/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040113.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 13, 2004, Vol. 7, No. 8 Headlines A U S T R A L I A ARISTOCRAT LEISURE: Unveils 2004 Calendar Events DUKE ENERGY: Fitch Maintains Ratings Amid New Strategic Plan PARMALAT AUSTRALIA: 'Not for Sale,' Says Parent's Administrator C H I N A & H O N G K O N G CHTITOP ENTERPRISES: Winding up Hearing February 4 CMC TRADING: Xinyuan (HK) Ltd. Initiates Winding up Proceedings INDUSTRIAL & COMMERCIAL: Next on Government's Rescue List PROFIT OCEAN: Bank of China Lodges Winding up Petition TONDEX SHIPPING: Faces Winding up Petition in HK High Court WISE OCEAN: HK Court Sets Winding up Hearing February 11 I N D O N E S I A SEMEN GRESIK: 11-month Sales Slip on Low Domestic, Export Demand J A P A N DAIEI INC.: Mitsui Aims to Purchase Recruit Shares MATSUSHITA ELECTRIC: Invests Y130B in New Semiconductor Facility MITSUBISHI MOTORS: Investors May Inject Fresh Capital MITSUBISHI MOTORS: U.S. Law Firms Resolve Class Action Suit NIPPON TELEGRAPH: Union Cancels Pay Hike Demand RESONA HOLDINGS: Releases Secondary Sales in Overseas Markets RESONA BANK: Increasing Outlet Convenience by April K O R E A JINRO CO.: Up for Sale to Third-party Investors KOREA THRUNET: Court OKs Reorganization LG CARD: KDB to Replace Management Soon LG CARD: Resumes Cash Service on Saturday LG CARD: Unveils Summary of Events for 2003-2004 LG CARD: Creditors, LG Group Agree on Bailout SK GROUP: Sets Up Emergency Panel SK NETWORKS: Unit Gets Until March 22, 2004 to Decide on Leases M A L A Y S I A BUKIT KATIL: Unit Appoints Receivers BUKIT KATIL: Terminates Joint Venture Deal With SRSB HONG LEONG: Unit Appoints Liquidator IDRIS HYDRAULIC: Hyundai-Berjaya Withdraws Winding Up Petition MYCOM BERHAD: Unit Enters Manufacturing Deal With PRT UNITED CHEMICAL: Issues Default Payment Update YTL LAND: New Irredeemable Convertible Shares to List January 14 YTL POWER: Raises Exercise Price of 2000/2010 Warrants P H I L I P P I N E S MANILA ELECTRIC: ERC Reopens Hearing on Rate Hike PHILIPPINE LONG: Settles Rates Dispute With AT&T S I N G A P O R E BANDAI PTE: Creditors Must Submit Claims by February 9 BEST INVESTMENT: Unveils December 30 GM Resolutions DOLPHIN CATERING: Petition to Wind Up Pending ECON INTERNATIONAL: Issues Restructuring Update HEATH LAMBERT: Issues Debt Claim Notice to Creditors MERCATELA LIMITED: Issues First and Final Dividend to Creditors METRO HOLDINGS: Units Enter Liquidation TRANS-UNITED CORP.: Issues Judicial Management Order Notice T H A I L A N D SINO-THAI RESOURCES: Posts Details of Takeover Offer T.C.J. ASIA: Sets Conversion of Preferred Share February 29 TPI POLENE: Rumors Concerning Public Offer Trigger Trading Halt TPI POLENE: Asks SET for Temporary Suspension until January 19 TRAFFIC CORNER: Plans to Increase Stake in Day Poets Company Ltd * BOND PRICING: For the week of January 12 - January 16, 2004 - - - - - - - - ================= A U S T R A L I A ================= ARISTOCRAT LEISURE: Unveils 2004 Calendar Events ------------------------------------------------ The Directors of Aristocrat Leisure Limited have approved the following calendar for 2004. Date Event Tuesday, 24 February Announcement of results for year ended 31 December 2003 Wednesday, 10 March Record date for final dividend Wednesday, 24 March Payment date for final dividend Wednesday, 31 March Dispatch of Annual Report and Notice of Annual - General Meeting to shareholders Tuesday, 4 May Annual General Meeting Tuesday, 24 August Announcement of results for 6 months ending 30 June 2004 Wednesday, 8 September Record date for interim dividend Wednesday, 22 September Payment date for interim dividend and dispatch of interim report to shareholders Lionel Jeyaraj, the former Chief Financial Officer of Aristocrat Leisure Limited who was shown the door in April, sued the Company last month to recover more than AU$1 million in termination pay or the equivalent of two year's pay, TCR-AP reported recently. According to the report, the former executive claims his employment contact, signed in 2000, was unfair and that the Company owes him the severance package. Sacked after the company downgraded 2002 profit forecasts by AU$28.8 million, Mr. Jeyaraj lodged the lawsuit before the NSW Industrial Relations Commission. DUKE ENERGY: Fitch Maintains Ratings Amid New Strategic Plan ------------------------------------------------------------ Duke Energy's announcement that it will maintain its current dividend in 2004, downsize its merchant energy and international businesses and incur a related pre-tax, non-cash impairment charge of US$3.3 billion will not affect the existing ratings (shown below) of Duke Energy Corp. or Duke Capital Corp. Fitch Ratings did not expect a dividend reduction nor was maintenance of the current ratings predicated on a lower common stock payout. Conversely, successfully reducing merchant energy and international exposure and using sale proceeds to pay down debt would be positive for credit quality, despite the sizeable impairment charge. However, because of the significant execution risk associated with the planned asset divestitures, the Rating Outlook remains Negative. Management plans to raise US$1.5 billion from asset sales in 2004 and to reduce debt by US$4 billion. If achieved, the planned debt reduction would likely solidify Duke Capital's ratings in the investment grade category. The divestitures include the sale or IPO of Duke Capital's Australian assets and Duke Energy North America's (DENA) merchant plants in the Southeastern US (5,300 MW). Selling the U.S. merchant assets is likely to be challenging given the substantial capacity surplus in the southeast region. Duke also affirmed its previous plan to wind down its trading and marketing joint venture with ExxonMobil. The ratings of Duke Energy Corp. and Duke Capital Corp are as follows: Duke Energy Corp. -- First mortgage bonds 'A-' -- Senior unsecured debt 'BBB+' -- Preferred stock 'BBB' -- Commercial paper 'F2' Duke Capital Corp. -- Senior unsecured debt 'BBB-' -- Commercial paper 'F3' For more information, contact: Robert Hornick (New York) Phone: +1-212-908-0523 Ari Kagan (New York) Phone: +1-212-908-0644 James Jockle (Media Relations/New York) Phone: +1-212-908-0547 PARMALAT AUSTRALIA: 'Not for Sale,' Says Parent's Administrator --------------------------------------------------------------- Enrico Bondi, the government-appointed administrator of Parmalat Finanziaria S.p.A., played the spoiler over the weekend, declaring its Aussie unit 'not for sale.' According to the Australian Financial Review, the parent company finds the local business sound and Mr. Bondi assured the local management it had his support. Many local rivals have been lining up to buy the Aussie subsidiary since the main Italian business filed for insolvency. Prospective suitors include National Foods Ltd. (NFD.AU) and Coca-Cola Amatil Ltd. (CCL.AU). ============================ C H I N A & H O N G K O N G ============================ CHTITOP ENTERPRISES: Winding up Hearing 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 Chtitop Enterprises Limited. Yue Yuk Yiu of Room 1040, Wo Hing House, Hing Wah Estate, Chai Wan, Hong Kong filed the petition on November 26, 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. CMC TRADING: Xinyuan (HK) Ltd. Initiates Winding up Proceedings --------------------------------------------------------------- The High Court of Hong Kong will hear on February 18, 2004 at 9:30 a.m. the petition seeking the winding up of CMC Trading Company Limited. Xinyuan Hong Kong Limited of Unit 02A, 19th Floor, Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong filed the petition on December 9, 2003. Yung, Yu, Yuen & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Yung, Yu, Yuen & Co., which holds office on the 11th Floor, Wing Lung Bank Building, 45 Des Voeux Road Central Hong Kong. INDUSTRIAL & COMMERCIAL: Next on Government's Rescue List --------------------------------------------------------- Following a US$45 billion cash injection to Bank of China and China Construction Bank last week, the government is considering Industrial & Commercial Bank of China (ICBC) as the next recipient of bailout funds, according to the Asian Wall Street Journal. The process for ICBC could take longer, however, a person familiar with the plans told the paper. This means that a listing this year would be highly unlikely. He added the government is contemplating a US$40 billion package for ICBC, one of China's four biggest state-owned banks. Bank of China and China Construction split between them the US$45 billion bailout package. "The injection comes as both prepare for overseas stock listings as early as this year, in time to tap giddy sentiment toward new Chinese issues," the Asian Wall Street Journal said. Long burdened with "rotten loans," the Chinese banking sector is seen as out of shape to deal with increasing foreign competition. At worst, according to the report, their state of ill health leaves them vulnerable to runs and market crashes. The Chinese government hopes the bailout funds would strengthen the crippled sector before it does serious damage to the economy, the paper added. At current levels, the US$40 billion bailout would cover less than half of ICBC's non-performing loans. "It's not going to solve the problem in one shot," according to a senior executive at one of the bank's Hong Kong subsidiaries. "But if you want to go public, you need to start restructuring," he told the Asian Wall Street Journal. On Friday, ICBC reported a US$7.5 billion operating profit for 2003, a jump of 40% from a year earlier. This, however, is hardly a cause for jubilation for nearly all of this amount, roughly US$7.2 billion, will be used to write down its non- performing loans, which stood at US$85 billion, or 21.3% of total loans last year, the paper said. Now at the threshold of becoming a world economic powerhouse, China must clean up its banking sector, aligning them with international standards such as limiting debt below 10% of total loans. Caused by years of government-mandated loans, the debts of China's four state banks, according to China's Banking Regulatory Commission, averaged 16.86% of total loans at the end of 2003. "Many foreign analysts believe the percentage of bad loans is at least double the government's figure. Agriculture Bank of China, the fourth of the nation's big four state banks, reported non-performing loans were 30.1% of all loans at the end of 2002," the Asian Wall Street Journal said. To help arrest this trend, China's bank regulator announced late last year broad outlines of an industry revamp. But the process, which began this year, is less than perfect. For instance, the injection -- although a quick way to shore up balance sheets -- places the People's Bank of China, the nation's central bank, in an awkward position. "The central bank is basically taking an equity stake in China's banks," Jonathan Anderson of UBS Warburg in Hong Kong told the Asian Wall Street Journal. "You don't want to have the conflict of owning someone you are supposed to be regulating." This series of bailouts follows the industry-wide recapitalization during the late 1990s. "During 1998 and 1999, the government financed a bailout through special bond issues and transferred bad debts to asset management companies. Those companies," according to the paper, "are now trying to recover the loans, in part by selling portfolios of the bad debt to foreign financial institutions such as Morgan Stanley and Goldman Sachs Group Inc. PROFIT OCEAN: Bank of China Lodges Winding up Petition ------------------------------------------------------ The High Court of Hong Kong will hear on February 11, 2004 at 9:30 a.m. the petition seeking the winding up of Profit Ocean Holdings Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 26, 2003. W.I. Cheung & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing W.I. Cheung & Co., which holds office at Rooms 2501-10 Wing On House, 71 Des Voeux Road Central Hong Kong. TONDEX SHIPPING: Faces Winding up Petition in HK High Court ----------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 10:00 a.m. the petition seeking the winding up of Tondex Shipping Limited. Goh Bak Heng of Unit 205, 2/F., Hi-Tech Centre, 9 Choi Yuen Road, Sheung Shui, New Territories, Hong Kong filed the petition on December 4, 2003. Angela Wang & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Angela Wang & Co., which holds office at Suite A, 24/F., Entertainment Building, 30 Queen's Road Central Hong Kong. WISE OCEAN: HK Court Sets Winding up Hearing February 11 -------------------------------------------------------- The High Court of Hong Kong will hear on February 11, 2004 at 9:30 a.m. the petition seeking the winding up of Wise Ocean (Hong Kong) Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 26, 2003. W.I. Cheung & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing W.I. Cheung & Co., which holds office at Rooms 2501-10 Wing On House, 71 Des Voeux Road Central Hong Kong. ================= I N D O N E S I A ================= SEMEN GRESIK: 11-month Sales Slip on Low Domestic, Export Demand ---------------------------------------------------------------- Cement sales of PT Semen Gresik for the 11 months to November last year fell below the market average, according to Dow Jones. The company, currently in the midst of a legal tussle with Mexico's Cemex S.A., sold only 12.83 million metric tons during the period, down 5% year-on-year. The drop is bigger than the market's 3.1% slide recorded by Indonesia's cement producer association. Dow Jones said a drop in domestic sales and export is largely the reason for this. "Semen Gresik's domestic cement sales during the January to November period were down 1.9% at 10.90 million tons and exports slumped 21% to 1.93 million tons," Dow Jones said. Semen Gresik didn't comment on its sales performance, according to the newswire. ========= J A P A N ========= DAIEI INC.: Mitsui Aims to Purchase Recruit Shares -------------------------------------------------- Mitsui & Co. plans to buy Recruit Co. shares held by the struggling retail giant Daiei Inc., Kyodo News reported on Saturday. Mitsui is aiming to expand its operations into new sectors through stronger ties with the job-information enterprise, the sources said. The giant retailer has had trouble selling off its assets to reduce its interest-bearing debts. MATSUSHITA ELECTRIC: Invests Y130B in New Semiconductor Facility ---------------------------------------------------------------- Matsushita Electric Industrial Co., Ltd. (MEI), best known for its Panasonic brand name, announced a plan for the construction of a new semiconductor production facility at its Uozu Plant in Toyama Prefecture with an investment of 130 billion yen. The expansion project is planned in a move to increase production capacity of advanced system LSIs, which require cutting-edge 90- nanometer processing technology. MEI plans to begin construction in May 2004 and launch production toward the end of 2005. The Company has been leading the digital home electronics market with its 0.13-micron processing system LSIs with a vision to help realize a ubiquitous networking society through the development of miniaturization technology. Now it plans to increase the supply of further advanced system LSIs focusing on five key areas, namely DVDs, DTVs, mobile communications equipment, SD Memory Cards and network-related equipment as well as CCD (charge coupled device) image sensors. The new plant, which will be equipped with the latest 90- nanometer production process for large-diameter 300mm diameter wafers, will start production at the end of 2005 and increase production capacity eventually to 7,500 wafers per month. Plans call for future upgrading to finer processes toward 65 nanometers and further expanding production capacity to cope with expected increase of demand. About Matsushita Electric Industrial Co., Ltd. Matsushita Electric Industrial Co., Ltd., (TSE: 6752) best known for its Panasonic brand name, is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the Company recorded consolidated sales of US$61.68 billion for the fiscal year ended March 31, 2003. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific, Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf stock exchanges. For further information, please visit the Matsushita Electric Industrial Co., Ltd. home page at: www.panasonic.co.jp/global/top.html Contact: Akira Kadota International PR, Tokyo Tel: 03-3578-1237 Fax: 03-5472-7608 MITSUBISHI MOTORS: Investors May Inject Fresh Capital ----------------------------------------------------- Three shareholders in Mitsubishi Motors (MMC) may inject fresh capital into the carmaker through the acquisition of newly issued shares, the Financial Times reports. DaimlerChrysler, which owns 33 percent of MMC, Mitsubishi Heavy Industries, which has a 14.8 percent stake and Mitsubishi Corporation, with 5.2 percent, would subscribe for the new shares if shareholders approve the new issue. All three would acquire shares equivalent to their current stakes. MMC needs help to offset huge losses last year at its U.S. finance arm, where insufficient credit risk controls led to a high number of defaults that cost the Company about 85 billion yen (US$800 million) this year and pushed it to report a first- half operating loss of 76 billion yen. MITSUBISHI MOTORS: U.S. Law Firms Resolve Class Action Suit ----------------------------------------------------------- The Lemon Law Firm of Kimmel & Silverman, along with the law firms of Sheller Ludwig & Badey and Cyrus Mehri, recently resolved a class action suit against Mitsubishi Motor Manufacturing of America, Inc. and Mitsubishi Motor Sales of America, Inc., alleging brake defects in 1999 Mitsubishi Galant Models. According to documents filed in the Superior Court of New Jersey Law Division, Camden County, in November 2000, the 1999 Galant was manufactured with a brake defect, which results in premature wear of the front brake rotors. This defect causes the brakes to grind and requires continuous replacement of the brake pads and rotors. Jersey City, NJ resident Isam Haddadin was the lead plaintiff on behalf of the class. In court papers, Mr. Haddadin alleged that his 1999 Galant had been returned to the dealership repeatedly to remedy the braking problem. Mr. Haddadin's complaint alleged that the same defects exist in all 1999 Galants, estimating that the problem affects several thousand Galants in New Jersey, and tens of thousands nationally. Mr. Haddadin claimed that his car often vibrated, the brakes grinded when pushed down, and he had to step on the brake several seconds before preparing to stop. "We have seen the 1999 Galant brake problem with alarming regularity," said co-counsel Craig Thor Kimmel. "The cases share a nearly identical fact pattern of brake rotor repairs being performed every 3,000-5,000 miles. Rotors will normally last 50,000 miles or more. When rotors reach the point of replacement, the ability to stop the car is diminished." Under the settlement, owners and lessees of 1999 Mitsubishi Galants models who purchased or leased their car new are entitled to one or more of the following remedies: a) reimbursement for qualifying brake repairs b) free brake inspection and repair under certain conditions c) a voucher for $25 in future service if you have not and are not experiencing brake-related problems. Consumers should have been notified in the mail or will be notified shortly. As lead plaintiff, Mr. Haddadin received additional compensation. There are concerns that this brake problem does occur in later model Galants as well. Drivers who are experiencing this problem when the vehicle is still under warranty should visit http://www.lemonlaw.comor call 1-800-LEMON-LAW (1-800-536-6652) to find out consumer rights under State and Federal Laws. To better identify Mitsubishi Motors' presence in the U.S. marketplace, the plant assumed the name Mitsubishi Motor Manufacturing of America, Inc. (MMMA) on July 1, 1995. These laws provide completely cost-free legal representation. Since 1991, Kimmel & Silverman, P.C. (http://www.lemonlaw.com) has handled approximately one in four lemon law cases filed across the nation. To date, Kimmel & Silverman has represented more than 25,000 individual consumer claims, exclusive of class actions, in Pennsylvania, New Jersey, and Delaware, making the firm the largest practice of its sort in the United States. Sheller Ludwig and Badey, P.C. (http://www.sheller.com)focuses primarily on the representation of individuals and classes in cases regarding defective products, unfair business practices and injuries resulting from medical treatment. The Firm is currently lead counsel in several nationwide class actions. NIPPON TELEGRAPH: Union Cancels Pay Hike Demand ----------------------------------------------- Nippon Telegraph and Telephone Corporation (NTT)'s labor union will give up an across-the-board pay-scale hike in spring wage talks this year for the fourth straight year, according to Kyodo News. The All NTT Workers Union of Japan (NWJ), with some 180,000 members, will make a formal decision at a meeting of its central committee in Tokyo on February 9. NTT will reduce payments to 130,000 retired workers and 130,000 employees to ease its 600 billion yen (US$5.6 billion) pension shortfall, TCRAP reported last month. NTT, which pays as much as a 7 percent return on individual pension assets for former employees, will gradually reduce the payment level to a minimum of 3.5 percent for retired workers over the next six years. At that point the pensions will be linked to Japanese government bonds, paying 0.5 percent above the average coupon rate for the preceding three years. RESONA HOLDINGS: Releases Secondary Sales in Overseas Markets ------------------------------------------------------------- Regarding the secondary sales in overseas markets of the common shares of Resona Holdings, Inc. (the Shares) held by its subsidiaries and affiliates and solicitation for purchase of the Shares to less than 50 offerees in Japan, the sale price and other transaction details, which had not been fixed at the time of its announcement on January 8, 2004, have been determined as follows. 1. Number of the Shares to Be Offered and Sold 239,024,000 shares 2. Sale Price 123 Yen 3. Total Amount of Sale 29,399,952,000 Yen 4. Delivery Date January 15, 2004 Note: Computation of sale price Date of computation and the closing price January 9, 2004: 125 Yen Discount rate 1.6% RESONA BANK: Increasing Outlet Convenience by April --------------------------------------------------- Resona Bank will increase the number of outlets that will remain open in the evenings and on weekends by April to improve convenience for customers, reports the Kyodo News. Since last fall, Resona Bank has let about 20 outlets in urban areas centered in Tokyo and Osaka reopen from 5 P.M. to 7 P.M., after closing at 3 P.M., on a trial basis. The Resona banking group will introduce a new pay schedule in April 2004, TCR-AP reported recently. As a result, the difference in annual salaries between employees with the same number of work years and similar educational background could be as high as two times. Currently, those employees are paid almost the same. ========= K O R E A ========= JINRO CO.: Up for Sale to Third-party Investors ----------------------------------------------- Soju producer Jinro Co., which is currently under court receivership, will soon be put up for sale to third-party investors, Asia Pulse reports, citing unnamed court-appointed managers. The managers call for an early sale of the Company to a third party to allow early debt repayments and managerial normalization. In addition, the restructuring plan stipulated repayment by installments of the principal and interest for Jinro's debt of 2.37 trillion won (US$1.98 billion) over the next 10 years, adding that details of the plan could be revised by the court. The court is to deliberate on Jinro's restructuring plan on January 12 and 13, with the first meeting of creditors slated for late February or early March. KOREA THRUNET: Court OKs Reorganization --------------------------------------- A Seoul district court has approved Korea Thrunet Co. to continue with its reorganization plan under court receivership, allowing the Company to avoid liquidation proceedings, Dow Jones reports. The high-speed Internet-access provider filed for court receivership in March because of heavy debt load. As part of its reorganization plan, creditors agreed to seek a debt-for-equity swap for 15 percent of Thrunet's debt owed to financial institutions. The remaining 85 percent of the debt owed will be repaid in installments over nine years. At the end of June 2003, the Company's total liabilities were 742.2 billion won (US$627.9 million). Creditors also agreed to cancel all 24.7 million shares, or a 32 percent stake, in Thrunet held by its largest shareholder TriGem Computer Inc. They also plan to hold a public auction this year to sell the company. LG CARD: KDB to Replace Management Soon --------------------------------------- The Korea Development Bank (KDB) plans to replace the ailing LG Card's top management soon, according to Reuters. Sixteen lenders gave their support for the bailout in writing by midnight on Friday, saving the country's biggest credit card firm from bankruptcy and averting a wider financial crisis. In addition, creditors will convert 3.65 trillion won ($3.09 billion) in debt owed by LG Card -- including a fresh 1.65 trillion won in loans to be provided in the immediate future -- into equity within one year, he said. LG CARD: Resumes Cash Service on Saturday ----------------------------------------- LG Card Co. resumed cash advance services at 8 A.M. Saturday as its creditors began to inject bailout funds into the debt-ridden Company, the Maeil Business News reports. The credit card issuer halted the advances from Thursday to Friday for the second time in less than two months due to a cash shortage. On Friday night, LG Card's 16 creditors, the LG Group and the Korean government reached a last-minute agreement on a 5- trillion-won ($4.16 billion) bailout package for the near- bankrupt firm. The creditors are to extend an additional 3.65 trillion won to the ailing Company in a debt-for-equity swap. According to the agreement, the Korea Development Bank (KDB) will spend 567.4 billion won for a 25 percent stake in the Company. KDB will be solely responsible for the firm's management and normalization. LG CARD: Unveils Summary of Events for 2003-2004 ------------------------------------------------ LG Card Co. announced the summary of events for the year 2003 and 2004: 2003 Nov. 21 - LG Card halts cash advance services at several branches due to a cash shortage. Nov. 23 - LG Card's cash advance services are completely suspended. Nov. 23 - Creditors of LG Card decide to provide 2 trillion won in emergency loans and to roll over LG's outstanding debt for one year. Nov. 24 - LG Card resumes cash advance services. Nov. 25 - LG Card announces it plans to lay off a quarter of its work force and shut 59 of its 109 branches. Dec. 10 - LG Card revises down the first phase of an $844- million capital increase plan, reflecting the recent plunge in its share price. Dec. 15 - Some creditors say they are considering a joint acquisition of LG Card that would include a debt-for-equity swap amounting to about 1 trillion won. Dec. 15 - LG Card suspends online and telephone cash advance services to save money until creditors offer more funds. Dec. 16 - LG Group says it will give up LG Card and the brokerage LG Investment & Securities Co. to limit losses stemming from the card Company. Dec. 17 - Creditors agree to allow only eight lenders to bid for LG Card. Dec. 22 - Several LG Card Creditors decide to provide an additional 300 billion won in short-term loans. Dec. 22 - LG Corp., an LG Group holding Company, decides to buy 300 billion won in bonds issued by LG Card. Dec. 23 - No letters of intent from potential bidders received by the initial deadline. Dec. 26 - No interest to take over LG Card by the extended deadline. Dec. 29 - Creditors of LG Card consider a plan to run the card firm together after failing to find a buyer. The planss calls for a debt-for-equity swap totaling nearly 5 trillion won. Dec. 30 - Creditors say the joint-takeover plan is unlikely to succeed. No bidder comes forward by the midnight deadline. 2004 Jan. 2 - Plans to give control of LG Card to four banks, led by Korea Development Bank, are discussed. Jan. 4 - Kookmin Bank, Shinhan Bank and Chohung Bank oppose the joint-management plan. Jan. 5 - Finance Minister says bailout talks are in "final stage." Jan. 6 - Amount of fresh loans cut from 2 trillion won to 1.65 trillion won, creditors offer to fill the shortfall with sale of LG Investment & Securities. Jan. 7 - Kookmin Bank demands KDB take on sole management, cover future aid. Jan. 8 - Government requests LG Group to take responsibility for 75 percent of future losses at LG Card, KDB to take on remainder. Jan. 9 - Bailout agreement reached. LG CARD: Creditors, LG Group Agree on Bailout --------------------------------------------- Creditors of LG Card Co. agreed to a 3.78 trillion won (US$3.2 billion) rescue package, pulling the Company back from the brink of insolvency, the Korea Herald reports. Sixteen financial institutions met to fine-tune details of the 5 trillion won (US$4.2 billion) rescue package, a day after LG Card suspended most cash advances, raising fears that it was about to go bust. A temporary agreement calls for 16 creditors to provide 1.65 trillion won in new loans and swap 3.65 trillion won in debt for equity. SK GROUP: Sets Up Emergency Panel --------------------------------- The SK Group will set up an emergency panel to run the group following the arrest of its Chairman Son Kil-seung on charges of embezzlement and tax evasion at the energy and telecommunications giant, according to Reuters. SK Corporation Chairman Chey Tae-won will lead the new panel, which will also include two top executives of SK Telecom, the country's largest mobile carrier and two other SK Corporation executives. Son was accused of diverting 788 billion won (US$667.2 million) from SK Shipping's coffers for failed investment in overseas futures, granting 249 billion won in illicit aid to a weakened SK Group unit SK Networks Co. and masterminding a 38.2 billion won tax evasion. Prosecutors will continue investigating allegations Son provided funds to politicians ahead of a 2002 Presidential election. SK NETWORKS: Unit Gets Until March 22, 2004 to Decide on Leases --------------------------------------------------------------- SK Global America, Inc., a unit of South Korea's SK Networks Co. Ltd., is a party to four un-expired leases of nonresidential real property that have neither been assumed nor rejected. Pursuant to Section 365(d)(4) of the Bankruptcy Code, the Debtor asked and obtained the Court's approval to further extend the time within which it may assume or reject the Leases, to March 22, 2004. The request is without prejudice to the rights of each of the lessors to seek, for cause shown, an earlier date upon which the Debtor must assume or reject a specific Lease. By Court Order dated November 5, 2003, the Debtor's exclusive periods to file a plan and solicit acceptances to the plan were likewise extended to March 18, 2004, and May 18, 2004. (SK Global Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000) =============== M A L A Y S I A =============== BUKIT KATIL: Unit Appoints Receivers ------------------------------------ The Board of Directors of Bukit Katil Resources Berhad (BKATIL) announced that OCBC Bank (Malaysia) Berhad on 8 January 2004, appointed Mr. Lim Tian Huat and Mr. Duar Tuan Kiat of Messrs Ernst & Young, 4th Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur, as Receivers and Managers of the property of Omega Bricks Sdn Bhd, a wholly owned subsidiary of BKATIL, under the powers contained in the debentures dated 4 March 1997 and 26 August 1997, registered number 1 and 8 in the Register of Charges of Omega Bricks Sdn Bhd. Based on the management accounts as at 31 December 2003 of Omega Bricks Sdn Bhd, the net book value of the affected assets is RM10,814,309.34. The appointment of the Receivers and Managers for Omega Bricks Sdn Bhd is pursuant to the default arising from the non-payment of principal installments and interest amount. OCBC Bank (Malaysia) Berhad has as a result obtained judgement against Omega Bricks Sdn Bhd on 29 November 2002 and an order for sale on 14 November 2003 on the company's land held under Grant Registration No. 31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri Perak. The Company has filed a Notice of Appeal against the said order for sale. The Board of Directors of BKATIL is of the view that there will be no financial and operational impact on the Group and believes there will be no further losses arising from this appointment. The Board has been discussing alternative funding possibilities to fully settle all claims, the arrangements have reached final stages and resolution is expected soon. BUKIT KATIL: Terminates Joint Venture Deal With SRSB ---------------------------------------------------- The Board of Directors of Bukit Katil Resources Berhad (BKATIL) has on 9 January 2004 by mutual consent terminated the Joint Venture Agreement dated 29 June 2000 entered into with Sentral Raya (Melaka) Sdn Bhd (SRSB) for the development of a parcel of commercial land measuring 98.76 acres held under Lot P.T. 1, 69 and 1052 in the Mukim of Peringgit, District of Melaka Tengah Bandaraya Bersejarah (collectively the Land). SRSB is the registered and the beneficial owner of the Land. The capital outlay contributed by BKATIL toward the development of the Land amounting to RM15,308,952.11 based on the management accounts of BKATIL as at 31 December 2003 is to be fully recovered from SRSB. SRSB shall also bear all costs and expenses incurred and/or to be incurred, directly or indirectly, in relation to the Land. The Board of Directors of BKATIL is also of the view that there will be no financial and operational impact on the Group as a result of the termination of the Joint Venture Agreement and believes the termination of the Joint Venture Agreement is in the Company's best interests. HONG LEONG: Unit Appoints Liquidator ------------------------------------ Hong Leong Industries Berhad (HLI) announced that it will place Varinet Sdn Bhd (formerly known as Quayline Fairprice Sdn Bhd) [Varinet], a 60 percent subsidiary of the Company, under Members' Voluntary Winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965. Mr Ling Kam Hoong of Messrs Ling Kam Hoong & Co., No. 6-1, Jalan 3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala Lumpur will be appointed as liquidator of Varinet. Varinet had been dormant since 1998 and there are no future plans to activate this company. IDRIS HYDRAULIC: Hyundai-Berjaya Withdraws Winding Up Petition -------------------------------------------------------------- The Board of Directors of Hyundai-Berjaya Corporation Berhad (formerly known as Transwater Corporation Berhad) announced that the Company has withdrawn the winding up petition against Idris Hydraulic following the completion of the debt settlement agreement dated 26 March 2002 and a supplemental agreement thereto dated 26 June 2003 entered into between the Company, Idris and Idaman Unggul Berhad for the settlement of a debt (owing by Idris pursuant to a promissory note issued to the Company arising from a novation agreement) for a total amount of RM18,086,000. MYCOM BERHAD: Unit Enters Manufacturing Deal With PRT ----------------------------------------------------- The Board of Directors of Mycom Berhad (Mycom) announced that Pacific Forest Industries Sdn Bhd (PFI), a 51 percent owned subsidiary of Mycom has entered into a Manufacturing Agreement with Pacific Rim Timber Sdn Bhd (PRT), a Company incorporated in Malaysia and having its office at 4-2, Jalan Ara SD7/3B, Bandar Sri Damansara, 52200 Kuala Lumpur for the appointment of PRT as the Contractor to process round timber logs into sawn timber, veneer and plywood or any other wood products in Tawau, Sabah for a duration of three (3) years at a monthly stipulated entitlement sum with an option to renew for another two(2) years set out in the said Agreement. PFI has an issued and paid up share capital of RM25 million and is involved in the business of manufacturing and sale of plywood, laminated board and sawn timber. It is the beneficial owner of all that parcel of land situated at Tawau, Sabah containing approximately 29 acres and bearing title nos. CL105312463, CL105105379, CL105331075 and CL105346469 together with a wood complex factory thereon with all equipment therein. PFI is also the holder of a Plymill, Blockboard and Moulding Plant Licence no. JP(T)W002/00(X12)R, Sawmill Licence no. JP (T) TW00700(B)R and a Timber Export Licence no. JP/(PT)002/01(M) issued by the Forestry Department, State of Sabah. PRT is a private limited company with an authorized and issued and paid up share capital of RM1,000,000. Its principal activity is in the timber related industry. Under the terms of the Manufacturing Agreement, PRT shall pay PFI a monthly manufacturer's basic entitlement sum of RM150,000 for twelve (12) months upon the expiry of the start-up period on March 1 2004 and thereafter at RM200,000 per month for the remaining 24 months. At the third year, PFI will also be entitled to an additional sum of RM25 per cubic metre payable on a monthly basis if the monthly production exceeds 5,000 cubic metre. None of the Directors and/or substantial shareholders and/or persons connected with the Directors and substantial shareholders has any interest, direct or indirect in the said Agreement. UNITED CHEMICAL: Issues Default Payment Update ---------------------------------------------- The Board of Directors of United Chemical Industries Berhad (UCI) announced that there are no new significant developments in relation to the various default in payment further to the announcement on 8 December 2003. For an update on the details of all facilities currently in default in compliance with Section 3.1 of Practice Note No. 1/2001, go to http://bankrupt.com/misc/UCI_011204.xls YTL LAND: New Irredeemable Convertible Shares to List January 14 ---------------------------------------------------------------- YTL Land & Development Berhad's additional 87,900 new ordinary shares of RM1.00 each issued pursuant to the aforesaid Conversion will be granted listing and quotation with effect from 9 A.M., Wednesday, 14 January 2004. YTL POWER: Raises Exercise Price of 2000/2010 Warrants ------------------------------------------------------ The Board of Directors of YTL Power International Berhad advised the holders of the 2000/2010 Warrants (Warrantholders) that pursuant to the Appendix A of the Deed Poll, the current exercise price of the Warrants of RM2.87 per share will be increased from RM2.87 to RM2.91 per share effective from 11 January 2004 up to 10 January 2005. Appendix A of the Deed Poll sets out the exercise price of the Warrants will be increased annually by four (4) sen from the first (1st) anniversary of the Issue Date of the Warrants to the ninth (9th) anniversary of the Issue Date of the Warrants. For the purpose hereof, Issue Date means 11 January 2000. Warrantholders may contact the Registrar of the Company at 11th Floor, Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur (Tel: 03 2142 6633) for further enquiries/information in relation to the above. Yours faithfully, YTL Power International Berhad HO SAY KENG Company Secretary Kuala Lumpur Dated: 10 January 2004 cc Securities Issue Department Securities Commission Fax No: 03-6201 5213 The YTL Power Group is involved in the operation of two natural gas-fired electricity generating stations at Paka, Terengganu and Pasir Gudang, Johor. It was the first IPP in Malaysia to be awarded a license as part of the privatization of the electricity industry in Malaysia. The license is for a duration of 21 years from October 1, 1994. The Paka power station consists of two combined cycle blocks with a total installed capacity of 808 MW, while the Pasir Gudang power station consists of one combined cycle block with a total installed capacity of 404 MW. To further expand its operations, the Group formed a strategic alliance in 2000 with CLP Power International Ltd, Hong Kong, to jointly explore opportunities in the power generation sector in Malaysia. The Group also acquired, in 2001, a 33.5% stake in ElectraNet Sa of Australia. This is the Group's first investment in the transmission business. On January 17, 2001, the Group signed a Supplemental Power Purchase Agreement with Tenaga Nasional Berhad for the purchase of 1400 GWh of electricity p.a. for the next three years. Domestic expansion of the Group's operations will take place through the construction and operation of a 1400 MW coal-fired power plant in Mukim Jimah, Negeri Sembilan. On 10.5.2001, the Group entered into a Joint Development Agreement for this project with Jimah Power Holdings Sdn Bhd. The plant is expected to be commissioned in 2005/2006. ================= S I N G A P O R E ================= BANDAI PTE: Creditors Must Submit Claims by February 9 ------------------------------------------------------ Notice is hereby given that the creditors of Bandai Pte. Ltd. (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 9th day of February 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 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 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. Dated this 9th day of January 2004. WEE MENG SENG ALOYSIUS Liquidator. c/o 1 Shenton Way #07-05 Robina House Singapore 068803. BEST INVESTMENT: Unveils December 30 GM Resolutions --------------------------------------------------- At a General Meeting (GM) of Best Investment Holdings Pte Ltd duly convened and held at 138 Cecil Street, #15-00 Cecil Court, Singapore 069538 on 30 December 2003, the following resolutions set out below were duly passed: SPECIAL RESOLUTIONS: (a) ``That the Company be wound up voluntarily pursuant to Section 290 (1) (b) of the Companies Act, Cap. 50, and that Mr Steven Tan Chee Chuan of 138 Cecil Street, #15-00 Cecil Court, Singapore 069538, be and s hereby appointed as Liquidator for the purpose of such winding-up. (b) That the Liquidator be and is hereby authorized (when and as soon as the debts and liabilities of the Company have been paid and satisfied or duly provided for) to distribute the assets in specie or kind among the contributories of the Company in accordance with their respective rights and interests. (c) That the Liquidator of the Company be and are hereby authorized to exercise any of the powers given by Section 272 (1) (b), (c), (d) and (e), of the Singapore Companies Act, Cap. 50.'' ORDINARY RESOLUTION: ``That the Liquidator, Mr Steven Tan Chee Chuan, be remunerated for the work of winding-up the Company on his normal scale of fees and that the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by them in execution and discharge of their duties in relation thereto.'' DOROTHY HO Company Secretary. Dated this 5th day of January 2004. DOLPHIN CATERING: Petition to Wind Up Pending --------------------------------------------- The petition to wind up Dolphin Catering Services Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on January 16, 2004 at 10 o'clock in the morning. Angliss Singapore Pte Ltd., the petitioners, whose address is situated at 232 Pandan Loop, Singapore 128420, filed the petition with the court on December 4, 2003. The Petitioners' solicitors are Dave Shaun Patel Partnership of 20 McCallum Street #08-04, Singapore 069046. Any person who intends to appear on the hearing of the petition must serve on or send by post to Dave Shaun Patel Partnership a notice in writing not later than twelve o'clock noon of the 15th day of January 2004 (the day before the day appointed for the hearing of the Petition). ECON INTERNATIONAL: Issues Restructuring Update ----------------------------------------------- Reference is made to the earlier announcement dated 29 December 2003 regarding the status of the restructuring of Econ Corporation Limited (ECL). Pursuant to a petition by certain creditors of ECL to place the Company under interim judicial management, the Court had, at the hearing on 6 January 2004, appointed Mr Timothy Reid of Ferrier Hodgson as the interim judicial manager and ordered that the appointment of the provisional liquidators to cease with effect from the same date. HEATH LAMBERT: Issues Debt Claim Notice to Creditors ---------------------------------------------------- The creditors of Heath Lambert (Singapore) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 10th day of February 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. Dated this 9th day of January 2004. LOKE POH KEUN Liquidator. c/o 8 Cross Street #17-00 PWC Building Singapore 048424. MERCATELA LIMITED: Issues First and Final Dividend to Creditors --------------------------------------------------------------- Mercatela (Pte) Limited (In Creditors' Voluntary Liquidation) issued a notice of first and final dividend to preferential creditors as follows: Address of registered office: 3 Phillip Street #18-00 Commerce Point Singapore 048693. Amount Percentum: 48 cents to a dollar of all admitted claims of preferential creditors. First and Final or Otherwise: First and Final. When Payable: 15th January 2004. Where Payable: Shanker Iyer & Co 3 Phillip Street #18-00, Commerce Point, Singapore 048693. Dated this 9th day of January 2004. SHANKER IYER Liquidator. METRO HOLDINGS: Units Enter Liquidation --------------------------------------- The Directors of Metro Holdings Limited (Metro) announced that Sun Cruises (S) Pte Ltd and Sun Cruises Travel Pte Ltd, wholly- owned subsidiaries of Sun Cruises Holdings Pte Ltd, have resolved to participate in a members' voluntary liquidation pursuant to Section 290 of the Companies Act, Chapter 50. Sun Cruises Holdings Pte Ltd is a 69.79 percent subsidiary of the Company. Sun Cruises (S) Pte Ltd and Sun Cruises Travel Pte Ltd have been dormant since 2000. Mr Chan Kwang Cheng has been appointed Liquidator of Sun Cruises (S) Pte Ltd and Sun Cruises Travel Pte Ltd. The voluntary liquidation of Sun Cruises (S) Pte Ltd and Sun Cruises Travel Pte Ltd will have no impact on the business or affairs of the Group nor have any significant effect on the consolidated net tangible assets per share and the consolidated earnings per share of Metro and its subsidiaries for the year ending 31 March 2004. TRANS-UNITED CORP.: Issues Judicial Management Order Notice ----------------------------------------------------------- Trans-United Corporation Ltd. (Interim Judicial Manager Appointed) issued a notice of interim judicial management order for publication as follows: Notice is hereby given that on 6th day of January 2004, an order for placing the Company under interim judicial management was made and the relevant particulars of the matter are given as follows: (1) Number of matter: Originating Petition No. 21 of 2003/L. (2) Date of presentation of petition: 7th November 2003. (3) Petitioner's solicitors: Messrs Rajah & Tann 4 Battery Road, #15-01 Bank of China Building, Singapore 049908. (4) Date of Order: 6th January 2004. (5) Registered office of the Company: 32 Defu Lane 9 Singapore 539272. (6) Name and address of Interim Judicial Manager: Timothy James Reid c/o Ferrier Hodgson 50 Raffles Place #44-05 Singapore Land Tower Singapore 048623. Messrs RAJAH & TANN Solicitors For The Petitioners. =============== T H A I L A N D =============== SINO-THAI RESOURCES: Posts Details of Takeover Offer ---------------------------------------------------- To: The President, Stock Exchange of Thailand This refers to Mr. Vichai Limpanyakul, Mrs. Karanjana Manathamphaiboon, Mrs. Jintana Surapanich and Mr. Kitti Cheevakittigul's intent to purchase the rest of company's share of 5,199,000 shares or is equal to 25.99% of the disposed shares. The offer price is Baht 10 per share, according to IFCT Advisory Co., Ltd., the financial advisor of the above-mentioned Tender Offer. Please be informed accordingly. Sincerely yours, Cholapan Vongsing Assistant Managing Director Tender Offer (Form 247-4) To: All Securities Holders We hereby offer to purchase the securities of Sino-Thai Resources Development Plc. (STRD) as follows: Part 1 Significant Elements of the Tender Offer (1) Date of submission of the tender offer January 12, 2004 (2) Names of the Offerors Mrs. Suladda Asawapayukkul Mr. Vichai Limpanyakul Mrs. Karnchana Manathamphaiboon Mrs. Jintana Surapanich Mr. Kitti Cheevakittikul (hereinafter called "the Offerors") (3) Name of the Tender Offer Preparer IFCT Advisory Co., Ltd. (IFCT Advisory) (4) Objective of making the tender offer The Offerors have directly acquired 74.01% of the total issued shares of the Company. As a result they are required to make a tender offer for all the Company's securities in accordance with the Notification of the Securities and Exchange Commission No. KorJor. 53/2545 Re: Rules, Conditions and Procedures for the Acquisition of Securities for Business Takeovers dated November 18, 2002. (5) Type and class of the securities offered to purchase The Company has only one type of shares, namely ordinary shares. The Offerors will make a tender offer to purchase the remaining 5,199,000 ordinary shares from other shareholders, representing 25.99% of the total issued shares of the Company. (6) Offering price The offering price is Baht 10 (ten) per share. The Offerees are subject to a brokerage fee of 0.25% of the offering price and value added tax (VAT) at the rate of 7% of the brokerage fee. Therefore, the net price received by the offerees will be Baht 9.973 (nine point nine seven three baht) per share. Such offering price is: (/) the final offer which will not be changed (unless falling within the conditions notified in Clause 8 below); ( ) not the final offer and the Offerors may change the offering price. (7) Offer period The tender offer period will be a total of 25 business days from January 15, 2004 to February 18, 2004 during the hours of 9:00 a.m. to 4:30 p.m. Such tender offer period is: (/) the final period which will not be extended (unless falling within the conditions notified in Clause 8 below) ( ) not the final period and the Offerors may extend the period. (8) Conditions of change in the tender offer ( ) no condition (/) conditions of change in the tender offer are as follows: (/) the Offerors may reduce the offering price or extend the tender offer period if any event or action having a material adverse effect on the Company's status or assets occurs during the tender offer period; (/) the Offerors may change the offer or extend the tender offer period to compete with another person if that person has submitted a tender offer for securities of the Company during the tender offer period. (9) Conditions of cancellation of the tender offer The Offerors may cancel the tender offer upon the occurrence of one or more of the following events: (9.1) Any event or action occurring after the submission of the tender offer to the Office of the Securities Exchange Commission (hereinafter called "the SEC") but before the end of the tender offer period, which has or may have a material adverse effect on the Company's status or assets, and where such event or action is not the result of the Offerors' actions or of actions under the responsibility of the Offerors. (9.2) any action performed by STRD after the submission of the tender offer to the SEC but before the end of the tender offer period, which cause a material decrease in the value of the Company's shares. (10) The offer period that the securities holders can revoke their tendered shares The Offerees can revoke their tendered shares during the hours of 9:00 a.m. to 4:30 p.m. on business days during the period of January 15, 2004 to February 11, 2004. (11) Allocation of the purchased amount in case where the amount tendered is more or less than the amount offered to purchase All tendered shares will be purchased. (12) Sources of funds to finance the tender offer The Offerors will obtain funding for conducting the tender offer from the following sources: Letter certifying cash deposit of Mrs. Suladda Asawapayukkul issued by UOB Radanasin Bank amounting more than Baht.52 million which is sufficient to by the Company's shares. IFCT Advisory, in the capacity of tender offer preparer, has reviewed the Offerors' sources of funds and considers that the Offerors have sufficient funds to conduct and complete this tender offer. Enclosed herewith as Appendix 1 is the letter, certifying source of fund for the tender offer. (13) Name of the Tender Offer Agent Name: Kim Eng Securities (Thailand) Plc. Contact address for collection 10th Floor Mercury Tower and submission of the tender offer 540 Ploen Chit Road, Lumpini, Lumpini, acceptance form: Pathumwan, Bangkok 10330 Payment date: February 23, 2004 Tel no:0-2658-6300 ext. 1770 Fax no:0-2658-6862 T.C.J. ASIA: Sets Conversion of Preferred Share February 29 ----------------------------------------------------------- Subject: Notification of the right to convert Preferred Shares to Common Shares To : Director and Manager of the Stock Exchange of Thailand The resolution of the Board of Director Meeting No. 5/1998 of Bumrungrad Hospital Public Co., Ltd., held on Wednesday, 11 November 1998 was passed to convert Preferred Shares to Common Shares, at the rate of 1 Preferred Share to 1 Common Share during the month of February of every year. Preferred Shareholders who wish to convert their shares are advised to submit the conversion requisition forms and surrender their Preferred Shared Certificate to the Thailand Security Depository Co., Ltd. from 1st to the 29th of February 2004 from 8:30 a.m. to 5:00 p.m. Please be advised accordingly. Yours sincerely, Mrs. Linda Lisahapanya Managing Director Dr. Dhanit Dheandhanoo Director The Stock Exchange of Thailand classifies T.C.J. Asia PCL under "Companies under rehabilitation." CONTACT: 89/169 Moo 7, Vibhavadi Rangsit Road, Don Muang Bangkok Phone: 0-2552-6611, 0-2552-6622 Fax: 0-2552-7185-6 TPI POLENE: Rumors Concerning Public Offer Trigger Trading Halt --------------------------------------------------------------- The Stock Exchange of Thailand (SET) has ordered the trading halt of TPI Polene Public Company Limited (TPIPL) because significant information is circulating concerning the company's equity fund raising through public offering, but the SET has not yet been officially informed. Therefore, the SET has temporarily halted trading of the TPIPL's securities, effective from the first trading session of 12 January 2004 until the firm has disclosed this information to the SET. TPI POLENE: Asks SET for Temporary Suspension until January 19 -------------------------------------------------------------- TPI Polene Public Company Limited (TPIPL) has requested the SET to temporarily prohibit trading of its listed securities on 12 January 2004 until the end of the first trading session of 19 January 2004 for the sake of successful completion of the equity fund raising under the Reorganization Plan and the Master Restructuring Agreement. It is because TPIPL is in the process of equity fund raising through Public Offering. However, the offering price of which will be notified to the Office of the Securities and Exchange Commission (the SEC) on 12 January 2004 with the subscription period starting on 15, 16 till 19 January 2004. Therefore, the SET posts the SP sign on TPIPL's securities effective from the second trading session of 12 January 2004 until the end of the first trading session of 19 January 2004. TRAFFIC CORNER: Plans to Increase Stake in Day Poets Company Ltd ---------------------------------------------------------------- Traffic Corner Holdings Public Company Limited has been notified from the Committee Board of Traffic Corner Publishing Co., Ltd. (Subsidiaries) about the investment in Day Poets Company Limited, as follows: (1) Transaction Date : Within January 2004 (2) Nature of Business : Day Poets Co., Ltd. conducts the publishing business which consists of "A Day" and "Hamburger" monthly and fortnightly entertainment magazine. The contents of the magazines compile of TV, movie, music and fashion. Both magazines have total 40,000 copies of circulation and cost 60 Baht and 49 Baht respectively. (3) Parties involved : Purchaser - Traffic Corner Publishing Co., Ltd. Seller - Day After Day Co., Ltd. (4) Mutual relationship : No relationship between Purchaser and Seller (5) Registered and Paid-up Capital : 2 Million Baht at par value of 100 Baht (6) The details of the Investment : Common shares of Day Poets Co., Ltd. Ratio : 60 Percent The total value : 16 Million Baht which included the trademark value of "A Day" and "Hamburger." Size of transaction is based on the total received value to the net assets value of the financial statement dated 30 September 2003 = 16,000,000 = 3.35 % 477,941,000 Upon the calculation above, the transaction does not conform with the notification of the Stock Exchange of Thailand concerning the rules and procedure on disclosure of the acquisition and disposal of assets. (7) Objective : To expand into publishing business in order to generate more income and profit for the company. (8) Name of Directors of Day Poets Co., Ltd. : The Company will provide further information about the Committee Board for Day Poets Co., Ltd. later. (9) Proportions of Shareholding following Capital Increase (1) Traffic Corner Publishing Co., Ltd. 60% (2) Day After Day Co., Ltd. 37% (3) Others 3% (10) Beneficial expected : To generate more income. Yours sincerely Mr. Suraphong Triamchanchai Director The Stock Exchange of Thailand classifies Traffic Corner Holdings PCL under "Companies under rehabilitation." CONTACT: Charnissara Tower II, 2922/201-202, New Petchburi Road, Bang Kapi, Huai Khwang, Bangkok Phone: 0-2718-1999,0-2718-1250-4 Fax: 0-2718-1444 * BOND PRICING: For the week of January 12 - January 16, 2004 ------------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Amcom Telecommunications Ltd 10.000% 10/28/07 1 APN News & Media Ltd 7.250% 10/31/08 4 Australia Commonwealth Gov't Loans 3.000% 7/29/49 62 Australian Food & Fibre Ltd 4.000% 12/31/08 8 Bendigo Bank Ltd 8.000% 5/29/49 8 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 11 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 9 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/06 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.500% 4/15/04 7 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 8.850% 4/30/05 7 Fletcher Building Ltd 10.500% 4/30/05 7 Feltex Carpets Ltd 10.250% 9/15/08 1 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Garratts Ltd 12.000% 12/31/03 1 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 8 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hutchison Telecoms Australia 5.500% 7/12/07 1 JB Were Capital Markets Ltd 8.750% 12/31/03 29 Macquarie Bank Ltd 1.800% 8/15/15 66 New South Wales Treasury Corporation 0.500% 2/16/10 72 NPT Capital Ltd 9.500% 11/30/04 9 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Retail Finance 9.250% 9/15/07 10 Port Douglas Reef Resorts Limited 9.000% 4/1/04 1 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 7 Queensland Treasury Corporation 0.500% 5/19/10 71 Richmond Ltd 10.750% 12/15/04 9 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sky Network Television Ltd 9.300% 10/29/49 8 Straits Resources Ltd 10.000% 12/31/03 1 Strathfield Group Ltd 11 .000% 12/31/05 1 Tower Finance Ltd 8.750% 10/15/07 9 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 9 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- Teco Electric & Machinery Co Ltd 2.750% 4/15/04 74 KOREA ----- Korea Electric Power Corporation 7.950 4/1/96 66 Kolon Industries Inc 0.250% 12/31/04 53 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Arus Murni Corporation Bhd 0.500% 8/24/06 1 Berjaya Group Bhd 5.000% 12/30/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/06 1 Crest Builder Holdings Bhd 3.000% 2/25/06 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Eox Group Bhd 4.000% 1/10/06 2 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 6 Gadang Holdings Bhd 3.000% 10/21/07 3 Gadang Holdings Bhd 2.000% 12/24/08 1 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 2 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Halim Mazmin Bhd 8.000% 6/30/04 3 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 Lingkaran Trans Kota Holdings Bhd 7.150% 10/23/10 10 Media Prima Bhd 2.000% 7/18/08 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 MWE Holdings 5.500% 10/7/04 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pahlawan Power Sdn Bhd 5.150 1/31/05 10 Pantai Holdings Bhd 5.000% 3/28/07 1 Patimas Computer Bhd 6.000% 2/19/06 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/06 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Orlando Holdings Bhd 3.000% 3/16/05 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Southern Steel Bhd 5.500% 7/31/08 1 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Tap Resources Bhd 2.000% 6/29/06 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 2 Wah Seong Corporation Bhd 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 42 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Tampines Assets Ltd 5.625% 12/7/06 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 Rabobank Singapore 1.000% 1/15/13 70 THAILAND -------- Bangkok Bank HK 4.589% 3/3/04 64 Bank of Asia PCL 3.750% 2/9/04 64 Bangkok Land 3.125% 3/31/01 18 Bangkok Land 4.500% 10/13/03 18 Siam Commercial Bank PCL 3.250% 1/24/04 64 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***