/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040119.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, January 19, 2004, Vol. 7, No. 12 Headlines A U S T R A L I A AMP LIMITED: AGM Set for May 20 ARISTOCRAT LEISURE: Answers ASX Share Price Query BRAMBLES INDUSTRIES: Issues Major Interest in Shares Notice NOVUS PETROLEUM: Issues Update on Medco Takeover QANTAS AIRWAYS: Unveils Monthly Traffic & Capacity Statistics VILLAGE ROADSHOW: Denies Credit Facility Endangered C H I N A & H O N G K O N G CARGO-LAND WAREHOUSE: Winding Up Hearing Pending T.S.T. GARMENTS: High Court to Hear Winding up Petition March 10 I N D O N E S I A GARUDA INDONESIA: Government to Privatize Airline J A P A N ALL NIPPON: Enters Alliance With Boeing Connexion JAPAN TOBACCO: Sells Printing Units to Toppan KOBE STEEL: Unit Enters Alliance With Belgian Firm MITSUBISHI MOTORS: Sell 22% Fuso Stake to DaimlerChrysler MITSUBISHI MOTORS: Fuso Sale May Not Affect Rating, Says S&P NISSAN MOTOR: Unions Seek Y1,000 Monthly Pay Hike NISSAN MOTOR: To enter Indian Market With Sport Utility Vehicle SKYMARK AIRLINES: Forecasts Profitable 2004 K O R E A DAEWOO INTERNATIONAL: Finds Gas Field Near Myanmar LG CARD: Extends ABS Due Date M A L A Y S I A DATUK KERAMAT: Answers KLSE Query HOTLINE FURNITURE: EGM Set for January 30 SALCON BERHAD: Unveils January 15 AGM Resolutions SELOGA HOLDINGS: OKs Out of Court Settlement With Jetaras SOUTHERN PLASTIC: Seeking White Knight UCP RESOURCES: Aborts Proposed Rights Issue UNITED CHEMICAL: SC OK's Restructuring Proposal VERSATILE CREATIVE: Disposes 100% Stake in Unit WAH SEONG: Grants ICULS Listing Today P H I L I P P I N E S ABS-CBN BROADCASTING: ING Rates 'Hold' as Revenue Weakens APC GROUP: Undertakes Restructuring Program FORTUNE CEMENT: Clarifies Fine Waiver Report MANILA ELECTRIC: Expects 5% Sales Growth in 2004 MANILA ELECTRIC: ING Expects Short-term Weakness on Court Order NATIONAL BANK: Gets Php40M from Idle Asset Sale PHILIPPINE LONG: Clarifies Smart Subscribers Report PHILIPPINE LONG: Lists 4,242 Common Shares Today PILIPINO TELEPHONE: Issues Plan to Address Capital Deficiency UNITED COCONUT: Fund's PhP200M Issue Gets Nod VICTORIAS MILLING: Spends PhP300M to Improve Facilities S I N G A P O R E BONDSINSINGAPORE PTE: Creditors Must Submit Claims by February 9 GOLDEN WINNER: Issues Debt Claim Notice to Creditors KOH BROTHERS: Posts Changes in Director's Interests NEPTUNE ORIENT: Issues Full Year Results Notice Dates NEPTUNE ORIENT: Post Changes in Shareholder's Interest VERTEX CHINA: Creditors Must Submit Claims by February 9 T H A I L A N D AGRO CO.: Debt Restructuring May Raise Rating, Says S&P NATURAL PARK: Discloses Asset Investment Details NATURAL PARK: Completes Registered Capital Registration ROBINSON DEPARTMENT: Board Nominates New Directors - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: AGM Set for May 20 ------------------------------- The Annual General Meeting (AGM) of AMP Limited will be held on Thursday, 20 May 2004. In accordance with clause 65 of the Constitution of the Company and a waiver from Listing Rule 14.3 granted by Australian Stock Exchange (ASX), the closing date for receipt of director nomination notices is March 15, 2004, being 44 business days before the date of the Annual General Meeting. ARISTOCRAT LEISURE: Answers ASX Share Price Query ------------------------------------------------- In response to the Australia Stock Exchange (ASX) query of January 15, 2004, Aristocrat Leisure Ltd. issued a the following announcements: The Company is not aware of any information concerning it that has not been announced which if known could explain the recent trading in the Company's shares. The Company is not expecting to make any announcements in the immediate future. The Company is not aware of any explanation for recent trading. You mentioned a rumor that the Company had withdrawn certain financial claims against the former CEO, Mr. Randall. Other than claims, which were withdrawn in early December and reported at that time, there is no substance to the rumor. 4. The Company believes that it is in compliance with the listing rules, including Listing Rule 3.1. For more information, go to http://bankrupt.com/misc/Aristocrat011604.pdf BRAMBLES INDUSTRIES: Issues Major Interest in Shares Notice ----------------------------------------------------------- Brambles Industries Plc issued a notice, which has been lodged with the London Stock Exchange in relation to the Company. 1) Name of Company: Brambles Industries Plc 2) Name of shareholder having a major interest: The Capital Group Companies, Inc. 3) Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 On behalf of its affiliates 4) Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them See list appended 5) Number of shares/amount of stock acquired N/A 6) Percentage of issued class N/A 7) Number of shares/amount of stock disposed Not advised 8) Percentage of issued class Not advised 9) Class of security: Ordinary shares of 5p each 10) Date of transaction Not advised 11) Date Company informed 13 January 2004 12) Total holding following this notification: 57,997,140 13) Total percentage holding of issued class following this notification: 8.01 percent 14) Any additional information 15) Name of contact and telephone number for queries Sandra Walters - 020 7659 6039 16) Name of authorized Company official responsible for making this notification Sandra Walters, Assistant Company Secretary Date of notification 14 January 2004 Details of Registered Holders Capital Guardian Trust Company 2.62 percent State Street Nominees Limited 3,971,000 Bank of New York Nominees 265,000 Chase Nominees Limited 8,334,822 BT Globenet Nominees Ltd. 227,700 Midland Bank plc 2,329,600 Bankers Trust 875,700 Barclays Bank, Barclays Global Securities Services 445,900 Citibank London 19,200 Nortrust Nominees 2,028,700 Royal Bank of Scotland 8,800 MSS Nominees Limited 18,000 ROY Nominees Limited 28,700 Mellon Nominees (UK) Limited 379,390 HSBC 30,600 Total 18,963,112 Capital International Limited 2.74 percent State Street Nominees Limited 536,181 Bank of New York Nominees 4,752,431 Northern Trust 356,815 Chase Nominees Limited 4,790,459 Midland Bank plc 236,500 Bankers Trust 1,949,668 Barclays Bank, Barclays Global Securities Services 225,100 Citibank London 400,800 Morgan Guaranty 246,045 Nortrust Nominees 2,861,177 Royal Bank of Scotland 39,500 MSS Nominees Limited 194,000 State Street Bank & Trust Co 363,586 Lloyds Bank 97,700 Deutsche Bank AG 589,600 HSBC Bank plc 823,840 Mellon Bank N.A. 370,804 Northern Trust AVFC 246,800 KAS UK 31,415 Mellon Nominees (UK) Limited 299,000 Bank One London 321,780 Clydesdale Bank plc 114,800 Total 19,848,001 Capital International S.A. 1.44 percent State Street Nominees Limited 40,900 Bank of New York Nominees 68,800 Chase Nominees Limited 3,269,541 Credit Suisse London Branch 93,600 Midland Bank plc 883,900 Barclays Bank, Barclays Global Securities Services 955,900 Pictet & Cie, Geneva 50,800 Citibank London 46,800 Brown Bros. 128,500 Nortrust Nominees 36,200 Morgan Stanley 40,300 Royal Bank of Scotland 2,202,197 J.P. Morgan 1,215,136 State Street Bank & Trust Co. 51,400 National Westminster Bank 265,900 Lloyds Bank 58,156 RBSTB Nominees Ltd. 195,100 Citibank NA 53,300 Deutsche Bank AG 401,746 HSBC Bank plc 354,840 Total 10,413,016 Capital International Inc. 0.24 percent State Street Nominees Limited 968,000 Bank of New York Nominees 30,900 Chase Nominees Limited 67,100 Midland Bank plc 196,100 Bankers Trust 19,000 Nortrust Nominees 85,326 Royal Bank of Scotland 213,800 State Street Bank & Trust Co 39,100 RBSTB Nominees Ltd. 39,300 HSBC Bank plc 114,385 Total 1,773,011 Capital Research and Management Company 0.97 percent Chase Nominees Limited 7,000,000 Total 7,000,000 Brambles Industries Limited ABN 22 000 129 868 Level 40 Gateway 1 Macquarie Place Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel +61 2 9256 5222 Fax +61 2 9256 5299 www.brambles.com NOVUS PETROLEUM: Issues Update on Medco Takeover ------------------------------------------------ Novus Petroleum Limited (Novus) referred to Friday news reports in relation to the unsolicited off-market takeover bid by PT Medco Energi Internasional Tbk (Medco). Novus confirmed that various parties, which have expressed interest in submitting an alternative offer for Novus, have approached the Company. Discussions with these parties are at varying, but preliminary, stages. An information memorandum containing background information on Novus and its operations has been prepared for review by interested parties subject to them signing an appropriate confidentiality agreement. Further information will be released to the ASX as it becomes available. Novus said it will dispatch its Target's Statement responding to Medco's bid no later than Friday, 23 January 2004. FOR FURTHER INFORMATION please contact: Bob Williams or Mike Sandy, Novus Petroleum 02 9299 4888 http://www.novuspetroleum.com Novus Takeover Advice Line 1800 701 213 (within Australia) +613 9251 2730 (overseas) QANTAS AIRWAYS: Unveils Monthly Traffic & Capacity Statistics ------------------------------------------------------------- The summary of Traffic and Capacity Statistics Month of November 2003 International traffic, measured in Revenue Passenger Kilometres (RPKs) increased by 2.4 percent in November 2003, while capacity, measured in Available Seat Kilometres (ASKs), increased by 5.8 percent. This resulted in a revenue seat factor of 77.8 percent, 2.5 percentage points lower than for November 2002. Domestic RPKs increased by 3.0 percent in November, while ASKs increased by 2.6 percent over the same period. The resulting revenue seat factor of 79.1 percent was 0.3 percentage points higher than the previous year. November Group (comprising International, Domestic, Australian Airlines and QantasLink) passenger numbers increased by 1.3 percent over the previous year. RPKs increased by 3.6 percent, while ASKs were up 5.9 percent, resulting in a revenue seat factor of 77.7 percent, which was 1.7 percentage points lower than the previous year. Financial Year to Date November 2003 International revenue seat factor for year to date November 2003 decreased by 1.1 percentage points to 79.4 percent when compared with year to date November 2002, while international yield excluding exchange decreased by 0.6 percent over the same period. Domestic yield excluding exchange for the financial year to November decreased by 1.6 percent. Domestic revenue seat factor increased by 2.1 percentage points to 81.9 percent over the same period. Group passenger numbers for the year to November decreased by 0.9 percent from the previous year. RPKs decreased by 1.7 percent while ASKs decreased by 1.1 percent, resulting in a revenue seat factor of 79.6 percent, 0.4 percentage points lower than the previous year. RECENT DEVELOPMENTS On 19 December 2003, Australia Post and Qantas announced that they had been successful in their joint bid to acquire express road freight operator, Star Track Express for $750 million. The purchase will be made through a 50:50 joint venture and funded from net cash reserves and un-drawn credit facilities. The acquisition of Star Track Express is consistent with the Qantas strategy of growing its non-airline businesses. Star Track Express is a high quality operation that provides superior service levels and has achieved consistent revenue and profit growth. It also comes with an experienced management team that has a proven track record and adds to the portfolio of freight businesses in which Qantas is involved, including Australian air Express, a domestic express freight business that has been successfully operated by Australia Post and Qantas for many years. Qantas announced on 8 January 2004 that it would add two new domestic routes from April 2004, with non-stop weekly services to commence between Sydney and Broome and non-stop twice-weekly services between Perth and Cairns. Qantas will also increase domestic capacity on Melbourne-Cairns, Brisbane-Perth, Brisbane- Darwin, and Darwin-Melbourne services. On 18 December 2003, QantasLink announced that it had ordered six turboprop Dash 8 aircraft for delivery in the first half of 2004, an investment of more than $A100 million. The new 50-seat Dash 8 Q300s will replace older model 36-seat Dash 8 aircraft currently operated by QantasLink. PRELIMINARY MONTHLY TRAFFIC AND CAPACITY STATISTICS NOVEMBER 2003 Date Month Financial Year to Domestic 2003/04 2002/03 Change 2003/04 2002/03 Change Passengers 1,476 1,419 4.0% 7,487 7,346 1.9% carried (`000) Revenue 1,925 1,869 3.0% 10,083 9,907 1.8% Passenger Kilometres (m) Available Seat 2,435 2,373 2.6% 12,310 12,418 (0.9)% Kilometres (m) Revenue Seat 79.1 78.8 0.3 pts 81.9 79.8 2.1 pts Factor (%) International 2003/04 2002/03 Change 2003/04 2002/03 Change Passengers 718 729 (1.5)% 3,413 3,712 (8.1)% carried (`000) Revenue 4,380 4,276 2.4% 20,795 22,520 (7.7)% Passenger Kilometres (m) Available Seat 5,632 5,324 5.8% 26,181 27,977 (6.4)% Kilometres (m) Revenue Seat 77.8 80.3 (2.5) pts 79.4 80.5 (1.1) pts Factor (%) Australian Airlines 2003/04 2002/03 Change 2003/04 2002/03 Change Passengers 59 34 73.5% 270 38 610.5% carried (`000) Revenue Passenger 301 193 56.0% 1,339 217 517.1% Kilometres (m) Available Seat 430 268 60.4% 1,924 303 535.0% Kilometres (m) Revenue Seat 70.0 72.0 (2.0) pts 69.6 71.6 (2.0) pts Factor (%) QantasLink 2003/04 2002/03 Change 2003/04 2002/03 Change Passengers 243 283 (14.1)% 1,356 1,545 (12.2)% carried (`000) Revenue 155 190 (18.4)% 911 1,052 (13.4)% Passenger Kilometres (m) Available Seat 209 257 (18.7)% 1,219 1,414 (13.8)% Kilometres (m) Revenue Seat 74.2 73.9 0.3 pts 74.7 74.4 0.3 pts Factor (%) Total Group 2003/04 2002/03 Change 2003/04 2002/03 Change Operations Passengers 2,496 2,465 1.3% 12,526 12,641 (0.9)% carried (`000) Revenue 6,761 6,528 3.6% 33,128 33,696 (1.7)% Passenger Kilometres (m) Available Seat 8,706 8,222 5.9% 41,634 42,112 (1.1)% Kilometres (m) Revenue Seat 77.7 79.4 (1.7) pts 79.6 80.0 (0.4) pts Factor (%) NOTES Any adjustments to preliminary statistics will be included in the year to date results next month. Where figures have been rounded, discrepancies occur between the sum of the components of items and the total, and in percentage changes, which are derived from figures prior to rounding. The number of passengers carried is calculated on the basis of origin/destination (one origin/destination journey represents one passenger regardless of the number of stage lengths undertaken). Key (m) Millions RPKs: The number of paying passengers carried, multiplied by the number of kilometres flown ASKs: The number of seats available for sale, multiplied by the number of kilometres flown VILLAGE ROADSHOW: Denies Credit Facility Endangered --------------------------------------------------- Village Roadshow Limited announced that the availability to its wholly owned subsidiary, Village Roadshow Films (BVI) Limited, of the US$900m production facility is unaffected in any way by the agreement of one of its bankers, Canadian Imperial Bank of Commerce (CIBC), with authorities in Canada and the United States. CIBC's portion of this availability may be made available either through its balance sheet or, as is currently the case, one of its commercial paper conduits. Both methods of funding are contemplated in the existing deal documentation. The revolving facility of US$900m (of which US$200m is provided by CIBC) involves a syndicate of banks led by CIBC, which extends for three years through to January 2006. Upcoming Village Roadshow Pictures releases, which will be funded by the facility, include Torque (to be released in the US this Friday), Taking Lives (March 19) and Catwoman (July 30) as part of the Company's ongoing production program. For a copy of the press release, go to http://bankrupt.com/misc/village011604.pdf ============================ C H I N A & H O N G K O N G ============================ CARGO-LAND WAREHOUSE: Winding Up Hearing Pending ------------------------------------------------ The High Court of Hong Kong will hear on February 18, 2004 at 9:30 A.M. the petition seeking the winding up of Cargo-Land Warehouse Limited. ATL Logistics Centre Hong Kong Limited of Unit 13108S, 13th Floor, ATL Logistics Centre-B, Berth No. 3, Kwai Chung Container Terminal, Hong Kong filed the petition on December 8, 2003. Wilkinson & Grist represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing to Wilkinson & Grist, which holds office on Prince's Building 10 Chater Road, Central Hong Kong. T.S.T. GARMENTS: High Court to Hear Winding up Petition March 10 ---------------------------------------------------------------- The High Court of Hong Kong will hear on March 10, 2004 at 9:30 A.M. the petition seeking the winding up of T.S.T. Garments Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed the petition on December 29, 2003. Ford, Kwan & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Ford, Kwan & Co., which holds office on the Rooms 1202-1206, 12/F., Wheelock House 20 Pedder Street, Central Hong Kong. ================= I N D O N E S I A ================= GARUDA INDONESIA: Government to Privatize Airline ------------------------------------------------- The Indonesian government will privatize national flag carrier Garuda Indonesia and fertilizer Company PT Pupuk Kaltim this year, Asia Times reports. A deputy at the office of the State Minister for State Companies, Mahmuddin Yasin, said the two are among other state-owned companies to be privatized this year. ========= J A P A N ========= ALL NIPPON: Enters Alliance With Boeing Connexion ------------------------------------------------- ANA (All Nippon Airways) and Boeing announced Thursday that the two companies have signed a definitive service agreement for the installation of the Connexion by Boeing SM mobile Internet service on the air carrier's long-haul aircraft fleet. The announcement was augmented by an agreement with SES AMERICOM for satellite coverage over the North Pacific region, to be used by ANA and other leading global air carriers. During a joint press conference in Tokyo, Connexion by Boeing President Scott Carson praised ANA and SES AMERICOM for their contributions and support in helping to make connectivity possible for people on the move in the Asia-Pacific region. "ANA is to be commended for moving swiftly to ensure its passengers benefit from the added value that mobile connectivity can bring to the passenger travel experience and to airline operations," said Carson. "This agreement helps them address one of the most requested passenger amenities -- real-time, affordable connectivity -- while further positioning the airline as a leader in passenger services. That service offering is bolstered by the capabilities provided to us by SES AMERICOM, which supplies us with a world-class service provider, and a coverage solution that will benefit ANA and the other leading air carriers who are helping to drive the mobility revolution that's under way around the world." "Connexion by Boeing provides ANA with an innovative technology solution that we believe will best meet our customers' expectations and needs for in-flight communications," said Senior Vice President, Engineering & Maintenance, Shinsuke Maki. "We look forward to bringing the benefits of real-time connectivity to our passengers in the very near future." With the framework of the agreement in place, members of the ANA and Connexion by Boeing teams are now focusing on defining the installation schedule and the specifics regarding start of service and introductory routes, which will be announced at a future date once the current restructuring of the ANA long-haul fleet is completed. Financial terms of the arrangement were not disclosed. The agreement with SES AMERICOM is the logical next step in Connexion by Boeing efforts to provide service coverage on the majority of the routes served by commercial airline operators. With the additional satellite capacity, the mobile services provider can now offer in-flight connectivity coverage from the eastern U.S. seaboard to Europe and parts of Asia, continuing around the globe, reaching back to the Western United States. Connexion by Boeing recently announced its intent to expand its core business into the maritime environment. Once deployed, vessel operators in the North Pacific region will use the SES AMERICOM satellite capability to enhance ship-to-shore- communications. Based on the terms of the agreement, SES AMERICOM will outfit its new hybrid WORLDSAT-3 satellite, to be built by Alcatel Space, with dedicated Ku-band transponders to be used by the Connexion by Boeing service. Scheduled for launch by the end of 2005, WORLDSAT-3 will provide Connexion by Boeing with satellite capacity over a region stretching as far west as Singapore and Korea, above the Arctic Circle, south below New Zealand and as far east as the western coast of the U.S. Once launched, WORLDSAT-3 will be parked in an orbital slot located at 172 degrees East and be primarily used for high-data rate connectivity services. Connexion by Boeing will begin service in portions of the North Pacific region beginning in early 2005 using interim satellite service providers until the WORLDSAT-3 satellite comes online. Connexion by Boeing Director of Supplier Management Jeff Flagel notes that leasing transponders on Ku-band satellite presents a low-risk solution for providing satellite-based broadband services to aircraft and maritime vessels. "Using leased, dedicated transponders is a solid, economical approach to providing the necessary system capacity, bandwidth and transoceanic coverage to commercial and private airline operators and the passengers they serve," said Flagel. "Our agreement with SES AMERICOM is an excellent example of that strategy in a manner that not only benefits our commercial and private aircraft customers, but also allows us to expand our core business in the process." JAPAN TOBACCO: Sells Printing Units to Toppan --------------------------------------------- Japan Tobacco Inc. (JT) will sell its three printing-related subsidiaries to Toppan Printing Co. for an undisclosed sum, according to Kyodo News. JT said the sale is part of a restructuring program aimed at focusing on its mainstay tobacco business. KOBE STEEL: Unit Enters Alliance With Belgian Firm -------------------------------------------------- Kobelco Eco-Solutions Co., a unit of Kobe Steel Ltd., entered an agreement with Belgian pharmaceutical and chemical Company Solvay SA to set up a polyvinyl chloride (PVC) resin recycling joint venture in Japan, according to Kyodo News. The joint venture, called Kobelco Vinyloop East Co, will be Japan's first recycling Company of its kind. MITSUBISHI MOTORS: Sell 22% Fuso Stake to DaimlerChrysler --------------------------------------------------------- Mitsubishi Motors Corporation (MMC) has decided to sell a 22 percent stake in Mitsubishi Fuso Truck and Bus Corporation (MFTBC) to DaimlerChrysler (DC), the Company said in a statement. MMC and DC agreed on a purchase price of about 52 billion yen. The transaction, which is still subject to approval by antitrust authorities, will be finalized by the end of March 2004. "Today's decision is the logical next step in our strategy to focus on passenger car operations," said Rolf Eckrodt, MMC President and Chief Executive Officer. "The proceeds will provide extra traction for MMC's ability to invest in new model development. The closer relationship with the world's leading commercial vehicle maker DaimlerChrysler will put Mitsubishi Fuso into an even better position to succeed in an increasingly competitive industry." On January 6, 2003, MMC spun off its truck and bus operations and established MFTBC. On March 14, the sale of 43 percent of MMC's shares in MFTBC to DC and 15 percent of MMC's shares to companies within the Mitsubishi Group became effective. On December 11, the Supervisory Board of DC authorized its Board of Management to increase DC's holding in MFTBC above the present level. MITSUBISHI MOTORS: Fuso Sale May Not Affect Rating, Says S&P ------------------------------------------------------------ Standard & Poor's Ratings Services said on Friday that the announcement by Mitsubishi Motors Corporation (B+/Negative/--) that it will sell a 22% stake in truck and bus subsidiary Mitsubishi Fuso Truck and Bus Corp. (MFTBC) to DaimlerChrysler AG (BBB/Negative/A-2) would not immediately affect the ratings on the company, given the severe challenges facing Mitsubishi Motors, including a weak financial profile and difficult earnings prospects. Mitsubishi Motors currently holds a 42 percent equity stake in MFTBC. By selling about half its shareholdings in the subsidiary, Mitsubishi Motors will receive JPY52 billion, which is likely to be used for development of new models. Weak earnings prospects for Mitsubishi Motors in North America remain a major concern as the region, which used to account for a disproportionate share of the company's profitability, experiences an ongoing deterioration in auto sales. Concern also remains over the company's financial flexibility, considering its weakened access to the ABS market and weaker business results by DaimlerChrysler, the largest shareholder in Mitsubishi Motors. Reflecting these factors, Standard & Poor's lowered its long- term issuer ratings on Mitsubishi Motors to 'B+' from 'BB-' in October 2003. The rating could be lowered further if credit-loss or profitability conditions deteriorate. NISSAN MOTOR: Unions Seek Y1,000 Monthly Pay Hike ------------------------------------------------- Nissan Motor Co. plans to seek a monthly average pay-scale increase of 1,000 yen for the third straight year in spring wage talks, according to Kyodo News. The Federation of All Nissan Workers' Unions will formally make a decision at a meeting of its central committee to be held on Friday. NISSAN MOTOR: To Enter Indian Market With Sport Utility Vehicle --------------------------------------------------------------- Nissan Motor Co. Ltd. will enter the Indian market this summer with a sport utility vehicle (SUV), the Nihon Keizai Shimbun reported. The first vehicle to be released will be the X-Trail, which is sold in more than 166 countries, the report said. Nissan started a joint venture to manufacture trucks in the country in 1985, but withdrew in 1994 because of poor sales. SKYMARK AIRLINES: Forecasts Profitable 2004 ------------------------------------------- Discount airline operator Skymark Airlines Co. plans to start a new service linking Tokyo's Haneda airport and Naha in Okinawa from mid-July, according to Dow Jones. Skymark is planning two round trip flights a day linking Tokyo and Naha. The company submitted the plans to the Ministry of Land, Infrastructure and Transport earlier Thursday. Skymark Airlines Co. incurred an unconsolidated pretax loss of 576 million yen in the full year ended October 31, TCR-AP reported recently. For the second half to October 31, however, the discount carrier saw a parent-only pretax profit of 400 million yen, its first profit on a half-year basis since it inaugurated flight operations in 1998. ========= K O R E A ========= DAEWOO INTERNATIONAL: Finds Gas Field Near Myanmar -------------------------------------------------- Daewoo International Corporation (DIC) has discovered a large- scale natural gas reserve in Block A-1, northwest of Myanmar in the Arakan Sea, the Korea Times said in Thursday. The Company estimated some 4-6 trillion cubic feet of gas are in the area, which is equal to 700 million-1.1 billion barrels of petroleum and 80-120 million tons of liquefied natural gas. Daily production is forecast to amount to 500 million cubic feet, which equals 90,000 barrels of crude oil. Daewoo International Corporation (DIC), the former trading arm of the now-bankrupt Daewoo business group, is likely to graduate from debt-rescue programs that were arranged by the firm's creditors, TCR-AP reported recently. LG CARD: Extends ABS Due Date ----------------------------- The due date for LG Card Co.'s asset-backed securities (ABS) will be extended regardless of calls by some securities firms and investment trust companies, Yonhap News reports. State regulators stressed that there was a need to provide leeway to the card issuer so it can get back on its feet. They pointed out that despite concerns, extending due dates for ABSs was part of a comprehensive package deal reached between creditors and the card issuer earlier this month. Securities firms and investment trust companies hold 2.5 trillion won (US$2.1 billion) worth of bonds issued by LG Card, of which 800 billion won is in the form of ABSs. The report did not provide further details. =============== M A L A Y S I A =============== DATUK KERAMAT: Answers KLSE Query -------------------------------- Datuk Keramat Holdings Berhad was aware of an advertisement of petition on January 24, 2004 in the Sun newspapers and the New Straits Times newspapers for the winding-up of the Company, by Ambank Bhd (Ambank) wherein, it was stated that the petition under Section 218 of the Companies Act was presented on 5th December 2003 at the High Court of Malaya in Kuala Lumpur (the Petition). The Petition was served on 22nd December 2003 but not at the registered office of the Company. The Company had announced the change of its registered office on 2nd December 2003. Our solicitors had on Jan 5, 2004 written to Ambank's solicitors that the petition had been served at the wrong address. The Company therefore contends that the Petition is NULL AND VOID as it was not served on the Company's registered office. In the Petition, Ambank claims for the sum of RM6,408,843.37 (based on the sum of RM4,698,018.16 together with interest at the rate of 2.5 percent per annum above Ambank's costs of fund at 5.00 percent per annum from 1.3.2000 until 13.3.2000 and thereafter at the rate of 2.5 percent per annum above Ambank's costs of fund at 6.8 percent per annum from 14.3.2000 until 15.9.2003 till date of full settlement together with penalty interest at the rate of 1 percent per annum above the aforesaid rates is calculated from 1.3.2000 until 15.9.2003) and the sum of RM7,254,373.81 (based on the sum of RM5,313,951.60 together with interest at the rate of 2.5 percent per annum above Ambank's costs of fund at 6.8 percent per annum till date of full settlement together with penalty interest at the rate of 1 percent per annum above the aforesaid rate is calculated from 1.3.2000 until 15.9.2003) and the sum of RM725,437.22 (based on the sum of RM531,395.15 together with interest at the rate of 2.5 percent per annum above Ambank's costs of fund at 6.8 percent per annum till date of full settlement together with penalty interest at the rate of 1 percent per annum above the aforesaid rate is calculated from 1.3.2000 until 15.9.2003) and cost of RM350.00 in respect of revolving credit facilities granted to the Company. The Company states that the Petition is premature as the Company genuinely disputes the claim. Circumstances leading or related to the filing of the Petition are as follows: By a Writ and Statement of Claim dated 5th April 2000 via Kuala Lumpur High Court Civil Suit No: 22-617-2000, Ambank claimed against the Company the following sums in respect of revolving credit facilities granted to the Company RM4,698,018.16 with interest at the rate of 2.5 percent above Ambank's costs of fund (5.00 percent) per annum from 1.3.2000 to 13.3.2000 and at the rate of 2.5 percent above Ambank's costs of fund (6.8 percent) p.a. after maturity on 14.3.2000, until date of full settlement, together with penalty interest at the rate of 1.0 percent per annum at the prevailing rate until the date of full settlement and RM5,313,951.60 with interest at the rate of 2.5 percent above Ambank's cost of fund (6.8 percent) per annum from 1.3.2000 until the date of full settlement together with penalty interest at the rate of 1.0 percent per annum at the prevailing rate until the date of full settlement and RM531,395-15 together with interest at the rate of 2.5 percent above Ambank's cost of fund (6.8 percent) per annum from 1.3.2000 until the date of full settlement together with penalty interest at the rate of 1.0 percent per annum at the prevailing rate until the date of full settlement and costs. On 25th May 2000, the Company filed its Defense. On 24th November 2000, Ambank entered a summary judgment against the Company. The Company's appeal to the Judge in Chambers was dismissed. On 14th June 2001, the Company filed an appeal to the Court. No hearing date has been set for this appeal. On 19th June 2001, the Company also filed an application for a stay of execution pending appeal, which has been fixed for hearing on 26th January 2004. The Company genuinely disputes the debt on the grounds that Ambank and the Company by their representatives had agreed by teleconversation and letter to vary and/or waive the terms of the original agreement by accepting the Company's proposal for restructuring of the facilities, on condition that the Company settle the overdue interest demanded. Relying on the aforesaid, the Company had on 11th February 2000 settled the overdue interest of RM239,326.02 to Ambank. Ambank accepted the said payment without any protest or reservation and rolled over the revolving credit facilities of RM4.5 million for a month from 14th February 2000. Subsequently, Ambank altered its stand and stated that it was no longer agreeable to the Company's proposal. Ambank then arbitrarily raised the interest rates of the facilities granted, with immediate effect. The Company's stand is that Ambank is estopped and precluded from reverting to the original agreement, after the Company had already relied on the variation and paid the overdue interest. The Company further contends that the Petition is NULL AND VOID as the Petition was not served on the Company's registered office. On 7th January 2004, the Company has filed an ex-parte application for stay of the winding-up proceedings for amongst other things following orders: All proceedings, process, matters under or in connection with or relating thereto under the Petition including but not limited to all proceedings, advertisements, service, gazetting or any other process BE STAYED and be of no effect without leave of the Honorable Court obtained in an inter partes hearing pending the Company's application to strike out the Petition and alternatively, all proceedings, process, matters under or in connection with or relating thereto under the Petition including but not limited to all proceedings, advertisements, service, gazetting or any other process BE STAYED and be of no effect pending the disposal of the Company's application for stay of execution pending appeal in Kuala Lumpur High Court Civil Suit No: D3-22-617-2000. The matter was fixed for hearing on 12th January 2004. However, the Judge postponed all hearings scheduled on the said date as the Commercial Courts are in the midst of packing and moving to its new premises. The stay application is now fixed for hearing on 26th January 2004. The Company will take all further necessary action to protect its rights. The winding-up proceedings have no financial or operational impact on the Company or its group of companies and there is no expected loss arising therefrom. Query Letter content: The Company refers to the advertisement on winding-up petition filed against Datuk Keramat Holdings Berhad (DKMAT), which appeared in The Sun, page 33, on Monday, 12 January 2004, a copy of which is enclosed for your reference. In this connection, kindly furnish the Exchange with an immediate announcement as per Part C of Appendix 9A of Malaysia Securities Exchange Berhad's Listing Requirements together with the following information: (i) A statement as to the solvency of DKMAT. In this regard, "solvency" means that there is no contingent liability or other liability that has become enforceable or is likely to become enforceable within a period of 12 months (from the date of the announcement) which will or may affect the ability of DKMAT or its group of companies to meet their obligations as and when they fall due; and (ii) A statement on the undertaking to provide to the Exchange with a solvency declaration in respect of DKMAT within 7 days of the announcement. In this regard, please be informed that the above announcement must be made with the authorization and confirmation of the board of directors, in particular the statement of solvency and the declaration to provide a solvency declaration. Yours faithfully LISA LAM Sector Head, Issues & Listing LL/YYT/WSW/GTH c.c. Securities Commission (via fax) HOTLINE FURNITURE: EGM Set for January 30 ----------------------------------------- The Extraordinary General Meeting (EGM) of Hotline Furniture Berhad (HFB) will be held at Bintang 1, Level One, Radius International Kuala Lumpur, 51A Changkat Bukit Bintang 50200 Kuala Lumpur on Friday 30 January 2004 at 9 A.M. or any adjournment thereof for the purpose of considering and, if thought fit, to pass the following Ordinary Resolution with or without modifications: ORDINARY RESOLUTION - PROPOSED DISPOSAL OF SINGLE STOREY WAREHOUSE LOCATED AT LOT 676 MUKIM DAMANSARA DISTRICT OF PETALING SELANGOR BY HOTLINE DEVELOPMENT SDN BHD, A WHOLLY OWNED SUBSIDIARY OF HFB FOR A CASH CONSIDERATION OF RM9 MILLION (PROPOSED DISPOSAL) "THAT subject to the approvals from the relevant authorities, approval be and is hereby given to the Company to authorize Hotline Development Sdn Bhd (HDSB) to dispose of a single storey warehouse held under GM 58, Lot 676, Mukim Damansara, District of Petaling, State of Selangor measuring approximately 3 acres for a total cash consideration of RM9 million (Ringgit Malaysia Nine Million Only) to Mydin Mohamed Holdings Bhd (MMHB) upon the completion of the terms and conditions stipulated in the Sale & Purchase Agreement dated 15th August 2003 (S&P) AND THAT the S&P entered into between HFB and MMHB be and is hereby approved and ratified AND FURTHER THAT the Directors of the Company and HDSB be and are hereby authorized to take all such steps to enter into and execute all agreements, arrangements, undertakings, indemnities, transfers, assignments and to make and to assent to any conditions, modifications, variations and/or amendments that may be imposed by the relevant authorities in order to implement, finalise and give full effect to the aforesaid disposal." Notes 1. A proxy shall be a member of the Company and if the proxy is not a member of the Company, the proxy shall be an advocate or an approved Company auditor or a person approved by the Companies Commission of Malaysia. 2. To be valid the proxy form duly completed must be deposited at the Registered Office of the Company at Unit 7.02, 7th Floor, Wisma Central, Jalan Ampang 50450 Kuala Lumpur not less than forty-eight (48) hours before the time stipulated for holding the Extraordinary General Meeting or adjournment thereof. 3. A member shall be entitled to appoint more than one (1) proxy (subject always to a maximum of two (2) proxies at each Meeting) to attend and vote at the same Meeting. 4. Where a member appoints more than one (1) proxy (subject always to a maximum of two (2) proxies at each Meeting), the appointment shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy. 5. If the appointor is a corporation, this form must be executed under its Seal or under the hand of its attorney. SALCON BERHAD: Unveils January 15 AGM Resolutions ------------------------------------------------- Salcon Berhad announced that at the First Annual General Meeting (AGM) of the Company held on 15 January 2004, the following resolutions were carried: 1. Adoption of the Audited Financial Statements for the period ended 31 July 2003 together with the Directors and Auditors' Reports thereon. 2. Re-election of the following Directors who retire in accordance with of the Company's Articles of Association: (a) Tan Sri Razali Ismail (b) Dato' (Dr) Teoh Seng Foo (c) Dato' Lim See Teok (d) Jaggit Singh a/l Tara Singh (e) Foo San Kan (f) Dato' Dr Freezailah Bin Che Yeom (g) Dato' Seri Megat Najmuddin bin Datuk Seri Dr Hj Megat Khas 3. Reappointment of Messrs KPMG as Auditors of the Company and authorize the Directors to determine their remuneration. 4. Special business: Ordinary Resolution No. 1: Authority to allot and issue shares pursuant to the Employees' Share Option Scheme. Ordinary Resolution No. 2: Authority to allot and issue shares in general pursuant to Section 132D of the Companies Act, 1965. SELOGA HOLDINGS: OKs Out of Court Settlement With Jetaras --------------------------------------------------------- Further to Seloga Holdings Berhad's announcement made on 17 December 2003 pertaining to the subject matter, the Board of Directors announced that Jetara Sdn. Bhd. (Jetara), a wholly owned subsidiary of the Company, has approached Seloga Jaya for an out of court settlement relating to the dispute on the subcontract for the construction and completion of the Main Operations and Administrative Building for the Bintulu Port Authority. Seloga Jaya has agreed to the settlement and the parties have executed a Deed of Settlement dated 15 January 2004. With the execution of this Deed of Settlement, Jetara shall cause their solicitors to file an application in the High Court in Sabah and Sarawak for the lifting of the interlocutory injunction and shall withdraw their legal suit against Seloga Jaya with no order as to cost and with no liberty to file afresh their legal suit. SOUTHERN PLASTIC: Seeking White Knight -------------------------------------- With reference to Southern Plastic Holdings Berhad (SPHB)'s announcement dated 22 December 2003, Kuala Lumpur City Securities Sdn Bhd wishes to announce that the Board of Directors of SPHB (Directors) have decided not to appeal against the Securities Commission's decision as announced on 25 September 2003. The Directors are presently in the process of identifying other potential white knights to regularize the financial position of the Company. This announcement is dated 15 January 2004. UCP RESOURCES: Aborts Proposed Rights Issue ------------------------------------------- Further to the announcement dated 31 December 2003, Public Merchant Bank Berhad, on behalf of the Board of Directors of UCP Resources Berhad (UCP), announced that UCP and JMR Conglomeration Bhd (formerly known as Goldenseal Resources Sdn Bhd) (JCB), via letters of exchange, have mutually decided on the following: (i) To abort the Proposed Rights Issue; and (ii) The placement of up to 19,505,000 ordinary shares of RM1.00 each in JCB to potential investors pursuant to the Proposed Placement will now be carried out solely by JMR Consolidated Holdings Sdn Bhd (formerly known as Synergy Harvest Sdn Bhd). UNITED CHEMICAL: SC OK's Restructuring Proposal ----------------------------------------------- Further to United Chemical Industries Berhad (UCI)'s announcement on 18 December 2002, 14 February 2003 and 4 July 2003 in respect of the Proposed Restructuring, and 6 January 2004 in respect of the approval by the Securities Commission (SC) on the Proposed Restructuring, Alliance Merchant Bank Berhad (Alliance), announced that the SC had, via its letter dated 12 January 2004, which was received on 14 January 2004, granted a waiver to Perbadanan Kemajuan Negeri Perak (PKNP) from the obligation to extend a mandatory offer arising from the Proposed Restructuring of UCI. In the submission to the SC on 14 February 2003, Alliance had, on behalf of PKNP, sought a waiver under Practice Note 2.9.3 of the Malaysian Code of Take-overs and Mergers, 1998, (Code) from the requirement to extend a mandatory offer imposed under Part II of the Code to acquire the remaining ordinary shares of RM0.50 each in Aspirasi Ekuiti Sdn Bhd (Newco) (Newco Shares) not held by PKNP upon the completion of the Proposed Restructuring of UCI. The SC has noted the following: (i) The SC had, via its letter dated 31 December 2003, approved the Proposed Restructuring of UCI which comprises, amongst others, the Proposed Capital Reduction, Proposed Share Exchange, Proposed Debt Restructuring, Proposed Assets Transfer and Proposed Harta Perak Acquisition; (The Proposed Capital Reduction, Proposed Share Exchange, Proposed Debt Restructuring, Proposed Assets Transfer and Proposed Harta Perak Acquisition are as defined in the announcement on 6 January 2004) (ii) The Proposed Restructuring of UCI also involves the proposed scheme of arrangement between Syarikat Majuperak Berhad (Majuperak), its shareholders and Newco under Section 176 of the Companies Act, 1965, whereby the shareholders of Majuperak will exchange 5,500,000 ordinary shares of RM1.00 each in Majuperak for 15,324,834 new Newco Shares at an issue price of RM0.70 per Newco Share and 135,851,142 irredeemable convertible preference shares of RM0.50 each (ICPS) (including ICPS issued as a result of the novation to Newco of debts owing by Majuperak to PKNP) at an issue price of RM0.50 per ICPS, the total consideration of which is equivalent to RM78,652,955 (Proposed Majuperak Scheme); (iii) PKNP, which currently holds the entire equity interest in Harta Perak Corporation Sdn Bhd and 63.56 percent equity interest in Majuperak, will hold an equity interest of 68.54 percent in Newco following the implementation of the abovementioned Proposed Restructuring; (iv) Pursuant to Part II of the Code, PKNP has an obligation to extend a mandatory offer over the remaining voting shares in Newco; (v) The value of net liabilities per UCI share as at 31 December 2002 is RM2.56. Based on the total borrowings of RM55.4 million and shareholders' funds as at 31 December 2002 of negative RM47.3 million, the debt to equity ratio of UCI is infinite; (vi) Any implementation of rights issue by UCI on its own is likely to be under-subscribed; and (vii) The abovementioned Proposed Restructuring of UCI is expected to regularize the financial position and operations of UCI, via Newco, wherein UCI's net liabilities position of RM2.56 per share under UCI is expected to improve to a net tangible assets position of RM1.07 per share under Newco, while the cash flow position of UCI is expected to recover to a surplus of RM21.2 million for the financial year ending 31 December 2004 under Newco. Newco is also expected to register a profit after taxation of RM7.6 million for the financial year 2004. This announcement is dated 15 January 2004. VERSATILE CREATIVE: Disposes of 100% Stake in Unit -------------------------------------------------- On 23 December 2002, Alliance Merchant Bank Berhad (Alliance) had, on behalf of Tai Wah Garments Manufacturing Berhad (TWGB), announced that TWGB had formulated a restructuring exercise to regularize its financial condition as it is an "affected listed issuer" under Practice Note No. 4/2001 issued by the Kuala Lumpur Stock Exchange (KLSE). The restructuring exercise of TWGB, includes, inter-alia, the disposal of TWGB to a third party upon the transfer of the listing status of TWGB to VCB. In this respect, the Board of Directors of Versatile Creative Berhad announced that the Company had on 13 January 2004, entered into a sale and purchase agreement with Imbasan Sukma Sdn Bhd to dispose of its 100 percent equity interest in TWGB to Imbasan Sukma Sdn Bhd, for a nominal consideration of RM1.00. Accordingly, TWGB has ceased to be a wholly owned subsidiary of VCB effective 13 January 2004. WAH SEONG: Grants ICULS Listing Today ------------------------------------- Kindly be advised that Wah Seong Corporation Berhad 's additional 1,117,800 new ordinary shares of RM0.50 each arising from the Conversion of RM 558,900 irredeemable convertible unsecured loan stocks (ICULS) 2002/2012 into 1,117,800 new ordinary shares (CONVERSION) will be granted listing and quotation with effect from 9 A.M., Monday, 19 January 2004. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: ING Rates 'Hold' as Revenue Weakens --------------------------------------------------------- ING Financial Markets has downgraded ABS-CBN Broadcasting Corporation to a "hold" from "buy" as its viewership declined in the past months slowing the network's revenue momentum, AFX Asia reports. The brokerage has lowered its 12-month target price for ABS-CBN to 25 pesos from 26.50 pesos. "Our dividend forecast may be at risk," ING added. ING said the Company has debts of 2.1 billion maturing this year and 2 billion in 2005, and cash on hand of 1.7 billion pesos as of September 2003. APC GROUP: Undertakes Restructuring Program ------------------------------------------- The APC Group will undertake a restructuring program to make it more liquid and reduce the Company's debts, the Manila Standard reported on Friday. The Company plans to sell the local exchange carrier (LEC) operations of telecom subsidiary Philcom Inc. in Mindanao to Philippine Long Distance Telephone Co. (PLDT). The sale of the LEC forms part of the measures that will shore up APC's negative net worth. APC also plans to sell Philcom Building, which sits on a 1,200- square meter lot in Makati. Proceeds of the sale will be used to pay Philcom's secured and unsecured loans. FORTUNE CEMENT: Clarifies Fine Waiver Report -------------------------------------------- This is in reference to the news article entitled "Fortune Cement, AEV seek fine waiver on finance results" published in the January 15, 2004 issue of the Business World (Internet Edition). The article reported, "Fortune Cement Corp. and Aboitiz Equity Ventures, Inc. (AEV) are seeking consideration from the Securities and Exchange Commission (SEC) to avoid being fined for alleged lapses in their 2002 financial reports. In a Jan. 12 letter to SEC General Accountant Roberto G. Manabat, Fortune Cement President Edgardo R. Soriano said the alledged discrepancies were already taken up by the company's board and the firm has already approved a course of action to correct the lapses." Fortune Cement Corporation (FCC), in a letter to the Philippine Stock Exchange dated January 15, 2004, disclosed that: Fortune Cement Corporation confirms that the Company received a letter from the Securities and Exchange Commission (SEC) providing findings on the Company's audited financial statements for the year ended December 31, 2002. The SEC letter required the Company to provide an explanation on said findings and the course of action to be undertaken by the Company, if any. There is nothing in said letter imposing a fine on the Company. In compliance with the request of the SEC, the Company has provided its explanation to the findings within the prescribed period. Neither was there any mention in our reply of any request for waiver nor reconsideration of any fines. MANILA ELECTRIC: Expects 5% Sales Growth in 2004 ------------------------------------------------ Manila Electric Co. (Meralco) expects electricity sales to grow five percent this year on the back of the economy's much- anticipated recovery, the Philippine Daily Inquirer reports, citing Meralco President Jesus Francisco. This follows last year's projected year-on-year growth of at least four percent. Meralco earlier projected that the increase, now undergoing public hearings at the Energy Regulatory Commission (ERC), will generate additional annual revenues of around 1.9 billion pesos. Meralco has 80 million dollars in short-term debts maturing this month and 3.9 billion pesos worth of long-term debts falling due in the first half of the year. MANILA ELECTRIC: ING Expects Short-term Weakness on Court Order --------------------------------------------------------------- ING Financial Markets expects "short-term" weakness in Manila Electric Co.'s share prices after a Supreme Court order barring the Company from implementing a 0.12 peso per kilowatthour rate hike, according to AFX Asia. The rate hike, which the Energy Regulatory Commission (ERC) granted provisionally, took effect on January 1. ING said that, while it is too early to speculate on the court's eventual decision on the tariff hike, Meralco's inability to implement the rate increase could seriously undermine its ability to secure debt refinancing, leading to a default situation as early as the first quarter of 2004. ING added that Meralco needs to raise another US$200-US$250 million to refinance maturing debt in 2004-2005. The brokerage expects Meralco's share price to remain weak until the court issue is resolved, but said it stands by its view that "the long-term trend of the regulatory environment is positive." NATIONAL BANK: Gets Php40M from Idle Asset Sale ----------------------------------------------- Philippine National Bank (PNB) on Thursday raised an estimated 40 million pesos from the sale of 36 idle properties, bringing to 175 million pesos the amount it has tallied so far from public auctions held since 2003, Business World reports. PNB put on the auction block more than 80 properties located in the provinces of Cavite, Laguna, Batangas and Rizal, and Valenzuela City, Quezon City, Manila, Makati City, Pasay City, and Para�aque City in Metro Manila in its latest auction. The bid ranges from 296 thousand pesos to 5.5 million pesos. The next auction will be held in Cebu next month. The date has yet to be set. PHILIPPINE LONG: Clarifies Smart Subscribers Report --------------------------------------------------- In reference to Circular for Brokers No. 171-2004 dated January 15,2004 with regard to the disclosure submitted by Philippine Long Distance Telephone Company (PLDT) in connection with the Bloomberg news article entitled "Smart says it ended 2003 with 13 million subscribers," PLDT provided the Exchange a revised disclosure, which stated that: The second paragraph should read as follows: 'PLDT clarifies that the 13 million subscribers alluded to in the Bloomberg article refers to the approximate combined subscribers bases of Smart Communications, Inc. (through its brands Smart Gold, Smart Buddy and Addict Mobile) and Pilipino Telephone Corporation (Piltel) (through its Talk 'N Text brand that are serviced on Smart had 10,080,112 million subscribers while Piltel had 2,867,085 million subscribers.' For a copy of the disclosure, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_174_TEL.pdf PHILIPPINE LONG: Lists 4,242 Common Shares Today ------------------------------------------------ The Philippine Stock Exchange (PSE) has approved on June 14, 2000 the application submitted by Philippine Long Distance Telephone Company to list additional 1,289,745 common shares, with a par value of Php5.00 per share, to cover the Executive Stock Option Plan (ESOP) of the Company, at an exercise price of Php814.00 per share. In this connection, please be advised that a total of 4,242 common shares have been availed of and fully paid by the optionees under the Company's ESOP. In view thereof, the listing of the 4,242 common shares is set for Monday, January 19, 2004. This brings the number of common shares listed under the ESOP to a total of 4,242 common shares. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For more information, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_195_TEL.pdf PILIPINO TELEPHONE: Issues Plan to Address Capital Deficiency ------------------------------------------------------------- This in reference to Memo for Brokers No. 248-2003 pertaining to the Implementing Guidelines on Article XVI, Section 2 (f) of the Listings and Disclosure Rules, which took effect on October 17, 2003. Pursuant to the aforementioned guidelines, a listed Company may be considered for delisting if its stockholders' equity becomes negative. Thus listed companies suffering from this financial condition, as reflected in its latest audited financial statements, must comply with the relevant provisions of the said guidelines. In relation thereto, Pilipino Telephone Corporation (PLTL), provided the Philippine Stock Exchange (PSE) a letter dated January 15, 2004, containing its plan of activities to be undertaken to bring the stockholders' equity from negative to positive. For a copy of PLTL's letter to the PSE, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_176_PLTL.pdf UNITED COCONUT: Fund's PhP200M Issue Gets Nod --------------------------------------------- The Securities and Exchange Commission (SEC) has approved the application of Cocolife Fixed Income Fund Inc., a unit of United Coconut Planters Bank (UCPB), to issue 200 million pesos worth of shares to the local market and operate as an open-ended investment Company, according to Business World. The registered securities cover the proposed offering of the Company's entire capital stock of 200 million pesos consisting of 200 million shares with a par value of one peso apiece. The shares shall be offered to the public at a price based on its net asset value per share plus a sales fee. VICTORIAS MILLING: Spends PhP300M to Improve Facilities ------------------------------------------------------- Victorias Milling Company Inc. plans to spend 300 million pesos this year to improve its raw sugar milling operations in a bid to raise more cash to pay creditors, according to Business World. The capital outlay would be used to upgrade its raw house capacity to 15,000 tonnes of canes per day from its current capacity of only 13,000 tonnes. The move is expected to match the capacity of the raw sugarhouse with the Company's milling facility. The Company incurred a net loss of 22.25 million pesos in the first quarter of the year ending in November, a 47 percent decline from the 42.04 million pesos in losses incurred in the same period in 2002. ================= S I N G A P O R E ================= BONDSINSINGAPORE PTE: Creditors Must Submit Claims by February 9 ---------------------------------------------------------------- Notice is hereby given that the creditors of Bondsinsingapore 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 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. Dated this 9th day of January 2004. NEO BAN CHUAN YEAP LAM KHENG Liquidators. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. GOLDEN WINNER: Issues Debt Claim Notice to Creditors ---------------------------------------------------- The creditors of Golden Winner Maritime Pte Ltd (In Members' Voluntary Liquidation), which is being wound up by Special Resolutions of members on 5th January 2004, are required on or before 9th February 2004 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the Company, and, if so required by notice in writing from the 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. Dated this 9th day of January 2004. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. KOH BROTHERS: Post Changes in Director's Interests -------------------------------------------------- Koh Brothers Group Limited issued a notice of changes in Director Koh Keng Siang's interests: PART I 1. Date of notice to issuer: 15/01/2004 2. Name of Director: Koh Keng Siang 3. Please tick one or more appropriate box(es): PART II 1. Date of change of interest: 16/11/2003 2. Name of Registered Holder: Koh Keng Siang 3. Circumstance(s) giving rise to the interest or change in interest: Others Please specify details: Expiration of options granted on 17 November 1998 to subscribe for 200,000 ordinary shares of S$0.10 each per share in respect of Koh Brothers Executives Share Option Scheme 4. Information relating to shares held in the name of the Registered Holder: - No. of options held before the change: 400,000 As a percentage of issued share capital: 0 No. of options which are the subject of this notice: 200,000 As a percentage of issued share capital: 0 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: Not Applicable No. of options held after the change: 200,000 As a percentage of issued share capital: 0 PART III 1. Date of change of interest: 2. The change in the percentage level: From percent to percent 3. Circumstance(s) giving rise to the interest or change in interest: 4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. PART IV 1. Holdings of Director, including direct and deemed interest: - Direct Deemed No. of options held before change: 0 400,000 % of issued share capital: 0 0 No. of options held after change: 0 200,000 % of issued share capital: 0 0 Note: percent of issued share capital has been left blank as it is not applicable. NEPTUNE ORIENT: Issues Full Year Results Notice Dates ----------------------------------------------------- Neptune Orient Lines Ltd. (NOL) announced the tentative dates for the release of its quarterly and full year results for the financial year beginning December 27, 2003 and ending on December 31, 2004. 1. Quarter-end dates The tentative announcement dates for each quarter of financial year 2004 are as follows: CALENDAR QUARTER-END DATES: March 31, 2004 June 30, 2004 September 30, 2004 NOL QUARTER-END DATES (BASED ON PERIOD OF REPORTING) April 2, 2004 June 25, 2004 September 17, 2004 LATEST ANNOUNCEMENT DATES ON CALENDAR BASIS May 17, 2004 August 9, 2004 November 1, 2004 NOL'S SCHEDULED ANNOUNCEMENT DATES May 13, 2004 August 3, 2004 October 28, 2004 From the above table, NOL's accounting period for the 3 quarters of financial year 2004 ends on April 2, June 25 and September 17, which are different from the quarter-end based on the calendar dates. This is due to NOL adopting a 6-week accounting period for Period 1, followed by a 4-week accounting period for Period 2 to 11 and thereafter, a 7-week period for Period 12. The reasons for the different cut-off dates are as follows: (a) As a global liner and logistics Company, NOL's accounting system is implemented worldwide. Maintenance of the accounting system is carried out during weekends on a periodic basis, which necessitates the need to have its accounting reports cut off on the last Friday of each period. (b) The first and the last accounting period of the year are 6 and 7 weeks respectively as compared to the calendar month of 4 weeks. This enables NOL's Finance Department to have more time to prepare its financial statements, which are subject to year- end external audit, and to meet local statutory reporting requirements, which differ from country to country. 2. Year-end dates Premised on the above period accounting, NOL's year-end date for 2004 falls on December 31. The full year results for 2004 will be announced on a date not later than February 14, 2005. NOL has received approval from the Registrar of Companies and Businesses as well as Singapore Exchange Limited (SGX) in respect of the above announcement dates. As part of SGX's requirement, NOL will continue to announce its quarterly and full year results based on its accounting quarter-end and year- end dates on an annual basis via MASNET and the information will be posted on its website. NEPTUNE ORIENT: Posts Changes in Shareholder's Interest ------------------------------------------------------- Neptune Orient Lines Limited posted a notice of changes in Director Wee Cho Hou's interests: PART I 1. Date of notice to issuer: 14/01/2004 2. Name of Director: WEE CHOW HOU PART II 1. Date of change of shareholding: 13/01/2004 2. Name of Registered Holder: WEE CHOW HOU 3. Circumstance(s) giving rise to the interest or change in interest: Exercise of share options/convertibles 4. Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: 45,000 As a percentage of issued share capital: 0.003 No. of shares which are the subject of this notice: 30,000 As a percentage of issued share capital: 0.002 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: S$1.00 No. of shares held after the change: 75,000 As a percentage of issued share capital: 0.005 PART III 1. Date of change of interest: 2. The change in the percentage level: From percent to percent 3. Circumstance(s) giving rise to the interest or change in interest: 4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. PART IV 1. Holdings of Director, including direct and deemed interest: - Direct Deemed No. of shares held before change: 45,000 % of issued share capital: 0.003 No. of shares held after change: 75,000 % of issued share capital: 0.005 Based on NOL's paid up capital of 1,429,048,839 as of January 13, 2004. VERTEX CHINA: Creditors Must Submit Claims by February 9 -------------------------------------------------------- The creditors of Vertex China Technology Management 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. LEE KHENG NAM Liquidator. c/o 77 Science Park Drive #02-15 Cintech III Singapore Science Park Singapore 118256. =============== T H A I L A N D =============== AGRO CO.: Debt Restructuring May Raise Rating, Says S&P ------------------------------------------------------- Standard & Poor's Ratings Services (S&P) said Wednesday that Advance Agro Co. Ltd.'s debt restructuring agreement with the domestic banks has the potential to lead to an upgrade in its rating. The rating agency expects to complete a detailed review of the restructuring arrangement, the Company's businesses, and financial profile within the next two months, and announce a change in the rating, if necessary. S&P rating on Advance Agro has been 'SD' since June 2001 following the Company's continued failure to make timely payment on its bank debts. At March 31, 2003, Advance Agro was in default on repayments of Thai baht (THB) 2.5 billion (US$60 million) of debt from Thai banks. Advance Agro had also not made the quarterly payments on the Thai bank loans that were restructured in 2000, and it was in breach of financial covenants on these loans, which entitled the banks to call THB5.7 billion debts on demand. NATURAL PARK: Discloses Asset Investment Details ------------------------------------------------ Natural Park Public Company Limited had invested in the investment units of BoA Apartment Property Fund One (the Property Fund), as per the following details: 1. Date, month and year of the transaction: September 15, 2003 2. Related parties and relationship with the listed Company Seller: The Property Fund Purchaser: The Company 3. Nature of the transaction The Company has purchased the investment units of the Property Fund, numbering 23,000,000 units, at the par value of Bt10 per unit, totaling Bt230,000,000, equivalent to 27.06 percent of the whole investment units of the Property Fund. In this regard, the transaction volume is at the rate of 4.53 based on value of the asset. 5. Total value of return and the payment conditions Total value of return payment: Bt230,000,000 The entire payment shall be made on the transaction date. Value of the purchased assets: Bt230,000,0007 Basis of the calculation of the transaction volume 6. Expected benefits to be received from the listed Company: Dividends from the investment units 7. Source of funds: Working capital of the Company NATURAL PARK: Completes Registered Capital Registration ------------------------------------------------------- Natural Park Public Company Limited has completed the registration of the reduction of its registered capital and the paid-up capital from the existing amount of 805,716,000,000 Baht to 201,429,000,000 Baht, divided into 8,057,160,000 ordinary shares, par value of 25 Baht per share, by reducing the par value of each ordinary share from 100 Baht to 25 Baht, under the resolution of the Extraordinary General Meeting of Shareholders No. 1/2003, held on 28 October 2003, as submitted to the Department of Business Development, Ministry of Commerce on 14 January 2004. ROBINSON DEPARTMENT: Board Nominates New Directors -------------------------------------------------- With reference to the report made to the Stock Exchange of Thailand (SET) on the resignation of Mr. Thaveevat Tatiyamaneekul and Mr. Manit Udomkunnatam from Robinson Department Store's Board of Directors effective as of January 5, 2004, the Company would like to inform the nomination of Mr. Sudhitham Chirathivat and Mr. Tos Chirathivat to replace the vacant positions as Director effective as of January 15, 2004. Robinson Planner Limited, the Plan Administrator of the Company, has already approved the replacement. ********* 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 ***