/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040216.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, February 16, 2004, Vol. 7, No. 31 Headlines A U S T R A L I A AMP LIMITED: Provides Update on HHG Valuation Methodology AMP LIMITED: Shares up 3.4% Friday AUSTRALIAN GAS: Secures Extension For Loy Yang Power Deal COLES MYER: First Half Sales Won't Affect Rating, Says S&P QANTAS AIRWAYS: Starts Direct Flights Between Brisbane and L.A. TOWER LIMITED: Best Assigns BBB- Rating VILLAGE ROADSHOW: Takeover Panel Issues Interim Orders C H I N A & H O N G K O N G EASY LINK: Faces Winding Up Order SATAS INVESTMENTS: Wong Chi Hong Initiates Winding Up Petition TRI TAK: Shanghai Banking Initiates Winding Up Petition YOUNGWAY DEVELOPMENT: Winding Up Petition Set March 10 I N D O N E S I A GARUDA INDONESIA: Resumes International Flights INDOCEMENT TUNGGAL: Plans to Repay US$70M Debt This Year J A P A N ALL NIPPON: Enters Alliance With Malaysia Airlines SOFTBANK CORPORATION: Posts 3Q03 US$155M Net Loss SUMITOMO METAL: Moody's Changes Ba1 Rating Outlook to Stable K O R E A ASIANA AIRLINE: Sells 2.89% Treasury Shares HANARO TELECOM: Issues Business Termination Update HANARO TELECOM: Posts FY03 US$142M Net Loss LG CARD: LG Chem Buys US$43M Worth of Commercial Papers M A L A Y S I A KUMPULAN EMAS: Enters Alliance With Hinoki Investments LONG HUAT: Court Sets Hearing to February 16 PAN PACIFIC: Extends Investigative Audit to April 21 PROMET BERHAD: MSEB May Delist Securities SUNWAY CONSTRUCTION: SC OKs Fund Raising Exercise P H I L I P P I N E S MAYNILAD WATER: Alunan Departure Won't Snag Rehabilitation PHILIPPINE LONG: Launches Web-based HR Solution PILIPINO TELEPHONE: Expects Php402.4M Profit This Year UNITED COCONUT: Hires PWC for PhP15B Assets Disposal S I N G A P O R E KAO (S) 2003: Releases Debt Claim Notice to Creditors SUPERASIA AVIATION: Creditors Must Submit Claims by March 8 TRANSCARE ASIA: Issues Winding Up Order Notice T H A I L A N D BANGKOK BANK: May Cut NPL To 16% This Year BUMRUNGRAD HOSPITAL: Converts Preferred Shares to Common Shares DATAMAT PUBLIC: Resignation of Director EMC POWER: Registers New Board Members NEP REALTY: Unveils January 30 ESM Resolutions RAIMON LAND: Discloses Quarterly Financial Statements - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Provides Update on HHG Valuation Methodology --------------------------------------------------------- AMP Limited provided details of the valuation methodology it will use to calculate the loss on its demerger last year, a Company statement said. As foreshadowed in the Explanatory Memorandum (EM) for its demerger, AMP will incur a write down in the value of its former UK operations, HHG PLC, as a result of the demerger. In the EM, AMP Valued the HHG Group at A$3.2 billion, which resulted in a loss on demerger of A$2.5 billion. AMP also noted that the final loss on demerger could be materially different from this figure. AMP has agreed with the Australian Securities and Investments Commission the basis on which HHG will be valued for the purpose of reflecting the demerger in the accounts for the year to 31 December 2003. The valuation will be based on the average of the 15 daiy VWAPs (volume weighted average share price) for HHG between 23 December 2003 and 15 January 2004, together with an adjustment for the dilutionary effect of HHG's capital raising. This methodology will result in an additional charge to the profit and loss account of approximately A$1.1 billion. Together with the A$2.5 billion loss on demerger previously disclosed in the EM, the total reported loss on demerger will be approximately A$3.6 billion. This write down is a non-cash item and is required under Australian accounting standards. While the write down is the reflection of the loss in market value to AMP shareholders last year, as measured by the average 15 day share price of HHG relative to its book value, the impact of the write down on the demerged AMP is negligible. AMP now contains the Australian life insurance, superannuation, banking, asset management and reinsurance businesses. All figures for the year to December 31, 2003 are still subject to final audit and board approval. These results will be released on March 4, 2004. Media inquiries Karyn Munsie Ph: +61 2 9257 9870 0421 050 430 Mathew Coleman Ph: +61292572700 0421611138 Investor inquiries Mark O'Brien Ph: +61292577053 For a copy the press release, go to http://bankrupt.com/misc/AMP0212.pdf AMP LIMITED: Shares up 3.4% Friday ---------------------------------- Shares in AMP Limited climbed 3.4 percent to A$4.58 on Friday after announcing that the split from its British operations would result in an additional A$1.1 billion ($866 million) write down, lower than most analysts were forecasting, Yahoo Finance Australia reports. AMP's share price has been pounded in recent years following A$4 billion in write downs and heavy losses from its British life operations HHG Plc. Analysts expect a total 2003 loss of up to A$5.5 billion when the company reports results next month. AUSTRALIAN GAS: Secures Extension For Loy Yang Power Deal ---------------------------------------------------------- The Australian Gas Light Company (AGL) together with its Great Energy Alliance Corporation (GEAC) members, the Tokyo Electric Power Company (TEPCO) and Commonwealth Bank led investors, confirmed Thursday that an extension to the Conditional Sales Agreement, including the exclusivity arrangements for GEAC to acquire Loy Yang Power, has been agreed with the vendors. This agreement will now continue until March 12, 2004. The extension is required to enable the GEAC consortium partners' additional time to meet the remaining significant conditions precedent in the Loy Yang Power Sale Agreement, which includes resolution of outstanding Victorian stamp duty and financing approvals. Further Enquiries: Contact: Jane McAloon, Group Manager External & Regulatory Affairs Direct: (02) 9921 2349 Mobile: 0419 447 384 Contact: Jane Counsel, Media Relations Manager Direct: (02) 9921 2352 Mobile: 0416 275 273 COLES MYER: First Half Sales Won't Affect Rating, Says S&P ---------------------------------------------------------- Standard & Poor's Ratings Services said Thursday that Coles Myer Ltd.'s (CML; BBB/Stable/A-2) strong first-half fiscal 2004 sales result of A$15.7 billion, and full-year profit guidance affirmation, would have no impact on the ratings or outlook on the company. Importantly, however, the result incorporated a stronger-than- expected sales performance from CML's key food & liquor division, with comparable store-sales growth strengthening to 4.0% in the second quarter, from 1.7% in the previous quarter. This result reflected a continuing supermarket sales uplift from the Coles Express petrol and convenience store rollout, as well as the progressive rollout of a number of other management initiatives, including an improved fresh food offer. Accordingly, while CML's overall sales result was broadly in line with expectations, the result reflected an improving sales mix toward the key food and liquor division. Nonetheless, growing lease obligations associated with the group's store rollout program, including the Coles Express network, are expected to limit any material improvement in key credit measures in 2004, with fixed charges cover (including preference share dividends) expected to remain at the low 2x level, which remains consistent with the rating. Contact: Paul Draffin, Melbourne (61) 3-9631-2122 Jeanette Ward, Melbourne (61) 3-9631-2075 QANTAS AIRWAYS: Starts Direct Flights Between Brisbane and L.A. --------------------------------------------------------------- Qantas announced Thursday that it would commence direct flights between Brisbane and Los Angeles, the first time any airline has offered non-stop scheduled services on the route. The Chief Executive Officer of Qantas Airways, Geoff Dixon, said Qantas would operate three Boeing 747 non-stop Brisbane-Los Angeles services a week from June 14, 2004. These services will be in addition to the daily Qantas flights from Brisbane to Los Angeles via Auckland, and will take the number of services on the route to 10 per week. "These new services make it possible, for the first time ever, for American tourists to fly direct to the Sunshine State, and provide easier access to the many world class tourist attractions throughout Queensland," Mr Dixon said. "They also offer Queenslanders a more convenient way to get to the USA." Mr Dixon said Qantas had significantly boosted capacity between Australia and the USA over the past six months. "From next month, Qantas will be offering more scheduled capacity between Australia and Los Angeles than we ever have before, including during the peak period of the Sydney Olympics," he said. "In addition, we continue to operate three flights a week to Honolulu." Mr Dixon said Qantas had been flying to the USA for 50 years and had invested billions of dollars in this market, including dedicating six new Extended Range Boeing 747-400s to non-stop USA services. The new Qantas non-stop Brisbane-Los Angeles services will be operated by two-class Boeing 747-400 aircraft on Wednesdays, Fridays and Sundays. Issued by Qantas Corporate Communication (3030) Email: qantasmedia@qantas.com.au TOWER LIMITED: Best Assigns BBB- Rating --------------------------------------- A.M. Best Co. has assigned an initial issuer credit rating of "BBB-" to Tower Limited (New Zealand) and a financial strength rating of A- (Excellent) to Tower Insurance Limited (New Zealand). The outlook for both ratings is negative. The "BBB-" issuer credit rating for Tower Limited reflects its successful recapitalization and profitable New Zealand operations. The negative outlook reflects continued operational risk in Tower Australia Limited, as its lapse ratio continues to cause concern. The A- (Excellent) financial strength rating for Tower Insurance reflects its consistently strong financial performance and market position in the personal lines property insurance sector in New Zealand. The negative outlook reflects A.M. Best's concern regarding Tower Limited's continued expectation for capital repatriation and significant dividend payments from Tower Insurance. Tower Insurance has achieved consistent improvement in its underwriting performance. Its underwriting results increased to NZD 7.6 million (USD 4.5 million) in fiscal year 2003 from NZD 3.4 million (USD 1.4 million) in fiscal year 2000. Driven by its prudent underwriting strategy, the combined ratio has been persistently maintained at a level of less than 100% for more than five years. In spite of poor global investment markets over the past few years, Tower Insurance's investment portfolio has steadily generated positive returns with limited volatility. Given its long operating history in New Zealand, Tower Insurance has accumulated extensive market knowledge and has established a well-balanced distribution network. Maintaining a loyal customer base, Tower Insurance produced gross written premiums of approximately NZD 170 million (USD 101 million) in 2003--about 10% of the personal lines market in New Zealand. Offsetting these positive rating factors are the company's significant amount of profit repatriations and less conservative asset mix. Due to the dividend requirements by Tower Limited, the ability for Tower Insurance to generate internal surplus growth is limited. Even excluding the significant dividend payment in 2003, the company's five-year dividend payout ratio still stands at a level of more than 70%. In 2003, the internal capital reallocation within the Tower Group exposed Tower Insurance to greater equity risks. Given the short-tail nature of its underwriting portfolio, an investment portfolio with more than 40% in equities and properties risks is considered to be somewhat aggressive. Due to the continued business restructuring and persistent operational risks at Tower Limited, A.M. Best will monitor closely Tower Limited's performance and ability to meet its senior debt obligations, including future funding requirements of Tower Insurance. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. Contacts A.M. Best Co. Public Relations: Jim Peavy, +(1) 908 439 2200, ext. 5644 james.peavy@ambest.com or Rachelle Striegel, +(1) 908 439 2200, ext. 5378 rachelle.striegel@ambest.com Analysts: Terrence Wong, +852-2824-1153 terrence.wong@ambest.com or Jeffrey Liew, +852-2824-1134 jeffrey.liew@ambest.com VILLAGE ROADSHOW: Takeover Panel Issues Interim Orders ------------------------------------------------------ Australia's Takeovers Panel has issued interim orders restricting the disposal of certain ordinary shares in Village Roadshow Limited, Dow Jones reports. The shares relate to an application Village made to the panel last month concerning voting at company meetings on a proposed share buyback. Although the panel didn't specify the number of ordinary shares concerned, the Village application related to nearly 24.1 million ordinary shares, or around 10 percent of the total ordinary shares on issue. ============================ C H I N A & H O N G K O N G ============================ EASY LINK: Faces Winding Up Order --------------------------------- The petition to wind up Easy Link Service Limited is set for hearing before the High Court of the Republic of Singapore on March 3, 2004 at 9:30 A.M. o'clock in the morning. Wong Yau Lin Carmen, a creditor, whose address is situated at Room 1207 Hang King House, Siu Shan Court, 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, Nina 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). SATAS INVESTMENTS: Wong Chi Hong Initiates Winding Up Petition -------------------------------------------------------------- The petition to wind up Satas Investments Limited is set for hearing before the High Court of the Republic of Singapore on February 25, 2004 at 10 A.M. o'clock in the morning. Wong Chi Hong, a creditor, whose address is situated at 1 Hing Yan Street, To Kwa Wan, Kowloon, Hong Kong, filed the petition with the court on December 15, 2003. 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, Nina a notice in writing not later than twelve o'clock noon of the 24th day of February 2004 (the day before the day appointed for the hearing of the petition). TRI TAK: Shanghai Banking Initiates Winding Up Petition ------------------------------------------------------- The petition to wind up Tri Tak Holdings Limited is set for hearing before the High Court of the Republic of Singapore on March 17, 2004 at 10 A.M. o'clock in the morning. The Hong Kong and Shanghai Banking Corporation, a creditor, whose address is situated at 1 No.1 Queen's Road Central, Hong Kong, filed the petition with the court on January 15, 2003. The Petitioners' solicitors are Johnson Stokes & Master of 18th Floor, Prince's Building, 10 Chater Road, Central, Hong Kong. Any person who intends to appear on the hearing of the petition must serve on or send by post to Johnson Stokes & Master 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). YOUNGWAY DEVELOPMENT: Winding Up Petition Set March 10 ------------------------------------------------------ The petition to wind up Youngway Development Limited is set for hearing before the High Court of the Republic of Singapore on March 10, 2004 at 9:30 A.M. o'clock in the morning. Kadel Tikaram, a creditor, whose address is situated at Flat 47, 9/F., 47-49 Johnston Road, Wanchai, Hong Kong, filed the petition with the court on December 31, 2003. 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, Nina 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). ================= I N D O N E S I A ================= GARUDA INDONESIA: Resumes International Flights ----------------------------------------------- Garuda Indonesia will resume serving international routes from Bali that it abandoned earlier, Asia Pulse reports. The carrier had suspended serving a number of international routes following the crisis that hit airline business in the world as a result of the terrorist attack on New York World Trade Center in 2001. By the end of January, Garuda had started serving the Bali- Korea-Taiwan route seven times a week. On February 23, Garuda will start serving the Bali-Adelaide route twice a week. The company plans to fly between Bali and a number of major cities in China including Beijing, Shanghai and Guangzhou. INDOCEMENT TUNGGAL: Plans to Repay US$70M Debt This Year -------------------------------------------------------- PT Indocement Tunggal Prakarsa's domestic cement sales last year dropped by 7 percent on year to 8.4 million tons, while exports rose slightly to 2.6 million tons from 2.4 million tons in 2002. The Company's performance has been improving since German's Heidelbergcement AG acquired the Company from the government in 2001. Indocement, which is now 65 percent owned by Heidelberg, has been successfully reducing its debt to improve its balance sheet. Its total outstanding debt has fallen to $625 million from around $1 billion in 2001. The Company plans to repay at least $70 million this year. ========= J A P A N ========= ALL NIPPON: Enters Alliance With Malaysia Airlines -------------------------------------------------- All Nippon Airways (ANA) and Malaysia Airlines will commence code-sharing operations on air routes between Japan and Malaysia when the summer schedule begins on March 28 this year. Through this code-share arrangement ANA will market, under its own designator code `NH', a designated number of seats on Malaysia Airlines flights between Japan and Malaysia. Currently Malaysia Airlines operates twelve weekly direct services between Tokyo and Kuala Lumpur, three weekly direct services between Nagoya and Kuala Lumpur and five weekly direct services between Osaka and Kuala Lumpur. The Tokyo-Kuala Lumpur return service is operated using a 278-seater Boeing 777-200 ER aircraft whilst a 229-seater Airbus A330-200 is used between the remaining two city pairs. ANA passengers traveling on these code-share flights can look forward to experiencing many exclusive services and products introduced by Malaysia Airlines to cater to the needs of the Japanese market. They will enjoy in flight services by Japanese- speaking cabin crew, complemented with Japanese cuisine as well as Japanese language audio and video in-flight entertainment programmes on Malaysia Airlines flights between Japan and Malaysia. Members of the ANA Mileage Club also enjoy the existing benefits of their membership, as they will continue to accrue mileage points for travel on the code-share flights operated by Malaysia Airlines. Both airlines are now set to further extend the code-sharing agreement to departures from Fukuoka in southern Japan, and Sapporo in the north, and to increase frequencies on the Tokyo, Nagoya and Osaka routes, based on the outcome of bilateral air- talks between the governments of Japan and Malaysia. Cargo code-sharing operations between ANA and Malaysia Airlines will also commence from March 28, and the two carriers are seeking to expand their relationship in other areas of commercial cooperation. "Malaysia is an important business and leisure destination of our passengers," said Katsuhiko Kitabayashi, ANA's Executive Vice President, International. "This new agreement between two of Asia's premier airlines will mean greater convenience for our passengers and chance to develop tourism and strengthen trade links between Japan and Malaysia." Malaysia Airline's General Manager Network Planning and Revenue Management, Dr Amin Khan said, "The code share arrangement between Malaysia Airlines and All Nippon Airways is another step towards realizing our strategy for regional alliance. This code share arrangement will allow Malaysia Airlines to widen its market share through exposure in Japan's domestic market. We anticipate a positive reaction from the Japanese market towards this partnership." ANA and Malaysia Airlines commenced partnership with reciprocal Frequent Flyer rights in October 1994 allowing passengers of both airlines to accrue and redeem mileage on both networks. ANA came into existence in December 27, 1952, and over 50 years later is now one of the top ten largest airlines in the world, carrying with its sister companies almost 51 million passengers every year to 46 destinations in Japan, and to 21 overseas cities in Asia, Europe and the United States. ANA is also a member of Star Alliance, which it joined in October 1999, giving passengers seamless access to a network of over 700 airport destinations in 128 countries, and reciprocal benefits such as mileage accrual and redemption, and lounge access. Malaysia Airlines inaugurated its service between Japan and Malaysia on 1 April 1974 with a Boeing 707 service from Kuala Lumpur to Tokyo. From a modest 4 times Tokyo-Kuala Lumpur-Tokyo weekly service then, Malaysia Airlines has increased its market presence in Japan to currently 20 weekly direct services linking Tokyo, Nagoya and Osaka with Kuala Lumpur. In addition it operates a twice-weekly service between Tokyo and Kuala Lumpur, transiting Kota Kinabalu in each direction. Commencing March 28 with the summer schedule, it will add two weekly services between Osaka and Kuala Lumpur via Kota Kinabalu. With more than 50 years of commercial aviation experience since the inception of its predecessor on October 27, 1937, Malaysia Airlines now serves over 100 destinations across six continents in partnership with more than 20 code-share airlines. Issued jointly by ANA Malaysia Airlines Japan Shiodome-City Center 3rd Floor, No 29 Mori Building 1-5-2 Higashi-Shimbashi 4-2-1 Shimbashi Minato-ku, Tokyo 105-7133 Minato-ku, Tokyo 105-0004 Contact Contact Rob Henderson, r.henderson@ana.co.jp Tetsuya Hirata, mktg@mas- japan.co.jp SOFTBANK CORPORATION: Posts 3Q03 US$155M Net Loss ------------------------------------------------- Internet investor Softbank Corporation incurred a group net loss of 16.3 billion yen (US$155 million) in the third-quarter of 2003 because of marketing costs, Channel News Asia reports. This was the first time Softbank posted third-quarter results, and it did not provide a year-ago comparison. However, its net loss was considerably narrower than the second-quarter's loss of 42.60 billion yen. SUMITOMO METAL: Moody's Changes Ba1 Rating Outlook to Stable ------------------------------------------------------------ Moody's Investors Service has changed the outlook for its Ba1 long-term debt rating of Sumitomo Metal Industries, Ltd. (SMI) to stable from negative. The outlook change recognizes the progress in SMI's plan for substantial debt reduction, its efforts to realign its overall production process, and the steel market's expected sound state for the next few years. In accordance with its plan to drastically cut debt to restore its impaired financial position, SMI has made significant progress. In this regard, it has utilized cash flow from its operations, proceeds from asset sales as well as funds sourced from new equity issuances and the separation of its non-core operations. Although SMI's capital structure will remain highly leveraged in the medium term, its financial risks are becoming more manageable. SMI has realigned its production flow and capacity balance. Its realignment program includes 1) the separation of upstream facilities at its Wakayama Steel Works and their assignment to a joint venture with Taiwan's China Steel Corporation, 2) the discontinuation of hot-rolling and cold-rolling operations at Wakayama and a concentration instead on flat steel production at its Kashima Steel Works, 3) the expansion of blast furnace capacity at Kashima, and 4) the separation of its stainless steel operation and its reassignment to a joint venture with Nippon Steel. Once operations are streamlined, efficiency should improve significantly, providing opportunities to slash costs, and which would lead in turn to more predictable cash flow. The operating environment for Japan's integrated steel makers, including SMI, has stabilized. Production is now fairly strong, backed by rising demand in China and other Asian markets. Moreover, business consolidations and the formation of operating alliances among steel makers in Japan have stabilized the industry's structure. Moody's expects these factors, combined with SMI's own efforts to streamline its operations and substantially cut debt, will support its ability to manage its performance and financial flexibility. In the meantime, Moody's observes several factors that could potentially constrain the performance of steel operations in general, including hikes in raw material costs, trends in foreign exchange rates, environment-related obligations, and the cyclical downturn in China's steel market. Moody's will continue to monitor and assess the potential effects of these factors on SMI's operating performance. Sumitomo Metal Industries, Ltd., headquartered in Osaka, is Japan's third-largest steel maker with annual output at about 12 million tons of crude steel. Sales for FYE 3/2003 were Yen 1,225 billion. ========= K O R E A ========= ASIANA AIRLINE: Sells 2.89% Treasury Shares ------------------------------------------- Asiana Airline Services Co. Limited will sell treasury shares worth 4.6 billion won (US$3.96 million) in the stock market. The Company will offload 4.92 million shares, 2.89 percent of its outstanding shares, between February 16 and March 15, it said in a public notice to the Korea Stock Exchange. Asiana, faced with declining travelers due to the spread of bird flu and SARS in Asia, did not elaborate on the reason for the share sale. Shares of Asiana edged down 10 won to close at 2,375 won on Thursday. HANARO TELECOM: Issues Business Termination Update -------------------------------------------------- Hanaro Telecom announced the termination of the basic contract dated September 26, 2003 for the acquisition of Dreamline's broadband Internet business in Suwon, Ohsan, Byungjum and Gunpho areas due to Dreamline's failure to enter into definitive contracts therefore, filed with the Financial Supervisory Commission and the Korea Securities Dealers Association Automated Quotation Market (KOSDAQ) on February 6, 2004. DETAILS 1) Company Name: Dreamline Corporation 2) Current State: Following the execution of the basic contract on September 26, 2003 for the acquisition of Dreamline's broadband Internet business in Suwon area, Hanaro Telecom, Inc. (Hanaro) sent a final notice to Dreamline on February 2, 2004 requesting to enter into a definitive business transfer contract, and Hanaro received a notice from Dreamline on February 5, 2004. 3) The reason for termination of the contract: Hanaro sent a final notice requesting to enter into a definitive business transfer contract pursuant to Article 10, Clause 1 of the basic broadband Internet business transfer contract between Hanaro and Dreamline, "The parties (Hanaro and Dreamline) can send a written notice to the other party to demand a correction within 7 days, if the other party breaches the contract or cannot execute a definitive contract. If the other party cannot correct the breach within 7 days, the party may terminate the contract immediately", and received a notice from Dreamline that Dreamline cannot enter into a definitive business transfer contract within 7 days. Therefore, Hanaro terminated the basic contract for the acquisition of Dreamline's broadband Internet access business in Suwon area. 3. Future countermeasure: Hanaro sent a written notice to Dreamline that Dreamline should return the total amount of the initial down payment (including value-added tax) and the interest on the down payment (6% p.a.) pursuant to Article 11 of the basic contract by February 9, 2004. If Dreamline follows such notice, Hanaro would not claim for additional compensation or file an additional protest. 4. The above statement is also true for the basic contract for the acquisition of Dreamline's broadband Internet access business in Suwon, Ohsan, Byungjum and Gunpho areas in the Disclosure on Inquiry dated on February 5, 2004. 5. Others: Hanaro has been studying the feasibility of a possible acquisition of Dreamline's broadband Internet access business in the remaining areas except the areas which were mentioned in the Disclosure on Inquiry dated on February 5, 2004, and further development in relation to the issue thereto shall be filed in a timely manner. 6. Date of relevant local filing: September 26, 2003, October 8, 2003, November 7, 2003, December 5, 2003, December 9, 2003, January 5, 2004, February 2, 2004, February 5, 2004. HANARO TELECOM: Posts FY03 US$142M Net Loss ------------------------------------------- Hanaro Telecom Inc. posted a net loss of 165.3 billion won (US$142 million) in 2003, Channel News Asia reports. The Internet service provider attributed its loss to the disposal of non-performing assets and other costs associated with its takeover by a U.S. consortium led by American International Group. In November 2003, the U.S. consortium acquired the debt-stricken company for 500 million dollars, beating out a rival bid from LG Group. The consortium has injected new capital into Hanaro, which controls 28 percent of South Korea's broadband Internet market. At the end of January, Hanaro had 2.72 million broadband Internet users. LG CARD: LG Chem Buys US$43M Worth of Commercial Papers ------------------------------------------------------- LG Chem Limited has purchased 50 billion won (US$43 million) worth of beleaguered affiliate LG Card Co.'s commercial paper, Asia Pulse reported on Friday. The purchase is part of LG Group's 1 trillion won financial support plan to keep LG Card, the nation's biggest credit card issuer, afloat, the chemical company said in a regulatory filing. The interest rate on the commercial paper is set at 7.5 percent per year, with a maturity of 90 days. Commercial paper is a short-term promissory note used by the issuer to finance current obligations. =============== M A L A Y S I A =============== KUMPULAN EMAS: Enters Alliance With Hinoki Investments ------------------------------------------------------ The Board of Directors of Kumpulan Emas Berhad (KEB) announced that in conjunction with the oil palm plantation development in Solomon Islands, the Company had on Thursday entered into the Agreement with Hinoki Investments Limited (HIL) for: a) The subscription of 1,170,000 new ordinary shares in Silvania Plantation Products (S.I.) Limited (SPPL) at Solomon British Dollar (SBD) 10.00 each at a premium of SBD9.00 per share, i.e. for SBD11,700,000 (equivalent to approximately RM6.1 million). HIL shall subscribe for the said shares in stages in proportions equivalent to the cost of the development of the oil palm plantation to be incurred by HIL. The said cost of development has been agreed at United States Dollar (USD) 1,275.00 per hectare. b) Upon HIL's full subscription of the said shares pursuant to (a) above, and the completion of HIL's obligations which include the completion of the development of 5,000 hectares, HIL can exercise its option to purchase from KEB 724,660 ordinary shares of SPPL at SBD1.00 each, i.e. for SBD724,660 (equivalent to approximately RM0.4 million) c) Concurrently with (b) above, KEB shall subscribe for 1,910,000 new ordinary shares of SPPL at SBD10.00 each at a premium of SBD9.00 per share, i.e. for SBD11,910,000 (equivalent to approximately RM6.2 million), being part capitalization of KEB's contribution through the construction of a palm oil mill for the said development. On even date, KEB and HIL had also entered into an agreement to jointly develop forest plantation in areas unsuitable for oil palm development in the Development Area. 2.0 BACKGROUND ON THE DEVELOPMENT AND SALIENT TERMS OF THE AGREEMENT SPPL was granted approximately 10,000 hectares of land on Vangunu Island in Solomon Islands (Development Area) for oil palm plantation development pursuant to the Vangunu Oil Palm Development agreement dated 29 July 1999 entered between KEB, SPPL and the Government of Solomon Islands. The parties' major obligations pursuant to the Agreement are as follows: (a) HIL 1) To complete and finance the development of oil palm plantation of an area measuring approximately 5,000 hectares in the Development Area at the cost of USD1,275.00 per hectare within prescribed time frames. The total cost of development of the said 5,000 hectares is USD6.375 million (equivalent to approximately RM24 million). Part of this cost will be capitalized as equity in SPPL as detailed in Section 1.0 above. 2) To assist KEB to seek additional land of approximately 5,000 hectares suitable for the cultivation of oil palm plantation from the customary landowners of Solomon Islands known as the Outgrowers' Scheme, wherein SPPL shall bear the cost of development of USD1,275.00 per hectare for the said Outgrowers' Scheme. (b) KEB 1) To finance the construction of a palm oil mill with the initial capacity of 30 metric tonnes Fresh Fruit Bunch (FFB) per hour and which shall have the capacity to be upgraded to 60 metric tonnes FFB per hour; and 2) The bulking installation and shipping facilities for the export of palm oil products. The construction cost for the above is USD10.4 million (equivalent to approximately RM39.5 million). Part of this cost will be capitalized as equity in SPPL as detailed in Section 1.0 above. 3.0 INFORMATION ON SPPL SPPL was incorporated in Solomon Islands in 1997 and has an authorized as well as issued and paid-up share capital of 1,907,000 ordinary shares at SBD1 each, (equivalent to approximately RM1.0 million). SPPL is a wholly owned subsidiary of KEB with principal activities in oil palm development and milling. 4.0 INFORMATION ON HIL HIL was incorporated in Papua New Guinea in 1994. The issued and paid-up share capital of HIL is 880,000 shares at Kina1.00 per share (equivalent to approximately RM1.1 million). HIL is principally involved in property investment, logging, oil palm development and investment holding. 5.0 RATIONALE The Agreement allows KEB to expedite the oil palm development in the Solomon Islands with the involvement of HIL and HIL's added expertise in this sector and region. KEB will have the opportunity to enjoy healthy future returns from the oil palm plantation development as the fertile volcanic soil in Vangunu Island, rain and sunshine results in higher FFB yield and crude palm oil/palm kernel extraction rates. KEB also gets to enjoy benefits of duty remissions and 8 years tax holidays from the date of first export of oil palm products awarded by the Government of Solomon Islands. 6.0 FINANCIAL EFFECTS 6.1 Share capital and shareholdings of substantial shareholders The Agreement will not have any effect on the issued and paid-up share capital of KEB as well as the shareholdings of the substantial shareholders of KEB. 6.2 Earnings The Agreement will not have any material impact on the earnings of the KEB Group for the financial year ending 31 July 2004 as the initial stage comprises the development of the oil palm plantation as a base for the oil palm milling operations in SPPL. However, this development is expected to contribute significantly to the future earnings of the KEB Group. 6.3 Net Tangible Assets (NTA) The Agreement will not have any material effect on the NTA of the KEB Group for the financial year ending 31 July 2004. 7.0 DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS None of the directors and/or substantial shareholders of KEB and/or persons connected to them have any interest, direct or indirect in the Agreement. 8.0 STATEMENT FROM THE BOARD OF DIRECTORS Having considered all aspects of the Agreement, the Board is of the opinion that the Agreement is in the best interest of the Company and the KEB Group. 9.0 APPROVALS REQUIRED Aside from Bank Negara Malaysia's approval for the remittance of funds abroad by KEB, the Agreement does not require approval from the shareholders of KEB and /or any other relevant authorities. 10.0 DOCUMENTS FOR INSPECTION All documents abovementioned are available for inspection during normal office hours at the Company's Registered Office at 17th Floor, Menara Summit, Persiaran Kewajipan, USJ 1, 47600 UEP Subang Jaya, Selangor Darul Ehsan . LONG HUAT: Court Sets Hearing to February 16 -------------------------------------------- Long Huat Group Berhad announced that its solicitors, Messrs Kadir, Andri Aidham & Partners, had filed an application for an extension of time for a further 90 days in relation to the restraining order under Section 176(10) of the Companies Act 1965. The Court has fixed the hearing date on February 16, 2004. PAN PACIFIC: Extends Investigative Audit to April 21 ---------------------------------------------------- Pan Pacific Asia Berhad (PPAB) on Wednesday received the approval from the Securities Commission (SC) for an extension of time up to April 21, 2004 for Messrs BDO Binder to complete the investigative audit of PPAB via SC's letter dated February 10, 2004. PROMET BERHAD: MSEB May Delist Securities ----------------------------------------- Promet Berhad on February 11, 2004 received a letter from Malaysia Securities Exchange Berhad (MSEB) in respect of de- listing procedures commenced against the Company. After due consideration of all facts and circumstances of the case and upon consultation with the Securities Commission (SC), the Exchange had decided to await the outcome of PROMET's submission of the Appeal to the SC on the regularization plans. The Exchange's decision to await the outcome of the Appeal is without prejudice to the Exchange's right to proceed to de-list the securities of PROMET from the Official List of the Exchange in the event: 1. The Appeal is not allowed by the SC; or 2. The Company fails to obtain the approval from any of the other regulatory authorities necessary for the implementation of its regularization plans. In the event, Promet obtains all authorities' approvals necessary for the implementation of its regularization plans, Promet must proceed to implement its regularization plans expeditiously within the time frame stipulated by the relevant authorities. SUNWAY CONSTRUCTION: SC OKs Fund Raising Exercise ------------------------------------------------- On behalf of the Boards of Sunway Holdings Incorporated Berhad (SunInc) and Sunway Construction Berhad (SunCon), Southern Investment Bank Berhad (SIBB) announced that the Securities Commission (SC) has via its letter dated 10 February 2004, which was received on 11 February 2004, approved the proposed fund raising exercise as follows: (i) Proposed disposal of the following assets and properties which are owned by the SunInc Group to ABS Land & Properties Berhad (ALP) for a total sale consideration of RM172.070 million which will be satisfied via RM74.730 million cash and issuance of subordinated class asset-backed notes from ALP worth nominal value of RM97.340 million (Proposed SunInc Disposals): (a) 5,000,000 ordinary shares of RM1.00 each (representing 100% equity interest) in Coral-White Sdn Bhd; (b) Lot No PT 574, Seksyen 9, Bandar Shah Alam, Selangor; (c) Lot No 1858, Mukim Serendah, Daerah Hulu Selangor, Selangor; (d) Lot No PT17117, Mukim Dengkil, Daerah Sepang, Selangor; (e) Units No 36-14-01 and 35-14-01, Kondominium Kemuncak Shah Alam, Seksyen 9, Bandar Shah Alam, Selangor; (f) Lot No 396, Seksyen 32, Bandar Petaling Jaya, Daerah Petaling, Selangor; (g) Units No 8, 14, 23 and 27, Bandar Cheras, Daerah Hulu Langat, Selangor; (h) Unit No B4-1-2, Kondominium Evergreen Park, Mukim Cheras, Daerah Hulu Langat, Selangor; (i) Lot No 1077, Mukim Dengkil, Daerah Sepang, Selangor; (j) Unit No 33-1-30, Bandar Georgetown, Seksyen 17, Daerah Timur Laut, Pulau Pinang; (k) Unit No 6-8-1, Mukim Kuala Lumpur, Daerah Wilayah Persekutuan, Wilayah Persekutuan; (l) Unit No 3-22-1, Mukim 13, Daerah Timur Laut, Pulau Pinang; (m) Lot No PT 8755, Mukim Serendah, Daerah Hulu Selangor, Selangor; (n) Lot No PTD 5459, Mukim Renggam, Daerah Kluang, Johor; (o) Lot No PTD 127057, Mukim Plentong, Daerah Johor Bahru, Johor; and (p) Lot No PT 9215, Mukim Labu, Daerah Seremban, Negeri Sembilan; (ii) Proposed disposal of the following properties which are owned by the SunCon Group to ALP for a total sale consideration of RM58.182 million which will be satisfied via RM25.270 million cash and issuance of subordinated class asset-backed notes from ALP worth nominal value of RM32.912 million (Proposed SunCon Disposals): (a) Lots No PT 3845 and 3846, Mukim Damansara, Daerah Petaling, Selangor; (b) Lots No 4096, 4099, 2508, 2509, Mukim Kuala Lumpur, Daerah Wilayah Persekutuan, Wilayah Persekutuan; (c) Lots No PT 325 and 326, Mukim Pekan Baru Sungai Besi, Daerah Petaling, Selangor; (d) Lot No PT 5014, Bandar Petaling Jaya Selatan, Daerah Petaling, Selangor; and (e) Lot No PT 39173, Mukim Kajang, Daerah Hulu Langat, Selangor; and (iii) Utilization of proceeds arising from the Proposed SunInc Disposals and Proposed SunCon Disposals as shown in Table 1 below. The SC's approval on the Proposed SunInc Disposals and Proposed SunCon Disposals is subject to the following conditions: (i) In relation to the utilization of proceeds arising from the Proposed SunInc Disposals and Proposed SunCon Disposals: (a) Full disclosure pertaining to the details of the utilization of proceeds for working capital should be made in an announcement to the shareholders of SunInc; (b) Any extension of time for the utilization of the proceeds from the period determined by SunInc should be approved by a final resolution by the Board of SunInc and should be fully disclosed to the Malaysia Securities Exchange Berhad; and (c) Appropriate disclosures pertaining to the status of the utilization of proceeds should be made in the Quarterly Report and Annual Report of SunInc until the said proceeds are fully utilised, ; and (ii) SIBB and SunInc are required to fully comply with all the relevant requirements in relation to the Proposed SunInc Disposals and Proposed SunCon Disposals under SC's Policies and Guidelines on Issue/Offer of Securities. SIBB and SunInc are also required to provide written confirmation to the SC on the compliance with all the above terms and conditions upon completion of the Proposed SunInc Disposals and Proposed SunCon Disposals. This announcement is dated 12 February 2004. Table 1 Utilization of proceeds Utilization RM' million Repayment of borrowings 49.978 Working capital 49.462 Estimated expenses for 0.560 the Proposed SunInc Disposals and Proposed SunCon Disposals Total 100.000 ===================== P H I L I P P I N E S ===================== MAYNILAD WATER: Alunan Departure Won't Snag Rehabilitation ---------------------------------------------------------- The decision of the Lopez group to replace Maynilad Water Services, Inc. President Rafael Alunan III should not delay the ongoing rehabilitation case of the utility, Yehey News reports. Court-appointed receiver Rosario S. Bernaldo said the change in leadership, which took effect on Monday, was not announced during the last Maynilad board meeting on January 26. Before he left Maynilad, Mr. Alunan and Maynilad and the state- run Metropolitan Waterworks and Sewerage System were negotiating for a possible out-of-court settlement of some PhP8 billion in unpaid concession fees. PHILIPPINE LONG: Launches Web-based HR Solution ----------------------------------------------- The Philippines Long Distance Telephone Company (PLDT) has begun deploying a Web-based human resources (e-HR) solution designed by Geac(R), a global enterprise software company for Business Performance Management. PLDT awarded Geac a three-year contract in June 2003 to implement the system, which will simplify HR administration for PLDT's 10,000 employees. Using Geac's SmartStream(TM) software, PLDT will be better able to expand its operating efficiency and automate many of its existing HR and payroll processes. It will also provide employees electronic access to many HR functions. The contract, previously recognized, extends the Geac SmartStream financial solution already being used by PLDT. The Human Resource solution includes processes related to Recruitment, Performance Management, Training, Benefits and Compensation Management as well as medical services. Victorico P. Vargas, Human Resources and Infrastructure Management Head, PLDT, said: "Our vision is to provide our employees immediate access to HR services and to ensure availability of information whenever they need it. The Geac solution provides a facility to our employees regardless of their location and gives them the ability to transact business with the available HR online services." Norbert Kiss, Managing Director, Geac Asia, said: "We are honored to be awarded this contract from PLDT, and to be an integral part of a major business performance management initiative within the company. To meet the e-HR vision of PLDT is technically challenging. However, working with PLDT we are able to deliver a solution that gives their employees immediate access to their HR department. This solution shows that PLDT is a leader in HR management." The SmartStream HR solution is being localized for PLDT and complies with the statutory requirements of Philippine laws. The solution gives PLDT staff access to HR services via the company's Intranet using a standard Web browser. SmartStream HR gives an employee the much needed empowerment and ability to apply for vacation, sick leave, enquire about medical benefits, request training, view pay slips, check outstanding vacation days, apply for positions within PLDT and more without passing through the usual help desk and inquiry services thereby enabling HR personnel to focus more in strategic undertakings and critical functions. PLDT's e-HR project utilizes SmartStream HR suite of solutions and a Web-based module for the self-service features. The database is being powered by Sybase and runs on an HP-UX platform. The system is fully integrated with PLDT's Geac SmartStream financial systems, further streamlining the company's operations. Implementation has already commenced. e-HR has already been rolled out; Payroll, Benefits, Training, Recruitment, Leaves, Industrial Relations, Medical, and Skills and Competency modules are in the process of deployment and database population. About PLDT PLDT is the leading telecommunications provider in the Philippines. Through its three principal business groups - fixed line, wireless and information communications technology - PLDT offers a wide range of telecommunications services across the Philippines with its most extensive fiber optic backbone and fixed line, cellular and satellite network. PLDT is listed on the Philippine Stock Exchange (PSE:TEL - News) and its American depository shares are listed on the New York Stock Exchange (NYSE:PHI - News) and the Pacific Exchange. PLDT has one of the largest market capitalizations among Philippine listed companies. Further information can be obtained by visiting the Web at www.pldt.com.ph. About Geac Geac (NASDAQ: GEAC, TSX: GAC) is a global enterprise software company for Business Performance Management, providing customers worldwide with the core financial and operational solutions and services to improve their business performance in real time. Further information is available at http://www.geac.comor through e-mail at info(at)geac.com. This press release may contain forward-looking statements based on current expectations. Important factors that could cause a material difference between these forward-looking statements and actual events include those set forth under the heading "Risk Factors" in Geac's Form 20-F for the fiscal year ended April 30, 2003 filed with the United States Securities and Exchange Commission on October 31, 2003, copies of which are available through the website maintained by the SEC at www.sec.gov; and under the heading "Risks and Uncertainties" in Geac's Management Discussion and Analysis for the fiscal year ended April 30, 2003 filed with the Canadian Securities Administrators on June 25, 2003 and available through the website maintained by the Canadian Depository for Securities Limited at www.sedar.com. Geac is a registered trademark of Geac Computer Corporation Limited. All other marks are trademarks of their respective owners. For further information Investor Contact: Melody Firth, Geac, +1 905-475-0525, x3325, melody.firth@geac.com Media Contact-Asia: Norbert Kiss, Geac, +65 6352-7170, norbert.kiss@geac.com Media Contact-North America: David Domeshek, Geac, +1 508-871- 5064, david.domeshek@geac.com PILIPINO TELEPHONE: Expects Php402.4M Profit This Year ------------------------------------------------------ Pilipino Telephone Corporation (Piltel), an affiliate of Philippine Long Distance Telephone Co., expects to book a net profit of 402.4 million pesos this year, after a projected net loss of 3.33 billion in 2003. It reported a net loss of 21.8 billion pesos for 2002. The Company sees gains being boosted by expected growth in its wireless GSM subscriber base to 3.68 million at the end of this year from 2.78 million as of end-2003. UNITED COCONUT: Hires PWC for PhP15B Assets Disposal ---------------------------------------------------- United Coconut Planters Bank (UCPB) has tapped auditing firm PricewaterhouseCoopers (PWC) to help it unload an estimated 15 billion pesos in idle assets, Yehey News reports, citing UCPB President Jose Querubin said. The bank expects to post 5 billion pesos in net earnings by the end of 2003. UCPB plans to sell its equity in four oil mills, which it expects to yield revenues of 5-6 billion pesos. BusinessWorld identified the firms as the Legaspi Oil Company, San Pablo Manufacturing Corp, Southern Luzon Oil Mills, and Granexport Manufacturing Corporation. The sale will need approval from the Philippine Deposit Insurance Corporation and the Presidential Commission on Good Government, who are represented in the UCPB board. ================= S I N G A P O R E ================= KAO (S) 2003: Releases Debt Claim Notice to Creditors ----------------------------------------------------- The creditors of Kao (S) 2003 Private Limited (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 11th day of March, 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 Liquidator of the said Company, and if so required by notice in writing from the said Liquidator, are by their solicitors or personally to come in and prove their said debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Dated this 11th day of February, 2004. ONG YEW HUAT Liquidator. 10 Collyer Quay #21-01 Ocean Building Singapore 049315. SUPERASIA AVIATION: Creditors Must Submit Claims by March 8 ----------------------------------------------------------- The creditors of Superasia Aviation (Singapore-Ii) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before the 8th day of March 2004 to send in their names and addresses, with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said company, and, if so required by notice in writing by the said Liquidator, are by their solicitors, or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Dated this 6th day of February 2004. LOKE POH KEUN Liquidator. c/o 8 Cross Street #17-00 PWC Building Singapore 048424. TRANSCARE ASIA: Issues Winding Up Order Notice ---------------------------------------------- Transcare Asia Pte Ltd. issued a notice of winding up order made on the 16th day of January 2004. Name and address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office URA Centre (East Wing) 45 Maxwell Road #05-11 & #06-11 Singapore 069118. LEE & LEE Solicitors for the Petitioner. =============== T H A I L A N D =============== BANGKOK BANK: May Cut NPL To 16% This Year ------------------------------------------ Bangkok Bank PCL expects to cut its non-performing loans by the end of the year, the Bangkok Post reports, quoting the bank's Senior Executive Vice President Suvarn Thansathit. Distressed assets of some six billion baht are also expected to be restructured. Debt restructuring is expected to cut bad loan levels to THB140 billion, or around 15 percent to 16 percent of total loans, from around THB210 billion, or nearly 25 percent of total outstanding loans, by the end of 2003. BUMRUNGRAD HOSPITAL: Converts Preferred Shares to Common Shares --------------------------------------------------------------- The Board of Directors of Bumrungrad Hospital Public Co. Ltd. announced the conversion of preferred shares to common shares at the rate of 1 preferred share to 1 common share during the month of February of every year. Preferred Shareholders who wish to convert their shares are advised to submit the conversion requisition forms and surrender their Preferred Shared Certificate to the Thailand Security Depository Co.,Ltd. from 1st to the 29th of February 2004 from 8:30 A.M. to 5:00 P.M. (Mrs.Linda Lisahapanya) Managing Director (Dr.Dhanit Dheandhanoo) Director DATAMAT PUBLIC: Resignation of Director --------------------------------------- Datamat Public Company Limited received a resignation letter from its Director and Chairperson Sukanya Prachuabmoh effective January 31, 2004. EMC POWER: Registers New Board Members -------------------------------------- EMC Public Co. Limited has registered the new entries of Director's board namely Sunee Sornchaitanasuk, Prasert Kasemkomet, Suriya Labwisuttisin and Chaiyong Ratanachareonsiri, on February 12, 2004, at Department of Business Development. Therefore, EMC Public Co. Ltd. board of director consists of 10 persons. (Komol Wongpornpenpap) Director EMC Power Company Limited Acting as a Plan Preparer of EMC Public Company Limited NEP REALTY: Unveils January 30 ESM Resolutions ---------------------------------------------- The Board of Directors of NEP Realty and Industry Public Company has adopted the significant resolutions as follows: 1. Approval to NFS Asset Management Company Limited, the financial creditor of the company in accordance with the Civil Court's judgment in Black Case No. Ngor.577/2542 and Red Case No. Ngor.195/2544 dated July 4, 2001. - To convert the Company's debts pursuant to the aforesaid Civil Court's judgment in the amount Baht 254,658,039.04 to equity including the hanging interest calculated as from January 1, 2004 to the date preceding Baht 270,000,000 or equaling to the amount of shares of not exceeding 27,000,000 shares at the price per share of Baht 10. - The debt to equity conversion shall be consummated within December 31, 2004. This transaction is regarded as the connected transaction in accordance with the notification of the Securities and Exchange Commission of Thailand concerning Disclosure of Information and Act of the Listed Company in connection with the Connected Transactions. - In this regard NFS Asset Management Company Limited shall waive the interest in the amount of Baht 100,398,103.42 in favor of the Company immediately on the execution date of the Memorandum to Amend the Terms and Conditions Concerning the Repayment of Debts. 2. Approval to the obtaining of the credit facility from Thanachart Bank Public Company Limited in the amount of not exceeding Baht 250,000,000 for the purpose of repaying its debts in relation to the court judgment to NFS Asset Management Company Limited. This transaction is the connected transaction in accordance with the notification of the Securities and Exchange Commission of Thailand concerning Disclosure of Information and Act of Listed Company in connection with the Connected Transactions. 3. Consideration to the date scheduled for the Extraordinary Meeting of the Shareholders No. 1/2004 on Thursday, March 4, 2004 at 10:30 a.m. at Grand Ball Room 3, Grand Hyatt Erawan Hotel Bangkok, Rajadamri, Khwaeng Lumpini, Khet Pathumwan, Bangkok. Determination of the agenda for the Extraordinary Meeting of the Shareholders No. 1/2004 to be as follows: Agenda 1: Matters to be informed by the Chairman. Agenda 2: Approval to the Minutes of the Extraordinary Meeting of the Shareholders No. 2/2003. Agenda 3: Matters to be considered. Consideration and approval to the cancellation of certain resolution of the Extraordinary Meeting of the Shareholders No. 2/2003 dated October 30, 2003 in relation to 58,000,000 shares proposed for sale as private placement to particular investors who are the financial creditors of the Company; and consideration and approval to the issuance of such cancelled 58,000,000 common shares to support the debt to equity conversion in favor of the financial creditors of the Company. Consideration and approval to NFS Asset Management Company Limited, the financial creditor of the Company in accordance with the Civil Court's judgment on Black Case No. Ngor. 577/2542 and Red Case No. Ngor. 195/2544 dated July 4, 2001, to convert the Company's debt pursuant to the aforesaid Civil Court's judgment in the amount Baht 254,658,039.04 to equity inclusive of the hanging interest calculated as from January 1, 2004 to the date preceding the date for debt to equity conversion in the aggregate amount of not exceeding Baht 270,000,000 or equaling to 27,000,000 shares at the price per share of Baht 10. In this regard NFS Asset Management Company Limited shall waive the interest in the amount of Baht 100,398,103.42 in favor of the Company immediately on the execution date of the Memorandum to Amend the Terms and Conditions Concerning the Repayment of Debts, and Consideration and approval to the seeking for the credit facility from Thanachart Bank Public Company Limited in the amount of not exceeding Baht 250,000,000 for the purpose of repaying the debts in accordance with the court judgement to NFS Asset Management Company Limited. Agenda Acknowledgement to the letter of the Office of the Securities and Exchange Commission No. Gor Lor Tor. Jor. 3141/2003 dated November 18, 2003. Agenda Others (if any). The Company shall close the share register book for suspension of the transfer of shares in order to preserve the rights to attend and vote at the Extraordinary Meeting of the Shareholders No. 1/2004 as from noon on Friday, February 13 2004 until the aforesaid meeting is adjourned. RAIMON LAND: Discloses Quarterly Financial Statements ----------------------------------------------------- Raimon Land Public Company Limited reviewed its quarterly financial statements as follows. Ending December 31, (In thousands) Quarter 4 For 12 Months Year 2003 2002 2003 2002 Net profit (loss) 15,138 612,010 520,735 4,439,665 EPS (baht) 0.02 1.18 0.79 14.67 In addition, the company has already reported and disseminated its financial statements in full via the SET Electronic Listed Company Information Disclosure (ELCID), and has also submitted the original report to the Securities and Exchange Commission." Signature.......................... (Mr.Nigel J.Cornick) Position Chief Executive Officer Authorized to sign on behalf of the company ********* 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. 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