/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040428.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 28, 2004, Vol. 7, No. 83 Headlines A U S T R A L I A NATIONAL AUSTRALIA: Brokers Call for Sell Out NATIONAL AUSTRALIA: Director Demands Access to Documents C H I N A & H O N G K O N G DISI LIMITED: Schedules Winding up Hearing for June 9 DRAGON KING: Faces Winding up Hearing FAR EAST: Unveils Appointment of Liquidators FORTUNA INTERNATIONAL: Widens 2003 Net Loss to HK$36.6M GREATER CHINA: Unveils Liquidity, Financial Resources HAINAN TRAVEL: Schedules Winding up Hearing May 12 HENTIFF LIMITED: Court Sets Hearing Date HUALING HOLDINGS: Narrows 2003 Net Loss to HK$76.97M WELL HOPE: Creditors Meeting Set May 5 I N D O N E S I A BANK TABUNGAN: Pefindo Assigns Bonds Ratings * Prudential Life to Appeal Indonesian Court Decision J A P A N GENERAS CORPORATION: Files for Court Protection ISHIKAWAJIMA-HARIMA: R&I Downgrades Rating to BBB+ MITSUBISHI MOTORS: Rolf Eckrodt Steps Down as President MITSUBISHI MOTORS: Unveils March 2004 Production Sales Results MITSUBISHI MOTORS: S&P Comments on DaimlerChrysler Decision NIKKO CORDIAL: Swings to Profit in 2003 NIKKO CORDIAL: Unit Gets Administrative Action K O R E A HYNIX SEMICONDUCTOR: Faces Setback in China Plant Plan JINRO INDUSTRIES: Taihan Electric Buys Firm for US$244M M A L A Y S I A ANSON PERDANA: Adjourns Winding up Petition June 18 ANTAH HOLDINGS: Issues Default Status Update BOUSTEAD HOLDINGS: Lists New Ordinary Shares KILANG PAPAN: Unveils Investigative Audit Results OILCORP BERHAD: Posts Changes in Director's Shareholding OCEAN CAPITAL: Announces Registrar's Change of Address OSK HOLDINGS: Enters Alliance With Equitable Investment OSK HOLDINGS: Announces Listing of New Shares TECHNO ASIA: Slapped with Public Reprimand P H I L I P P I N E S ABS-CBN BROADCASTING: To Raise US$120M to Refinance Debts BAYAN TELECOMMUNICATIONS: Court Orders Creditors' Equal Care FIRST PHILIPPINE: Sets Annual Stockholders Meeting NATIONAL STEEL: SEC Dragging RTC's Sale Approval PHILIPPINE AIRLINES: Takes Extra Care After Strike Threats PHILIPPINE LONG: Issues Notice of Annual Stockholders Meeting PHILIPPINE LONG: Bags Overall Best Managed Company Award S I N G A P O R E CYCAD PTE: Schedules Winding up Hearing FASTHUB PTE: Issues Winding up Order Notice HUA KOK: Posts Changes in Audit Committee LIVONIA INVESTMENTS: Creditors Must Submit Claims by May 21 MURRANNE PTE: Issues Debt Claim Notice to Creditors PERTAMA DEVELOPMENT: Issues Winding Up Order Notice - - - - - - - - ================= A U S T R A L I A ================= NATIONAL AUSTRALIA: Brokers Call for Sell Out --------------------------------------------- National Australia Bank's continuous boardroom battle has urged brokers to recommend clients' sell their shares. "An ongoing downward earnings revision cycle continues to plague NAB. We feel this is not over, we believe the potential for further bad news remains." Citigroup Smith Barney said, quoted by The Australian newspaper. ABN Amro has downgraded net profit forecasts for 2004 by 9.1 percent, but it has assumed earnings will be worse than expectations because of NAB's poor profit guidance, however it expects NAB to include writedowns in its general provisions in one hit rather than gradually. NATIONAL AUSTRALIA: Director Demands Access to Documents -------------------------------------------------------- National Australia Bank director Catherine Walter was unable to get a copy of a draft report by PricewaterhouseCoopers (PwC) of the bank's foreign exchange trading scandal, Dow Jones reports. Ms. Walter claims she was prevented access to a copy of the document she to which she previously claimed key changes were made when a copy was circulated to some member of the bank's board. "A draft copy may throw some light on the extent and nature of changes made to the final report. It would provide some indication as to whether the final report was as independent as shareholders were led to believe," Ms. Walter argued. "I have sought from National a copy of the draft PwC report which was considered by the Principal Board Risk Committee members on February 23-24," Ms. Walter added. "The National apparently did not keep a copy in its PBRC record and PwC are not willing to make a copy available to their client, the National. But not getting access to the report, shareholders will be left to draw inferences about the fact it has been withheld," she said. Ms. Walter called on NAB's board to take all steps to make the necessary documents relevant to the investigation available. ============================== C H I N A & H O N G K O N G ============================== DISI LIMITED: Schedules Winding up Hearing for June 9 ----------------------------------------------------- Notice is hereby given that a petition for the winding up of Disi Limited by the High Court of Hong Kong was on the 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. DRAGON KING: Faces Winding up Hearing ------------------------------------- Notice is hereby given that a petition for the winding up of Dragon King Limited by the High Court of Hong Kong was on the 13 April 2004 presented to the said Court by GE Capital (Hong Kong) Limited whose registered office is situated at 8th Floor, Devon House, 979 King's Road, Quarry Bay, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 23 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. Li, Wong & Lam Solicitors for the Petitioner, Unit 2602, 26th Floor, Tower One 89 Queensway 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 22 June 2004. FAR EAST: Unveils Appointment of Liquidators -------------------------------------------- Far East Gateway Limited (In Compulsory Liquidation) has appointed several liquidators, disclosing that: The Company's Registered Office: 8/F., Pico Tower, 66 Gloucester Road, Wanchai, Hong Kong Joint and Several Liquidators': Mr. Ng Kwok Wai and Mr. David Nip of Messrs Professional Management Consultants Limited Liquidators' Address: Room 701, 7th Floor, Union Park Centre, 771 Nathan Road, Mongkok, Kowloon Members of a Committee of Inspection: (i) China Netcom Corporation Limited (ii) Far East Gateway International Limited (iii) Hady Hartanto (iv) Sri Tjintawati Hartanto (v) China Netcom (Hong Kong) Operations Limited This Quamnet announcement is dated 14 April 2004. FORTUNA INTERNATIONAL: Widens 2003 Net Loss to HK$36.6M ------------------------------------------------------- Fortuna International Holdings Limited booked a net loss of HK$36.693 million for 2003, versus a net loss of HK$27.953 million a year earlier, according to Infocast News on Tuesday. The Loss per share was $0.009. No final dividend was declared. GREATER CHINA: Unveils Liquidity, Financial Resources ----------------------------------------------------- In September 2003, Greater China Holdings Limited placed 27,598,000 shares at HK$0.221 per share and the net proceeds reached approximately HK$6,000,000. In a disclosure to the Stock Exchange of Hong Kong Limited, the transaction took place in October 2003 and the net proceeds were applied towards the repayment of the margin loans incurred by the Group in the course of investment in securities. In December 2003, the Company further placed 33,100,000 shares at HK$0.231 per share and the net proceeds was approximately of HK$7,600,000. Completion was taken place in January 2004 and the net proceeds were applied as the general working capital of the Group. The Group has a current ratio of approximately 0.42 as at 31 December 2003 (as at 31 December 2002: 1.75) and the gearing ratio was 1.40 as at 31 December 2003 (as at 31 December 2002: 0.85). The calculation of gearing ratio was based on the total borrowing of HK$142,453,000 (31 December 2002: HK$172,979,000) and the net assets of HK$101,648,000 as at 31 December 2003 (31 December 2002: HK$203,340,000). There were no significant capital commitments as at 31 December 2003, which would require a substantial use of the Group's present cash resources or external funding. The Group does not anticipate any material foreign exchange exposure since its cash, borrowings, revenue and expenses are denominated in Hong Kong dollars. CHARGED ON ASSETS As at 31 December 2003, all the Group's investment properties and the issued shares of China Faith Limited, a wholly owned subsidiary of the Company are pledged and the rental income in respect of the investment properties under operating leases are assigned to a bank against a bank loan of HK$138,300,000 (as at 31 December 2002: HK$147,400,000) granted to the Group. Other investments of HK$14,695,000 (31 December 2002: HK$101,431,000) are pledged against margin and other loan facilities granted to the Group. HAINAN TRAVEL: Schedules Winding up Hearing May 12 -------------------------------------------------- Notice is hereby given that a petition for the winding up of Hainan (H.K.) Travel Agency Limited by the High Court of Hong Kong was on the 12 March 2004 presented to the said Court by Hon Yin of 3/F., 177 Fa Yuen Street, Mongkok, Kowloon, 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. Ms. Ada Chau Ming Wai For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai 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. HENTIFF LIMITED: Court Sets Hearing Date ---------------------------------------- Notice is hereby given that a petition for the winding up of Hentiff Limited by the High Court of Hong Kong was on the 29 March 2004 presented to the said Court by Tsang Tak Fu of Room 232, Lee Hang House, Shun Lee Estate, Kowloon, 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. Ms. Ada Chau Ming Wai For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai 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. HUALING HOLDINGS: Narrows 2003 Net Loss to HK$76.97M ---------------------------------------------------- Hualing Holdings reported a net loss of HK$76.97 million for the year ended December 31, versus a net loss of HK$250 million a year earlier, according to the South China Morning Post. The refrigerator and air-conditioner maker had introduced cost- control measures, sparked by a drop in the price of household electrical appliances and a rise in the cost of raw materials, such as steel and cooper. Overall management and sales costs fell about 6 percent and 2 percent respectively compared with 2002. The loss per share was 5.6 HK cents. No dividend was declared. WELL HOPE: Creditors Meeting Set May 5 -------------------------------------- Notice is hereby given that a meeting of the creditors of Well Hope Industrial Limited will be held at Room 1101, 11/F., Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on 5 May 2004 at 2:30 in the afternoon. Creditors may vote either in person or by proxy. Forms of proxy to be used at the meeting must be lodged at Room 1101, 11/F, Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later than 4 p.m. on the day before the meeting or adjourned meeting at which they are to be used. By Order of the Board of Well Hope Industrial Limited Yeung Chun Sau Director This Quamnet announcement is dated 23 April 2004. ================= I N D O N E S I A ================= BANK TABUNGAN: Pefindo Assigns Bonds Ratings -------------------------------------------- Pefindo Credit Rating Indonesia assigned a "idBBB+" rating for PT Bank Tabungan Negara (BTNG)'s proposed Bonds X of IDR750 billion and "idBBB" for its Subordinated Bond I of IDR250 billion. At the same time, Pefindo upgraded its ratings for BTNG and Bonds IX/2003 of IDR750 billion to "idBBB+". The ratings reflect BTNG's strong presence in housing ownership loan market (KPR), especially in low to middle income classes, well-managed asset quality, and improving capitalization. Nevertheless, although improving, BTNG still bears relatively high cost of fund due to its unfavorable funding structure, which eventually leads to less favorable profitability ratios compared to that of peers. In addition, BTNG still faces significant maturity mismatch due to its focus on long-term house loans, whereas most of funding are still in the form of deposits that have short maturity. Established under the name of Postpaarbank in 1897, the bank's name was several times changed before it is known as Bank Tabungan Negara in 1963 up until now. In 1974, BTNG was appointed as the housing loan financing institution for low to medium income classes in order to support the government's housing development program. BTNG has tapped bond market since 1989 by issuing its five-year Bond I of IDR50 billion. Since then, BTNG has regularly issued bonds to finance its loan expansion and reduce its maturity mismatch. Similar to other banks, BTNG had suffered huge losses and negative equity following the economic crisis in 1997. As a result, in 2000, the bank was recapitalized with an injection of IDR13.8 trillion recap bonds, which subsequently made the bank's CAR sharply increase to 8.7% from minus 288.1%. Following the recapitalization program and more conservative lending, BTNG has gradually improved its performance in the past three years. As of December 2003, BTNG booked total assets of IDR26.8 trillion, which placed it as the 8th largest bank in the country. The bank's operation is supported with 44 branches, 59 sub-branches, 88 cash offices and 171 fully owned ATMs in addition to more than 4,000 units of ATM HIMBARA. As to date, the Government of Indonesia (GOI) still holds 100% ownership of BTNG. * Prudential Life to Appeal Indonesian Court Decision ----------------------------------------------------- In a company press release PT Prudential Life Assurance disclosed that it recently terminated a consultancy contract for agency sales force management, following legal advice. As a result, the consultant has made a claim against PT Prudential Life Assurance for approximately US$40 million and has filed a bankruptcy petition in the Jakarta Bankruptcy Court. The Company considers, on the basis of its legal advice, that the bankruptcy petition is ill conceived. Jakarta's Bankruptcy Court returned its verdict Friday. It held that the Company owes the consultant approximately US$ 400,000 and as a result, has put the Company into bankruptcy. PT Prudential Life Assurance is very surprised that the Court has decided to accept the petition filed against it. PT Prudential Life Assurance plans to vigorously appeal the Jakarta Bankruptcy Court's decision. While the appeal process is underway, Prudential' s operations in Indonesia intend to continue business as usual. All Prudential policies remain completely unaffected and our total commitment to our customers and our employees continues undiminished. PT Prudential Life Assurance is financially very strong. Its Risk Based Capital (RBC) ratio of 255% (as at December 31, 2003) compares very favorably with the 100% requirement dictated by the Ministry of Finance. ENQUIRIES TO: Media Investors/ Analysts Geraldine Davies: 0207 548 3911 Steve Colton: 020 7548 3721 Rebecca Burrows: 020 7548 3537 Clare Staley: 020 7548 3719 Marina Lee-Steere: 020 7548 3511 ========= J A P A N ========= GENERAS CORPORATION: Files for Court Protection ----------------------------------------------- Generas Corporation has filed with the Tokyo District Court for protection from creditors under the fast-track corporate rehabilitation law, according to Kyodo News. The real estate developer has total liabilities of 23.3 billion yen. The Company's principle activity is to operate real estate. The Company is also involved in the hotel/tourism business. Real estate operations including construction and sales of condominiums and apartments and rental and leasing of apartments and buildings accounted for 77 percent of 2001 revenues; hotel operations, 20 percent and others, 3 percent. ADDRESS: Web site: http://www.chisan-tokan.co.jp/ 7-8 Shibuya 1-Chome Shibuya-Ku 150-0002, Tokyo 150-0002 Japan BOARD OF DIRECTORS: President - Takeshi Watanabe Senior Managing Director - Masayuki Kato Managing Director - Yoshihiro Gondo Managing Director - Kenji Fukuchi ISHIKAWAJIMA-HARIMA: R&I Downgrades Rating to BBB+ -------------------------------------------------- Rating and Investment Information, Inc. (R&I) has removed the following ratings of Ishikawajima-Harima Heavy Industries Co., Ltd. from the Rating Monitor scheme and has downgraded them as follows: Senior Long-term Credit Rating; Long-term Bonds (9 Series) Preliminary Rating for the Shelf Registration scheme R&I RATING: BBB+; (Downgraded from A-; Removed from the Rating Monitor scheme) Domestic Commercial Paper Programme R&I RATING: a-2; (Downgraded from a-1; Removed from the Rating Monitor scheme) RATIONALE: Ishikawajima-Harima Heavy Industries (IHI) has recorded a consolidated net loss of 39 billion yen for the fiscal year ended March 2004. This is a result of profit deterioration in some projects, primarily in the energy and plant operations and the shipbuilding and offshore operations, and changes to accounting basis for recording accrued loss on sales contracts. In view of the downward revision of business results on March 15, R&I placed the Senior Long-term Credit Rating and other ratings for IHI on its Rating Monitor scheme with a view to downgrading the company's ratings on March 16 and have been conducting a review. R&I had concerns about the expansion in business risk accompanying IHI's active involvement in overseas business and engineering. This substantial loss means that heightened business risk has become a reality due to the effect of sharp rises in raw material prices and the appreciation in the yen. In addition, optimistic estimates of cost and technical difficulty, mainly for overseas business, have led to significant cost increases. Equity capital has also declined significantly, and R&I consider that IHI's financial resilience to risk is lower than in the past. R&I has downgraded the company's Senior Long- term Credit Rating to BBB+, and the rating for its Commercial Paper program to a-2 and has removed it from the Rating Monitor scheme. However, there are some cases that long-term large-scale projects incur a large additional cost and a company suffers losses only when the construction is nearing its end. While the risk for these projects is not apparent now, it certainly cannot be said that problems will definitely not arise in the future. From this perspective, R&I believes although IHI has accumulated reserves, it will not be able to cover all risks. There is a possibility that the company's rating will be reviewed when additional loses arise. In the near future, R&I intends to make additional careful study of the changes in business risk due to the strengthening of overseas business and engineering, the latent risk in ordered projects and the effectiveness of whole company risk management. MITSUBISHI MOTORS: Rolf Eckrodt Steps Down as President ------------------------------------------------------- Mitsubishi Motors Corporation (MMC) announced that Rolf Eckrodt resigned his post as CEO and President effective as of April 26, 2004. In a Company press release, MMC will appoint a new President, Representative Director, soon. Until this appointment, Keiichiro Hashimoto, board member and Chief Financial Officer, will oversee ongoing business as interim acting President. Eckrodt joined MMC in January 2001 as Chief Operating Officer in charge of MMCs passenger car operations. On June 25, 2002, Eckrodt was elected president and CEO of MMC, a position he held until Monday. During his tenure Eckrodt oversaw the successful implementation of various restructuring measures and far-reaching business reforms, the spin-off of the company's truck and bus operations as well as a significant improvement of the operational business in all regions except North America. Commenting on the timing for his resignation, Eckrodt pointed to the decision of the Supervisory Board of DaimlerChrysler neither to participate in a capital increase nor to grant further financial support to Mitsubishi Motors Corporation, which was announced last Thursday. "I strongly welcome the quick decision of Mitsubishi Heavy Industries, Mitsubishi Corporation and Bank of Tokyo-Mitsubishi not only to offer financial support but also to actively work with Mitsubishi Motors Corporation on a new mid-term business plan as announced last Friday. Based on my sense of responsibility, I therefore decided to make way for the new team around future chairman Okazaki," Eckrodt said. The business revitalization team headed by Mr. Okazaki will work out this plan within the next month based on various essential steps that have already been analyzed and evaluated by MMC so far," Eckrodt added. Eckrodt also voiced his wish that MMC and especially its many motivated and excellent employees will continue the numerous positive processes initiated. "I hope that the support from the shareholders side will ensure a prosperous and successful future not only of MMC, but in the same degree also to our domestic and international business partners, and of course most importantly to our customers," he said. Eckrodt will also retire from a 38-year full-time career in the automotive business, which he started at Daimler-Benz (today DaimlerChrysler) in 1966. At the request of Mitsubishi group companies, Eckrodt will remain available to provide support for MMC. ROLF ECKRODT Date & Place of Birth: June 25, 1942 / Gronau (Westphalia), Germany Education: 1966 Diploma in Mechanical Engineering University of Bochum / Germany PROFESSIONAL EXPERIENCE 06/2002 President and Chief Executive Officer, Mitsubishi Motors Corporation 01/2001 Executive Vice President and Chief Operating Officer Mitsubishi Motors Corporation 12/1998 President and Chief Executive Officer Adtranz - DaimlerChrysler Rail Systems GmbH 08/1996 Executive Vice President and Deputy Chief Executive Officer Adtranz - ABB Daimler-Benz Transportation GmbH and Chairman of the Board of Management Adtranz - ABB Daimler-Benz Transportation (Deutschland) GmbH 05/1992 President Mercedes Benz do Brasil, S.A. Commercial Vehicles, Trucks and Buses 01/1990 Director worldwide Sales and Marketing Passenger Cars Mercedes-Benz AG 09/1987 Director Planning and Production Passenger Cars and Components Daimler-Benz AG 04/1986 Executive Assistant to the Head of the Mercedes-Benz Passenger Car Division 02/1983 Vice President Axle Production Passenger Cars Daimler-Benz AG 1981 Project Leader Production Components Passenger Cars Daimler-Benz AG 1968 Manager Passenger Cars Daimler-Benz AG 04/1966 Quality Assurance Passenger Cars Daimler-Benz AG ADDITIONAL ASSIGNMENTS 04/1999 Honorary Consul of Brazil in Potsdam/Germany 1999 - 2000 Chairman of UNIFE (Union of European Railway Industries) 1993 - 1996 Honorary Degree as Consulate of the Federal Republic of Germany in Brazil 1993 - 1996 Vice President German/Brazil Chamber of Commerce Sao Paulo, Brazil MITSUBISHI MOTORS: Unveils March 2004 Production Sales Results -------------------------------------------------------------- Mitsubishi Motors Corporation (MMC) on Monday announced the production, domestic sales, and export results for March 2004 and the fiscal year ended 31 March 2004. In a Company press release, global production in March totaled 147,438 units, a decrease of 7.1 percent compared to March last year. Output in Japan increased 4.5 percent to 78,655 units on the back of added production of minicars such as the Minicab van and truck. Offshore production slipped 17.6 percent to 68,783 units. Production in Asia declined 11.8 percent to 46,895 units, North American output decreased 41.3 percent to 10,831 units, and European production was off 9.7 percent at 5,786 units. March sales in Japan decreased 3.5 percent on year to 59,779 units. Of this, registrations, which exclude 660cc minicars, declined 17.8 percent to 21,243 while minicars grew 6.7 percent to 38,536 units. MMCs share of the domestic market in March was 7.2 percent, down from 7.5 percent in March last year. Exports from Japan declined 12.7 percent on year to 34,175 units. By region, exports to Asia jumped 51 percent to 6,122 units, exports to North America decreased 66.6 percent to 5,183 and European-bound shipments increased 13.3 percent to 11,167 units. FISCAL 2003 RESULTS Total worldwide production in fiscal 2003 declined 9.4 percent on year to 1,537,469 units. Japanese output inched down 1.9 percent to 751,843 units. Of this, passenger car production dropped 6 percent to 638,919 units while commercial car output increased 30.1 percent to 112,924 units. Offshore production for the year came to 785,626 units, a 15.5 percent decline compared to fiscal 2002. Production in Asia declined 11.5 percent to 501,337 units, North American output decreased 25.4 percent to 156,859 units, and European production was off 14.3 percent at 75,276 units. Domestic sales returned to growth for the first time in eight years in fiscal 2003. MMC saw sales in Japan rise 1.1 percent on year to 358,253 units. Registrations gained 1.5 percent to 127,334 units while minicars edged up 0.9 percent to 230,919 units. MMCs share of the overall domestic market, which includes trucks and buses, was 6.1 percent, up from 6 percent in fiscal 2002. For the passenger car only market, MMCs share rose from 6.6 percent to 6.8 percent despite a 2 percent drop in overall demand. The Company also saw sales return to growth in Europe after four years of continuous decline, selling 213,700 units across Europe for a 7 percent gain on year. Sales in Asia increased to 680,200 units for the year, representing a new record high in this important growth region. In particular, sales in China surged 65.8 percent to 151,000 units. Exports from Japan declined 12 percent to 376,103 units. As a result of the spin-off of MMCs truck and bus operations in January 2003, regional year-on-year comparisons are not available for the fiscal 2003 period due to a change in the system used by the company to tally exports. MITSUBISHI MOTORS: S&P Comments on DaimlerChrysler Decision ----------------------------------------------------------- Standard & Poor's Ratings Services said Friday that the decision by DaimlerChrysler AG not to participate in a capital increase planned by Mitsubishi Motors Corporation and to cease further financial support for the carmaker has no direct effect on the group's credit rating. Although this decision limits the uncertainty about potential future cash contributions from DaimlerChrysler into MMC, it also brings into question a key component of Chrysler's turnaround strategy to improve its cost structure by sharing platforms and procurement activities with MMC. It is not clear to us that MMC will--under all potential scenarios--meet its contractual requirements. In view of these uncertainties, Standard & Poor's views this development as slightly negative. Had the company chosen to increase its involvement in MMC, however, the consequences might have been even more disadvantageous. Nevertheless, Standard & Poor's will closely monitor existing cooperations between MMC and DaimlerChrysler operations. We also consider it likely that there will be an impairment of the value of DaimlerChrysler's stake in MMC (book value about EUR960 million at Dec. 31, 2003). The strong operating and financial performance of group divisions, including the Mercedes Car Group, Services, and Commercial Vehicles, which is expected to continue in 2004, provides sufficient leeway in the rating to sustain this development. NIKKO CORDIAL: Swings to Profit in 2003 --------------------------------------- Nikko Cordial Corporation returned to profit in the fiscal year 2003 for the first time in three years, buoyed by stock market rally, according to Kyodo News. In its consolidated earnings report for the year to March 31, the Company posted a group net profit of 38.70 billion yen, a reversal from a loss of 21.61 billion yen a year earlier. For a copy of the Company's consolidated financial summary for the year ended 31 March 2004, go to http://bankrupt.com/misc/tcrap_nikkocordial0428.pdf NIKKO CORDIAL: Unit Gets Administrative Action ---------------------------------------------- Nikko CitiTrust and Banking Corporation (NCTB), one of the consolidated subsidiaries of Nikko Cordial Corporation, received an administrative action from Japan's Financial Services Agency (FSA). The FSA determined that NCTB violated certain requirements in its trust business. The regulatory authorities also identified shortcomings in compliance and internal control functions. In a Company press release, in accordance with an order from the FSA, NCTB will be suspended from accepting new customers for its custody and clearing services from April 30, 2004. The suspension does not apply to any existing custody business or to custody services related to debt liquidation. NCTB's other non-custodial businesses also remain unaffected. After November 1, 2004, NCTB can request that the FSA review the suspension order pending progress made on the business improvement plans. Nikko Cordial Corporation will give NCTB a great effort to backup. ========= K O R E A ========= HYNIX SEMICONDUCTOR: Faces Setback in China Plant Plan ------------------------------------------------------ Hynix Semiconductor Inc.'s plan to set up a chip-manufacturing factory in China faced a major setback Monday as creditors disapproved its financing plan and expressed concern over who would manage the plant, according to the Korea Times. Hynix had planned to secure an annual production capacity of 20,000 units of 200mm wafers and 17,000-20,000 units of 300mm wafers from late next year in the China plant. The estimated factory plant could cost US$1.5 billion. The chipmaker was nearly bankrupt two years ago when a glut in the global semiconductor market forced consolidation and a shift to flash memory chips. JINRO INDUSTRIES: Taihan Electric Buys Firm for US$244M ------------------------------------------------------- Taihan Electric Wire Co. recently bought a quarter interest in Jinro Industries Co.'s debt for 280 billion won (US$244 million), in an effort to acquire the financially weak cable maker, Yonhap News reports. Goldman Sachs controls about a third of Jinro's 2.9 trillion won debts and had been pushing for a sale of the distiller, which has been under court receivership since last May, through an auction, TCR-AP reported recently. Jinro currently controls 55 percent of the domestic soju market in South Korea and reported 643.3 billion won in revenue in 2003. =============== M A L A Y S I A =============== ANSON PERDANA: Adjourns Winding up Petition June 18 --------------------------------------------------- Anson Perdana Berhad (Anson) announced that the hearing on 23 April 2004 in respect of the winding-up petition served on the Company by Jethsuch Sdn Bhd has been adjourned to 18 June 2004. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. ANTAH HOLDINGS: Issues Default Status Update -------------------------------------------- Antah Holdings Berhad announced that further to the Company's announcement on 25 March 2004, there are no further developments in respect of the default in payments of the various credit facilities to the financial institutions and non-financial institutions. Antah is currently in the process of discussion and negotiations with the lenders and creditors for the adoption of a proposed debt-restructuring scheme. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. BOUSTEAD HOLDINGS: Lists New Ordinary Shares -------------------------------------------- Boustead Holdings Berhad (BSTEAD) would like to announce that its additional 671,000 new ordinary shares of RM0.50 each issued pursuant to the BSTEAD-Employees' Share Option Scheme, will be will be granted listing and quotation with effect from 9 a.m., Wednesday, 28 April 2004. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. KILANG PAPAN: Unveils Investigative Audit Results ------------------------------------------------- Kilang Papan Seribu Daya Berhad (KPSD) is a PN4 Company currently listed on the Second Board of Bursa Malaysia. A restructuring scheme was subsequently formulated and approved in accordance to the Pengurusan Danaharta Nasional Berhad Act, 1998. The Securities Commission in granting their approval to the restructuring scheme of KPSD (which includes the transfer of listing status to West Coast Forest Industries Berhad) imposed that KPSD appoint an experienced independent audit firm to carry out an investigative audit on the past losses incurred by the KPSD group. The Company is required to take the necessary steps to recover the losses incurred by the KPSD group. Furthermore based on the findings of the investigative audit, KPSD is required to make reports to the relevant authorities if it is established that there have been breaches of law, regulations, guidelines and/or KPSD's memorandum and articles of association that are related to the board of Directors of KPSD and/or any other parties that have caused the said losses of the KPSD group. In compliance with the Securities Commission's requirement, the Company appointed Messrs Anuarul Azizan Chew & Co (AAC) on 26 February 2002 to carry out an investigative audit. On 31 October 2003, two copies of the investigative audit reports issued by AAC were submitted to the Securities Commission in accordance with their requirements. This announcement is made in accordance with the requirements of the Securities Commission following their approval of the restructuring scheme of KPSD dated 28 December 2002. For a copy of the summary of transactions investigated by AAC, go to http://bankrupt.com/misc/tcrap_kilanpapan0428.doc This Bursa Malaysia Securities Berhad announcement is dated 27 April 2004. OILCORP BERHAD: Posts Changes in Director's Shareholding -------------------------------------------------------- Oilcorp Berhad Director Mohamed Hazali Bin Dato' Seri Abu Hassan has the intention to deal in the shares of the Company, which is currently in the closed period pending announcement of its results for the first quarter ended 31 December 2004. His current shareholdings are as follows: Name of Director: MOHAMED HAZALI BIN DATO' SERI ABU HASSAN Direct Indirect No. of Shares % of the Company's issued and paid-up share capital 2,592,100 1.71 Direct Indirect No. of Shares % of the Company's issued and paid-up share capital 3,994,800 2.64 This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. OCEAN CAPITAL: Announces Registrar's Change of Address ------------------------------------------------------ Ocean Capital Berhad announced on the Bursa Malaysia Securities Berhad on 26 April that the company's share registrar Signet Share Registration Services Sdn Bhd has moved from its old address at the 11th Floor, Tower Block, Kompleks Antarabangsa, Jalan Sultan Ismail 50250 Kuala Lumpur on 26 April 2004. Signet Share is now located 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 03-2721530 / 03-27212531. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. OSK HOLDINGS: Enters Alliance With Equitable Investment ------------------------------------------------------- The Board of Directors of OSK Holdings Berhad wishes to announce the Company has entered into a Shareholders Agreement with Equitable Investment Co. (Hong Kong) Ltd (EIC). In view thereof, a 50:50 joint venture company, OSK Wealth Planners Sdn Bhd (Company No. 650122-A) (OSKWP) was formed 22 April 2004 to carry on the business of integrated financial planning to high net worth clientele as governed in the Shareholders Agreement dated 26 April 2004. The initial authorized share capital of OSKWP is RM100,000, divided into 100,000 Ordinary Shares of RM1.00 and presently its paid-up share capital is made up to 2 Ordinary Shares of RM1.00 each. PARTIES TO THE JOINT VENTURE OSK Holding Berhad is a company incorporated in Malaysia on 1 November 1990 and listed on the Main Board of Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Exchange Berhad) (BMSB). The present paid-up share capital of OSK is RM619,127,961, comprising 619,127,961 ordinary shares of RM1.00 each. EIC is a company incorporated in British Virgin Islands on 1 October 1990. The principal activity of EIC is an investment company. DETAILS OF THE JOINT VENTURE The Shareholders Agreement between the Company and EIC is not subject to the approval of the shareholders of OSK or any other authority. FINANCIAL EFFECT OF THE JOINT VENTURE There is no effect on the issued and paid-up share capital of OSK. The joint venture is not expected to have any material effect on the earning and net tangible assets of OSK Group for the financial year ending 31 December 2004. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST None of the existing Directors and/or Major Shareholders of OSK and persons connected to them have any interest, whether direct or indirect in the Shareholders Agreement. DIRECTORS' RECOMMENDATION The Directors of OSK are of the opinion that the joint venture between the Company and EIC is in the best of the Group. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. OSK HOLDINGS: Announces Listing of New Shares --------------------------------------------- OSK Holdings Berhad (OSK) would like to announce that the Company's additional 12,000 new ordinary shares of RM1.00 each issued pursuant to the OSK-Executive Share Option Scheme will be will be granted listing and quotation with effect from 9 a.m., Wednesday, 28 April 2004. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. TECHNO ASIA: Slapped with Public Reprimand ------------------------------------------ Bursa Malaysia Securities Berhad in consultation with the Securities Commission, publicly reprimanded Techno Asia Holdings Berhad (TECASIA) for breach of paragraph 9.16(1)(a) of Bursa Malaysia Securities Berhad's Listing Requirements (LR). Although TECASIA is no longer listed on Bursa Malaysia Securities Berhad, the breach was committed by TECASIA while it was listed on the Official List of Bursa Malaysia Securities Berhad. On 9 December 2003, TECASIA was de-listed and Yu Neh Huat Berhad had assumed the listing status in place of TECASIA. Paragraph 9.16(1)(a) of the LR states that the contents of a press or other public announcement is as important as its timing. A listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, and succinct and contains sufficient information to enable investors to make informed investment decisions. TECASIA was found to be in breach of paragraph 9.16(1)(a) for failing to take into account some significant items in the Company's fourth quarterly report for the financial year ended 31 December 2002 (FYE 31 December 2002) which was announced to Bursa Malaysia Securities Berhad on 28 February 2003. These items were only adjusted in the audited accounts for the FYE 31 December 2002 which was announced on 21 April 2003 resulting in a variation between the un-audited profit after taxation and minority interest of RM10.2 million and the audited profit after taxation and minority interest of RM71.5 million for the FYE 31 December 2002. The public reprimand was imposed pursuant to paragraph 16.17 of the LR after taking into consideration all relevant factors, including the fact that TECASIA has previously breached the listing requirements of Bursa Malaysia Securities Berhad and after consultation with the Securities Commission. PREVIOUS PUBLIC REPRIMAND (a) On 21 May 1998, TECASIA was publicly reprimanded for breach of Section 57 of the Main Board Listing Requirements (MBLR) for failing to furnish the preliminary financial statement for the financial year ended 31 December 1997 within the timeframe stipulated. (b) On 16 October 1998, TECASIA was publicly reprimanded for breach of Section 60 of the MBLR for failing to furnish the Annual Report for the financial year ended 31 December 1997 within the timeframe stipulated. (c) On 24 February 2001, TECASIA was publicly reprimanded for breach of Sections 34 and 341(1) of the MBLR. TECASIA had failed to make an immediate announcement pursuant to Section 34 of the MBLR in respect of the appointment of Receiver & Manager on Westmont Mount Austin Sdn Bhd (WMA), a wholly owned subsidiary company of the Company. The Company had also breached Section 341 of the MBLR in respect of the announcement on the appointment of receiver and manager on WMA dated 5 January 2000 as the contents of the said announcement contradicted with its subsequent announcement dated 12 January 2000. (d) On 6 October 2001, TECASIA was publicly reprimanded and fined RM25,500 for breach of Section 60(b) of the MBLR for failing to furnish the annual audited accounts for the financial year ended 31 December 2000 within the timeframe stipulated. This Bursa Malaysia Securities Berhad announcement is dated 26 April 2004. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: To Raise US$120M to Refinance Debts --------------------------------------------------------- ABS-CBN Broadcasting Corp. disclosed to the Philippine Stock Exchange that it is in the process of negotiating with a syndicate of private banks to raise US$120 million to refinance the Company's existing debts and to fund further investments in cable television operations. The new loan will be secured by the company's real property and certain equipment and other assets and will be guaranteed the certain of the company's subsidiaries. It has been the Company's practice to inform the exchange of any developments in line with this planned fund raising activity that will have a significant impact on the operations and financial performance of the company. This information is being submitted in compliance with the rules of the Securities and Exchange Commission and the Philippine Stock Exchange. BAYAN TELECOMMUNICATIONS: Court Orders Creditors' Equal Care ------------------------------------------------------------ Bayan Telecommunications (BayanTel) received an order from a Pasig court to treat both secured and unsecured creditors equally until the company has completed its financial rehabilitation, according to the BusinessWorld online. The order, which came out on April 19, states that secured and unsecured creditors should be placed in equal footing during debt repayment. Nobody should be paid ahead of the other without insolvency or liquidation proceedings. "The court rules that pari passu is applicable and it applies to all creditors of BayanTel, whether secured or unsecured, in the rehabilitation proceedings at bar," the court said. "The only right of the secured creditor would be to foreclose the mortgage if the credit has already matured and is not paid. A preference is an exception to the general rule. Hence, the law on preference of credits is strictly construed," it added. BayanTel's secured creditors include the Philippine National Bank, Development Bank of the Philippines, Land Bank of the Philippines, United Coconut Planters Bank, and Asian Finance & Investment Corp., which the telecommunications company owes $277 million their assets placed as collateral. Unsecured bondholders are Avenue Asia Investments, L.P., Avenue Asia International Ltd., Avenue Asia Special Situations Fund II, L.P., Avenue Asia Capital Partners, L.P., and Van Eck Global Opportunity Masterfund Ltd., BayanTel owes this group $200 million dollars. But both creditors as well as BayanTel oppose the pari passu ruling for it allegedly violates the non-impairment of contract clause in the constitution. But the Pasig court's defense is that the privilege of BayanTel to prioritise the secured creditors is just suspended so the company does not impair its contractual obligations with banks. "Rehabilitation is not liquidation but to rescue the distressed corporation and continue its operations. If one creditor is preferred to the others, the rationale behind the rehabilitation to effect a feasible and viable rehabilitation cannot be achieved," the court said. It also said "equality of treatment" of BayanTel creditors would stay until the termination of the company's rehabilitation. FIRST PHILIPPINE: Sets Annual Stockholders Meeting -------------------------------------------------- First Philippine Holdings Corp. submits to the Philippine Stock Exchange a notice on the Annual Stockholders Meeting to be held on May 17, 2004, Monday at 3:00 p.m. at the Meralco Theater, Lopez Building, Ortigas Avenue, Pasig City. These matters will be discussed. (1) Call to Order (2) Proof of Required Notice (3) Determination of Quorum (4) Approval of the Minutes of the June 9, 2003 Stockholders Meeting (5) Reports of the Chairman and the President (6) Approval of the December 31, 2003 Reports and the Audited Financial Statements. (7) Ratification of the Acts of the Board, of the Executive Committee and of Management. (8) Delegation of Authority to the Board relating to the amendment of the By-Laws incorporating the procedures for the nomination and election of independent directors. (9) Election of Directors (10) Appointment of External Auditors (11) Other Matters (12) Adjournment For the purpose of the meeting, only stockholders of record as of April 16, 2004 are entitled to attend and to vote in the said meeting. Should you be unable to attend the meeting in person, you may want to execute a proxy in favor of a representative. The company encloses a proxy form for your convenience. For validation, proxies must be received by the undersigned through our Stock Transfer Agent, Securities Transfers Services Inc. 4th Floor, Benpres Building, Exchange Road cor. Meralco Avenue, Pasig City on or before May 10, 2004 NATIONAL STEEL: SEC Dragging RTC's Sale Approval ------------------------------------------------ National Steel Corporation's (NSC) sale to the Indian firm Global Infrastructure Holdings Inc. (GIHL) may not push through for the Securities and Exchange Commission (SEC) is holding back its approval of the deal amid a legal issue, according to The Manila Times. The agreement between NSC and GIHL is supposed to be completed by Wednesday, April 28, but SEC has not given their approval for the deal yet, SEC chair Lilia R. Bautista said. Ms. Bautista said she was still waiting for the Quezon City Regional Trial Court to issue a temporary restraining order (TRO), as recently requested by a landowner against the SEC and the SEC-appointed liquidator for NSC, Danilo Concepcion. According to a report by TCR-Asia Pacific recently, a land dispute that resulted to a filing of a temporary restraining order of the lots owner against NSC has derailed the sale of the steel company to GIHL. PHILIPPINE AIRLINES: Takes Extra Care After Strike Threats ---------------------------------------------------------- Bangkok police announced on Monday that Philippine Airlines (PAL) was threatened by a group saying it would strike at the airline's offices. The campaign is believed linked to U.S.-led operations in Iraq, according to AFX-Asia. The reported threat was issued in Thailand by a group which has targeted Asian embassies, flights and tourist spots. However, PAL's flight operations are normal and the carrier is cooperating with authorities in Thailand and Philippines, PAL spokesman Rolando Estabillo said in a statement. "Philippine Airlines is taking all necessary precautions vis-a- vis this threat. PAL is closely coordinating with Thai and Philippine authorities to ascertain the veracity of the threat and deal with it accordingly," Mr. Estabillo said. The Philippines government has rejected calls to bring home a small military and police contingent serving with the US-led occupation forces in Iraq, though it has restricted them to camp and suspended plans to send reinforcements, AFX-Asia reports. PHILIPPINE LONG: Issues Notice of Annual Stockholders Meeting ------------------------------------------------------------- Philippine Long Distance Telephone Company (PLDT) furnished the Philippine Stock Exchange a copy of its Definitive Information Statement in connection with its Annual Stockholders' Meeting, which will be held on June 8, 2004 at 4:00 p.m. at the Grand Ballroom, Dusit Hotel Nikko, Ayala Center, Makati City. As previously announced, "(t)he Board of Directors has fixed April 9, 2004 as the record date for the determination of stockholders entitled to notice of, and to vote at, said Annual Meeting." Attached is a copy of the Notice of Annual Meeting of Stockholders. A copy of TEL's Definitive Information Statement shall be made available for reference at the PSE Centre and PSE Plaza libraries. The same shall likewise be made available for downloading at the PSE website: www.pse.com.ph (under Listed Companies). To view a copy of the document, click http://bankrupt.com/misc/PHILIPPINELONG042704.pdf PHILIPPINE LONG: Bags Overall Best Managed Company Award -------------------------------------------------------- In a company press release Philippine Long Distance Telephone Co. disclosed that: After commemorating its 75th year as the telecommunications giant, PLDT has another reason to celebrate. Asia Money, one of the most influential and trusted financial magazines in Asia, has recently recognized PLDT as the Philippines Overall Best Managed Company. PLDT was chosen by over 200 investors from 180 institutions worldwide in the 12th annual survey conducted by Asia Money. It has also garnered first in the following categories: - Best Corporate Strategy - Best Financial Management - Best Investor Relations - Best Focus on Shareholder Value - Best Operational Efficiency - Most Improved in Corporate Governance To view full copy of this press release, click http://bankrupt.com/misc/PLDT042604.pdf ================= S I N G A P O R E ================= CYCAD PTE: Schedules Winding up Hearing --------------------------------------- Notice is hereby given that a petition for the winding up of Cycad (Singapore) Pte Ltd by the High Court was on the 14 April 2004 presented by Yeung Hi Hung. The said petition will be heard before the Court sitting at the High Court in Singapore at 10 o'clock in the forenoon on the 7 May 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 and 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 Blk 155, Hougang Street 11 #02-184, Singapore 530155. The Petitioner's Solicitors are Messrs A.Ang, Seah & Hoe of 141 Market Street, #06-01 International Factors Building, Singapore 048944. Messrs A.ANG, SEAH & HOE Solicitors for the Petitioner. 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 Messrs A. Ang, Seah & Hoe of 141 Market Street, #06-01 International Factors Building, Singapore 048944, 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 Solicitors (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 6th day of May 2004 (the day before the day appointed for the hearing of the Petition). FASTHUB PTE: Issues Winding up Order Notice ------------------------------------------- Fasthub Pte Ltd issued a notice of winding up order made on the 16 April 2004. Name and address of Liquidator: The Official Receiver 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Messrs Wong Partnership Solicitors for the Petitioner. This Singapore Government Gazette announcement is dated 26 April 2004. HUA KOK: Post Changes in Audit Committee ---------------------------------------- The Board of Directors of Hua Kok International Ltd wishes to announce the resignations of Messrs Damien Seah Yang Hwee and Fong Nien Song as Directors of the Company with effect from 20 April 2004. With Messrs Seah and Fong's resignation as Directors, they ceased to be members of the Audit Committee. Their replacements will be announced in due course. Submitted by Phua Puay Heng, Group Financial Controller on 26/04/2004 to the SGX. LIVONIA INVESTMENTS: Creditors Must Submit Claims by May 21 ----------------------------------------------------------- Notice is hereby given that the creditors of Livonia Investments Pte Ltd., whose debts or claims have not already been admitted, are required on or before 21 May 2004 to submit particulars of their debts or claims and any security held by them to the liquidator at its address a formal Proof of Debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Lim Say Wan Liquidator. C/- 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. This Singapore Government Gazette announcement is dated 23 April 2004. MURRANNE PTE: Issues Debt Claim Notice to Creditors --------------------------------------------------- Notice is hereby given that the creditors of Murranne (Holdings) Pte Ltd (In Members' Voluntary Liquidation), whose debts or claims have not already been admitted, are required on or before 21 May 2004 to submit the particulars of their debts or claims and any security held by them to the liquidator at its address a formal proof of debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Lim Say Wan Liquidator. C/- 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. This Singapore Government Gazette announcement is dated 23 April 2004. PERTAMA DEVELOPMENT: Issues Winding Up Order Notice --------------------------------------------------- Pertama Development Pte Ltd. issued a notice of winding up order made on the 16 April 2004. Name and Address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Leong Kwok Yan Solicitor for the Petitioner. Note: (a) All creditors of the company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the company should be forwarded to the liquidator. This Singapore Government Gazette announcement is dated 23 April 2004. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, 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 ***