/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031229.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 29, 2003, Vol. 6, No. 255 Headlines A U S T R A L I A AMP LIMITED: CEL Issues Portfolio Endowment Warrants BUDGET LIFESTYLE: Court Appoints PwC Provisional Liquidator GOLD RIBBON: Ex-director Banned from Managing Firm for 2 Years NEXTGEN NETWORKS: Attracts Leighton Contractors NATIONAL INVESTMENT: Federal Court Orders Extended PARMALAT FINANZIARA: Italian Investigation Overshadows Sale C H I N A & H O N G K O N G A-TEN COLLEGE: Hearing on Winding up Petition January 28 CROWN PROJECT: Winding up Hearing Set February 4 GALORE CONSTRUCTION: Faces Winding up Petition in HK High Court KENIS INVESTMENT: High Court Sets Hearing on Winding up Petition LIAUW'S (SHANGHAI): Bank of China Files Winding up Petition I N D O N E S I A BANK RAKYAT: Police Wary of IDR200B Transfer; Opens Probe J A P A N ASHIKAGA FINANCIAL: Files For Court Protection DIA KENSETSU: Gets Tax Breaks After Rehab Scheme FUJITSU LTD: Enters Alliance With Sumitomo Electric FURUKAWA CO.: JCR Removes Ratings on bonds/CP MITSUBISHI MOTORS: November Vehicle Output Down 25.1% NISSHO IWAI: Softbank Acquires Brokerage For Y1.187B SOGO CO.: Court Orders Former Boss to Pay US$84M to Creditor K O R E A KIA STEEL: Sells 6.84% Stake to Hong Kong Investment Fund LG CARD: Auction Attempt Falls Flat LG CARD: Shares Down 15% on Capital Reduction Fears SK GROUP: Delays Annual Executive Reshuffle to January M A L A Y S I A BESCORP INDUSTRIES: Applies for Investigative Audit Extension DIETHELM FRANCHISE: Appoints Ling & Kun as Liquidators FORESWOOD GROUP: Submits Regularization Plan on January 21 HOTLINE FURNITURE: Extends Investigative Audit to May 21 NALURI BERHAD: Appointment of Administrators Set December 2004 PLANTATION DEVELOPMENT: Unveils Investigative Audit Results TAJO BHD: Issues Restructuring Scheme Update UCP RESOURCES: Enters Debt Settlement Agreement With JCB P H I L I P P I N E S NATIONAL POWER: PSALM Pursues Sale of Generation Assets S I N G A P O R E ALDGATE PTE: Schedules Final Meeting on January 19 CENTRAL PROPERTIES: Enters Capital Reduction Scheme HIAP AIK: Unit's Winding Up Hearing Set March 8 HOTEL PROPERTIES: Unit Enters Voluntary Liquidation MARKET REACH: Issues Dividend Notice P F LIU: Creditors Must Submit Claims by January 20 PRINT AND MAIL: Issues Debt Claim Notice to Creditors TECNOVA PTE: Creditors Must Submit Claims by January 19 T H A I L A N D BANGKOK STEEL: Supreme Court Orders Business Rehabilitation CENTRAL PAPER: State Restructuring Agency OKs Rehab Plan JASMINE INTERNATIONAL: Resumes SET Trading Following Fundraising THAI PETROCHEMICAL: Denies Capital Writedown Speculations * Stock Exchange of Thailand Delists Five Troubled Companies - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: CEL Issues Portfolio Endowment Warrants ---------------------------------------------------- Challenger Equities Limited (CEL) has issued two series of Portfolio Endowment Warrants over portfolios of shares, which include shares in AMO Limited (AMP) with ASX codes PEWEEA and PEWEEB. These warrants have been adjusted following the demerger of AMP into Henderson's PLC (HHG) and AMP. The Demerger On 16 October 2003, AMP announced the details of its proposed de-merger whereby each holding of one AMP share will be replaced by a holding of one HHG PLC CDI and one AMP share. The de-merger received shareholder approval on Tuesday, 9 December and court approval on 12 December 2003. Endowment Warrant Adjustments Clause 4.1 of the Terms of Issue in the Offering Circular states that the proceeds of this consideration will be used as a Reduction Amount. The value of the Reduction Amount will be determined by the sale of HHG sales in accordance with the Offering Circular. The Outstanding Amount of the Portfolio Endowment Warrants will be reduced by the number of AMP shares in the underlying portfolio multiplied by the HHG CDI sale proceeds. Based on the market Volume Weighted Average Price for HHG of $0.9145 on the first day of trading on the ASX, the Reduction Amount that has been applied to the Outstanding Amount of the Warrants is $0.9145 multiplied by the number of AMP shares in both portfolios will remain the same as prior to the de-merger, with PEWEEA containing 5 AMP shares, and PEWEEB containing 8 shares. As of 24 December 2003, the Outstanding Amount for each Portfolio Endowment Warrant (and for the Specified Number of 1,000) was as follows: WARRANTS WARRANT CODE REDUCTION AMOUNT OUTSTANDING AMOUNT 1,000 PEWEEA $4.5725 $1,124.53 1 PEWEEA $0.0045725 $1.1253 1,000 PEWEEB $7.316 $1100.93 1 PEWEEB $0.007316 $1.10093 The adjustment to CEL Portfolio Endowment Warrants will take effect as of the Reckoning Date. CONTACT: Challenger Financial Services Group Level 41, Aurora Place 88 Phillip Street Sydney NSW 2000 Australia Phone: 02 9994 7000 Fax: 02 9994 7777 Home page: http://www.challenger.com.au BUDGET LIFESTYLE: Court Appoints PwC Provisional Liquidator ----------------------------------------------------------- The Supreme Court of NSW has made further orders for the continuation of the appointment of provisional liquidators over a Wollongong company, formerly known as Budget Lifestyle Homes Pty Ltd. Justice Barrett has set the matter down for hearing on 2 February 2004. On 11 December 2003, ASIC instituted the Supreme Court proceedings to wind up ACN 102 556 098 Pty Ltd (formerly known as Budget Lifestyle Homes Pty Ltd) and to appoint a liquidator. On the same day, Justice Barrett made orders for the appointment of Gregory Winfield Hall and Martin Russell Brown of PricewaterhouseCoopers as provisional joint liquidators over Budget Lifestyle Homes and adjourned the proceedings until 18 December 2003. On 18 December 2003, there was no appearance by, or on behalf of, the Company or Doukas Petrou, the sole director of Budget Lifestyle Homes. Justice Barrett made further orders for the continuation of the appointment of the provisional liquidators. The joint liquidators, Messrs Hall and Brown of PricewaterhouseCoopers, can be contacted on 02 8266 9167. GOLD RIBBON: Ex-director Banned from Managing Firm for 2 Years -------------------------------------------------------------- The Supreme Court of Queensland has banned Richard Thomas Sheers, a former director of the failed company Gold Ribbon (Accountants) Pty Ltd (GRA), from managing a corporation for a period of two years. The ban follows an investigation by the Australian Securities and Investments Commission (ASIC) into the actions of Mr. Sheers and another former director, Garry Howes. The Court previously banned Mr. Howes from managing corporation for the period of five years in September this year. His Honor Justice McMurdo found that the conduct of Mr. Sheers was the result of a deliberate preference for his own interests and those of other investors over the discharge of his duties as a director of GRA. GRA operated as Gold Ribbon Accountants Funding Programme, a Melbourne-based lender that provided approximately AU$25 million in finance to accounting practices. GRA was placed into liquidation when a number of loans defaulted and it was unable to repay a loan facility originally held with the Colonial State Bank. ASIC alleged that Mr. Sheers used his position to gain a personal advantage or cause a detriment to the company, by obtaining funding through GRA for his own purposes and seeking out applicants that were not suitable borrowers. GRA's appointed liquidators, Grant Sparks and Raymond Richards of Sims Partners in Brisbane, have filed proceedings in the Supreme Court of Queensland seeking compensation from Mr. Sheers and his co-directors. NEXTGEN NETWORKS: Attracts Leighton Contractors ----------------------------------------------- Leighton Contractors, a subsidiary of Leighton Holdings Ltd., is bidding for Nextgen Networks Pty Ltd, owner of fiber optic assets that is currently under receivership, Asia Pulse Businesswire said Wednesday. According to the report, the bidder is preparing an offer that will pay creditors an "upfront amount" and then allow the Nextgen Banking Syndicate to share in the profits of the company over the next ten years. Leighton Contractors says existing Network customers have signified interest in longer-term arrangements and that a long term alliance with Australia's universities will also help the operation. "The acquisition of Nextgen Networks and the formation of these alliances reflects the flexibility and imagination that Leighton Contractors can bring to business development and finding solutions," Asia Pulse quoted Leighton Contractors managing director Bob Merkenhof as saying recently. "This is a strategic, long-term investment in an industry in which we have been involved for over a decade and that we have identified as being significant to our future success." "After acquiring the Nextgen operations, Leighton will continue to service current customers under existing conditions and will retain the contract with Nextgen subsidiary Visionstream," Asia Pulse said. Nextgen operates fiber optic assets and capacity installed from Brisbane to Perth. The network is a geographically protected national network, with the Brisbane to Melbourne link utilizing self-healing SDH two-fiber ring architecture. NATIONAL INVESTMENT: Federal Court Orders Extended -------------------------------------------------- The Federal Court of Australia has extended orders in relation to the assets of Henry Kaye and Property Corporate Services Pty Ltd (PCS) until an application by the Australian Securities and Investments Commission (ASIC) can be heard on 29 January 2004. In addition, the Federal Court has ordered that Mr. Kaye and PCS keep and maintain proper financial accounts of any financial transaction from 2 December 2003 and make those accounts available to ASIC at 24 hours notice. ASIC's application has been adjourned until 29 January 2004. ASIC will consider what action to take in relation to its current proceedings against Mr. Kaye and PCS once creditors of the National Investment Institute (NII) have had an opportunity to consider a revised Deed of Company Arrangement (DOCA). The DOCA is expected to be considered by creditors on 19 January 2004. ASIC will also continue to review any revised DOCA and the information and recommendations provided to creditors by the Administrator. Acceptance of any proposal by the creditors of NII will not affect ASIC's investigation into any breaches of directors' duties by directors and officers of NII, PCS and related companies. ASIC's investigation into the operations of NII and companies related to Mr. Kaye are ongoing and will continue irrespective of the outcome of the current application before the Federal Court. PARMALAT FINANZIARA: Italian Investigation Overshadows Sale ----------------------------------------------------------- There's no immediate need to consider offers from rival companies, the Australian unit of beleaguered Italian food giant, Parmalat Finanziara, told Reuters Wednesday. "Until things unfold in Europe, we aren't considering anything," an unnamed source told the newswire, when sought to confirm reports that at least three local rivals have tendered offers for the unit. Leading the would-be bidders is Melbourne-based National Foods, which has openly expressed the readiness to gobble up the smaller rival in the dairy market. Cooperative Dairy Farmers and New Zealand-based processor, Fonterra, are reportedly awaiting for developments at the scandal-hit parent in Italy. About 20 individuals are now being investigated by Italian authorities over what has become Europe's biggest corporate scandal. The situation at the parent firm, which delayed an interest payment due earlier this month, worsened last week when Bank of America dismissed as false a statement that Parmalat had nearly four billion euros' worth of cash and investments attributed to a Cayman Islands unit. This led many to speculate that the Parma, the Italy-based firm that employs 35,000 people in 30 countries, has a seven-billion-euro hole in its account. In Australia, Parmalat owns the Queensland-based Pauls milk business, one of Australia's three main dairy processors in a country seen as having room only for two, says Reuters. It also makes Breaka flavored milk, Rev low-fat milk, PhysiCAL yogurt and others. The local unit has the smallest share of Australia's fresh milk business with about 18 percent, but overall its domestic arm is solid. "For now, the local Parmalat businesses seem sound," William Ammentorp, banking analyst at Macquarie Equities, said in a report on Wednesday. He said three of the country's four major banks -- Australia and New Zealand Bank (ANZ.AX), National Australia Bank (NAB.AX) and Commonwealth Bank of Australia (CBA.AX) have exposure to its domestic operations, but not much. "ANZ and NAB have commented that no specific provisions were made," Mr. Ammentorp said in the report. ============================== C H I N A & H O N G K O N G ============================== A-TEN COLLEGE: Hearing on Winding up Petition January 28 -------------------------------------------------------- The High Court of Hong Kong will hear on January 28, 2004 at 9:30 a.m. the petition seeking the winding up of A-Ten College Limited. Suet Sze Celia of Room 3901, 39/F., Hong Tak House, Tsz Hong Estate, Tsz Wan Shan, Kowloon, Hong Kong filed the petition on November 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. CROWN PROJECT: Winding up Hearing Set February 4 ------------------------------------------------ The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of Crown Project International Limited. Lui Chun Wai of Room 529, 5/F., Wai Sam House, Lung Hang Estate, Tai Wai, New Territories, Hong Kong filed the petition on November28, 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. GALORE CONSTRUCTION: Faces Winding up Petition in HK High Court --------------------------------------------------------------- The High Court of Hong Kong will hear on January 28, 2004 at 9:30 a.m. the petition seeking the winding up of Galore Construction Company Limited. Tsang Wai Ping of Room 2413, Shui Lam House, Tin Shui Estate, Tin Shui Wai, New Territories, Hong Kong filed the petition on November 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. KENIS INVESTMENT: High Court Sets Hearing on Winding up Petition ---------------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 10:00 a.m. the petition seeking the winding up of Kenis Investment Limited. Chui Wan Lai of Room 2514, 25/F., Ping Chi House, Tai Ping Estate, Sheung Shui, New Territories, Hong Kong filed the petition on December 1, 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. LIAUW'S (SHANGHAI): Bank of China Files Winding 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 Liauw's (Shanghai) Development Company Limited. Bank of China (Hong Kong) Limited of 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed the petition on November 26, 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 Tower, The Landmark, Central Hong Kong. ================= I N D O N E S I A ================= BANK RAKYAT: Police Wary of IDR200B Transfer; Opens Probe --------------------------------------------------------- At least 10 people are being questioned by police in relation to the IDR200 billion money transfer allegedly attended by fraudulent documents, Xinhua said Wednesday. The money came from state-owned bank, Bank Rakyat Indonesia (BRI) and deposited under the name of the workers' insurance fund, PT Jamsostek. Brig. General Soenarko, deputy spokesman for the Indonesian police said, "There were transfers of 200 billion rupiah from an account of PT Jamsostek at the BRI branch on Sudirman street to an account at the Bank Mandiri branch at Prapatan street. The police have found that the transfer [used] fake documents," Xinhua quoted Gen. Soenarko as saying. National Police Corruption crime division N. Wardhana said authorities are now seeking the permission of the Indonesian central bank to pry open the account in Bank Mandiri to determine the state's loss in the scandal. Individuals under questioning include the President Director of the BRI, Rujito, and the head of BRI Sudirman special branch, Yasrin Ginting. Police also plan to question another witness, the President Director of the Jamsostek, Junaidi AK, Gen. Soenarko said. In a separate situation Bank Negara Indonesia, also owned by the government, lost an estimated US$200 million from a lending scam discovered late October. The bank claims US$72.15 million has since been recovered. The scandal involved the issuance of letters of credit by institutions in Kenya, Switzerland and the Cook Islands to cover commodity exports from Jakarta-based companies. A Jakarta branch of BNI paid out export credits to the companies although they never made the exports, according to an earlier issue of TCR-Asia Pacific. ========= J A P A N ========= ASHIKAGA FINANCIAL: Files For Court Protection ---------------------------------------------- Ashikaga Financial Group, fearing a collapse following the government acquisition of its insolvent unit Ashikaga Bank, sought court protection from creditors on Thursday, reports the AP Online. Ashikaga Financial spokesman Tokuji Kawane said the nationalization of Ashikaga Bank had severely weakened the holding Company because the bank had comprised its core business. Following the court decision, the Tokyo Stock Exchange said it would delist the stock of Ashikaga Financial Group on January 26. DIA KENSETSU: Gets Tax Breaks After Rehab Scheme ------------------------------------------------ The Land, Infrastructure and Transport Ministry has approved a reform plan by Dia Kensetsu Co., making the Company eligible for preferential tax treatment under the industrial revitalization law, according to Kyodo News. The tax breaks include a cut in the registration and license tax. FUJITSU LTD: Enters Alliance With Sumitomo Electric --------------------------------------------------- Fujitsu Limited and Sumitomo Electric Industries, Ltd. have reached a basic agreement to create a joint venture that will consolidate the operations of Fujitsu Quantum Devices Limited, a wholly owned subsidiary of Fujitsu that is focused on the development, manufacture and sales of compound semiconductors, with the electronic devices business of Sumitomo Electric's compound semiconductor operations. Fujitsu and Sumitomo Electric will each have an equal equity ownership in the joint venture. The new Company, which will be engaged in everything from development and manufacturing to sales of a wide variety of compound semiconductor devices, will aim to quickly establish the trust of customers worldwide as the world's leader in the field by offering a level of technological and developmental expertise unmatched by any company in the industry. Compound semiconductor devices business has been expanding its product applications from telecommunication infrastructure market, such as equipment for fixed-line networks and wireless base stations, to such growth markets as mobile terminals, digital home appliances as well as enterprise applications, such as wireless local area networks. Fujitsu Quantum Devices will bring to the new joint venture a broad portfolio of advanced technologies primarily geared toward the telecommunications infrastructure market, including microwave devices and optical communications devices. Combined with Sumitomo Electric's strengths in materials technologies, such as epitaxial growth (*), which contribute to superior device performance, the new company will quickly take a leading position in the market for microwave devices and other compound semiconductor devices, offering products that combine unparalleled performance and value. Through the integration of the two companies' operations, the new joint venture will pursue the following strategies for growth: By taking maximum advantage of the synergy from the partners' distinct strengths, the joint venture will build a powerful R&D platform, particularly in the areas of process technologies and device performance. And by bringing together the two companies' long-term R&D work in cutting-edge technologies, the new venture will be able to quickly establish an organization that can meet a wide array of sophisticated customer needs. Through the integration of the two companies' R&D and manufacturing resources to maximize operating efficiency, the joint venture will have a dominant position in the market for telecommunications infrastructure devices as well as new markets with high growth prospects, such as wireless and broadband communications, digital home appliances and information terminals, and IP networking. The new venture will establish a global market presence, including the key markets of the U.S., Europe, and Japan, where fiber-to-the-home and other initiatives to develop high-speed subscriber networks are being implemented, as well as China, which is undergoing explosive growth. Fujitsu Limited, Fujitsu Quantum Devices, and Sumitomo Electric will continue to negotiate various details in order to sign a formal agreement, with an aim of having the joint venture be operational as of April 1, 2004, establishing a compound semiconductor device manufacturer with a dominant technological and competitive position to meet the needs of the global marketplace. Note: * Epitaxial growth technology: A technology to form a thin crystal layer on to a substrate. About Fujitsu Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace- setting technologies, highly reliable computing and telecommunications platforms, and a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu Limited reported consolidated revenues of 4.6 trillion yen (US$38 billion) for the fiscal year ended March 31, 2003. For more information, please see www.fujitsu.com About Sumitomo Electric Industries Sumitomo Electric Industries, Ltd. designs, manufactures and sells optical fiber, cable and components, advanced materials and electronic devices, and automotive parts. Through a successful strategy of research and diversification, SEI has become one of the world's leading companies at the forefront of the revolution in information and communications. The company has operations around the world in more than 25 countries and employs 80,000 people. SEI reported group net sales of 1,489 billion yen for the year ended March 2003. As part of Fujitsu Ltd.'s effort to enhance its financial stability, such as its ongoing reduction of interest-bearing liabilities, it has decided to sell a portion of its shareholdings in Fanuc Ltd. (FANUC) through a secondary offering (the Offering), TCR-AP reported recently. For more information, please seewww.sei.co.jp. Press Contact: Fujitsu Limited Public & Investor Relations Shiodome City Center 1-5-2 Higashi-Shimbashi, Minato-ku Tokyo, 105-7123 Japan Tel: +81 (0) 3-6252-2176 Fax: +81 (0) 3-6252-2783 Public Relations Office Sumitomo Electric Industries, Ltd. Tel: +81-6-6220-4119 E-mail: www@prs.sei.co.jp FURUKAWA CO.: JCR Removes Ratings on bonds/CP --------------------------------------------- Japan Credit Rating Agency (JCR) has removed the ratings of BB+ and J-3 on the bonds and CP program of Furukawa Co. from Credit Monitor: Issue / Amount (bn) / Issue Date / Due Date / Coupon Convertible Bonds no.1 / Y25 / Dec. 11, 1996 / Mar. 31, 2006 / 0.90 % CP: Maximum: Y10 billion Backup Line: 0 % RATIONALE: Japan Credit Rating Agency (JCR) placed the ratings for Furukawa under Credit Monitor on July 28, 2003 upon Furukawa's announcement that it would close its Australian copper-smelting subsidiary, Port Kembla Copper Pty. Ltd. (PKC), along with measures to strengthen the financial structure. Then, JCR downgraded the ratings for Furukawa (from #BBB+ to #BB+ with Credit Monitor being placed continually) on October 10 when the amount of loss from the discontinued operations arising from the closure of PKC was fixed. JCR has been watching carefully the going of the measures taken by Furukawa to increase the equity capital. 19 companies including Asahi Mutual Life and Furukawa Electric made payments for subscription for shares of Furukawa amounting to 9.2 billion yen fully today. JCR removed the ratings from Credit Monitor, accordingly. JCR will pay attention to the ongoing negotiations on sale of PKC to some foreign companies. MITSUBISHI MOTORS: November Vehicle Output Down 25.1% ----------------------------------------------------- Mitsubishi Motors Corporation (MMC) said its production, sales, and export results for November 2003 are as follows: Total global production in November stood at 114,952 units, down 25.1 percent from a year earlier. Domestic production for the month was off 12.2 percent on year to 62,160 units. Production of commercial vehicles, however, soared 75 percent to 9,862 as the company continued to see robust sales of its Minicab Truck and Minicab Van. Overseas production, meanwhile, declined 36.2 percent to 52,792 units. Asia excluding Japan dropped 40.9 percent to 29,227 units, while Europe posted a slight decline of 1.3 percent to 9,169 units. Despite the decline in production, sales in Europe continued to grow, advancing 4.5 percent on year for the sixth consecutive monthly increase. North American production totaled 10,304 units, down 39.6 percent on November 2002. Sales in Japan surged 18.5 percent to 26,529 units on the back of strong results in all vehicle categories1. This marks the first time in over five years that sales have grown across the board. In particular, passenger car registrations capped off a full year of gains in November with an 8.6 percent increase over the same month last year. MMC's share of the domestic market grew to 5.8 percent for the month, up from 4.7 percent last November. Exports from Japan were up 5.7 percent at 36,746 units. By area, exports to Asia totaled 4,309 units, North America 10,834 units, and Europe 9,662 units. As a result of the spin-off of MMC's truck and bus operations in January 2003, regional year-on-year comparisons are not available due to a change in the system used to tally exports. For more information, go to http://media.mitsubishi- motors.com/pressrelease/e/corporate/detail955.html NISSHO IWAI: Softbank Acquires Brokerage For Y1.187B ---------------------------------------------------- Softbank Investment Corporation acquired Nissho Iwai Securities Co. from trading house Nissho Iwai Corporation for 1.187 billion yen on Thursday, Japan Times reported on Friday. Softbank Investment acquired the entire stake in the brokerage, which had been wholly owned by the trading house, a unit of Nissho Iwai- Nichimen Holdings Corporation. On April 1, Nissho Iwai and trading house Nichimen Corporation integrated their management under a holding Company Nissho Iwai-Nichimen Holdings Corporation in a bid to rebuild the struggling businesses, TCR-AP reported recently. Nissho Iwai has begun restructuring efforts and has decided to cut the salaries of its management staff by about 20 percent. SOGO CO.: Court Orders Former Boss to Pay US$84M to Creditor ------------------------------------------------------------ The Tokyo District Court has ordered former Sogo Co. Chairman Hiroo Mizushima to repay US$84 million of the Company's debt to the government-backed Deposit Insurance Corporation as he had personally guaranteed it, AFP Asia reports. The court rejected Mizushima's argument that he had guaranteed the debt just for form's sake, ruling he owed nine billion yen plus 14 percent accumulated interest and surcharges. Mizushima became President of Sogo in 1962 and stepped down as Chairman in April 2000. Sogo sought court protection in July of that year after spectacularly collapsing with liabilities of 1.87 trillion yen. ========= K O R E A ========= KIA STEEL: Sells 6.84% Stake to Hong Kong Investment Fund --------------------------------------------------------- Kia Steel Co Ltd. has signed a preliminary agreement to sell three million shares or 6.84 percent of its outstanding stock to Hong Kong-based investment firm Asia Infrastructure Funds Management Ltd. (AIFML), according to Asia Pulse. The Hong Kong- based firm is scheduled to sign a formal contract after a four weeks of due diligence. After signing the contract, the AIFML plans to dispatch an outside director to improve the transparency of the steel maker's management. A consortium led by Seah Holdings signed a contract on September 9 to buy out Kia Steel Co., which is under court receivership, TCR-AP reported recently. Prior to the conclusion of the deal, the consortium had paid 38 billion won (US$32.45 million), or 10 percent of the contractual money of 380 billion won, to the Seoul District Court on Tuesday. The consortium plans to complete all procedures to buy out the ailing steel maker, including the payment of the remainder, by the end of this year. LG CARD: Auction Attempt Falls Flat ----------------------------------- LG Card Co. failed to attract a single bidder as a Tuesday deadline for bids passed without any show of interest, the New York Times reported on Thursday. Major creditor Woori Bank quickly extended the bidding deadline on December 26. LG Card was saved from bankruptcy in November after its creditors stepped in with US$1.7 billion in emergency loans. On Monday, LG Card received an additional US$250 million in emergency loans. The report said the deepening liquidity troubles at LG Card apparently scared off investors desperately needed to keep the Company afloat. LG CARD: Shares Down 15% on Capital Reduction Fears --------------------------------------------------- Shares in LG Card Co. Ltd fell 15 percent on Friday morning, hit by fears that its creditors may slash the troubled credit card issuer's share capital, according to Reuters. The stock fell 640 won to its daily permissible low of 3,640 won at 0005 GMT. Edaily News said on Thursday creditors were considering reducing LG Card's share capital by a ratio of 2.5 to one after a debt- for-equity swap. SK GROUP: Delays Annual Executive Reshuffle to January ------------------------------------------------------ SK Group has delayed its regular yearly reshuffle of top-level executives by one month to late January, because of uncertainties surrounding its management dispute with Sovereign Asset Management over the control of SK Corporation and other urgent pending issues, Yonhap News said on Friday. In the upcoming reshuffle, the Company will decide whether Son Kil-seung, the disgraced Chairman of SK Group, will retain his post as a director of SK Corp. Son has been investigated by the prosecution on allegations of his involvement in an illegal fundraising scandal and accounting irregularities. =============== M A L A Y S I A =============== BESCORP INDUSTRIES: Applies for Investigative Audit Extension ------------------------------------------------------------- Bescorp Industries Berhad refers to the announcement made by Commerce International Merchant Bankers Berhad (CIMB) on behalf of the Company, on 20 May 2003 and 9 July 2003 in relation to the Corporate Proposals. The Company announced that an application has been made by CIMB, on behalf of the Company, to the Securities Commission (SC) on 24 December 2003 to seek the approval of the SC for an extension of time of 3 months from 8 January 2004 until 7 April 2004 for the investigative auditors, PricewaterhouseCoopers Advisory Services Sdn Bhd to complete their investigative audit pursuant to a condition imposed by the SC via its letter of approval for the Corporate Proposals dated 9 May 2003. HEREINAFTER COLLECTIVELY REFERRED TO AS THE "CORPORATE PROPOSALS Subject: BESCORP INDUSTRIES BERHAD (SPECIAL ADMINISTRATORS APPOINTED) (THE COMPANY) - Proposed share split; - Proposed share exchange; - Proposed cash payment; - Proposed capitalisation; - Proposed conversion of advances; - Proposed restricted offer for sale/private placement; - Proposed transfer of listing; - Proposed exemption; and - Proposed liquidation DIETHELM FRANCHISE: Appoints Ling & Kun as Liquidators ------------------------------------------------------ Diethelm Holdings (Malaysia) Berhad (DHMB) announced that its wholly-owned subsidiary Company, Diethelm Franchise Holdings (M) Sdn Bhd (DFH) held an Extraordinary General Meeting (EGM) on 16th December 2003 at which the shareholders resolved that DFH be wound up voluntarily. The shareholders of DFH also approved the appointment of Ms Khoo Pek LIng and Mr Ooi Chee Kun as the liquidators of DFH. The voluntary liquidation of DFH is not expected to have a material effect on the earnings or net tangible assets of the DHMB Group for the financial year ending 31st December 2003. None of the directors or substantial shareholders of DHMB or persons connected to them has any interest, direct or indirect, in the voluntary liquidation. FORESWOOD GROUP: Submits Regularization Plan on January 21 ---------------------------------------------------------- In line with the Practice Note.4/2001 of the Listing Requirement of the Kuala Lumpur Stock Exchange (The Exchange), Foreswood Group Berhad (Fores) announced that the Kuala Lumpur Stock Exchange (KLSE) has approved an extension of time from 22 November 2003 to 21 January 2004 to enable the Company to submit its regularization plan to the relevant authorities for approvals. HOTLINE FURNITURE: Extends Investigative Audit to May 21 -------------------------------------------------------- On 22 November 2003, Public Merchant Bank Berhad (PMBB) had on behalf of the newly appointed independent investigative auditor, Messrs PKF, submitted an application to the Securities Commission (SC) to seek an extension of time from the SC to complete the investigative audit on Hotline Furniture Berhad (HFB), which will be expiring on 23 December 2003 to 21 May 2004 (Extension Sought). Pursuant thereto, PMBB, on behalf of the Board of HFB, is pleased to announce that the SC had approved the Extension Sought, via its letter dated 19 September 2003, which was received on 22 December 2003. NALURI BERHAD: Appointment of Administrators Set December 2004 -------------------------------------------------------------- The Special Administrators of Naluri Berhad (Naluri) announced that the moratorium under Section 41 of the Act, which took effect from 23 December 2002, i.e. the date of the appointment of the Special Administrators over the Company, has been extended to 22 December 2004. The extension is pursuant to Section 41(3) of the Act. During the period of the moratorium, no creditor may take any action against the Company except in accordance with Section 41 of the Act. All dealings and enquiries may be directed to the Special Administrators. PLANTATION DEVELOPMENT: Unveils Investigative Audit Results ----------------------------------------------------------- Fountain View Development Berhad refers to the Securities Commission's (SC) letter dated 28 January 2003 approving the Proposed Restructuring Scheme of Plantation & Development (Malaysia) Berhad (P&D) whereby P&D or Fountain View Development Berhad (FVD) was required as part of the conditions of approval to appoint an independent audit firm to conduct an investigative audit on previous losses of the P&D Group. The investigative audit report, which was submitted to SC on 18 December 2003, has identified various transactions and reasons that led to the losses of RM450.2 million suffered by the P&D Group over the five (5) financial years ended 31 December 1997 to 31 December 2001. Amongst the transactions are the allowance for doubtful debts of RM95.4 million, write-off of goodwill arising from consolidation of Invescor Ventures Sdn Bhd Group amounting to RM60.2 million, provision for foreseeable losses on various development projects and construction contracts totaling RM28.4 million and provision for diminution in value of investments amounting to RM31.0 million which are all incurred during the financial year ended 31 December 1997. Also included in the losses are the provision for liabilities pertaining to corporate guarantees amounting to RM99.3 million and the finance costs of RM57.4 million over the five-years period, and the write-down of completed properties and land and development expenditure of RM28.2 million incurred in the financial year ended 1999. The investigative audit report has also highlighted that the utilization of the proceeds from the public issue in conjunction with the listing of P&D was not in accordance with the utilization of proceeds as approved by the SC. The facts that no legal actions have been taken to recover the shortfall in the Profit Guarantee from the guarantors in relation to the Profit Guarantee Agreement and no authorization was given by P&D to the Stakeholder to dispose of the shares pledged by the guarantors as required by the Stakeholders Agreement and utilize the proceeds towards the payment of the shortfall are also highlighted in the investigative audit report. The Board of Directors of FVD intends to examine in greater details the nature and extent of the issues set out in the investigative audit report with a view to recover the said losses of the P&D Group in compliance with the requirements as set by the SC. TAJO BHD: Issues Restructuring Scheme Update -------------------------------------------- Reference is made to Tajo's previous monthly announcements pursuant to Practice Note 1/2001: On 12 December 2003, Public Merchant Bank Berhad (PMBB), on behalf of the Board of Directors of Tajo Bhd, announced that the Kuala Lumpur Stock Exchange (KLSE) had vide its letter dated 11 December 2003, granted approval-in-principal to Mithril Berhad (Mithril) for the admission of the Official List and the listing of and quotation for the entire issued and paid-up capital of Mithril and other securities issued pursuant to the Proposed Restructuring Exercise of Tajo on the Second Board of the Kuala Lumpur Stock Exchange. On 18 December 2003, an announcement was made on the Book Closure Date for the Capital Reconstruction and the Scheme of Arrangement, which is undertaken as part of the Proposed Restructuring Exercise of Tajo. A) REASON FOR DEFAULT IN PAYMENT Due to the slowdown in the regional economy in general and the construction and building industry specifically following the financial crisis in late 1997, the cash flow generated from operations was not sufficient to service the interest and principal obligations to the lenders as and when they fell due. B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN PAYMENTS The Lenders of Tajo Group has signed a Debt Settlement and Restructuring Agreement with Tajo Berhad and Mithril Berhad on 30 September 2003. The Company is currently undergoing the necessary procedures to settle the agreed amount of RM175.582. C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR THE INDEBTEDNESS In view of the agreement from all Lender on the settlement of the debts due via the DSA, Tajo does not foresee and legal implications. There will be no financial implications arising save and except for the issuance of Rights Issue for the cash settlement portion of the amount due and for the waiver of interest to be written back to Tajo's books from 1 October 2001 to the date of the settlement. D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR SECURITY HOLDERS AGAINST THE LISTED ISSUER Nil E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER Nil F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE; AND The facilities listed above represent all the borrowings of the Tajo Group, and as a result of the Proposed Restructuring Exercise "have not been serviced" (interest and principal) since December 1998. As such they are all technically in default. The Lenders have refrained from taking any legal action since the signing of the DSA on 30 September 2003. With regards to the Notice pursuant to Section 218 of the Companies Act 1965 (the Notice) dated 9 June 2003 which was issued and served on a subsidiary of the Company namely, Alpha Glow Sdn Bhd (the Defendant) by Messrs N. K. Tan & Rahim on behalf of their client, AFFIN-ACF Finance Berhad (the Plaintiff), Tajo is in the midst of obtaining a withdrawal from the Plaintiff. There is however, no material impact on the operational and financial position of the Company arising from the Notice in view that the Defendant has ceased operations and the creditor has no recourse against the Company or any of its subsidiaries other than the Defendant. For a copy of the list of borrowings to be settle via DSA, please visit http://announcements.klse.com.my/linkwebmainpage.nsf/lca.htm UCP RESOURCES: Enters Debt Settlement Agreement With JCB -------------------------------------------------------- On January 16, 2003, Public Merchant Bank Berhad (PMBB), on behalf of the Board of Directors of UCP Resources Berhad (UCP), announced that UCP, JMR Conglomeration Bhd (formerly known as Goldenseal Resources Sdn Bhd) (JCB) and the scheme creditors of UCP (Scheme Creditors) had on 15 January 2003 entered into a debt settlement agreement pursuant to the Proposed Debt Settlement (Debt Settlement Agreement). On 15 August 2003, PMBB had, on behalf of the Board, announced certain revisions to the Proposed Corporate and Debt Restructuring Scheme. The said revisions to the Proposed Corporate and Debt Restructuring Scheme was approved by the Securities Commission vide its letter dated 23 September 2003. In relation thereto, PMBB, on behalf of the Board, announced that UCP, JCB and the Scheme Creditors, had on 23 December 2003 entered into a Supplemental Debt Settlement Agreement to effect the following: (i) To revise the date in which all conditions precedent of the Debt Settlement Agreement be fulfilled by 28 February 2004 or such other date as UCP, JCB and the Scheme Creditors may agree; and (ii) To incorporate the revisions to the Proposed Corporate and Debt Restructuring Scheme as announced on 15 August 2003. Collectively referred to as the "Proposed Corporate and Debt Restructuring Scheme are as follows: � Proposed Share Exchange � Proposed Debt Settlement � Proposed Acquisitions � Proposed Rights Issue � Proposed Placement � Proposed Transfer of Listing � Proposed Liquidation � Proposed Exemption � Proposed Capitalisation of JMR Conglomeration Bhd (formerly known as Goldenseal Resources Sdn Bhd) Advances � Proposed Disposal of JCB Shares to JMR Consolidated Holdings Sdn Bhd (formerly known as Synergy Harvest Sdn Bhd) ===================== P H I L I P P I N E S ===================== NATIONAL POWER: PSALM Pursues Sale of Generation Assets ------------------------------------------------------- The Power Sector Assets and Liabilities Management Corporation (PSALM) is committed to push through with the sale of National Power Corporation (Napocor)'s generation assets next year, the Philippine Star reported on Friday, citing PSALM President Edgardo del Fonso. PSALM Vice President for marketing Froilan Tampinco, in a separate interview, said Navotas I will be the next power plant to be placed in the auction block. PSALM has approved the final groupings of the generation assets of Napocor, which will be up for sale. The sale of the first batch was moved from the earlier set date of December 19, 2003 to the first quarter of 2004. Based on the revised groupings, PSALM will bid out 35 power plants, an increase from earlier programmed 28 power facilities. ================= S I N G A P O R E ================= ALDGATE PTE: Schedules Final Meeting on January 19 -------------------------------------------------- The final general meeting of the members of Aldgate Pte Ltd (In Members' Voluntary Liquidation) will be held at No. 1, Kim Seng Promenade, #07-02, Great World City, Singapore 237994, on 19th January 2004 at 10 A.M. for the following purposes: 1. To receive an account from the Liquidators showing the manner in which the winding up has been conducted and the property of the Company disposed of, and to hear any explanations that may be given by the Liquidators. 2. To determine by resolution the manner in which the books, accounts and documents of the Company shall be disposed of. KON YIN TONG WILLIAM CAVEN HUTCHISON Joint Liquidators. Note: A member entitled to attend and vote at the General Meeting is entitled to appoint a proxy to attend and vote in his stead. All proxies should be deposited at the Liquidators' Office not less than forty-eight hours before the time for holding the meeting or any adjournment thereof. A proxy need not be a member of the Company. CENTRAL PROPERTIES: Enters Capital Reduction Scheme --------------------------------------------------- Further to the announcement on 28 November 2003 by Central Properties Limited (In Members' Voluntary Liquidation), the order of court dated 28 November 2003 confirming the selective capital reduction has been lodged with the Registrar of Companies and Businesses on December 22, 2003. ONG YEW HUAT LIQUIDATOR HIAP AIK: Unit's Winding Up Hearing Set March 8 ----------------------------------------------- Further to the announcement made on 17 July 2003 with regard to the Court Summons against Batu Simen Indah Sdn Bhd (BSI), a wholly owned subsidiary of Hiap Aik Construction Berhad (Special Administrators Appointed) (HACB), the Company announced that the Petition for winding-up BSI dated 2 October 2003 and the Affidavit Verifying Petition dated 6 October 2003 has been served on BSI. A copy of the abovementioned petition has been received by HACB on 22 December 2003. Date of hearing of the petition is fixed on 8 March 2004. HOTEL PROPERTIES: Unit Enters Voluntary Liquidation --------------------------------------------------- The Directors of Hotel Properties Limited (HPL) announced that its wholly owned subsidiary in Malaysia, Travel Bug Holiday Sdn Bhd (TBH), has been placed under members' voluntary liquidation. TBH is a dormant subsidiary. Mr. Ho Lee Yoke has been appointed as Liquidator of TBH. Based on the audited consolidated accounts of the HPL Group as at 31 December 2002, the voluntary liquidation of TBH is not expected to have any material impact on the earnings per share and net tangible asset value per share of the HPL Group. By Order of the Board Mr Boon Suan Lee & Ms Chuang Sheue Ling Joint Company Secretaries MARKET REACH: Issues Dividend Notice ------------------------------------ Market Reach Pte Ltd. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 545 Orchard Road #10- 08 Far East Shopping Centre Singapore 238882. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 121 of 1997. Amount Percentum: 4.59 percent. First and Final or otherwise: First & Final Dividend. When Payable: 3rd December 2003. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. KAREN LOH PEI HSIEN Assistant Official Receiver. P F LIU: Creditors Must Submit Claims by January 20 --------------------------------------------------- The creditors of P F Liu Pte Ltd (In Voluntary Liquidation), which is being voluntarily wound up are required on or before the 20th day of January, 2004 to send in their names and addresses with particulars of their debts and claims and the names and addresses of their solicitors (if any) to the undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1 Coleman Street, #06-10 The Adelphi, Singapore 179803 and, if so required by notice in writing from the said Liquidator, are by their solicitors or personally to come and prove their debts and 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 and claims are proved. WEE HUI PHENG Liquidator. PRINT AND MAIL: Issues Debt Claim Notice to Creditors ----------------------------------------------------- The creditors of Print And Mail Intercontinental (Asia) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 19th 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 by the said liquidators are, by their solicitors or personally, to come in and prove their 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. NEO BAN CHUAN YEAP LAM KHENG Liquidators. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. TECNOVA PTE: Creditors Must Submit Claims by January 19 ------------------------------------------------------- Notice is hereby given that the creditors of Tecnova Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 19th 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 by the said Liquidators are, by their solicitors or personally, to come in and prove their 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. CHEE YOH CHUANG LEOW QUEK SHIONG Liquidators. c/o 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. =============== T H A I L A N D =============== BANGKOK STEEL: Supreme Court Orders Business Rehabilitation ----------------------------------------------------------- Subject: Update on Business Rehabilitation To: The President of the Stock Exchange of Thailand Reference is made to the application by Bangkok Bank and Siam Commercial Bank for the rehabilitation of Bangkok Steel Industry Public Company Limited. The petition filed before the Central Bankruptcy Court on October 13, 2000 was dismissed on February 14, 2001. The two creditors appealed the decision to the Supreme Court on March 14, 2001. We would like to report to the SET that the Supreme Court has ordered the company to rehabilitate its business under the Bankruptcy Act B.E 2483, Article 90/10 since December 22, 2003 and appointed the current company executive to be the temporary executive under the supervision of the official receiver in accordance with Article 90/20, until a planner is appointed. Please be informed accordingly. Yours sincerely, Sangchit Laohathai Temporary Executive CENTRAL PAPER: State Restructuring Agency OKs Rehab Plan -------------------------------------------------------- Subject: Update on Debt Restructuring To: The Manager and Director, Stock Exchange of Thailand The Central Paper Industry Public Company Limited informed the Stock Exchange of Thailand on Thursday, December 25, 2003 that the Thai Asset Management Corporation has approved its proposed debt-restructuring plan. The company will file the necessary petition with the bankruptcy court in due time. Yours sincerely, Mr. Parkpoom Sitthiprasert Director JASMINE INTERNATIONAL: Resumes SET Trading Following Fundraising ---------------------------------------------------------------- Starting December 29, 2003 the Stock Exchange of Thailand (SET) allowed the securities of Jasmine International Public Company Limited (JAS) to be traded on the SET after finishing capital increase procedures. Name: Jasmine International Public Company Limited Issued and Paid up Capital Old : 5,519,704,770 Baht New : 6,797,627,730 Baht Allocate to : 104,735,021 warrants of existing shareholders exercise to 104,735,021 common shares (ratio 1:1) in the exercise price of 3.341 Baht per share. Exercise date was on 15 December 2003. 5,057,275 warrants of the director an employee holders exercise to 5,057,275 common shares (ratio 1:1) in the exercise price of 6.682 - 11.025 Baht per share. Exercise date was on 15 December 2003. Creditors for debt equity conversion totaling 18,000,000 shares in the conversion price of 17.6172 Baht per share. Conversion date was on 9 December 2003. Par value : 10 Baht THAI PETROCHEMICAL: Denies Capital Writedown Speculations --------------------------------------------------------- The President Stock Exchange of Thailand Dear Sir, Regarding the rumor of a possible capital writedown at Thai Petrochemical Industries Co., Ltd. from 10 Baht per share to 10 Satang per share allegedly being proposed by the company's financial advisor, please be informed that SCB Securities Co. Ltd. and Morgan Stanley Dean Witter Asia Limited, the appointed financial advisor, have proposed a preliminary report outlining various alternatives in the amendment of the Business Reorganization Plan for the Plan Administrator's consideration. No conclusion regarding the structure of the amendment has been reached. The Plan Administrator will endeavor to take into consideration in detail the appropriateness of each and every alternative. Furthermore, the Plan Administrator will consult with the Committee of Creditors regarding the structure of the amendment prior to finalizing the amendment of the Business Reorganization Plan to be submitted to the Official Receiver for further process. Up to this writing, the Plan Administrator has not reached any conclusion regarding the amendment of the Business Reorganization Plan, particularly the matter regarding the company's capital structure. Your acknowledgement of the above matter is highly appreciated. Yours sincerely, Suwit Nivartvong for Plan Administrator, Thai Petrochemical Industry PLC. * Stock Exchange of Thailand Delists Five Troubled Companies ------------------------------------------------------------ The Stock Exchange of Thailand (SET) Board of Governors, by virtue of Section 171 (4) of the Securities and Exchange Act B.E. 2535 (A.D. 1992), passed a resolution to delist the securities of the following five listed companies in the REHABCO sector. These five firms have faced possible delisting for some time now and have been unable to solve the causes of delisting: (1) Country (Thailand) Public Company Limited (CNTRY) (2) Power-P Public Company Limited (PP) (3) Rattana Real Estate Public Company Limited (RR) (4) Srivara Real Estate Group Public Company Limited (S-VARA) (5) Wongpaitoon Group Public Company Limited (WFC) The securities of the aforementioned listed companies will be delisted from the Exchange effective 26 December 2003 onwards. The delisting of these securities has complied with both the regulations concerned with the delisting of securities and the guidelines which deal with listed companies under the REHABCO sector as determined by the SET Board of Governors. The SET Board of Governors may consider for delisting the securities of any listed company that has been in the REHABCO sector for two years and falls into one of the following four categories: (1) The company no longer owns the core assets necessary for continuing its business, or fails to demonstrate its ability to continue as a going concern in its core business, or (2) The company's debt restructuring plan fails to incorporate small shareholders' rights or reduces the wealth of the existing shareholders to zero, or (3) The management, or the company's creditors, have not demonstrated that they are serious enough about the company's debt restructuring to enable resumption of business, or (4) The company fails to clearly achieve reasonable progress in debt restructuring or has an enormous burden of debt and/or an obligation after debt restructuring which is hindering its business. The above guidelines became effective on 28 March 2003 and obligate the SET to follow up on progress of rehabilitation of listed companies in the REHABCO sector. Therefore, these companies are required to report to the SET on progress made on the rehabilitation plans every six months. The SET may propose to the Board of Governors to delist in any case where insufficient progress has been reported. The SET has considered the progress reports of all listed companies in the REHABCO sector and has found that CNTRY, PP, RR, S-VARA and WFC are subject to delisting, according to the guidelines specified by the SET Board of Governors, as they have been unable to solve the causes of delisting. These five listed companies have been in the REHABCO sector for over three years. Yet, they have failed to clearly achieve satisfactory progress on their rehabilitation, or their debt restructuring has been found inadequate so the SET does not consider that the companies have been able to demonstrate their ability to continue as going concerns. In addition, some of the firms no longer own the core assets necessary for continuing their businesses, and others have failed to adequately address minority shareholders' rights. In related matters, this year, eight companies in the REHABCO sector have rehabilitated themselves and have been transferred back to normal sectors. Lastly, except for the delisted firms, the remaining companies in this sector are urgently seeking to improve their financial status and operations. ********* 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 ***