/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031208.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, December 8, 2003, Vol. 6, No. 242 Headlines A U S T R A L I A AMBERDAY PTY: ASIC Orders Former Liquidator to Pay Creditors GOODMAN FIELDER: Burns Philp to Close More Bakeries ONE.TEL LIMITED: Court Junks Directors' Plea to Stay Bonus Suit QANTAS AIRWAYS: To Resume Flights to Hong Kong Next Year C H I N A & H O N G K O N G CALI-MOUNT INTERNATIONAL: Winding Up Hearing Set January 7 DYNAMIC HILL: Bank of China Initiates Winding up Proceedings E& EUROPE ECONOMIC: China Merchants Bank Files Wind up Petition PINEVIEW INVESTMENTS: Winding up Hearing Set December 31 I N D O N E S I A SEMEN GRESIK: Plans IDR300B Bond Buy Back Next Year J A P A N ASHIKAGA BANK: FSA seeks DIP Experts to Run Firm HAINAN INTERNATIONAL: JCR Withdraws D Rating HOKKAIDO INTERNATIONAL: Posts First Y700M Pretax Profit SUMITOMO REALTY: JCR Assigns BBB Rating TDK CORPORATION: U.S. Unit Sells 70% Stake in TDK Mediactive K O R E A LG CARD: Newbridge Capital Eyes Takeover M A L A Y S I A AKTIF LIFESTYLE: Default Status Remains Unchanged ANCOM BERHAD: Schedules EGM on December 19 AKTIF LIFESTYLE: Must Submit Regularization Plan by December 18 JUTAJAYA HOLDING: SC Rejects Proposal KELANAMAS INDUSTRIES: Court Grants Restructuring Scheme KEMAYAN CORPORATION: BNM OKs Restructuring Proposal SIN HENG: Clarifies Management Changes Report SRI HARTAMAS: AGM Set For December 30 SRIWANI HOLDINGS: Financial Status Remains Unchanged TECHNO ASIA: Issues Default in Debt Payments P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: Expects Deal With MCI WorldCom MANILA ELECTRIC: Upgrades Facilities Despite Constraints MANILA ELECTRIC: ERC Allows Shares Sale in Noncore Firms MANILA ELECTRIC: Rate Hike Not for Refund Obligations, Says ERC NATIONAL POWER: Sees FY03 Php75B Net Loss VICTORIAS MILLING: Starts Interest Payments S I N G A P O R E ASIA PULP: Winding Up U.K. Sales Business ASIA PULP: Three Bidders Re-bid Debts ASSOCIATED ASIAN: Declares First Interim Dividend B.K.B. ENGINEERING: Issues Judicial Management Order Notice DILIGENT AIR-CON: Petition to Wind Up Pending FIELDSTONE TRADING: Releases Debt Claim Notice to Creditors LKN-PRIMEFIELD: Unit Appoints Liquidator NATSTEEL LTD: Winding Up of Associated Firm RICHLAND BUILDERS: Issues Dividend Notice OCE PRINTING: Creditors Must Submit Claims by January 5 SUNNEX TRADING: Issues Winding Up Order Notice T H A I L A N D KRUNG THAI: Posts Result of Sale of Existing Shares by FIDF THAI PETROCHEMICAL: On PTT's Shopping List, Say Rumors TONGKAH HARBOUR: Independent Director Resigns Effective Dec. 1 - - - - - - - - ================= A U S T R A L I A ================= AMBERDAY PTY: ASIC Orders Former Liquidator to Pay Creditors ------------------------------------------------------------ The Companies Auditors and Liquidators Disciplinary Board (the Board) has filed orders against Mr. Andrew Hugh Jenner Wily, a Sydney liquidator of Armstrong Wily & Co, following an application by the Australian Securities and Investments Commission (ASIC). The Board ordered that Mr. Wily's registration as a liquidator be suspended for four months, to take effect from 60 says after the date of the Board's order, after finding that Mr. Wily failed to carry out or perform adequately and properly the duties of a liquidator in relation to the external administrations of: (i) Amberday Pty Ltd ACN 079 683 024 (Amberday) (Receivership & Liquidation); (ii) Leunam Pty Ltd ACN 002 570 041 (Liquidation); (iii) A R & L M Marsh Pty Ltd ACN 062 005 529 (Administrator appointed); (iv) Next Generation Child Care Services Pty Ltd Pty Ltd ACN 059 024 154 (Administrator appointed & Liquidation); (v) Lightmoves Technologies (NSW) Pty Ltd ACN 003 838 828 (Liquidation); and (vi) IM Rasberry Pty Limited ACN 002 670 055 (IMR) (Liquidation). Mr. Wily has also undertaken, by consent, to pay nearly $125,000 to unpaid creditors arising from his conduct in relation to the Amberday external administrations. The Board found that during the period from January 1998 to October 1998, in relation to the Amberday external administrations, Mr. Wily failed to: (i) Detect a fraud committed in those external administrations by a staff member, and failed to detect the conduct undertaken by that staff member to cover up that fraud in those and other external administrations; (ii) Identify trading loses and close the business; (iii) Properly and adequately implement or carry out his firm's internal control procedures; and (iv) Properly supervise a partner and a member of his firm. The Board also found that Mr. Wily contravened various sections of the Corporations Act by: (i) Failing to lodge the minutes of meetings, reports and forms within the required statutory period in relation to the Amberday and Next Generation external administrations in 1998, and the Leunam external administration in 1999; (ii) Failing to convene and hold the annual meetings of members and creditors which were due for the Next Generation external administration in September 2001 and 2002, and for the Marsh external administration in September 2002; and (iii) Accepting appointment as external administrator in circumstances where he failed to put a formal resolution to creditors obtaining their express consent for him to act as liquidator, in respect of the IMR external administration. Further, the Board found that Mr. Wily failed to cap his remuneration in a resolution put to creditors in accordance with the Insolvency Practitioners Association of Australia (IPAA) Guidelines, in relation to the Lightmoves and Next Generation external administrations. In addition to the payment to unpaid creditors, Mr. Wily has decided to engage an external compliance consultant to review his compliance systems, as well as the continuing education program for insolvency staff concerning compliance with guidelines issued by IPAA, and statutory obligations generally by the appointed external administrator, in relation to any external administrations under Chapter 5 of the Corporations Act. Mr. Wily has also agreed to attend 15 hours of professional development during the next 12 months in relation to insolvency practice and procedure, supplementary to the minimum training required by the Institute of Chartered Accountants Professional Development Program. The Board ordered Mr. Wily to pay ASIC's costs of $80,000. "ASIC regards any breach of a liquidator's responsibilities very seriously. The public must be able to rely on liquidators to meet their responsibilities as required by the law, and ASIC will ensure that liquidators who fail to meet those responsibilities are brought before the CALDB for appropriate disciplinary action," ASIC's Deputy Executive Director of Enforcement Jan Redfern said. GOODMAN FIELDER: Burns Philp to Close More Bakeries --------------------------------------------------- Six more Goldman Fielder bakeries will go in the coming months as Burns Philp & Co. further cuts cost following its March acquisition of the food manufacturer. Citing the Australian Financial Review, Dow Jones says Burns Philip is planning to close plants in Victoria, New South Wales and South Australia while transferring production to major plants in Melbourne and Sydney. The closure is in addition to the eight bakeries shutdown by Burns Philp shortly after the New Zealand-based company took over Australia's largest food manufacturer for AU$2 billion. Analysts believe Burns Philp could close as many as 17 of the original 33 bakeries to reduce costs, says Dow Jones. ONE.TEL LIMITED: Court Junks Directors' Plea to Stay Bonus Suit --------------------------------------------------------------- Liquidators of One.Tel Limited scored a substantial victory last week against Jodee Rich and John Greaves, former directors who are object of a lawsuit seeking the recovery of AU$14 million in "over-achievement" bonuses. According to The Advertiser, Justice Patricia Bergin of the NSW Supreme Court rejected the petition by directors asking to halt proceedings to recover their bonuses until after the conclusion of a separate hearing before the Australian Securities and Investment hearings. The regulator is separately proceeding against Misters Rich and Greaves, and another director, Mark Silbermann, to prohibit them from managing a corporation and to seek compensation for the creditors of the telecom, which collapsed in May 2001. In dismissing the directors' petition, Justice Patricia Bergin said, "the longer these proceedings are delayed the greater the potential detriment to One.Tel Limited (in liquidation) in its pursuit of its remedies against the defendants." The bonuses in question were given the directors between 1999 and 2000. CGU Insurance, which indemnified the directors, is also taking legal action against them. However, it failed to convince the court to have Misters Rich, Greaves and Silbermann's insurance hearings held concurrently with the ASIC proceedings. The report said the insurance company had argued that allegations of dishonest and fraudulent conduct would be covered in both proceedings and therefore they should be held concurrently. But Justice Bergin said there were also a large number of issues and areas of evidence that did not overlap and therefore the hearings should be separate. The next hearing on the bonuses will be on December 12, the paper said. QANTAS AIRWAYS: To Resume Flights to Hong Kong Next Year -------------------------------------------------------- Qantas Airways Ltd. will resume servicing the Hong Kong route by March next year, according to executive general manager, John Borghetti, last week. Asia Pulse quoted him saying the carrier will increase services to Hong Kong and offer more non-stop flights than it did before the SARS outbreak halted flights into the former British colony. The airline said it would start non-stop flights between Perth and Hong Kong and increase Brisbane-Hong Kong services from March 2004. Non-stop Qantas flights from Melbourne to Hong Kong would increase from five per week to a daily service from January. The new Perth-Hong Kong service will begin on March 29, with three direct flights each week and the Brisbane-Hong Kong flights will be boosted from three to four per week from March 30, Asia Pulse said. "These flights will provide a significant boost to Australian tourism and improve services for business travelers," Mr. Borghetti told Asia Pulse. "From August 2004, Qantas will introduce new Airbus A330-300 aircraft, complete with the Skybed sleeper seat in Business Class. Once the A330-300s begin operating from Perth and Brisbane to Hong Kong, capacity will increase to almost 480 extra passengers each week," Asia Pulse said. ============================== C H I N A & H O N G K O N G ============================== CALI-MOUNT INTERNATIONAL: Winding Up Hearing Set January 7 ---------------------------------------------------------- The High Court of Hong Kong will hear on January 7, 2004 at 9:30 a.m. the petition seeking the winding up of Cali-Mount International Limited. Bank of China (Hong Kong) Limited (the successor corporation to The China State Bank Limited, Hong Kong Branch by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 5, 2003. Kao, Lee & Yip represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Kao, Lee & Yip, which holds office on the 17th Floor, Gloucester Road, The Landmark Hong Kong DYNAMIC HILL: Bank of China Initiates Winding up Proceedings ------------------------------------------------------------ The High Court of Hong Kong will hear on December 24, 2003 at 10:00 a.m. the petition seeking the winding up of Dynamic Hill International Limited. Bank of China (Hong Kong) Limited (the successor corporation to The China State Bank Limited, Hong Kong Branch by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 5, 2003. Messrs. Liu, Chan and Lam represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Messrs. Liu, Chan and Lam, which holds office at Room 2102, Tower 1, Admiralty Centre, 18 Harcourt Road Hong Kong. E& EUROPE ECONOMIC: China Merchants Bank Files Wind up Petition --------------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of E & Europe Economic Developemnt Company Limited. China Merchants Bank of 7088, Shennan Road, Shenzhen, the People's Republic of China filed the petition on November 21, 2003. Chiu, Szeto & Cheng represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Chiu, Szeto & Cheng, which holds office on the 17th Floor, C.M.A. Building, No. 64 Connaught Road Central Hong Kong. PINEVIEW INVESTMENTS: Winding up Hearing Set December 31 -------------------------------------------------------- The High Court of Hong Kong will hear on December 31, 2003 at 9:30 a.m. the petition seeking the winding up of Pineview Investments Limited. Bank of China (Hong Kong) Limited (the successor corporation to The National Commercial Bank Limited by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on October 29, 2003. Messrs. Liu, Chan and Lam represent the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Messrs. Liu, Chan and Lam, which holds office at Room 2102, Tower 1, Admiralty Centre, 18 Harcourt Road Hong Kong. ================= I N D O N E S I A ================= SEMEN GRESIK: Plans IDR300B Bond Buy Back Next Year --------------------------------------------------- PT Semen Gresik will buy back half of its outstanding bonds next year, according to Gresik President Satriyo. The company has IDR600 billion in bonds outstanding, says Dow Jones. "We will seek bank loans to finance the buyback of the bonds," Mr. Satriyo told Dow Jones Newswires on the sidelines of an investor conference on Indonesia's Bali Island. He said the buyback is aimed at refinancing high-yielding bonds with cheaper bank loans. The success of this buyback, however, is highly dependent on investors' enthusiasm to let go of the bonds. Mr. Satriyo admitted that so far this year many investors have been unwilling to exchange their high-yielding bonds. Much of Gresik's paper carries yields of 19%, much higher than benchmark interest rates around 8.5%, Dow Jones says. The company was able to buy back only IDR40 billion worth of bonds this year, Mr. Satriyo said. ========= J A P A N ========= ASHIKAGA BANK: FSA seeks DIP Experts to Run Firm ------------------------------------------------ The Financial Services Agency (FSA) is seeking DIP (debtor-in- possession) finance expert managers to manage the nationalized Ashikaga Bank, Japan Times reports. DIP is the practice of providing funds to ailing companies while they restructure their debts and balance sheets. The government will consider other forms of peripheral support to help businesses and individuals suffering massive losses on Ashikaga Bank shares, Financial Services Minister Heizo Takenaka said. HAINAN INTERNATIONAL: JCR Withdraws D Rating -------------------------------------------- Japan Credit Rating Agency (JCR) has withdrawn the D ratings on the bonds of Hainan International Trust & Investment Corporation (HITIC). Issues / Amount (bn) / Issue Date / Due Date / Coupon Yen Bonds 1st Series / Y14.5 / Dec. 26, 1994 / Dec. 26, 2001 / 5.00 % Yen Bonds 2nd Series / Y14.0 / Sep. 24, 1997 / Sep. 24, 2004 / 3.40 % Restructuring of the above bonds, which includes 55 percent haircut, were agreed in the bondholders' meeting held on November 11 (for 1st series) and 12 (for 2nd series), and approved by the Tokyo district court on November 27. With restructuring consummated, JCR withdraws ratings assigned to the above bonds. Hainan International Trust & Investment Corporation or HITIC was established in 1998 under full ownership of Hainan provincial government as a financial institution acting as a sole window for the government to raise funds from abroad. Suffering serious deterioration in its credit standing due to heavy investment loss, it delayed interest payment in June 2000. It was ordered to suspend financial operation by the government in September 2000 and has suspended payment of interest and repayment of principal of above bonds. HOKKAIDO INTERNATIONAL: Posts First Y700M Pretax Profit ------------------------------------------------------- Hokkaido International Airlines Co., widely known as Air Do, posted its first pretax profit of 700 million yen in the first half of this year ending in September 30, enabling it to repay part of its debt sooner than scheduled, according to Kyodo News on Friday. The airline is undergoing rehabilitation under the fast-track Civil Rehabilitation Law. SUMITOMO REALTY: JCR Assigns BBB Rating --------------------------------------- Japan Credit Rating agency (JCR) has assigned a BBB rating to the bonds to be issued under the shelf registration of Sumitomo Realty & Development. Issue/Amount (bn)/ Issue Date / Due Date / Coupon Bonds no.48 / Y5 / Dec. 17, 2003 / Dec. 17, 2008 / 1.92 percent Covenants: Negative Pledge Commissioned Company: No Shelf Registration: Maximum: Y200 billion Valid: two years effective from May 9, 2003 RATIONALE: Sumitomo Realty & Development is a major real estate Company of Sumitomo group. The earnings power has been on the rise steadily, supported by increase in the floor space of leased properties and brisk sales of condominiums. On the other hand, the interest- bearing debt and other debt including deposits remain high, reflecting large capital spending. Given the insufficient risk buffer of net assets for expansion of real estate business, further cut in the interest-bearing debt should be made. JCR will pay attention to the going of the cutback on the interest-bearing debt. TDK CORPORATION: U.S. Unit Sells 70% Stake in TDK Mediactive ------------------------------------------------------------ TDK Corporation announced Wednesday that TDK U.S.A. Corporation, a subsidiary of TDK Corporation, has concluded the sale of its 73 percent stake in TDK Mediactive, Inc. to Take-Two Interactive Software, Incorporated. The consideration paid for TDK Mediactive was approximately $17.7 million in total. The trademark license agreements covering the 'TDK' and 'MEDIACTIVE' trademarks have been terminated, except for limited sell-through rights respecting existing products, and TDK Mediactive has changed its corporate name to Take-Two Licensing, Inc. About TDK Corporation TDK Corporation is a leading global electronics Company based in Japan. It was established in 1935 to commercialize 'ferrite,' a key material in electronics and magnetics. TDK's current product line includes ferrite materials, electronic components and ICs, wireless computer networking products, magnetic heads for HDD, digital recording hardware and advanced digital recording media. Net sales in FY2003 were approximately US$5.1 billion. TCR-AP reported that TDK Corporation incurred a net loss of 24.8 billion yen (US$191 million) in the first half of 2002 due to restructuring costs and a slowdown in technology investment. The world's largest maker of magnetic tapes also planned to close or consolidate eight plants globally in the year ahead. For more information about TDK, please visit www.tdk.com. TDK U.S.A. Corporation Tel.: 516-535-2888 e-mail: frank.sweeney@tuc.tdk.com ========= K O R E A ========= LG CARD: Newbridge Capital Eyes Takeover ---------------------------------------- U.S. investment fund Newbridge Capital is interested in acquiring LG Card Co., Asia Pulse reports, citing the Financial Supervisory Service. The U.S. firm is also planning to normalize the management of the ailing credit card firm. They also made inquires about detailed terms and schedule for the sale of LG Card, the sources revealed. A group of South Korean lenders, which extended 2 trillion won (US$1.67 billion) in emergency loans to LG Card last week, are allegedly moving to form a consortium to take over the ailing card Company. The watchers speculated Hana Bank may lead the bank consortium. =============== M A L A Y S I A =============== AKTIF LIFESTYLE: Default Status Remains Unchanged ------------------------------------------------- Further to the announcement dated 3 November 2003, Aktif Lifestyle Corporation Bhd announced that there has been no change in status with respect to the default in payment. The Company will keep its shareholders informed of any pertinent development. This announcement is dated 1 December 2003. ANCOM BERHAD: Schedules EGM on December 19 ------------------------------------------ Notice is hereby given that an Extraordinary General Meeting (EGM) of Ancom Berhad will be held on Friday, 19 December 2003 at 3 P.M. at Junior Ballroom 2, Level 2, Hotel Nikko Kuala Lumpur, 165 Jalan Ampang, 50450 Kuala Lumpur, Malaysia or at any adjournment thereof for the purpose of considering and if thought fit, passing the following ORDINARY RESOLUTIONS: ORDINARY RESOLUTION 1 - PROPOSED BONUS ISSUE "That subject to the approval from the relevant authorities being obtained including approval-in-principle from the Kuala Lumpur Stock Exchange for the listing of and quotation for up to 68,523,098 new ordinary shares of par value RM1.00 each, approval be and is hereby given to the Board of Directors to capitalize up to RM68,523,098 in the latest audited Share Premium Account of the Company as at 31 May 2003 which stood at approximately RM75,051,830, and that the same be applied in making payment in full at par up to 68,523,098 new ordinary shares to be distributed and credited as fully paid-up to shareholders of the Company whose names appear in the Register of Members and/or Record of Depositors at the close of business of the Company on a date to be determined later by the Board of Directors in the proportion of one (1) new ordinary share for every two (2) existing ordinary shares of par value RM1.00 each of the Company held by the shareholders of the Company at a date to be determined later (Proposed Bonus Issue) and that such new ordinary shares shall upon issue and allotment rank pari passu in all respects with the then existing ordinary shares of the Company save and except that they will not be entitled to any dividends, rights, allotments and/or other distributions which may be declared prior to the date of allotment of the new ordinary shares including the Proposed Special Interim Dividend or the Proposed Dividend In Specie (as defined in the Company's Circular to Shareholders dated 5 December 2003) AND THAT the Directors be and are hereby authorized to give effect to and implement the aforesaid Proposed Bonus Issue with full power to assent to any conditions, modifications, variations and/or amendments in any manner as may be required by the relevant authorities." ORDINARY RESOLUTION 2 - PROPOSED DISPOSAL "THAT subject to the approval from the relevant authorities being obtained, approval be and is hereby given to the Board of Directors to dispose 13,479,552 ordinary stock units in Eastern & Oriental Berhad (E&O) for cash at a sale price of not less than RM1.00 per ordinary stock unit in E&O (E&O Stock Units) within three (3) months from the date of obtaining the approval of the shareholders of the Company at the extraordinary general meeting to be held on 19 December 2003 the method of Disposal and mode of payment to be determined by the Board of Directors and that the entire proceeds will be utilized to pay a special interim dividend of 10 sen (tax-exempted) per ordinary share of RM1.00 each in the Company to the shareholders of the Company at an entitlement date to be announced by the Board of Directors AND THAT the Directors be and are hereby authorized to give effect to and implement the aforesaid Proposed Disposal with full power to assent to any conditions, modifications, variations and/or amendments in any manner as may be required by the relevant authorities." ORDINARY RESOLUTION 3 - PROPOSED DIVIDEND IN SPECIE "THAT if the Proposed Disposal referred to in Ordinary Resolution 2 above is not effected and subject to the approval from the relevant authorities being obtained including the approval of the Securities Commission, approval be and is hereby given to the Board of Directors to distribute 13,479,552 E&O Stock Units to the shareholders of the Company at a basis of entitlement to be determined later as illustrated in Section 3.3 of Part B of the Company's Circular to Shareholders dated 5 December 2003 at an entitlement date to be announced by the Board of Directors within four (4) months from the date of receipt of the approval of the relevant authorities including the approval of the Securities Commission OR the date of receipt of the approval of the shareholders of the Company, whichever is later, and the Board reserves the right to deal with fractions of E&O Stock Units arising therefrom in any manner as they deem fit and the Proposed Dividend in Specie will be paid out of the Company's retained profits AND THAT the Directors be and are hereby authorized to give effect to and implement the aforesaid Proposed Dividend in Specie with full power to assent to any conditions, modifications, variations and/or amendments in any manner as may be required by the relevant authorities." By order of the Board, NANDITA K.K. CHOUDHURY CHOO SE ENG Secretaries Kuala Lumpur 5 December 2003 Notes: 1. A member entitled to attend and vote is entitled to appoint a proxy to attend and vote for him. A proxy may but need not be a member of the Company. 2. In the case of a corporate shareholder, the instrument appointing a proxy shall be under its Common Seal or its attorney. 3. Where a member appoints more than one proxy, the appointment shall be invalid unless he specifies the proportion of his holding to be represented by each proxy. 4. The instrument appointing a proxy must be deposited at the Registered Office of the Company at Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1, Leboh Ampang, 50100 Kuala Lumpur not less than forty-eight (48) hours before the time for holding the Meeting. AKTIF LIFESTYLE: Must Submit Regularization Plan by December 18 --------------------------------------------------------------- The Board of Directors of Aktif Lifestyle Corporation Bhd (Aktif) announced that further to its announcements dated 3 November 2003 and 1 December 2003, the Company has received a letter from the Kuala Lumpur Stock Exchange dated 4 December 2003 allowing the Company a further 14 days up to 18 December 2003 to submit its regularization plan to the relevant authorities for approval. The Company will keep its shareholders informed of any pertinent development. JUTAJAYA HOLDING: SC Rejects Proposal ------------------------------------- Further to the announcement made on 3 November 2003, OSK Securities Berhad, on behalf of the Board of Directors of Jutajaya Holding Berhad (JHB), announced that the Securities Commission (SC) had, vide its letter dated 24 November 2003, which was received on 27 November 2003, did not approve the above said Proposal after considering that JHB does not fulfill the requirements under SC's Policies and Guidelines on Issue/Offer of Securities (Guidelines) on reverse takeovers/back-door listings involving property-development companies. The SC finds that JHB is not a property-development Company and therefore, the proposal to acquire Kumpulan GM Build Sdn. Bhd. (GMB), a property-development Company, cannot be considered as complementary to JHB Group's core business. The Board of Directors of JHB intends to appeal to the SC to reconsider its decision. Apart from the above and the developments as detailed in our announcement dated 3 November 2003, there have been no other changes to the status of JHB's plan to regularize its financial position. This announcement shall serve as the Company's monthly announcement in compliance with Practice Note No. 4/2001 pursuant to the Exchange's Listing Requirements. KELANAMAS INDUSTRIES: Court Grants Restructuring Scheme ------------------------------------------------------- Kelanamas Industries Berhad (KIB) informed the Singapore Stock Exchange (SGX) that the Malaysian Court had on 11 November 2003 granted its sanction to the Proposed Restructuring Scheme under Originating Summons No. D6-26-76-03. The Proposed Restructuring Scheme became effective on 19 November 2003, when a copy of the Court order sanctioning the Proposed Restructuring Scheme was lodged with the Companies Commission of Malaysia. KEMAYAN CORPORATION: BNM OKs Restructuring Proposal --------------------------------------------------- Further to the announcement dated 23 October 2003 by Public Merchant Bank Berhad (PMBB), on behalf of the Scheme Creditors, Kemayan Corporation Bhd annouced that Bank Negara Malaysia (BNM) had vide its letter dated 18 November 2003, which was received on 2 December 2003, further approved the proposed acceptance and holding of securities in Jawira Holdings Berhad (formerly known as Iyara Berhad) for up to five (5) years, via the Proposed Restructuring Scheme to the following Scheme Creditors:- (a) Alliance Finance Berhad (b) Hong Leong Finance Berhad (c) Bank Bumiputera-Commerce Berhad (d) EON Finance Berhad (e) OUB Finance Berhad Furthermore, BNM has also informed that the following other financial institutions and companies as stated in PMBB's letter dated 30 October 2003 to BNM, are not under the jurisdiction of the Banking and Financial Institutions Act, 1989: (a) The Development Bank of Singapore (b) PB International Factors Sdn Bhd (c) Borneo Housing Mortgage Finance (d) BI Credit & Leasing Berhad (e) Bank Pertanian Malaysia (f) BBMB Factoring Berhad (g) AMDB Factoring Berhad (h) Sabah Development Bank Berhad (i) Bank Islam Malaysia Berhad (j) UOL Factoring Sdn Bhd (k) Sogolease Advance Berhad (l) Societe Generale, Labuan Branch (m) Commerzebank Aktiengesellschaft, Labuan Branch (n) PLC Credit Factoring Sdn Bhd SIN HENG: Clarifies Management Changes Report --------------------------------------------- Sin Heng Chan (Malaya) Berhad refers to the announcement made on 1 December 2003. With reference to the last paragraph of the announcement dated 1 December 2003, the Company clarified that the present members of the Board of Directors of Sin Heng Chan (Malaya) Berhad (SHCM) (Special Administrators Appointed) were appointed in 1995, except for one (1) of the members who was appointed in 1999, and none of them was the member of the previous Board of Directors of SHCM. SRI HARTAMAS: AGM Set For December 30 ------------------------------------- The Thirty-third Annual General Meeting (AGM) of Sri Hartamas Berhad (Special Administrators Appointed) will be held at Sri Damai Ballroom, Kelab Century Paradise, Jalan Melawati 3, Taman Melawati, 53100 Kuala Lumpur, on Tuesday, 30th December 2003 at 10 A.M. for the following purposes: AGENDA 1. To receive and adopt the Audited Accounts for the financial year ended 30 June 20032 and the Reports of the Directors and Auditors thereon. (Resolution 1) 2. To re-elect Mr. Nirmaljit Singh A/L Surjit Singh who retires pursuant to Article 101 of the Company's Articles of Association. (Resolution 2) 3. To re-appoint Messrs. Ernst & Young as Auditors of the Company and to authorize the Special Administrators to fix their remuneration. (Resolution 3) 4. To transact any other ordinary business of which due notice shall have been given. NOTES 1. A member entitled to attend and vote is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company but in accordance with Section 149 of the Companies Act, 1965, a member shall not be entitled to appoint a person who is not a member of the Company as his proxy unless that person is an advocate, an approved Company auditor or a person approved by the Registrar of Companies in a particular case. 2. If the appointer is a corporation the proxy should be executed under its Common Seal or under the hand of a person duly authorized. 3. The instrument appointing a proxy must be deposited at the Registered Office at Suite 33.01, Level 33, Bangunan AmFinance, 8 Jalan Yap Kwan Seng, 50450 Kuala Lumpur not less that 48 hours before the time appointed for holding the meeting or any adjournment thereof. SRIWANI HOLDINGS: Financial Status Remains Unchanged ---------------------------------------------------- In compliance with the requirements of Paragraph 4.1 (b) of PN 4/2001 (PN4), Commerce International Merchant Bankers Berhad on behalf of Sriwani Holdings Berhad (SHB) announced that there are no changes in the status of SHB's plan to regularize its financial condition since the last announcement on 3 November 2003. TECHNO ASIA: Issues Default in Debt Payments -------------------------------------------- Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst & Young were appointed Special Administrators (SAs) over Techno Asia Holdings Berhad (Special Administrators Appointed) (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 5 November, 2003 in respect of Practice Note 1/2001, TECASIA announced 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 October 2003 were as follows: Principal (RM) Interest (RM) RM The Company 275,885,594 202,483,982 473,369,576 The Group 372,057,528 257,949,911 630,007,439 Shown include interest from 1 July 2001 to 31 October 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. 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 5 November 2003, there have been no major changes to the status of TECASIA's plan to regularize its financial position. 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. ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: Expects Deal With MCI WorldCom -------------------------------------------------------- Bayan Telecommunications Inc. (Bayantel) and MCI WorldCom Inc. are expected to come up with an interim deal on international call rates before the year ends, the BusinessWorld newspaper reported, quoting BayanTel chief consultant Tunde Fafunwa. The FCC earlier ordered U.S. carriers to suspend payments to local carriers for processed inbound calls from the United States. The decision was based on claims that PLDT and other local telecom firms blocking calls from two U.S. carriers to force them to pay higher termination fees. MANILA ELECTRIC: Upgrades Facilities Despite Constraints -------------------------------------------------------- Despite severe constraints on its finances, the Manila Electric Company (Meralco), as of October 2003, completed 10 major electric system-related capital projects intended for the upgrading and improvement of its electric facilities. These projects, which are part of the budgeted P4.7 billion electric capital investment program of Meralco for 2003, were undertaken to fulfill its commitment to provide adequate, reliable and efficient electric service to its customers. These completed projects include: (a) two 115-kV sub-transmission line projects covering the cities and towns of Makati, Pasay, Pasig, Mandaluyong, and Taguig, (b) four substation projects in Bulacan, Cavite, Quezon City, and Laguna, and (c) four distribution line projects in Quezon City, Quezon Province, and Bulacan. The sub-transmission projects were meant to improve the reliability of electric service, while the substation projects, individually, were intended to provide switching flexibility, relieve critical loadings, and improve power quality. The distribution projects, on the other hand, were for the improvement of distribution line reliability and capacity. By yearend, 14 more major electric system-related projects will be completed. "We are trying to keep our service at par with customers expectations although we cannot deny the fact that we are really experiencing financial constraints" said Meralco Vice-President for Corporate Communication Elpi Cuna, Jr. However, Cuna said that the recent provision authority granted by the ERC to adjust its rates would ensure that Meralco would be able to fully pursue its deferred capital investments, which will eventually redound to better service to all its customers. Meralco's corporate communication chief also reiterated that the 12 centavos provisional adjustment would raise Meralco's present selling rate by an average of only 2 percent. Cuna stressed that residential consumers, particularly small residential consumers using 100 kwh or less will continue to receive substantial lifeline discounts. In fact, lifeline discount to those using 71-100 kWh increased to 25%. Those consuming from 0-50 kwh will still enjoy a 50% discount while those consuming from 51 to 70 kwh still enjoy a 35% discount on their electric rates. These lifeline customers number around 1.4 million and represent more than one-third Meralco's customer base. For a copy of the press release, go to http://www.pse.org.ph/html/disclosure/pdf/dc2003_3877_MER.pdf MANILA ELECTRIC: ERC Allows Shares Sale in Noncore Firms --------------------------------------------------------- The National Association of Electric Consumer for Reforms (Nasecore) is encouraging the Manila Electric Co. (Meralco) to sell its non-core business shares in 11 companies that are not directly connected to its core business if claims to do not have sufficient capital to fund capital projects, the Manila Times reported on Friday. This suggestion came after Meralco officials and the Energy Regulatory Commission (ERC) have admitted that the proceeds of the rate adjustment to impose next year would be used to finance 42 capital projects. MANILA ELECTRIC: Rate Hike Not for Refund Obligations, Says ERC --------------------------------------------------------------- The Energy Regulatory Commission (ERC) clarified that the provisional authority (PA) recently granted the Manila Electric Company (Meralco) for the increase of its rates is not intended to provide the said electric distribution utility with cash to refund the income tax it collected from its customers, the ERC said in a statement. The clarification was issued by ERC in reaction to the press statement made by Meralco president Jesus Francisco stating that the grant of the provisional increase in its rate beginning January 2004 is timely because it will provide their company funds to meet its refund obligations. "The provisional increase averaging twelve (12) centavos was given to Meralco to ease its financial difficulties in funding its capital intensive expansion programs to ensure continuous supply of safe, reliable and quality electric service," ERC chairman Manuel R. Sanchez stressed. "The on-going refund process of Meralco has nothing to do with our decision to temporarily grant the rate increase," Sanchez added. On October 10, 2003, Meralco filed an application with the Commission for approval of its proposed rate schedules and correlatively, the appraisal of its properties. Meralco is applying for an average rate adjustment of 13.58 centavos. In granting the provisional rate hike, ERC took cognizance of the distribution utility's 42 electric capital projects deferred due to lack of funds. The Commission is convinced that deferring these projects further would impair Meralco's ability to continue providing safe, reliable and adequate service to its customers. "The Commission is not inclined to put the consumers' welfare at risk. We decided to grant this temporary relief to Meralco to spare its customers from the inconvenience of power interruptions resulting from the lack of necessary infrastructures," the ERC chief said. Meralco's poor credit rating, as reflected in the reports of Standard and Poors Ratings Services, an independent international credit rating agency, resulted in its difficulty to secure new loans and renew existing debts. This makes it more difficult for the said utility to maintain its operating efficiency. "We also recognize our mandate to balance the interest of the consumer with that of the utility providing the electric service. We have to allow Meralco to realize a fair return on its investment within the 12% limit provided by law," the chief regulator expressed. Chairman Sanchez was quick to point out that the rate hike is provisional. The rate case is still subject to public hearings before the Commission can make its final decision. The rate adjustment is subject to refund in the event that ERC finds, after completion of hearings, that the same is unjust and unreasonable. The first public hearing has been set on December 22, 2003 at 9 A.M. This will be held at the ERC hearing room located at the 15th floor of the Pacific Center Bldg., San Miguel Avenue, Ortigas Center, Pasig City. "We urge representatives of consumer groups and other interested parties to participate in the forthcoming public hearings to assist us in coming up with a fair and equitable decision," Sanchez appealed. NATIONAL POWER: Sees FY03 Php75B Net Loss ----------------------------------------- The National Power Corporation (Napocor) sees a net loss of 75 billion pesos this year, the Philippine Star reported on Friday, citing Napocor Senior Department Manager Finace Lorna Dy. In the first nine months, the state-run power firm incurred a net loss of 48 billion pesos. The Company is continuing its belt- tightening activities to reduce losses. The power firm will need at least US$1 billion for debt service and another US$1 billion as payments for the amortization of the capacity fees to its independent power producers (IPPs) for 2004. Napocor has maturing debts amounting to about US$500 million this year. The bonds that were issued by the power firm for the past years formed a major portion of these maturing obligations. VICTORIAS MILLING: Starts Interest Payments ------------------------------------------- Victorias Milling Co. Inc. (VMC) has started paying the interest on its bank loans to 26 commercial banks with approximately 87.7 million pesos due this December, according to the Philippine Star. The payment of interest marked the first time the creditor banks received any payments from VMC since 1997, when the Company sought debt payment relief from the SEC. VMC President Arthur Aguilar said that with the continued support of its creditor banks, workers and sugar planters, VMC is well on its way to being a model of successful corporate rehabilitation under the Securities and Exchange Commission (SEC). ================= S I N G A P O R E ================= ASIA PULP: Winding Up U.K. Sales Business ----------------------------------------- Asia Pulp & Paper (APP)'s U.K. sales office has been wound up after its creditors decided to pursue it through the U.K. courts, Paperloop.com reports. The business was placed into compulsory liquidation and Mercer & Hole was appointed as the liquidator after the firm was wound up on October 22. The Hatfield-based firm, Calington, is now handling sales of paper from APP's Indonesian mills. The American Home Assurance Company, part of the American International Group, opted to try and recover money owed by pursuing the U.K. sales business rather than join the overall debt restructuring negotiations between APP and numerous other creditors. The U.K. sales office is located in Welwyn Garden City, Hertfordshire. ASIA PULP: Three Bidders Re-bid Debts ------------------------------------- The Indonesian Bank Restructuring Agency (IBRA) received new bids from three investors to buy debts worth US$900 million owed by Asia Pulp & Paper (APP), according to Reuters, citing IBRA Deputy Chairman Mohammad Syahrial. The three were Avenue Asia, Swanfield from Singapore and Springfield from Malaysia. The report did not give further details. IBRA, the largest single lender to APP, had allowed four foreign investors the option of submitting new bids for the debt last week after it rejected previous offers that were below a floor price. One of the four, which IBRA has not named, did not submit a new bid. APP declined to say what the floor price was. APP with the consent of its creditors could possibly top the bids and buy back the debts itself. The Company, the largest corporate defaulter in the emerging market with about US$14 billion in debts, stopped paying obligations in 2001 after it was hit by a cash crunch. Headquartered in Singapore, the Company's main operations are in Indonesia and China. ASSOCIATED ASIAN: Declares First Interim Dividend ------------------------------------------------- Associated Asian Securities (Pte) Ltd (In Liquidation) issued a notice of intention to declare first interim dividend as follows: Address of Registered Office: Formerly of 10 Anson Road #14-03 International Plaza Singapore 079903. Last Day for Receiving Proof of Debt: 19th December 2003. Name and Address of Liquidators: Bobby Chin Yoke Choong Michael Ng Wei Teck Joint and Several Liquidators. c/o KPMG 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. MICHAEL NG WEI TECK Liquidator. B.K.B. ENGINEERING: Issues Judicial Management Order Notice ----------------------------------------------------------- Notice is hereby given that a petition for placing B.K.B. Engineering Constructions Pte Ltd under the judicial management of judicial managers by the High Court was on the 26th day of November 2003, presented by the Directors (pursuant to a resolution of the board of directors) and the said Petition is directed to be heard before the Court at 10 A.M. on Friday, the 9th day of January 2004, and Ong Yew Huat and Seshadri Rajagopalan of Messrs Ernst & Young have been nominated as the Judicial Managers; and any person who intends to oppose the making of an order under section 227 (B) (5) (b) or the nomination of judicial managers under section 227 (B) (3) (c) may appear at the time of the hearing by himself or his Counsel for that purpose, and a copy of the said Petition will be furnished to any creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner's address is No. 17 Jalan Klapa, Singapore 199329. The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles Place, #17-00 Ocean Towers, Singapore 048620. DREW & NAPIER LLC Solicitors for the Petitioner. Any person who intends to appear on the hearing of the said Petition must serve on or send by post to Drew & Napier LLC, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitors (if any) and must be served, or if posted must be sent by post in sufficient time to reach Drew & Napier not later than twelve o'clock noon of the 8th day of January 2004 (the day before the day appointed for the hearing of the Petition). DILIGENT AIR-CON: Petition to Wind Up Pending --------------------------------------------- The petition to wind up Diligent Air-Con Engineering Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 9, 2004 at 10 o'clock in the morning. RHB Bank Berhad, a creditor, whose address is situated at No. 90 Cecil Street #01-00, Singapore 069531, filed the petition with the court on November 13, 2003. The petitioners' solicitors are Messrs Billy & Alsree, of No. 151 Chin Swee Road #11/11-13 Manhattan House, Singapore 169876. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Billy & Alsree a notice in writing not later than twelve o'clock noon of the 8th day of January 2004 (the day before the day appointed for the hearing of the Petition). FIELDSTONE TRADING: Releases Debt Claim Notice to Creditors ----------------------------------------------------------- Notice is hereby given that the creditors of Fieldstone Trading (S) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 15th day of January 2004 to send in their names and addresses and particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the said Company and if so required by notice in writing from the said Liquidators 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. TAN CHOON CHYE Mrs LOW nee TAN LENG FONG TAN SHOU CHIEH Liquidators. c/o Singapore Secretarial Services Co. (Pte.) 6001 Beach Road #12-01 & #12-11 Golden Mile Tower Singapore 199589. LKN-PRIMEFIELD: Unit Appoints Liquidator ---------------------------------------- Following our announcement on 12 August 2003 in respect of the sale of shares in Century Development Corporation by Induspark Investment Pte Ltd (IIPL), the Directors of LKN-Primefield Limited (LKNP) announced that IIPL has by special resolution passed on 4 December 2003, appointed Messrs Ong Yew Huat and Seshadri Rajagopalan as liquidators to proceed with the members' voluntary liquidation of IIPL, as there is no intention for IIPL to carry on any further business. IIPL is 50 percent owned by Natsteel Properties Pte Ltd, 25 percent owned by LKN Construction Pte Ltd (LKNC) and 25 percent owned by LKN Development Pte Ltd (LKND). LKNC and LKND are wholly owned subsidiaries of LKNP. The above transaction is not expected to have any material impact on LKNP Group's earnings per share and net tangible assets per share. NATSTEEL LTD: Winding Up of Associated Firm ------------------------------------------- NatSteel Limited announced that Induspark Investment Pte Ltd (Induspark), an associated Company of the NatSteel Group, would be wound up further to a members' voluntary winding up. A special resolution was passed by the members of Induspark today to proceed with the said members' voluntary winding up as Induspark intends to cease operations. This voluntary winding up is not expected to have a material effect on the earnings per share and net tangible assets per share of the NatSteel Group. Upon the winding up of Induspark, Induspark will cease to be an associated Company of the NatSteel Group. None of the directors or substantial shareholders of NatSteel Ltd has any interest in this voluntary winding up of Induspark. RICHLAND BUILDERS: Issues Dividend Notice ----------------------------------------- Richland Builders Pte Ltd (In Liquidation) issued a notice of intended dividend as follows: Address of registered office: 336 Smith Street #06-308 New Bridge Centre Singapore 050336. Last day of receiving proofs: 27th December 2003. Name of liquidator: GOH NGIAP SUAN. Address of liquidator: c/o Goh Ngiap Suan & Co 336 Smith Street #06-308 New Bridge Centre Singapore 050336. GOH NGIAP SUAN Liquidator. OCE PRINTING: Creditors Must Submit Claims by January 5 ------------------------------------------------------- Notice is hereby given that the creditors of OCE Printing Systems (ASIA) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 5th day of January 2004 to send in their names and addresses, with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said company, and, if so required by notice in writing by the said Liquidator, are by their solicitors, or personally, to come in and prove their 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. LOKE POH KEUN Liquidator. c/o 8 Robinson Road #08-00 ASO Building Singapore 048544. SUNNEX TRADING: Issues Winding Up Order Notice ---------------------------------------------- Sunnex Trading Co. Private Limited issued a notice of winding up orde made the 28th day of November 28, 2003. Winding Up Order made the 28th day of November 2003. Name and address of Liquidator: The Official Receiver of 45 Maxwell Road, #06-11 The URA Centre (East Wing), Singapore 069118. DREW & NAPIER LLC Solicitors for the Petitioner. =============== T H A I L A N D =============== KRUNG THAI: Posts Result of Sale of Existing Shares by FIDF ----------------------------------------------------------- Subject: Notice of the result of sale of existing ordinary shares of Krung Thai Bank Public Company Limited by the Financial Institutions Development Fund The President Stock Exchange of Thailand Dear Sir, Krung Thai Bank Public Company Limited (the Bank) would like to report to you the result of the sale of the existing ordinary shares of the Bank by the Financial Institutions Development Fund, as detailed below: Type of offered shares : Existing ordinary shares of the Bank Number of offered shares : 3,000,000,000 shares Number of over-allotment : 450,000,000 shares shares Offering price per unit : Baht 8.50 (both offered shares and over-allotment shares) The end of the subscription period and the date of share payment - Retail Subscribers : October 10, 2003 and Ordinary Persons - Institutional : October 13, 2003 Investors The Result of Sale of Shares (including over-allotment shares) The Result of Share Subscription - Number of subscribers : 15,278 persons - Number of subscribed : 3,450,000,000 shares shares - Number of subscribed : 100.00% share in proportion to the offered shares The Result of Share Allotment - Number of allotted : 15,278 persons subscribers - Number of Allotted : 3,450,000,000 shares Shares - Number of allotted : 100.00% shares in proportion to the offered shares Please be informed accordingly. Yours sincerely, Suchart Dejittirut Vice Secretary to the Board of Directors Krung Thai Bank Public Company Limited THAI PETROCHEMICAL: On PTT's Shopping List, Say Rumors ------------------------------------------------------ Thai Petrochemical Industry could be a target of PTT's acquisition binge, according to rumors that surfaced after Thailand's largest oil and gas company announced it has earmarked THB10-20 billion for mergers and acquisitions. PTT President Prasert Bunsumpun said the company plans to acquire major petrochemical companies to expand its businesses. He, however, declined to name the companies on his shopping list. Some conclusions will be made next year, he said. "The acquisition plan is part of a move to make petrochemicals another core business, along with oil and gas. Petrochemicals are seen as products that add value to natural gas, which accounts for more than 85 percent of PTT earnings before interest, tax, depreciation and amortization," The Nation said. Analysts told the paper TPI could add value to PTT if the firm shifts to using gas from oil as the feedstock for its integrated complex. Mr. Prasert said expanding its petrochemical businesses would be a better choice for PTT than spending Bt40- 50 billion on merging PTT Exploration and Production into the parent firm, as some have suggested. The industry is on an upturn and PTT expects petrochemical prices to rise further next year, he said. TONGKAH HARBOUR: Independent Director Resigns Effective Dec. 1 -------------------------------------------------------------- Director General The Stock Exchange of Thailand Dear Sir, Re: Resignation of Company's Independent Director. The Company would like to hereby inform the Stock Exchange of Thailand (SET), shareholders and investors as follows: The Company received a letter dated 28 November 2003 from Mr. Nopaedon Mantajit, therefore wishes to resign as the Company Independent Director and Audit committee member effective on 1 December 2003. The Company will take the above resignation letter at the next meeting of the Company's Board of Director. The Company will then inform the SET, shareholders and investors on the resolution in due course. Please be informed accordingly. Yours faithfully, Mr. Chalermchai Martmuang Secretary to the Executive Board of Director ********* 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. 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