/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040128.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 Wednesday, January 28, 2004, Vol. 7, No. 19 Headlines A U S T R A L I A NATIONAL AUSTRALIA: Admits Rogue Trading Loss of US$277M NATIONAL AUSTRALIA: Selling Holdings in St George, AMP and HHG NOVUS PETROLEUM: Medco Issues Takeover Bid Notice SANTOS LIMITED: Issues Field Exploration Progress Report VILLAGE ROADSHOW: Releases Preference Share Scheme C H I N A & H O N G K O N G TAIYO ENGINEERING: Issues Debt Claim Notice to Creditors J A P A N ALL NIPPON: Unveils Group Business Plan for 2004 ALL NIPPON: Begins Through Check-in Service With LOT Airlines FUJITSU LIMITED: Cutting Management Salaries JAPAN AIRLINES: JCR Assigns BBB+ Rating to Bonds HITACHI LIMITED: Combines ATM Business With Omron October 1 MARUBENI CORPORATION: JCR Assigns BB+ Rating MITSUBISHI MOTORS: Doubles Mainland China Unit Sales in CY03 NANKAI ELECTRIC: JCR Assigns BBB+ Rating to Bonds RESONA BANK: R&I Upgrades Rating to BBB K O R E A DAEWOO MOTOR: GM Buys China Plant DAEWOO SHIPBUILDING: Wins $167 Million Order From Malaysia SSANGYONG MOTORS: Workers Strike Against Sale to Chinese Firm M A L A Y S I A BERJUNTAI TIN: Proposes Name Change on Restructuring CHASE PERDANA: Grants Additional Shares for Conversion GEAHIN ENGINEERING: Court OKs Restraining Order HIAP AIK: Issues Capital Reduction Scheme Notice KSU HOLDINGS: Sets Court Hearing on February 13 P H I L I P P I N E S CEBU PLAZA: Hotel May Reopen This Year MANILA ELECTRIC: Clarifies Electricity Price Cut Report NATIONAL BANK: Returns to Profit, First in 6 Years NATIONAL BANK: Board Names Notes Seller NATIONAL POWER: Moody's Downgrades Rating to Ba2 NATIONAL POWER: Eyes $200M Loan From ING Bank NATIONAL STEEL: Workers Urge Immediate Opening PHILIPPINE LONG: Issues Cash Dividend Declaration PHILIPPINE LONG: Constitutes 1M Shares into Series EE 10% CCPS S I N G A P O R E CONTIM REALTY: Issues Winding Up Order Notice ECOZONE PTE: Winding Up Hearing Set for February 13 GOLDEN CROWN: Issues Debt Claim Notice to Creditors HUA KOK: Posts Changes in Audit Committee Members LIANG HUAT: Petition to Wind Up Pending OVERSEA-CHINESE BANKING: Dissolves Dormant Units STARTECH MANUFACTURING: Issues Winding Up Order Notice SPPM PTE: Creditors Must Submit Claims by February 21 T H A I L A N D BANGCHAK PETROLEUM: Issues DR Offering Closure Notice DISTAR DIRECT: Issues Investment in Ordinary Shares MODERN HOME: Changes Name to K.C. Property RAIMON LAND: Issues Capital Increase Update THAI MILITARY: Clarifies Merger Report - - - - - - - - ================= A U S T R A L I A ================= NATIONAL AUSTRALIA: Admits Rogue Trading Loss of US$277M -------------------------------------------------------- National Australia Bank Ltd. (NAB) will post a total pre-tax loss of A$360 million (US$277 million) arising from unauthorized foreign currency options trading, Dow Jones reports. The total pre-tax loss includes A$185 million announced last week and an additional A$175 million from revaluation of the trading book, the bank said. External auditors confirmed the losses following an internal revaluation of the bank's foreign currency options portfolio and a review of that revaluation. NAB Chairman Charles Allen said directors are closely monitoring investigations into the unauthorized foreign currency options trading and will ensure a comprehensive and transparent assessment. "We will...ensure full responsibility is identified for the unauthorized foreign currency options trading," Allen said. NATIONAL AUSTRALIA: Selling Holdings in St George, AMP and HHG -------------------------------------------------------------- National Australia Bank (NAB) has sold its holdings in St. George Bank, AMP and AMP's London subsidiary HHG, ABC News Online reports. The announcement came after the local share market closed. When trade reopens today it is expected to bolster the NAB, but send the share price of the three companies being offloaded downwards. Company shares fell 14 cents to A$29.45 on Tuesday. NAB Chief Executive Officer Frank Cicutto says the decision to sell the holdings was made last year and the current market conditions have made the sale profitable for the bank. NOVUS PETROLEUM: Medco Issues Takeover Bid Notice ------------------------------------------------- Medco Energi (Australia) Pty Ltd (MEAPL) issued a notice under section 630(4) of the Corporations Act 2001 in relation to the offers under MEAPL's takeover bid for all of the issued ordinary shares (Novus Shares) in Novus Petroleum Limited dated January 8, 2004 (the Offer). MEAPL related that the condition in section 10.6(k) of its Bidder's Statement dated 24 December 2003 in relation to the Offer has been satisfied on the basis that all resolutions required to approve the making of the Offer and the acquisition of Novus Shares under the Offer were passed by the shareholders of PT Medco Energi Internasional Tbk at an Extraordinary General Meeting (EGM) of those shareholders on 23 January 2004. Dated January 27, 2004 Greg Bosmans Attorney for Hilmi Panigoro, Director For and on behalf of MEAPL To view full copy of this press release, click http://bankrupt.com/misc/novus_petroleum.pdf SANTOS LIMITED: Issues Field Exploration Progress Report -------------------------------------------------------- Woodside Petroleum Ltd., a participant in the WA-191-P Joint Venture, announced that the Bounty-2 near field exploration well located in the Carnarvon Basin was at a depth of 2,212 meters and was pulling out of hole to run 9 5/8 inch casing. Since the last report, drilling continued in the 14 3/4 inch hole form 510 meters to the current depth. All reported depths are referenced to the rig rotary table. Woodside's interest in WA-191-P is 8.2%. Other participants are Santos Ltd. (Operator, 33.3977%), Kufpec Australia Pty Ltd. (33.4023%) and Nippon Oil Exploration (Dampier) Ltd. (25.05). VILLAGE ROADSHOW: Releases Preference Share Scheme -------------------------------------------------- Village Roadshow Ltd's share registrar Computershare has completed its sort of the categories of shares that cast votes in respect of the meetings of shareholders held last Wednesday, January 21, 2004. Based on the votes cast at the various meetings: (i) The Scheme was approved by Preference Shareholders with at least 75% of votes (77.45%) and at least 50% of members casting votes (82.53%) 'for' the resolution. (ii) The resolution put to Preference Shareholders at the Class Meeting was duly passed with at least 75% of votes cast (77.48%) 'for' the resolution. (iii) The modification of the Constitution of the Company (which are only effective if the Scheme is implemented) were approved by Ordinary Shareholders with at least 75% of votes cast (87.47%)'for' the resolution. (iv) There is still uncertainty as to the outcome of resolution 1 of the General Meting. This resolution seeks approval under section 257D of the Corporation Act to give the Company power to enter into the buy back agreements arising under the Scheme. This resolution does not seek approval of the Scheme. The Scheme is conditional, amongst other things, upon an approval under section 257D by June 30, 2004. As a result, failure to pass the resolution at the meetings last Wednesday is not necessarily fatal to the Scheme. As reported on January 23, 2004, the votes cast in respect of resolution 1 at the General Meeting were as follows: (a) Votes cast 'for' 167,245,256 (b) Votes cast 'against' 70,174,843 The vote's cast `against' has been sorted by Computer share: Ordinary Shareholders who are Mot Preference Shareholders or Associates of Preference Shareholders 4,030,299 Holders of Ordinary shares and Preference Shares (or associates of Preference Shareholders) Ordinary Shares 24,483,829 Preference Shares 40,810,469 Preference Shareholders who Do not hold Ordinary Shares 850,246 There are three (3) possible outcomes for this resolution: (i) If only votes cast by members who are entitled to vote both 'for' and 'against' the resolution are to be counted in determining whether or not the resolution has duly passed, the resolution would be duly passed with a 97.65% majority. (ii) If only votes cast by Ordinary Shareholders (including those who also hold Preference Shares or are associates of Preference shareholders) are to counted, then the resolution would be passed with an 85.43% majority. (iii) If all votes cast in respect of the resolution are to be counted (i.e if only 37% of members could cast votes 'for' whereas 100% could cast votes 'against'), then the resolution would fail with only a 70.44% 'for' vote. The Company is continuing to seek advice in respect to the voting on this resolution and, in particular, whether or not all votes cast 'against' the resolution are to be counted in determining the outcome of the resolution as well as the eligibility of those who cast a vote on the resolution to actually cast their vote. The entitlement to vote on resolutions to empower companies to enter into buy back agreements under section 257 of the Companies Act is the main issue the subject of the appeal by the Company in regard to the first scheme. It is the Company's current intention to seek the views of the Supreme Court of Victoria in respect to the outcome of this resolution when the hearing of the Scheme is before the Court on or about January 30, 2004. Future of the Preference Scheme As evidenced by the meetings last Wednesday, the overwhelming majority of shareholders continue to support the Scheme. Based on the voting on resolution 2 at the General Meeting by Ordinary Shareholders and at the Scheme Meeting by Preference Shareholders, over 82% of the shareholders (Preference and Ordinary) who attended the meetings support the Scheme. Just prior to Christmas, the Victorian Court of Appeal ordered that the appeal in respect of the decision of Justice Mandie in respect of the first scheme be expedited. The company expects that the hearing of the appeal is likely to occur within the next 2 to 6 weeks with a decision expected within 2 to 4 weeks after the hearing. The Directors believe that the prospect of a successful appeal remain favorable. As a result, the Company will continue to vigorously pursue the appeal. In the event that the appeal is successful, the Company is confident that, particularly in light of the continued support by Preference Shareholders, the Scheme (whether the first of the second) will be approved by the Court and implemented. In addition, a successful appeal would mean that the potentially anomalous situation that arises out of the decision of Justice Mandie whereby only 37% of shareholders can cast votes 'for' resolution 1 but 100% can cast a vote 'against' will be rectified. It will also bring legal certainty to many buy backs undertaken by other ASX listed companies which have adopted the same approach to voting on such resolution as that taken by VRL. Following a review of the available options in respect of the reorganization of the Company's capital structure over the long weekend, the Directors remain committed to the implementation of the Scheme, thereby reflecting the will of the majority of the Company's members. They believe that the best course of action to achieve this is to continue to vigorously pursue the appeal and to also seek the approval of the Court for the Scheme. Following a review of the available options in respect of the reorganization of the Company's capital structure over the long weekend, the Directors remain committed to the implementation of the Scheme, thereby reflecting the will of the majority of the Company's members. They believe that the best course of action to achieve this is to continue to vigorously pursue the appeal and to also seek the approval of the Court for the Scheme. The Company has requested that the suspension of trading in its securities be lifted form the commencement of trading January 27, 2004. ============================ C H I N A & H O N G K O N G ============================ TAIYO ENGINEERING: Issues Debt Claim Notice to Creditors -------------------------------------------------------- The creditors of Taiyo Engineering Services Co. Limited, whose debts or claims have not already been admitted, are required on or before the 20th day of February, 2004 to prove by affidavit their debts or claims by sending in their names, addresses and descriptions and full particulars of their debts or claims in accordance with Form 63A of the Companies (Winding-up) Rules, and the names and addresses of their Solicitors (if any) to the undersigned Liquidators of the Company, and, if so required by notice in writing from the said Liquidators, are personally or by their Solicitors or duly authorized Representative, to come and prove their debts or claims and to establish any title they may have to priority at such time and place as shall be specified in such notice. In default of complying with this notice, such creditors will be excluded from the benefit of any distribution made before such debts or claims are proved and/or from objecting to any distribution made before such priorities are established. Dated January 21, 2004 Julian Kai Wo Chow Joint and Several Liquidator 28/F, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong Natalia Seng Joint and Several Liquidator 28/F, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong ========= J A P A N ========= ALL NIPPON: Unveils Group Business Plan for 2004 ------------------------------------------------ The ANA Group, consisting of ANA (All Nippon Airways), Air Nippon (ANK), Air Nippon Network (A-Net) and Air Japan, announced its business plan for the coming fiscal year commencing April 1, 2004 through March 31, 2005. Internationally, flights to China will increase in the first instance from the summer schedule this year, with further increases when Central Japan International Airport commences operations in February 2005. On the domestic front, ANA, Air Nippon (ANK) and A-Net will fly under the same ANA brand from April 1. ANA Group airlines will also move to a new terminal building Tokyo's Haneda Airport in December this year, bringing greater passenger convenience and further strengthening the ANA brand. Details of the plan are as follows: 1. International Network Increased capacity on the Asian network with more flights and new routes to China: a. Start of operations between Tokyo Narita and Hangzhou, and Osaka Kansai and Hangzhou, and between Tokyo Narita and Shenyang. Compared with the 89 flights per week to China at the same point last year, frequency will increase 1.3 times to 112 flights per week, and the number of routes into China will increase to 17. 2. Domestic Network A. Tokyo Haneda departures/ arrivals The Haneda - Itami trunk route will receive one more return service per day, taking the total to 14 daily flights from the present 13. B. Osaka Itami departures/ arrivals - More use of propeller aircraft: from April, all flights on the Itami-Kochi route will be operated by A-Net using propeller aircraft. Frequency will also be increased to 13 flights per day from April, rising to 14 flights per day at a later stage. - Itami-Okinawa to receive one more flight per day, bringing the daily total to 3. C. Osaka Kansai departures/ arrivals From June, 1 extra flight to Fukuoka per day, making a total of 3 flights per day. According to changes in demand, frequency may also be reduced on some routes. D. Nagoya departures/ arrivals From April, Nagoya-Fukuoka will receive 1 extra daily flight, making a total of 12 flights per day, and rising to 14 later in the year. Nagoya-Kagoshima will receive 1 extra flight per day, making a total of 4 daily flights. A daily service between Nagoya and Wakkanai will operate for the period of June through August. The opening of the Central Japan International Airport will also provide opportunities for domestic operations E. Other departures/ arrivals Takamatsu-Sapporo (Chitose) will receive 1 daily flight for the months of July through September. For more information, go to http://www.ana.co.jp/eng/aboutana/press/index_sm.html ALL NIPPON: Begins Through Check-in Service With LOT Airlines ------------------------------------------------------------- All Nippon Airways Co., Ltd. (ANA) will begin a through check-in service with Star Alliance partner LOT Polish Airlines from January 26, securing greater convenience and amenity for passengers, and enhancing the seamless travel experience. From that date, ANA passengers checking in at Narita and selected regional airports within Japan* will be able to check themselves through to their final destination on the LOT network without the need to check-in again as they change carrier. In addition, on flights to Poland, via London or Frankfurt, ANA passengers have the advantage of checking their baggage through in the same way, and only need to claim it on arrival at their final destination. Through check-in is also available for passengers checking-in for LOT flights with onward connections on ANA international flights. *Sapporo Chitose, Sendai, Nagoya, Itami, Hiroshima, Fukuoka "We are delighted to offer our passengers traveling with our partners LOT Polish Airlines the simplicity that through check- in brings. It is testament to advantages of the Star Alliance network, and our commitment to providing the best in passenger services and products," said Katsuhiko Kitabayashi, Executive Vice President, International. This comes as the next step in closer co-operation between ANA and LOT, who began offering reciprocal frequent flyer programme benefits from April 1, 2003, and entered a Co-operation Agreement on July 31st, 2003, prior to LOT joining Star Alliance in October of last year. About All Nippon Airways Co., Ltd. All Nippon Airways Co., Ltd. (ANA)(TSE: 9202). The group's principal activity is the airline operator providing passenger and freight transportation on domestic and international routes. Operations are carried out through the following sectors: air transportation (transportation, various support services at airports, aircraft services, telephone booking/information services); travel services (planning and sale of package tour products, travel-related services at destinations, sale of tickets and travel goods); hotels (hotel operations in Japan and abroad); other operations (information/communication, trading/retailing, real estate, building management/administration, trucking, distribution, aircraft interior equipment repairs). Air transportation accounted for 75% of fiscal 2002 revenues; travel services, 12%; hotels, 5% and other operations, 8%. For further information, please visit the All Nippon Airways Co., Ltd. home page at: www.ana.co.jp/eng/index.html CONTACT: ANA: Rob Henderson, r.henderson@ana.co.jp LOT: Andrzej Kozlowski, a.kozlowski@lot.pl FUJITSU LIMITED: Cutting Management Salaries -------------------------------------------- Fujitsu Limited will slash the salaries of 14,000 senior officials by three to five percent starting this month to March, Channel News Asia reports. The move mainly reflects deteriorating earnings as Fujitsu saw a group net loss of 58.5 billion yen in the fiscal first half ended September 30, 2003. JAPAN AIRLINES: JCR Assigns BBB+ Rating to Bonds ------------------------------------------------ Japan Credit Rating Agency has assigned a BBB+ rating to the bonds of Japan Airlines System Corporation. Issue Amount (billion) Issue Date Due Date Coupon Bonds no.3 (guaranteed by Japan Airlines and Japan Air System) Y10 Feb. 4, 2004 Feb. 4, 2011 1.92% Covenants: Negative Pledge Commissioned Company: No Shelf Registration: Maximum: Y150 billion Valid: two years effective from November 13, 2003 RATIONALE: Japan Credit Rating Agency (JCR) announced the assignment of BBB+ rating to the previous series of bonds of the issuer on November 28, 2003. Since then there have been no significant changes in the performance and the financial structure of the issuer that affect the rating for it. The proceeds from sales of the bond will be used for capital spending and funds for repayment of the borrowings for the group. The group core companies, Japan Airlines and Japan Air System, guarantee the bonds. HITACHI LIMITED: Combines ATM Business With Omron October 1 ----------------------------------------------------------- Hitachi Limited and Omron Corporation will establish a joint venture combining their ATM and other information equipment businesses to strengthen their capability to respond to the diversification and enhancement of customer needs domestically, as well as strengthening the business structure in China among other overseas growth markets. Aiming for a globally competitive position, in an information equipment market expected to see growth during the ubiquitous era, the new company will fulfill broad customer needs by providing optimal solutions based on recognition and handling technologies for cash, cards, passbooks, forms, etc. and other human interface technologies that enable simple operation for customers and end-users. The joint venture company is scheduled to be established and commence business on October 1, 2004. Hitachi and Omron will take advantage of the joint establishment division under the Commercial Code of Japan to create a company that will integrate the total business of Hitachi's Ubiquitous Platform Group Mechatronics Systems Division, such as ATM's among other self-service machines and terminal systems together with the ATM and other self-service machines, modules and solutions handled by Omron's Social Systems, Solutions, & Services Business Company and Advanced Modules Business Company. In the Japanese financial market, characterized by diverse and enhanced services, user needs concerning safety and security are ever increasing. To that end, financial institutions demand greater enrichment of customer services, ATM's that can operate in a variety of different environments with a broad range of services, and robust security and functionality. For instance, with the arrival of the ubiquitous era it is anticipated that ATM's even in off-site locations will offer transportation reservation services and public services among numerous non-financial related services in one place. In China, meanwhile, recent expansion of the market-based economy has led to a diversification of financial services. Moreover, financial infrastructure development has escalated ahead of the 2008 Olympic games in Beijing and 2010 Shanghai World Expo. Under these circumstances, highly functional ATM's utilizing technologies from both companies are anticipated to become widespread. Hitachi and Omron initially formed an ATM joint development alliance in 2000. However, in response to the changes in the global business environment and to take advantage of opportunities for market growth, they have reached an agreement to expand the alliance by establishing a joint venture company. This new company will not only combine the superior technologies of both companies, but by building on a global scale a more efficient operation structure incorporating everything from development to production, sales and maintenance, they will be able to unleash each of their core strengths to the fullest extent possible, thus satisfying broad customer needs. Since the 1960's when Hitachi developed Japan's first online train seat reservation system, the company has been expanding its business for high-reliability online terminal systems that power essential operations at stations and banks. In 1979, Hitachi made a full-scale entry into the online terminal ATM business and has since expanded business-use terminals along with solutions not only for operators but also consumers. Through this business integration Hitachi will work to further strengthen its core machines and modules, accelerate expansion of its solutions businesses utilizing these, and strive for expansion in related businesses of the entire Hitachi Group, including the new joint venture. Over the past 30 years since it developed the world's first magnetic card based cash dispenser in 1969, Omron has been expanding its ATM business. Moreover, Omron has positioned itself as a leader in such fields as money changing machines and card reader modules, expanding these businesses. Through this business integration Omron will place all ATM and related businesses under the control of the new company. Hereafter, Omron will continue to promote expansion of the business and strive for long-term maximization of corporate value. The business integration announced today, aiming for greater expansion, respects the business achievements of both companies and observes the spirit of equality. Because both companies are concerned about customer support and a smooth launch, as far as management of the company and implementing an optimal structure, it is anticipated that the post of chairman will be assumed by a person from Hitachi and the post of president and CEO will be assumed by a person from Omron. Regarding the ratio of investment, Hitachi will hold over half of the shares granting it voting power, though the exact proportions will be decided later. The location of the headquarters for the new company is expected to be in Tokyo. Details of the new company will be discussed by both companies and reported as soon as agreement is reached. About Hitachi, Ltd. Hitachi, Ltd. (NYSE: HIT), headquartered in Tokyo, Japan, is a leading global electronics company, with approximately 340,000 employees worldwide. Fiscal 2002 (ended March 31, 2003) consolidated sales totaled 8,191.7 billion yen ($68.3 billion). The company offers a wide range of systems, products and services in market sectors, including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For further information, please visit the Hitachi, Ltd. home page at: www.hitachi.com About Omron Corp. Headquartered in Kyoto, Japan, OMRON Corporation is a global leader in the field of automation. Established in 1933 and headed by President Hisao Sakuta, Omron has more than 23,000 employees in over 35 countries working to provide products and services to customers in a variety of fields including industrial automation, electronic components, social systems (ticket gate machines, ticket vending machines, cash dispensers, and traffic control), and healthcare. The company is divided into five regions and head offices are in Japan (Kyoto), Asia Pacific (Singapore), China (Shanghai), Europe (Amsterdam) and US (Chicago). For further information, please visit the Omron Corp. home page at: www.omron.com Contact: Hitachi, Ltd. Ms. Fusako Hayakawa +81-3-3258-2056 fusako_hayakawa@hdq.hitachi.co.jp Omron Corporation Mr. Takayuki Nakamura, Christopher Udell +81-3-3436-7202 takayuki_nakamura@omron.co.jp christopher_udell@omron.co.jp ADDITIONAL HITACHI PRESS CONTACTS: China: Yuji Hoshino Hitachi (China) Investment, Ltd. Tel: +86-10-6590-8141 y_hoshino@hitachi.com.cn U.S: Matt Takahashi Hitachi America, Ltd. Tel: +1-650-244-7902 masahiro.takahashi@hal.hitachi.com U.K.: Kantaro Tanii Hitachi Europe Ltd. Tel: +44-1628-585379 kantaro.tanii@hitachi-eu.com MARUBENI CORPORATION: JCR Assigns BB+ Rating -------------------------------------------- Japan Credit Rating Agency has assigned a BBB+ rating to the bonds to be issued under the shelf registration of Marubeni Corporation. Issue Amount (billion) Issue Date Due Date Coupon Bonds no.46 Y10 Feb. 5, 2004 Feb. 5, 2007 1.11% Covenants: Negative Pledge & Collateralized Commissioned Company: No Shelf Registration: Maximum: Y500 billion Valid: two years effective from July 8, 2003 RATIONALE: Marubeni's earnings power improved due to cut in expenses as well as withdrawal from unprofitable businesses. On the other hand, its interest-bearing debt and total assets were reduced. However, Marubeni still carries large amount of securities and real estate against the amount of shareholders' equity. Reduction in the risk assets is an important issue for Marubeni. It aims to increase the earnings and to improve the financial structure by allocating the resources to core business areas. Given the fact that competition in some of those business areas in which Marubeni has strength is very fierce and that Marubeni needs to make capital investments while restraining risk assets, JCR will pay attention to the going of the plan in the future. MITSUBISHI MOTORS: Doubles Mainland China Unit Sales in CY03 ------------------------------------------------------------ Mitsubishi Motors Corporation (MMC) sold 145,235 vehicles in main land China during calendar year 2003, over 100 percent higher than 2002 sales. Leading the growth was the Sigma subcompact (Dingo in Japan), sales of which soared nearly double year to 20,339 units. The Liebao (Pajero*) sport utility vehicle (SUV) sold 29,536 units for an 89 percent jump in sales compared to 2002. Other vehicles showing year-on-year growth include the Freeca SUV -otherwise know as the company's Asia Car- up10 percent to 19,644 units, and the Delica van with 30,392 units, an increase of 3 percent. On top of increasing sales of existing models, MMC also expanded its product offerings in China in 2003 with two new models: the Lioncel sedan and Pajero Sport which sold 33,647 and 5,804 units respectively. The Mitsubishi-badged Pajero SUV exported from Japan since December 2002 sold 5,622 units for the year. The product offensive continues into 2004 with the introduction of the Outlander crossover SUV, which hit showrooms this month, and the start of exports of the Grandis minivan from Japan later in the year. Plans are also in place to put the Pajero iO into local production in future. MMC's alliance with DaimlerChrysler is starting to show positive results in China too. On the sales and distribution side, MMC is building a stronger presence through the nationwide alliance dealer network it runs with DaimlerChrysler brands Jeep and Chrysler. As of December 2003, the alliance partners had established 60 outlets throughout the country. On the production side, Beijing Jeep Corporation (BJC) is responsible for manufacturing the Pajero Sport and Outlander, both of which are sold under the Mitsubishi marque. *Also known as Montero About Mitsubishi Motors Corporation Mitsubishi Motors Corporation was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer-financing services and provides this to its customer base. Automobile operations accounted for 98% of fiscal 2000 revenues and financing business, 2%. The company has one hundred and eighty nine consolidated subsidiaries worldwide. Overseas sales accounted for 56.8% of fiscal 2000 revenues. Mitsubishi Heavy Industries, Ltd. is the major shareholder with 25.62% of issued stock. For further information, please visit the Mitsubishi Motors Corporation home page at: www.mitsubishi-motors.co.jp Contact: Mitsubishi Motors Corporation Fumio Nishizaki f-nishizaki@mitsubishi-motors.co.jp +81-3-5232-7342 NANKAI ELECTRIC: JCR Assigns BBB+ Rating to Bonds ------------------------------------------------- Japan Credit Rating Agency (JCR) has assigned a BBB+ rating to the bonds to be issued under the shelf registration of Nankai Electric Railway Co., Ltd. Issue Amount (billion) Issue Date Due Date Coupon Bonds no.25 Y20 Jan. 30, 2004 Jan. 30, 2009 1.39% Covenants: Negative Pledge Commissioned Company: No Shelf Registration: Maximum: Y50 billion Valid: two years effective from May 8, 2003 RATIONALE: JCR announced the assignment of preliminary BBB+ rating to the shelf registration of the issuer on May 8, 2003. Since then there have been no significant changes in the operating performance and the financial structure of Nankai Electric Railway. It is now struggling due to drop in revenue and stagnant performance of Nankai Tatsumura Construction. However, the going of the management plan such as numerical target of reduction in interest-bearing debt is going well. Nankai Electric Railway also reduced the business risk, transferring the operation of Nankai South Tower Hotel. Namba Parks, which opened in October 2003, has been going well. Given the expected competition with Umeda district and other regions, JCR will continue to watch carefully the earnings from the parks. The proceeds from sales of the bonds are expected to be used for redemption of the bonds outstanding. Therefore, the issue will not have any significant impact on the capital structure of the issuer. RESONA BANK: R&I Upgrades Rating to BBB --------------------------------------- Rating and Investment Information, Inc. (R&I) has upgraded the following ratings of Resona Bank Ltd. as follows: Senior Long-term Credit Rating; Long-term Bonds R&I RATING: BBB (Upgraded from BBB-) Dated Subordinated Notes R&I RATING: BBB- (Upgraded from BB) Perpetual Subordinated Notes R&I RATING: BB+ (Upgraded from BB-) Short-term Credit Rating; Domestic Commercial Paper Programme R&I RATING: a-2 (Affirmed) RATIONALE: Resona Bank has made progress with financial provisioning for non-performing loans (NPLs), "closely-related" borrowers and affiliated non-banks backed by the government's capital infusion. It has also moved ahead with the disposal through liquidation, withdrawal and sale to third parties of "closely- related" borrowers and affiliated non-banks, which had recorded large losses and been a heavy burden on management in the past. Although the amount of NPLs remains large, there is little possibility that there will be an additional swelling of the burden given the high level of provisioning based on an asset reassessment. Moreover, Resona Bank has set aside reserves for anticipated losses from property sales and amortization and the burden of expenses arising from future business restructuring. Of the 1.96 trillion yen in public funds injected in July 2003, 0.3 trillion yen consisted of ordinary shares with the remaining 1.66 trillion yen in preferred shares also having no restrictions on voting rights. As with the preferred shares injected on the basis of the Law of Emergency Measures for Early Strengthening of Financial Functions, retirement is not contingent on profit, and the quality of capital is relatively high. The bank's dependence on deferred tax effects has also decreased. The management team at Resona Bank has been changed completely, and there has been major progress in strengthening corporate governance and the quality of management. So far, the efforts of the new management team aimed at management reform have been to attain economic rationalism quickly. The initial concern on the injection of public funds that the bank may be compelled by government intervention to increase lending to small and medium- sized enterprises regardless of earning potential and soundness has diminished. Resona Bank is currently in the process of revitalization within the government "Special Support" framework, and it can expect to receive strong support from the government in the future when necessary. Nevertheless, the consolidated Tier I (core capital) ratio for the Resona Group is low at 3.16%, and shareholdings exceed Tier I capital, so capital has little leeway. The earnings plan to fiscal 2004 that Resona has announced is relatively realistic being based on cost cutting, but there are also many uncertain factors in the future. It will be necessary to assess future performance carefully with regard to the business reforms that the new management team is seeking. In view of the above, R&I has upgraded its Senior Long-term Credit Rating for Resona Bank by one notch to BBB. The outlook for the rating is stable. Based on the improvement in the bank's creditworthiness, R&I has reduced the notch disparity between the Senior Long-term Credit Rating and the Dated Subordinated Notes Rating and the Perpetual Subordinated Notes Rating, setting them one notch and two notches lower than the Senior Long-term Credit Rating at BBB- and BB+ respectively. ========= K O R E A ========= DAEWOO MOTOR: GM Buys China Plant --------------------------------- General Motors (GM) has sealed a deal with Daewoo Motor to the buy the Company's engine factory in Yantai in eastern China for US$70 million, Digital Chosun reported on Monday. GM China and Daewoo Motor, which is after its merger with GM has been reduced to selling its overseas branches, signed the contract in December. The Yantai engine factory is a joint venture founded in 1999 between Daewoo and the Shandong Province Government. The factory produces about 250,000 engines and transmission units a year. DAEWOO SHIPBUILDING: Wins $167 Million Order From Malaysia ---------------------------------------------------------- Daewoo Shipbuilding and Marine Engineering has signed a 197.3 billion won ($166.6 million) order to build two container ships for Malaysia International Shipping Corporation Berhad in Malaysia, according to Reuters. Daewoo will deliver two 7,900-TEU (twenty-foot equivalent unit) container ships to the Malaysian firm by February 2007, the South Korean Company said in a filing to the Korea Stock Exchange. SSANGYONG MOTORS: Workers Strike Against Sale to Chinese Firm ------------------------------------------------------------- Labor union workers at Ssangyong Motors labor launched a half- day strike in protest at a deal to sell the ailing automaker to China National Bluestar Group, AFP Online reported on Tuesday. The walkout was aimed at blocking a field inspection by the Chinese firm of Ssanyong's plant in Pyeongtaek, 70 kilometers (40 miles) south of Seoul. The 5,500-member union of Ssangyong, specializing in sports utility vehicles and large sedans, plans to stage an indefinite strike after February 24 unless its demands are met. Ssangyong has achieved profitability through restructuring since creditors controlled it in 1999. The creditors signed a memorandum of understanding on December 22 to sell a controlling 49 percent stake in the country's fourth largest carmaker to Bluestar. Bluestar has proposed a one billion dollar investment in Ssangyong to use it as a base for the Chinese firm to expand its own auto businesses in China. Its proposal also included a pledge to ensure job security. =============== M A L A Y S I A =============== BERJUNTAI TIN: Proposes Name Change on Restructuring ---------------------------------------------------- Berjuntai Tin Dredging Berhad (BTD) wants to change its name to Integrated Rubber Corporation Berhad to better reflect the new core business of the Company, the manufacturing and trading of powdered and powder-free natural rubber latex examination gloves pursuant to the Proposed Restructuring Scheme. Further, the Company is also proposing to amend the existing Article 146 of its Articles of Association by the deletion of the requirement for the additional two (2) days for the serving of notice or other documents to members whose addresses are within Peninsular Malaysia and five (5) days for members who are in East Malaysia or overseas respectively, and specifies the standard twenty-one (21) days notice period for both local and overseas members. CHASE PERDANA: Grants Additional Shares for Conversion ------------------------------------------------------ Chase Perdana Bhd's additional 6,303,400 new ordinary shares of RM1.00 each issued pursuant to the conversion of redeemable convertible preference shares into 2,068,400 new ordinary shares and conversion of redeemable convertible secured loan stocks into 4,235,000 new ordinary shares (collectively referred as conversion) will be granted listing and quotation with effect from 9 A.M., Wednesday, 28 January 2004. GEAHIN ENGINEERING: Court OKs Restraining Order ----------------------------------------------- Geahin Engineering Berhad obtained a Restraining Order granted by the High Court of Malaya in Melaka on 14 January 2004 pursuant to Section 176(10) of the Companies Act,1965 for a period of one hundred and eighty (180) days from 14 January 2004. HIAP AIK: Issues Capital Reduction Scheme Notice ------------------------------------------------ Hiap Aik Construction Berhad (HACB) issued a capital reduction scheme and consolidation as follows: The reduction of existing issued and paid-up share capital of RM48,367,124 comprising 48,367,124 ordinary shares of RM1.00 each to RM483,671 comprising 48,367,124 ordinary shares of RM0.01 each by canceling RM0.99 from every existing ordinary shares of RM1.00 each in HACB and the consolidation of the resultant one hundred(100) ordinary shares of RM0.01 each into one(1) new ordinary share of RM1.00 each in HACB (Consolidated Shares). The Share Swap is as follows: The share exchange of 483,671 Consolidated Shares for 483,671 new LDB Shares at an issue price of RM0.50 per LDB Share on the basis of one (1) new LDB Share for every one (1) HACB consolidated share held by the shareholders of HACB. The Record of Depositors of HACB will be closed at 5 P.M. on 30th January 2004 to determine the following: (i) Shareholders of HACB who will be subject to the Capital Reduction and Consolidation. Further notice is hereby given that depositors registered in the Record of Depositors before 4 P.M. on 30th January 2004 shall qualify for entitlement to the Capital Reduction and Consolidation and Share Swap (in respect of transfers) in respect of: (i) HACB Shares deposited into the depositor's securities before 12.30 p.m. on 28th January 2004 (in respect of shares which are exempted from mandatory deposit); and (ii) HACB Shares transferred into the depositor's securities account before 4 P.M. on 30th January 2004 in respect of ordinary transfer. Your attention is also drawn to HACB's Circular to Shareholders dated 26th January 2004 in relation to Capital Reduction and Consolidation and Share Swap. BY ORDER OF THE SPECIAL ADMINISTRATORS Janet Chee Wai Yen (MIA 20899) Sepekar Zanidah Bt Hussin (LS 007244) Company Secretaries KSU HOLDINGS: Sets Court Hearing on February 13 ----------------------------------------------- KSU Holdings Berhad on January 20, 2004 had been served a Summons and statement of claim dated December 10, 2003 which were filed in the Kuala Lumpur Sessions Court via Summons No. 12-52-26532-03 (S12 Suit) by Malaysian International Merchant Bankers Berhad (MIMB) (the Plaintiff) against the Company. In the S12 Suit, the Plaintiff has claimed against the Company, which is named as the Defendant in this suit, the following: 1. The sum of RM176,448.00; 2. Interest at the rate of 10% per annum calculated on each outstanding invoice from the due date of each invoice until the date of full settlement; 3. Costs of this action; and 4. Other relief and orders deemed just and fit by the Court. The basis for the S12 Suit is allegedly based on services carried out by the Plaintiff for the Company in respect of advisory, consultancy and administrative services for May Plastic Industries Berhad (MPI) and the Company in relation to corporate works known as, inter alia, 'Proposed Debt Restructuring, Proposed Rescue Cum Reverse Take-Over, Proposed Waiver from Mandatory General Offer and Proposed Disposals' (hereinafter referred to as the said Proposal) wherein the Company's shares and warrants would be listed on the Kuala Lumpur Stock Exchange (KLSE). The return day appointed in the Summons for the appearance of the Company is fixed on 13 February 2004. The Company is currently seeking advice from its solicitors. ===================== P H I L I P P I N E S ===================== CEBU PLAZA: Hotel May Reopen This Year -------------------------------------- Cebu Plaza Hotel (CPH), one of Cebu City's oldest landmarks may reopen this year, after almost a year of closure, Asia Pulse reports. Department of Tourism Regional Director Dawnie Roa said the tourism community in Cebu has heard that a Manila-based hotel management team will manage the hotel on behalf of its owner Metropolitan Bank and Trust Company. Metrobank President Antonio Abacan Jr. earlier said the bank wanted to sell CPH at l.2 billion pesos (US$21 million) to interested investors in the hotel business. MANILA ELECTRIC: Clarifies Electricity Price Cut Report ------------------------------------------------------- This in reference to the news article entitled "Regulator okays cut in electricity price" published in the January 27, 2004, issue of the Business World (Internet Edition). The article reported that: "The Energy Regulatory Commission (ERC) said yesterday it has approved the request of the Manila Electric Company (Meralco) to cut the price of electricity it generates and then sells to its customers. 'The reduction of Meralco's generation rate [by 21.43 centavos per kilowatthour] will start in February, ERC Commissioner Leticia V. Ibay told reporters. Generation charge is one of the components of a Meralco bill. It is the pass-on charge that reflects Meralco's cost of buying electricity from suppliers like state-run National Power Corp., its sister company First Gas Power Corp., and privately owned power companies like Quezon Power Philippines Ltd. Meralco's current generation charge is PhP3.4029 per kilowatt-hour. This will go down to PhP3.1886 per kilowatt-hour. Thus, a household consuming 300 kilowatt hours monthly end up paying PhP956.58 from PhP1,020." Manila Electric Company (Meralco), in its letter dated January 27, 2004, stated that: "We confirm the fact that yesterday, the Energy Regulatory Commission (ERC), issued a press release announcing that Meralco customers will begin to enjoy a P0.2149/kWh reduction in generation rates starting with the February 2004 consumption. Earlier, Meralco submitted an Amended Application for the Recovery of Independent Power Producer (IPP) costs under its Generation Rate Adjustment Mechanism (GRAM). The present rate is P3.4029/kWh and in its application, Meralco proposed a generation charge of P3.2041/kWh. The new rate approved by the ERC is P3.1866/kWh. While the Order has not yet been signed and issued by the ERC for implementation, it issued a press release after deciding on the matter in a meeting by the Commissioners on January 21, 2004. Right after the press release, the media requested for comments from Meralco's key officers. As to the effect on the Company's financial condition, we will make a study and make the appropriate disclosure as soon as our Company is officially served with the copy of the ERC Order. For more information, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_362_MER.pdf NATIONAL BANK: Returns to Profit, First in 6 Years -------------------------------------------------- Philippine National Bank (PNB) has returned to profit in 2003 with a net income of 168 million pesos (US$2.96 million) in 2003 after five straight years of losses, according to Reuters. PNB, jointly owned by the government and tobacco and beer tycoon Lucio Tan, had a net loss of 1.95 billion pesos in 2002. In a statement, PNB said the profit stemmed from a huge improvement in net interest margin, fee-based income and trimmed operating expenses. Its net interest income rose to 1.64 billion pesos in 2003 from 2002's 509 million pesos. The bank is now in the third year of a five-year rehabilitation programme aimed at reversing losses resulting from huge bad loans in the aftermath of the 1997-1998 Asian financial crisis. NATIONAL BANK: Board Names Notes Seller --------------------------------------- The Board of Directors of Philippine National Bank has named ATR Kim Eng Capital Partners Inc. as selling agent for its planned 2.2-billion-peso Tier 2, or supplementary capital, notes issue, Dow Jones reported on Monday. ATR Kim Eng joins Multinational Investment Bancorporation as selling agent for the offering. The notes issue forms part of PNB's US$140-milion subordinated notes issue approved by the central bank in October. NATIONAL POWER: Moody's Downgrades Rating to Ba2 ------------------------------------------------ Moody's Investors Service has downgraded National Power Corporation (NPC)'s long-term debt rating to Ba2 from Ba1. The rating action follows Moody's decision to downgrade the Philippines government's long-term foreign currency bond rating to Ba2 from Ba1. NPC's Ba2 rating reflects the Philippines government's unconditional and irrevocable guarantee for the Company's rated senior unsecured bonds. The rating outlook is negative, which is in line with the negative outlook for the government's rating. NPC is 100 percent government owned and headquartered in Quezon City, the Philippines. It is the principal generation and sole transmission Company in the Philippines. NATIONAL POWER: Eyes $200M Loan From ING Bank --------------------------------------------- National Power Corporation (Napocor) is close to clinching a US$200 million borrowing deal with Dutch Bank ING N.V., Dow Jones reports, citing an unnamed source at the Bureau of Treasury. The US$200 million will complete part of Napocor's financing requirement. Finance department sources said the government prefers raising money for Napocor through several private placement deals in small tranches, instead of issuing bonds in the international market after two similar attempts failed last year, says the report. NATIONAL STEEL: Workers Urge Immediate Opening ---------------------------------------------- Workers of the mothballed National Steel Corporation and the Iligan City government on Monday pressed for the immediate opening of the idle steel plant, according to Business World. The steel firm is expected to be back in business soon after Indian steel giant Global Infrastructure Holdings, Inc. bagged the deal for its rehabilitation. Banking sources have said that a majority of the steel firm's creditor banks finally approved Global Infrastructure's offer of PhP13.25 billion to rehabilite National Steel. Global Infrastructure revised its offer to PhP13.25 billion from an earlier bid of PhP11.905 billion. This will be paid in eight years instead of the original payment period of 10 years. National Steel shut down its Iligan plant in 1999 after failing to pay debts of some 16 billion pesos. PHILIPPINE LONG: Issues Cash Dividend Declaration ------------------------------------------------- The Philippine Stock Exchange (PSE) announced that during the meeting of the Board of Directors of Philippine Long Distance and Telephone Co. on January 27, 2004, the Company declared the following cash dividends as follows: 1. A total of P12,285,000.00 on all of the Company's Series IV Cumulative Non-Convertible Redeemable Preferred Stock, payable on March 15, 2004 to the holders of record on February 17, 2004. 2. P1.00 per outstanding share of the Company's Series DD 10% Cumulative Convertible Preferred Stock, for the annual period ending January 31, 2004, payable on February 17, 2004 to the holders of record on February 12, 2004. 3. P1.00 per outstanding share of the Company's Series CC 10% Cumulative Convertible Preferred Stock, for the annual period ending February 28, 2004, payable on March 31, 2004 to the holders of record on February 25, 2004. CASH DIVIDEND: (Series DD) Cash P1.00 Per Share Ex-Date February 9, 2004 Record Date February 12, 2004 Payment Date February 27, 2004 CASH DIVIDEND: (Series CC) Cash P1.00 Per Share Ex-Date February 20, 2004 Record Date February 25, 2004 Payment Date March 31, 2004 PHILIPPINE LONG: Constitutes 1M Shares into Series EE 10% CCPS -------------------------------------------------------------- The Philippine Long Distance and Telephone Co. (PLDT) announced at the meeting of the Board of Directors of the Company held on Tuesday that 1,000,000 shares of Serial Preferred Stock were constituted into Series EE 10% Cumulative Convertible Preferred Stock of the telecom firm. For a copy of the press release, go to http://www.pse.org.ph/html/disclosure/pdf/dc2004_364_TEL.pdf ================= S I N G A P O R E ================= CONTIM REALTY: Issues Winding Up Order Notice --------------------------------------------- Contim Realty Pte. Ltd. issued a notice of winding up order made on 16th January 2004 as follows: Name and address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #05-11/#06- 11 The URA Centre (East Wing) Singapore 069118. RAJAH & TANN Solicitors for the Petitioner. ECOZONE PTE: Winding Up Hearing Set for February 13 --------------------------------------------------- The petition to wind up Ecozone Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on February 13, 2004 at 10 o'clock in the morning. Tan Hwang Kwang, a creditor, whose address is 66 Jalan Labu Ayer, Singapore 538067, filed the petition with the court on January 19, 2004. The Petitioner's solicitor is Yeo Wee Kiong Law Corporation of 1 Raffles Place, #39-02 UOB Centre, Singapore 048616. Any person who intends to appear on the hearing of the petition must serve on or send by post to Yeo Wee Kiong Law Corporation a notice in writing not later than twelve o'clock noon of the 12th day of February 2004 (the day before the day appointed for the hearing of the Petition). GOLDEN CROWN: Issues Debt Claim Notice to Creditors --------------------------------------------------- The creditors of Golden Crown 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 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. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. HUA KOK: Post Changes in Audit Committee Members ------------------------------------------------ The Board of Directors of Hua Kok International Ltd announced these appointments, effective from 26 January 2004: 1) Mr. Damien Seah Yang Hwee as director of the Company; 2) Mr. John Lim Hui Min as Chairman of the Audit Committee; 3) Mr. Damien Seah as member of the Audit Committee; and 4) Mr. Tan Teck Kiong as member of the Audit Committee. Both Mr. Damien Seah and Mr. John Lim are independent non- executive directors and as for Mr. Tan Teck Kiong, he is a non- independent non-executive director. LIANG HUAT: Petition to Wind Up Pending --------------------------------------- The petition to wind up Liang Huat Holdings Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on February 6, 2004 at 10 o'clock in the morning. CPG Consultants Pte Ltd., a Judgment creditor, whose address is situated at 238B Thomson Road #18-00 Tower B, Novena Square, Singapore 307685, filed the petition with the court on January 15, 2004. The Petitioners' Solicitors are Messrs Wee, Tay & Lim of No. 133 New Bridge Road, #19-09/10 Chinatown Point, Singapore 059413. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Wee, Tay & Lim a notice in writing not later than twelve o'clock noon of the 5th day of February 2004 (the day before the day appointed for the hearing of the Petition). OVERSEA-CHINESE BANKING: Dissolves Dormant Units ------------------------------------------------ Oversea-Chinese Banking Corporation Limited (OCBC Bank) announced that Keppel Securities Nominees Pte Ltd (in Members Voluntary Liquidation), a dormant subsidiary of OCBC Bank, is dissolved on 16 January 2004. Keppel Securities Nominees Pte Ltd ceased to be a subsidiary of OCBC Bank with effect from 16 January 2004. Dissolution of Tat Lee Securities Pte Ltd Oversea-Chinese Banking Corporation Limited (OCBC Bank) informed that Tat Lee Securities Pte Ltd (in Members' Voluntary Liquidation), a dormant subsidiary of OCBC Bank, is dissolved on 16 January 2004. Tat Lee Securities Pte Ltd ceased to be a subsidiary of OCBC Bank with effect from 16 January 2004. STARTECH MANUFACTURING: Issues Winding Up Order Notice ------------------------------------------------------ The petition to wind up Startech Manufacturing Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on February 6, 2004 at 10 o'clock in the morning. Teck International Pte Ltd., a creditor, whose address is situated at 1 Upper Aljunied Link, #06-05/06 Blk A, Joo Seng Warehouse, Singapore 367901. filed the petition with the court on January 9, 2004. The Petitioner's solicitors are Messrs T M Hoon & Co. of 371 Beach Road, #03-12/13 Keypoint, Singapore 199597. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs T M Hoon & Co. a notice in writing not later than twelve o'clock noon of the 5th day of February 2004 (the day before the day appointed for the hearing of the Petition). SPPM PTE: Creditors Must Submit Claims by February 21 ----------------------------------------------------- Notice is hereby given that the creditors of SPPM Pte Ltd. (In Members' Voluntary Liquidation), whose debts or claims have not already been admitted, are required on or before 21st February 2004 to submit particulars of their debts or claims and any security held by them to the liquidator. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Dated this 21st day of January 2004. LIM SAY WAN Liquidator. c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. =============== T H A I L A N D =============== BANGCHAK PETROLEUM: Issues DR Offering Closure Notice ----------------------------------------------------- As Bangchak Petroleum Public Company Limited (BCP) offered a depository receipt (DR) via Siam DR to public investors amounting to 37.59 million shares (increase from 34.65 million shares), available at Company Head Quarters and every branch of Siam City Bank during 26th - 27th January 2004 from the hours of 8:30 A.M. - 9:30 P.M. However, the process of subscription was to be closed, if the volumes of subscription on 26th January 2004 after 10:30 A.M. exceed twice the allotted shares. The Company would like to inform that at 10:30 A.M. on 26th January 2004 the subscription volumes of BCP's DR for the public investor portion already exceeded the allotted volumes by 7.7 times. Therefore, the Company's lead underwriter would close the subscription as informed earlier. The lead underwriter will send the list of subscribers to the SET for random. In addition, the investors who subscribe the BCP's DR can check the result of random at www.settrade.com or www.scis.co.th or at call center 02-229-2222 since 27th January 2004 onwards. Watcharapong Saisuk Assistant Vice President Corporate Planning Office Corporate Planning Office Tel: 0-2335-4583 DISTAR DIRECT: Issues Investment in Ordinary Shares --------------------------------------------------- According to a resolution by the Board of Directors' of Distar Direct Co., Ltd., reached January 15, 2004 to increase the Company's investments by buying another 2,600,000 shares at cost of 6 Baht each, (as of December 31, 2003, its book value per share is Baht 9.90) caused Distar's holdings in Distar Direct Co., Ltd. to rise from 21.78 percent to 29 percent of their total paid-up capital, reaching a total of 10,440,000 shares. The main purpose of the additional investment was to strengthen the direct channel of distribution through hire-purchase sector. Additional gains on operating result from equity, taken from 29 percent of net profit for the period of Distar Direct Co., Ltd. The yearly estimates for 2004 project sales income of Distar Direct Co. Ltd. of around Baht 1,800 million, based on expanding the sales network and products range. Distar bought the number of shares which described above from S.K.V. Holding Co., Ltd. and Distar Holding for 1,800,000 shares and 800,000 shares. The two companies are Distar's major shareholders, holding Distar's shares of 4.35 percent and 11.30 percent respectively, so it was counted as the connected transactions because Distar and other two holding companies mutually benefit from the same directors and shareholders (as disclosed in attachment topic no. 7). If the new investment summed together with the former one (on December 15, 2003), the total value of consideration is more than Baht 20 million and more than 3 percent of total Book Value of the net tangible assets, which the transaction's scale is needed for calling the Shareholders'' Meeting for consideration and approval of such transactions. Accordingly the Company called the Extraordinary Meeting of Shareholders no. 1/2547 on February 23, 2004. The Company explains meeting details below. Distar Electric Corporation Public Company Limited: Disclosure of connected Transactions Regarding to the resolution by the Board of Directors'' meeting No. 1/2004 which held on January 15 2004, concerned of the connected transactions are classified into categories below: 1. Transaction date: Within February 29, 2004, after the resolution from Minutes of the Extraordinary General Shareholders'' Meeting no. 1/2004 2. The participants: Buyer: Distar Electric Corporation Public Company Limited Seller: S.K.V. Holding Co., Ltd. and Distar Holding Co., Ltd. 3. The particular qualification of transactions: Type: Investment in ordinary shares Securities bought: Ordinary shares of Distar Direct Co., Ltd. (Previous name: Pana Chain Co., Ltd.) Nature of business: Hire Purchase Relationships: Distar Direct Co., Ltd. is one of Distar main customer which purchasing amount is approximately 30% of Distar total sales. Registered and paid-up Capital: Baht 360 million (36 million shares with par value at 10 Baht each) Book value per share: As December 31, 2003, worth of Baht 9.90 per share. (Pre-audited) Proportion of Investment: Amount of shares Percentage of shares held Ordinary shares held-Before 6,840,000 19.00% The resolution by Board of Directors'' Meeting no. 6/2003 on November 28, 2003 1st additional investment 1,000,000 2.78% At present investment 7,840,000 21.78% The resolution by Board of Directors'' Meeting no. 1/2004 on January 15, 2004 2nd additional investment 2,600,000 7.22% At present-Ordinary shares held 10,440,000 29.00% The Company had invested on Ordinary shares of Distar Direct Co.,Ltd. 3,600,000 shares (2 times) at 6 Baht each., total value of consideration is Baht 21.60 million (The first investment, ordinary shares 1 million shares at price of Baht 6 million the payment within March 2004) Term of payment: By cash with 3 months credit term Sources of Fund: Working Capital and new additional paid-up capital from 3 million ordinary shares at Baht 14 each, total Baht 42,000,000 (per warrants exercised 3 million units by BOA) Determined Price: The pricing is the book value per share of Distar Direct Co., Ltd., as of December 31, 2002 and estimated yearly 2003, the proper price which the two parties accepted. MODERN HOME: Changes Name to K.C. Property ------------------------------------------ Modern Home Development Public Company Limited has legally changed its name and symbol to K.C. Property Public Company Limited (KC). Therefore, effective from January 28, 2004, the securities symbol in the trading system will be: Old Name New Name Modern Home Development Plc.Co.,Ltd. K.C. Property Plc.Co.,Ltd.Symbol "M-HOME" "KC" RAIMON LAND: Issues Capital Increase Update ------------------------------------------- Raimon Land Public Company Limited announced the disbursement of funds from capital increase by issuing 99,968,000 shares with the par value of Baht 5 each as follows: 1. Cash from the capital increase of Baht 268,277,790 by issuing 53,655,558 shares at the offering price of Baht 5 per share. The Company has already reported the cash disbursement from capital increase of Baht 187 million to SET. The following are the details of the disbursemrnt of the remaining cash of Baht 81 million. * Payment for capital increase for Contemporary Property Co., Ltd.: Baht 30 million * Payment for rental and remuneration for the Lease Assignment Baht 10 million (a unit of apartment of Baan Sansiri) * Payment for deposit land with existing construction at Saladang: Baht 21 million * Loan to Contemporary Property Co., Ltd. (interest at 10%): Baht 13 million * Used for working capital: Bath 7 million Total: Baht 81 million 2. Cash disbursement from capital increase of Baht 12,642,312.36 by issuing 46,312,442 shares with the offering price at Baht 3.08 per share is as follows; * Payment for investment units for Bangkok Property Fund: Baht 138 million * Used for working capital: Baht 5 million Total: Baht 143 million Raimon Land Public Company Limited Nigel John Cornick Chief Executive Officer THAI MILITARY: Clarifies Merger Report -------------------------------------- With reference to the public circulation of news on the potential merger of Thai Military Bank with Industrial Finance Corporation of Thailand and DBS Thai Danu Bank, the Company would like to advise that, in fact, the Company has been in discussions with DBS Thai Danu on the possibility of a merger. The discussion has been progressing very well and we expect to reach final agreement by the end of this month. As to the news on the Cabinet's approval for the Industrial Finance Corporation of Thailand to merge with us on a reason that the merger as conceived would bring about a stature new organization as the two organizations would compliment each other in terms of business. However, it is its commitment to carefully take all the necessary steps in the best interests of our customers, employees and stockholders. The Company would see to it that all regulations and legal requirements would be strictly observed. It is the Company's duty to carry out the negotiation in a cautious manner in order to come up with a clear and transparent conclusion. Subhak Siwaraksa President ********* 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., Frederick, Maryland 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 ***