/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031007.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 Tuesday, October 07, 2003, Vol. 6, No. 198 Headlines A U S T R A L I A ANACONDA NICKEL: Latest Update on Central Exchange Settlement ERG GROUP: U.K. Unit Corners 'Smart Card' Project of Yorcard MAYNE GROUP: Plans to Buyback as much as 75 Million Shares C H I N A & H O N G K O N G COUNTRY FAIR: Bank of China Files Winding Up Petition GREAT WEAL: High Court to Hear Winding up Petition October 22 LAND REGENT: Winding up Hearing Set for October 29 NEW NONGKAI: Receivers Continue to Peddle Shanghai Land Stake I N D O N E S I A INDONESIAN SATELLITE: Finds Financier for Restructuring Plan * Jambi Plywood Makers in Serious Danger of Bankruptcy J A P A N AEL CORP.: S&P Monitors Corporate Reorganization Filing AOZORA BANK: S&P Assigns 'BBB-' Rating FOOTWORK EXPRESS: Sells Management Rights to Orix KENWOOD CORP.: Sees 10% Profit Margin in 2005/2006 MITSUBISHI MOTORS: MMC Recalls More Than 30,000 Vehicles MYCAL CORPORATION: R&I Downgrades Rating to C RESONA HOLDINGS: Settles Tax Lawsuit With TMG TOSHIBA CORP.: Launches Methanol Fuel Cell For Portable Devices K O R E A HANARO TELECOM: Unveil Changes to ESM Agenda HANARO TELECOM: Unveils Shareholder Proxy Materials JINRO LTD.: Lotte Mulling Bid KOOKMIN BANK: Hires Morgan Stanley to Sell Stake KOOKMIN BANK: Clarifies Indonesian Bank Bid Report SK GLOBAL: Rejects Stanford, Newport Leases SK GROUP: Likely to Prosecute Chairman SK NETWORKS: Sells Stake in Refiner to Sister Units M A L A Y S I A BERJAYA LAND: Proposes to Amend Articles of Association KAMUNTING CORPORATION: Striking Off Dormant Units KILANG PAPAN: Extends Final Investigative Audit Report PANCARAN IKRAB: Files Civil Suit to Recover RM37M PICA CORPORATION: KLSE Defers Delisting of Securities PWE INDUSTRIES: Unveils Restructuring Exercise Update RNC CORPORATION: SC OKs Restructuring Proposal SALCON BERHAD: SC Extends Investigative Audit to October 25 TECHNO ASIA: Appoints Ernst & Young as Special Administrators TIMBERMASTER INDUSTRIES: Releases Restructuring Scheme Update P H I L I P P I N E S ASB GROUP: Creditors Demand Removal of Receiver BALABAC RESOURCES: PSE Suspends Trading From October 6-8 MANILA ELECTRIC: Reaches Accord With QPL RAMCAR INC.: Creditor Seeks Replacement of Receiver UNION CEMENT: Approves Plan For 2 Loans Worth P2.65B S I N G A P O R E ACASE ELECTRONICS: Releases First & Final Dividend Notice ALDGATE PTE: Appoint Liquidators Tong & Hutchison AMRAE BENCHUAN: Issues Winding Up Order Notice CENTRAL PROPERTIES: Results of September 29 EGM FLEXTRONICS INT'L: Releases Second Quarter Results October 22 MMI SINGAPORE: Issues Debt Claim Notice to Creditors NEW WAVE: Issues Profit Warning STRENGTH ELECTRIC: Issues Dividend Notice VITRAUX PTE: Creditors to Submit Claims by November 3 T H A I L A N D EASTERN STAR: Completes Repayment of Outstanding Debt THAI MILITARY: Planning to Retire THB19 Billion Notes Early THAI MILITARY: Details Latest Conversion of Preferred Shares THAI PETROCHEMICAL: Creditors Agree to Unlock Working Capital THAI PETROCHEMICAL: Clarifies Premature Release of Q3 Results * BOND PRICING: For the week of September 29 - October 3, 2003 - - - - - - - - ================= A U S T R A L I A ================= ANACONDA NICKEL: Latest Update on Central Exchange Settlement ------------------------------------------------------------- Queste Communications Ltd. released Monday the latest update on the status of the possible payment by Anaconda Nickel Ltd. to Central Exchange Ltd. of the sum of AU$19,009,823 pursuant to a settlement deed between Anaconda and Central Exchange. The full copy of this update may be viewed through this link http://bankrupt.com/misc/anaconda.pdf ERG GROUP: U.K. Unit Corners 'Smart Card' Project of Yorcard ------------------------------------------------------------ After an 11-month tender evaluation process, the Yorcard consortium comprising Metro (West Yorkshire PTE), South Yorkshire PTE and representatives of all the bus and train companies operating in their areas, has selected the Prepayment Cards Limited (PCL) bid and will now move forward to the contract negotiation state. Prepayment Cards Limited is an affiliate of ERG Group. In a statement to the Australian Stock Exchange, ERG CEO Peter Fogarty said: "Th[is] project is an important win for the ERG Group in the U.K. as it grows our portfolio of long-term operating contracts. With the addition of the Yorcard project we expect to build our total U.K. card base to more than 2 million." The full copy of this disclosure may be viewed through this link http://bankrupt.com/misc/erg_group.pdf MAYNE GROUP: Plans to Buyback as much as 75 Million Shares ---------------------------------------------------------- Healthcare company, Mayne Group, will likely widen its share buyback program, said Dow Jones citing the company's annual report. As of end-August, the company has already purchased 48 million shares; this could be extended to 75 million, according to the report. "The board will continue to consider a range of options for returning any surplus funds to shareholders, which may include an extension of the buyback," Mayne's annual report reads. Meanwhile, the company said it is not in a hurry to sell its hospitals business. "The company is under no pressure to sell and any decision will take into account the long-term value the division can offer," it said. Mayne recently wrote down the value of its hospital business after reporting a net loss of AU$456 million in fiscal 2002-03 ended June 30. The plunge from last year's net profit of AU$173.6 million came after Mayne booked AU$513 million in charges and writedowns, mostly on its hospital business, which is battling slowing admissions, higher nursing costs and a blowout in medical insurance, the report said. ============================ C H I N A & H O N G K O N G ============================ COUNTRY FAIR: Bank of China Files Winding Up Petition ----------------------------------------------------- The High Court of Hong Kong will hear on October 29, 2003 at 9:30 a.m. the petition seeking the winding up of Country Fair Industrial Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on August 28, 2003. Koo and Partners represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Koo and Partners, which holds office on the 21st Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. GREAT WEAL: High Court to Hear Winding up Petition October 22 ------------------------------------------------------------- A petition seeking the winding up of Great Weal Holdings Limited will be heard by the High Court of Hong Kong on October 22, 2003 at 9:30 a.m. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on August 27, 2003. Koo and Partners represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Koo and Partner, which holds office on the 21st Floor, Bank of China Tower No. 1 Garden Road, Central Hong Kong. LAND REGENT: Winding up Hearing Set for October 29 -------------------------------------------------- Land Regent Limited faces a winding up petition filed before the High Court of Hong Kong on August 28, 2003. The petition will be heard on October 29, 2003 at 9:30 a.m. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition. Koo and Partners represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Koo and Partners, which holds office on the 21st Floor, Bank of China Tower No. 1 Garden Road, Central Hong Kong. NEW NONGKAI: Receivers Continue to Peddle Shanghai Land Stake ------------------------------------------------------------- Talks that receivers of New Nongkai Global Investments Limited are still bent on selling a 75% stake in Shanghai Land Holdings Limited raised the shares of BOC Hong Kong. According to AFX-Asia, BOC Hong Kong was up HKD0.70 or 5.88% at 12.55 on volume of 30.53 million Monday. The Shanghai Land stake was pledged as collateral for a BOC Hong Kong loan to businessman Zhou Zhengyi, who is currently under investigation for fraud and corruption. "It's good news. But, more than that the company is a good play, considering that it is aggressively positioning to become a major participant in yuan trading," Fulbright Securities general manager Francis Lun told AFX-Asia in an interview. ================= I N D O N E S I A ================= INDONESIAN SATELLITE: Finds Financier for Restructuring Plan ------------------------------------------------------------ Five local banks agreed to partially fund PT Indonesia Satellite Corp.'s corporate restructuring, pooling last week a total of IDR3.165 trillion (US$378.1 million) in loans, Reuters said. The company has said it needs IDR5.5 trillion to finance the restructuring plan. Under the plan, the company will issue IDR1.75 trillion worth of bonds to pay the debts of its main mobile unit, PT Satelit Palapa Indonesia. The bond will start trading on the Surabaya Stock Exchange, Indonesia's main bond exchange, on October 22. The five banks that agreed to provide the syndicated loan are PT Bank Central Asia, PT Bank Negara Indonesia, PT Bank Mandiri, PT Bank Danamon Indonesia and PT Bank Bukopin, Reuters said. "The loan facility is aimed to repay the debts of Indosat and/or its subsidiaries including PT Indosat Multi Media Mobile," Indosat said Saturday. Indosat shares fell 1% to IDR9,500 each Friday. * Jambi Plywood Makers in Serious Danger of Bankruptcy ------------------------------------------------------ A shortage of raw materials is threatening to send plywood and pulp manufacturers in the Indonesian province of Jambi into bankruptcy, Asia Pulse said Monday. In press conference over the weekend, Indonesian Forestry Society Chairman Helmi Jalil said a slump in global plywood prices is also responsible for the industry's precarious situation. "We are having difficulties to market our products. Meanwhile, significant demand for plywood now comes only from Japan where the plywood must meet certain quality standards," an unnamed spokesman for plywood manufacturer PT Nansari/Barito Pacific, Pitono also added. According to him, plywood is priced an average of US$230 per cu meter on the export market, well below the production cost of US$287 per cubic meter. Meanwhile, to meet the need for raw materials, a number of plywood manufacturers in Jambi currently buy wood from Kalimantan and Riau. Jambi provincial forestry office head, H. Gatot Moeryanto MM, said the threat of bankruptcy was very real. "Overall, wood-processing industries in Jambi now have an installed capacity of 4.1 million cubic meters while the wood supply from local forests stand at less than 1 million cubic meters," Asia Pulse said. ========= J A P A N ========= AEL CORP.: S&P Monitors Corporate Reorganization Filing ------------------------------------------------------- Standard & Poor's Ratings Services said Friday that its ratings on notes issued under the HABS Corp. Series 2002-1 and Major Asset Finance (Cayman) Ltd. transactions remain on Credit Watch with negative implications, where they were placed on September 17, 2003. The originators of the transactions, AEL Corporation and Nice Co. Ltd., filed for corporate reorganization in Tokyo District Court on September 30, 2003. The filing for corporate reorganization has triggered certain events, including early amortization and servicer replacement events. The note trustee has begun the process of notifying the transactions' note holders of the servicer replacement triggers. As the replacement process may be subject to note holder approval, Standard & Poor's will continue to monitor the progress of the replacement decision procedures. The originators/servicers may seek to retain the ability to service the transactions. Under this scenario, Standard & Poor's will evaluate the ability of the servicer, in light of its current circumstances, to maintain a level of operations and financial flexibility consistent with the current ratings on the transactions. According to the documents for each transaction, early amortization will commence on Oct. 28, 2003 for HABS Corp. Series 2002-1 and Oct. 29, 2003 for Major Asset Finance (Cayman) Ltd. These are the next payment dates for the deals. Based on Standard & Poor's analysis, the level of overcollateralization and cash reserves of the underlying pools are still within the stressed ranges that were incorporated upon the initial assignment of ratings, despite a recent deterioration in the asset pools as defaults and delinquencies have begun to rise over the past few months. The immediate commencement of the amortization period should help mitigate the impact of further deterioration in the underlying pool of receivables. Standard & Poor's will continue to monitor the progress of the filing for corporate reorganization by the servicers/originators and its impact on the rated transactions. Of particular importance is the continued, timely receipt of cash collections from the originators and the manner in which the bankruptcy trustee will oversee the process. The next cash collections will be deposited into the accounts controlled by the trustee on October 3. To resolve the Credit Watch placement, Standard & Poor's will remain in discussions with the relevant parties and monitor the impact of developments on the two transactions. HABS Corp. Series 2002-1 Originator Issue Current Rating Amount Final Maturity AEL Corp. Senior AA/WatchNeg �9,395,833,331 March 2009 Major Asset Finance (Cayman) Ltd. Originator Issue Current Rating Amount Final Maturity Nice Co. Ltd. Senior AA-/WatchNeg �8,500,000,000 May 2010 AOZORA BANK: S&P Assigns 'BBB-' Rating -------------------------------------- Standard & Poor's Ratings Services assigned its 'BBB-' long-term and 'A-3' short-term counterparty credit ratings to Aozora Bank Ltd. The outlook on the long-term rating is stable. At the same time, Standard & Poor's withdrew its 'BBBpi' rating based on public information on the bank. Standard & Poor's credit analyst Yuri Yoshida said: "Aozora's capital quality compares favorably with that of other Japanese banks both in size and quality." In recent years, Aozora has reduced its non-performing loans by utilizing a secondary loss protection arrangement with the Japanese government and collecting loans. As a result, the ratio of Aozora's risk-managed loans to total assets net of reserves dropped to 0.02 percent at the end of March 2003, which is one of the lowest among the major Japanese banks. The bank's Tier 1 capital ratio stood at a high 12.5 percent in March 2003. Although preferred securities accounted for about 60 percent of its capital, net deferred tax assets were low, as the Company set aside an adequate level of reserves. Asset deterioration risk from a slide in the stock market is also limited, given Aozora's relatively small stock holdings. At the same time, the bank's profitability remains low compared with that of other major banks. Due to its high overhead ratio and low fee income, Aozora's core profit is low, standing at only 0.85 percent of risk assets. The bank intends to focus on corporate restructuring business and investment banking for midsize companies. However, a significant contribution to earnings from these businesses is unlikely in the short term, given the fierce competition and unknown size of these markets. The bank's dependence on banking business, which has relatively low profitability, is expected to remain high. A key-rating factor for Aozora is its ability to reduce the risk of further erosion of its asset quality. The ratio of watch-list loans to total lending and the concentration of its lending on large borrowers remain high. Following the expiry of the secondary loss protection arrangement with the government at the end of September 2003, the bank will bear all future credits costs. In addition, Aozora faces the challenge of diversifying its funding sources. Although its liquidity is improving, it is less stable than that of the other major banks, which have solid deposit bases from retail customers. The stable outlook reflects the expectation that Aozora's relatively favorable asset quality and sound capitalization will support the bank's financial profile. Further upgrades will hinge on improvements in asset quality through a reduction in watch-list loans and the elimination of concentration risk, stronger profitability, and the establishment of a sound and competitive business franchise. If Aozora's asset quality or liquidity deteriorates more than expected, the ratings on the bank could be lowered. FOOTWORK EXPRESS: Sells Management Rights to Orix ------------------------------------------------- Failed trucking firm Footwork Express Co. will sell its management rights to a subsidiary of major leasing Company Orix Corporation as the core of its court-mandated rehabilitation plan, Kyodo News reports. The Orix subsidiary, OSL, is expected to purchase the management rights for about 3.6 billion yen, though it will change depending on Footwork's business performance. KENWOOD CORP.: Sees 10% Profit Margin in 2005/2006 -------------------------------------------------- Kenwood Corporation aims to double its operating profit margin to 10 percent in 2005/06, as part of its spectacular turnaround, according to Reuters. The car electronics maker also expects to be debt free and start paying a dividend in the business year ending March 31, 2006, the Company's chief executive, Haruo Kawahara, told reporters at the Foreign Correspondents Club of Japan. In 2002, Kenwood had a negative net worth of 17 billion yen (US$153 million) and said it planned to raise 27 billion yen in capital through debt-to-equity swaps and the issue of new shares to investment firm Sparx Asset Management Co., its largest shareholder and an affiliate of Merrill Lynch & Co Inc. The Company rebounded with a net profit of 4.2 billion yen on sales of 225.6 billion yen in the year ended March 31, compared to a loss of 26.7 billion yen a year earlier. MITSUBISHI MOTORS: MMC Recalls More Than 30,000 Vehicles -------------------------------------------------------- Mitsubishi Motors Corporation (MMC) recalled a total of more than 30,000 Colt, Minicab and Town Box vehicles for free repairs of defective steering equipment, according to Kyodo News. The Company said it would recall 7,929 Colt compact passenger cars made between February and March of this year, and 22,909 Minicab and Town Box minivehicles made between December 1998 and February 2002. Mitsubishi Motors Corporation will borrow 181.3 billion yen (US$1.6 billion) from the Bank of Tokyo-Mitsubishi Ltd. and almost 60 other lenders to finance capital spending and bond redemptions, TCR-AP reported recently. The auto maker aims to reduce its 1 trillion yen of debt after taking charges on loans to car buyers in the U.S. and is rated non-investment grade by Moody's Investors Service, may be opting to borrow from banks because it's cheaper than selling bonds to raise long-term finance. MYCAL CORPORATION: R&I Downgrades Rating to C --------------------------------------------- Rating and Investment Information, Inc. (R&I) has downgraded the ratings of Mycal Corporation as follows: R&I RATING: C (Downgraded from CC); Long-term Bonds (9 series) R&I RATING: CC (Affirmed) ISSUE: Domestic Commercial Paper Programme Issue Limit: Yen 50,000 million R&I RATING: c (Affirmed) Bonds Rated: ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn) Unsec. Str. Bonds No. 13 Apr 15, 1998 Apr 15, 2003 Yen 6,000 Unsec. Str. Bonds No. 14 Apr 15, 1998 Apr 15, 2004 Yen 5,000 Unsec. Str. Bonds No. 15 May 11, 1998 May 11, 2005 Yen 5,000 Unsec. Str. Bonds No. 16 May 11, 1998 May 11, 2006 Yen 15,000 Unsec. Str. Bonds No. 17 May 14, 1998 May 14, 2008 Yen 3,000 Unsec. Str. Bonds No. 18 May 15, 1998 May 15, 2008 Yen 3,000 Unsec. Str. Bonds No. 19 May 15, 1998 May 15, 2008 Yen 3,000 Unsec. Str. Bonds No. 20 May 22, 1998 May 22, 2003 Yen 7,000 Unsec. Str. Bonds No. 21 May 25, 1998 May 23, 2003 Yen 3,000 R&I RATING DEFINITIONS FOR LONG-TERM DEBT CC AND LOWER CC The debt is in default, or the probability of default is extremely high For debt that has fallen into default, recovery may be limited at a low level C The debt is in default, and there is practically no possibility of recovery R&I RATING DEFINITIONS FOR SHORT-TERM DEBT c c The lowest rating. The debt is in default, or the probability of default is extremely high. RATIONALE: Mycal's revival plan was approved in the Tokyo District Court on September 30, and it established the redemption rate for bonds that are in default. With regard to the Company's debt rated by R&I, it previously assigned a CC rating to Mycal's long-term debt and asset-backed securities and a c rating to the commercial paper programme. However, R&I has downgraded some of its ratings based on the redemption rate. The redemption rate for the No. 5 and No. 9 unsecured convertible bonds is about 30 percent, but the rate for the No. 13 through No. 21 unsecured bonds and the asset-backed securities is extremely low. Therefore, R&I has downgraded the rating of the No. 13 through No. 21 unsecured bonds and the asset-backed securities from the previous CC to C. As the announcement of ratings in the future will have little significance, R&I will cancel all ratings on October 31, 2003. RESONA HOLDINGS: Settles Tax Lawsuit With TMG --------------------------------------------- Resona Holdings, Inc. announced that Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura), one of the banking subsidiaries of Resona HD, reached a basic agreement with the Tokyo Metropolitan Government (TMG) and the Tokyo Governor to make settlement-at-court (soshoujou-no-wakai) at the Supreme Court regarding the Tokyo Metropolitan Government's tax on large banks. The settlement is subject to the enactment and implementation of the related draft ordinance revision being tabled at this year's third regular meeting of the Tokyo Metropolitan Assembly. The amount of refund tax and interest on refund is estimated to be 13.1 billion yen. For a copy of the press release, go to http://www.resona-hd.co.jp/e-ir/pdf/i_01/031002_1a.pdf TOSHIBA CORP.: Launches Methanol Fuel Cell For Portable Devices --------------------------------------------------------------- Toshiba Corporation, the world leader in bringing fuel-cell technology to portable products, announced a prototype of highly compact, direct methanol fuel cell (DMFC) that opens the way to the use of DMFC as an alternative power source to recharge batteries for personal devices as small as cell phones, digital still cameras, PDAs and mobile TVs. The new DMFC will provide a greater freedom for users of those handheld equipments to easily recharge the batteries in a mobile environment, whether they are away from home on business travel or out on a beach. The new DMFC is small enough to fit in a carry-on bag or even in a jeans pocket as a portable power source. Toshiba led the industry in announcing the first DMFC for portable PCs in March this year. The latest announcement confirms that the Company remains a step ahead of its competitors in developing the potential of fuel cells. Toshiba expects to commercialize DMFC for both portable PCs and handheld products within 2005. Toshiba's new DMFC for portable devices realizes an average output of 1 watt per hour for approximately twenty hours of operation as total on a single 25cc fuel cartridge of high concentration methanol. Drawing on know-how gained in its work on DMFC for portable PCs, Toshiba achieved the miniaturization necessary for a fuel cell for use with handheld products by minimizing the size of auxiliary parts, such as the fuel tank, the liquid and air transmission pumps, the interface and electric circuits and the DC-DC converter. The methanol fuel is also stored at a high concentration, allowing the fuel cartridge to be reduced to a volume of only 25cc. The fruit of these development efforts is a DMFC with a volume off only 140cc; a DMFC that fits snugly into the palm of the hand. Toshiba will present the DMFC for portable devices at CEATEC JAPAN 2003 in Makuhari Messe to be held in Chiba prefecture, Japan from October 7 to 11. Some key technologies Methanol in a fuel cell delivers power most efficiently when mixed with water in a 3 to 6 percent methanol concentration-a concentration requiring a fuel tank that is much too large for use with portable equipment. Toshiba overcame this by developing a system that allows a higher concentration of methanol to be diluted by the water produced as a by-product of the power generation process. This technology allows methanol to be stored at a much higher concentration, and achieves a fuel tank less than 1/10 the size of that required for storing the same volume of methanol in a 3 to 6 percent concentration. The current prototype can operate for approximately twenty hours on 25cc of high concentration methanol. Toshiba will continue development of DFMC technology, with the aim of product commercialization for portable PCs and cellular phones within 2005. Main Specifications Product: Methanol fuel cell directly connected to portable devices Output: Average 1 watt Size: 100 x 60 x 30mm (140cc) Total Weight: 130 g (with fuel cartridge) Operating hours: Approximately twenty hours with 25cc of high concentration methanol fuel Cartridge weight: 30 g (with 25cc of methanol fuel) Cartridge size: 30 x 60 x 20mm Fuel: Methanol About Toshiba Corporation Toshiba Corporation is a leader in information and communications systems, electronic components, consumer products, and power systems. The Company's integration of these wide-ranging capabilities assures its position as a leading Company in semiconductors, LCDs and other electronic devices. Toshiba has 176,000 employees worldwide and annual sales of over US$40 billion. For further information, please visit the Toshiba Corporation home page at: www.toshiba.co.jp/index.htm Contact: Toshiba Corporation Midori Suzuki midori.suzuki@toshiba.co.jp 03-3457-2105 ========= K O R E A ========= HANARO TELECOM: Unveil Changes to ESM Agenda -------------------------------------------- Hanaro Telecom Inc. announced changes to the agenda to be presented at the Extraordinary Shareholders' Meeting (ESM) scheduled for October 21, 2003, filed with the Korea Securities Dealers Association Automated Quotation Market and the Financial Supervisory Commission on September 27, 2003; 1. Disclosure subject to correction: the Resolution of Board of Directors ("BOD") Meeting on the calling of an Extraordinary Shareholders' Meeting 2. Date of previous disclosure: August 29, 2003 3. Reason for correction: changes in the agenda to be presented at the Extraordinary Shareholders' Meeting ("EGM") (Date of BOD meeting for such change: September 26, 2003) 4. Details of correction: Before Amendment Type of Issue Item 1. Approval of new rights issue Item 2. Approval of per share price of rights issue below par value Item 3. Approval of amendment of the Articles of Incorporation Item 4. Appointment of directors After Amendment Type of Issue Item 1. Approval of per share price of issuance of new shares below par value Item 2. Approval of issuance of new shares Item 3. Approval of amendment of the Articles of Incorporation Item 4. Appointment of non-standing directors Item 5. Appointment of outside directors Others: The date and agenda for the EGM are subject to change. The BOD shall confirm the details in a timely manner. HANARO TELECOM: Unveils Shareholder Proxy Materials --------------------------------------------------- Hanaro Telecom Inc. announced its shareholder proxy materials for the Extraordinary Shareholders' Meeting scheduled for October 21, 2003, filed with the KOSDAQ and the Financial Supervisory Commission on September 27, 2003. I. SOLICITOR, PROXY AND THE SOLICITED 1. SOLICITOR 1) Name: Hanaro Telecom, Inc. 2) Relationship with the Company: The principal 3) No. of shares held: None 2. PROXY Name No. of shares held Relationship with the Company Kan Chae Jung - Employee Se-Hoon Gum 2,000 Employee Kyu June Hwang - Employee 3. THE SOLICITED Every and each shareholder on the Shareholder Register as of September 16, 2003. (Samsung Electronics and 139,373 shareholders; 279,322,680 shares of common stock). * A copy of the Shareholder Register was submitted to the Financial Supervisory Commission of Korea (Date of submission: September 27, 2003) 4. OTHERS 1) Date and Venue of EGM - Date: Tuesday, 21st October, 2003, 10:00 a.m. - Venue: 10th Floor, Hanaro Telecom Building, 726 Janghang 2-dong, Ilsan-ku, Koyang-shi, Kyunggi-do, Korea 2) Object and Methods of Solicitation - Object: To secure quorum and voting rights for approval of EGM agenda - Methods: To send Power of Attorney and Proxy Reference materials, and if necessary, (1) Newspaper Advertisement (2) Phone call solicitation (3) Visits (4) Solicitation via Internet or methods of similar kind 3) Schedule for sending proxy and reference materials: From September 30, 2003 until the commencement of EGM 4) Contact (mailing address): Ki Hyoen Kim, General Manager 7th Floor, Hanaro Telecom Building, 726 Janghang 2-dong, Ilsan- ku, Koyang-shi, Kyunggi-do, Korea Telephone: 080-800-5000, 1566- 5000 Fax : 82-2-6266-5269 JINRO LTD.: Lotte Mulling Bid ----------------------------- Lotte Group, one of South Korea's biggest retail and consumer product companies, is considering a bid for bankrupt distiller Jinro Ltd., according to the Financial Times. Lotte already operates in the drinks sector - both alcoholic and non-alcoholic - via its Chilsung Beverages unit, and the addition of Jinro would certainly give it a boost. According to the report, there have been no formal offers for Jinro - which makes the Korean national drink soju among others - as yet, but Lotte is said to be among the potential bidders for the company. Jinro posted losses of 222 billion won last year with sales at 915 billion won. KOOKMIN BANK: Hires Morgan Stanley to Sell Stake ------------------------------------------------ Morgan Stanley and two local brokers were hired to arrange the sale of the South Korean government's 9.3 percent stake in Kookmin Bank worth 1.2 trillion won (US$1.1 billion), Bloomberg reports, citing Finance and Economy Ministry. The local firms are South Korea's top brokerages namely Samsung Securities Co. and LG Investment & Securities Company. The sale is part of the government's attempt to recoup an estimated 161 trillion won used to bail out lenders during the 1997-1998 Asian financial crisis. Timing for the sale will be decided later in consultation with the arrangers. KOOKMIN BANK: Clarifies Indonesian Bank Bid Report -------------------------------------------------- On September 26, 2003, the Korea Stock Exchange (KSE) requested Kookmin Bank to confirm the rumors on Kookmin Bank Bid for PT Bank Internasional Indonesia. Upon this request, Kookmin Bank officially announced as follows: On September 26, 2003, Kookmin Bank submitted a preliminary non- binding bid to Indonesian Bank Restructuring Agency jointly with a leading investment firm in the region to acquire 51% stake of PT Bank Internasional Indonesia. Kookmin Bank will disclose further information, when it is available. SK GLOBAL: Rejects Stanford, Newport Leases ------------------------------------------- Judge Blackshear will permit SK Global America, a unit of South Korea's SK Networks Co., to reject its Stanford and Newport Leases. Accordingly, the landlords under the Leases and the licensees under the License Agreements are directed to file a proof of claim for any claims arising from the rejection of their Leases or License Agreements. Claims must be filed with the Clerk of Court and a copy of the claim must be served so that it is received on or before November 4, 2003, to: Togut, Segal & Segal LLP One Penn Plaza, Suite 3335 New York, New York, 10119 Attn: Scott E. Ratner, Esq. (SK GLOBAL BANKRUPTCY NEWS, Issue Number 5; September 19, 2003) SK GROUP: Likely to Prosecute Chairman -------------------------------------- Sohn Kil-seung, head of the SK Group, will likely be prosecuted for illegally using corporate funds to bribe politicians, the Maeil Business Newspaper reports. Prosecutors said on Saturday that Sohn was charged with offering bribes amounting to 10 billion won to local politicians. Sohn was called in last week as a part of the inspections, and is said to have admitted to bribing local politicians. SK NETWORKS: Sells Stake in Refiner to Sister Units --------------------------------------------------- SK Networks Co. Ltd. plans to sell its 10 million shares, or 7.8 percent stake in oil refiner affiliate SK Corporation to sister companies and founding family members of parent SK Group, which is valued at 166 billion won (US$144.7 million) based on the current market price, according to Reuters. The sale is aimed at blocking Monaco-based Sovereign Asset Management Ltd., the top shareholder in SK Corp., the biggest shareholder in SK Networks, from involvement in a rescue plan for the scandal-hit oil-trading firm. SK Networks, formerly SK Global, is at the heart of a $1.2 billion accounting fraud unearthed in March and Sovereign has stepped up its opposition to SK Corporation's plan to provide 850 billion won (US$729 million) in aid to the trading firm in a debt-into-equity swap. =============== M A L A Y S I A =============== BERJAYA LAND: Proposes to Amend Articles of Association -------------------------------------------------------- The Board of Directors of Berjaya Land Berhad proposed to amend its Articles of Association to allow Directors meetings via telephone conferencing and/or video-conferencing or any other interactive means of audio or audio-visual communications (Proposed Amendment). The shareholders' approval on the Proposed Amendment will be sought under the Special Business at the Company's forthcoming Thirteenth Annual General Meeting (AGM) to be held at Dewan Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on Tuesday, 28 October 2003. The details of the Proposed Amendment will be dispatched together with the Notice of AGM. KAMUNTING CORPORATION: Striking Off Dormant Units ------------------------------------------------- The Board of Directors of Kamunting Corporation Berhad (KCB) announced that the following dormant subsidiaries have been struck off from the Register of Companies of the Hong Kong Companies Registry pursuant to Section 291 of the Companies Ordinance: 1. Kamunting Investments (HK) Limited 2. Kamunting Projects (HK) Limited 3. Kamunting M&E (HK) Limited Following the striking off of the above captioned companies, they have ceased to be subsidiaries of KCB. KILANG PAPAN: Extends Final Investigative Audit Report ------------------------------------------------------ Further to our announcement dated 1 October 2003, AmMerchant Bank Berhad, on behalf of Kilang Papan Seribu Daya Berhad (KPSD) (Special Administrators Appointed) announced to the Kuala Lumpur Stock that the Securities Commission had via its letter dated 27 September 2003, which was received on 1 October 2003, approved for an extension of time of up to 31 October 2003 for KPSD's appointed independent investigative audit firm to complete and submit its final investigative audit report. PANCARAN IKRAB: Files Civil Suit to Recover RM37M ------------------------------------------------- Pancaran Ikrab Bhd. and its wholly owned subsidiary Pancaran Properties Sdn Bhd has commenced a civil suit against Ngu Tieng Ung, Tiong Kwing Hee and 9 other individuals and companies to seek to recover a sum of RM37 million purportedly paid out in respect of an alleged Joint Venture Agreement entered between Pancaran Properties Sdn Bhd and Famebeach Sdn Bhd dated 17th December 1997. The Statement of Claim was filed at the Kuala Lumpur High Court Registry in Wisma Denmark, Jalan Ampang, Kuala Lumpur on 3rd October 2003 by M/S CK Tan & Co. as solicitors of Pancaran Ikrab and Pancaran Properties. PICA CORPORATION: KLSE Defers Delisting of Securities ----------------------------------------------------- Pica (M) Corporation Berhad (PICA) was notified on 19 September 2003 that its securities will be removed from the Official List of the KLSE at 9.00 a.m. on Monday, 6 October 2003. The Company had up to seven (7) days from the date of notification of the decision to de-list to submit an appeal to the KLSE in relation to the decision of the Exchange to de-list its securities from the Official List of the KLSE. The above Company has submitted an appeal against the decision of the Exchange to de-list its securities from the Official List of the KLSE within the 7-day period (the Appeal). In view of the Appeal, please be informed that the KLSE Committee shall defer the removal of the securities of PICA from the Official List of the KLSE on 6 October 2003 pending the decision on the Appeal. The Company is currently in the preparation of the explanatory statement (ES) to its scheme creditors. The ES shall be forwarded to all its Scheme Creditors in due course. PWE INDUSTRIES: Unveils Restructuring Exercise Update ----------------------------------------------------- Further to the announcement dated 15 September 2003, on behalf of PWE Industries Berhad (PWE), PM Securities Sdn Bhd announced that the Kuala Lumpur Stock Exchange had vide its letter dated 2 October 2003, approved the extension of time of 1 month from 16 September 2003 to 15 October 2003 for the Company to comply with paragraph 6.1 (b) of Practice Note 10/2001 and submit the application in respect of the Proposed Corporate Restructuring Exercise of PWE to the Securities Commission and the other relevant authorities. RNC CORPORATION: SC OKs Restructuring Proposal ---------------------------------------------- RNC Corporation refers to the earlier announcements dated 18 April 2003, 16 May 2003, 22 May 2003, 13 June 2003, 7 July 2003, 11 July 2003, 4 August 2003 and 10 September 2003 in relation to the proposed modifications to the Proposed Scheme. On behalf of the Special Administrators of RNC Corporation Berhad (RNC), announced that the Securities Commission had vide its letter dated 3 October 2003, approved the Company's proposal to fix the conversion price for the redeemable convertible unsecured loan stocks (RCULS) to be issued pursuant to the Proposed Scheme, at RM1.00. SALCON BERHAD: SC Extends Investigative Audit to October 25 ----------------------------------------------------------- This announcement is made for Seng Hup Corporation Berhad (Special Administrators Appointed) (SHCB) in relation to SHCB's announcement dated 25 August 2003. For information, SHCB has been de-listed from the Official List of the Second Board of the Kuala Lumpur Stock Exchange. The Company refers to the announcement made on 25 August 2003 by AmMerchant Bank Berhad (AmMerchant Bank), on behalf of SHCB, with regards to an application to the Securities Commission (SC) for an extension of time of two(2) months to 25 October 2003 to complete the investigative audit of SHCB. AmMerchant Bank, on behalf of SHCB, informed that the SC has approved the extension of time to 25 October 2003 to complete the investigative audit of SHCB. TECHNO ASIA: Appoints Ernst & Young as Special Administrators ------------------------------------------------------------- Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst & Young were appointed Special Administrators (SAs) over Techno Asia Holdings Berhad (TECASIA) and a subsidiary Company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB) on 2 February, 2001. The Special Administrators were subsequently appointed over the following subsidiary companies of TECASIA on 30 April 2001: 1. Mount Austin Properties Sdn. Bhd.; 2. Cempaka Sepakat Sdn. Bhd.; 3. Ganda Edible Oils Sdn. Bhd.; 4. Litang Plantations Sdn. Bhd.; 5. Wisma Dindings Sdn. Bhd.; 6. Ganda Plantations (Perak) Sdn. Bhd.; and 7. Techno Asia Venture Capital Sdn. Bhd. (collectively known as the "Affected Subsidiary Companies) Further to the announcement dated 05 September, 2003 in respect of Practice Note 1/2001, TECASIA wishes to announce that the Company and its subsidiaries, namely Mount Austin Properties Sdn. Bhd (Special Administrators Appointed), PMMSB (Special Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda Energy and Holdings, Inc continue to default in payments of their loan interest and principal sums owing to several financial institutions. The outstanding amounts as at 31 August 2003 were as follows:- Loan & Hire Purchase Principal (RM) Interest (RM) Total RM The Company 390,388,365 270,192,427 660,580,792 The Group 486,560,299 323,857,042 810,417,341 Interest shown include interest from 1 July 2001 to 31 August 2003 for loans pending implementation of the restructuring scheme which was approved by the Securities Commission as announced on 20 December 2002 and 26 December 2002. For those loans for which a set-off or other forms of settlement has occurred pursuant to the terms of the relevant Workout Proposals, the amount of the loan has been reduced by the settlement amount and interest has been adjusted to accrue until 30 June 2001 as provided in the Workout Proposals. No further interest on the balance outstanding loan amount has been accrued subsequent to a settlement. 2. Measures Taken to Address the Default TECASIA is considered as an "affected listed issuer" pursuant to PN4/2001. Further to the measures undertaken as announced on 05 September 2003, there have been no major changes to the status of TECASIA's plan to regularise its financial position. 3. Implications in respect of the Default in Payments TECASIA wishes to announce that Pengurusan Danaharta Nasional Berhad (PDNB) had granted another extension of twelve (12) months to the moratorium previously in effect for TECASIA and PMMSB pursuant to Section 41(3). The said extension will expire on 1 February 2004. As for the Affected Subsidiary Companies, PDNB had on 28 April 2003 granted an extension of twelve months to the moratorium previously in effect for the Affected Subsidiary Companies pursuant to Section 41(3) and the said extension will expire on 30 April 2004. All legal actions initiated against TECASIA and other affected subsidiaries will be stayed and any petition for winding-up, or any appointment of a receiver, receiver and manager or provisional liquidator cannot proceed during the moratorium period. TIMBERMASTER INDUSTRIES: Releases Restructuring Scheme Update ------------------------------------------------------------- Further to the announcement on 2 October 2003, Timbermaster Industries Berhad (Special Administrators Appointed) (TMIB) informed that the Special Administrators and all other parties concerned are still in the midst of implementing TMIB's proposed restructuring scheme as approved by the Securities Commission on 2 December 2002. ===================== P H I L I P P I N E S ===================== ASB GROUP: Creditors Demand Removal of Receiver ----------------------------------------------- Some of the 700 unsecured creditors of cash-strapped ASB Group of Companies are demanding the ouster of Fortunato B. Cruz, the appointed receiver to manage the Company's rehabilitation, the Manila Times reported on Monday. The creditors, who are mostly private individuals, have thrown their support to the Securities and Exchange Commission (SEC) on plans to terminate the services of Cruz. The creditors claimed Cruz had received more than P15 million in advances from ASB and is still claiming another P15 million as commission for some works. The ASB group, which is owned by property developer Luke Roxas, filed a loan suspension payments petition with the SEC in July 2000 due to tight liquidity problems resulting from the sudden pre-termination of investments of its clients. In 2002, ASB's total liabilities amounted to P12.7 billion and its assets stood at P13.8 billion. Apart from more than 700 unsecured creditors, the group also owes hefty amount with 14 banks. ASB's creditors include DBS, International Exchange Bank, Allied Banking Corp., United Coconut Planters Bank, and Standard & Chartered Bank. BALABAC RESOURCES: PSE Suspends Trading From October 6-8 -------------------------------------------------------- The Philippine Stock Exchange (PSE) will suspend trading on Balabac Resources Holdings Co. Inc. (BAL) shares from October 6- 8 to facilitate the reduction in the number of its listed shares, BPI Securities reports. Balabac has filed a capital-restructuring plan with the Securities and Exchange Commission (SEC). As part of its capital restructuring, the Company wrote off subscription receivables amounting to 55.46 million pesos. The write-off will result in the cancellation of some of its listed shares and, consequently, a decrease in the authorized and subscribed capital by the same amount. BAL earlier sought SEC approval for a planned quasi- reorganization in order to utilize its appraisal surplus against its capital deficit. The Company also asked for approval to lower its authorized capital stock to 73.79 million pesos from P1bln to reduce its deficit. MANILA ELECTRIC: Reaches Accord With QPL ---------------------------------------- The Manila Electric Co. (Meralco) has finalized its negotiations with Quezon Power Ltd. (QPL) but negotiations with First Gas Power Corporation (FGPC) is seen headed into a deadlock over penalty rates, the Philippine Star said on Monday, citing the Independent Review Committee headed by Landbank President Margarito Teves. Teves said that in the agreement with QPL, the Company has agreed to pay rebates of about US$44 million over a period of six years as well as to increase the discount on excess energy. He said the Company also agreed to shoulder local business and community taxes while paying larger penalty on energy shortfall. RAMCAR INC.: Creditor Seeks Replacement of Receiver --------------------------------------------------- Globeline Shipping Agencies, a creditor of Ramcar Inc., has filed a court case calling for the replacement of Ramcar Inc.'s receiver Fortuna Cruz for alleged unprofessionalism and incompetence, the Philippine Star reports. Fortunato Cruz, who is engaged in "corporate recovery services," was former President of both the Financial Executives Institute and the Philippine Institute of Certified Public Accountants. Globeline claimed that Cruz was remiss in the performance of his duties when he failed to furnish the creditors with his evaluation report on Ramcar's rehabilitation plan. Ramcar was placed under rehabilitation by the regional trial court in Quezon City in April last year. Globeline charged that Cruz neglected his duties despite receiving a huge salary of P350,000 a month, which is way above the P50,000 previously fixed by the Securities and Exchange Commission (SEC). UNION CEMENT: Approves Plan For 2 Loans Worth P2.65B ---------------------------------------------------- Union Cement Corporation said its executive committee has approved the Company's plan to take two loans totaling 2.65 billion pesos, according to AFX Asia on Friday. One is a 1.65 billion pesos loan under a syndicated agreement jointly arranged by ING Bank NV and SB Capital Investment Corp, and the other 1.0 billion pesos loan from Metropolitan Bank and Trust Co and First Metro Investment Corporation. In a disclosure to the stock exchange, the Company did not say the purpose for taking the loans. The Troubled Company Reporter- Asia Pacific reported that Union Cement is aiming to settle 1.5 billion pesos in total debt in 2002 to bring down its total debt load to 1.7 billion pesos. ================= S I N G A P O R E ================= ACASE ELECTRONICS: Releases First & Final Dividend Notice --------------------------------------------------------- Acase Electronics (Singapore) Pte Ltd. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 39 Sea Breeze Rd Singapore 487470. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 3 of 2000. Amount Per Centum: 64.30 percent. First and Final or otherwise: First & Final Dividend. When Payable: 16th day of September 2003. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. KAREN LOH PEI HSIEN Assistant Official Receiver. ALDGATE PTE: Appoint Liquidators Tong & Hutchison ------------------------------------------------- At an Extraordinary General Meeting of Aldgate Pte Ltd (Members' Voluntary Winding Up) was deemed to be held on 24th September 2003 at 9.30 a.m, the following resolutions were duly passed: SPECIAL RESOLUTION a) RESOLVED that the Company be wound up voluntarily pursuant to section 290 (1) (b) of The Companies Act (Chapter 50). ORDINARY RESOLUTIONS RESOLVED: (b) That Mr Kon Yin Tong and Mr William Caven Hutchison be and are hereby appointed liquidators, jointly and severally, for the purpose of the winding up. (c) That the liquidators be remunerated for the work of winding up the Company on their normal scale of professional fees. SPECIAL RESOLUTION (d) RESOLVED that the liquidators be empowered to exercise any of the powers given by sub-sections (1) and (2) of section 272 of the Companies Act (Chapter 50) and to distribute to members in specie any part of the assets of the Company. PASCAL DEMIERRE Director. AMRAE BENCHUAN: Issues Winding Up Order Notice ---------------------------------------------- Amrae Benchuan Trading Pte Ltd. issued a notice of winding up order made on the 19th day of September 2003. Name and Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Messrs P. SUPPIAH & CO. Solicitors for the Petitioner. CENTRAL PROPERTIES: Results of September 29 EGM ----------------------------------------------- The Board of Directors of Central Properties Limited (CPL) announced that at the Extraordinary General Meeting (EGM) of the Company held on 29 September 2003, all resolutions relating to the matters set out in the Notice of EGM dated 5 September 2003 were duly passed. In view of this, the voluntary liquidation of CPL pursuant to Section 290 (1)(b) of the Companies Act, Chapter 50 of Singapore, is deemed to have commenced. FLEXTRONICS INT'L: Releases Second Quarter Results October 22 ------------------------------------------------------------- Flextronics International announced Friday that it will report second quarter results on October 22, 2003. The conference call, hosted by Flextronics' senior management, will be held at 1:30 p.m. PDT to discuss the financial results of the Company and its future outlook. This call will be broadcast via the Internet and may be accessed by logging on to the Company's Web site at http://www.flextronics.com.A replay of the broadcast will remain available on the Company's Web site after the call. Headquartered in Singapore, Flextronics (S&P, BB+ Corporate Credit Rating, Stable) is the leading Electronics Manufacturing Services provider focused on delivering supply chain services to technology companies. Flextronics provides design, engineering, manufacturing, and logistics operations in 29 countries and five continents. This global presence allows for supply chain excellence through a network of facilities situated in key markets and geographies that provide customers with the resources, technology, and capacity to optimize their operations. Flextronics' ability to provide end-to-end services that include innovative product design, test solutions, manufacturing, IT expertise, network services, and logistics has established the Company as the leading EMS provider with revenues of $13.4 billion in its fiscal year ended March 31, 2003. For more information, visit http://www.flextronics.com MMI SINGAPORE: Issues Debt Claim Notice to Creditors ---------------------------------------------------- The creditors of MMI SINGAPORE PTE LTD (In Members' Voluntary Liquidation) are required within thirty days thereof 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 Liquidators of the said Company c/o 2 Mistri Road, #12-01 HMC Building, Singapore 079624, and if so required by notice in writing from the said Liquidator, are by their solicitors or personally to come in and prove the said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. TEH KWANG HWEE Liquidator. c/o 2 Mistri Road #12-01 HMC Building Singapore 079624. NEW WAVE: Issues Profit Warning ------------------------------- In anticipation of the announcement of the results for the first half of the financial year ending 31 March 2004 (FY2004) in November 2003, the Board of Directors of New Wave Technologies Ltd deems it appropriate to issue a profit warning. In view of the competitive conditions of the industry stated in Paragraph 10 of the Company's full-year financial statement and dividend announcement for the financial year ended 31 March 2003 (FY2003) made on 21 May 2003, the Directors expect the Group to report a significant net loss in the first half of FY2004 due to the following factors: (1) Some of the targeted customers for the Value Added Products Division of the Group have deferred their capital investment with no significant expenditures expected in the short term. This has pushed back the commercial rollout date of some of our value added products and systems. As a matter of prudence, the Directors are considering making an accelerated amortization charge against the capitalized research and development expenditures for these value added products and systems. (2) Continuing weakness in the regional economies resulting in revenues of the Value Added Products Division being significantly affected. As highlighted in (1) above, some of the customers have deferred their capital expenditures in the short term. Projected revenues from the China market also failed to materialize as a result of the severe acute respiratory syndrome (SARS) outbreak while revenues from Indonesia were affected by the social unrest in certain provinces of the country. The Group is expecting overall revenue in the first half of FY2004 to record a significant decrease from that of the corresponding period in FY2003. (3) As part of the Group's efforts to further consolidate the operations and product offerings of the Components Distribution Division, the Directors undertook and completed a review of the business model and product mix of the said Division in the first half of FY2004. The Group foresees that the market for telecommunication applications will be geared increasingly towards China and Vietnam and the industry will be characterized by rapid changes in technology with the introduction of new chips, components and parts. The Directors are therefore considering a provision for stock obsolescence is made on the costs of the chips, components and parts carried for telecommunication applications as a prudent measure. The Group will implement a variable wage structure for staff in the second half of FY2004 in addition to the cuts in CPF contribution rates to better align the cost structure of the Group to its performance. The Group will continue to monitor business developments and trends in the second half of FY2004, explore new areas of business and implement any further measures if necessary to enhance revenue and control costs. STRENGTH ELECTRIC: Issues Dividend Notice ----------------------------------------- STRENGTH ELECTRICAL ENGINEERING PTE LTD. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 33 Senang Crescent Singapore 416604. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 340 of 2000. Amount Per Centum: 0.0175 percent. First and Final or otherwise: First & Final Dividend. When Payable: 19th September 2003. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. KAREN LOH PEI HSIEN Assistant Official Receiver. VITRAUX PTE: Creditors to Submit Claims by November 3 ----------------------------------------------------- Notice is hereby given that the creditors of VITRAUX PTE LTD (Members' Voluntary Winding Up), which are being wound up voluntarily, are required on or before 3rd November 2003 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 liquidators, c/o 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365, and if so required are to come in and prove their debts or claims as shall be specified or in default will be excluded from the benefits of any distribution made before such proof. KON YIN TONG WILLIAM CAVEN HUTCHISON Joint Liquidators. 3rd October 2003. =============== T H A I L A N D =============== EASTERN STAR: Completes Repayment of Outstanding Debt ----------------------------------------------------- Subject : Completion of Loan Repayments To : The Director and Manager of the Stock Exchange of Thailand We, Eastern Star Real Estate Public Company Limited wish to report the completion of loan repayment to 2 last remaining creditors as follows: (1) On 24 September 2003, the company settled debts of THB68.09 million dividing into principle of THB53.21 million and accrued interest of THB14.88 million to Siam Commercial Bank Public Company Limited with cash of THB59.50 million. The company booked a gain of THB8.59 million from this transaction. (2) On 29 September 2003, the company settled debts to the Thanachart Bank Public Company Limited as per the Debt Restructuring Agreement. Total debt was THB206.32 million dividing into principal of THB174.97 million and accrued interest of THB31.35 million. The company settled all debts with cash of THB174.97 million. The company was refunded the advanced payment interests of THB55.59 million and booked a gain of THB31.35 million from hair cut of the accrued interest. From the both transactions, the company has total book gain of THB39.95 million which will be recognized as profit in the 3rd quarter of 2003 financial statements. In addition, the company will also show debt free for that fiscal period. Sincerely Yours, Mr. William Cheng Managing Director THAI MILITARY: Planning to Retire THB19 Billion Notes Early ----------------------------------------------------------- State-owned Thailand Military Bank PCL plans to advance the redemption of some THB19.28 billion (US$487.2 million) of bonds, according to Reuters. The bank did not explain the move in a statement to the Stock Exchange of Thailand, but stated that it intends to redeem THB6 billion of subordinated bonds on November 7 and THB13.28 billion of hybrid securities on December 8. The subordinated debt is not due until November 2004, while the maturity of the hybrid debt is still three years away. The bank said it would use the THB22.47 billion raised from existing shareholders last month to finance the redemption. According to Reuters, in 1999 the bank, together with market leader Bangkok Bank PCL, Kasikornbank PCL, Bank of Ayudhya PCL and DBS Thai Danu Bank PCL, sold a combined THB132 billion of hybrid of debt to raise money for bad loan provisions after thousands of debtors defaulted. The finance ministry owns 49.8% of the bank, while the son of Prime Minister Thaksin Shinawatra is one of its major shareholders. THAI MILITARY: Details Latest Conversion of Preferred Shares ------------------------------------------------------------ Re: Conversion of Class B Preferred Share into Ordinary Share on September 20, 2003 To: President, The Stock Exchange of Thailand Pursuant to Thai Military Bank PCL's issuance in May 2000 of 1,992,000,000 Class B Preferred Shares, and their subsequent listing on May 26, 2000. The preferential rights assigned to these shares have a duration period of 10 years commencing May 19, 2000. Holders of the preferred shares are entitled to convert them into ordinary shares of the Bank at a ratio of 1:1 at every 3-month interval namely, March 20, June 20, September 20 and December 20 of each year. For the September 20, 2003 exercise date, Class B Preferred Shareholder converted the preferred share into ordinary share with the amount of 100 shares resulting in changes in number of Ordinary Shares and Class B Preferred Shares of the Bank as follows: Class B Preferred Shares ------------------------ Initial number of preferred shares issued 1,992,000,000 shares Number of preferred shares 0 shares already converted Conversion per this exercise date 100 shares (September 20, 2003) Class B Preferred Shares outstanding 1,991,999,900 shares Ordinary Shares --------------- Number of ordinary shares outstanding 8,415,867,600 shares prior to conversion Previous conversion from preferred shares 0 shares Conversion per this exercise date 100 shares (September 20, 2003) Total ordinary shares outstanding 8,415,867,700 shares Please be informed accordingly Yours truly, Thai Military Bank Public Company Limited Sumitra Trisrisakdi Advisor To The President Tel: (02) 299-1406 THAI PETROCHEMICAL: Creditors Agree to Unlock Working Capital ------------------------------------------------------------- Siri Jirapongphan, a member of the court-appointed administrating team, told Dow Jones last week some of the firm's creditor banks have agreed to release working capital of as much as US$160 million in the coming weeks. Earlier, Thai Petrochemical Industry PCL said it needs at least US$80 million in working capital to fund operations. Mr. Siri, however, says both foreign and local banks are now willing to provide working capital of between US$120 million and US$160 million. In April, creditors froze the firm's working capital after it stopped making interest payments. Meanwhile, the company forecast third-quarter EBITDA to reach as much as THB3 billion on higher refining production; up from THB1.4 billion in the second-quarter. Refining production climbed to 155,000 barrels a day during the third quarter from the second-quarter's 110,000 barrels a day, Dow Jones said. The company also expects to maintain monthly EBITDA of THB800 million to THB1 billion during the second-half of 2004. Mr. Siri said the fresh working capital will allow TPI to make long- term crude-purchase plans, which will help reduce its operational costs and improve financial results. "TPI's EBITDA would be close to our target once we get the working capital," he told Dow Jones. TPI targets an EBITDA of 15% of total sales. At present, the level vacillates between 10% and 12%. THAI PETROCHEMICAL: Clarifies Premature Release of Q3 Results ------------------------------------------------------------- To : The President The Stock Exchange of Thailand Re: Clarification on the Q3 2003 financial performance figures published in several newspapers Dear Sir, With reference to the article published in several newspapers on October 3, 2003 reporting the Thai Petrochemical Industry Plc.'s (TPI) press released concerning the third quarter financial performance, the Plan Administrator would like to inform that the purpose of the interview was to inform the public the progress of the reorganization plan implementation and the development of the discussion with the creditors. Presently, TPI is seeking for additional credit lines from both domestic and international financial institutions. The Plan Administrator expects that terms and conditions of the additional credit lines will be parity to those of the prime borrowers. Information presented in the press released was estimated for discussion only. The actual third quarter financial performance is currently under the review of the auditor and will be submitted to the SET in due course. Yours sincerely, Suwit Nivartvong For Plan Administrator Thai Petrochemical Industry PCL * BOND PRICING: For the week of September 29 - October 3, 2003 -------------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group Ltd 10.000% 4/15/06 1 Amcor Ltd 6.500% 10/29/49 11 Amcom Telecommunications Ltd 10.000% 10/28/07 1 APN News & Media Ltd 7.250% 10/31/08 4 Australia Commonwealth Gov't Loans 3.000% 7/29/49 64 Austrim National Radiators Ltd 9.500% 10/31/04 45 Bendigo Bank Ltd 8.000% 5/29/49 9 BIL Finance Ltd 8.000% 10/15/07 13 BIL Finance Ltd 8.190% 10/15/03 16 BIL Finance Ltd 8.250% 10/15/04 12 BIL Finance Ltd. 8.750% 10/15/04 12 BIL Finance Ltd. 8.750% 10/15/05 13 BIL Finance Ltd. 9.000% 10/15/04 16 BIL Finance Ltd. 9.250% 10/15/03 16 BIL Finance Ltd. 9.250% 10/15/06 12 BIL Finance Ltd. 10.000% 10/15/04 12 Capital Properties NZ Ltd. 8.500% 4/15/05 8 Capital Properties NZ Ltd. 8.500% 4/15/07 9 Capital Properties NZ Ltd. 8.500% 4/15/09 9 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.500% 4/15/04 7 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 8 Fletcher Building Ltd 10.800% 11/30/03 8 Feltex Carpets Ltd 10.250% 9/15/08 1 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Garrats Ltd 12.000% 12/31/03 1 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 7 JB Were Capital Markets Ltd 8.750% 12/31/03 30 Kiwi Income Property Trust 9.000% 9/30/03 1 Macquarie Bank Ltd 1.800% 8/15/15 61 NPT Capital Ltd 9.500% 11/30/04 9 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Retail Finance 9.250% 9/15/07 11 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 8 Queensland Treasury Corporation 0.500% 5/19/10 72 Richmond Ltd 10.750% 12/15/04 11 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sky Network Television Ltd 9.300% 10/29/49 8 Straits Resources Ltd 10.000% 12/31/03 1 Tower Finance Ltd 8.750% 10/15/07 11 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd. 8.500% 9/15/12 9 CHINA & HONG KONG ----------------- Chinese Auto Co., Ltd 0.750% 4/7/05 36 China Petrochemical Corp 1.000% 5/8/08 38 Teco Electric & Machinery Co Ltd 2.750% 4/15/04 74 KOREA ----- Kolon Industries Inc 0.250% 12/31/04 52 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/08 1 Crest Builder Holdings Bhd 3.000% 2/25/06 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Eox Group Bhd 4.000% 1/10/06 1 Europlus Bhd 7.000% 4/19/06 1 Gadang Holdings Bhd 3.000% 10/21/07 2 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Halim Mazmin Bhd 8.000% 6/30/04 3 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 2 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 Larut Consolidated Bhd 7.000% 7/19/05 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Patimas Computer Bhd 6.000% 2/19/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Orlando Holdings Bhd 3.000% 3/16/05 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Southern Steel Bhd 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Wah Seong Corporation Bhd 3.000% 5/21/12 3 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 42 SINGAPORE --------- CSC Holdings Ltd. 6.500% 4/27/05 1 Tampines Assets Ltd 5.625% 12/7/06 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 Rabobank Singapore 1.000% 1/15/13 69 THAILAND -------- Asia Credit PCL 3.750% 11/17/03 55 Bangkok Bank PCL 4.589% 3/3/04 63 Bank of Asia PCL 3.750% 2/9/04 61 MDX PCL 4.750% 9/17/03 8 Property Perfect PCL 3.250% 3/28/49 8 Robinson Department Store PCL 4.250% 4/7/04 11 Siam Commercial Bank PCL 3.250% 1/24/04 62 Tanayong PCL 3.500% 3/1/04 7 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. EDITORS' NOTE: Last week's bond pricing is reprinted in this issue because of technical difficulties in obtaining the latest figures. Our technical team is now addressing this problem. ********* 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., Washington, DC USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina Pernites-Lao, Editors. Copyright 2003. 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 ***