/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040614.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, June 14, 2004, Vol. 7, No. 116 Headlines A U S T R A L I A HIH INSURANCE: Taxpayers Face $812M Bill to Fund HIH Rescue NOVUS PETROLEUM: Sunov Withdraws Offer QANTAS AIRWAYS: Scraps Sydney Terminal Sale VILLAGE ROADSHOW: Sees FY04 Net Profit To Hit A$52M C H I N A & H O N G K O N G CHARTER HONOUR: Schedules Winding Up Hearing on July 7 CHUN HO: Annual Meetings of Members and Creditors Set June 18 FAIRLADY FASHION: Winding Up Hearing Scheduled June 23 KAI MEN: Court Hearing for Appointment of Liquidators Set KELISTON MARINE: Winding Up Hearing Slated for June 23 NGAI CHUN: Creditors to Meet June 23 TCM DEVELOPMENT: Court Issues Winding Up Petition for June 30 VICTY LIMITED: Winding Up Hearing Set on July 7 I N D O N E S I A KIANI KERTAS: Names Preferred Bidders for Stake Sale UNITED TRACTORS: To Sell Scania Trucks, Buses J A P A N ALL NIPPON: Seeks To Raise International Fares By 5% ASHIKAGA BANK: To Cut Workforce by 15% Over 3 Years ASHIKAGA BANK: Negative Net Worth Snowballs to JPY680B MITSUBISHI FUSO: Issues Statement on Arrests MITSUBISHI FUSO: LTSA Orders Safety Inspection of Vehicles MITSUBISHI MOTORS: To Relocate Head Office NISSHO IWAI: Comments on S&P's Rating Action on Subsidiary NISSHO IWAI: Clarifies Nikkei Newspaper Report RESONA HOLDINGS: Issues Transaction Suspension Notice K O R E A ASIANA AIRLINES: Begins Code Share Deal With Air New Zealand HYUNDAI MERCHANT: Hutchison Whampoa Acquires 12% Stake M A L A Y S I A CHASE PERDANA: Unveils Annual General Meeting Results FAR EAST: Issues Corporate Proposals KUALA LUMPUR: Details Resolutions Passed During AGM LONG HUAT: Issues 1Q Unaudited Financial Report Changes MALAYSIA MINING: Changes Name To MMC Corporation Berhad OSK HOLDINGS: Issues Notice On Shares Buy Back PAN MALAYSIA: Issues Update On Proposed Disposal SALCON BERHAD: Enters Water Project Agreement SUNWAY HOLDINGS: Issues 90,000 New Ordinary Shares TAP RESOURCES: Issues Update On ICULS UNITED CHEMICAL: Provides Update On Default In Payment P H I L I P P I N E S ABS-CBN BROADCASTING: Signs Underwriting Agreement For US$120M BAYAN TELECOMMUNICATIONS: Parent Clarifies News Article MANILA ELECTRIC: Issues Statement On ERC's PhP13Bln Refund Order NATIONAL POWER: ERC Approves New Generation Charge NEGROS NAVIGATION: To Pay PhP424M In Back Taxes Before Year Ends PHILIPPINE AIRLINES: 2007 E-Ticketing Deadline Not Doable PHILIPPINE BANK: 9,900 Common Shares To Be Listed On June 14 S I N G A P O R E ACHIEVA LIMITED: Appoints New Company Secretary CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest GOODWOOD PARK: Cancels 4.47% of Issued and Paid-up Capital HAW PAR: Issues Notice of Director's Interest SINGAPORE PRESS: Announces Share Sub-division, Capital Reduction MANY STARS: Issues Debt Claim Notice to Creditors WFI PRIVATE: Creditors Must Submit Claims on July 9 T H A I L A N D CAPETRONIC INTERNATIONAL: Unveils Resolution Of Meeting CAPETRONIC INTERNATIONAL: Details Appointment Of Audit Committee NATIONAL FERTILIZER: Court Grants Increase In Paid Up Capital - - - - - - - - ================= A U S T R A L I A ================= HIH INSURANCE: Taxpayers Face $812M Bill to Fund HIH Rescue ----------------------------------------------------------- A review of a taxpayer-funded scheme to help victims of the HIH collapse has estimated the cost of paying claims to rise to $812 million within 20 years, the Herald Sun reveals, citing a report from the Australian National Audit Office. The Australian National Audit Office report also stressed that the $640 million fund, set aside by the federal Government three years ago, would be exhausted by 2007. The fund, which stopped taking new claims in February, has paid out $340 million to 15,000 former HIH customers - mostly individuals or small firms - for income protection, car and home insurance and loss of salary. It was originally budgeted to cost $640 million over five years, to 2005-06. BACKGROUND (1) The HIH group of companies (HIH), one of Australia's biggest providers of insurance services, was placed into provisional liquidation on 15 March 2001. Joint liquidators were appointed on 27 August 2001. (2) On 14 May 2001, the Government decided to implement a scheme to provide assistance to policyholders experiencing financial hardship as a result of the HIH collapse-the HIH Claims Support Scheme. The Scheme formally commenced operations on 7 July 2001. (3) Following the November 2001 general election, responsibility for the Scheme was transferred to the Minister for Revenue and Assistant Treasurer, Senator Helen Coonan. Treasury is the Commonwealth department responsible for administering the Scheme. A copy of the "HIH Claims Support Scheme" is located at the Australian National Audit Web site at http://www.anao.gov.au. NOVUS PETROLEUM: Sunov Withdraws Offer -------------------------------------- In its sixth supplementary bidder's statement, Sunov Petroleum Pty Ltd. said it intended to apply to the Australian Securities & Investment Commission (ASIC) for ASIC's consent to the withdrawal of its takeover bid for all the ordinary shares of Novus Petroleum Limited. The ASIC has given that consent, subject to conditions, which have been fulfilled. Accordingly, Sunov advises that from 9 June 2004: i. The Offer is withdrawn: ii. All contracts arising from acceptance of the Offer are void; and iii. Novus shareholders who accepted Sunov's Offer are free to deal with their Novus shares as they see fit (including accepting the Medco Offer). For a copy of the press release, go to http://bankrupt.com/misc/tcrap_novus0611.pdf QANTAS AIRWAYS: Scraps Sydney Terminal Sale ------------------------------------------- Qantas Airways Limited said Friday that it won't be scaling back its fleet upgrade program even though it has abandoned plans to sell its Sydney domestic terminal, according to Dow Jones. The fleet upgrade "won't be impacted," a spokeswoman said, confirming that the airline has withdrawn the terminal from sale. The Australian Financial Review on Friday quoted Qantas Chief Financial Officer Peter Gregg as saying the airline had considered all options for the terminal, but as none of them achieved the airline's goals, the asset had been withdrawn from sale. VILLAGE ROADSHOW: Sees FY04 Net Profit To Hit A$52M --------------------------------------------------- Village Roadshow Limited forecasted a net profit of A$52 million for the year ending June 30, 2004, according to Dow Jones. The film and entertainment company, which reported a net loss of A$26 million last year, added that it won't review its dividend policy until the full audited accounts are considered, likely in late August. The Company announced in May 2003 the suspension of dividends, citing the fiscal 2003 loss and its cash flow requirements. ============================== C H I N A & H O N G K O N G ============================== CHARTER HONOUR: Schedules Winding Up Hearing on July 7 ------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Charter Honour International Limited by the High Court of Hong Kong was on May 19, 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 10:00 a.m. on July 7, 2004 and 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. KAO, LEE & YIP Solicitors for the Petitioner, 17th Floor, Gloucester Tower The Landmark, 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 to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 6th day of July 2004. CHUN HO: Annual Meetings of Members and Creditors Set June 18 ------------------------------------------------------------- Notice is hereby given that pursuant to Section 247 of the Companies Ordinance (Chapter 32), annual meetings of the Members and Creditors of Chun Ho Decoration & Design Engineering Company will be held at 2/F, Wing Yee Commercial Building, 5 Wing Kut Street, Central, Hong Kong on June 18, 2004 at the times listed below for the purpose of laying before the meeting by the Liquidator an account of his acts and dealings and of the conduct of the winding-up during the preceding year. Time of Meeting of Members, 2:30 p.m. Time of Meeting of Creditors, 3:30 p.m. This announcement is dated June 11, 2004. FAIRLADY FASHION: Winding Up Hearing Scheduled June 23 ------------------------------------------------------ Notice is hereby given that a Petition for the Winding up of Fairlady Fashion Limited by the High Court of Hong Kong was on April 26, 2004 resented to the said Court by The World Realty Limited, Yau Fook Hong Company Limited, Sublime Finance and Investments Limited, Macfarlane Estates Limited and Fung Cheung Realty Limited whose registered offices are all situated at Top Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, hong Kong. The said Petition is directed to be heard before the Court at 10:00 a.m. on June 23, 2004 and 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. P.C. WOO & CO. Solicitors for the Petitioner, Room 1225, Prince's Building 10 Chater Road Central, 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 to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 22nd day of June 2004. KAI MEN: Court Hearing for Appointment of Liquidators Set --------------------------------------------------------- Pursuant to a direction given by Master S. Kwang of the High Court, a hearing has been fixed on July 1, 2004 at 9:30 a.m. at the High Court located at High Court Building, 38 Queensway, Hong Kong. This is for the High Court's consideration of the application made by the Provisional Liquidators pursuant to Section 194 of the Companies Ordinance for the appointment of Nicholas Timothy Comforth Hill and Cosimo Borrelli as Joint and Several Liquidators of the Company. Copies of the Provisional Liquidator's reports of the First Meetings of Creditors and Contributories can be obtained from the Provisional Liquidators at the address below. Nicholas Timothy Comforth Hill Cosimo Borreli Joint and Several Liquidators Kai Men Tai International Limited RSM Nelson Wheelor Corporate Advisory Services Limited 7/F Allied Kajima Building 138 Gloucester Road Wanchai Hong Kong Tel. (852) 2598 5123 Fax: (852) 2598 0060 This announcement is dated June 11, 2004. KELISTON MARINE: Winding Up Hearing Slated for June 23 ------------------------------------------------------ Notice is hereby given that a Petition for the Winding up of Keliston Marine (Far East) Limited by the High Court of Hong Kong was on April 21, 2004 resented to the said Court by Win Realisations Limited (in Liquidation) care of Steven Law of Ensors Chartered Accountants, Cardinal House, 46 St. Nicholas Street, Ipswich, Suffolk, IP1 1TT,United Kingdom. The said Petition is directed to be heard before the Court at 9:30 a.m. on June 23, 2004 and 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. MINTER ELLISON Solicitors for the Petitioner, 911-918 Hutchison House 10 Harcourt Road 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 to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 22nd day of June 2004. NGAI CHUN: Creditors to Meet June 23 ------------------------------------ The creditors of Ngai Chun Off-Set Printing Limited will hold a meeting at Room 1101, 11/F Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on June 23, 2004 at 2:30 p.m. for the purposes mentioned in Sections 241, 242, 243, 244 and 255A of the Companies Ordinance. Creditors may vote either in person or by proxy. Forms of proxy to be used at the meeting must be lodged at the above address not later than 4:00 p.m. on the day before the meeting or adjourned meeting at which they are to be used. By Order of the Board NGAI CHUN OFF-SET PRINTING LIMITED LAI CHI MAN Director TCM DEVELOPMENT: Court Issues Winding Up Petition for June 30 ------------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of TCM Development Co. Limited by the High Court of Hong Kong was on April 29, 2004 resented to the said Court by The World Realty Limited, Yau Fook Hong Company Limited, Sublime Finance and Investments Limited, Macfarlane Estates Limited and Fung Cheung Realty Limited whose registered offices are all situated at Top Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on June 30, 2004 and 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 & CO. Solicitors for the Petitioner, Rooms 1202-1206, 12th Floor Wheelock House 20 Padder 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 to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 29th day of June 2004. VICTY LIMITED: Winding Up Hearing Set on July 7 ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of Victy Limited by the High Court of Hong Kong was on May 12, 2004 presented to the said Court by Nanyang Commercial Bank Limited whose registered office is situated at 151 Des Voeux Road Central, Hong Kong. The said Petition is directed to be heard before the Court at 10:00 a.m. on July 7, 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. DEACONS Solicitors for the Petitioner, 5th Floor, Alexandra House 16-20 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 6th day of July 2004. ================= I N D O N E S I A ================= KIANI KERTAS: Names Preferred Bidders for Stake Sale ---------------------------------------------------- Australia's Ashmor and United State's Amrook have been named preferred bidders for a stake in pulp and paper maker PT Kiani Kertas, according to Asia Pulse. The sale is expected to help state-owned Bank Mandiri recover a large non-performing loan. The company accounts for IDR1.7 trillion (US$190 million) of the bank's total non-performing loans. UNITED TRACTORS: To Sell Scania Trucks, Buses --------------------------------------------- With hopes of increasing its sales, Indonesian heavy equipment company PT United Tractors has forged a deal with Swedish firm Scania to sell its trucks and buses in the country, says Dow Jones. Scania makes 24-ton trucks, which are suitable for use on and off-road, and even in mining and forestry industries. Automotive concern PT Astra International has a 49% stake in United Tractors. ========= J A P A N ========= ALL NIPPON: Seeks To Raise International Fares By 5% --------------------------------------------------- All Nippon Airways Co., Ltd. last week filed an application with the Japanese government to raise International Air Transport Association (IATA) international fares to and from Japan, in line with a decision made at the IATA Special Tariff Coordinating Conference on May 28. In a company press release, an increase of 5 percent for normal and special fares on all classes, on all international routes has been proposed, with some exceptions. Comparison of fares before and after the rise Business Class normal return fare (yen) Route New fare Old fare Tokyo to Los Angeles 501,700 (Weekday)*1 477,800 (Weekday)*1 541,700 (Weekend)*2 517,800 (Weekend)*2 Tokyo to London 875,600 (Weekday)*1 833,900 (Weekday)*1 915,600 (Weekend)*2 873,900 (Weekend)*2 Tokyo to Singapore 363,100 (Weekday)*3 345,800 (Weekday)*3 383,100 (Weekend)*4 365,800 (Weekend)*4 *1 Weekday: departing Japan Tue-Sat, departing Europe/ USA Sun - Thu *2 Weekend: departing Japan Sun, Mon, departing Europe/ USA Fri, Sat *3 Weekday: departing Japan Tue-Fri, departing Singapore Mon - Thu *4 Weekend: departing Japan Sat-Mon, departing Singapore Fri, Sun For further information Contact: Rob Henderson, ANA Public Relation: r.henderson@ana.co.jp ASHIKAGA BANK: To Cut Workforce by 15% Over 3 Years --------------------------------------------------- As part of its restructuring plan, Ashikaga Bank plans to cut 400 jobs, or 15 percent of its total workforce, by March 31, 2007, Kyodo News reported on Friday. The move will slash the size of the workforce to 2,200 at the troubled bank, which was nationalized December 1 last year through the government's seizure of all outstanding shares for zero yen. ASHIKAGA BANK: Negative Net Worth Snowballs to JPY680B ------------------------------------------------------ Ashikaga Bank is expected to post a net loss of some 780 billion yen for fiscal 2003, the Asahi Shimbun reports. The bank, under temporary state control since declaring bankruptcy in November, had a negative net worth of 680 billion yen as of March this year. Two months before succumbing to bankruptcy, the bank had a negative net worth of 100 billion yen. The Financial Services Agency has asked the bank to speed up its rehabilitation by taking advantage of the Industrial Revitalization Corporation, the state-backed corporate rehabilitation agency. MITSUBISHI FUSO: Issues Statement on Arrests -------------------------------------------- Mitsubishi Fuso Truck and Bus Corporation (MFTBC) takes Thursday's arrest of its former Chairman Takashi Usami, as well as five former Mitsubishi Motors Corporation (MMC) executives, very seriously, a company press release said. The press release stated: The Company would like to express its sincerest apologies to its customers and all related persons for the disturbances and worries caused by this matter. Mitsubishi Fuso is highly interested in the final resolve of these matters of the past. The Company is continuing to fully cooperate with all respective authorities. The Company will continue to implement further quality improvement measures as well as improve its corporate culture in order to regain the trust of the public and its customers. As announced earlier this week, it will hold a press conference on 15 June 2004. Communication Team Mitsubishi Fuso Truck and Bus Corporation MITSUBISHI FUSO: LTSA Orders Safety Inspection of Vehicles ---------------------------------------------------------- The Land Transport Safety Authority (LTSA), in a press release, orders urgent safety inspection of 843 used imported Mitsubishi Fuso trucks and buses. The action follows a recall in Japan relating to a design flaw in the wheel hubs of vehicles manufactured by Mitsubishi Fuso Truck and Bus Corporation. The flaw may cause hubs and wheels to detach from vehicles. The fault is known to have led to an accident in Japan in 2002 resulting in one fatality and two injuries. Despite originally treating the incidents as the result of poor servicing, Mitsubishi Fuso Truck and Bus Corporation has now concluded that the hub's design was at fault and earlier this year issued a formal recall on more than 110,000 vehicles with the affected hubs in Japan. Director of Land Transport Safety David Wright said that in the LTSA's view, this was a serious public safety issue. "The fact that these defective hubs are on more than 800 registered heavy vehicles in New Zealand, including 70 school buses, makes us extremely concerned. "As such, we are advising owners not to operate these vehicles until they have had them inspected by an independent heavy motor vehicle service provider," Mr. Wright said. FUSO RECALL TWO OF THREE Mitsubishi Fuso Truck and Bus Corporation have provided a safety bulletin outlining the procedure required for the inspection. Any vehicles which fail the inspection will have their Certificate of Fitness (CoF) revoked and cannot be driven until the faulty hubs have been replaced. The issue affects used Mitsubishi Fuso trucks and buses imported into New Zealand independently (i.e. not by Mitsubishi Motors New Zealand) between 1983-1998. Most can be identified through a chassis number containing any of the following combinations: Trucks: FN4, FP4, FR4, FS4, FT4, FW4, FU4, and K3, or KS3 (Fuso Kato mobile cranes). Buses: MM1, MM5, MP2, MP5, MP6, or MU5. OWNERS OF THESE VEHICLES SHOULD: Cease operating the vehicle immediately Take it to an independent workshop (a workshop not associated with the vehicle owner) to be inspected according to the procedure supplied by Mitsubishi Fuso Truck and Bus Corporation (a copy of this will be sent out with notification but can be viewed at www.ltsa.govt.nz/vehicle-safety/alerts). If the vehicle is within the wear limits established by Mitsubishi the vehicles is safe to drive subject to the inspection procedure being repeated every six months until the new hubs become available. The person who is in control of the workshop undertaking the inspection and returned by the owner to the LTSA by 2 July 2004 must sign a `record of vehicle inspection' form. If the vehicle is found to be unsafe, the workshop is being asked to notify the LTSA immediately. Any vehicles which have not been inspected and confirmation sent to LTSA by 2 July 2004 will have their Certificate of Fitness revoked and will not legally be allowed to be driven on road. MITSUBISHI MOTORS: To Relocate Head Office ------------------------------------------ Mitsubishi Motors Corporation (MMC) is planning to relocate its head office from Tokyo to Kyoto, Kyodo News reported on Friday. MMC President Yoichi Okazaki made the request at meetings with Kyoto Mayor Yorikane Masumoto and Kyoto Gov Keiji Yamada. Mr. Masumoto said that if MMC builds a head-office building and plant in the city, the city government will study specific measures to assist the carmaker, such as effective exemption of fixed-assets and other taxes for five years. NISSHO IWAI: Comments on S&P's Rating Action on Subsidiary ---------------------------------------------------------- On June 8, 2004, Standard and Poor's Ratings Services (S&P) lowered its long-term corporate credit rating on Sojitz Corporation to `B-'` from `B', and its rating on the company's senior unsecured debt to `B+' from `BB-`. Sojitz Corporation is a consolidated subsidiary of Nissho Iwai - Nichimen Holdings Corporation (NNH). At the same time, S&P placed all its ratings on Sojitz Corporation on CreditWatch with negative implications. According to S&P, the downgrade and CreditWatch listing reflects the possibility that the Business Plan (S&P refers to it as a restructuring plan) for the Sojitz Group may be reviewed. S&P stated "a thorough corporate restructuring of Sojitz could involve some form of debt forgiveness by the company's creditors, heightening concerns over timely payment of all debt obligations." At this time, however, neither NNH nor Sojitz has been contacted regarding a review of its Business Plan, and continues to conduct regular transactions as before with its primary financial institutions including UFJ Bank. For this reason, we believe that conditions have not changed to warrant heightened concerns over debt obligations as pointed out by S&P. Nissho Iwai - Nichimen Holdings Corporation regret that its repeated explanations of this matter were not fully understood by S&P. The NNH Group remains in position to make steady progress on its Business Plan with the cooperation of its customers, shareholders and financial institutions. For a copy of the press release, go to http://bankrupt.com/misc/tcrap_sojitz0611.pdf NISSHO IWAI: Clarifies Nikkei Newspaper Report ---------------------------------------------- On June 5, 2004, the evening edition of the Nihon Keizai Shimbun (Nikkei Newspaper) carried an article about Nissho Iwai - Nichimen Holdings Corporation (NNH). After confirming with UFJ Bank, NNH reiterates that it has not corresponded with UFJ Bank regarding the use of revitalization measures or a review of the Company's Business Plan. In a press release, NNH remains committed to its policy of continuing autonomous management efforts with the cooperation of its customers, shareholders and financial institutions. Inquiries: Takeshi Yoshimura, General Manager Public Relations Department TEL: +81-3- 5446-1061 RESONA HOLDINGS: Issues Transaction Suspension Notice ----------------------------------------------------- Resona Holdings, Inc. (Resona HD) hereby gives notice that Meisei Kensetsu Co., Ltd., which is a customer of its banking subsidiaries, Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura) and The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank, President: Hiroyuki Mizuta), was issued a suspension of transactions by a bill clearinghouse. As a result of this development, there arose a concern that the claims to the Company may become irrecoverable or their collection may be delayed. Details were announced as follows: 1. Outline of the Company (1) Corporate name Meisei Kensetsu Co., Ltd. (2) Address 4-6, Sumauradori 4-chome, Suma-ku, Kobe-shi, Hyogo- ken (3) Representative Katsuhiko Hara (4) Amount of capital 99 million yen (5) Line of business Dredging works 2. Fact Arisen to the Company and Its Date Suspension of transactions declared by a clearinghouse on June 10, 2004. 3. Amount of Claims to the Companies Exposure of Resona Bank Exposure of Kinki Osaka Bank Loans: 1.9 billion yen Loans: 0.1 billion yen Other banking subsidiaries of Resona HD, Saitama Resona Bank and Nara Bank have no claims to the Company. 4. Impact of This Development on the Forecasted Earnings The anticipated losses arising from this development are covered by collateral and loan loss reserves. Therefore, the previous earnings forecasts of Resona HD for the fiscal year ending March 31, 2005, which were announced on May 24, 2004, remain the same. ========= K O R E A ========= ASIANA AIRLINES: Begins Code Share Deal With Air New Zealand ------------------------------------------------------------ Air New Zealand will start a code share arrangement with Asiana Airlines Inc. this week on flights between the two nations, the Associated Press reports. Air New Zealand has not flown to the South Korean capital, Seoul, since abandoning the route in December 1997. Air New Zealand will place its code on Asiana's four-times- weekly services between Seoul and Auckland. Asiana will code share on selected trans-Tasman and New Zealand domestic services operated by Air New Zealand from Auckland to Sydney, Wellington and Christchurch. Both airlines are members of the International Star Alliance of Airlines. Code sharing is a commercial agreement between two airlines that allows an airline to put its two-letter identification code on the flights of another airline as they appear in computerized reservations systems and in the Official Airline Guide. HYUNDAI MERCHANT: Hutchison Whampoa Acquires 12% Stake ------------------------------------------------------ Hutchison Whampoa Limited, in a press release, announced that the Group has signed an agreement with Hyundai Merchant Marine Co Ltd. (HMM) to purchase 12 percent of the shares of HMM at a consideration of approximately HK$ 606 million. Commenting on the purchase, HWL Group Managing Director Mr. Canning Fok said Hutchison Whampoa is pleased to become a strategic investor in HMM, with which it has enjoyed a business relationship dating back to 1993. Mr. Fok said, "We believe this strategic investment will further build on the synergies and links between two companies that have worked closely together for more than a decade." HMM President and Chief Executive Officer Mr. Jeong-ik Noh said HWL's investment would strengthen HMM's competitiveness. "With the deepening of our alliance with a leading international ports and logistics operator, HMM will be able to position itself as a world-class shipping company. This new strategic partnership with HWL will drive an even closer and more co- operative relationship between the two companies and will bring about opportunities for further development for both," added Mr Noh. HWL's business relationship with HMM began in 1993 when the shipping company first called at the Group's port terminals. In 2001, HWL acquired from HMM the Jaseongdae terminal in Busan and led a consortium with HMM and Hanjin Shipping to operate a terminal in Kwangyang. HWL is currently running the Busan and Kwangyang ports through its port division, Hutchison Port Holdings. About Hutchison Whampoa Limited Hutchison Whampoa Limited (HWL), one of the largest companies listed on the main board of the Hong Kong Stock Exchange, is the holding company of the Hutchison Whampoa Group of companies. As one of the earliest big "hongs", or trading companies, in Hong Kong, Hutchison's history dates back to the 1800s. Today, HWL is a multi-national conglomerate with businesses spanning 42 countries. With over 170,000 employees worldwide, Hutchison operates and invests in five core businesses: ports and related services; telecommunications; property and hotels; retail and manufacturing; and energy and infrastructure. Its flagship companies include Hutchison Port Holdings, Hutchison Telecom, Hutchison Whampoa Properties, A.S. Watson, and Cheung Kong Infrastructure. In 2003, HWL's consolidated revenue was HK$145,609 million (US$18,668 million). Hyundai Merchant Marine Co. suffered a net loss of 21.1 billion won (US$18 million) in 2003 as foreign exchange- related losses and interest payments increased, TCR-AP Vol. 7 No. 48 reports. It reported a net profit of 12.9 billion won (US$10.9 million) in the first three quarters of 2003, up from a deficit of 441 billion won in 2002 due to successful restructuring efforts. For media enquiries, please contact: Hutchison Whampoa Limited Laura Cheung Tel: (852) 2128 1289 Fax: (852) 2128 1766 Email: laurac@hwl.com.hk Jeremy Lau Tel: (852) 2128 1207 Fax: (852) 2128 1766 Email: jeremyl@hwl.com.hk Hyundai Merchant Marine Co Ltd Dong-Soo Oh Vice President Tel: (82) 2-3706-600 =============== M A L A Y S I A =============== CHASE PERDANA: Unveils Annual General Meeting Results ----------------------------------------------------- Chase Perdana Berhad (CPB) disclosed to Bursa Malaysia Securities Berhad that at the 28th Annual General Meeting (AGM) of CPB held on Thursday, all resolutions tabled were approved, including the: (a) Re-election of Directors who retire pursuant to Article 102(1) of the Company's Articles of Association (i) Datuk Dr. Baharun Azhar Bin Raffiai (ii) Tuan Haji Ahmad Kamal Bin Abdullah Al-Yafii The present Board of CPB comprises the following Directors: (i) Tan Sri Datuk Dr. Mohan Swami, J.P. (Executive Chairman) (ii) Encik Tajuddin Bin Atan (Managing Director) (iii) Datuk Dr. Baharun Azhar Bin Raffiai (Independent Non- Executive Director) (iv) Tuan Haji Ahmad Kamal Bin Abdullah Al-Yafii (Independent Non-Executive Director) (v) Ms. Gomathi @ Usha Nathan A. Vaidyanathan ( Non-Executive Director) (b) Appointment of Messrs BDO Binder as Auditors of the Company Notice of Nomination pursuant to Section 172(11) of the Companies Act, 1965, a copy of which has been received by the Company for the nomination of Messrs BDO Binder who have given their consent to act, for appointment as Auditors and of the intention to propose the following Ordinary Resolution: "That Messrs BDO Binder be and are hereby appointed as Auditors of the Company in place of the retiring Auditors, Messrs Shamsir Jasani Grant Thornton and to hold office until the conclusion of the next Annual General Meeting at a remuneration to be determined by the Directors." Also approved at the AGM, were the following resolutions under Special Business: ORDINARY RESOLUTION NO. 1 - 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 Articles of Association of the Company and the approvals of the relevant government/ regulatory authorities, the Directors be and are hereby empowered to issue the shares in the Company from time to time and upon such terms and conditions and for such purposes as the Directors may deem fit provided that the aggregate number of shares issued pursuant to this resolution does not exceed 10 percent of the issued capital of the Company for the time being and that such authority shall continue to be in force until the conclusion of the next Annual General Meeting of the Company." ORDINARY RESOLUTION NO. 2 - Authority to allot shares pursuant to the Employees' Share Option Scheme "That subject always to the approval of the relevant authorities, authority be and is hereby given to the Directors to issue shares in the capital of the Company at any time upon such terms and conditions and for such purposes as the Directors, may, in their discretion, deem fit including but not limited to such shares as may be issued pursuant to the exercise of the options under the Employees' Share Option Scheme as approved by an ordinary resolution passed at the Extraordinary General Meeting of the Company held on 28 December 2002 provided that the aggregate number of shares to be issued pursuant to this resolution does not exceed 10 percent of the issued share capital of the Company at any one time." FAR EAST: Issues Corporate Proposals ------------------------------------ Far East Holdings Berhad (FEHB) disclosed to Bursa Malaysia Securities Berhad its: - Proposed Amendments to the Articles of Association of Far East Holdings Berhad (Proposed Articles Amendments) - Proposed Amendments to the By-Laws of Far East Holdings Berhad Employees' Share Option Scheme (Proposed By-Laws Amendments) (hereinafter to be referred to as the Proposed Amendments) Contents: (1) Introduction Aseambankers on behalf of the Board of Directors of FEHB (the Board), announced that it wishes to undertake the following corporate proposals: (i) Amendments of the Articles of Association of the Company; and (ii) Amendments of the By-Laws for FEHB's existing Employees' Share Option Scheme. (2) Details of the Proposed Amendments FEHB proposes to amend the existing Articles of Association of the Company (Articles) and existing By-Laws of its Employee Share Option Scheme (ESOS) to align the existing Articles and By-Laws with recent amendments to the Listing Requirements of Bursa Malaysia Securities Berhad with regards to employee share option scheme and Schedule 1 of the Securities Commission Act, 1993 whereby public companies undertaking employee share option scheme no longer require the approval of the Securities Commission (SC). Both of the amendments are effective from 10 February 2004. The proposed amendments to the existing By-Laws are, among others, extending participation to Non-Executive Directors of FEHB in the existing ESOS of the Company. (3) Rationale for the Proposed Amendments The Proposed Articles Amendments and the Proposed By-Laws Amendments is to align the existing By-Laws and Articles with the recent amendment to the Listing Requirements with regards to employee share option and the amendments to Schedule 1 of the Securities Commission Act, 1993 whereby public companies undertaking employee share option scheme no longer require the approval of the SC. In addition, the Proposed Amendments, which, inter-alia, extend participation in the ESOS to Non-Executive Directors of FEHB, is to provide FEHB with the flexibility to include the granting of options to Non-Executive Directors to subscribe for Ordinary Shares (Shares) as recognition of their contribution to the success of FEHB Group. The holding of options to subscribe for Shares by Non-Executive Directors will allow them to participate in the future growth progress of the FEHB Group to which they have contributed. (4) Conditions to the Proposed Amendments The Proposed Amendments are conditional upon approvals being obtained from shareholders of the Company at an Extraordinary General Meeting to be convened. (5) Directors' Interests All of the Directors of FEHB are deemed interested in the Proposed Amendments. The Directors of FEHB are: - YH Dato' Kamaruddin bin Mohammed (Chairman, Non-Independent Non-Executive Director) - YH Dato' Haji Lias bin Mohd Noor (Non-Independent Non- Executive Director) - Mr. Tee Kim Tee @ Tee Ching Tee (Non-Independent Non-Executive Director) - Mr. Tee Cheng Hua (Non-Independent Executive Director) - En Nowawi bin Abdul Rahman (Non-Independent Executive Director) - Tuan Dr. Haji Amad @ Ahmad bin Aman (Independent Non-Executive Director) - Puan Sharina Bahrin (Independent Non-Executive Director) - Mr. Ng Say Pin (Independent Non-Executive Director) (6) Circular to Shareholders A circular to shareholders detailing the Proposed Amendments will be dispatched to shareholders in due course. KUALA LUMPUR: Details Resolutions Passed During AGM --------------------------------------------------- The Board of Directors of Kuala Lumpur City Corporation Berhad is disclosed to Bursa Malaysia Securities Berhad that all the Ordinary Resolutions tabled at the Seventh Annual General Meeting held on 10 June 2004 have been duly passed by the shareholders. The Ordinary Resolution passed as Special Business is as follows: Ordinary Resolution 5: Authority to Issue Shares Pursuant to Section 132D of the Companies Act, 1965 Resolved that pursuant to Section 132D of the Companies Act, 1965 and subject to the approvals of the relevant governmental and/or regulatory authorities, the Directors be and are hereby empowered to issue and allot shares of the Company from time to time and upon such terms and conditions and for such purposes as the Directors may deem fit. Provided that the aggregate number of shares issued pursuant to this resolution shall not exceed ten per centum (10 percent) of the total issued capital of the Company and that such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company. LONG HUAT: Issues 1Q Unaudited Financial Report Changes ------------------------------------------------------- Long Huat Group Berhad submitted to Bursa Malaysia Securities Berhad changes in its First Quarter Unaudited Financial Statement. Remark: (1) Previous report did not show the statement of changes in equity for the preceeding year 2003. (2) Earnings per share in the previous report was stated in RM, instead of in Sen. SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2004 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 0 0 0 0 (2) Profit/(loss) before tax -1,266 -1,547 -1,266 -1,547 (3) Profit/(loss) after tax and minority interest -1,266 -1,547 -1,266 -1,547 (4) Net profit/(loss) for the period -1,266 -1,547 -1,266 -1,547 (5) Basic earnings/(loss) per shares (sen) -3.39 -4.14 -3.39 -4.14 (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) -2.1100 -2.0700 For more information click http://bankrupt.com/misc/LONGHUAT061104.doc MALAYSIA MINING: Changes Name To MMC Corporation Berhad ------------------------------------------------------- In a notice submitted to Bursa Malayasia Securities Berhad, Malaysia Mining Corporation Berhad announced that it has changed its name to MMC Corporation Berhad. As such, the Company's ordinary shares will be traded and quoted under the new name with effect from 9.00 a.m., Tuesday, 15 June 2004. However, the Stock Number and Stock Short Name remain unchanged. OSK HOLDINGS: Issues Notice On Shares Buy Back ---------------------------------------------- OSK Holdings Berhad disclosed to Bursa Malaysia Securities Berhad its shares buy back on June 10, 2004. Description of shares purchased: Ordinary Shares of RM1.00 each Total number of shares purchased (units): 99,100 Minimum price paid for each share purchased (RM): 1.590 Maximum price paid for each share purchased (RM): 1.640 Total consideration paid (RM): 159,466.92 Number of shares purchased retained in treasury (units): 99,100 Number of shares purchased which are proposed to be cancelled (units): - Cumulative net outstanding treasury shares as at to-date (units): 30,258,500 Adjusted issued capital after cancellation (no. of shares) (units): - PAN MALAYSIA: Issues Update On Proposed Disposal --------------------------------------------------- With reference to Pan Malaysia Holdings Berhad's previous announcement to Bursa Malaysia Securities Berhad dated 7 May 2004 in respect of the captioned subject. The company disclosed that the Securities Commission (SC), via its letter dated 9 June 2004, has approved PMH's application for a waiver from the requirement to seek the approval of the SC in respect of the Proposed Disposal. Henceforth, the sale and purchase agreement on the Proposed Disposal is now unconditional. SALCON BERHAD: Enters Water Project Agreement --------------------------------------------- The Board of Directors Salcon Berhad announced to Bursa Malaysia Securities Berhad that on 7 and 8 June 2004, the company has entered into two Framework Agreements for water projects in Yunnan Province, People's Republic of China. In the Agreement dated 7 June 2004 with the Cheng Gong New Township Management Committee, Kunming City, Salcon Berhad will undertake the construction of a water treatment plant with an eventual capacity of 300 million litres per day (MLD) in Cheng Gong New Township on a Build-Operate-Transfer basis. The investment of the project is estimated at RMB 300 million and will be implemented in phases. In the Agreement dated 8 June, 2004 with the Economic Development Bureau of Cheng Gong New Township Management Committee, Salcon Berhad will jointly invest, construct and manage the existing water supply system in Cheng Gong County via a newly formed Joint Venture Company (JV Co.). The JV Co. will be responsible in supplying potable water to the existing Cheng Gong County and will involve the construction of a water treatment plant with a capacity of 20 MLD and expandable to 60 MLD. The registered share capital of this JV CO will be determined subsequently based on the investment requirement of the project and the net asset value of the existing water supply system, to be assumed by the JV Co. The shareholdings of the respective parties will be determined by both parties upon the completion of the assets evaluation exercise of the existing Cheng Gong County water supply system. The Framework Agreements will be used as a basis for further discussion and negotiation and the final investment proposal will be based on the actual agreement signed by both parties. The exercise will be funded through a combination of internally generated funds and borrowings. The above investment and projects will not have a material impact on the earnings, net tangible assets and financial performance of Salcon Berhad for this financial year. However it is expected to contribute positively in future years. None of the directors and/or substantial shareholders of Salcon Berhad and/or persons connected to them have any interest, direct or indirect in the above Agreements. SUNWAY HOLDINGS: Issues 90,000 New Ordinary Shares -------------------------------------------------- Sunway Holdings Incorporated Berhad disclosed to Bursa Malaysia Securities Berhad that an additional 90,000 new ordinary shares of RM1.00 each issued pursuant to the Employees Share Option Scheme will be granted listing and quotation effective 9:00 a.m., Tuesday, 15 June 2004. TAP RESOURCES: Issues Update On ICULS ------------------------------------- Tap Resourced Berhad announced to Bursa Malaysia Securities Berhad that: First interest payment on RM31,841,589 nominal value of 2 percent irredeemable convertible unsecured loan stocks 2003/2006 (ICULS) for the period is changed to 30 June 2003 to 29 June 2004 instead of 30 June 2003 to 30 June 2004. (1) The above Company's securities will be traded and quoted [Ex- Interest] as from 16 June 2004 (Remain Unchanged) (2) The last date of filing: 18 June 2004 (Remain Unchanged) (3) Date Payable: 30 June 2004 (Remain Unchanged) UNITED CHEMICAL: Provides Update On Default In Payment ------------------------------------------------------ The Board of Directors of United Chemical Industries Berhad (UCI) disclosed to Bursa Malaysia Securities Berhad that further to its announcement made on 7 May 2004, there are no new significant developments in relation to the various default in payment. The Board of Directors of UCI would like to further provide an update on the details of all facilities currently in default in compliance with Section 3.1 of Practice Note No. 1/2001. This announcement is dated 10 June 2004. For more information click http://bankrupt.com/misc/UNITEDCHEMICAL061104.xls ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Signs Underwriting Agreement For US$120M -------------------------------------------------------------- ABS-CBN Broadcasting Corp. announced to the Philippine Stock Exchange on Friday that it signed an underwriting agreement with ABN Amro Bank, N.V., BPI Capital Corp., ING Bank N.V., and Societe Generale Asia Limited for a US$120 million loan. ABS-CBN Chief Financial Officer Randy Estrellado expressed appreciation for this vote of confidence in ABS-CBN. "This agreement is a testament to the support of the financial community in the continuing efforts of ABS-CBN to improve its operations and strengthen its balance sheet," said Mr. Estrellado. "This new loan facility will allow ABS-CBN to continue to grow its core businesses, leveraging its programming expertise across an expanded base of local and international audiences, via free- to-air, cable and satellite TV operations," he added. ABS-CBN intends to use the US$120 million to refinance existing loans amounting to US$90 million and for investment in its cable affiliate, Beyond Cable Inc., of US$30 million. About ABS-CBN: ABS-CBN is the largest integrated media and entertainment company in the Philippines. The company reported a 15 percent growth in first quarter 2004 net income to PhP124 million as its flagship Channel 2, as well as subsidiaries involved in ancillary businesses, continued to deliver growth. Contact: ABS-CBN Broadcasting Corp. ABS-CBN Broadcasting Centre Complex Mother Ignacia St. cor. Sgt. Esguerra Ave. Quezon City Telephone Numbers: 924-4101 to 4122; 415-2272 Fax Number: 431-9368 E-mail Address: oliver_calma@abs.pinoycentral.com URL: http://www.abscbn-ir.com BAYAN TELECOMMUNICATIONS: Parent Clarifies News Article ------------------------------------------------------- Benpres Holdings Corp. disclosed to the Philippine Stock Exchange clarification to the news article entitled "BayanTel rehab uncertain--Benpres exec" published in the June 10, 2004 issue of Businessworld (internet edition). The article reported that: "The debt restructuring and rehabilitation of debt-saddled Bayan Telecommunications Inc. (BayanTel) is looking uncertain as the court-appointed receiver and creditors squabble over the nitty- gritty of the recovery plan. Angel S. Ong, chief operating officer of BayanTel parent Benpres Holdings, Inc., told stockholders at the recent annual meeting the telco's debt-restructuring program is `uncertain' at this point. Benpres is the holding firm of the Lopez Group of companies. `BayanTel's debt restructuring has become more uncertain now none of the creditors support the recommendation of the receiver and KPMG,' he said. This is contrary to creditors' earlier approval of the debt rehabilitation proposal submitted by BayanTel.' Thus, BayanTel asked the rehabilitation court to come up with a final restructuring program that defines the rights of the stakeholders involved in the restructuring. `With a master restructuring document, possible arbitrariness and caprice of parties to the rehabilitation, specially the receiver, may be curbed and potential disagreements between the stakeholders of Bayantel may be minimized if not totally avoided,' the company told the court." Benpres Holdings Corporation (BPC), in its letter dated June 10, 2004, disclosed that: "On May 17, 2004, Atty. Remigio Noval, the court appointed Bayantel receiver, submitted his proposed rehabilitation plan for Bayantel to the Rehabilitation Court. Subsequent to this, the various parties, including debtor and creditors, were asked to submit their comments to this plan. It appears from the comments submitted to the court by the debtor, the secured and the unsecured creditors, that none of the parties accept the latest receiver's plan. For Bayantel in particular, the company is concerned about the level of sustainable debt proposed in the plan, and the suggested role of the receiver over the duration of the company's rehabilitation. Since none of the parties accepted the receiver's plan, the court will have to make the decision on what plan to approve for Bayantel after considering all the submitted comments." MANILA ELECTRIC: Issues Statement On ERC's PhP13Bln Refund Order ---------------------------------------------------------------- In a disclosure to the Philippine Stock Exchange, Manila Electric Co. (Meralco) President Jesus P. Francisco said that the company welcomes the promulgation of the Magna Carta in that it will state the rights and, hopefully, the obligations of residential electricity consumers. The Magna Carta will serve as a guide for both the distribution utility and the customer and will eliminate many causes of friction between the two. Meralco, however said that it has not yet received its official copy of the document. ERC's release issued on June 10, 2004, a copy of which is attached, announced the Magna Carta's approval and mentioned some of its important features, ERC's press release also stated that the refund of bill deposits and the exemption from the payment of meter deposits will be subject to guidelines still to be issued by the Commission. It would be better to wait for the issuance of such guidelines rather than to speculate on its contents and its implications on the company's finances. To view full copy of the press release, click http://bankrupt.com/misc/MANILAELECTRIC061104.pdf Contact: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.) Fax Numbers: 631-5572 Email Address: corcom@meralco.com.ph Website: http://www.meralco.com.ph NATIONAL POWER: ERC Approves New Generation Charge -------------------------------------------------- In a press release the Energy Regulatory Commission (ERC) said that it has approved the new generation charge of the National Power Corporation (NPC) in the Luzon, Visayas, and Mindanao grids. Electricity users in Luzon will now pay P2.2802/kWh for generation cost while customers in the Visayas will be charged P2.5238/kWh. In Mindanao, the new rate will be P1.5101/kWh. Originally, the generation rates for the three grids were, P2.1435/kWh, P2.2907/kWh, and P1.1283/kWh, respectively. The new rates will start with the May 26 to June 25, 2004 billing of NPC. The change in generation rates was triggered by upward adjustment in fuel prices and the deterioration of the value of the Philippine peso against the US dollar. "We have no other recourse but to grant the rate adjustment application of the generating companies that include the NPC to help them stay viable and continue providing safe, adequate, reliable and quality electricity service," ERC chairman Rodolfo B. Albano, Jr. explained. Distribution utilities (DUs) with approved unbundled rates sourcing power solely from NPC were authorized by ERC to automatically adjust its generation rates accordingly. DUs with suppliers other than NPC, on the other hand, shall recover the adjustments through the Generation Rate Adjustment Mechanism (GRAM). GRAM is an adjustment recovery mechanism, which replaces the automatic recovery adjustment mechanism of NPC, which is the Fuel and Purchased Power Cost Adjustment (FPCA) and distribution utilities' Purchased Power Adjustment (PPA). It will allow the periodic (quarterly) adjustment to the Generation Rate to reflect changes in fuel and IPP costs after a review by the ERC before costs are passed on to customers. DUs that still have bundled rates shall reflect the rate modification using its current Purchased Power Adjustment (PPA) formula. The rate change shall be made effective on the first billing cycle after the effective date of the revised NPC generation charge. NEGROS NAVIGATION: To Pay PhP424M In Back Taxes Before Year Ends ---------------------------------------------------------------- In a statement to BusinessWorld, Bureau of Internal Revenue (BIR) Deputy Commissioner Kim J. Henares said that Negros Navigation Co. (Nenaco) intends to pay in full its back taxes amounting to PhP424 million before the year ends. Sulficio O.Tagud Jr., Nenaco's receiver, met with BIR officials last week to inform the bureau that Nenaco is willing to settle all its outstanding taxes due before 2004 ends. The financial records of Nenaco show that it has not been paying taxes regularly. However, the company is said to have paid PhP3.9 million in taxes last month. Nenaco's initial plan includes paying its tax liabilities using cash available from operations after servicing dry-docking expenses, capital expenditures and allocations for income tax payable and minimum cash balance. Contact: Negros Navigation Co. Inc. Pier II, North Harbor Tondo, Manila Telephone Number: 245-5588 Fax Number: 245-0780 (Telefax) Email Address: nnwebmaster@surfshop.net.ph Website: http://www.nenaco.com.ph PHILIPPINE AIRLINES: 2007 E-Ticketing Deadline Not Doable --------------------------------------------------------- Because of the absence of communication links in the provinces, Philippine Airlines Inc. (PAL) may not be able to meet the 2007 deadline set by an international industry group to set up an electronic ticketing service (e-ticketing) in the said areas, BusinessWorld reports. According to Senior Assistant Vice-President for corporate e- business department Roberto Diaz, the communication link from the main PAL office in Manila is crucial in setting up the automated ticketing system. The absence of this link, he said, will delay the information from the main office to other domestic stations in the provinces, which, in effect, will not serve the system's purpose of accelerating travel arrangements. Mr. Diaz added that out of the 19 domestic locations, some seven or eight still do not have an appropriate communication link to make the automated system possible. The e-ticketing service of PAL is now operational in Cebu, Davao, Puerto Princesa, Zamboanga, Iloilo and Bacolod. An additional e-ticketing service in General Santos and Legazpi City will commence on July 9. PHILIPPINE BANK: 9,900 Common Shares To Be Listed On June 14 ------------------------------------------------------------ The Philippine Stock Exchange (PSE) approved on December 13, 2000 the listing submitted by Philippine Bank of Communications to list additional 105,177,936 common shares and 78,883,452 subscription warrants divided into the following: (1) 26,294,484 common shares, with a par value of PhP100.00 per share to cover the 1:1 stock rights offering to stockholders of record as of December 27, 2000 at an offer price of PhP100.00 per share; (2) 78,883,452 subscription warrants to cover the 3:1 warrants offering, to be issued free to subscribers of the rights offering; (3) 78,883,452 common shares to cover the underlying shares of the warrants at an exercise price of PhP100.00 per share, subject to the actual exercise of rights of warrants. Actual listing of the 78,883,452 common shares to cover the underlying shares of the warrants shall be one (1) trading day from the receipt by the Exchange of the notice confirming the actual exercise of the warrants. The 26,294,484 common shares and 78,883,452 warrants were listed on May 10, 2001. Moreover, the subscription warrants expired on May 10, 2004 and were subsequently delisted on May 11, 2004. Pleased be advised that the company has received on May 7, 2004, a notice from a warrantholder for the conversion of a total of 9,900 warrants to 9,900 common shares. In view thereof, the listing of the 9,900 common shares is set for Monday, June 14, 2004. This brings a total of 9,900 common shares listed arising from the conversion of 9,900 warrants. The designated Stock Transfer Agent is hereby authorized to record and register in its book the above number of shares. Contact: Philippine Bank Of Communications Inc. PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City Telephone Numbers: 830-7000 (TL) Fax Numbers: 818-2576 (Telefax) Email Address: info@pbcom.com.ph Website: http://www.pbcom.com.ph ================= S I N G A P O R E ================= ACHIEVA LIMITED: Appoints New Company Secretary ----------------------------------------------- The Board of Directors of Achieva Limited wishes to announce the appointment of Mr. Adrian Chan Pengee and Ms. Leong Shiao Yee as Joint Company Secretary in place of Mr Allan Yong Heng Chong with effect from 11 June 2004. Allan Yong Heng Chong Company Secretary This announcement is dated June 10, 2004. CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest ------------------------------------------------------------ Chartered Semiconductor Manufacturing Limited, in a notice submitted on June 10, 2004 by Looi Lee Hwa, Company Secretary, to the Singapore Exchange, announces a change in Tan Ai Ching, a director's, deemed interest in the company. Part I 1. Date of notice to issuer: June 8, 2004. 2. Name of Substantial Shareholder: Tan Ai Ching PART II 1. Date of change of interest: June 8, 2004. 2. Name of Registered Holder: CDP- Tan Boon Kheng 3. Circumstance(s) giving rise to the interest or change in interest: Others. Please specify details: Sale of shares of SembCorp Industries Ltd (Sembcorp) by Mr. Tan, spouse of Ms Tan Ai Ching. SembCorp is a related corporation of the Chartered. 4. Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: 2,710 As a percentage of issued share capital:0.000149 No. of shares which are the subject of this notice:1,000 As a percentage of issued share capital:0.000055 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: $1.47 No. of shares held after the change: 1,710 As a percentage of issued share capital: 0.000094 PART III 1. Date of change of interest: 2. The change in the percentage level: From % to % 3. Circumstance(s) giving rise to the interest or change in interest: Please specify details: Exercise of share options by spouse. 4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. PART IV 1. Holdings of Director, including direct and deemed interest: Direct Deemed No. of shares held before the change: 0 2,710 As a percentage of issued share capital: 0 0.000149 No. of shares held after the change: 0 1,710 As a percentage of issued share capital: 0 0.000094 Ms. Tan Ai Ching is a Director of Chartered Silicon Partners Pte Ltd, a subsidiary of Chartered Semiconductor Manufacturing Ltd. GOODWOOD PARK: Cancels 4.47% of Issued and Paid-up Capital ---------------------------------------------------------- Further to the announcements on 20 June 2003, 29 September 2003 and 28 November 2003, the Board of Directors of Goodwood Park Hotel Limited wishes to announce that a copy of the order of the High Court of the Republic of Singapore confirming the selective capital reduction (the Capital Reduction) of 2,011,185 issued and fully paid-up ordinary shares of par value S$1.00 each in the capital of the Company (GPHL Shares) held by Central Properties Limited (In Members' Voluntary Liquidation) (CPL), which would have been otherwise distributed to the Company and its wholly-owned subsidiaries, Glen Holdings (Pte) Limited and York Hotel (Private) Limited, pursuant to the voluntary liquidation of CPL, was lodged with the Accounting and Corporate Regulatory Authority of Singapore today. Accordingly, the Capital Reduction has become effective today and the Company's issued and paid-up capital has been reduced to S$42,988,815 divided into 42,988,815 GPHL Shares. BY ORDER OF THE BOARD OF DIRECTORS GOODWOOD PARK HOTEL LIMITED This announcement was submitted by David Poh Tze Keong, Company Secretary on June 10, 2004 to Singapore Exchange. HAW PAR: Issues Notice of Director's Interest --------------------------------------------- Haw Par Corporation Limited, in a notice submitted by Wee Ee Lim, Director, to the Singapore Exchange, announces a change in Hong Hai, a director's, deemed interest in the Company. PART I 1. Date of notice to issuer: June 9, 2004 2. Name of Director: Hong Hai 3. Please tick one or more appropriate box (es): x a Director's (including a director who is a substantial shareholder) Interest and Change in Interest. PART II 1. Date of change of interest: June 9, 2004 2. Name of Registered Holder: Hong Hai 3. Circumstance(s) giving rise to the interest or change in interest: Sales in open market at own discretion 4. Information relating to shares held in the name of the Registered Holder: - No. of shares held before the change: 280,000 As a percentage of issued share capital: 0.14 No. of shares which are the subject of this notice: 40,000 As a percentage of issued share capital: 0.02 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: $5.0625 No. of shares held after the change: 240,000 As a percentage of issued share capital: 0.12 PART III 1. Date of change of interest: 2. The change in the percentage level: From % to % 3. Circumstance(s) giving rise to the interest or change in interest: 4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. PART IV 1. Holdings of Director, including direct and deemed interest: Direct Deemed No. of shares held before change: 280,000 % of issued share capital: 0.14 No. of shares held after change: 240,000 % of issued share capital: 0.12 The percentages computed are based on the issuer's paid-up capital of S$206,839,345 as at 9 June 2004. SINGAPORE PRESS: Announces Share Sub-division, Capital Reduction ---------------------------------------------------------------- Singapore Press Holdings Limited announced that a copy of the Order of Court confirming the Exercises was lodged with the Registrar of Companies and Businesses of Singapore today. Accordingly, the Capital Reduction has become effective June 10, 2004. Payment to Shareholders for the Cash Distribution pursuant to the Capital Reduction will be made within 10 market days of the date hereof. Unless otherwise defined, terms used in this Announcement shall have the same meanings as defined in the circular dated 14 April 2004, which was dispatched to Shareholders. This announcement was submitted by Khor Siew Kim, Assistant Company Secretary to the Sinagapore Exchange on June 10, 2004. MANY STARS: Issues Debt Claim Notice to Creditors ------------------------------------------------- Notice is hereby given that the creditors of Many Stars Co. Pte Ltd, whose debts or claims have not already been admitted, are required on or before July 9, 2004 to submit particulars of their debts and claims and any security held by them to the Liquidator. This should be done by delivering or sending through the post to the Liquidator's address a formal Proof of Debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice, they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. LIM SAY WAN Liquidator c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 This Singapore Gazette announcement is dated June 11, 2004. WFI PRIVATE: Creditors Must Submit Claims on July 9 --------------------------------------------------- Notice is hereby given that the creditors of WFI Private Limited, whose debts or claims have not already been admitted, are required on or before July 9, 2004 to submit particulars of their debts and claims and any security held by them to the Liquidator. This should be done by delivering or sending through the post to the Liquidator's address a formal Proof of Debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice, they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. LIM SAY WAN Liquidator c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 This Singapore Gazette announcement is dated June 11, 2004. =============== T H A I L A N D =============== CAPETRONIC INTERNATIONAL: Unveils Resolution Of Meeting ------------------------------------------------------- With reference to the Director's Meeting of Capetronic International (Thailand) PCL, held on 9 June 2004 at 5:00 p.m., the company disclosed to the Stock Exchange of Thailand that it has resolved to: (1) Approve the resignation of the company's director, Mr. Yodchanan Wongsawat and to appoint Mr.Pathrlap Davivongsa Na Ayudhya to be the new company director. (2) Fix the directors authority as follows: Ms.Sunisa Pathompreuk to co-sign with Mr. Pathrlap Davivongsa Na Ayudhya or Mr. Visal Neeranatkomol, to affix the Company's seal. (3) To appoint the following to the Audit Committee for a period of two years: Chairman of the Audit Committee- Mr. Nit Umpaichit Member of the Audit Committee- Mr. Surachai Kositsareewong Member of the Audit Committee- Mr. Chalit Jariyatham Please be informed accordingly Sincerely yours, (Mrs.Sunisa Pathompreuk) Director Contact: CAPETRONIC INTERNATIONAL (THAILAND) PCL 105 MOO 3,BANGNA-TRAT ROAD, THAKHAM,BANG PAKONG Chacherngsao Telephone: (038) 573161-72 Fax: (038) 573173-4 CAPETRONIC INTERNATIONAL: Details Appointment Of Audit Committee ---------------------------------------------------------------- The Board of directors meeting of Capetronic International (Thailand) PCL held on June 8, 2004 passed a resolution appointing the Audit Committee with the following details: (a) Chairman of the Audit Committee Mr.Nit Ampaijit Member of the Audit Committee Mr.Surachai Kositsareewong Member of the Audit Committee Mr.Chalit Jariyatham Certificates and Resumes of 3 members of the Audit Committee are attached hereto. (b) The Audit Committee of the Company has the scope of duties and responsibilities, and shall report to the Company's board of directors to: (1) review the sufficiency and credibility of the financial statements. (2) oversee the adequacy and effectiveness of internal control systems and internal audit functions. (3) To make sure that the internal auditors monitor the compliance of the entity with legal requirements and all relevant regulations. (4) To propose the external auditors including the audit fee to the Board of Directors for an appointment by Annual General Meeting of Shareholders and review the performance of external auditors. (5) To ensure that the company does not inaccurately record any entry as a result of a conflict of interests. (6) To produce an Audit Committee report to be included in the company's annual report. The report must be signed by the chairman of the audit committee. (7) To take care of any other matters assigned to it by the board of directors. (c) Terms for holding office: (i) Chairman of the Audit Committee- 2 years (ii) Member of the Audit Committee- 2 years Capetronic hereby certifies that the aforementioned members meet all the qualifications prescribed by the Stock Exchange of Thailand. (Mrs.Sunisa Pathomplueg) Director NATIONAL FERTILIZER: Court Grants Increase In Paid Up Capital ------------------------------------------------------------- The C.J. Morgan Company Limited (CJM) as the plan administrator of National Fertilizer PCL (NFC) disclosed to the Stock Exchange of Thailand that, on May 19, 2004, the Central Bankruptcy Court rendered an order to increase the paid-up capital of NFC. On June 8, 2004, NFC issued newly ordinary shares in the amount of 1,838,000,000 baht which consisting of 183,800,000 shares at the par value 10 baht for the selected strategic partner (Private Placement) through Department of Business Development of Ministry of Commerce. After the increase, NFC's total paid-up capital has increased from 648,619,720 baht to 2,486,619,720 baht. Therefore, CJM delivers the registered document to support such information to you as the evidence. Please be advised accordingly Yours respectfully, Mr. Visoot Kajchamaporn and Mr. Ziriwat Anunkusri C.J. Morgan Company Limited On behalf of the Plan Administrator of National Fertilizer PCL. Contact: NATIONAL FERTILIZER PCL LAOPENGNGUAN BLDG 1, FLOOR 17-19, 333 VIBHAVADI RANGSIT ROAD, CHATU CHAK, Bangkok Telephone: 0-2618-8100 Fax: 0-2618-8200 Website: www.nfc.co.th ********* 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, Reiza Dejito, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. 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