/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040213.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 Friday, February 13, 2004, Vol. 7, No. 30 Headlines A U S T R A L I A COLES MYER: Q203 Sales Up 14.5% NATIONAL AUSTRALIA: Issues 1.5 Million Ordinary Shares QANTAS AIRWAYS: Expects Profit in First Half WMC RESOURCES: Rating Results on Track, Says S&P C H I N A & H O N G K O N G DRAGON PARK: Petition to Wind Up Pending HANG TAT: Winding Up Petition Set for March 10 HOP HEI: Bank of China Initiates Winding Up Petition WING SANG: Faces Winding Up Petition I N D O N E S I A BANK PERMATA: Indonesian Commission Approves Sale GARUDA INDONESIA: Hurt by Global Uncertainties INDONESIAN BANK: Closure Set February 27 J A P A N NISSAN MOTOR: Tan Chong Targets 20% Increase in Sales NISSHO IWAI: Issues New Group Structure Notice NISSHO IWAI: Merger Has No Immediate Impact on Ratings, S&P TOSHBA CORPORATION: Posts US$87.11M Net Loss on Tax Burden K O R E A HANBO STEEL: Creditors to Select Lead Manager This Week HYOSUNG CORPORATION: Posts FY03 W10B Net Loss SK CORP.: Recommends 27 Candidates for Outside Director Posts * FSA Accuses Firms of Accounting Fraud M A L A Y S I A BERJAYA LAND: Selling Toto Shares to Pay Debts HIAP AIK: Lux Distributor Files Winding Up Petition INNOVEST BERHAD: SC Rejects Restructuring Scheme KILANG PAPAN: Unit Enters Winding Up Petition LONG HUAT: Reschedules Winding Up Hearing to April 14 PARK MAY: EGM Set for February 27 P H I L I P P I N E S NATIONAL POWER: Inks $5.8-M Lease Contracts for Gensets NATIONAL POWER: Eyes $500M Sale of Three Plants PHILIPPINE AIRLINES: Intends to Hit Targets Amid Bird Flu Scare S I N G A P O R E ANA HOTEL: Close Down Operations in April CAMPENON BERNARD: Issues Dividend Notice ENG NEO: Releases Winding Up Order Notice ISOFTEL LIMITED: Achieves Net Profit in Second Half LIPKO ENGINEERING: Issues First & Final Dividend Notice T H A I L A N D BANGKOK BANK: Aims to Cut NPLs to 16% This Year * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= COLES MYER: Q203 Sales Up 14.5% ------------------------------- Coles Myer Limited (CML) announced second quarter sales of $8.6 billion, an increase of 14.5 percent for the 13 weeks ended January 25, 2004, a Company statement said. "This has been a great quarter for our customers and our shareholders. "The Coles Express fuel offer is now being enjoyed by customers in Eastern Australia, along with the new Source MasterCard and revamped Fly Buys. Our new fresh produce departments have also been positively received," CML CEO John Fletcher said. "Our Food and Liquor business has reported its best quarter in 18 months, and has closed the comparative sales gap with our major competitor. Non-food brands have continued their progress against the rebuild strategy, growing sales in highly competitive markets. The Group EBIT margin for the half year has increased, reflecting improvements in both the Food and Liquor business and in all our non-food brands," Mr Fletcher said. Food, Liquor & Fuel sales rose by 21.4 percent. Excluding fuel, sales growth increased to 8.6 percent, reflecting further market share gains. Target sales were up by 5.8 percent, and Kmart and Officeworks combined sales rose by 5.4 percent. Sales for Myer and Megamart increased by 3.5 percent, with continuing improvement in the quality of sales. FOOD, LIQUOR & FUEL Comparative store sales growth increased to 4.0 percent (excluding Fuel and Convenience sales), up from 1.7 percent in the first quarter. Coles' new fresh produce departments are delivering good results in the 270 stores that have now been upgraded. The remainder of supermarkets will be largely completed by the end of the financial year. The store expansion program is continuing to plan, with 10 supermarkets and two liquor outlets opened in the quarter. In the order of 30 supermarkets and 20-25 liquor stores will be opened during FY2004. Coles Express reported fuel and convenience sales of $548 million for the quarter. Following its successful launch in Victoria on 28 July 2003, the fuel discount offer was rolled-out in NSW, the ACT and Tasmania on 1 December 2003, with Queensland and northern NSW launched on 2 February 2004. The WA, SA and NT operations will commence on 15 March, completing the national rollout of over 580 sites well ahead of the mid-2004 schedule originally announced. The Coles Express business is expected to be earnings per share positive in FY2004. The focus on delighting customers is beginning to bear fruit. During 2004, all opportunities to further enhance in-store formats and the customer offer will be examined. Kmart & Officeworks' combined sales increased by 5.4 percent in the second quarter, against a high prior year result achieved during Kmart's early turnaround (Q2 2003 up 9.6 percent). After strong market share gains over the past two years, Kmart experienced heavy competition during the quarter. While unit volume growth remained solid and the quality of sales continued to improve, sales growth was impacted. Kmart's rebuild is continuing, with the focus on growing value for customers through new and exciting products at guaranteed lowest prices. This is being complemented by new store openings and ongoing refurbishments to enhance the shopping environment. Kmart's sales have strengthened in the early part of the third quarter and the business is well positioned going forward. Kmart opened two stores during the quarter, at Munno Para in SA and Botany in New Zealand. In February, the opening of the new Werribee store in Victoria saw the most successful first trading day in Kmart's history, reflecting strong customer acceptance of the new store layout of wider aisles and lower fixtures. A further three store openings are planned for the second half. Officeworks delivered another good performance, reflecting its great range, convenience, customer service and low prices. Leading categories included furniture and business machines. Officeworks' new marketing campaign, `The Works', has been well received by customers, and five new stores opened during the quarter. yer and Megamart reported an increase of 3.5 percent in quality sales. Myer is progressing well against its strategic milestones, as reflected in this result. Customers have responded well to merchandise improvements across the business, a planned and balanced marketing program, an upgraded in-store environment and renewed focus on customer service. Myer continued to strengthen its 'House of Brands' focus, with many new brands being introduced for the Winter 2004 season. Customers have responded well to new private brands, with Basque quickly establishing itself as one of Myer's better performing womenswear brands after less than a year, along with good early acceptance of Vue, the new modern homewares brand. Additional stores have been upgraded, including Chatswood, Perth, Erina and Highpoint, which reflect the standards achieved at the prototype Chadstone store in Melbourne. Upgrades have also commenced at Parramatta and Macquarie. The decision to re-brand Grace Bros stores in NSW and ACT to Myer is one more step on the rebuild journey, creating a single, national store with one team to achieve one goal - to be Australia's leading department store. Megamart's new marketing program, which differentiates the brand from Myer, is gaining strong acceptance from customers looking for leading furniture and electrical brands at great value. The new Alexandria store opened in Sydney in November. Target's sales increased by 5.8 percent, in line with expectations. Target's strong merchandise offer and successful events continue to drive customer appeal. The evolution of Target's strategy as a destination for family and home continued over the quarter, with the introduction of new private label and licence initiatives in childrenswear and menswear, combined with the success of the private label homewares introduced in the first quarter. Continuing its portfolio management, Target replaced two stores over the quarter in Gladstone (Qld) and Casino (NSW), and closed Baby Target in Werribee Plaza (Vic) and Target Country in Kogarah (NSW). Target's focus on the right merchandise, events, store layout and execution should position the business well, in what is expected to be an increasingly competitive market. OUTLOOK: The FY2004 earnings guidance of a 20-23 percent increase in underlying earnings to $548-558 million remains unchanged. Net of supply chain implementation costs ($40 million pre-tax), Group earnings of $520-530 million are expected. Further enquiries: Media Scott Whiffin 03 9829 5548 Analysts Amanda Fischer 03 9829 4521 For a copy of the press release, go to http://bankrupt.com/misc/tcrap_colesmyer0212.pdf NATIONAL AUSTRALIA: Issues 1.5 Million Ordinary Shares ------------------------------------------------------ National Australia Bank Limited (NAB) gives notice of the aggregated percentage of voting shares in the Company, in respect of which its controlled entities have the power to control voting or disposal of in accordance with the terms of an exemption granted by the Australian Securities and Investments Commission pursuant to subsection 259C(2) of the Corporations Law. 1. Previous Notice Particulars of the aggregated percentage of voting shares in the Company at the time at which it was last required to give a notice to the Australian Stock Exchange are contained in the notice given to the ASX on: 28/01/2004 2. Issued Share Capital 1,506,319,872 Ordinary shares in the capital of the Company have been issued as at: 06 February 04 3. Previous and present aggregated percent of voting shares The aggregated number and percentage of shares in each class of voting shares in the Company in respect of which its controlled entities have the power to control voting or disposal of, when last required, and when how required, to give a notice to the ASX are: Class of Previous Notice Present Notice voting shares Total Number percent of class percent of class Ordinary 30,178,134 2.01 percent 30,517,971 2.03 percent To view full copy of this press release click http://bankrupt.com/misc/nationalaustralia2-021104.pdfor http://bankrupt.com/misc/nationalaustralia021104.pdf QANTAS AIRWAYS: Expects Profit in First Half -------------------------------------------- Qantas Airways Limited expects to return to profit in the first half of this year, helped by cost cuts, but it faces renewed domestic competition in the second half, according Yahoo Finance Australia. The airline plans to launch budget carrier Jetstar in May to counter a threat from Richard Branson's newly listed Virgin Blue VBA.AX, which has snared about 30 percent of the local market. Shares of Qantas have fallen some six percent in the past 52 weeks, under performing a 14.4 percent rise in the benchmark index over the same period. WMC RESOURCES: Rating Results on Track, Says S&P ------------------------------------------------ Standard & Poor's Ratings Services said Wednesday that WMC Resources Ltd.'s (BBB/Negative/A-2) results for the 12 months to December 31, 2003, were in line with expectations. WMC Resources reported a profit after tax of A$245.6 million. The Company's full-year earning results were solid, due to a higher second- half nickel production and strong nickel prices. WMC Resources is expected to maintain a relatively conservative financial profile, with a leverage (net debt to net capital) of 25 percent-35 percent. The Company's leverage is currently sound, at about 25 percent. The operating margin, which was about 27 percent in fiscal 2003, is expected to remain at more than 30 percent through the price cycle, reflecting the low-cost operating position. Cash flow protection measures should remain satisfactory, with funds from operations (FFO) to debt expected to remain at more than 25 percent in a weak pricing environment. In fiscal 2003, FFO to debt was strong at about 52 percent, reflecting favorable nickel prices and higher sales volumes. The outlook on WMC Resources remains negative. Standard & Poor's will continue to monitor the outcome of the Olympic Dam operational review, which will provide confirmation as to its long-term performance expectations and its forecast low-cost project economics. Standard & Poor's will also continue to monitor management's ability to increase the value of the Company's Queensland fertilizer operation. The ratings on WMC Resources are supported by the Company's ability to generate sound credit-protection measures and maintain moderately conservative financial policies through the commodity price cycle. Contact: Craig Parker, Melbourne (61) 3-9631-2073 Peter Stephens, Melbourne (61) 3-9631-2078 ============================ C H I N A & H O N G K O N G ============================ DRAGON PARK: Petition to Wind Up Pending ---------------------------------------- The petition to wind up Dragon Park International Limited is set for hearing before the High Court of the Republic of Singapore on March 17, 2004 at 10 o'clock in the morning. The Bank of China (Hong Kong) Limited, a creditor, whose address is situated at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition with the court on January 14, 2004. The Petitioners' solicitors are FORD, KWAN & CO. of Room 1202- 1206 Wheelock House, 20 Pedder Street, Central, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to FORD, KWAN & CO. a notice in writing not later than twelve o'clock noon of the 16th day of March 2004 (the day before the day appointed for the hearing of the petition). HANG TAT: Winding Up Petition Set for March 10 ---------------------------------------------- The petition to wind up Hang Tat Offset Printing Company Limited is set for hearing before the High Court of the Republic of Singapore on March 10, 2004 at 10 o'clock in the morning. The Bank of China (Hong Kong) Limited, a creditor, whose address is situated at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition with the court on January 8, 2004. The Petitioners' solicitors are Rowland Chow, Chan & Co. of 15th Floor, Wing Lung Bank Building, 45 Des Voeux Road Central, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Rowland Chow, Chan & Co. a notice in writing not later than twelve o'clock noon of the 9th day of March 2004 (the day before the day appointed for the hearing of the petition). HOP HEI: Bank of China Initiates Winding Up Petition ---------------------------------------------------- The petition to wind up Hop Hei Engineering Company Limited is set for hearing before the High Court of the Republic of Singapore on March 3, 2004 at 10 o'clock in the morning. Kan Koon Kei, a creditor, whose address is situated at Room 2125, Oi Hei ouse, Yau Oi Estate, Tuen Mun, New Territories, Hong Kong, filed the petition with the court on December 22, 2004. The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Tam Lee Po Lin a notice in writing not later than twelve o'clock noon of the 2nd day of March 2004 (the day before the day appointed for the hearing of the petition). WING SANG: Faces Winding Up Petition ------------------------------------ The petition to wind up Wing Sang Technology Company Limited is set for hearing before the High Court of the Republic of Singapore on March 3, 2004 at 10 o'clock in the morning. The Bank of China (Hong Kong) Limited, a creditor, whose address is situated at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition with the court on December 22, 2004. The Petitioners' solicitors are Tsang, Chang & Wong of 16th Floor, Wing On Hose, 71 Des Voeux Road Central, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Tsang, Chang & Wong a notice in writing not later than twelve o'clock noon of the 2nd day of March 2004 (the day before the day appointed for the hearing of the petition). ================= I N D O N E S I A ================= BANK PERMATA: Indonesian Commission Approves Sale ------------------------------------------------- The Indonesian House of Representatives approved on Wednesday the government's plan to sell a 71 percent stake in Bank Permata, with 51 percent to be sold to a strategic investor and 20 percent to public investors, the Jakarta Post reported on Thursday. The commission approved the plan at a hearing with Minister of Finance Boediono, State Minister of State Enterprises Laksamana Sukardi and Indonesian Bank Restructuring Agency (IBRA) chairman Syafruddin Temenggung. IBRA holds a 91.3 percent stake in publicly listed Permata. Despite the approval, it is unclear whether the Permata sale can be completed before IBRA's five- year mandate expires on February 27. GARUDA INDONESIA: Hurt by Global Uncertainties ---------------------------------------------- Citing unfavorable global conditions and stiffer competition in Indonesia, Garuda Indonesia's pre-tax profits in 2003 nose-dived by 76 percent from the previous year, the Jakarta Post reports. The airline posted Rp 238.7 billion (US$28 million) in pre-tax profits last year, a sharp decline from Rp 1 trillion booked a year earlier. Another factor affecting the Company's cash flow was repayment of debts under its debt-restructuring program that started in 2001 and is slated for completion in 2010. Garuda had paid off a debt totaling US$111.8 million last year, for both the principal and interest. That leaves the Company's debt as of December last year at US$928.9 million. The carrier embarked on a massive debt-restructuring program in 2001 to get out of a debt trap -- resulting from years of what was deemed as inefficient operation. INDONESIAN BANK: Closure Set February 27 ---------------------------------------- With just a couple of weeks to go before it is closed, the Indonesian Bank Restructuring Agency (IBRA) plans to transfer remaining unsold assets to a new management Company to be set up under the Ministry of Finance, the Business Times reports. IBRA still has an estimated 130 trillion rupiah (S$26 billion) worth of assets on its books. It hopes to sell off about 70 trillion rupiah worth before it closes its doors on February 27. The agency's closure later this month will follow closely behind the government's decision late last year to not extend the multi-billion dollar rescue program with the International Monetary Fund (IMF). By cutting its ties with the IMF and closing down IBRA, Indonesia will have closed one of the most volatile chapters in its economic history. The agency is widely suspected of carrying out questionable deals and violating relevant laws in its dealings with debtors and asset buyers. ========= J A P A N ========= NISSAN MOTOR: Tan Chong Targets 20% Increase in Sales ----------------------------------------------------- Edaran Tan Chong Motor Sdn Bhd pledges to sell more than 21,000 Nissan Motor cars this year in Malaysia, a 20 percent rise in sales from about 17,700 units sold last year, the Edge Daily reports. "NISSAN 180" is a three-year strategy aimed to boost its car sales volume, operating profits and to reduce debts. Nissan plans to sell an additional one million cars by financial year ending September 30, 2005. Nissan General Manager Kosaku Hosokawa said Nissan Frontier was introduced in Malaysia following the successful launch of its X-Trail model last year. NISSHO IWAI: Issues New Group Structure Notice ---------------------------------------------- On April 1, 2003, Nichimen Corporation and Nissho Iwai Corporation established a joint holding Company, Nissho Iwai Nichimen Holdings Corporation, the first step toward business integration. With a picture of the ultimate integration structure very much in mind, during the last year the Company have reinforced a number of initiatives based on the keywords of Speed & Action with the aim of ensuring maximum efficacy from the second year of our Business Plan. Against this backdrop, the Holding Company today announced that its Board of Directors approved a merger agreement between its consolidated subsidiaries Nichimen Corporation and Nissho Iwai Corporation. The two companies will merge effective April 1, 2004. In addition, the Board of Directors selected a new Group name and Group symbol as well as the inaugural Group operating structure with the aims of further fortifying solidarity and realizing a new type of trading Company in both name and substance. While the merger of the Group's core companies, Nichimen Corporation and Nissho Iwai Corporation will complete another major step toward ultimate business integration, the new structure, which includes the Holding Company, will allow for continued flexibility in the Group's restructuring efforts. The Company will continue to promote optimum business portfolio strategy based on our continued execution of Selection and Focus, the Company will establish an optimal organization through rationalization, reorganization and merger. I. New Group Name -- Sojitz Group 1. Rationale The name Sojitz is composed of two parts. The Japanese word so is used here to symbolize the strong partnership among our customers, the society, and the Company. The Japanese word jitz symbolizes our efforts to become a corporate group characterized by its dynamic energy and a source of great power. Together, Sojitz embodies the Group's commitment and dedication to secure sustained growth in concert with our customers and to realize a bright and prosperous future. 2. Group Symbol The Sojitz Group has identified a new corporate Group symbol in line with its management vision. The new Group symbol, which is comprised of two parts our symbol mark, a visual image, and our logotype, the new Group name, is presented in Appendix 1, attached. This Group symbol represents a visual expression of our underlying mission to stand at the forefront of global business development in partnership with our customers and to secure mutual growth with the global community. The symbol mark is a dynamic image of two arrows soaring skyward, extending beyond the earth's horizon. The design is also a pictogram of the Japanese character for the so in our new name. In addition, the Company have identified Sojitz blue as the color for our symbol mark, which represents the trust the Company are working to garner from our customers and society and our global efforts to pursue business with speed and a spirit of innovation. 3. Change of Holding Company Name Nissho Iwai Nichimen Holdings Corporation will change its name to Sojitz Holdings Corporation. 4. Effective Date of New Group Name The new Group name will take effect from the date of this release. The Company anticipates the change of the Holding Company name will take effect on July 1, 2004, following approval at the Company's Annual General Meeting of Shareholders to be held in June. Its affiliates will change their names on a gradual basis commencing from the date of this release. II. Merger of Nichimen Corporation and Nissho Iwai Corporation 1. Rationale Nichimen Corporation and Nissho Iwai Corporation will merge on April 1, 2004 with the aim of maximizing business efficiency. Through the merger, the new Sojitz Corporation will work to improve profitability by enhancing collective strengths and pursuing business synergies. At the same time, the Company will reinforce operating and financial strength by securing flexibility through increased business reorganization rationalization and by promoting management efficiency to become an innovative and functional trading Company. 2. Merger Details (a) Merger Date April 1, 2004 (b) Important Milestones February 10, 2004 Approval of the merger agreement by the Board of Directors of Nissho Iwai Nichimen Holdings Corporation, Nichimen Corporation and Nissho Iwai Corporation February 10, 2004 Execution of the Merger Agreement February 26, 2004 Scheduled ratification of the Merger Agreement at respective shareholders' meetings of Nichimen Corporation and Nissho Iwai Corporation April 1, 2004 Scheduled date of the merger Early April, 2004 Scheduled registration of the merger (c) Merger Method In accordance with statutory requirements, Nichimen Corporation will remain as the surviving entity. (d) Merger Ratio Nichimen Corporation and Nissho Iwai Corporation are wholly owned subsidiaries of the Holding Company. Accordingly, a merger ratio shall not be determined. In addition, no new shares shall be issued and no money delivered as a result of the merger. 4. Outline of the New Company Post Merger (a) Company Name: Sojitz Corporation (b) Business Category: General trading Company (c) Headquarters; 4-1-23 Shiba, Minato-ku, Tokyo (d) Directors and Corporate Auditors (Candidates) Chairman and Representative Director Masaki Hashikawa President and Representative Director Akio Dobashi Executive Vice President and Representative Director Kenichi Minami Representative Director Kenji Okazaki Representative Director Yutaka Kase Director Yasuyuki Fujishima Director Katsuyuki Sumida Corporate Auditor Masaru Nakatani Corporate Auditor Joji Wada Corporate Auditor Masaji Shinagawa Corporate Auditor Yoshiaki Ishida (e) Capital Stock: 107,184 million yen (f) Accounting Year-End: March 31 (g) Impact on Financial Results For the full fiscal year ending March 31, 2004, Nichimen Corporation and Nissho Iwai Corporation are subsidiary companies included in the scope of consolidation. Accordingly, there is no change to operating forecasts of financial results. For more information, go to http://bankrupt.com/misc/tcrap_nissho0212.pdf NISSHO IWAI: Merger Has No Immediate Impact on Ratings, S&P ----------------------------------------------------------- Standard & Poor's Ratings Services (S&P) said the announcement by Nissho Iwai-Nichimen Holdings Corporation that it will consolidate its core subsidiaries, Nissho Iwai Corporation (B/Stable/--) and Nichimen Corporation, on April 1, 2004, would not have an immediate impact on the rating on Nissho Iwai. On Sept. 5, 2003, Standard & Poor's raised its rating on Nissho Iwai to 'B' from 'B-', reflecting the expectation that Nissho Iwai and Nichimen would share both risks and advantages under the holding Company structure. The consolidation may have a positive impact if it leads to an improvement in risk management systems and progress in the disposal of poor-quality assets. In light of the amount of its risk assets, however, the level and quality of capitalization at Nissho Iwai-Nichimen Holdings is still low, given its high reliance on the issuance of preferred shares. Therefore, a drastic improvement in creditworthiness in the short term is unlikely. The issue ratings on Nissho Iwai's straight bonds are higher than the issuer rating by two notches, reflecting expected support from the group's main bank, UFJ Bank Ltd. (BBB/Stable/A- 2), if Nissho Iwai has trouble repaying the debt. In such a case, it is likely that only some creditors, including lender banks, would incur losses and that outstanding bonds would not default. The impact of the consolidation on the rating on the bonds is expected to be limited, as financial support from the UFJ group is expected to be maintained. TOSHBA CORPORATION: Posts US$87.11M Net Loss on Tax Burden ---------------------------------------------------------- Toshiba Corporation posted a group net loss of 9.25 billion yen (US$87.11 million) for the October-December quarter after an expanded tax burden outweighed strong profits at its chip division, according to Reuters. The Company incurred a net loss of 6.90 billion yen in the same period a year earlier. Shares in Toshiba slid 13.6 percent in the three months to December, compared to a 1.53 percent gain in the Tokyo stock market's electric machinery index IELEC. ========= K O R E A ========= HANBO STEEL: Creditors to Select Lead Manager This Week ------------------------------------------------------- Hanbo Iron & Steel will be put on the block again this month, following an aborted creditor bid to sell off the troubled steel maker to an AK Capital-led consortium last year, Asia Pulse reports. Creditors plan to select a lead manager by the end of this week, resuming procedures for the sale of Hanbo. The lead manager will be picked from among domestic accounting companies and global M&A consultants. Hanbo has been on the block since its bankruptcy in January 1997. HYOSUNG CORPORATION: Posts FY03 W10B Net Loss --------------------------------------------- Synthetic fiber manufacturer Hyosung Corporation suffered a net loss of 10 billion won (US$8.61 million) in 2003, although its sales increased 6.8 percent to 1.07 trillion won from a year ago, according to Yonhap News. Operating profits also tumbled 38.5 percent to 25.7 billion won. The Group's principal activities are the manufacture, production and trading of textile, chemical, industrial, and construction products; and provision of information and communication services. Products include nylon yarn, spandex, fabric, mipan, plastic resin, polyesters bottle, propylene and polypropylene, steel cord, bead, wire, ultra-high-voltage-transformer, gas insulated switchgear, tire reinforcements, technical yarn and interior. At 31-12-2001, the Company had 11 factories and 5 domestic branches. SK CORP.: Recommends 27 Candidates for Outside Director Posts ------------------------------------------------------------- SK Corporation has recommended 27 people as candidates for outside director posts to be nominated at its shareholders meeting in March, Asia Pulse reported on Tuesday. The recommendations were made via SK Corp's Web site (www.skcorp.com) on February 3-9. SK Corporation accepted the recommendations from individual shareholders to give them an opportunity to participate in management. The Company will refer a list of those recommended to an advisory panel launched last week to recommend candidates for outside director posts. * FSA Accuses Firms of Accounting Fraud --------------------------------------- The Financial Supervisory Commission's securities and futures committee filed complaints with the prosecution against Yient Engineering Inc. and Silicon Tech Ltd. for allegedly omitting debts from their balance sheets, Asia Pulse reports. It recommended the firing of the Chief Executive Officer's of both companies, imposed respective fines of 137.30 million won (US$120,000) and 87.30 million won as well as ordered the appointment of auditors to look into the firms' books for three years. The committee also accused Yient, a mechatronic solutions provider, of failing to report debt of 4.17 billion won, and Silicon Tech, a semiconductor equipment maker, of excluding 4.2 billion won worth of debt from its financial records. It also reported Eigernet Inc., an IT Company, and its CEO to the prosecution for allegedly making false transactions amounting to about 3.6 billion won. The committee barred the firm from issuing securities for 6 months and recommended the dismissal of its CEO. =============== M A L A Y S I A =============== BERJAYA LAND: Selling Toto Shares to Pay Debts ---------------------------------------------- Berjaya Land Berhad plans to sell 200-million ringgit worth of Berjaya Sports Toto Berhad shares and loan stocks to repay an inter-Company loan, Dow Jones reports. The potential buyers have yet to be identified. Berjaya Land currently owns a 36.47 percent stake in Berjaya Sports Toto and 67.98 percent of the total outstanding Berjaya Sports Toto loan stocks. Berjaya Land said the floor price for the Berjaya Sports Toto shares is MYR4.00 a share while the loan stocks are priced at MYR3.80 each. Gaming Company Berjaya Sports Toto is an affiliate of Berjaya Land, which is a leisure operator and property investment Company. HIAP AIK: Lux Distributor Files Winding Up Petition --------------------------------------------------- The Special Administrators of Hiap Aik Construction Berhad (Special Administrators Appointed) informed the Malaysia Securities Exchange Berhad on the following litigation matter: High Court Of Malaya At Melaka (Winding-up) No.: MT2-28-54-2003 Lux Distributor Sdn. Bhd.-v- Subang Jaya Tiling & Construction Sdn. Bhd. This is to announce that Lux Distributor Sdn. Bhd. has filed a petition pursuant to the Section 218 of the Companies Act, 1965 to wind up Subang Jaya Tiling & Construction Sdn. Bhd., (SJTC), a wholly owned subsidiary of HACB on 18 December 2003 for the sum owing RM127,258.68 as at 31 March 2002 and a copy of the said winding-up petition have been received by HACB on 11 February 2004. We append below the additional information pursuant to Appendix 9A (Part C) of the Malaysia Securities Exchange Berhad: i. Interest rate claimed under the petition is not mentioned. ii. Failure by SJTC to pay its debts led to the filing of the petition. iii. Total cost of HACB's investment in SJTC is RM50,000. However full provision for diminution in value of this investment had been made during the financial year ended 31 December 2002 and was reflected in the financial statements of that year. iv. SJTC ceased its operation in year 2002 and therefore there would be little or no operational of financial impact other than the said sum. v. Expected losses arising from the aforesaid petition would be to the extent of the outstanding amount plus accrued interest. vi. Todate, no action have been taken by SJTC in respect of the petition and SJTC will not be taking any actions with regards to the winding up petition as all companies under the HACB Group will eventually be wound up as per the Proposed Restructuring Scheme. Please refer to our announcement to the Exchange dated 14 November 2002 for the details of the Proposed Restructuring Scheme. vii. Date of hearing of the petition is fixed on 18 May 2004. INNOVEST BERHAD: SC Rejects Restructuring Scheme ------------------------------------------------ The Board of Directors of Innovest, Southern Investment Bank Berhad (SIBB) announced that the Securities Commission (SC) had, vide its letter dated 4 February 2004, which was received by SIBB on February 10, 2004, rejected the Company's application for the exemption from the requirements of Paragraphs 6.13(a)(iv) and 6.14(a) of the SC's Policies and Guidelines on Issue/Offer of Securities (SC Guidelines) (Exemption Sought) pursuant to the Proposed Rescue Scheme. Accordingly, the SC will not be able to consider the Company's application for its Proposed Rescue Scheme until the scheme proposed by Innovest is in full compliance with the requirements of the SC Guidelines. Innovest intends to appeal to the SC on its decision regarding the Exemption Sought. This announcement is dated 11 February 2004. KILANG PAPAN: Unit Enters Winding Up Petition --------------------------------------------- Further to Kilang Papan Seribu Daya Berhad's announcement to the Exchange on November 28, 2003, the High Court in Sabah and Sarawak at Kota Kinabalu had on January 26, 2004 struck out the Company's application for a Stay Order of the winding-up on its 80 percent owned subsidiary, Padas Hevea Wood Products Sdn. Bhd. until the Revised Restructuring Scheme of the Company is approved by the relevant authorities. The Court also indicated that the Company is at liberty to apply again when the approval for its Revised Restructuring Scheme has been obtained. LONG HUAT: Reschedules Winding Up Hearing to April 14 ----------------------------------------------------- Long Huat Group Berhad (LHUAT) announced the following: 1. Winding-up Petition against LHuat by Public Bank Berhad (Public Bank) 2. Winding-up Petition against LHuat by Export-Import Bank of Malaysia Berhad (Exim Bank) Contents: The Company refers to the above winding-up petitions, which were fixed for hearing on 11 February 2004. Our solicitors, Messrs Kadir, Andri Aidham & Partners, had informed us that the hearing date for both suits has been adjourned to 14 April 2004. This announcement is dated 11 February 2004. c.c Securities Commission (Attn: Mr. Wong Wing Siong) PARK MAY: EGM Set for February 27 --------------------------------- Park May Berhad will be holding its 6th Extraordinary General Meeting (EGM) at 7th Floor, Swan I, Pearl International Hotel, Batu 5, Jalan Klang Lama, 58000 Kuala Lumpur on Friday, 27 February 2004 at 11.00 a.m. for the purpose of considering and, if thought fit, passing the following resolutions: (a) Proposed disposal of 364 buses owned by Cityliner (Cityliner); an indirect wholly-owned subsidiary of Park May, and Len Chee Omnibus Company Sdn Bhd (Len Chee), an indirect 85.4 percent owned subsidiary of Park May, to Syarikat Prasarana Negara Berhad (SPNB), a wholly-owned subsidiary of the Ministry of Finance (Incorporated), for a total cash consideration of RM14,841,012 (Proposed Disposal); and (b) Proposed provision of a corporate guarantee, undertaking and indemnity by Park May, being the holding Company of Cityliner and Len Chee respectively, to SPNB pursuant to the Proposed Disposal. The full text of the Notice of the EGM to be advertised in The Star tomorrow, 12 February 2004 is attached herewith for your attention. ===================== P H I L I P P I N E S ===================== NATIONAL POWER: Inks $5.8-M Lease Contracts for Gensets ------------------------------------------------------- National Power Corporation (Napocor) signed lease contracts with foreign power firms GE Energy Rentals and Aggreko International Power Projects (AIPP) worth a combined US$5.8 million, the Philippine Star reports. The contracts will allow Napocor to lease generator sets from the two firms to be deployed in Palawan and Panay island. Under the contract, Napocor will rent from GE Energy Rentals a 15-megawatt modular-type diesel generating set for $3.4 million over a period of one year. The genset will be deployed at Napocor's Irawan substation in Puerto Princesa, Palawan. AIPP, on the other hand, will lease out to Napocor a 10-MW generator for the Panitan substation in Capiz. The contract will also have a one-year effectivity period, valued at $2.4 million. Based on their respective contracts, GE Energy Rentals and AIPP are required to have the generators commissioned on or before March 7, 2004. NATIONAL POWER: Eyes $500M Sale of Three Plants ----------------------------------------------- National Power Corporation (Napocor) plans to sell three power plants in 2004 for US$500 million to help reduce the government's budget deficit, according to Reuters. The report said 37 companies had indicated interest in the generation assets, including U.S.-based Mirant Corp , state-monopoly Korea Electric Power Corp (KEPCO) , Japan's Kansei Electric Power Co Inc and some Singapore and local firms. Napocor has been incurring huge losses due to the cost of its foreign borrowing, the depreciation of the peso and the failure of power distributors to fully take up committed power supply. The firm expects 2004 net losses to balloon to 113 billion pesos ($2 billion) -- more than half of the government's proposed budget deficit of 197.8 billion pesos -- from an estimated 75 billion-peso loss in 2003. Napocor plans to issue $250 million in bonds in the first quarter of this year to fund operations and pay back debt. PHILIPPINE AIRLINES: Intends to Hit Targets Amid Bird Flu Scare --------------------------------------------------------------- Philippine Airlines (PAL) is hoping that their projection of a "better year" would push through, and remain unaffected by the avian influenza epidemic spreading throughout Asia, the Manila Times reported on Thursday. Growth of the world's aviation industry plunged last year as a result of the severe acute respiratory syndrome (SARS) outbreak, as several countries banned travel to and from many parts of Asia, including China, Malaysia, the Philippines, Singapore, Taiwan, Vietnam. The WHO has indicated that the highest risk of human exposure to Avian Flu is by those in direct contact with live poultry. The WHO has advised to avoid contact with live animal markets and poultry farms. Contact with live poultry is not likely for the vast majority of travelers. However, it is suspected that bird flu may be transmittable for poultry to humans, as well as between humans. ================= S I N G A P O R E ================= ANA HOTEL: Close Down Operations in April ----------------------------------------- CapitaLand Residential Limited and ANA Hotels & Resorts Co., Ltd. announced that the ANA Hotel Singapore would cease all operations with effect from April 2004. The 457-room hotel, located at Nassim Hill, is currently managed by ANA Hotels & Resorts under a management contract with CapitaLand Residential, which owns the hotel and the site. The management contract will not be renewed when it ends on 31 March 2004. Ms Patricia Chia, Deputy CEO of CapitaLand Residential Singapore, said: "We would like to express our sincere thanks to the management and staff of ANA Hotels & Resorts and ANA Hotel Singapore, for their professional and dedicated services, particularly when last year was one of the toughest times faced by the hospitality industry. Moreover, ANA has been a wonderful business partner. On the future plans for the site, we intend to redevelop it into an up-market condominium at the appropriate time." CapitaLand Residential Limited and ANA Hotels & Resorts Co., Ltd. announced that the ANA Hotel Singapore will cease all operations with effect from April 2004. The 457-room hotel, located at Nassim Hill, is currently managed by ANA Hotels & Resorts under a management contract with CapitaLand Residential, which owns the hotel and the site. The management contract will not be renewed when it ends on 31 March 2004. Ms Patricia Chia, Deputy CEO of CapitaLand Residential Singapore, said: "We would like to express our sincere thanks to the management and staff of ANA Hotels & Resorts and ANA Hotel Singapore, for their professional and dedicated services, particularly when last year was one of the toughest times faced by the hospitality industry. Moreover, ANA has been a wonderful business partner. On the future plans for the site, we intend to redevelop it into an up-market condominium at the appropriate time." ANA Hotels & Resorts Co. is a unit of All Nippon Airways Co. The hotel arm of the major airline said that it would shut Ana Hotel Singapore because its contract is set to expire with CapitaLand Ltd., a large Singapore-based property Company that owns the land and the hotel building. About CapitaLand CapitaLand Residential is the residential arm of CapitaLand Limited, one of the largest listed property companies in Asia. Headquartered in Singapore, CapitaLand is a multinational Company with core businesses in property, hospitality, property services and real estate financial services focused in gateway cities in Asia, Australia and Europe. The group's hospitality businesses, in hotels and serviced residences, span more than 60 cities around the world. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region. For more information, please contact: CapitaLand Analyst Contact: Media Contact: Harold Woo Nicole Neo Equity Markets Corporate Communications Tel: +65 6823 3210 Tel: +65 6823 3218 Email: harold.woo@capitaland.com.sg Email: nicole.neo@capitaland.com.sg ANA Hotels & Resorts Co Ltd ANA Hotel Singapore Jack Taguchi Amy Ang Director, Owner's Relations Director of Public Relations Tel : +813 3505 2379 Tel : + 65 6839 1581 Email : anaetag@anahotels.com Email : prmgr@anahotel.com.sg CAMPENON BERNARD: Issues Dividend Notice ---------------------------------------- Campenon Bernard Singapore Piling Civil Contractors Pte Ltd. issued a notice of intended dividend as follows: Address of Registered Office: 60B Martin Road, #14-06 Singapore, Warehouse Building, Singapore 239067. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 228 of 1991. Last Day for Receiving Proofs: 20th February 2004. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 6th February 2004. KAMALA PONNAMPALAM Assistant Official Receiver. ENG NEO: Releases Winding Up Order Notice ----------------------------------------- Eng Neo Development Pte Ltd. issued a winding up order notice made on the 16th day of January 2004. Names and address of Liquidators: THE OFFICIAL RECEIVER INSOLVENCY & PUBLIC, TRUSTEE'S OFFICE The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118. Messrs SHOOK LIN & BOK Solicitors for the Petitioner. (Ref: PRP/2031082/MBB) ISOFTEL LIMITED: Achieves Net Profit in Second Half --------------------------------------------------- Reflecting a major transformation in its business following significant restructuring, Isoftel Limited heralded the first step in the Company's return to prominence in announcing it had posted a small but significant net profit of $418,000 in the second half (as opposed to a $9.2 million loss in the first half). For the full year, the Company more than halved its net loss after tax to $8.75m ($20.9m in 2002). Significantly, the group's gross margin also improved markedly from 24 percent to 38 percent. Commenting on the turnaround, iSoftel's Chief Executive Officer David Fraser said, "We are very pleased to be able to report to shareholders that the first steps taken in restructuring the business are already beginning to show positive results in both profit and gross margin. Not withstanding an improved business climate, this turnaround was made possible by a significant re- focus of the business and its operations away from the capital intensive, low margin hardware business towards higher margin software development and licensing sales." The Company appointed a new chief executive and director of finance in July 2003 after several years of lacklustre performance and accumulated losses. Since joining iSoftel, Mr Fraser, previously Managing Director of Micro soft UK & Europe has led a complete restructuring of the Company - resulting in a more streamlined business with two operating divisions both set to benefit from strong products which deliver much needed software solutions to the telecom operator and digital publishing industries respectively. "Considerable effort has been made in simplifying the Company's corporate structure leading to cost savings and added transparency," added Mr Fraser. "This resulted in the winding up of non essential operations in Hong Kong, Thailand and Mauritius and the sale of non performing businesses in China. The new Company is far more focused, with two distinct operating divisions, both of which are well-placed to post significant growth in the year ahead." Acquisition of 100 percent of Digital Publishing Solutions adds significant value to business The acquisition of Digital Publishing Solutions ("DPS") was completed in July 2003, with DPS's results being fully consolidated into the accounts for the first time as at December 2003. The DPS acquisition involves operations in Singapore, USA, Europe and India, and adds a very strong operating business alongside iSoftel's telecom software business, providing the listed Company with a second growth vehicle and adding to the Company's balance sheet to the tune of $7m. With control now established, DPS is expected to show considerable growth in revenue and profits in the year ahead and to make a significant contribution to group performance as demand for cost effective digital capture, formatting, archiving and reproduction of traditional printed content into digital format accelerates. The Company is already the chosen digital publishing software and service provider for many of the world's leading publishing companies (including Cambridge University Press, Cavendish and Taylor & Francis). Its software solutions allow customers to dramatically reduce storage and reproduction costs and to generate new lines of revenue by utilising existing libraries of material in a whole range of new and innovative electronic ways. "DPS was a timely and important acquisition," noted Mr Fraser. "The whole publishing business is undergoing significant change, necessitating the need for exactly the type of innovative solutions which DPS offers. We look forward to benefiting from the growing global shift to digital content and to delivering solutions to meet the issues relating to the management of digital rights which arise." iSoftel benefits from telecom upswing and move towards `Voice over IP' iSoftel has also shown positive signs of recovery over the last six months - benefiting from the upswing in telecom markets around the region and a growing move by customers towards VOIP ("Voice over IP") and the resulting software needs in managing this new area of business. Employing over 300 staff in Singapore, China and India , iSoftel develops and licenses innovative billing and routing software to many of the Asia Pacific's leading telecom operators (including Chunghwa, OneTel, Singtel, Bharti, China Telecom and Vodafone) - enabling customers to provide innovative services to their customers - in turn enabling them to retain and attract customers, reduce selling and operational costs, better utilise existing infrastructure and ultimately to grow new lines of revenue. iSoftel's billing software enables customers to deliver more cost competitive, innovative and comprehensive billing information to customers as well as enabling operators to ensure all services delivered are fully accounted for and are actually billed to customers. iSoftel's routing software enables customers to manage routing across a range of mixed vendor switches, offering the ability to cost effectively route calls over TDM and IP switches. Future prospects "The year ahead looks promising," added Mr Fraser. "For the first time, the Company is likely to see a period of revenue growth and increasing gross margin . We are also confident of winning important new business across the region." Referring to iSoftel, he commented, "The telecom slump appears to have ended and this is reflected both in our own performance and in that of other industry participants. Demand for iSoftel's billing and routing solutions is expected to increase as telecom operators' move more rapidly towards offering VoIP solutions and have an increasing need to deliver value added solutions to customers." On DPS he said, "DPS has a very strong product offering and already serves a who's who of the international publishing industry. The business is still young, nevertheless the endorsement of such major customers is extremely encouraging and we believe the business is well placed to build on its position in the year ahead." NOTES TO EDITORS Corporate Launch A launch of the restructured business will be held at Raffles Hotel in early March to introduce the Company to the media and investment communities. If you are interested in attending this event, please email hamish.bell@icgasia.com with cc. to jackie_koh@isoftel.com FOR FURTHER INFORMATION, PLEASE CONTACT: - IR enquiries - contact Hamish Bell, Investor Consulting Group, hamish.bell@icgasia.com - Media enquiries - contact Foo Chin Chin, Barr & Chan, Tel 6353 0677, chinbc@singnet.com.sg LIPKO ENGINEERING: Issues First & Final Dividend Notice ------------------------------------------------------- Lipko Engineering Industries Pte Ltd. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 32 Langsat Road, Singapore 426714. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 13 of 1992. Amount Per Centum: 56.42 percent. First and Final or otherwise: First & Final Dividend. When Payable: 31st day of January 2004. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated : 6th day of February 2004. KAREN LOH Assistant Official Receiver. =============== T H A I L A N D =============== BANGKOK BANK: Aims to Cut NPLs to 16% This Year ----------------------------------------------- Bangkok Bank expects to cut its non-performing loans (NPLs) to between 15 percent and 16 percent to 140 billion baht by the end of the year, according to Bangkok Bank Senior Executive Vice- President Suvarn Thansathit. Distressed assets of some six billion baht are also expected to be restructured by the end of the year. The bank has prepared some three to four billion baht worth of assets in different portfolios for sale to the Asset Management Corp. The government is expected to soon amend the AMC Act to allow the state agency to purchase distressed assets from local banks for restructuring. Bangkok Bank also formally opened its Asset Auction Centre to promote distressed asset sales. The bank will host its first property sale on February 22 at the Erawan Hotel. Some 189 items will be up for sale, with total assets valued at over 700 million baht. Auctions will be done through open bidding, with starting prices set at just 15 percent to 20 percent of market values. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Guangdong Sunrise Holdings-B Co., Ltd. 200030 (-184.24) 23.04 Guangdong Sunrise Holdings-A Co., Ltd. 30 (-184.24) 23.04 Jinan Qingoi Motorcycle Co., Ltd. 600698 (193.08) 113.96 Jinan Qingoi Motorcycle-A Co., Ltd. 600698 (-193.08) 113.96 Jinan Qingoi Motorcycle-B Co., Ltd. 900946 (-193.08) 113.96 Shenzhen China Bicycles Co., Ltd. 000017 (239.91) 60.39 Shenzhen China Bicycles-B Co., Ltd. 200017 (-239.91) 60.39 Shenzhen China Bicycles-A Co., Ltd. 17 (-239.91) 60.39 Shenzhen Great Ocean Shipping Co., Ltd. 200057 (-10.87) 11.27 Shenzhen Petrochemical Industry Group Co., Ltd. 000013 (243.36) 89.48 Shenzhen Petrochemical Industry Group Co., Ltd.-B 200013 (-243.36) 89.48 Shenzhen Petrochemical Industry Group Co., Ltd.-A 13 (-243.36) 89.48 INDONESIA --------- PT Lippo Securities Tbk LPPS (-3.62) 14.26 Smart Tbk SMAR (-37.38) 398.89 JAPAN --------- Cats Incorporated 9786 (26.33) 175.35 Kanebo Limited 3102 (40.44) 5820.67 MALAYSIA -------- CSM Corporation Bhd CSMB (8.40) 41.55 CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FBMS (7.16) 504.98 Faber Group Bhd FAB (-7.16) 504.98 Fountain View Development Bhd FVD (-57.42) 27.74 Kemayan Corp Bhd KOPS (289.67) 114.38 Kemayan Corp Bhd KOP (-289.67) 114.38 Panglobal Bhd PGL0 (-41.07) 187.79 Promet Bhd PMPT (174.45) 50.49 Promet Bhd PROM (-174.45) 50.49 Sri Hartamas Bhd SRIH (-118.91) 99.76 Uniphoenix Corporation Bhd UNI (-145.25) 33.34 Uniphoenix Corporation Bhd UCB (-145.25) 33.34 PHILIPPINES ----------- C & P Homes, Inc. CMP (324.94) 2.45 Pilipino Telephone Co PNOTF (356.17) 122.97 Pilipino Telephone Co PLTL (-356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PCEN (931.65) 7369.85 Pacific Century Regional Developments Ltd PAC (-931.65) 7369.85 THAILAND -------- Christiani & Nielsen CNT (-24.03) 35.80 (Thai) PCL Christiani & Nielsen CNT/F (-24.03) 35.80 (Thai) PCL-F Datamat PCL DTM (-9.53) 13.66 Datamat PCL-F DTM/F (-9.53) 13.66 Jutha Maritime PCL JUTHA (-3.70) 31.60 Jutha Maritime-F PCL JUTHA/F (-3.70) 31.60 National Fertilizer PCL NFC (-30.82) 297.40 National Fertilizer PCL-F NFC/F (-30.82) 297.40 Nakornthai Strip Mill PCL NSM (654.33) 608.46 Nakornthai Strip Mill PCL-F NSM/F (-654.33) 608.46 Siam Agro-Industry Pineapple And Others PCL SAIC (-13.88) 14.02 Siam Agro-Industry Pineapple And Others PCL-F SAICO/F (-13.88) 14.02 Siam Gen Factoring TB (35.92) 2.45 Siam Gen Factoring SGF (1.56) 35.92 Siam Gen Factoring-F SGF/F (1.56) 35.92 Thai Nam Plastic PCL TNPC (-2.00) 24.33 Thai Nam Plastic-F TNPC/F (-2.00) 24.33 Thai Wah Public Company Limited TWC (-61.48) 155.47 Thai Wah Public Company Limited-F TWC/F (-61.48) 155.47 Tuntex (Thailand) PCL TUNTEX (-26.82) 381.43 Tuntex (Thailand) PCL-F TUNTEX/F (-26.82) 381.43 Each Friday edition of the Troubled Company Reporter - Asia Pacific contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* 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 ***