/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040315.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, March 15, 2004, Vol. 7, No. 52 Headlines A U S T R A L I A NATIONAL AUSTRALIA: Five Traders Fired, Three Execs To Quit NATIONAL INVESTMENT: ASIC Appoints Receiver PARMALAT AUSTRALIA: Retains Company Operations QANTAS AIRWAYS: Shares Plunge 4% C H I N A & H O N G K O N G CITYDATA INVESTMENTS: Faces Winding Up Petition FU WAH: Winding Up Petition Set April 14 HONI DEVELOPMENT: Winding Up Hearing Scheduled March 31 NETFRONT BROADAND: Reach Global Initiates Winding Up Petition SUNSTARS HOLDINGS: Winding Up Hearing Slated for March 31 I N D O N E S I A BANK MANDIRI: Profit Increases by 27.9% J A P A N ATSUKESHI GOLF: Golf Course Files for Bankruptcy HITACHI LTD: Plans to Establish "Hitachi Group Headquarters" HITACHI LIMITED: Seeks European IT Partner MATSUI SECURITIES: To Tie Up With Resona MITSUBISHI MOTORS: Pajero Mini Tops 400,000 Units MITSUBISHI FUSO: Fuso Accidents Probe To Be Stepped Up MITSUBISHI FUSO: Admits Design Flaws, To Recall Trucks MITSUBISHI FUSO: Truck Recall Will Not Affect Australia MITSUBISHI MOTORS: Sells JPY26BLN Worth of Stocks MITSUBISHI MOTORS: China Sales Up 106.1% in 2003 K O R E A CARD-ONLY COMPANIES: Posts Largest-ever Deficit in 2003 DAEWOO HEAVY: Hanwha Aims to Buy Defense Division LG CARD: Maturity of Loan Extended by Creditors SSANGYONG MOTOR: Likely to Sign Takeover Deal This Week M A L A Y S I A BERJUNTAI TIN DREDGING BHD: Proposed Restructuring Scheme HOTEL MALAYSIA LTD: Approval of Delisting MBF HOLDINGS: Issues Notice of Winding-Up Petition for Unit PROTON: To Suspend Shares on March 25 PROTON: Proposes Share Exchanges YCS CORP. Bhd: Winding Up Petition Withdrawn P H I L I P P I N E S ABS-CBN BROADCASTING: Sets Investor's and Analyst's Meeting MANILA ELECTRIC: Starts First Category of Refund NATIONAL POWER: Seeks Asset Valuation Firm PILIPINO TELEPHONE: Posts SEC Form 17-IS S I N G A P O R E AGRADECIDO INVESTMENTS: Releases Debt Claim Notice to Creditors CHARTERED SEMICONDUCTOR: Improves First Quarter Guidance CHARTERED SEMICONDUCTOR: Update on First Quarter Forecast KIM TAT: Issues Winding Up Order Notice MDI SYSTEMS: Creditors Must Submit Claims by April 5 REMEDY PTE: Issues Debt Claim Notice to Creditors TOLL MILL: Issues Dividend Notice T H A I L A N D SINO THAI: Sets Date of Annual General Meeting - - - - - - - - ================= A U S T R A L I A ================= NATIONAL AUSTRALIA: Five Traders Fired, Three Execs To Quit ----------------------------------------------------------- National Australia Bank Ltd. (NAB) has sacked five traders while three of its executives are quitting their posts after the bank posted a loss of AUD252 million caused by foreign exchange options trading, Bloomberg reports. In a statement, Australia's largest lender said that David Bullen, head dealer of currency options; Luke Duffy, head of the bank's currency options desk; Vince Ficarra, Gianni Gray and Gary Dillon, head of global currency options trading were dismissed. Chris Lewis, executive general manager of risk management; Ian Scholes, head of corporate and institutional banking; and Ron Erdos, head of market's division, will also be leaving the bank. The currency losses, which were announced Jan. 13, also caused the resignations of Chief Executive Frank Cicutto and Chairman Charles Allen last month. The losses came after the traders wrongly bet the U.S. dollar would gain in value against the Australian and New Zealand currencies in the fourth quarter of 2003. As it turned out, both the Australian and New Zealand dollars rose more than 14 percent against the U.S. currency in that period. The NAB commissioned PricewaterhouseCoopers to help investigate the losses, which were announced in January. Also investigating the trading are the nation's banking and securities regulators, and the Australian Federal Police. NATIONAL INVESTMENT: ASIC Appoints Receiver ------------------------------------------- The Australian Securities and Investments Commission (ASIC) is attempting to shut down the entire operation of Mr. Henry Kaye administrator of National Investments Institute, News.com.au reported on Friday. ASIC will petition on Friday the Federal Court for a receiver to be appointed to Mr. Kaye personally. If the petition succeeds the empire is likely to be shutdown in one fell swoop, rather than picked off slowly through each of its 120 companies. Another two Kaye-related Federal Court cases yesterday revealed how difficult it would be to recoup the $50 million owed to the 3500 unsecured creditors of Mr. Kaye's now liquidated National Investment Institute (NII) The small creditors were sent to the back of the queue in one of those hearings when Greg Keith, the provisional liquidator of another Kaye company, Property Corporate Services, did a deal with Mr. Kaye's former business partner, Les Smith, that gives creditors just $2 million out of a recent $13.7 million property sale. After the proceeds from the divestment of an apartment block in Marrickville, in inner Sydney, are divvied up, small creditors will receive $2 million while Melbourne property developer Mr. Smith will pocket twice that amount. Peter Hayes QC, representing the liquidator, defended the deal as the only way to secure funds for NII's creditors without risking the healthy sale price of the Marrickville property. He said the funds for National Investment Institute's creditors would be substantial and that Mr. Smith - who claims to be owed several million dollars more by Mr. Kaye - would also relinquish two of the mortgage charges he holds over other Kaye-related properties. The deal was signed just two hours after another case, in an adjacent court, heard incriminating evidence that NII was involved in allegedly misleading and deceptive conduct over claims, in a newspaper advertising campaign, that Mr. Kaye could turn 1000 Australians into property millionaires. Counsel for the Australian Competition and Consumer Commission, David Collins SC, is seeking to prove National Investment Institute was behind the campaign because the misleading and deceptive provisions of the Trade Practices Act apply to companies and not individuals. PARMALAT AUSTRALIA: Retains Company Operations ---------------------------------------------- Parmalat Australia, one of profitable units operating outside Italy will continue its operations and will likely remain part of the Italian multinational's dwindling international empire under a restructuring plan to be put to the Italian Government, News.com.au reports. Parmalat's Australian chief, David Lord, refused to comment yesterday, saying he had not received any official word from the company's head office in Italy and was loath to comment on what he called speculation. But Mr. Lord has always affirmed that the Australian operations of Parmalat, with 1600 employees and annual sales of about $660 million, is profitable and there is no reason for the troubled head office to sell the Australian operations. The company's troubles at the start of the year led to speculation about the future of the Australian operation, which has a 15 per cent share of the national milk market and an 18 per cent share of fresh dairy products. Parmalat entered the Australian market in 1998 when it purchased the operations of Pauls for $436 million. It renamed the company Parmalat in 2002. QANTAS AIRWAYS: Shares Plunge 4% -------------------------------- Qantas Airways shares plunged 4 per cent in heavy trade on Friday after news of terrorist attacks on commuter trains in Madrid, News.com.au reports. The bombings at three rail stations left 192 people dead and more than 1,240 injured. Share markets across the world, including in Australia, lost ground as fears Osama bin Laden's militant Islamist al Qaeda was responsible drove investors from the market. Qantas shares were down 15c, or 4.2 per cent, to $3.42, their lowest since February, 12, to recover to $3.45. Other travel stocks were also affected, with Virgin Blue shares down 5c to $2.47 and Flight Centre stocks losing 35c to $18.30 by 12.02pm. ============================ C H I N A & H O N G K O N G ============================ CITYDATA INVESTMENTS: Faces Winding Up Petition ----------------------------------------------- The petition to wind up Citydata Investments Limited is set for hearing before the High Court of Hong Kong on April 14, 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 16, 2004. The Petitioners' solicitors are Tony Kan & Co. of Suite 1408, Hang Seng Building, No. 77 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 Tony Kan & Co. a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). FU WAH: Winding Up Petition Set April 14 ---------------------------------------- The petition to wind up Fu Wah International Holdings Limited is set for hearing before the High Court of Hong Kong on April 14, 2004 at 10 o'clock in the morning. Ng Man, whose registered office is located at Suite 501, 5th Floor, East Ocean Centre, 98 Grandville Road, Tsimshatsui East, Kowloon, Hong Kong, filed the petition on February 16, 2004. The Petitioners' solicitors are Messrs. Dominic Y.K. Lai & Co. of Unit B, 24th Floor, Chekiang First Bank Building, 60 Gloucester Road, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Dominic Y.K. Lai & Co. a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). HONI DEVELOPMENT: Winding Up Hearing Scheduled March 31 ------------------------------------------------------- The petition to wind up Honi Development 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 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 20, 2004. The Petitioners' solicitors are Messrs. 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). NETFRONT BROADAND: Reach Global Initiates Winding Up Petition ------------------------------------------------------------- The petition to wind up Netfront Broadand Limited is set for hearing before the High Court of Hong Kong on March 17, 2004 at 10 o'clock in the morning. Reach Global Services Limited, whose registered office is located at 20th Floor, Telecom House, 3 Gloucester Road, Wan Chai, Hong Kong, filed the petition on January 15, 2004. The Petitioners' solicitors are Clifford Chance of 29th Floor, Jardine House, One 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 Clifford Chance a notice in writing not later than six o'clock in the afternoon of the 16th day of March 2004 (the day before the petition hearing). SUNSTARS HOLDINGS: Winding Up Hearing Slated for March 31 --------------------------------------------------------- The petition to wind up Sunstars Holdings 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 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 20, 2004. The Petitioners' solicitors are Messrs. 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). ================= I N D O N E S I A ================= BANK MANDIRI: Profit Increases by 27.9% --------------------------------------- The state-owned Bank Mandiri, Indonesia's largest bank, has reported a 27.9 per cent increase in net profit to Rp4.6 trillion (US$547.6 million) in 2003 year-on-year, Asia Pulse reported on Friday. Bank Mandiri disclosed in a report on Thursday, that it extended credits amounting to Rp10.5 trillion in 2003, bringing the total amount of its outstanding credit to Rp122.9 trillion. The downgrading of credit assets of PT Kiani Kertas, caused the rise of the banks ratio of gross non-performing loans (NPL) from 7.3 percent in 2002 to 8.6 percent in 2003. Allowance for NPL is 139.1%; therefore the bank is required to provide Rp3.4 trillion for productive assets write-off allowance. The amount of third party funds also dropped by 2.9% to Rp178.8 trillion to follow the policy of the bank to reduce cost of funding. ========= J A P A N ========= ATSUKESHI GOLF: Golf Course Files for Bankruptcy ------------------------------------------------ Atsukeshi Golf Club, K.K. has been declared bankrupt, according to Tokyo Shoko Research. The public golf course, which is located at Kushiro-shi, Hokkaido, Japan, has total liabilities of 3.14 billion yen. HITACHI LTD: Plans to Establish "Hitachi Group Headquarters" ------------------------------------------------------------ Hitachi, Ltd. announced plans to establish the Hitachi Group Headquarters on April 1, 2004. This will develop and execute Group management strategy expanding Hitachi's group synergy. The establishment of Hitachi Group Headquarters is part of Hitachi's structural reform under the company's current medium-term management plan, "i.e.HITACHI Plan II." Isao Uchigasaki, Chairman of the Board of Hitachi Chemical Co., Ltd., is to head the Hitachi Group Headquarters and will be appointed concurrently Hitachi Group Executive Officer at Hitachi. The Hitachi Group Headquarters will have three divisions: Hitachi Group -- Global Business, headed by Hiroaki Nakanishi, Vice President and Executive Officer; Hitachi Group-- Legal and Corporate Communications, headed by Takashi Hatchoji, Vice President and Executive Officer; and Hitachi Group -- Corporate Strategy, headed by Makoto Ebata, Executive Officer. Mr. Nakanishi and Mr. Hatchoji will be Senior Vice President and Executive Officer, and Mr. Ebata will be Vice President and Executive Officer effective April 1, 2004. As a conglomerate, Hitachi develops businesses in a broad field with many subsidiaries, including public companies. The Hitachi Group Headquarters is established to improve Hitachi's activity in the global market, continuously increasing Hitachi's corporate value. Details of the Hitachi Group Headquarters have not been finalized, but 50 of its staff numbering approximately 200, will be named from subsidiaries and Hitachi's business groups eventually. Also, Hitachi will promote the exchange of personnel between Hitachi and its Group companies. These initiatives will improve Hitachi's group management system from the perspective of the Group as a whole. Hitachi has previously taken a number of steps designed to improve management of the Group. Two examples are the 1998 establishment of the Hitachi Group Committee; and in June 2003, adoption of the Committee System of Management by Hitachi and 18 publicly owned Group companies. The establishment of the Hitachi Group Headquarters will improve Hitachi's management system and help propel the Hitachi Group toward the " i.e.HITACHI Plan II" goal of positive FIV in fiscal 2005 and growth thereafter by giving full play to its collective strengths. Note: The Hitachi Group Executive Officer, the head of the Hitachi Group Headquarters, develops and executes initiatives to continually raise the corporate value of each company in the Hitachi Group and the Group as a whole. The Hitachi Group Executive Officer is also responsible for initiating and promoting projects, as well as upgrading basic and cutting-edge research, so as to capture synergies in terms of business strategy and operations by using headquarter functions. About Hitachi, Ltd. Hitachi, Ltd., (NYSE:HIT) headquartered in Tokyo, Japan, is a leading global electronics company, with approximately 340,000 employees worldwide. Fiscal 2002 (ended March 31, 2003) consolidated sales totaled 8,191.7 billion yen ($68.3 billion). The company offers a wide range of systems, products and services in market sectors, including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's Web site at http:// www.hitachi.com. CONTACT: Hitachi, Ltd. (for Japan) Yasuo Hirano, +81-3-3258-2056 yasuo_hirano@hdq.hitachi.co.jp Or Hitachi (China) Investment, Ltd. (for China) Yuji Hoshino, +86-10-6590-8141 y_hoshino@hitachi.com.cn Or Hitachi America, Ltd. (for U.S.) Matt Takahashi, 650-244-7902 masahiro.takahashi@hal.hitachi.com or Hitachi Europe Ltd. (for U.K.) Kantaro Tanii, +44-1628-585379 kantaro.tanii@hitachi-eu.com HITACHI LIMITED: Seeks European IT Partner ------------------------------------------ Hitachi Limited is seeking a European partner for its IT services division, according to Reuters, citing Kazuo Furukawa, head of Hitachi's information and telecom systems division. Ideally, Furukawa would like to form a marketing alliance with a pan-European company -- either a systems integrator or a big IT services provider, the paper reported. Should Hitachi fail to find a partner, a takeover or merger was also possible, the report said, adding that as yet there were no concrete negotiations. In February, Hitachi cut its estimated loss at its hard-disk drive division for the year to the end of March to 10.9 billion yen (US$98 million) from its original forecast of 40 billion yen. MATSUI SECURITIES: To Tie Up With Resona ---------------------------------------- Matsui Securities Co. is set to allow personal investors to open brokerage accounts through a venture with the Resona Group this spring, reports Japan Today, citing Kyodo News and Nihon Keizai Shimbun Business Daily. The Nihon Keizai Shimbun said the online brokerage aims to win more customers by taking advantage of the extensive branch network, some 600 in all, of the banking group which is anchored by Resona Holdings Inc. MITSUBISHI MOTORS: Pajero Mini Tops 400,000 Units ------------------------------------------------- Mitsubishi Motors Corporation (MMC) announced in a news release Wednesday that its Pajero Mini recorded accumulated sales of 400,667 units as of the end of February 2004, a Company statement said. First launched in December 1994, the 600cc mini 4WD sports utility vehicle remains as popular as ever, posting year-on-year gains in monthly sales for the last fourteen months. The Pajero Mini revolutionized the minicar market when it came on the scene with its combination of elegant styling cues and all-out 4WD performance. The second generation, which hit the streets in 1998, retained the sophisticated styling of the original while adding a sporty touch and growing longer and wider in line with revised regulations for minicars that went into effect that year. Even after nearly ten years on the market the Pajero Mini still commands a leading position, ranking number one in 4WD minicar sales for the four months from November 2003. MMC is currently offering special editions of its Pajero, Pajero iO, Pajero Mini, and Airtrek 4WD models as part of its Mitsubishi "Tokoton" Spring Sales Fair running at dealers nationwide from January 24 to March 28. The Active Field Editions offer customers more value for money by blending Mitsubishi's rally-bred 4WD technologies with added equipment such as navigation systems as standard features. MITSUBISHI FUSO: Fuso Accidents Probe To Be Stepped Up ------------------------------------------------------ With the admission Thursday of Mitsubishi Fuso Truck and Bus Corporation that its trucks have design flaws, police are expected to intensify their probe into a 2002 accident in Yokohama that killed a woman and injured her two sons when a wheel came off a truck and struck them down, Japan Today reports, citing Kyodo News. Despite earlier denials of design flaws by Japan's third largest truck maker, the Kanagawa Prefectural police have already been mulling the possibility that company executives may have already known of past cases of wheels coming off their trucks, and still did not take appropriate safety measures or inform the public. The Kanagawa Prefectural Police have already searched the head offices of both Mitsubishi Fuso and Mitsubishi Motors last October and January for evidence. The woman's family has also filed a damages suit. In a press conference Thursday, Mitsubishi Fuso acknowledged that some of its trucks have design flaws, particularly with their hubs, which could cause wheels to come off. They also announced it will recall all large vehicles manufactured during and prior to 1996 and replace the hubs to prevent further detachments. MITSUBISHI FUSO: Admits Design Flaws, To Recall Trucks ------------------------------------------------------ After previous denials, Mitsubishi Fuso Truck & Bus Corp. finally acknowledged Thursday that some of their trucks have design flaws and that it will recall an additional 45,000 vehicles to fix faulty hubs that may have caused more than 50 accidents, reports Bloomberg. In a press conference in Tokyo Thursday, Fuso President Wilfried Porth admitted that the fault might be a design flaw in the hubs that led to cracks, which cause truck tires to come off. The company previously denied the existence of such flaws and blamed a lack of maintenance and unsecured bolts for the accidents, including one in 2002 where a woman was killed and her two sons were hurt. "What we say today is that design (of the hub) can be a reason for it," Mr. Porth said, referring to the accident. "Maintenance only is not the correct root cause," Mr. Porth added, saying that the company came to this conclusion over the weekend and notified the ministry Wednesday. The recall aims to fix the defective hubs, which keep the wheel on the axle, to prevent further detachments. After the admission, Mr. Porth, along with other senior Fuso executives, bowed deeply, saying, "We want to express our sincere condolences to the family of the victim." Despite the recall, however, Japan's Chief Cabinet Secretary Yasuo Fukuda still criticized Fuso's decision to recall the trucks as something that took "too long." "It was unacceptable that it took time between the accidents and the decision to recall", Fukuda said. "More urgent efforts should have been made to find the reasons for the accidents." In a news conference later in the day, Chief Cabinet Secretary Yasuo Fukuda also criticized the company, saying, "It's bad (for the company) to have taken such a long time before making a judgment." Mitsubishi Fuso said it has been voluntarily changing the front hubs of select large vehicle models since January 2002, and that about 75,000 vehicles have already been repaired. However, this step has not been taken overseas, and there are about 1,300 vehicles it has not yet tracked down, company officials said. Though the recalls could cost the company some JPY3 billion, Mr. Porth said it would not affect the company's earnings estimates for the current or next fiscal years. In June, the truck maker forecast net income of JPY5 billion for the 2003 business year ending March 31, up from JPY1.5 billion in the previous period. However, the recall may affect domestic sales at Mitsubishi Motors Corp. (MMC), which holds a 42 percent stake in Fuso. The only unprofitable major Japanese automaker, MMC forecast a group net loss of 72 billion yen for the year ending March, compared with a 37.4 billion yen profit the previous year. "It hurts Mitsubishi Motors brand and creditability again," said Yasuhiro Matsumoto, a senior credit analyst at BNP Paribas Securities in Tokyo. "The Fuso recall could prompt consumers to buy other automakers' cars, because they may think the problem with hubs is not only a problem for trucks, but also their passenger cars." On the Tokyo Stock Exchange, shares of Mitsubishi Motors declined for a fifth day, falling 1.8 percent to 267 yen. They have gained 22 percent this year. Fuso shares aren't publicly traded. Mitsubishi Motors split off its truck and bus division to set up Mitsubishi Fuso in January 2003. MMC has a 42 percent stake in the firm, while Daimler Chrysler AG holds 43 percent. MITSUBISHI FUSO: Truck Recall Will Not Affect Australia ------------------------------------------------------- A recall of thousands of Mitsubishi trucks because of a faulty wheel part would not affect Australia, Mitsubishi Trucks Australia said on Friday, as reported by Asia Pulse Japanese automaker Mitsubishi Fuso Truck and Bus Corporation said it was recalling as many as 45,000 vehicles to replace the front wheel hubs, due to a design flaw. But Mitsubishi Trucks Australia Chief Operating Officer Richard Eyre said the model of trucks using the hubs was not imported into Australia. Mitsubishi Trucks Australia is the first autonomous division of Mitsubishi Fuso Truck and Bus Company (MFTBC), Japan. A truly international manufacturer formed from the new alliance between Daimler-Chrysler and Mitsubishi Motors Corporation and other Mitsubishi associated companies. MITSUBISHI MOTORS: Sells JPY26BLN Worth of Stocks ------------------------------------------------- Mitsubishi Motors Corporation announced Thursday it has sold about JPY26 billion worth of its Japanese stockholdings, reports Japan Today, citing Kyodo News. Japan Today also says that the sale netted for the Japanese automaker capital gains of roughly JPY12 billion. The company, however, did not name the companies that bought the shares. MITSUBISHI MOTORS: China Sales Up 106.1% in 2003 ------------------------------------------------ Mitsubishi Motors sold 145,235 motor vehicles (including those imported and vehicles made by local joint ventures) in China last year, an increase of 106.1 percent over the previous year, Asia Pulse reports. The carmaker has several joint ventures in China, including Beijing Jeep, Southeast Auto, Changfeng Auto and Hafei Auto. It exported more than 5,600 Pajero vehicles to China last year. Locally made brands include more than 5,800 Pajero Sports and about 30,000 Liebao. ========= K O R E A ========= CARD-ONLY COMPANIES: Post Largest-ever Deficit in 2003 ------------------------------------------------------- South Korea's credit card companies posted the largest-ever deficit in 2003, Digital Chosun reports, citing the Korean Non- bank Financing Association. The association said eight card-only companies excluding Koomin Card rang up total losses of more than W10.5 trillion (US$9 billion) due to a continued rise in delinquency rates amid lingering economic difficulties. Among them, LG Card, the largest credit card issuer took up more than half of those losses with W5.6 trillion. However, industry sources struck an upbeat outlook for the year, pointing out that card companies have been working to reduce bad debts while conducting large-scale restructuring measures. DAEWOO HEAVY: Hanwha Aims to Buy Defense Division ------------------------------------------------- Hanwha Corporation, the flagship of Hanwha Group, has filed a letter of intent to buy the defense division of Daewoo Heavy Industries & Machinery Ltd. (DHI), according to Asia Pulse. So far, six prospective buyers, including Tongil Heavy Industries Co. and Doosan Heavy Industries and Construction Co., have offered to buy DHI's defense division. DHI was placed under a debt workout program following the collapse of Daewoo Group, but the company was lifted from the scheme in November 2001. The analysts said DHI's sale would also face strong opposition from the company's labor union. LG CARD: Maturity of Loan Extended by Creditors ----------------------------------------------- To help solve the serious liquidity crisis of LG Card Co., the eight creditors of South Korea's largest credit card issuer decided Thursday to extend the maturity of a KRW2 trillion emergency loan it supplied to the embattled company, Yonhap News reports. The maturity of the loan, supposedly due at the end of this month, will be postponed until the end of the year, the creditors' vice presidents decided. The loan was granted to the embattled company last November. SSANGYONG MOTOR: Likely to Sign Takeover Deal This Week ------------------------------------------------------- China National Bluestar Group is expected to sign a legally binding agreement with the creditors of Ssangyong Motor Co. to acquire the debt-ridden Korean carmaker this week at the earliest, the Korea Herald reported on Thursday. After the memorandum is signed, Bluestar and Ssangyong creditors will enter into final negotiations for the price and other terms for a formal contract. Completion of the deal is targeted for late April to early May. =============== M A L A Y S I A =============== BERJUNTAI TIN DREDGING BHD: Proposed Restructuring Scheme --------------------------------------------------------- We refer to the announcement dated 26 January 2004. On behalf of the Board of Directors of BTD, Southern Investment Bank Berhad is pleased to announce that BTD has received the Certificate of Change of Name dated 9 March 2004 from the Companies Commission of Malaysia on 11 March 2004 for the change from Berjuntai Tin Dredging Berhad to Integrated Rubber Corporation Berhad. This Kuala Lumpur announcement is dated 11 March 2004. HOTEL MALAYSIA LTD: Approval of Delisting ----------------------------------------- Pursuant to an application by Hotel Malaysia Limited (in members' voluntary liquidation), the Singapore Exchange Securities Trading Limited (SGX-ST) has granted the Company a waiver from Rule 705 and 707 of the Listing Manual, subject to an announcement of the decision as required under Rule 107 of the Listing Manual. Further, the SGX-ST has approved in-principle the Company's application for the delisting of the Company's shares from the SGX-ST subject to completion of the voluntary liquidation. Further details as to the delisting date will be announced in due course. ONG YEW HUAT LIQUIDATOR CENTRAL PROPERTIES LIMITED (IN MEMBERS' VOLUNTARY LIQUIDATION) Submitted by David Poh Tze Keong, on behalf of Liquidator on 11/03/2004 to the SGX MBF HOLDINGS: Issues Notice of Winding-Up Petition for Unit ----------------------------------------------------------- MBF Holdings Berhad wishes to announce that a winding-up petition had been presented at the High Court of Malaya in Penang on 19 February 2004 pursuant to Section 218 of the Companies Act, 1965 against Alamanda Development Sdn Bhd (Alamanda), a subsidiary of the Company and served onto Alamanda on 9 March 2004, for a judgement sum of RM114,661.21 together with interest thereon at the rate of 8% per annum from 8 October 2002 until date of realization and costs of RM1,960.00 obtained on 9 July 2003. The winding-up petition is fixed for hearing on 18 May 2004. The principal activity of Alamanda is in property development, including dealing in land and estate management. 1. The petition was filed by H'ng Ai Leng and Ooi Yew Chee (the Claimants) against Alamanda; 2. The Claimants had entered into a Sale and Purchase Agreement with Alamanda to purchase orchard bungalow homestead on 8 August 1996 and the vacant possession was only delivered to the Claimants in October 2001, a delay of 22 months. The Claimants commenced action for the liquidated ascertained damages and obtained judgement on 9 July 2003. 3. The total cost of investment in Alamanda is RM1.00.As at 31 December 2003, Alamanda's shareholders' deficit is RM273.92 million comprising paid-up share capital of RM3.5 million and accumulated loss of RM277.42 million. In the event Alamanda is liquidated, there will be a Group gain of approximately RM20.2 million. The gain in liquidation is based on the assumption that the amount owing to a bank totaling RM134.24 million as at 31 December 2003 will be fully discharged by its security in Alamanda's development properties, which has a carrying value of RM169.6 million. The assumption made also assumed that MBFH, as guarantor of the bank loan will be fully released from its obligations as a guarantor without incurring further costs. Should MBFH be called upon to make good its obligations under its guarantee, the Group results will be affected by the quantum of the shortfall, which cannot be determined at this juncture. Save as disclosed, the winding-up petition on Alamanda has no material financial and operational impact on MBFH Group. 4. MBFH is in the process of negotiations with the Claimants to resolve the matter amicably. Yours faithfully, For and on behalf of MBF Holdings Berhad Ding Lien Bing Company Secretary This Kuala Lumpur Stock Exchange Announcement is dated 11 March 2004. PROTON: To Suspend Shares on March 25 ------------------------------------- Malaysia's national carmaker, Perusahaan Otomobil Nasional Bhd (Proton) said on Thursday that it would suspend shares on March 25, Dow Jones reports. The suspension comes ahead of a planned delisting that was announced earlier as part of the group's restructuring plans. The carmaker said in a statement that Proton will be delisted come April 1 and will be integrated into Proton Holdings Bhd., which will assume Proton's listing status. The group's restructuring paves the way for the company's tie-up with foreign carmakers in anticipation of auto industry liberalization in 2005. Proton had previously said in January that it was in talks to form strategic alliances with two foreign carmakers but did not name them nor provide details of the alliances. The restructuring of Proton will result in five divisions- manufacturing, marketing, engineering services, property and financial services. Proton further said that some of the units might be listed separately. PROTON: Proposes Share Exchanges -------------------------------- We refer to the announcements made on behalf of PROTON dated 27 May 2003, 12 August 2003, 29 October 2003, 10 November 2003, 31 December 2003, 9 January 2004, 12 January 2004, 19 January 2004, 28 January 2004 and 19 February 2004 as well as the Explanatory Statement and Circular to Shareholders of PROTON dated 13 January 2004 in relation to the Proposals. On behalf of PROTON, Commerce International Merchant Bankers Berhad is pleased to announce the Notice of Book Closure, the full text of which is attached herein. The abovementioned Notice of Book Closure will be advertised in The Star on 12 March 2004. In addition to the above, we wish to inform that upon the Scheme of Arrangement becoming effective on 1 April 2004, being the day on which the Court order sanctioning the Scheme of Arrangement is lodged with the Companies Commission of Malaysia, PROTON will become a wholly owned subsidiary of Proton Holdings Berhad. As a result, PROTON will no longer meet the minimum public shareholding spread requirement prescribed under chapter 3 paragraph 3.05 of the Listing Requirements of Malaysia Securities Exchange Berhad (MSEB) and as required under chapter 8 paragraph 8.15 of the Listing Requirements of MSEB. In view thereof, the suspension of PROTON Shares with effect from 9:00 a.m. on 25 March 2004 will continue until PROTON Shares are de- listed from MSEB. This Kuala Lumpur Stock Exchange announcement is dated 11 March 2004. For full details of the proposals, click on: http://bankrupt.com/misc/Proposals.doc YCS CORP. Bhd: Winding Up Petition Withdrawn -------------------------------------------- With reference to the above, the Company hereby announces that the petitioner, Magnificient Diagraph Sdn Bhd, on March 9, 2004, withdrew its petition. This Kuala Lumpur Announcement is dated 11 March 2004. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Sets Investor's and Analyst's Meeting ----------------------------------------------------------- Abs-Cbn Broadcasting Corporation informs the Philippine Stock Exchange that the company will be having an Investor's and Analyst's Briefing to discuss its financial condition and results of operations for the full year 2003 on March 17, 2004 Wednesday at 3:30 p.m. at Training Hall A, 13th Floor, ELJ Communications Center, Eugenio Lopez St., Quezon City. For additional information on the event contact the company at: Telephone Number: (632) 924-4101 (632) 415-2272 Fax Number: (632) 431-9368 Very truly yours, Randolph T. Estrellado Vice President and CFO MANILA ELECTRIC: Starts First Category of Refund ------------------------------------------------ Manila Electric Company (Meralco) plans to service the refund of small commercial and industrial users; government hospitals; street light accounts; and metering services; which fall under the first category of the fourth phase of the refund, beginning January 2005, Meralco Senior Assistant, Vice-President and Refund Management Task Force Head Leo Mabale said, quoted by BusinessWorld on Friday. The refund's phases one to three cover residential customers, while the fourth covers small, medium, large, and very large commercial and industrial customers. The fourth phase, which is the last of the PhP30-billion refund the Supreme Court ordered Meralco to implement following a ruling that barred the distribution utility from including income tax in its operations costs which were passed on to customers. For the remaining three phases, Meralco arranged the refund based on the refundable amount due customers. The company divided the third phase into two groups, the first half are the users of 301 kilowatt-hours and 600 kilowatt-hours, are serviced in the first half of the year, the second half which includes residential customers using more than 600 kilowatt hours would be serviced in the second half of the year. Originally, the first category only covers commercial and industrial customers that have PhP100,000 gross refundable amount. Meralco increased its allocation for the first category of the phase four customers to PhP1.8 billion from PhP1.4 billion which was allocated previously. NATIONAL POWER: Seeks Asset Valuation Firm ------------------------------------------ The Power Sector Assets and Liabilities Management Corporation (PSALM) will re-evaluate the generating assets of the National Power Corporation (Napocor) lined up for sale this year, a top official said on Thursday, quoted by The Philippine Star. PSALM Vice President Froilan Tampinco said they are hoping to get a better revaluation by commissioning asset valuation firm to undertake a new assessment of Napocor's assets, considering that Napocor is undertaking rehabilitation of its plants. Mr. Tampinco said the revaluation would help generate proceeds in the sale of the first batch of assets this year, which includes the Talomo power plant in Davao up for auction on March 24. It is now operating with three units from the previous one unit after undergoing rehabilitation. Proceeds of the sale are estimated to raise about $2 billion. PILIPINO TELEPHONE: Posts SEC Form 17-IS ---------------------------------------- Further to Circular for Brokers No. 159-2004 dated January 15, 2004, Pilipino Telephone Corporation (PLTL) furnished the Exchange a copy of its SEC Form 17-IS (Definitive Information Statement) in connection with its Annual Stockholders' Meeting which will be held on April 29, 2004 at 10:00 a.m. at 4/F AIM Conference Center Manila, Bernavidez corner Trasierra Streets, Legazpi Village, Makati City, Metro Manila. As previously announced, "(t)he Board of Directors has fixed March 1, 2004 as the Record Date for the determination of stockholders entitled to notice of, and to vote at, the Annual Meeting of Stockholders." A copy of PLTL's Definitive Information Statement shall be made available for reference at the PSE Plaza Libraries. For your information, Jose G. Cervantes Senior Vice President The Philippine Stock Exchange To view the copy of Definitive Information Statement, click http://bankrupt.com/misc/piltel031204.pdf ================= S I N G A P O R E ================= AGRADECIDO INVESTMENTS: Releases Debt Claim Notice to Creditors --------------------------------------------------------------- The creditors of Agradecido Investments Pte Ltd. (In Members' Voluntary Liquidation), which is being wound up, are required on or before the April 7, 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 of the Company. And if so required by notice in writing by the said Liquidator, are personally or by their solicitors, 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. LOKE POH KEUN Liquidator. c/o 8 Robinson Road #08-00 ASO Building Singapore 048544. The Singapore Government Gazette announcement is dated March 5, 2004. CHARTERED SEMICONDUCTOR: Improves First Quarter Guidance -------------------------------------------------------- Chartered Semiconductor manufacturing, in a news release on 12 March 2004 has indicated that it expects higher revenues and a lower net loss for the first quarter of 2004, compared to its previous guidance dated 30 January 2004. The company projects its revenues to increase 23 to 25%, compared to the previous expectation of 21 to 24%, almost twice the level of the last quarter. The increase in revenue is attributed to a higher demand from customers in the communications sector. This news release on the Singapore Stock Exchange is dated 12 March 2004. For a full copy of the news release, click on the following link: http://bankrupt.com/misc/Chartered.doc CHARTERED SEMICONDUCTOR: Update on First Quarter Forecast --------------------------------------------------------- Chartered Semiconductor Manufacturing Ltd, which is headed for its 13th straight unprofitable quarter, has been attracting new customers and cutting costs to benefit from a rebound in demand for semiconductors, according to Bloomberg. Chartered, Singapore's biggest computer chip manufacturer has announced in a company news release dated 12 March 2004, that it will have a smaller first quarter loss than what was earlier forecast. "This is a company which continues to have some problems, but it is making strides," said Johnny Summers, who helps manage $150 million at Jade Absolute Fund Managers in London. "Things are on the mend, but they are not great." Chartered published the update of its forecast on before stock markets opened in Singapore. Its shares traded in the U.S. fell 20 cents to $8.90 yesterday. The shares have fallen 12 percent this year after more than doubling in 2003. "Chartered shares may fall today because of investor concern over Thursday's terrorist attacks in Spain," Summers also said. "Investors have been selling computer-related shares, pushing the Nasdaq Composite Index to five straight declines," he adds. Chartered's forecast calls for its smallest quarterly loss since it turned unprofitable at the start of 2001. In the first quarter of 2003, it lost $75.7 million or 30 cents an American depository share, on sales of $103.8 million. Chartered cited higher demands from customers in the communications segment for the upgraded forecast today. Chartered predicts average selling prices will be about $973 compared to an earlier forecast of $966. It still expects to use 81 percent of its manufacturing equipment. "We are seeing a healthy growth in shipments," Chief Financial Officer George Thomas said. Chartered, the world's fourth-largest provider of made-to-order chips has won orders from customers such as Infineon Technologies AG and ZTE Corp. However, it is closing its oldest factory to save $25 million a year. According to the Semiconductor Industry Association, global sales of computer chips rose 27 percent in January. And while sales rose 18.3 percent last year, they forecast a sales growth of 19.4 percent this year. Researcher Gartner Inc. said earlier this week that mobile phone sales might rise 12 percent to 580 million handsets this year, increasing from a previous forecast of 560 million. "We have been hearing some positive information on demand lately," says Lim Chuan-Yang, an analyst with Standard & Poor's in Singapore who rates the shares "buy", in an interview this week. "Order flows have improved in the last few weeks, and there should be more improvement in the second quarter." Some investors are avoiding shares of Chartered, which has accumulated losses of $1.09 billion over the past three years. There have been concerns that it may have to raise money this year and it will suffer from rivals like Shanghai-based Semiconductor Manufacturing International Corp. "Chartered is a weak competitor in a tough industry," says Jonathan Asante of Framlington Group, "They are getting stronger, but they are not strong." Asante helps manage about $100 million at the Framlington Group, including shares of Chartered rival United Microelectronics Corp. He adds that investors are concerned that growth in chip sales will slow down in 2005. KIM TAT: Issues Winding Up Order Notice --------------------------------------- Kim Tat Seng Group Pte Ltd formerly known as Kim Tat Seng Trading (Pte) Ltd. issued a notice of winding up order made on the 27th day of February 2004: Name and address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Note: (a) All creditors of the company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the company should be forwarded to the liquidator. RAJAH & TANN Solicitors for the Petitioner. The Singapore Government Gazette announcement is dated March 5, 2004. MDI SYSTEMS: Creditors Must Submit Claims by April 5 ---------------------------------------------------- Notice is hereby given that the creditors of MDI Systems (Asia) Pte Ltd. (Members' Voluntary Winding Up), which are being wound up voluntarily, are required on or before April 5, 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 liquidators, c/o Foo Kon Tan Grant Thornton at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365. And if so required are to come in and prove their debts or claims as shall be specified or in default will be excluded from the benefits of any distribution made before such proof. WONG KIAN KOK KON YIN TONG Joint Liquidators. 5th March 2004. The Singapore Government Gazette announcement is dated March 5, 2004. REMEDY PTE: Issues Debt Claim Notice to Creditors ------------------------------------------------- The creditors of Remedy Pte Ltd. (Members' Voluntary Winding Up), which is being wound up voluntarily, are required on or before 5th April 2004 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 liquidators, c/o Foo Kon Tan Grant Thornton at 47 Hill Street #05-01, Chinese Chamber of Commerce & Industry Building, Singapore 179365. And if so required are to come in and prove their debts or claims as shall be specified or in default will be excluded from the benefits of any distribution made before such proof. KON YIN TONG WONG KIAN KOK WILLIAM CAVEN HUTCHISON Joint Liquidators. The Singapore Government Gazette announcement is dated March 5, 2004. TOLL MILL: Issues Dividend Notice --------------------------------- Toll Mill Pte Ltd. issued a notice of preferential dividend as follows: Address of Registered Office: Formerly of 32 Tuas Ave 9 Jurong Town Singapore 2263. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 57 of 1993. 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. =============== T H A I L A N D =============== SINO THAI: Sets Date of Annual General Meeting ---------------------------------------------- Whereas the Board of Directors of Sino-Thai Resources Development Public Company Limited convened the Board of Directors Meeting No. 5/2004 during 4:00 to 5:30 p.m. on March 11, 2004. The Company would like to report the resolutions adopted at the said meeting: (1) Approval of the non-issuance of year-end dividends for 2003 and to propose the same to the Annual General Meeting of Shareholders for approval. (2) Acknowledgment that Mr. Cholapan Vongsing will retire as director by rotation at the Annual General Meeting of Shareholders, the Board then proposes that the shareholders consider reappointing Mr. Cholapan Vongsing as the director for an additional term. (3) The appointment of Mr. Suphachai Panyawatthano C.P.A. License No. 3930 of Ernst & Young Office Limited as auditor of the Company for 2003, and to determine remuneration of the auditors to be submitted to the Annual General Meeting of Shareholders for consideration. (4) Proposal that the Annual General Meeting of Shareholders consider fixing the remuneration of the Board of Directors and Audit Committee for 2004. (5) Approval of the amendment of the Articles 60 to the Company's Articles of Association which will be submitted to the Annual General Meeting of Shareholders for consideration. -In case the company and its subsidiaries have any connected transaction or acquisition and disposal of material asset which comply with Notification of the Stock Exchange of Thailand, concerning connected transaction or acquisition and disposal of material asset, the Company and its subsidiaries shall comply with the securities and exchange laws including the regulations, notifications, orders and rules of the Stock Exchange of Thailand and rules relating to disclosure of information, connected transaction and the Company or the subsidiaries' acquisition and disposal of material asset. (6) Convening the Annual General Meeting of Shareholders No. 26/2004 and to close the Company's share register book as: (6.1) The Annual General Meeting of Shareholders No. 26/2004 will be convened at 14.00 hours on April 8, 2004, at the conference room of Sino-Thai Resources and Development Public Company Limited, No. 626 Shinawatra Thai Tower, 12th Floor, Rama IV Road, Kwaeng Mahaprutharam, Khet Bangrak, Bangkok 10500. The matters to be transacted at the meeting are: (1) To approve the Minutes of the Annual General Meeting of Shareholders No. 25/2003; (2) To approve the Board of Directors report on the Company's Operating Results for the year ending as of December 31, 2003 and the Annual Report for the year 2003; (3) To consider the Balance Sheet and Profit and Loss Statements for the fiscal period ending December 31, 2003; (4) To consider the appropriation of profit and declaration of dividend payment; (5) To consider the appointment of new directors in place of those retiring by rotation; (6) To consider the additional directors and appointed the consultant of the board of directors (7) To consider the appointment of the Company's Auditor for 2004 and to fix the auditor's remuneration; (8) To consider approval of the Remuneration of Directors and Audit Committee for 2004; (9) To consider the amendment of Articles 60 to the Company's Articles of Association (6.2) To determine which shareholders are eligible to attend the shareholders meeting, the Company will close the Share Register Book on March 26, 2004 at 12.00 hours until the meeting is adjourned. This is to inform the public and other investors. Yours sincerely, Cholapan Vongsing (Mr.Cholapan Vongsing) Assistant Managing Director ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. 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