company would inform you the correct item should be as follows: "Mr. Suthisak Lohsawat, Mr. Yongyut Manathamphaiboon, Mr. Umyos Huvanandana and Mr. Wichien Kultawanich: any two of the said four directors may jointly sign together with the Company's seal affixed." It is therefore, informed for your acknowledgment and dissemination to the public and other investors. Cholapan Vongsing (Mr. Cholapan Vongsing) Assistant Managing Director THAI DURABLE: Issues Private Placement of Shares ------------------------------------------------ Thai Durable Textile Public Company Limited (TDT) announced the details regarding the private placement of newly issued ordinary shares as follows: Pursuant to the resolution of the Extraordinary General Meeting of Shareholders No. 2/2003 held on 29th September 2004 and No. 1/2004 held on 20th February 2004, the Company's board of directors and/or any authorized director and/or managing director have been authorized to determine and/or fix details and conditions in relation to share allocation. Thus, the Managing Director would like to inform the extension of subscription period of this private placement from 23-24 February 2004 to 23-25 February 2004. (Mrs. Phakarat Visudhimark) Managing Director ********* 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. 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