/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040726.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, July 26, 2004, Vol. 7, No. 146 Headlines A U S T R A L I A ADSTEAM MARINE: Sells U.S. Fuel Business to Crowley Marine GYMPIE GOLD: Creditors Meeting Set for July 28 LEWINGTONS TRANSPORT: New Owner Expects a Difficult Year NATIONAL AUSTRALIA: Issues HK$156 Million Fixed-Rate Notes NYLEX LIMITED: Forecasts Net Profit for FY2005 QANTAS AIRWAYS: Jetstar Offers 200,000 Seats From A$39 One-Way SANTOS LIMITED: Second Quarter Revenue Falls C H I N A & H O N G K O N G ASIA-STEEL.COM LIMITED: Court Hears Winding Up Petition CHINA CONSTRUCTION: Issues HKD100M CDs Due 2007 DAEDALUS INDUSTRIES: Holds Final Meeting FAN WING: Enters Winding Up Proceedings I-CHINA HOLDINGS: Changes Registered Office Address LAI SUN: Postpones Dispatch of Circular with eSun MARKS TRADING: Winding Up Hearing Set August 11 PACIFIC CENTURY: Net Loss Swells to HKD142M TEEM FOUNDATION: Posts HKD15M Net Loss I N D O N E S I A ASIA PULP: To Postpone Debt Work-Out Vote BANK PERMATA: Thirty-two Investors Eye Stake MERPATI NUSANTARA: Government Seeks Aid for Privatization Plan J A P A N JAPAN AIRLINES: To Stick With Profit Outlook This Year MITSUBISHI MOTORS: H1 to Sept Domestic Output to Fall 21% MITSUBISHI MOTORS: Issues Current Status of Recalls MITSUBISHI MOTORS: Unveils Result of Ethics Committee Meeting MITSUBISHI MOTORS: Ethics Committee Chairman Issues Statement MITSUBISHI MOTORS: May Sell U.S. Financial Unit SOJITZ CORPORATION: To Seek Up to JPY300B in Bank Aid K O R E A HANBO IRON: Workers Strike Ahead Of End-July Sale HYNIX SEMICONDUCTOR: Shareholders OK Sale of Non-Memory Ops KOOKMIN BANK: Analysts Predict 2Q04 US$117Mln Profit SSANGYONG MOTOR: Shanghai Automotive Picked As Prime Bidder M A L A Y S I A ANCOM BERHAD: Purchases 4,000 Ordinary Shares on Buy Back BOUSTEAD HOLDINGS: Issues Additional 49,000 Ordinary Shares FABER GROUP: Issues Notice On Meeting of 2000/2005 Bondholders FEDERAL FURNITURE: Issues Update on Proposals FERRYLINK SHIPPING: Placed Under Creditor's Voluntary Winding Up HAP SENG: BMSB Grants Listing of 20,000 New Ordinary Shares HARBOUR LINK: Details Incorporation of Associate Company INTEGRATED RUBBER: Completes Share Sale Agreement With Chip Lam INTEGRATED RUBBER: Appoints New Audit Committee Member INTEGRATED RUBBER: Issues Information On Director's Resignation KEMAYAN CORPORATION: Court Adjourns Hearing on Case Against MBSB LANKHORST PANCABUMI: Parent Issues Update On Winding Up Petition LONG HUAT: Updates Restructuring Scheme PERNAS INTERNATIONAL: Issues Update On Proposals SRI HARTAMAS: Updates Creditors' Voluntary Winding Up Petition P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: Eyes 300,000 Subscribers In 3 Years NATIONAL POWER: May Seek To Hike Rates Due to PPCA Losses NATIONAL POWER: Settles 8-Year Row With Philippine Geothermal NEGROS NAVIGATION: Issues Clarification of News Article S I N G A P O R E CHARTERED SEMICONDUCTOR: Posts Q2 Net Profit FAIRDON ENTERPRISES: Releases Intended Dividend Notice FUNAI ELECTRIC: Issues Notice of Second and Final Dividend GOODMIX INVESTMENT: Enters Winding Up Proceedings INFORMATICS HOLDINGS: PWC Vindicates Audit Committee INFORMATICS HOLDINGS: Releases PWC Report INFORMATICS HOLDINGS: Posts Announcement from Shareholders KGD ASSOCIATES: Court Hearing Winding Up Petition PACIFIC RIM: Holds Final Meeting on August 30 T H A I L A N D NATIONAL FERTILIZER: Changes Name to NFC Fertilizer PCL THAI PETROCHEMICAL: MoF Says Stake Purchase Would Benefit PTT - - - - - - - - ================= A U S T R A L I A ================= ADSTEAM MARINE: Sells U.S. Fuel Business to Crowley Marine ---------------------------------------------------------- Adsteam Marine Limited announced that Northland Fuel LLC (in which Adsteam Marine has a 55% interest) has signed an agreement for the sale of its fuel business to Crowley Marine Services, Inc., a subsidiary of Crowley Maritime Corporation. In a company press release, Northland Fuel's fuel business is made up of Yukon Fuel Company (a marine-based fuel distribution business) based in Anchorage, Alaska and Service Oil & Gas (a land-based fuel distribution business) based in Glennallen, Alaska. Sale of the fuel business to Crowley Marine has been subject to an antitrust review by the State of Alaska Attorney General. This review is complete and the parties have entered into a Consent Decree with the State of Alaska that details the terms under which the sale can proceed to closing. The Consent Decree was filed with an Alaskan court on Friday and is subject to a 60-day period for public comment. Closing of the transaction is dependent upon approval of the Consent Decree by the court following this period. The sale agreement includes conditions to closing which are customary in a transaction of this nature, including the mandatory US federal antitrust review period and a further condition that the Consent Decree, in its current form, be approved by the court. Closing of the transaction is scheduled to take place as soon as practical after the conditions to closing have been satisfied. Proceeds from the sale of the fuel business and the residual Northland assets are expected to approximate the current book value of approximately A$56 million. Proceeds from the sale will be used to repay borrowings. John Moller, Managing Director of Adsteam Marine said, "Closing the sale of the US fuel business will complete our exit from the operating businesses in North America. "This is the final step in our plan to divest non-core businesses, announced in May 2003 as part of the company's business transformation program. "The business transformation program is delivering a fit business so we can focus on where future ship assist opportunities might arise," he said. After closing the sale of the fuel business, Adsteam Marine will retain its interest in the real estate assets, which were excluded from the sale of the Northland businesses. The properties are being actively marketed for sale. For further information, please contact: John Moller Managing Director Adsteam Marine Limited 02 9369 9200 Dominic Smith General Counsel & Company Secretary Adsteam Marine Limited 02 9369 9200 Paula Wilson Manager, Corporate Communications Adsteam Marine Limited 02 9369 9257 / 0419 489959 GYMPIE GOLD: Creditors Meeting Set for July 28 ---------------------------------------------- The second creditors meeting of Gympie Gold Limited (In Voluntary Administration), which was adjourned on 2 June, is scheduled to continue at 11 a.m. on Wednesday 28 July 2004, at the same venue, the Auditorium, 10 Shelley St, Sydney NSW 2000. At this meeting, creditors will be asked to vote on the future of the company as set out in the original Notice of meeting, to elect committees of inspection and to consider approving additional Administrators' remuneration. Options available to creditors Under the Voluntary Administration process, creditors may vote on one of the following options for the future of a company in Administration: 1) The Administration of the company should end; 2) The company should enter into a Deed of Company Arrangement (DOCA); or 3) To liquidate the company. PROPOSALS FOR A DEED OF COMPANY ARRANGEMENT (DOCA) The second meetings of creditors were adjourned to allow further time for proposals for a DOCA to emerge, in particular from the sale processes of the gold and coal assets being undertaken by the Receivers and Managers. However, since the adjournment of the second meeting of creditors we have not received any DOCA proposals from potential purchasers of those assets. The Company has investigated the possibility of the sale of the listed company shell of Gympie Gold Limited, which would require a DOCA to enable the shell to be used for another purpose. We have received a proposal to effectively sell the GGL shell for $500,000. However, amongst other conditions, such a proposal requires the approval of the bank consortium as first ranking secured creditor and the release of an appropriate asset from the consortium's security to satisfy ASX requirements. That approval has not been provided and without it the DOCA proposal cannot proceed. UPDATE REGARDING THE RECEIVERSHIP Further to the matters noted in our report to creditors dated 26 May 2004, we do not have sufficient information on potential asset realization values to provide creditors with an update on the likelihood of surplus funds becoming available after payment of the first ranking secured creditors. The Company understands that the Receivers and Managers expect to finalize the sale of the Group's gold assets within the next two weeks or so. Sale of the Southland Colliery will likely take at least a further two months. A proposal for a DOCA arising from these asset sales is considered highly unlikely at this stage. The Receivers and Managers have not provided indicative values for commercial reasons but are not confident those sales will clear the first ranking secured creditors' claims. The Receivers and Managers are also continuing to actively pursue insurance claims in relation to the Southland Colliery fire but to date indemnity for the loss has not been admitted and the claims are likely to take considerable time to pursue. ADMINISTRATORS' OPINION As at the date of this report, the Administrators have not received proposals for a DOCA for SM, SC or GEGM, and the proposal for GGL has conditions, which cannot be satisfied. As such, the Administrators cannot recommend any DOCA proposal to creditors. It is inappropriate for the administration to end whilst the companies remain insolvent. Therefore, in the absence of a DOCA, the only appropriate action is that the companies be wound up. CHANGE OF CONTACT DETAILS Effective 1 July 2004, the Corporate Recovery division of KPMG separated to form an independent entity, McGrathNicol+Partners. Please note the revised contact details. Creditors who wish to discuss any aspects of the above should please contact Nick Lawry or Chania Rodwell of our staff on (02) 9338 2635 or (02) 9338 2657. MC Smith JD Hayes Administrators LEWINGTONS TRANSPORT: New Owner Expects a Difficult Year -------------------------------------------------------- Ron Finemore Transport Pty Ltd expects that the next twelve months would be difficult for its newly acquired Lewingtons Transport group, ABC Online reports. The livestock and freight transporter went into receivership in February with debts of more than $40 million, but the new owner expects most of its debts to be written off. Lewingtons, which has 260 employees, has more than $30 million in assets and an annual turnover of $45-$50 million. The company is the largest livestock carrier in Australia. NATIONAL AUSTRALIA: Issues HK$156 Million Fixed-Rate Notes ---------------------------------------------------------- National Australia Bank Limited is offering HK$156 million of fixed-rate notes due 2006, Dow Jones Newswires reports, citing lead manager HSBC. Terms for the issue are as follows: Amount: HK$156 million Maturity: July 26, 2006 Coupon: 2.37% per annum Issue Price: 100% Redemption: 100% Payment date: July 26, 2004 Denominations: HK$1 million Listing: None Interest is payable annually. CONTACT: National Australia Bank Limited Fl. 24, 500 Bourke St. Melbourne, 3000, Australia Phone: +61-3-8641-4200 Fax: +61-3-8641-4927 http://www.national.com.au NYLEX LIMITED: Forecasts Net Profit for FY2005 ---------------------------------------------- Nylex Limited, in a press release, forecasts a net profit for fiscal year 2005 and closes the chapter of its major restructuring program. 2005 EARNINGS FORECAST Directors of Nylex Limited have forecast the group's net profit before tax (NPBT) to be between $21 million and $23 million for the FY2004/5 financial year with Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of $54.0 million to $57.0 million. Directors expect that post the scheduled conversion of the Mandatory Converting Notes (MCNs) in October the FY2005 forecasted earnings would result in Earnings Per Share (EPS) in the range of 1.75 cents to 1.9 cents, on the enlarged capital base of 825 million shares. On a comparable business basis, forecast FY2004/5 EBIT will represent a 15% increase over the FY2003/4 EBIT excluding non- recurring items. FINAL ASSET WRITEDOWNS In making these forecasts, Nylex's directors have flagged the formal end of the group's restructuring program with the FY2003/4 results, expected to be able to be announced in mid August, to include all write downs, losses and provisions needed to close out the program. Directors expect that the results for all foreseeable future periods will include no material net asset-related write-downs, provisions or losses. In fact, the directors are of the view that there is now significant "hidden value" in the Nylex balance sheet, including the following: 1) AH Plant net book value at $43.5 million, versus forecast FY2004/5 EBITDA of $20 million. 2) The Esky brand name is carried at nil value; and 3) The Nylex brand name is carried at only $4 million. SIGNIFICANT ITEMS IN FY2004 RESULT To facilitate the final phase of the restructuring program, additional charges and write-downs at June 2004 of approximately $69M are forecast to be to be included in the full year results at June 2004. The major elements are: 1) Planned manufacturing exits, redundancy, surplus lease space and remediation: $46M 2) Recoverable amount write downs on planned divestments: $23M These amounts are in addition to the $32.3M of non-recurring write downs taken at December 2003. Directors are forecasting a full year loss before tax of between $90 million to $91 million inclusive of all charges and write- downs. EVERY BUSINESS WILL BE A GOOD BUSINESS Going forward, Nylex's core strategic strengths will be: 1) Higher profit margins across all businesses. 2) Reduced manufacturing cost base. 3) Growth through strong brand-oriented product ranges in growing markets. Nylex will be organized into three major divisions: Plant Hire, Consumer Products, and Industrial Products. These divisions are each forecasted to meet the company's return on investment and growth targets, the achievement of which will generate significant future growth in shareholder value. Industrial Products will comprise four business units: Waste, Water, Decorative and Automotive. The new structure will considerably reduce Nylex's exposure to domestic manufacturing activities and the automotive industry both of which have been burdens in respect to profitability and cash generation. The FY2004/5 result is projected to see cash generation from operations in the order of $41.0 million. Net capital expenditure, while planned at some $25 million, will remain under critical review. Bank debt stood at $150 million at June 30, 2004, a significant reduction from $331 million at the end of the FY2002/3. The debt level is expected to fall to less than $100 million by the end of FY2004/5 depending on the company's success in acquiring strategic bolt-on businesses and divesting the remaining non- core operations. CONCLUSION Managing Director, Glen Casey said the end to the restructuring process sees us focusing on growth markets such as water, waste and plant hire and the promotion of innovative products under our major brands in the Consumer Products Division. Mr. Casey also announced the expected launch of Nylex's new and innovative water conservation products in the next three weeks. This will be the subject of a separate announcement. For Further Information: Glen Casey Managing Director & Chief Executive (613) 9533 9333 Tim Allerton City PR (612) 9267 4511 QANTAS AIRWAYS: Jetstar Offers 200,000 Seats From A$39 One-Way -------------------------------------------------------------- Qantas Airways Ltd.'s discount carrier Jetstar announced a new offer of 200,000 seats for on-line sale on selected routes starting from $39 one-way. According to a press release, the flight offer is available from 23 July by booking on the airline's website, at jetstar.com until midnight 28 July, or they sell out, whichever comes first. Tickets are for travel on Jetstar between 24 July and 30 November 2004. The offer includes price points for one-way fares on Jetstar from $39 on selected routes across the carrier's existing network. Jetstar CEO, Mr. Alan Joyce, said the offer again demonstrates the position Jetstar has taken as a low fare leader in the Australian domestic market since its launch almost two months ago. Mr. Joyce said the offer is part of Jetstar's ongoing approach to ensure highly affordable fares are being made available and promoted to the traveling public. TV, radio, print and on-line advertising will promote the offer commencing this weekend. "We are an airline committed to making air travel accessible to more Australians, by continuing to offer affordable fares which will encourage more people to fly more often," Mr. Joyce said. "Earlier this week, Jetstar carried its 500,000th passenger and commenced operating two of a new fleet of 177 seat-configured Airbus A320 aircraft. Our fleet will grow to 23 aircraft by mid 2005. "These points reflect the steady progress Jetstar has made since launching into Australian skies. "The availability of these affordable fares will allow even more Australians and other travelers the opportunity to sample the experience of flying Jetstar on either our fleet of Boeing 717 or progressively growing A320 fleet". Online bookings at jetstar.com can be made via direct payment from the user's Internet bank account or via credit card. An additional $2 per passenger per flight will be applied to fares paid by credit card or charge card. $10 extra will be charged for bookings through Jetstar Telephone Reservations on 131 538. Travel agents may sell these fares for more. Jetstar now operates 770 flights per week from 14 airport destinations along Australia's east coast: Melbourne Airport, Avalon Airport (Melbourne), Sydney, Brisbane, Hobart, Launceston, Newcastle, Gold Coast, Sunshine Coast, Cairns, Whitsunday Coast (Proserpine), Hamilton Island, Mackay and Rockhampton. Conditions of the 200,000 seat offer The flight offer is available from today (23 July) by booking on the airline's website, at jetstar.com until midnight 28 July (unless seats sold out prior). It is for travel on Jetstar on selected routes between 24 July and 30 November 2004. The $39 one-way fare is subject to availability, and is not available on all flights. Airfares are non-refundable and limited changes are permitted for a fee. Online bookings at jetstar.com can be made via direct payment from the user's Internet bank account or via credit card. An additional $2 per passenger per flight will be applied to fares paid by credit card or charge card. $10 extra will be charged for bookings through Jetstar Telephone Reservations on 131 538. Travel agents may sell these fares for more. MEDIA ENQUIRIES: Simon Westaway Manager - Corporate Relations Mob: 0401 994 627 Angela Schaftenaar Manager - Public Relations Mob: 0401 995 07 SANTOS LIMITED: Second Quarter Revenue Falls -------------------------------------------- Santos Limited reported lower June 2004 quarter production, sales volumes and revenues, despite significantly improved results compared with the March quarter, the Company reported on its Web site. Total development spending for the quarter, however, was a record $175 million as the Company moves quickly to bring new projects online, such as Mutineer-Exeter and John Brookes, to increase future production. Total production for the three months ended 30 June 2004 was 11.6 million barrels of oil equivalent (mmboe) compared with 13.8 mmboe in the previous corresponding period. Sales volumes were down from 13.8 mmboe to 12.0 mmboe. The average oil price for the quarter increased by 23% to A$50.65 per barrel compared with the second quarter of 2003. This largely offset the impact of lower volumes and resulted in sales revenue of $334.1 million compared with $347.4 million in the June 2003 quarter. (Recent trends in Santos quarterly production and revenue can be seen in the chart below.) "The lower second quarter production was due mainly to the impact of the Moomba plant incident and declining field performance from fields in Western Australia and Victoria," said Santos' Managing Director, Mr. John Ellice-Flint. "The Moomba plant reinstatement continues to progress well. Recovery of losses in the second quarter is included in the Company's insurance claim, which is currently in progress. "There have been production challenges in two of our non- operated fields offshore Western Australia," he said. While gas production from the East Spar gas field was higher than in the June 2003 quarter, the field has experienced earlier than expected water breakthrough. The production shortfall will ultimately be offset with the development of the John Brookes gas field, but production during the second half of 2004 will be lower than previously forecast. The Stag oil field has experienced unanticipated well downtime resulting in poorer field performance. A remedial program is being developed. Full year 2004 production from Stag is expected to be lower than previously forecast. Partly offsetting these negative effects, the acquisition of Novus Petroleum assets is expected to add around 0.8 mmboe to 2004 production, depending upon the precise date of the completion of the deal. "Taking these factors into account, together with the recent divestment of onshore Otway assets, the current outlook for 2004 production is 45-46 mmboe," he said. "One of our major priorities during the quarter has been the rapid development of new projects on which we have spent a record $175 million." Significant progress on growth projects during the second quarter 2004 included: (1) The Bayu-Undan liquids project (offshore Darwin) - which this week completed the most technically difficult of the field's development wells. Field development is three months ahead of schedule. (2) The Mutineer-Exeter oil field development (offshore WA) - where the project has passed the 55% completion point within budget. The first planned heavy lift activity was recently completed with the successful installation of the moonpool structure to the Floating Production Storage and Off-take vessel. All 12 planned lifts should be complete by the end of September. (3) The Casino gas field development (offshore Victoria) - where development approval is expected within the next month. (4) The John Brookes gas field project (offshore WA) - for which new contracts, plus additional volumes to meet East Spar obligations, are sufficient to accelerate development of this field. Development has been approved by the JV following recent successful appraisal. The June quarter also saw the addition of further possible growth opportunities through acquisition and new ventures such as the recent Egypt and Novus deals. Further portfolio rationalization has also occurred with the divestment of onshore Otway interests and the farm down of interests to ConocoPhillips in an offshore Darwin block. FOR FURTHER INFORMATION PLEASE CONTACT: Media enquiries: Investor enquiries: Kathryn Mitchell Graeme Bethune (08) 8218 5260 / 0407 979 982 (08) 8218 5157 / 0419 828 617 For more information, go to http://bankrupt.com/misc/tcrap_santos0723.pdf ============================== C H I N A & H O N G K O N G ============================== ASIA-STEEL.COM LIMITED: Court Hears Winding Up Petition ------------------------------------------------------- Notice is given that a Petition for the Winding up of the above- named company by the High Court of Hong Kong was, on the 6th day of July 2004, presented to the said Court by Vincent Office Supplies Company Limited (In creditors' voluntary liquidation) whose registered office is situated at Unit D, 3rd Floor, Freder Centre, No. 68 Sung Wong Toi Road, Kowloon, Hong Kong. The said Petition is scheduled before the Court at 9:30 am on the 11th day of August 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. KNIGHT & HO Solicitors for the Petitioner, Rooms 2207-10, 22nd Floor Worldwide House 19 Des Voeux 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 10th day of August 2004. CHINA CONSTRUCTION: Issues HKD100M CDs Due 2007 ----------------------------------------------- State-owned China Construction Bank-Hong Kong Branch (CCB.YY) is offering HKD100 million of fixed-rate certificates of deposit maturing in 2007 with interest payable annually, Dow Jones reports, citing lead manager HSBC. Terms for the issue are as follows: Amount: HK$100 million Maturity: July 30, 2007 Coupon: 3.15% per annum Issue Price: 100% Redemption: 100% Payment date: July 28, 2004 Denominations: HK$500,000 Listing: None DAEDALUS INDUSTRIES: Holds Final Meeting ---------------------------------------- Notice is given that pursuant to Section 248 of the Companies Ordinance (Chapter 32), a Final Meeting of the members and creditors of Daedalus Industries Limited will be held at 17/F., 23 Wing Wo Street, Central, Hong Kong on August 27, 2004 at 10:00 a.m. and 10:30 a.m. respectively for the purposes of having the accounts laid before them, showing the manner in which the winding up has been conducted and the property of the Company has been disposed of, and of hearing any explanation that may be given by the Liquidator, and also of determining by resolution of the creditors the manner in which the books, accounts and documents of the Company, and of the Liquidator thereof, shall be disposed of. Members or creditors who are unable to attend may appoint a proxy who need not be a member or a creditor of the Company. Proxies to be used at the meetings must be lodged at 17th Floor, 23 Wing Wo Street, Central, Hong Kong no later than 4:00 p.m. on August 26, 2004. Kenny King Ching Tam Liquidator. This announcement is dated July 23, 2004. FAN WING: Enters Winding Up Proceedings --------------------------------------- Notice is hereby given that a Petition for the Winding up of Fan Wing Marine Transit Limited by the High Court of Hong Kong was, on July 7, 2004 presented to the said Court by Leung Choi Sang of Room 2701, Hei Tsui House, Wan Tsui Estate, Chai Wan, Hong Kong. The said Petition is scheduled before the Court at 9:30 am on August 11, 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention 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 10th day of August 2004. I-CHINA HOLDINGS: Changes Registered Office Address --------------------------------------------------- The Board of Directors of I-China Holdings Limited announces that the registered office of the Company has been moved to Clarendon House, 2 Church Street, Hamilton HM CX Bermuda effective July 13, 2004. As of date of this announcement, the Board comprises two executive directors, namely, Messrs. Zen Wei Peu, Derek and Yu Sai Yen, and two independent non-executive directors, namelt, Dr. Chow Ming Kuen, Joseph and Mr. Ng Chi Ming, James. By order of the Board Fong Shiu Leung, Keter Company Secretary. This announcement is dated July 22, 2004. LAI SUN: Postpones Dispatch of Circular with eSun ------------------------------------------------- As Lai Sun Development and eSun Holdings Limited require additional time to arrange for the compilation of the information gathered in connection with the Circulars, LSD and eSun announce that they have applied to the Stock Exchange and the SFC (as the case may be) for a waiver from strict compliance with Rule 14.38 of the Listing Rules and Rule 8.2 of the Takeovers Code (as the case may be) so that the dispatch of the Circulars in relation to the Settlement as detailed in an announcement jointly published by LSD and eSun on July 5, 2004, will be postponed to August 13, 2004. By order of the Board Lai Sun Development Company Limited Yeung Kam Hoi Company Secretary. By order of the Board eSun Holidngs Limited Yeung Kam Hoi Company Secretary. This announcement is dated July 22, 2004. MARKS TRADING: Winding Up Hearing Set August 11 ----------------------------------------------- Notice is given that a Petition for the Winding up of Marks Trading Limited by the High Court of Hong Kong was, on July 7, 2004, presented to the said Court by Fong Suet Chung of Flat A, 15/F., Block 3, Sherwood Court, Kingswood Villas, Tin Shui Wai, New Territories, Hong Kong. The said Petition is scheduled before the Court at 9:30 am on August 11, 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention 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 10th day of August 2004. PACIFIC CENTURY: Net Loss Swells to HKD142M ------------------------------------------ Infocast News reported Pacific Century Premium Developments posted a net loss of HKD142.4 million for the fiscal year ended March 31, compared with a net loss of HKD113.2 million a year ago. Loss per share was HKD0.12. No final dividend was declared. TEEM FOUNDATION: Posts HKD15M Net Loss ------------------------------------- According to Infocast News, Teem Foundation Group Limited posted a net loss of HKD14.6 million for the fiscal year ended March 31, compared to a net loss of HKD2.968 million for the previous year. The loss per share was HKD0.0217. No final dividend was declared. ================= I N D O N E S I A ================= ASIA PULP: To Postpone Debt Work-Out Vote ----------------------------------------- Paper maker Asia Pulp and Paper has decided to postpone a key vote for the approval of its US$6.7-billion debt restructuring scheme following bondholder queries about the plan. According to a Financial Times report, the APP debt work-out plan presented to bondholders on June 30 was set for a vote on July 29. However, APP has decided to delay the vote for another two weeks, pushing the deadline to August 12 or 13 after it clarifies crucial points of the proposal to its bondholders within the next few days. Sources affirmed that while several bondholders believe that most details of the proposal are vague, creditors are expressing dissatisfaction with the restructuring plan. APP advisers claimed that the "key concern expressed by bondholders was over the formula used to translate the existing bonds into the three tranches to be issued under the restructuring plan." APP, which defaulted on its US$13.9-billion (US$19.9 billion) debt in March 2001, is considered the largest defaulter in emerging markets history. For more information please contact: Asia Pulp & Paper Jl. M.H. Thamrin No.51 Jakarta 10350 Indonesia Tel. (62-21) 3929266-69 Fax (62-21) 3929276-79, 3929460-61 Emails: appsales@asiapulppaper.com app_investors@app.co.id BANK PERMATA: Thirty-two Investors Eye Stake -------------------------------------------- Thirty-two strategic investors are lining up to bid for a majority stake in PT Bank Permata, The Jakarta Post reports. Mohammad Syahrial, president director of state asset management agency Perusahaan Pengelola Aset, confirmed that 20 foreign and 12 local investors are interested in bidding for a controlling stake in Bank Permata. Of the interested parties, 90 percent are banks or financial consortia and the rest are investment firms. The state, which owns 97.17 of Bank Permata, expects to reap IDR3 trillion from the stake sale, which will be used to plug the widening budget deficit. The state, through PPA, will name the buyer of the 71-percent stake by the end of December. PPA will launch a roadshow next week in Singapore, Kuala Lumpur and United Kingdom to gauge demand for the stake sale. Minister for State Enterprises Laksamana Sukardi is positive that Permata would sell more than 1.8 times its book value given the number of potential buyers and the fact that it is the last asset for sale this year. Permata, which was formed in 1999 after a merger of five troubled banks, has IDR1.84 trillion in capital, assets of IDR29.7 trillion, IDR372 billion net interest revenue, net profit of IDR127 billion, and non-performing loans (NPL) that stand at 8.34 percent. Among the investors interested in joining the Permata tender are Bank Mandiri, Bank Central Asia, Bank Rakyat Indonesia, Bank Danamon, Bank Panin, Bank Artha Graha, Bank Niaga, Bank Buana, Bank Multicor, PT Jamsostek, Temasek (Singapore), Standard Chartered Bank (United Kingdom), Maybank (Malaysia), and United Overseas Bank (Singapore). Contact: PT Bank Permata Tbk. Gedung Bank Bali Jalan Jendral Sudirman Kav. 27 Jakarta 12920 Telephone: 021-52377899 (hunting) Fax: 021-5237206/8 MERPATI NUSANTARA: Government Seeks Aid for Privatization Plan -------------------------------------------------------------- In line with its goal to rescue PT Merpati Nusantara Airlines, the Indonesian government invited applications from financial and legal advisers on July 19 to help devise a privatization scheme for the ailing carrier, The Edge Daily reports. Deputy State Enterprise Minister Ferdinand Nainggolan disclosed earlier this year the proposed strategic sale of the state's 51 percent stake in Merpati to help fund the carrier's struggling operations. The state is also considering an IDR220 billion debt-for-equity swap. Merpati, which has yet to announce its financial results, needs to restructure its debt as its liabilities exceed its assets, Mr. Nainggolan stressed. Merpati operates 42 aircraft flying to 102 cities. ========= J A P A N ========= JAPAN AIRLINES: To Stick With Profit Outlook This Year ------------------------------------------------------ Japan Airlines Corporation (JAL) will keep intact its group net profit outlook for this fiscal year by making additional cost cuts to offset the impact of rising jet fuel costs, according to Dow Jones Newswires, citing a company spokesman. Earlier this month, JAL raised its international cargo fuel surcharges to JPY24 a kilogram from JPY18. It also raised international passenger flight fares 5 percent on average. These hikes will save the carrier about JPY10 billion. A review of air routes and reductions in other costs will save the airline JPY20 billion. The company will give further details on these steps at a press conference scheduled for July 30 on its earnings for the April-June period. JAL expects to post a group net profit of JPY36 billion this fiscal year through March as travel picks up following the 2003 SARS epidemic and the war in Iraq. CONTACT: Japan Airlines Corporation Shingawa Intercity Tower-A, 2-15-1 Konan, Minato-ku Tokyo, 108-6024, Japan Phone: +81-3-5769-6097 Fax: +81-3-5460-5929 http://www.jal.co.jp MITSUBISHI MOTORS: H1 to Sept Domestic Output to Fall 21% --------------------------------------------------------- Mitsubishi Motors Corporation (MMC) expects its domestic production volume to fall 21 percent from a year earlier to some 290,000 units in the first half to September due to a sharp drop in sales, AFX Asia reports, citing the Nihon Keizai Shimbun. The carmaker's performance has plunged since a defects cover-up came to light in early June. The automaker told parts makers servicing production for its key factories in Mizushima and Okazaki that its output for August is expected to fall 42 percent to 33,000 units, with September seen declining 37 percent to 52,000 units. With the addition of three more days off at its mainstay Mizushima factory, the company's output for July is expected to drop 18 percent to 53,000 units. The automaker's rehabilitation plan unveiled in May featured a domestic production volume target of 730,000 units in the year to March 2005. However, the domestic sales estimate of 300,000 units was revised down to 220,000 units in mid-June. CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo, 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0014 http://www.mitsubishi-motors.co.jp MITSUBISHI MOTORS: Issues Current Status of Recalls --------------------------------------------------- Mitsubishi Motors Corporation (MMC) submitted Thursday its weekly report to the Japanese Ministry of Land, Infrastructure and Transport on the current status of recalls and other improvement measures stemming from past "repair directives," or so-called shiji-kaishu, a company press release said. The report is the sixth weekly report submitted by the company. After consulting with the ministry, MMC has decided to recall five of the 52 cases related to merchantability. MMC is currently preparing for the recalls and plans to submit the documents to the ministry on July 29. In line with its report on July 7, MMC has reconfirmed that none of the five cases has caused accidents or fires. Current status post-market measures for 30 cases already submitted As of July 20, measures had been implemented for 10.5 percent of registered vehicles for the 30 cases submitted by July 7 (compared to 7.1 percent as of the last report on July 14). To speed up the process, MMC will send staff to support dealers from August. Management of product information reports at dealers Based on talks with four dealers, MMC has found that the product information reports are kept together at the dealers head office. There are no rules for disposing of the reports and some of the remaining reports were found in files in storage areas. MITSUBISHI MOTORS: Unveils Result of Ethics Committee Meeting ------------------------------------------------------------- The Mitsubishi Motors Business Ethics Committee held its first meeting on Thursday. All members were present along with Mitsubishi Motors Chairman Yoichiro Okazaki, Mitsubishi Motors Business Ethics Committee Chairman Noboru Matsuda and Corporate Social Responsibility Promotion Office Corporate General Manager Koji Furukawa. At the meeting the representatives from Mitsubishi Motors informed the committee of how the company is dealing with problems at hand and updated us on the current status of efforts to deal with the recall issue. Following this, Mitsubishi Motors explained its action program for business ethics and corporate reform based on placing top priority on legal compliance, safety, and customers. This led to a lively discussion between the committee and Mitsubishi Motors representatives. COMMENTS FROM COMMITTEE MEMBERS: Business ethics exist on the factory floor. You need to bring in more appeal to you manufacturing. You need to revise your in-house terminology. "Product information reports" should be changed to "complaint report." You need to shorten the process for determining recalls and bring in external opinions. Even if you can ensure safety, people won't feel at ease until you restore trust in the company. You need to step away from the Mitsubishi name and look at things. You should consider taking "Mitsubishi" out of the company and car names. Make sure you follow up on the opinions you receive through the direct line from employees to the president and chairman. It's important that you don't let these opinions just fade away. This is the last chance for Mitsubishi Motors to rebuild itself. The committee intends to take a strict stance in raising issues to help the company put everything into changing its corporate culture from the ground up. This is a company press release. MITSUBISHI MOTORS: Ethics Committee Chairman Issues Statement ------------------------------------------------------------- Mitsubishi Motors Business Ethics Committee Chairman Noboru Matsuda announced the following statements: The Business Ethics Committee is an advisory body for the Mitsubishi Motors board of directors. In addition to submitting reports directly to the board of directors and making proposals, the committee will provide guidance and advice to the Corporate Social Responsibility Promotion Office on quality audits and reforms to corporate culture and business ethics. The current stance of the public towards Mitsubishi Motors is extremely severe and the company will not be able to restore trust overnight. As the Committee Chairman, Mr. Matsuda believes that Mitsubishi Motors is earnest in its efforts to reform its business ethics and corporate culture while also improve the quality of its products and intends to help the company to restore trust. To ensure the reforms at Mitsubishi Motors continue moving forward, Mr. Matsuda will be upfront with the management, offering my opinion from outside point of view based on what is socially acceptable. Mr. Matsuda added that he will also hold nothing back when advising Mitsubishi Motors on its initiatives to dramatically strengthen auditing of quality and governance issues in line with its newly outlined philosophy of placing top priority on legal compliance, safety, and customers. The most pressing issue at hand for the committee is to make use of its external standpoint in terms of governance to help Mitsubishi Motors restore lost trust as soon as possible. To do this, it is essential that the company put an end to the recall issue once and for all. Mitsubishi Motors also needs to push its efforts for legal compliance through all levels of the company. The Business Ethics Committee will receive reports on the company's progress in this area and make proposals where necessary. With developments such as the company receiving approval under Japan's Industrial Revitalization Law, Mitsubishi Motors' revitalization is gradually moving forward. Mr. Matsuda is looking forward to seeing Mitsubishi Motors seize this opportunity and see the entire company pull together to realize a self-supported revitalization. This is a company press release. MITSUBISHI MOTORS: May Sell U.S. Financial Unit ----------------------------------------------- Mitsubishi Motors Corporation is considering selling its U.S. auto loan subsidiary in order to focus its U.S. management resources on marketing, Dow Jones Newswires reported on Thursday. The financial subsidiary is Mitsubishi Motors Credit of America Inc. capitalized at the equivalent of JPY130 billion. In the business year to March 31, the California subsidiary fell into the red as a substantial portion of auto loans turned sour and resulted in losses totaling JPY50 billion. SOJITZ CORPORATION: To Seek Up to JPY300B in Bank Aid ----------------------------------------------------- Sojitz Holdings Corporation will seek as much as JPY300 billion (US$2.7 billion) in financial aid from the UFJ banking group and other lenders, according to Reuters. Swiss bank UBS is among those that will provide the aid package to the ailing company. Meanwhile, Bloomberg reported that company plans to reduce its net interest-bearing liabilities to around JPY1 trillion by March 2007, from about JPY1.5 trillion at the end of March 2004. The Company aims to book an extraordinary loss of about JPY250 billion for the current business year ending March 2005, rather than a JPY50 billion net profit the company had projected. It aims to swing back to profit in the following year. CONTACT: Sojitz Holdings Corporation 1-23,Shiba 4-chome,Minato-ku Tokyo, 108-8405, Japan Phone: +81-3-5446-111 Fax: +81-3-5446-1365 http://www.sojitz.com ========= K O R E A ========= HANBO IRON: Workers Strike Ahead Of End-July Sale ------------------------------------------------- About 400 union members at Hanbo Steel Co. staged another full- day strike on Thursday, demanding bonuses and job security, Dow Jones reports. "The union is demanding a one-time bonus equivalent to 500% of the normal monthly bonus for each employee when the company successfully finds a buyer," said a company official who declined to be named. In its counteroffer, the company proposed to pay a 483% bonus, according to the official. A consortium of Hyundai Motor Group's steel-making units signed a memorandum of understanding in June to buy the Company. INI Steel Co. and Hyundai Hysco had jointly offered KRW930 billion for Hanbo, and are slated to sign a final deal by the end of this month. HYNIX SEMICONDUCTOR: Shareholders OK Sale of Non-Memory Ops ----------------------------------------------------------- Shareholders of Hynix Semiconductor Inc. has approved the sale of its non-memory operations to U.S. financial services giant Citigroup Inc., according to Dow Jones Newswires. Analysts said the cash raised from the sale of the non-memory operations would help Hynix pay down maturing debt and finance a new chip plant in China. At the end of March, Hynix's interest- bearing debt amounted to KRW3.63 trillion. CONTACT: Hynix Semiconductor Inc. San 136-1, Ami-ri, Bubal-eub Ichon, Kyonggi 467-860, South Korea Phone: +82-31-630-4114 Fax: +82-31-630-4103 http://www.hynix.com KOOKMIN BANK: Analysts Predict 2Q04 US$117Mln Profit ---------------------------------------------------- Kookmin Bank is projected to report KRW135 billion (US$117 million) in profits for the second quarter ended June 30, rebounding from a KRW114.6 billion loss a year earlier, according to a Reuters poll of eight analysts. However, its earnings are expected to drop about 11 percent from a revised KRW151.3 billion profits earned in the first quarter. "Kookmin's asset quality on loans to household and small- and medium-sized companies (SMEs) has been deteriorating," said Chung Moo-il, an analyst at Korea Investment & Securities. "We expect the pace of improvement in its asset quality will be slower than other banks in the second-half because of its focus on household and SME loans." The bank is expected to report a net profit of KWR1.1 trillion for this year, against a loss of KRW753.3 billion a year ago, according to Reuters estimates. CONTACT: Kookmin Bank 9-1, 2-ga, Namdaemoon-ro, Jung-gu Seoul, 100-703, South Korea Phone: +82-2-317-2890 Fax: +82-2-317-2885 http://www.kookmin-bank.com SSANGYONG MOTOR: Shanghai Automotive Picked As Prime Bidder ----------------------------------------------------------- Shanghai Automotive Industry Corporation (SAIC) has been designated as the preferred bidder for the takeover of Ssangyong Motor, Yonhap News reported on Friday. Ssangyong creditors plan to sign a preliminary agreement with the SAIC on July 27 and a formal contract in August. Ssangyong Motor was taken over and managed by creditors after it went bankrupt under heavy debts during the 1997-98 Asian financial crisis and entered into a corporate workout program. =============== M A L A Y S I A =============== ANCOM BERHAD: Purchases 4,000 Ordinary Shares on Buy Back --------------------------------------------------------- Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the details of its shares buy back dated July 22, 2004. Description of shares purchased: ordinary shares of RM1.00 each Total number of shares purchased (units): 4,000 Minimum price paid for each share purchased (RM): 0.835 Maximum price paid for each share purchased (RM): 0.835 Total consideration paid (RM): Number of shares purchased retained in treasury (units): 4,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 3,838,200 Adjusted issued capital after cancellation (no. of shares) (units) Contact: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 Website: http://www.ancom.com.my BOUSTEAD HOLDINGS: Issues Additional 49,000 Ordinary Shares ----------------------------------------------------------- Boustead Holdings Berhad's additional 49,000 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., Monday, 26 July 2004. CONTACT: Boustead Holdings Berhad 18th Floor, Menara Boustead, 69 Jalan Raja Chulan, 50200 Kuala Lumpur Telephone: 03-2141 9044 Fax: 03-21430075 Website: http://www.boustead.com.my FABER GROUP: Issues Notice On Meeting of 2000/2005 Bondholders -------------------------------------------------------------- In a disclosure to Bursa Malaysia Securities Berhad, Faber Group Berhad wishes to inform that a Meeting of the Holders of All Series of the 2000/2005 Bonds will be held on 13 August 2004. The Notice of the said Meeting is attached for information purposes. This announcement is dated 22 July 2004. Remarks: The date of the Restructuring Deed in the Notice of Meeting should read as 22nd December 2004. Hence, the release of this announcement. For more information, click http://bankrupt.com/misc/FABERGROUP072304.doc CONTACT: Faber Group Berhad 20th Floor Menara 2 Faber Towers, Jalan Desa Bahagia Taman Desa, Off Jalan Klang Lama 58100 Kuala Lumpur Telephone: 03-76282888 Fax: 03-76282828 FEDERAL FURNITURE: Issues Update on Proposals --------------------------------------------- Federal Furniture Holdings (M) Berhad issued to Bursa Malaysia Securities Berhad an update in relation to the: - Proposed Capital Reduction; - Proposed Share Premium Reduction; - Proposed Rights Issue With Warrants; - Proposed Issue of Shares; and - Proposed Debt Restructuring The company refers to the announcement made by Aseambankers Malaysia Berhad dated 24 June 2004 in relation to the Proposals. Aseambankers, on behalf of the Company wishes to announce that the Securities Commission (SC) had via its letter dated 20 July 2004 approved certain exemptions on certain guidelines in relation to asset valuations subject to the following information being furnished to the SC: (a) Updated valuation reports prepared by the valuers containing the following information: (i) Latest valuation of the properties, including detail workings of the valuation; (ii) Changes on the physical condition of the properties; (iii) Changes on the ownership and the status of laws governing the properties (including all approvals already obtained); (iv) Changes to the property market; and (b) Declaration from the valuers as contained in the Asset Valuations Guidelines. CONTACT: Federal Furniture Corp. Berhad Suite 1501B Menara Choy Fook On 1B Jalan Yong Shook Lin, Section 7 46050 Petaling Jaya Telephone: 03-7955 9937 Fax: 03-7956 2812 Website: http://www.federal-furniture.com FERRYLINK SHIPPING: Placed Under Creditor's Voluntary Winding Up ---------------------------------------------------------------- MBf Holdings Berhad (MBfH) wishes to inform Bursa Malaysia that its subsidiary, Ferrylink Shipping (S) Pte Ltd, will be placed under creditors' voluntary winding up and that Mr Chia Soo Hien and Madam Ng Geok Mui of Messrs BDO International, 5 Shenton Way, #07-00 UIC Building, Singapore 068808 have been proposed as the Liquidators of Ferrylink. Information on Ferrylink Ferrylink was incorporated on 15 May 1980 in Singapore. The authorized share capital of Ferrylink is S$10,000,000 comprising 10,000,000 ordinary shares of S$1.00 each of which 3,500,000 ordinary shares have been issued and fully paid-up. Ferrylink shareholders' deficit is S$3,357 as at 30 June 2004. Ferrylink ceased its operation since 1996 and become dormant thereafter. Rationale for the Winding Up The winding up exercise of Ferrylink is part of the rationalization and streamlining exercise of MBfH Group. Financial Effect of the Winding Up The winding up of Ferrylink will not have any material effect to MBfH Group. Interests of Directors, Substantial Shareholders and Persons connected to the Directors and Substantial Shareholders None of the directors, substantial shareholders and persons connected to the directors and substantial shareholders of MBfH has any interest, direct and indirect in the said exercise. Yours faithfully, For and on behalf of MBf Holdings Berhad Ding Lien Bing Company Secretary HAP SENG: BMSB Grants Listing of 20,000 New Ordinary Shares ----------------------------------------------------------- Kindly be informed that Hap Seng Consolidated Berhad's additional 20,000 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., Monday, 26 July 2004. CONTACT: Hap Seng Consolidated Berhad No. 1A, Jalan 205 46050 Petaling Jaya Selangor Telephone: 03-7783 9888 Fax: 03-7781 6305 HARBOUR LINK: Details Incorporation of Associate Company -------------------------------------------------------- Harbour-Link Group Berhad disclosed to Bursa Malaysia Securities Berhad the details of the incorporation of an associate company. (1) INTRODUCTION Harbour-Link Group Berhad (Harbour) wishes to announce that the Company's wholly-owned subsidiary, Eastern Soldar Engineering & Construction Sdn. Bhd. (ESEC) had on 15 July 2004 incorporated an associate company under the Companies Act, 1965 known as Zecon-Esec Engineering Sdn. Bhd. (Company No: 659717 X) (ZEE). (2) INFORMATION ON ZEE The authorised share capital of ZEE is RM100,000 divided into 100,000 ordinary shares of RM1.00 each. The paid up capital as at to-date is RM100.00 made up of 100 shares of RM1.00 each where 51 is held by Zecon Engineering Berhad and the remaining 49 ordinary shares is held by ESEC. The Directors of ZEE are Hj Zainal Abidin Bin Ahmad, Abg Azahari Bin Abd Osman, Yong Piaw Soon and Toh Guan Seng. The principal activities of ZEE is to act as contractors of technical & professional services to the oil drilling & petroleum production industries and to enter into business contracts and to undertake sales and after-sales services of products connected with oil and petroleum industries of every description. (3) FINANCIAL EFFECTS The investment in ZEE is not expected to have any material effect on earnings and net tangible assets of the Company for the current financial year. (4) INTEREST OF DIRECTORS', SUBSTANTIAL SHAREHOLDERS' AND CONNECTED PERSONS Save as disclosed above, none of the other directors nor substantial shareholders of the Company nor any person connected to them has any interest, direct or indirect in the said incorporation of ZEE. CONTACT: Harbour-Link Group Berhad No. 39-40 BDA-Shahida Commercial Centre 97008 Bintulu Sarawak Telephone: 086332815 Fax: 086332429 INTEGRATED RUBBER: Completes Share Sale Agreement With Chip Lam --------------------------------------------------------------- Integrated Rubber Corp. Berhad (IRCB) refers to the announcements on 26 May 2003 and 28 May 2003. On behalf of the Board of Directors of IRCB, Southern Investment Bank Berhad wishes to announce that the Share Sale Agreement dated 26 May 2003 between the Company and Chip Lam Seng Berhad, which includes supplementals thereto, was completed on 22 July 2004. The completion of the Restructuring Scheme is pending the implementation of the Restricted Offer for Sale and Offer for Sale. This announcement is dated 22 July 2004 CONTACT: Integrated Rubber Corp. Berhad 10th Floor, Block B Wisma Semantan, No. 12 Jalan Gelenggang, Bukit Damansara, 50490 Kuala Lumpur Telephone: 03-20925588 Fax: 03-20939917 INTEGRATED RUBBER: Appoints New Audit Committee Member ------------------------------------------------------ Integrated Rubber Corp. Berhad disclosed to Bursa Malaysia Securities Berhad the information on Dato' Daniel Tay Kwan Hui's appointment as Member of the company's Audit Committee. Date of change: July 22, 2004 Type of change: Appointment Designation: Member of Audit Committee Directorate: Independent & Non Executive Name: Dato' Daniel Tay Kwan Hui Age: 48 Nationality: Malaysian Qualifications: A Barrister and was called to the Bar of England and Wales in 1978 and called to the Bar, States of Malaya in 1979. Working experience and occupation: - A Magistrate in Ipoh in 1980 and resumed legal practice in 1982. - A committee member of Perak Bar Council. - A councillor of the Majlis Perbandaran Manjung and is also a Secretary of the Council of Justices of the Peace, Perak since 1998. - President of the YMCA of Ipoh and Vice-President of the National Council of YMCA Directorship of public companies (if any): Nil Family relationship with any director and/or major shareholder of the listed issuer: Nil Details of any interest in the securities of the listed issuer or its subsidiaries: Nil Composition of Audit Committee (Name and Directorate of members after INTEGRATED RUBBER: Issues Information On Director's Resignation --------------------------------------------------------------- Integrated Rubber Corp. Berhad issued to Bursa Malaysia Securities Berhad the information on the resignation of Ahmad Kamal bin Abdullah Al-Yaffi as the company's director. Date of change: July 22, 2004 Type of change: Resignation Designation: Director Directorate: Independent & Non Executive Name: Ahmad Kamal bin Abdullah Al-Yafii Age: 66 Nationality: Malaysian Qualifications: - Member of the Institute of Chartered Accountants (England and Wales) 1965 - Fellow of the Institute of Chartered Accountants (England and Wales) 1975 Working experience and occupation: - Tutor, University Malaya (1966-1967) - Financial Controller, Malayawata Steel Bhd (1968-1970) - Partner, Hanafiah Raslan & Mohamad (1970-1999) Directorship of public companies (if any): - Chase Perdana Berhad - Kramat Tin Dredging Berhad - Pembinaan Jayabumi (Sarawak) Berhad - Malaysia Smelting Corporation Berhad - KUB Malaysia Berhad - Mentakab Rubber Company (Malaya) Berhad - Negara Properties (M) Berhad - Sit Tatt Berhad - Malaysia Airports Holdings Berhad Family relationship with any director and/or major shareholder of the listed issuer: Nil Details of any interest in the securities of the listed issuer or its subsidiaries: Nil KEMAYAN CORPORATION: Court Adjourns Hearing on Case Against MBSB ---------------------------------------------------------------- Further to the announcement dated 13 July 2004, the Board of Directors of Kemayan Corporation Berhad (KCB) hereby inform the Bursa Malaysia Securities Berhad that Malaysia Building Society Berhad had applied to the High Court of Malaya, Kuala Lumpur for an adjournment for hearing of the Originating Summons No. D6-24- 284-2003 versus Malaysia Building Society Berhad (MBSB) The High Court allowed the adjournment and fixed the matter for hearing on 18th August 2004. CONTACT: Kemayan Corp. Berhad 167, Jln Glasiar Taman Tasek 80200 Johor Bahru Johor Telephone: 07-2362390 Fax: 07-2365307 LANKHORST PANCABUMI: Parent Issues Update On Winding Up Petition ---------------------------------------------------------------- With reference to Bursa Malaysia Securities Berhad's letter dated 15th July 2004 in respect of the Winding-Up Petition on Lankhorst Pancabumi Contractors Sdn. Bhd. (LPCBS), the company wishes to furnish the following additional information: (1) There is no interest claimed by the Creditor under the Petition. (2) Lankhorst Berhad and its group of companies is solvent i.e. there is no contingent or other liability that has become or is likely to become enforceable within the period of twelve (12) months from the date hereof which will or may affect the ability of the Group or the Company to meet their obligations as and when they fall due; and (3) The Company undertakes to provide Bursa Securities with a solvency declaration within seven (7) days from the date hereof. By Order of the Board. This announcement is dated 22nd July 2004 We refer to your Company's announcement dated 14 July 2004 in respect of the aforesaid matter. In this connection, kindly furnish Bursa Malaysia Securities Berhad (Bursa Securities) with the following additional information immediately for public release: Interest rate on the amount claimed under the petition, if any; Where LPCSB is a major subsidiary, a statement whether Lankhorst Berhad and its group of companies is solvent i.e. that no contingent or other liability has become or is likely to become enforceable within the period of twelve (12) months from the date thereof which will or may affect the ability of the Group or the Company to meet their obligations as and when they fall due; and Where LPCSB is a major subsidiary, an undertaking to provide to Bursa Securities a solvency declaration executed by the directors of the Company within seven (7) days (where such declaration can be made). Please note that the contents of the announcement must be endorsed by the board of directors of the Company. Yours faithfully Chee Kai Mun Manager Issues & Listing Group Regulations LONG HUAT: Updates Restructuring Scheme --------------------------------------- Long Huat Group Berhad (LHGB) refers to the announcement made on 9 July 2004 in relation to the Restructuring Scheme. On behalf of the Board of Directors of LHGB (LHGB Board), Southern Investment Bank Berhad wishes to announce that pursuant to the Capital Reconstruction, Shareholders' Scheme and Debt Settlement, new ordinary shares of RM0.50 each in Lee Swee Kiat Group Berhad (LSKG) (LSKG Shares) have been allotted and issued to LHGB shareholders and Scheme Creditors on 22 July 2004. The notice of allotment to LHGB shareholders and Scheme Creditors was scheduled for dispatch on 23 July 2004. Similarly, the notice of allotment to placees pursuant to the Placement was scheduled for dispatch on 23 July 2004. Prior to the above, LSKG had completed the Acquisition on 11 June 2004. This announcement is dated 22 July 2004. CONTACT: Long Huat Group Berhad Level 3 Block C (South) Pusat Bandar Damansara 50490 Kuala Lumpur Telephone: 03-27322695 Fax: 03-27322696 PERNAS INTERNATIONAL: Issues Update On Proposals ------------------------------------------------ Pernas International Holdings Berhad (PIHB) issued to Bursa Malaysia Securities Berhad an update in relation to the proposed disposal Of 100 percent of the issued share capital of Teon Choon Realty Sdn Bhd (TCRC) and 70 percent of the issued share capital Of Ladang Serasa Sdn Bhd (LSSB) from Pernas Securities Sdn Bhd (PSSB), a wholly owned subsidiary of Tradewinds Corporation Berhad to Tradewinds (M) Berhad (TWS). Reference is made to Tradewinds Corporation Berhad's earlier announcement dated 21 May 2004 in relation to the Proposed Disposals. On behalf of Tradewinds Corporation Berhad, Aseambankers Malaysia Berhad hereby announce that PSSB and TWS have exchanged letters to mutually extend the period for securing the conditions precedent set out in the share sale agreement dated 28 April 2003 and supplemented by an exchange of letters dated 9 June 2003, 25 September 2003, 18 December 2003, 23 March 2004 and 21 May 2004 (Share Sale Agreement). The date for fulfillment of the conditions precedent of the Share Sale Agreement has been extended a further 60 days from 21 July 2004 to 19 September 2004. All the other terms and conditions in the Share Sale Agreement remain unchanged. This announcement is dated 22 July 2004. CONTACT: Pernas International Berhad 21st Floor, Wisma Zelan No. 1, Jalan Tasik Permaisuri 2 Bandar Tun Razak 56000 Kuala Lumpur Telephone: 03-91730177 Fax: 03-91734996 Website: http://www.pernas.com SRI HARTAMAS: Updates Creditors' Voluntary Winding Up Petition -------------------------------------------------------------- As announced to the Exchange on 29 June 2004, the directors of SRI Hartamas Builders Sdn Berhad (SHBSB) (in Creditors' Voluntary Liquidation) SHBSB had on 29 June 2004 resolved: - That the Company cannot by reason of its liabilities continue its business and that it be wound up voluntarily; - That pursuant to Section 255 of the Companies Act, 1965, Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200 Kuala Lumpur, be and is hereby appointed as Provisional Liquidator for the purpose of the winding up; and - That separate meeting of members and creditors of the Company be convened on 22 July 2004 pursuant to Section 255(1)(b) of the Companies Act, 1965. The Special Administrators of Sri Hartamas Berhad (Special Administrators Appointed), being the ultimate holding company of SHBSB, wish to inform the Exchange that the following meetings were held pursuant to Section 255(1)(b) of the Companies Act, 1965. (1) Members Meeting At an Extraordinary General Meeting of the members of the Company convened on 22 July 2004, the following resolutions were duly passed: Special Resolution - That it has been proven to the satisfaction that the Company cannot by reason of its liabilities continue its business, and that it is advisable to wind-up the same and that accordingly the Company be wound-up voluntarily. Ordinary Resolution - That Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200 Kuala Lumpur, be and is hereby appointed as Liquidator for the purpose of such winding-up. (2) Creditors Meeting In a creditors' meeting held on 22 July 2004 immediately following the said EGM, the creditors have confirmed the appointment of Tam Kok Meng as Liquidator of the Company. To assist the Liquidator in discharging his duties in the winding up process, the creditors had appointed a Committee of Inspection. As at 30 June 2003, the deficit in shareholders' fund of SHBSB was RM 301,348,138 and the Company suffered a loss of RM 11,342,919 for the year then ended. The aforesaid liquidation will not have any material operational impact on Sri Hartamas Group of Companies. This announcement is dated 22 July 2004 Yours faithfully For and on behalf of Sri Hartamas Berhad - Special Administrators Appointed Ooi Woon Chee Special Administrator CONTACT: Sri Hartamas Berhad Suite 33.01 Level 33 Plaza MBf 8 Jalan Yap Kwan Seng 50450 Kuala Lumpur Telephone: 03-21670600 Fax: 03-21620212 ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: Eyes 300,000 Subscribers In 3 Years ------------------------------------------------------------- Bayan Telecommunications Phils. Inc. (BayanTel) said it could increase its subscriber base to 300,000 in three years' time, ABS-CBN News reports. The subscribers would mostly come from Metro Manila after BayanTel obtained from the National Telecommunications Inc. (NTC) a Metro Manila-wide local exchange carrier (LEC) license last January. Metro Manila subscribers account for 185,000 out of the total 270,000 of BayanTel's subscribers. "In three years' time, we would be able to potentially cover the entire Metro Manila. We are expanding but not in the traditional way wherein we buy switches that cost $5 million, install them but not have any subscribers" ABS-CBN News quoted BayanTel chief consultant Tunde Fafunwa as saying. Currently, BayanTel has 6.5 million phone lines but only 3.2 million are subscribed. BayanTel has set aside annual expenditures of PHP1.2 billion, 50 percent of which is earmarked for Metro Manila, 30 percent for the provinces and the remaining 20 percent for the international business. The telco is also eyeing data services in the Visayas and Mindanao. BayanTel awaits a pending petition before the NTC to service the entire Visayas and Mindanao. DSL subscriber base has grown to 4,000 as of end-June, or ten times since its broadband Internet connection was launched early last year, which makes the telco the second-largest DSL subcriber base market next to Philippine Long Distance Telephone Co. (PLDT). BayanTel, overall, is hoping to achieve the 500,000-subscriber mark. Under the telco's franchise, it is allowed to put up a total of 300,000 landlines in Quezon City, Navotas, Malabon, Manila and nearby provinces. CONTACT: Bayan Telecommunications Inc, Investor Relations 3/F Bayantel Corporate Center Maginhawa corner Malingap Streets Teacher's Village East, Diliman Quezon City 1101, Website: http://www.bayantel.com.ph/ NATIONAL POWER: May Seek To Hike Rates Due to PPCA Losses --------------------------------------------------------- The Philippine Star reports that National Power Corp. (Napocor) may seek a power rate increase after it incurred losses by pegging its purchased power cost adjustment (PPCA) to 40 centavos per kilowatthour since mid-2002. Napocor's board has already approved a resolution that would lift the 40 centavos per kWh PPCA. The PPCA is the automatic cost recovery scheme that allows Napocor to pass on to customers costs associated with foreign-currency denominated obligations under its existing contracts with independent power producers (IPPs). The resolution also "allowed Napocor management to recover the costs of purchased power as allowed by existing laws, and to file for the appropriated generation tariffs with the Energy Regulatory Commission". The revised generation rates were based on return-on-rate-base (RORB) with time-of-use (TOU) mechanism. The power firm has a pending petition to increase its generation rate by an average of PHP1.87 per kWh. It was not clear, though, if the application for generation rate hike carries the impact of the proposed lifting of the 40-centavo cap on PPCA. Napocor officials have not also disclosed a possible increase in rates on top of the generation rate hike petitioned to ERC. In 2002, the PPCA was at PHP1.25 per kWh, but president Arroyo ruled out that it should be pegged at 40 centavos per kilowatthour in order to bring down electricity rates, so Napocor is forced to subsidize 85 centavos for the PPCA. The PPCA is passed on by Napocor to its customers, including the Manila Electric Co. (Meralco) which in turn pass it on to electricity end-users through the so-called purchased power adjustment (PPA). In July 2003, PPCA reduction was reflected on Meralco consumers' bills. Napocor has already filed a petition to the Energy Regulatory Commission (ERC) asking for the lifting of the PPCA cap, but the ERC said the matter is beyond their jurisdiction, and that a presidential directive is what Meralco should seek in order to lift the PPCA cap. NATIONAL POWER: Settles 8-Year Row With Philippine Geothermal ------------------------------------------------------------- The eight-year dispute between National Power Corp. (Napocor) and Philippine Geothermal Inc. (PGI) has been settled, according to the Philippine Star, citing the Department of Energy (DOE). Various government agencies and local courts have approved the agreement between Napocor, PGI, which is a subsidiary of U.S.- based Unocal, and the Power Sectors Assets and Liabilities Management Corp. (PSALM). The settlement enhances the value of the Tiwi and Mak-Ban geothermal facilities and sets the stage for PSALM to begin the privatization of these power projects. "The agreement symbolizes the beginning of a renewed relationship and a stronger commitment to the Philippines," the Philippine Star quoted Unocal chairman, chief executive officer and president Charles R. Williamson as saying. Based on the deal, Napocor will receive $87 million in accumulated service fee, which will be used to reduce the power firm's current liabilities. The Philippine government, according to the National Economic Development Authority (NEDA), could also save about US$256 million and conform to the restructured power market in the country with the Napocor-PGI deal. Best of all, the settlement will benefit the Philippines in terms of increased government revenue and a bolstered Philippine power market, said Energy Secretary Vincent Perez. A Geothermal Resource Sales Contract (GRSC) was signed by PGI and PSALM to supply steam at a contracted price competitive with other base-load fuels until 2021. In July of 1996, PGI filed for arbitration with the International Chamber of Commerce (ICC) after Napocor failed to renew the service contract. In turn, Napocor filed a petition of declaratory relief in August 1996 at the Quezon City Regional Trial Court. Under a temporary agreement, Napocor and PGI continued operations while negotiating a fair and mutually beneficial settlement. Part of that agreement is setting aside 60 percent of PGI's service fee going forward, to be settled as part of the compromise. The payment received by PGI represents a portion of the service fee that had been set aside, stated the Philippine Star report. PGI, under a service contract with Napocor, pioneered the development of geothermal energy steam resources in the Philippines. NEGROS NAVIGATION: Issues Clarification of News Article ------------------------------------------------------- Negros Navigation Co. Inc., issued to the Philippine Stock Exchange a clarification to the news article entitled "Nenaco needs fresh capital to survive rehabilitation process" published in the July 22, 2004 issue of the Manila Times (Internet Edition). The article reported that: "The rehabilitation of debt-saddled Negros Navigation Co. cannot be achieved if no fresh capital is infused into the company, creditor Pilipinas Shell Petroleum Corp. said. In a four-page petition, Pilipinas Shell said, 'The company's history has clearly shown that to rely solely on the operations of the company and any projected cash flows from such operations would be a risky proposition for all creditors,' 'The infusion of much-needed capital would show that there is a commitment to revitalizing the company finances in a very tangible manner,' the petition noted. The petition also read, 'PSPC has patiently waited for a definite rehabilitation plan to be proposed by Nenaco, in the hope that an acceptable solution to the company's present state of affairs may be found. However, in all its pleadings, Nenaco simply chooses to avert these problems by advancing plans and 'steps' that are too general to be worthy of any credence. The 'plan' that the petitioner has presently come up with is too vague to be acceptable to any creditor, let alone PSPC." Negros Navigation Co. Inc., in its letter to the Exchange dated July 22, 2004, stated that: "The company is not in a position to confirm the above-mentioned newspaper report because the same quotes the contents of a pleading of Pilipinas Shell Petroleum Corp. which Nenaco have not received." 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 ================= S I N G A P O R E ================= CHARTERED SEMICONDUCTOR: Posts Q2 Net Profit -------------------------------------------- Backed by increasing demand for camera phones and Internet gear, Chartered Semiconductor's second quarter net profit jumped to SGD15.3 million or six cents per diluted American Depository Share (ADS) from a previous SGD90 million loss, Reuters reports. Chartered, the world's third biggest made-to-order chips supplier, was expected to earn between SGD7.2 million and SGD12.2 million, according to four analysts polled by Reuters. Excluding a SGD10.1 million gain and an SGD1.7 million impairment charge resulting from the move to a new manufacturing system, profit would have been at SGD6.9 million. Earlier, the state-held firm had predicted a profit of between SGD5.5 million and SGD13.5 million. CONTACT: Chartered Semiconductor Manufacturing Ltd 60 Woodlands Industrial Park D, Street 2 738406 Singapore Phone: +65-6362-2838 Fax: +65-6362-2938 http://www.charteredsemi.com FAIRDON ENTERPRISES: Releases Intended Dividend Notice ------------------------------------------------------ Fairdon Enterprises Pte Ltd has issued a Notice of Intended Dividend on July 23, 2004. Address of Registered Office: Formerly of 33A Hong Kong Street Singapore 059672. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 99 of 1992. Last Day for Receiving Proofs: August 6, 2004. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. SUNARI BIN KATENI Assistant Official Receiver. FUNAI ELECTRIC: Issues Notice of Second and Final Dividend ---------------------------------------------------------- Funai Electric (S) Pte Ltd. has released, on July 23, 2004, a Notice of Second and Final Dividend. Address of Registered Office: Formerly of 9 Lok Yang Way Singapore 628627. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 6 of 1997. Amount Per Centum: 14.32%. First and Final or otherwise: Second & Final Dividend. When Payable: July 6 & 7, 2004. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. SUNARI BIN KATENI Assistant Official Receiver. GOODMIX INVESTMENT: Enters Winding Up Proceedings ------------------------------------------------- Notice is hereby given that a Petition for the winding up of Goodmix Investment Pte Ltd by the High Court was, on July 14, 2004, presented by Arabian Bulk Trade Marketing Pte Limited, a company incorporated under the laws of Singapore and having its registered office at 128 Tanjong Pagar Road, Singapore 088535, the creditors. The Petition is scheduled before the Court sitting at Singapore at 10:00 a.m. on August 6, 2004. Any creditor or contributory of the said company desiring to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioners' address is 128 Tanjong Pagar Road, Singapore 088535. The Petitioners' solicitors are Messrs Ang & Partners, 150 Beach Road, #32-00 The Gateway West, Singapore 189720. Messrs Ang & Partners Solicitors for the Petitioners. Note: Any person who intends to appear on the hearing of the Petition must serve on or send by post to the above named Messrs ANG & PARTNERS, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than twelve o'clock noon of the 5th August 2004 (the day before the day appointed for the hearing of the Petition). INFORMATICS HOLDINGS: PWC Vindicates Audit Committee ----------------------------------------------------- Auditor PricewaterhouseCoopers (PWC) has cleared beleaguered Informatics Holdings' audit committee of wrongdoing, Dow Jones reports. PwC said the company's audit committee comprising independent directors Frank Yung, Seet Ai Mee and Tang Chun Choy, who stepped down during the firm's July 30 annual general meeting, had acted properly. In defense of its audit team, Informatics told the Singapore Stock Exchange that PWC "has no reason to question the honesty and integrity of the audit committee." PWC has faulted Informatics Holdings' senior management for not doing enough to prevent the company's accounting mishaps and raised the possibility of restating previous years' results. In addition, PWC found some of the firm's records "not acceptable" and determined that the management should have done better to formalize and increase the role of Ernst and Young as auditor in the absence of a chief financial officer. The education provider is currently under police probe following admission of misstating its quarterly financial results ended December 2003. Earlier this month, it was announced that Ung Gim Sei, Neo Boon Siong and Anderson Tang Siu Ki have been named to Informatics' new audit committee. CONTACT: Informatics Building 5 International Business Park Singapore 609914 Phone No: +65 6560 0003 Fax No: +65 6665 3605 INFORMATICS HOLDINGS: Releases PWC Report ----------------------------------------- The Board of Directors of Informatics Holdings Ltd wishes to announce that it has just received the full report from PricewaterhouseCoopers (PwC) on the circumstances relating to misstatements in quarterly results, which incorporates the findings of the PwC report referred to in the announcement dated 28 June 2004 and sets out the management responsibilities in respect of both event/circumstances resulting in these misstatements to the extent disclosed by the available facts (the 20 July Report). Key Highlights of the July 20 Report The Board is of the view that the specific details contained in the 20 July Report do not constitute material price-sensitive information which have to be disclosed pursuant to Rule 703 of the SGX-ST Listing Manual. However, a summary of the key highlights of the 20 July Report as extracted from it is set out below: (1) Loss for the year ended 31 March 2004 PwC noted that the quantity of the additional provisions for the year ended 31 March 2004 together with its observations over revenue recognition, particularly with regard to franchise income, raises a possible concern over the Company's results in prior years. However, further work in this area was not within their scope. The additional provisions for the year ended 31 March 2004 principally related to provisions for debtors. The Company has reviewed the provisions for debtors in finalizing its accounts for the prior years. The provision for debtors as at 31 March 2004 was increased after considering the developments during the financial year. The issue of restating the results for prior years was considered during the finalization of the accounts for the year ended 31 March 2004 and the conclusion was that results in the prior years were not required to be restated. (2) Non-compliance with published accounting policies PwC noted that there were clear examples of deviation from published accounting policy in respect of revenue recognition which has resulted in aggressive revenue recognition. PwC also noted that the process of new sales product review by the Finance of the Company was inadequate. (3) Failure of Finance Function PwC noted that the lack of a long-standing senior appointment in the role of Chief Financial Officer has weakened the head office finance function role. This has resulted in there being no effective check and balance to stop the aggressive revenue recognition practices of management. PwC noted that with the lack of a strong finance function, senior management should have done more to ensure that all late adjustments in Q2 FY2004 were presented fairly to the Audit Committee. (4) The Audit Committee PwC noted that it has no reason to question the honesty and integrity of the Audit Committee. PwC also noted that the Audit Committee's focus was on principles and process and PwC felt that the Audit Committee was inadequately briefed on the cumulative impact of all the head office manual adjustments in Q2 FY2004. (5) Quality of Information PwC noted that the quality of some underlying records supporting the financial adjustments in Q1 and Q2 FY2004 was not acceptable. (6) The Quarterly Reporting Process and the Company's auditors PwC noted that management should have done much more, particularly in Q2 FY2004 when there was no Chief Financial Officer, to formalize and increase the role of the Company's auditors in relation to the Company's quarterly results. It should be noted that paragraphs 2 to 6 above relate only to the results for the three quarters ended 31 December 2003 announced by the Company. High level recommendations by PwC has made the following key recommendations to the Company: (a) Institutionalize a formal review of all quarterly consolidation processes and highlight to the Audit Committee all major out-of-book adjustments and any "late" sales, especially in the area of franchise income. (b) Formalize the Company's quarter end procedures with the Company's auditors. (c) Clearly define the working definition of "start of course" and codify the Company's revenue recognition policy to ensure that all courses are in line with the Company's stated revenue recognition policy. (d) Strengthen awareness in the finance function of the Company and its subsidiaries in Singapore of the Company's practices and policies through training and establish clear procedures to be adhered to if deviations occur. (e) Document clearly the franchise agreement processes including the use of pathfinders and associated revenue recognition modes. Update on actions by the Company The Company is addressing the issues raised in the 20 July Report and is taking steps to implement the necessary internal control and risk management procedures. On the instruction of the Audit Committee, the Company is in the process of strengthening the internal audit and the financial controls of the Company. In any case, the Company has already implemented many measures including the following: (i) With regard to items (a) and (b) above, the Audit Committee has agreed to engage the Company's auditors to carry out certain agreed upon procedures for the quarter end consolidation processes. (ii) With regard to items (c), (d) and (e) above, the Financial Controllers of the Company and all its subsidiaries have been instructed to adhere strictly to all revenue recognition policies (including those relating to franchise agreements) as well as the policies laid down in the Group's financial manual and that non-compliance will be brought to the attention of the Audit Committee. In particular, the Financial Controller and Finance Managers in Singapore have been instructed to ensure compliance with the procedures and practices laid down in the Group's financial manual and to report all deviations to the Chief Financial Officer. The Board believes that the above measures implemented by the Company adequately address the weaknesses noted in the 20 July Report and are sufficient to prevent their recurrence. A copy of the 20 July Report has been given to the relevant authorities, including the SGXST and, as the Board understands, the Commercial Affairs Department. Bo Order of the Board Raymond Quek Hiong How Company Secretary INFORMATICS HOLDINGS: Posts Announcement from Shareholders ---------------------------------------------------------- The Board of Directors of Informatics Holdings Ltd (the Company) wishes to announce that the Company has received a notice from the solicitors of Berjaya Leisure Capital (Cayman) Limited and Berjaya General Insurance Berhad (together, the Berjaya Group), that the Berjaya Group, which has a shareholding interest of approximately 29.07% in the Company, requests three board seats, to be effective shortly after the forthcoming Annual General Meeting of the Company to be held on 30 July 2004. They have also requested that one of their nominees be considered for the position of non-executive Chairman of the Board. Once the Company receives the names of the relevant nominees, the Nominating Committee will review the nominees and make its recommendation to the Board. The Company will make the appropriate announcements in due course. By Order of the Board Raymond Quek Hiong How Company Secretary Singapore KGD ASSOCIATES: Court Hearing Winding Up Petition ------------------------------------------------- Notice is hereby given that a Petition for the winding up of KGD Associates Pte Ltd by the High Court was, on the 15th day of July 2004, presented by Tan Guat Eng at 780 Upper Serangoon Road, #01-02 Choon Kim House, Singapore 534649, a creditor. The Petition is scheduled before the High Court in Singapore at 10.00 o'clock on August 23, 2004. Any creditor or contributory of the company desiring to support or oppose the making of an order on the Petition may appear at the time of the hearing by himself or his counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioners' address is 780 Upper Serangoon Road, #01-02 Choon Kim House, Singapore 534649. The Petitioners' solicitors are Veritas Law Corporation of 2 Havelock Road, #06-06 Apollo Centre, Singapore 059763. Veritas Law Corporation Solicitors for the Petitioners. Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the above named Veritas Law Corporation of 2 Havelock Road, #06-06 Apollo Centre, Singapore 059763, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, 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 12 o'clock noon of the 12th day of August 2004 (the day before the day appointed for the hearing of the Petition). PACIFIC RIM: Holds Final Meeting on August 30 --------------------------------------------- Notice is hereby given pursuant to Section 308 of the Companies Act, Cap. 50, that a Final Meeting of the Members of Pacific Rim Warehousing (S) Pte Ltd (In Member's Voluntary Liquidation) will be held at 138 Cecil Street, #15-00 Cecil Court, Singapore 069538 on August 30, 2004 at 11.00 a.m. for the purpose of laying before the Meeting an account showing how the winding up has been conducted, and the property of the Company disposed of and of hearing any explanation that may be given by the Liquidator, and also of determining by resolution the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of. DOUGLAS TAN KAY YEOW Liquidator. Note: Pursuant to Section 181 of the Companies Act, Cap. 50, a member entitled to attend and vote at this Meeting is entitled to appoint another person or persons (whether a member or not) as his proxy to attend and vote in his stead. This Singapore Government Gazette announcement is dated July 23, 2004. =============== T H A I L A N D =============== NATIONAL FERTILIZER: Changes Name to NFC Fertilizer PCL ------------------------------------------------------- According to the Business Rehabilitation Plan of National Fertilizer PCL, the Company has changed the company name to "NFC Fertilizer PCL" through the Department of Business Development of Ministry of Commerce, on July 20, 2004. However, the company symbol is still "NFC". The C.J. Morgan Company Limited as the Plan Administrator of the Company delivers the registered document to support such information to the Stock Exchange of Thailand 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 NFC 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 THAI PETROCHEMICAL: MoF Says Stake Purchase Would Benefit PTT ------------------------------------------------------------- The Ministry of Finance (MoF) wants PTT Plc to buy a not more than 30 percent stake in Thai Petrochemical Industry PCL (TPI), according to Business Day. PTT's acquisition of TPI stake is part of the government's effort to allow the company to become Thailand's largest oil conglomerate. Finance Minister Somkid Jatusripitak said the government is willing to help PTT bring in more revenue from petrochemical business, but denies that pressure is being placed on PTT to buy a TPI stake. Mr. Somkid wants PTT, which is 69 percent owned by the government, to be the vehicle in developing the local petrochemical industry in its aim to position itself as the regional energy hub besides aiming to become the center for manufacturing industries such as automobiles and electronics. One third of PTT's current THB400 million in revenues is attributed to the petrochemical business. "The petrochemical business has the potential to become one of the most crucial industries in Thailand in the next five years, helping the "Detroit of Asia" plan as the auto industry also relies on petrochemicals," Business Day quoted Mr. Somkid as saying. According to PTT President Prasert Bunsumpun, the firm is in the process of conducting a feasibility study before investing in TPI. TPI, Thailand's largest defaulter is currently undergoing a US$2.95 billion debt-restructuring (THB118.8 billion). Contact: THAI PETROCHEMICAL INDUSTRY PCL TPI TOWER,FLOOR 8, 26/56 NEW JUN ROAD, THUNGMAHAMEK, SATHON Bangkok Telephone: 0-2678-5000, 0-2678-5100 Fax: 0-2678-5001-5 Website: www.tpigroup.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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. 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