/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040305.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 Friday, March 5, 2004, Vol. 7, No. 46 Headlines A U S T R A L I A GYMPIE GOLD: New Consortium Replaces Existing Banks MAYNE GROUP: Buys Back US$374.72M in Shares QANTAS AIRWAYS: January Passengers Up 82.3% VILLAGE ROADSHOW: Attempts to Buy Back Preferred Shares Failed WMC RESOURCES: Sees Positive FY04 Outlook WOODSIDE PETROLEUM: Reconnects Facility at Cossack Pioneer * Court Appoints Liquidator to Ten Property Development Firms C H I N A & H O N G K O N G COSMOS STAINLESS: Winding Up Petition Set March 24 KOOLL INTERNATIONAL: Liu Cong Lodges Winding up Petition PIONIC UNIT: Faces Winding up Petition Before H.K. High Court STRONG BRIGHT: Winding Up Hearing Slated March 24 WALY INTERNATIONAL: Winding up Hearing Slated April 7 I N D O N E S I A BANK MANDIRI: Urges Local Investors to Buy Entire Share J A P A N KANEBO LIMITED: Creditors OK JPY50B New Loans MITSUBISHI MOTORS: Comments Cast Doubt on Australian Operations MITSUBISHI TOKYO: Australian Unit Enters Liquidation RESONA HOLDINGS: Transfers Shares of Daiwagin Sogo K O R E A DAEWOO MOTOR: GM May Buy Indian Plant KOOKMIN BANK: Faces W130B in Taxes KOOKMIN BANK: 2003 Loss Widens After Tax Audit SK CORPORATION: Sovereign Seeks Board Change M A L A Y S I A DENKO INDUSTRIAL: Releases Debt Restructuring Update FABER GROUP: Submits Restructuring Proposal FORESWOOD GROUP: Submits Regularization Plan March 21 FURQAN BUSINESS: RAM Downgrades Rating to B1, Negative Outlook JIN LIN: High Court Grants Restraining Order MENTIGA CORPORATION: Submits Restructuring Proposal MYCOM BERHAD: Issues Restructuring Scheme Update NCK CORPORATION: MITI OKs Revised Scheme Proposal NYLEX BERHAD: Completes Reorganization Scheme September 6 NORTH BORNEO: Aims to Regularize Financial Condition PAN PACIFIC: Awaits Restructuring Approval SRIWANI HOLDINGS: Still Unable to Regularize Financial Condition P H I L I P P I N E S MAYNILAD WATER: Awaits Court Approval on Rehabilitation PHILIPPINE LONG: U.S. Carriers Pays Overdue Termination Fees UNIVERSAL RIGHTFIELD: Director George Sycip Resigns VICTORIAS MILLING: Postpones ASM to April 30 VITARICH CORP.: To Finalize Amended Agreements With Creditors S I N G A P O R E CHARTERED SEMICONDUCTOR: Posts Changes in Director's Interest GENISTA RESEARCH: Enters Voluntary Liquidation L&M GROUP: Appoints Placement Agent L&M GROUP: Issues Restructuring Update SIGNEXPRESS DESIGN: Files for Voluntary Winding Up SS PTE.: Enters Voluntary Liquidation WATERMARK INVESTMENTS: Issues Preferential Dividend Notice T H A I L A N D NATURAL PARK: Issues Notice on Registered Capital * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= GYMPIE GOLD: New Consortium Replaces Existing Banks --------------------------------------------------- Australian exploration, mining and marketing company Gympie Gold Limited announced Tuesday that a consortium of banks led by Mizuho International Plc (Mizuho) and Investec Bank Australia Limited (Investec) have agreed to replace HSBC Precious Metals Australia and Fortis Banks as its principal bankers. Concurrently, the Company has appointed Investec Wentworth Pty Ltd. as its financial advisor. The Mizuho/Investec consortium, together with the Receiver- Managers, Ferrier Hodgson, are reviewing all options with respect to the operations at the Company's Southland Coal mine and the Gympie Eldorado Gold mine. As a consequence of this change, Mr Peter Geroff of Ferrier Hodgson & Co, as Receiver and Manager, has advised that the sale process previously put in place for Gympie Eldorado Gold Mine and the Company's shareholding in D'Aguilar Gold Limited has been put on hold while the consortium concluded its appraisal of the situation. For further information, please contact: Peter Geroff, Receiver and Manager Tel.: (07) 3831 4833 For a copy of the press release, go to http://bankrupt.com/misc/tcrap_gympie0304.pdf MAYNE GROUP: Buys Back US$374.72M in Shares ------------------------------------------- Shareholders in health conglomerate Mayne Group Limited, on Thursday cleared the way for the company to buy back up to A$500 million (US$374.72 million) in shares over the next 12 months, Asia Pulse reports. The shareholders voted 81 per cent in favor of the proposed buy- back with less than one per cent of proxy votes opposing the move. The vote came despite smaller shareholders on Thursday accusing the board of opting for a buy-back over a special dividend to favor the larger investors. Shares in Mayne Group Limited jumped more than three per cent in early trade this morning before closing seven cents, or 2.1 per cent, higher at A$3.34. The buy-back to take place over the next 12 months includes an off market buy-back tender of between A$250 million (US$187.36 million) and A$350 million (US$262.31 million). Mayne Groups chairman Peter Willcox disclosed in a meeting that the buy back would give Mayne's board the flexibility to conduct a further on-market buy-back over the next 12 months, he added further, that the final amount bought on the tender would vary, depending on the tenders lodged and the prevailing market conditions. The tender price is in the A$2.80-$4.00 range, which corresponds approximately to the range that Mayne's share price has traded in over the past two years. The A$4.00 price represents a 22 per cent premium to yesterday's closing price while the A$2.80 price represents a 14 percent discount, the tender period would open on March 4 and close on March 19, Mr Willcox said. QANTAS AIRWAYS: January Passengers Up 82.3% ------------------------------------------- Qantas Airways Limited said Thursday it filled 82.3 percent of its seats in January, up 0.8-percentage point from the same month last year, Dow Jones reports. Australia's biggest airline filled 83.5 percent of its international seats in January, up 0.7 percentage point from a year before. The group filled 79.5 percent of its domestic seats, up 0.8 percentage point from a year earlier. Last month, Virgin Blue Holdings Ltd. (VBA.AU) said it filled 84.8 percent of its seats in January, up 4.3 percentage points from the same month last year. Australia's second-biggest airline, which has steadily been adding capacity and services to its local operations since takeoff in August 2000, said traffic jumped 49.4 percent in January from a year before. VILLAGE ROADSHOW: Attempts to Buy Back Preferred Shares Failed -------------------------------------------------------------- Village Roadshow, an Australian film production company, was left with a $4 million bill for its troubles on attempts to buy back its preference shareholders, The Age reported on Thursday. Graham Burke and the Kirby brothers may yet have the last laugh in the battle to reorganize Village's capital structure, but first they will need to pay both their own legal costs and those of Boswell Filmgesselschaft, the German-based company that successfully challenged the first scheme in the Supreme Court of Victoria and then won an appeal against that decision last week. On top of this, Village said in a statement on Wednesday, it had also paid for meeting expenses, share registry fees, printing, stationery and postage, as well as a Takeovers Panel hearing and other corporate advice since announcing its buyback intentions last July. In December, the company said it was expecting a net profit before significant items for the year to June 30 of $56.1 million. On Wednesday it said the figure "should now be adjusted in light of the expensing of the costs". WMC RESOURCES: Sees Positive FY04 Outlook ----------------------------------------- WMC Resources is expecting higher returns in 2004 as it recovers from four years of problems at its Olympic Dam mine in South Australia. Its annual report, released on Wednesday, says reliability of operations is one of the biggest challenges, The Age reported on Thursday. Olympic Dam fires in 1999 and 2001 have dented production, while plant failures and cost blowouts also hit WMC's bottom line. Last month the miner announced a $246 million annual net profit but the Olympic Dam copper-uranium business booked a $120 million loss. The company, one of the world's biggest nickel producers - also warned of weaker nickel output from its Western Australian operations but forecast capacity production at its Queensland fertilizer business. The annual report says, Olympic Dam's Chief Executive Mr.Andrew Michelmore had a 12 per cent pay rise in 2003, was paid $1.5 million for the year and received an extra $1 million benefit through the executive share plan. WMC announced yesterday a dividend-reinvestment plan that would start with its unfranked 6c dividend to be paid on April 15. WOODSIDE PETROLEUM: Reconnects Facility at Cossack Pioneer ---------------------------------------------------------- Woodside Petroleum Limited, the operator of Australia's North West Shelf joint venture, said on Thursday that oil production had resumed at its floating Cossack Pioneer facility off the coast of Western Australia, according to Reuters. "The Cossack Pioneer was reconnected late Wednesday and resumed production earlier on Thursday. It's not at full production yet but we expect to be at full production in the next day or so," Kirsten Stoney, a Woodside spokeswoman, told Reuters. The facility was disconnected on Saturday due to a tropical cyclone. The facility was producing 115,000 barrels of oil per day (bpd) before the shutdown. The Cossack Pioneer was the biggest operation affected by Cyclone Monty which caused several oil companies to suspend their offshore operations, cutting production by around 190,000 bpd. * Court Appoints Liquidator to Ten Property Development Firms ------------------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has obtained orders from the Supreme Court of New South Wales that 10 property development companies be wound up on the ground that they are insolvent. Mr. Max Christopher Donnelly, of Ferrier Hodgson, has been appointed as liquidator to: 1. Oceanwalk Projects Pty Limited (Oceanwalk); 2. Procorp Investments Pty Limited (Procorp) and its related companies: Bankstown Project Two Pty Limited; Great Northern Constructions Pty Limited; Liverpool Projects Limited; Mansions on Mann Limited; Miranda Villas Pty Limited; Northern Sight Pty Limited; and Procorp Investments (Gosford) Pty Limited; and 3. Alliance Property Developments Limited (Alliance). The affected companies consented to the orders. The companies related to Procorp were special purpose companies, incorporated solely for the acquisition and development of six different real properties within New South Wales. Bankstown owned land in Five Dock, Great Northern owned land in Newport, Liverpool owned land in Liverpool, Mansions owned land on Mann Street in Gosford, Miranda owned land in Toongabbie and Northern Sight owned land in Ettalong. ASIC sought the winding up orders and the appointment of a Liquidator after evidence filed by a director of Procorp raised concerns about the solvency of Procorp and its related companies. Similarly, evidence filed by a director of Oceanwalk raised concerns about the solvency of Oceanwalk. At this stage, the Court has not made orders to wind up any other defendant company. However, ASIC has applied to the Court to wind up all defendant companies in the proceedings. The matter is back before the Court on Monday 8 March 2004 for the Court to: (i) determine ASICs application to wind up 3 other companies related to Procorp: Drummoyne Constructions Pty Limited, Homebush Project One Pty Limited and Zepher Pty Limited; and (ii) make directions as to the conduct of the proceedings in relation to the remaining defendant companies and persons. BACKGROUND On 15 October 2003, ASIC obtained orders, without admissions, from the Supreme Court of New South Wales freezing the assets of Oceanwalk, Procorp, Mr. Donald Richard Maxwell, Mr. Malcolm Fortune, Central Development Group Pty Limited (Central Development), and 12 other related companies. Similar orders were subsequently obtained against Northern Sight Pty Limited. The orders also restrained some of the parties from dealing with assets received from investors. On 3 November 2003, following an application by ASIC, Mr. Jim Kolios, a director of Central Development undertook not to manage corporations until further order from the Court. ASIC's action followed investigations into alleged illegal fundraising of $11 million from over 100 investors by various property development companies and its related companies. ============================ C H I N A & H O N G K O N G ============================ COSMOS STAINLESS: Winding Up Petition Set March 24 -------------------------------------------------- The petition to wind up Cosmos Stainless Steel Engineering Company Limited is set for hearing before the High Court of Hong Kong on March 24, 2004 at 9:30 in the morning. Tak Shing Investment Company Limited, whose registered office is located at Flat 2 on 16th Floor, Takshing House, 20 Des Voeux Road Central, Hong Kong, filed the petition on January 20, 2004. The Petitioners' solicitors are Wat & Co. of 12th Floor, Chuang's Tower 30 & 32 Connaught Road Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Wat & Co. 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). KOOLL INTERNATIONAL: Liu Cong Lodges Winding up Petition -------------------------------------------------------- The petition to wind up Kooll International (Hong Kong) Limited is set for hearing before the High Court of Hong Kong on March 24, 2004 at 9:30 in the morning. Liu Cong Hing Bank Limited, whose registered office is located at Ground Floor, New World Tower Two, No. 18 Queen's Road Central, Hong Kong, filed the petition on January 20, 2004. The Petitioners' solicitors are Kwan & Chow of 16th Floor, Sin Hua Bank Building, 2-8 Wellington Street, Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Kwan & Chow 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). PIONIC UNIT: Faces Winding up Petition Before H.K. High Court ------------------------------------------------------------- The petition to wind up Pionic Unit Construction Company Limited is set for hearing before the High Court of Hong Kong on April 7, 2004 at 10 o'clock in the morning. Fung Wang Decoration, whose registered office is located at Flat 2 on 16th Floor of Block A, Yat Nga Court, Tai Po, New Territories, Hong Kong, filed the petition on February 11, 2004. The Petitioners' solicitors are Y.L. Yeung & Co. of 18th Floor, EIB Centre, 40-44 Bonham Strand, Sheung Wan Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Y.L. Yeung & Co. a notice in writing not later than six o'clock in the afternoon of the 6th day of April 2004 (the day before the petition hearing). STRONG BRIGHT: Winding Up Hearing Slated March 24 ------------------------------------------------- The petition to wind up Strong Bright Limited is set for hearing before the High Court of Hong Kong on March 24, 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, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 27, 2004. The Petitioners' solicitors are Tsang, Chan & Wong of 16th Floor, Wing On House, 71 Des Voeux Road Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Tsang, Chan & Wong 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). WALY INTERNATIONAL: Winding up Hearing Slated April 7 ----------------------------------------------------- The petition to wind up Waly International Investment Limited is set for hearing before the High Court of Hong Kong on April 7, 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, No. 1 Garden Road, Central, Hong Kong, filed the petition on February 6, 2004. The Petitioners' solicitors are Messrs. Liu, Chan and Lam of Room 2102, Tower 1, Admiralty Centre, 18 Harcourt Road Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Liu, Chan and Lam a notice in writing not later than six o'clock in the afternoon of the 6th day of April 2004 (the day before the petition hearing). ================= I N D O N E S I A ================= BANK MANDIRI: Urges Local Investors to Buy Entire Share ------------------------------------------------------- Foreign investors are expected to acquire 60 percent of 2 billion shares valued at Rp3 trillion (US$357 million) of the government stake in state-owned Bank Mandiri to be sold through private placement, Yahoo Asia reports. The government wants to sell the shares, which make up 10 per cent of the total number of the bank shares to institutional investors, an official at the office of the state minister for state-owned enterprises said. The government has named PT Danareksa Sekuritas and UBS as the underwriters, the official, who refused to be identified said on Tuesday. Bank Mandiri sold to the public, 20 per cent of its shares in an initial public offering in 2003, reducing the government stake in the bank to 80 per cent. Meanwhile local institutional investors asked the government to allocate 60 percent of the 2 billion shares, to be sold through private placement, to local investors. Local investors could buy the entire shares of Bank Mandiri, Mr. Faizal Abidin Lubis, investment manager of the Plantation Pension Fund, said. ========= J A P A N ========= KANEBO LIMITED: Creditors OK JPY50B New Loans --------------------------------------------- The creditors of Kanebo Limited have agreed on a proposal to provide additional loans of up to 50 billion yen for the ailing cosmetics maker, which sought a state-backed bailout last month, according to Kyodo News. The additional fund was approved at the Company's first creditors' meeting attended by 94 financial entities, including its main bank Sumitomo Mitsui Banking Corporation. The fund is to be provided by May 6. MITSUBISHI MOTORS: Comments Cast Doubt on Australian Operations --------------------------------------------------------------- Mitsubishi Motor's Adelaide-based Australian operations are again under scrutiny after comments by its International Chief Executive Officer Rolf Eckrodt at the Geneva Motor Show, ABC News Online reports. Mr. Eckrodt has described the Australian operation as being "on a knife edge". Globally the carmaker is facing losses of almost $900 million for the year and Australian sales are well down. Federal Treasurer Peter Costello says car sales in Australia are higher than they have ever been, consumer sentiment is strong and interests rates are low. Mitsubishi Australia's Chief Executive Officer (CEO) Tom Phillips would only reiterate earlier statements that plans to build two cars in Adelaide remains the central focus and the company's future in South Australia is secure for 10 years. MITSUBISHI TOKYO: Australian Unit Enters Liquidation ---------------------------------------------------- Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Shigemitsu Miki) announced recently that The Bank of Tokyo- Mitsubishi, Ltd. (BTM), a consolidated subsidiary of MTFG, has decided to liquidate Bank of Tokyo-Mitsubishi (Australia) Ltd. (BTMA). 1. Outline of BTMA (1) Address: 1 Macquarie Place, Sydney, N.S.W. 2000, Australia (2) Managing Director: Soichi Asaba (3) Capital: Australian dollars 167 million (4) Business: Banking 2. Reason for Liquidation The business of BTMA's Auckland branch will be transferred to BTM's Auckland branch, which will open in March 2004. This will complete transfer of BTMA's continuing businesses to BTM branches and therefore it has been decided to liquidate BTMA. 3. Timing of liquidation Liquidation is expected by the end of September 2005. 4. Impact on MTFG's business forecast This event is not expected to have any material effect on MTFG's business forecast for the current fiscal year. For further information, please contact: Seiji Itai, Chief Manager, Corporate Communications Office Tel.: 81-3-3240-8136 RESONA HOLDINGS: Transfers Shares of Daiwagin Sogo -------------------------------------------------- Resona Holdings, Inc. (Resona HD, President: Kenji Kawada) announced that it reached a basic agreement to grant a preferred negotiation right for the transfer of shares of Daiwagin Sogo System Co., Ltd. (DSS, President: Yasuhiro Ueda) held by Resona Group companies to INES Corporation (INES). Details are announced as follows. 1. Objectives of the Basic Agreement Resona Group is implementing a zero-base review of its subsidiaries and affiliated companies from a perspective of increasing efficiency in utilization of management resources. Resona Group aims at building a business model by which its group companies can differentiate themselves in such respects as conveniences, quality of services and speed they offer to customers and respond more fully to the needs of local customers, through adoption of a selection and focus strategy with regard to the functions offered by its subsidiaries and affiliated companies. Accompanying the intended transfer of shares, DSS will no longer be a consolidated subsidiary of Resona HD and become a consolidated subsidiary of INES. However, Resona Group company (Resona Bank) continues to hold 5% of the shares of DSS. 2. Future Business Development DSS is offering its services primarily to the customers of Resona Bank in the Kansai region and the Tokyo metropolitan area. DSS will step up its efforts to deliver diversified and high quality services including the services available from INES Group to its customers. Simultaneously, Resona Bank will conclude business tie-ups with INES and DSS, respectively, and continue to utilize the functions of both companies as business partners to respond fully to the needs of its customers. 3. Schedule March 3, 2004 Conclusion of a basic agreement Late March 2004 (Planned) Conclusion of share transfer and business tie-up contracts Late March 2004 (Planned) Delivery of shares 4. Outline of Daiwagin Sogo System Co., Ltd. Corporate Name Daiwagin Sogo System Co., Ltd. Representative: Yasuhiro Ueda Address: 1-4-8 Kawaramachi, Chuo-ku, Osaka Date of Establishment: July 23, 1970 Line of Business: Information processing service Settlement of Account: March Number of Employees: 196 (As of the end of March 2003) Amount of Capital: 500 million yen Number of Shares Issued: 1,000,000 shares Principal Shareholders Resona Bank, Ltd. 145,000 shares (14.5%) Daiwa Guarantee Co., Ltd. 142,500 shares (14.3%) Kowa Kogyo Co., Ltd. 142,500 shares (14.3%) Senba Sangyo Co., Ltd. 142,500 shares (14.3%) Shinei Co., Ltd 142,500 shares (14.3%) Financial Summary Fiscal Year Interim Period (Millions of yen) Ended March 2003 Ended September 2003 Operating Revenue 4,337 2,190 Operating Profit 447 353 Ordinary Profit 457 348 Net Income 177 229 Total Assets 3,730 3,890 Total Shareholder's Equity 1,395 1,750 5. Outline of the Transferee (1) Corporate Name INES Corporation (2) Representative Suguru Ohata (3) Address Yokohama-shi, Kanagawa-ken (4) Line of Business Information Processing Service (5) Stock Listings First Section of Tokyo Stock Exchange First Section of Osaka Securities Exchange 6) Relationship with Resona Group Entrusted with businesses related to information systems Banking transactions For a copy of the press release, go to http://bankrupt.com/misc/resona0304.pdf ========= K O R E A ========= DAEWOO MOTOR: GM May Buy Indian Plant ------------------------------------- General Motors (GM), the world's largest automobile maker, said it had offered to buy Daewoo Motors' non-functional passenger car assembly plant in India, according to Reuters. GM said the principal creditors of Daewoo Motors India's plant had accepted an offer to purchase the assembly assets. A GM India spokesman said the price it would be prepared to pay would be known after it completes due diligence over the next two to three months. Before it shut nearly two years ago, Daewoo India made the popular Matiz compact car and the Cielo and Nexia sedans. Daewoo India reported a 1.16 billion rupees loss on revenue of 13.08 billion in 1999/00, its last normal year before its parent's bankruptcy. KOOKMIN BANK: Faces W130B in Taxes ---------------------------------- The National Tax Service (NTS) has ordered Kookmin bank to pay 130 billion won in extra corporate taxes, as a result of the latest tax audit, the Korea Times reports. The taxation includes 99 billion won in back taxes, as the NTS found Kookmin's 205 billion won of losses right after the 1997-98 economic crisis as taxable. Kookmin counted the losses from trust investment as tax- deductible losses in its accounting books at that time. But the tax office regards the losses as taxable and imposed the taxes. The decision is expected to affect many other similar cases by other commercial banks. Kookmin officials plan to file a petition to the National Tax Tribunal. KOOKMIN BANK: 2003 Loss Widens After Tax Audit ---------------------------------------------- Kookmin Bank revised its 2003 loss to 753.3 billion won (US$639.5 million) after an audit by finance regulators found the lender hadn't paid all its taxes related to trust accounts, according to Bloomberg News. The bank, which plans to challenge the ruling through a tax judge, may have to pay 129.3 billion won in additional corporate taxes in March, the Seoul-based bank said in a statement. The net loss widened 23 percent from its previously stated figure of 611.8 billion won, announced on February 9. SK CORPORATION: Sovereign Seeks Board Change -------------------------------------------- Sovereign Asset Management, the second-largest shareholder of SK Corporation, called on the company's union leaders and minor shareholders Wednesday to vote for Sovereign-picked director candidates at its shareholders' meeting scheduled for March 12, Asia Pulse reported on Wednesday. Sovereign holds a 14.99-percent stake in SK Corporation, the nation's biggest refiner and the de facto holding company of SK Group. Sovereign said its CEO James Fitter met with the union leaders and minority shareholders to enlist their support. "Shareholder interests agree with those of employees," Fitter was quoted as saying. "The biggest problem with SK Corp. is a corrupt management." After meeting with Fitter, SK Corp.'s union leader Lim Myung-ho said, "We are supportive of neither Sovereign nor the current management. We just move on principle." Although SK Corporation Chairman Chey Tae-won was convicted for embezzlement and deceptive accounting, he should remain at the helm for at least one year to prevent a managerial vacuum, Lim said. =============== M A L A Y S I A =============== DENKO INDUSTRIAL: Releases Debt Restructuring Update ---------------------------------------------------- Public Merchant Bank Berhad refer to the announcement dated June 5, 2002 and August 30, 2002 in relation to the proposed corporate and debt-restructuring scheme (PCDRS) of Denko Industrial Corporation Berhad. The restructuring scheme involves, amongst others, the issuance of certain convertible securities to scheme lenders. The said convertible securities will be listed on the Second Board of Malaysia Securities Exchange Berhad. For purpose of the said listing of the convertible securities, Denko is required to comply with the minimum public spread of not less than one hundred (100) holders of such securities holding not less one (1) board lot of one hundred (100) units each. For purpose of the said issuance, Denko will on 4 March 2004 issue a prospectus to the scheme lenders and the said hundred (100) selected holders. The details of the convertible securities to be issued pursuant to the PDCRS are as follows: (I) Issuance of the following convertible securities to the scheme lenders of Denko: (a) 20,391,222 two (2)-year 5% cumulative irredeemable convertible preference shares (ICPS) of RM1.00 each in Denko at an issue price of RM1.00 per ICPS; (b) RM8,739,094 nominal amount of three (3)-year 5% irredeemable convertible unsecured loan stocks (ICULS) at 100% of the nominal amount; and (c) 6,914,669 five (5)-year free detachable warrants, details of which are set out as follows: i) 4,078,244 free detachable warrants to be issued on the basis of one (1) ICPS warrant for every five (5) ICPS referred to in item (I)(a) above; ii) 1,747,819 free detachable warrants to be issued on the basis of one (1) ICULS warrant for every five (5) ICULS referred to in item (I)(b) above; and (iii) 1,088,606 free detachable RCSLS warrants (RCSLS being defined as 5-year 5% redeemable convertible secured loan stocks at 100% of the nominal amount) to be issued on the basis of one (1) RCSLS warrant for every five (5) RCSLS. (II) Disbursement for free of 10,000 ICPS, RM10,000 nominal amount of ICULS and 10,000 warrants to one hundred (100) selected holders. The purpose of the Prospectus is to provide the scheme lenders of Denko and the one hundred (100) selected holders, with salient information relevant to the proposed issuance and disbursement of convertible securities. FABER GROUP: Submits Restructuring Proposal ------------------------------------------- In compliance with PN4 paragraph 4.1 (b) of the MSEB Listing Requirements which requires an affected listed issuer to announce the status of its plan to regularize its financial condition on a monthly basis until further notice from the Malaysia Securities Exchange Berhad (MSEB), Faber Group Berhad (FGB) announced that Aseambankers Malaysia Berhad (Aseam) had on February 19, 2004 on behalf of FGB, submitted to the Securities Commission for their consideration the application on the Proposed Restructuring Scheme of FGB. Aseam released an announcement on the same on behalf of FGB on February 19, 2004. This announcement is dated March 1, 2004 FORESWOOD GROUP: Submits Regularization Plan March 21 ----------------------------------------------------- Foreswood Group Berhad announced that there is no significant development in respect of its plan to regularize its financial condition. The Malaysia Securities Exchange Berhad (MSEB) has approved for a further extension of an additional two (2) months up to March 21, 2004, to enable the Company to submit its application to the relevant authorities in compliance with Paragraph 5.1(b) of PN4, which was announced on February 5, 2004. On 3 February, 2004 the High Court in Kuching granted an application by Foreswood Group Berhad (FGB) and Foreswood Industries Sdn. Bhd. [Receivers & Managers Appointed] (FISB) for an order that FGB and FISB be directed to convene meetings of the Scheme Creditors on or before May 1, 2004 to consider a Scheme of Arrangement under Section 176 of the Companies Act, 1965 which was announced on 4 February, 2004. FGB and FISB are in the process of preparing the relevant documents to convene Meeting of Creditors. This announcement is dated March 1, 2004. FURQAN BUSINESS: RAM Downgrades Rating to B1, Negative Outlook -------------------------------------------------------------- Rating Agency Malaysia (RAM) has downgraded the rating of Furqan Business Organisation Berhad (FBO)'s 37.66 million ringgit Redeemable Convertible Loan Stocks (RCLS), from BB3 to B1, with a negative outlook. At the same time, RAM is maintaining the Rating Watch (with a negative outlook) on FBO, pending further clarification on its recent corporate exercise to acquire a 7%-stake in the Cepatwawasan Group. The downgrade is premised on the deterioration in FBO's business profile, especially in its leasing business, which is currently the main revenue contributor to the Group. Difficulties in securing new funding lines have caused FBO Leasing Sdn Bhd's (FBO Leasing) assets to shrink while new disbursements in FY 2003 remained a far cry from the levels before the Asian financial crisis. Apart from the lack of fresh funding lines, which has inhibited FBO Leasing's growth, the cost of its credit facilities has also been high. Moreover, competition in the leasing business is expected to intensify, especially from bank-backed leasing and hire-purchase companies. Similarly, Kelantan-based Eastern Biscuit Factory Sdn Bhd (EBF) has performed poorer than expected. Going forward, EBF is likely to face mounting challenges in its quest to fulfill its profit guarantees of 14.78 million ringgit for the fiscal year 2004 and 18.32 million ringgit for the fiscal year 2005. Nonetheless, we note that any shortfall will have to be topped up by EBF's original vendors. In the property development division, FBO Land (Setapak) Sdn Bhd has recommenced work on its low-rise apartments and low-cost flats in Setapak, Kuala Lumpur, which had been stalled during the Asian financial crisis in the late 1990s. As at 10 October 2003, one of 5 blocks of low-cost flats (comprising 1,900 units) had been completed and handed over to their respective owners. However, development of the remaining land in Setapak has been put on hold as FBO is currently revamping its earlier plan, which had primarily consisted of high-rise properties. Although the revised plans have yet to be finalized, RAM understands that more landed residential units will be offered. Despite the reasonable suburban locations of the land parcels injected into FBO from Austral Amalgamated Berhad (AAB), we wish to emphasize that the proceeds from such property sales have been earmarked for the repayment of certain Scheme Creditors under the restructuring of AAB. We opine that profits from these property sales, if any, are unlikely to be realized by FBO before the maturity of the RCLS. Meanwhile, the lacklustre business prospects have also taken their toll on FBO's financial position as its operating cash flow has persistently remained in negative territory since 31 December 2002. FBO has deferred its first interest payment of two percent on the RCLS, due on 19 December 2003, to the next payment date. Apart from FBO's tight liquidity, we also have a negative view of the fact that only five million ringgit from the disposal of AAB's 20 percent-stake in City Finance remains for the redemption of the RCLS. The balance of the 12-million ringgit sales proceeds had been utilized to pay for expenses incurred during the restructuring process. The rating is based on the assumption that the RCLS will be fully redeemed, notwithstanding the automatic conversion of any outstanding RCLS into FBO shares upon maturity. JIN LIN: High Court Grants Restraining Order -------------------------------------------- On behalf of Jin Lin Wood Industries Berhad (Jinlin), Avenue Securities Sdn Bhd (Avenue) announced that Jinlin and its subsidiaries have been granted a restraining and stay order (RO) for a period of 90 days effective from March 3, 2004 by the Kuala Lumpur High Court pursuant to Section 176(10) of the Companies Act, 1965. The aforesaid RO was applied for in order to facilitate the Proposed Restructuring Scheme, which was announced on February 9, 2004. The sealed RO dated March 3, 2004 is pending extraction from the Kuala Lumpur High Court. The Company does not expect the RO to have any material effect on the financial and operational matters of Jinlin and its subsidiaries. This announcement is dated March 4, 2004. MENTIGA CORPORATION: Submits Restructuring Proposal --------------------------------------------------- Further to the status report made on March 1, 2004, Mentiga Corporation Berhad (MCB) announced that the following proposals have been submitted to the Securities Commission: 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 M12,500,000; and 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. MYCOM BERHAD: Issues Restructuring Scheme Update ------------------------------------------------ The Board of Mycom Berhad is still in the stage of implementing the proposed restructuring scheme and there has been no other major development since the last announcements made on February 4, 2004 and February 20, 2004. NCK CORPORATION: MITI OKs Revised Scheme Proposal ------------------------------------------------- Further to our announcement dated 4 February 2004, NCK Corporation Bhd announced that the Ministry of International Trade and Industry (MITI) had via its letter dated February 16, 2004, approved the Proposed Modifications to the initial Proposed Scheme, which entails the Proposed Acquisitions and the Proposed Shares Compensation. The approval of the MITI is subject to the approval of the Securities Commission and the compliance to the Malaysian Code on Takeovers and Mergers. The other terms and conditions set forth via the MITI's letter dated 13 August 2002 for the Company's Proposed Scheme remain unchanged. The Company is required to inform the MITI upon completion of the implementation of the Proposed Scheme. NYLEX BERHAD: Completes Reorganization Scheme September 6 --------------------------------------------------------- Alliance Merchant Bank Berhad, on behalf of Nylex (Malaysia) Berhad (Nylex), announced that the Securities Commission has, via its letter dated March 3, 2004, approved Nylex's application for a further extension of time to complete the proposed reorganization scheme for another six (6) months to September 6, 2004. This announcement is dated March 3, 2004. NORTH BORNEO: Aims to Regularize Financial Condition ---------------------------------------------------- The Board of Directors of The North Borneo Corporation Berhad will inform the Malaysia Securities Exchange Berhad (Exchange) that there are no changes to the status of its plan to regularize its financial position since the last announcement released by Southern Investment Bank Berhad on the 30th December 2003 and 7th January 2004. The North Borneo Corporation Berhad Andrew Heng Director PAN PACIFIC: Awaits Restructuring Approval ------------------------------------------ The Board of Directors of Pan Pacific Asia Bhd. (PPAB) to announce that the Company has met with some its lenders to seek their approval on the restructuring exercise. The Company has also written formally to one of the lenders for approval. However, the Company has yet to receive any approval and will follow-up closely with the lenders. SRIWANI HOLDINGS: Still Unable to Regularize Financial Condition ---------------------------------------------------------------- In compliance with the requirements of Paragraph 4.1 (b) of PN 4/2001, Commerce International Merchant Bankers Berhad on behalf of Sriwani Holdings Berhad, announced that there are no changes in the status of SHB's plan to regularize its financial condition since the last announcement on February 4, 2004. This announcement is dated March 1, 2004. ===================== P H I L I P P I N E S ===================== MAYNILAD WATER: Awaits Court Approval on Rehabilitation ------------------------------------------------------- Lopez-led Maynilad Water Services Incorporated said it would be willing to revise its proposed recovery plan to accommodate conditions of creditors if only to finally obtain court approval for its rehabilitation, Yehey Finance reports. Quezon City Judge Reynaldo B. Daway cancelled future hearings on the rehabilitation plan as he ordered the water utility and all its creditors to submit their position papers within 20 days, he will then decide whether to refer the case to court-appointed receiver Ms. Rosario S. Bernaldo, so she can study the feasibility of the rehabilitation proposal. TALKS And even as the parties are still discussing the impending rehabilitation, Justice Undersecretary Manuel A.J. Teehankee, concurrent Government Corporate Counsel, said Maynilad and government are engaged in good faith negotiations to settle the case out of court. Mr. Teehankee represents state-run Metropolitan Waterworks and Sewerage System (MWSS), which is demanding payment of over PhP8 billion in concession fees from Maynilad. The rehabilitation case can be dismissed once an agreement is reached on the fees payment. "We are well aware of the complexity of the situation, regardless of whether rehabilitation will proceed, either way, there will be difficulties on the part of government and the consumers. Thus, we are exploring extra judicial solutions," Mr. Teehankee said. But he declined to disclose the details of negotiations, stressing the outcome would be reported to the court at the appropriate time. In late December, Maynilad and MWSS kicked off negotiations for the payment of concession fees, which make up more than 40 percent of the debts of the Lopez-controlled utility. Counted among the options is a debt-for-equity swap that may result in a partial reverse privatization. The swap government will give MWSS seats in the Maynilad board, so it can directly oversee the firm's operations. Former Maynilad president Rafael Alunan III was part of the negotiating team until his replacement last month by Mr. Estuar, a former secretary of Public Works. CONCERNS During Tuesday's hearing, the parties raised several concerns: the restructuring of concession fees, the drawing of the performance bond, the alleged inaccurate financial assumptions that Maynilad used, and the appointment of a receivership committee. "The rehabilitation plan, as presented, prejudices tremendously the interest of MWSS and the government," Mr. Teehankee said. He noted the government would not want to restructure the concession fees, which totaled PhP8 billion as of last October (less than PhP400 million in monthly fees.) Mr. Teehankee said an international arbitration committee last year had already ruled MWSS was entitled to the payment of the fees in full. Drawing on Maynilad's $120-million performance bond, in order to partially pay for the fees, was also discussed. The issue is still with the Supreme Court. MWSS had insisted it could withdraw the bond even with the trial court suspension of payments order in Maynilad's favor. PHILIPPINE LONG: U.S. Carriers Pays Overdue Termination Fees --------------------------------------------------------------- Philippine Long Distance Telephone Company (PLDT) has received from U.S. carriers AT&T, MCI and Sprint Communications some US$8 million in overdue termination fees, AFX Asia reported on Wednesday. Mr. Alfredo Panlilio, the company's Vice President for international and carrier business group said that the payment was the result of the interim agreements they signed with the three carriers on different occasions. The U.S. Federal Communications Commission ordered the U.S. carriers early last year to suspend payments to their Philippine counterparts for processed inbound calls from the U.S., they claimed that PLDT and other telcos were blocking calls from U.S. carriers to force them to pay higher termination fees, whose rates costs US$0.12 per minute for U.S. calls to landline circuits and US$0.16 for mobile calls. However, PLDT resumed direct circuit services with MCI and Sprint in November and AT&T in January, after reaching an interim agreement, wherein PLDT would accept traffic from foreign carriers, while they settle all outstanding termination payments. "Now, we are working on the present traffic. But I don't foresee any collection problems because the agreements are binding. It's good that there's this arrangement put in place by the regulators. We got paid and traffic is now normal," Panlilio added. UNIVERSAL RIGHTFIELD: Director George Sycip Resigns --------------------------------------------------- Universal Rightfield Property Holdings Incorporated announced the resignation of Mr. George Sycip as Director and John Sadulo as Director, Corporate Information Officer and Compliance Officer of the company effective March 1, 2004, reports the Philippine Daily Inquirer. A Mandaluyong City regional trial court has approved a creditor's petition to rehabilitate Universal Rightfield Property Inc. by issuing a stay order in the enforcement of all claims against the company, TCR-AP reported recently. DM Consunji, a major creditor of Universal Rightfield, asked the court for the rehabilitation. VICTORIAS MILLING: Postpones ASM to April 30 -------------------------------------------- The Board of Directors of Victorias Milling Company, Inc., during its regular meeting held on February 27, 2004 at Makati City, resolved to postpone the Annual Stockholders' Meeting of the Corporation to April 30, 2004 due to unavailability of its audited financial statements. The Company incurred a net loss of 22.25 million pesos in the first quarter of 2003 ending in November, a 47 percent decline from the 42.04 million pesos in losses incurred in the same period in 2002, TCRAP reported recently. VITARICH CORP.: To Finalize Amended Agreements With Creditors ------------------------------------------------------------- Vitarich Corporation creditor banks are expected to allow the livestock feeds manufacturer to suspend payments on its principal debt of 3.195 billion pesos for three years, an official said, according to The Philippine Daily Inquirer. The suspension is in line with amendments to the company's restructuring plan and has been made retroactive to January 1 of last year and effective until December 31, 2005, Vitarich financial consultant Mr. Joey Macadaeg said. Only interest on the serviceable portion of the debt, worth one billion pesos, will be paid, he said. This is equivalent to nine percent per year for the three-year period while interest on the non-serviceable portion, the balance of almost two billion pesos, will not be paid until the end of 2005. With the amendments to the plan, the company aims to return to profit by 2006. This apparently convinced the creditors to agree to the debt payment suspension. The banks are hoping that a permanent restructuring program will be in place by 2006 to allow the company to service its debts. Under its proposed business plan, Vitarich will shift its resources to its animal feeds business from the poultry business. Mr. Macadaeg said Vitarich had received written notices from the banks approving the amendments. What has yet to be signed is an amendment agreement, which is currently being drafted by their respective lawyers, he said. Among the company's creditors are Metropolitan Bank and Trust Co., Philippine National Bank, Rizal Commercial Banking Corp., Land Bank of the Philippines, Equitable PCI Bank, and Bank of Commerce. By the end of March, Vitarich Corporation expects to put in place the amended restructuring plan. Vitarich increased its net loss to 231.79 million pesos in the January-March quarter last year from 174.65 million pesos in the same period in 2002. ================= S I N G A P O R E ================= CHARTERED SEMICONDUCTOR: Posts Changes in Director's Interest ------------------------------------------------------------- Chartered Semiconductor Manufacturing Ltd posted a notice of changes in its unit Director Michael John Rekuc's interests: PART I 1. Date of notice to issuer: 03/03/2004 2. Name of Director: Michael John Rekuc PART II 1. Date of change of interest: 01/03/2004 2. Name of Registered Holder: Michael John Rekuc 3. Circumstance(s) giving rise to the interest or change in interest: Others 4. Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: 101,560 As a percentage of issued share capital: 0.004 No. of shares which are the subject of this notice: 18,460 As a percentage of issued share capital: 0.0007 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: S$0.94 No. of shares held after the change: 120,020 As a percentage of issued share capital: 0.0048 PART III 1. Date of change of interest: 2. The change in the percentage level: From % to % 3. Circumstance(s) giving rise to the interest or change in interest: 4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. PART IV 1. Holdings of Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 101,560 0 % of issued share capital: 0.004 0 No. of shares held after change: 120,020 0 % of issued share capital: 0.0048 0 Mr. Michael John Rekuc is a Director of Chartered Silicon Partners Pte Ltd, a subsidiary of Chartered Semiconductor Manufacturing Ltd (Chartered). GENISTA RESEARCH: Enters Voluntary Liquidation ---------------------------------------------- Genista Research Pte Ltd. (In Creditors' Voluntary Liquidation) issued a notice of first and final dividend as follows: Address of former registered office: 9 Battery Road, #15-00 Straits Trading Building, Singapore 049910. Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng. Amount per centum: 5.2 percentum of all admitted unsecured claims. First and final or otherwise: First and Final. When payable: 2nd March 2004. Where payable: Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. CHEE YOH CHUANG LIM LEE MENG Liquidators. The Singapore Government Gazette announcement is dated February February 27, 2004 L&M GROUP: Appoints Placement Agent ------------------------------------ L&M Group Investments Ltd has entered into a placement agreement dated March 3, 2004 (the Placement Agreement) with UOB Kay Hian Private Limited (Kay Hian) whereby Kay Hian has agreed to place out, on a best efforts basis, up to one billion (1,000,000,000) new ordinary shares of S$0.01 each (New Shares) in the capital of the Company (the Placement) at the issue price of S$0.0128 (the Issue Price) for each New Share, being a discount of ten per cent. (10%) from the weighted average price for trades done on the Company's shares on 3 March 2004, of S$0.0142 per share. The Placement Agreement is conditional upon, inter alia: (a) The Singapore Exchange Limited (SGX) approving the listing and quotation of, the 5.8 billion new ordinary shares of S$0.01 each in the capital of the Company to be issued to the Soeryadjaya Family and the United Overseas Bank Limited (the Bank) upon completion of the debt restructuring exercise undertaken by the Company (the 5.8 Billion New Shares), on the SGX-ST; (b) The shareholders of the Company approving the following at the extraordinary general meeting to be held by the Company : (i) the whitewash resolution for the waiver of the right by the independent shareholders of the Company to receive a mandatory general offer from the Soeryadjaya Family, the Bank and their concert parties in relation to the issuance of the 5.8 Billion New Shares to the Soeryadjaya Family and the Bank following the completion of the debt restructuring exercise undertaken by the Company; (ii) The issuance of the 5.8 Billion New Shares to the Bank and the Soeryadjaya Family; (iii) The increase in the authorised share capital of the Company from S$25,000,000 divided into 2,500,000,000 shares to S$100,000,000 divided into 10,000,000,000 shares; and (iv) To issue new shares at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their absolute discretion deem fit provided that the aggregate number of new shares to be issued pursuant does not exceed 50 per centum (50%) of the issued share capital of the Company for the time being (after taking into account the enlarged share capital of the Company upon completion of the debt restructuring exercise) and that the aggregate number of new shares issued other than on a pro rata basis to existing shareholders does not exceed 20 per centum (20%) of the Company's issued share capital for the time being (after taking into account the enlarged share capital of the Company upon completion of the debt restructuring exercise); (c) the Offer Information Statement (the Statement) to be lodged by the Company under section 277 of the Securities and Futures Act (Cap. 289) being accepted by Kay Hian (for the avoidance of doubt, Kay Hian shall have the sole discretion of not accepting the Statement Provided Always that it shall not do so on unreasonable grounds); (d) the Statement being lodged with the Monetary Authority of Singapore (the Authority) after the Company obtains the approvals as detailed in paragraphs (a) and (b) and the Authority not having objections to the same; (e) in-principle approval for the listing and quotation of the New Shares being obtained from the SGX and not having been revoked or amended and, where such approval is subject to conditions (which are not normally imposed by the SGX for a transaction of a similar nature), such conditions being acceptable to UOB Kay Hian and, to the extent that any conditions for the listing and quotation of the New Shares on the SGX are required to be fulfilled on or before the Completion Date (as defined in the Placement Agreement), they are so fulfilled; (f) the allotment, issue and subscription of the New Shares not being prohibited by any statute, order, rule, regulation or directive promulgated or issued after the date of the Placement Agreement by any legislative, executive or regulatory body or authority of Singapore which is applicable to the Company or Kay Hian; (g) on the Completion Date, the representations and warranties of the Company in the Placement Agreement being true, accurate and correct in all material respects as if made on the Completion Date, with reference to the then existing circumstances and the Company having performed in all material respects all of its obligations hereunder to be performed on or before the Completion Date; and (h) Kay Hian being able to procure, on a best efforts basis, subscribers for the New Shares at the Issue Price (as defined below) and Kay Hian notifying the Company in writing of the number of New Shares which have been successfully subscribed. If all the New Shares are completely subscribed and the conditions listed above are fulfilled (including but not limited to the issuance of the 5.8 Billion New Shares to the Bank and the Soeryadjaya Family), the placement will increase the issued and paid up share capital of the Company to S$87,568,089.57 comprising 8,756,808,957 shares of S$0.01 each. Had the issuance of the 5.8 Billion New Shares to the Bank and the Soeryadjaya Family and the placement been effected on 30 September 2003 the last day of the last audited balance sheet, the net tangible assets per share of the Company and its subsidiaries as at that date would be an increase from approximately (2.54) cents to 0.237 cents. The loss per share would be decreased from 2.894 cents to 0.611 cents. The proceeds from the placement (in the event that all the New Shares are completely subscribed) of approximately S$12.8 million (before deduction of commission and other expenses) will be utilised for working capital. None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the placement of the New Shares. L&M GROUP: Issues Restructuring Update -------------------------------------- Further to the announcement made by L&M Group Investments Limited on November 5, 2003, the Company announced that the Singapore Exchange Limited has informed the Company on March 2, 2004 that it has no further comments to the circular for the holding of the shareholders' meeting to obtain the shareholders' approval for the restructuring exercise. The extraordinary general meeting to seek shareholders' approval for the restructuring exercise is scheduled to take place on March 25, 2004. SIGNEXPRESS DESIGN: Files for Voluntary Winding Up -------------------------------------------------- Signexpress Design Consultant Pte Ltd. issued a notice of winding up order made on the 30th day of January 2004. Name and address of Liquidator: Official Receiver, Singapore at 45 Maxwell, Road #05-11/#06-11, The URA Centre (East Wing), Singapore 069118. Messrs KHATTAR WONG & PARTNERS Solicitors for the Petitioners. Note: (a) All creditors of the company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the company should be forwarded to the liquidator. SS PTE.: Enters Voluntary Liquidation ------------------------------------- The Board of Directors of SS Pte. Ltd. (SS), a wholly owned subsidiary of Rowsley Ltd., has informed the Company that it will be wound up voluntarily and that an extraordinary general meeting and a creditors' meeting will be called for on the 19th March 2004 to vote on the proposed winding up of SS by way of a creditors' voluntary liquidation. The Board of Directors of SS have approached Mr. Chia Soo Hien and Mdm Ng Geok Mui c/o BDO International to act as liquidators of SS. Mr. Chia Soo Hien and Mdm Ng Geok Mui have consented to act as liquidator if so appointed at the above meetings. The financial impact on the Company arising from the creditors' voluntary liquidation will be as follows: i) Effect on Net Tangible Assets Per Share For illustrative purposes only, assuming that the creditors' voluntary liquidation of SS was made on 31 December 2002, based on the latest audited consolidated financial statements of the Company and its subsidiaries (collectively the "Group), the effect on the net tangible assets value for the Group's financial year ended 31 December 2002: At 31 December 2002 Before Creditors' Voluntary Liquidation After Creditors' Voluntary Liquidation Net Tangible Assets (in S$'000) 8,150 8,674 Net Tangible Assets per share (in cents) 3.1 3.3 ii) Effect on Earnings/(Loss) Per Share WATERMARK INVESTMENTS: Issues Preferential Dividend Notice ---------------------------------------------------------- Watermark Investments Pte Ltd. issued a notice of intended preferential dividend: Address of Registered Office: Formerly of 8 Robinson Road #06-00 Cosco Building, Singapore 048544. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 36 of 2000. Last Day for Receiving Proofs: 27th day of February 2004. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. SUNARI BIN KATENI Assistant Official Receiver. =============== T H A I L A N D =============== NATURAL PARK: Issues Notice on Registered Capital ------------------------------------------------- Natural Park Public Company Limited would like to notify that at the shareholders meeting of Richee Center & Supply Company Limited, (Richee Center), being an affiliate in which the Company holds shares at 37.5 percent of the registered capital, resolved for the increase of the registered capital of Richee Center from the existing amount of 80,000,000 Baht to 400,000,000 Baht. To increase the registered capital by another 320,000,000 Baht by issuing 3,200,000 new ordinary shares, par value of 100 Baht per shares, to allot and offer to the existing shareholders under the proportion. It therefore maintain the proportion of shareholding of the Company in Richee Center, the Company has subscribed the capital increase ordinary shares in Richee Center in the amount of 1,200,000 shares, priced at 100 Baht per share, totaling to 120,000,000 Baht. In addition, the Company has subscribed the capital increase ordinary shares which other shareholders disclaimed the subscription by another 1,200,000 shares, priced at 100 Baht per share, totaling to 120,000,000 Baht, which will make the shareholding of the Company in Richee Center changing to 67.5 percent of the registered capital. Sincerely yours, Mr. Thowthawal Subhavanich Director & Chief Financial Officer * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Jinan Qingoi Motorcycle Co., Ltd. 600698 (193.08) 113.96 Jinan Qingoi Motorcycle-A Co., Ltd. 600698 (-193.08) 113.96 Shenzhen China Bicycles-B Co., Ltd. 200017 (-239.91) 60.39 INDONESIA --------- PT Lippo Securities Tbk LPPS (-3.62) 14.26 Smart Tbk SMAR (-37.38) 398.89 JAPAN --------- Cats Incorporated 9786 (26.33) 175.35 Kanebo Limited 3102 (40.44) 5820.67 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FAB (-7.16) 504.98 Kemayan Corp Bhd KOP (-289.67) 114.38 Panglobal Bhd PGL0 (-41.07) 187.79 Promet Bhd PROM (-174.45) 50.49 Sri Hartamas Bhd SHB (-118.91) 99.76 PHILIPPINES ----------- C & P Homes, Inc. CMP (324.94) 2.45 Pilipino Telephone Co PLTL (-356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PAC (-931.65) 7369.85 THAILAND -------- Christiani & Nielsen CNT/F (-24.03) 35.80 (Thai) PCL-F Jutha Maritime-F PCL JUTHA/F (-3.70) 31.60 National Fertilizer PCL NFC (-30.82) 297.40 National Fertilizer PCL-F NFC/F (-30.82) 297.40 Nakornthai Strip Mill PCL NSM (654.33) 608.46 Nakornthai Strip Mill PCL-F NSM/F (-654.33) 608.46 Siam Agro-Industry Pineapple And Others PCL SAIC (-13.88) 14.02 Siam Agro-Industry Pineapple And Others PCL-F SAICO/F (-13.88) 14.02 Thai Nam Plastic-F TNPC/F (-2.00) 24.33 Thai Wah Public Company Limited TWC (-61.48) 155.47 Thai Wah Public Company Limited-F TWC/F (-61.48) 155.47 Tuntex (Thailand) PCL TUNTEX (-26.82) 381.43 Tuntex (Thailand) PCL-F TUNTEX/F (-26.82) 381.43 ********* 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, Faith Marie Bacatan, 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 ***