/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040309.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, March 9, 2004, Vol. 7, No. 48 Headlines A U S T R A L I A CARTER HOLT: Enters Alliance With Rubicon NOVUS PETROLEUM: Sunov Petroleum Confirms Bid QANTAS AIRWAYS: Begins Mumbai Direct Services September 1 C H I N A & H O N G K O N G BLOOMSFIT ENGINEERING: Winding Up Petition Set April 7 HAPPY SKY: Faces Winding Up Petition Before H.H. High Court MCI COMPANY: Schedules Winding Up Hearing April 7 RICHEST LIMITED: Winding Up Hearing Slated March 24 WAI KWONG: Faces Winding Up Petition Before H.H. High Court I N D O N E S I A * IBRA: BPK Checks on Performance J A P A N DAIWA SECURITIES: Reorganizes U.K. Subsidiary JAPAN AIRLINES: S&P Downgrades Rating to BB- KANEBO LTD: Seeks IRJC Aid for Money-Losing Businesses KANEBO LIMITED: Refuse to Comment on NHK Report NISSAN DIESEL: Denies Interest in Korean Truck Maker RESONA HOLDINGS: GE Buys Unit for JPY60B K O R E A HYUNDAI MERCHANT: Posts FY03 W21.1B Net Loss KOOKMIN BANK: Clarifies 2003 Operating Results SK CORPORATION: Unveils Board Changes M A L A Y S I A LONG HUAT: Issues Restructuring Scheme Update MYCOM BERHAD: Extends Restructuring Scheme NAUTICALINK BERHAD: Awaits Restructuring Approval OLYMPIA INDUSTRIES: SC Approves Restructuring Proposal PANCARAN IKRAB: Completes Restructuring Scheme on July 31 PILECON ENGINEERING: Releases Default Status Update UNITED CHEMICAL: Issues Restructuring Update WOO HING: Auditor Reveals Investigative Audit Results P H I L I P P I N E S NATIONAL BANK: Sets Annual Stockholders Meeting May 25 MANILA ELECTRIC: Creditors Approve US$79.2M Loan Roll-Over PHILIPPINE AIRLINES: Expects to Break Even PHILIPPINE LONG: Clarifies Expansion Bid Participation Report PHILIPPINE LONG: Extends US$450M Debt Issue Approval S I N G A P O R E BRADBURY PRINTS: Issues Winding Up Order Notice CORTEN FURNITURE: Winding up Petition Hearing Set March 19 GENNETT TECHNOLOGIES: Chan Siu Initiates Winding Up Petition INTERNATIONAL BEVERAGES: Issues Dividend Notice MDI SYSTEMS: Unveils February 26 EGM Resolutions SHENG BEE: Faces Winding Up Petition TICALOA PTE: Releases First & Final Dividend T H A I L A N D THAI MILITARY: Enters Merger Deal With Banks * BOND PRICING: For the week of March 8 - March 12, 2004 - - - - - - - - ================= A U S T R A L I A ================= CARTER HOLT: Enters Alliance With Rubicon ----------------------------------------- Carter Holt Harvey (CHH) and Rubicon will merge their existing forestry biotechnology and propagation operations into a new venture - Horizon2. Horizon2 brings together New Zealand's two leading forestry nursery and biotechnology programs - CHH Forest Genetics and Rubicon's Trees & Technology. Through Horizon2, New Zealand and Australian forest owners will have access to world-class genetics and plant propagation technologies. "With the forestry industry becoming increasingly fragmented there are some areas where capability consolidation is imperative to maintain and develop international competitiveness," says Devon McLean, CHH Chief Operating Officer. "This exciting `industry-first' partnership will lead the development of superior radiata pine tree stocks internationally." "Both Rubicon's Trees & Technology and CHH's Forest Genetics businesses have been pioneers in biotechnology techniques to improve growth rates and wood quality. Bringing these two businesses together now will allow the development of one integrated programme, which will bring with it all of the advantages that come from the pooling of scientific knowledge, people resource, and funding," says Rubicon CEO Luke Moriarty. The creation of Horizon2 will accelerate the availability of improved tree stocks and improve the value of customers' forests through their planting of superior quality tree stocks that better match the needs of their end-user. Horizon2 will offer customers all the traditional benefits of treestock supply through industry-best nursery techniques. As well, the combined resources and expertise of the two programmes will enable Horizon2 to offer an expanded range of treestock products and services to its customers - assisting decision making about where and what to plant, whether it be for structural, appearance, or engineered wood end uses. Horizon2 will be structured as a 50:50 partnership, headquartered at Te Teko in the Bay of Plenty, and led by Chief Executive Andrew Rodwell (currently the General Manager of Trees & Technology). It will operate New Zealand nursery facilities in Kaikohe, Rotorua, Tokoroa, Te Teko and Nelson, and a nursery facility in Australia. Future plans include a market presence in Chile. "Combining the talents of two world class forestry biotechnology businesses is very exciting, not just for the owners, but for the forestry industry customers who will benefit from Horizon2's enhanced ability to add value to forests through the application of leading edge technologies," says Horizon2 Chief Executive Andrew Rodwell. Wood producer Carter Holt Harvey booked a net loss of $NZ656 million for 2003 after a massive write down in the value of its forest assets, TCRAP reported recently. In December 31, 2003 loss was compared to a $NZ137 million profit in the previous year. CONTACT: Natalie Dyer - Media Projects Manager Carter Holt Harvey Ph: 09 261 0229; Mobile: 021 555 874 natalie.dyer@chh.com Andrew Rodwell - Chief Executive Horizon2 Ph: 07 322 9030 andrew.rodwell@horizon2.co.nz NOVUS PETROLEUM: Sunov Petroleum Confirms Bid --------------------------------------------- Novus Petroleum Limited (Novus) received a bidder's statement from Sunov Petroleum Pty Ltd (the Crosby/Williams group's bidding vehicle) confirming their offer of $1.77 cash per Novus share on Friday evening, March 5, 2004, Novus said in a statement. The independent Directors of Novus, Mr. David Blair (Chairman), Mr. Stephen Mann and Mr. James Hornabrook reiterate that whilst $1.77 per share represents a small improvement on the Medco offer, the independent directors believe the Sunov offer does not take into account the underlying value of Novus. Novus' independent Directors advise Novus shareholders to continue to do nothing until they receive Novus' target's statement in response to the Sunov offer. Assuming that Sunov sends its bidder's statement to Novus shareholders on Friday, March 19, 2004, Novus' target's statement will be dispatched on or before Monday, April 5, 2004. QANTAS AIRWAYS: Begins Mumbai Direct Services September 1 --------------------------------------------------------- Qantas Airways will operate direct services linking Sydney to Mumbai beginning September this year in view of a double-digit spurt in the number of tourist arrivals from India, Asia Pulse reported on Monday. "Australia has seen a double-digit increase in the number of tourist arrivals from India over the past decade - with an average annual growth of approximately 17 per cent, Australian Tourist Commission General Manager, South & South East Asia Maggie White said. Qantas Airways will fly direct services between Mumbai and Sydney, three times per week and the Mumbai services would operate in two-class Boeing 747-300 aircraft. The services would commence from September 1, 2004; Executive General Manager of Qantas Air lines John Borghetti, said on Friday. Air India is still looking at Australia, but it doesn't have aircraft at the moment to divert to this route, Air India manager in Sydney Geeta Kapoor, who feels Qantas will probably enter into code-share arrangement with Air India, said. ============================ C H I N A & H O N G K O N G ============================ BLOOMSFIT ENGINEERING: Winding Up Petition Set April 7 ------------------------------------------------------ The petition to wind up Bloomsfit Engineering & Machinery Limited is set for hearing before the High Court of Hong Kong on April 7, 2004 at 10 o'clock in the morning. Hong Kong & Shanghai Banking Corporation Limited, whose registered office is located at No. 1 Queen's Road Central, Hong Kong, filed the petition on February 9, 2004. The Petitioners' solicitors are Johnson Stokes & Master of 18th Floor, Prince's Building 10 Chapter Road, Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Johnson Stokes & Master 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). HAPPY SKY: Faces Winding Up Petition Before H.H. High Court ----------------------------------------------------------- The petition to wind up Happy Sky Development Limited is set for hearing before the High Court of Hong Kong on April 14, 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 12, 2004. The Petitioners' solicitors are Edmund Cheung & Co. of 20th Floor, Asia Standard Tower, 59-65 Queen's Road, Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Edmund Cheung & Co. a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). MCI COMPANY: Schedules Winding Up Hearing April 7 ------------------------------------------------- The petition to wind up MCI (Hong Kong) Company Limited is set for hearing before the High Court of Hong Kong on April 7, 2004 at 10 o'clock in the morning. Standard Chartered Bank, whose registered office is located at 3rd Floor, 4-4A Des Voeux Road Central, Hong Kong, filed the petition on February 12, 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 6th day of April 2004 (the day before the petition hearing). RICHEST LIMITED: Winding Up Hearing Slated March 24 --------------------------------------------------- The petition to wind up Richest Limited is set for hearing before the High Court of Hong Kong on March 24, 2004 at 9:30 in the morning. Perron Holdings Limited, whose registered office is located at 20/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchi, Hong Kong, filed the petition on January 26, 2004. The Petitioners' solicitors are Pansy Leung Tang & Chua of 21st Floor, Regent Centre, 88 Queen's Road Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Pansy Leung Tang & Chua 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). WAI KWONG: Faces Winding Up Petition Before H.H. High Court ----------------------------------------------------------- The petition to wind up Wai Kwong Products Factory Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 10 o'clock in the morning. Lau Lee Kwok, whose registered office is located at 20B, 9th Floor, Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong Kong, filed the petition on February 5, 2004. The Petitioners' solicitors are Gary Lau & Partners of Unit 401, 4th Floor, Golden Centre, 188 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 Gary Lau & Partners 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 ================= *IBRA: BPK Checks on Performance -------------------------------- The Supreme Audit Agency (BPK) has deployed 30 auditors to examine the performance of the now-defunct Indonesian Bank Restructuring Agency (IBRA), which will be followed by an audit of IBRA's final balance sheet, Jakarta Post reports. Deputy chairman for state finance institutions Bambang Wahyudi said that they would concentrate on completing the audit on IBRA's performance for the next two months. He said that the auditors had been auditing IBRA for 14 months and it would take at least another two months to complete the audit on IBRA's performance. IBRA, which was formed to restructure the country's banking industry following the devastating economic crisis, was dissolved on Feb. 27. ========= J A P A N ========= DAIWA SECURITIES: Reorganizes U.K. Subsidiary --------------------------------------------- Daiwa Securities Trust & Banking (Europe) Plc, a wholly owned subsidiary of Daiwa Securities Group Inc., will shift its headquarter from London, U.K. to Dublin, Ireland and integrate both its functions to Dublin. Daiwa Securities Group, which has been consolidating its management resources to securities related businesses, has approved of DSTB's plan to focus on securities related fund administration service, which is highly rated among its customers. Due to the increasing demand for hedge fund related administration, the company's operations in Dublin have been expanding. As a result the company has made the decision to concentrate on the aforementioned operations and cut back on its banking operations. Customer relation functions will continue to be based in London to enable the company to provide unchanged services to its customers. Through this reorganization, the company will be able to strengthen our fund administration businesses and streamline costs associated with maintaining two offices (London and Dublin). PROFILE OF DSTB Name: Daiwa Securities Trust & Banking (Europe) plc (Amended from the former name Daiwa Europe Bank plc) Headquarters: London, United Kingdom Business: Custody, fund administration, and banking Foundation: Founded as Daiwa Europe Bank plc in January, 1987 Number of employees: 72 in London, 107 in Dublin (as of September, 2003) ABOUT DAIWA SECURITIES GROUP INC. The Daiwa Securities Group Inc. engages in Japanese domestic and international securities-related businesses including brokerage, investment banking, and asset management and research/systems development. The Group presently employs approximately 12,000 employees in 16 countries. Contact: Daiwa Securities Group Inc. Toshihiko Onishi toshihiko.onishi@daiwa.co.jp 81 3 3243 3847 JAPAN AIRLINES: S&P Downgrades Rating to BB- -------------------------------------------- Standard & Poor's Ratings Services (S&P) has lowered its long- term corporate credit ratings and senior unsecured issue ratings to 'BB-' from 'BB' on Japan Airlines System Corporation (JALS) and Japan Airlines Co. Ltd. (JAL). At the same time, Standard & Poor's affirmed its 'BB-' long term rating on Japan Air System Co. Ltd. (JAS), in light of its full consolidation with Japan Airlines after April 2004. The outlooks on all three companies' long-term ratings are negative. "The downgrade reflects the JAL group's increased vulnerability to external shocks, adversely affecting its international passenger business and the group's earnings base," said Standard & Poor's credit analyst Junko Miyakawa. "In international flights, the group is experiencing significant declines in tourist traffic on China and Southeast Asian routes, due to uncertainties over SARS and bird flu," Ms. Miyakawa added. The JAL group returned to overall profitability in fiscal 2002, in the aftermath of the September 11, 2001, terrorist attacks, but is expected to record significant losses in fiscal 2003, due to inflexible fixed cost structures and difficulties adjusting to supply-demand imbalances. The negative outlooks on the JAL group's ratings reflect the expectation of continued high volatility in international passenger traffic. A key factor for the companies' credit quality will be their ability to adjust supply-demand balances and control costs to prevent further deterioration in profitability and protect their equity cushion. KANEBO LTD: Seeks IRJC Aid for Money-Losing Businesses ------------------------------------------------------ Less than three weeks after Kanebo Limited asked the Industrial Revitalization Corporation of Japan (IRCJ) to rescue its mainstay cosmetics operations, the Company is preparing to seek assistance for its money-losing businesses as well, the Asahi Shimbun reports. State Minister in Charge of Administrative Reform Kazuyoshi Kaneko, under whose jurisdiction the IRC falls, said Friday the IRC is capable of handling Kanebo's entire operations if the Company requests such assistance. KANEBO LIMITED: Refuse to Comment on NHK Report ----------------------------------------------- Kanebo Limited declined to comment on a NHK report that the company would write down some of its shareholders' capital as part of a proposed state-funded rescue of the company, reports the Bloomberg News. The cosmetics maker started considering the capital reduction after the Industrial Revitalization Corporation of Japan (IRCJ) decided to aid its entire business, not just cosmetics unit, the NHK news reported, without saying who provided the information. Kanebo earlier reported that it would receive as much as 50 billion yen ($446 million) in fresh cash from lenders including Sumitomo Mitsui Financial Group Inc. NISSAN DIESEL: Denies Interest in Korean Truck Maker ---------------------------------------------------- Nissan Diesel Motor Co. Limited denied a Nihon Keizai Shimbun report that it was interested in buying South Korean truck maker Samsung Commercial Vehicles Corporation, according to Kyodo News. "There is no truth to the reports," said Nissan Diesel spokesman Toshio Shimamura. The newspaper report said that Nissan Diesel has already set up a consortium with local auto-parts maker Hanseo Precision Industry Co. and others to bid for the plant in an open tender to be held soon by the city of Taegu. The report added that if their bid is accepted, the consortium, operating under the name of Korea Motors Consortium, plans to establish a joint venture and begin manufacturing trucks and commercial vehicle parts. Nissan Diesel Motor Co. incurred a net loss of 57 billion yen in the nine-month period ending December 31, TCRAP reported recently. The firm incurred a net loss of 6.07 billion yen a year earlier. It attributed the loss to reorganization charges, including plant closures. RESONA HOLDINGS: GE Buys Unit for JPY60B ---------------------------------------- General Electric Co. (GE) will buy Alte Group, an Osaka-based developer owned by Resona Holdings Inc., for 60 billion yen (US$535 million), Bloomberg News reported on Monday. GE, which has its headquarters in Fairfield, Connecticut, defeated bids by New York-based Cerberus Partners LP and Morgan Stanley for Alte. Resona is selling assets to revive its finances after requiring a 1.9 trillion yen government bailout in 2003. GE and Resona, which has its headquarters in Osaka, plan to complete the transaction by March 31 after GE does an evaluation of Alte's assets, which include offices, apartments and golf resorts in Japan and Guam. It is the first acquisition of a property company in Japan for GE, which has $28 billion of global real estate assets. ========= K O R E A ========= HYUNDAI MERCHANT: Posts FY03 W21.1B Net Loss -------------------------------------------- Shipping firm Hyundai Merchant Marine Co. suffered a net loss of 21.1 billion won (US$18 million) in 2003 as foreign exchange- related losses and interest payments increased, Asia Pulse reported on Monday. According to the Troubled Company Reporter-Asia Pacific, Hyundai Merchant Marine Co. (HMM) incurred a net profit of 12.9 billion won (US$10.9 million) in the first three quarters of 2003, up from a deficit of 441 billion won in 2002 due to successful restructuring efforts. KOOKMIN BANK: Clarifies 2003 Operating Results ---------------------------------------------- On March 3, 2004, Kookmin Bank announced changes in its operating results for the fiscal year ended 2003, which had been disclosed through its Website during the 2003 earnings conference held on February 9, 2004, a Company statement said. This change is due to approximately 129 billion Korean Won of additional corporate taxes payable (national tax) and additional 13 billion Korean Won of municipal tax (approximately 10% of national tax) by Kookmin Bank, which will be imposed by Korean National Tax Service in March in 2004. Accordingly, Kookmin Bank intends to account for that amount as expenses for the fiscal year ended 2003. As a result, net losses of Kookmin Bank will increase by 142 billion Won for the fiscal year ended 2003 to approximately 753 billion Korean Won from the previously released figure of 611 billion Won. For Kookmin Bank's full financial statements, please refer to the company's audit reports for the fiscal year of 2003 at http://bankrupt.com/misc/tcrap_kookmin0308.pdf SK CORPORATION: Unveils Board Changes ------------------------------------- SK Corporation has decided to increase the number of its outside directors to 70% from the current 50% in the 10-member board, a Company statement said. At a board meeting held on February 22, 2004, the board also nominated new members, voted for an amendment to the company constitution to form a transparent corporate governance committee, and covered other agendas involving the 2004 General Shareholders' Meeting, which is slated for March 12. The directors whose term expires this year will not be re- elected, said an SK Corporation official. The outgoing members include three inside directors (SK Group Chairman Kil-Seung Son, SK Corp. Vice Chairman Doo-Yul Hwang, and SK Corp. President Chang Keun Kim) and several outside directors (including Attorney Jook Bong Ha, and Professor Heung Soo Park). According to SK Corp., its board has nominated six candidates. Among them, SK Gas President Heon-Cheol Shin, is the only new inside director. As for the new outside directors, they are former Prime Minister Soon Cho; former president of now-defunct Long-Term Credit Bank Se-Jong Oh; Dean of Ewha Women's University's School of Management Yoon-Seok Seo; former presidential aide Tae-Yoo Kim; and former president of Korea Gas Corporation Dae-Woo Nam. SK Corporation pointed out that the candidate Mr. Nam was recommended by Sovereign Asset Management, the company's major foreign shareholder. There was no reason for us to exclude Sovereign's recommendation, said the SK Corporation official. In the future, we will accept recommendations from any shareholders and interested parties as long as they contribute to SK Corporation's profits. Initially SK Corp. planned to increase the percentage of its outside directors to 70% starting 2006, but moved up the date by two years. There is no reason to postpone it until 2006. Let's put it into effect starting this year and strive to become a world-class level board of directors, said SK Corp. Chairman Tae Won Chey. Chairman Son concurred. "Through Chairman Chey, I hope the new executives will make up true A World-Class Board of Directors and gain all interested parties trust," he said. The board also agreed to support the previously announced plan to set up a transparent corporate governance committee. "The committee will be composed mainly of outside directors to promote ethical management, corporate citizenship, enforcement of law, and internal monitoring of check and balance," said an SK official. =============== M A L A Y S I A =============== LONG HUAT: Issues Restructuring Scheme Update --------------------------------------------- Solicitors Kadir Andri Aidham & Partners has informed that Long Huat Group Berhad's application for the sanction from the High Court in relation to the Company's proposed restructuring scheme has been fixed for hearing on March 31, 2004. This announcement is dated on March 5, 2004. MYCOM BERHAD: Extends Restructuring Scheme ------------------------------------------ On behalf of the Board of Directors of Mycom Berhad (Mycom), Southern Investment Bank Berhad (SIBB) announced that the Securities Commission (SC), had via its letter dated March 5, 2004, approved the following: i. Proposed waiver to the condition imposed by the SC in respect of the approval to be obtained from the relevant authorities for the development of Bandar Sri Duta prior to the implementation of the Proposed Restructuring Scheme; and ii. An extension of time up to December 31, 2004 for Mycom to implement the Proposed Restructuring Scheme. With regard to the application for the proposed variation to the condition imposed by the SC in respect of the Duta Grand Hyatt Project, on behalf of Mycom, SIBB had on 4 March 2004,withdrawn the application to the SC as the proposed variation is no longer required. This announcement is dated March 5, 2004. NAUTICALINK BERHAD: Awaits Restructuring Approval ------------------------------------------------- In compliance with Practice Note No. 4/2001 (PN4), the Board of Directors of Nauticalink Berhad (NB) announced that the Company is still awaiting approval of the relevant authorities with regard to its corporate restructuring proposals since submission on August 8, 2003. OLYMPIA INDUSTRIES: SC Approves Restructuring Proposal ------------------------------------------------------ On behalf of the Board of Directors of Olympia Industries Berhad (OIB), Southern Investment Bank Berhad (SIBB) announced that the Securities Commission (SC), had via its letter dated March 5, 2004, approved the following: i. Proposed waiver to the condition imposed by the SC in respect of the approval to be obtained from the relevant authorities for the development of Bandar Sri Duta prior to the implementation of the Proposed Restructuring Scheme; and ii. An extension of time up to 31 December 2004 for: a) OIB to implement the Proposed Restructuring Scheme; and b) Jupiter Securities Sdn Bhd, a subsidiary of OIB, to merge with at least one (1) other stock broking company. This announcement is dated March 5, 2004. PANCARAN IKRAB: Completes Restructuring Scheme on July 31 --------------------------------------------------------- Reference is made to the approval from the Securities Commission (SC) on the proposed restructuring scheme of Pancaran Ikrab Bhd (PIB), via its letters dated April 1, 2003 and August 12, 2003. In connection thereto, PIB is required to complete the proposed restructuring scheme by March 31, 2004. However, as PIB is unable to complete the proposed restructuring scheme by March 31, 2004, Public Merchant Bank Berhad (PMBB), on behalf of PIB, had made an application to the SC for an extension of time from March 31, 2004 to July 31, 2004, to complete the proposed restructuring scheme (Extension Sought). Pursuant thereto, PMBB, on behalf of PIB, announced that the SC had approved the Extension Sought vide its letter dated March 3, 2004, which was received on March 4, 2004. PILECON ENGINEERING: Releases Default Status Update --------------------------------------------------- Further to the announcement made by Pilecon Engineering Berhad (PEB) on February 4, 2004 with regards to the status of default in payment pursuant to Practice Note 1/2001 by its subsidiary, Transbay Ventures Sdn Bhd (TVSB), PEB announced that there have not been any changes to the status of default since then. TVSB's application to the Kuala Lumpur High Court for a restraining order under Section 176(10) of the Companies Act, 1965 has been fixed for hearing on March 8, 2004. UNITED CHEMICAL: Issues Restructuring Update -------------------------------------------- Merchant Bank Berhad (Alliance), on behalf of the Board of Directors of United Chemical Industries Berhad (UCI), announced that UCI, Perbadanan Kemajuan Negeri Perak (PKNP) and Aspirasi Ekuiti Sdn Bhd (Newco), had on March 3, 2004, agreed that the proposed issuance of 9,000,000 ordinary shares of RM0.50 each in Newco (Newco Shares) by Newco and the proposed offer for sale of 4,000,000 Newco Shares by PKNP pursuant to the Corporate Restructuring Agreement dated 18 December 2002, shall, subject to the approvals of the Securities Commission and other relevant authorities, be proceeded by way of placement to identified individuals and corporations. In addition, Alliance, on behalf of the Board of UCI, also wishes to announce that: (i) The High Court of Malaya in Ipoh (the Court) had, on 4 March 2004, approved UCI's application for an extension to the existing Restraining Order dated 9 June 2003, which will expire on 9 March 2004. The Court has granted an extension for a period of nine (9) months from 10 March 2004 to 9 December 2004; and (ii) The Court also, has on the same day (in a separate application by UCI to the Court), granted an order to UCI to hold court convened meetings, separately between: (a) The shareholders of UCI; (b) The secured creditors of UCI; and (c) The unsecured creditors of UCI Pursuant to Section 176(1) of the Companies Act 1965. The said meetings are required to be held within six (6) months from the date of the order, i.e. by 4 September 2004. In the meantime, UCI shall proceed to seek creditors' and shareholders' approval for the Proposed Restructuring of UCI. This announcement is dated March 5, 2004. WOO HING: Auditor Reveals Investigative Audit Results ----------------------------------------------------- Commerce International Merchant Bankers Berhad, in behalf of Woo Hing Brothers (Malaya) Berhad (Special Administrators Appointed), disclosed the summary of the audit findings based on the investigative audit report dated February 26, 2004 prepared by Messrs. BDO Binders. For a copy of the investigative audit, go to http://bankrupt.com/misc/tcrap_woohing0308.doc This announcement is dated March 8, 2004. ===================== P H I L I P P I N E S ===================== NATIONAL BANK: Sets Annual Stockholders Meeting May 25 ------------------------------------------------------ Philippine National Bank (PNB) wishes to advise the Philippine Stock Exchange that the Board of Directors of the Company during its Special Meeting held on Friday, March 5, 2004, approved the holding of the Annual Stockholders Meeting on May 25, 2004 at 8 in the morning at a venue to be subsequently disclosed. The agenda for the meeting are: (1) Call to Order (2) Secretary's Proof of Notice and Quorum (3) Approval of the Minutes of the 2003 Annual Stockholder's Meeting held on May 27, 2003 (4) Report of the President on the Results of Operations for the Year 2003 (5) Approval of the 2003 Annual Report (6) Ratification of All Acts and Proceedings of the Board of Directors and Corporate Officers since the 2003 Annual Stockholders' Meeting (7) Election of Directors (8) Appointment of External Auditor (9) Other Matters (10) Adjournment For this purpose, only stockholders of record as of April 26, 2004 will be entitled to vote at this meeting. MANILA ELECTRIC: Creditors Approve US$79.2M Loan Roll-Over ---------------------------------------------------------- Manila Electric Company (Meralco) got another three-month reprieve from payment of short-term debts worth 79.2 million dollars (4.4 billion pesos) as its creditors agreed to roll the loans over until June. This is the fourth rollover of the loans after extensions granted in April and July last year and one last January, The Philippine Daily Inquirer reported on Friday. Meralco President Jesus Francisco told the Inquirer that Meralco had made a partial payment of 8.8 million pesos on Thursday to creditors BPI Capital, Citibank, Equitable PCI Bank, and Banco de Oro Universal Bank, sealing their agreement to roll over the loans by another three months. Mr. Francisco said, terming the loans out was still on hold because the needed refinancing had been shelved because of two factors: -The Supreme Court's temporary restraining order on Meralco's provisional rate increase of 0.12 peso per kilowatt-hour and -The May general elections. The Energy Regulatory Commission approved the provisional rate increase on Nov. 27, 2003, which Meralco could collect from four million households starting last Jan. 1. The Supreme Court on Jan. 17 issued a temporary restraining order on the commission's approval while it determined whether or not the commission had the power to give power utilities provisional authority for rate adjustments. As of November, Meralco had outstanding debt of 106.4 billion pesos. PHILIPPINE AIRLINES: Expects to Break Even ------------------------------------------ Philippine Airlines (PAL), expects to break even in its 2003 fiscal year ending March, thanks to improving appetite for air travel, which started in December, the Philippine Daily Inquirer newspaper reported, quoting PAL president and chief operating officer Avelino Zapanta. Mr. Zapanta said that people are eager to travel after being denied the pleasure when the SARS scare was prevalent. In 2002, PAL's net profit stood close to 300 million, this year, the company expects to net at least 1 billion pesos, on the back of a sustained traffic recovery. The flag carrier was earlier looking at a net loss of 700 million pesos by end-March due to the full impact of the SARS outbreak on its operations. The company incurred losses of 1.6 billion pesos from April to November last year because of low travel demand. PHILIPPINE LONG: Clarifies Expansion Bid Participation Report ------------------------------------------------------------- This is in reference to the news article entitled "PLDT, Smart may join parent's expansion bid" published in the March 5, 2004 issue of the Manila Times. The article reported that " Philippine Long Distance Telephone Company, (PLDT, the nation's largest phone company, and unit Smart Communications Incorporated, may join parent First Pacific Company's bid to invest in other phone companies in the region to expand the group's telecommunications interests. "There are many things we are looking into including a regional expansion," PLDT president Napoleon Nazareno said on the sidelines of a conference in Manila. "It is purely exploratory at this stage and the initiative is emanating more from First Pacific". Philippine Long Distance Telephone Company, in its letter dated March 5, 2004, advised the Exchange that: "Smart is in the very early stage of exploring opportunities for its wireless service operations. Smart wishes to emphasize, however that while the PLDT group may be looking at other growth opportunities, we remain committed to our key objectives of strengthening our businesses and meeting our deleveraging targets." PHILIPPINE LONG: Extends US$450M Debt Issue Approval ---------------------------------------------------- Philippine Long Distance Telephone Company (PLDT) has received a fresh approval from the central bank for its plan to issue US$450 million worth of debt papers, an official of the monetary regulator said, according to AFX Asia. Central bank issued a 90-day extension to PLDT, if the company does not proceed with the borrowing within the given period; they need to wait further until another extension is approved. Last year, the central bank approved the planned borrowing but the approval expired before PLDT decided to push through with the issue. As part of its debt-liability management program, the company is aggressively looking at reducing group debt, and will pare away some US$70 million of its maturing obligations this year. PLDT's consolidated debt stood at US$2.9 billion, at end 2003, from 3.2 billion at end-2002, the bulk of which is debt from its fixed-line business. For this year, PLDT will set aside a capital budget of around 18 billion pesos, including 6-7 billion for the expansion of its fixed-line business' DSL Internet service. Smart's 2004 budget will be slightly higher than last year's 11 billion pesos. ================= S I N G A P O R E ================= BRADBURY PRINTS: Issues Winding Up Order Notice ----------------------------------------------- Bradbury Prints Pte Ltd issued a notice of winding up order made on the 16th day of January 2004. Name and address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Messrs LEONG CHUA & WONG Solicitors for the Petitioner. CORTEN FURNITURE: Winding up Petition Hearing Set March 19 ---------------------------------------------------------- The petition to wind up Corten Furniture Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on March 19, 2004 at 10 o'clock in the morning. Formwell Products Pte Ltd., a creditor, whose address is located at 66 Sungei Kadut Loop, Singapore 729503, filed the petition with the court on February 23, 2004. The Petitioner's solicitors are Messrs LAM W. S. & CO. of 122 Middle Road, #02-06A Midlink Plaza, Singapore 188973. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs LAM W. S. & Co. a notice in writing not later than twelve o'clock noon of the 18th day of March 2004 (the day before the day appointed for the hearing of the petition). The Singapore Government Gazette announcement is dated March 5, 2004. GENNETT TECHNOLOGIES: Chan Siu Initiates Winding Up Petition ------------------------------------------------------------ The petition to wind up Gennet Technologies Asia Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on March 19, 2004 at 10 o'clock in the morning. Chan Siu Wai Nelson, a creditor, whose address is located at 61A Duku Road, Singapore 429225, filed the petition with the court on February 26, 2004. The Petitioner's solicitor is Ascentsia Law Corporation of 4 Shenton Way, #17-06 SGX Centre 2, Singapore 068807. Any person who intends to appear on the hearing of the petition must serve on or send by post to Solicitor Ascentsia Law Corporation a notice in writing not later than twelve o'clock noon of the 18th day of March 2004 (the day before the day appointed for the hearing of the petition). The Singapore Government Gazette announcement is dated March 5, 2004. INTERNATIONAL BEVERAGES: Issues Dividend Notice ----------------------------------------------- International Beverages Corporation Pte Ltd (In Liquidation) issued a notice of second and final dividend: Address of registered office: Office of the Liquidator. Amount Per Centum: 3.0%. First & Final or Otherwise: Second & Final Dividend. When Payable: 5th March 2004. Where Payable: Office of the Liquidator c/o Don Ho & Associates Certified Public Accountants Corporate Advisory & Recoveries Equity Plaza 20 Cecil Street #12-02 & 03 Singapore 049705. Tel: 6532 0320 (8 lines). Fax: 6532 0331. Name of Liquidator: Mr. Don M. Ho, CPA. The Singapore Government Gazette announcement is dated March 5, 2004. MDI SYSTEMS: Unveils February 26 EGM Resolutions ------------------------------------------------ The Extraordinary General Meeting of Mdi Systems (Asia) Pte Ltd (Members' Voluntary Winding Up) held on February 26, 2004 passed the following resolutions: SPECIAL RESOLUTION (a) Resolved that the Company be wound up voluntarily pursuant to section 290 (1) (b) of The Companies Act (Chapter 50). ORDINARY RESOLUTIONS RESOLVED: (b) That Mr. Kon Yin Tong and Mr. Wong Kian Kok be and are hereby appointed liquidators, jointly and severally, for the purpose of the winding up. (c) That the liquidators be remunerated for the work of winding up the Company on their normal scale of professional fees. SPECIAL RESOLUTION (d) RESOLVED that the liquidators be empowered to exercise any of the powers given by sub-sections (1) and (2) of section 272 of the Companies Act (Chapter 50) and to distribute to members in specie any part of the assets of the Company. CHRIS TAN-JIUN SHARNG Director. The Singapore Government Gazette announcement is dated March 5, 2004. SHENG BEE: Faces Winding Up Petition ------------------------------------ The petition to wind up Sheng Bee Private Limited is set for hearing before the High Court of the Republic of Singapore on March 19, 2004 at 10 o'clock in the morning. United Overseas Bank Limited, a creditor, whose address is located at 80 Raffles Place, UOB Plaza 1, Singapore 048624, filed the petition with the court on February 20, 2004. The Petitioner's solicitors are Messrs Lee & Lee, of No. 5 Shenton Way, Level 19, UIC Building, Singapore 068808. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Lee & Lee a notice in writing not later than twelve o'clock noon of the 18th day of March 2004 (the day before the day appointed for the hearing of the petition). The Singapore Government Gazette announcement is dated March 5, 2004. TICALOA PTE: Releases First & Final Dividend -------------------------------------------- Ticaloa Pte Ltd. issued a notice of first and final dividend: Address of Registered Office: Formerly of 43A Ann Siang Road Singapore 069718. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 600070 of 2002. Amount Per Centum: 8.8683%. First and Final or otherwise: First & Final Dividend. When Payable: 26th February 2004. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 5th March 2004. TOH HWEE LIAN Assistant Official Receiver. The Singapore Government Gazette announcement is dated March 5, 2004. =============== T H A I L A N D =============== THAI MILITARY: Enters Merger Deal With Banks -------------------------------------------- DBS Thai Danu Bank PCL (DTDB), The Industrial Finance Corporation of Thailand (IFCT) and Thai Military Bank PCL (TMB) today jointly announced that they have reached agreement to merge under a proposed Merger Plan to create the 5th largest banking group in Thailand by assets. The respective boards of the three banks have approved in-principle the proposed Merger Plan that will be submitted to the Bank of Thailand (BoT) and Ministry of Finance (MoF) for approval. The merged bank will have total assets of Bt677 billion (US$17 billion), equivalent to a market share of approximately 11% of all commercial banks in Thailand as of December 2003. The merged bank will also have a customer base of 4 million and a nation- wide distribution network of 462 branches and 963 ATMs. It will own the second largest distribution network of 158 branches in Bangkok and also become the third largest lender in Thailand with a loan book of Bt533 billion (US$14 billion). The pro forma NPL ratio of 11% and LLR/NPL ratio of 84% of the merged bank will place it among the strongest banks in Thailand in terms of asset quality and adequacy of provisions. The pro forma Tier 1 ratio of 6.0% will be above the minimum BoT requirement of 4.25%, while the pro forma capital adequacy ratio will be 9.2%. In addition to providing scale and financial strength, the three-way merger benefits from the complementary strengths of each of the institutions. The transaction brings together DBS'' expertise in financial product development, risk management, as well as its advanced technology and operations infrastructure. Furthermore, DTDB's strong SME and consumer orientation, IFCT's strength in industrial and project finance as well as its quality established corporate and SME customer relationships and TMB 's nation-wide distribution network and established SME franchise will position the merged bank attractively. The merged bank will be well positioned to offer a wide array of existing and future products to both new and existing customers through a larger distribution platform, benefit from business diversification, and create savings by eliminating duplicate infrastructure. Under the Merger Plan, DBS Bank (DBS) will provide its expertise and resources through a Service Agreement covering several key business areas: Credit, Market and Operational Risk Management, Treasury & Markets, Consumer Banking, Corporate and Institutional Banking, SME Banking, Global Transaction Services and Technology & Operations. The merged bank expects to derive synergies from increased revenue through cross-selling products to each other's customer bases, the introduction of new products, and leveraging DBS' expertise in areas such as consumer finance, wealth management and treasury. In addition, the combined institution will be able to realize increased efficiencies through the consolidation of back-office functions, rationalization of branch operations, and reduced funding costs. The completion of the transaction is expected to result in an immediate increase in TMB's book value per share and an increase in earnings per share beginning in 2005. The proposed merger is the first to be announced under the Government of Thailand's Financial Sector MasterPlan announced in January 2004. The MasterPlan encourages consolidation in the banking industry with the aim of creating stronger, more competitive banks in the Thai banking sector. Under the proposed Merger Plan, TMB will make two separate tender offers for the outstanding securities of DTDB and IFCT. The tender offer for DTDB will be made at the ordinary share exchange ratio of 0.900 new TMB ordinary shares for each outstanding DTDB ordinary share (DTDB Exchange Ratio). The tender offer for IFCT will be made at the ordinary share exchange ratio of 1.124 new TMB ordinary shares for each outstanding IFCT ordinary share (IFCT Exchange Ratio). The two tender offers are not inter-conditional on each other. The ordinary share exchange ratio between TMB and DTDB represents the volume weighted average ordinary share prices (VWAP) of TMB and DTDB traded over a period of 30 calendar days prior to January 28, the day when DBS, TMB and DTDB signed an MOU for the TMB-DTDB merger. The exchange ratios are based on a comprehensive due diligence and valuation exercise conducted by the banks and advised by their respective financial advisors. JPMorgan advised DBS, Citigroup advised Morgan Stanley advised IFCT and TMB. In deriving the final exchange ratios, various methodologies were applied including dividend discount modeling, with adjustments for asset quality and synergies, and relative contribution analysis based on various financial metrics. As required by SEC regulations, as part of the tender offer, TMB will also tender for DTDB's MCAPS 2, CAPS and warrants, as well as IFCT's warrants. In addition, DTDB's MCAPS 1 securities will be converted into ordinary shares of DTDB prior to the tender offer and exchanged for new ordinary TMB shares at the DTDB Exchange Ratio. Assuming full acceptance of the tender offers by DTDB and IFCT shareholders, DTDB, IFCT and TMB shareholders will own approximately 21.2%, 10.8% and 68.0% of the merged bank's shares, respectively. The Ministry of Finance and DBS will be the two largest shareholders of the merged bank with 31.2% and 16.1% ownership, respectively. Other major shareholders include the Royal Thai Military, Thai Life Insurance Company and Mr. Panthongtae Shinawatra. The proposed merger is subject to the approvals of the shareholders of DTDB, IFCT and TMB. In addition, approvals will be sought from certain creditors and debenture holders of IFCT as well as regulatory authorities in Thailand and Singapore. It is anticipated that shareholder meetings will be held in April by each of the three banks followed by tender offers that will be launched and completed by June. Completion of the merger is expected to occur in the third quarter of 2004. An integration steering committee, comprising select executive board members of DTDB, IFCT and TMB has been set up to oversee the integration exercise. General Pang Malakul na Ayudhya will serve as Chairman of the Integration Committee while Mr. Michael Hague and Dr. Narongchai Akrasanee will serve as Vice Chairmen. In addition, Mr. Hague, CEO-designate of DTDB, Khun Kraithip Krairiksh, acting General Manager of IFCT and Dr. Subhak Siwaraksa, President and CEO of TMB, will lead the management integration team that has been established to facilitate the integration of the banks and to ensure a smooth transition. About DBS Headquartered in Singapore, DBS Bank is one of the largest financial services groups in Asia. The largest bank in Singapore and the fourth biggest banking group in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. The Bank''s credit ratings are amongst the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com. About DTDB DTDB, a subsidiary of DBS Bank in Singapore, is a commercial bank headquartered in Bangkok, Thailand. With 62 branches, the Bank offers a full range of banking services in Thailand including consumer, SME, corporate lending as well as treasury and markets. About IFCT The government established IFCT in 1959 under the Industrial Finance Corporation of Thailand Act B.E. 2502 (1959). It was aimed at being a specialized financial institution with the objective of developing the country's economy, industry and capital markets. IFCT's services involve provision of financial, advisory, and other types of support to private industrial entrepreneurs and businesses or projects that contribute to the country's economic and industrial development and with due consideration of the project feasibility. More information about IFCT is available on our website www.ifct.co.th. About TMB TMB is currently the 7th largest bank in Thailand by assets, and provides a full range of banking and financial services. TMB offers corporate and personal lending, retail and wholesale banking, international trade financing and investment banking services to customers throughout Thailand. TMB also has branches in Hong Kong, Laos, and the Cayman Islands. More information about TMB can be found on our website www.tmb.co.th. For more information, please contact: Catherine Ong Group Communications DBS Singapore Telephone: (65) 6878-3748 Fax: (65) 6222-4478 E-mail: cathong@dbs.com Patara Vasantasingh Business Promotion Department IFCT Telephone: (66) 2-652-8464 Fax: (66) 2-253-7018 E-mail: patara_v@ifct.th.com Kalaya Chaiyawan Investor Relations Group Thai Military Bank Telephone: (66) 2-299-1109 Fax: (66) 2-273-7168 E-mail: tmbir@tmb.co.th * BOND PRICING: For the week of March 8 - March 12, 2004 -------------------------------------------------------- Issuer Coupon Maturity Price ---- ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 4 Australia Commonwealth Govt. Loans 3.000% 7/29/49 63 Australian Food & Fibre Ltd. 4.000% 12/4/08 10 Bendigo Bank Ltd 8.000% 5/29/49 10 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 9 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 9 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.500% 4/15/04 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 7 Feltex Carpets Ltd 10.250% 9/15/08 1 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Garratts Ltd 12.000% 12/31/03 1 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 9 Hy-Fi Securities Ltd 8.750% 8/15/08 11 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure and Utility 8.500% 9/15/13 8 JB Were Capital Markets Ltd 8.750% 12/31/03 29 Macquarie Bank Ltd 1.800% 8/15/15 66 New South Wales Treasury Corporation 0.500% 2/16/10 72 NPT Capital Ltd 9.500% 11/30/04 9 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Retail Finance 9.250% 9/15/07 10 Port Douglas Reef Resorts Limited 9.000% 4/1/04 1 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 7 Queensland Treasury Corporation 0.500% 5/19/10 73 Richmond Ltd 10.750% 12/15/04 9 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sapphire Securities 9.250% 12/20/06 9 Sky Network Television Ltd 9.300% 10/29/49 8 Straits Resources Ltd 10.000% 12/31/03 1 Strathfield Group Ltd 11.000% 12/31/05 1 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 8 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- China Government Bond 2.900% 5/24/32 72 Teco Electric & Machinery Co Ltd 2.750% 4/15/04 75 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 70 Kolon Industries Inc 0.250% 12/31/04 52 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Arus Murni Corporation Bhd 0.500% 8/24/06 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/08 1 Crest Builder Holdings Bhd 3.000% 2/25/06 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Eox Group Bhd 4.000% 1/10/06 2 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 6 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 3.000% 10/21/07 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 2 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Halim Mazmin Bhd 8.000% 6/30/04 3 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 Lebar Daun Bhd 2.000% 1/6/07 4 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 Lingkaran Trans Kota Holdings 7.150% 10/23/10 10 Media Prima Bhd 2.000% 7/18/08 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 MWE Holdings 5.500% 10/7/04 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pahlawan Power 5.150% 1/31/05 10 Pantai Holdings 5.000% 3/28/07 1 Patimas Computer Bhd 6.000% 2/19/06 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Orlando Holdings Bhd 3.000% 3/16/05 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Southern Steel Bhd 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 2 Wah Seong Corporation Bhd 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 46 Benpres Holdings Corp. 7.875% 12/19/02 55 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Housing and Dev. Board 3.875% 2/11/04 1 Rabobank Singapore 1.000% 1/15/13 72 Tampines Assets Ltd 5.625% 12/7/06 1 Tampines Assets Ltd 6.000% 12/7/06 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 THAILAND -------- Bank of Asia PCL 3.750% 2/9/04 64 Bangkok Bank 4.589% 3/3/04 64 Bangkok Land 3.125% 3/31/01 18 Bangkok Land 4.500% 10/13/03 17 Siam Commercial Bank PCL 3.250% 1/24/04 64 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a Variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer Or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, 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 ***