/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040422.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 Thursday, April 22, 2004, Vol. 7, No. 79 Headlines A U S T R A L I A CARTER HOLT: Announces Strong Start to 2004 NATIONAL AUSTRALIA: Posts Management Changes NEWCREST MINING: Reports 28% Decrease in Net Profit TRANSURBAN FINANCE: Hills Purchase no Impact on S & P Ratings WOODSIDE PETROLEUM: Sales Down by 15% C H I N A & H O N G K O N G CNT GROUP: 2003 Net Loss Narrows to HK$173M FOUR TWENTY: Date for Hearing of Petition Set PACO FASHION: Date of Hearing Set June 9 SHUI FAT: Issues Winding up Hearing SUNRIGHT ENTERPRISES: Court Schedules Winding up Hearing THEME INTERNATIONAL: Narrows 2003 Net Loss to HK$19.9M TSUEN WAN: Court Sets Date for Hearing I N D O N E S I A BANK NEGARA: Targets May or June for Bond Issuance J A P A N BEST DENKI: Returns to Profit in February K.K. DAIWA: Real Estate Firm Enters Bankruptcy MITSUBISHI FUSO: Unveils Board Changes MITSUBISHI MOTORS: Mitsubishi In Talks To Keep Unit Open MITSUBISHI MOTORS: Denies Report to Sell Fuso Shares WOOD ONE: R&I Assigns BBB Rating K O R E A HYNIX SEMICONDUCTOR: KEB Proposes New Survival Scheme SK GROUP: MMAA Likely Candidate to Acquire Walkerhill Hotel SK NETWORKS: Takes Legal Action Against Sovereign SK NETWORKS: Aims for 1 Trillion Won in EBITDA by 2010 M A L A Y S I A BERJAYA SPORTS: Issues Listing and Quotation of New Shares BOUSTEAD HOLDINGS: Lists 4,043,800 New Ordinary Shares CHASE PERDANA: Registrar Moves To New Address GULA PERAK: Announces Change of Address by Registrar HAP SENG: Announces Buy Back of Ordinary Shares HO WAH: Issues Price for Final Tranche HOTLINE FURNITURE: SC Approves Extension HOTLINE FURNITURE: Mahajaya To Take Over Listing Status MALAYSIA AIRLINES: Mulls First Dividend in Four Years OCEAN CAPITAL: Receives Time Extension From SC OCEAN CAPITAL: Samudra Duty Free Unit Ceases Operations PANGLOBAL: Settles Profit Shortfall TANJONG PUBLIC: Discloses Principal Officer's Dealings TENAGA NASIONAL: Launches RM200 Million in CRIS P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: Telco Executives Faces Anti-Trust Case LEPANTO CONSOLIDATED: To Allocate PhP550M in Capital Outlay VICTORIAS MILLING: Posts PhP9.07M Decrease in Net Income S I N G A P O R E ASTI HOLDINGS: Listing New Shares BATCH-TEC PTE: Winding up Hearing Set April 23 CHARTERED SEMICONDUCTOR: Listing 13,090 New Shares DBS GROUP: New Securities Listed DIAMOND HILL: Issues Dividend Notice HO WAH: Petition Hearing Adjourned to 11 June KAMOGAWA INTERNATIONAL: Issues Debt Claim Notice to Creditors SMB UNITED: New Securities Listed TONG HUP: Places Firm Under Judicial Management UCB-PLATOU DRY: Creditors Must Submit Claims by May 16 UNITED ENGINEERS: Reports Listing and Quotation of New Shares T H A I L A N D BANGKOK RANCH: Cancels AGM and Dividend Payment of Shareholders M.D.X: Submits Progress of Plan Implementation NAKORNTHAI STRIP: Submits Progress of Business Reorganization TPI POLENE: Submits Credit Rating Announcement by TRIS TUNTEX: Seeks Extension on Submission of Rehabilitation Plan - - - - - - - - ================= A U S T R A L I A ================= CARTER HOLT: Announces Strong Start to 2004 ------------------------------------------- Carter Holt Harvey (CHH) announced on Wednesday, 21 April that the company's consolidated net earnings before tax for the three months ended 31 March 2004 hit $54 million, up $3 million on the same period last year. Net earnings were down $13 million on that period due to the company recording a tax expense as advised at the end of last quarter. Net sales for the quarter improved $31 million to $943 million compared to the same quarter last year. Operating earnings before interest and tax (EBIT) was $68 million for the quarter, down $9 million on the same period last year, with the recording of a $9 million charge for the company's equity based incentive plan, designed to align senior employees' performance with shareholder interests. To view a full copy of this press release, click http://bankrupt.com/misc/CARTERHOLT042104.pdf NATIONAL AUSTRALIA: Posts Management Changes -------------------------------------------- In a company press release, National Australia Bank Chief Executive, Mr. John Stewart, has announced two important management changes to accelerate cultural change within the organization. The two key changes are: -Peter McKinnon, formerly Executive General Manager, People and Culture, will take up the role of the CEO, and -Lynne Peacock, currently Executive Director of the National in Europe, now has responsibility for the people and culture functions across the company. Mr. Stewart said the changes would elevate the importance of cultural change and governance as part of his revitalization agenda. "It is clear that the National needs to become more outward looking, transparent and positive," he said. "But we also need to get the basics right for our key stakeholders within the National so that we have a more effective approach to dealing with all of our stakeholders. "Lynne will have responsibility for accelerating cultural change and ensuring that we improve our governance processes. We will learn from the mistakes of the past and put in place new values and processes to ensure that they are not repeated. "Lynne is an extremely capable executive with whom I have worked for almost 20 years. With her wide corporate experience, Lynne will bring a firm business focus and new perspectives to this important role. "In her new role Lynne will be based in Melbourne but she will stay a Director of the National Australia Group Europe Board and European Wealth Management Board, which means she will continue to contribute to the development of the National's growth and change strategies in the United Kingdom and Ireland. "These changes are tangible evidence of the ongoing revitalization of the National, its leadership team and the way we do business. I am determined to draw on talent wherever it is in the organization and leverage our capability across the group by selecting the best people for the right job to achieve our business goals." For further information: Brandon Phillips Group Manager, Group Corporate Relations Telephone: 03 8641 3857 Mobile: 0419 369 058 To view full copy of Lynne Peacock's career history, click http://bankrupt.com/misc/NATIONALAUSTRALIA042104.pdf NEWCREST MINING: Reports 28% Decrease in Net Profit --------------------------------------------------- Newcrest Mining Ltd. (NCM) announced that its net profit decreased by 28 percent to $21.6 million for the three months ended March 31, 2004, which is largely attributed to the large cap gold miner's 20 percent decrease in total sales revenue to $136 million, The Australian Stockbroking News, Egoli. The company said the lower revenue figures is caused by the timing of concentrate shipments, which resulted in lower gold sales. "The year to date sales revenue of $451 million resulted from sales volume of 481,416 ounces at an achieved gold price of $579 per ounce," the group said. Production wise, the quarter's gold output was 165,470 ounces at a cash cost of $57 per ounce while copper production was 20,420 tonnes. The company explained that a higher copper price impacted positively on the group's cash costs for the period. Company wide cash costs fell to $57 per ounce from $160 per ounce last quarter. "This had a positive effect on the Newcrest business and demonstrates the importance of copper in both the Cadia and Telfer fields," the group said. According to the company's directors, Cadia produced a decreased amount of approximately 45,000 ounces at cash costs of $196 per ounce, the decrease in production was blamed on reliability issues with the mine shovels and severely impacted mine material moved. The directors have since explained that the equipment reliability has been largely restored. Commenting on the Telfer field, the directors said that the project is now at 79 percent physical completion. The group concluded that an abnormally high level of inventory at the end of the quarter contains a significant level of profit that will be realized in the June quarter. TRANSURBAN FINANCE: Hills Purchase no Impact on S & P Ratings ------------------------------------------------------------- Standard & Poor's Ratings Services said on Tuesday that Transurban's purchase of an 8.1 percent interest in Hills Motorway Group (HMG; not rated) for A$96 million would have no immediate impact on the ratings on Transurban Finance Co. Pty Ltd. (TFC; BBB+/Negative/--), TFC's senior debt (A-/Stable), or the CARS ('BBB') issued by Transurban CARS Trust. Transurban has funded the A$96 million acquisition via the full drawing of A$80 million of existing sub-debt facilities and the use of available cash from operations and the distribution reinvestment plan. HMG owns and operates the existing M2 motorway in Sydney that is scheduled to connect with the Westlink M7 motorway in 2006, and currently under development by a consortium including Transurban. The acquisition is consistent with Transurban's plans to expand its toll road activities and may facilitate future operating synergies. "The key challenge for Transurban will be to manage its HMG interests alongside its existing projects in order to extract the synergies expected," said Standard & Poor's credit analyst Jonathan Manley, associate director, Corporate & Infrastructure Finance Ratings. "This may present an even greater challenge to management should the consortium in which Transurban is participating for the Mitcham to Frankston freeway be successful and, or if, other projects are brought into the Transurban Group," he said. Standard & Poor's will continue to review any such proposals as they are presented and determine the likely impact on Transurban--particularly in the context where the company's management and financial resources may now be stretched. The Transurban Group owns and operates the 22-kilometer Melbourne Citylink (MCL) under a 34-year concession, until 2034, from the State of Victoria (AAA/Stable/A-1). The rating on TFC's senior debt reflects MCL's position as a major transportation link in Melbourne supported by a long-dated concession deed that gives MCL the right to levy and adjust tolls. In addition, senior debt benefits from a well-secured position, appropriate covenant restrictions and the limited rights of subordinated facilities. These risks are offset by a number of weaknesses, including an exposure to traffic risk, potential exposure to new development projects, and the complexity of the company's existing financial structure. Contact: Jonathan Manley, Melbourne Telephone: (61) 3-9631-2046 Ian Greer, Melbourne Telephone: (61) 3-9631-2032 WOODSIDE PETROLEUM: Sales Down by 15% ------------------------------------- Woodside Petroleum Ltd. reported a 15 percent decrease in sales during the first quarter of 2004, from A$620 million in 2003 to A$528.8 million in 2004, Dow Jones reports. Total production in the three months ended March 31 fell 9.2 percent to 14.1 million barrels of oil equivalent from 15.5 million boe for the same period of 2003. The drop in sales wasn't as severe. The company said it sold 15.3 million boe, down 2 percent from 15.7 million boe a year before. At the North West Shelf project, operated by Woodside with a one-sixth interest, domestic gas production was below expectations at 585 terajoules daily. The company said the output reflected lower-than-forecast market demand. Liquefied natural gas and condensate output at the North West Shelf exceeded expectations, it said. LNG output was 20,941 metric tons a day and condensate production was 101,871 barrels a day. Liquefied petroleum gas output also was slightly above expectations, at 1,951 tons daily, it said. Cossack Pioneer oil production was 100,169 bbl/d, which Woodside said was above expectations. Turning to the Laminaria and Corallina oil fields, offshore Australia's northwest coast, production was below expectations at 37,510 bbl/d. The company said output is in natural decline and by the end of the quarter was averaging 35,957 bbl/d. The Legendre oil field, offshore Western Australia, was also disappointed, with production of 19,990 bbl/d landing below expectations. The result was largely due to unscheduled repairs at a facility gas lift compression unit and to Tropical Cyclone Monty forcing a temporary shutdown of the field from Feb. 28 to March 5. ============================== C H I N A & H O N G K O N G ============================== CNT GROUP: 2003 Net Loss Narrows to HK$173M ------------------------------------------- CNT Group Limited posted a net loss of HK$173.329 million for 2003, versus a net loss of HK$202.211 million (restated) for the previous year, Infocast news reports. No final dividend was declared. FOUR TWENTY: Date for Hearing of Petition Set --------------------------------------------- Notice is hereby given that a petition for the winding up of Four Twenty Company Limited by the High Court of Hong Kong was on the 3 March 2004 presented to the said Court by Doneur H.K. Limited, whose registered office is situated at Room 609, Harbour Crystal Centre, 100 Granville Road, Kowloon, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 28 April 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Chan & Tsu Solicitors for the Petitioner, Unit 4101, 41st Floor, Tower II 89 Queensway Hong Kong Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 27 April 2004. PACO FASHION: Date of Hearing Set June 9 ---------------------------------------- Notice is hereby given that a petition for the winding up of Paco Fashion Limited by the High Court of Hong Kong was on 30 March 2004 presented to the said Court by Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 9 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Messrs. Wat & Co. Solicitors for the Petitioner, 12th Floor, Chuang's Tower 30&32 Connaught Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 8 June 2004. SHUI FAT: Issues Winding up Hearing ----------------------------------- Notice is hereby given that a petition for the winding up of Shui Fat Textile Company Limited by the High Court of Hong Kong was on the 26 February 2004 presented to the said Court by Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 12 May 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the petitioner undersigned on payment of the regulated charge for the same. Chu & Lau Solicitors for the Petitioner, 2nd Floor, The Chinese General Chamber of Commerce Building No.24-25 Connaught Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 11 May 2004. SUNRIGHT ENTERPRISES: Court Schedules Winding up Hearing -------------------------------------------------------- Notice is hereby given that a petition for the winding up of Sunright Enterprises Limited by the High Court of Hong Kong was on the 26 February 2004 presented to the said Court by Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 12 May 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Chu & Lau Solicitors for the Petitioner, 2nd Floor, The Chinese General Chamber of Commerce Building No.24-25 Connaught Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 11 May 2004. THEME INTERNATIONAL: Narrows 2003 Net Loss to HK$19.9M ------------------------------------------------------ Theme International Holdings Limited incurred a net loss of HK$19.889 million for the year 2003. No final dividend was declared, according to Infocast News. The company also recorded a net loss of HK$27.932 million for the 15 months ended December 2002. TSUEN WAN: Court Sets Date for Hearing -------------------------------------- Notice is hereby given that a petition for the winding up of Tsuen Wan Industries Limited by the High Court of Hong Kong was on the 1 March 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 28 April 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Tsang, Chan & Wong Solicitors for the Petitioner, 16th Floor, Wing On House 71 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 27 April 2004. ================= I N D O N E S I A ================= BANK NEGARA: Targets May or June for Bond Issuance -------------------------------------------------- Bank Negara Indonesia is set to issue subordinated bonds in May or June in order to strengthen its capital, according to The Jakarta Post, citing the bank's president. "The bond offering is expected to raise BNI's capital adequacy ratio (CAR) from 18 percent at present to about 21 to 22 percent," BNI president Sigit Pramono announced on Tuesday. Mr. Sigit also reaffirmed BNI's other corporate plans for this year following the bond issue, including the offering of new shares and the selling of up to 30 percent of its stakes under a secondary offering mechanism. "The plan of the rights issue and the secondary offering are still being worked out," he said. "But they will hopefully be realized some time between July and December." Mr. Sigit had earlier mentioned JP Morgan and Bahana Securities as the bank and the underwriters for the upcoming bond offering. The bond issue was also intended to finance BNI's plant to expand its credit portfolio to Rp6 trillion ($700 million) for this year, up 20 percent from last year's Rp5 trillion, Mr. Sigit said. ========= J A P A N ========= BEST DENKI: Returns to Profit in February ----------------------------------------- Best Denki Co. said its net balance returned to profit for the year to February 29, partly because it was freed from the need to book a range of large one-off expenses, including appraisal losses on securities holdings, according to Kyodo News. In a consolidated earnings report for the 2003 business year, the consumer electronics goods retail chain operator incurred a 2.37 billion yen net profit against the previous business year's loss of 1.16 billion yen. K.K. DAIWA: Real Estate Firm Enters Bankruptcy ---------------------------------------------- K.K. Daiwa Enterprise has entered bankruptcy, according to Teikoku Databank America. The real estate business, which is located at Shinjuku-ku, Tokyo, Japan, has total liabilities of US$724.17 million. MITSUBISHI FUSO: Unveils Board Changes -------------------------------------- Mitsubishi Fuso Truck & Bus Corporation (MFTBC), in a press release, announced that Michio Hori, Senior Vice President and Chief Financial Officer since 2003, was appointed as new Chairman in the Board of Directors' meeting held on April 20. He will succeed Takashi Usami, who resigned from the post on April 16. Wilfried Porth, MFTBC President and CEO, noted that Hori will primarily devote his time to take initiatives in such areas as reforming the corporate culture and upgrading human resources in the entire MFTBC Group. Commenting on Hori's appointment, Mr. Eckhard Cordes, a Management Board Member of DaimlerChrysler, who is a non-full time member of the board of MFTBC, said "Mr. Hori was successfully leading the spin-off activities in January 2003, and has a proven track record in the firm's financial restructuring. He is a man of character whom I can put full confidence in his abilities." Hori's brief personal record is as follows: 1966 Joined Mitsubishi Heavy Industries, Ltd. 1970 Joined Mitsubishi Motors Corporation (MMC) 1997 General Manager of Corporate Planning & Research Dept. of Corporate Planning & Strategy Office 2000 Assistant to Executive Vice President of MFTB 2000 Deputy Corporate General Manager of Planning & Administration Office of MFTB 2001 Executive Officer (EO) MMC, Corporate General Manager of Planning & Administration Office of MFTB 2003 Senior Vice President and Chief Financial Officer of Mitsubishi Fuso Truck & Bus Corporation 2004 Chairman of the Board of MFTBC (currently) MITSUBISHI MOTORS: Mitsubishi In Talks To Keep Unit Open -------------------------------------------------------- Australian Prime Minister John Howard and Industry Minister Ian MacFarlane are in talks with Mitsubishi Motors Corporation to save its South Australian manufacturing plant from closure, Kyodo News reports, citing Kirsty Boazman, a spokeswoman for MacFarlane. Parent company Mitsubishi Motors is struggling financially and reports from Japan suggest the company will cut 4,500 jobs internationally when it announces a restructuring plan on April 30. Other reports said DaimlerChrysler is considering selling or closing the Adelaide plant. It is important for South Australia to keep the Adelaide plant open, Boazman said. Mitsubishi Motors Australia's plant in Adelaide is producing the Magna car and is one of the state's biggest employers, with a workforce of 3,300. MITSUBISHI MOTORS: Denies Report to Sell Fuso Shares ---------------------------------------------------- Troubled Mitsubishi Motors Corporation has denied a report that it plans to sell all of its shares in Mitsubishi Fuso Truck Bus Corporation to Mitsubishi Corporation, Channel News Asia reported on Wednesday. The company was responding to a report that it would sell its 20 percent stake in Mitsubishi Fuso, estimated to be worth 50 billion yen (458.7 million dollars). The companies aimed to complete the transaction during the current financial year ending March 2005, the Nihon Keizai Shimbun newspaper said. Mitsubishi Motors will use the proceeds to finance new car development and restructuring, the report added. WOOD ONE: R&I Assigns BBB Rating -------------------------------- Rating and Investment Information, Inc. (R&I) assigned a long- term debt rating of BBB to Wood One Co., Ltd. issued under the shelf registration scheme. ISSUE: Bonds to be Rated: Corporate Bonds Issue Amount: Yen 10,000 million (Shelf Amount) Issue Period: Two years from Jun 22, 2002 RATIONALE: Wood One Co., Ltd. is a leading manufacturer of wood-based construction materials. The company has a large share of the market for staircases, doors and other wood products. Procurement needs for the majority of its timber are met by the group's own forests, so the company has a high level of competitiveness. On the other hand, a long period is required for the recovery of afforestation expenditure, so during that interim the company is exposed to risk factors that affect the level of recovery of funds. Such factors include market conditions for timber, trends in exchange rates, and changes in customers' preferences. An increase in the number of housing starts, shorter delivery periods due to improved logistic systems, and faster preparation of estimates have resulted in an increase in sales and there is a noticeable recovery in the level of short-term earnings. Although it looks as if the austere business environment will continue over the medium- to long-term, there is little concern that Wood One's earning potential will decrease in the short term because of its increasing competitiveness in the industry. In addition to the company's heavy financial burden for forestry holdings, interest-bearing debt has been on a rising trend for the past few years due to continued high-cost capital investments for projects, which included increasing production capacity in New Zealand. The cycle of heavy investment in New Zealand was completed in the fiscal year ending March 2004 but future demands for funds are still unpredictable because of business developments in China and other business plans. R&I will pay attention whether demand for future funds remains within the scope of the company's cash flow. ========= K O R E A ========= HYNIX SEMICONDUCTOR: KEB Proposes New Survival Scheme ----------------------------------------------------- Korea Exchange Bank (KEB), a key creditor controlled by U.S. investment fund Lone Star, has proposed a new survival program for Hynix Semiconductor Inc., citing a rebound in global demand for semiconductors, Channel News Asia reports. KEB, which holds a 13.8 percent stake in Hynix, also supports Hynix's plan to build a 300-millimetre (12-inch) wafer manufacturing plant in China's Jiangsu Province. KEB officials say the Chinese government would put up 1.2 billion dollars for the 1.5 billion dollar plant, which would help the chipmaker to secure cutting-edge assembly lines. SK GROUP: MMAA Likely Candidate to Acquire Walkerhill Hotel ----------------------------------------------------------- The Military Mutual Aid Association (MMAA) has emerged as the favorite to acquire Sheraton Grade Walkerhill Seoul, a unit of the SK Group, the Maeil reports. The SK Group and creditors are said to award MMAA as prime bidder to acquire up to 61.35 percent of the hotel. The association is said to have offered 600 billion won as its bidding price. SK NETWORKS: Takes Legal Action Against Sovereign ------------------------------------------------- SK Networks will take legal action against Sovereign Asset Management if the Monaco-based investment firm continues to put ads in a local daily defaming the Company, the Korea Times reports, citing SK Networks President Jung Man-won. "I think it is illegal for Sovereign to take such actions against a firm under creditor banks' debt rescheduling," Jung added. "We are considering taking necessary action against the foreign firm following the legal review." SK Networks, formerly SK Global, netted 128.9 billion won in the first-quarter income, up 377 percent from a year ago. Its sales totaled 3.36 trillion won. The company has reduced 59.7 billion won in costs through personnel restructuring, while pushing for a self-rescue plan by selling off financial and real estate assets worth 500 billion won. SK NETWORKS: Aims for 1 Trillion Won in EBITDA by 2010 ------------------------------------------------------ SK Networks Co., a trading unit of the SK Group, said its goal is 1 trillion won (US$870 million) in earnings before interest, taxes, depreciation and amortization (EBITDA) by 2010, according to Yonhap News. Even under its current business structure, SK Networks will be able to attain 800 billion won in EBITDA by 2010, company President and CEO Jung Man-won said. =============== M A L A Y S I A =============== BERJAYA SPORTS: Issues Listing and Quotation of New Shares ---------------------------------------------------------- Berjaya Sports Toto Berhad would like to announce that the company's additional 50,200,150 new ordinary shares of RM1.00 each arising from the Conversion of RM50,200,150 nominal amount 8 percent Irredeemable Convertible Unsecured Loan Stocks 2002/2012 were granted listing and quotation with effect from 9 a.m., Wednesday, 21 April 2004. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. BOUSTEAD HOLDINGS: Lists 4,043,800 New Ordinary Shares ------------------------------------------------------ Boustead Holdings Berhad would like to announce that the company's additional 4,043,800 new ordinary shares of RM0.50 each issued pursuant to the Boustead Employees' Share Option Scheme will be granted listing and quotation with effect from 9 a.m., Thursday, 22 April 2004. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. CHASE PERDANA: Registrar Moves To New Address --------------------------------------------- Chase Perdana Berhad would like to announce that the company's share registrar Signet Share Registration Services Sdn Bhd has moved from 11th Floor-Tower Block, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur to a new location at Level 26 Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur. They may be contacted at telephone number: 03-27212222 or facsimile number 03-27212530 or 27212531. This change took effect on 19 April 2004. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. GULA PERAK: Announces Change of Address by Registrar ---------------------------------------------------- Gula Perak Berhad would like to announce that the company's share registrar Signet Share Registration Services Sdn Bhd has moved from 11th Floor-Tower Block, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur to a new location at Level 26 Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur. They may be contacted at telephone number: 03-27212222 or facsimile number 03-27212530 or 27212531. This change took effect on 19 April 2004. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. HAP SENG: Announces Buy Back of Ordinary Shares ----------------------------------------------- Hap Seng Consolidated Berhad in a disclosure dated 20 April 2004 to the Kuala Lumpur Stock Exchange announces the buy back of ordinary shares of RM1.00 each. Details are as follow: Date of buy back: 20 April 2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 15,000 Minimum price paid for each share purchased (RM): 2.580 Maximum price paid for each share purchased (RM): 2.610 Total consideration paid (RM): 39,161.79 Number of shares purchased retained in treasury (units): 15,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 32,796,500 Adjusted issued capital after cancellation (no. of shares) (units): 0 Remarks : cc: Securities Commission HO WAH: Issues Price for Final Tranche -------------------------------------- On behalf of Ho Wah Genting Berhad (HWGB), AmMerchant Bank Berhad is pleased to announce that the issue price of the final tranche of the Shares to be issued pursuant to the Proposed Private Placement comprising 2,649,000 new Shares in HWGB, has been fixed by the Board of Directors of HWGB at RM1.00 per Share being the par value of the Shares. The 5-day weighted average market price of HWGB Shares up to and including 19 April 2004 is RM0.79. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. HOTLINE FURNITURE: SC Approves Extension ---------------------------------------- Hotline Furniture Berhad (HFB) would like to refer to the approval from the Securities Commission (SC) on the Proposed Restructuring Scheme of HFB, via its letters dated 23 April 2003, 1 July 2003, 20 January 2004 and 3 March 2004. In connection thereto, HFB is required to complete the Proposed Restructuring Scheme by 22 April 2004. On 7 April 2004, Public Merchant Bank Berhad (PMBB) had, on behalf of HFB, made an application to the SC for an extension of time to 6 May 2004 for HFB to complete the Proposed Restructuring Scheme (Extension Sought). Pursuant thereto, PMBB, on behalf of HFB, is pleased to announce that the SC had approved the Extension Sought vide its letter dated 14 April 2004. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. HOTLINE FURNITURE: Mahajaya To Take Over Listing Status ------------------------------------------------------- Mahajaya Berhad will be taking over the listing status of Hotline Furniture Berhad on the Malaysia Securities Exchange Berhad (MSEB), Malaysia's National News Service-Bernama reports. This exercise will take effect after Mahajaya, an integrated property development and construction company completes a reverse takeover of Hotline next Tuesday, 27 April. With the takeover, Mahajaya will hold a total of 224,890,804 issued and fully paid up shares of RM1.00 each to be listed on the MSEB. Some 49 million 3 percent Irredeemable Convertible Unsecured Loan Stocks (ICULS) will not be listed but are convertible to new Mahajaya shares over a period of five years. Mahajaya has two synergistic divisions, namely property development where there are 10 subsidiaries and construction, which has five subsidiaries. "Property will remain our core business and we will continue our focus on property development with the same team that has built up Mahajaya," Mahajaya's managing director Tan Ming Wai said. The company is solvent, having earned RM22 million of profit after tax (PAT) for the year ending 30 June 2003. MALAYSIA AIRLINES: Mulls First Dividend in Four Years ----------------------------------------------------- Malaysia Airlines System Bhd (MAS) looks set to reward its shareholders with a dividend for the financial year ending 31 March 2004, The Star online reports. This will be the first dividend payout since March 31, 2000. "If we perform well, our board would want to reward shareholders with a dividend," MAS chief financial officer Low Chee Teng said. The company last paid a dividend worth two sen per share in 2000, when it suffered a net loss of RM259M. Dividend payouts were suspended for the next two years when bigger net losses of RM417mil and RM836mil respectively were incurred. The company experienced a turnaround in the last financial year due to asset sales but no dividends were paid. The amount the company is able to pay this year would depend on its net profit for the year as it has carried forward losses of some RM2.5bil as at March 31, 2003. Based on its paid-up capital of RM1.25bil, a 10 sen dividend, for instance, would result in a total payout of RM125mil, which is well within its means. The airline is believed to be sitting on a cash pile of some RM2bil. Low declined to reveal any financial numbers for the fourth quarter ended last month, but said the preliminary accounts "look promising". "January and February were profitable months and March seems to be, too," Low said. Operationally, the load factor (the percentage of seats filled on its aircraft) for January 2004 was 73 percent, but it fell to 69.1 percent in February, although this was a 3.7 percentage point improvement over the equivalent month last year. MAS posted a net profit of RM167mil for the three quarters to Dec 31, 2003. The ringgit peg to the dollar has also proven beneficial to the airline as 50 percent of the airline's receipts are in euros, yen, pound sterling and Australian dollars. All of these currencies have been appreciating against the dollar and ringgit over the past year. Low however, is concerned over the cost of fuel as the price of crude oil has risen to US$37.43 per barrel on average in the financial year ended March 2004 from US$31.18 in FY2003 and US$26.83 in FY2002. OCEAN CAPITAL: Receives Time Extension From SC ---------------------------------------------- Further to the announcement made on 18 March 2004, Hwang-DBS Securities Berhad on behalf of the Board of Directors of Ocean Capital Berhad, wishes to announce that Malaysia Securities Exchange Berhad has vide its letter dated 19 April 2004 approved the application for an extension of time for a period of three (3) months till 21 June 2004 to enable Ocean to obtain the all the necessary approvals from the relevant authorities for its regularization plan. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. OCEAN CAPITAL: Samudra Duty Free Unit Ceases Operations ------------------------------------------------------- Ocean Capital Berhad would like to announce to the Malaysia Securities Exchange Berhad that the Samudra Duty Free Outlet, a wholly owned subsidiary of Ocean, has ceased its business operation effective Monday, 19 April 2004. Ocean Capital, which is involved in the trading of apparel and garments as well as the operation of supermarkets and department stores, is currently divesting of non-core assets as part of the company's restructuring exercise. This will enable Ocean to concentrate on its supermarket and departmental store retailing. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. PANGLOBAL: Settles Profit Shortfall ----------------------------------- Pursuant to the acquisitions of Limbang Trading Sdn Bhd (LTL) and Global Minerals (Sarawak) Sdn Bhd (GMS) by Panglobal Berhad (PGB) which were completed in June 1995, the vendors of LTL, namely Limbang Trading Company Sdn Bhd (LTC) and the vendors of GMS, namely LTC, Datuk Amar James Wong Kim Min and YB Richard Wong Shoon Fook guaranteed their proportionate percentage of a certain level of profit of LTL and GMS. Arising from the guarantees attributable to the vendors, there was a shortfall of guaranteed profits of RM 12,480,712.00 and RM 2,223,168.62 and the same remained unpaid. The Vendors of LTL and GMS collectively propose to settle the outstanding sums by way of transferring to PGB 85,000 shares in Limbang Plantation Sdn Bhd (LPSB) representing 85 percent of the issued and paid-up capital of LPSB of par value RM 1.00 each. LPSB principal assets are several parcels of plantation land valued by M/s Jordan Lee, Jaafar and Chew Sdn Bhd at RM 15,000,000.00 on 18th August 2003 on the basis that the same are free from all encumbrances. Accordingly, the valuation of the shares [on the basis of the Net Tangible Asset per share] of LPSB shall incorporate the said valuation and any shortfall between the absolute value of the 85,000 LPSB shares shall be met by payment of cash by the LTL and GMS Vendors. PGB's Board of Directors has deliberated and was of the view that acceptance by PGB of the proposed settlement of the shortfall in the profit guarantees by the said LTL Vendors and the GMS Vendors is in the best interest of PGB. Accordingly, PGB has on 20th April 2004 entered into a conditional Profit Guarantee Settlement Agreement which is, inter-alia, subject to a satisfactory financial due diligence conducted by an approved firm of auditors nominated by PGB, approval of the shareholders at an Extraordinary General Meeting to be convened by PGB and that of the relevant authorities such as the Securities Commission and the Foreign Investment Committee. This Kuala Lumpur Stock Exchange announcement is dated 20th April 2004. TANJONG PUBLIC: Discloses Principal Officer's Dealings ------------------------------------------------------ Tanjong Public Limited Company would like to announce that the Company has been notified of the following dealing by Uma Maniam Muthusamy, a Principal Officer of the Company pursuant to Paragraph 14.09 (a) of the Listing Requirements of Bursa Malaysia Sdn Bhd (formerly the Kuala Lumpur Stock Exchange) (BMSB): Notification on 20 April 2004: That he has disposed in the open market of the BMSB, 10,000 shares of 7.5 pence each in Tanjong representing 0.0025 percent of the issued share capital of Tanjong as at the date of the transaction; Date of transaction: 7 April 2004; Transaction price: RM13.00 per share of 7.5 pence each. This Kuala Lumpur Stock Exchange announcement is dated 20 April 2004. TENAGA NASIONAL: Launches RM200 Million in CRIS ----------------------------------------------- Tenaga Nasional Berhad launched RM200 million worth of Convertible Redeemable Income Securities (CRIS) on Monday, 19 April, The Edge Daily reports. According to CIMB Group Investment Banking Services Bhd chief executive Datuk Nazir Razak, CRIS is a new product in the ringgit capital market in the form of listed convertible bonds. These CRIS are issued in a move to further reduce Tenaga's funding costs and to diversify its ringgit investor base from traditional fixed income players. "We want to improve our borrowings but really we want to test the market. This is the first time this product is introduced to the local market," Tenaga president and chief executive officer Datuk Pian Sukro said in Kuala Lumpur on April 19. "Thus far, ringgit convertible bonds that have been issued have been in the form of either redeemable or irredeemable convertible loan stocks issued following debt restructuring exercises or as rights issues," he added. Tenaga's CRIS is rated AA1 by Rating Agency Malaysia Bhd and has a tenure of five years from the date of the first issue expected next month. If all the RM200 million CRIS were converted to Tenaga shares, they would represent about 0.6 percent of Tenaga paid-up capital, depending on the conversion price. Tenaga's CRIS is rated AA1 by Rating Agency Malaysia Bhd and has a tenure of five years from the date of the first issue expected next month. ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: Telco Executives Faces Anti-Trust Case ---------------------------------------------------------------- Bayan Telecommunications Inc. (BayanTel) seeks protection from Philippine laws to spare it from turning over documents to a grand jury in Hawaii, The Manila Times reports. "We have not been sending documents because there were legal remedies available under our jurisdiction. Our law allows us not to comply. We should, at all times, follow the rules of our jurisdiction. It is available to us that is why we used it," BayanTel Chief Finance Officer Gary Olivar told reporters on Tuesday. Vinsons and Elkins, the foreign lawyers hired by the Lopez- controlled firm to handle the anti-trust case against Philippine telco executives in Hawaii, has invoked Presidential Decree 1718, which protects all Philippine industries carrying out economic development programs from being compelled to show or hand over documents and information to any foreign person or government to the prejudice or detriment of said corporations. Thirty telco executives were issued subpoenas while attending the Pacific Telecommunications Council conference in Hawaii this year. They are facing federal grand jury investigation in the United States on a possible case of price-fixing. LEPANTO CONSOLIDATED: To Allocate PhP550M in Capital Outlay ----------------------------------------------------------- Lepanto Consolidated Mining Co. plans to spend PhP550 million as capital outlay this year to finance drilling and development activities, BusinessWorld Online reports. The gold producer suffered PhP142 million in losses last year due to labor problems and expects to bounce back into profitability in 2004. A continued price of gold at the world market will aid in the company's target of PhP460 million in profits by the end of the year. "For 2004, our planned production is 113,800 ounces. Total tonnage is expected to be 836,000 tons at a grade of 4.5 grams per ton. With a projected gold price of $390 per ounce, net income from the mine operations is forecast to be P460 million," the company's President and Chief Operating Officer, Mr. Bryan U. Yap said. Mr. Yap said the company's performance in the first quarter is an indicator that profit targets for the full year will be within reach. "In the first quarter of 2004, gold production was 25,359 ounces, an increase of 96% from the corresponding first quarter of 2003. Unaudited net profit from operations excluding extraordinary losses for the first quarter was PhP81 million, this compares favorably with the net loss of PhP64 million for the first quarter of 2003," he said. In an interview following Lepanto's stockholders' meeting, Mr. Yap said the miner will spend half a million this year for capital expenditures, bulk of which will go to its 700L and Teresa projects, formerly Victoria 2 in Benguet. "The capital expenditure that we are looking at is about PhP550 million most of the expenditures will be on drilling and development for both projects," he said. Mr. Yap said the capital expenditures for the year will be financed through internally generated cash as the company expects revenues to grow this year. The 700L project is a continuing development effort to mine the deeper sections of Lepanto's Victoria ore body. Capital expenses for the year is expected to improve the project's efficiency in terms of lower haulage, support and maintenance costs. "These efficiency factors are essential as we develop deeper sections below 700L for the simple reason that the mining widths are decreasing and corresponding average grades are marginally lower," Mr. Yap said. As for the Teresa project, Mr. Yap said the company does not expect the facility to produce high-grade ore although it is still seen to add to total output. The Teresa project has an approved annual capacity of 970,570 tons or 162,860 ounces of gold. VICTORIAS MILLING: Posts PhP9.07M Decrease in Net Income -------------------------------------------------------- Victorias Milling Corp. disclosed on Tuesday, 20 April a decrease in net income for the second quarter of the current crop year to 69.6 percent or PhP9.07 million from Php29.87 million in the prior year, according to the BusinessWorld. Victorias blamed operational losses as consolidated revenues from operations for the second quarter ending February 29 rose to PhP861.11 million from PhP827.76 million the previous crop year. In its latest financial statement, Victorias said it "incurred significant losses from operations and had accumulated deficits of PhP3.3 billion as of February 29, 2004, which adversely affected its financial condition and cash flow position." Victorias posted gross profit of PhP194.06 million for the second quarter, slightly higher than PhP192.29 million in the year-ago period. ================= S I N G A P O R E ================= ASTI HOLDINGS: Listing New Shares --------------------------------- Asti Holdings Limited announced with the Singapore Exchange Securities Trading Limited that an additional 133,000 shares arising from the exercise of 133,000 Warrants 2004 and valued at S$0.10 will be granted listing and quotation on 21 April 2004. Asti Holdings is involved in the research, design and manufacture of semiconductor manufacturing equipment and the provision of semiconductor manufacturing services (tape and reel services). Asti is a member of SGX listed Flextech Holdings Ltd group of companies. BATCH-TEC PTE: Winding up Hearing Set April 23 ---------------------------------------------- Notice is hereby given that a petition for the winding up of Batch-Tec Pte Ltd by the High Court was on 1 April 2004 presented by Ng Ser Heng trading as Dason Engineering & TDG of Block 327, Sembawang Crescent #05-32, Singapore 750327. The said Petition will be heard before the Court sitting at Singapore at 10 a.m. on the 23 April 2004. Any creditor or contributory of the said Company desiring to support or oppose the making of an Order on the said Petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner's address is care of 133 New Bridge Road, #14-10 Chinatown Point, Singapore 059413. The Petitioner's solicitors are Messrs Sng & Company, 133 New Bridge Road, #14-10 Chinatown Point, Singapore 059413. SNG & COMPANY Solicitors for the Petitioner. Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the above named SNG & Company, a notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the above named not later than twelve o'clock noon on the 22 April 2004 (the day before the date appointed for the hearing of the Petition). The Singapore Government Gazette announcement is dated 16 April 2004. CHARTERED SEMICONDUCTOR: Listing 13,090 New Shares -------------------------------------------------- Chartered Semiconductor Manufacturing Limited announced on 20 April at the Singapore Exchange Securities Trading Limited that an additional 13,090 shares arising from the Employees' Share Option Scheme and valued at S$0.26 will be granted listing and quotation effective 21 April 2004. DBS GROUP: New Securities Listed -------------------------------- DBS Group Holdings Limited announced on 20 April at the Singapore Exchange Securities Trading Limited that an additional 8,000 shares arising from the Employees' Share Option Scheme and valued at S$1.00 will be granted listing and quotation effective 21 April 2004. The DBS group consists of investment holdings, banking and financing, the provision of mortgage financing, lease and hire purchase financing, corporate advisory services, nominee and trustee services, funds management services, stockbroking and other financial services. DIAMOND HILL: Issues Dividend Notice ------------------------------------ Diamond Hill Holdings Pte Ltd (In Liquidation) issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 22 Malacca St #05-00 UMBC Building Singapore 0104. First and Final Dividend: 0.388 per centum of all admitted proofs of unsecured creditors. When Payable: 27 April 2004. Where Payable: KPMG 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. HAMISH A. CHRISTIE Joint and Several Liquidator. The Singapore Government Gazette announcement is dated 16 April 2004. HO WAH: Petition Hearing Adjourned to 11 June --------------------------------------------- Ho Wah Genting International Ltd would like to refer to the notice dated 22 March 2004 pertaining to a petition for the winding up of the Company filed by United Overseas Bank Limited. The company wishes to announce that the hearing for the winding up petition has been adjourned till 11 June 2004. Further announcements, where appropriate, will be made regarding the status of the petition. By order of the Board Ong Beng Hong/Tan Swee Gek Joint Secretaries Submitted by Ong Beng Hong/Tan Swe Gek, Joint Secretaries on 20 April 2004 to the SGX. KAMOGAWA INTERNATIONAL: Issues Debt Claim Notice to Creditors ------------------------------------------------------------- Notice is hereby given that the creditors of Kamogawa International Hotels And Restaurants Management Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 17 May 2004 to send in their names and addresses, with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the Liquidator of the said Company, and, if so required by notice in writing from the said Liquidator, are by their solicitors, or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Loke Poh Keun Liquidator. c/o 8 Cross Street #17-00 PWC Building Singapore 048424. This Singapore Government Gazette announcement is dated 16 April 2004. SMB UNITED: New Securities Listed --------------------------------- SMB United Limited announced on 20 April at the Singapore Exchanges Securities Trading Limited that an additional 2,090,000 shares arising from the Share Option Scheme and valued at S$0.10 will be granted listing and quotation effective 21 April 2004. SMB United was incorporated to serve the merger of four companies: Mac Electric (S) Pte Ltd, Soundtex Switchgear & Engineering Pte Ltd, Bridex Singapore Pte Ltd and Heer Singapore Pte ltd. The company's principal activity is that of investment holding while its subsidiaries are engaged in the manufacture and supply of electrical switchgears, electronic and electrical appliances, the import, export and distribution of electronic and electrical products; the manufacture and sale of contact lens and optical related products; the plumbing, trading, design and installation of sanitary and bathroom accessories and the supply, design, installation and maintenance of high technology building controls and automation. TONG HUP: Places Firm Under Judicial Management ----------------------------------------------- The petition for placing Tong Hup Seng Construction Co. Pte Ltd under the judicial management by the High Court of Singapore was on 8 April 2004 presented by Guice Kan trading as Hoe Lian Construction of 50 East Coast Road, #02-33 Roxy Shopping Centre, Singapore 428769. The said Petition will be heard before the Court sitting at the High Court at 10 a.m. on 30 April 2004. Tay Swee Sze of Tay Swee Sze & Associates (Certified Public Accountants) of 30 Robinson Road, #04-01 Robinson Towers, Singapore 048546 has been nominated as the judicial manager. Any person who intends to oppose the making of an order under section 227B (5) (b) or the nomination of a judicial manager under section 227B (3) (c) may appear at the time of hearing by himself or his counsel for that purpose; and a copy of the petition will be furnished to any creditor or member of the company requiring it by the undersigned on payment of the regulated charge. The Petitioner's address is 50 East Coast Road, #02-33 Roxy Shopping Centre, Singapore 428769. The Petitioner's solicitor is Messrs Alan Shankar & Lim of 171 Chin Swee Road, #03-02 San Centre, Singapore 169877. Messrs Alan Shankar & Lim Solicitors for the Petitioner. Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the above named Messrs Alan Shankar & Lim notice in writing of his intention so to do. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than 12 o'clock noon of the 29 April 2004 (the day before the day appointed for the hearing of the Petition). This Singapore Government Gazette announcement is dated 19 April 2004. UCB-PLATOU DRY: Creditors Must Submit Claims by May 16 ------------------------------------------------------ Notice is hereby given that the creditors of UCB-Platou Dry Cargo Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before 16 May 2004 to send in their names and addresses with particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the Liquidators at 1 Scotts Road, #21- 07/08/09 Shaw Centre, Singapore 228208. If so required by notice in writing from the said Liquidators are, by their solicitors or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Mdm Chia Lay Beng Mdm Goh Wei Ling Liquidators. This Singapore Government Gazette announcement is dated 16 April 2004. UNITED ENGINEERS: Reports Listing and Quotation of New Shares ------------------------------------------------------------- United Engineers Limited announced on 20 April at the Singapore Exchange Securities Trading Limited that an additional 217,160 shares arising from the Executives' Share Option Scheme and Share Option Scheme 2000 and valued at S$1.00 will be granted listing and quotation effective 21 April 2004. United Engineers Ltd was incorporated as a result of the merger of two long established companies - Riley Hargreaves & Co, an engineering company founded in 1865 and Howarth Erkine Ltd, importers and general contractors founded in 1895. The principal activities of the Company are those of a holding company and property owner and developer. The Group is engaged in engineering, development and construction, manufacturing and equipment supply, information technology, healthcare services and general trading. =============== T H A I L A N D =============== BANGKOK RANCH: Cancels AGM and Dividend Payment of Shareholders --------------------------------------------------------------- Since August 17, 2000, Bangkok Ranch PCL (BR) has been in the business reorganization process. All duties and responsibilities to manage BR have been vested to Bangkok Ranch Planner Ltd., the Plan Administrator as appointed by the Bankruptcy Court. Therefore, we, in our capacity as the Plan Administrator of BR, would like to inform you that the Annual General Meeting of Shareholders for the year 2004 of BR will be cancelled and the dividend payment will be omitted. However, we will distribute the 2003 annual report to all shareholders. Sincerely yours, (Mr. Joseph Suchaovanich) (Mr. Richard E. Foyston) Bangkok Ranch Planner Limited As Plan Administrator of Bangkok Ranch Public Company Limited M.D.X: Submits Progress of Plan Implementation ---------------------------------------------- MDX PCL submits to the Stock Exchange of Thailand the progress of the company's plan implementation as of March 31, 2004. (1) Capital Restructuring (1.1) Capital Reduction As at March 1, 2004, MDX decreased its registered capital from THB5, 000,000,000 to THB1,656,303,780, consisting of 165,630,378 ordinary shares with a par value of THB10. (1.2) Capital Increase As at March 2, 2004, MDX increased its registered capital by THB 3,100,000,000 or 310,000,000 ordinary shares with a par value of THB 10 for the Debt to Equity conversion program. Consequently, MDX has a new registered capital of THB 4,756,303,780. Then, as at March 31, 2004, MDX called its paid-up capital totaling THB 3,047,659,670 for the Debt to Equity conversion program of those creditors whose claims have been finalized. Currently, MDX has a paid-up capital of THB 4,703,963,450. (2) Debt Restructuring The total claim amounts consist of effected debt and unaffected debt. The procedures for the debt restructuring are divided into 2 parts, namely principal and accrued interest which includes penalties, surcharge, expenses and other charges. (2.1) Repayment to secured creditors Treatment of Group 1 Creditors: MDX transferred secured asset to offset against the principal of Claims of Group 1 Creditors, which are already due and payable in THB 999.5 million. The value of the transferred assets was at 70% of the market value of the secured assets or at a par value of secured shares in case of no market value. The remaining shortfall from transferring secured assets was accrued and treated equally as Group 4, 5, 6, 7, 8 and 10 Creditors. As at July 28, 2003, MDX already transferred the secured land to the creditors. In addition, as at July 31, 2003, MDX already transferred the secured shares to offset against the principal of THB 35.2 million to the creditors. (2.2) Repayment to unsecured creditors Creditors of Group 4, Group 5, Group 6, Group 7, Group 8, Group 10 and the shortfall of principal of creditors of Group 1 after transferring of secured assets (approximately 23.48% of principal of Group 1 Creditors) The principal owed to the Creditors of the foregoing Groups has been repaid by one of three options as follow: Option I Creditors selecting this Option included 114 creditors of Group 6 whose principal amount totaling THB 25.7 million and 9 creditors of Group 7 whose principal amount totaling THB 6.2 million. All Creditors selecting this option were entitled to receive cash payment at the rate of 30 percent of the principal as at the Capital Increase Date. MDX already repaid all debts to local creditors on March 31, 2004. Currently, MDX is in the process of co-coordinating with BOT for repayment to foreign creditors. To view full copy of this press release, click http://bankrupt.com/misc/MDX042104.txt NAKORNTHAI STRIP: Submits Progress of Business Reorganization ------------------------------------------------------------- The Stock Exchange of Thailand (SET) determined that the companies categorized in the REHABCO Section have to report on the progress of financial problem solving and business rehabilitation once every six months to enable the SET to consider and review the financial status of the listed companies in the said section. Nakornthai Strip Mill PCL thus complies with such requirement by preparing the report on the progress of its financial problem solving and operational results, as well as the business rehabilitation as already undertaken by the Company, in accordance with the latest letter dated October 15, 2003 of Maharaj Planner Company Limited, as the Business Administrator. The Plan Administrator has now implemented the Plan of Business Reorganization of the Company. The business reorganization has been successfully completed as required by the Plan in Article 16.2, i.e. the Effective Date referred to in Article 9.1 of the Plan was achieved on October 31, 20031. The details are: (1) Relevant Plan Implementation Documents are the Master Restructuring Agreement, Shareholders' Agreement and Underwriting Agreement, all of which have been signed by the Company and relevant parties and have been in force as required by Article 9.1 (3) of the Plan, as follows: (1.1) The Master Restructuring Agreement was signed on October 6, 2003; (1.2) The Shareholders' Agreement was signed on October 6, 2003 (1.3) The Underwriting Agreement was signed on October 22, 2003. (2) The Company has received Sufficient Funds through the fund raising by way of the Public Offering. Pursuant to the prospectus, the Company will receive USD 92 million from the Public Offering. Through the Public Offering, the Company had THB3,960 million, equivalent to USD 98.92 million at the exchange rate of USD 1: THB43, being the rate applied as at October 31, 2003, remitted into the subscription account of the Debtor on November 4, 2003. The amount is not less than the Sufficient Funds set out in the prospectus. Accordingly, the Company received Sufficient Funds from the Public Offering in compliance with Article 9.1 (4) (4.1) of the Plan. (3) The Meeting of the Creditors' Committee No. 3/2546, held on October 3, 2002, resolved to appoint the members of the executive team. (4) In the first debt-to-equity conversion by the Financial Creditors on October 31, 2003, the Plan Administrator caused the Company to issue shares for converting debts into equity, by registering the increase of 6,467,758,777 paid-up shares of the Company, with a value of Baht 10 per share, upon which the paid- up capital increased by Baht 64,677,587,770. This was for the purpose of issuing shares to the Financial Creditors, i.e. 3,176,388,199 shares to the Thai Banks and 3,291,370,578 shares to the Holders of Tranche A, Tranche B and Tranche C Notes. In this regard, each creditor received shares from the debt-to- equity conversion as specified in Annexure 20 of the Plan: (4.1) Industrial Finance Corporation of Thailand was allocated 1,053,667,096 shares (4.2) Thai Asset Management Corporation was allocated 1,550,314,798, shares (4.3) Standard Chartered Nakornthon Bank Public Company Limited was allocated 181,370,660 shares (4.4) Government Saving Bank was allocated 289,148,807 shares (4.5) Asset Management Corporation was allocated 101,886,838 shares (4.6) The noteholder creditors of the Tranche A, Tranche B and Tranche C Notes were allocated a total of 3,291,370,578 shares. The debts of the noteholder creditors have not been settled, and Chase Manhattan Bank, as Creditors Nos. 117, 118 and 119, has not yet identified the true noteholder creditors. The Plan Administrator thus first issued shares for the debt-to- equity conversion for the noteholder creditors in the name of the Plan Administrator, in order to deliver them to the true noteholders when the court or official receiver issues the final order approving the noteholder creditors to receive debt repayment or when the true noteholder creditors can be identified. This issue was approved by the resolution of the Meeting of the Creditors' Committee No. 3/2546, held on October 3, 2003. After adding the increase in paid-up capital to that of existing paid-up capital of the Debtor, the Debtor has paid-up capital of Baht 71,863,986,410, divided into 7,186,398,641 shares. (5) The SET sent a letter permitting the sale or purchase of the securities of the Company on the SET after the achievement of the Public Offering. The shares of the Debtor could be traded on the SET, in accordance with the letter No. BorJor. 867/2546, dated November 10, 2003, permitting the trade of the Debtor's securities, i.e. the ordinary shares of the Debtor and the warrants representing the right to offer shares for sale to the existing shareholders, on the SET in respect of the REHABCO Section Pleased be informed accordingly and distribute the information to the general public. Sincerely yours, (Mr. Sawasdi Horrungruang) Maharaj Planner Company Limited As the Plan Administrator of Nakornthai Strip Mill PCL TPI POLENE: Submits Credit Rating Announcement by TRIS ------------------------------------------------------ TPI Polene PCL submits the Credit Rating Announcement (affirmed at BBB-) to the Stock Exchange of Thailand as TRIS Rating Co., Ltd. (TRIS) completes the credit rating review of the Company. This rating replaces the previous conditional one, as formerly assigned, by applying the data after the equity fund raising completion. Details may be reviewed in the attached announcement. Please be informed accordingly. Best regards, Mr. Prachai Leophairatana Chief Executive Officer To view full copy of this press release, click http://bankrupt.com/misc/tpipolene042104.txt TUNTEX: Seeks Extension on Submission of Rehabilitation Plan ------------------------------------------------------------- Tuntex (Thailand) PCL submits to the Stock Exchange of Thailand a letter of request to extend the date of submission of its business rehabilitation plan: Whereas the court has ordered the business rehabilitation of Tuntex (Thailand) PCL, and appointed Tuntex (Thailand) Public Company Limited as planner, which shall submit the business rehabilitation plan to the Official Receiver within April 20, 2004. The company would like to inform that it is still under the business rehabilitation process due to non-submission of the planner of the information and document related to the company's business, on time. Therefore, the planner has submitted a request to the court to extend the period to submit the business rehabilitation plan to May 20, 2004 to which the court has agreed. The company will inform you of any further progress. Sincerely yours Mr.Yang, Jin Tuu Director ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. 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