/raid1/www/Hosts/bankrupt/TCRAP_Public/040506.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, May 6, 2004, Vol. 7, No. 89
Headlines
A U S T R A L I A
AMP LIMITED: Unit's Cash Flow Continues to Strengthen
ARISTOCRAT LEISURE: ASA Opposes John Ducker's Retirement Fee
FAI GENERAL: GRA Pays Liquidator $27.2M
NATIONAL AUSTRALIA: Malcolm Williamson To Chair EGM
NATIONAL AUSTRALIA: Director Issues Statement
PASMINCO LIMITED: Submits Group Restructure Proposal
C H I N A & H O N G K O N G
ANDRE ASIA: Creditors Meeting Slated for May 14
I-CHINA HOLDINGS: Releases Odd Lot Arrangement Notice
INVEST FLOWER: Winding up Hearing Set for June 9
SIU-FUNG CERAMICS: Issues Debt Claim Notice to Creditors
STANDARD CAPITAL: Creditors Must Submit Claims by May 31
STARBOW HOLDINGS: Answers KLSE Query
STAR CRUISES: Sells Senior Notes to Repay Debts
VINKA DEVELOPMENT: Winding up Hearing Set by Court
I N D O N E S I A
BANK NEGARA: Plans to Write Off US$230M in Bad Loans
INDOCEMENT TUNGGAL: Posts Rp2.99B Net Loss For Q1
J A P A N
ALL NIPPON: Unveils 2003 Financial Results
ISUZU MOTORS: April U.S. Vehicle Sales up 1.9%
MITSUBISHI MOTORS: Revival Package May Cost JPY400-500B
RESONA HOLDINGS: Unveils Pension Benefits for Former Employees
K O R E A
HYOSUNG CORPORATION: Returns to Profit in First Quarter
LG CARD: Resumes Credit Card Services
M A L A Y S I A
AKTIF LIFESTYLE: Presents Fourth Quarter Report
ANSON PERDANA: Discloses Financial Report For Second Quarter
AOKAM PERDANA: Issues Default Status Update
AOKAM PERDANA: Aims to Resolve Financial Condition
BUKIT KATIL: Issues Update on Loans in Default
BUKIT KATIL: Announces March Oil Palm Production Figures
FACB RESORTS: Posts Management Changes
KSU HOLDINGS: Updates Practice Note 1/2001
P H I L I P P I N E S
BAYAN TELECOMMUNICATIONS: RTC Extends Submission of Rehab Plan
MANILA ELECTRIC: PCCI Opposes Refund Through Zero-Coupon Notes
NEGROS NAVIGATION: Denies Foreseeing Problems With Creditors
PILIPINO TELEPHONE: Creditors Swap Offer To Smart Reaches PhP10B
VICTORIAS MILLING: Unveils Annual Stockholders Meeting
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest
CREATIVE JEWELLERY: Court Sets Hearing Date
LEUN WAH: Nominates Judicial Managers
MEDIASTREAM LIMITED: Extends Date to Hold Annual General Meeting
POLIKEN INDUSTRIES: Issues Dividend Notice
SASDELL PTE: Releases Dividend Notice
TREASURE RESTAURANT: Issues Dividend Notice
YONGNAM HOLDINGS: SGX-ST OKs Rights Issue
T H A I L A N D
RAIMON LAND: Shareholders Approve Increase in Capital
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Unit's Cash Flow Continues to Strengthen
-----------------------------------------------------
In a company press release, AMP Limited's AMP Financial Services
(AFS) business has continued to experience improving cash flows
in the first quarter of 2004, AFS Managing Director Craig Dunn
said on Wednesday.
AFS reported net cash flows for the first quarter of 2004 of $88
million, compared with net outflows of $266 million in the
corresponding quarter of 2003.
The first quarter is traditionally AMP's slowest for net cash
flows. Mr. Dunn said that total gross inflows were 22 per cent
higher at $2,058 million for the quarter, while outflows were 1
per cent higher at $1,970 million.
Net cash flows for Australian contemporary products improved by
73 per cent to $416 million in the first quarter of 2004.
Inflows were 29 per cent higher at $1,763 million while outflows
were 20 per cent higher at $1,347 million.
Net cash flows in the Australian mature/closed book improved by
30 per cent, from a net outflow of $468 million in the first
quarter of 2003 to a net outflow of $327 million in the first
quarter of 2004. Gross outflows were down 26 per cent from the
first quarter of 2003, reflecting a further improvement in
persistency.
In New Zealand, there was a net outflow of $1 million for the
first quarter, an improvement on the outflow in the
corresponding quarter of 2003 of $38 million.
Mr. Dunn said that it was encouraging to see the trends
experienced in the first six weeks of the year, announced at the
2004 annual results, continuing throughout the quarter.
He said that he expected AFS to report net cash flows of
approximately $220 million for the first quarter to ASSIRT
(which reports retail products excluding regular premium
products and risk products). The net cash flow reported by
ASSIRT in the first quarter of 2003 for AMP was a negative $17
million.
Contact: AMP Limited
33 Alfred St.
Sydney, 2000, Australia
Telephone: +61-2-9257-5000
Fax: +61-2-9257-7886
Website: http://www.ampgroup.com
ARISTOCRAT LEISURE: ASA Opposes John Ducker's Retirement Fee
------------------------------------------------------------
Aristocrat Leisure Limited's former chairman John Ducker
produced a doctor's certificate as an explanation of his failure
to attend the company's annual general meeting, The Age
newspaper reports.
In the meeting the shareholders rejected his bid for re-
election. Despite the outcome, the Company still must pay him
$577,000 retirement allowance, despite vigorous opposition from
the Australian Shareholders Association (ASA).
Mr. Ducker's stay in the company for three years was not
beneficial to the company, as shares plunged from more than
$7.00 to 89 cents. There was a series of profit warnings and the
chief executive and chief financial officers were removed. At
the 2003 annual general meeting Mr. Ducker said he would step
down and took the responsibility for the company's poor
performance.
Only two shareholders voted in favor of Mr. Ducker's re-
election, while proxy votes were also against the resolution.
Under Mr. Ducker's service agreement, he would receive a
$577,000 retirement fee if the shareholders rejected his only
three years of service.
Aristocrat's new Chairman John Pascoe explained that under Mr.
Ducker's service agreement, dated July 1, 1999, Mr. Ducker would
be able to receive his retirement payment before his five years'
was up if he was "terminated". Aristocrat's new Chairman John
Pascoe said the company received legal advice that a shareholder
rejection of Mr. Ducker's re-election would constitute as a
termination.
But ASA's Stephen Matthews argued that their legal advice
indicated that Mr. Ducker was retiring and was not terminated so
he would not be eligible for the payment.
Mr. Pascoe also explained that the board had advised Mr. Ducker
to honour his commitment to leave, but was not legally able to
"tap him on the shoulder" and make him go.
"Whether I agree with (the service agreement) or not, whether I
was there at the time, if it was a valid agreement then it has
to be honoured," Mr. Pascoe said.
"I don't particularly want to see the company embroiled in yet
more legal litigation, particularly if all the legal advice is
that the company is going to lose."
Contact: Aristocrat Leisure Limited
71 Longueville Rd. Lane Cove,
New South Wales 2066, Australia
Telephone: +61-2-9413-6300
Fax: +61-2-9420-1352
Website: http://www.aristocrat.com.au
FAI GENERAL: GRA Pays Liquidator $27.2M
---------------------------------------
Mr. Jeffrey Lucy, Acting Chairman of the Australian Securities
and Investments Commission (ASIC), announced that General Re
Australia Ltd (GRA) paid on Monday $27.2 million to the
liquidator of FAI General Insurance Company Limited as part of
an enforceable undertaking provided to ASIC.
ASIC accepted the enforceable undertaking from GRA (formerly
General & Cologne Re Australia Ltd (GCRA)), Messrs. Geoffrey
Barnum, Christopher Byatt and Andrew Smith (the current
officers) and Mr. Lindsay Self (the former officer).
The enforceable undertaking follows ASIC's investigation into
reinsurance arrangements entered into by FAI with GCRA in 1998.
It is alleged that senior FAI executives concealed the true
substance of those arrangements from FAI's auditors.
Under the enforceable undertaking:
GRA has paid $27.2 million to FAI's liquidator, Mr. Tony McGrath
of KPMG. The $27.2 million is a refund of the premiums paid by
FAI in the relevant reinsurance transactions and interest on
those premiums. GRA will develop an agreed compliance program in
conjunction with ASIC and the St. James Ethics Centre for all of
its resident senior executive officers and departmental
managers.
The current officers and the former officer will not apply for
an Australian Financial Services (AFS) License, accept
authorization by a holder of an AFS license, or be involved in
the management of a corporation requiring such a license or any
listed Australian corporation for at least twelve months.
GRA will monitor the performance of the current officers for
three years. The enforceable undertaking relates to matters that
were the subject of referrals to ASIC by the HIH Royal
Commission. However, ASIC had been independently investigating
these matters during the course of the Royal Commission.
ASIC acknowledges the assistance that the current and former
employees have given in its investigation.
NATIONAL AUSTRALIA: Malcolm Williamson To Chair EGM
----------------------------------------------------
The National Australia Bank Chairman, Mr. Graham Kraehe,
announced on Wednesday that the new non-executive Director, Mr.
Malcolm Williamson, has agreed to chair the Extraordinary
General Meetings on May 21, 2004.
In a press release, Mr. Kraehe said he would not chair the
Meetings given his personal interest in the resolutions before
the Meetings.
"Mr. Williamson has advised the National that as Chairman of the
Meetings he will vote all undirected proxies pro rata with the
directed proxies," Mr. Kraehe said.
Contact: Brandon Phillips
Group Manager
Group Corporate Relations
Office Phone No.: 03 8641 3857
Mobile Phone No.: 0419 369 058
NATIONAL AUSTRALIA: Director Issues Statement
----------------------------------------------
In a press release, the Chairman of National Australia Bank
Limited, Mr. Graham Kraehe, announced on Wednesday further
details of the Board renewal programme.
"As previously foreshadowed, directors are committed to a
continuing process of Board renewal on an orderly basis.
"With the appointment of Mr. Malcolm Williamson and the search
for Australian based non-executive Directors well advanced, we
are now able to bring forward the Board renewal programme," he
said.
"Ken Moss and Ed Tweddell have decided that they will retire as
Directors following the appointment of two new non-executive
Directors. This is expected to be within three months."
"The interests of the National and its stakeholders have been
paramount in our consideration as to the most appropriate Board
renewal programme. I would like to commend Messrs Moss and
Tweddell for setting aside their own personal interests in an
effort to minimize further damage to the National and its
shareholders and to thank them for their contribution during
their term of office."
"As previously announced it would be my intention to remain
Chairman until the Board reconstruction is complete, and to
retire at a time which is consistent with the National's best
interest but not later than mid 2005."
"Clearly, my principal focus will be on managing my succession
and ensuring that the best possible candidate is appointed as
the new Chairman, and on ensuring the CEO John Stewart and his
management team have a stable, cohesive and effective Board to
support their change programme and continued focus on improving
financial performance and maximizing shareholder returns."
"The changes outlined above will in my view ensure that going
forward, the management and Board have the full support of
shareholders to implement the programme necessary to build
shareholder value and restore the National's reputation."
"I hope to be able to announce to the market shortly the
appointment of two new non-executive Directors."
Contact: National Australia Bank Limited
Fl.24, 500 Bourke St.
Melbourne, 3000, Australia
Telephone Number: +61-3-8641-4200
Fax Number: +61-3-8641-4927
Website: http://www.national.com.au/
PASMINCO LIMITED: Submits Group Restructure Proposal
----------------------------------------------------
On March 1, 2004 a prospectus was lodged with the Australian
Securities and Investments Commission to facilitate the decision
of the Deed Administrators of Pasminco Limited (subject to deed
of company arrangement) (Pasminco) to proceed with an equity and
float restructure proposal for the Pasminco Group.
Under the restructure proposal, a new company, Zinifex Limited
(Zinifex), will acquire all the shares and other interests in
certain Pasminco group companies to form a new Zinifex group,
subject to:
- a successful initial public offering (IPO) of shares in
Zinifex to the Australian public and other retail investors and
to domestic and international institutions; and
- Zinifex listing on Australian Stock Exchange Limited (ASX).
The IPO and ASX listing of Zinifex is currently expected to be
completed before April 30, 2004.
The proceeds of the IPO will be used to repay the administration
working capital facilities and distribute dividends to pre-
administration creditors admitted to proof. As pre-
administration creditors are expected to receive distributions
of substantially less than 100 cents for every dollar of their
claims, shareholders of Pasminco will not receive any return of
capital on its winding up.
The shares in Pasminco Limited do not have, and are not ever
expected to have, any value. Ultimately the various companies
and other entities not forming part of the new Zinifex group
will be deregistered or wound up or both after a process of
realizing their assets and finalizing the claims of pre-
administration creditors is completed. This process is expected
to take a number of years after the completion of the IPO and
the listing of Zinifex.
Zinifex shares will be offered for sale under a Prospectus and
an Institutional Offering Memorandum.
Any person who wishes to acquire shares under the prospectus
offer will be required to complete the application form that
will be in or accompany the prospectus. Copies of the prospectus
will be available from the Zinifex website www.zinifex.com.
This document does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in any jurisdiction.
The shares of Zinifex offered will not be or have not been
registered under the US Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
Contact: Kelly Quirke
Telephone No.: +61 (03) 9654 6555
==============================
C H I N A & H O N G K O N G
==============================
ANDRE ASIA: Creditors Meeting Slated for May 14
-----------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Andre Asia Limited will be held at Unit G, 14/F., Seabright
Plaza, 9-23 Shell Street, North Point, Hong Kong on 14 May 2004
at 10:30 a.m. and will be followed by a meeting of the creditors
of the company to be held at the same place at 10:45 a.m. for
the purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the year ended 18 February 2004. A member or creditor
entitled to attend vote at the above meeting may appoint proxy
to attend and vote instead of him. A proxy need not be a member
or creditor of the company. Forms of proxies for both meetings
must be lodged at Unit G, 14/F., Seabright Plaza, 9-23 Shell
Street, North Point, Hong Kong not later than 4 p.m. on the day
before the meetings.
Dated this 30th day of April 2004
Chan Sek Kwan
Liquidator
I-CHINA HOLDINGS: Releases Odd Lot Arrangement Notice
-----------------------------------------------------
The Stock Exchange of Hong Kong Limited has received a message
from I-China Holdings Limited, which is reproduced as follows:
In order to alleviate the difficulties arising from the
existence of odd lots as a result of the Capital Restructuring,
Quam Securities Company Limited will provide matching services
for the odd lots of New I-China Shares on a best effort basis,
during the period from Tuesday, 27 April 2004 to Wednesday, 2
June 2004, both days inclusive. Holders of the New I -China
Shares in odd lots (i.e. lots which are not in integral
multiples of 20,000 New I-China Shares) who wish to take
advantage of this matching facility either to dispose of their
odd lots of New I-China Shares or top up to board lots of 20,000
New I-China Shares may contact Mr. Paul Leung of Quam Securities
Company Limited at Room 3308, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong at telephone number 2847-2239
during office hours.
The Provisional Liquidators recommend that the I-China
Shareholders should consult their own professional advisers if
they are in any doubt about the facility described above."
INVEST FLOWER: Winding up Hearing Set for June 9
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Invest Flower Hong Kong Limited by the High Court of Hong Kong
was on the 2 April 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 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.
FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor
Wheelock House
20 Pedder Street, 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.
SIU-FUNG CERAMICS: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
Notice is hereby given that the creditors of Siu-Fung Ceramics
Concept Company Limited (In Compulsory Liquidation), which is in
Compulsory Liquidation, are required (if they have not already
done so), on or before the close of business on 14 May 2004, to
send in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors, if any, to
the undersigned at 27th Floor, Alexandra House, 16-20 Chater
Road, Central, Hong Kong. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 30th day of April 2004
Gabriel C.K. Tam
Jacky C.W. Muk
Joint and Several Liquidators
STANDARD CAPITAL: Creditors Must Submit Claims by May 31
--------------------------------------------------------
Notice is hereby given that the creditors of Standard Capital
Commodities Limited (In Members' Voluntary Liquidation), which
is in Members' Voluntary Liquidation, are required (if they have
not already done so), on or before the close of business on 31
May 2004, to send in their names, addresses and particulars of
their debts or claims, and the name and address of their
solicitors, if any, to the undersigned at 13th Floor, Gloucester
Tower, The Landmark, 11 Pedder Street, Central, Hong Kong. In
default thereof, they will be deemed to waive all of such debts
or claims and the Liquidators will be entitled, seven days after
the above date, to distribute any and all surplus assets or
funds available or any part thereof to the members.
Dated this 30th day of April 2004
Alan C.W. Tang
Alison Wong Lee Fung Ying
Joint and Several Liquidators
STARBOW HOLDINGS: Answers KLSE Query
------------------------------------
The Stock Exchange of Hong Kong Limited has received a message
from Starbow Holdings Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
"We have noted the recent decrease in the price of the shares of
the Company and wish to state that we are not aware of any
reasons for such decrease."
"We also confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature."
Made by the order of the Board of Starbow Holdings Limited the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.
Chi Chi Hung, Kenneth
Director
4 May 2004
STAR CRUISES: Sells Senior Notes to Repay Debts
-----------------------------------------------
Star Cruises Limited will sell US$350 million to US$450 million
of senior notes to repay bank loans, according to Reuters,
citing Basis Point. The Company's wholly owned subsidiary NCL
Corporation Limited would sell the notes.
Roadshows for the proposed offering, rated B2 by Moody's and B+
by Standard & Poor's, started last week in the United States.
The pricing and coupon rates will be determined by NCL
Corporation and sole bookrunner JPMorgan.
VINKA DEVELOPMENT: Winding up Hearing Set by Court
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Vinka Development Limited by the High Court of Hong Kong was on
the 2 April 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 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.
FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor
Wheelock House
20 Pedder Street, 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.
=================
I N D O N E S I A
=================
BANK NEGARA: Plans to Write Off US$230M in Bad Loans
----------------------------------------------------
Bank Negara Indonesia aims to write off US$230 million in bad
loans to resolve its US$1.5 billion in bad credits, the
Financial Times reports. The bad credits have already been
provisioned for ahead of a planned government divestment later
this year.
The state owns 99 percent state in the bank and is expected to
be the subject of a secondary share issue later this year of up
to 30 percent of its shares.
At the end of 2003, BNI had just Rp2,640 billion in non-
performing loans on its balance sheet, a ratio to total loans of
5.69 percent - below the 8 percent allowed by the central bank.
However, the bank in recent years has written off some Rp12,900
billion in bad loans that are now parked off balance sheet
awaiting a final resolution.
INDOCEMENT TUNGGAL: Posts Rp2.99B Net Loss For Q1
-------------------------------------------------
PT Indocement Tunggal Prakarsa reports a net loss of Rp2.99
billion (US$348,000) in the first quarter of this year, which is
partly attributed foreign exchange losses, Asia Pulse reports.
The loss on foreign exchange totaled Rp121 billion in the first
quarter against a net foreign exchange gain of Rp43.36 billion
in the same period last year.
However, its operating performance improved as shown by an
increase in net income to Rp954.15 billion from Rp941.37
billion. But current liabilities rose to Rp850.95 billio0n
from Rp684 billion because of an increase in debt to banks and
its non-current liabilities declined to Rp4.72 trillion from
Rp6.21 trillion.
=========
J A P A N
=========
ALL NIPPON: Unveils 2003 Financial Results
------------------------------------------
All Nippon Airways (ANA) reported a consolidated net profit of
24.7 billion yen (US$225 million) for the fiscal year 2003, on
total revenues of 1.21 trillion yen (US$11 billion).
In a Company press release, the result represents a dramatic
improvement on the 28.2 billion yen net loss that ANA reported
for the 2002 fiscal year, and means that it will be able to
resume dividend payments to shareholders this year, at 3 yen per
share.
Operating profit in 2003 fiscal year was 34.3 billion yen
(US$312.3 million), and recurring profit was 33.4 billion yen
(US$304 million). This compares with the operating loss of 2.5
billion yen and recurring loss of 17.2 billion yen that were
reported last year.
On a non-consolidated basis (airline only), ANA reported a net
profit of 10.2 billion yen (US$93.3 million) compared with a net
loss of 17 billion yen last year, and revenue rose 3 percent to
969.9 billion yen (US$8.8 billion) from 940.5 billion yen.
Operating profit was 24 billion yen (US$218 million), and
recurring profit was 25 billion yen (US$227.8 million). The
comparable results for the previous year were losses of 8.2
billion yen and 20 billion yen, respectively.
ANA Group airlines* transported 48 million passengers in fiscal
2003: 44.7 million passengers on domestic routes, and 3.3
million on international services. Overall, the number of
domestic passengers was 5 percent lower than the previous year,
international passengers fell 12.8% and total passengers
transported dropped 5.6 percent.
Available seat kilometers (ASKs) rose 0.9 percent on domestic
flights and fell by 5.2 percent on international routes.
Domestic load factor was 61.5 percent, down 3 percentage points,
and international load factor was 68.8 percent, down 3.2
percentage points.
Despite the turbulent operating environment at the beginning of
the year (SARS and Iraq war), ANA forged ahead with its
restructuring efforts and launched its three-year cost reduction
plan, the goal of which is to reduce costs by Y30 billion per
year by the end of fiscal 2005. This effort was very successful
in its first year, and is viewed as one of the main reasons for
the improved results being reported today.
A flexible response to the huge drop in demand on international
routes in spring 2003 and the subsequent, dramatic rebound in
international business travel from the second quarter, helped to
stem revenue decreases. The above, coupled with a rise in unit
prices, meant that despite 12.8 percent fewer passengers on
international flights, revenue fell by just 5 percent.
The operating environment in Japan was challenging throughout
the year, with competition intensified by the introduction of
Shinkansen (bullet train) service from Shinagawa Station, one of
Tokyo's main rail hubs and the further merging of operations by
ANA's main competitors, Japan Air Lines and Japan Air Systems.
Nevertheless, improvements in scheduling, competitive pricing of
fares and other promotional activities undertaken throughout the
year to stimulate demand, plus a rise in unit prices, meant that
ANA was able to maintain domestic revenue at nearly the same
level as in the 2002 fiscal year, despite transporting 5 percent
fewer passengers.
ANA Group airlines carried 635,965 tons of cargo, up 9.8
percent: 415,463 tons on domestic operations, up 8.3 percent,
and 220,502 tons on international services, a 12.7 percent
increase largely attributable to Boeing 767-300F freighter
operations to China and Korea.
Cargo operations remained robust during the SARS epidemic in
spring and summer 2003. Indeed, the freighter used primarily on
China routes was able to pick up demand left by passenger
aircraft that were taken out of service as ANA briefly scaled
back operations. Within Japan, overnight cargo operations
between Tokyo and Sapporo using Boeing 777 passenger aircraft
also contributed to the improvement.
Mail services fell 3.2 percent overall to 86,706 tons: 73,226
tons on domestic routes, down 6.5 percent, and 13,480 tons on
international routes, an increase of 20 percent.
The forecast for the 2004 fiscal year, which ends March 31,
2005, is set against the wider background of continued
uncertainty in the Middle East and its possible ramifications
for the travel industry worldwide. However, improving confidence
in Japan's economy, and the continued growth of ANA's services
in the booming China market, lead to a forecast of a
consolidated net profit of Y14 billion (US$127.2 million), on
revenue of Y1.26 trillion (US$11.5 billion) and a recurring
profit of Y29 billion (US$263.6 million).
ANA is determined to stay the course with its restructuring
efforts, focusing on costs, fleet and network. The current year
will see the strengthening of ANA's competitive base with the
opening of its new terminal building at Tokyo Haneda Airport
towards the end of this calendar year, greatly improving
convenience and amenities for passengers at ANA's main hub. New
possibilities for domestic and international growth also will be
afforded by the opening of Central Japan International Airport
(Chubu) in February 2005, of which ANA intends to take full
advantage.
*ANA Group airlines
Domestic: ANA (All Nippon Airways), ANK (Air Nippon), ADK (Air
Hokkaido), AKX (Air Nippon Network)
International: ANA (All Nippon Airways), ANK (Air Nippon), AJX
(Air Japan)
All comparisons are year on year.
Contact: Thomas Fredo, ANA Public Relations, t.fredo@fly-ana.com
ISUZU MOTORS: April U.S. Vehicle Sales up 1.9%
----------------------------------------------
Following are Isuzu Motors Ltd U.S. sales of cars and light
trucks in April 2004 versus the same year-earlier month and for
the year to date.
April 2004 April 2003 Pct Change
All Vehicles 2,497 2,451 1.9
Domestic Car 0 0 N.A.
Domestic Truck 2,497 2,282 9.4
Import Car 0 0 N.A.
Import Truck 0 169 -100.0
Dom+Imp Cars 0 0 N.A.
Dom+Imp Trucks 2,497 2,451 1.9
Domestic Vehicles 2,497 2,282 9.4
Imported Vehicles 0 169 -100.0
Yr-to-Date Prev Year Pct Change
All Vehicles 10,067 11,033 -9.7
Domestic Car 0 0 N.A.
Domestic Truck 10,063 10,047 -0.8
Import Car 0 0 N.A.
Import Truck 4 986 -99.6
Dom+Imp Cars 0 0 N.A.
Dom+Imp Trucks 10,067 11,033 -9.7
Domestic Vehicles 10,063 10,047 -0.8
Imported Vehicles 4 986 -99.6
According to Reuters, percent changes are based on the daily
sales rate, and reflect 26 selling days this month versus 26 in
the month last year, and 102 this year to date versus 101 last
year to date.
Isuzu is 12 percent owned by General Motors Corporation.
MITSUBISHI MOTORS: Revival Package May Cost JPY400-500B
-------------------------------------------------------
A revival package for Mitsubishi Motors Corporation is estimated
at 400 to 500 billion yen from an initially projected 250
billion yen, Kyodo News reported on Wednesday.
The ailing automaker plans to coordinate its revival plan with
the Mitsubishi Group of companies and others later this week.
Mitsubishi may also seek funding from institutional investors
and from creditors by swapping debts for equity to drastically
cut interesting-bearing loans.
RESONA HOLDINGS: Unveils Pension Benefits for Former Employees
--------------------------------------------------------------
Resona Holdings, Inc., in a press release, stated it has been
considering reviewing its supplementary pension system through a
reduction of benefits for eligible beneficiaries (former
employees). The progress in negotiations up to the present is as
follows.
1. Collection of Consents from Eligible Beneficiaries
Started giving considerations in July 2003, and presented a
reduction plan to all eligible beneficiaries in December 2003.
Up to the present, we collected consent forms from approximately
80 percent of eligible beneficiaries.
2. Schedule
Resona HD will continue its efforts to collect consent forms
from as many eligible beneficiaries as possible. However, since
it obtained consent forms from over two thirds of eligible
beneficiaries, Resona HD will apply to the Ministry of Health,
Labor and Welfare for an alteration of its supplementary pension
system by the end of April this year.
Contingent on the approval from the Ministry of Health, Labor
and Welfare, Resona HD plans to modify its supplementary pension
system during the first half of fiscal 2004.
3. Reduction of Pension Benefits
Since the level of pension benefits before this reduction
differs depending on which bank an eligible beneficiary belonged
to and also when he retired, the degree of reduction differs
among beneficiaries. However, if we look at the average of all
beneficiaries to whom this reduction relates, we expect a 13.1%
reduction with a maximum reduction of 21.8%.
4. Impact on Retirement Benefit Obligations
Though based on a provisional calculation, the un-funded
retirement benefit liabilities of Resona Group in relation to
its employees' pension fund will be are expected to be reduced
by approximately 39.0 billion yen. On a business accounting
basis, Resona Group expects its retirement benefit liabilities
to decline by approximately the same amount. Possible impact of
this modification on profits and losses of the Group, Resona HD
will announce the impact soon after it is fixed.
=========
K O R E A
=========
HYOSUNG CORPORATION: Returns to Profit in First Quarter
-------------------------------------------------------
Hyosung Corporation returned to profit in the first quarter of
this year on positive effects from product price increases and a
revamp of textile-manufacturing facilities, according to Yahoo
Asia News, citing Asia Pulse.
The textile producer booked a profit of 25.2 billion won
(US$21.9 million) in the January-March quarter, versus a loss of
10 billion won for the previous quarter.
LG CARD: Resumes Credit Card Services
-------------------------------------
LG Card resumed its cash advance services through the Internet
and card loan operation last month for the first time in four
months, the Korea Times reported on Tuesday. The services were
suspended because of a crisis involving cash flow and soaring
debts.
The Company saw its overdue loan ratio fall from 19.7 percent in
February to 15.1 percent in March after its new CEO Park Hae-
choon intensified loan collection. It also carried out a capital
reduction with a 43.4-to-1-share ratio at a shareholders meeting
on April 27. Although its own capital shrank to 40 billion won,
its financial structure should improve if the creditors swap
debt for equity worth 2.5 trillion won around June.
The credit card firm had 23 trillion won in debts and its
liabilities exceeded its assets by more than 3 trillion won.
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Presents Fourth Quarter Report
-----------------------------------------------
Aktif Lifestyle Corporation Berhad submitted to the Bursa
Malaysia Securities Berhad on 30 April 2004, an unaudited copy
of the company's financial report for the fourth quarter ending
29 February of FY2004.
For a full copy of the report, click on the following link:
http://bankrupt.com/misc/AktifQuarterReport5May2004.xls
To read explanatory notes pertaining to the financial report,
click on the following link:
http://bankrupt.com/misc/AktifNotes5May2004.doc
The company would like to advice that the financial year end
should read as 29 February 2004 and not 28 February 2005.
ANSON PERDANA: Discloses Financial Report For Second Quarter
------------------------------------------------------------
Anson Perdana Berhad, on 30 April 2004, submitted to the Bursa
Malaysia Securities Berhad, the company's unaudited financial
report for the second period ending 29 February 2004, of the
financial year to end on 31 August 2004.
To read a full copy of the report, click on the following link:
http://bankrupt.com/misc/AnsonQuarterReport5May2004.xls
To read explanatory notes pertaining to the report, please click
on the following link:
http://bankrupt.com/misc/AnsonNote5May2004.doc
AOKAM PERDANA: Issues Default Status Update
-------------------------------------------
Aokam Perdana Berhad, in a notice posted with the Bursa Malaysia
on 5 May 2004, announced that there are no material changes in
the financial situation of the Company and that the issue of
continual default remains unresolved in relation to the various
default in payment further to the announcement on 1 April 2004.
AOKAM PERDANA: Aims to Resolve Financial Condition
--------------------------------------------------
Further to the Company's announcement dated 1 April 2004 made
pursuant to Paragraph 4.1(b) of the Practice Note (PN4), Aokam
Perdana Berhad wishes to announce that the Company and its
advisers, Messrs. Southern Investment Bank Berhad (SIBB) are
working on the implementation of the corporate proposals to
resolve the financial condition of Aokam Group.
BUKIT KATIL: Issues Update on Loans in Default
----------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad, on 30
April 2004, provided the Bursa Malaysia Securities Berhad an
update on the following loan facilities.
Bumiputra-Commerce Bank Berhad
Hearing for summary judgment which came for hearing on 29 March
2004 was adjourned to 18 May 2004.
The company is still in the process of seeking third party
financing to settle loan facilities.
OCBC Bank (Malaysia) Berhad
OCBC Bank (Malaysia) Berhad has obtained an oder for sale on 14
November 2003 on Omega Bricks Sdn Bhd land hels under Grant Reg
No. 31, Lot No 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri
Perak. The company has filed a Notice of Appeal against the said
Order for Sale.
OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under section 218(2) of the Companies Act, 1965 on 6
Octobr 2003 and was served on the company on 14 November 2003.
The winding up petition which came for hearing on 21 April 2004
has been adjourned to 30 June 2004.
The company is still in the process of seeking alternative
financing from other financial institutions for the repayment of
the defaulted sums.
Alliance Merchant Bank Berhad
The suit against the company was to be heard on 21 April 2004.
However, it has been adjourned to a date yet to be fixed.
The company is still actively negotiating with other financial
institutions to refinance the outstanding sums.
The Board of Directors of Bukit Katil would like to further
provide an update on the details of all facilities currently in
default in compliance with Section 3.1 of Practice Note 1/2001.
Borrowings in default as at 31 March 2004 with Bumiputra-
Commerce Bank Berhad, OCBC Bank (Malaysia( Berhad and Alliance
Merchant Bank Berhad are shown below:
Name of Borrower: Bukit Katil
Lender: Bumiputra-Commerce Bank Berhad
Type of Facility: Term Loan
Amount (RM) (Interest/Others): 6,053,784.41
Amount (RM) (Principal): 41,000,000.00
Amount (RM) (Total): 47,053,784.41
Name of Borrower: Bukit Katil
Lender: Bumiputra-Commerce Bank Berhad
Type of Facility: Revolving Credit
Amount (RM) (Interest/Others): 144,446.92
Amount (RM) (Principal): 1,700,000.00
Amount (RM) (Total): 1,844,446.92
Name of Borrower: Omega Bricks Sdn Bhd
Lender: OCBC Bank (Malaysia) Berhad
Type of Facility: Term Loan 1
Amount (RM) (Interest/Others): 906,798.84
Amount (RM) (Principal): 3,286,509.91
Amount (RM) (Total): 4,193,308.75
Name of Borrower: Omega Bricks Sdn Bhd
Lender: OCBC Bank (Malaysia) Berhad
Type of Facility: Term Loan 2
Amount (RM) (Interest/Others): 100,427.24
Amount (RM) (Principal): 359,913.60
Amount (RM) (Total): 460,340.84
Name of Borrower: Omega Bricks Sdn Bhd
Lender: OCBC Bank (Malaysia) Berhad
Type of Facility: Term Loan 3
Amount (RM) (Interest/Others): 120,426.71
Amount (RM) (Principal): 430,595.54
Amount (RM) (Total): 551,022.25
Name of Borrower: Omega Bricks Sdn Bhd
Lender: OCBC Bank (Malaysia) Berhad
Type of Facility: Term Loan 4
Amount (RM) (Interest/Others): 55,499.18
Amount (RM) (Principal): 197,998.60
Amount (RM) (Total): 253,497.78
Name of Borrower: Omega Bricks Sdn Bhd
Lender: OCBC Bank (Malaysia) Berhad
Type of Facility: Overdraft
Amount (RM) (Interest/Others): 155,949.63
Amount (RM) (Principal): 600,000.00
Amount (RM) (Total): 755,949.63
Name of Borrower: BK Plantations Sdn Bhd
Lender: Alliance Merchant Bank Berhad
Type of Facility: Revolving Credit
Amount (RM) (Interest/Others): 1,127,082.04
Amount (RM) (Principal): 5,000,000.00
Amount (RM) (Total): 6,127,082.04
BUKIT KATIL: Announces March Oil Palm Production Figures
--------------------------------------------------------
Bukit Katil Resources Berhad, in a notice dated 30 April 2004 to
the Bursa Malaysia Securities Berhad, announced the company's
oil palm production figures for the month of March 2004. This is
in accordance with Paragraph 9.29 of Part L of the Malaysia
Securities Exchange Berhad's Listing Requirements.
Current Month (March 2004): 499.17 FFB (mt)
Preceeding Year, Corresponding Month
(March 2003): 835.97 FFB (mt)
Current Year to Date (March 2004): 5,810.17 FFB (mt)
Preceeding Year, Corresponding Period
(March 2003): 6,256.54 FFB (mt)
FACB RESORTS: Posts Management Changes
--------------------------------------
FACB Resorts Berhad announced changes in its management in line
with the shifting of its headquarters from the peninsula to east
Malaysia, the Star Online reports.
The Company said in a statement that Loh Hoon Loi would be
promoted to Chief Operating Officer and Director, while Lim
Tiong Jin would be appointed Chief Financial Officer, with
effect from May 1. It also said Tay Guan Kee had resigned from
his position as Chief Operating Officer/Chief Financial Officer
and Director.
Tay would assume the position of Chief Executive Officer of its
unit Karambunai Resorts Limited effective May 1.
KSU HOLDINGS: Updates Practice Note 1/2001
------------------------------------------
KSU Holdings Berhad, in a notice posted with the Bursa Malaysia
on 5 May 2004, announced that there has been no further
development on its plan to regularize its financial condition
pursuant to the Practice Note No. 4/2001.
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMMUNICATIONS: RTC Extends Submission of Rehab Plan
--------------------------------------------------------------
Bayan Telecommunications' (Bayantel) receiver is given another
week to submit its proposed rehabilitation plan by the Pasig
City Regional Trial Court, according to the BusinessWorld Online
Edition.
Judge Rodolfo R. Bonifacio of the Pasig RTC gave the company's
receiver, Remigio A. Noval 15 days from receipt of their copies
of the rehab plan to file their respective comments. After this,
the matter is deemed submitted for the consideration of the
court, the order stated.
After the court ordered equal treatment of creditors, Mr. Noval
asked to extend the submission date of the rehabilitation plan,
another reason for the request for extension is the issue about
Radio Communications Philippines Inc. and Naga Telephone Co.
wherein the court ordered that the companies should not be
included in the rehab plan.
Bayantel said that this issues should be resolved first before
the submission of the rehab plan for it will help them determine
the amount of sustainable debt, the strategies for
rehabilitation and restructuring.
MANILA ELECTRIC: PCCI Opposes Refund Through Zero-Coupon Notes
--------------------------------------------------------------
Manila Electric Co's. (Meralco) plan to refund commercial and
industrial customers through the issuance of zero-coupon notes
is opposed by the Philippine Chamber of Commerce and Industry
(PCCI) for the reason that they want interest bearing notes
instead of what is being offered, AFX-Asia reports citing PCCI
Executive Vice President Donald Dee.
The court ordered Meralco to refund overcharges since 1994 to
all its customers. The refund to residential customers is almost
finished; at present it is now undergoing the fourth phase of
the refund scheme, which covers commercial and industrial
customers.
Contact: Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone No/s: 16220 (TL); 633-4553 (Corp. Sec.)
Fax No/s: 631-5572
Email Address: corcom@meralco.com.ph
Websitd: http://www.meralco.com.ph
NEGROS NAVIGATION: Denies Foreseeing Problems With Creditors
------------------------------------------------------------
The Securities and Exchange Commission (SEC) questioned the
troubled shipping company Negros Navigation Co. (Nenaco) why it
failed to include its problems with creditors in its third
quarter financial report which would cause an impact in its
liquidity, ABS-CBN News reports.
Nenaco defended itself in a letter sent to SEC by the company's
vice-president for group financial reporting Virgencito C.
Torcal, stating that the company was not aware of any trend or
event that would have an impact on its finances when it
submitted its third-quarter report last November 7
"At that time, we were not aware of any trend, event or
uncertainty which may have a material impact on our liquidity
because our finances showed positive operating results and
sufficient to support our operations as shown in the statement
of cash flows for the years ended December 31, 2002 and December
31, 2001 in our audited financial statements as of December 31,
2002," Mr.Torcal said.
At that time, Mr. Torcal noted Nenaco had maintained good
relations with its creditors and suppliers, while negotiating
for the restructuring of its obligations. This resulted in the
restructuring its loans with Equitable-PCI Bank and Prudential
Bank.
Last February 9, Nenaco claims that Tsuneishi Heavy Industries
Inc. filed a collection case against them even if it was in
negotiations to settle PhP111 million in debts for drydocking
services and ship repairs rendered in 2002. A month later Nenaco
filed for corporate rehabilitation.
"Fearing our creditors would follow the lead of Tsuneishi and/or
foreclose on the mortgages over our properties, both real and
personal, which include all our shipping vessels, to our
prejudice of our other creditors and the investing public, we
caused the filing of our above-mentioned petition for corporate
rehabilitation with prayer for suspension of payments in order
to preserve our assets and to continue our business operations,"
Mr. Torcal said.
Contact: Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone No/s: 245-5588
Fax No/s: 245-0780 (Telefax)
Email Address: nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com
PILIPINO TELEPHONE: Creditors Swap Offer To Smart Reaches PhP10B
----------------------------------------------------------------
Pilipino Telephone Inc. (Piltel) creditors offer to sell their
debts to Smart Communications Inc. have reached PhP10 billion,
still below the 70 percent mark set by the latter, which
resulted to another extension of the deadline to accept offers
from Piltel creditors to May 31. The offer is in exchange for
cash, Smart debts, or government-guaranteed bonds, according to
the Philippine Star.
The country's leading mobile phone service provider said that it
would not alter the economic terms upon which it would acquire
the Piltel debt.
For the cash offer, the creditors will only be getting 40 cents
for each dollar equivalent or a 60 percent discount. If they
choose to exchange for Smart debts falling due 2007, they will
get 52.5 cents for each dollar or a 47.5 percent discount. For
Smart debts due 2008, the creditors will be getting a value of
57.5 cents for each dollar or a 42.5 percent discount. For Smart
10-year debts, the value will be 1:1 although the interest rate
is fixed at 2.25 percent per annum. As for the 12-year
sovereign-backed bonds, the creditors will also receive a value
at par with the value of the debts.
Contact: Pilipino Telephone Corp.
25/F, Smart Tower
6799 Ayala Ave., Makati City
Telephone No/s: 511-6121/6241
Fax No/s: 817-3345
Email Address: dntan@smart.com.ph
VICTORIAS MILLING: Unveils Annual Stockholders Meeting
------------------------------------------------------
Victorias Milling Co. Inc. disclosed to the Philippine Stock
Exchange the result of its annual stockholders meeting held on
April 30, 2004 at the Metropolitan Club Inc. at 9:00 a.m.
During the said meeting, the following were elected as members
of the Board of Directors:
Representing the Existing Stockholders:
(1) Mr. Arthur N. Aguilar
(2) Mr. Abelardo E. Bugay
(3) Mr. Wilson T. Young
Representing the Secured Creditors:
(4) Mr. Aristotle L. Villaraza
Representing the Creditors with Debt Conversion (Unsecured
Creditors):
(5) Mr. Omar Byron T. Mier
(6) Mr. Jose M. Chan Jr.
(7) Ms. Cecilia C. Borromeo
(8) Mr. Jaime C. Laya
(9) Mr. Alexis R. Borlaza
(10) Mr. Rogerio B. Panlasigui
Representing the Joint Venture Partner
(11) Mr. Mariano C. Tanonglian
Thereafter, an Organizational meeting was held where the Board
of Directors elected the following:
(1) Mr. Omar Byron T. Mier- Chairman of the Board of Directors
and Executive Committee
(2) Mr. Jose M. Chan Jr.- Vice Chairman of the Board of
Directors
(3) Ms. Cecilia C. Borromeo- Treasurer
(4) Atty. Santiago T. Gabionza Jr.- Corporate Secretary
(5) Mr. Wilson T. Young- Chairman of the Audit Committee
(6) Mr. Jaime C. Laya- Chairman of
Compensation/Remuneration/Nomination Committee
(7) Mr. Arthur N. Aguilar- President
(8) Mr. Abelardo E. Bugay- Senior Vice President
(9) Ms. Teresita V. Ilagan- Acting Controller
(10) Mr. Nilo A. Florcruz- Acting Vice President for
Manufacturing
(11) Atty. Eva A. Vicencio-Rodriguez- Corporate Compliance and
Information Officer
Contact: Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Telephone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
Email Address: fal@philonline.com
Website: http://www.victoriasmilling.com
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest
------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited posted a notice of
changes in Director Charles E. Thompson's interests:
PART I
1. Date of notice to issuer: 30/04/2004
2. Name of Director: Charles E. Thompson
3. Please tick one or more appropriate box(es):
PART II
1. Date of change of interest: 30/04/2004
2. Name of Registered Holder: Charles E. Thompson
3. Circumstance(s) giving rise to the interest or change in
interest: Exercise of share options/convertibles
4. Information relating to shares held in the name of the
Registered Holder:
No. of shares held before the change: 33,880
As a percentage of issued share capital: 0.0014
No. of shares which are the subject of this notice: 41,870
As a percentage of issued share capital: 0.0017
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.86
No. of shares held after the change: 75,750
As a percentage of issued share capital: 0.003
PART III
1. Date of change of interest:
2. The change in the percentage level: From % to %
3. Circumstance(s) giving rise to the interest or change in
interest:
4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.
PART IV
1. Holdings of Director, including direct and deemed interest: -
Direct Deemed
No. of shares held before change: 33,880 0
% of issued share capital: 0.0014 0
No. of shares held after change: 75,750 0
% of issued share capital: 0.003 0
Submitted by Looi Lee Hwa, Company Secretary on 04/05/2004 to
the SGX
CREATIVE JEWELLERY: Court Sets Hearing Date
-------------------------------------------
Notice is hereby given that a petition for the winding up of
Creative Jewellery Pte Ltd. by the High Court was, on the 26
April 2004 presented by Diasqua Impex Pte Ltd of 2 Finlayson
Green, #14-02 Asia Insurance Building, Singapore 049247. The
petition will be heard before the Court sitting at the High
Court at 10 a.m. on the 21 May 2004. Any creditor or
contributory of the Company desiring to support or oppose the
making of an order on the 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 Company requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.
The Petitioners' address is at 2 Finlayson Green, #14-02 Asia
Insurance Building, Singapore 049247.
The Petitioners' solicitors are Messrs Khattar Wong & Partners
of 80 Raffles Place, #25-01 UOB Plaza 1, Singapore 048624.
Messrs KHATTAR WONG & PARTNERS
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs Khattar Wong &
Partners, the solicitors for the Petitioners, of 80 Raffles
Place, #25-01 UOB Plaza 1, Singapore 048624, a notice in writing
of his intention to do so. 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, 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 12 o'clock noon of the 20 May 2004 (the day
before the day appointed for the hearing of the Petition).
This Singapore Government Gazette announcement is dated 30 April
2004.
LEUN WAH: Nominates Judicial Managers
-------------------------------------
Notice is hereby given that a petition for placing Leun Wah
Electric Company (Private) Limited under the judicial management
of Judicial Managers by the High Court was on the 22 April 2004,
presented by the Directors of the said Company. The said
petition will be heard before the Court at 10 a.m. on 14 May
2004. Tam Chee Chong and Wee Aik Guan of Messrs Deloitte &
Touche have been nominated as the Judicial Managers and any
person who intends to oppose the making of an order under
section 227 (B) (5) (b) or the nomination of Judicial Managers
under section 227 (B) (3) (c) may appear at the time of the
hearing by himself or his Counsel for that purpose. A copy of
the said 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 31 Toh Guan Road East, #04-01 LW
Technocentre, Singapore 608608.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
DREW & NAPIER LLC
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
Drew & Napier LLC, notice in writing of his intention to do so.
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 of
the 13 May 2004 (the day before the day appointed for the
hearing of the Petition).
This Singapore Government Gazette announcement is dated 30 April
2004.
MEDIASTREAM LIMITED: Extends Date to Hold Annual General Meeting
----------------------------------------------------------------
The board of directors of MediaStream Limited has applied to the
Accounting and Corporate Regulatory Authority (ACRA) for an
extension of time for its accounts to be laid at the annual
general meeting (AGM) for the financial year ended 31 December
2003 (FY2003). It has also applied to the Singapore Exchange
Limited for a waiver from complying with paragraph 10(b),
Appendix 2.2, of the Listing Manual, which states that the
interval between the close of a company's financial year and the
date of its AGM shall not exceed four months. The Singapore
Exchange Limited has today approved the application for the
waiver subject to the Company:
(1) Obtaining the approval of ACRA for the Company to hold its
AGM for FY 2003 by 15 June 2004;
(2) Holding its AGM for FY 2003 by 15 June 2004;
(3) Confirming that the audited financial statements for FY
2003 would not be materially different from the unaudited
financial statements for FY 2003 (announced by the Company on 27
February 2004); and
(4) Making an immediate announcement pursuant to Rule 107 of
the Listing Manual disclosing the waiver granted, the conditions
for extension of time and the reasons for the delay by the
Company in issuing its annual report and holding its AGM.
The delay by the Company in issuing its annual report and
holding its AGM is due to the fact that the audit of the
accounts of the Company and its subsidiaries for FY 2003 has not
been completed for the following reasons:-
(a) The Company has been focusing its attention on
restructuring its business and looking for suitable investments,
one of which was the proposed acquisition of Megatalk Pte Ltd
announced on 1 December 2003. The Company has been operating
with a small complement of staff who had been tied up with the
negotiations, discussions, documentation and other matters
relating to the said proposed acquisition;
(b) The accounting staff of the Company had also been tied up
with the extraction of financial and other information from one
of its wholly-owned subsidiaries, Allandes Corporation Pte Ltd,
which has been placed under liquidation, and attending to the
legal matters in connection therewith; and
(c) The Company had been experiencing reduced operating income
and has delayed payment of outstanding fees paid to various
professionals advisers (including the auditors), all of whom
have been very supportive of the Company. The auditors took up
considerable time in discussions, internally, and between the
Company and the auditors on the issue of the outstanding audit
fees and an agreement on the settlement of the fees was only
reached recently.
The Company is still awaiting the outcome of the Company's
application to ACRA for the extension of time and will issue
another announcement once it is known.
By Order of the Board
Claire Tan Mui Keow
Company Secretary
MediaStream Limited
Submitted by Claire Tan Mui Keow, Company Secretary on
03/05/2004 to the SGX
POLIKEN INDUSTRIES: Issues Dividend Notice
------------------------------------------
Poliken Industries Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of first and final (preferential claims) as
follows:
Address of former registered office: 36 Sungei Kadut Street 1
#00-B5/B6 Singapore 729341.
Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng.
Amount per centum: 100 percentum of all admitted preferential
claims 20 percentum of all admitted ordinary claims.
First and final or otherwise: First and final (preferential
claims) First interim (ordinary claims).
When payable: 4th May 2004.
Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
This Singapore Government Gazette announcement is dated 30 April
2004.
SASDELL PTE: Releases Dividend Notice
-------------------------------------
Sasdell Pte Ltd (In Creditors' Voluntary Liquidation) issued a
notice of first and final dividend as follows:
Address of former registered office: 31 Kaki Bukit Road 3 #02-01
Singapore 417818.
Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng.
Amount per centum: 4.5 percentum of all admitted ordinary
claims.
First and final or otherwise: First and Final.
When payable: 4th May 2004.
Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
This Singapore Government Gazette announcement is dated 30 April
2004.
TREASURE RESTAURANT: Issues Dividend Notice
-------------------------------------------
Treasure Restaurant Pte Ltd. issued a notice of intended
dividend as follows:
Address of Registered Office: Formerly of 5001 Beach Road
#03-27 Golden Mile Complex Singapore 199588.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 261 of 1994.
Last Day for Receiving Proofs: 14 May 2004.
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
MOEY WENG FOO
Assistant Official Receiver.
This Singapore Government Gazette announcement is dated 30 April
2004.
YONGNAM HOLDINGS: SGX-ST OKs Rights Issue
-----------------------------------------
Further to the announcements on 20 November 2003 and 2 March
2004, the Board of Directors of Yongnam Holdings Limited
announced that the Singapore Exchange Securities Trading Limited
(the SGX-ST) has approved in-principle (the SGX-ST's Approval)
the following:
(A) Up to 299,748,379 Rights Shares in connection with the
proposed 1:2 non-renounceable non-underwritten Rights Issue;
(B) Up to 149,874,190 free Attached Warrants in connection with
the Rights Issue on the basis of 1 Attached Warrant for every 2
Rights Shares subscribed;
(C) Up to 220,000,000 Warrants to be issued in consideration of
the debt forgiveness by UOB Group, comprising of:-
(i) 110,000, 000 Warrants to be issued to UOB Group;
(ii) the balance 110,000,000 Warrants to be attached to the
Rights Issue (as part of the free Attached Warrants);
(D) New Shares to be issued upon exercise of the Attached
Warrants and the UOB Warrants;
(E) Up to 29,919,138 new Shares to be issued to certain
professionals in connection with the Fee Capitalisation;
(F) Up to 45,899,003 new Shares to be issued to Yongnam Private
Limited ("YNPL") in connection with the capitalisation of the
loan;
(G) New Shares to be issued to YNPL in connection with the
capitalisation of the YNPL interest;
(H) Up to 64,000,000 new Shares to be issued to certain trade
creditors of Yongnam Engineering Sdn Bhd; and
(I) New Shares arising from exercise of options in relation to
the Yongnam Share Option Scheme.
The SGX-ST's Approval in respect of the above is subject to the
following:
(a) Compliance with the SGX-ST's listing requirements; and
(b) The approval of the shareholders of the Company to be
obtained at an extraordinary general meeting of the Company to
be convened;
(c) An undertaking by the Company to make periodic
announcements as and when the Rights Issue proceeds are
materially deployed and to provide status report(s) on the use
of the Rights Issue proceeds in the annual report(s); and
(d) In the allotment of any excess Rights Shares, preference
should be given to the rounding of odd lots, if applicable.
Directors and substantial shareholders should rank last in
priority in the allotment of any excess Rights Shares.
Please note that the SGX-ST's Approval is not an indication of
the merits of the Company, its subsidiaries, the Rights Shares,
the Attached Warrants, the UOB Warrants, the Fee Capitalisation,
the YNPL Loan and Interest Capitalisations, the Malaysian
Settlement Agreements, the Yongnam Share Option Scheme or the
Rights Issue.
A circular to shareholders to convene an extraordinary general
meeting seeking shareholders' approval for the above will be
dispatched in due course.
Submitted by Yap Foo Seong, Kevin, Executive Chairman on
04/05/2004 to the SGX
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T H A I L A N D
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RAIMON LAND: Shareholders Approve Increase in Capital
-----------------------------------------------------
In a press release submitted to Seamico Securities, the Annual
General Meeting held on April 27th the Shareholders of Raimon
Land PCL approved an increase in the company's registered
capital from 2,466,710,400 baht to 2,752,640,955 baht. The
285,930,555 newly issued ordinary shares par value 1 Baht per
share to be allotted:
-224,930,555 ordinary shares to be offered by way of a rights
issue to existing shareholders in proportion to their existing
shareholding at the ratio of four existing shares to one new
share at the price of 1 Baht per share. The conditions of the
rights issue provide for any unsubscribe shares to be taken up
by either existing shareholders by excess rights application, or
by private placement at a price not less than 1 Baht per share.
-In addition, a further 61,000,000 ordinary shares are to be
reserved to accommodate the exercise of rights to buy ordinary
shares of the holders of the Warrants RAIMON-W and RAIMON - W2.
This requirement resulting from a change in the Exercise Ratio
brought about by the private placement of Raimon shares in
November 2003.
At the AGM Mr. Nigel J. Cornick, CEO of Raimon Land reported the
Company's 2003 financial results, which showed a profit of 520
million baht primarily due to the reversal of provision for loss
on investment and profit from debt restructuring. The Company
also recorded a fourth quarter operational profit of 15 million
baht.
Commenting on the Company's performance in 2003 Mr. Cornick
stated "The year 2003 saw the Company finally exit Business
Rehabilitation and the return of control of the Company to its
new Board of Directors". He went on to add "Last year the
Company launched two new projects "The Lofts Sathorn", a high
quality residential housing project composed of 25 houses and
"The Lakes" Condominium, a Grade A residential development of
171 units opposite last Queen Sirikrit Convention Center and the
new Benjakitti Park. This project sold out within 5 days and
achieved a sales value of Baht 1.6 billion. Profit from these
projects will be recognized in 2004".
Mr. Cornick conduced in saying that "The funds from the
forthcoming rights issue will be utilized in completing existing
projects and further investment into projects that fulfill the
Company's investment criteria. We are confident that 2004 will
prove to be another milestone in the development of Raimon
Land".
Contact: RAIMON LAND PUBLIC COMPANY LIMITED
Address: THE MILLENNIA TOWER, FLOOR 22, 62
LANGSUAN ROAD, LUMPINI,
PATHUM WAN, Bangkok
Telephone: 0-2651-9600-4
Fax: 0-2651-9614
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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