/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040602.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, June 2, 2004, Vol. 7, No. 108 Headlines A U S T R A L I A WOODSIDE PETROLEUM: Seals Chinguetti Development C H I N A & H O N G K O N G CLARSON HOTEL: Creditors Meeting Set June 8 EASTBOROUGH ENTERPRISES: Schedules Creditors' Meeting June 8 EVERLINK DEVELOPMENT: Creditors Meeting Slated for June 8 FUJIAN GROUP: Creditors Meeting Slated for June 8 M&S GROUP: Winding up Hearing Slated for June 30 I N D O N E S I A BANK RAKYAT: To Pay Dividends Of Rp84.19 Per Share J A P A N DAIEI INC.: Keeping Hawks Baseball Team, Opening New Stores KANEBO LIMITED: Wins $1.4B Financial Rescue Package MITSUBISHI MOTORS: Launching 10 New Models by 2007 NISSAN MOTOR: Vehicle Weight Cut Ups Fuel Efficiency NISSAN MOTOR: Vows to Hit Global Sales Target RESONA HOLDINGS: R&I Assigns BBB- Rating SOFTBANK CORPORATION: Agrees to Acquire Japan Telecom SOFTBANK CORP.: President Stays Despite Leak, Extortion Scandal SOFTBANK CORPORATION: CEO Sees Profit Next Year UFJ HOLDINGS: FSA Orders to Improve Practices K O R E A DAEWOO GROUP: Former Chairman Partly Liable for Investor Losses HANBO STEEL: Hyundai-led Group to Buy Steelmaker HYNIX SEMICONDUCTOR: Citigroup to Buy Chip Unit for W954B M A L A Y S I A AOKAM PERDANA: Creditors Approve Proposed Scheme Arrangement CHASE PERDANA: Extends Expiry Date of Warrant COMMERCE INTERNATIONAL: Shareholders Approve Corporate Proposals INNOVEST BERHAD: Appoints Chairman Of Audit Committee INNOVEST BERHAD: Releases 1Q Unaudited Financial Report KSU HOLDINGS: Issues Update Development Of Financial Condition NAUTICALINK BERHAD: Awaits Approval Of Restructuring Proposal PAN MALAYSIA: Issues Notice Of General Meetings TH GROUP: Releases Proposed IRR P H I L I P P I N E S DIGITAL TELECOMMUNICATIONS: Unveils Annual Stockholder's Meeting EASYCALL COMMUNICATIONS: Submits SEC Form 20-IS MANILA ELECTRIC: ERC Downplays Apprehension PHILIPPINE LONG: Issues Clarification To News Article PHILIPPINE REALTY: Issues Clarification To News Article PILIPINO TELEPHONE: Smart Receives Offers From Creditors S I N G A P O R E CREATIVE JEWELLERY: Issues Winding up Order Notice ECON INTERNATIONAL: Returns to Profitability GOUDIE ASSOCIATES: Creditors Meeting Set June 15 HUA KOK: Unit Proposes Scheme of Arrangement With Creditors INDO GRANITE: Releases Debt Claim Notice to Creditors JARDINE SHIPBROKERS: Creditors Must Submit Claims by June 28 SEATOWN CORPORATION: 1H04 Net Loss Narrows to S$1.36M YEE NEE: Issues Dividend Notice T H A I L A N D THAI PETROCHEMICAL: Founder Sues Creditors' Committee - - - - - - - - ================= A U S T R A L I A ================= WOODSIDE PETROLEUM: Seals Chinguetti Development ------------------------------------------------ Woodside Petroleum and its partners finalized Monday the development of their US$600 million Chinguetti oil field in Mauritania, reports The Sydney Morning Herald. The offshore development, expected to start producing oil by March 2006, will start later, and at more expense than analysts expected. Goldman Sachs JBWere, for instance, expected the project to cost around US$480 million and be operational by January 2006. Nevertheless, Chinguetti, according to Woodside's Chief Operating Officer Keith Spence, "will be the first production that Woodside operates outside of Australia, and as such represents an important step towards building our first production hub in Mauritania." Woodside holds 53.8 percent of the project, while Hardman owns 21.6 percent, BG Group 11.6 percent, Premier 9.2 percent and Roc Oil 3.7 percent. In its first stage, Chinguetti, discovered in 2001, will include six production wells and four water injection wells for reservoir pressure support, and is expected to have an output of 75,000 barrels a day. A second US$150 million phase of drilling will begin in the second or third year of production, depending on the field's performance. Chinguetti, which has probable reserves of about 120 million barrels of oil and is expected to have a life of eight years, could provide as much as 11 percent of Woodside's annual production in 2006-08. ============================== C H I N A & H O N G K O N G ============================== CLARSON HOTEL: Creditors Meeting Set June 8 ------------------------------------------- Notice is hereby given that a meeting of the creditors of Clarson Hotel Management Limited will be held at the Meeting Room 1, 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 8 June 2004 at 9:15 a.m. for the purpose of approving the voluntary winding up of the Company and the appointment of Joint and Several Liquidators. Creditors may vote either in person or by proxy. Proxies must be lodged at the 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m. on 7 June 2004. This Quamnet Gazette announcement is dated 28 May 2004. EASTBOROUGH ENTERPRISES: Schedules Creditors' Meeting June 8 ------------------------------------------------------------ Notice is hereby given that a meeting of the creditors of Eastborough Enterprises Limited will be held at the Meeting Room 1, 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 8 June 2004 at 9:15 a.m. for the purpose of approving the voluntary winding up of the Company and the appointment of Joint and Several Liquidators. Creditors may vote either in person or by proxy. Proxies must be lodged at 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m. on 7 June 2004. This Quamnet Gazette announcement is dated 28 May 2004. EVERLINK DEVELOPMENT: Creditors Meeting Slated for June 8 --------------------------------------------------------- Notice is hereby given that the creditors' meeting of Everlink Development Limited will be held at the Meeting Room 1, 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 8 June 2004 respectively at 10:15 a.m. for the purpose of approving the voluntary winding up of the Company and the appointment of Joint and Several Liquidators. Creditors may vote either in person or by proxy. Proxies must be lodged at the 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m. on 7 June 2004. This Quamnet Gazette announcement is dated 28 May 2004. FUJIAN GROUP: Creditors Meeting Slated for June 8 ------------------------------------------------- Notice is hereby given that the creditors' meeting of Fujian Group Nominees Limited will be held at the Meeting Room 1, 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 8 June 2004 respectively at 10:45 a.m. for the purpose of approving the voluntary winding up of the Company and the appointment of Joint and Several Liquidators. Creditors may vote either in person or by proxy. Proxies must be lodged at 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m. on 7 June 2004. This Quamnet Gazette announcement is dated 28 May 2004. M&S GROUP: Winding up Hearing Slated for June 30 ------------------------------------------------ Notice is hereby given that a petition for the winding up of M & S GROUP DEVELOPMENT LIMITED by the High Court of Hong Kong was presented on 10 May 2004 to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at the 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 10:00 a.m. on 30 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. FORD, KWAN & COMPANY Solicitors for the Petitioner, Rooms 1202-1206, 12th Floor Wheelock House 20 Pedder Street, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of 29 June 2004. ================= I N D O N E S I A ================= BANK RAKYAT: To Pay Dividends Of Rp84.19 Per Share -------------------------------------------------- Indonesia's fourth largest bank, PT Bank Rakyat Indonesia Tbk (BRI) said Monday its shareholders have approved a dividend payment of Rp84.19 per share from its 2003 profit, Reuters reports. The total dividend payment amounts to Rp990.47 billion or 75.01 percent of the bank's net profit in the second half of 2003, according to the report citing the bank's president, Rudjito. BRI shares were down 1.47 percent to 1,675 rupiah at 0701 GMT, while the overall market was off 1.04 percent to 726.38 points. ========= J A P A N ========= DAIEI INC.: Keeping Hawks Baseball Team, Opening New Stores ----------------------------------------------------------- Daiei Inc. will continue to own the Fukuoka Daiei Hawks professional baseball team, the Tribune Business News reports, citing Company President Kunio Takagi. The struggling retailer plans to cut its debts to JPY915 billion by selling its stockholdings this year, including those in Recruit Co. It also plans to open about 10 supermarkets this year. KANEBO LIMITED: Wins $1.4B Financial Rescue Package --------------------------------------------------- Struggling textile maker Kanebo Limited won a JPY149.5 billion (US$1.4 billion) financial aid from the Industrial Revitalization Corporation of Japan (IRCJ) and its creditor banks, according to Reuters. Under the package, its creditor banks would forgive a total of JPY99.5 billion in loans. In addition, main lender Sumitomo Mitsui Banking Corporation and the IRCJ would buy up to JPY50 billion of new shares in the firm. The debt-laden firm has fallen into a negative net worth with debt exceeding shareholder equity by JPY355 billion in March. MITSUBISHI MOTORS: Launching 10 New Models by 2007 -------------------------------------------------- Mitsubishi Motors Corporation (MMC) plans to launch 10 new vehicles by fiscal 2007 to boost domestic sales, AFX Asia reports, citing the Nihon Keizai Shimbun. Five of the new models will be complete redesigns of existing models. The carmaker may yet have its sagging fortunes boosted by the recent announcement by Phoenix Capital Co. that it is considering formulating a plan that will rehabilitate the company, according to a report from the TCR-AP Vol. 7 No. 107. According to Phoenix Capital President Yasushi Ando, measures to rebuild MMC's corporate philosophy and brand will be featured in the corporate rehabilitation plan, possibly devised by the end of the year. He also said the fund wants to bolster the corporate value of the automaker in three to five years. NISSAN MOTOR: Vehicle Weight Cut Ups Fuel Efficiency ---------------------------------------------------- Nissan Motor Co. will reduce the weight of all future models in a bid to make them more fuel-efficient, Xinhuanet and Kyodo News reports. The goal is to improve engine combustion efficiency and fuel efficiency, and reduce emissions. Nissan estimates that cutting the weight of a vehicle by 10 percent will improve fuel efficiency by around 5 percent. The plan will help the automaker meet its sales target of more than 4.2 million units globally in fiscal 2007 -- more than 40 percent above the fiscal 2003 figure. NISSAN MOTOR: Vows to Hit Global Sales Target --------------------------------------------- Nissan Motor Chief Executive Carlos Ghosn said the Company will hit its global sales target of 3.6 million units during the year to September 2005, according to the Business Report, a 17.5 percent increase from 3.063 million sold in the year to March 2004 and up by one million from the year to March 2002. Mr. Ghosn also said China would become the third largest market for Nissan, surpassing Mexico, and one of its most profitable markets by the end of March 2008. Last month, Nissan said it posted a record net profit of 503.7 billion yen in the past year to March, driven by the best vehicle sales in 13 years. RESONA HOLDINGS: R&I Assigns BBB- Rating ---------------------------------------- Rating and Investment Information, Inc. (R&I), assigned a senior long-term credit rating of BBB- in Resona Holdings Inc. issued under the shelf registration scheme. RATIONALE: The subsidiaries of bank holding company Resona Holdings, Inc. are Resona Bank Ltd., Saitama Resona Bank Ltd., The Kinki Osaka Bank Ltd., The Nara Bank Ltd., and Resona Trust & Banking Co., Ltd. R&I has assigned a Senior Long-term Credit Rating of BBB- to Resona Holdings. This is one notch lower than the BBB Senior Long-term Credit Rating for Resona Bank, the group's core bank, reflecting the financial composition of the holding company. The outlook for the rating is stable. On January 20, 2004 R&I upgraded the Senior Long-term Credit Rating of the Resona Bank from BBB- to BBB after taking into consideration a number of positive factors which included the fact that: 1) the bank had made progress in financial provisioning for non-performing loans and the disposal of "closely-related" borrowers and affiliated non-banks that had been a heavy burden on management as a result of capital infusions from the government; 2) there has been a considerable progress in the strengthening of corporate governance and improvement in the quality of management after a complete changeover in the management team; and 3) the bank was in the process of revitalization within the government's "Special Support" framework and could expect strong support from the government in the future when necessary. Resona Holdings absorbed a total of 304 billion yen in capital increases for The Kinki Osaka Bank Ltd., where debts significantly exceeded assets during the first half of fiscal 2003, and The Nara Bank Ltd., where the capital adequacy ratio had fallen below the minimum requirement at 3 percent. Since Resona Holdings financed the capital funds with a 300 billion yen loan from Resona Bank, Resona Holdings' double leverage ratio indicated as investment in affiliates divided by shareholder's equity was substantial at 149.2 percent at the end of March 2004. Resona Holdings plans to gradually convert the borrowings from Resona Bank to bond procurement. Commissions from subsidiary banks in accordance with management regulations provide the holding company's costs and interest on subordinated loans to the subsidiary banks will be allocated to interest payments on 300 billion yen public subordinated debts. The main source of repayments of other external liabilities is dividends from the subsidiary banks. When double leverage ratio is high, a rating generally incorporates the risk that the holding company cannot fully procure the funds required for debt repayments through dividends. During the second half of fiscal 2003, the two banks under the holding company - Resona Bank and The Kinki Osaka Bank - reduced their capital and capital reserves to accommodate the losses posted during the first half of fiscal 2003. R&I believes that repayment of external liabilities will not be impeded because the holding company has secured funds for interest payments for the time being and Resona Trust & Banking would continue to pay dividends. Furthermore, the holding company would receive dividends from fiscal 2005 because the other subsidiary banks are also expected to return to black during fiscal year 2004. However, in its evaluation of the holding company's financial composition, R&I has taken into consideration that double leverage ratio is substantial. SOFTBANK CORPORATION: Agrees to Acquire Japan Telecom ----------------------------------------------------- In a disclosure to the Singapore Stock Exchange, Softbank Corporation has agreed at a board meeting held on 27 May 2004 to acquire Japan Telecom Co. Limited. Japan Telecom is a fixed-line operator and an affiliate of Ripplewood Holdings L.L.C. (Head office: New York City, U.S; CEO: Timothy C. Collins). As a result of the acquisition, the Softbank Group will have consolidated sales of around 1 trillion yen and control approximately 10 million access lines, thus becoming a leading global telecommunication operator. 1. Purpose of the acquisition The Softbank Group will substantially expand the scale of its business through the acquisition of Japan Telecom and will seek to become "the No.1 broadband company", offering a comprehensive range of communication services including voice, data transmission and Internet connectivity to consumer and enterprise customers. 2. Synergies (1) Japan Telecom is a pioneer of IP-VPN leased line networks and wide-area Ethernet services to the enterprise sector. It has an established presence in the enterprise data services arena and is expected to contribute towards strengthening Softbank's enterprise businesses expansion plans. (2) Japan Telecom has approximately 170,000 domestic enterprise customers, primarily large corporations which will support the further expansion of SOFTBANK Group's customer base. In addition, Softbank's corporate marketing capabilities and customer acquisition channels will be strengthened and diversified. (3) Japan Telecom owns approximately 12,000 km of fiber-optic network infrastructure. The propriety IP network operated by the Softbank Group will be strengthened and made more efficient by connecting with this fiber-optic network. (4) As a result of the acquisition, the SOFTBANK Group will be able to substantially enhance its human resources for enterprise sales and engineering. (5) The acquisition will also enable the SOFTBANK Group to, on a consolidated basis, improve its EBITDA and strengthen its revenue base. 3. Outline of the transaction Method of acquisition: Approximately 144 million (100%) shares of the issued and outstanding common stock of Japan Telecom. Acquisition price: Approximately 350 billion yen i. -Common stock purchased by SOFTBANK: 143.3 billion yen ii. -Net interest-bearing debt (estimate as of June 4): 164.0 billion yen iii. -Preferred stock: 32.5 billion yen Sellers: Six companies in total, including Japan Telecom Holdings L.P. Date of acquisition: Scheduled on November 16, 2004 4. Impact on Softbank's Financials Final net income on a consolidated basis for SOFTBANK is yet to be determined. An announcement will be made as soon as the details are finalized. About SOFTBANK CORP. Head office location: 24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo Representative: Masayoshi Son Paid-in capital: 162.3 billion yen Principal lines of business: Broadband infrastructure, e- commerce, e-finance, media and marketing, broadmedia, Internet culture, and technology services About JAPAN TELECOM CO., LTD. Location: 7-1 Hatchobori 4 chome, Chuo-ku, Tokyo Representative: Hideki Kurashige Paid-in capital: 66.2 billion yen Principal line of business: Fixed-line telecommunications Sales: 347.1 billion yen(March 2004, unaudited) 222 billion yen (March 2003, consolidated) Operating profit: 18.4 billion yen (March 2003, consolidated) Standard & Poor's Ratings Services (S&P) has placed its 'BB-' long-term corporate and senior unsecured bond ratings on Softbank Corporation on Credit Watch with negative implications, following the announcement that the company will purchase Japan Telecom Company, the TCR-AP vol. 7 No. 106 reports. "Softbank's already weak cash flow, which was negative in fiscal 2003, could deteriorate further, given the expected cash outflow from acquisition costs as well as the possible additional financial burden of establishing a framework to produce synergy effects with Japan Telecom," said Standard & Poor's credit analyst Chizuko Satsukawa. Softbank's ratio of total debt to capital could also significantly deteriorate from its level of about 30 percent at March 31, 2004, as a result of the consolidation of assumed debt and the decrease in cash at hand. SOFTBANK CORP.: President Stays Despite Leak, Extortion Scandal --------------------------------------------------------------- Softbank Corporation President Masayoshi Son will not resign as head of the Company, despite the scandal about data leakage that affected more than 4.5 million customers of its "Yahoo! BB" broadband service earlier this year, Dow Jones reported on Monday. Since January, police had arrested four men on suspicion that they tried to extort money from Softbank after obtaining personal data about the broadband service's subscribers. The report did not mention their names. The Internet-services Company has already implemented 649 measures to avoid similar incidents from happening in the future. The measures include an introduction of a fingerprint- based identification system for employees who are assigned to manage customers' private data. SOFTBANK CORPORATION: CEO Sees Profit Next Year ----------------------------------------------- Softbank Corporation Chief Executive Masayoshi Son expects the company to return to profit in the business year beginning April 2005, according to Reuters. Softbank could achieve its target of six million Internet subscribers earlier than it had expected, Son said in an interview with a group of reporters. UFJ HOLDINGS: FSA Orders to Improve Practices --------------------------------------------- The Financial Services Agency (FSA) has ordered UFJ Holdings Inc. to improve its practices, reprimanding the bank for a loose assessment of bad loans, according to Reuters. UFJ announced last week that it had JPY1.31 trillion ($11.88 billion) in loan-loss charges in the 2003/2004 business year, nearly triple its initial estimate after it was forced to reassess its loan portfolio following a government inspection. The Company and the watchdog Financial Services Agency (FSA) declined to comment on the report. ========= K O R E A ========= DAEWOO GROUP: Former Chairman Partly Liable for Investor Losses --------------------------------------------------------------- The Seoul Central District Court ruled Sunday that Kim Woo- choong, former Chairman of the now-defunct Daewoo Group, bears partial responsibility for an investor's losses triggered by the conglomerate's window dressing of accounts and false disclosures in 1997 and 1998, Asia Pulse reports. The ruling is expected to affect a host of ongoing lawsuits involving the Daewoo Group's irregularities. The Court ordered three former Daewoo executives, including Kim, and Daewoo Heavy Industries & Machinery to pay KRW97 million (US$80,000) in compensation to an individual investor. The investor, identified only by his surname Lee, filed a damage suit in 1999 against the former Daewoo executives, seeking 720 million won in compensation. HANBO STEEL: Hyundai-led Group to Buy Steelmaker ------------------------------------------------ Two steel units of Hyundai Motor Group signed on Tuesday an initial agreement to buy bankrupt Hanbo Steel, according to Reuters, citing lead manager Samil Accounting Corporation. A consortium of INI Steel and Hyundai Hysco paid five percent of the bid price on Monday, without giving the exact figure. Samil said creditors of Hanbo steel will be able to raise more than one trillion won (US$861.4 million) from the sale of Hanbo, a figure that includes the purchase price and dividends from Hanbo's earnings. HYNIX SEMICONDUCTOR: Citigroup to Buy Chip Unit for W954B --------------------------------------------------------- Citigroup Venture Capital Equity Partners LP will buy Hynix Semiconductor Inc.'s non-memory chip business for KRW954 billion (US$820 million) in cash and assumed debt after Hynix's lenders accepted a raised bid, Bloomberg News reported on Monday. Creditors holding more than 75 percent of voting rights accepted the takeover offer. The proceeds will help Icheon, South Korea- based Hynix cut its KRW4.2 trillion debt and keep up with larger memory-chip producers Samsung Electronics Co. and Micron Technology Inc. on spending. Hynix had KRW4.2 trillion of liabilities at the end of 2003, or 152 percent of shareholder equity, up from a debt- to-equity ratio of 88 percent in 2002. A sale would help Hynix reduce debt and increase the chances of getting its junk-level CCC+ debt rating raised, which would make it cheaper to fund investment in machinery and research, Standard & Poor's said on April 14. =============== M A L A Y S I A =============== AOKAM PERDANA: Creditors Approve Proposed Scheme Arrangement ------------------------------------------------------------ Aokam Perdana Berhad, in a notice submitted to Bursa Malaysia Securities Berhad with reference to its PN1 announcement dated May 5, 2004, the company is pleased to announce that the Scheme Creditors of Aokam, Aokam Industries Sdn Bhd and Pembangunan Papan Lapis (Sabah) Sdn Bhd (the Scheme Companies) had, at the respective Court Convened Meetings held on May 28, 2004, approved the Proposed Schemes of Arrangement of the Scheme Companies. Apart from the above announcement, the issue of continual default remains unchanged. CHASE PERDANA: Extends Expiry Date of Warrant --------------------------------------------- Chase Perdana Berhad, in a notice submitted to Bursa Malaysia Securities Berhad, announced that the Warrants' expiry date of June 17, 2004 will be extended to June 17, 2009. As a result, trading in the Warrants will not be suspended effective 9:00 a.m., Wednesday, June 2, 2004 and the Warrants will not be removed from the Official List of the Exchange effective 9:00 a.m., Friday, June 18, 2004. Your attention is drawn to the announcement made by Southern Investment Bank Berhad on behalf of the Company dated May 31, 2004. COMMERCE INTERNATIONAL: Shareholders Approve Corporate Proposals ---------------------------------------------------------------- Commerce International Merchant Bankers Berhad submitted to Bursa Malaysia Securities Berhad its Corporate Proposals approved by shareholders. - PROPOSED SHARE SPLIT; - PROPOSED SHARE EXCHANGE; - PROPOSED CASH PAYMENT; - PROPOSED CAPITALISATION; - PROPOSED CONVERSION OF ADVANCES; - PROPOSED OFFER FOR SALE; - PROPOSED TRANSFER OF LISTING; - PROPOSED EXEMPTION; AND - PROPOSED LIQUIDATION With reference to the announcements made on behalf of Commerce International Merchant Bankers Berhad (CIMB) on December 13, 2002, December 27, 2002, March 17, 2003, May 20, 2003, May 22, 2003, August 15, 2003, October 7, 2003, October 8, 2003, October 30, 2003, November 18, 2003 and March 15, 2004 in relation to the Corporate Proposals. The company also refers to the announcements made on July 2, 2003, August 13, 2003, October 8, 2003, December 2, 2003 and March 1, 2004 in relation to the proposed acquisition by WCT Land Berhad (WCTL), a wholly-owned subsidiary of WCT Engineering Berhad (WCT) which will be utilized to implement the Corporate Proposals, from MTD Realty Sdn Bhd, a wholly-owned subsidiary of MTD Capital Bhd, of 2,500,000 ordinary shares of RM1.00 each in Labur Bina Sdn Bhd (LBSB), representing the balance 50 percent equity interest in LBSB, not already owned by WCTL, for a total cash consideration of RM48,900,000 (Proposed Acquisition). On behalf of BIB, CIMB wishes to announce that WCT had on May 31, 2004 informed the Company that pursuant to an Extraordinary General Meeting held on even date, the shareholders of WCT have approved the Corporate Proposals and the Proposed Acquisition. This announcement is dated May 31, 2004. INNOVEST BERHAD: Appoints Chairman Of Audit Committee ----------------------------------------------------- Innovest Berhad, in a notice submitted to Bursa Malaysia Securities Berhad, announced that it has appointed Dato' Omar bin Otman as the Chairman of Audit Committee of the company on May 29, 2004. Mr. Otman obtained a Bachelor of Arts (Hons) degree in International Affairs from University Malaya in 1976, a degree in law from University of Buckingham, England in 1981, a Certificate of Law Practice from University Malaya in 1984 and a Master Degree in Science from University Putra Malaysia in 2003. INNOVEST BERHAD: Releases 1Q Unaudited Financial Report ------------------------------------------------------- Innovest Berhad submitted to Bursa Malaysia Securities Berhad its unaudited financial report for the period ended March 31, 2004. INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD - 31/03/2004 RM'000 - 31/03/2003 RM'000 - 31/03/2004 RM'000 - 31/03/2003 RM'000 (1) Revenue 1,274 1,257 1,274 1,257 (2) Profit/(loss) before tax -207 -1,043 -207 -1,043 (3) Profit/(loss) after tax and minority interest -207 -1,043 -207 -1,043 (4) Net profit/(loss) for the period -207 -1,043 -207 -1,043 (5) Basic earnings/(loss) per shares (sen) -0.06 -0.31 -0.06 -0.31 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END (7) Net tangible assets per share (RM) 0.0080 0.0090 For more information click http://bankrupt.com/misc/innovestberhad060104.xls KSU HOLDINGS: Issues Update Development Of Financial Condition -------------------------------------------------------------- In a notice submitted to Bursa Malaysia Securities Berhad, KSU Holdings Berhad, with reference to its announcement dated 20th August 2003, 10th September 2003, 9th October 2003, 10th November 2003, 5th December 2003, 2nd January 2004, 4th February 2004, 1st March 2004, 1st April 2004 and 5th May 2004, wishes to inform that as of to date, there has been no further development on its plan to regularize its financial condition. NAUTICALINK BERHAD: Awaits Approval Of Restructuring Proposal ------------------------------------------------------------- The Board of Directors of Nauticalink Berhad (NB), in a notice submitted to Bursa Malaysia Securities Berhad, announced that in compliance with PN4, it is obliged to announce that the Company is still awaiting approval of the relevant authorities with regard to its revised corporate restructuring proposals since submission on April 15, 2004. PAN MALAYSIA: Issues Notice Of General Meetings ----------------------------------------------- Pan Malaysia Holdings Berhad (PMH), in a notice submitted to Bursa Malaysia Securities Berhad, announced that the following general meetings of PMH will be held at Crystal Ballroom, Corus hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur on Tuesday, June 22, 2004: (i) Twenty-First Annual General Meeting (AGM) at 9.00 a.m.; and (ii) Extraordinary General Meeting (EGM) immediately after the conclusion or adjournment (as the case may be ) of the AGM. To view full copy on notice of AGM click http://bankrupt.com/misc/PANMALAYSIA060104.doc To view full copy on notice of EGM click http://bankrupt.com/misc/panmalaysia060104_2.doc TH GROUP: Releases Proposed IRR ------------------------------- TH Group Berhad submits to Bursa Malaysia Securities Berhad the company's proposed internal restructuring and re-organization exercise. (1) INTRODUCTION The Board of Directors of TH Group is pleased to announce a proposed internal restructuring and re-organization exercise (Proposed IRR) involving the Company and several of its subsidiaries. The Proposed IRR will involve the intra-group transfer of some subsidiaries and assets within the Group with the following objectives to: (a) enhance tax efficiency of dividend payments from certain subsidiaries to shareholders of TH Group; and (b) streamline the core businesses of the Group into divisible divisions of plantation, construction and timber operations. The Proposed IRR will involve the following transactions: (i) the proposed acquisition by TH Group of a 100 percent equity interest in Tung Hup Palm Oil Mill Sdn Bhd (THPOM) from Besatim Sdn Bhd (BST) for a purchase consideration of RM40,739,697; (Proposed Acquisition of THPOM) (ii) the proposed acquisition by TH Group of a 100 percent equity interest in Tung Hup (Contracting) Sdn Bhd (THC) from Tung Hup Enterprises Sdn Bhd (THE) for a purchase consideration of RM76,080,828 (Proposed Acquisition of THC); (iii) the proposed acquisition by Tracpower Sdn Bhd (TSB) of a 95 percent equity interest in PT THG Kontrak (PTK) from THC for a purchase consideration of RM9,963,603 (Proposed Acquisition of PTK); (iv) the proposed acquisition by THC of a 100 percent equity interest in THG Construction Sdn Bhd (THGC) from TH Group for a purchase consideration of RM1,000,000 (Proposed Acquisition of THGC); (v) the proposed acquisition by THC of a 70% equity interest in Sunshine Paradigm Sdn Bhd (SSP) from THGC for a purchase consideration of RM700,000 (Proposed Acquisition of SSP); and (vi) the proposed acquisition by THC of a 100 percent equity interest in Wisdirection Ventures Sdn Bhd (WDSB) from THGC for a purchase consideration of RM10,000(Proposed Acquisition of WDSB). The above transactions collectively called "the Proposed Acquisitions". As part of the Proposed IRR, THC will also be disposing some of its timber-related fixed assets to TSB under an Asset Sale Agreement for a cash consideration of RM337,326 (Proposed Assets Sale). Information on the respective companies is set out in Appendix I. (2) DETAILS OF THE PROPOSED IRR (2.1) The Existing Structure Please refer to Appendix II for the existing structure of the companies involved in the Proposed IRR. (2.2) The Proposed New Structure Please refer to Appendix III for the new structure of the companies upon completion of the Proposed IRR. (2.3) The Mode and Basis of Consideration The consideration for the proposed transactions will be in cash and effected solely by way of inter-company indebtedness and hence does not impose any demand on the cash position of the relevant acquirers nor does it entail the need for any additional borrowings within the Group. The value of consideration for the Proposed Acquisitions was arrived at based on the audited net tangible assets of the acquiree companies or the audited cost of investment in the books of the vendor, as the case maybe, as at 31 December 2003. The value of consideration for the Proposed Assets Sale was arrived at based on the audited net tangible assets of the assets subject to the sale as at 31 December 2003. (2.4) Salient Terms of the Sale and Purchase Agreements Pursuant to the sale and purchase agreements for the Proposed Acquisitions, the vendors agreed to sell and the acquirers agreed to purchase the ordinary shares of the target companies (Sale Shares) free from all liens, pledges, charges and other encumbrances and with all rights and benefits attaching thereto including but without limitation all bonuses, rights, dividends and other distributions declared, paid or made in respect of the Sales Shares after the date of the Sale and Purchase agreements. Pursuant to the Assets Sale Agreement, the vendor agreed to sell and the acquirer agreed to purchase certain assets free from all encumbrances. (3) RATIONALE FOR THE PROPOSED IRR The Proposed IRR is a strategic move by TH Group to restructure and re-organize its group structure whereby companies with similar business activities will be reflected under one business unit with the objectives of achieving cost efficiencies and accountability. As a measure to increase shareholders' value at TH Group, that is by ensuring that the shareholders receive tax-exempt dividends, consideration is made to transfer certain companies as direct subsidiaries of TH Group to ensure that their two-tier dividend payments reach the shareholders of TH Group. This can be effected by:- (a) the transfer of THC by THE to TH Group under the Proposed Acquisition of THC so that the tax exempt dividends of THC can reach the shareholders of TH Group as tax exempt dividends; and (b) the transfer of THPOM by BST to TH Group under the Proposed Acquisition of THPOM so that the tax exempt profits from the reinvestment allowance and infrastructure incentives of THPOM can reach the shareholders of TH Group as tax exempt dividends. Subject to agreement of the Inland Revenue Board, the tax-exempt account of THC and THPOM for the year 2002 was RM14.2 million and RM8.8 million respectively. (4) FINANCIAL EFFECTS (4.1) Share Capital and Substantial Shareholders' Shareholdings The Proposed IRR will not have any effect on the issued and paid up share capital and the substantial shareholders' shareholdings of the Company as it will be effected by way of cash. (4.2) Earnings The Proposed IRR will not have any material effects on the earnings of TH Group for the financial year ending 31 December 2004. (4.2) Net Tangible Assets (NTA) As the Proposed IRR is an intra-group transaction, it not expected to have any material effects on the NTA per share of TH Group based on the latest audited consolidated balance sheet as at 31 December 2003. (5) APPROVALS REQUIRED The Proposed IRR is subjected to the following approvals being obtained: (a) Approval of the Foreign Investment Committee (FIC) for the Proposed Acquisitions. The Company expects to make the application to the FIC within one (1) month from the date of this announcement; (b) Notification or approvals from all lenders (including bankers and holders of the RM150,000,000 nominal amount of 3% Secured Serial Al-Bai' Bithaman Ajil Islamic Debt Securities Issuance Facility (BAIDS), where required for the Proposed Acquisitions and Proposed Assets Sale; (c) Indonesian authorities for the Proposed Acquisition of PTK; and (d) Any other relevant authorities. The Proposed IRR does not require the approval from shareholders of the Company. However, the Proposed Acquisition of THPOM and the Proposed Acquisition of THC may require approval from shareholders of the Company. (6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS None of the directors of the Company or persons connected to them has any interest, direct or indirect in the Proposed IRR. The directors are not aware of any substantial shareholders of the Company or persons connected to them having any interest, direct or indirect in the Proposed IRR. (7) STATEMENT BY THE BOARD OF DIRECTORS Having considered all aspects of the Proposed IRR, the Board of Directors is of the opinion that the Proposed IRR is in the best interest of the Group. (8) DEPARTURE FROM THE POLICIES AND GUIDELINES ON ISSUE/OFFER OF SECURITIES OF THE SECURITIES COMMISSION (SC GUIDELINES) To the best knowledge of the Directors, the Proposed IRR does not contravene the Guidelines of the Securities Commission. (9) DOCUMENTS FOR INSPECTION The sale and purchase agreements are available for inspection by registered shareholders at the registered office of the Company at Securities Services (Holdings) Sdn. Bhd., Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur during normal office hours from Monday to Fridays (except public holidays) for a period of three months from the date of this announcement. For more information, click Appendix I: http://bankrupt.com/misc/THGROUP060104.doc Appendix II: http://bankrupt.com/misc/THGROUP060104_2.doc Appendix III: http://bankrupt.com/misc/THGROUP060104_3.doc ===================== P H I L I P P I N E S ===================== DIGITAL TELECOMMUNICATIONS: Unveils Annual Stockholder's Meeting ---------------------------------------------------------------- In accordance with the Philippine Stock Exchange's rules on disclosure, Digital Telecommunications Philippines Inc. wishes to inform the Exchange that our company just concluded its Annual Stockholder's Meeting this morning at the Holiday Inn Galleria Manila Pasig City. A total of 4,445,870,879 shares representing 69.94 percent of the company's outstanding shares of stock were represented by proxies per source attendance of registered shareholders. Highlights of the meeting are: (1) The approval of the minutes of the Annual stockholder's meeting held on May 26, 2003. (2) The report of the President Mr. Lance Y. Gokongwei, was duly noted and the Financial Report covering fiscal year 2003 was duly approved. (3) The stockholders of the Corporation confirmed and ratified all the acts and resolutions of the Board of Directors and management since the last annual stockholder's meeting up to the present. (4) The stockholders of the Corporation elected the following Directors of the Corporation: - Atty. Ricardo J. Romulo- Independent Director - Mr. Gabriel C. Singson- Independent Director - Mr. John L. Gokongwei, Jr. - Mr. Johnson Robert L. Go - Mr. James L. Go - Mr. Lance Y. Gokongwei - Mr. Anders Ekman (5) The stockholders of the Corporation also approved the increase in the authorized capital stock of the corporation up to PhP25.0 billion and to delegate to the Board the authority to determine the actual amount of increase of capital stock as maybe required by the Corporation. The stockholders also approved the creation and issuance of preferred shares equivalent to US$200.0 Million and authorized the Board to determine and fix the terms and conditions for the said preferred shares. (6) The stockholders of the Corporation approved the re- appointment of Sycip, Gorres, Velayo and Co. as the external auditor of the Corporation. (7) On other matters, the Stockholders of the Corporation approved the amendment of the Amended By-Laws of the Corporation to include the required guidelines on the nomination and election of independent directors in compliance with the Securities and Exchange Commission's Memorandum Circular No. 16 Series 2002 and to delegate to the Board of Directors the Laws of the Corporation. EASYCALL COMMUNICATIONS: Submits SEC Form 20-IS ----------------------------------------------- Easycall Communications Philippines Inc. (ECP) furnished the Philippine Stock Exchange a copy of its Securities and Exchange Commission's Form 20-IS (Preliminary Information Statement) in connection with its Annual Stockholders' Meeting which will be held on July 9, 2004 at 10:00 a.m. at the Lighthouse Theatre, 25th St., corner A.C. Delgado St., Port Area, Manila. As previously announced, "the record date for the determination of stockholders entitled to notice and to vote at the meeting is May 31, 2004." A copy of Easycall's Preliminary Information Statement shall be made available for reference at the PSE Centre and PSE Plaza Libraries. MANILA ELECTRIC: ERC Downplays Apprehension ------------------------------------------- In a press release, Energy Regulatory Commission chairman Rodolfo B. Albano said, "We never gave up and we do not intend to give up our regulatory authority." The Chief Regulator was reacting to a news release in the May 30, 2004 issue of one of the major dailies wherein Manila Electric Co. (Meralco) urged ERC to latch on to its duly-mandated power to decide on cases relating to petitions or application for rate-setting. "The Commission's request was for mere assistance to validate and verify certain accounts needed to carry out its regulatory functions and not for the conduct of a rate audit," Chairman Albano pointed out. "Our internal audit group is presently short-handed to carry out some activities that need urgent action. The assistance we sought was technical in nature and do not call for COA to assume any of our regulatory mandates," he added. The Energy Regulatory Commission (ERC) is an independent and quasi-judicial regulatory body created under the Electric Power Industry Reform Act (EPIRA) to promote the competitive operations in the electricity market and to ensure consumer education and protection. "Our being an independent regulatory body does not preclude us from coordinating with other government agencies in instituting the reforms envisioned by the EPIRA. As a matter of fact, on March 11, 2004, the Commission entered into an agreement with the Philippine Export Processing Zone Authority (PEZA) to cooperate and coordinate in overseeing the operations of power generators and distribution utilities inside PEZA-registered economic zones," the ERC Chairman explained. "The Commission will remain steadfast in the pursuit of its mission to create a regulatory environment that is transparent, democratic and one that will equitably balance the interests of both consumers and the utility investors," the ERC chief reassures. PHILIPPINE LONG: Issues Clarification To News Article ----------------------------------------------------- Philippine Long Distance Telephone Co. (PLDT) submits to the Philippine Stock Exchange clarification to the news article entitled "First Pacific wants Smart to be parent firm to PLDT" published in the May 31, 2004 issue of BusinessWorld (Internet Edition). The article reported that "Hong Kong's First Pacific Co. Ltd. intends to eventually reorganize its business in the Philippines, and this involves possibly making Smart Communications, Inc. the parent company of Philippine Long Distance Telephone Co. But Manuel V. Pangilinan, managing director and chief executive officer of First Pacific, and concurrent chairman of PLDT, said such a complex role reversal for the two firms still needs further study. 'Today PLDT on top, everything else below. One scheme we are looking at [involves putting] Smart on top, since 55 percent of the revenue of PLDT comes from Smart [anyway],' Mr. Pangilinan said." PLDT in its letter dated June 1, 2004, advised the Exchange that: "the PLDT Group continues to explore the most optimum corporate structure for the Group in the future. While there are reorganization options being considered, these still require further study and evaluation. Therefore, at this point in time, it is premature to comment or make a disclosure on the matter. As stated by Mr. Pangilinan, the immediate priorities of the Group remain to be debt reduction, restoration of dividends to common shareholders by 2005 and increased operating efficiencies. We also continue to identify areas that would maximize the synergies between our fixed line and wireless businesses in order to further strengthen the PLDT Group." PHILIPPINE REALTY: Issues Clarification To News Article ------------------------------------------------------- Philippine Realty and Holdings Inc. submits to the Philippine Stock Exchange clarification to the news article entitled "Philrealty seeks court approval for its amended rehabilitation program" published in the May 31, 2004 issue of the Philippine Star (Internet Edition). The article reported that "the rehabilitation receiver for Philippine Realty and Holdings Inc. has asked the Quezon City Regional Trial Court to approve the property developer's amended recovery program, which calls for the settlement of PhP1.31 billion in secured debt through a dacion en pago (payment in kind) arrangement. The amended rehab plan also calls for the restructuring of PhP890.6 million in secured debt over a period of 10 years, and the completion of the Skyline tower of Philrealty's Andrea North Project in Quezon city estimated to cost PhP1.18 billion. The receiver expects Philrealty to raise about PhP3.89 billion in cash over a period of 15 years assuming that the company can limit total administrative expenses to a yearly increase of five percent per annum, which the increase in rental/lease income should cover. The receiver has also asked the court to be settled via dacion is PhP1.86 billion while the amount to be settled via debt restructuring is PhP720.2 million. It likewise recommended that Metrobank be given a seat in Philrealty's board of Directors to allow it to closely monitor the implementation of the rehabilitation plan. Moreover, the receiver disclosed that the Export Industry Bank and Equitable PCI Bank accepted the valuation of assets which were assigned to them via dacion en pago at 100 percent of the appraisals made by third-party appraisers." Philippine Realty and Holdings Corporation, in its letter to the Exchange dated May 31, 2004: "With reference to the news articles that appeared in the major broadsheets on Tuesday on the rehabilitation plan recommended by our company's rehabilitation receiver, Mr. Ricardo G. Ysmael, to the Quezon City Regional Trial Court, the company denies that it is the source of the information contained in the said news articles. The company confirms having received, together with our creditors, a copy of the receiver's recommendation which was submitted to the Court last April 26. The company shall advise the exchange as soon as the court issues a decision on our rehabilitation case." PILIPINO TELEPHONE: Smart Receives Offers From Creditors -------------------------------------------------------- In a press release, Smart Communications Inc. (Smart), a wholly- owned subsidiary of Philippine Long Distance Telephone Co. (PLDT) announced on Tuesday that in response to its invitations to creditors of Pilipino Telephone Corporation (Piltel) to sell their Piltel debt, Smart had received, as of the close of business on May 31st, 2004, offers from Piltel creditors representing approximately 68.4 percent in aggregate of the outstanding restructured Piltel debt. All minimum thresholds in respect of individual facilities were met, other than that set for Piltel's bonds (Conversion Notes). Given the high acceptance level from Piltel's creditors, Smart would still be able to proceed with the transaction. Smart has a period of 90 days from end of the offer period in which to determine if it will proceed with, and then close, the transaction. If Smart does elect to proceed with the debt exchange, it would hope to close the transaction by the end of July 2004. However, as the 75 percent aggregate threshold has not been met, Smart will need to review the matter with the Board of Directors of both PLDT and Smart. PLDT's next Board meeting is scheduled for June 8th 2004 and, until then, Smart is prepared to entertain any further offers for Piltel's debt on the same economic terms. About PLDT PLDT is the leading telecommunications provider in the Philippines. Through its three principal business groups- fixed line, wireless and information and communications technology- PLDT offers a wide range of telecommunications services across the Philippines' most extensive fiber optic backbone and fixed line, cellular and satellite network. PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American depositary shares are listed on the New York Stock Exchange (NYSE:PH) and the Pacific Exchange. PLDT has one of the largest market capitalizations among Philippine listed companies. ================= S I N G A P O R E ================= CREATIVE JEWELLERY: Issues Winding up Order Notice -------------------------------------------------- Creative Jewellery Pte Ltd. issued a notice of winding up order made on the 21 May 2004. Name and address of the Liquidator: The Official Receiver 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Messrs KHATTAR WONG & PARTNERS Solicitors for the Petitioners. Note: (a) All creditors of the Company should file their proof of debt with the Liquidator who will be administering all affairs of the company. (b) All debts due to the Company should be forwarded to the Liquidator. This Singapore Government Gazette announcement is dated 31 May 2004. ECON INTERNATIONAL: Returns to Profitability -------------------------------------------- Econ International Limited posted a net profit of S$5.46 million in the year ended March 31, 2004, versus a net loss of S$155.41 million in the same period a year earlier, according to Reuters. Details are as follows: 2004 2003 Operating profit/(loss) (1.78) vs (88.37) Exceptional items 5.69 vs (61.88) Pre-tax profit/(loss) 3.22 vs (155.84) Net profit/(loss) 5.46 vs (155.41) Group shr (cents) 0.98 vs (28.00) Turnover 34.63 vs 307.58 Dividend (pct) nil vs nil The exceptional items relate to profit on disposal and deconsolidation of subsidiaries and joint ventures, gain on disposal of associates, crystallization of guarantees, intangible assets written off, provision for impairment in value of associates and property, plant and equipment. Econ International Limited is engaged in civil geo-technical and foundation works and trading of building materials. GOUDIE ASSOCIATES: Creditors Meeting Set June 15 ------------------------------------------------ Notice is hereby given that a meeting of the creditors of Goudie Associates Singapore Pte Ltd will be held at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 on 15th June 2004 at 11 a.m. for the following purposes: (1) To lay before the creditors a full statement of the affairs of the Company, showing the assets and liabilities of the Company. (2) To nominate liquidators. (3) To consider the appointment of a Committee of Inspection of the creditors. MR. JOHN ANDREW GOUDIE Director. Note: 1. Proxies to be used at the meeting must be lodged with the Company at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 not later than 13 June 2004. 2. Please note that this notice is sent to you without prejudice to the Company's right to review the nature and quantum of the debt, if any, owed by the Company to you. This Singapore Government Gazette announcement is dated 28 May 2004. HUA KOK: Unit Proposes Scheme of Arrangement With Creditors ----------------------------------------------------------- The Directors of Hua Kok International Ltd announced that its subsidiary, Hua Kok Realty (Private) Limited (the Subsidiary), is proposing a Scheme of Arrangement with its unsecured creditors. The Subsidiary on 31 May 2004, filed an application (the Application) in the High Court (the Court) under Section 210 of the Companies Act, Chapter 50 of Singapore, for leave to convene a meeting of its creditors for the purposes of considering the Scheme of Arrangement. The Subsidiary is also requesting the Court grant a stay of all actions or proceedings against the Subsidiary (including execution proceedings) pursuant to Section 210(10) of the Companies Act, Chapter 50 of Singapore, save with the leave of and subject to such terms as the Court may impose. Under the terms of the Scheme of Arrangement, the Company will be issuing new shares in the capital of the Company to the creditors of the Subsidiary. Further details of the Scheme of Arrangement will be announced upon the Subsidiary obtaining an order of Court to convene a meeting of the creditors of the Subsidiary pursuant to the Application. Submitted by Paul Lin, Chief Executive Officer on 31/05/2004 to the SGX. INDO GRANITE: Releases Debt Claim Notice to Creditors ----------------------------------------------------- Notice is hereby given that the creditors of Indo Granite Corporation Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 28 June 2004 to send in their names and addresses and 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. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. NEO BAN CHUAN BOB YAP CHENG GHEE Liquidators. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. This Singapore Government Gazette announcement is dated 28 May 2004. JARDINE SHIPBROKERS: Creditors Must Submit Claims by June 28 ------------------------------------------------------------ Notice is hereby given that the creditors of Jardine Shipbrokers Pte Ltd. (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 28 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 undersigned, 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. LOKE POH KEUN Liquidator. c/o 8 Cross Street #17-00 PWC Building Singapore 048424. This Singapore Government Gazette announcement is dated 28 May 2004. SEATOWN CORPORATION: 1H04 Net Loss Narrows to S$1.36M ----------------------------------------------------- Seatown Corporation Ltd incurred a net loss of S$1.36 million in the six month ending March 31, 2004, compared to a net loss of S$2.26 million a year earlier, according to Reuters. Details are as follows: Six months to March 31, 2004 (in millions of S$ unless stated) H1 2004 H1 2003 Operating profit/(loss) (0.97) vs (1.42) Pre-tax profit/(loss) (1.35) vs (2.27) Net profit/(loss) (1.36) vs (2.26) Group shr (cents) (0.12) vs (0.20) Turnover 3.14 vs 15.68 Dividend (pct) nil vs nil Seatown Corporation Ltd is engaged in infrastructure development activities, building construction activities, civil engineering and the manufacture of pre-cast architectural components and ready mixed concrete. YEE NEE: Issues Dividend Notice ------------------------------- Yee Nee Seck Pte Ltd. issued a notice of intended preferential dividend as follows: Address of Registered Office: Formerly of 11 Kim Chuan Terrace Singapore 537034. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 267 of 2000. Last Day for Receiving Proofs: 11 June 2004. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. CHAN WANG HO Assistant Official Receiver. This Singapore Government Gazette announcement is dated 28 May 2004. =============== T H A I L A N D =============== THAI PETROCHEMICAL: Founder Sues Creditors' Committee ----------------------------------------------------- The founder and former chief executive of Thai Petrochemical Industry Plc (TPI) has filed a civil case against the company's creditors' committee for damages the company allegedly sustained while under the administration of Effective Planners, Business Day reports. This development comes as Thai finance minister Somkid Jatusripitak announced Monday that the company's revised business rehabilitation plan has already met the approval "in principle" of the majority of the creditors' committee members. TPI founder and ex-CEO Prachai Leophairatana said the case is now pending with the Civil Court of Southern Bangkok, which he claimed has already begun conducting hearings. The lawsuit, however, isn't expected to have any effect on the restructuring, as the current administrator has been appointed by the bankruptcy court after nomination by the Ministry of Finance to replace Effective Planners last year. Effective Planners, which was previously appointed to run TPI upon creditor nomination, failed to meet several goals in the debt plan. According to Mr. Somkid, the company's administrators will meet with foreign creditors to discuss details of the plan. He also said that Mr. Prachai may also be invited to state his views. The former CEO said he hasn't met the finance minister yet, but he says he is prepared to talk with him. TPI is now under a scheme to restructure its US$2.6 billion debt and the finance ministry has set up a five-member plan administrators' committee to revise the company's business rehabilitation plan. Mr. Somkid said that after discussing the plan with Mr. Prachai, he intends to put it forward for review with the creditors' committee and then submit it to the central bankruptcy court for final approval. ********* 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. 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