/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040517.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 Monday, May 17, 2004, Vol. 7, No. 95 Headlines A U S T R A L I A COLES MYER: Strong 3Q Results Don't Impact Ratings NATIONAL AUSTRALIA: To Tie Up With American Express Co. WOODSIDE PETROLEUM: May Quit Explorations In Gulf Of Mexico C H I N A & H O N G K O N G FOREGROUND SECURITIES: Creditors Must Submit Claims by June 7 GLOBAL INVESTMENT: Winding up Hearing Set for June 16 LEUNG WAI: Creditors Meeting Slated for May 21 NG KAM: Enters Bankruptcy Proceedings SO KA: General Meeting Set for May 21 TECHPACIFIC CAPITAL: Q104 Net Loss Widens to US$2.7M WAN SHUK: Schedules Creditor's Meeting May 21 YUE WAH: Schedules Winding up Hearing I N D O N E S I A ASTRA AGRO: Won't Seek Rescue Funds and Create New Debt BANK PERMATA: Shareholders Okay 25:1 Reverse Stock Split BANK PERMATA: To Select Financial Advisor For Divestment Program INDONESIAN SATELLITE: To Boost Capital For Mobile Services J A P A N ASANO KOJI: Construction Firm Enters Bankruptcy HITACHI LIMITED: Sells Shares of ShinMaywa Industries MITSUBISHI MOTORS: May Reject Ripplewood's Aid Offer MITSUBISHI MOTORS: Ripplewood Denies Investment Plan K O R E A LG CARD: Arranges MoU With Creditors LG INVESTMENT: KDB Names Preferred Bidders M A L A Y S I A ANCOM BERHAD: Purchases Ordinary Shares For RM48,628 AOKAM PERDANA: Presents Third Quarter Results CHASE PERDANA: Informs of Expiry of Warrants CONSOLIDATED FARMS: Submits Answer To BMSB Query GULA PERAK: Converted Shares Granted Listing HAP SENG: Buys Back Ordinary Shares HO HUP: Announces Changes In The Board HO HUP: Informs Of More Closed Period Dealings HO WAH: Director To Dispose Of Shares During Closed Period HO WAH: Director Buys 3M Shares During Closed Period I-BERHAD: Board Approves AGM Resolutions I-BERHAD: Presents First Quarter Report I-BERHAD: Launches i-Global Initiatives MALAYSIA MINING: Schedules EGM For 28 May MEDICAL ONLINE: MCM Affected By Appointment of Receiver-Manager NYLEX BERHAD: Court Grants Capital Reduction SIN KEAN: Issues Update To SKB Metal Civil Suit TANJONG PUBLIC: Issues New Shares For Listing and Quotation TENAGA NASIONAL: Informs Of CRIS Conversion Price TENAGA NASIONAL: CRIS Granted Listing UNISEM BERHAD: 11,000 New Shares Granted Listing WEMBLEY INDUSTRIES: Creditors Agree To Debt Restructuring P H I L I P P I N E S ABS-CBN BROADCASTING: Posts 1Q Report For 2004 BAYAN TELECOMMUNICATIONS: Subscriber Base Improves In 1Q MANILA ELECTRIC: Interest Bearing Bonds As Refund "Unfair" NATIONAL BANK: Issues Clarification Of News Article NATIONAL POWER: Net Loss May Exceed PhP75B Ceiling PHILIPPINE LONG: NTC Asks For Reactivation Of 114 PILIPINO TELEPHONE: Director Eduardo A. Gana Resigns PILIPINO TELEPHONE: Reappoints Audit And Nomination Committee S I N G A P O R E ESQUIRE TOURS: Issues Winding Up Order Notice MBF LEASING: Creditors Must Submit Claims by June 14 NEO CORPORATION: Issues Judicial Management Order Notice SIN TECH: Winding up Hearing Set May 28 SM ENGINEERING: Issues Winding up Order Notice YONGNAM HOLDINGS: Posts FY03 S$12.8M Net Loss YONGNAM HOLDINGS: E&Y Audits Financial Statements ZENECON GOLD: Issues Debt Claim Notice to Creditors T H A I L A N D KRUNG THAI: To Issue CD To Meet Dollar Demands KRUNG THAI: Unveils Resolutions Of Board Of Directors Meeting - - - - - - - - ================= A U S T R A L I A ================= COLES MYER: Strong 3Q Results Don't Impact Ratings -------------------------------------------------- Standard & Poor's Ratings Services said on Friday that Coles Myer Ltd.'s (BBB/Stable/A-2) strong third-quarter sales result and affirmed profit guidance would have no immediate impact on the company's ratings or outlook. Importantly, the sales result incorporated continued strong sales and market share growth from the group's supermarket division, underpinned by the national rollout of its petrol and convenience store operations, as well as other in-store initiatives. Coles Myer's non-food sales results for the quarter also were generally strong, in particular its "Target" shops, underpinned by effective retailing strategies and buoyant consumer demand. Looking forward, food & liquor sales growth should remain robust, but may moderate as benefits from its petrol-discount mature, and as Woolworths Ltd. (A-/Stable/A-2) expands it own petrol offering with Caltex Australia Ltd. (BBB+/Stable/A-2). Accordingly, the successful execution of Coles Myer's extensive supply chain overhaul, together with ongoing retail format enhancements, will become increasingly important drivers of supermarket earnings and the company's competitive position in the next few years. Performance of the non-food businesses should continue to be buoyed by solid consumer demand in the near term, which, importantly, should assist stock clearance activity during the fourth quarter. The non-food businesses, however, retain material exposure to cyclical consumer spending levels, ensuring that financial capacity must be retained during the current cyclical high to accommodate a weakening cycle, particularly given the group's large capital expenditure funding requirement over the next few years. Contact: Coles Myer Ltd. (NYSE: CM [ADR]) 800 Toorak Rd. Tooronga, Victoria 3146, Australia Phone: +61-3-9829-3111 Fax: +61-3-9829-6787 Website: http://www.colesmyer.com NATIONAL AUSTRALIA: To Tie Up With American Express Co. ------------------------------------------------------- National Australia Bank Ltd. (NAB) plans to enter alliance with American Express Co. (AXP) to launch a new multi-use credit card that allows access to their bank accounts, according to Dow Jones citing The Australian Financial Review. On its aim to revive underperforming credit card business, NAB will extend the reach of Amex in Australia, allowing it to compete with rivals Visa and Mastercard, giving it access to the nation's payments systems, including ATMs and the Eftpos retail network, according to the report. Contact: National Australia Bank Limited Fl. 24, 500 Bourke St. Melbourne, 3000, Australia Phone: +61-3-8641-4200 Fax: +61-3-8641-4927 Website: http://www.national.com.au WOODSIDE PETROLEUM: May Quit Explorations In Gulf Of Mexico ----------------------------------------------------------- After a long time exploration in the Gulf of Mexico region Woodside Petroleum Ltd. plans to pull out its operations in the area and study further the company's position in the said region, Dow Jones reports citing the Australian Financial Review. According to the company's new Chief Executive Don Voelte, he prefers to build dominant positions in which Woodside could determine the paces of exploration and development. Just six weeks into the role, Mr. Voelte told the newspaper the Gulf of Mexico is "not frontier exploration by any means; it's a very mature basin." Mr. Voelte said that acquisition of assets would be significant to the company's growth so the company would most likely to seek specific assets available for takeovers. Contact: Woodside Petroleum Ltd. (OTC: WOPEY) No. 1 Adelaide Terrace Perth, 6000, Australia Phone: +61-8-9348-4444 Fax: +61-8-9348-4142 Website: http://www.woodside.com.au ============================== C H I N A & H O N G K O N G ============================== FOREGROUND SECURITIES: Creditors Must Submit Claims by June 7 ------------------------------------------------------------- Notice is hereby given that the creditors of Foreground Securities Limited (In Liquidation) are required on or before 4:30 p.m. on 7 June 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 Official Receiver's Office at 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong. If so required by notice in writing from the said Liquidators, are personally or by their solicitors to come in and prove their said debts or claims at such time and place as shall be specified in such notice. 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 7th day of May 2004. JOSEPH LO KIN CHING DERMOT AGNEW Joint and Several Liquidators 26th Floor, Wing On Centre 111 Connaught Road Central Hong Kong GLOBAL INVESTMENT: Winding up Hearing Set for June 16 ----------------------------------------------------- Notice is hereby given that a petition for the winding up of Global Investment International Limited by the High Court of Hong Kong was on the 7 April 2004 presented to the said Court by Kan Na Hae of Flat B, 20/F., Po Fuk Building, 312-322 Shaukeiwan Road, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on the 16 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 on 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 15 June 2004. LEUNG WAI: Creditors Meeting Slated for May 21 ---------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Leung Wai Man Winnie (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. NG KAM: Enters Bankruptcy Proceedings ------------------------------------- Notice is hereby given that the General Meeting of the creditors of Ng Kam Fai (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. SO KA: General Meeting Set for May 21 ------------------------------------- Notice is hereby given that the General Meeting of the creditors of So Ka Fai Christopher (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. TECHPACIFIC CAPITAL: Q104 Net Loss Widens to US$2.7M ---------------------------------------------------- Techpacific Capital Limited incurred a net loss of US$2.734 million for the first quarter of 2004, versus a net loss of US$1.191 million a year earlier, Infocast News reported on Thursday. The loss per share was US$0.0011. No dividend was declared. WAN SHUK: Schedules Creditor's Meeting May 21 --------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Wan Shuk Ling (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. YUE WAH: Schedules Winding up Hearing ------------------------------------- Notice is hereby given that a petition for the winding up of Yue Wah Restaurant (HK) Company Limited by the High Court of Hong Kong was on the 28 April 2004 presented to the said Court by Wong Yiu Wai of Room 3705, Tat Yi Huse, Po Tat Estate, Kwun Tong, Kowloon, Hong Kong. The said petition will be heard before the Court at 10 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. 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 21 June 2004. ================= I N D O N E S I A ================= ASTRA AGRO: Won't Seek Rescue Funds and Create New Debt ------------------------------------------------------- PT Astra Agro Lestari an Indonesian agribusiness company does not plan to seek funds from other sources to pay its debts in order to avoid creating new debt. The company has a total debt of Rp500 billion in bonds maturing in March 2005, according to Asia Pulse. Bennyi Tjoeng, the company's vice president said they are positive that Astra Agro's internal funds are sufficient to settle the debt on its due date because the financial condition of the company has improved as a result of an increase in the price of crude palm oil (CPO). Asia Pulse reports that earlier, the company planned to issue a new bond to raise funds to repay the Rp500 billion-bond debt. BANK PERMATA: Shareholders Okay 25:1 Reverse Stock Split -------------------------------------------------------- Shareholders of PT Bank Permata have agreed to the planned reverse stock split of 25 shares into 1 share, making the nominal of A-series shares of Rp500 into Rp1250 and the nominal of B-series shares Rp5 to Rp125, according to the Indoexchange. At present the total number of the bank's shares is 193 billion and the total number will decrease to 7.7 billion after the reverse stock is completed by middle of June. The bank hopes that the price of the new share would reach Rp1,000 per share from the average price of the current share on the stock exchange which is Rp40.9. BANK PERMATA: To Select Financial Advisor For Divestment Program ---------------------------------------------------------------- Mohammad Syahrial, president of the Asset Management Company (PPA) said five from the 19 participating securities firms have been listed as candidates to become Bank Permata's financial advisor for the planned auction of its majority stake, The Jakarta Post reports. According to him the bank still has to decide among the five prominent players in the industry namely Morgan Stanley, ABN Amro, UBS Warburg, Merryl Lynch and Credit Suisse First Boston as to who will be selected as the financial advisor for the divestment program. Besides selecting a financial advisor, the bank is still in the process of selecting a legal advisor. Nine legal firms have expressed interest among the 13 chosen and the bank had shortlisted them to three, but did not disclose the name, the report says. Asset Management Company is a state agency in charge of assets formerly controlled by the Indonesian Bank Restructuring Agency (IBRA). INDONESIAN SATELLITE: To Boost Capital For Mobile Services ---------------------------------------------------------- Due to a satisfactory first quarter results and an increase in mobile phone subscribers, Indonesian Satellite Corp. Tbk. (Indosat) plans to boost capital spending for mobile services by nearly 20 percent this year, Reuters reports. The telecommunications firm targets 40 percent new subscriptions to 2.5 million to 3 million subscribers, after a reported jump of 600,000 subscribers in the first quarter alone. As a result, the company will be increasing its capex investment by about $100 million primarily for cellular alone, Indosat Deputy President Ng Eng Ho told reporters at an investment conference in the Malaysian capital. However, the additional spending will come from internal funds. If the higher subscription target is met, the company will bring the number of subscribers to an estimated eight to nine million, according to Mr. Ng. "The Indonesian market is a big potential for us, and one strategy is to improve our network coverage," Mr. Ng added. ========= J A P A N ========= ASANO KOJI: Construction Firm Enters Bankruptcy ------------------------------------------------ Asano Koji K.K. has entered bankruptcy, according to Teikoku Databank America. The general civil engineering and construction firm, which is located at Chuo-ku, Tokyo Japan, has total liabilities of US$100 million. HITACHI LIMITED: Sells Shares of ShinMaywa Industries ----------------------------------------------------- Hitachi Limited on Friday announced it sold shares of ShinMaywa Industries Limited, Business Wire reports. As a result of the sale, ShinMaywa is no longer an equity-method affiliate of the Company. 1. Sales of shares (1) Number of shares sold 15,000,000 shares owned by Hitachi. Following the sales, Hitachi owns 9,000,337 shares, Which represent approximately 7.5% of the Issued and Outstanding shares of ShinMaywa. (2) Aggregate proceeds of the sale Approximately 6 billion yen (3) Method of the sale Sold through ToSTNeT-2 on the Tokyo Stock Exchange (4) Date of the sale May 14, 2004 2. Impact on operating performance The sale of shares doesn't have a significant impact on The operating results of Hitachi for the fiscal year ending March 31, 2005. About Hitachi, Ltd. Hitachi Limited, headquartered in Tokyo, Japan, is a leading global electronics company, with approximately 326,000 employees worldwide. Fiscal 2003 (ended March 31, 2004) consolidated sales totaled 8,632.4 billion yen ($81.4 billion). The company offers a wide range of systems, products and services in market sectors, including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. Hitachi Ltd.'s cash and cash equivalents as of December 31, 2003 amounted to 614.5 billion yen (US$5.744 billion), a net decrease of 94.4 billion yen (US$883 million) during the third quarter, TCRAP Vol. 7 No. 94 reports. Debt as of December 31, 2003 stood at 2.797 trillion yen (US$26.141 billion), 94.4 billion yen (US$883 million) higher than at September 30, 2003 as a result of an increase in short- term debt. CONTACT: Hitachi, Ltd. Atsushi Konno, +81-3-3258-2056 atsushi_konno@hdq.hitachi.co.jp or Hitachi (China) Investment, Ltd. Yuji Hoshino, +86-10-6590-8141 (China) y_hoshino@hitachi.com.cn or Hitachi America, Ltd. Matt Takahashi, 650-244-7902 (U.S.) masahiro.takahashi@hal.hitachi.com or Hitachi Europe Ltd. Kantaro Tanii, +44-1628-585379 (U.K.) kantaro.tanii@hitachi-eu.com MITSUBISHI MOTORS: May Reject Ripplewood's Aid Offer ---------------------------------------------------- Mitsubishi Motors Corporation will likely reject Ripplewood Holdings' offer for financial help, AFX Asia reports, citing the Mainichi newspaper. The U.S. investment fund is ready to invest some 100 billion yen in the ailing carmaker, but Mitsubishi Motors considers that the U.S. fund's involvement will not be in line with the restructuring plan the Japanese carmaker is currently drafting. Mitsubishi Motors has asked its top shareholder DaimlerChrysler AG not to sell its 37 stake to Ripplewood. MITSUBISHI MOTORS: Ripplewood Denies Investment Plan ---------------------------------------------------- U.S. investment fund Ripplewood Holdings said on Thursday it was not considering an investment in Mitsubishi Motors Corporation (MMC), according to Reuters on Thursday, citing Ripplewood spokesman Atsushi Kuse. "We have not put up our name as a candidate for Mitsubishi Motors and we are not considering an investment," Atsushi Kuse said. He added that there had been no request from Japan's fourth-largest carmaker for funding. Mitsubishi Motors declined to comment. It faces an uncertain future after main shareholder DaimlerChrysler AG, which has a 37 percent stake, pulled the plug on a multi-billion-dollar refunding last month. ========= K O R E A ========= LG CARD: Arranges MoU With Creditors ------------------------------------ LG Card will conclude a memorandum of understanding (MOU) for management normalization with its creditors on Thursday, Yonhap News reports. According to the creditors, the Korea Development Bank (KDB), the lead creditor, will arrange the MOU with the largest credit card issuer in South Korea with the agreement of the creditors' operation committee. LG INVESTMENT: KDB Names Preferred Bidders ------------------------------------------ The Korea Development Bank (KDB) has named Korea's Woori Financial Group and Taiwan's Yuanta Core Pacific Securities as preferred bidders for LG Investment & Securities, Digital Chosun reported on Friday. KDB is planning to strike a final contract with one of the bidders in late June after conducting two weeks of negotiations followed by three weeks of due diligence. =============== M A L A Y S I A =============== ANCOM BERHAD: Purchases Ordinary Shares For RM48,628 ---------------------------------------------------- Ancom Berhad, informed the Bursa Malaysia Securities Berhad on 13 May 2004, that the company had on the same date, bought back 62,600 units of ordinary shares of RM1.00 each for a total cash consideration of RM48,628. The minimum price paid for each share was RM0.770 while the maximum price was placed at RM0.780. To date, the company has 324,000 units of cumulative net outstanding treasury shares. AOKAM PERDANA: Presents Third Quarter Results --------------------------------------------- Aokam Perdana Berhad declared another quarter of losses as it submitted its unaudited third quarter financial report for the financial year ending 30 June 2004 to the Bursa Malaysia Securities Berhad on 13 May 2004. For a full copy of the report, click on the following link: http://bankrupt.com/misc/Aokam3QReport17May2004.xls For a copy of the explanatory notes to the financial results, click on the following link: http://bankrupt.com/misc/AokamNotes17May2004.doc CHASE PERDANA: Informs of Expiry of Warrants -------------------------------------------- Chase Perdana Berhad submitted to the Bursa Malaysia Securities Berhad on 13 May 2004, a notice to warrantholders informing them of the expiry and the last date for the exercise of Warrants 1999/2004. A full copy of the notice may be read on the following link: http://bankrupt.com/misc/ChaseNoticeExpiry17May2004.doc CONSOLIDATED FARMS: Submits Answer To BMSB Query ------------------------------------------------ Consolidated Farms Berhad (Confarm), submitted to the Bursa Malaysia Securities Berhad (BMSB) on Thursday, 13 May 2004, the company's reply to BMSB's query pertaining to the suit against Confarm and its subsidiary, Consolidated Feedmill Sdn Bhd. The Query letter reads: We refer to the announcement dated 11 May 2004, in respect of the suit against Confarm and its unit. In this connection, kindly furnish Bursa Malaysia with the following additional information for public release: i. The expected date of hearing of the suit. ii. The financial and operational impact on the Group, if any, arising from the aforesaid suit. iii. The expected losses, if any, arising from the suit. Please furnish Bursa Malaysia with your reply within two (2) market days from the date hereof. Yours faithfully CHONG FUI TZY Sector Head Issues & Listing Group Regulations HTH/TFTZA c.c. Securities Commission As a reply, Consolidated Farms forwarded the following information for public release: i. The Group's lawyers have filed the Memorandum of Appearance on 13 May 2004. The defence for both suits is due to be filed on 31 May 2004. There is at present no hearing date fixed by the Court for both suits. ii. The financial impact on the Group is still uncertain at this early stage as the Group is taking legal advice on the merits of the claims. The suits have no operational impact on the Group. iii. There are no expected losses arising from the suit. GULA PERAK: Converted Shares Granted Listing -------------------------------------------- Gula Perak Berhad, in a notice submitted on 13 May 2004 to the Bursa Malaysia Securities Berhad, advised that the company's additional 47,200 new ordinary shares of RM1.00 each, issued pursuant to the Gperak-Conversion of RM47,200 irredeemable convertible secured loan stocks will be granted listing and quotation effective 9 am on Monday, 17 May 2004. HAP SENG: Buys Back Ordinary Shares ----------------------------------- Hap Seng Consolidated Berhad, in a notice dated 13 May 2004 to the Bursa Malaysia Securities Berhad, announced that the company had on the same date, bought back 7,400 units of ordinary shares of RM1.00 each for a total cash consideration of RM19,006.79. Minimum priced paid for each share was RM2.500 while the maximum purchase price was RM2.570. To date, the company has 32,965,400 units of cumulative net outstanding treasury shares. HO HUP: Announces Board Changes ------------------------------- Ho Hup Construction Company, in a disclosure dated 13 May 2004 to the Bursa Malaysia Securities Berhad, announced resignations from and appointments to the Board of Directors of the company. Resignations Name: Yeo Keng Un Designation: Non-executive Director Directorate: Non Independent and Non Executive Date Resigned: 12 May 2004 Name: Ybhg Dato' Mohd Nor bin Idrus Designation: Non-executive Director Directorate: Non Independent and Non Executive Date Resigned: 12 May 2004 Appointments: Name: Ybhg Dato' Aripin Bin Mokhtar Designation: Non-executive Director Directorate: Non Independent and Non Executive Date Appointed: 12 May 2004 Name: Faris Najhan Bin Hashim Designation: Non-Executive Director Directorate: Non Independent and Non Executive Date Appointed: 12 May 2004 HO HUP: Informs Of More Closed Period Dealings ---------------------------------------------- Ho Hup Construction Company Berhad, in a notice dated 13 May 2004 and submitted to the Bursa Malaysia Securities Berhad, announced further to a previous company notice made on 7 May 2004, that the company has been notified by Dato' Low Tuck Choy and Mr Low Teik Kien, both principal officers of the company, of their dealings in the securities of Ho Hup during the Closed period. Dato' Low Tuck Choy Transaction Date: 12 May 2004 Price Per Share: RM1.80 Number of Shares Acquired: 8,000 (Direct) Percentage of Issued Share Capital (%): 0.008 Transaction Date: 12 May 2004 Price per share: RM1.812 Number of shares acquired: 23,600 (*Indirect) Percentage of issued share Capital (%): 0.023 Low Teik Kien Transaction Date: 12 May 2004 Price per share: RM1.812 Number of shares acquired: 23,600 (*Indirect) Percentage of issued share Capital (%): 0.023 *Deemed interested through Low Chee Estate. HO WAH: Director To Dispose Of Shares During Closed Period ---------------------------------------------------------- Ho Wah Genting Berhad (HWGB), submitted a notice to the Bursa Malaysia Securities Berhad on 13 May 2004, informing that the Company's Group Executive Chairman, Mr Goh Sin Huat, who is also the substantial shareholder of the Company had notified the Company of his intention to dispose approximately 3,000,000 ordinary shares of HWGB registered in the name of OSK Nominees (Tempatan) Sdn Berhad during the Company's closed period from 27 April 2004 to 31 May 2004. Mr Goh's current shareholdings in the Company are: - Directly interested in 18,308,000 ordinary shares of which 18, 250,000 ordinary shares are registered in the name of OSK Nominees (Tempatan) Sdn Berhad; - Deemed interested in 270,000 ordinary shares by virtue of his son's direct shareholding in HWGB; - Deemed interested in 39,850,000 ordinary shares by virtue of his directorship in Kintron Holding Sdn Bhd (KHSB), his spouse and his substantial shareholdings and the substantial interest of his associate, Expand Quest Sdn Bhd in KHSB of which KHSB is the beneficial owner: - 10,341,000 shares are registered in the name of KHSB; - 15,000,000 shares are registered in the name of OSK Nominees (Tempatan) Sdn Berhad; - 7,509,000 shares are registered in the name of Amsec Nominees (Tempatan) Sdn Bhd; - 7,000,000 shares are registered in the name of RHB Nominees (Tempatan) Sdn Bhd. HO WAH: Director Buys 3M Shares During Closed Period ---------------------------------------------------- Ho Wah Genting Berhad (HWGB), in a notice dated 12 May 2004 to the Bursa Malaysia Securities Berhad, referred to the company's 10 May announcement pertaining to HWGB's director, Mr Lim Ooi Hong's intention to purchase approximately 5 million units of ordinary shares on HWGB. Ho Wah informed further that on 12 May, Mr Lim Ooi Hong acquired 3 million units of ordinary shares of RM1.00 each in the company at RM0.69 per share for a total cash consideration of RM2,070,000. Registered holder for the shares is JB nominees (Tempatan) Sdn Bhd with a pledged securities account for Lim Ooi Hong. I-BERHAD: Board Approves AGM Resolutions ---------------------------------------- In a notice dated 13 May 2004 and submitted to the Bursa Malaysia Securities Berhad, the Board of Directors of I-Berhad announced that shareholders of the Company had at the 37th Annual General Meeting (AGM) held on 13 May 2004, approved and passed all the ordinary resolutions as set out in the notice convening the AGM dated 19 April 2004 contained in the 2003 Annual Report. A copy of the notice detailing the ordinary resolutions may be viewed on the following link: http://bankrupt.com/misc/IBerhadNoticeAGM17May2004.doc I-BERHAD: Presents First Quarter Report --------------------------------------- I-Berhad submitted to the Bursa Malaysia Securities Berhad, the company's unaudited financial results for the first quarter of the financial year ending 31 December 2004. The report reflected a loss of RM603,000 for the quarter ending 31 March 2004 compared to a profit of RM244,000 for the corresponding quarter last year. To read a full copy of the financial report, click on the following link: http://bankrupt.com/misc/IBerhad1QReport17May2004.xls I-BERHAD: Launches i-Global Initiatives --------------------------------------- I-Berhad, a local electrical appliance maker, has launched the i-Global Malaysian initiatives to boost the company's exports and raise the contribution from overseas sales to over 50 percent of the company's total revenues. I-Berhad Chief Executive officer Eu Hong Chew said that last year, 20 percent of the company's revenue came from global business. "We want to target at more than half (of the group's turnover). I think we will very quickly get there." According to The Edge Daily, the group is also planning to set up offices abroad as well as establish a distribution network in China. MALAYSIA MINING: Schedules EGM For 28 May ----------------------------------------- Malaysia Mining Corporation, in a notice dated 13 May 2004 to the Bursa Malaysia Securities Berhad, announced the schedule and agenda for the company's Extraordinary General Meeting. Notice is hereby given that an Extraordinary General Meeting of Malaysia Mining Corporation Berhad (MMC or Company) will be held at The Banquet Hall, Kuala Lumpur Golf & Country Club, No.10, Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur, Malaysia on Friday, 28 May 2004 at 11 a.m., or immediately following the conclusion or adjournment (as the case may be) of the Twenty- Eighth Annual General Meeting (AGM) of the Company, which will be held at the same venue and on the same day at 10 a.m., whichever is later, for the purpose of considering, and if thought fit, passing the following resolutions: ORDINARY RESOLUTION 1 - PROPOSED DISPOSAL "That, subject to and conditional upon the approvals being obtained from all the relevant authorities (if any), approval be and is hereby granted to the Company to dispose of up to 91,082,047 ordinary shares of RM0.50 each in Sime Darby Berhad (Remaining Shares) currently held by Anglo-Oriental (Annuities) Sdn Bhd, a wholly-owned subsidiary of MMC, via Direct Business Transaction through Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Exchange Berhad) (Bursa Malaysia) for cash at a date and price to be determined (Price Determination Date) and to placees to be identified later (except for Seaport Terminal (Johore) Sdn Bhd, Impian Teladan Sdn Bhd and/or Directors of MMC and/or persons connected to them) And that the Board of Directors be and is hereby authorized to determine the disposal price of the Remaining Shares provided always that the disposal price would not be at a discount of more than 10 percent to the five (5)-day volume weighted average market price of the Sime Darby Shares prior to the Price Determination Date And that such authority shall commence immediately upon the passing of this resolution until the conclusion of the next AGM of the Company (unless earlier revoked or varied by ordinary resolution of the shareholders of the Company in general meeting) And further that the Directors of the Company be and are hereby authorized to do all such steps and to enter into and execute all commitments, transactions, deeds, agreements, arrangements, undertakings, indemnities, transfers, assignments and guarantees as they may deem fit, necessary, expedient and/or appropriate in order to implement, finalize and give full effect to the aforesaid Proposed Disposal with full power to assent to any conditions, modifications, revaluations, variations including but not limited to the aforesaid disposal consideration and/or amendments as may be required by the relevant authorities." ORDINARY RESOLUTION 2 - PROPOSED GENERAL MANDATE "That, subject to the Companies Act 1965, the Memorandum and Articles of Association of the Company and the Listing Requirements of Bursa Malaysia, approval be and is hereby given to the Company and/or its subsidiaries to enter into all arrangements and/or transactions involving the interests of Directors, major shareholders or persons connected with the Directors and/or major shareholders of the Company and/or its subsidiaries (Related Parties) as specified in Section 2.2.3 of the Circular to Shareholders dated 14 May 2004 provided that such arrangements and/or transactions are: (i) recurrent transactions of a revenue or trading nature; (ii) necessary for the day-to-day operations; (iii) carried out in the ordinary course of business on normal commercial terms and terms which are not more favorable to the Related Parties than those generally available to the public; and (iv) are not to the detriment of the minority shareholders (the Mandate) And that the Mandate shall continue in force until: (i) the conclusion of the next AGM of the Company, at which time it will lapse, unless by a resolution passed at the next AGM, the Mandate is renewed; (ii) the expiration of the period within which the next AGM is required to be held pursuant to Section 143(1) of the Companies Act 1965 (but shall not extend to such extensions as may be allowed pursuant to Section 143(2) of the Companies Act 1965); or (iii) revoked or varied by a resolution passed by the shareholders in a general meeting; whichever is the earlier And further that the Directors of the Company be and are hereby authorized to complete and do all such acts and things (including executing all such documents as may be required) as they may consider expedient or necessary to give effect to the Mandate. BY ORDER OF THE BOARD Elina Mohamed Muhammad Firdaus Abdullah Secretaries Kuala Lumpur, Malaysia 14 May 2004 Notes: (1) A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy need not be a member of the Company. (2) A proxy form is enclosed and to be valid must reach the Registrar's office at Signet Share Registration Services Sdn Bhd, Level 26, Menara Multi Purpose, Capital Square, No.8, Jalan Munshi Abdullah, 50100 Kuala Lumpur, Malaysia not less than 48 hours before the Meeting. MEDICAL ONLINE: MCM Affected By Appointment of Receiver-Manager --------------------------------------------------------------- MCM Technologies Berhad (MCM Tech), in a disclosure dated 13 May 2004 to the Bursa Malaysia Securities Berhad, referred to the appointment of Ms. Kuan Mei Ling of Messrs RSM Nelson Wheeler Teo Corporate Advisory Services Sdn Bhd (RSM) as Receiver and Manager (R&M) of the property of Medical Online Sdn Bhd (MOL). MCM Tech further advised that the Company has other investments, amounting to approximately RM7.465million, in several companies that have business links with MOL, which might be affected by the appointment of R & M. MCM Tech has a 41 percent equity interest in Millenium Integra (M) Sdn Bhd (MISB). MISB is principally involved in supplies of information technology equipment, computing hardware and software communications & networking equipment. MISB is the prime sub-contractor for MOL's Integrated Telehealth project. MCM Tech also has a 41 percent equity interest in Planet Connections (M) Sdn Bhd, which specializes in applications management, design & programming, web content management for MOL and 19 percent equity interest in Cybercode (M) Sdn Bhd (CSB) which provides medical and health care consultancy services to MOL and CSB is the immediate holding company of MOL. The Board of MCM Tech will be ascertaining the financial impact of the developments in MOL, if any, before deciding whether it is necessary to review its investments in these companies and further make the necessary provisions for the diminution in the value of these investments if deemed appropriate. Medical Online is an IT-based company that provides healthcare technologies. NYLEX BERHAD: Court Grants Capital Reduction -------------------------------------------- In a notice dated 12 May 2004 to the Bursa Malaysia Securities Berhad, Alliance Merchant Bank Berhad, for and on behalf of Nylex (M) Berhad, announced that on the same date, the High Court of Malaya granted an order confirming the special resolution passed by the shareholders of Nylex at an extraordinary general meeting of Nylex held on 15 August 2003 for the reduction of capital pursuant to Section 64 of the Companies Act, 1965. About the Company Nylex (M) Berhad's main businesses are divided into three divisions namely, Polymer, Engineering and Building Products. The Polymer divison is involved in the manufacture and marketing of vinyl-coated fabrics, calendered film and sheeting, and other plastic products, including geotextiles and prefabricated sub- soil drainage systems, and rotomoulded bulk containers; The Engineering Division is into design, manufacture, supply, installation, commissioning and maintenance of equipment and systems for power distribution and motor control centres, trading and contracting in electrical engineering products. Whereas the Building Products Division is involved in the manufacture and marketing of roofing products and glasswool insulation products. The company is currently undergoing a rationalization exercise to focus on the three main divisions of its business group. SIN KEAN: Issues Update To SKB Metal Civil Suit ----------------------------------------------- Sin Kean Boon Group Berhad (SKBG), on 13 May 2004, submitted to the Bursa Malaysia Securities Berhad, the following updates to the civil suit filed by SKB Metal Sdn Bhd against Sin Kean Boon Metal Industries Sdn Bhd: On 20 May 2003, Sin Kean Boon Group Berhad (SKBG) had announced that Sin Kean Boon Metal Industries Sdn Bhd (SKBMI), a wholly- owned subsidiary of SKBG had on 20 May 2003 received from Messrs Choy & Associates, solicitors for SKB Metal Sdn Bhd (SMSB), a Writ Saman Dan Penyata Tuntutan issued by the Penang High Court (No. 2) Guaman Sivil No: 22-267-2003. By the said Writ, SMSB has claimed against SKBMI for the following reliefs: a) the sum of RM972,300.00 and RM74,078.39 being the arrears of rent and the interest accrued thereon respectively for a portion of the Premises known as Lot 466 & 472, Jalan Perusahaan Baru Satu, Prai Industrial Estate 3, 13600 Prai, Penang, together with interest accrued thereon at the rate of 8 percent per annum from 21 March 2003 until full settlement; b) vacant possession of the said Premises known as Lot 466 & 472, Jalan Perusahaan Baru Satu, Prai Industrial Estate 3, 13600 Prai, Penang occupied by the Defendant within one (1) month from the date of the Order of Court; c) profits of RM92,600.00 per month from 1 April 2003 up to the date of delivery of vacant possession; d) costs; and e) that there be such further reliefs and/or orders as may be deemed just and necessary. On 20 May 2003, SKBG had also announced that in the Penyata Tuntutan, SMSB alleged that the tenancy has been terminated due to SKBMI's failure to pay rent from July 2001 to March 2003 (inclusive). SKBG had on 20 May 2003 also announced that they had instructed their lawyers to defend this suit as all monthly rental from July 2001 to date has been paid to the solicitors as stakeholders as previously agreed pending the tenancy dispute of the premises. Further, the counterclaim in Penang High Court Civil Suit: 22-104-2002 is in respect of the same tenancy dispute is still pending trial. On 28 May 2003, Sin Kean Boon Group Berhad announced that the solicitors had on 28 May 2003, filed a Memorandum Kehadiran to the Penang High Court. On 30 June 2003, Sin Kean Boon Group Berhad announced that it has on 30 June 2003 received a copy of sealed Saman Dalam Kamar dated 30 May 2003 and Affidavit affirmed by Sin Kheng Chuan on 30 May 2003. The Saman Dalam Kamar is the Plaintiff's (SMSB) application for summary judgment for the sum of RM972,300.00 and RM74,078.39 and interest at 8 percent p.a. from 21 March 2003 to date of full settlement and costs. The Plaintiff's application was fixed for hearing on 17 July 2003. The Defendant Sin Kean Boon Metal Industries Sdn Bhd (SKBMI) will be resisting this application. SKBG had on 17 July 2003 announced that the matter fixed for hearing on 17 July 2003 was adjourned and the Court had fixed the final hearing date for Summary Judgement on 15 September 2003. On 15 September 2003, SKBG announced that the Court has postponed this matter pending its preparations to relocate to its new premises at Northam Tower and the Court will write to parties to inform of the new hearing date. SKBG had on 14 January 2004 announced that the Court has fixed the matter for hearing of the Plaintiff's application for Summary Judgment on 11 February 2004. On 15 January 2004, SKBG announced that SKBMI's application for suit no: 22-267-2003 to be stayed pending the hearing of SKBG's Counterclaim in suit no: 22-104-2002, alternatively, for both the suit no: 22-267-2003 and SKBG's counterclaim in suit no: 22- 104-2002 to be consolidated or heard together has been fixed on 11 February 2004 which is the same day as the Plaintiff's application for summary judgment. On 11 February 2004, SKBG announced that the matter had been adjourned to a date to be fixed later. On 12 March 2004 SKBG announced that the Court has fixed the new hearing date of this matter on 6 April 2004. On 6 April 2004, SKBG announced that its solicitors had informed the Court that the Defendant's application for consolidation of the matters, ie for Plaintiff's summary judgement to be heard together with the Defendant's counterclaim or alternatively for stay of Plaintiff's suit pending disposal of the Defendant's counterclaim (enclosure 11) has not been disposed off yet. As such, the Court directed that the parties file Written Submission for both the application. The mention dates following the above are: 1. 21 April 04 For Defendant to file reply to Plaintiff's written submissions to enclosure 3 (Summary Judgement). Also for Defendant to file written submissions to enclosure 11 (consolidation). 2. 13 May 04 For Plaintiff to file reply to Defendant's written reply to enclosure 3. Also for Plaintiff to file reply to Defendant's written submissions for enclosure 11. 3. 27 May 04 For Defendant to file reply to Plaintiff's reply to enclosure 11. 4. 04 June 04 Decision of enclosure 3 and 11. On 22 April 2004, SKBG announced that the solicitors have informed that the written submissions as directed by the Court has been duly filed. The solicitors have also informed that the next date 13 May 2004 is maintained. Today SKBG wishes to inform that the Plaintiff's solicitors have requested for extension of time to file the Plaintiff's written reply submission. Yours faithfully Signed Lam Voon Kean (MIA 4793) Joint Secretary TANJONG PUBLIC: Issues New Shares For Listing and Quotation ----------------------------------------------------------- Tanjong Public Limited Company, in a notice dated 13 May 2004 to the Bursa Malaysia Securities Berhad, announced that the company's additional 25,000 new ordinary shares of 7.5 pence each, issued pursuant to the Tanjong-Employees' Share option scheme will be granted listing and quotation effective 9 am on Monday, 17 May 2004. TENAGA NASIONAL: Informs Of CRIS Conversion Price ------------------------------------------------- Tenaga Nasional Berhad would like to refer to the previous announcements dated 26 April and 11 May 2004. Commerce International Merchant Bankers on behalf of Tenaga nasional, issued a notice to the Bursa Malaysia Securities Berhad on 13 May 2004, informing of the following: CRIS Issue Date: 11 May 2004. Maturity Date: 8 May 2009. Conversion Price: RM11.47 The Conversion Price will be subject to adjustment for events detailed in our announcement dated 26 April 2004. Mode of Satisfaction of Conversion Price: The Conversion Price shall be satisfied by tendering the nominal value of the CRIS equivalent to the Conversion Price for every one (1) new TNB share. Conversion Period: The CRIS are convertible into new TNB shares at any time commencing from 9 a.m. on 9 June 2004 and ending at 5 p.m. on 9 April 2009, but excluding any Closed Period (as defined in our announcement dated 26 April 2004). TENAGA NASIONAL: CRIS Granted Listing ------------------------------------- Tenaga Nasional Berhad, in a communication to the Bursa Malaysia Securities Berhad dated 13 May 2004, advised that Tenaga's Unsecured Convertible Redeemable Income Securities (CRIS) will be admitted to the Official List of the Exchange and the listing and quotation of the CRIS on the Main Board under the "Loans" sector, on a "Ready" basis pursuant to the Rules of the Exchange will be granted with effect from 9 a.m. on Monday, 17 May 2004. The Stock Short Name, Stock Number and ISIN Code of the CRIS are "TENAGA-LA", "5347LA" and "MYL5347LAJ51" respectively. The company also advises that the CRIS are prescribed securities. Dealings in the CRIS should be carried out in accordance with the Securities Industry (Central Depositories) Act, 1991 and the Rules of Malaysian Central Depository Sdn Bhd. Only "free securities" can be utilized for settlement of trades involving the CRIS. UNISEM BERHAD: 11,000 New Shares Granted Listing ------------------------------------------------ Unisem (M) Berhad, in a notice dated 13 May 2004 to the Bursa Malaysia Securities Berhad, announced that the company's additional 11,000 new ordinary shares of RM1.00 each, issued pursuant to the Unisem-Employees' Share option Scheme will be granted listing and quotation effective 9 am on Monday, 17 May 2004. WEMBLEY INDUSTRIES: Creditors Agree To Debt Restructuring --------------------------------------------------------- Alliance Merchant Bank Berhad, on behalf of the Board of Directors of Wembley Industries Holdings Berhad (WIHB or Company), issued a notice to the Bursa Malaysia Securities Berhad on 13 May 2004 announcing that the terms and conditions of the Debt Restructuring Agreement (DRA) have been agreed upon and signed by all the financial institutions and creditors participating in the Proposed Debt Restructuring except for one creditor. The Company is currently making strenuous efforts to resolve an outstanding issue with the said creditor prior to the signing of the DRA. The Company expects the said issue to be resolved soon. In view of the above, the Company's application to the Securities Commission in respect of the proposed revision to the Proposals will be submitted after the signing of the DRA by the said creditor. This notice was issued in addition to the announcement dated 12 April 2004. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Posts 1Q Report For 2004 ---------------------------------------------- In a disclosure to the Philippine Stock Exchange, ABS-CBN Broadcasting Corp. reported its first quarter 2004 net income increase of 15 percent to PhP124 million due to a healthier economic climate as well as reaped the benefits of a stronger balance sheet brought about by the improved fiscal discipline of recent years. Airtime Revenues and Other Broadcasting Related Revenues Airtime and other broadcasting related revenues reached PhP2,412 million up seven percent year-on-year (YoY). Gross airtime revenues, which accounted for 97 percent of airtime and other broadcasting related revenues, amounted to PhP2,338 million, increasing by eight percent from the previous year with the continued improvement in advertising spending. Other broadcasting related revenues, consisting mainly of SMS or text-based revenues, marginally increased by one percent to PhP74 million. Although exhibiting marginal growth from a year ago, the nature of SMS revenues has shifted from television audience interaction via SMS in Game K N B? to the download of new mobile services such as program logos, pictures, wallpapers and ring tones. To view full copy of the first quarter report, click http://bankrupt.com/misc/abscbn051404.pdf BAYAN TELECOMMUNICATIONS: Subscriber Base Improves In 1Q -------------------------------------------------------- Bayan Telecommunications Inc. posted its highest subscriber base since 2002 in the first quarter results of 2004 by 25 percent to 254,000 subscribers compared to 208,000 during the same period last year, ABS-CBN News reports. Major contributors of the growth are in Metro Manila where BayanTel services Quezon City, Malabon, Valenzuela, Manila and Caloocan. Between March 2003 and 2004 Metro Manila subscribers grew by 34 percent. "We launched Bayan 399, our affordable unlimited local call telephone package, to specifically target those who have no phone in their households and those looking for a second line for their Internet connection at an affordable price. We focused our selling and marketing efforts with the target in mind, and we concentrated in areas where we feel we have an advantage in terms of price and realability," according to Rodrigo Montinola, BayanTel vice president for residential markets. Voice services revenue increased by nine percent for the first quarter of 2004, attributed to the 49 percent growth form international long distance revenues, arising from more minutes and higher sales of global prepaid cards catering to the overseas Filipino Markets in Japan, the U.S. and other countries. According to the report, BayanTel also aims to penetrate the provincial markets. The company has extended their services recently in Samar, and other major cities in the Visayas region like Iloilo, Mar Santos, vice president for the provincial markets said. MANILA ELECTRIC: Interest Bearing Bonds As Refund "Unfair" ---------------------------------------------------------- Despite objections from the Philippine Chamber of Commerce and Industry (PCCI) for the issuance of zero-coupon bonds as refund instruments for its big industrial and commercial customers, Manila Electric Co. (Meralco) will still push through with the plan, ABS-CBN News Interactive reports. PCCI said they would agree to the zero-coupon bond refund if it is interest bearing. But Meralco President Jesus P. Francisco said the Lopez-controlled power utility is not considering any alternative to servicing the refund of big industrial and commercial customers. "We don't have an alternative scheme. Interest-bearing bonds are not what we have proposed because interest was never in our reading in the order of the Supreme Court. It was never mentioned, this is obviously something that will change the economics of the refund, Mr. Francisco said. In a statement, Rosario Torres, Meralco refund management task force project manager said "If we pay interest, that's not in the [Court] order. We have not yet submitted a proposal to ERC, and if ERC says we should pay interest, we will evaluate from there what action we will take." Ms. Torres also said it may not be fair to other Meralco customers for big industrial and commercial customers to get interest payments on their bonds, because residential customers were not given interest payments. According to the report, Meralco refund management task force head Leo Mabale said Meralco would again consult some business groups before deciding on the refund scheme. But he also said the issuance of zero-coupon bonds would be the best option of Meralco. Mr. Alejandro also said that if Meralco believed business groups should not get interest for the refund due them just because other customers were not given interest, then in the spirit of fairness, it should also give interest payments to those who got their refund earlier. NATIONAL BANK: Issues Clarification Of News Article --------------------------------------------------- Philippine National Bank (PNB) disclosed to the Philippine Stock Exchange clarification of the news article entitled, "PNB chairman not seeking new term?" published in the May 12, 2004 issue of Today. The article reported that "(t)he Philippine National Bank (PNB) is in for a leadership shake up after its chairman Francisco Dizon recently expressed his intention not to seek a second term due to stiff infighting among the bank's board of directors, banking sources said." Philippine National Bank in its letter to the Exchange dated May 12, 2004 stated that: "The company is not aware of the source of information for the above-mentioned article. As of this writing, we have yet to receive the list of nominees from the National Government so it is premature to make any speculations on the Chairmanship of the Bank." NATIONAL POWER: Net Loss May Exceed PhP75B Ceiling -------------------------------------------------- State-owned National Power Corporation (Napocor) forecasts a net loss of 42.66 to 53.33 percent higher compared to last year's PhP75 billion ceiling mainly attributed to the fluctuation of the peso's value against the US dollar, according to BusinessWorld Online edition. Napocor President Rogelio M. Murga said the power firm projects a net loss for 2004 at PhP107 billion to PhP115 billion and will make sure not to exceed PhP115 billion. The 2003 foreign exchange losses Napocor incurred will be reflected in the 2004 projections. But Mr. Murga declined to say how much Napocor's actual net loss was for 2003, but said the figures will be announced next week. PHILIPPINE LONG: NTC Asks For Reactivation Of 114 ------------------------------------------------- National Telecommunications Commission (NTC) demands for an explanation from Philippine Long Distance Telephone Co. (PLDT) on the termination of its 114 directory assistance service last year, BusinessWorld Online reports. According to NTC Commissioner Ronald Olivar Solis, even if the regulator allowed the operation of an enhanced directory assistance with fee, the company is also required to maintain the free directory service through access number 114. "I told them to put back 114, but they said they were given a previous approval to take out 114. I don't see that in the record, so I am asking them for an explanation," Mr. Solis said. PLDT claims the commission itself gave its consent to a paid directory service. Since October last year, it stopped the free directory service through 114 and replaced it with a new directory assistance system called the Enhanced Directory Assistance Services or Call 187. According to the report, the new service charges PhP3 per successful inquiry. PLDT earlier claimed the service uses the Varetis system, which was similar to directory systems in Singapore, Germany, Spain, Australia, the United Kingdom, and the United States. The system provides an advanced database for directory service. PLDT said that the enhanced directory system is capable of search functions using word rotations and phonetic search to eliminate similar-sounding names. The new service sifts through the needed information in a faster and more accurate manner. The subscribers' demand for the withdrawal of the government's approval of the 187 service, claiming that they were not informed of 114's cancellation. PLDT receives about 6 million directory inquiries a month, which requires around 400 staff operators under the old 114 system. PILIPINO TELEPHONE: Director Eduardo A. Gana Resigns ---------------------------------------------------- Pilipino Telephone Corp. disclosed to the Philippine Stock Exchange that during the Board of Directors meeting held on May 13, 2004 the board accepted the resignation of Mr. Eduardo A. Gana as director. His resignation is not anticipated to have a material impact on the company's current of future operations nor have any impact on its financial position or results of operation. PILIPINO TELEPHONE: Reappoints Audit And Nomination Committee ------------------------------------------------------------- Pilipino Telephone Corp. (Piltel) disclosed to the Philippine Stock Exchange that on its Board of Directors meeting held on May 13, 2004, the board reappointed: (1) Audit Committee -Edward S. Go- Chairman -Meliton V. Salazar- Member -Carlos A. Pedrosa- Member (2) Nomination Committee -Napoleon L. Nazareno- Chairman -Arturo B. Diago Jr.- Member -Victor S. Chiongbian- Member ================= S I N G A P O R E ================= ESQUIRE TOURS: Issues Winding Up Order Notice --------------------------------------------- Esquire Tours & Travel Pte Ltd. issued a winding up order notice made on the 23 April 2004. Name and Address of Liquidator: The Official Receiver The Insolvency & Public Trustee's Office 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Messrs MALLAL & NAMAZIE Solicitors for the Petitioner. GE COMMERCIAL FINANCING (SINGAPORE) LIMITED. This Singapore Government Gazette announcement is dated 7 May 2004. MBF LEASING: Creditors Must Submit Claims by June 14 ---------------------------------------------------- Notice is hereby given that the creditors of MBF Leasing (S) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up by Special Resolutions of members on 10 May 2004, are required on or before 14 June 2004 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the said Company. If so required by notice in writing from the said Liquidators, are by their solicitors, or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. This Singapore Government Gazette announcement is dated 14 May 2004. NEO CORPORATION: Issues Judicial Management Order Notice -------------------------------------------------------- Notice is hereby given that on the 5 May 2004, an order for placing Neo Corporation Pte Ltd under judicial management was made. The relevant particulars of the matter are given as follows: Number of matter: Originating Petition No. 2 of 2004/F. Date of presentation of Petition: 9th March 2004. Petitioners' solicitors: Drew & Napier LLC. Date of Order: 5 May 2004. Name and address of Judicial Managers: Chee Yoh Chuang and Lim Lee Meng of Messrs Chio Lim & Associates, 18 Cross Street, #08- 01 Marsh & McLennan Centre, Singapore 048423. Registered office of the abovenamed Company: 1 Irving Road, Singapore 369520. DREW & NAPIER LLC Solicitors for the Petitioners. This Singapore Government Gazette announcement is dated 14 May 2004. SIN TECH: Winding up Hearing Set May 28 --------------------------------------- Notice is hereby given that a Petition for the winding up of Sin Tech Electrical Contractor Pte Ltd by the High Court was on the 4 May 2004 presented by Changi-Light Pte Ltd, a company incorporated in Singapore and having its registered office at 18 Kaki Bukit View, Kaki Bukit Techpark II, Singapore 415954. The said petition will be heard before the Court sitting at Singapore at 10 a.m. on the 28 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. 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 at 18 Kaki Bukit View, Kaki Bukit Techpark II, Singapore 415954. The Petitioner's solicitors are Messrs Low & Robert Yu of No. 15 McCallum Street, #11-03 Natwest Centre, Singapore 069045. LOW & ROBERT YU 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 Low & Robert Yu, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above-named not later than twelve o'clock noon of the 27 May 2004 (the day before the day appointed for the hearing of the Petition). This Singapore Government Gazette announcement is dated 13 May 2004. SM ENGINEERING: Issues Winding up Order Notice ---------------------------------------------- SM Engineering Pte Ltd. issued a notice of winding up order made on the 16 April 2004. Names and address of Liquidators: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118. SHOOK LIN & BOK Solicitors for the Petitioner. This Singapore Government Gazette announcement is dated 7 May 2004. YONGNAM HOLDINGS: Posts FY03 S$12.8M Net Loss --------------------------------------------- The Board of Directors of Yongnam Holdings Limited announced that the overall net loss after tax for the financial year ended 31 December 2003 had increased from S$12.8 million, as per the un-audited Full Year Financial Statement that was released to the SGX-ST via MASNET on 27 February 2004, to S$15.5 million as per the audited Full Year Financial Statement. The increase in the overall net loss of S$2.8 million is due mainly to the Malaysian Operations where additional provisions of S$2.3 million were made for work done which was not realizable (S$1.5 million) and for impairment of assets (S$0.8million). The additional loss will have no material impact on the Group's financial position. Submitted by Yap Foo Seong, Kevin, Executive Chairman on 13/05/2004 to the SGX YONGNAM HOLDINGS: E&Y Audits Financial Statements ------------------------------------------------- The Directors of Yongnam Holdings Limited wishes to announce an Audit Qualification made in the Auditors' Report to the members of the Company. To the members of Yongnam Holdings Limited "We were engaged to audit the accompanying financial statements of Yongnam Holdings Limited and its subsidiaries (the Group), set out on pages 9 to 49 for the year ended 31 December 2003. These financial statements are the responsibility of the Company's directors." The financial statements for the year ended 31 December 2002 were audited by another auditor whose report dated 2 May 2003 expressed a disclaimer opinion on those financial statements due to the following reasons: 1. The Company's investment in subsidiaries and amounts owing by subsidiaries amounted to $46,073,050 as at 31 December 2002. A provision of $34,114,117 has been made for diminution in value of investments and for doubtful recovery of amounts owing by subsidiaries determined, based on the audited net tangible assets of the subsidiaries. In arriving at the provision of $34,114,117, the Company has taken into consideration the recoverability in full the investment property stated at a value of $12,161,359 held by a subsidiary. The ability of the subsidiary to realize the value of the investment property in full was dependent on the outcome of the legal action taken against one of the joint developers. 2. Uncertainty regarding the legal title of an investment property (one floor of Springleaf Tower) pending the outcome of Yongnam Development Pte Ltd's claim against one of the joint developers of the property. 3. The successful completion of a proposed Scheme of Arrangement. "Except as discussed below, we conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financial statement presentation. A subsidiary, Yongnam Engineering Sdn. Bhd, reported net loss of approximately $4.4 million (RM9.8 million) for the year ended 31 December 2003, and net current liabilities of approximately $13.5 million (RM30.2 million) and shareholders' deficit of approximately $10.7 million (RM23.9 million) as at that date. The auditors of the subsidiary reported that due to the termination and resignation of key accounting and finance personnel during and subsequent to the financial year, the underlying accounting books and records of the subsidiary were incomplete and certain supporting accounting documents were not available. Accordingly, they were unable to obtain sufficient and appropriate audit evidence for the performance of the audit to enable them to express an opinion on the financial statements of the subsidiary. Consequently, we are also unable to assess the appropriateness of the financial statements of the subsidiary included in the consolidated financial statements." "We draw attention to note 2(a) to the financial statements, which states that the financial statements have been prepared on a going concern basis. The Group incurred a net loss of $15,546,385 during the financial year and at 31 December 2003, its current liabilities exceed its current assets by $77,871,432, and its total liabilities exceed its total assets by $13,811,679. The Group has total borrowings of approximately $79.4 million as at 31 December 2003. These factors raised substantial doubt that the Company and the Group are able to continue as going concern." The Directors have carried out certain measures during the current financial year to stabilize the Group's financial position and the ability of the Group to continue as a going concern is dependent on: (i) The successful outcome of the proposed Rights Issue, Warrants Issue, Fee Capitalization, and Loan Capitalization, which are subject to shareholders' approval, at the forthcoming Extraordinary General Meeting (EGM) on 31 May 2004 to provide sufficient working capital to the Group. (ii) UOB Group granting New Banking Facilities comprising the $50,869,433 revolving short term loan when effected as a re- financing of the existing facilities owing to UOB Group in Singapore. The Group has agreed to the terms of the New Banking Facilities with UOB Group and has to satisfy certain covenants, which include the payment of $1.1 million from the proceeds of the Rights Issue and the issue of 110 million warrants to UOB Group. The Rights Issue and Warrants Issue are subject to shareholders approval at the forthcoming Extraordinary General Meeting (EGM) on 31 May 2004. (iii) The $15 million short term loan extended to the subsidiary in Hong Kong, are maintained for the Group by the UOB Group on a medium term basis; (iv) The Group's ability to draw down on credit facilities as and when projects financing requires, under the approximately $7.8 million project financing facilities extended to Yongnam Project Engineering Pte Ltd by the UOB Group for three ongoing projects secured by Yongnam Project Engineering Pte Ltd; and (v) The UOB Group continuing to provide other project financing facilities on a case-by-case basis for new projects secured by the Group, (vi) The Group's ability to secure additional new profitable contracts and generate positive cash flows. If the Company and the Group are unable to continue in operational existence in the foreseeable future, the Company and the Group may be unable to discharge their liabilities in the normal course of business and adjustments may have to be made to reflect the situation that asset may need to be realized other than in the normal course of business and at amounts which could differ significantly from the amounts at which they are currently recorded in the balance sheet. In addition, the Company and the Group may have to reclassify non-current assets and non-current liabilities as current assets and current liabilities respectively. Because of the significance of the matters referred to in the preceding paragraphs, we are not in a position to, and accordingly, do not express an opinion as to whether the consolidated financial statements of the Group and the balance sheet of the Company are properly drawn up in accordance with the provisions of the Companies Act (the "Act") and the Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2003, the changes in equity of the Company and of the Group, and the results and cash flows of the Group for the financial year ended on that date. In our opinion, the accounting and other records (except registers) required by the Act to be kept by the Company and by those subsidiary companies incorporated in Singapore, of which we are the auditors, have been properly kept in accordance with the provisions of the Act. ERNST & YOUNG Certified Public Accountants Singapore 12 May 2004 By Order of the Board Yap Foo Seong, Kevin Executive Chairman Submitted by Yap Foo Seong, Kevin, Executive Chairman on 13/05/2004 to the SGX ZENECON GOLD: Issues Debt Claim Notice to Creditors --------------------------------------------------- Notice is hereby given that the creditors of Zenecon Gold Investments Pte Ltd (In Members' Voluntary Liquidation), which is being wound up, is required on or before the 6 June 2004 to send in their names and addresses, with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the Liquidator of the said Company, and, if so required by notice in writing by the said Liquidator, are personally or by their solicitors, to come in and prove their said debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. GOH BOON KOK Liquidator. 1 Stadium Walk, Level 2 Kallang Theatre Building Singapore 397688. This Singapore Government Gazette announcement is dated 14 May 2004. =============== T H A I L A N D =============== KRUNG THAI: To Issue CD To Meet Dollar Demands ---------------------------------------------- State-owned Krung Thai Bank plans to issue offshore a US$150 million worth of floating rate certificates of deposit (CD) with a five-year maturity, Dow Jones reports citing a bank official on Thursday. The coupon rate will be based on the U.S.-dollar London interbank offered rate. Thai issues are usually based on the six-month rate. Krung Thai has appointed Standard Chartered Bank to arrange the offering. The proceeds of the issuance of certificates will be used to meet demand for dollars from customers. "We are working on it, but we haven't decided on the timing and the coupon rate yet," the bank official said. KRUNG THAI: Unveils Resolutions Of Board Of Directors Meeting ------------------------------------------------------------- Krung Thai Bank PCL (KTB), would like to inform the Stock Exchange of Thailand of a resolution passed by the Board of Directors at its meeting on May 13, 2004. The resolution was to approve the above captioned co-operation whereby three Memorandums of Understanding (MoU) among parties mentioned will be prepared, the details of which are: (1) MoU with regards to co-investment in Business Development Bank (BDB) in People's Republic of China, among KTB, BDB and Charoen Pokphand Group Company Limited (CP), in the number of shares not exceeding ten million shares (10,000,000 shares) or 12.55 percent of holdings after capital increase. Purchasing conditions and pricing will later be negotiated. (2) MoU with regards to co-investment in Krung Thai Asset Management PCL (KTAM), among KTB, CP, and Trinity Wattana PCL. According to CP and Trinity Wattana shall invest in increasing KTAM's common shares by thirty million shares (30,000,000 shares). After the transaction, KTB's holdings in KTAM will be reduced from 99.99 percent to 40.0 percent. Purchasing conditions and pricing will later be negotiated. (3) MoU with regards to business co-operation between KTB and C.P. Seven-Eleven PCL with the purpose to share the use of their branches throughout the country as distribution channels of their products and services. Co-operation conditions will later be negotiated. All three MoUs will be completed within 180 days and each party shall obtain the consent or waiver from the regulators and other parties as required. This transaction is not regarded as transaction of acquisition or disposal of the assets of a listed company according to the specified criteria and as the scope of connected transaction of a listed company. The company appreciates your kind acknowledgement of the above- mentioned resolutions and taking the process on your part relevant to this matter. Yours sincerely, Krung Thai Bank PCL Somgiat Sangsurane Secretary to the Board of Directors ********* 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. 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