/raid1/www/Hosts/bankrupt/TCRAP_Public/040623.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 23, 2004, Vol. 7, No. 123
Headlines
A U S T R A L I A
NATIONAL AUSTRALIA: Introduces New Transaction Accounts
NATIONAL AUSTRALIA: Mulling All Options For U.K. Ops
NOVUS PETROLEUM: Medco Hikes Stake to 82%
QANTAS AIRWAYS: Launches New International Cabin Crew Bases
QANTAS AIRWAYS: ACC Finalizes Probe of Frequent Flyer Program
C H I N A & H O N G K O N G
CENTRAL HARVEST: Faces Winding Up Petition
CHINA LIFE: Share Issue General Mandate Approved
CHINA OVERSEAS: Disclosure of Director's Interest
CHINA SPECIALISED: Enters Winding Up Proceedings
FAIRWOOD ENTERPRISES: Sets Winding Up Hearing on July 14
FIRST CAPITAL: Winding Up Hearing Slated on July 14
LIFETECH GROUP: Disclosure of Shareholder's Interest
PEREGRINE INVESTSMENTS: Creditors To Declare Dividend on July 9
ROOTS TELECOM: Winding Up Hearing Slated on July 14
* New China Bankruptcy Law Draft Up for Deliberation
I N D O N E S I A
PERTAMINA: Budgets US$466mln for Oil, Gas Fields Development
PERTAMINA: Report Says Frontline Only 2nd in VLCC Bid
UNITED TRACTORS: Buys Back US$66.3mln Debt
J A P A N
ALL NIPPON: Starts Code Sharing With Singapore Airlines
DAIEI INC.: UFJ Considering New Revival Plan
MATSUSHITA ELECTRIC: To Launch Improved TVs in China, U.S.
MITSUBISHI FUSO: Announces Board Changes
MITSUBISHI MOTORS: Aioi Seeking JPY30M From Carmaker
MITSUBISHI MOTORS: S&P Downgrades Rating to 'CCC+'
UFJ HOLDINGS: Carlyle In Talks With Banks for Buyout Openings
K O R E A
HANARO TELECOM: Gets Help In Raising Market Share
HYNIX SEMICONDUCTOR: Deploys ModelWare for Semiconductors
SK NETWORKS: Sales Edge Down in May from April
M A L A Y S I A
AKTIF LIFESTYLE: Updates Unit's Proposed Disposal Of Capital
BESCORP INDUSTRIES: Issues Update On Proposals
FABER GROUP: Issues Change In Share Registrar
FAR EAST: Issues Additional 18,000 Ordinary Shares
FAR EAST: Shareholders Approve All AGM Resolutions
METROPLEX BERHAD: Talks With Lenders On Composite Schemes
MWE HOLDINGS: Resolutions Approved By Shareholders At AGM
NAUTICALINK BERHAD: Restraining Order Approved By Court
OILCORP BERHAD: Applies For Notes Issuance To Refinance Units
PICA CORPORATION: Court Extends Restraining Order For 90 Days
SEE HUP: Unit Enters Lease Agreement With ORIX
TANJONG PUBLIC: Receives UCKA Notification
TANJONG PUBLIC: Details First Interim Gross Dividend
WCT ENGINEERING: Issues Update On Unit's Proposed Acquisition
P H I L I P P I N E S
BACNOTAN CONSOLIDATED: Settles Convertible Bonds Due On June 21
MAYNILAD WATER: SC Allows MWSS To Draw On Performance Bond
NATIONAL STEEL: DTI To Help Convince Danaharta To Approve Sale
NEGROS NAVIGATION: New Receiver a Member of Creditor's Board
NEGROS NAVIGATION: Parent Issues Clarification To News Article
NEXSTAGE INCORPORATED: SEC Approves Equity Restructuring
PHILIPPINE LONG: Mitsuhiro Takase Resigns As Company Director
PILIPINO TELEPHONE: Issues News Article Clarification
S I N G A P O R E
GT ENG: Issues Dividend Notice
INTERNET APPLIANCE: Issues Dividend Notice
JACKSON PILING: Issues Notice of Intended Preferential Payment
LEKIM TEXTILE: Winding Up Order Made
LONGHOUSE THOMSON: Winding Up Order Made
NAJD SHIPPING: Issues Dividend Notice
OCC LAND: Issues Notice of Final Meeting
T H A I L A N D
THAI PETROCHEMICAL: Sets Conditions To Interested Investors
TUNTEX: Court Issues Order To Postpone Submission Of Rehab Plan
- - - - - - - -
=================
A U S T R A L I A
=================
NATIONAL AUSTRALIA: Introduces New Transaction Accounts
-------------------------------------------------------
The National Australia Bank (NAB) has launched two new
transaction accounts: National Smart Direct for electronic users
and National Smart Access for customers who need a complete
banking service.
In a Company press release, the National Smart Direct will carry
a $3 monthly account service fee with unlimited use of National
electronic channels. The National Smart Access account will
carry a $5 monthly account service fee with unlimited use of
National electronic, cheque and over the counter transactions.
Existing National customers are not affected by the introduction
of the new accounts and will keep their existing accounts unless
they choose to move to the new flat fee accounts.
Two of the National's existing transaction accounts, FlexiDirect
and FlexiAccount, are being withdrawn from sale from 5 July
2004.
Commenting on the new transaction accounts, Gordon Lefevre,
General Manager, Personal Financial Services said, "the new
accounts have been designed to attract customers to the
National, and to appeal to the needs of existing National
customers.
"Our year on year growth in transaction accounts is steady at
about 1.5% and we are seeking to lift this. Transaction
accounts represent the beginning of a wider customer
relationship with the National.
"We believe customers will find the accounts highly attractive.
Customer research shows a clear preference for a monthly fee and
unlimited access to National banking channels."
"Many existing National customers may prefer to use the new
accounts depending on how they transact and will be able to
simply switch to the new accounts," Mr. Lefevre said.
The new accounts will be in use from 5 July 2004.
An overview of the accounts follows and a detailed briefing pack
is available on www.national.com.au.
For further information, please contact:
Richard Peters
National Australia Bank
Tel: (03) 8634 1570,
Mob: 0438 582 919
For more information, go to
http://bankrupt.com/misc/tcrap_nab0622.pdf
NATIONAL AUSTRALIA: Mulling All Options For U.K. Ops
----------------------------------------------------
National Australia Bank Ltd. (NAB) will consider all options
over the next few months as it finds a way to turn its under-
performing U.K. franchise around, Dow Jones reports, citing NAB
Chairman Grahame Kraehe.
The bank, however, would prefer to retain rather than sell the
business, which delivers around a quarter of group earnings.
"We looked at a whole range of options with everything on the
table. There is more work to be done," Kraehe said of the U.K.
assets.
"Our preferred position would be to retain assets in the U.K.,
but all options are under evaluation and that's what we'll
consider over the next three months," he said.
Kraehe's comments came after NAB announced the appointment of
Wesfarmers Ltd. Managing Director Michael Chaney to become its
new Chairman in September 2005. He will join the bank's board
this December.
NOVUS PETROLEUM: Medco Hikes Stake to 82%
-----------------------------------------
PT Medco Energi Internasional has upped its stake in Novus
Petroleum Ltd to 82 percent last week from 59 percent a week
earlier, Asia Pulse reports.
The Indonesian firm is still seeking to acquire more shares from
minority shareholders through the secondary market in Australia.
According to Medco director Sugiharto, the company has set aside
US$350 million to acquire Novus and for which it will use a loan
from Singapore's United Overseas Bank.
He also said he will visit Australia this week to take over the
management of Novus, which has oil and gas fields in the United
States, Australia, Pakistan, Oman, United Arab Emirates and
Indonesia.
QANTAS AIRWAYS: Launches New International Cabin Crew Bases
-----------------------------------------------------------
Qantas Airways Limited will establish a base in London for 400
of its international flight attendants from June 2005.
In a press release, the airline will also establish a base for
another 250 international flight attendants in Brisbane from
early 2005.
Qantas currently has more than 4,000 international flight
attendants in bases in Sydney, Perth, Melbourne, Auckland and
Bangkok.
The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
today that existing Australia-based crew would fill the
positions at the Brisbane base and be given priority for
positions in London.
Mr. Dixon also said there would be no job losses as a result of
the decision to open the new bases.
"Regardless of the take-up by existing staff for positions in
London, our current growth means we are in a position to utilize
all our current personnel and to grow some," Mr. Dixon said.
He said the establishment of the London base would save Qantas
$18 million annually through rostering efficiencies and reduced
accommodation and allowance costs.
"These savings, and others we need to continue to push through
the company, are essential if Qantas is to continue to grow and
prosper.
"As a global airline with very significant offshore operations
we cannot continue to source all our people and services in
Australia alone.
"We must strive for an internationally competitive cost base
against many competitors who, through Government ownership and
subsidies, do not operate to the same economic disciplines as
Qantas."
Mr. Dixon said Qantas was proud that it sourced 94 per cent of
all its employees in Australia, a much higher percentage of
'home-grown' employment than its competitors.
"The more efficient we are the more we will be able to grow this
Australian base," he said.
Mr. Dixon said:
- The London base would be operated by a wholly owned UK
subsidiary;
- The salary levels in London would be at levels that compare
well with those offered by other airlines with UK based crew;
and
- At the conclusion of a two to three year contract in London,
the flight attendants would be able to return to their positions
in Australia.
Mr. Dixon said that while it was difficult to estimate, it was
expected that existing Australia-based flight attendants would
fill the majority of the London jobs.
Qantas currently operates 21 one-stop services a week to London
via Singapore and Bangkok. This will increase by next year to 27
services a week including three new services via Hong Kong.
Mr. Dixon said Qantas believed the new Brisbane base would
attract widespread support from existing crew.
"Our international services to and from Brisbane will see
considerable growth in coming years," he said.
"Capacity is being increased to Hong Kong and New Zealand and
non-stop Brisbane-Los Angeles services started last week."
Issued by Qantas Corporate Communication (3105)
Email: qantasmedia@qantas.com.au
QANTAS AIRWAYS: ACC Finalizes Probe of Frequent Flyer Program
-------------------------------------------------------------
The Australian Competition and Consumer Commission (ACC) has
concluded its investigation of the Qantas Frequent Flyer
program, ACC announced on its Web site.
"This follows Qantas' agreement to firm up the implementation of
future changes to the scheme which may increase access to Award
flights, and provide more transparency and certainty of travel
for Frequent Flyers", ACCC Chairman, Mr. Graeme Samuel, said
Monday.
"Wide-ranging discussions have been held with Qantas about the
program following consumer complaints to the ACCC that there was
an inadequate disclosure of terms and conditions relating to the
restrictions placed on Award seat availability. Following an
extensive investigation of these allegations the ACCC has found
insufficient evidence to establish a breach of the Trade
Practices Act 1974.
"Qantas has indicated it has addressed these concerns by
reviewing and improving its disclosure about the availability of
Frequent Flyer seats being limited. This includes the recent
introduction of an online search function, allowing members to
more readily determine preferred Award seat availability.
"Qantas Airways has indicated its actions have been directed at
making available more Award seats for Frequent Flyers and
improving transparency about the operation of the program.
Complaints received by the ACCC have been from consumers unable
to redeem their points for Award flights to a destination of
their choice on dates and at times of their reasonable choosing,
who may not have been aware that availability of Award seating
is limited".
The ACCC does not comment upon the value of loyalty programs, or
the rewards offered under these schemes. However, the ACCC is
concerned to ensure loyalty schemes are operated transparently
so consumers are not mislead as to the benefits to which they
are entitled and any limitations on those benefits.
For further information, please contact:
Mr. Graeme Samuel - Pager/Mobile, Chairman, 0408 335 555
Mr. John Martin, Commissioner, (02) 6243 1132
Ms. Lin Enright, Director, Public Relations, (02) 6243 1108,
(0414) 613 520
==============================
C H I N A & H O N G K O N G
==============================
CENTRAL HARVEST: Faces Winding Up Petition
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Central Harvest Holdings Limited by the High Court of Hong Kong
was on May 20, 2004 presented to the said Court by PACIFIC
FINANCE (HONG Kong) LIMITED whose registered office is situated
at 16th Floor, Windsor House, 311 Gloucester Road, Causeway Bay,
Hong Kong. The said Petition is directed to be heard before the
Court at 9:30 a.m. on July 14, 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.
JOHNSON STOKES & MASTER
Solicitors for the Petitioner,
18th Floor, Prince's Building
10 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 13th day of July
2004.
CHINA LIFE: Share Issue General Mandate Approved
------------------------------------------------
In a press release, China Life Insurance announced that the
resolution to give a general mandate to the Board of Directors
to issue, allot and deal with additional domestic shares and
overseas listed foreign shares of the company not exceeding 20%
of each of the aggregate nominal amount of the domestic shares
and overseas listed foreign shares of the company was passed on
the Annual General Meeting held last Friday.
While minority shareholders holding 189 million shares, or 0.96%
of the voting right present on the vote opposed the resolution,
it was duly passed by a majority of 99.04% of the voting rights
present on the vote, representing 19.57 billion shares.
At the same time, the nominations of three individuals, namely
Sun Shuyi, Cai Rang and Fan Yingjun as Independent Non-Executive
Directors of the company were also approved.
CHINA OVERSEAS: Disclosure of Director's Interest
-------------------------------------------------
China Overseas Land & Investment Ltd. issues Notice of
Disclosure of Director's Interest.
(1) Name of listed corporation: China Overseas Land & Investment
Ltd.
(2) Stock code: 00688
(3) Class of shares: Ordinary Shares
(4) Number of issued shares in class: 6,364,867,609
(5) Name of director (English) as printed on HKID/Passport:
(Surname) Cheung
(Other names) Shiu Kit
(8) Name of director (Chinese):
(9) Chinese Character Code:
(12) Date of relevant event: June 18, 2004
(13) Date when director became aware of the relevant event/
interest in the shares (if later):
(14) Details of relevant event:
Relevant event code describing circumstances: 136
Code describing capacity in which shares were/are held
Before relevant event: 201
After relevant event: 201
Number of shares bought/sold or involved: 2,880,000
Currency of transaction: HKD
(15) Total shares in listed corporation immediately before the
relevant event:
Total number of shares: 1,000,000
Percentage figure (%): 0.02
(16) Total shares in listed corporation immediately after the
relevant event:
Total number of shares: 3,880,000
Percentage figure (%): 0.06
(17) Capacity in which interests disclosed in Box 16 are held
(required for Initial Notification only):
Code describing capacity Number of shares
Nil
(18) Further information in respect of derivative interests in
listed corporation:
Code describing derivatives: 410
Begins: July 17, 1998
Ends: July 16, 2007
Price for Grant: 1
Exercise Price: 4.060
Price on Assignment: 0.000
Number of Shares: 1,000,000
Code describing derivatives: 410
Begins: June 18, 2005
Ends: June 17, 2014
Price for Grant: 1
Exercise Price: 1.130
Price on Assignment: 0.000
Number of Shares: 2,880,000
(19) Further information in relation to interests of children
under 18 and/or spouse:
Name of child/spouse Number of shares
Nil
(20) Further information in relation to interests of
corporations controlled by Director:
Name of controlled corporation Address and place of
incorporation Name of controlling shareholder % control Direct
interest Number of shares
Nil
(21) Further information in relation to interests held by
Director jointly with another person:
Name of joint shareholder Address Number of shares
Nil
(22) Further information from a director who is a trustee, or
beneficiary of a trust, or a person who has set up a
Discretionary Trust:
Names of Trust Address Status code Number of shares
Nil
(23) Further information from a party to an agreement under
Section 317:
Names of other parties Address Number of shares
Nil
Total number of shares in which substantial shareholder is
interested under section 317 and 318:
(24) Date of filing this Form 3A: June 18, 2004
(26) Number of attachments:
This Stock Exchange of Hong Kong announcement is dated June 18,
2004.
CHINA SPECIALISED: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
China Specialised Fibre Holdings Limited by the High Court of
Hong Kong was on May 20, 2004 presented to the said Court by
PACIFIC FINANCE (HONG Kong) LIMITED whose registered office is
situated at 16th Floor, Windsor House, 311 Gloucester Road,
Causeway Bay, Hong Kong. The said Petition is directed to be
heard before the Court at 9:30 a.m. on July 14, 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.
JOHNSON STOKES & MASTER
Solicitors for the Petitioner,
18th Floor, Prince's Building
10 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 13th day of July
2004.
FAIRWOOD ENTERPRISES: Sets Winding Up Hearing on July 14
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fairwood Enterprises 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 9:30 a.m. on July 14, 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.
ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 15th Floor, United Centre,
No. 95 Queensway,
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 13th day of July
2004.
FIRST CAPITAL: Winding Up Hearing Slated on July 14
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
First Capital Trading Limited by the High Court of Hong Kong was
on May 27, 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 9:30 a.m. on July 14, 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.
ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 15th Floor, United Centre,
No. 95 Queensway,
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 13th day of July
2004.
LIFETECH GROUP: Disclosure of Shareholder's Interest
----------------------------------------------------
Lifetech Group issues Notice of Disclosure of Shareholder's
Interest:
(1) Name of listed corporation: LifeTec Group Ltd.
(2) Stock code: 01180
(3) Class of shares: Ordinary Shares
(4) Number of issued shares in class: 2,565,228,919
(5) Name of substantial shareholder (English) as printed on
HKID/Passport: (Surname) Shan
(Other names) Shiyong
(8) Name of substantial shareholder (Chinese):
(9) Chinese Character Code:
(12) Date of relevant event: June 17, 2004
(13) Date when the substantial shareholder became aware of the
relevant event/ interest in the shares (if later): June 17,
2004
(14) Details of relevant event:
Relevant Event Code Describing Circumstances: 104
Code describing capacity in which shares were held:
Before relevant event: 201
After relevant event: 201
Number of Shares bought/solved/involved: 353,190,000
Currency of Transaction: HKD
(15) Total shares immediately before the relevant event:
Total number of shares: 353,190,000
Percentage figure (%): 13.88
(16) Total shares immediately after the relevant event:
Total number of shares: 353,190,000
Percentage figure (%): 13.77
(17) Capacity in which interests disclosed in Box 16 are held:
Code describing capacity: 205
Number of shares: 353,190,000
(18) Further information in respect of derivative interests:
Code describing derivatives Number of shares
Nil
(19) Further information in relation to interests of children
under 18 and/or spouse:
Name of child/spouse Number of shares
Nil
(20) Further information in relation to interests of
corporations controlled by substantial shareholder:
Name of controlled corporation: Best Top Offshore Limited
Address and place of incorporation: TrustNet Chambers, P.O. Box
3444. Road Town, Tortola, British Virgin Islands
Name of controlling shareholder: Shan Shiyong
% Control: 100
Direct interest Number of shares: 353,190,000
(21) Further information in relation to interests held by
substantial shareholder jointly with another person:
Name of joint shareholder Address Number of shares
Nil
(22) Further information from a trustee, or beneficiary of a
trust, or a person who has set up a Discretionary Trust:
Names of Trust Address Status code Number of shares
Nil
(23) Further information from a party to an agreement under
Section 317:
Names of other parties Address Number of shares
Nil
Total number of shares in which substantial shareholder is
interested under section 317 and 318:
(24) Date of filing this Form 1: June 21, 2004
(26) Number of attachments:
This Hong Kong Stock Exchange announcement is dated June 21,
2004.
PEREGRINE INVESTSMENTS: Creditors To Declare Dividend on July 9
---------------------------------------------------------------
Notice is hereby given that a fifth dividend is to be declared
in by the creditors of Peregrine Investments Holdings Limited
(In Compulsory Liquidation). All creditors of the company must
prove their debts by July 9, 2004. Any creditor, who does not
lodge a claim by that date, will be excluded from the benefit of
any distribution made before such debts are proved and from
objecting to such distribution.
DAVID R. HAGUE
Joint & Several Liquidator.
Peregrine Investments Holdings Limited
C/o PricewaterhouseCoopers
22/F Prince's Building
Chater Road
Central, Hong Kong
Tel: (852) 2289 8888
Fax: (852) 2890 8345
This announcement is dated June 11, 2004.
ROOTS TELECOM: Winding Up Hearing Slated on July 14
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Roots Telecom 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 9:30 a.m. on July 14, 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.
ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 15th Floor, United Centre,
No. 95 Queensway,
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 13th day of July
2004.
* New China Bankruptcy Law Draft Up for Deliberation
----------------------------------------------------
The proposed corporate bankruptcy legislation that would set
market-based ground rules for state-run and privately-held
Chinese and foreign companies has finally been submitted to
China's legislature Monday for deliberation after 10 years of
preparation, Xinhua News Agency reports.
Experts are optimistic that the draft for the long-awaited
corporate bankruptcy law, which was submitted to the 10th
Standing Committee of the National People's Congress, could be
adopted in 2005.
"It is high time for the bankruptcy law draft to be
deliberated," said Li Shuguang, a drafter of the bill and vice-
president of the Postgraduate School of the China University of
Politics and Law. He added that in-depth state-owned enterprise
(SOE) reform and a maturing social security system have offered
a solid social and economic basis for the submission of the
draft law.
In 1986, China had passed a bankruptcy law, which only regulated
SOE insolvencies. The NPC Standing Committee amended the
relevant items of the civil procedural law in 1991. However,
there were no laws and regulations to define insolvency of joint
ventures, private and foreign enterprises in China.
A new corporate bankruptcy law was drafted in 1994, but was not
submitted to the NPC Standing Committee because of concerns that
a revision could trigger massive layoffs and the closure of many
SOEs.
Various types of businesses, including SOEs, private and foreign
enterprises, as well as state banks could benefit from the new
bankruptcy legislation. However, because of the country's
inadequate individual asset reporting system, the law does not
cover China's 23 million personal bankruptcies, states the
draft.
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I N D O N E S I A
=================
PERTAMINA: Budgets US$466mln for Oil, Gas Fields Development
------------------------------------------------------------
Indonesia's state oil and gas firm PT Pertamina has allocated
IDR4.2 trillion (USD 466.6 million) to fund the development of
its recently-discovered oil and gas reserves in Pondok Tengah
and Tegaltaman in West Java, Asia Pulse reported.
According to Pertamina's Upstream Director Bambang Nugroho, the
firm would be drilling the oil deposits in the said areas, which
are projected to yield some 250 million barrels.
Aside from the undeveloped oil fields in West Java, Central
Java, East Java and Kalimantangan, the firm will also develop
gas deposits in Randublatung in central Java, Suban in South
Sumatra, Sukamaju and Maleoraja in Central Sulawesi, which are
estimated to hold a total reserve of more than 2.5 trillion
cubic feet.
PERTAMINA: Report Says Frontline Only 2nd in VLCC Bid
-----------------------------------------------------
The Norwegian company earlier announced by state oil and gas
firm PT Pertamina to have won the tender for its two giant oil
tankers actually only came in second in the bidding, The Jakarta
Post reports.
The newspaper was quoting a document stating that Essar
Shipping, a unit of the Mumbai-based Indian Essar Group
(ESG.YY), was the top bidder for Pertamina's two Very Large
Crude Carriers (VLCCs), besting Norway's Frontline Ltd (FRO) and
Overseas Shipholding Group Inc. The Jakarta Post also quotes an
unnamed source saying that Essar offered US$188 million for the
tankers, US$4 million more than the US$184 million bid by
Frontline.
However, Pertamina's president director Ariffi Nawawi insisted
that Frontline, not Essar, won the tender. "Frontline is the top
bidder. There is no other company," he said.
UNITED TRACTORS: Buys Back US$66.3mln Debt
------------------------------------------
Indonesian heavy equipment company PT United Tractors (UNTR.JK)
said in a statement Monday it has refinanced some US$66.3
million of its debt using a part of the proceeds from its rights
issue last month, reports Dow Jones.
With the buyback, the firm's total outstanding debt now stands
at US$175 million from the previous US$241 million.
As part of its debt-restructuring scheme, Tractor issued 1.26
billion worth of rights and sold portions of its assets
=========
J A P A N
=========
ALL NIPPON: Starts Code Sharing With Singapore Airlines
-------------------------------------------------------
All Nippon Airways (ANA) and Singapore Airlines (SIA) have
reached an agreement to begin code-sharing operations on flights
between Japan and Singapore from August 1 this year, ANA
announced on its Web site. From that date, SIA's two-letter code
will be applied to ANA's 7 weekly flights between Tokyo Narita
and Singapore, and Singapore Airline's 42 weekly flights between
Singapore and Tokyo Narita, Osaka Kansai, Nagoya and Fukuoka
will carry the ANA code. A total of 49 flights per week, using
777and 747 aircraft, will be covered by the agreement.
At a recent meeting in Singapore, the CEOs of both companies
signed a Memorandum of Understanding sealing their commitment to
forge a closer commercial relationship: the new code-share
agreement on flights between the two countries is a first step,
and paves the way forward for further cooperation in the future.
"The Singapore Airlines name is synonymous throughout the world
with excellence; we have been partners for several years in the
Star Alliance and it is an honour to take that relationship to
this new stage. With our common legacy of Asian hospitality and
service we will work together to bring even greater satisfaction
and convenience to our passengers, " said ANA President and CEO
Yoji Ohashi.
Said SIA Chief Executive Officer Chew Choon Seng: "We are very
pleased to enter into this agreement with ANA, an airline we
hold in high esteem. This code-sharing agreement brings together
the high quality products and service offered by the two
carriers. Our customers will now have a wider choice when they
travel between Singapore and Japan."
ANA and Singapore Airlines are both members of Star Alliance and
their passengers already enjoy reciprocal frequent flyer
programme, through check-in and common lounge benefits, amongst
others. ANA Mileage Club and Singapore Airline's KrisFlyer
members will be able to accrue and redeem mileage on the jointly
operated code-share flights in the same way as flights operated
by any other Star Alliance member.
Contact: For further details contact:
Singapore Airlines:
Rick Clements: E-mail: public_affairs@singaporeair.com.sg
ANA:
Rob Henderson, Public Relations: E-mail: r.henderson@ana.co.jp
DAIEI INC.: UFJ Considering New Revival Plan
--------------------------------------------
UFJ Holdings Inc. is mulling a new business plan for troubled
borrower Daiei Inc., in which brokerage Daiwa Securities or
other investors might take part, according to Reuters.
The amount of investment was expected to total some JPY100
billion (US$920 million), including additional funds from the
Development Bank of Japan.
Daiei is now in its final year of a three-year restructuring
plan and although the supermarket operator is on track to meet
its goals, it will still have some JPY900 billion in interest-
bearing debt even after the plan is finalized.
MATSUSHITA ELECTRIC: To Launch Improved TVs in China, U.S.
----------------------------------------------------------
Matsushita Electric Industrial Co. Limited plans to release in
the United States and China large-screen rear-projection
televisions that literally outshine those of its competitors,
the NE Asia reports.
Rear-projection TVs, which are less expensive than LCD (liquid
crystal display) or plasma TVs, are popular in the United States
and China.
The electronics giant aims to cut about 3,000 jobs from its
group workforce in Japan along with a plan to shift production
of unprofitable electronics parts and batteries offshore by the
end of next March, TCR-AP reported recently.
MITSUBISHI FUSO: Announces Board Changes
----------------------------------------
Mitsubishi Fuso Truck and Bus Corporation, in a press release,
announced the following management changes.
(1) Member of the Board As of June 21, 2004
Name of Officer New Appointment Former or concurrent post
Dieter Buhl Senior Vice President Senior Executive Officer,
Member of the Board, Corporate Controlling
Chief Financial Officer
(2) Executive Officer as of June 21, 2004
Name of Officer New Appointment Former or concurrent post
Yasuo Sasaki Executive Officer, General Manager of Finance
General Manager Treasury Department
Of Finance & Treasury
Department
(3) Retirement as of June 21, 2004
Name of Officer New Appointment Former or concurrent post
Hisashi Watanabe To step down Senior Executive Officer,
Corporate General Manager of
General Adm. Office
Michiya Ohta Corporate General Senior Executive Officer,
Manager of Truck Corporate General
Design Office Manager of Truck Design
Office
Motohiko Nakane President of Fuso Executive Officer, General
Tech Corporation Manager of International
Strategy Department,
International Sales &
Service Office.
Contact Info:
Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan,Minato-ku,Tokyo 108-8285, Japan Communication
Team / Tel +81-3-6719-4821 Fax +81-3-6719-0111
MITSUBISHI MOTORS: Aioi Seeking JPY30M From Carmaker
----------------------------------------------------
Aioi Insurance Co. has called on Mitsubishi Motors Corporation
to pay the insurer about JPY30 million, the amount the insurer
paid to a victim of a traffic accident allegedly caused by flaws
in a Mitsubishi-made vehicle, Kyodo News reports.
According to Aioi, the accident occurred in the northern Kanto
region in December 1999.
Aioi is one of five property and casualty insurance companies
that have started to or are set to reinvestigate traffic
accidents involving Mitsubishi Motors and Mitsubishi Fuso Truck
& Bus Corp. vehicles after revelations of defect cover-ups.
MITSUBISHI MOTORS: S&P Downgrades Rating to 'CCC+'
--------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on
Mitsubishi Motors Corporation (MMC)'s senior unsecured bonds to
'CCC+' from 'B-'. The outlook on this issue rating is
negative.
"The downgrade of MMC's senior unsecured bonds reflects Standard
& Poor's view that recent disclosures of additional safety
defects--which have led to further damage to MMC's already-weak
brand image and plummeting domestic sales--call into question
MMC's viability," said Chizuko Satsukawa, a credit analyst at
Standard & Poor's.
Over the past few weeks, there has been a series of disclosures
of additional, previously concealed safety defects and recalls
on a large number of MMC vehicles, as well as those of its
affiliate, Mitsubishi Fuso Truck and Bus. Moreover, MMC's former
President and other officials were arrested on charges related
to a cover-up of defects suspected in a fatal accident.
Publicity over these developments has contributed to a further
tainting of MMC's brand image: The company's vehicle sales
(including minivehicles) decreased by nearly 40% in May 2004
compared with May 2003, and are expected to remain extremely
weak for at least the near term.
MMC has made modest revisions to its sales projections, lowering
these by 80,000 units for the current and 2005 fiscal years.
The company has also announced some additional cost cutting
measures. However, particularly given the damage that has
occurred to its brand image, plus increasingly fierce
competition in key global vehicle markets, it is increasingly
unclear whether pending operational and financial restructuring
measures will be sufficient to ensure MMC's survival.
The corporate credit rating on MMC remains at 'CC'.
UFJ HOLDINGS: Carlyle In Talks With Banks for Buyout Openings
-------------------------------------------------------------
Washington-based Carlyle Group Inc. is in talks with UFJ
Holdings Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui
Banking Corporation about opportunities to invest in some of
their customers' profitable businesses that need cash, Bloomberg
News reports, citing Carlyle Managing Director James A. Atwood
Jr.
Carlyle, which profits from its expertise at turning around
companies using borrowed funds, has already invested more than
JPY20 billion (US$184 million) of its JPY50-billion Japan fund.
UFJ, which posted US$19.5 billion in combined losses in the last
three years, needs to dispose of JPY2.35 trillion of bad loans,
or more than half its total, by March 31 to meet a deadline set
by the government regulator.
=========
K O R E A
=========
HANARO TELECOM: Gets Help In Raising Market Share
-------------------------------------------------
Starting July 1, fixed-line telephone customers in Pusan, South
Korea's second-largest city, will be able to switch carriers
without changing their phone numbers, the Korea Times reports,
citing the Ministry of Information and Communication. The move
was intended to help Hanaro Telecom Inc. increase its fixed-line
market share beyond the current 5 percent in competition with KT
Corporation.
Under the portability system, which is effective in 16 cities,
including Taegu and Inchon, 51,836 KT customers had switched to
Hanaro Telecom as of June 13. During the same period, only 644
Hanaro Telecom users changed to KT.
HYNIX SEMICONDUCTOR: Deploys ModelWare for Semiconductors
---------------------------------------------------------
Triant Technologies Inc. (TSX: TNT; OTCBB: TNTTF), which
delivers advanced process control (APC) solutions to the
semiconductor industry, reported that Hynix Semiconductor Inc.,
one of the world's leading manufacturers of memory chips, has
deployed ModelWare, Triant's advanced fault detection solution,
fab-wide in three of its 200mm wafer fabrication plants (fabs)
in South Korea, for which two fab-wide licenses of ModelWare
were purchased in 2003 and one fab-wide license was purchased in
the first quarter of 2004. Hynix uses ModelWare to monitor the
health of the complex equipment used in the manufacturing
process for semiconductors.
"We are very pleased that Hynix has standardized on ModelWare
for fab-wide deployment in its state-of-the-art 200mm fabs,"
stated Robert Heath, Triant's CEO, "Hynix is a world-class
manufacturer who has deployed ModelWare to provide them with a
competitive advantage in semiconductor manufacturing. With more
than 4,000 licenses of ModelWare deployed globally, we believe
Triant is the recognized leader in providing APC solutions to
the semiconductor industry."
About Triant Technologies
Triant Technologies Inc. develops, markets, and supports
equipment health monitoring, advanced fault detection and
sophisticated data analysis technology. Triant provides
innovative APC (Advanced Process Control) software solutions
that help its customers improve the productivity of their
manufacturing equipment and is focused on the application of its
technology primarily to the semiconductor industry and
secondarily to other industries. Triant's core technology is UPM
(Universal Process Modeling), a proprietary advanced
mathematical algorithm that can be used to model the behavior of
any correlated system or process. To address the emerging market
opportunity in the semiconductor industry, Triant has developed
ModelWare, an equipment health monitoring and advanced fault
detection software solution, based on its core UPM technology.
More information about Triant is available via the Internet at
www.triant.com.
About Hynix Semiconductor Inc.
Hynix Semiconductor Inc. designs, manufactures and sells
semiconductor products to a wide range of established,
international customers. Hynix is one of the world's largest
manufacturers of Dynamic Random Access Memory chips, or DRAMs,
the most widely utilized type of memory semiconductor, with a
worldwide market share of 16.6% in 2003 as measured by units. In
addition to DRAMs, Hynix designs, develops and manufactures
other types of memory semiconductors such as Static Random
Access Memory chips (SRAMs) and Flash memory chips. Hynix also
engages in the design and manufacture of System Integrated
Circuits (System ICs) including Application-Specific Solution
Products (ASSPs), which are semiconductor circuits designed to
implement a specific application function and foundry services,
which involve the provision of wafer fabrication services to
semiconductor suppliers and system companies using their
proprietary designs.
SK NETWORKS: Sales Edge Down in May from April
----------------------------------------------
SK Networks Co. said Monday its sales revenue in May dropped
2.45 percent from April to KRW1.04 trillion (US$898 million),
Asia Pulse reports. Operating profit in May increased 10.34
percent from April and 147.33 percent on-year to KRW31.9
billion.
The Company received a huge bailout from lenders late last year
after a deceptive accounting scandal in March 2003 put it on the
brink of bankruptcy.
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Updates Unit's Proposed Disposal Of Capital
------------------------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) proposed disposal of
the entire issued and paid-up share capital of Aktif Lifestyle
Stores Sdn Bhd (ALS) of RM31,000,000 comprising 31,000,000
ordinary shares of RM1.00 each to CP Properties Sdn Bhd (CP
Properties), a wholly-owned subsidiary of lion diversified
Holdings Berhad [formerly known as Chocolate Products (Malaysia)
Berhad] for a nominal cash consideration of RM1.00.
Further to Aktif's announcement dated 18 June 2004, the Board of
Directors of Aktif announce that Aktif and CP Properties have
agreed that following the approval of the Company's shareholders
on 18 June 2004 for the Proposed Disposal, the Proposed Disposal
became unconditional on 18 June 2004 and that the parties have
thirty (30) days from 18 June 2004 to complete the Proposed
Disposal.
The Company will keep the Exchange informed of further
development in due course.
This announcement is dated 21 June 2004.
BESCORP INDUSTRIES: Issues Update On Proposals
----------------------------------------------
Bescorp Industries Berhad (BIB) disclosed to Bursa Malaysia
Securities Berhad an update on the following proposals:
- Proposed share split;
- Proposed share exchange;
- Proposed cash payment;
- Proposed capitalization;
- Proposed conversion of advances;
- Proposed offer for sale;
- Proposed transfer of listing;
- Proposed exemption; and
- Proposed liquidation
Bescorp refers to the announcements made on behalf of the
Company by Commerce International Merchant Bankers Berhad (CIMB)
on 2 July 2003, 13 August 2003, 8 October 2003, 2 December 2003,
1 March 2004 and 31 May 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
(MTDR), 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.
On behalf of BIB, CIMB announces that WCT had on 21 June 2004
informed the Company, that pursuant to the share sale agreement
dated 2 July 2003 entered into between WCTL and MTDR in relation
to the Proposed Acquisition, all approvals of the relevant
authorities/parties for the Proposed Acquisition have been
obtained and the Proposed Acquisition has been duly completed on
18 June 2004.
WCT had also informed the Company that pursuant to a condition
imposed by the Securities Commission via its letter of approval
dated 12 March 2004, in the event that there is a deferred tax
liability provision on the Completion Date, MTDR should pay to
WCTL the deferred tax liability arising from the Proposed
Acquisition.
Accordingly, WCTL and MTDR had on 18 June 2004, mutually agreed
to deduct the deferred tax liability payable by MTDR of
RM2,794,888 against the final balance of the purchase
consideration payable by WCTL of RM12,150,000 and agreed
interest of RM2,000,000 on or before 1 March 2005.
This announcement is dated 21 June 2004.
FABER GROUP: Issues Change In Share Registrar
---------------------------------------------
Faber Group Berhad disclosed to Bursa Malaysia Securities Berhad
that the Company's share registrar i.e. Signet Share
Registration Services Sdn Bhd has changed its address as follows
effective 19 April 2004:
Level 26, Menara Multi-Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Telephone Number: 03-2721 2222
Fax Number: 03-2721 2530 or 03-2721 2531
This announcement is dated 21 June 2004.
FAR EAST: Issues Additional 18,000 Ordinary Shares
--------------------------------------------------
Far East Holdings Berhad announced that an additional 18,000 new
ordinary shares of RM1.00 each issued pursuant to the Employees'
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad effective 9:00 a.m., Thursday,
24 June 2004.
FAR EAST: Shareholders Approve All AGM Resolutions
--------------------------------------------------
Far East Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad that during the Annual General Meeting of Far East on 21
June 2004 the shareholders had approved all the resolutions.
Thank you.
Yours sincerely,
NOOR ANISAH SABARUDIN
METROPLEX BERHAD: Talks With Lenders On Composite Schemes
---------------------------------------------------------
Metroplex Berhad (MB) announced to Bursa Malaysia Securities
Berhad an update on the Restraining Order And Proposed Debt
Restructuring Of The Group.
Metroplex advises Bursa Malaysia that there has been no material
development since our last announcement dated 21 May 2004.
Following the extension of the Restraining Order granted by the
High Court of Malaya, MB is presently still negotiating with its
lenders on the Proposed Composite Schemes of Arrangement. An
announcement will be made to Bursa Malaysia once an agreement
has been reached on this.
This announcement is dated 21 June 2004.
MWE HOLDINGS: Resolutions Approved By Shareholders At AGM
---------------------------------------------------------
The Board of Directors of MWE Holdings Berhad informs Bursa
Malaysia Securities Berhad that at the AGM of the Company held
on Monday, 21 June 2004, all the resolutions including the
following ordinary resolutions transacted as Special Business
have been approved by the shareholders of the Company:
(A) AUTHORITY TO GRANT OPTIONS AND TO ALLOT AND ISSUE SHARES
PURSUANT TO THE EMPLOYEES' SHARE OPTION SCHEME
"That pursuant to Section 132D of the Companies Act, 1965,
approval be and is hereby given to the Directors to offer and
grant options to eligible employees and eligible Directors of
the Company and its subsidiary companies pursuant to the MWE
Holdings Berhad Employees' Share Option Scheme (ESOS) which was
approved at the Extraordinary General Meeting of the Company
held on 20 June 2001, and to allot and issue such new ordinary
shares in the Company from time to time during the duration of
the ESOS to the eligible employees and eligible Directors of the
Group pursuant to their exercise of the options under the ESOS."
(B) AUTHORITY TO ALLOT AND ISSUE SHARES PURSUANT TO SECTION 132D
OF THE COMPANIES ACT, 1965
"That pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby empowered to issue new ordinary
shares in the Company, from time to time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10
percent of the issued and paid-up share capital of the Company
for the time being and the Directors be and are also empowered
to obtain the approval for the listing of and quotation for the
additional new ordinary shares so issued on the Bursa Malaysia
Securities Berhad and that such authority shall continue in
force until the conclusion of the next Annual General Meeting of
the Company."
NAUTICALINK BERHAD: Restraining Order Approved By Court
-------------------------------------------------------
Nauticalink Berhad disclosed to Bursa Malaysia Securities Berhad
that it had on 17 June 2004 announced that the High Court of
Malaya had, on 16 June 2004, granted an approval for the
application for a restraining order pursuant to Section 176 of
the Companies Act, 1965 to the Company for a period of three (3)
months from 16 June 2004 and approval for the court convene
meetings to be held within three (3) months from 16 June 2004.
OILCORP BERHAD: Applies For Notes Issuance To Refinance Units
-------------------------------------------------------------
Oilcorp Berhad disclosed to Bursa Malaysia Securities Berhad
that it has applied to the Securities Commission for issuance of
up to RM70.0 Million Murabahah Underwritten Notes Issuance
Facility/Islamic Medium Term Notes (MUNIF/IMTN).
(1) Introduction
The Board of Directors of OilCorp Berhad (OilCorp) announce that
the Company proposes to undertake a fund raising exercise which
involves the proposed issuance of up to RM70.0 Million Murabahah
Underwritten Notes Issuance Facility / Islamic Medium Term Notes
(UNIF/IMTN).
In relation to the above, the Company has mandated Amanah Short
Deposits Berhad to act as Lead Arranger and Mulpha Capital
Markets Sdn Bhd (MCM) as the Financial Adviser for the Proposal.
(2) Purpose of the Proposal
The purpose of the Proposal is to refinance existing bank
borrowings of the subsidiaries of OilCorp and for capital
expenditure and for working capital requirements of OilCorp and
its subsidiaries (Group). Part of the proceeds from the
MUNIF/IMTN shall also be utilised to pay the fees and expenses
in relation to the MUNIF/IMTN.
(3) Details of the Proposal
The seven (7) year MUNIF/IMTN is proposed to be issued up to a
total nominal amount of RM70.0 million with principal reduction
amounts of RM20.0million in year five (5), RM20.0million in year
six (6) and RM30.0 million in year seven (7) respectively.
(4) Financial Effects
(4.1) Share Capital
The Proposal will not have any effect on the share capital of
OilCorp.
(4.2) Shareholding Structure
The Proposal will not have any effect on the shareholding
structure of OilCorp.
(4.3) Earnings
Save for the upfront fees incidental to the Proposal, the
Proposal is not expected to have any material effect on the
earnings of OilCorp for the financial year ending 31 December
2004.
(4.4) Net Tangible Assets (NTA)
The Proposal is not expected to have any material effect on the
NTA of OilCorp for the financial year ending 31 December 2004.
(5) Regulatory Approvals Required
The Proposal will be conditional upon the approval from the
Securities Commission (SC). A submission seeking for approval in
respect of the MUNIF/IMTN has been made to the SC on 18 June
2004.
(6) Directors and Substantial Shareholders' Interest
None of the following directors and/or substantial shareholders
of OilCorp and/or person connected with them has any interest,
direct or indirect in the Proposal:
(i) Mohamed Hazali bin Tan Sri (Dr) Haji Abu Hassan, a Director
and shareholder of OilCorp;
(ii) Tan Sri Dato' Seri (Dr) Haji Abu Hassan bin Haji Omar, a
Director and shareholder of OilCorp;
(iii) Ng Huat Tian, a Director and major shareholder of OilCorp;
(iv) Ng Huat Chai, a Director and deemed major shareholder of
OilCorp via his brother, Ng Huat Tian;
(v) Pramaddun Holdings Sdn Bhd ("PHSB"), a major shareholder of
OilCorp;
(vi) Haji Ahmad bin Jamaludin, a deemed major shareholder of
OilCorp via PHSB;
(vii) Azaruddin bin Haji Ahmad is a deemed major shareholder of
OilCorp via PHSB. He is the son of Haji Ahmad bin Jamaludin;
(viii) Pua Yow Liang, a Director and shareholder of OilCorp;
(ix) Ir. Ang Choon Hug, a Director and shareholder of OilCorp;
(x) Lee Quat Min, a shareholder of OilCorp;
(xi) Hang Chin Juan, a shareholder of OilCorp; and
(xii) Pey Chee Hian, a shareholder of OilCorp.
(7) Statement by Board of Directors
The Board of Directors of OilCorp, having considered all aspects
of the Proposal, is of the opinion that the Proposal is in the
best interest of the Company and the terms and conditions are
fair and reasonable.
This announcement is dated 21 June 2004.
PICA CORPORATION: Court Extends Restraining Order For 90 Days
-------------------------------------------------------------
Pica (M) Corp. Berhad issues to Bursa Malaysia Securities Berhad
an update on the following proposals:
- Proposed Capital Reconstruction
- Proposed Rights Issue
- Proposed Composite Scheme
- Proposed Special Bumiputera Issue
- Proposed Employee Share Option Scheme
- Proposed Increase in Authorised Share Capital
The Board of Directors of the company wishes to make the
following announcement for public release:
Further to the announcement made by Pica on 2 June 2004, the
Company wishes to announce that the Kuala Lumpur High Court has
extended the restraining order granted to Pica and Pica First
Credit Sdn Bhd under Section 176 of the Companies Act, 1965, for
a further period of 90 days from 21 June 2004 to 21 September
2004.
SEE HUP: Unit Enters Lease Agreement With ORIX
----------------------------------------------
The Board of Directors of See Hup Consolidated Berhad announced
to Bursa Malaysia Securities Berhad that Prosper Power Sdn. Bhd.
(PPSB), a sub-subsidiary of the Company proposes to enter into a
Lease Agreement with ORIX Leasing Malaysia Berhad (ORIX) to
acquire 1 unit of Reconditioned Hitachi UH07-7 Excavator & Iron
Grabble Grip Assemble.
In consideration of the above, See Hup had agreed to provide a
Guarantee and Indemnity of RM111,600-00 in respect of leasing
facilities granted to PPSB for the said acquisition.
As a Guarantor, the Company shall guarantee the due and punctual
payment by PPSB of all sums due under the Leasing Agreements and
the due performance and observance of all PPSB's obligation. The
Company also agreed to indemnify ORIX against all sums that
become payable and against all losses, damages, liabilities,
claims, proceedings (whether civil or criminal), penalties,
actions, fines or other sanctions, judgements, costs and
expenses which may arise in consequence of any failure by PPSB
to perform any of the obligations under the said Leasing
Agreements.
The amount of Guarantee and Indemnity was fixed based on the
amount of leasing facilities granted to PPSB. The said Guarantee
and Indemnity is a security to ORIX for the leasing facilities
granted to PPSB.
The said Guarantee and Indemnity will not have significant
effects on the earnings per share, net tangible assets per
share, share capital and substantial shareholders' shareholding
of the Company for the current financial year.
In the event that PPSB default in its obligation, See Hup will
pay off PPSB's leasing facilities from internally generated
funds.
The said Guarantee and Indemnity is not subject to the approval
of shareholders and any government authorities. The Company is
authorized to provide guarantee under clause 34 of its
Memorandum of Association and that power is vested to the Board
of Directors under Article 112 of its Articles of Association.
The above transaction has not been departed from the Securities
Commission's Policies and Guidelines.
Mr. Ng Kien Soon, a director of PPSB, is deemed to have interest
in the above transaction as he is deemed connected to PP
Logistik (M) Sdn. Bhd. by controlling, directly more than 15% of
the voting shares in PP Logistik (M) Sdn. Bhd.
PP Logistik (M) Sdn. Bhd. is a major shareholder of PPSB,
controlling 46% of the voting shares in PPSB.
Apart from the above, Mr. Lee Hean Huat, Mr. Lee Hean Beng and
Mr. Lee Chor Min, who are the directors of the company are also
the directors of PPSB.
Save as disclosed above, none of the directors and / or major
shareholders and / or person connected with a director or major
shareholder have any interest, direct or indirect, in the
guarantee and indemnity.
The Directors of the Company are of the opinion that the said
Guarantee and Indemnity is in the best interest of the Company
and of the said subsidiary.
Yours faithfully
SEE HUP CONSOLIDATED BERHAD
DATO' LEE HEAN GUAN
Group Managing Director
TANJONG PUBLIC: Receives UCKA Notification
------------------------------------------
Tanjong Public Limited Co. disclosed to Bursa Malaysia
Securities Berhad that it has on 18 June 2004 been notified
under Section 198 of the United Kingdom Companies Act (UCKA):
That Khoo Teik Chooi's interest in the issued share capital of
Tanjong has increased as a result of an exercise by him of an
option to subscribe for 200,000 New Shares of Tanjong of 7.5
pence each (New Shares) on 17 June 2004 at an exercise price of
RM8.05 per share, pursuant to the Tanjong Public Limited Company
Employees' Share Option Scheme No. 2.
Mr. Chooi now has an interest in 30,876,320 shares of 7.5 pence
each in Tanjong representing 7.74 percent of the issued share
capital of Tanjong, as at the date of this notification.
For details of Notification, please refer to Annexure A.
http://bankrupt.com/misc/tanjongpublic062104.doc
Section 324 of the UKCA
Tanjong also announces that the Company has also on 18 June 2004
been notified under Section 324 of the UKCA:
That Khoo Teik Chooi, a Director of the Company has exercised an
option to subscribe for 200,000 new shares of Tanjong of 7.5
pence each (New Shares) on 17 June 2004 at an exercise price of
RM8.05 per share pursuant to the Tanjong Public Limited Company
Employees' Share Option Scheme No. 2. He now has an interest in
30,876,320 shares of 7.5 pence each in Tanjong representing 7.74
percent of the issued share capital of Tanjong, as at the date
of this notification.
For details of Notification, please refer to Annexure B.
http://bankrupt.com/misc/tanjongpublic062104_2.doc
TANJONG PUBLIC: Details First Interim Gross Dividend
----------------------------------------------------
Tanjong Public Ltd. Co. informs Bursa Malaysia Securities Berhad
of the company's first interim gross dividend of 8 sen per share
less 28 percent Malaysian income tax.
Kindly be advised of the following:
(1) The above Company's securities will be traded and quoted
(Ex-Dividend) as from: (18 August 2004)
(2) The last date of lodgement: (20 August 2004)
3) Date Payable: (17 September 2004)
WCT ENGINEERING: Issues Update On Unit's Proposed Acquisition
-------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, WCT
Engineering announced that the proposed acquisition by WCT Land
Berhad (formerly known as WCT Realty Sdn Bhd) (WCTL), a wholly-
owned subsidiary of WCT from MTD Realty Sdn Bhd (MTDR), a
wholly-owned subsidiary of Mtd Capital Bhd, of 2,500,000
ordinary shares of RM1.00 each in Labur Bina Sdn Berhad (LBSB),
representing the balance 50 percent equity interest in LBSB, not
already owned by WCTL, for a total cash consideration of
RM48,900,000.
WCT Engineering refers to the announcements made on behalf of
the Company by Commerce International Merchant Bankers Berhad
(CIMB) on 2 July 2003, 13 August 2003, 8 October 2003, 2
December 2003, 1 March 2004 and 5 April 2004 and the
announcement made by the Company on 31 May 2004 in relation to
the Proposed Acquisition.
Pursuant to the share sale agreement dated 2 July 2003 entered
into between WCTL and MTDR in relation to the Proposed
Acquisition, on behalf of WCT, CIMB announces that all approvals
of the relevant authorities/parties for the Proposed Acquisition
have been obtained and the Proposed Acquisition has been duly
completed on 18 June 2004.
The company also refers to the announcement made on behalf of
the Company by CIMB on 5 April 2004, wherein, the Securities
Commission had vide its letter dated 12 March 2004, approved the
Proposed Acquisition on the condition that in the event that
there is a deferred tax liability provision on the Completion
Date, MTDR shall pay to WCTL the deferred tax liability arising
from the Proposed Acquisition.
In this respect, on behalf of the Company, CIMB announces that
WCTL and MTDR had on 18 June 2004 mutually agreed to deduct the
deferred tax liability payable by MTDR of RM2,794,888 against
the final balance of the purchase consideration payable by WCTL
of RM12,150,000 and agreed interest of RM2,000,000 on or before
1 March 2005.
This announcement is dated 21 June 2004.
=====================
P H I L I P P I N E S
=====================
BACNOTAN CONSOLIDATED: Settles Convertible Bonds Due On June 21
---------------------------------------------------------------
Bacnotan Consolidated Industries Inc. informed the Philippine
Stock Exchange that the 5 and one half percent Convertible Bonds
with total outstanding principal amount of US$51,609,000 matured
on Monday, June 21, 2004. The corporation has deposited with
the trustee, The Bank of New York, funds required to discharge
the entire obligation. All conditions for the satisfaction and
discharge of the related Indenture executed on June 21, 1994
between the Corporation and the Bank of New York have been
complied with.
The Convertible Bonds have been carried in the books of the
Corporation at the redemption amount of PhP1,402,526,184.00
using a fixed exchange rate of PhP27.176 for every US$1.00.
Contact:
Bacnotan Consolidated Industries
Phinma Plaza-Level 12
39 Plaza Drive, Rockwell Center
Makati City 1200
Telephone Number: 870-0100
Fax Number: 870-0456
Email Address: rapandrada@phinma.com.ph
MAYNILAD WATER: SC Allows MWSS To Draw On Performance Bond
----------------------------------------------------------
The Supreme Court has granted state agency Metropolitan
Waterworks and Sewerage System's petition to draw US$98.2
million from the US$120 million performance bond of Maynilad
Water Services Inc., AFX-ASIA reports citing Supreme Court
spokesman Ismael Khan.
The MWSS is collecting US$98.2 million from a consortium of
foreign banks that provided an "irrevocable standby letter of
creditor" of US$120 million on behalf of Maynilad. The bond was
intended to ensure Maynilad's full and prompt settlement of its
obligation under the concession agreement it signed with MWSS in
1997.
Mr. Khan said the decision overturned the Quezon City Regional
Trial Court's ruling on November 2003 to stop MWSS from tapping
the performance bond to partly pay for Maynilad's unpaid
concession fees worth PhP8 billion.
"Basically, the Supreme Court simply said that the QC Regional
Trial Court did not have any jurisdiction to pass on these
issues because they would be outside the ambit of the interim
rules of corporate rehabilitation," Mr. Khan said in a
television interview.
"So in effect, once you have this kind of arrangement with a
bank that undertakes to assume a primary and solidary obligation
with a principal debtor, that in effect would be outside the
jurisdiction of any rehabilitation court."
Even though the court's decision is for immediate execution, no
statement says that the decision is final, and losing parties
will have time to file for an appeal since the bond performance
would expire on July 30, said Mr. Khan.
Maynilad pre-terminated its 25-year concession agreement with
MWSS in late 2002 after failing to win approval for rate
increases, for the reason that the government failed to comply
with the terms of the concession agreement.
NATIONAL STEEL: DTI To Help Convince Danaharta To Approve Sale
--------------------------------------------------------------
The Department of Trade and Industry (DTI) would send a team to
Malaysia to help convince the Malaysian stakeholder of National
Steel Corporation (NSC) to grant the sale of NSC to Indian-owned
Global Infrastructure Holdings, Ltd., Yehey Finance reports,
citing a source at the DTI.
The team, the composition of which still has to be announced,
would be accompanied by lawyer Danilo L. Concepcion, the NSC
liquidator appointed by the Securities and Exchange Commission,
during its talks with Malaysia's national asset management
company, Pengurusan Danaharta Nasional Berhad.
Mr. Concepcion was at the DTI last week to solicit support from
Trade and Industry Secretary Cesar A.V. Purisima. Mr. Purisima
told reporters earlier that it should be Mr. Concepcion, as
conservator, who must take the lead role in appeasing Danaharta.
Danaharta expressed its objection last month in a fax letter
addressed to the Philippine National Bank, NSC's biggest
creditor. The company used to own about 90 percent of NSC after
taking over from Hottick Investments, Ltd., which failed to
support NSC's PhP12-billion debt.
However, Danaharta's stake was diluted to 20 percent under a
debt restructuring agreement with creditor-banks. Its US$700-
million investment in the steel firm was also reduced to only
US$40 million.
Land Bank of the Philippines, another creditor bank of NSC, said
that Danaharta had no legal right to oppose the sale under a
previously signed memorandum of agreement, since NSC would be
sold for more than 80 percent of its appraised value.
Global Infrastructure Holdings Ltd. a unit of Ispat Industries,
Ltd., which owns one of India's biggest private steel
operations, won the bid for NSC at PhP13.25 billion. The sale
was supposed to be concluded last April 28, but the lack of
certain documents needed to close the deal prompted the creditor
banks and Global to extend the timetable by 90 days.
NEGROS NAVIGATION: New Receiver a Member of Creditor's Board
------------------------------------------------------------
The newly-appointed receiver of Negros Navigation Co. Inc.
(Nenaco) Monico V. Jacob admitted that he is a member of the
board of directors of Bank of Commerce (Bancom), one of Nenaco's
creditors, the Manila Times reports.
Mr. Jacob submitted a three-page manifestation to the Manila
Regional Trial Court admitting that he assumed the position as a
director of Bancom in May 2004. He only learned of Bancom's
involvement with Nenaco after reading the rehab petition filed
by the latter.
"In spite of the foregoing, the undersigned (Jacob) is of the
view that he will be able to carry out his duties and
responsibilities as rehabilitation receiver of petitioner
[Nenaco] without any bias in favor of Bank of Commerce, and
against the other creditors," the manifestation read.
Mr. Jacob explained that Nenaco's proposed rehabilitation plan
shows that secured creditors, including Bancom, would be treated
equally. Nenaco's obligation to Bancom is only five percent or
PhP127.7 million of the firm's total debt of PhP2.424 billion.
"Giving any creditor undue preference over the other creditors
is illegal and prohibited by the provisions of the Interim rules
of Procedure on Corporate Rehabilitation," Mr. Jacob said.
"Furthermore, the rehabilitation receiver is mainly for
verification and preservation of the assets of petitioner, and
his comments on the proposed rehabilitation plan are only
recommendatory, such that it is still this Honorable Court which
will ultimately decide if petitioner can be rehabilitated
pursuant to the proposed rehabilitation plan," the petition
read.
Judge Artemio Tipon of Manila RTC Branch 46 appointed Atty.
Jacob in place of former receiver Sulficio O. Tagud, after
failing to disclose his previous involvement with Fort Bonifacio
Land Corp., which is owned by a consortium that includes Metro
Pacific Corp, which in turn controls about 85 percent of Nenaco.
Under the Interim Rules of Procedure on Corporate
Rehabilitation, a rehab receiver must have no conflict of
interest. There is a conflict of interest if the receiver was
within 2 years from the filing of the petition a director,
officer, or employee of the debtor or any of its presents
creditors, or the auditor or accountant of the debtor, according
to the Manila Times report.
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
NEGROS NAVIGATION: Parent Issues Clarification To News Article
--------------------------------------------------------------
Metro Pacific Corp. issued to the Philippine Stock Exchange a
clarification of the news article entitled "Nenaco revamp
coming" published in the June 19, 2004 issue of the Manila
Standard. The article reported that:
"Metor Pacific Corp. (MPC) will implement a top-to-bottom
overhaul of its subsidiary, Negros Navigation Co. (Nenaco), to
make it profitable for the first time since acquiring it in
1998. MPC President and Chief Executive Officer, Jose Maria Lim
said the holding firm was extremely disappointed with the recent
events at Nenaco.' Mr. Lim told MPC stockholders during Monday's
annual meeting that management had given Nenaco some leeway to
recoup its losses, to no avail.
'The reorganization will be implemented during the third quarter
of this year. MPC is already interviewing people. By the end
of the month, the company will already have a shortlist,' the
source said.
MPC meanwhile plans to pay PhP1.5 billion of its debt by the end
of the year. Mr. Lim said MPC will then seek fresh cash
amounting to some PhP500 to bankroll the holding company's
various projects."
Metro Pacific Corporation confirms the complete content of the
article. Presently, Metro Pacific is engaged in an extensive
planning effort for a reorganization of Negros Navigation
Company, which it intends to implement sometime during the third
quarter of this year.
Separately, Metro Pacific confirms that it intends to pay down
or restructure into longer-term maturities, the remaining
PhP1.5billion to fund various projects, however stresses that no
timetable nor mechanism for such a fundraising effort has been
determined."
NEXSTAGE INCORPORATED: SEC Approves Equity Restructuring
--------------------------------------------------------
This in reference to Circular for Brokers Number 4127-2003 dated
December 30, 2003, in connection with the approval by the
Securities and Exchange Commission (SEC) on December 22, 2003 of
the Amended Articles of Incorporation of Nextstage Inc. (NXT)
pertaining to its quasi-reorganization.
In relation thereto, the corporation in a letter to the
Philippine Stock Exchange dated June 21, 2004, further advised
that:
"In a Certificate of Approval of Equity Restructuring dated June
17, 2004, the Securities and Exchange Commission approved the
corporation's request to undergo equity restructuring to wipe
out a portion of the corporation's deficit as of December 2003
amounting to PhP74,282,135.00 by applying the remaining
Additional Paid-in capital of PhP32,049,701.00 thereto.
A copy of the aforementioned Certificate is attached hereto."
http://bankrupt.com/misc/nextstage062204.pdf
PHILIPPINE LONG: Mitsuhiro Takase Resigns As Company Director
-------------------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) disclosed to
the Philippine Stock Exchange that Mr. Mitsuhiro Takase tendered
his resignation from his directorship in the company effective
at the close of business on June 21, 2004.
The resignation of Mr. Mitsuhiro Takase is not expected to have
any significant impact on the company's current of future
operations, financial position or results of operation.
Pursuant to the requirements of the Securities Regulation Code,
the company has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
Contact:
Nextstage Inc.
1004 Centerpoint Building
Julio Vargas Avenue
Corner Garnet Road
Ortigas Center, Pasig City
Telephone Numbers: 887-1111 to 1118
Fax Number: 887-1119
Email Address: jbsfernandez@nextstagegroup.com
PILIPINO TELEPHONE: Issues News Article Clarification
-----------------------------------------------------
Pilipino Telephone Corporation disclosed to the Philippine Stock
Exchange a clarification to the news article entitled "Piltel
seen to exceed PhP400 million profit target for 2004" published
in the June 21, 2004 issue of the Philippine Daily Inquirer.
The article reported that:
"Pilipino Telephone Corporation is likely to exceed its net
profit forecast of PhP402 million this year once the company
gets a bigger share of the revenue that is being split evenly
with sister firm Smart Communications Inc.
Manuel Pangilinan, chair of Pitel parent firm Philippine Long
Distance Telephone Co., said that the group was crunching some
numbers to see how much of the 50-50 revenue sharing between
Piltel and Smart could change, and how the changes would affect
the group. 'Piltel's profits are going to go up as a result, and
even exceed what was earlier forecast,' Mr. Pangilinan said.
'It would exceed PhP400 million (this year). Smart's income
could be affected. But the net effect is the same because Smart
is going to own 92 percent of Piltel eventually. Piltel has
forecast a PhP402 million in net income this year on revenues of
PhP5.79 billion. Profits are projected to increase to PhP739
million next year, and PhP1.08 billion in 2006, on the back of
sustained increase in revenues from a steadily increasing
subscriber base."
"In the first quarter of 2004, Piltel posted a net income of
PhP8.2 million. Piltel's net income is particularly sensitive to
fluctuations in foreign exchange rates, particularly those of
the US Dollar and the Japanese Yen, as approximately eighty
percent of Piltel's debts are denominated in these currencies
and any revaluation in the peso's position against these
currencies flow directly to the company's bottom line. As a
result, it is difficult to accurately forecast Piltel's 2004 net
income since Peso's appreciation/depreciation is a variable out
of the company's control. In addition, the company's performance
is highly dependent on the continued growth of its subscriber
base and the movement in handset prices."
On the matters relating to changes in the company's revenue-
sharing agreement with Smart Communications Inc., the company
believes it is premature at this point to speculate on the
nature of those changes. As Mr. Pangilinan said, the Group is
still 'crunching numbers to see how much of the 50-50 revenue
between Smart and Piltel could change and how the changes would
affect the Group."
Contact:
Pilipino Telephone Corp.
25/F, Smart Tower
6799 Ayala Ave., Makati City
Telephone Numbers: 511-6121/6241
Fax Number: 817-3345
Email Address: dntan@smart.com.ph
=================
S I N G A P O R E
=================
GT ENG: Issues Dividend Notice
------------------------------
G T Eng Engineering Construction Pte Ltd issued a notice of
dividend.
Address of Registered Office: Formerly of 2 Jurong East Coast
Street 21 #01-27 IMM Building
Singapore 609601.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 101 of 1997.
Amount Per Centum: 34.13%.
First and Final or Otherwise: First and Final Dividend.
When Payable: June 2004.
Where payable: the Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
MOEY WENG FOO
Assistant Official Receiver.
This Singapore Government Gazette announcement is dated June 18,
2004.
INTERNET APPLIANCE: Issues Dividend Notice
------------------------------------------
Internet Appliance Pte Ltd issued a notice of Intended dividend.
Address of Registered Office: Formerly of 31 Khaki Bukit Road 3
#06-04/05 Techlink
Singapore 417818.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 600190 of 2001.
Last day of Receiving Proofs: July 2, 2004.
Name and Address of Liquidator: the Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
TOH HWEE LIAN
Senior Assistant Official Receiver.
This Singapore Government Gazette announcement is dated June 18,
2004.
JACKSON PILING: Issues Notice of Intended Preferential Payment
--------------------------------------------------------------
Jackson Piling & Civil Engineering Construction Pte Ltd (In
Liquidation) issued a Notice of Intended Preferential Payment.
Address of Registered Office: c/o The Liquidator's Office.
Last day for receiving Proofs: July 15, 2004.
Name of Liquidator: Mr. Don M. Ho, CPA.
Name of Liquidator: Mr. Don Ho & Associates
Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.
This Singapore Government Gazette Announcement is dated June 16,
2004.
LEKIM TEXTILE: Winding Up Order Made
------------------------------------
In the matter of Lekim Textile Industries Private Limited, a
Winding Up order was made on June 11, 2004.
Name and address of Liquidator: The Official Receiver
The Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road, #06-11
Singapore 069118
Messrs HARIDASS HO & PARTNERS
Solicitors for the Petitioner.
Note:
(1) All creditors of the above named company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.
(2) All debts due to the above named company should be forwarded
to the liquidator.
This Singapore Government Gazette announcement is dated June 18,
2004.
LONGHOUSE THOMSON: Winding Up Order Made
----------------------------------------
In the matter of Longhouse Thomson Pte Ltd., a winding Up order
was made on June 11, 2004.
Name and address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Messrs LOOI & CO
Solicitors for the Petitioners.
This Singapore Government Gazette announcement is dated June 18,
2004.
NAJD SHIPPING: Issues Dividend Notice
-------------------------------------
Najd Shipping (S) Pte Ltd issued a Notice of Intended dividend.
Address of Registered Office: Formerly of 50 Telok Blangah Road
#02-04
Singapore 098828.
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 91 of 1993.
Last day of Receiving Proofs: July 2, 2004.
Name and Address of Liquidator: the Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
MOEY WENG FOO
Assistant Official Receiver.
This Singapore Government Gazette announcement is dated June 18,
2004.
OCC LAND: Issues Notice of Final Meeting
----------------------------------------
A Final Meeting of OCC Land Private Ltd will be held at 1 Scotts
Road, #21-07/08/09 Shaw Centre, Singapore 228208 on July 19,
2004 at 10:00 a.m. for the purposes as stated in Section 308 of
the Companies Act, Cap.50.
MADAM CHIA LAY BENG
MR. LOK LAI CHENG
Liquidators.
This Singapore Government Gazette Announcement is dated June 18,
2004.
===============
T H A I L A N D
===============
THAI PETROCHEMICAL: Sets Conditions To Interested Investors
-----------------------------------------------------------
Thai Petrochemical Industry Plc. founder Prachai Leophairatana,
said PTT and other investors interested in buying into the
company must pay more than double the share price, grant him
management control and give him rights to repurchase the shares,
Business Day reports.
"I'm not against selling a 30 percent stake to PTT, but it
depends on conditions," said Mr. Prachai. "The shares should be
bought at 20 baht apiece and I should be able to buy them back
in four years. I must have authority over management."
Last week, Finance Minister Somkid Jatusripitak said that PTT is
interested in buying a 30 percent stake in TPI. PTT's chief
executive officer Prasert Bunsamphan said last week the company
is going to study the process on how to buy some of TPI's stake.
According to the Business Day report, Mr. Prachai opposes any
move to write-off the existing shareholders, and stressed that
he prefers to negotiate with PTT on a stake-holding deal if it
agrees to hold only a 30 percent stake in TPI.
Mr. Prachai challenged the plan of TPI creditors, which includes
Bangkok Bank Plc and German Development Bank KfW, that allows
creditors to hold a 90 percent stake in TPI, leaving the
existing shareholders to hold the remainder and allows creditors
to sell the shares to a strategic partner in the future.
TPI, with a total debt of about US$2.9 billion, has been
undergoing various debt restructuring processes. The company's
latest debt managers were put in place by the Ministry of
Finance.
TUNTEX: Court Issues Order To Postpone Submission Of Rehab Plan
---------------------------------------------------------------
The Central Bankruptcy Court has issued an order to allow Tuntex
(Thailand) PCL as its planner to postpone the schedule of
submission of the business rehabilitation plan to June 20, 2004.
Tuntex informs the Stock Exchange of Thailand (SET) that it has
already dispatched the plan to the official receiver on June 21,
2004. Now the official receiver is going to call for the meeting
among the creditors to consider and give the resolution on the
plan in question.
The company will inform the SET for any progress.
Sincerely yours,
Yang, Jin Tuu
Director and General Manager
*********
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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