/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/041015.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 Friday, October 15, 2004, Vol. 7, No. 205 Headlines A U S T R A L I A AIR CLIMATISATION: Official Liquidator Appointed AMP LIMITED: Introduces Latest Online Home Loan Processing AUSFOREST LIMITED: Receivers and Managers Named AZORES NO.2: Winds Up Voluntarily CHSAR PTY: Members, Creditors Resolve to Voluntarily Wind Up ELLIS WESTON: To Hold Joint Meeting on October 22 ELURA NOMINEES: Appoints Joint and Several Liquidators KENDALLS HOLDINGS: General Meeting Set Today MERNOR PTY: Holds Members Meeting Today MITSUBISHI AUSTRALIA: To Stay For As Long As It's Viable NATIONAL AUSTRALIA: Releases New Harvest Finance Project NATIONAL AUSTRALIA: Commits to Develop European Ventures PAULTONS PTY: Sets October 18 as Date of Final Meeting PINDARI BUILDING: Schedules Meeting on October 18 PITT STREET: To Undergo Voluntary Liquidation PRIMELIFE CORPORATION: Issues Proceedings Against Manpoint RIANNA ENTERPRISES: General Meeting Slated for October 18 RRAP INVESTMENTS: Grant Thornton Appointed Receivers, Managers SEL PRICE: To Face Voluntary Winding Up Proceedings SPECIFIC SALES: Members Meeting Set Today SONS OF GWALIA: Names Advisors to Assist in Sale of Businesses C H I N A & H O N G K O N G ASIAN AREA: Issues Intended Dividend Notice BILALIAN PACIFIC: Creditors Must Prove Debts by November 9 CHINA GAS: Details Special General Meeting Results EVER GEMINI: Faces Winding Up Proceedings FAR EAST: Court to Hear Winding Up Petition on October 20 FING ENGINEERING: Winding Up Hearing Set October 27 HONGKONG PHARMACEUTICAL: Winding Up Hearing Set October 27 KEI SHING: Court Issues Bankruptcy Order PEACE INTERNATIONAL: Bankruptcy Petition Issued RESOLUTION SOFTWARE: Receives Bankruptcy Order WEICHENG INTERNATIONAL: Winding Up Petition Made * China to Possibly Write Off CNY300Bln of NPAs I N D O N E S I A ASTRA INTERNATIONAL: To Pay 2004 Interim Dividend GARUDA INDONESIA: Mulls Cessation of European Flights GARUDA INDONESIA: To Expand Citilink Fleet to Repel Competition J A P A N ALL NIPPON: Selects Rolls-Royce Trent 1000 for the Boeing 7E7 CAR MATE: JCR Downgrades senior debts to BB DAIEI INCORPORATED: Finally Seeks IRCJ Bailout HITACHI LIMITED: Unveils New China Business Strategy JAPAN AIRLINES: Boeing Delivers First 747-400 Freighter MITSUBISHI MOTORS: Exhibits at 38th Tokyo Motor Show SHINWA GORUFU: Faces Insolvency SUGA K.K.: Enters Bankruptcy UFJ HOLDINGS: Participation of Unit in JGB Market Suspended UFJ HOLDINGS: Reorganizes Audit and Compliance Committee K O R E A * Surge in Oil Prices Affects South Korean Oil Importers M A L A Y S I A ACTACORP HOLDINGS: Updates Restructuring Scheme ANCOM BERHAD: Purchases 15,300 Ordinary Shares on Buy Back AOKAM PERDANA: Unveils Rights Issue BESCORP INDUSTRIES: Discloses Amended Underwriting Agreement CEPATWAWASAN GROUP: Releases Litigation Update INNOVEST BERHAD: Seeks Restructuring Approval GADANG HOLDINGS: Granted Listing of 500,000 New Ordinary Shares KEMAYAN CORPORATION: SC OKs Investigative Audit Extension MTD CAPITAL: Issues Shares Buy Back Notice PSC INDUSTRIES: Details Debt Restructuring Proposal PUNCAK NIAGA: To List 8,000 New Ordinary Shares TECHVENTURE BERHAD: Updates Debt Restructuring Scheme WCT ENGINEERING: Enters Underwriting Agreement P H I L I P P I N E S MANILA ELECTRIC: Clarifies Violation Report METRO PACIFIC: Selling 5% Stock Shares MONDRAGON LEISURE: SEC Suspends Registration PHILIPPINE AIRLINES: Seeks To Raise Fuel Surcharge PHILIPPINE LONG: To List More Shares Today * DBM Orders State Firms to Shape Up Or Face Abolition S I N G A P O R E MAXWELL SYNERGY: Creditor to Prove Debts by October 28 REYNOSA PRIVATE: Court Issues Winding Up Notice SEABRIDGE TRANSPORT: Releases Dividend Notice TRANSPARITY LIMITED: Notes Last Day of Receiving Proofs WAN SOON: Faces Winding Up Proceedings T H A I L A N D BANGKOK STEEL: Details Change in Major Shareholder KRUNG THAI: Transfers Substandard Assets to TAMC NATURAL PARK: Postpones Capital Reduction TPI POLENE: Releases Unreviewed Q3 2004 Operating Results * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= AIR CLIMATISATION: Official Liquidator Appointed ------------------------------------------------ On 3 September 2004, the Supreme Court of New South Wales, Equity Division, made an Order that Christopher J. Palmer be appointed Official Liquidator of Air Climatisation Sales Pty Limited (In Liquidation). Dated this 21st day of September 2004 Christopher J. Palmer Official Liquidator O'Brien Palmer Level 4, 23-25 Hunter Street, Sydney NSW 2000 AMP LIMITED: Introduces Latest Online Home Loan Processing ---------------------------------------------------------- AMP Banking, a subsidiary of AMP Limited, has announced the launch of ApplyOnline, a new straight through, online home loan- processing tool for mortgage brokers and financial planners. ApplyOnline enables brokers and planners to submit a home loan application in as little as 15 minutes, 24 hours a day, 7 days a week. AMP Banking Managing Director, Michael Guggenheimer said submitting a home loan application was now easier than ever. "Applications made to ApplyOnline receive priority processing which means they are fast tracked through the system and conditional approval can be given in minutes*," Mr. Guggenheimer said. "No one likes waiting any longer than they have to and this why we've been focused on reducing processing time. "ApplyOnline helps brokers and planners provide faster service and more certainty to their clients. "Once the application has been lodged we will update the mortgage broker or financial planner by SMS or email message on the progress of the application. They can choose how and when they receive this information. "ApplyOnline makes it easy for brokers and planners to keep their clients informed every step of the way, from the time they submit an application, until the client's money is deposited into their account," he said. Applications can be saved and re-opened for submission at a later date and regular AMP Banking news and updates can also be accessed via the online tool. An automated document checklist ensures each application is submitted correctly. *Subject to AMP Banking Lending Guidelines. Media Inquiries: Katherine Perry Tel: 03 9622 5088 Mobile: 0411 247 629 CONTACT: AMP Limited Level 24, AMP Building, 33 Alfred Street, Sydney, Nsw, Australia, 2000 Head Office Telephone: (02) 9257 5000 Head Office Fax: (02) 9257 7178 Web site: http://www.amplimited.com/ AUSFOREST LIMITED: Receivers and Managers Named ----------------------------------------------- Arrow Custodians Pty Limited, A.C.N. 002 458 366 of Level 16, 1 O'Connell Street, Sydney NSW 2000, gave notice that on the 3rd day of September 2004 it appointed Paul Andrew Billingham and Trevor Mark Pogroske, both of Grant Thornton Chartered Accountants, Level 17, 383 Kent Street, Sydney NSW 2000, jointly and severally as Receivers and Managers of the assets and undertakings of Ausforest Limited, pursuant to the powers contained in fixed and floating ASIC Charge No. 992565 each dated 6 November 2003: Dated this 7th day of September 2004 James Kelly Marshall Solicitor for Arrow Custodians Pty Limited Blake Dawson Waldron Grosvenor Place, 225 George Street, Sydney NSW 2000 AZORES NO.2: Winds Up Voluntarily --------------------------------- At an extraordinary meeting of the members of Azores No.2 Pty Ltd duly convened and held at SimsPartners, Level 6, 12 Pirie Street, Adelaide SA 5000, on 31 August 2004 at 10:00 a.m., the resolutions set out below were duly passed. SPECIAL RESOLUTION That the Company be wound up voluntarily and the Liquidator be hereby authorized to make distributions in specie of the company's assets. ORDINARY RESOLUTION That Alan Geoffrey Scott of SimsPartners, Level 6, 12 Pirie Street Adelaide be appointed Liquidator for the purpose of the winding up. Dated this 6th day of September 2004 Alan Geoffrey Scott Liquidator CHSAR PTY: Members, Creditors Resolve to Voluntarily Wind Up ------------------------------------------------------------ Notice is hereby given that at meetings of the members and creditors of Chsar Pty Ltd (In Liquidation) held on 1 September 2004 it was resolved that the company be wound up voluntarily and that for such purpose John Sheahan and Ian Russell Lock of the firm of Sheahan Lock Partners, Level 8, 26 Flinders Street, Adelaide, South Australia, be appointed as joint and several liquidators. Dated this 1st day of September 2004 Ian Lock Joint Liquidator ELLIS WESTON: To Hold Joint Meeting on October 22 ------------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of Ellis Weston Painting & Wallpapering Pty Ltd (In Liquidation) will be held at the offices of Armstrong Wily & Co, Level 5, 75 Castlereagh Street, Sydney NSW 2000, on Friday, 22 October 2004, at 11:00 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanations that may be given by the Liquidator. Dated this 7th day of September 2004 A. H. J. Wily Liquidator Armstrong Wily & Co Chartered Accountants Level 5, 75 Castlereagh Street, Sydney NSW 2000 ELURA NOMINEES: Appoints Joint and Several Liquidators ------------------------------------------------------ At a general meeting of the members of Elura Nominees Pty Ltd duly convened and held at Remeljej & Associates, 75 Henley Beach Road, Henley Beach SA 5022 on 3 September 2004 the Special Resolution set out below was duly passed: That on the winding up of the company subject to the payment of debts and liabilities of the company and costs of liquidation, the assets of the company be distributed among the members in specie in whole or in part according to their rights and interest in the company or in accordance with a special resolution of the members; That the company be wound up voluntarily in accordance with the provisions of Section 491 of the Corporations Act 2001; and That Mark Christopher Hall and Timothy James Clifton Chartered Accountants, Level 10, 26 Flinders Street, Adelaide be appointed joint and several liquidators for the purpose of such winding up. J.A. Douglas Director KENDALLS HOLDINGS: General Meeting Set Today -------------------------------------------- Notice is hereby given pursuant to section 509 of the Corporations Act 2001 that a general meeting of the members and creditors of Kendalls Holdings Pty Ltd (In Liquidation) will be held at the offices of WHK Denison, Accountants & Advisors, 30 Davey Street, Hobart, Tasmania on Friday, the 15th day of October 2004 at 12:00 noon for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanations that may be given by the liquidator. Dated this 7th day of September 2004 John William Woods Liquidator 30 Davey Street, Hobart 7000 MERNOR PTY: Holds Members Meeting Today --------------------------------------- Notice is given that a meeting of the members of Mernor Pty Ltd (In Liquidation) will be held at the offices of Maris Rudaks, Chartered Accountant Level 2, 99 Frome Street, Adelaide, South Australia, 5000 on Friday, the 15th day of October 2004 at 12:00 noon. The purpose of the meeting is to lay accounts before it, showing the manner in which the winding up has been conducted and the property of the company disposed of, and for hearing any explanation that may be given by the Liquidator. Dated this 2nd day of September 2004 M.A. Rudaks Liquidator Maris Rudaks & Associates Chartered Accountants Level 2, 99 Frome Street, Adelaide SA 5000 Telephone: (08) 8236 1500, Facsimile: (08) 8236 1555 MITSUBISHI AUSTRALIA: To Stay For As Long As It's Viable -------------------------------------------------------- Mitsubishi Motors Australia Ltd., a unit of troubled Japanese carmaker Mitsubishi Motors Corporation, will continue its operations for as long as it is able to generate profit, says Asia Pulse. Mitsubishi Motors President Hideyasu Tagaya confirmed the firm is not planning to further cut the firm's operations in Adelaide. "Of course it's business, so if business is doing well we may increase (the employee) head count," Mr. Tagaya told ABC radio. "If the business is not doing well, we may reduce head count. "However, the operation in Australia is going according to plan now so we have no plans for further cuts at the moment. Mitsubishi has announced in May that its engine assembly facility at Lonsdale, in Adelaide's south, would be shut down within 18 months, cutting 700 jobs. However, the company ensured it would continue to run its nearby vehicle assembly plant. Mitsubishi's Australian operations are vital to South Australia's economy, where the company is one of the largest employers with some 3,500 workers directly on the payroll and up to 16,000 more jobs in component and supply industries. CONTACT: Mitsubishi Motors Australia, Ltd. (MMAL) Head Office: 1284 South Road Clovelly Park South Australia, 5042 Australia Phone: 08 8275 7443 Fax: 08 8275 7309 E-mail: careers@mmal.com.au Web site: www.mitsubishi-motors.com.au NATIONAL AUSTRALIA: Releases New Harvest Finance Project -------------------------------------------------------- National Australia Bank has responded to market demand for more flexible harvest finance options with the release of a non- underwritten version of its popular National Wheat Advance product. The National's General Manager Agribusiness Mike Carroll said the move will be welcomed by customers who want the option to manage price risk themselves, or prefer to use alternative strategies with their Risk Management Specialist. "Our close customer relationships give us a keen understanding of what growers want. Once again, we are improving our product, providing greater choice and driving competition in the market," Mr. Carroll said. "If a grower wants easy access to the value of their wheat pool contracts, but wants to manage the risk themselves of a fall in wheat prices, the Full Recourse option provides access to 80% of the estimated pool return, GST inclusive and will save growers the underwriting fee." The National Wheat Advance is a loan against a wheat grower's expected AWB pool distribution. In the past, the loan was only provided with underwriting to protect the customer against the risk of a fall in the wheat price against which the wheat advance limit had been calculated. "As always, the National's product is competitively priced and this development will help us consolidate our strong position in this market," Mr. Carroll said. The Full Recourse product incurs an activation fee of 20 cents per tonne, has no underwriting fee and, like the fully underwritten version, has no application fee or line service fee. The Underwritten National Wheat Advance lets growers borrow against their choice of 80%, 70%, 60% or 50% of the estimated pool return. "Another point of differentiation is that the National's harvest finance product links the underwriting fees to the customer's selected borrowing limit," Mr. Carroll said. "There is also the added flexibility of being able to protect the value of AWB Nominated Estimated Pool Return without the need to draw upon the facility to benefit from underwriting." Benefits of the National Wheat Advance include: (1) interest is only paid on the amount drawn down; (2) underwriting fees are lower if you choose a lower percentage of your credit limit; (3) 24 hour, 7 day a week access to funds available via National's internet and telephone banking; (4) you don't need to be an existing National customer to apply. National Wheat Advance Interest Rate* Total Amount Drawndown Interest Rate $1 < $100,000 7.70% pa $100,000 < $200,000 7.40% pa $200,000 < $400,000 7.10% pa $400,000 plus 6.85% pa Underwriting Fees* Customer's Nominated % Credit Limit Underwriting Fee per Tonne 80% $1.60 70% $1.35 60% $0.95 50% $0.65 * Underwriting Fees and interest rates are current at 12 October 2004 and are subject to change. NATIONAL AUSTRALIA: Commits to Develop European Ventures -------------------------------------------------------- The National Australia Bank disclosed in the Australian Stock Exchange that it is committed to developing its businesses in Europe and is implementing a range of initiatives to improve shareholder value. However, as previously announced, the National's Chief Executive, Mr. John Stewart, said all options are being considered as part of a wide-ranging review. Mr. Stewart said several expressions of interest in our Irish businesses have been received. "The Irish businesses are excellent businesses with great potential," he said. "No decision has been made to sell them. "However, given these expressions of interest, we believe it is in shareholders' interests to explore this option. "As such, we have commissioned Lazard's to issue an information memorandum and test the market. "If we do not receive an offer that reflects the true value and potential of the Irish businesses, we will continue to invest in them and to grow them organically." Mr. Stewart said that work continues on the European review and initiatives to improve shareholder value. "We will continue to focus on growth in our businesses and are confident that they can generate value for the National," he said. "We are making excellent progress with plans to improve performance and see real opportunity to increase our presence in the south east of England. "We will provide an update on the European review to the market when it is sufficiently progressed." For further information: Brandon Phillips Group Manager Group Corporate Relations 03 8641 3857 work 0419 369 058 mobile Callum Davidson Head of Group Investor Relations 03 8641 4964 work 0411 117 984 mobile PAULTONS PTY: Sets October 18 as Date of Final Meeting ------------------------------------------------------ Notice is given that pursuant to Section 509 of the Corporations Act the final meeting of the creditors and members of Paultons Pty Ltd (In Liquidation) will be held in the meeting room of SimsPartners, Level 6, 12 Pirie Street, Adelaide, on the 18th of October 2004 at 10:00 a.m. Dated this 1st day of September 2004 A.G. Scott Joint and Several Liquidator Note: To enable creditors to vote at the meeting, proof of debt and proxy forms should be forwarded to SimsPartners, Level 6, 12 Pirie Street, Adelaide before the commencement of the meeting. Proofs of debt and proxy forms are available from SimsPartners. E-mail: adel@simspartners.com.au PINDARI BUILDING: Schedules Meeting on October 18 ------------------------------------------------- Notice is given that a meeting of creditors and the final meeting of members and creditors of Pindari Building Company Pty Ltd (In Liquidation) will be held concurrently at the offices of Grant Thornton, Chartered Accountants, Level 6, 256 St George's Terrace, Perth WA on Monday, 18 October 2004 at 9:15 a.m. AGENDA (1) To receive a report from the Liquidator on the conduct of the liquidation. (2) To receive a statement of the receipts and payments for the period of the liquidation. (3) General business. For Meeting of Creditors only (4) To fix the Liquidator's remuneration. Dated this 1st day of September 2004 Mervyn J. Kitay Liquidator PITT STREET: To Undergo Voluntary Liquidation --------------------------------------------- Notice is given that pursuant to Section 509 of the Corporations Act 2001, at a meeting of members held on 7 September 2004 it was unanimously resolved to voluntarily liquidate Pitt Street Investments Pty Limited (In Liquidation) and to appoint Bruce Coombes as the liquidator. Dated this 7th day of September 2004 Bruce Coombes Liquidator 30/15 Terminus Street, Castle Hill NSW 2154 PRIMELIFE CORPORATION: Issues Proceedings Against Manpoint ---------------------------------------------------------- Primelife Corporation Limited on Wednesday issued proceedings against Mainpoint Developments Pty Ltd, a company associated with Ted Sent, seeking an order that Mainpoint specifically perform its obligations under a Call Option Deed pursuant to which Primelife has exercised an Option to Purchase a property known as Catalina Waters situated on the corner of Sneydes and Point Cook Roads, Point Cook. Jim Hazel Managing Director Primelife Corporation Limited CONTACT: Primelife Corp. Ltd. 210 Kings Way, South Melbourne, Victoria, Australia, 3205 Head Office Telephone: (03) 8699 3300 Head Office Fax: (03) 8699 3414 Web site: http://www.primelife.com.au/ RIANNA ENTERPRISES: General Meeting Slated for October 18 --------------------------------------------------------- Notice is hereby given pursuant to Sections 509(1) of the Corporations Act 2001 that a general meeting of the members and creditors of Rianna Enterprises Pty Ltd (In Liquidation) will be held at the offices of PPB, Level 1, 5 Mill Street, Perth, WA, 6000 on 18 October 2004 at 10:00 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted, and the property of the company disposed of, and of hearing any explanations that may be given by the liquidator. Dated this 1st day of September 2004 Cliff Rocke Liquidator PPB Level 1, 5 Mill Street, Perth WA 6000 RRAP INVESTMENTS: Grant Thornton Appointed Receivers, Managers -------------------------------------------------------------- Arrow Custodians Pty Limited, A.C.N. 002 458 366 of Level 16, 1 O'Connell Street, Sydney NSW 2000, gave notice that on the 3rd day of September 2004 it appointed Paul Andrew Billingham and Trevor Mark Pogroske, both of Grant Thornton Chartered Accountants, Level 17, 383 Kent Street, Sydney NSW 2000, jointly and severally as Receivers and Managers of the assets and undertakings of RRAP Investments Pty Ltd, pursuant to the powers contained in fixed and floating ASIC Charge No. 992569 each dated 6 November 2003: Dated this 7th day of September 2004 James Kelly Marshall Solicitor for Arrow Custodians Pty Limited Blake Dawson Waldron Grosvenor Place, 225 George Street, Sydney NSW 2000 SEL PRICE: To Face Voluntary Winding Up Proceedings --------------------------------------------------- At a General Meeting of SEL Price Pty Ltd, duly convened and held at 79 Fullarton Road, Kent Town SA, on 31st August 2004 the following Special Resolution was passed: That the Company be wound up as a Members' Voluntary Liquidation and that the assets of the company be distributed in whole or in part to the members in specie should the liquidator so desire. Dated this 31st day of August 2004 K.G. Inns Liquidator SPECIFIC SALES: Members Meeting Set Today ----------------------------------------- Notice is given that a meeting of the members of Specific Sales Pty Ltd (in Liquidation) will be held at the offices of Maris Rudaks, Chartered Accountant Level 2, 99 Frome Street, Adelaide, South Australia, 5000 on Friday, the 15th day of October 2004 at 11:00 a.m. The purpose of the meeting is to lay accounts before it, showing the manner in which the winding up has been conducted and the property of the company disposed of, and for hearing any explanation that may be given by the Liquidator. Dated this 2nd day of September 2004 M.A. Rudaks Liquidator Maris Rudaks & Associates Chartered Accountants Level 2, 99 Frome Street, Adelaide SA 5000 Telephone: (08) 8236 1500, Facsimile: (08) 8236 1555 SONS OF GWALIA: Names Advisors to Assist in Sale of Businesses -------------------------------------------------------------- The Administrators of Sons of Gwalia Ltd (SGW) announced that they have appointed advisors to assist in reviewing options for the reconstruction, sale or otherwise of the major assets of SGW being the Advanced Minerals Business and the Gold Assets. UBS Investment Bank has been appointed to advise on the Advanced Mineral Business and Tantalum Assets and Macquarie Bank Limited has been appointed to advise on the sale of the Gold Assets. The Administrator, Mr. Andrew Love of Ferrier Hodgson stated "the appointment of Advisors is a key role in the Administration so that we can explore all the options available to the creditor stakeholders. It is expected the Gold Assets will be offered for sale in the very near future". Mr. Love also stated that "with the appointments of both UBS and Macquarie the Administrators are pleased that we have two first rate advisors to assist the Administrators, Creditors and Stakeholders to maximize returns in the most appropriate time frame". Garry Trevor, Andrew Love and Darren Weaver Joint and Several Administrators of Sons of Gwalia Ltd CONTACT: Sons of Gwalia Carmen Kiggins Manager - Investor Relations 16 Parliament Place West Perth, Western Australia, 6005 Telephone: 08 9263 5648 Facsimile: 08 9481 1271 Web site: http://www1.sog.com.au/ ============================== C H I N A & H O N G K O N G ============================== ASIAN AREA: Issues Intended Dividend Notice ------------------------------------------- Notice is hereby given that a first dividend is intended to Asian Area Reinsurance Company Limited, in creditors' voluntary liquidation. All creditors of the company must prove their debts by the 29th day of October 2004 and send in their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the Liquidators of the said Company at 2/F., Chung Nam Building, 1 Lockhart Road, Wanchai, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution declared. Dated this 8th day of October 2004 Jan G. W. Blaauw Joint and Several Liquidator BILALIAN PACIFIC: Creditors Must Prove Debts by November 9 ---------------------------------------------------------- Notice is hereby given that the Creditors of Bilalian Pacific Limited, which is being voluntarily liquidated, are required on or before the 9th day of November 2004 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the undersigned. If so required by notice in writing from the said liquidators, they are to prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be deemed to waive all of such debts or claims and the liquidators will be entitled seven days after the above date, to distribute the funds available or any part thereof to the Members. Dated this 8th day of October 2004 Chiu Soo Ching, Katherine Cho Che Kwong, Alex Joint and Several Liquidators c/o Horwath Management Services Limited 2001 Central Plaza, 18 Harbour Road Wanchai Hong Kong CHINA GAS: Details Special General Meeting Results -------------------------------------------------- China Gas Holdings Limited announced that the Special General Meeting (SGM) held on 12 October 2004 and the ordinary resolutions approving the Great Sun Agreement, the Share Transfer Agreements and the transactions contemplated there under were duly passed by way of poll. Reference is made to the press announcement dated 23 August 2004 and the circular dated 24 September 2004 of the Company regarding the Great Sun Acquisition and the JV Acquisition. Capitalized terms used in this announcement shall have the same meanings as those defined in the Circular unless otherwise stated. RESULTS OF THE SGM As set out in the notice convening the SGM dated 24 September 2004, ordinary resolutions in respect of the Great Sun Agreement, the Share Transfer Agreements and the transactions contemplated there under were proposed to be considered and, if thought fit, passed at the SGM. The resolutions were voted by way of poll. The Company's branch share registrar, Computershare Hong Kong Investor Services Limited, was appointed as scrutinizer for the vote taking in the SGM. It was stated in the Circular that Famestar, Beijing YLC, Great Sun and their respective associates would have to abstain from voting at the SGM. As at the date of the SGM, none of Famestar, Beijing YLC, Great Sun nor their respective associates have any shareholding interests in the Company. As such, no Shareholders have abstained from voting at the SGM. As at the date of the SGM, there were a total number of 1,754,151,765 Shares in issue. Shareholders holding 1,754,151,765 Shares were entitled to attend and vote for or against the resolutions at the SGM. The results of the voting at the SGM are as follows: Resolutions Number of Shares (%) For Against (1) To approve the Great Sun Agreement in relation to the acquisition 800,388,973 Nil of, among other things, the entire issued share capital of Great (100%) (Nil) Sun and the transactions contemplated thereunder (2) To approve the Hanchuan Agreement in relation to the 800,388,973 Nil acquisition of 10% equity interests in Hanchuan Jiaxu and (100%) (Nil) the transactions contemplated thereunder (3) To approve the Xiaogan Agreement in relation to the 800,388,973 Nil acquisition of 10% equity interests in Xiaogan Jiaxu and (100%) (Nil) the transactions contemplated thereunder (4) To approve the Yingcheng Agreement in relation to the 800,388,973 Nil acquisition of 10% equity interests in Yingcheng Jiaxu and (100%) (Nil) the transactions contemplated thereunder (5) To approve the Yumeng Agreement in relation to the 800,388,973 Nil acquisition of 10% equity interests in Yumeng Jiaxu and (100%) (Nil) the transactions contemplated thereunder Accordingly, the resolutions were duly passed by way of a poll at the SGM. By order of the Board China Gas Holdings Limited Liu Ming Hui Managing Director Hong Kong This Hong Kong Stock Exchange announcement is dated October 12, 2004. EVER GEMINI: Faces Winding Up Proceedings ----------------------------------------- Notice is hereby given that a Petition for the winding up of Ever Gemini Development Limited, whose registered office is situated at Unit 7B, 34/F., Cable TV Tower (formerly known as Wharf Cable Tower), 9 Hoi Shing Road, Tsuen Wan, N.T., Hong Kong by the High Court of Hong Kong Special Administrative Region was on the 22nd day of September 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 3rd day of November 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. Messrs. Deacons Solicitors for the Petitioner 5th Floor, Alexandra House 16-20 Chater Road Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 2nd day of November 2004. FAR EAST: Court to Hear Winding Up Petition on October 20 --------------------------------------------------------- Notice is hereby given that a Petition for the winding up of Far East Pharmaceutical Technology Company Limited, a company incorporated under the Companies Laws of the Cayman Islands (Revised), by the High Court of Hong Kong Special Administrative Region was on the 15th day of September 2004 presented to the said Court by Standard Chartered Bank (Hong Kong) Limited whose registered office is situate at 32th Floor, 4-4A Des Voeux Road, Central, Hong Kong. The said Petition will be heard before the Court at 10:00 am on the 20th day of October 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. Lovells Solicitors for the Petitioner 23th Floor, Cheung Kong Center 2 Queen's 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 19th day of October 2004. FING ENGINEERING: Winding Up Hearing Set October 27 --------------------------------------------------- Notice is hereby given that a Petition for the winding up of Fing Engineering Company Limited by the High Court of Hong Kong Special Administrative Region was on the 14th day of September 2004 presented to the said Court by Westson Electrical Supplies Limited whose registered office is situated at Ground Floor, Tung Chau Building, 276 Tung Chau Street, Shamshuipo, Kowloon, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on the 27th day of October 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. Chung & Kwan Solicitors for the Petitioner Rooms 1601-1606, 16th Floor, ING Tower 308-320 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 26th day of October 2004. HONGKONG PHARMACEUTICAL: Winding Up Hearing Set October 27 ---------------------------------------------------------- Notice is hereby given that a Petition for the winding up of Hong Kong Pharmaceutical Holdings Limited, formerly known as N P H International Holdings Limited, by the High Court of Hong Kong Special Administrative Region was on the 21st day of September 2004 presented to the said Court by Goldon Investment Limited whose registered office is situated at 32nd Floor, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 27th day of October 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. Willie Chang & Co., Solicitors Solicitors for the Petitioner Rooms 406, Dominion Centre 43-59 Queen's Road East 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 26th day of October 2004. KEI SHING: Court Issues Bankruptcy Order ---------------------------------------- Notice is hereby given that Bankruptcy Orders against Woo Chu Ki trading as Kei Shing Water Electric Eng. Co. were made on the 22nd September 2004. All debts due to the estates should be paid to me. Dated this 8th day of October 2004 E T O'CONNELL Official Receiver PEACE INTERNATIONAL: Bankruptcy Petition Issued ----------------------------------------------- Peace International Limited with registered office Room 1203, 12/F, Multifield Plaza, 3-7a Prat Avenue, Tsimshatsui, Kln has issued a petition notice at The Standard on October 8, 2004 Date of Order: 22 September 2004 Date of Presentation of Petition: 16 August 2004 Dated this 8th day of October 2004 E T O'CONNELL Official Receiver RESOLUTION SOFTWARE: Receives Bankruptcy Order ---------------------------------------------- Notice is hereby given that Bankruptcy Orders against Ho Lai Chuen, Cadia trading as Resolution Software Consultants were made on the 22nd of September 2004. All debts due to the estates should be to the undersigned. Dated this 8th day of October 2004. E T O'CONNELL Official Receiver WEICHENG INTERNATIONAL: Winding Up Petition Made ------------------------------------------------ Weicheng International Incorporation Limited with registered office Room 1808, Tower One Lippo Centre, 89 Queensway, HK has issued a petition notice at The Standard on October 8, 2004 Date of Order: 22 September 2004 Date of Presentation of Petition: 17 August 2004 Dated this 8th day of October 2004 E T O'CONNELL Official Receiver * China to Possibly Write Off CNY300Bln of NPAs ----------------------------------------------- China will likely write off non-performing assets (NPA) amounting to CNY300 billion, which is owned by the country's top lenders located in the country's "rustbelt" northeast provinces, says AFX News, citing Beijing News. The NPA write-off is expected to significantly reduce the NPA ratio of major financial institutions. The People's Bank of China (PBoC), the country's central bank, along with China Banking Regulatory Commission, the National Development & Reform Commission and the Ministry of Finance created the NPA plan, which is awaiting approval from the State Council. The total 2003 NPAs reflected CNY2.44 trillion in which CNY310 billion or 12.7 percent was credited to the provinces of Heilongjiang, Jilin and Liaoning. Meanwhile, as of June this year non-performing loans by Bank of China, China Construction Bank, the Agricultural Bank of China, and the Industrial and Commercial Bank of China reached CNY237.4 billion. Due to World Trade Organization's requirement to open up its banking sector for foreign investors by 2006, China is now taking great effort to revamp its banking sector. Last year, the government injected CNY22.5 billion to Bank of China (BOC) and China Construction Bank (CCB) in order to perk up its capital base. BOC and CCB have undertaken equity restructuring over the past few months as it seeking to list domestically as well internationally. ================= I N D O N E S I A ================= ASTRA INTERNATIONAL: To Pay 2004 Interim Dividend ------------------------------------------------- PT Astra International Tbk announced Wednesday it will pay an interim dividend of IDR100 per share from its 2004 operations, Reuters says. According to the automotive distributor, the cum dividend date was set at November 1 and the payment will be made on November 12. CONTACT: P.T. Astra International Terbuka No 8 Jl Gaya Motor Raya Sunter II Jakarta 14330 Indonesia Phone: +62 21 652 2555 Fax: +62 21 651 2058/59 Web site: http://www.astra.co.id/ GARUDA INDONESIA: Mulls Cessation of European Flights ----------------------------------------------------- PT Garuda Indonesia is planning to halt its flights to Europe in November to prevent further losses, reports Asia Pulse. Garuda President Indra Setiawan said the load factor is no longer profitable in the route. He added the load factor could reach 80 percent to 90 percent in the peak season and only 30 percent in the low season. The national flag carrier, which serves flights five times a week between Jakarta and Amsterdam, has reached an accord with Malaysian Airlines (MAS) that Garuda passengers bound for Europe will transit in Kuala Lumpur to proceed to their destination via MAS. International flights account for 55 percent of Garuda's income of around IDR11 trillion (US$1.2 billion) annually. CONTACT: PT Garuda Indonesia Garuda Indonesia Bldg., Jalan Merdeka Selatan No. 13 Jakarta, 10110, Indonesia Phone: +62-21-231-0082 Fax: +62-21-231-1679 Web site: http://www.garuda-indonesia.com GARUDA INDONESIA: To Expand Citilink Fleet to Repel Competition --------------------------------------------------------------- Garuda Indonesia is moving to ramp up its low-cost Citilink division to ward off low-fare challengers in the domestic market, relates Flight International. Executive Vice-President commercial Bachrul Hakim confirmed Citilink will aggressively expand its Boeing 737-300 fleet, as it progressively assumes responsibility for most of the group's domestic and international flights of less than 200. "Expansion is a must for Citilink," Mr. Hakim said, adding that the no-frills carrier could be operating 60-70 percent of the state-owned airline group's under-200 flights within two or three years. Garuda sees Citilink, which was established in 2001 as a domestic feeder carrier operating F28s, as its tool to help retain market share as new private airlines emerge following an easing of licensing and ticket pricing restrictions. Meanwhile, Mr. Hakim disclosed Garuda's plan to forge a deal with Boeing to enable it to take delivery of six long-deferred 777-200ERs and 18 737-700s, which were ordered before Garuda fell into serious financial issues in the 1990s. Mr. Hakim said Garuda badly needs the aircraft but cannot afford to buy them because it is still paying back its huge debts. "We are in negotiation with Boeing," Mr. Hakim says. "Because of our financial situation, we don't have the luxury of being able to buy the aircraft. So one option may be to lease the aircraft from the manufacturer. "This is in the process of discussion, but we have not found a solution yet." ========= J A P A N ========= ALL NIPPON: Selects Rolls-Royce Trent 1000 for the Boeing 7E7 ------------------------------------------------------------- At a meeting of the ANA (All Nippon Airways) Board of Directors held Wednesday, it was decided that the Rolls-Royce Trent 1000 engine will power ANA's new fleet of 50 Boeing 7E7 series aircraft that go into service in 2008. The 7E7 Engine Selection Committee, headed by ANA Senior Executive Vice-President, Mineo Yamamoto, was established on May 19 this year to evaluate two contending engines proposed by Boeing: General Electric's GEnx and Rolls-Royce's Trent 1000. The Trent 1000 was highly rated in terms of safety, reliability, and environmental considerations such as noise and emissions. It was praised also for its economics and fuel-efficient performance, and was deemed to have the edge in meeting ANA's specific operating and network needs. Mr. Yamamoto said, "Both manufacturers came up with brilliant and innovative designs based on tried and trusted engine families that meet all the criteria of the 7E7 ideal in terms of economic and environmental performance. But in the end the Rolls-Royce Trent 1000 best met ANA's criteria". At list prices, the total value of the engine order is approximately US$1 billion. Delivery of the 7E7 will commence in 2008, one year in advance of the planned expansion and internationalization of Tokyo's Haneda Airport, ANA's current domestic hub. The long-range 7E7-8 and short-range 7E7-3 derivatives will be used to replace ANA's current fleet of Boeing 767-300 aircraft powered by GE engines as part of ANA's fleet rationalization strategy. ANA placed its order for 50 7E7 aircraft on April 26, valued at US$6 billion, and is the launch customer of the 7E7 programme. CONTACT: All Nippon Airways Co., Ltd. Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku Tokyo, 105-7133, Japan Phone: +81-3-6735-1000 Fax: +81-3-6735-1005 Web site: http://www.ana.co.jp CAR MATE: JCR Downgrades senior debts to BB ------------------------------------------- The Japan Credit Rating Agency Limited (JCR) has downgraded the rating on senior debts of Car Mate Mfg. Co., Ltd. from BB+ to BB. Rationale Car Mate is a manufacturer of automotive accessories for aftermarket. It manufactures a wide variety of products. The business environment surrounding Car Mate is becoming more and more severe as indicated by stagnant retail sales of automotive accessories. The retailers, primary customers of Car Mate, have shifted its mainstay business to service business including automobile inspection in the face of poor sales of accessories. The automotive accessories manufacturers accept returns from retailers as trade practice. These returns have been standing high recently. Car Mate fell into an operating loss for fiscal 2003 with the revenue being declined sharply. Loss on discard, write-downs and an increase in SG & A expenses also decreased the profit. Although financial ratios remain good, operating results have been on the decline since they bottomed out in fiscal 1999. JCR considers that deterioration in the business environment will further put downward pressure on the earnings. Accordingly, it downgraded the rating for the company from BB+ to BB. CONTACT: Car Mate Mfg. Co., Ltd. 72 Enoki-Cho Shinjuku-Ku 162-830, Tokyo 162-8630 Japan Phone: +81 3 3268 1426 Fax: +81 3 3267 6877 Web site: http://www.carmate.co.jp/ DAIEI INCORPORATED: Finally Seeks IRCJ Bailout ---------------------------------------------- Daiei Incorporated has finally decided to seek help from the Industrial Revitalization Corporation of Japan (IRCJ) after failing to win the support of its main creditors for its own revival plan, reports Japan Times. The struggling retailer's president, Kunio Takagi, has told Economy, Trade and Industry Minister Shoichi Nakagawa during their Wednesday meeting about Daiei's decision to involve the IRCJ in its rehabilitation. Mr. Takagi reportedly told Mr. Nakagawa that the final decision was made because Daiei would not be able to win auditor's approval of its April-September financial report in the face of threats by its lenders to withdraw financial support if it did not seek IRCJ's support. Sources speculated that Mr. Takagi will probably resign now that Daiei has failed in its attempt to revive its business using private-sector funds only. Late Wednesday night, Daiei and its main creditors UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui banking Corporation have submitted a formal application to the IRCJ for rehabilitation aid. The IRCJ is expected to accept the application. The IRCJ will then work on Daiei's restructuring program based on an earlier plan featuring the closure of at least 46 of Daiei's outlets by the end of the current business year. And if necessary, the retailer may be forced to shut down more stores and cut more jobs. However, the IRCJ is likely to let the retailer keep the Daiei Hawks professional baseball club, along with its moneymaking credit card affiliate OMC Card Incorporated. On Tuesday, Mr. Takagi formally rejected the proposal to use IRCJ's assistance, saying the company would only seek support of private companies. But its main creditor banks pressured Daiei to turn to IRCJ, warning they could otherwise cancel the retailer's loans. Such move by the lenders could have led to a legal liquidation of the retail giant. Following a five-hour meeting that lasted until Tuesday midnight, Mr. Takagi and officials of the three banks reached the final decision on the IRCJ issue after resuming last-ditch talks on Wednesday. "I think Daiei is gradually coming to understand our position," UFJ Bank President Takamune Okihara told reporters Wednesday morning. The three lenders, which pressured Daiei in the hopes of expediting their bad loan write-offs, was also worried that accepting Daiei's own revival plan would entail fresh financial assistance that could prompt lawsuits by their shareholders as they have already provided Daiei with aid in 2001 and 2002. CONTACT: The Daiei Incorporated 4-1-1, Minatojima Nakamachi, Chuo-ku, Kobe, 650-0046 Japan Phone: +81-78-302-5001 Fax: +81-78-302-5572 Web site: www.daiei.co.jp HITACHI LIMITED: Unveils New China Business Strategy ---------------------------------------------------- Hitachi, Ltd. (NYSE:HIT / TSE:6501 / Hitachi) announced a new business strategy for China with the aim of achieving a high, double-digit annual growth rate heading into fiscal 2006, ending March 31, 2007. The new strategy focuses on nine target businesses in the Chinese market: power and industrial equipment systems, building systems, transportation systems, information and telecommunication systems, medical systems, consumer electronics, construction and resource development systems, automotive systems and materials, and components and materials for information electronics and digital consumer electronics. By bolstering R&D, improving products and taking other actions, Hitachi is determined to stake out a stronger position in these fields in the Chinese marketplace. Hitachi will stage exhibitions in three Chinese cities, Beijing, Shanghai and Guangzhou, from October to November this year under the banner "Hitachi Exhibition-China 2004." These exhibitions will showcase how Hitachi's collective strengths can support the development of cities in China and the country's future. Furthermore, in order to develop business based on a deeper understanding of Chinese society, Hitachi plans to promote outstanding local staff to management positions in line with a human resources development strategy to be formulated mainly for Hitachi (China), Ltd., which is aiming to obtain Regional Headquarters accreditation. And recognizing its responsibility as a corporate citizen, Hitachi will actively work to contribute to Chinese society. Hitachi will also bolster R&D and implement initiatives geared toward the efficient utilization of the group's resources, such as raising efficiency in management and other departments. Together, these actions will raise the standing of Hitachi's business in China as a key global operation. Hitachi is presently pushing through various management reforms under its medium-term management plan, "i.e.HITACHI Plan II," with the aim of transforming into the "best solutions partner." Guided by a policy of being "the most trusted company in the world," the Hitachi Group is determined to become "The Most Trusted Partner in China" as well. To view the full release, click on: http://bankrupt.com/misc/TCRAP_HITACHILIMITED101404.pdf CONTACT: Hitachi, Ltd. 4-6, Kanda-Surugadai, Chiyoda-ku Tokyo, 101-8010, Japan Phone: +81-3-3258-1111 Fax: +81-3-3258-2375 Web site: http://www.hitachi.com JAPAN AIRLINES: Boeing Delivers First 747-400 Freighter ------------------------------------------------------- The Boeing Company [NYSE: BA] announced in a press release that it has on Tuesday delivered Japan Airlines International's (JAL) first 747-400 Freighter, the first of two new 747-400Fs for the Tokyo-based carrier. The new airplane will enter an extensive Japan Airlines 747 fleet, which currently numbers 77 Boeing 747s - more than any other carrier. Ten of those are 747-200Fs. The second 747-400 Freighter is also scheduled for delivery later this month. "The Boeing 747-400 Freighter is the key to Japan Airlines meeting the needs of Japan 's rapidly growing economy and booming air cargo market," said Toru Okushima, deputy general manager, Engineering & Maintenance Division, vice president, Maintenance Business Division, Narita, Japan Airlines. "With the greatest capacity and lowest ton-per-mile cost of any commercial air freighter, the 747-400 Freighter will allow us to provide superior cargo service to our customers, while minimizing our operating costs." "Japan Airlines and Boeing have an excellent relationship that spans more than four decades," said Larry Dickenson, senior vice president - Sales, Boeing Commercial Airplanes. "This history continues today and will do so far into the future as Japan Airlines adds the 747-400 Freighter, the world's premier cargo airplane, to its fleet." The Boeing World Air Cargo Forecast 2004/2005 projects that the air cargo industry will grow at an average annual rate of 6.2 percent, significantly higher than the projected passenger traffic rates. Cargo traffic growth rates in excess of seven percent are projected for Asian routes - the largest increases in the world over the next 20 years. The Boeing 747 provides more than half of the world's freighter capacity. The Boeing 747-400 Freighter continues selling well with 12 ordered thus far this year. The 747-400 Freighter can carry 120 tons of cargo, 25 tons more than the 747-200 Freighters currently in Japan Airlines' fleet. In addition to the higher payload capability, the 747-400F burns 15 percent less fuel than its predecessor allowing it to reach more destinations. The 747-400 Freighter will join Japan Airlines' existing 747-400 passenger airplane fleet, giving the airline the benefits of a 747-400 airplane family using the same flight crews and the same maintenance and operating procedures. Eighteen Boeing customers have ordered 126 747-400 and -400ER Freighters. Including today's delivery, 101 of those have been delivered. This 747-400F is the 107th 747 delivered to JAL. The JAL Group is one of the largest Boeing operators, with a fleet that includes 26 777s, 33 767s, 77 747s and 23 737s. CONTACT: Japan Airlines Corporation 4-11, Higashi-shinagawa 2-chome, Shinagawa-ku Tokyo, 140-8605, Japan Phone: +81-3-5769-6097 Fax: +81-3-5460-5929 Web site: http://www.jal.co.jp MITSUBISHI MOTORS: Exhibits at 38th Tokyo Motor Show ---------------------------------------------------- Mitsubishi Motors Corporation announced it will be exhibiting five vehicles at the 38th Tokyo Motor Show to be held from November 2-7 at the Makuhari Messe (Nippon Convention Center) just outside Tokyo to a "Commercial & Barrier-free Vehicles 2004" theme. Mitsubishi Motors exhibits include the Townbox Transporter (with kneeling rear suspension) and other models from the company's range of user-friendly and barrier-free cars. Mitsubishi Motors will be encouraging visitors to experience for themselves the utility and comfortable ride that are defining features of its barrier-free models. The company will be demonstrating these features using four vehicles at its stand in the East Hall, and will be giving visitors the op-opportunity to test ride the Townbox Wheelchair model (with kneeling rear suspension) in the outdoor Test-ride Arena. Driven by its corporate stance of wishing to make the convenience, comfort and fun of car travel available to as many people as possible, Mitsubishi Motors brought its first Hearty Run series of barrier-free vehicles to market in 1991. Today, the company's lineup of these user-friendly models includes wheelchair transporter, assisted entry/egress and adapted control versions of current production cars that are tailored to provide different degrees of assistance to match individual users' needs. To provide customers the opportunity to view and test ride the Hearty Run lineup all year round, Mitsubishi Motors has established permanent Barrier-free Vehicle Lounges in Tokyo (Tamagawa) and in Osaka. The company also stages barrier-free vehicle fairs and demonstrations throughout Japan on a regular basis. To view the full release, click on: http://bankrupt.com/misc/TCRAP_2MITSUBISHIMOTORS101404.pdf CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo, 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0014 Web site: http://www.mitsubishi-motors.co.jp SHINWA GORUFU: Faces Insolvency ------------------------------- Golf course operator Shinwa Gorufu K.K. is facing insolvency, Teikoku Databank America says. The company, headquartered in Kyoto-shi, Kyoto 600-8418, left total liabilities of US$1399.17 million. For more information, visit http://www.teikoku.com/. SUGA K.K.: Enters Bankruptcy ---------------------------- Suga K.K. has entered bankruptcy with total liabilities of US$171.92 million, according to Teikoku Databank America. The firm, engaged in the real estate business, is based in Yokohama- shi, Kanagawa 231-0011. For more information, please visit http://www.teikoku.com/. UFJ HOLDINGS: Participation of Unit in JGB Market Suspended ----------------------------------------------------------- UFJ Holdings Incorporated announced that its core unit UFJ Bank Limited has on Wednesday received a notice from the Ministry of Finance that all the entitlements as a special participant in Japanese Government Bond market should be suspended from October 14, 2004 until the end of this year in conjunction with the administrative order recently issued by the Financial Services Agency on UFJ Bank. UFJ Group said that it takes the matter very seriously and makes full commitment to restore confidence as early as possible by further strengthening internal control such as compliance system. (Reference) Entitlements of Special Participants in JGB market (1) Participation in the regular meeting of special participants (2) Participation in buy-back auctions (3) Stripping and reconstruction operation of STRIPS (4) Participation in the Non-price Competitive Auction II, etc. CONTACT: UFJ Holdings, Inc. 5-6, Fushimimachi 3-chome, Chuo-ku, Osaka-shi, Osaka 541-0044, Japan Web site: www.ufj.co.jp UFJ HOLDINGS: Reorganizes Audit and Compliance Committee -------------------------------------------------------- UFJ Holdings, Inc. (UFJ Holdings) hereby gave notice that UFJ Bank Limited (UFJ Bank), a wholly owned subsidiary of UFJ Holdings, Inc, has fully reorganized its Audit & Compliance Committee and established the Internal Audit Planning Office in the course of its measures to reform its corporate governance framework to restore confidence as quickly as possible. (1) Reorganization of the Audit & Compliance Committee UFJ Bank appointed two external directors. These directors will supervise management in the board of directors and be appointed as the Chairperson and a member of the Audit & Compliance Committee, which is fully reorganized with largely expanded authority. In order to rigidly ensure its independence, the committee consists of three external members, including one additional member appointed by the chairperson. Two of them are attorneys at law including a former Judge of the Supreme Court and one is a certified financial accountant. All authority to supervise and direct the internal auditing departments will be given to the committee. The committee, independent from management, will report on the status of UFJ Bank's risk management, compliance, and internal auditing to the board of directors as well as to the Financial Services Agency of Japan. (2) Establishment of the Internal Audit Planning Office The newly established Internal Audit Planning Office will govern and supervise the Internal Audit Department as the executive office for the Audit and Compliance Committee. This department will be also in charge of internal audit planning. ========= K O R E A ========= * Surge in Oil Prices Affects South Korean Oil Importers -------------------------------------------------------- Out of 40 registered importers in South Korea, only four or five are continuing business and some are even facing bankruptcy, Asia Pulse reports, citing industry sources. Pedaco, the country's largest oil importer, filed for bankruptcy in October last year. Huron Co., an importer of Bunker C oil, suspended business in May. Other importers are also moving to cancel business registrations for oil imports. Record-high oil prices caused the downturn in South Korea oil importers. Crude oil for November delivery climbed 2.2 per cent to US$53.64 a barrel Wednesday on the New York Mercantile Exchange. The government's tariff policy also did not help in reducing costs for the companies, which import gasoline, diesel, and other finished oil products instead of crude oil. In July, the government imposed tariffs on these products that are 4 percentage points higher than on crude oil, a higher margin than the 2 percentage points previously imposed. According to sources, some companies are demanding that state- run Korea National Oil Corp. take over their oil stores as a result of the mounting price pressure. The companies are also calling for the government to revise its tariff policy. Three local importers sent letters on Wednesday to the president and prime minister urging the government to either buy or borrow the storage facilities, for which they spent a total of KRW78 billion (US$68 million). =============== M A L A Y S I A =============== ACTACORP HOLDINGS: Updates Restructuring Scheme ----------------------------------------------- PM Securities Sdn Bhd refers to the announcement dated 8 October 2004 in relation to the Securities Commission's decision on the Proposed Restructuring Scheme of Actacorp Holdings Berhad (AHB). On behalf of AHB, PM Securities Sdn Bhd announced that the date of the SC's letter (which was received on 7 October 2004) should be 4 October 2004 instead of 4 August 2004 as inadvertently stated in the announcement dated 8 October 2004. CONTACT: Actacorp Holdings Berhad Jalan 3/76D Desa Pandan Kuala Lumpur, Selangor 55100 Malaysia Telephone: +60 3 9282 1388 Telephone: +60 3 9284 7133 This announcement is dated 13 October 2004. ANCOM BERHAD: Purchases 15,300 Ordinary Shares on Buy Back ---------------------------------------------------------- Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad the details of its shares buy back on October 13, 2004. Date of buy back: 13/10/2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 15,300 Minimum price paid for each share purchased (RM): 0.780 Maximum price paid for each share purchased (RM): 0.780 Total consideration paid (RM): Number of shares purchased retained in treasury (units): 15,300 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 5,103,500 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 Web site: http://www.ancom.com.my AOKAM PERDANA: Unveils Rights Issue ----------------------------------- In behalf of Aokam Perdana Berhad, Southern Investment Bank Berhad announced that the last date and time for the transfer of provisional allotment of rights issue of 14,597,646 new ordinary shares of RM1.00 each will be on 21 October 2004 at 4 o'clock in the afternoon and the acceptance and payment will be on 2 November 2004 at 5 o'clock in the afternoon. The excess shares application and payment will be on 2 November 2004 at 5 o'clock in the afternoon. Copies of the Abridged Prospectus together with the accompanying Notice of Provisional Allotment and Rights Subscription Form in relation to the Rights Issue will be dispatched on 19 October 2004 to the shareholders of Aokam whose names appear in the Record of Depositors and Register of Members as at 5.00 p.m. on 12 October 2004. Entitled shareholders who do not receive the aforesaid documents within a week from the date of dispatch should notify the Share Registrar of Aokam at: Tenaga Koperat Sdn Bhd 20th Floor, Plaza Permata Jalan Kampar, Off Jalan Tun Razak 50400 Kuala Lumpur Tel: 03-4041 6522 Pursuant to the announcement made to Bursa Malaysia Securities Berhad on 15 June 2004, there will not be any trading of rights entitlements. Accordingly, the closing date for receipt of the application and acceptance in respect of the Rights Issue has been shortened from at least twenty-two clear market days to at least fourteen (14) clear market days to 2 November 2004. CONTACT: Aokam Perdana Berhad 189 Jalan Tun Razak Kuala Lumpur, 50400 MALAYSIA Telephone: +60 3 2166 3466 Telephone: +60 3 2166 3455 This announcement is dated 13 October 2004. BESCORP INDUSTRIES: Discloses Amended Underwriting Agreement ------------------------------------------------------------ Commerce International Merchant Bankers Berhad refers to its announcement on 2 August 2004, wherein an underwriting agreement had been entered into between WCT Engineering Berhad (WCT), WCT Land Berhad (WCTL), Commerce International Merchant Bankers Berhad (CIMB) and AmMerchant Bank Berhad (collectively referred to as the Parties) on 2 August 2004 to underwrite 57,300,000 Offer Shares available for application by the entitled shareholders of WCT, eligible Directors and employees of WCT and its subsidiaries, identified investors by way of private placement and Malaysian public pursuant to the Offer for Sale (Underwriting Agreement). On behalf of Bescorp Industries Berhad and WCTL, CIMB announced that the Parties have on 12 October 2004 entered into a Supplemental Agreement to amend, modify and/or vary the Underwriting Agreement. Save and except where it is expressly or impliedly amended, modified and/or varied, all other provisions of the Underwriting Agreement shall remain effective and valid. COLLECTIVELY REFERRED TO AS THE "CORPORATE PROPOSALS" Proposed Share Split; Proposed Share Exchange; Proposed Cash Payment; Proposed Capitalization; Proposed Conversion Of Advances; Proposed Offer For Sale; Proposed Transfer Of Listing; Proposed Exemption; And Proposed Liquidation CONTACT: Bescorp Industries Berhad 7th Floor, Centrel Tower Wisma Consplant, 2 Jalan SS16/4 Subang Jaya 47500 Petaling Jaya, Selangor Malaysia Telephone: 603-7327988 Fax: 603-7349967 This announcement is dated 13 October 2004. CEPATWAWASAN GROUP: Releases Litigation Update ---------------------------------------------- Further to the announcement on 12 October 2004 regarding the Civil Suit No D3-22-1168-2004 by Cepatwawasan Group Berhad and its subsidiary, Prolific Yield Sdn. Bhd. against Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar and 9 others, the Cepatwawasan Group announced that: I. The ex parte hearing for the mareva injunction against Yip Fook Yian and Yip Chee Meng was extended and adjourned to 22 November 2004; II. The injunction against Malayan Banking Bhd, Bangsar Baru Branch was confirmed today; and III. The injunction against Resorts World Bhd was confirmed on 13 October 2004. INNOVEST BERHAD: Seeks Restructuring Approval --------------------------------------------- Innovest Berhad announced that it has on 12 October 2004, submitted the applications to the Securities Commission (SC) and the Foreign Investment Committee (via the SC) to seek their approvals for the Proposed Restructuring Scheme. COLLECTIVELY REFERRED TO AS THE "PROPOSED RESTRUCTURING SCHEME" I) Proposed Acquisition Of Intraline Resources Sdn Bhd (Irsb), Cergas Kenali Sdn Bhd (Cksb) And Town And Country Properties Sdn Bhd (Tcpsb) By Multiplex Beeline Sdn Bhd (Multiplex) (Proposed Acquisitions); Ii) Proposed Composite Scheme Of Arrangement With The Members Of Innovest Pursuant To Section 176 Of The Companies Act 1965 (Proposed Scheme); Iii) Proposed Offer For Sale; Iv) Proposed Transfer Of Listing Status Of Innovest To Multiplex ('Proposed Transfer); And V) Proposed Disposal Of Innovest. CONTACT: Innovest Berhad 2 Lorong Dungun Kiri Damansara Heights Kuala Lumpur, Kuala Lumpur 50490 MALAYSIA +60 3 2093 3373 +60 3 2094 3733 This announcement is dated 13 October 2004. GADANG HOLDINGS: Granted Listing of 500,000 New Ordinary Shares --------------------------------------------------------------- Gadang Holdings Berhad's additional 500,000 new ordinary shares of RM1.00 each issued pursuant to the conversion of RM635,000 nominal value of 2 percent 2003/2008 irredeemable convertible unsecured loan stocks into 500,000 new ordinary shares will be granted listing and quotation with effect from 9.00 a.m., Monday, 18 October 2004. CONTACT: Gadang Holdings Berhad 52, Jalan Tago 2 Jalan Persiaran Utama Sri Damansara 52200 Kuala Lumpur, WP Malaysia Tel no: 603-6356888 Fax no: 603-6365560 KEMAYAN CORPORATION: SC OKs Investigative Audit Extension --------------------------------------------------------- Further to the announcement dated 6 February 2004, Public Merchant Bank Berhad, on behalf of the Board of Kemayan Corporation Berhad (KCB), announced that the Securities Commission (SC) vide its letter dated 8 October 2004, which was received on 12 October 2004, has approved the application for further extension of time until 15 March 2005 for Messrs. Monteiro & Heng, being the independent investigative auditor, to complete the investigative audit on KCB as required by the SC via its approval letter dated 16 July 2003 in respect of the Proposed Restructuring Scheme. Further developments in relation to the Proposed Restructuring Scheme will be made to the Exchange in due course. CONTACT: Kemayan Corporation Berhad Taman Tasek Johor Bahru, Johor Bahru 80200 Malaysia Tel: +60 7 236 2390 Tel: +60 7 236 5307 This announcement is dated 13 October 2004. MTD CAPITAL: Issues Shares Buy Back Notice ------------------------------------------ MTD Capital Bhd announced the details of its shares buy back on October 13, 2004. Date of buy back: 13/10/2004 Description of shares purchased: Ordinary shares of RM1/- each Total number of shares purchased (units): 12,000 Minimum price paid for each share purchased (RM): 2.530 Maximum price paid for each share purchased (RM): 2.550 Total consideration paid (RM): 30,385.20 Number of shares purchased retained in treasury (units): 12,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 3,946,000 Adjusted issued capital after cancellation (no. of shares) (units): 0 CONTACT: MTD Capital Berhad Lot 8359, Mukim of Batu Batu 8, Jalan Caves, 68100 Batu Caves, Selangor Darul Ehsan, Malaysia Telephone: (603) 689-9022 PSC INDUSTRIES: Details Debt Restructuring Proposal --------------------------------------------------- Avenue Securities Sdn Bhd on behalf of the Board of Directors of PSC Industries Berhad (PSCI) announced that Bursa Malaysia Securities Berhad vide its letter dated 11 October 2004 (which was received on 13 October 2004), has approved-in-principle the listing of 63,488,079 new ordinary shares of RM1.00 each in PSCI to be issued pursuant to the conversion of the Redeemable Convertible Loan Stocks (RCLS) and yield for the RCLS under the Revised Proposals, subject to the condition that shareholders' approval for the revisions to the Revised Proposals as disclosed in the Company's announcement dated 4 October 2004 be obtained. The Company shall immediately undertake the necessary steps to obtain the shareholders' approval as soon as possible. Collectively referred to as the "Revised Proposals" Proposed Debt Restructuring; and Proposed Restricted Offer for Sale CONTACT: Psc Industries Berhad Jalan Bukit Nanas Kuala Lumpur, 50250 Malaysia Tel: +60 3 201 6516 Tel: +60 3 232 6214 This announcement is dated 13 October 2004. PUNCAK NIAGA: To List 8,000 New Ordinary Shares ----------------------------------------------- Puncak Niaga Holdings Berhad's additional 8,000 new ordinary shares of RM1.00 each issued pursuant to the employees' share option scheme will be granted listing and quotation with effect from 9 a.m., Friday, 15 October 2004. CONTACT: Puncak Niaga Holdings Berhad Suite 1401-1406, 14th Floor Plaza See Hoy Chan Jalan Raja Chulan 50200 Kuala Lumpur Tel: 03-20318648 Fax: 03-20784386 Web site: http://www.puncakniaga.com.my TECHVENTURE BERHAD: Updates Debt Restructuring Scheme ----------------------------------------------------- Further to the debt-restructuring scheme that was announced earlier, Techventure Berhad (TVB) announced that a meeting with the Group's financial institutional lenders was held on October 13, 2004. The meeting, which was attended by the majority of the financial institutional lenders, was to brief the lenders of the debt restructuring scheme finalized by Ernst & Young, the consultants undertaking the debts restructuring exercise on behalf of the Company. The Company is expecting feedback from the financial institutional lenders in due course. Upon finalization and acceptance by the financial institutional lenders of the debt restructuring scheme the appropriate announcement will be made. In the meantime, TVB announced that a subsidiary of the Company, Insulflex Sdn Bhd, received today a legal demand from Southern Bank Berhad (SBB) for RM317,419.96 being the arrears due on a term loan granted by SBB. The term loan forms part of the debts of the TVB Group that are being restructured under the aforementioned proposed debt- restructuring scheme. The Company will be meeting SBB to resolve the claim. CONTACT: Techventure Berhad 69B, Jalan SS 22/19 Damansara Jaya 47400 Petaling Jaya , Selangor Malaysia Tel no: 603-7180115 Fax no: 603-7193533 This announcement is dated 13 October 2004 WCT ENGINEERING: Enters Underwriting Agreement ---------------------------------------------- Reference is made to the announcement by AmMerchant Bank Berhad, on behalf of WCT Engineering (WCT), on 2 August 2004, wherein WCT, WCT LAND BERHAD (WCTL), and the underwriters had, on even date, entered into an underwriting agreement to underwrite 57,300,000 WCTL Shares available for application by the entitled shareholders of WCT, eligible Directors and employees of WCT and its subsidiaries, identified investors and the Malaysian public under the Offer for Sale (Underwriting Agreement). On behalf of the Company, AmMerchant Bank announced that a Supplemental Agreement had been executed on 12 October 2004 between the relevant parties to amend, modify and/or vary the terms and conditions to the Underwriting Agreement. Save for the terms and conditions amended therein, all other provisions of the Underwriting Agreement shall remain effective and valid. CONTACT: WCT Engineering Berhad 12, Jalan Majistret U1/26 Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park 40150 Shah Alam, Selangor Darul Ehsan, Malaysia Telephone: 603-7805 2266 Fax: 603-7804 9877 Email: wctbhd@wcte.com.my This announcement is dated 13 October 2004. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Clarifies Violation Report ------------------------------------------- Further to Circular for Brokers No. 4121-2004 dated September 20, 2004, the Manila Electric Company (MER), in a letter dated October 14, 2004, provided the Philippine Stock Exchange the following additional clarification in connection with the news article entitled "Utilities fined for violations" published in the September 17, 2004 issue of the Manila Bulletin: "After verification with the Energy Regulatory Commission (ERC), the news item referred to a case in which the Company was fined `for failure to file the application to dispose of its property prior to its actual disposal.' The `disposal' was actually an `exchange' of 3 lots with 3 strategically located lots of equal size and value located in Valenzuela City to enable the Company to have more access to its Valenzuela Sector (then North Region Office) and for future expansion of its substations and distribution facilities. The Company, along with other electric distribution utilities in the country, have been making representations with the ERC for clear and definitive guidelines on matters that could be subjected to fines so we can take appropriate precautions." For your information, MA. PAMELA D. QUIZON-LABAYEN Head, Disclosure Department Noted by: JURISITA M. QUINTOS Senior Vice President CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.) Fax Number: 631-5572 e-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph METRO PACIFIC: Selling 5% Stock Shares -------------------------------------- Further to Circular for Brokers No. 4514-2004 dated October 13, 2004, pertaining to the intent to sell no more than five percent (5%) of MPC shares, Metro Pacific Corporation (MPC), in its letter to the Philippine Stock Exchange, provided the additional information pertaining to the aforementioned matter: "Metro Pacific Corporation (Metro Pacific) was informed that as of this morning, the sale of five percent (5%) of Metro Pacific's total issued common share capital (930.2 million shares in total) was completed. The Company understands that there will be no further sales of shares of stock beyond what has now been accomplished. The net proceeds from these sales are to be used to fund various general corporate requirements by Metro Pacific, including the ongoing rehabilitation of Negros Navigation Company, as well as certain new business initiatives. Metro Pacific regards this one-time sale of shares, with its benefit of raising additional capital for the Company, as a significant demonstration of support for its ongoing business transformation and restructuring efforts." For your information, MA. PAMELA D. QUIZON-LABAYEN Head, Disclosure Department Noted by: JURISITA M. QUINTOS Senior Vice President - Operations Group CONTACTS: Metro Pacific Corporation 10/F MGO Bldg., Legazpi cor. dela Rosa St., Legazpi Village 0721 Makati City, Philippines Telephone No.: 888-0888 Fax No.: 888-0830 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 Web site: http://www.nenaco.com.ph MONDRAGON LEISURE: SEC Suspends Registration -------------------------------------------- The Securities and Exchange Commission (SEC) has suspended the registration certificate of Mondragon Leisure and Resorts Corporation (MLRC) for failure to settle fines arising from non- submission of financial reports, the Philippine Star reports. The commission suspended its permit after the company failed to show up at the hearing called by the Corporation Finance Department on September 1. The meeting was intended to give the leisure firm the opportunity to explain why its license to sell securities should not be revoked. Parent firm Mondragon International Philippines Inc. (MIPI), is also under fire from the SEC for failing to pay the penalty of Php175,000 also as a result of non-compliance with the agency's reportorial requirements. MLRC, which is into leisure and gaming, operates the Mimosa Leisure Estate in Clark which features, among others, a 36-hole championship golf course, a 304-room five-star hotel, various deluxe furnished villas and a gaming casino. MIPI has been in active negotiations with the state-run Clark Development Corp. (CDC) for the resolution of rental issues, a principal component of which is the entry of new investors to bring in fresh equity into MLRC to settle its government obligations and restructure its Php7 billion debts owed to a consortium of bank creditors. CCONTACT: Mondragon International Philippines Inc. Penthouse, Mondragon House 324 Sen. Gil J. Puyat Ave., Makati City Tel. No: 818-1506 to 09 Fax No: 810-7584 Auditor: Virgilio R. Santos & Company Transfer Agent: Rizal Commercial Banking Corporation PHILIPPINE AIRLINES: Seeks To Raise Fuel Surcharge -------------------------------------------------- Philippine Airlines (PAL), Cebu Pacific Air and Air Philippines have sought government approval to raise fares for domestic flights to cover rising fuel cost, the Manila Bulletin reports. The three carriers have asked the Civil Aeronautics Board (CAB) for a fuel surcharge between 200 to 400 pesos for every one-way trip, depending on the distance. They also want an additional charge between 1 to 3 pesos for every 100 pesos worth of cargo. Should the petitions be approved, ticket prices for routes within the main island of Luzon will increase by 8 percent and for routes from Luzon to the Visayas in the central Philippines by 10 percent. The cost of a ticket for a one-way trip from Luzon to Mindanao in the south is expected to rise by 10.5 percent. Last June, PAL and Cebu Pacific were given the go-ahead to increase their overseas fares by US$6 per one-way ticket, also to cover rising oil prices. CONTACT: Philippine Airlines PAL Center Bldg. Legazpi St., Legaspi Village Makati City, Philippines 0750 Tel: (632) 817-1234 Tel: (632) 892-4856 Fax: (632) 813-6715 E-mail: chris_cardiente@pal.com.ph PHILIPPINE LONG: To List More Shares Today ------------------------------------------ Philippine Long Distance Telephone Co. (PHI) will list 7,014 common shares issued under its executive stock option plan on October 15, 2004, reports Dow Jones. The new shares will raise the Company's total option shares listed on the Philippine Stock Exchange to 299,719 common shares. CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Web site: http://www.pldt.com.ph * DBM Orders State Firms to Shape Up Or Face Abolition ------------------------------------------------------ The Department of Budget and Management (DBM) and Department of Finance (DOF) have identified 15 government-owned and controlled corporations (GOCCs) and government finance institutions (GFIs) with a track record of substantial losses. According to DBM Secretary Emilia Boncodin, the heads of these corporations should seriously start looking at ways to improve the state of their finances. Based on the preliminary report of Boncodin to the President, the heavy losses of the 15 GOCCs were caused by any of the following reasons: low collection efficiency, heavy government guarantee exposure, insufficient corporate funds to cover its operations, maintenance of losing subsidiaries, and charters that restrict the corporation's capacity to raise revenues. The budget chief, who is in charge of pruning government expenditures, warned that the national government was no longer willing to subsidize inefficiently run corporations. "These corporations could privatize some of their assets or perhaps consider an increase in fares as in the case of the Light Rail Transit Authority," Ms. Boncodin said. Other corporations may need to transfer their marketing, promotions and regulatory functions to more profitable and well- run GOCCs or to relevant agencies of government. Ms. Boncodin said the two departments would need to conduct a joint financial and organization review of these 15 GOCCs/GFIs before submitting their final recommendations to the President. "Special consideration will be given to certain corporations that were set up by government to help specific marginalized constituencies," Ms. Boncodin explained, giving the National Food Authority (NFA) as an example of a service and not profit- oriented corporation. She also assured the employees of the 15 GOCCs/GFIs that there would be no mass lay-offs resulting from the rationalization program for unprofitable government corporations. "The welfare of these employees are of major importance to us," Ms. Boncodin stressed. The budget chief, however, pointed out that the rationalization scheme is a critical component of government's efforts to deal with the fiscal crisis. "We need to clean up our books and prune all unnecessary expenses. Definitely, we cannot afford to subsidize all of our GOCCs," she explained. She said one of the 15 corporations has not even been submitting reports to the oversight agencies. Ms. Boncodin said that based on the results of the joint review, the DBM/DOF recommendations could include specific measures such as mergers with other GOCCs, deactivation of certain functions and assignment of such functions to other agencies or more profitable GOCCs, and the conversion of the GOCC into a regular agency. "Of course, we can also abolish the non-performing GOCC altogether if the administration sees no visible effort among its officials to turn these corporations around," Ms. Boncodin warned. The 15 GOCCs/GFIs (plus NAPOCOR) that have been encountering major financial difficulties and have substantial contingent liability exposures are the following: 1. Al-Amanah Islamic Investment Bank of the Philippines 2. National Food Authority 3. Philippine National Railways 4. Light Rail Transit Authority 5. National Irrigation Administration 6. National Housing Authority 7. National Home Mortgage Finance Corporation 8. Philippine National Oil Company 9. National Development Corporation 10. Philippine Coconut Authority 11. National Tobacco Administration 12. Philippine Crop Insurance Corporation 13. Philippine Television Network Inc. 14. Technology and Livelihood Resource Center 15. Human Settlement Development Corporation Ms. Boncodin said the DBM/DOF would be giving regular updates to the public on the rationalization scheme. "Any rationalization scheme begs the understanding of all stakeholders. We are doing this for the sake of our country and for future generations," she stressed. This Philippine government announcement is dated 3 October 2004. ================= S I N G A P O R E ================= MAXWELL SYNERGY: Creditor to Prove Debts by October 28 ------------------------------------------------------ Notice is hereby given that the creditors of the Maxwell Synergy Pte Ltd, which is being wound up voluntarily, are required on or before the 28th day of October 2004 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said Company. If so required by notice in writing from the said Liquidator, they are to come in personally or by their solicitors and prove their said debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Dated this 14th day of October 2004 Lau Chin Huat Liquidator c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315 REYNOSA PRIVATE: Court Issues Winding Up Notice ----------------------------------------------- In the matter of Reynosa Private Limited, a winding up order was made on the 8th day of October 2004. Name and address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Dated this 13th day of October 2004. Messrs Rajah & Tann Solicitors for the Petitioner Note: (a) All creditors of the above named company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the above named company should be forwarded to the liquidator. This Singapore Government Gazette notice is dated October 10, 2004. SEABRIDGE TRANSPORT: Releases Dividend Notice --------------------------------------------- Seabridge Transport Pte Ltd. released a dividend notice at the Singapore Government Gazette on October 12, 2004. Address of Registered Office: Formerly of 1 Sophia Road #07-21 Peace Centre Singapore 228149 Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 292 of 1995 Amount Per Centum: 2.265% First and Final or otherwise: First & Final Dividend When Payable: 24 September 2004 Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Toh Hwee Lian Senior Assistant Official Receiver TRANSPARITY LIMITED: Notes Last Day of Receiving Proofs ------------------------------------------------------- Transparity Limited, in creditors' voluntary liquidation, issued a notice at the Singapore Government Gazette on October 12, 2004. Address of former registered office: 41 Science Park Road #04-03 The Gemini Singapore 117610. Last day of receiving proofs: 26 October 2004 Name of liquidators: Chee Yoh Chuang and Lim Lee Meng Address of liquidators: c/o Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 Chee Yoh Chuang Lim Lee Meng Liquidators WAN SOON: Faces Winding Up Proceedings -------------------------------------- In the matter of Wan Soon Engineering Pte Ltd, formerly known as WS Underground Technologies Pte Ltd, a winding up order was made on the 24th day of September 2004. Name and address of Liquidators: Mr. Banerjee Gautam, Mr. Ramasamy Subramaniam Iyer @ Rajendran and Mr Goh Thien Phong c/o PricewaterhouseCoopers 8 Cross Street, #17-00 PWC Building, Singapore 048424 Messrs Tan Kok Quan Partnership Solicitors for the Petitioners This Singapore Government Gazette notice is dated October 12, 2004. =============== T H A I L A N D =============== BANGKOK STEEL: Details Change in Major Shareholder -------------------------------------------------- Bangkok Steel Industry Plc. advised the Stock Exchange of Thailand that it will have a change of major shareholder from United Flour Mill Plc. with the existing shares of 25,080,592 shares or 15.68 percent of the paid-up capital. The said company will sell 11,000,000 shares to Metrophos Co., Ltd. with the existing shares of 5,447,540 shares or 3.40 percent. After the above change, the shareholding of United Flour Mill will remain 14,080,592 shares or 8.80 percent but Metrophos will hold 16,447,540 shares or 10.28 percent as from October 14, 2004. The change of the above major shareholders will not affect to the operation of the Company, as the management team will remain unchanged. Please be informed accordingly. Yours sincerely, Economic Intellect Co., Ltd. C.J. Morgan Co., Ltd. Planner CONTACT: Bangkok Steel Industry Public Company Limited United Flour Mill Bldg, 205 Rajawong Road, Samphanthawong Bangkok Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29 Fax: 0-2224-7698, 0-2222-7497 Web site: www.bangkoksteel.co.th KRUNG THAI: Transfers Substandard Assets to TAMC ------------------------------------------------ It is stipulated in the Thai Asset Management Corporation Royal Ordinance B.E. 2544 (2001), Section 30 that a financial institution or assets management company with the Financial Institutions Development Fund or any combined government agencies or state enterprises as its shareholders holding more than fifty percent of paid up registered capital shall transfer all its substandard assets as at 31 December 2000 to the Thai Asset Management Corporation (TAMC) within the period of time specified by the TAMC. In this regard, the Board of Directors of Krung Thai Bank Public Co., Ltd, at its meeting No. 15/2544 (576) on 17 October 2001, passed its resolution to ratify the approval of the transfer of all substandard debtors to TAMC as mentioned above. Initially there will be about 60,000 cases/debtors and THB80,000 million of outstanding debts in total. Of these figures, the Bank already transferred them 22 times. As for the 23rd transfer scheduled for 15 October 2004, it consists of the following details: Serial Date Number of Book Value Transfer Transfer Number cases in Price in price to Million Baht Million Baht Outstanding 23 15 October 7 6.49 6.20 95.53% 2004 Note: Information on transfer as at 15 October 2004 is estimated figures since it is still in the transfer process and for the following transfer's exact date and amount have not been fixed as yet. Upon the Bank's transfer of substandard debtors to TAMC, it has to complete verifying the asset prices to be initially repaid within 180 days. If TAMC sees that such prices are correct, it will issue a letter confirming the asset prices to be primarily paid to the Bank within 7 days. Concerning method of payment, TAMC will issue a nontransferable promissory note on which the following details will be specified: - Amount of money according to the price of asset transferred to TAMC - Promissory note (P/N) issuing date according to the date of asset transfer and due date of repayment upon the expiration of 10 years from the P/N issuing date with an availability by the Financial Institutions Development Fund. However, TAMC may exercise its right to redeem the P/N before its maturity. As for interest payment, TAMC will pay the interest on P/N to the Bank according to the average interest on deposit by calculating the interest as at the last working day of the year. In addition, the above transactions are categorized as related party transactions but they are exempted according to Clause 8 (1) of the announcement of the Stock Exchange of Thailand (SET) governing disclosure of related party transactions, and the size of the transaction when being fully transferred according to the estimate will account for the rate of approximately 8.22 percent of the Bank's total assets whereby the Bank does not have to comply with the SET's announcement governing the acquisition or disposal of assets of a registered company. Please be informed accordingly. Yours sincerely, Mr.Somanat Chutima Senior Executive Vice President CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Web site: www.ktb.co.th NATURAL PARK: Postpones Capital Reduction ----------------------------------------- Reference is made to the notification that Natural Park Public Company Limited will reduce par value from THB10 per share to THB4 per share and eventually from THB4 per share to THB1 per share. The Company has to increase the registered capital for the swap of Company's shares with the shares of Pacific Assets Public Company Limited in accordance with the shareholding restructuring and management plan (Restructuring Plan) and as a reserve for conversion of the convertible debentures, which are in conformity with the resolution of the Extraordinary General Meeting of Shareholders No.1/2547 held on September 14, 2004. Currently, the Company has increased its registered capital and in the process of operating under the Restructuring Plan. The Company is concerned that reduction of the registered capital will cause confusion to the shareholders on the share capital of the Company and the undergoing Restructuring Plan. Therefore, the Company is in the process of determining an appropriate time to process the capital reduction, which may be postponed from the previous expected period. Nonetheless, the Company will process the reduction of par value to THB1 per share within December 2005. Please be informed accordingly. Yours sincerely, Natural Park Public Company Limited (Mr. Thowthawal Subhavanich) Chief Financial Officer CONTACT: Natural Park Public Company Limited Address: 88 Soi Klang (Sukhumvit 49), Sukhumvit Road, Wattana, Bangkok Telephone: 0-2259-4800-11 Fax: 0-2259-4819, 0-2259-4815 TPI POLENE: Releases Unreviewed Q3 2004 Operating Results --------------------------------------------------------- TPI Polene Public Company Limited, advised the Stock Exchange of Thailand its operating result for the unreviewed consolidated financial statements of the Company for the third quarter ended September 30, 2004. In Q3/2004, the Company and its subsidiaries registered normal operating profit of THB514 million, a decrease of 50.67 percent from THB1,042 million in Q3/2003. Net profit in Q3/2004 totaled THB141 million, decreased by 94.02 percent from net profit of THB2,359 million in the same period of the previous year due mainly to foreign exchange loss and a slight decrease in domestic cement price together with an increase of raw material cost of plastic resins. For the first nine-month period of the year 2004, TPIPL and its subsidiaries reported net profit of THB2,968 million (or net profit per share of THB3.88) compared to net profit of THB3,819 million (or net profit per share of THB7.80) in the same period of the previous year, a decrease of 22.28 percent. Consolidated EBITDA for the first nine-month period of the year 2004 was THB4,726 million compared to THB4,348 million in the same period of the previous year, an increase of 8.69 percent. This was attributable to an increase of sale volumes for cement, ready-mixed concrete and plastic resins, driven by the higher demand consumption in the domestic market, which was in line with the economic expansion in the country. As of September 30, 2004, the book value per share was THB43.63. Please be informed accordingly. Best regards, Mr. Prachai Leophairatana Chief Executive Officer CONTACT: TPI Polene Public Company Limited 26/56 New Jun Road, Thungmahamek, Sathon Bangkok Telephone: 0-2678-5100, 0-2678-5000 Fax: 0-2678-5001-5 Web site: www.tpipolene.com * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------- CHINA & HONG KONG ----------------- Hainan DadongH-B 200613 (-5.15) 18.72 Hainan Dadong-A 000613 (-5.15) 18.72 Guangdong Sunrise-B 200030 (-177.22) 45.09 Guangdong Sunrise-A 000030 (-177.22) 45.09 Shenzhen China Bicycles-B Co., Ltd. 200017 (-203.9) 52.16 Shenzhen China Bicycles-A Co., Ltd. 000017 (-203.9) 52.16 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (-50.67) 393.92 PT Smart Tbk SMAR (-30.07) 430.99 JAPAN ----- Fujitsu Comp Ltd 6719 (-46.88) 316.07 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FAB (-7.16) 504.98 Kemayan Corp Bhd KOP (-353.12) 84.89 Panglobal Bhd PGL (-41.07) 187.79 Sri Hartamas Bhd SHB (-138.37) 24.48 YCS Corporation Bhd YCS 28.34 160.27 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-400.56) 115.91 SINGAPORE --------- Pacific Century Regional Developments Ltd PAC (-176.29) 1050.46 THAILAND -------- Asia Hotel PCL ASIA (-26.62) 96.21 Asia Hotel PCL ASIA/F (-26.62) 96.21 Bangkok Rubber PCL BRC (-41.29) 80.14 Bangkok Rubber PCL BRC/F (-41.29) 80.14 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 Datamat PCL DTM 2.27 17.21 Datamat PCL DTM 2.27 17.21 National Fertilizer PCL NFC (-91.34) 293.84 National Fertilizer PCL NFC/F (-91.34) 293.84 PT Lippo Securities LPPS (-2.23) 17.6 Siam Agro-Industry Pineapple And Others PCL SAICO (-14.84) 13.32 Siam Agro-Industry Pineapple And Others PCL SAIC0/F (-14.84) 13.32 Thai Wah Public Company Limited-F TWC (-47.17) 166.46 Thai Wah Public Company Limited-F TWC/F (-47.17) 166.46 Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25 Tuntex (Thailand) PCL TUNTEX/F (-50.94) 398.25 ********* 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, Peachy Clare Arreglo, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***