/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040310.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, March 10, 2004, Vol. 7, No. 49 Headlines A U S T R A L I A AMP LIMITED: Releases Notice on Substantial Holder ARISTOCRAT LEISURE: Director Asked to Resign NOVUS PETROLEUM: Santos' Takeover Won't Affect Exposure, Ratings NOVUS PETROLEUM: Directors Reject Chief Executives' Bid PARMALAT AUSTRALIA: Bank Aid Will Assist Performance Continuity WOODSIDE PETROLEUM: Discloses 2004 Conference Presentation C H I N A & H O N G K O N G CHINA MANUFACTURERS: Winding up Hearing Slated for March 31 GAIN DRAGON: Winding up Petition Set March 31 HUGE RIGHT: Faces Winding up Petition Before H.K. High Court REAL JOINT: Winding up Petition Slated for March 31 VERNALTEX COMPANY: Winding up Hearing Slated for March 31 WORLDEX DECOR: Winding up Petition Set April 28 YAT CHUN: Leung Ka Initiates Winding up Petition I N D O N E S I A BANK MANDIRI: Government to Sell 20% Stake GARUDA INDONESIA: Launches Three New Routes to Singapore J A P A N ADVANCED SYSTEM: Package Software Firm Declares Bankruptcy MITSUBISHI MOTORS: Sells 7.93% Stake in Proton for JPY11B MUTSUMI CORPORATION: Rubble Manufacturing Firm Enters Bankruptcy K O R E A KOOKMIN BANK: Branches to Expand Operating Hours LG CARD: Posts US$4.76B Loss in 2003 M A L A Y S I A PICA CORPORATION: Issues Restraining Order Update TENAGA NASIONAL: Plans US$200M Refinancing in Pakistan UNITED CHEMICAL: Court OKs Restraining Order Extension Proposal P H I L I P P I N E S MANILA ELECTRIC: Decreases Capital Outlay NATIONAL POWER: To Re-Bid PhP 10.69B Fuel Supply Requirement NATIONAL STEEL: To Finalize Sale Agreement With GIHL PHILIPPINE LONG: FCC Orders U.S. Carriers to Resume Payments S I N G A P O R E AGRADECIDO INVESTMENTS: Creditors Must Submit Claims by April 7 AMCOL MULTITECH: Issues Dividend Notice ITALIAN FASHION: Releases Notice of Final Hearing NG TOH: Releases Dividend Notice PLATINUM TECHNOLOGY: Issues Debt Claim Notice to Creditors PNE INVESTMENT: Creditors Must Submit Claims by April 5 REMEDY PTE: Unveils March 1 EGM Resolutions T H A I L A N D THAI MILITARY: Sees THB9B Net Profit in 2005 After Merger THAI PETROCHEMICAL: Founder Opposes Capital Reduction Plan TPI POLENE: Expects 15% Growth in Sales - - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Releases Notice on Substantial Holder -------------------------------------------------- Pursuant to Section 671 of the Corporations Law, AMP Limited hereby advises that it is no longer a substantial holder in Wattyl Limited. ASIC Form 605 discloses all required details. To view copy of ASIC Form 605, click http://bankrupt.com/misc/amplimited030904.pdf ARISTOCRAT LEISURE: Director Asked to Resign ------------------------------------------- The Wall Street Journal reported on Monday that the Australian Shareholders Association Limited called for the resignation of Aristocrat Leisure Limited's former chairman John Ducker, from the board following the gaming group's trading performance. The group said that during Mr. Ducker's tenure on the board, Aristocrat Leisure delivered three profit warnings in 2003 and signed contracts in South America that have since cost shareholders A$41 million (US$31.1 million). Ducker stepped down as chairman last year but remained on the company's board. The group also said that if Mr. Ducker is re-elected at Aristocrat's annual shareholder meeting in May, he will be eligible for A$560,000 in retirement benefits three months later. Aristocrat wasn't immediately available for comment. The shareholder's group declared that, "The ASA is opposed to the concept of retirement benefits for non-executive directors and cannot support any resolution that leads to an obligation for Aristocrat to make this payment." Over the past three years, Aristocrat's share price has fallen to AU$2.40 from A$7.30. NOVUS PETROLEUM: Santos' Takeover Won't Affect Exposure, Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services (S&P) announced that Santos Ltd.'s (BBB+/Stable/A-2) proposed acquisition of Novus Petroleum's Indonesian and Cooper Basin assets for about US$200 million would result in only a modest exposure to the higher risk Indonesian gas markets. Meanwhile the possible deepening of Santos' market share in the Cooper Basin is consistent with the company's prevailing business strategy. With adequate balance- sheet capacity and existing committed financing facilities, the ratings on Santos are not affected by the proposed acquisition. Santos is a midsize Australian-based oil and gas company, with operations spanning onshore and offshore gas and oil production in Australia, Indonesia, the Timor Sea, and the Texas Gulf Coast of the U.S. Although the ratings on Santos remain supported by reliable contracted-gas cash flows, Standard & Poor's expects the company to limit its exposure to any significant change it contemplates by embarking on only small unit/project investments in the near term, while maintaining robust credit-protection metrics and liquidity. Should a significant development or acquisition be undertaken that materially changes Santos' business mix and/or financial profile, Standard & Poor's may review the ratings. NOVUS PETROLEUM: Directors Reject Chief Executives' Bid ------------------------------------------------------- Novus Petroleum's independent directors have advised shareholders to do nothing about the ongoing attempt by Chief Executive Bob Williams to buy out the company, which has now received the backing of Santos, according to The Courier-Mail. The latest development in the Novus takeover saga comes as it responds to the receipt of Sunov Petroleum's bid offer of $1.77 cash a Novus share, made on Friday. Novus manager of corporate development Mike Sandy said he could not speak for the individual shareholders, but so far no common theme had emerged among them which suggested whether the bid would be accepted or not. "The task of the directors and management at Novus now is to basically add shareholder value, the fact Santos had got involved in the bid added no value. Novus was purely looking at the offer based on the amount it could get a share", Mr. Sandy said. He added that there are other potential bidders and the data room is still open; and they are hoping to receive a bid, which would satisfy the range suggested by the independent valuers. Independent valuer Grant Samuel and Associates valued Novus shares between $1.96 and $2.75 a share, in a report submitted in January by independent directors. PARMALAT AUSTRALIA: Bank Aid Will Assist Performance Continuity --------------------------------------------------------------- Parmalat Australia announced Friday that it has negotiated ongoing facilities with its financiers, ANZ Bank, National Australia Bank and Commonwealth Bank. The Managing Director of Parmalat Australia, David Lord, said that the renewed facilities underpin the soundness and strong cash flows of the Australian operations. He states "The Company's healthy customer and supplier relationships and the strong market position of Parmalat's Australian brands, combined with the renewed banking facilities, mean that Parmalat Australia is continuing to conduct business as usual." For further information contact: Katie Bickford (07) 3230 5000 or 0417 763 741 Damien Jones (07) 3230 5000 or 0413 339 727 WOODSIDE PETROLEUM: Discloses 2004 Conference Presentation ---------------------------------------------------------- Woodside's Director, Gas Business Unit, David Maxwell and General Manager Supply Operations, Ernie Kennedy presents to the 2004 New Zealand Petroleum Conference in New Zealand on Tuesday. A copy of the presentation will be posted on Woodside's website http://www.woodside.com.au,at the "Investor Information Centre" under Presentations, Speeches, Publications. Karen Lange Company Secretary ============================ C H I N A & H O N G K O N G ============================ CHINA MANUFACTURERS: Winding up Hearing Slated for March 31 ------------------------------------------------------------ The petition to wind up China Manufacturers' Organization Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 10 o'clock in the morning. The Bank of China (Hong Kong) Limited, whose registered office is located at the 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on February 4, 2004. The Petitioners' solicitors are W.I. Cheung & Co. of Rooms 2505- 10 Wing On House, 71 Des Voeux Road Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors W.I. Cheung & Co. a notice in writing not later than six o'clock in the afternoon of the 30th day of March 2004 (the day before the petition hearing). GAIN DRAGON: Winding up Petition Set March 31 --------------------------------------------- The petition to wind up Gain Dragon Development Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 10 o'clock in the morning. The Bank of China (Hong Kong) Limited, whose registered office is located at the 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on February 4, 2004. The Petitioners' solicitors are W.I. Cheung & Co. of Rooms 2505- 10 Wing On House, 71 Des Voeux Road Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors W.I. Cheung & Co. a notice in writing not later than six o'clock in the afternoon of the 30th day of March 2004 (the day before the petition hearing). HUGE RIGHT: Faces Winding up Petition Before H.K. High Court ------------------------------------------------------------ The petition to wind up Huge Right Development Limited is set for hearing before the High Court of Hong Kong on April 21, 2004 at 10 o'clock in the morning. The Bank of China (Hong Kong) Limited, whose registered office is located at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on February 18, 2004. The Petitioners' solicitors are Gallant Y.T. Ho & Co. of 4th Floor, Jardine House, No. 1 Connaught Place, Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Gallant Y.T. Ho & Co. a notice in writing not later than six o'clock in the afternoon of the 20th day of April 2004 (the day before the petition hearing). REAL JOINT: Winding up Petition Slated for March 31 --------------------------------------------------- The petition to wind up Real Joint Decoration & Engineering (HK) Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 9:30 in the morning. The Bank of China (Hong Kong) Limited, whose registered office is located at the 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 20, 2004. The Petitioners' solicitors are Chu & Lau of 2nd Floor, The Chinese General Chamber of Commerce Building, 24-25 Connaught Road Central Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chu & Lau a notice in writing not later than six o'clock in the afternoon of the 30th day of March 2004 (the day before the petition hearing). VERNALTEX COMPANY: Winding up Hearing Slated for March 31 --------------------------------------------------------- The petition to wind up Vernaltex Company Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 9:30 in the morning. Cheung Chun Yuk, whose registered office is located at Room 3120, Tin Cheung House, Tin Ping Estate, Sheung Shui, New Territories, Hong Kong, filed the petition on January 28, 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 at the hearing of the petition must serve or send by post to Solicitors Tam Lee Po Lin, Nina a notice in writing not later than six o'clock in the afternoon of the 30th day of March 2004 (the day before the petition hearing). WORLDEX DECOR: Winding Up Petition Set April 28 ----------------------------------------------- The petition to wind up Worldex Decor Material & Marble Engineering Limited is set for hearing before the High Court of Hong Kong on April 28, 2004 at 9:30 in the morning. Wong & Fok, whose registered office is located at Room 1801, 18th Floor, Tuen Mun Parklane Square, 2 Tuen Hi Road, Tuen Mun, New Territories, Hong Kong, filed the petition on February 18, 2004. The Petitioners' solicitors are Wong & Fok of Room 1801, 18th Floor, Tuen Mun Parklane Square, 2 Tuen Hi Road, Tuen Mun, New Territories, Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Wong & Fok a notice in writing not later than six o'clock in the afternoon of the 27th day of April 2004 (the day before the petition hearing). YAT CHUN: Leung Ka Initiates Winding up Petition ------------------------------------------------ The petition to wind up Yat Chun Construction Engineering Limited is set for hearing before the High Court of Hong Kong on April 7, 2004 at 9:30 in the morning. Leung Ka Fai, whose registered office is located at Room 2504, Hay Ping House, Long Ping Estate, Yuen Long, New Territories, Hong Kong, filed the petition on February 6, 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 at the hearing of the petition must serve or send by post to Solicitors Tam Lee Po Lin, Nina a notice in writing not later than six o'clock in the afternoon of the 6th day of April 2004 (the day before the petition hearing). ================= I N D O N E S I A ================= BANK MANDIRI: Government to Sell 20% Stake ------------------------------------------ Bank Mandiri (BMRI.JK) is still mulling international debt- raising options and will likely make a decision after the government has completed its sale of a 20 percent stake in the bank, an official at Indonesia's largest commercial bank said Monday, Dow Jones reports. The official forecast that the government's share sale via a private placement would be completed by June. Due diligence on the equity stake, expected to last around two weeks is set to start this week. Chief Executive Edwin Neloe said in January the bank might issue an international bond worth up to $500 million, but the source said on Monday that they are still calculating what is the preferable amount of issuance. Bank Mandiri is looking for funds for expansion and to refinance existing debt. "We have offshore borrowing due every year," the official said. This year, the bank has to repay around $400 million in restructuring loans in June. It also has a call option on a $125 million floating rate note due 2006 coming up in December. At a rate of Libor plus 590 basis points, it is "fairly expensive for us," the official said, "Personally, I think we will call this option." The bank made a net profit of 3.7 trillion Rupiah ($1=IDR8,585) in the first nine months of 2003, up from IDR2.8 trillion a year earlier. Full-year figures have yet to be released, but Neloe has said the bank achieved its profit target of IDR4 trillion. The bank watched last week's sovereign bond offering closely since it was planning to sell debt in the wake of the government's bond sale. That sale would have provided some encouragement to Bank Mandiri, as hefty demand allowed the Ministry of Finance to boost the size of the deal to $1 billion and shave the interest rate cost down to 277 basis points over 10-year Treasuries. Bank Mandiri's long-term foreign currency ratings of B2 from Moody's Investors Service and B from Standard & Poor's are at par with the sovereign rating. GARUDA INDONESIA: Launches Three New Routes to Singapore -------------------------------------------------------- Garuda Indonesia, Indonesia's flag carrier, will open three new routes linking cities in Sumatra and Java islands with Singapore, a company spokesman said Monday, as quoted by Channel News Asia. One will link Singapore with Pekanbaru in Riau province and with Palembang in South Sumatra. Another will connect the island Republic with the Central Java capital of Semarang and the third will link Singapore with Yogyakarta in Central Java. The Singapore-Pekanbaru-Palembang route will operate six times a week, the Singapore-Semarang route four times a week and the Singapore-Yogyakarta route thrice weekly. Boeing 737 aircraft will serve all flights. ========= J A P A N ========= ADVANCED SYSTEM: Package Software Firm Declares Bankruptcy ---------------------------------------------------------- Advanced System Consulting Co., Ltd. has been declared bankrupt, according to Teikoku Databank America. The package software services firm, which is located at Minato-ku, Tokyo, Japan, has total liabilities of US$0.83 million. MITSUBISHI MOTORS: Sells 7.93% Stake in Proton for JPY11B --------------------------------------------------------- Mitsubishi Motors Corporation (MMC) in a Company Statement declares that it has sold its 7.93 percent stake, or 43.56 million shares, in Perusahaan Otomobil Nasional Bhd. (Proton)- Malaysia's biggest carmaker-for approximately 11 billion yen. The Heavy Industries Corporation of Malaysia Bhd., MMC, and Mitsubishi Corporation established Proton in 1983 as the centerpiece of former Malaysian Prime Minister Dr. Mahathir bin Mohammad's efforts to build the country's first car. In 1985, Proton succeeded in this mission when it launched the Saga backed by the full support of MMC and Mitsubishi Corporation. Over the years, Proton continued to improve its technical capabilities and in year 2000 the company launched its first independently developed passenger car-the Waja. In February this year, the company went one step further when it launched the Gen-2, which uses a Proton-developed engine. Proton cars account for around half the cars on the road in Malaysia. Although today's decision marks the end of the capital alliance, MMC will continue to cooperate with Proton as a responsive supplier and partner through the transfer of technology and supply of parts and components. Meanwhile, MMC is also looking to rebuild its sales network in Malaysia. The company currently sells sport utility vehicles, pickup trucks and vans; all of which are classified as light commercial vehicles in Malaysia. They are sold under the Mitsubishi-badge and enjoy strong results in sales satisfaction surveys. With the continued development of the ASEAN Free Trade Area and increased opportunities in Malaysia, MMC is considering expanding its passenger car lineup under the Mitsubishi marque. MUTSUMI CORPORATION: Rubble Manufacturing Firm Enters Bankruptcy ---------------------------------------------------------------- Mutsumi Corporation has been declared bankrupt, according to Teikoku Databank America. The rubble manufacturer, which is located at Osaka-shi, Osaka, Japan, has total liabilities of US$41.67 million. ========= K O R E A ========= KOOKMIN BANK: Branches to Expand Operating Hours ------------------------------------------------ Kookmin Bank (KB) will keep three of its branches open later at night and over the weekend starting next month as part of a pilot two-month program, the Korea Herald reports. "The pilot program is designed to deal with an increase in the number of customers who want banking services during the weekends and at nights," an unnamed KB official said. The branches being considered for extended operations are in Seoul's Gangnam area, as well as in satellite cities Ilsan and Bundang. The branches selected will open for limited hours on Saturday and Sunday and close later on weekdays. Korean banks currently are closed in the weekends and operate from 9:30 in the morning to 4:30 in the afternoon. Depending on the results of the program, Kookmin may consider increasing the number of nationwide branches with extended hours to 20. TCRAP reported recently that Kookmin Bank revised its 2003 loss to 753.3 billion Won (US$639.5 million) after an audit by finance regulators found the lender hadn't paid all its taxes related to trust accounts. LG CARD: Posts US$4.76B Loss in 2003 ------------------------------------ LG Card booked a net loss of US$4.76 billion in 2003 after raising its bad-debt provisions versus a net profit of 350.3 billion Won a year earlier, Channel News Asia reported on Monday. The credit card issuer escaped insolvency in early January when 16 creditors endorsed a multi-billion dollar bailout package; under which state-run Korea Development Bank (KDB) agreed to temporarily take over the company. The Company is groaning under a 25 trillion Won debt and rising cardholder defaults. =============== M A L A Y S I A =============== PICA CORPORATION: Issues Restraining Order Update ------------------------------------------------- Commerce International Merchant Bankers Berhad (CIMB), on behalf of Pica (M) Corporation Berhad (Pica), announced that the Kuala Lumpur High Court has extended the restraining order granted to Pica and Pica First Credit Sdn Bhd under Section 176 of the Companies Act, 1965 for a further period of 90 days from March 7, 2004 to June 4, 2004. TENAGA NASIONAL: Plans US$200M Refinancing in Pakistan ------------------------------------------------------ Asia Pulse reports that Tenaga Nasional Bhd plans to seek up to US$200 million of loans in Pakistan in a bid to recover advances given for the construction of its sole overseas plant. The Company is likely to take up the syndicated loan (denominated in Pakistani rupees) during its 2004 financial year that ends on August 31. Tenaga has hired Dutch bank ABN Amro as its adviser for the deal. While saddled with debts of some RM31.3 billion (US$8.2 billion) which is twice its shareholders' equity as of November 30, 2003, the company wants to reduce borrowings through asset sales this year. UNITED CHEMICAL: Court OKs Restraining Order Extension Proposal --------------------------------------------------------------- United Chemical Industries Berhad (UCI) had on March 5, 2004 announced that the High Court of Malaya at Ipoh had on March 4, 2004 approved the Company's application for an extension to the existing Restraining Order dated June 9, 2003, which will expire on March 9, 2004. The court has granted an extension for a period of nine (9) months until December 9, 2004. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Decreases Capital Outlay ----------------------------------------- Manila Electric Company (Meralco) has scrapped a plan to raise its capital expenditure to 6.5 billion pesos this year due to lack of funds, the BusinessWorld newspaper reported, quoting Meralco president Jesus Francisco. The company's board decided to keep the capital outlay at 5.75 billion pesos for 2004 because they don't have enough funds to support the 6.5 billion pesos expenditure, Mr. Francisco said. Mr. Francisco added that the company decided to increase its capital outlay because it was optimistic that it would be able to implement a provisional rate increase of 0.12 pesos per kilowatt-hour. However the Supreme Court issued a stay order on the rate hike, pending court deliberations. NATIONAL POWER: To Re-Bid PhP 10.69B Fuel Supply Requirement ----------------------------------------------------------- The National Power Corporation (Napocor) will re-bid its PhP10.69 billion fuel supply requirement for 2004 next week after getting not so favorable bids in the first round of biddings a few weeks ago, The Philippine Star reported on Tuesday. The supply contract for both diesel and fuel oil requirements will involve a total volume of 789,227 kiloliters for 45 power plants and barges. Of the total amount, fuel oil accounts for PhP9.48 billion on volume of 721,612 kiloliters in 21 delivery points. Diesel on the other hand, totals PhP1.21 billion on 67,615 kiloliters volume in 24 delivery points. Napocor is in-charge of the procurement of fuel oil/diesel requirements for its own power facilities, including the small power utilities group (SPUG) and its independent power producers (IPPs). Among the biggest power facilities with the highest requirements for fuel oil are: power barge (PB) 117 (PhP 1.7 billion); PB 119 (PhP 1.9 billion); and Batangas coal-fired power plant (PhP 419 million). Those that have the highest requirements for diesel fuel include: Ilijan natural gas-fired power plant (PhP288.9 million); Pagbilao coal-fired (PhP 140.6 million); Cebu thermal (PhP 108 million); Masinloc (PhP 97.7 million) and PB 102 (PhP 71 million). In December 2003, Napocor awarded PhP 1.4 billion worth of fuel supply contracts to Petron Corporation and about PhP 235 million to Pilipinas Shell Petroleum Corporation. Based on Napocor's Bids and Contracts Division record, the power firm awarded to Petron the fuel requirement for the Bataan combined cycle power plant (CCPP) at an estimated total contract cost of PhP 946.9 million and PhP132.35 million for Subic diesel power plant (DPP). Aside from these contracts, Petron also bagged another PhP396.9 million-fuel contract for Napocor's Bauang (PhP 125.8 million), Zamboanga DPP (PhP 197.9 million) and PB 104 (PhP 73.2 million). On the other hand, Napocor awarded to Shell some PhP 235 million worth of fuel contract for its fuel requirement in Naga DPP. Specifically, Napocor will need 91,547 kiloliters of fuel for Bataan CCPP and 12,535 kiloliters for Subic Power Corp. NATIONAL STEEL: To Finalize Sale Agreement With GIHL ---------------------------------------------------- National Steel Corporation's (NSC) sale to Global Infrastructure Holdings Limited (GIHL) is still not final until all of the definitive agreements are signed, according to NSC creditor-bank sources, The Philippine Star reported on Tuesday. Global Infrastructure Holdings is taking a risk in rehabilitating the plant and operating it. If the creditors and Global Infrastructure do not come to terms, the creditors will not reimburse Global Infrastructure for what they have spent, despite signing a memorandum of agreement (MOA) on January 29, which merely lays out the commercial terms of the agreement, the creditor-bank sources explained. The secured creditors who signed the Memorandum Of Agreement included the Philippine National Bank, represented by its President and Chief Executive Officer Lorenzo V. Tan; China Banking Corporation, represented by its President Cesar Lugtu; Land Bank of the Philippines, represented by its first Vice President Cecile Borromeo; and Rizal Commercial Banking Corporation, represented by its Vice President Angela Tinio. Its principal, Pramod Mittal, represented GIHL. However, creditor-banks and GIHL still have to agree and sign several other definitive agreements, which include an asset purchase agreement, a purchase price sharing agreement, a profit-sharing agreement as well as an agreement for a standby letter of credit. Additionally, documents of agreement from the other shareholders of National Steel Corporation, such as Pengurusan Danaharta of Malaysia, are also needed as well as an agreement with the local government of Iligan City to waive all past due taxes on the company. Furthermore, a Bangko Sentral ng Pilipinas (BSP) approval is also needed allowing the deal to be eligible under the Special Purpose Asset Vehicle (SPAV) Law. The creditor banks and GIHL, likewise, have to agree that all legal cases must be resolved before the final signing of the definitive agreements. A technical deadline for the signing of the definitive agreements has been set for April 29 this year. Until then, creditor-banks warned, the agreement can still fall apart unless all the conditions are met. PHILIPPINE LONG: FCC Orders U.S. Carriers to Resume Payments ------------------------------------------------------------ The U.S. Federal Communications Commission (FCC) has lifted the stop-payment order issued against Philippine Long Distance Telephone Company (PLDT), subsidiary Subic Telecom, thereby allowing U.S. telecommunications companies to resume payments to the Philippine carrier, according to The Philippine Star. The FCC said the order was lifted after American carriers made representations that Subic Telecom has already restored to normalcy its circuits. The FCC earlier approved U.S. facilities-based carriers to resume payments to PLDT, Smart Communications, Globe Telecom, Bayan Telecommunications (Bayantel), and Digital Telecommunications (Digitel). The FCC international bureau in March last year ordered all U.S. carriers to suspend immediately, payments due to these Philippine carriers for calls made from the U.S. to the Philippines after the six local carriers unilaterally raised their termination rates. In retaliation, Philippine carriers blocked their circuits to prevent calls from U.S. carriers, particularly AT&T and WorldCom, from coming in. But following talks with their American counterparts, the six companies were persuaded to unblock their circuits and worked out interim rate agreements with the US carriers pending a commercial rate agreement. Despite the FCC's lifting of the stop-payment order, investigations by the Honolulu grand jury continue on a complaint filed by the US Department of Justice that Philippine carriers violated US anti-trust (monopoly) laws in raising their termination rates. Philippine carriers have chosen US counsel to defend their case. ================= S I N G A P O R E ================= AGRADECIDO INVESTMENTS: Creditors Must Submit Claims by April 7 --------------------------------------------------------------- The creditors of Agradecido Investments Pte Ltd (In Members' Voluntary Liquidation), which is being wound up, are required on or before the 7th day of April 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 Liquidator. And if so required by notice in writing by the said Liquidator, are to come in personally or through their solicitors 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. LOKE POH KEUN Liquidator. c/o 8 Robinson Road #08-00 ASO Building Singapore 048544. The Singapore Government Gazette announcement is dated March 8, 2004. AMCOL MULTITECH: Issues Dividend Notice --------------------------------------- Amcol Multitech Pte Ltd (In Compulsory Liquidation) has issued a notice of first and final dividend. Address of Registered Office: 8 Cross Street, #11-00 PWC Building, Singapore 048424. Court: High Court of the Republic of Singapore. Number of Matter: Companies Winding Up No. 211 of 1997. Amount per centum: 100 cents to a dollar. First and final or otherwise: First and final dividend. When payable: 8th March 2004. Where payable: c/o PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building Singapore 048424. The Singapore Government Gazette announcement is dated March 8, 2004. ITALIAN FASHION: Releases Notice of Final Hearing ------------------------------------------------- The Final Meeting of the Members of Italian Fashion Fabrics Pte Ltd (In Members' Voluntary Winding Up) will be held at 138 Cecil Street, #15-00 Cecil Court, Singapore 069538 on Thursday, April 8, 2004 at 10 in the morning. For the purpose of laying before the Meeting an account showing how the winding up has been conducted; how the property of the Company has been disposed of; hear any explanation that may be given by the Liquidators; and also to determine by resolution the manner in which the books, accounts and documents of the Company and of the Liquidators shall be disposed of. DOUGLAS TAN KAY YEOW Joint Liquidator. Note: Pursuant to Section 181 of the Companies Act, Cap. 50, a member entitled to attend and vote at this Meeting may appoint another person or persons (whether a member or not) as his proxy to attend and vote in his stead. The Singapore Government Gazette announcement is dated March 8, 2004. NG TOH: Releases Dividend Notice -------------------------------- Ng Toh Lai Building Contractors Pte Ltd. has issued a notice of intended dividend. Address of Registered Office: Formerly of 257 Selegie Road #12- 283 Selegie Complex Singapore 0718. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 47 of 1991. Last Day for Receiving Proofs: 19th March 2004. Name & Address of Liquidator: The Official Receiver. The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. CHAN WANG HO Assistant Official Receiver. The Singapore Government Gazette announcement is dated March 5, 2004. PLATINUM TECHNOLOGY: Issues Debt Claim Notice to Creditors ---------------------------------------------------------- Notice is hereby given that the creditors of Platinum Technology, Pte. Ltd. (In Members' Voluntary Liquidation) are required on or before 5th April 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 Liquidator c/o 9 Temasek Boulevard, #10-01/03 Suntec Tower 2, Singapore 038989. And if so required by notice in writing from the said Liquidator, are to come in personally or through their solicitors and prove the 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. KHOO BOO LEOK Liquidator. The Singapore Government Gazette announcement is dated March 5, 2004. PNE INVESTMENT: Creditors Must Submit Claims by April 5 ------------------------------------------------------- Notice is hereby given that the creditors of PNE Investment Pte Ltd (In Members' Voluntary Liquidation), whose debts or claims have not already been admitted, are required on or before 5th of April 2004 to submit particulars of their debts or claims to its liquidator. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. LIM SAY WAN Liquidator. c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. The Singapore Government Gazette announcement is dated March 5, 2004. REMEDY PTE: Unveils March 1 EGM Resolutions ------------------------------------------- At an Extraordinary General Meeting (EGM) of Remedy Pte Ltd. (Members' Voluntary Winding Up) duly convened and held at 3611 Valley Centre Drive, Floor 5 San Diego, CA 92130 on the 1st day of March 2004 at 11 A.M., the following resolutions were duly passed: SPECIAL RESOLUTION (a) RESOLVED that the Company be wound up voluntarily pursuant to section 290 (1) (b) of The Companies Act, Chapter 50. ORDINARY RESOLUTIONS RESOLVED: (b) That Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. William Caven Hutchison of Foo Kon Tan Grant Thornton be and are hereby appointed liquidators, jointly and severally, for the purpose of the winding up. (c) That the liquidators be remunerated for the work of winding up the Company on their normal scale of professional fees. SPECIAL RESOLUTION (d) That the liquidators be empowered to exercise any of the powers given by sub-sections of (1) and (2) of section 272 of the Companies Act, Chapter 50 and to distribute to members in specie any part of the assets of the Company. MARIA BUTTLER Director. The Singapore Government Gazette announcement is dated March 5, 2004. =============== T H A I L A N D =============== THAI MILITARY: Sees THB9B Net Profit in 2005 After Merger --------------------------------------------------------- Thai Military Bank PCL (TMB.TH) will likely post net profits of around 9 billion Baht ($1=THB39.503) in 2005 after merging with DBS Thai Danu Bank PCL (DTDB.TH) and Industrial Finance Corporation of Thailand (IFCT.TH), the bank's president said Monday according to Dow Jones. Subhak Siwaraksa said the merger will save operating costs as well as create business synergies that will likely bolster the new bank's bottom line by some THB 1.8 billion a year. Under the merger plan, each DBS Thai Danu and each IFCT share will be exchanged for 0.9 and 1.124 new Thai Military shares, respectively. Since the merger is expected to be completed in the third quarter, income contribution from the two banks in the second half should drive Thai Military's bottom line in 2004 to exceed a target of THB 4.8 billion, Mr. Subhak said. In 2003, Thai Military Bank posted a net loss of THB 14 billion, due chiefly to additional loan loss provision of THB 16.76 billion booked during the year. THAI PETROCHEMICAL: Founder Opposes Capital Reduction Plan ---------------------------------------------------------- Thai Petrochemical Industry PCL founder Prachai Leophairatana has vowed to continue fighting all the way up to the Supreme Court to oppose a planned capital reduction proposed by the company's rehabilitation planning team, according to The Bangkok Post. Under the proposal, Mr. Prachai said, the company's capital would be reduced to 1.60 Baht a share from the current 10 Baht so that the company's outstanding debt could be halved to US$1.3 billion from $2.9 billion. The debt reduction would be made through a debt-to-equity conversion as well. If implemented, the plan would leave the combined holdings of Mr. Prachai and his family diluted to 6 percent from 15.27 percent while the equity of minor shareholders would be reduced to 4 percent from the current 10 percent. Mr. Prachai sees the plan unacceptable since the book value of the company is 22 Baht per share. As a result, the planned capital reduction will damage all parties including unsecured creditors and minor shareholders. "If the plan is endorsed by creditors I will fight on to the Supreme Court to oppose it," he said. TPI shares closed yesterday at eight Baht, down 10 satang, in trade worth 76.6 million Baht. TPI POLENE: Expects 15% Growth in Sales --------------------------------------- TPI Polene PCL, Thailand's third-largest cement-maker, yesterday said it was expecting gross earnings for this year to be around 7 billion Baht due to higher sales, fnWeb reported on Monday. In 2003, it recorded a net profit of 4.77 billion Baht, with earnings before interest, taxes, depreciation and amortizations of 6 billion Baht. Senior vice president Prasert Ittimakin said TPI Polene's sales this year were expected to grow 15 per cent from 19.02 billion Baht last year due to better sales volume and increasing prices of cement products and plastic pallets. TPI Polene is in talks with state-owned Krung Thai Bank to provide it with credit of around THB24 billion to refinance its remaining debt, after depositing US$180 million (7 billion baht) to the Bankruptcy court for repayment. ********* 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, Faith Marie Bacatan, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. 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