/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040303.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, March 3, 2004, Vol. 7, No. 44 Headlines A U S T R A L I A MAYNE GROUP: Buys aaiPharma's Injectable Multivitamin Products VILLAGE ROADSHOW: Moves Ahead with Preferred Share Buyback C H I N A & H O N G K O N G BRILLIANCE FINANCE: Winding up Hearing Slated March 10 BSL MANAGEMENT: Faces Winding up Petition Before H.K. High Court GOOD MILLION: Fort Crown Lodges Winding up Petition KWOK LUEN: Winding up Hearing Today SINOGROWTH INVESTMENT: Winding up Hearing Slated March 31 I N D O N E S I A INDOFARMA: Merging with Kimia Farma this Year * IBRA's 28% Recovery Rate Acceptable, Say Observers J A P A N FUJITSU LIMITED: Clarifies Launching of New Facility KANEBO LIMITED: Lenders Extend Financing Until May 6 KANEBO LIMITED: Shares Up 4.9% on Bailout Report MITSUBISHI MOTORS: Reaches Deal with Labor Unions Over Bonuses NIPPON TELEGRAPH: Seeks Approval for 2005 Business Plan K O R E A HANARO TELECOM: Selling US$600 Mln Bonds to Repay Maturing Debt HANARO TELECOM: Ends Fourth Quarter with KRW103 Million Net Loss KOOKMIN BANK: President Rallies Staff to Face Market Challenges M A L A Y S I A AKTIF LIFESTYLE: Default Status Unchanged AKTIF LIFESTYLE: Awaits SC Approval on Regularization Plan CSM CORPORATION: Still Unable to Regularize Financial Condition INNOVEST BERHAD: Securities Commission Rejects Rescue Proposal MENTIGA CORPORATION: Details Restructuring Proposal PANCARAN IKRAB: Seeks Extension of Restructuring Scheme RNC CORPORATION: Bares Debt Restructuring Status SIN HENG: Southern Investment Bank OKs Workers Share Option Plan TAJO BERHAD: Plan to Regularize Finances Remains Pending WOO HING: Auditor Completes Investigative Audit P H I L I P P I N E S METRO PACIFIC: Strengthens Balance Sheet by Slashing Debt NATIONAL BANK: To Improve Services Offered to Overseas Workers NATIONAL STEEL: Lot Owners Demand Payment of Overdue Rental PHILIPPINE LONG: Seeking Additional Access Code S I N G A P O R E AVO ELECTRIC: Releases Dividend Notice B.K.B ENGINEERING: Creditors Meeting Set March 18 HORIZON EDUCATION: 2003 Net Loss Balloons to SG$15 Million KHAMIS SHIPPING: Issues Dividend Notice PRESSCRETE PATTERN: Faces Winding up Petition TECHSCIENCE SYSTEMS: Creditors Must Submit Claims by March 31 T H A I L A N D BANGKOK LAND: Extends Bond Buyback Deadline DATAMAT PCL: 2003 Net Profit up 178% DATAMAT PCL: SET Lifts Trading Halt THAI PETROCHEMICAL: Trading Temporarily Suspended - - - - - - - - - ================= A U S T R A L I A ================= MAYNE GROUP: Buys aaiPharma's Injectable Multivitamin Products -------------------------------------------------------------- Mayne Group is strengthening its specialty pharmaceutical focus through the acquisition of the suite of injectable multivitamin products currently marketed in the U.S. by aaiPharma Inc. The acquisition is part of Mayne's strategy to focus on the research, development, manufacture and sale of specialty pharmaceuticals with a particular emphasis on generic, injectable oncology treatments (anti-cancer drugs -- primarily cytotoxic agents) and related therapeutic areas. It also fits with Mayne's increasing presence in branded generics and proprietary products, which are marketed to specialists such as oncologists, urologists and anaesthetists. The acquired products include the branded generics M.V.I. Adulta, M.V.I. Pediatrica, Aquasol Aa and Aquasol Ea. Injectable multivitamins are used to provide vitamin intake to patients on total parenteral nutrition. These are typically patients in a hospital's intensive care unit or following bowel surgery or serious burns but are also associated with some oncology treatments. Current estimates indicate that aaiPharma has approximately 70% of the U.S. injectable multivitamin market. The contract purchase price is US$100 million, plus a further US$5 million upon by approval by the U.S. FDA of a new formulation. The products are currently manufactured under several contract arrangements, which Mayne plans to progressively source to its Aguadilla site. The acquisition is expected to complete by June 2004 subject to satisfaction of conditions precedent. For the 2005 financial year Mayne expects additional earnings before interest, tax and amortization (EBITA) of approximately US$11 million. Synergies from manufacturing in sourcing will commence in the 2006 financial year. Mayne has businesses in pharmaceuticals (the manufacture of oral and injectable pharmaceuticals for distribution to more than 50 countries), health services (pathology, diagnostic imaging, medical centers, pharmacy services) and health-related consumer products. Mayne's operating lease-adjusted total debt to capitalization at December 31, 2003, was 22.5%, which provides scope at the current rating for further acquisitions, as well as the planned off-market share buyback of up to AU$350 million, TCR-Asia Pacific reported recently. Media enquiries: Rob Tassie Phone: 03 9868 0886 Mobile: 0411 126 455 Investor enquiries: Larry Hamson Phone: 03 9868 0380 Mobile: 0407 335 907 VILLAGE ROADSHOW: Moves Ahead with Preferred Share Buyback ---------------------------------------------------------- Village Roadshow has spent no time dwelling on last week's Supreme Court defeat, announcing it would spend up to $100 million to buy back more than 40 percent of its preference shares on the market, the West Australian reports. Undeterred by its unsuccessful and costly legal dispute with a small German-based shareholder, the Village board yesterday appointed UBS Warburg and Merrill Lynch to buy back up to 110 million of the A-class preference shares. "The board believes that it is in the interests of shareholders to continue to seek to reorganize the company's capital structure by way of a buy-back of preference shares and as a priority to other commitments," Village said. Village will have no problem funding the buy-back, having already set aside nearly $63 million in free cash for the upfront component of the original $1.25-a-share scheme. It has also sold some of its cinema assets in recent years. ============================== C H I N A & H O N G K O N G ============================== BRILLIANCE FINANCE: Winding up Hearing Slated March 10 ------------------------------------------------------ The petition to wind up Brilliance Finance Company Limited is set for hearing before the High Court of Hong Kong on March 10, 2004 at 10 o'clock in the morning. The Bank of China, Grand Cayman Branch, whose registered office is located at P.O. Box 30995, SMB Grand Cayman, Cayman Islands, filed the petition on January 5, 2004. The Petitioners' solicitors are Koo and Partners of 21st Floor, Bank of China Tower, No. 1 Garden Road, Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Koo and Partners a notice in writing not later than six o'clock in the afternoon of the 9th day of March 2004 (the day before the petition hearing). BSL MANAGEMENT: Faces Winding up Petition Before H.K. High Court ---------------------------------------------------------------- The petition to wind up BSL Management (Hong Kong) Limited is set for hearing before the High Court of Hong Kong on March 24, 2004 at 9:30 in the morning. Cheong Ming Investment Company Limited and Wah Hoi Construction Limited, whose registered office is located at Top Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong, filed the petition on January 27, 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 or send by post to Solicitors Ford Kwan and Company a notice in writing not later than six o'clock in the afternoon of the 23rd day of March 2004 (the day before the petition hearing). GOOD MILLION: Fort Crown Lodges Winding up Petition --------------------------------------------------- The petition to wind up Good Million Trading 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 located 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 or send by post to Solicitors Ford Kwan and Company a notice in writing not later than six o'clock in the afternoon of the 30th day of March 2004 (the day before the petition hearing). KWOK LUEN: Winding up Hearing Today ----------------------------------- The petition to wind up Kwok Luen Cash Register (System) Company Limited is set for hearing before the High Court of Hong Kong on March 3, 2004 at 9:30 in the morning. Chan Kwai Ming, whose registered office is located at Flat 16, 16/F., Block D, Siu Hei Court, Tuen Mun, New Territories, Hong Kong, filed the petition on December 24, 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 or send by post to Solicitors Tam Lee Po Lin a notice in writing not later than six o'clock in the afternoon of the 2nd day of March 2004 (the day before the petition hearing). SINOGROWTH INVESTMENT: Winding up Hearing Slated March 31 --------------------------------------------------------- The petition to wind up Sinogrowth Investment Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 9:30 in the morning. The Bank of China (Hong Kong) Limited, whose registered office is located at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong, filed the petition on January 28, 2004. The Petitioners' solicitors are Gallant Y.T. Ho & Co. of 4th Floor, Jardine House, No. 1 Connaught Place, Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Gallant Y.T. Ho & Co. a notice in writing not later than six o'clock in the afternoon of the 30th day of March 2004 (the day before the petition hearing). ================= I N D O N E S I A ================= INDOFARMA: Merging with Kimia Farma this Year --------------------------------------------- The Indonesian government will merge state owned pharmaceutical companies, PT Indofarma Tbk and PT Kimia Farma Tbk, before privatizing them, Asia Pulse reports. "First of all we want to consolidate Indofarma and Kimia Farma. While consolidating the two companies, however, it is possible for us to have a merger plan," Deputy Minister of State-owned Enterprises Mahmuddin Yasin told Bisnis Indonesia over the weekend. Indofarma and Kimia Farma are among those to be privatized by the government this year. The government currently owns a 90 percent stake in Kimia Farma and 80 percent in Indofarma. Some years ago the government invited strategic investors to purchase a 51 percent stake in Indofarma, but the government cancelled the offer after the company posted huge losses. * IBRA's 28% Recovery Rate Acceptable, Say Observers ---------------------------------------------------- The Indonesian Bank Restructuring Agency (IBRA), set up five years ago to recover bank bailout funds totaling US$77 billion, closed after clawing back just 28 percent of the total and with some banks still fragile, according to the IndoExchange. Formed in the aftermath of the Asian financial crisis, the agency was tasked with restructuring the collapsed banking system, promoting economic recovery and recovering state bailout funds. The government in 1998 issued 650 trillion rupiah (now 77 billion dollars) worth of bonds, of which around 425 trillion was earmarked for recapitalizing banks. The rest was to be used to repay customers of banks, which had been closed down. Only 28 percent of that figure has been recovered from the sale of assets handed over by the owners of the ailing financial institutions, this was caused mainly by the shaky legal system according to IBRA Chairman Syafruddin Temenggung. He said earlier this month he had tried to file criminal charges against 10 non-cooperative debtors, three of which made it to court. "But all three (cases) the government lost and we cannot put anyone in jail. That's a pity that I can really share with the Indonesian people out there," Mr. Temenggung said. IBRA still controls 70 trillion rupiah in assets. These will be transferred to the finance ministry, which will set up holding companies for them with powers similar to IBRA. President Megawati Sukarnoputri said she has signed a decree to end IBRA's mandate. A team including former IBRA officials will have until April 30 to resolve outstanding issues. Mr. Temenggung has said his agency met its prescribed targets despite the low recovery rate, noting that in 1998, Indonesia's banks had a worse capital adequacy ratio than those in Thailand, Malaysia, South Korea and the Philippines but last year it exceeded them. Non-performing loans have fallen from about 50 percent in December 1998 to about 10 percent last June, he said. Several analysts agree the legal and political system is largely to blame for the poor recovery rate. Standard Chartered Bank economist Fauzi Ichsan said the recovery rate was acceptable, given the political pressures and weak legal environment. Going forward, he said, what the government can do is try to delay redeeming the bonds issued in 1998. "That means the government must also bear the costs and as such that will reduce its ability to spend on something else. Unfortunately, that's the cost that Indonesia has to pay," Mr. Ichsan said. Mr. Ichsan noted that most banks still hold around 40-45 percent of their assets in government bonds or Bank Indonesia Certificates. "So they are actually still dependent on the government. It means the system has not yet been rescued totally from collapse," he said. The presence of local banks change of ownership with foreign investors such as Singapore's government investment arm Temasek, Malaysia's Commerce Asset and South Korea's Kookmin coming in will boost competition, according to Mr. Ichsan. "The return of debtors and bank owners is a serious problem," said Umar Juoro, of the Centre for Information and Development Studies. "I think the main lesson from IBRA is that if you allow the banking sector to expand aggressively without proper risk management and law enforcement, the cost to the economy is going to be enormous and generations will have to pay for it," Mr. Ichsan said. ========= J A P A N ========= FUJITSU LIMITED: Clarifies Launching of New Facility ---------------------------------------------------- Fujitsu Limited clarifies that the front-page article in the February 27 edition of the Nihon Keizai Shimbun regarding purported plans to build a semiconductor fabrication facility was not based on any announcement by or interview with Fujitsu, a Company statement said. Taking into account various internal and external factors, we are continuing to explore the possibility of constructing a new 300mm semiconductor fab. However, no final decisions have been made with respect to details such as location and scale. The Company will make a formal announcement after such decisions are made. KANEBO LIMITED: Lenders Extend Financing Until May 6 ---------------------------------------------------- Textile maker Kanebo Limited expects as much as 50 billion yen (US$459 million) in additional loans from Sumitomo Mitsui Banking Corporation and other lenders, according to Reuters. Kanebo's lenders also agreed to maintain the balance of their loans to the Company until May 6. The additional debtor-in- possession financing would be used to pay suppliers. Kanebo and 35 affiliated firms owed banks a total of 556.7 billion yen (US$5.1 billion) as of February 16, of which more than 200 billion yen was from main lender Sumitomo Mitsui Banking. KANEBO LIMITED: Shares Up 4.9% on Bailout Report ------------------------------------------------ Shares of Kanebo Ltd increased 5 yen, or 4.9 percent, to 108 on Tuesday after reports that will receive as much as 50 billion yen (US$458.9 million) in new loans from its lenders, including Sumitomo Mitsui Financial Group Inc. The troubled cosmetics maker has total liabilities of 682 billion yen as of September 2003. MITSUBISHI MOTORS: Reaches Deal with Labor Unions Over Bonuses -------------------------------------------------------------- Labor union members at Mitsubishi Motors Corporation is set to accept the management offer of bonus payments worth three months' salary, one month less than that in the previous year, in this spring's negotiations for the fiscal year to March 2005, AFX Asia reported on Tuesday. The 12 major unions under the umbrella of the Confederation of Japan Automobile Workers' Unions are all demanding bonuses worth five to 6.6 months' wages, and this will most likely make Mitsubishi Motors' settlement the lowest in the industry. The automaker will likely reach a settlement with its labor ahead of the March 17 deadline for the industry. The carmaker expects its net loss in the year to March to widen to 72 billion yen on slumping sales in North America. It is drawing up a restructuring plan, due out at the end of April, involving capital infusions from top shareholder DaimlerChrysler AG of Germany and other Mitsubishi group firms, as well as reorganization of production at home and abroad. NIPPON TELEGRAPH: Seeks Approval for 2005 Business Plan ------------------------------------------------------- Nippon Telegraph and Telephone Corporation (NTT) on Monday submitted its business operation plan for the fiscal year ending March 31, 2005 to the Minister of Public Management, Home Affairs, Post and Telecommunications for approval. Business Operation Plan for Fiscal Year Ending March 31,2005 In the building of an advanced information and telecommunications network society, information and communications are expected to make a substantial contribution to invigorating and raising the efficiency of socioeconomic activities, enhancing lifestyle convenience, and so on. Today, the public and private sectors in Japan are working together to make such a society a reality. The information and telecommunications market has been changing dramatically with the intensification of competition resulting from the shift from voice communications to data communications, the rapid expansion of broadband services, and the diversification and upgrading of mobile phone services. To help ensure that universal services are maintained amid this information and communications environment, NTT intends to provide all necessary advice, mediation, and other assistance to Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation (the regional companies). It will also endeavor to promote research and development in telecommunications technology in order to respond to society's requirements for the development of advanced information and telecommunications network society. In addition, NTT intends to foster active Group management for the sound development of the entire Group by realizing its "Vision for a New Optical Generation" while utilizing its research and development capabilities and the total management resources of its corporate Group to respond to changes in the market environment. In the management of business operations for the fiscal year ending March 31, 2005, NTT will aim to improve the management efficiency of its Group operations, including those of the regional companies; to develop new businesses for enhancing the information-sharing industry, including expanding the broadband market; and to continue to strengthen research and development that will contribute to the advancement of telecommunications. In this way, NTT will seek to ensure the stable development of Group operations in the future, and to return the fruits of these efforts to customers, shareholders, and the community at large. Based on this thinking, under the business operation plan for the fiscal year ending March 31, 2005, NTT will conduct its business management by giving priority to the following activities, and will do so in a flexible manner so as to respond to changes in the operating environment. (1) Advice, Mediation, etc. For the regional companies, NTT will provide all necessary advice, mediation, etc. to ensure the maintenance of high- quality and stable universal services. These will include planning and coordination relating to the quality and upgrading of telecommunications networks, deployment of control and coordination capabilities when natural disasters and other emergencies occur, efficient fund-raising, and formulation of policies for materials procurement. NTT will also exercise its shareholder rights, as necessary, in order to assure the smooth flow of dividends to shareholders. For all NTT Group companies, including the regional companies, NTT's activities will include management support for such operations as broadband market development, business expansion, and withdrawals from business activities. NTT will also provide assistance with the development of human resources, which form the core of the NTT Group. (2) Promotion of Basic Research and Development One prerequisite for responding to the social requirements for the formation of an advanced information and telecommunications network society is the harmonious and coordinated development of network-based technologies, technologies that provide the basis for new services and applications, and advanced and basic technologies in general. NTT will conduct research and development activities to realize "a communication environment where entities such as people and objects are interactively connected by broadband and ubiquitous networks anytime, anywhere and with anyone or anything, and people enjoy superb usability that is secure, reliable, and simple." In conjunction with these efforts, NTT will continue to actively disseminate the results of its research and development and conduct active technology exchanges with institutions both within Japan and overseas, including ongoing contributions to standardization activities, industry standardization of research and development results, and research and development in collaboration with other research institutions. To ensure the continuous execution of this basic research and development, NTT will seek to further increase research efficiency, and research costs will be borne by the regional companies and other NTT Group companies, which in turn will benefit from these efforts. Specifically, priority will be given to the following areas in NTT's research and development activities: (1) Infrastructure-related research and development To further upgrade telecommunications networks and achieve next- generation end-to-end network services providing more economical and higher speed transmission of a large amount of information, NTT will promote research and development in the sphere of base network technologies, including technologies for configuring economical and diverse access networks, technologies for building networks that can cope flexibly with diverse network services, and next-generation IP network technologies. At the same time, NTT will pursue basic research in the field of operating systems to improve the reliability of telecommunications networks and the quality of customer services. Additionally, considering the sharp increase in energy consumption accompanying the development of the advanced information and telecommunications network society, NTT will promote research and development on reducing electric power consumption and on other measures to promote the preservation of the global environment. (2) User-related research and development NTT will pursue research and development activities on infrastructure for providing customers with diverse telecommunications services, including e-commerce, contents sharing, and community collaboration with a view to using sophisticated telecommunications networks to realize an advanced information and telecommunications network society in which the electronic exchange of information, goods, and currencies among people, corporations, and objects is further enhanced. Specifically, this will include research and development in such areas as security technologies to secure information and communications; e-commerce-related technologies for billing, validation, and authentication; information-distribution technologies that can cope flexibly with diverse network environments; media-processing technologies, such as those for the compression, recognition, and sharing of graphic and voice data; and multimedia database technologies for the storage and search of a variety of media. (3) Research and development in basic technologies NTT will devote its efforts to the creation of a photonic network that makes it possible to achieve ultra high-speed, ultra high-volume terabit and petabit-level communications, in preparation for an age in which massive volumes of digital information circulate through networks with a view to securing leadership in the basic and advanced technologies that will underpin the future of telecommunications, and to contribute to the inventive enhancement and development of telecommunications in Japan. To this end, NTT will pursue research and development activities on ultra high-density wavelength division multiplexing and other new optical communications technologies as well as optical amplification, optical wavelength multiplexers and demultiplexers, optoelectronic fusion devices, and other new optical components technologies. NTT will also pursue research in such areas as nanotechnology, which seeks to realize the potentials of new materials with unique characteristics, and Communications Science, which explores new possibilities in communications. This will be combined with research on innovative new principles and new concepts for the next generation. For more information, contact: Department I Nippon Telegraph and Telephone Corporation E-mail: jigyou@hco.ntt.co.jp ========= K O R E A ========= HANARO TELECOM: Selling US$600 Mln Bonds to Repay Maturing Debt --------------------------------------------------------------- Internet service provider Hanaro Telecom Inc. plans to issue 600 million dollars worth of bonds in the United States this year to help repay its short-term debt estimated at 1.9 trillion won (US$1.6 billion), Channel News Asia reported on Monday. A U.S. consortium led by American International Group acquired Hanaro for 500 million dollars in November last year, with a pledge to inject new capital into Hanaro which controls 28 percent of South Korea's broadband Internet market. Hanaro's net loss widened 34 percent to 165.3 billion won last year but sales were up 9.7 percent at 1.38 trillion won. HANARO TELECOM: Ends Fourth Quarter with KRW103 Million Net Loss ---------------------------------------------------------------- Hanaro Telecom Inc. disclosed its fourth quarter 2003 financial results and 2004 business plan: (1) SUMMARY Revenue decreased slightly by 1.0% to KRW 349.2 billion compared to the third quarter of 2003. Operating costs increased by 5.6% to KRW 327.8 billion compared to third quarter of 2003. Operating profit decreased by 49.5% to KRW 21.3 billion compared to the third quarter of 2003. Net income turned to negative KRW103.7 billion in the fourth quarter of 2003. EBITDA decreased by 12.6% to KRW 132.2 billion compared to the third quarter of 2003. (2) OPERATING INCOME (Unit: KRW billion) 4Q03 3Q03 CHANGE (%) 4Q02 Revenue 349.2 352.6 -1.0 348.8 Operating Costs 327.8 310.4 5.6 328.7 Operating Profit 21.3 42.2 -49.5% 20.2 Net Income -103.7 5.7 Turned negative -15.3 (3) EBITDA (Unit: KRW billion) 4Q03 3Q03 CHANGE (%) 4Q02 EBITDA 132.2 151.3 -12.6 119.5 EBITDA margin 37.9% 42.9% -5.0%P 34.2% (4) OPERATING TARGET FOR 2004 (Unit: KRW billion, persons in thousands) Revenue 1,500 Operating Profit 98.8 Net Income 0.5 EBITDA (Margin) 556.0 (37.1%) CAPEX 356.5 Subscriber (Net increase) 4,293 (566) * Note: The figures in the above table are only estimates of our target for 2004 and actual results may differ materially from our targeted figures. KOOKMIN BANK: President Rallies Staff to Face Market Challenges --------------------------------------------------------------- Kookmin Bank has no choice but to go into emergency mode to overcome unfavorable market conditions, Asia Pulse reports, citing Kookmin Bank President Kim Jung-tae. A prolonged slump in private consumption and Citigroup's advance into the domestic banking market are making business and managerial conditions far worse, Mr. Kim said. Analysts expect Citigroup's full-fledged advance into the domestic banking market could pose a big threat to local players. In a sharp turnaround from a net profit of around 1.3 trillion won in 2002, Kookmin had a loss of 611.8 billion won in 2003, due to a rise in soured loans. "Branch offices should focus more on cutting dud loans," Mr. Kim said. "Large overdue credit card bills are still weighing down on consumer lending, which makes it impossible to predict how Kookmin's bottom line will come out for the first quarter." He emphasized that all offices should try to lower nonessential expenditures by up to 30 percent. =============== M A L A Y S I A =============== AKTIF LIFESTYLE: Default Status Unchanged ----------------------------------------- The Board of Directors of Aktif Lifestyle Corporation Berhad (Aktif) announced that there has been no further development or change in status with respect to the default in payment since the last announcement. The Company will keep its shareholders informed of any pertinent development. This announcement is dated 1 March 2004. c.c. Securities Commission AKTIF LIFESTYLE: Awaits SC Approval on Regularization Plan ---------------------------------------------------------- Under Practice Note No. 4/2001 (PN4/2001), Aktif Lifestyle Corporation Berhad (Aktif) is required to announce the status of its plan to regularize its financial condition on the first market day of each month. As announced on February 4, 2004, the Company is still awaiting approval in respect of the Proposed Disposal submitted to the Securities Commission. Pending approval of the Proposed Disposal, the Board of Directors of Aktif wishes to inform that the Company is continuing its efforts to seek and acquire viable businesses. This announcement is dated 1 March 2004. c.c. Securities Commission CSM CORPORATION: Still Unable to Regularize Financial Condition --------------------------------------------------------------- Pursuant to Practice Note No. 4/2001 (PN4/2001) of the Listing Requirements, Malaysian International Merchant Bankers Berhad, on behalf of CSM Corporation Berhad (CSM), announced that there is no new development on the Company's plan to regularize its financial condition since the last monthly status announcement dated February 4, 2004 except for the approval from the Ministry of International Trade and Industry which was announced on February 13, 2004. The Company is still awaiting approval of the relevant authorities for the restructuring exercise of the Company. This announcement is dated 1 March 2004. c.c. Issues and Investment Division Securities Commission INNOVEST BERHAD: Securities Commission Rejects Rescue Proposal -------------------------------------------------------------- The Board of Directors of Innovest Berhad (Innovest) announced that the Securities Commission (SC) had, vide its letter dated February 4, 2004, rejected the Company's application for the exemption from the requirements of Paragraphs 6.13(a)(iv) and 6.14(a) of the SC's Policies and Guidelines on Issue/Offer of Securities (SC Guidelines) (Exemption Sought) pursuant to the Proposed Rescue Scheme. Accordingly, the SC will not be able to consider the Company's application for its Proposed Rescue Scheme until the scheme proposed by Innovest is in full compliance with the requirements of the SC Guidelines. The Board of Innovest intends to appeal to the SC on its decision on the Exemption Sought. MENTIGA CORPORATION: Details Restructuring Proposal --------------------------------------------------- Mentiga Corporation Berhad (MCB) announced the status of its comprehensive restructuring proposals: (1) Proposed revaluation of the property assets of Mentiga and its subsidiaries; (2) Proposed debt settlement via the issuance of 12,500,000 new ordinary shares of RM1.00 each in Mentiga at an issue price of RM1.00 per share to Amanah Saham Pahang Berhad (ASPA), as settlement of an amount owing by Mentiga to ASPA amounting to RM 12,500,000; (3) Proposed restricted issue of 20,000,000 Redeemable Convertible Preference Shares (RCPS) of RM1.00 each at an issue price of RM1.00 per RCPS to ASPA; (4) Proposed employee share option scheme for eligible employees and directors of Mentiga and its subsidiaries. (5) Proposed increase in the authorized share capital of Mentiga; and (6) Proposed amendments to the Memorandum and Articles of Association of Mentiga. PANCARAN IKRAB: Seeks Extension of Restructuring Scheme ------------------------------------------------------- Reference is made to paragraph 4.1(b) of Practice Note 4/2001 (PN4/2001) whereby Pancaran Ikrab Bhd is required to announce the status of its plan to regularize its financial position on a monthly basis until further notice from the Malaysia Securities Exchange Bhd (MSEB). The Foreign Investment Committee had vide its letter dated January 20, 2004, which was received by Public Merchant Bank Bhd (PMBB) on January 30, 2004, approved the Proposed Revisions to the Scheme and the termination of the Sale and Purchase Agreement in relation to the acquisition of land. On 12th February 2004, PMBB submitted the amended 3rd draft of the Explanatory Statements and Circular to Shareholders (ES & Circular) to the MSEB for their vetting and approval. On 18th February 2004, PMBB received a reply from the MSEB incorporating their comments on the amended 3rd draft of the ES & Circular sent to them on 12th February 2004. On 27th February 2004, PMBB, on behalf of the Board of PIB, submitted a letter to the Securities Commission requesting for an extension of 4 months (to 31st July, 2004) to complete the implementation of the Proposed Restructuring Scheme. PMBB had submitted the amended 4th draft of the ES & Circular to MSEB for their vetting and approval. An appropriate announcement will be made accordingly in due course. This announcement is dated 1st March 2004. RNC CORPORATION: Bares Debt Restructuring Status ------------------------------------------------ RNC Corporation Berhad announced the status of its corporate and debt-restructuring scheme pursuant to paragraph 4.1 (b) of the Practice Note No. 4/2001 (PN4/2001). (1) Reference is made to paragraph 4.1 (b) of the Practice Note 4/2001. Announcement of the status of its plan to regularize its financial condition on a monthly basis until further notice from the Kuala Lumpur Stock Exchange. (2) Reference is also made to the "First Announcement" on 19th February 2001 on the Proposed Corporate and Debt Restructuring Scheme (PRS), the previous Monthly Status Announcements since 1st March 2001 and also all the announcements pertaining to the PRS. (3) On 18th April 2003, the Company and its advisers, OSK Securities Berhad have submitted the proposed modifications to the PRS to the Securities Commission (SC), Ministry of International Trade and Industry (MITI), Federal Economic Planning Unit (EPU) and Foreign Investment Committee (FIC) for their approvals. (4) SC had vide its letter dated 13th November 2003 and 17th November 2003 approved the proposed modifications to the PRS. The approval of the SC on the PRS is subject to compliance of stipulated terms and conditions as announced on 18th November 2003 and 19th November 2003. (5) The working Due Diligence Committee is in the process of complying with the terms and conditions as stipulated by the SC. (6) On 10th February 2004 and 13th February 2004, OSK has announced that SC had vide its letter dated 6th February 2004 given exemption to RNC on the requirement to appoint an independent audit firm to conduct an investigative audit on the past losses of RNC Group. On 13th February 2004, SA has also announced its findings of the report that was submitted to the SC. SIN HENG: Southern Investment Bank OKs Workers Share Option Plan ---------------------------------------------------------------- Southern Investment Bank Berhad refers to the announcements made on behalf of the Special Administrators (SA) of Sin Heng Chan (Malaya) Berhad (SHCM) on January 3, 2003 and October 8, 2003. On behalf of the SA of SHCM, Southern Investment Bank Berhad (SIBB) announced that the Securities Commission (SC) has, vide its letter dated February 19, 2004, which was received by SIBB on February 26, 2004, informed that it has no objection to the Company's application for the setting of the exercise price of RM1.00 per share for the Employees' Share Option Scheme (ESOS) options to be granted to SHCM's employees under the Proposed ESOS prior to the re-quotation of the ordinary shares of RM1.00 each in SHCM on the Malaysia Securities Exchange Berhad, subject to the following: (1) SHCM to fully inform its eligible employees of the state of SHCM's business and affairs pursuant to the proposed revised restructuring scheme via issuance of information circular; (2) The Directors of SHCM to submit an undertaking to the SC that the eligible employees of SHCM will be fully informed of SHCM's business and affairs pursuant to the proposed revised restructuring scheme via issuance of information circular at point of implementation of the ESOS; and (3) SIBB/SHCM to comply with the relevant requirements specified by the SC's Guidelines on ESOS, and reiterated in the Guidance Note 9 of the SC's Policies and Guidelines on Issue/Offer of Securities dated 1 May 2003, in relation to the proposals. This announcement is dated 1 March 2004. TAJO BERHAD: Plan to Regularize Finances Remains Pending -------------------------------------------------------- Tajo Berhad announced that there has been no changes to the status of the Company's plan to regularize its financial condition since its last announcement made on February 5, 2004 in relation to the approval granted by Securities Commission (SC) on the revised conversion period of the redeemable convertible unsecured loan stocks. Any new developments on the Company's plan to regularize its financial condition will be announced in due course. This announcement is dated 1 March 2004. WOO HING: Auditor Completes Investigative Audit ----------------------------------------------- Woo Hing Brothers (Malaya) Berhad (Special Administrators Appointed) refer to its announcements dated January 9, 2003, March 3, 2003, September 30, 2003, October 2, 2003 and December 31, 2003, in relation to its Kamdar proposals. On behalf of the Special Administrators of Woo Hing Brothers (Malaya) Berhad (WHB), Commerce International Merchant Bankers Berhad announced that in compliance with one of the conditions imposed by the Securities Commission (SC) for the Kamdar Proposals, Messrs. BDO Binder, the investigative auditor appointed by WHB, has completed its investigative audit work on 26 February 2004. Two (2) copies of the investigative audit report dated 26 February 2004 have been submitted to the SC on 28 February 2004. A summary of the audit findings set out in the investigative audit report of Messrs. BDO Binder will be announced shortly. Collectively referred to as the "Kamdar Proposals" (i) Proposed acquisitions; (ii) Proposed share swap; (iii) Proposed restricted offer for sale; (iv) Proposed cash and securities transfers; (v) Proposed placement; (vi) Proposed put option; (vii) Proposed transfer of listing status; and (viii) Proposed transfer to main board This announcement is dated 1 march 2004. ===================== P H I L I P P I N E S ===================== METRO PACIFIC: Strengthens Balance Sheet by Slashing Debt --------------------------------------------------------- Metro Pacific Corporation said its 2003 balance sheet is back in the black due to debt cuts and restructuring, Yehey Finance reported on Tuesday. The firm said its unaudited 2003 net income stood at PhP56.5 million, a turnaround from the PhP11.9 billion in losses it incurred in 2002. "The improvement is attributed to the net other income of PhP542 million mostly derived from nonrecurring gains relating to the completion of various debt reduction and restructuring exercises," the company said in a statement. Metro Pacific said the divestment of its 50.4% majority stake in Bonifacio Land Corp. in April and the subsequent sale of additional shares in the firm helped prop up its balance sheet. The firm explained that its 2002 profits were heavily weighed down by PhP8.7 billion in noncash provision that reflected expected losses from Bonifacio Land. Aside from this, an additional PhP1.4 billion were also allotted as a carrying value for Bonifacio Land's properties. "We may be smaller now but are better focused and still possess a stable of high-quality real estate assets such as urban development property in the Bonifacio Global City and in the resort areas at the south of Metro Manila," Metro Pacific President and Chief Operating Officer Jose Ma. Lim said. He said the assets would improve Metro Pacific's capitalization and create new revenue streams. Metro Pacific said as of end- December, it successfully repaid and reached restructuring agreements for some PhP12.1 billion in outstanding loans. The amount represents 94% of the company's total debt, which was pegged at PhP12.9 billion in December 2001. NATIONAL BANK: To Improve Services Offered to Overseas Workers -------------------------------------------------------------- Semiprivate Philippine National Bank (PNB) aims to reinforce strength in remittances coming from Overseas Filipino workers (OFWs) by providing efficient services and continue being a major catalyst in the country's efforts to generate vital foreign exchange resources, according to Business World, citing PNB President Lorenzo V. Tan. In 2003, PNB posted a 6% growth in total dollar inflows to $2.3 billion channeled through overseas offices, affiliates, partners and correspondent banks from $2.17 billion in 2002. As of end- 2003, PNB said total loans reached PhP60.918 billion, lower by 8% compared with the previous year's tally. Collaborating with the Overseas Workers Welfare Administration (OWWA) and leading telecommunication companies, PNB launched PNB Tele-Ugnayan Rapid Connect sa Middle East project, which enables OFWs in the area to keep in touch with their families back home for free. This linked 3,500 families and OFWs during the Iraq crisis last year. Also, it introduced PNB Tele-Video, which provides video teleconference facilities at overseas branches and domestic branches. The bank's market leadership is supported by a global network of 92 overseas offices and affiliates, a correspondence link with 684 banks globally, and a domestic network reaching 324 locations. PNB established new offices in Filipino migrant population centers, namely: Scarborough, Montreal and Mississauga in Canada; Moreno Valley in California; Nagoya, Japan; and Causeway Bay, in Hong Kong. It also relocated its office in Singapore to a central location frequented by OFWs. PNB is the country's fifth largest bank in terms of assets, placed at PhP269.63 billion as of December last year. It returned to profit in 2003 with a net income of 168 million pesos (US$2.96 million) after five straight years of losses, TCR-Asia Pacific reported recently. PNB, jointly owned by the government and tobacco and beer tycoon Lucio Tan, had a net loss of 1.95 billion pesos in 2002. NATIONAL STEEL: Lot Owners Demand Payment of Overdue Rental ----------------------------------------------------------- The creditor banks of National Steel Corporation (NSC) seem to have left out the private owners of the land being used by the steel firm in Iligan City when it negotiated for the sale of the company with Global Infrastructure Holdings Limited (GIHL), reports the Manila Times. Teofilo Cacho, son of Dona Demetria Cacho, who is the owner of a 3.4-hectare lot inside the NSC, is demanding Php220.8 million from NSC representing the total rental dues since 1983. The lot owned by the Cachos is where the NSC billet plant is located. Lawyer Raymundo Francisco, council of Cacho said they have sent NSC liquidator Danilo Concepcion a letter informing him of steel plant's arrears and sent a second letter informing him of the outstanding rental obligation of the NSC to his client so their claim would be included in the negotiations with GIHL, however their demands seem to have fallen on deaf ears. When the creditors led by Philippine National Bank started negotiating with GIHL, Mr. Francisco said they did not immediately came into the picture so as not to disrupt the talks. He said they were hoping that their interest would not be set-aside during the negotiations for the sale of the plant. He said they even managed to talk with Mr. Concepcion in January and were promised that their interest will not be neglected. However, Mr. Francisco said they began to suspect that the creditor banks and the government may have impressed on GIHL that the entire lot of the NSC belongs to the company alone when their demand letters were not answered. Another claimant, Land Trade Realty, has reportedly won its ejectment case against the NSC before a municipal court in Iligan. However, the Court of Appeals has reportedly issued a temporary restraining order on the execution of the Iligan court's order. Mr. Francisco said they are willing to negotiate the terms of the payment for the rental dues that NSC owed them and they are willing to sell the property at a price to be determined by an independent group. PHILIPPINE LONG: Seeking Additional Access Code ----------------------------------------------- Philippine Long Distance Telephone Company (PLDT) is asking the National Telecommunications Commission (NTC) for an additional access code as it gears to offer other premium phone services in partnership with content providers, Business World reports. PLDT wants to add the access code 1-907 to its system, which would cater to new and existing services to be offered at a lower price. PLDT said the services would be different from those using the 1-908 access code, as calls would be cheaper. "This means subscribers can directly dial the service without having to activate NDD or do PIN validation sequence, thus making it more accessible to the public," PLDT told the NTC. PLDT said, the third party or content provider could do televoting and telephone surveys when it is given a number from the 1-907 access code. They could also have voice messaging system where voice messages could be left and accessed. "This system is interactive and allows for a two-way feedback mechanism between the content provider or third party and its consumers," the telco said. PLDT subscribers benefit from the premium phone services it could offer via the 1-907 access code as they can immediately have access to certain services and low nationwide rate that does not have long-distance charge. "The opening of the 1-907-x service will be supported with communications materials to create awareness of the service, through a joint effort between PLDT and the third-party or content partner," the company said. The NTC has assigned the access codes 1-900, 1-908 and 1-909 to telcos and for each code 10 million premium phone services could be offered. ================= S I N G A P O R E ================= AVO ELECTRIC: Releases Dividend Notice -------------------------------------- Avo Electrical & Trading Co Pte Ltd. issued a notice of first and final dividend: Address of Registered Office: Formerly of 159B Kitchener Road Singapore 208530. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 122 of 2000. Amount Per Centum: 40.69%. First and Final or otherwise: First & Final Dividend. When Payable: 18th February 2004. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 27th February 2004. TOH HWEE LIAN Assistant Official Receiver. B.K.B ENGINEERING: Creditors Meeting Set March 18 ------------------------------------------------- B.K.B. Engineering Constructions Pte Ltd (In Judicial Management) announced that the first meeting of creditors will be held at 10 Collyer Quay #06-05 Ocean Building Singapore 049315, Turquand Room, on the 18th day of March 2004, at 3 in the afternoon. To entitle you to vote thereat your proof must be lodged with me no later than 5 P.M. on the 11th day of March 2004. Dated this 1st day of March 2004. SESHADRI RAJAGOPALAN Judicial Manager. Address of Judicial Manager: c/o Ernst & Young 10 Collyer Quay #21-01 Ocean Building Singapore 049315. HORIZON EDUCATION: 2003 Net Loss Balloons to SG$15 Million ---------------------------------------------------------- Horizon Education and Technologies Limited posted a net loss of S$15.49 million in the year to December 31, 2003, versus a net loss of S$7.33 million a year earlier, according to Reuters. Horizon Education and Technologies Limited provides online business solutions, online learning services and online education solutions to kindergartens, schools and university degree courses. The exceptional items comprised of provision for impairment of goodwill, investment in associates, amount due from related companies and other investments. Year to December 31, 2003 (In millions of S$ unless stated) 2003 vs 2002 Operating profit/(loss) (15.49) vs (7.33) Exceptional items (41.85) vs (12.88) Pre-tax profit/(loss) (59.40) vs (23.34) Net profit/(loss) (59.39) vs (22.87) Group shr (cents) (15.41) vs (9.07) Turnover 14.44 vs 24.21 Dividend (pct) nil vs nil KHAMIS SHIPPING: Issues Dividend Notice --------------------------------------- Khamis Shipping Pte Ltd. issued a notice of intended dividend: Address of Registered Office: Formerly of 2 Battery Road #06-00 Malayan Chambers, Singapore 049907. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 54 of 1994. Last Day for Receiving Proofs: 12th March 2004. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 27th February 2004. CHAN WANG HO Assistant Official Receiver. PRESSCRETE PATTERN: Faces Winding up Petition ---------------------------------------------- Presscrete Pattern Paving (A) Pte Ltd (In Compulsory Winding Up) issued a notice of first and final dividend: Address of registered office: 200 Jalan Sultan, #09-07 Textile Centre, Singapore 199018. Court: High Court. Number of matter: Winding Up Order No. 143 of 2002. Amount per centum: 10%. First and final or otherwise: First and Final. When payable: 15th March 2004. Where payable: Address at Registered Office. Dated this 17th day of February 2004. ANTHONY JOHN TWOHILL Liquidator. ANTHONY J. TWOHILL & CO 200 Jalan Sultan #09-07 Textile Centre Singapore 199018. Tel: 6295 9609. Fax: 6294 4160. TECHSCIENCE SYSTEMS: Creditors Must Submit Claims by March 31 ------------------------------------------------------------- Techscience Systems & Distribution Pte. Ltd. (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the March 31, 2004 to send in their names and addresses and particulars of their debts or claims and the names and addresses of their solicitors (if any) to its liquidator 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 24th day of February 2004. MR WEE LIH CHEEN Liquidator. c/o 6001 Beach Road #12-01 Golden Mile Tower Singapore 199589. =============== T H A I L A N D =============== BANGKOK LAND: Extends Bond Buyback Deadline ------------------------------------------- Bangkok Land Public Company Limited (Bland) said its board of directors had agreed on Friday to extend the deadline from February 28 to March 31 for buying back remaining bonds issued by its subsidiary, Bangkok Land (Cayman Islands). On Monday, Bland notified the Stock Exchange of Thailand that it had already completed the buyback of bonds worth 131.05 million baht from bondholders by issuing 16.38 million shares at a par value of two baht apiece. Bland will record a total profit of 122 million baht (including interest of 24 million baht) by the month end as a result of the transaction. The company has settled a price for the buyback with bondholders, including Pescrow Agents and Standard Chartered Bank. This is part of an overall restructuring arrangement being offered by Bland. Seamico Securities Plc and Guy Butler in London have been appointed to co-ordinate with the bondholders in respect of the buyback of the remaining bonds. Bland is one of the leading property developers in Thailand. DATAMAT PCL: 2003 Net Profit up 178% ------------------------------------ Datamat Public Company Limited posted a net profit of THB77.31 million in 2003. Comparing to the operational performance during the year 2002, the Company has increased the profit by 178%, causing a positive equity of THB21.42, which was shown as capital deficiency of THB457.66 million, due to these factors: (1) During 2003, the Company and its subsidiaries revenues have increased THB503.04 million or 80 percent of 2002, due to: (1.1) Strong increase in sales of products and services to large projects; (1.2) The Company's subsidiary in Malaysia, in telecommunication infrastructure planning and installation business, has had sales of THB654.92 million. The shares of this subsidiary company have been traded in MESDAQ of Malaysia since January 2, 2004: (1.3) In 2002, the Company had the income from reversal of allowance for doubtful accounts of THB27.04 million. Meanwhile, in 2003, such revenue is only THB6.28 million: (1.4) In 2002, the Company's subsidiaries had the income from debt forgiveness from related companies of THB17.94 million. Meanwhile, in 2003, the Company has lost THB5.61 million from debt forgiveness to related companies, which were resolved under the conditions of the debt restructuring agreement. (2) The Company had repaid debts to 4 financial institutions at 60% of the principal outstanding balance. Therefore, the Company had saved up to THB114.98 million of principal and THB66.93 million of accrued interests. (3) The Company's cost of sales and administration are mainly from: (3.1) In 2003, there are provisions for damaged and obsolete goods of THB22.59 million, while there was none in 2002; (3.2) In 2003, there is a record of Goodwill from investments in the Company's subsidiaries as expenses of approximately THB12.16 million, while there was only THB3.19 million in 2002; (3.3) There is an increase of selling expenses due to the adjustment of inventories, parts and accessories by selling of obsolete goods of THB6.75 million. Otherwise, operations of the Company and its subsidiaries have shown strong improvements and growth of revenues and profits as planned. Sincerely Yours, Kusol Sangkananta Director and Secretary of the Board DATAMAT PCL: SET Lifts Trading Halt ----------------------------------- The Stock Exchange of Thailand lifts H and posts NR sign against Datamat Public Company Limited (DTM) securities from the second session trading of 2 March 2004 after submission of DTM's financial statements. Previously, the SET has posted "H" (Trading Halt) and "NP" (Notice Pending) signs on the securities of DTM effective from the first trading session of 2 March 2004 because the company has disseminate its financial statements for the period ending 31 December 2003 without any signature of its auditors. The SET requests DTM to submit the complete financial statements according to the SET's rules. However, the SET would like the investors to scrutinize the auditor's opinion, balance sheet, profit and loss and notes of the financial statements before making investment decision. THAI PETROCHEMICAL: Trading Temporarily Suspended ------------------------------------------------- The listed companies have submitted to the Stock Exchange of Thailand (SET) their audited financial statements for the period ending December 31, 2003. (1) THAI DURABLE GROUP PUBLIC COMPANY LIMITED (TDT) (2) THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED (TPI) Since their auditors issued a Disclaimer of Opinion on their financial statements, it can be considered that the numbers, which represent the companies financial status and operating outcome as presented in their financial statements, failed to adequately and/or properly reflect the actual position of the Companies. Due to these discrepancies, the Securities and Exchange Commission (SEC) is considering requiring that the Companies amend their financial statements on the issues raised by their auditor. Therefore, the SET has posted an SP (Suspension) sign to suspend trading on the securities of the above companies on March 2, 2004. ********* 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 ***