/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040527.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 27, 2004, Vol. 7, No. 104 Headlines A U S T R A L I A BRAMBLES INDUSTRIES: Reaffirms Outlook For Year NATIONAL AUSTRALIA: Details Subordinated Debt Issue NOVUS PETROLEUM: Directors Approve $1.90 Medco Offer C H I N A & H O N G K O N G ADMOPEACE PROPERTIES: Issues Debt Claim Notice to Creditors CHAN KAM: Enters Bankruptcy Proceedings CHEUNG KAM: Creditors Meeting Set Slated for May 28 CHU MAN: Creditors Meeting Set for May 28 GRAND PLAN: Issues Debt Claim Notice to Creditors HILLSEED INVESTMENT: Creditors Must Submit Claims by June 11 HO TAK: Schedules Creditor's Meeting HO WAIKWAN: Enters Bankruptcy Proceedings LAU WAN: Enters Bankruptcy Proceedings LING YAP: Schedules Creditors Meeting May 28 NEW CATHAY: Enters Voluntary Liquidation SEA MIND: Issues Notice to Creditors to Prove Debts TONG CHI: Issues Bankruptcy Order Notice TREASURE WORLD: Releases Notice to Creditors to Prove Debts WAH SANG: Delays Third Quarter Financial Results YIP WING: Creditors Meeting Set for May 28 I N D O N E S I A BANK RAKYAT: S&P Raises Rate To Bpi From CCCpi J A P A N FUJITSU LIMITED: Aims to Post JPY100B Profit in 2006 ISHIKAWAJIMA-HARIMA: R&I Assigns BBB+ Rating NIPPON CREDIT: Court Orders Former Executives to Pay JPY4B UFJ HOLDINGS: Toyota May Provide Assistance UFJ HOLDINGS: Posts JPY402.9B Loss * Japan Unveils New Bankruptcy Law K O R E A HANARO TELECOM: Samsung Electric Selling Shares HANBO IRON: Bidders Down to Seven M A L A Y S I A ANCOM BERHAD: Buys Back 9,000 Units Of Shares ANTAH HOLDING: Issues Debt Restructuring Update ANTAH HOLDINGS: New Subsidiaries To Be Listed CHASE PERDANA: Presents First Quarter Consolidated Report CONSOLIDATED FARMS: Liquid Eggs Unit Gets Demand Notice CSM CORPORATION: Reveals Agenda For 24 June AGM EMICO HOLDINGS: Completes Debt Restructuring GENERAL SOIL: Winding Up Petition Withdrawn HAP SENG: Buys Back More Ordinary Shares HO WAH: Reports Bigger Losses For First Quarter I-BERHAD: Makes China Debut KRAMAT TIN: Appoints Joint Secretary MALAYSIA AIRLINES: Posts Highest Profit On Record METROPLEX BERHAD: Informs of Eastern Sun Unit's Dissolution POS MALAYSIA: New Shares Granted Listing PROTON HOLDINGS: Posts Lower Profits For FY2004 PROTON HOLDINGS: Buying Stake In MV Augusta Motor TANJONG PUBLIC: Announces Listing Of New Shares P H I L I P P I N E S CEBU PLAZA: To Reopen After Metrobank Finalizes Talk With Buyer MANILA ELECTRIC: Returns To Profitability NATIONAL BANK: Releases 1Q 2004 Financial Statement NATIONAL STEEL: Lot Owner Files Petition To Prevent Sale PHILIPPINE LONG: A Better 2004 Entails Dividend Payment Increase UNIVERSAL RIGHTFIELD: Issues Clarification On News Article S I N G A P O R E CHARTERED SEMICONDUCTOR: Enters Deal on Chip Design MEDECHAIN PTE: Creditors Must Submit Claims by June 22 S & C NEW: Issues Winding up Order Notice SEATOWN CORPORATION: Answers SGX Query SHS HOLDINGS: Creditors Must Submit Claims by June 21 T H A I L A N D RAIMON LAND: Releases Report On Capital Increase Results - - - - - - - - ================= A U S T R A L I A ================= BRAMBLES INDUSTRIES: Reaffirms Outlook For Year ------------------------------------------------ Brambles Industries Ltd. announced in a press release that its outlook for the year ended 30 June 2004 remains unchanged from the Interim Results' statement on February 25, 2004. KEY POINTS - CHEP is expected to deliver strong growth in profit in the second half of 2004 (compared with both first half 2004 and second half 2003) due to good performance in all regions. - Cleanaway's profit in the second half of 2004 is expected to be better than the first half, due mainly to stronger results in the UK operations more than offsetting lower profits in Germany. - Recall's profit for the second half of 2004 is also expected to be better than the first half, but the full year will be approximately 7% lower than last year mainly due to pricing pressures in Europe. - Brambles Industrial Services continues to perform well and is expected to generate solid profit growth for the full year 2004. Regional Businesses are expected to show good improvement in profit in the second half 2004 over the first half. - The continuing focus on Brambles Value Added (BVA) is expected to result in a strong operating cash flow after capital expenditure for the full year. CHEP CHEP Americas is expected to achieve strong growth in profit for the second half due to sales growth; a continuing focus on cost reductions and non recurrence of one-off costs incurred in the first half. Sales in CHEP Europe are growing, the business is continuing to make good progress in restructuring its operations and is expected to have solid growth in profit in the second half. Pricing initiatives are being implemented to ensure that CHEP is more appropriately reflecting the cost to serve each of the customer segments. These are progressing well and will continue for the remainder of the calendar year. The two new regional administration centers in the UK and Spain are now operational. CHEP in the rest of the world is expected to continue to deliver good sales and profit growth. CLEANAWAY As expected, Cleanaway UK is performing well in the second half and profit growth (compared with the first half) is expected to be strong, more than offsetting the impact of lower second half profits in Germany mainly due to the outcome of retenders. The restructuring of the UK Commercial & Industrial business together with improved pricing are contributing to the stronger second half in that market. The Municipal business in the UK is also continuing to grow. RECALL Recall continues to grow revenue, and although profits in the second half are expected to be stronger than the first half, profits for the full year will be approximately 7 percent lower than last year mainly due to performance in Europe. In North America, full year revenue and profits are expected to grow, with margins in line with last year. In Europe, profits are expected to be lower than last year principally due to ongoing pricing pressures in the UK and in part due to the receipt last year of an insurance payment associated with the fire in France in 2002. In the rest of the world Recall is continuing to grow. A focus on operating efficiencies and customer service across Europe and North America is expected to lead to a resumption of Recall's profit growth in 2005. BRAMBLES INDUSTRIAL SERVICES Brambles Industrial Services continues to win additional contracts in both its Australian and Northern Hemisphere businesses and is expected to generate solid profit growth for the full year. OPERATING CASH FLOW The continuing focus on BVA is expected to result in a strong operating cash flow after capital expenditure for the full year. Capital expenditure for the group is expected to be below last year. The results for Brambles for the year ending 30 June 2004 will be released on August 31 2004. Notes: (a) Profit is defined as profit before interest, tax, goodwill amortisation and exceptional items. (b) Relative revenue and profit performances in this statement are based on constant currency comparisons. Constant currency is calculated by translating foreign currency results at the exchange rates applicable during the last year. Relative operating cash flow performance is based on the exchange rates applicable during each year. Brambles' global headquarters are in Sydney, Australia Contact: Australia Investor John Hobson, Head of Investor Relations Telephone: +61 (0) 2 9256 5216 Mobile: +61 (0) 414 239 188 Media Jeannette McLoughlin Group General Manager Corporate Communications Telephone: +61 (0) 2 9256 5255 Mobile: +61 (0) 401 990 425 UK Investor Sue Scholes, Head of Investor Relations Telephone: +44 (0) 20 7659 6012 Media Richard Mountain Financial Dynamics Telephone: +44 (0) 20 7269 7291 NATIONAL AUSTRALIA: Details Subordinated Debt Issue --------------------------------------------------- In a press release on Wednesday, National Australia Bank Ltd. (NAB) priced a 10-year non-call 5-year, A$670 million Lower Tier 2 subordinated debt issue of fixed and floating rate notes. The issue details are: Fixed rate tranche: Instrument: A$ fixed rate notes Issue amount: A$450 million Issue spread: Swap (mid) + 42 basis points Margin to CGS (Sep-09): Plus 83 basis points Yield: 6.56 percent Coupon: 6.50 percent Maturity date: June 2, 2014 Call Date: June 2, 2009 Floating rate tranche: Instrument: A$ floating rate notes Issue amount: A$220 million Issue spread: 3 month BBSW mid +42 basis points Coupon: 3 month BBSW mid +42 basis points Maturity date: June 2, 2014 Call Date: June 2, 2009 Settlement is for Wednesday, 2nd June 2004. The subordinated debt issue will be rated A+ / A1 by Standard & Poor's and Moody's, respectively. National Australia Bank is rated AA- / Aa3 (stable) by Standard & Poor's and Moody's, respectively. National Australia Bank and UBS Investment Bank are Joint Lead Managers to the issue. Co-managers are Citigroup and RBC Capital Markets. Contact: Randolph Morrison George Polites Senior Manager Group Funding Director, Debt Capital Markets Telephone: 03 8641 3638 National Australia Bank Telephone: 03 8641 2769 Nicholas Ross Head of Debt Capital Markets - Australia & NZ UBS Investment Bank Telephone: 02 9324 3943 NOVUS PETROLEUM: Directors Approve $1.90 Medco Offer ---------------------------------------------------- Indonesian oil and gas company PT Medco Energi Internasional Tbk announced on Wednesday that its wholly owned Australian subsidiary Medco Energi (Australia) Pty Ltd (together, Medco Energi) has increased its cash offer for all the issued ordinary shares in Novus Petroleum Limited (Novus) to A$1.90 per share, up from its previous offer of A$1.74 per share. Medco Energi has also declared the offer unconditional. The Independent Directors of Novus (Messrs David Blair, Steve Mann and Jim Hornabrook) noted today that they believe that the revised Medco Energi offer is a superior offer to that of rival bidder Sunov Petroleum Pty Ltd (Sunov). The Independent Directors therefore recommend that Novus shareholders ACCEPT the revised Medco Energi offer and intend to ACCEPT the revised Medco Energi offer for their own Novus shares, in both cases in the absence of another offer emerging for all of the Novus shares which the Independent Directors consider superior. The Independent Directors have also withdrawn their recommendation of the Sunov offer. A break fee agreement has been entered into between Novus and Medco Energi in connection with Medco Energi's revised offer. A copy of that agreement is attached. A copy of the media release issued by Medco Energi on Wednesday is also attached. A further supplementary Target's Statement containing the response and formal recommendation of the Independent Directors to the revised Medco Energi offer is expected to be distributed to Novus shareholders in the near future. Click to view a copy of Medco Energi press release http://bankrupt.com/misc/medcopr052504.pdf ============================== C H I N A & H O N G K O N G ============================== ADMOPEACE PROPERTIES: Issues Debt Claim Notice to Creditors ----------------------------------------------------------- Notice is hereby given that the creditors of Admopeace Properties Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors to the Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 CHAN KAM: Enters Bankruptcy Proceedings --------------------------------------- Notice is hereby given that the Bankruptcy Order against Chan Kam Shun (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 21 May 2004. CHEUNG KAM: Creditors Meeting Set Slated for May 28 --------------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Cheung Kam Hung (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. CHU MAN: Creditors Meeting Set for May 28 ----------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chu Man Fai (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. GRAND PLAN: Issues Debt Claim Notice to Creditors ------------------------------------------------- Notice is hereby given that the creditors of Grand Plan Industries Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 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 Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 HILLSEED INVESTMENT: Creditors Must Submit Claims by June 11 ------------------------------------------------------------ Notice is hereby given that the creditors of Hillseed Investment Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors to the Joint and Several Liquidators of the Company at Messrs. Kennic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 HO TAK: Schedules Creditor's Meeting ------------------------------------ Notice is hereby given that the General Meeting of the creditors of Ho Tak Ching (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 21 May 2004. HO WAIKWAN: Enters Bankruptcy Proceedings ----------------------------------------- Notice is hereby given that the Bankruptcy Order against Ho Waikwan Trading As Kwan Kee Engineering Co. (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 21 May 2004. LAU WAN: Enters Bankruptcy Proceedings -------------------------------------- Notice is hereby given that the Bankruptcy Order against Lau Wan Lam (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 21 May 2004. LING YAP: Schedules Creditors Meeting May 28 -------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Ling Yap Cham (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 11:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. NEW CATHAY: Enters Voluntary Liquidation ---------------------------------------- Notice is hereby given that the creditors of New Cathay Hotel Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors to the Joint and Several Liquidators of the Company at Messrs. Kennic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 SEA MIND: Issues Notice to Creditors to Prove Debts --------------------------------------------------- Notice is hereby given that the creditors of Sea Mind Industries Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors to the Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 TONG CHI: Issues Bankruptcy Order Notice ---------------------------------------- Notice is hereby given that the Bankruptcy Order against Tong Chi Ming (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 21 May 2004. TREASURE WORLD: Releases Notice to Creditors to Prove Debts ----------------------------------------------------------- Notice is hereby given that the creditors of Treasure World Industries Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors to the Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 WAH SANG: Delays Third Quarter Financial Results ------------------------------------------------ Further to the announcements of Wah Sang Gas Holdings Limited dated 13 February 2004 and 31 March 2004 respectively, the Board considers that the announcement of the results of the Group for the nine months ended 31 December 2003 (the Thirdly Quarterly Results) and the dispatch of the quarterly report for the same period of the Group are delayed until further notice as the Company is still in the process of compiling the necessary information required by its auditors for the purpose. In a disclosure to the Stock Exchange of Hong Kong Limited, such delay will constitute a breach of Rule 18.66 of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the "GEM Listing Rules"). The Stock Exchange reserves its right to take appropriate actions against the Company and/or its directors in respect of such breach. The Board will inform the shareholders of the Company as soon as practicable when the Company is able to announce the Third Quarterly Results and dispatch the 2004 third quarter report. By Order of the Board of Wah Sang Gas Holdings Limited ZHANG Hongru Chairman Hong Kong, 21 May 2004 YIP WING: Creditors Meeting Set for May 28 ------------------------------------------ Notice is hereby given that the General Meeting of the creditors of Yip Wing Shun (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 21 May 2004. ================= I N D O N E S I A ================= BANK RAKYAT: S&P Raises Rate To Bpi From CCCpi ---------------------------------------------- Standard & Poor's Ratings Services on Monday (24/5) raised its public information (pi) rating on P.T. Bank Rakyat Indonesia (Persero) (BRI) to 'Bpi' from 'CCCpi'. The upgrade reflects the bank's improved financial profile, characterized by its satisfactory profitability, and adequate asset quality and capitalization. The public information rating also reflects the bank's strong franchise as Indonesia's fourth- largest bank. These factors are, however, moderated by the fragile operating environment, which may pose a challenge to BRI's future loan quality. "BRI's asset quality remains satisfactory in comparison with its industry peers, given the gradual diversification of its revenue sources, the reduced reliance on government recapitalization bonds, and the move toward higher yielding loan assets," said Standard & Poor's credit analyst WeeKiat Sim. BRI's net nonperforming assets (NPA) ratio was among the lowest in the domestic banking sector at about negative 1 percent in 2003, and the ratio was supported by its satisfactory loan loss reserves. Going forward, BRI faces the challenge of maintaining asset quality as it further diversifies its asset profile through growing its loan book. BRI's underlying profitability in 2003 was satisfactory, as measured by the ratio of preprovision net operating income to average assets of 3.5 percent. This was aided by loan growth in the higher yielding microfinance sector, an improvement in the bank's interest margin dynamics due to the bank's access to low- cost, third-party funds, and the high proportion of fixed-rate government recap bonds that it holds (74 percent of its government recap bonds). BRI's capitalization is adequate, as demonstrated by its adjusted common equity-to-average assets ratio, which improved to 9.3% in 2003 from 6.5% in 2002. This was due to the improvement in internally generated capital and increased paid- up capital in 2003. ========= J A P A N ========= FUJITSU LIMITED: Aims to Post JPY100B Profit in 2006 ---------------------------------------------------- Fujitsu Limited aims to post a group net profit of 100 billion yen and an operating profit of 300 billion yen for the fiscal year ending March 2007, Dow Jones reported on Wednesday. For this fiscal year, the Company estimates a group net profit of 70 billion yen and operating profit of 200 billion yen. After two years of heavy losses, the Company booked a group net profit of 49.70 billion yen for the year that ended March 31, as special profits from the return of part of its employee pension fund to the government and sales of shareholdings offset heavy losses from restructuring. ISHIKAWAJIMA-HARIMA: R&I Assigns BBB+ Rating -------------------------------------------- Rating and Investment Information, Inc. (R&I) has assigned a long-term debt rating of BBB+ in Ishikawajima-Harime Heavy Industries Co. Limited issued under the shelf registration scheme. ISSUE: Bonds Rated Issue Date Redemption Issue Amount (Mn) Unsec. Str. Bonds No. 30 Jun 03, 2004 Jun 03, 2009 Yen 15,000 RATIONALE: Ishikawajima-Harima Heavy Industries (IHI) is a major comprehensive manufacturer of heavy machinery and handles a wide range of businesses, including power plants, aircraft engines, industrial machinery, and shipbuilding. The operational base of the company is strong, demonstrated by its approximate 70% share of the domestic jet engine market. Nevertheless, shadows are appearing on earning potential, primarily in the power plant business, which was a stable source of earnings in the past. This is the result of reductions in investment and greater efficiency in the procurement of equipment and materials by power companies and the cut in public budgets. IHI is attempting to restore earning potential through active involvement in overseas project and the engineering business. However, at the same time, R&I believe that business risk is also increasing. In particular, long-term, large-scale projects involve variations in specifications, performance and the user's specification environment for each project, and it is difficult to forecast the risk inherent in a project based simply on past experience and probability. Moreover, it is hard to say that projects in which risk is not evident at the current time does not include any risk because there are some cases where a company only incurs large additional costs when a project ends. In the fiscal year ended March 2004, IHI recorded a 38.4 billion yen net loss, and the shareholders' equity fell to 151.6 billion yen because it set aside large amount of accrued loss on sales contracts. Earning potential of IHI is becoming weaker, and it cannot be said that the level of IHI's risk buffer is adequate. Therefore, R&I will be aware of the latent risk in the future. NIPPON CREDIT: Court Orders Former Executives to Pay JPY4B ---------------------------------------------------------- The Tokyo District Court has ordered ten former executives of collapsed Nippon Credit Bank (NCB) to pay 4 billion yen in damages to Resolution and Collection Corporation (RCC) for causing heavy loan losses to the Company, Kyodo News reports. RCC has taken over NCB's loans. Former NCB Chairman Shiro Egawa, 81, and the others provided massive loans, despite expecting that they would become irrecoverable, violating the bank's internal lending regulations, the court said. The names of other executives were not mentioned in the report. Meanwhile, Japan Times reported that the RCC filed the 4 billion yen damages suit against the ten after taking over non- performing loans from NCB, which failed and was put under state control in 1998. It was renamed Aozora Bank in 2001. UFJ HOLDINGS: Toyota May Provide Assistance ------------------------------------------- Toyota Motor Corporation said Tuesday that the automaker might consider assisting the ailing banking group UFJ Holdings Inc. if requested, according to Kyodo News. "UFJ has stronger ties with Toyota's dealers and parts makers than with Toyota itself. But if there is something requested, Toyota might have to consider it," Toyota Motor Corporation Chairman Hiroshi Okuda said in an interview with a group of reporters. UFJ HOLDINGS: Posts JPY402.9B Loss ---------------------------------- UFJ Holdings Inc. said its top three executives will quit after a third annual loss in as many years forced the bank to sell one of two main businesses to shore up capital, Bloomberg News reports. UFJ is selling UFJ Trust Bank Ltd. to raise at least 300 billion yen to cover loan losses. The lender posted a net loss of 402.8 billion yen (US$3.6 billion) for the year ended March 31, versus a 608.9 billion yen loss a year earlier. UFJ Vice President Ryosuke Tamakoshi will take over as President in June, replacing Takeshi Sugihara who resigned after only two years in the post. For the current business year, UFJ predicted net income of 330 billion yen. * Japan Unveils New Bankruptcy Law ---------------------------------- The new Bankruptcy Law, aimed at providing protection for employees of bankrupt firms and speeding up bankruptcy procedures in Japan, was enacted Tuesday, according to Japan Times. The law is scheduled to take effect within one year of its promulgation. The new law will give priority to payment of salaries due for the three months before a court decides to initiate bankruptcy procedures as well as the payment of retirement allowances equivalent to three months' salary. In the event of a major bankruptcy, defined as the collapse of a company with at least 1,000 creditors, it allows a company, regardless of its location, to file for bankruptcy proceedings with the Tokyo and Osaka District courts, which have better resources and more expertise on bankruptcy technicalities than other courts. Currently, procedures may be started in a court that has jurisdiction over the area where the company's main operations are located. Under the new law, courts will also be empowered to issue orders to protect the assets of a bankrupt company. ========= K O R E A ========= HANARO TELECOM: Samsung Electric Selling Shares ----------------------------------------------- Samsung Electronics Co. plans to dispose of its equity holdings in telecommunications firms Dacom Corporation and Hanaro Telecom Inc. (HANA) within a year, according to Dow Jones. As of Tuesday, Samsung Electronics, owns 2.45 million shares, equivalent to about a 6.6 percent stake, in Dacom. It owns 8.37 million shares, equivalent to about a 2 percent stake, in Hanaro. In a filing to the Financial Supervisory Service, Samsung Electronics will sell the stake in the companies by May 25, 2005 to shed unnecessary assets. Hanaro Telecom Inc. plans to issue up to US$600 million in bonds to strengthen its financial position, according to a report from the TCR-AP, Vol. 7 No. 98. The U.S.-dollar-denominated bonds would probably carry a maturity of five, seven or 10 years, the Company said. HANBO IRON: Bidders Down to Seven --------------------------------- The competition for the takeover of Hanbo Iron & Steel has been reduced to seven consortiums, Asia Pulse reported on Wednesday. The seven finalists include a POSCO-Dongkuk Steel Mill consortium, an INI Steel-Hyundai Hysco consortium and an alliance between Japan's Yamato Steel Co. and U.S. investment fund Newcore. Last month, Samil PriceWaterhouseCoopers, lead manager for the sale of Hanbo, chose 10 bidders as participants in on-site inspections of the ailing steelmaker. But sources at Samil PriceWaterhouseCoopers said only seven consortiums presented letters of proposal for Hanbo Iron, while three firms, including LNM of the Netherlands and CVC Asia Pacific Fund, pulled out of the race. The steel firm has been up for sale since its bankruptcy in January 1997. It reported record annual revenues of 437 billion won last year, demonstrating its successful recovery. =============== M A L A Y S I A =============== ANCOM BERHAD: Buys Back 9,000 Units Of Shares --------------------------------------------- Ancom Berhad has bought back 9,000 units of ordinary shares of RM1.00 each on 25 May 2004. According to the notice submitted by Ancom Berhad to the Bursa Malaysia Securities Berhad, each share was purchased for RM0.800. To date, the company has 1,371,900 units in cumulative net outstanding treasury shares. ANTAH HOLDING: Issues Debt Restructuring Update ----------------------------------------------- Antah Holdings Berhad informed the Bursa Malaysia Securities Berhad of developments regarding the status of the company's Proposed Debt Restructuring Scheme. In the communication dated 25 May 2004, Antah Holding revealed that it is currently at an advanced stage of finalizing the detailed terms of the Proposed Debt Restructuring Scheme with its lenders and creditors. The company adds that the scheme has elicited positive feedback from certain lenders and creditors. ANTAH HOLDINGS: New Subsidiaries To Be Listed -------------------------------------------- Antah Holdings Berhad announced on 25 May 2004, that subsidiaries involved in the pharmaceutical and healthcare industry will be listed on the MESDAQ Market of the Bursa Malaysia Securities Berhad (BMSB). The notice submitted by Antah Holdings to the BMSB identified these subsidiaries as Antah Sri Radin Sdn Bhd, Antah Pharma Sdn Bhd and Bumimedic (Malaysia) Sdn Bhd. The planned listing is part of the group's proposed restructuring scheme. The company, upon finalization of the listing's terms and conditions will make further announcements. CHASE PERDANA: Presents First Quarter Consolidated Report --------------------------------------------------------- Chase Perdana submitted to the Bursa Malaysia Securities Berhad the company's consolidated financial report for the first quarter ending 31 March 2004 of the financial year to end on 31 December 2004. The company wishes to note that the presented figures have not yet been audited. The company reported a net profit of RM440,000 for the period, which is a vast improvement from a net loss of RM9.5 million for the same period last year. To read a copy of the full report, click on the following link: http://bankrupt.com/misc/ChasePerdanaReport27May2004.xls To read explanatory notes pertaining to the financial report, click on the following link: http://bankrupt.com/misc/ChaseNotes27May2004.doc To read an update on the status of Chase Perdana Berhad Group's material litigations, click on the following link: http://bankrupt.com/misc/ChaseLitigation27May2004.doc CONSOLIDATED FARMS: Liquid Eggs Unit Gets Demand Notice ------------------------------------------------------- A Notice pursuant to Section 218 of the Companies Act 1965 has been served on Consolidated Liquid Eggs Sdn Bhd (CLESB), a subsidiary of Consolidated Farms Berhad. According to the communication dated 25 May to the Bursa Malaysia Securities Berhad from Consolidated Farms Berhad, the notice was issued by Messrs Skrine for Obayashi Corporation and demanded payment for works performed with respect to a contract between CLESB and Obayashi. Obayashi is claiming for RM1,040,937.53. The demand notice specified that in case CLESB fails and/or refuses to make payment for its debt within three weeks of the Notice or fails to secure or compound for it to the satisfaction of Obayashi, CLESB will be considered unable to pay its debts within the meaning of Section 218 of the Companies Act, 1965. After which, winding-up proceedings shall be filed against CLESB. CSM CORPORATION: Reveals Agenda For 24 June AGM ----------------------------------------------- Notice is hereby given that the Thirty-Fifth Annual General Meeting of CSM Corporation Berhad (CSM or the Company) will be held at Ballroom 1, Main Wing, Tropicana Golf & Country Resort, Jalan Kelab Tropicana, Off Jalan Tropicana Utama, Persiaran Tropicana, 47410 Petaling Jaya, Selangor Darul Ehsan on Thursday, 24 June 2004 at 10 a.m. for the following purposes: A G E N D A As Ordinary Business 1. To receive and adopt the Audited Financial Statements of the Company for the financial year ended 31 December 2003 and the Reports of the Directors and Auditors thereon. (Resolution 1) 2. To approve the payment of Directors' Fees of RM20,000.00 for the financial year ended 31 December 2003. (Resolution 2) 3. To re-elect Mr Tan Tien Kok, the Director who retires in accordance with Article 103(2) of the Articles of Association of the Company. (Resolution 3) 4. To re-appoint Messrs Horwath as Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration. (Resolution 4) As Special Business 5. To consider and if thought fit, to pass the following as an Ordinary Resolution: Ordinary Resolution Proposed Authority To Issue Shares Pursuant To Section 132D of the Companies Act, 1965 "That pursuant to Section 132D of the Companies Act, 1965 and subject to the approvals of the relevant governmental/regulatory authorities, the Directors be and are hereby empowered to issue shares in the Company, at any time and upon such terms and conditions and for such purposes as the Directors may in their absolute discretion deem fit, provided that the aggregate number of shares issued pursuant to this resolution does not exceed 10 percent of the issued share capital of the Company for the time being; And that the Directors be and are hereby also empowered to obtain the approval from Bursa Malaysia Securities Berhad for the listing of and quotation for the additional shares so issued; And that such authority shall continue to be in force until the conclusion of the next Annual General Meeting of the Company." (Resolution 5) By Order of the Board Chen Li Fang (MAICSA 7025460) Chan Lai Har (MAICSA 7050024) Company Secretaries Petaling Jaya 26 May 2004 Notes: 1. A member of the Company entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his/her stead. A member shall not be entitled to appoint more than two (2) proxies to attend and vote at the same meeting PROVIDED THAT where a member of the Company is an authorized nominee as defined in accordance with the provisions of the Securities Industry (Central Depositories) Act 1991, it may appoint at least one (1) proxy in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account. 2. Where a member appoints two (2) proxies to attend and vote in his/her stead, the appointments shall be invalid unless he/she specifies the proportions of his/her holdings to be represented by each proxy. 3. A proxy may, but need not be a member of the Company. A member may appoint any person to be his/her proxy and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company. That is to say, if the proxy is not a member of the Company, he/she need not be an advocate, an approved company auditor or a person approved by the Registrar of Companies in a particular case. 4. Where the appointment is executed by a corporation, it must be executed either under its Common Seal or the hand of its officer or attorney duly authorized. 5. The instrument appointing a proxy together with the power of attorney (if any) under which it is signed or a certified copy thereof must be deposited at the registered office of the Company at Suite 8.2, 8th Floor, Menara CSM, Jalan Semangat, 46100 Petaling Jaya, Selangor Darul Ehsan at least forty eight (48) hours before the time appointed for holding the meeting or any adjourned meeting at which the person named in the Form of Proxy proposes to vote. 6. Explanatory Note on Special Business Ordinary Resolution - Proposed Authority to Issue Shares pursuant to Section 132D of the Companies Act, 1965 The Ordinary Resolution as proposed under Agenda 5 if passed, will empower the Directors of the Company to issue and allot new ordinary shares from the unissued share capital of the Company for such purposes as the Directors consider would be in the best interest of the Company, without having to convene a general meeting. Notwithstanding the existence of a resolution pursuant to Section 132D of the Companies Act, 1965, the Company must ensure that it shall not issue any shares or convertible securities if the nominal value of those shares or convertible securities, when aggregated with the nominal value of any such shares or convertible securities issued during the preceding twelve (12) months, exceeds 10% of the nominal value of the issued and paid- up share capital of the Company, except where the shares or convertible securities are issued with the prior approval of the shareholders in general meeting of the precise terms and conditions of the issue. This authority unless revoked or varied by the Company at a general meeting, will expire at: (a) the conclusion of the annual general meeting commencing next after the date on which the approval was given; or (b) the expiration of the period within which the next annual general meeting after that date is required by law to be held; whichever is the earlier. EMICO HOLDINGS: Completes Debt Restructuring -------------------------------------------- Affin Merchant Bank Berhad, on behalf of Emico Holdings Berhad, announced on the Bursa Malaysia Securities Berhad that Emico Holdings completed its Proposed Debt Restructuring Scheme and Proposed Employee Share Option Scheme on 24 May 2004. The exercise was completed with the issuance of loan stocks amounting to RM108,297,832 to the lenders (as specified in the Debt Restructuring Agreement dated 8 August 2001) and the Supplementary Agreement dated 21 April 2004. The issued loan stocks compose of RM68,297,832 nominal value 4 percent, 5 year redeemable secured loan stocks; and RM40,000,000 nominal value of 4 percent, 5 year irredeemable convertible secured loan stocks. GENERAL SOIL: Winding Up Petition Withdrawn ------------------------------------------- General Soil Engineering Holdings Berhad informed the Bursa Malaysia Securities Berhad on 25 May 2004 that Indah Water Konsortium Sdn Bhd has withdrawn the Winding Up Petition served on General Soil. Indah Water, however, retains the right to file a fresh petition pending settlement. The winding up petition was served on General Soil Engineering Sdn Bhd on 31 October 2003 claiming damages amounting to RM100,300.41 for a damaged public sewer line. HAP SENG: Buys Back More Ordinary Shares ---------------------------------------- Hap Seng Consolidated Berhad has bought back an additional 3,000 units of ordinary shares of RM1.00 each for a total cash consideration of RM7,556.00. According to the notice submitted by Hap Seng to the Bursa Malaysia Securities Berhad, the purchase price for each share was placed at RM2.500. To date, the company has a total of 33,017,900 units in cumulative net outstanding treasury shares. The purchase was completed on 25 May 2004. HO WAH: Reports Bigger Losses For First Quarter ----------------------------------------------- Ho Wah Genting Berhad reports a net loss of RM6,212,000 for the first quarter ending 31 March 2004 for the financial year to end 31 December 2004. This is a 101 percent increase from the posted loss of RM3,086,000 for the same period last year. To read a copy of the financial report submitted to the Bursa Malaysia Securities Berhad, click on the following link: http://bankrupt.com/misc/HoWahReport27June2004.xls To read explanatory notes pertaining to the financial report, click on the following link: http://bankrupt.com/misc/HoWahNotes27May2004.doc I-BERHAD: Makes China Debut --------------------------- I-Berhad's i digital products are set to make their debut in China's "Showcase Malaysia in China" expo in Beijing later this week. According to a The Edge Daily report dated 26 May 2004, I-Berhad will be presenting the i-pocket DV (digital camera), i-pocket cinema (portable DVD player), i-flash (a HDD storage watch), i- partyTime (an MP3 watch) and its range of i-digital cameras. I-Berhad says its expansion into China is fuelled by the country's increasing appetite for consumer products as the number of Chinese citizens with more disposable income grows. The company said it is still looking for partners to establish a distribution network in China. KRAMAT TIN: Appoints Joint Secretary ------------------------------------ Kramat Tin Dredging Berhad, in a notice dated 25 May 2004 to the Bursa Malaysia Securities Berhad, announced the appointment of Sazlin Ayesha binti Abdul Samat as joint secretary. He takes the place of Muhammad Firdaus Bin Abdullah who has resigned. The appointment took effect on Tuesday, 25 May 2004. MALAYSIA AIRLINES: Posts Highest Profit On Record ------------------------------------------------- Malaysia Airlines, in announcing this year's financial results, has delivered its best profit since listing in 1985 and is able to declare successful implementation of its turnaround strategy, despite the unprecedented onset of SARS in the first quarter of last year. Following the restructuring exercise, it embarked on its turnaround program in 2002 and was able to declare its first profit in November of the same year. With full recovery achieved, it is now poised for the next phase of expansion and growth. Fourth Quarter Results Malaysia Airlines recorded an operating profit of RM171.7 million for the fourth quarter ended 31 March 2004, continuing the improved momentum experienced in the third quarter. This is an improvement of RM70.6 million over the same quarter last year. The improved final quarter result has been achieved as a result of increased passenger numbers, more cargo carried, improved yield and revenue. In the quarter, 01 January to 31 March 2004, total passenger revenue increased by RM276.0 million compared to the same quarter last year, largely contributed by an increase in international revenue of RM 246.3 million or 16.5%. Domestic revenue recorded an increase of RM29.7 million or 9.8%, commensurate with total Malaysia Airlines operations. Cargo revenue increased by RM 43.8 million or 11.3% to RM429.9 million compared to the same quarter last year. The profit before tax for the fourth quarter was RM171.3 million, an improvement of RM98.4 million over the same quarter last year. International traffic rose 9.5% for the quarter to 8,972.4 million passenger kilometers against a capacity increase of 4.3%. Cargo traffic rose 2.1% for the quarter to 536.1 million load ton kilometers against capacity increase of 12.0%. International passenger load factor rose by 3.3% points to 70.5%, whereas domestic passenger load factor increased by 4.1% points to 71.9%. The overall passenger load factor for the quarter increased by 3.4% points to 70.7%. Cargo load factor decreased by 5.8% points to 60.4%. Overall load factor increased by 0.1% point to 66.8%. Total expenditure increased by RM357.8 million to RM2, 303.2 million, or 18.4% for the quarter over the same quarter last year, mainly due to increasing fuel costs, appreciating exchange rates of the Euro, GBP, AUD and JPY, and an aggressive, strategically targeted advertising campaign to raise Malaysia Airlines' positioning and visibility overseas and thus increase sales. Full Year Results The Group also announced today a net profit after tax of RM461.1 million for the financial year ended 31 March 2004 compared to a net profit after tax of RM336.5 million in the last financial year. Total revenue managed for the full financial year is RM9.9 billion, an increase of 7.6%, despite the sharp contraction in operations caused by SARS in the first quarter of the financial year. During the financial year, international passenger traffic increased by 0.3% to 33,084.7 million passenger kilometres while domestic traffic decreased by 2.1% to 4,574.3 million passenger kilometers. Cargo traffic increased by 5.5% to 2,187.1 million load ton kilometers. Dividends The Directors propose that a final dividend of 2.5 sen tax exempt, amounting to RM 31.3 million in respect of the financial year ended 31 March 2004, subject to approval of shareholders at the forthcoming Annual General Meeting. If approved, this will be the first dividend to be paid to shareholders in four years, another indication of the success of the turnaround program. Prospects While the fourth quarter has seen a welcome continuation in rising traffic demand, it also heralds a significant rise in the price of oil, with barrel prices reaching a record high. While carriers optimize loads and increase efficiencies, there is a need for the airlines to keep the issue under constant review. Successful in its bid to secure the Haj charter business it pioneered in 1974, the national airline is poised to operate this highly regulated and time critical service, which contributed RM44.2 million to group revenue. Malaysia Airlines is committed to continue the business and to provide the best service to pilgrims. The airline also operates tourist and special request charter services and will seek to further develop this area of the business. Malaysia Airlines will continue to focus its network strategy on India and China in a program of new destinations and additional services in selected growth areas, as it confirms its position as a global airline with strong international presence and regional dominance. Frequencies will be increased on services to Beijing and Xiamen, Hong Kong, Osaka, Dhaka, Hyderabad, Bangalore, Bombay, Saigon, Phnom Penh, Vienna and Paris. New destinations in India will be Kolkata, Ahmedabad and Cochin, and Siem Reap in Cambodia. In this anniversary year celebrating 30 years of diplomatic relations between China and Malaysia, the airline will add Kunming, Wuhan and Chengdu in China before the end of the financial year, bringing the total number of destinations in the Malaysia Airlines network to 105. Within the next six months, Malaysia Airlines will begin an extensive refurbishment program on 32 aircraft in its fleet serving long and medium haul services, with the first refitted aircraft scheduled to re-enter service in November 2004. The airline will continue its program of innovation and will soon unveil plans to overhaul the inflight meals service, complementing the upgrade in cabin accommodation. The airline is heartened by the increase in domestic revenue and passenger numbers, in the fourth quarter. Competition is expected to increase in the short haul business and Malaysia Airlines will monitor this area of operations, examining options as appropriate. In line with MASKargo strategy, cargo capacity has registered constant increase to prepare for future volume, and prospects remain favorable with a much higher trade volume forecast for 2004. MASKargo is also expected to benefit from additional belly space on increased passenger services to Asia and extra freighter space to Europe and China. Malaysia Airlines Managing Director, Dato' Ahmad Fuaad Dahlan said, "The results this year have proven the resilience of Malaysia Airlines. Recovery is almost complete and we are firmly on course. I would especially like to thank the staff for their commitment, which has driven the turnaround program with such notable success. We will continue our strategy of growth, striving for excellence in service standards and quality, prudent cost management and improved connectivity. Subject to current concerns over fuel prices, we cautiously anticipate another promising year for the airline. " To read Malaysia Airlines' 4th Quarter Financial Result for the Period Ended 31 March 2004, click on the following link: http://bankrupt.com/misc/MalaysiaAirlineq4result.pdf For more information on this release, media members may contact: Jacqui Christi (60) 3 7840 2004 (60) 19 231 0028 Issued by : CORPORATE COMMUNICATIONS DEPARTMENT MALAYSIA AIRLINES, KUALA LUMPUR For more media information, please contact: Media Relations Unit Malaysia Airlines 2nd Floor, Corporate Services Building Complex B, Subang Airport 47200, Subang, Selangor Darul Ehsan Telephone: 603 7840 2004 Fax: 603 7846 1067 Email: media@mas.com.my METROPLEX BERHAD: Informs of Eastern Sun Unit's Dissolution ----------------------------------------------------------- Eastern Sun Shipping Limited (ESSL) has been involuntarily dissolved and annulled in accordance with the laws of the Republic of Liberia. In a notice submitted to the Bursa Malaysia Securities Berhad, Metroplex Berhad said ESSL, which is an indirect subsidiary of Metroplex, was involved in casino and gambling operations and incorporated in Liberia in 1994. It ceased operations on March 2002 and had since remained dormant. POS MALAYSIA: New Shares Granted Listing ---------------------------------------- POS Malaysia and Services Holdings Berhad announced on the Bursa Malaysia Securities Berhad on 25 May 2004 that the company's additional 125,000 new ordinary shares of RM1.00 each, arising from the conversion of RM225,000 nominal value 5 year 8 percent irredeemable convertible unsecured loan stocks 1999/2004; and 352,000 new ordinary shares of RM1.00 each, arising from the Employee Share option Scheme will be granted listing and quotation effective 9 am on Thursday, 27 May 2004. PROTON HOLDINGS: Posts Lower Profits For FY2004 ----------------------------------------------- As car sales plummeted, Proton Holdings Berhad's profits nose- dived as well. According to a report by The Daily Edge, Proton Holdings posted a net profit of RM510.47 million for the financial year ending 31 March 2004, down 54 percent from last year's profit of RM1.11 billion. Car sales went down by 29.4 percent to 152,648 units in FY2004 from the previous year's 216,083 units. Accordingly, revenue also plunged to RM6.47 billion, down by 30.2 percent from RM9.27 billion in FY2003. To read a copy of the full report, click on the following link: http://bankrupt.com/misc/ProtonResults27May2004.pdf PROTON HOLDINGS: Buying Stake In MV Augusta Motor ------------------------------------------------- The Board of Directors of Proton Holdings Berhad (Proton) has authorized Proton to make an offer to acquire a controlling stake in MV Agusta Motor S.p.A. According to the company notice submitted to the Bursa Malaysia Securities Berhad, MV Augusta Motor is a leading motorcycle manufacturer with global operations based in Schiranna (Varese), Italy. It is the producer of MV Agusta, Cagiva and Husqvarna motorcycles. Proton will be making a binding offer to subscribe for new shares of MV Agusta subject to the following conditions: (i) definitive documentation, (ii) the approval of MV Agusta's creditors as the company has been subject to "controlled administration", a court supervised reorganization procedure under the Bankruptcy Law of Italy since November 2002 and (iii) applicable regulatory approvals. The offer, when made, is expected to expire on June 30, 2004 unless extended by Proton. Proton expects that final documents will be signed within 60 days of the acceptance of its offer. TANJONG PUBLIC: Announces Listing Of New Shares ----------------------------------------------- Tanjong Public Limited Company announced that the company's additional 29,000 new ordinary shares of 7.5 pence each will be granted listing and quotation effective 9 am on Thursday, 27 May 2004. According to the company notice submitted to the Bursa Malaysia Securities Berhad, the new shares were issued pursuant to the Tanjong-Employees' Share Option Scheme. ===================== P H I L I P P I N E S ===================== CEBU PLAZA: To Reopen After Metrobank Finalizes Talk With Buyer --------------------------------------------------------------- Influx of tourists in Cebu prompted plans of reopening Cebu Plaza Hotel because the region has been experiencing a shortage in hotel accommodations, for it has become a major tourist destination in the Visayas, Asia Pulse reports, citing Department of Tourism regional director Patria Aurora Roa. Ms. Roa said Cebu Plaza might be opening under a new management and name. She added that the Peninsula international chain of hotels is interested in taking over the operation of the hotel. "The hotels creditor bank, Metropolitan Bank and Trust Co., through its president Antonio S. Abacan Jr. is exerting efforts to find a buyer to have Cebu Plaza reopened." Ms. Roa said. Earlier, Mr. Abacan said that several buyers have been talking with Metrobank over the possibility of acquiring the Cebu Plaza Hotel property. Metrobank foreclosed Cebu Plaza property after Pathfinder Holdings Phils. Inc. offered the property in lieu of payment of its loan to the bank through "dacion en pago" or "payment in kind" arrangement, however Metrobank did not continue the hotel's operations due to lack of experience in hotel management, thus it was opened for sale to interested buyers. Cebu Plaza Hotel has become a landmark in Cebu since it was the first ever world-class hotel in the region. MANILA ELECTRIC: Returns To Profitability ----------------------------------------- In a press release submitted to the Philippine Stock Exchange, Manila Electric Co. (Meralco) said on Tuesday that it returned to profitability in 2003 after it registered a net income of PhP907 million from a net loss of PhP28.18 billion in 2002. In its report to its stockholders during its annual stockholders meeting at the company's main headquarters in Pasig City, the power service provider said the year 2003 brought about welcome "regulatory relief" in addition to increased sales. Meralco President and Chief Operating Officer Jesus Francisco cited primarily ERC's May 30 order on Meralco's unbundling filing which was consolidated with its April 2002 petition for a 30 centavos rate increase. The order "allowed us to adjust Meralco charges by PhP0.0865 per kWh effective June 2003," he said. Mr. Francisco also referred to the lifting of the ERC's Cease and Desist Order in December 2002. Commercial customers registered the highest growth at 5.2 percent, followed by residential customers at 4.6 percent and industrial customers at 3.5 percent. Another factor contributing to the company's profitability is the improved performance of hte company's subsidiaries. Equitized earnigns were at PhP376 million, compared to a PhP265 million loss last year. Mr. Francisco however clarified that while the regulatory adjustment in 2003 and strong sales performance gave Meralco some breathing room, its after-tax return on rate base (RoRB) at 6.9 percent is below the 8 percent required by its creditors. Furthermore, the power company still had to address the Supreme Court's PhP30 billion-refund order and scheduled debt service payments. Meralco's debts as of end 2003 stood at PhP28.4 billion. Its tight financial situation last year notwithstanding, Mr. Francisco pointed out that the company's electric capital investments and intensive maintenance programs, coupled with favorable weather, have paid off in improved electric service reliability and availability. For the first time, Meralco's forced Interruption Frequency Rate (IFR) and forced Cumulative Interruption Time (CIT) were at their historic best, registering single digit features at 9.62 and 7.11 hours, respectively, for the year 2003. Meralco's President said that for the implementation of the refund, Meralco submitted to ERC a four-phase program. Phases 1 and 2, which cover residential and general service, customers consuming up to 300 kWh were completed last December 2003. Phase 3, which is for the rest of the residential and general service customers, is being implemented this year. Its detailed proposal for Phase 4 covering commercial and industrial customers still has to be submitted to the ERC. Mr. Francisco added that the enormity of the refund resulted in the restatement of its 2002 financial loss from PhP2.02 billion reported previously to PhP28.18 billion. Refunds of PhP23.82 billion covering the period up to December 2001 were treated as extraordinary loss, net of PhP1.13 billion covering the period January to December 2002 were treated as reversal of revenues. The ongoing refund, short-term loans and maturing portions of long term loans have made cash flows a critical concern for the near future. "The company is currently working on a Comprehensive Liability Management Plan (CLMP) as a permanent solution. Meanwhile we have successfully negotiated extensions of short-term loan payments," said Mr. Francisco. Meralco's President also said that operationally the company focused on enhancing cash flow through a more intense monitoring of arrears maintaining a delicate balance between aggressive collection and customer satisfaction. "Being an election year, 2004 naturally comes with uncertainties. But uncertainty has never deterred Meralco from continuing to contribute to its best to help boost national progress. Meralco, as in the past century, remains committed to the vision of a bright future for all Filipinos. That commitment will never waver," Mr. Francisco concluded. NATIONAL BANK: Releases 1Q 2004 Financial Statement --------------------------------------------------- Philippine National Bank furnished the Philippine Stock Exchange a copy its 2004 First Quarter Financial Statement, period ended March 31, 2004. (A) Financial Condition As of March 31, 2004 the Bank's consolidated resources aggregated PhP213.87 billion, higher by 8 percent of PhP15.08 billion as compared to the PhP198.79 billion posted as of December 31, 2003. The increase in resources was fueled by growth in customer deposits and proceeds from the Tier 2 Capital-PhP3.0 billion, 12.5 percent Subordinated Notes issued on February 16, 2004. To view full copy of the report click http://bankrupt.com/misc/philippinenationalbank051704.pdf NATIONAL STEEL: Lot Owner Files Petition To Prevent Sale -------------------------------------------------------- National Steel Corp.'s sale may again be derailed because Teofilo Cacho, the land owner where its plants in Iligan City is located filed a petition for a temporary restraining order (TRO) and a preliminary injunction preventing the Securities and Exchange Commission (SEC) from implementing its decision, the Philippine Star reports. In a recent report from TCR-Asia Pacific, Mr. Cacho in his complaint, noted the SEC appointed liquidator started negotiations for the sale to and takeover of GIHL of NSC's assets and liabilities, without securing his consent. In 2002, Cacho demanded the NSC pay P220.83 million in accrued rental fees, and subsequently asked the NSC to leave for failure to pay the rent. However, the NSC did not give any reply to Mr. Cacho's letters. The SEC approved the sale because it found no compelling reason to defer the disposition pending matters relating to the case adding that the sale of NSC's assets is in line with the firm's liquidation plan which was approved and signed by majority of the company's secured creditors, the report says. The SEC also pointed out that the land claimed by Cacho covers only the portion occupied by the NSC billet plant whose value is miniscule compared to the total value of the assets to be transferred to GIHL. However, the commission said the planned disposition of NSC assets should be subject to whatever rights Mr. Cacho has under the law. PHILIPPINE LONG: A Better 2004 Entails Dividend Payment Increase ---------------------------------------------------------------- For the first time in years, Philippine Long Distance Telephone Co. (PLDT) is set to pay dividends from 10 percent of its 2004 earnings to its common shareholders by the first half of next year, according to the Philippine Star citing PLDT chairman, Manuel V. Pangilinan. First Pacific Co. Ltd. (FPC) a 24.5 percent stake holder of PLDT said that given the telephone company's PhP18 billion projected 2004 earnings, the 10 percent declaration will amount to about PhP1.8 billion, but Mr. Pangilinan said if things would get better for PLDT the guidance number could still increase. However, First Pacific clarifies to its shareholders that it will not return the amount to them because whatever it is receiving from PLDT is used to pay off the latter's own debts. UNIVERSAL RIGHTFIELD: Issues Clarification On News Article ---------------------------------------------------------- Universal Rightfield Property Holdings, Inc. submitted to the Philippine Stock Exchange clarification of news article entitled,"Court urged to junk rehab case of Universal Rightfield" published in the May 25, 2004 issue of the BusinessWorld (Internet Edition). The article reported that investors of Universal Leisure Corp. have asked the Mandaluyong Regional Trial Court to dismiss the petition for rehabilitation of cash-strapped Universal Rightfield, the real estate arm of construction firm D.M. Consunji, Inc. (DMCI). The investors asked the court to compel Universal Rightfield to pay back PhP6 billion. Universal Rightfield in its letter dated May 26, 2004, advised the Exchange that: "The corporation is at this moment cannot confirm the veracity of the foregoing article, as the latter has not received any formal communication/notice from the court. The company shall immediately furnish the Exchange of any developments as soon as an official summons from the court is served." ================= S I N G A P O R E ================= CHARTERED SEMICONDUCTOR: Enters Deal on Chip Design --------------------------------------------------- IBM continued its quest to conquer the sub-micron processor marketplace with the addition of design support from some design firms, Internetnews reported on Tuesday. The Armonk, N.Y.-based tech giant said it has inked a deal to expand the scope of its 90-nanometer semiconductors with the help of Cadence Design Systems, Magma Design Automation, Mentor Graphics Corporation, and Synopsys. The four companies said they will supply design libraries, electronic design automation (EDA) tools and standard foundry reference flows for IBM and its 90-nm partner, Singapore-based Chartered Semiconductor Manufacturing. The deal is designed to relax IBM and Chartered customers who may be on the fence when it comes to adopting 90-nm process, which has a reputation for being expensive. Industry statistics published by the 2003 edition of the International Technology Roadmap for Semiconductors (ITRS) said the move to 90-nm comes with an estimated $30 million price tag per development. Researchers suggest the cost may be mitigated in building larger sized wafers, which would fit more chips on it per-square-millimeter. The fabrication industry is currently shifting from 200mm to 300mm wafers. The assistance from the four design firms is also expected to streamline operations between the IBM and Chartered foundries. Artisan Components and Virage Logic supported the initial cross-foundry design program. "It is critical that we continue to develop and support a global technology platform that gives our customers access to the industry's most advanced 90nm process and do it in a way that makes moving between our two foundries transparent," Tom Reeves, vice president, semiconductor products and solutions, IBM Systems & Technology Group said in a statement. "By working closely with experts that are deeply involved with issues such as power, signal integrity, timing closure and design for manufacturing, we can streamline the development process for our mutual customers." For the partners, Cadence said it would contribute its RTL-to- GDSII reference flow based on the Encounter digital IC design platform; Magma is supplying its design enablement kit with RTL- to-GDSII reference flow for its Blast Create, Blast Plan and Blast Fusion advanced IC design tools; Mentor is serving up its Calibre design-to-silicon platform support for physical design verification; and Synopsys is also offering its RTL-to-GDSII implementation flow based on the Galaxy Design Platform and verification based on the Discovery Verification Platform. IBM has been at the forefront of nanotechnology development. The company's work with carbon nanotube logic circuits and molecular electronics, for example, is squarely aimed at maintaining its commercial edge through the release of more powerful computers five, 10 or 15 years into the future and beyond. What is really different about IBM is the company's resources. Most other nanotech initiatives and companies, even the U.S. National Nanotechnology Initiative's $600 million budget, pale in comparison. IBM has, and is, investing billions in nano. Its $2.5 billion foundry in East Fishkill, N.Y. is IBM's main playground for sub- micron development. The company is currently shipping 90-nm with much progress being made in chips produced at 65-nm, 45-nm and 30-nm levels. MEDECHAIN PTE: Creditors Must Submit Claims by June 22 ------------------------------------------------------ Notice is hereby given that the creditors of Medechain Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required, on or before the 22 June 2004 to send in their names and addresses, with particulars of their debts and claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidators of the said Company. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. LOW SOK LEE MONA CHENG SOON KEONG Liquidators. c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807. Dated 20 May 2004. S & C NEW: Issues Winding up Order Notice ----------------------------------------- S & C New Strategy Pte Ltd issued a notice of winding up order on the 14 May 2004. Mr. Kong Sik Chuen of 108 Robinson Road, GMG Building, Tower A Level 7, Singapore 068900 was appointed Liquidator. Messrs KUMAR & LOH Solicitors for the Petitioner. This Singapore Gazette announcement is dated 21 May 2004. SEATOWN CORPORATION: Answers SGX Query -------------------------------------- Seatown Corporation Limited released its audited financial statements for the year ended 30 September 2003 together with the Auditors' Report on 15 May 2004. The Company has received a request from Singapore Exchange Securities Trading Ltd (SGX) to clarify specific matters, which are set out in this announcement. The questions set out in SGX's request are reproduced below, against the Company's responses. 1. Please provide the percentage of shareholding held in the hands of the public as required under Rule 1207(9)(e) and confirm that Rule 723 is complied with. The percentage of shares in the Company's issued capital that is held in the hands of the public (as defined in the Listing Manual of the SGX) as at 21 April 2004 is 45.57%. The Company confirms that Rule 723 of the Listing Manual of the SGX which requires the Company to ensure that at least 10% of equity securities (excluding preference shares and convertible equity securities) in a class that is listed is at all times held by the public, has been complied with. 2. The SGX noted several discrepancies between the cash flow statement in the Annual Report and in the Company's Full Year results announcement on 14 April 2004. Please provide explanations for the following items together with detailed breakdowns: (i) Net cash generated from operating activities (ii) Net cash generated from investing activities (i) Net cash generated from operating activities S$'000 S$'000 Balance as per announcement 2,558 Less: Reclassification for fixed deposit pledged (11) Less: Reclassifications: Revaluation deficit on freehold land (201) Loss on disposal of fixed assets (215) Write off of fixed assets 2 Depreciation of fixed assets 142 (272) Balance as per annual report 2,275 (ii) Net cash generated from investing activities S$'000 Balance as per announcement 6,781 Reclassification as above 272 Exchange difference 42 Balance as per annual report 7,095 3. Paragraph 7 of the Auditors' Report states that the ability of the Company and the Group to continue as going concerns and meet their financial obligations as and when they fall due is dependent on several factors. In this respect, please provide a monthly update on the Company's financial situation and factors (with specific reference to each of the factors set out in paragraph 7 of the Auditors' Report) set out in the Auditors Report in accordance with Rule 704(21) of the Listing Manual. If any material development occurs between the monthly updates, please make an announcement immediately. Your first update for the month of May should be announced by 1 June 2004. For each subsequent month the update should be made on the first working day of the following month. This request is noted and the Company shall comply with the same. 4. On 29 March 2004, the Exchange approved the Company's application for an extension of up to 26 August 2004 to submit a resumption proposal pursuant to Rule 1304(1) of the Listing Manual. This is subject to, inter alia, the Company announcing, as soon as practicable, the outcome of the discussion between the Company and Hui Yuan Investment Limited to extend the Investment Agreement. We noted in paragraph 5 of the Auditors' Report that the Company is still negotiating with Hui Yuan Investment Limited regarding the Investment Agreement. In your monthly updates, please also provide the status of the negotiations. The progress in the Investment Agreement has been delayed due to the difficulty in raising the necessary funding to pay key professionals to act as advisors to this transaction. Several meetings have been held with representatives of Hui Yuan Investment Limited (HY Investment) in an effort to resolve the funding issue. The latest of such meetings was scheduled to take place on 4 May 2004. However for various reasons the representatives of HY Investment were unable to attend the meeting. The resolution of the funding of the advisors remains an issue of considerable difficulty and, if a solution is not found, the successful completion of the Investment Agreement will be very challenging. The Company has therefore continued to actively pursue other potential investors, and has entered into advanced discussions with a number of parties in this respect. Submitted by The Board of Directors, Seatown Corporation Ltd on 26/05/2004 to the SGX SHS HOLDINGS: Creditors Must Submit Claims by June 21 ----------------------------------------------------- Notice is hereby given that the creditors of SHS Holding (Pte) Limited (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 21 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 Liquidator of the said Company. in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. SIM GUAN SENG Liquidator. c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315. This Singapore Gazette announcement is dated 21 May 2004. =============== T H A I L A N D =============== RAIMON LAND: Releases Report On Capital Increase Results -------------------------------------------------------- Raimon Land PCL submits to the Stock Exchange of Thailand a report on the Results of the Offering of the Capital Increase of Ordinary Shares dated November 12, 2003. (1) Information Related to the Shares Offering Types of Shares offered: Capital increase ordinary shares Number of Shares offered: 224,930,555 shares Offered to: Existing Shareholders Price per Share: 1 Baht Subscription and Payment Period: May 17, 2004 to May 21, 2004 (2) The Result of the Shares Sale [ ] Totally Sold [/] Partly Sold with- ___shares remaining (3) Details of the Shares Sale Thai Investors Foreign Investors Total Juristic/Individual Juristic/Individual Persons Persons Number of Persons 4/48 7/7 66 Number of Subscribed Shares 81,251,714/7,089,536 2,589,423/16,328,561 107,259,234 Percentage of Total Shares Offered 36.12/3.15 1.15/7.26 47.68 (4) Amount of Money Received from Shares Sale Total amount: 107,259,234 Baht Less expense: -Baht Net amount received: 107,259,234 Baht The Company hereby certifies that the information contained in this report form is true and complete in all respects. Raimon Land Public Company Limited Nigel John Cornick Chief Executive Offer ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. 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