/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031205.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, December 5, 2003, Vol. 6, No. 241 Headlines A U S T R A L I A AMP LIMITED: National Australian Bank Backs Demerger Proposal ARISTOCRAT LEISURE: Ex-finance Head Wants AU$1M Severance Pay PASMINCO LIMITED: Hires Trafigura to Sell, Market Zinc Products C H I N A & H O N G K O N G HANSON CONSTRUCTION: Hearing of Winding Up Petition Next Week JOINFREE ENGINEERING: Winding Up Hearing Set December 24 SHANGHAI LAND: Owner's Wife and Conspirator Out on Bail WORLD YORK: Faces Winding up Petition Before High Court I N D O N E S I A BANK NIAGA: Unveils Employee Stock Option Plan MATAHARI PUTRA: S&P Upgrades Rating to 'B-' from 'CCC+' J A P A N ASHIKAGA BANK: R&I's Opinion on Temporary Nationalization HIGASHINIHON-FERRY: Tsuneishi Supports Rehabilitation Plan MATSUYA DENKI: Shinsei Unit Acquires 78 Outlets TOSHO CO.: Files for Special Liquidation Proceedings K O R E A KOREA THRUNET: Sale Faces Delay LG CARD: Domestic Consortium Eyes Takeover SHINDONGBANG CORPORATION: Selects CJ Consortium as Prime Bidder M A L A Y S I A ACTACORP HOLDINGS: Issues Restructuring Scheme Update HOTLINE FURNITURE: Releases Restructuring Update JIN LIN: Answers KLSE Litigation Query L&M CORPORATION: Seeks KLSE to Uplift Financial Status OLYMPIA INDUSTRIES: Completes Debt Restructuring Scheme SALCON BERHAD: SC Extends Investigative Audit SASHIP HOLDINGS: Finalizes Workout Proposal SOUTHERN PLASTIC: Issues Monthly Status Report SYARIKAT KAYU: Issues Restructuring Proposal TAJO BHD: Unveils Investigative Audit Results TAJO BHD: PN4 Status Remains Unchanged TECHNO ASIA: Issues PN4 Status Update UNITED CHEMICAL: Applies For Revised Restructuring Scheme P H I L I P P I N E S ASIAN CAPITAL: PSE Wants to Monitor All Accounts LEPANTO CONSOLIDATED: Plans To Revive Copper Mine MANILA ELECTRIC: Clarifies US$80M Debt Extension Report MANILA ELECTRIC: Files Claim for Recovery NEGROS NAVIGATION: SEC Finds Discrepancies in 2002 Statement PHILIPPINE LONG: Clarifies "Top PLDT, Sprint Forge Deal" Report S I N G A P O R E ASIA PULP: IBRA's Plan to Offload Debt May Hurt Restructuring ECON INTERNATIONAL: Unveils Major Financial Restructuring WEE POH: Clarifies FY03 Financial Statement Report WEE POH: Deloitte & Touche Audits Financial Statement T H A I L A N D BANGKOK LAND: Offers Remaining New Shares to Noteholders TPI POLENE: Postpones Public Offering Until January Next Year * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: National Australian Bank Backs Demerger Proposal ------------------------------------------------------------- A day after CEO Andrew Mohl took up his rights in AMP's AU$1.2 billion capital raising, the National Australia Bank followed suit, according to Reuters. In a statement, Australia's biggest bank said it would participate in the rights issue and vote in favor of the company's demerger plan, which will be put to a vote next week. "National's decision to participate in the issue of new shares means its 2.2 percent strategic stake in AMP will not be watered down, signaling the bank has not entirely ruled out a takeover bid for AMP's Australian operations," Reuters said. Proceeds of the transaction will be used to fund the demerger, which will split the main Australian business from the struggling British operations later this month. ARISTOCRAT LEISURE: Ex-finance Head Wants AU$1M Severance Pay ------------------------------------------------------------- Lionel Jeyaraj, the former chief financial officer of Aristocrat Leisure Limited who was shown the door in April, sued the company Tuesday to recover more than AU$1 million in termination pay or the equivalent of two year's pay. According to The Age, the former executive claims his employment contact, signed in 2000, was unfair and that the company owes him the severance package. Sacked after the company downgraded 2002 profit forecasts by AU$28.8 million, Mr. Jeyaraj lodged the lawsuit before the NSW Industrial Relations Commission. Mr. Jeyaraj, according to the report, is the third former senior executive to sue Aristocrat since the company slashed profit forecasts due to a failed South American contract and disappointing North American earnings. The former chief executive, Des Randall, also sacked in April, is similarly seeking almost AU$13 million in damages and an unpaid bonus. Mr. Randall and his wife Vivienne are facing a cross-claim from the company, which is seeking to recover more than AU$2.6 million in loans, allegedly misused company funds and other costs. This case will be heard in the NSW Supreme Court next year, the paper said. Another manager, Mike Snyder, who headed Aristocrat's operations in Latin America is also seeking more than AU$1.5 million. The other managers who lost their posts this year include the former president of U.S. operations, Mark Newburg; Chief Financial Officer Ron Rowan, and vice-president of sales, David Lucchese. The general manager of investor relations, Alan Jury, resigned last week in the wake of a bungled trading update, the report added. Mr. Jeyaraj's lawsuit comes as an undisclosed number of disgruntled shareholders mount a class action against Aristocrat in the Victorian Supreme Court on the grounds the company breached the Trade Practices Act, Australian Securities and Investments Commission Act and Corporations Act in relation to the profit downgrade in February, the paper said. "Lawyers representing shareholders placed advertisements in metropolitan newspapers this week encouraging other former and current shareholders to join the class action, which could cost Aristocrat several hundred million dollars in damages," The Age said. PASMINCO LIMITED: Hires Trafigura to Sell, Market Zinc Products --------------------------------------------------------------- Beginning January next year Dutch trading company, Trafigura Beheer B.V., will handle the sales and marketing of Pasminco's zinc and lead metal commodity grades produced from the its Hobart and Port Pirie smelters in Australia. According to Dow Jones, the move means Pasminco will close its Asian sales, distribution, warehouse and shipping services in Hong Kong, Port Kelang, Bangkok, Jakarta, Kaohsiung and Guangzhou at the end of February. Chief Executive Greig Gailey told the news wire the agreement "continues the drive to restructure Pasminco's business and to significantly reduce operating costs." In a statement, the company said the Trafigura alliance will result "in a considerable net benefit... primarily through reductions in working capital requirements and costs." It added, the agreement will not affect its zinc and lead customers in Australia and New Zealand and neither would any of its domestic or international customers for silver or other by- products. The agreement does not cover diecast alloy, concentrates or zinc metal produced by Pasminco's smelters in the Netherlands or the U.S., the news wire added. Pasminco went into voluntary administration in September 2001, owing creditors about AU$2.8 billion after being hit by lower metal prices, ambitious borrowing and crippling losses due to its currency hedging strategy. An equity-for-debt swap with the group's creditors removed all shareholders, with banks now owning the group, Dow Jones said. ============================= C H I N A & H O N G K O N G ============================= HANSON CONSTRUCTION: Hearing of Winding Up Petition Next Week ------------------------------------------------------------- The High Court of Hong Kong will hear on December 17, 2003 at 9:30 a.m. the petition seeking the winding up of Hanson Construction Engineering Limited. Yu Kwok Lam of Room 3712, Chak Sun House, Tin Chak Estate, Tin Shui Wai, New Territories, Hong Kong filed the petition on October 24, 2003. Tam Lee Po Lin, Nina represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tam Lee Po Lin, Nina, which holds office on the 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. JOINFREE ENGINEERING: Winding Up Hearing Set December 24 -------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 10:00 a.m. the petition seeking the winding up of Joinfree Engineering (HK) Limited. Lee Nam Wah of Room 3205, 32/F., Block A, Banyan House, Kwong Yuen Estate, Shatin, New Territories, Hong Kong filed the petition on November 10, 2003. Tam Lee Po Lin, Nina represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tam Lee Po Lin, Nina, which holds office on the 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. SHANGHAI LAND: Owner's Wife and Conspirator Out on Bail ------------------------------------------------------- The Western Magistrate's Court granted the 41-year-old wife of Shanghai tycoon Chau Ching-ngai temporary liberty after posting a HK$5 million bail on Tuesday. The Independent Commission Against Corruption arrested Mo Yuk- ping on Monday and detained overnight. She was jointly charged with her personal assistant Chung Sau-ling, and brokers Sammy Lam and Cheung Pak-yau, according to The Standard. Ms. Mo is alleged to have conspired with her husband, Joanne Lui and Siu Yim-wah to defraud the trading of Shanghai Land shares between June 1 last year and May 31 this year. Chung and Lam are facing charges of conspiracy to pervert the course of justice. Authorities say they conspired with Lui in falsely representing to the Hong Kong Securities and Futures Commission that the trades in Shanghai Land Holdings shares from August 30 last year to January 17 this year in Mr. Lam's name were effected by him. In addition, Mr. Lam also faces two counts of making false statements to the commission during its investigation into the dealings of Shanghai Land shares. Mr. Cheung also faces a similar charge. In another case, Gong Bei-ying, 29, a director of Shanghai Land, was accused of theft, false accounting and perverting the course of justice, according to The Standard. He is alleged to have stolen HK$53,157,294.07 on April 4 this year. No pleas were taken. The court has adjourned the case against Ms. Mo and the three others until February 27 next year, while Mr. Gong's case was remanded until June 2 next year. The four were allowed bail of HK$30,000 and HK$50,000, the report said. WORLD YORK: Faces Winding up Petition Before High Court ------------------------------------------------------- The High Court of Hong Kong will hear on December 24, 2003 at 9:30 A.M. the petition seeking the winding up of World York Investment Limited. Tong Chi Cheung of Room 1708, Oi Yung House, Yau Oi Estate, Tuen Mun, New Territories, Hong Kong filed the petition on October 31, 2003. Tam Lee Po Lin, Nina represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tam Lee Po Lin, Nina, which holds office on the 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. ================= I N D O N E S I A ================= BANK NIAGA: Unveils Employee Stock Option Plan ---------------------------------------------- In a bid to generate working capital from within, Bank Niaga will sell as much as 3.9 billion shares, representing 5 percent of total equity, to its employees, Dow Jones said Tuesday. The bank, which has not yet determined the issue price, said the shares will carry a par value of IDR5 ($1=IDR8,500) each. Its shares currently trade at IDR25 each. The employee stock option will reduce Malaysia's Commerce Asset Holding Bhd. (P.CAH) stake in Bank Niaga to 50.31%, from 52.82%; as well as Indonesian Bank Restructuring Agency's 26.15% to 24.9%. The public ownership, on the other hand, will increase to 24.79%, from 21.03%. The bank will seek the nod of shareholders at a meeting on December 17. MATAHARI PUTRA: S&P Upgrades Rating to 'B-' from 'CCC+' ------------------------------------------------------- Standard & Poor's Ratings Services raised Thursday its long-term corporate credit rating on major Indonesian retailer, P.T. Matahari Putra Prima Tbk., to 'B-' from 'CCC+'. The outlook is stable. The upgrade reflects the company's prudence in managing its number of stores, which has allayed concerns that it would expand aggressively. The upgrade is also underpinned by its large liquid resources and favorable debt maturity schedule. "Over the past year, Matahari has closed many of its less profitable stores, and opened others in areas more suited to its customer base," said Standard & Poor's credit analyst Ee-Lin Tan, Associate Director in the Corporate and Infrastructure Ratings Group. "This strategy is prudent, but has not necessarily lowered earnings and execution risk for the company. Operating in Indonesia remains difficult and spending by its niche market of middle and upper-middle income earners is prone to volatility," she added. Sales in comparable store have fallen in the past year, because of a downturn in discretionary spending among its customers. Matahari has to successfully introduce new shopping concepts to adapt to changing habits and demographics to try and offset this. Key future challenges to improve profitability include cutting costs and establishing better inventory control. Earnings risk is mitigated by Matahari's size and because no one store contributes substantially to revenues. Credit measures, while weak, are appropriate for the rating level. Total debt was low at 25% of capital at Dec. 31, 2002, but increases to 61% when fixed charges, such as future rental expenses, are included. In 2002, EBITDA to fixed charge cover and funds from operations to total debt are down to about 3.5x and 20%, respectively, after the adjustment, compared with 4.8x and 45% before. Liquidity, although strong, is exposed to the weak domestic banking system as almost all of its cash is in Indonesian banks. Matahari is also exposed to counter party and market risks with 35% of cash and short-term investments held in the form of debt instruments issued mainly by Indonesian entities. For more information, contact: Ee-Lin Tan (Singapore) Phone: (65) 6239-6394 Yasmin Wirjawan (Singapore) Phone: (65) 6239-6302 ========= J A P A N ========= ASHIKAGA BANK: R&I's Opinion on Temporary Nationalization --------------------------------------------------------- On November 29, the Japanese government held a meeting of the Financial System Management Council and made a determination on the necessity to take a measure for the Ashikaga Bank, which posted negative net worth as of end-September 2003, in accordance with the Article 102, Section 1, and Item 3 of the Deposit Insurance Law. On December 1, the government completed the temporary nationalization procedure by acquiring all of Ashikaga Bank's shares for zero yen from the holding Company, Ashigin Financial Group. Furthermore, at a Policy Board meeting on November 29, the Bank of Japan decided to provide necessary liquidity to Ashikaga Bank in order to support the continuation of its business until temporary nationalization is terminated. In the governor's statement of the same day, it was announced, "all of the bank's obligations, including deposits and interbank borrowings, will be performed smoothly". Rating & Investment Information, Inc. (R&I) has previously announced an opinion that "in regions that have a reasonably large economy, regional banks with a high market share have a strong impact on the regional economy, and the probability of depositors or creditors suffering a loss is extremely low". These measures back up such a view, and R&I believe that there is no need to change the existing observation regarding public support. Although not assigning a rating to Ashikaga Bank, based on published data R&I considers that the bank's financial position is particularly weak, even among regional banks. Factors unique to Ashikaga Bank contributed strongly to its decline into negative net worth, and R&I does not believe that it will immediately spread to other regional banks. However, the financial condition of regional banks has become polarized into healthy and unhealthy regional banks. R&I believes that there are some regional banks whose financial stability, even if not to the same extent as Ashikaga Bank, is low and that will find it difficult to restructure on their own. Promoting the weeding out and reorganization of weak regional banks without causing disruption will be an important task for stabilizing the financial system prior to the total removal of the deposit guarantee in April 2005. HIGASHINIHON-FERRY: Tsuneishi Supports Rehabilitation Plan ---------------------------------------------------------- Higashinihon-Ferry Co. will continue with its court-approved rehabilitation with the support of shipbuilder Tsuneishi Corporation and its affiliates, Kyodo News said on Thursday. The ship operator's four affiliates will also be involved in the deal involving a capital injection of some 2 billion yen by two affiliates of Tsuneishi namely Kambara Kisen Co. and Koshien Unyu Soko. MATSUYA DENKI: Shinsei Unit Acquires 78 Outlets ----------------------------------------------- Struggling home electrical appliance retailer Matsuya Denki and its subsidiary in Hokkaido will transfer 78 outlets under direct management and some 650 employees to the Shinsei Bank group, reports the Kyodo News on Wednesday. The transfer to a newly established unit of the Shinsei Bank group will take place Friday. TOSHO CO.: Files for Special Liquidation Proceedings ---------------------------------------------------- Tosho Co. Limited filed an application for commencement of special liquidation proceedings with the Tokyo court, reports the Tokyo Shoko Research. The kimono fabric Company, which is located at Chuo-ku, Tokyo, has 10 billion yen in liabilities against a capital of 20 million yen. ========= K O R E A ========= KOREA THRUNET: Sale Faces Delay ------------------------------- The US$1 billion sale of Internet provider Korea Thrunet Co. has been delayed after creditors disagreed on its rescue plan, Asia Pulse said on Wednesday. The only agreement reached was to hold a meeting on January 9, 2004. If the plan to bail Thrunet out of its 810 billion won (US$676 million) debt is turned down, the Company will become insolvent. LG CARD: Domestic Consortium Eyes Takeover ------------------------------------------ A number of domestic banks and pension funds are likely to form a consortium led by Hana Bank to acquire LG Card Co., according to Asia Pulse on Thursday. Still, LG Card officials and creditors left all options open, including selling a controlling stake to foreign investors, such as GE Capital, HSBC and Newbridge. If the on-going due diligence on the card issuer is completed next week, its creditors said they will engage in negotiations with potential bidders. LG Card averted bankruptcy last week after eight Korean banks agreed to extend a 2 trillion won emergency loan. SHINDONGBANG CORPORATION: Selects CJ Consortium as Prime Bidder --------------------------------------------------------------- Creditors of ShinDongBang Corporation selected a consortium led by CJ as the new prime bidder for the sale of the ailing food firm after Dongwon Enterprise Co. dropped its bid, the Yonhap News reported on Wednesday. Main creditor Woori Bank will make a formal decision within a week. CJ controls 45 percent of the cooking oil market, while ShinDongBang has 28 percent to 30 percent. Buying ShinDongBang will raise CJ's market share to up to 75 percent. =============== M A L A Y S I A =============== ACTACORP HOLDINGS: Issues Restructuring Scheme Update ----------------------------------------------------- Further to the announcements dated 3 November 2003, 7 November 2003 and 21 November 2003, subsequent to the submission of the relevant applications to the Securities Commission and other relevant authorities in relation to the Proposed Acquisition of Shipyard to be included in the proposed restructuring scheme of Actacorp Holdings Berhad (AHB), the Company announced that it is presently addressing certain queries from the Securities Commission pertaining to the details of the Proposed Restructuring Scheme of AHB. Any further development on the Proposed Restructuring Scheme of AHB shall be announced in due course. HOTLINE FURNITURE: Releases Restructuring Update ------------------------------------------------ The Board of Directors of Hotline Furniture Berhad (HFB) announced that the Company is in the midst of implementing the Proposed Restructuring Scheme (PRS) and the Exchange has approved the Explanatory Statement and Circular to Shareholders for the PRS on 18 November 2003. JIN LIN: Answers KLSE Litigation Query -------------------------------------- Jin Lin Wood Industries Berhad replies to the query letter by the Kuala Lumpur Stock Exchange (KLSE) as follows: Material Litigation - Suit filed by Government of Malaysia (the Plaintiff) against Jin Lin Trading Sdn Bhd (JLT) for unpaid taxes Contents: Further to the announcement made by JIN LIN WOOD INDUSTRIES BERHAD (JLWIB) dated 27 November 2003, the Company wishes to inform the following: Jin Lin Trading Sdn Bhd was assessed for tax for the years 1999 and 2000 amounting to RM1,408,197.00 and RM682,282.44 respectively. Notices of assessment were served on 20 October 1999 and 11 January 2000. On 22 October 2002, JLWIB had informed and requested Lembaga Hasil Dalam Negeri, Kuching to defer legal proceedings against JLT pending the successful implementation of a restructuring exercise of JLWIB that is being formulated. However, on 6 November 2003, a Writ of Summons was served by the Plaintiff on JLT for the amount of RM2,414,503.74 inclusive of penalty charges. There are neither financial impact nor expected losses arising from the litigation filed by the Plaintiff against JLT as the claimed amount of RM2,414,503.74 has been provided for in the accounts of JLT. JLWIB is in consultation with their lawyers for legal advice and at the same time, the Management of JLWIB is in discussion with the Plaintiff to resolve this matter. This announcement is dated 3 December 2003 Query Letter content: The Kuala Lumpur Stock Exchange (KLSE) refers to the Company's announcement dated 20 November 2003 in respect of the aforesaid matter. In this connection, kindly furnish the Exchange immediately with the following additional information for public release: 1. The details of the default or circumstances leading to the filing of the litigation against Jin Lin Trading Sdn Bhd; 2. The financial and operational impact of the litigation on the Group; and 3. The expected losses to your Group, if any, arising from the litigation. Yours faithfully TAN YEW ENG Sector Head, Issues & Listing WSW/TYE/LMN copy to: Securities Commission (via fax) L&M CORPORATION: Seeks KLSE to Uplift Financial Status ------------------------------------------------------ L & M Corporation (M) Bhd (L&M) (Special Administrators Appointed) wishes to update on the following: 1. On 7 November 2003 RHB Sakura Merchant Bankers Berhad submitted, on behalf of L & M Corporation (M) Bhd (Special Administrators Appointed), an application for extension of time to the Securities Commission, for another two (2) months to 23 January 2004, to complete the Corporate and Debt Restructuring Scheme (CDRS) 2. Kuala Lumpur Stock Exchange (KLSE) has, via its letter dated 18 November 2003, approved in principle the following: (a) The admission to the Official List and the listing of and quotation for the entire issued and paid-up share capital of Prinsiptek Corporation Berhad (PCB), formerly known as Itsucom Berhad, comprising 90,616,044 ordinary shares of RM0.50 each on the Second Board of KLSE; (b) The admission to the Official List and the listing of and quotation for RM36,100,000 nominal amount of Irredeemable Convertible Unsecured Loan Stocks (ICULS) on the Second Board of KLSE; and (c) The listing of and quotation for 36,100,000 new PCB Shares to be issued pursuant to the conversion of the ICULS. 3. The Trust Deed governing the ICULS and the Put and Call Option agreement in relation to the ICULS were executed on 19 November 2003; and 4. As announced on 27 November 2003, all the conditions precedent as stated in the amended and re-stated reconstruction agreement and the several share sale agreements entered into on 18 November 2002 to facilitate and implement the CDRS, have been complied with. Accordingly, the Acquisitions and the Private Placement were completed on 20 November 2003 and a total of 89.8 million PCB Shares and 36.1 million ICULS were issued on that day. The CDRS is still pending the completion of the Capital Reduction and Consolidation, Share Exchange, Distribution of Shares, Distribution of ICULS, Cancellation and Re-issuance of L&M Shares and Transfer of the Listing Status. On 27 November 2003, L&M has requested KLSE to uplift its Practice Note 4/2001 status. The CDRS will be completed by mid- December 2003. OLYMPIA INDUSTRIES: Completes Debt Restructuring Scheme ------------------------------------------------------- The Board of Olympia Industries Berhad (OIB) announced that, following the approval obtained from the shareholders on October 30, 2003, the Company is now proceeding with its implementation of the Proposed Restructuring Scheme. OIB is currently working towards the finalization of documentations with its financial institution creditors under the debt restructuring exercise. SALCON BERHAD: SC Extends Investigative Audit --------------------------------------------- This announcement is made for Seng Hup Corporation Berhad (Special Administrators Appointed) (SHCB) in relation to its announcement via Salcon Berhad dated 29 October 2003. For information, SHCB has been de-listed from the Official List of the Second Board of the Kuala Lumpur Stock Exchange. AmMerchant Bank Berhad (AmMerchant Bank), on behalf of SHCB, said the company submitted an application to the Securities Commission (SC) for a further extension of time to 24 November 2003 to complete the investigative audit of SHCB. AmMerchant Bank, on behalf of SHCB, informed that the SC, via its letter dated 21 November 2003 (which was received on 24 November 2003), had approved the further extension of time to 24 November 2003 to complete the investigative audit of SHCB. Accordingly two (2) copies of the investigative audit report have been furnished to the SC upon completion of the said investigative audit. This announcement is dated 1 December 2003. SASHIP HOLDINGS: Finalizes Workout Proposal ------------------------------------------- Further to the announcement dated 3 November 2003 in relation to the status of Saship Holdings Berhad (SHB)'s plan to regularize its financial condition, the Kuala Lumpur Stock Exchange (KLSE) had on 11 November 2003, rejected the Company's application for an extension of time of two months until 31 December 2003 to submit its proposed regularization plans to the relevant authorities for approval. Subsequently, AmMerchant Bank Berhad, had on behalf of the Special Administrators, submitted further appeals via its letters dated 13 and 14 November 2003 against the KLSE's decision to de-list SHB from the Official List of the KLSE. The KLSE had, via its letter dated 17 November 2003, informed that the removal of the securities of SHB from the Official List of the KLSE shall be deferred pending the KLSE Committee's decision on the said appeals by SHB. The Special Administrators, on behalf of the Company, had on 21 November 2003, entered into a principal agreement with Ramunia Energy & Marine Corporation Sdn Bhd (Ramunia) to record their rights, duties and obligations in respect of the transactions pursuant to the Memorandum of Understanding dated 31 October 2003 (Principal Agreement) which includes the proposed acquisition of assets from Ramunia by Newco. The Special Administrators had, on 28 November 2003, at their sole and absolute discretion, extended the execution date of the sale and purchase agreements for the proposed acquisitions of Ramunia's assets by Newco pursuant to the Principal Agreement, which was due on 28 November 2003, for a further fourteen (14) days until 12 December 2003. Save for the above, there is no other material development to the status of SHB's plans to regularize its financial position. The Special Administrators and the Company's advisers are currently finalizing the workout proposal as well as preparing the applications to the relevant authorities on SHB's regularization plans which are expected to be submitted to the relevant authorities by 31 December 2003. SOUTHERN PLASTIC: Issues Monthly Status Report ---------------------------------------------- Southern Plastic Holdings Bhd (SPHB) set out a report on the events that have taken place from 1st November 2003 to 1st December 2003, pursuant to practice note no: 4/2001 (PN4) 1. Nagaradran A/L Ramathan resigned as an executive director of SPHB on 3/11/2003. An announcement was made the same day. 2. A letter was received from KLSC under Ref; KLSC/LC/PLCs. S28(32) dated 6/11/2003 on the "Decision In Respect Of De- listing Procedures Commenced Against SPHB". An announcement on this matter was made on 7/11/2003. 3. A letter was received by our advisors Kuala Lumpur City Securities Sdn Bhd (KLCS) from the Securities Commission under Ref; SC/SID/1006-CB dated 20/11/2003 stating that the request for an extension of time to submit the revised restructuring scheme has been approved for a period of 2 months from 24/10/2003 to 24/12/2003. An announcement was made by KLCS on 27/11/2003. 4. The Annual General Meeting of the Company was held on 29/11/2003. An announcement was made on 1/12/2003 on the resolutions that were passed. SYARIKAT KAYU: Issues Restructuring Proposal -------------------------------------------- The Board of Directors of Syarikat Kayu Wangi Berhad (SKW) has proposed to undertake the following proposals: (a) Proposed renounceable two-call rights issue of up to 26,012,281 new ordinary shares of RM1.00 each (Rights Shares) in SKW together with up to 13,006,140 free detachable Warrants at an indicative issue price of RM1.00 per Rights Share, of which the indicative first call of RM0.70 per Rights Share shall be payable in cash upon acceptance, whilst the second call of RM0.30 per Rights Share shall be capitalized from the Company's revaluation reserve and/or share premium account, on the basis of two (2) Rights Shares with one (1) free Warrant for every two (2) existing ordinary shares held (Proposed Rights Issue with Warrants); (b) Proposed issuance of 10,000,000 new ordinary shares of RM1.00 each in SKW at an issue price to be determined later, as part settlement of the indebtedness owing by SKW to a financial institution (Proposed Debt Settlement); and (c) Proposed private placement of new ordinary shares of RM1.00 each (Placement Shares) in SKW representing up to 10 percent of the enlarged issued and paid-up share capital of the Company (Proposed Private Placement). The main purpose of the Proposals are to raise additional funds for SKW and its subsidiaries (Group), to reduce its bank borrowings, to finance general working capital of the Group and to defray expenses relating to the Proposals. It is also in line with the Securities Commission (SC)'s requirement for SKW as a public Company listed on the Second Board of the Kuala Lumpur Stock Exchange (KLSE) to achieve a minimum issued and paid-up share capital of RM40 million. None of the directors, substantial shareholders of the Company and/or persons connected to them are deemed to have any interest, direct or indirect, in the Proposals except for their respective entitlements to the Proposed Rights Issue with Warrants, which are also available to the other shareholders of the Company. PM Securities, an approved Universal Broker, has been appointed as Adviser of the Company for the Proposals. The relevant applications for the Proposals will be submitted to the relevant authorities for approval within three (3) months from the date of this announcement. TAJO BHD: Unveils Investigative Audit Results --------------------------------------------- Tajo Berhad (Tajo) refers to the announcement dated 31 December 2002 whereby the Company had obtained the approval of the Securities Commission (SC) for its Proposed Restructuring Exercise. One of the conditions imposed by SC via its approval letter dated 24 December 2002 was that Tajo is required to appoint an independent audit firm (which is experienced in investigative audit and has not been in the past and is not the current auditor of the Tajo Group) to conduct an investigative audit on the past business losses of Tajo. Accordingly, Messrs. Anuarul Azizan Chew & Co. (AAC) was appointed by Tajo on 21 February 2003 to conduct an investigative audit on the past business losses of Tajo Group, which covered the financial years from 31 December 1998 to 31 December 2002. The investigative audit was completed and submitted to the SC on 28 November 2003. The Board of Director of Tajo hereby announced a summary of findings of the investigative audit as extracted from the Executive Summary prepared by AAC. The extract is solely based on the limitations as set out in the investigative audit report. 1. REVIEW OF PAST LOSSES Based on the financial statements for the past five (5) FYE 31 December 2002, Tajo's reported loss for the years are as follows: FYE Loss for the year RM'000 1998 90,294 1999 57,987 2000 27,304 2001 25,345 2002 43,396 244,326 Based on AAC's review of the financial statements, the following costs or expenses have contributed to the losses. Particulars Cumulative costs/ expenses from 1998 to 2002 RM'000 Finance cost 102,937 Provision for diminution in value of investment 43,015 Depreciation 24,957 Contract expenditure written-off 21,150 Impairment of Property, Plant and Equipment 19,310 Provision for charter-hire in dispute 13,332 Development properties written-off and Provision for diminution in value of development properties 12,655 Loss on disposal of subsidiary companies 9,654 247,010 2. COMPANIES ACT, 1965 (CA) The accounting records of the following subsidiaries for the relevant financial years were not made available as the current management are unable to locate them. There is a possible breach of section 167(2) of the CA in relation to these subsidiaries for the relevant years. Subsidiaries Financial Years Not Available Tetap Kurnia Sdn Bhd 1996 and 1997 Tajo Project Management Sdn Bhd 1996 and 1997 Resolute Omega Sdn Bhd 1996 and 1997 Prominent Landscape Sdn Bhd 1996 to 1998 3. CONCLUSION Based on AAC's investigation, they found no evidence of any breach to any laws, rules, guidelines and/or Memorandum and Articles of Association by the directors of Tajo and/or other parties which resulted in the losses of Tajo, save as disclosed above. TAJO BHD: PN4 Status Remains Unchanged -------------------------------------- In accordance with Paragraph 4.1(b) of Practice Note No 4/2001 (PN4) of the Listing Requirements of Kuala Lumpur Stock Exchange, TAJO Bhd announced that there has been no changes to the status of the Company's plan to regularize its financial condition since its previous Monthly Announcement made on 3 November 2003 and announcements dated 18 November 2003 in relation to the Securities Commission's approval to the extension of time for Anuarul Azizan Chew & Co. to complete the investigative audit of Tajo and the shortening of the notice of books closing dates in respective of the Share Exchange, the Warrant Exchange and the Rights Issue and the shortening of the opening period for the receipt of applications for the Rights Issue and 19 November 2003 on the confirmation and sanction of the High Court of Malaya pursuant to the Proposed Capital Reconstruction and the Proposed Scheme of Arrangement. Any new developments on the Company's plan to regularize its financial condition will be announced in due course. TECHNO ASIA: Issues PN4 Status Update ------------------------------------- Techno Asia Holdings Bhd (TAHB) (Special Administrators Appointed) in compliance with Practice Note No. 4/2001 (PN4/2001) pursuant to the Kuala Lumpur Stock Exchange (KLSE) Listing Requirements announced the following: Further to the announcements made on 3 November 2003, 12 November 2003, 13 November 2003 and 18 November 2003, AmMerchant Bank Berhad, on behalf of TAHB, announced the status of the Company's plan to regularize its financial position (Restructuring Scheme of TAHB). Further to the Notice of Books Closure Date issued by TAHB on 3 November 2003 for the capital reduction of 97.5 sen from every ordinary share of RM1.00 each in TAHB and the consolidation of the resultant 207,597,589 ordinary shares of 2.5 sen each into 5,189,940 ordinary shares of RM1.00 each (Consolidated Shares), the entire 5,189,940 Consolidated Shares have thereafter been swapped with 5,189,940 new ordinary shares of RM1.00 each in Yu Neh Huat Bhd (YNHB) on the basis of one (1) new ordinary share in YNHB issued at RM1.00 per share for every one (1) Consolidated Share held in TAHB (Share Swap with YNHB). The new YNHB shares were allotted and issued to TAHB's shareholders on 19 November 2003 (but pending the crediting into their respective CDS Accounts). Pursuant to the Share Swap With YNHB, TAHB became a wholly owned subsidiary of YNHB. Subsequently, on 28 November 2003, YNHB had entered into a share sale agreement with Swisswoode Corporation Sdn Bhd (SCSB, a special purpose vehicle nominated by the SA of TAHB, for the disposal of TAHB to SCSB) for a nominal sum of RM1.00 in accordance with the approved workout proposal of TAHB (including any modifications made thereto) in relation to the Restructuring Scheme of TAHB. The disposal of TAHB by YNHB to SCSB is subject to the actual transfer of listing status by TAHB to YNHB and a resolution to be passed by the shareholders of YNHB and SCSB at their respective general meetings in relation to the above transaction. UNITED CHEMICAL: Applies For Revised Restructuring Scheme --------------------------------------------------------- Further to the announcement dated 3 November 2003, Alliance Merchant Bank Berhad (Alliance) on behalf of the Board of Directors of United Chemical Industries Berhad (UCI), announced that Alliance is in the midst of attending to the information required by the Securities Commission (SC) for the processing of the Company's application for its revised Proposed Restructuring. Alliance, on behalf of UCI, had on 22 October 2003, submitted a Supplemental Application to seek the SC's approval for the revised Proposed Restructuring. On 3 November 2003, Alliance, on behalf of the Board of Directors of UCI, also announced that the hearing of the application for the validation order by the High Court of Malaya in Ipoh (the Court) in respect of the disposal by the Company of its manufacturing machineries, including all spare parts and equipment, has been fixed at 10 November 2003. In this regard, UCI had, on 29 November 2003, obtained confirmation from its solicitors, Messrs Rusnah Loh Ng & Co, that the validation order for the disposal has been granted by the Court on 10 November 2003. In the meantime, UCI is in the progress of preparing an application to the Court to hold a Creditors' Court Convened Meeting under Section 176 of the Companies Act, 1965. ===================== P H I L I P P I N E S ===================== ASIAN CAPITAL: PSE Wants to Monitor All Accounts ------------------------------------------------ The Philippine Stock Exchange (PSE) is seeking trading participants to report all their dealings and accounts with the Asian Capital Equities Inc., the Business World said on Thursday, citing PSE Compliance and Surveillance Group Head Maria Lourdes De Guzman. This comes after the Securities and Exchange Commission (SEC) gave the bourse the go signal to acquire the operations of Asian Capital. The firm was found to have violated provisions of the Securities Regulation Code, by committing fraudulent transactions and restrictions on borrowings by members, brokers and dealers, as well as allegedly using shares of stock owned by clients for their own account. LEPANTO CONSOLIDATED: Plans To Revive Copper Mine ------------------------------------------------- Lepanto Consolidated Mining Co. plans to revive its copper mining business in Benguet, encouraged by improving world copper prices, Philippine Daily Inquirer reports, citing Lepanto Chairman Felipe Yap. The Company, which also engages in the exploration and mining of gold, silver, lead, zinc, ores, metals, minerals, oil, gas and coal, estimates that the Benguet copper mine has about 5 million tons of copper reserves. The company will have to resume drilling at the site before copper production can start as the mine has been closed since 1997. MANILA ELECTRIC: Clarifies US$80M Debt Extension Report ------------------------------------------------------- Manila Electric Co. (Meralco) clarified the news article entitled "Meralco seeks six-month extension on $80-M debt" published in the December 2, 2003 issue of the BusinessWorld (Internet Edition). The article reported, "Manila Electric Co. (Meralco) wants at least six more months to pay an $80 M Loan that will mature next month. Meralco president Jesus P. Francisco also told reporters yesterday that this loan was not among 14 billion pesos in other debts that the power company intended to partly repay next year. 'We will be paying only all scheduled principal and interest, but that will entail the consent of the creditors, which we have not gotten yet,' he added. Meralco intends to repay early next year about PhP 8 B to PhP 9 B of PhP 14 B maturing debts. About PhP 4.5 B of that would fall due in the next six months, Mr. Francisco said. Meralco also said it expected to gain PhP 1.9 B next year from its successful request to hike rates by about two percent. Manila Electric Company (MER), in a letter to the Exchange dated December 2, 2003, stated that: The six-month period began referred to in the article refers to the extension that we would like to ask from the Energy Regulatory Commission in the implementation of Phase III of the Refund scheme. It has nothing to do with the short-term $ 80 M dollar loan that will mature. The reporter had misunderstood the statement of our President, Mr. Jesus P. Francisco in this regard. Also, the stated payment schedule for principal and interest applies to long-term secured and unsecured loans and the P8 B to P9 B being referred to is the scheduled year 2004 payment to creditors except short-term principal. For a copy of the press release, go to http://www.pse.org.ph/html/disclosure/pdf/dc2003_3845_MER.pdf MANILA ELECTRIC: Files Claim for Recovery ----------------------------------------- Manila Electric Company (Meralco), through the Securities Exchange Commission (SEC) Form 17-C dated December 1, 2003, disclosed the following: 1. On November 27, 2003, Meralco filed its claim for recovery of excess income tax as a consequence of the Order of the Supreme Court to refund to Meralco customers the amount of P0.167 per kWhrs. Beginning February 1994 until April 30, 2003, as contained in the claim letter dated November 20, 2003 2. The Energy Regulatory Commission (ERC) approved Meralco's application for rate adjustment based on the appraisal of property as of December 31, 2003 through an Order issued on November 27, 2003, 3. The ERC issued an Order dated November 24, 2003 directing Meralco to commence the implementation of Phase III of the refund scheme starting January 1, 2004 until June 30, 2004. Meralco is presently evaluating the financial and legal implications of the Order. 4. Meralco filed an Application with the SEC for approval of the Meralco 12th ESOP Offering and amendment of the existing ESOP implementing guideline. Further, the Company provided the Exchange a copy of the claim letter dated November 20, 2003, the ERC Order issued on November 27, 2003, and the application filed with the SEC. These documents shall be made available for reference at the PSE Centre and PSE Plaza libraries. NEGROS NAVIGATION: SEC Finds Discrepancies in 2002 Statement ------------------------------------------------------------ The Securities and Exchange Commission (SEC) has ordered Negros Navigation Co. (Nenaco) to explain five accounting discrepancies in its 2002 audited financial statement, which may have bloated its earnings, the BusinessWorld newspaper reported. Nenaco is the shipping unit of Metro Pacific Corp. SEC has ordered the Company to explain within 15 days upon receipt of notice the discrepancies in the 2002 financial report. The report said the SEC accountant noted that in 2002, Nenaco reported a net profit after tax of 103 mln pesos from a 1.8 bln consolidated net loss in the previous year. It said one of the contributing factors for the turnaround was the decline in operating and maintenance expenses. The SEC however said the decline was caused by an unexplained change in accounting policy the firm used for computing its expenses. "The Company did not disclose an appropriate and specific justification for the change. To just say that the change is in consonance with sound industry and accounting practice is unacceptable," Manabat was quoted to have said. PHILIPPINE LONG: Clarifies "Top PLDT, Sprint Forge Deal" Report -------------------------------------------------------------- Philippine Long Distance and Telephone Co. (PLDT) refers to the news article entitled "Top PLDT, Sprint forge interim deal on int'l call rates" published in the December 1, 2003 issue of the BusinessWorld (Internet Edition). The article reported "The Philippine Long Distance Telephone Co. (PLDT) has inked an interim agreement with US-based carrier Sprint Communications over international call rates. In a statement, PLDT Senior Vice-President and International and Carrier Business Group head Alfredo S. Panlilio said PLDT has fully opened its network to Sprint in compliance with the government's directive to speed up the resolution of the row over termination rates between local and US carriers. Termination rates are the international call rates that US carriers pay Philippine telcos for traffic terminating in the local network. 'PLDT has now fully unblocked all circuits connecting the PLDT network to the Sprint network,' he said. PLDT has also come up with an interim agreement with MCI WorldCom International. PLDT is now awaiting the move of the US Federal Communications Commission (FCC) to finally lift the stop payment order issued against it on March 10. Philippine Long Distance Telephone Company (PLDT), in its letter dated December 1, 2003, advised the Exchange that:" PLDT has recently resumed its direct circuit telecommunications service with Sprint Communications (Sprint) based on an agreement reached between PLDT and Sprint. Direct circuit telecommunications service allows the transmission of voice traffic to and from the circuits of PLDT and Sprint. Also, PLDT has reached an interim agreement for termination rates with MCI WorldCom International (MCI) for the direct circuit transmission of voice traffic between MCI and PLDT. In view of this agreement, PLDT is now awaiting the lifting of the U.S. FCC's 'payment suspension order' in favor of PLDT. PLDT has yet to conclude an agreement on termination rates with AT&T. ================= S I N G A P O R E ================= ASIA PULP: IBRA's Plan to Offload Debt May Hurt Restructuring ------------------------------------------------------------- The Indonesian Bank Restructuring Agency (IBRA) has received bids from international investors interested in taking over debt owed to IBRA by Asia Pulp & Paper Co. (APP), Dow Jones reports. APP defaulted on a total of $13.9 billion of debt in March 2001. The Singapore-based Company has operations in Indonesia and China. IBRA is APP's largest creditor with around US$1 billion in loans. The agency, which has sold most of the assets it took over since the crisis, is planning to shut down by the end of February, meaning it must find other investors to take over its APP loans. The bidders comprise two companies from Singapore, and two from the United States, Mohamad Syahrial, a deputy IBRA Chairman said. He gave no further details. ECON INTERNATIONAL: Unveils Major Financial Restructuring --------------------------------------------------------- Econ International Limited is currently undergoing a major financial restructuring. In view of the High Court's refusal to sanction ECL's proposed scheme and due to its financial position, ECL has been put under creditors' voluntary winding-up and provisional liquidators appointed. The Company has applied for and obtained an Order of Court under Section 210 of the Companies Act, (Cap 50) (the Act), to convene a meeting for the purpose of proposing to its creditors a scheme of arrangement (EIL Scheme). Under the Court Order, further proceedings in any action of proceedings against the Company (including execution proceedings) are restrained under Section 210(10) of the Act, except with leave of Court. The Company will be modifying its proposed scheme of arrangement to take into account the latest developments. With the continuing bleak prospects in the construction industry, the Company is looking to diversify into other areas of business. WEE POH: Clarifies FY03 Financial Statement Report -------------------------------------------------- The Board of Directors of Wee Poh Holdings Limited wishes to highlight to shareholders that the 6th paragraph of its November 2 announcement should read as follows: "As a consequence of these adjustments, the audited accounts for the Group and the Company report a loss after tax and minority interest of S$1.9 million and S$8.0 million respectively. The audited financial statements of the Group and the Company for the year ended 30 June 2003 and the audit opinion are set out in greater detail hereinafter." WEE POH: Deloitte & Touche Audits Financial Statement ----------------------------------------------------- Deloitte & Touche, the accounting firm of Wee Poh Limited, announced the financial statements of its subsidiaries as follows: WEE POH CONSTRUCTION CO. (PTE.) LTD "Without qualifying our opinion, Deloitte & Touche draws attention to Note 1 to the financial statements, which indicates that the Company incurred a loss of $10,064,003 for the financial year ended June 30, 2003. As at June 30, 2003, the Company's current liabilities exceeded its current assets by $18,183,957 and the Company has net shareholder's deficit of $5,498,390. The ability of the Company to continue operating as a going concern is dependent on the success of the strategies to improve the operating performance and financial position of the Company, on the availability of the existing banking facilities of the Company and on the ability of the holding Company to provide financial support to the Company. These conditions indicate that an uncertainty exists and they may affect the Company's ability to continue as a going concern." WEE FONG CONSTRUCTION PTE LTD "Without qualifying our opinion, Deloitte & Touche draws attention to Note 1 to the financial statements, which indicate that the Company has net other receivable balance of $531,049 with related companies as at June 30, 2003. The ability of the Company to recover the trade balance receivable from related companies and its ability to continue operating as a going concern is dependent on the ability of the holding Company to provide financial support to its subsidiaries. These conditions indicate that an uncertainty exists and they may affect the Company's ability to continue as a going concern." WP MANAGEMENT SERVICES PTE LTD "Without qualifying our opinion, Deloitte & Touche draws attention to Note 1 to the financial statements, which indicates that the Company incurred a loss of $347,477 for the financial year ended June 30, 2003. The ability of the Company to continue operating as a going concern is dependent on the success of the strategies to improve the operating performance and financial position of the Company and on the ability of the holding Company to provide financial support to the Company. These conditions indicate that an uncertainty exists and they may affect the Company's ability to continue as a going concern." WP LORONG MATAN HOLDINGS PTE LTD " Deloitte & Touche draws attention to Note 1 to the financial statements, which indicates that the Company incurred a loss of $1,223,409 for the financial year ended June 30, 2003. As at June 30, 2003, the Company's current liabilities exceeded their current assets by $2,660,708 and the Company has a net shareholders' deficit of $730,586. The ability of the Company to continue operating as a going concern is dependent on the success of the strategies to improve the operating performance and financial position of the Company and on the ability of the holding Company to provide financial support to the Company. These conditions indicate that an uncertainty exists and they may affect the Company's ability to continue as a going concern." Deloitte & Touche Certified Public Accountants Aric Loh Siang Khee Partner =============== T H A I L A N D =============== BANGKOK LAND: Offers Remaining New Shares to Noteholders -------------------------------------------------------- At a board meeting Tuesday, Bangkok Land directors agreed to offer 1.5 billion shares to the noteholders of wholly owned subsidiary, Bangkok Land (Cayman Islands) Ltd, Bangkok Post said Tuesday. The shares are the last of the new equities allocated for investors this year. They are expected to fetch THB3.31 billion in fresh capital. Bangkok Land has so far raised THB3.86 billion in new equity this year. The new issues will raise its equity to THB10 billion upon completion. Bangkok Land (Cayman Islands) issued exchangeable notes worth 400 million Swiss francs in 1993 and notes worth US$150 million in 1994, with Bangkok Land acting as the guarantor. It later defaulted on the notes and the exchangeable period had expired, Bangkok Post said. "At present, the outstanding debts under the notes are 278.8 million francs and $74.4 million, respectively, and the accrued and unpaid interest as of Nov 30 this year total 52.3 million francs and $18.1 million respectively," the paper added. To settle the debt, the group plans to repurchase all outstanding notes from the noteholders at a 75% discount to the face value of the bonds provided that they subscribe the company's new shares at a price of two baht each, the paper said. Seamico Securities and U.K.-based Guy Butler were appointed agents of the new share issue. "I believe this is the best solution to resolving issues with the bondholders. The bonds were issued by our subsidiary, Bangkok Land (Cayman Islands), and have been in default for quite a few years. This proposal will prove a return of at least 25 % to the bond holders and perhaps even more should Bangkok Land's shares continue to rise," Chairman Anant Kanjanapas said in a statement. To accommodate the deal, the board also approved to raise the foreign shareholding to 49% from 20% currently, the paper said. It also resolved to sell the remaining 154 million shares to Bouygues Thai, a Thai-French construction company, which it seeks to hire as a contractor for its new projects. Bangkok Land owns Impact, the country's largest exhibition and convention center, and 1,550 rai of residential land in the Srinakarin area, which it will develop in a joint venture with Bouygues as an upmarket project, the paper added. TPI POLENE: Postpones Public Offering Until January Next Year ------------------------------------------------------------- Citing unfavorable conditions, TPI Polene Plc postponed yesterday its 300-million share public offering, The Nation said. The scandal-hit subsidiary of Thai Petrochemical Industry says the transaction won't happen until the middle of January next year. Authorities are currently investigating the share-price manipulation allegedly perpetrated by the company, the paper says. According to Dow Jones, this is already the second postponement of the long-delayed share offering. Thailand's third largest cement producer, the company hopes to raise at least US$180 million from the offering to repay part of its total US$1.1 billion debt. "We don't think we can make it by end-December since we have to survey investors' demand again and re-conduct a bookbuilding process," Dow Jones quoted an unnamed official at Tisco Securities, the issue's underwriter. The subscription dates will be determined in early January, the official added. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Jinan Qingoi Motorcyle Co., Ltd. 600698 (193.08) 113.96 Shenzhen China Bicycles Co., Ltd. 200017 (239.91) 60.39 Shenzhen Great Ocean Shipping Co., Ltd. 200057 (10.87) 11.27 Shenzhen Petrochemical Industry Group Co., Ltd. 000013 (243.36) 89.48 INDONESIA --------- PT Lippo Securities Tbk LPPS (3.62) 14.26 Smart Tbk SMAR (37.38) 398.89 MALAYSIA -------- CSM Corporation Bhd CSMB (8.04) 41.55 Faber Group Bhd FBMS (7.16) 504.98 Kemayan Corp Bhd KOPS (289.67) 114.38 MBf Corp Bhd MBFS (516.81) 189.99 Panglobal Bhd PGL0 (41.07) 187.79 Promet Bhd PMPT (174.45) 50.49 Saship Holdings SASH (168.68) 136.03 Sri Hartamas Bhd SRIH (118.91) 99.76 Tongkah Holdings Bhd TKHS (78.01) 112.62 Uniphoenix Corporation Bhd UNI (145.25) 33.34 PHILIPPINES ----------- Pilipino Telephone Co PNOTF (356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PCEN (931.65) 7369.85 THAILAND -------- Datamat PCL DTM (9.53) 13.66 National Fertilizer PCL NFC (30.82) 297.40 Siam Agro-Industry Pineapple And Others PCL SAIC (13.88) 14.02 Thai Nam Plastic PCL TNPC (2.00) 24.33 Tuntex (Thailand) PCL TUN (26.82) 381.43 Each Friday edition of the Troubled Company Reporter - Asia Pacific contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. 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., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland 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 ***