/raid1/www/Hosts/bankrupt/TCRAP_Public/040423.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 23, 2004, Vol. 7, No. 80
Headlines
A U S T R A L I A
AMP LIMITED: Debt Reduction Scores S&P Points
AUSTRALIAN MAGNESIUM: Class Action on Hold in Hopes of Revival
NATIONAL AUSTRALIA: Releases Statement on Response to Ultimatum
NOVUS PETROLEUM: Requests Trading Halt
NOVUS PETROLEUM: Sunov Increases Offer to $1.85 Per Share
C H I N A & H O N G K O N G
CITY MOTOR: Winding Up Hearing Set for May 5
DANSUS LIMITED: Date of Hearing Set June 9
FAR EAST: 2003 Net Loss Narrows to HK$85M
FAR EAST: Unveils Financial Resources, Liquidity
FAR EAST: Schedules AGM for May 28
FORWARD GOOD: Date for Hearing of Petition Set
GOOD TEAM INTERNATIONAL: Court Sets Hearing Date
JILIN CHEMICAL: Returns to Profit in First Quarter
JILIN CHEMICAL: Issues Notice of 2003 Annual General Meeting
LEADER ALUMINIUM: Schedules Winding up Hearing June 9
U-CYBER TECHNOLOGY: 2003 NL Narrows to HK$39.4M
U-CYBER TECHNOLOGY: AGM Set for May 31
J A P A N
MITSUBISHI FUSO: Announces Future Undertakings
MONEX INC.: Swings Into Black for First Time
NEC CORPORATION: To Retire Preferred Securities
NEC CORPORATION: Ratings Unaffected by Accounting Change
SHOWA DENKO: Sets up New Unit for Production System Innovation
TOGO JAPAN: Bandai Unit to Buy Hanayashiki Amusement Park
K O R E A
DAEWOO HEAVY: Labor Union Plans April 29 Strike
HANARO TELECOM: Starts Trial Service of Internet Video Phones
HYUNDAI MERCHANAT: Open Another China-America Route
SSANGYONG CORPORATION: Operating Profit Up By 52.36%
M A L A Y S I A
BUKIT KATIL: Postpones Petition Hearing
HAP SENG: Issues Notice of Shares Buy Back
HAP SENG: Details Resale/Cancellation of Shares
HAP SENG: Issues Notice of Share Buy-back
MALAYSIA AIRLINES: Plans To Increase Vietnam Flights
MANGIUM INDUSTRIES: Sawmill Unit Defaults
POS MALAYSIA: Relates Listing and Quotation of New Shares
PROMTO BERHAD: Posts Changes in the Audit Committee
PROMTO BERHAD: Announces Board Changes
PROMTO BERHAD: Announces Secretaries' Resignations
PROMTO BERHAD: Announces Change of Address By Registrar
RHB CAPITAL: Registrar Moves To New Address
UCP RESOURCES: High Court Approves Scheme of Arrangement
WING TIEK: Presents Agenda for 17 May EGM
* KLSE: Changes Name To Bursa Malaysia
P H I L I P P I N E S
ABS-CBN BROADCASTING: Submits Agenda of Stockholders Meeting
NATIONAL BANK: Issues Notice of Annual Stockholders Meeting
NATIONAL STEEL: Sale May Be Derailed Due to Land Dispute
NEGROS NAVIGATION: Tsuneishi Host Community Passes Mass Motion
PHILIPPINE BANK: Submits Copy of Statement of Condition
PHILIPPINE BANK: PDIC Says Bank Should Divest in 5 Years
PILIPINO TELEPHONE: Smart Extends Offer to Buy Debts
S I N G A P O R E
BEE LIAN: Releases Dividend Notice
CHARTERED SEMICONDUCTOR: May Report First Quarter Loss
GOLD LAND: Winding up Hearing Set for April 30
LAM LEONG: Schedules Winding up Hearing
TELEGLOBE SINGAPORE: Issues Dividend Notice
T H A I L A N D
BANGKOK STEEL: Unveils Creditors Meeting
CAPETRONIC INTERNATIONAL: Reports Rehab Plan Progress
THAI WAH: Submits Information on Proposed Asset Disposal
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Debt Reduction Scores S&P Points
---------------------------------------------
Standard & Poor's revised the rating of AMP Limited from
negative to stable following the shares buy back this week,
which has enabled AMP to reduce its debts to $2.2 billion, The
Age reports.
The debt reduction and signs that AMP is generating spare
capital has fueled hopes that the company will be able to
conduct a share buyback at an earlier point than many have
hoped.
S&P analyst Kate Thomson said: "AMP's balance sheet has
stabilized, hybrid and debt levels have reduced, group and key
operating entity capitalization remains strong, and internal
cash flows that have contributed to debt reduction appear
sustainable."
AUSTRALIAN MAGNESIUM: Class Action on Hold in Hopes of Revival
--------------------------------------------------------------
Shareholders of Australian Magnesium Corp. have been resisting
joining a $200 million class action over the collapse of the
$1.7 billion Stanwell light metals project last June in the
hopes the company can still survive, according to The
Advertiser.
The reluctance of the owners of the company's government-backed
22,000 dividend entitled securities to climb aboard, coincides
with advice that any class action against the promoters of the
$528 million capital raising in November 2001, would need twice
the level of support initially targeted to get off the ground.
Since the exit of secured creditors, federal and Queensland
governments had caused interest to drop significantly, Financial
Class Actions principal Roger Brown said.
NATIONAL AUSTRALIA: Releases Statement on Response to Ultimatum
---------------------------------------------------------------
National Australia Bank (NAB) dissident director Cathy Walter
has released a statement through her lawyer stating that she
will not be rushed into responding to Monday's ultimatum by
seven other non-executive directors to resign from the NAB
board, The Age reports.
Mrs. Walter said she had seen the recommendations by her fellow
directors to shareholders for next month's extraordinary annual
general meeting but would not make any substantive statement
until she has completed her other corporate commitments.
"I have noted my colleagues' comments about resignations if they
are unsuccessful at the EGM," she said.
"It is my view that the issues around the National board have
serious and profound implications which should be approached
with caution, foresight and maturity." Mrs. Walter added.
Contact: National Australia Bank Limited
Fl.24, 500 Bourke St.
Melbourne, 3000, Australia
Telephone Number: +61-3-8641-4200
Fax Number: +61-3-8641-4927
Website: http://www.national.com.au/
NOVUS PETROLEUM: Requests Trading Halt
--------------------------------------
Further to telephone conversations with the Australian Stock
Exchange (ASX) Tuesday morning, Novus Petroleum Ltd. will be
making an announcement to the market shortly.
Novus requests an immediate trading halt of its shares, to be
lifted after Novus releases its ASX announcement.
Novus expects to be in a position to release its announcement
shortly.
Novus is not aware of any reasons why the trading halt should
not be granted.
Contact: Novus Petroleum Ltd.
Level 9, 321 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Head Office Telephone: (02) 9299 4888
Head Office Fax: (02) 9299 4077
Website: http://www.novuspetroleum.com/
NOVUS PETROLEUM: Sunov Increases Offer to $1.85 Per Share
----------------------------------------------------------
Sunov Petroleum Pty Ltd. announced to the Australian Stock
Exchange on Thursday that it had increased its cash offers for
all of the shares in Novus Petroleum Ltd. to $1.85 per share,
from its previous offer of $1.77 per share.
The independent directors of Novus (Messrs David Blair, Steve
Mann and Jim Hornabrook) recommended that shareholders accept
Sunov's revised offer and intend to accept the offer for their
own shares, in both cases, in the absence of an offer emerging
which the Independent Directors consider superior.
To view full copy of this press release, click
http://bankrupt.com/misc/NOVUS042204_2.pdf
==============================
C H I N A & H O N G K O N G
==============================
CITY MOTOR: Winding Up Hearing Set for May 5
--------------------------------------------
Notice is hereby given that a petition for the winding up of
City Motor Limited by the High Court of Hong Kong was on the 5
March 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said petition will be heard before the Court at 9:30 a.m. on the
5 May 2004. Any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.
Tsang, Chan & Wong
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 4 May 2004.
DANSUS LIMITED: Date of Hearing Set June 9
------------------------------------------
Notice is hereby given that a petition for the winding up of
Dansus Limited by the High Court of Hong Kong was on the 30
March 2004 presented to the said Court by Bank of China (Hong
Kong) Limited, whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said petition will be heard before the Court at 9:30
a.m. on the 9 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.
Messrs. Wat & Co.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.
FAR EAST: 2003 Net Loss Narrows to HK$85M
-----------------------------------------
Far East Technology International incurred a net loss of
HK$84.76 million for 2003, versus a net loss of HK$179.24
million a year earlier, Infocast reports. No final dividend was
declared.
For a copy of its financial results for the year ended 31
December 2003, go to
http://bankrupt.com/misc/tcrap_fareast0423.pdf
FAR EAST: Unveils Financial Resources, Liquidity
------------------------------------------------
In a disclosure to the Stock Exchange of Hong Kong Limited, Far
East Technology International Limited has total borrowings of
approximately HK$150 million as at 31 December 2003 (31/12/2002:
HK$153.7 million), in which HK$141.4 million (31/12/2002:
HK$146.2 million) was payable within one year and HK$8.6 million
(31/12/2002: HK$7.5 million) was payable after one year. HK$150
million (31/12/2002: HK$150.6 million) of the borrowings was
secured and nil 31/12/2002:HK$3.1 million) was unsecured. The
Group's borrowings are primarily denominated in Singapore
dollars. Interest rates were in line with the best lending rates
either at prime or based on the Hong Kong Inter-bank Offer Rate.
The Group did not have any financial instruments used for
hedging purpose.
GEARING RATIO
The gearing ratio (total bank and other borrowings to
shareholders' equity) as at 31 December 2003 was 205%
(31/12/2002: 99%).
CURRENT RATIO
The current ratio as at 31 December 2003 was 0.31 (31/12/2002:
0.25).
EXCHANGE RATE
The Group was not exposed to material exchange rates
fluctuations during the year.
PLEDGE OF ASSETS
At the reporting date, the Group's investment properties, plant,
equipment, motor vehicles, listed investments and bank deposits
with an aggregate net book value of approximately HK$199.4
million (31/12/2002: HK$233.4 million) together with the
properties of the Company and its subsidiaries were mortgaged or
pledged to the Group's bankers, licensed financial institutions
and loan creditors to secure banking facilities, margin trading
facilities, overdraft and revolving loan facilities, term loan
facilities and loan facilities to the Group and its subsidiaries
to the extent of approximately HK$182.3 million (31/12/2002:
HK$189.6 million) and HK$118.8 million (31/12/2002: HK$115.5
million) respectively.
CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
At the reporting date, contingent liabilities of the Company
regarding guarantees given to bank in respect of banking
facilities utilized by subsidiaries were approximately HK$123
million (31/12/2002: HK$131 million).
At the reporting date, capital commitments of the Company
contracted but not provided for in the financial statements in
respect of capital contribution to a subsidiary were
approximately HK$9.7 (31/12/2002: HK$9.7 million).
Material acquisitions and disposals of subsidiaries and
associated companies On 22nd December, 2003, a conditional sale
and purchase agreement was entered into whereby, inter alia, the
Company and Mr. Dennis Chiu, a director of the Company agreed to
disposal of their entire interests in Tang City Properties Pte
Ltd to a wholly-owned subsidiary of Far East Consortium
International Limited.
Save as disclosed above, there were no material acquisition and
disposal of subsidiaries and associated companies by the Group.
FAR EAST: Schedules AGM for May 28
----------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Far East Technology International Limited will be held at the
Penthouse, Far East Consortium Building, 121 Des Voeux Road
Central, Hong Kong on 28 May 2004 at 3 p.m. for the following
purposes:
1. To receive and consider the audited Financial Statements and
the Reports of the Directors and Auditors for the year ended
31 December 2003.
2. To re-elect Directors and to fix their remuneration.
3. To re-appoint Auditors and to authorize the Directors to fix
their remuneration.
4. As special business, to consider and, if thought fit, pass
with or without modification, the following resolution as an
Ordinary
Resolution:
"THAT:
(a) Subject to paragraph (c) of this Resolution, the exercise by
the directors of the Company during the Relevant Period (as
hereinafter defined) of all the powers of the Company to allot,
issue and deal with additional shares in the capital of the
Company and to make or grant offers, agreements and options
which might require the exercise of such powers be and is hereby
generally and unconditionally approved;
(b) The approval in paragraph (a) of this Resolution shall
authorize the directors of the Company during the Relevant
Period (as hereinafter defined) to make or grant offers,
agreements and options which might require the exercise of such
powers after the end of the Relevant Period;
(c) The aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the directors of the
Company pursuant to the approval in paragraph (a) of this
Resolution, otherwise than pursuant to a Rights Issue (as
hereinafter defined), shall not in aggregate exceed 20% of the
aggregate nominal amount of share capital of the Company in
issue as at the date of passing this Resolution; and
(d) For the purpose of this Resolution:
"Relevant Period" means the period from the passing of this
Resolution until whichever is the earliest of:
(i) The conclusion of the next annual general meeting of the
Company;
(ii) The expiration of the period within which the next annual
general meeting of the Company is required by the Articles of
Association of the Company or any applicable law to be held; and
(iii) The revocation or variation of the authority given under
this Resolution by an ordinary resolution of the members of the
Company in general meeting.
"Rights Issue" means an offer of shares open for a period fixed
by the directors of the Company to the holders of shares on the
register of members of the Company on a fixed record date in
proportion to their then holdings of such shares (subject to
such exclusions or other arrangements as the directors of the
Company may deem necessary or expedient in relation to
fractional entitlements or having regard to any restrictions or
obligations under the laws of, or the requirements of, any
recognized regulatory body or any stock exchange in any
territory outside Hong Kong)."
5. As special business, to consider and, if thought fit, pass
with or without modification, the following resolutions as
Special Resolutions:
"THAT the Articles of Association of the Company be and are
hereby amended in the following manner:
(I) Article 2
(i) By adding the following definitions after the definition of
"The Ordinance":
"Listing Rules" shall mean the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited as amended
from time to time.
"Exchange" shall mean The Stock Exchange of Hong Kong Limited as
amended from time to time.
(ii) By adding the following definition after the definition of
"The Board": "associate" shall have the meaning ascribed to it
under the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited.
(iii) By adding the following definition after the definition of
"the Register": "clearing house" shall mean a recognized
clearing house as defined under Schedule 1 to the Securities and
Futures Ordinance (Cap. 571 of the Laws of Hong Kong) as amended
from time to time.
(II) By deleting the existing Article 10 and substituting the
following: "10 (i) Every Member shall be entitled without
payment to one certificate under the Seal of the Company,
specifying the shares held by him and the amount paid up
thereon. Such certificate shall be delivered to the Member
within two months after the allotment of such shares.
(ii) That fully-paid shares shall be free from any restriction
on the right of transfer (except when permitted by the Exchange)
and shall also be free from all lien."
(III) By adding the following Article as Article 61A after the
existing Article 61:
"61A. Where any Member is, under the Listing Rules, required to
abstain from voting on any particular resolution or restricted
to voting only for or only against any particular resolution,
any votes cast by or on behalf of such member in contravention
of such requirement or restriction shall not be counted."
(IV) By deleting the last two words of "so authorized" of
Article 65 and substituting therefore with the words of "duly
authorized";
(V) By deleting the existing Article 65A and substituting the
following:
"65A If a clearing house or a nominee of clearing house is a
member of the Company, it may authorize such person or persons
as it thinks fit to act as its representative or representatives
at any meeting of the Company or at any meeting of any class of
members of the Company provided that, if more than one person is
so authorized, the authorization shall specify the number and
class of shares in respect of which each such person is so
authorized.
A person so authorized under the provision of these Articles
shall be entitled to exercise the same powers on behalf of the
clearing house (or its nominee) which he represents as the
clearing house (or its nominee) could exercise if it were an
individual member of the Company.
The Company's announcement to the Stock Exchange of Hong Kong
Limited was dated April 22, 2004.
FORWARD GOOD: Date for Hearing of Petition Set
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Forward Good Limited by the High Court of Hong Kong was on the
30 March 2004 presented to the said Court by Bank of China (Hong
Kong) Limited, whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said Petition will be heard before the Court at 9:30
a.m. on the 9 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.
Messrs. Wat & Co.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.
GOOD TEAM INTERNATIONAL: Court Sets Hearing Date
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Goodteam International Development Limited by the High Court of
Hong Kong was on the 19 March 2004 presented to the said Court
by GE Capital (Hong Kong) Limited, a restricted license bank
incorporated in Hong Kong and whose registered office is
situated at 8th Floor, Devon House, Taikoo Place, 979 King's
Road, Quarry Bay, Hong Kong. The said Petition will be heard
before the Court at 9:30 a.m. on the 19 May 2004. Any creditor
or contributory of the said company desirous to support or
oppose the making of an order on the said petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Deacons
Solicitors for the Petitioner,
5th Floor, Alexandra House
Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18 May 2004.
JILIN CHEMICAL: Returns to Profit in First Quarter
--------------------------------------------------
Jilin Chemical Industrial Company Limited incurred a net profit
of RMB424 million for the first quarter in 2004, versus a net
loss of RMB1.012 billion a year earlier, Infocast News reported
on Wednesday.
In a disclosure to the Stock Exchange of Hong Kong Limited, the
Company suffered a loss for three consecutive years coupled with
intensifying competition in the market. The Company adopted the
following strong and effective measures in 2003 to achieve a
turnaround from loss making to profitability:
1. Closely pursue an overall approach of large production scale,
ongoing product improvement and large economies of scale; fully
devote efforts to the improvement of facilities and technologies
that are used in production operation; strengthen control over
the inspection, analysis and production process; and explore in
depth the possibilities of increasing efficiency, saving energy
consumption and reducing wastage in order to ensure that the
Company's production facilities operate at a full utilization
rate. In 2003, the production facilities were in stable
operation with a utilization rate of 99.6%. Production
fluctuation and unexpected suspension of production decreased by
63% as compared with 2002.
2. Strengthen financial management on a unified basis through
strict controls over capital expenditure and to repay interest-
bearing liabilities to the greatest extent possible, so that the
capital of the Company can be used more effectively and
efficiently. In 2003, interest-bearing liabilities of the
Company decreased by RMB2,853.59 million with a turnover of
working capital of 8.6 times. Substantial increase in cash flow
has enhanced the financial situation of the Company.
3. Strengthen materials management and increase the ability to
use bidding for materials procurement; strengthen overall
monitoring and auditing with the aim of reducing procurement
costs.
4. Strengthen business and sales management by pursuing the
business concept where "sales shall be dependent on
profitability; production shall be dependent on sales; sales to
immediately follow production and sales to ensure
profitability"; on all aspects of storage, transportation and
sales; being market oriented; hold seminars for customers on a
timely basis for the promotion and marketing of our products. As
a result, the Company was able to achieve 100% for both its
production/sales ratio and payment recovery rate.
5. Further implement the "Code of Conduct for Staff" to strictly
train and regulate staff to act professionally and in compliance
with such code. The Company further reformed the system of
division of labor, fully implemented the "Procedures on the
Management of Responsibilities for Risks", offered incentives
and rewards for outstanding staff, and established an effective
mechanism to ensure competitiveness and further improve
supervision of staff. As a result, the Company was able to
quicken its pace of development and increase its dynamism.
JILIN CHEMICAL: Issues Notice of 2003 Annual General Meeting
------------------------------------------------------------
Notice is hereby given that the 2003 Annual General Meeting
(AGM) of Jilin Chemical Industrial Company Limited will be held
at 9 a.m. on June 17, 2004, at No. 9 Longtan Street, Longtan
District, Jilin City, Jilin Province, the PRC to consider and,
if thought fit, approve the following resolutions:
1. To consider and approve the 2003 report of the board of
directors of the Company;
2. To consider and approve the 2003 report of the board of
supervisors of the Company;
3. To consider and approve the 2003 audited financial statements
of the Company;
4. To consider and approve the proposed profit distribution plan
for 2003 of the Company;
5. To consider and approve the remuneration of the directors and
the supervisors for 2004; and
6. To consider and approve the re-appointment of
PricewaterhouseCoopers (certified public accountants in Hong
Kong) and PricewaterhouseCoopers Zhong Tian CPAs Company Limited
(registered accountants in the PRC) as the Company's
international and domestic auditors, respectively, to hold
offices until the conclusion of the 2004 Annual General Meeting,
and to authorize the directors of the Company to determine their
remuneration.
By Order of the Board
Zhang Liyan
Company Secretary
Jilin, PRC
April 20, 2004
Notes:
(A) Holders of the Company's shares whose names appear on the
register of members of the Company at the close of business on
May 18, 2004 are entitled to attend the 2003 Annual General
Meeting with their passports or other identity papers.
(B) The register of members of the Company will close from May
19, to June 17, 2004 (both days inclusive), during which time no
share transfers will be effected.
(C) Each shareholder who has the right to attend and vote at the
2003 Annual General Meeting is entitled to appoint one or more
proxies, whether they are members or not, to attend and vote on
his behalf at the Annual General Meeting.
(D) A proxy of a shareholder who has appointed more than one
proxy may only vote on a poll.
(E) The instrument appointing a proxy must be in writing under
the hand of the appointor or his attorney duly authorized in
writing. If that instrument is signed by an attorney of the
appointor, the power of attorney authorizing that attorney to
sign, or other documents of authorization, and the form of proxy
must be delivered to the Company's registrar, HKSCC Registrars
Limited, Rooms 1901-05, 19th Floor, Hopewell Centre, 183 Queen's
Road East, Hong Kong not less than 24 hours before the time
appointed for the holding of the Annual General Meeting.
(F) Shareholders intending to attend the 2003 Annual General
Meeting should return the accompanying reply slip to the
Secretary's Office to the Company on or before May 28, 2004
personally/or by mail, cable or facsimile.
The Company's announcement to the Stock Exchange of Hong Kong
Limited was dated April 21, 2004.
LEADER ALUMINIUM: Schedules Winding up Hearing June 9
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Leader Aluminium (Engineering) Company Limited by the High Court
of Hong Kong was on the 26 March 2004 presented to the Court by
Guang Ya Aluminium Industries (Hong Kong) Limited, whose
registered office is situate at Suite 1301-2, Houston Centre, 63
Mody Rad, Tsimshatsui, Kowloon, Hong Kong. The petition will be
heard before the Court at 9:30 a.m. on the 9 June 2004. Any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Cheung, Tong & Rosa
Solicitors for the Petitioner,
Rooms 1621-23, 16th Floor
Sun Hung Kai Centre
30 Harbour Road, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.
U-CYBER TECHNOLOGY: 2003 NL Narrows to HK$39.4M
-----------------------------------------------
U-Cyber Technology Holdings Limited booked a net loss of
HK$39.448 million for the year 2003, versus a net loss of
HK82.15 million a year earlier, according to Infocast News. No
final dividend was declared.
In a disclosure to the Stock Exchange of Hong Kong Limited, as
at 31 December 2003, the Group had current assets of
HK$22,287,000 (2002:HK$106,929,000) and current liabilities of
HK$56,295,000 (2002: HK$134,821,000) and cash and bank balances
of HK$4,544,000 (2002: HK$5,744,000).
As at 31 December 2003, the Group pledged certain investment
properties in Hong Kong with carrying value of approximately
HK$89,500,000 (2002: HK$84,500,000) as securities for the bank
loans amounted to HK$50,657,000 (2002: HK$62,079,000). The
gearing ratio, as a ratio of total bank borrowings to
shareholders' funds, was 57.6 percent (2002: 93.0%).
As most of the cash reserves have placed in HK dollars short-
term deposits with major banks in Hong Kong, exposure to
exchange fluctuation is minimal.
U-CYBER TECHNOLOGY: AGM Set for May 31
--------------------------------------
In a disclosure to the Stock Exchange of Hong Kong Limited, the
Annual General Meeting (the Meeting) of U-Cyber Technology
Holdings Limited will be held at Units 903-905A, Harcourt House,
39 Gloucester Road, Wanchai, Hong Kong on Monday, 31 May 2004 at
4 p.m. for the following purposes:
AS ORDINARY BUSINESS
(1) To receive and consider the audited financial statements and
the reports of the directors and auditors for the year ended
31st December 2003.
(2) To re-elect the retiring directors.
(3) To re-appoint Auditors and authorize the Board of Directors
to fix their remuneration.
AS SPECIAL BUSINESS
Ordinary resolutions
To consider and, if thought fit, to pass with or without
modification the following resolutions as ordinary resolutions:
(4) THAT:
(A) Subject to paragraph (C), the exercise by the directors of
the Company during the Relevant Period (as hereinafter defined)
of all the powers of the Company to allot, issue and deal with
additional shares in the capital of the Company and to make or
grant offers, agreements and options which might require the
exercise of such power be generally and unconditionally
approved;
(B) The approval in paragraph (A) shall authorize the directors
of the Company during the Relevant Period to make or grant
offers, agreements and options which might require the exercise
of such power after the end of the Relevant Period;
(C) The aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the directors of the
Company pursuant to the approval in paragraph (A), otherwise
than pursuant to (i) a Rights Issue (as hereinafter defined);
(ii) the exercise of options granted under any share option
scheme adopted by the Company or (iii) any scrip dividend or
similar arrangement providing for the allotment of shares in
lieu of the whole or part of a dividend on shares of the Company
in accordance with the articles of association of the Company,
shall not exceed 20 percent of the aggregate nominal amount of
the share capital of the Company in issue at the date of passing
this Resolution and the said approval shall be limited
accordingly; and (ii) the expiration of the period within which
the next annual general meeting of the Company is required by
the Articles of Association of the Company or any applicable law
to be held; or (iii) the revocation or variation of the
authority given under this Resolution by ordinary resolution of
the shareholders in general meeting.
(6) That conditional upon the passing of Resolutions (4) and (5)
as set out in this notice convening the Meeting of which this
Resolution forms part, the general mandate granted to the
directors of the Company pursuant to Resolution (4) as set out
in this notice convening the Meeting of which this Resolution
forms part be and is hereby extended by the addition thereto of
an amount representing the aggregate nominal amount of share
capital of the Company purchased by the Company under the
authority granted pursuant to Resolution (5) as set out in this
notice convening the Meeting of which this Resolution forms
part, provided that such amount shall not exceed 10% of the
aggregate nominal amount of the issued share capital of the
Company as at the date of passing this Resolution.
For more information, go to
http://bankrupt.com/misc/tcrap_cyber0423.pdf
=========
J A P A N
=========
MITSUBISHI FUSO: Announces Future Undertakings
----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation held a press conference
on Wednesday, 21 April to report on the change in the board of
directors, the ongoing in-house investigations regarding the hub
recall and the quality initiatives of the company.
In company press release, Mitsubishi Fuso expressed its regret
for the fact that one of its vehicles in the scope of the recall
measure caused a fatal accident. The carmaker also regrets the
insufficient pursuit of the root cause for hub breakage as well
as the insufficient sensitivity towards safety issues. In the
press conference, Porth also took the opportunity to once again
apologize for the public disturbance Mitsubishi Fuso caused with
the hub related recalls.
Concerning its own investigations, Fuso reported the
installation of two additional investigation teams, mainly
composed of outside counsels in order to reinforce the internal
investigation team. An external lawyer, Mr. Yasuyuki Takai, Head
of the Takai Law office, heads one of these teams.
These teams are currently conducting the investigation
intensively. The investigation results will be made available to
the President & CEO in May and will be made public as much as
possible in consideration of the limits related to the
investigation by public authority.
At the same time, the new management in place since the spin-off
in January 2003 has already taken numerous actions towards
quality. This includes a wide reorganization of all quality
processes throughout the company. One example for the quality
process improvements is the installation of a monthly quality
report in April last year to increase management attention on
product quality and customer feedback.
Another example is Fuso's new Quality Gate system for the
development of its future products, which is fully operational
as of this month. It was adopted from DaimlerChrysler to set
common standards and also facilitates easy sharing of
engineering data in Fuso's joint product projects with
DaimlerChrysler.
In addition to these already started measures, Fuso is taking
three major steps, which are based on the lessons it learned
during the hub recall.
1. ESTABLISHMENT OF AN INDEPENDENT QUALITY ADVISORY COMMITTEE.
Comprised of one internal representative, which is Mr. Hori, and
outside experts in fields such as technology, corporate
governance, and change management, this committee will begin to
analyze all aspects of quality management and other related
issues right after Golden Week. The committee will provide
monthly reports directly to the CEO.
Fuso is currently in discussion with Prof. Naomasa Nakajima, who
is vice president of the Housou University and a highly
competent expert in engineering processes, asking him to take
the lead of this committee.
The committee will be supported by subcommittees, which will pay
special attention on the key areas of engineering and testing,
quality management, customer claim handling, and employee
qualification.
2. THOROUGH REFORM OF QUALITY MANAGEMENT AND R&D ORGANIZATIONS.
Quality and safety are top priority management issues.
Therefore, the management of Mitsubishi Fuso is implementing a
systematic and comprehensive restructuring of the departments in
charge for quality management, as well as research and
development. In R&D, Fuso will establish a clear product focus
and an independent testing office. By eliminating one management
level, communication will be sped up and responsibility will be
increased.
The company also appointed a new corporate general manager for
its quality and technical affairs office. Mr. Hideyuki Shiozawa,
currently the head of Fuso's small bus plant in Oye, has a solid
technical background and is an experienced manager. His task is
to implement all necessary changes in the company's quality
management organization.
3. ESTABLISHMENT OF A CORPORATE CULTURE REFORMATION COMMITTEE.
This committee consists of 12 middle management leaders, and has
the task to promote an open-minded and transparent corporate
culture throughout the new Mitsubishi Fuso mapped out by
management. This committee will also directly make
recommendations to the CEO.
MONEX INC.: Swings Into Black for First Time
--------------------------------------------
Monex Inc. has climbed back to profit last year, its first time
since its foundation in April 1999 because of increased
commission revenues on the back of active stock trading,
according to Kyodo News.
In its unconsolidated earnings report for the year ending in
March, the online brokerage house incurred a net profit of 2.22
billion yen, a turnaround from a net loss of 2.05 billion yen
the previous year.
NEC CORPORATION: To Retire Preferred Securities
-----------------------------------------------
NEC Corporation (NEC) has resolved at a meeting of the Board of
Directors held on Thursday that on June 21, 2004 it will redeem
in whole its NEC Corporation Unsecured Subordinated Debentures
due 2021 (the Subordinated Debentures) as the result of the
occurrence of an Accounting Event* as described in the terms and
conditions of the Subordinated Debentures, and it has recently
sent notification of such redemption to NEC Business Trust, the
issuer of the NEC Trust Originated Preferred Securities. NEC
Business Trust holds the Subordinated Debentures as investment
assets acquired with the proceeds of the issuance of the NEC
Trust Originated Preferred Securities and the NEC Trust Common
Securities.
NEC announced in a press release that, as a result of the early
redemption of the Subordinated Debentures, the NEC Trust
Originated Preferred Securities and the NEC Trust Common
Securities issued by NEC Business Trust will be redeemed in
whole in accordance with its Declaration of Trust on June 21,
2004, the same redemption date as the Subordinated Debentures,
as shown in the information below.
In addition, NEC announces that in accordance with its
Declaration of Trust, NEC Business Trust will be dissolved upon
the completion of the redemption of the NEC Originated Trust
Preferred Securities and the NEC Trust Common Securities
(expected to be in July, 2004).
1.Securities to be redeemed by NEC
(1) Security: NEC Corporation Unsecured Subordinated Debentures
due 2021
(2) Redemption Price: Y 100,001 million plus accrued and unpaid
interest
(3) Redemption Date: June 21, 2004 (Monday)
2. Securities to be redeemed by NEC Business Trust
(1) Security:
NEC Trust Originated Preferred Securities (200,000
securities)
NEC Trust Common Securities (2 securities)
(2) Redemption Price:
NEC Trust Originated Preferred Securities: Y 100,000
million plus accumulated and unpaid distributions
NEC Trust Common Securities: Y 1 million plus accumulated
and unpaid distributions
The redemption price per security will be the face amount of the
NEC Trust Originated Preferred Securities and the NEC Trust
Common Securities (Y 500,000 per security, respectively) plus
accumulated and unpaid distributions.
(3) Redemption Date: June 21, 2004 (Monday)
(4) Record Date for Redemption: May 27, 2004 (Thursday)
(5) Expected Delisting Date: May 21, 2004 (Friday)
3. Summary Information of NEC Business Trust
(1) Name: NEC Business Trust
(2) Head Office: New York, NY, USA
(3) Representative Officer: Jun Tada, Regular Trustee
(4) Establishment Date: November 2001
(5) Business: Investment Trust
(6) Capital: Y 100,001 million
(7) Holder of Voting Rights and Ratio: NEC (100%)
4. Expense Related to the Redemption of NEC Trust Originated
Preferred Securities
NEC had planned to amortize in its consolidated financial
statements the difference between the issue price (Y 100,000
million) and the proceeds at issuance (Y97,000 million) of the
NEC Trust Originated Preferred Securities (amounting to Y 3,000
million) over the five year period from the issuance to the
fiscal year ending March 31, 2007, but as a result of the
redemption described herein the scheduled amortization will be
revised and the entire un-amortized balance of Y1,600 million
will be charged as of the fiscal year ended March 31, 2004.
* Redemption as a result of an Accounting Event
Pursuant to the terms and conditions of the Subordinated
Debentures, NEC has the right to redeem the Subordinated
Debentures at any time in the event of the occurrence of certain
accounting related events unforeseen at the time of the issuance
of the Subordinated Debentures and the NEC Trust Originated
Preferred Securities. A recent change in generally accepted
accounting principles in the United States (US GAAP) has altered
the presentation of the NEC Trust Originated Preferred
Securities on the consolidated balance sheet of NEC as of March
31, 2004, resulting in the occurrence of an Accounting Event.
Please refer to "Notice of Redemption of NEC Trust Originated
Preferred Securities and Dissolution of the Trust" and
"Redemption Procedures for NEC Trust Originated Preferred
Securities" posted at the URL below regarding the redemption of
the NEC Trust Originated Preferred Securities. For further
details regarding redemption procedures, please contact your
securities company. http://www.nec.co.jp/ir/en/index.html
About NEC Corporation
NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For additional information,
please visit the NEC home page at: http://www.nec.com.
NEC Press Contact
Japan
Diane Foley
NEC Corporation
Tel: 0081 (0)3 3798 6511
E-mail: d-foley@ax.jp.nec.com
NEC CORPORATION: Ratings Unaffected by Accounting Change
--------------------------------------------------------
Standard & Poor's Ratings Services said that NEC Corporation's
planned redemption of 100 billion yen in trust preferred
securities, triggered by a change in U.S. accounting standards,
would not affect the ratings on the company.
The Company announced that the hybrid securities (securities
with bond and equity features) issued by its unit NEC Business
Trust will be redeemed on June 21, 2004, as the treatment of the
securities was changed on its consolidated balance sheet at
March 2004. The preferred securities, which were listed as
minority interest on NEC's consolidated balance sheet, will be
unconsolidated, and the subordinated debentures issued by NEC-
to-NEC Business Trust will be posted on its consolidated balance
sheet as of March 2004. Funds gained from the issue of the
preferred securities have been invested in the subordinated
debentures, which will also be redeemed on June 21.
The rating agency added that the credit quality of NEC would not
be affected by the change in treatment, as the move does not
stem from a change in the structure or terms and conditions of
the securities themselves. In addition, although the preferred
securities will lose their status as an equity contribution and
become ordinary debt carrying set maturities, the impact on the
company's financial profile is expected to be limited, given the
recent strong improvement in NEC's capital structure and its
sufficient liquidity at hand.
In the fiscal year ended March 2004, its financial profile is
expected to have improved substantially, given an improvement in
its operating performance, 184.7 billion yen in financing
through ordinary stock issues, capital increases from the IPO of
NEC Electric Corporation, and debt reductions.
Total debt as at March 2004 is not expected to differ widely
from its forecast of 1.220 trillion yen, compared with 1.487
trillion yen at March 2003.
Likewise, cash and equivalents expect to exceed 500 billion yen,
compared with 344 billion yen at March 2003.
SHOWA DENKO: Sets up New Unit for Production System Innovation
--------------------------------------------------------------
Showa Denko K.K. (SDK), in a press release, has established an
SPS (Showa Denko Production System) Innovation Office effective
April 16 to coordinate and further encourage innovations made
independently so far at respective production sites of SDK and
its subsidiaries.
SDK pioneered in total quality management activities in Japan,
becoming the recipient of the first Deming Prize in 1951. To
further enhance product quality, SDK began total productive
maintenance (TPM) activities at its Oita Petrochemical Complex
in September 1997. Since then, efforts have been made at
respective sites to reform production systems mainly by the TPM
method.
While those activities first started at production departments,
they have helped to substantially reduce equipment
failures/accidents, customer complaints, and costs. Since 1997,
SDK has achieved an accumulated total of around 25 billion yen
in cost reductions as a result of these activities.
SDK will hereafter carry out production innovation activities on
a group-wide basis under the concept of "SPS Innovation." This
program will coordinate activities at respective sites and
subsidiaries, covering all areas of business. Thus, it will be
used as an effective tool for reducing all kinds of losses on a
group-wide basis, thereby facilitating accomplishment of
financial goals under the ongoing medium-term consolidated
business plan, the "Sprout Project."
Specifically, the new program will cover such activities as
marketing and supply-chain-management in addition to production.
Efforts will be made to achieve financial goals under the Sprout
Project with greater speed. To that end, employees at different
locations will make sure to share common understanding of
problems to be addressed.
SDK will also ensure higher levels of production innovation
through close cooperation among various sites and subsidiaries
that have performed the activities in different ways.
Under the three-year Sprout Project, SDK is planning to reduce
costs by 20 billion yen. The SPS Innovation Office will work
hard to realize overall business optimization and help achieve
the targeted cost reductions.
SDK is transforming itself into a focused and individualized
chemical company through interconnections of inorganic/aluminum
and organic chemical technologies and based on market-oriented
business strategies.
Notes:
1. Deming Prize: A prize awarded by the Union of Japanese
Scientists and Engineers to companies with distinguished
achievements in the area of total quality management.
2. TPM, or "Total Productive Maintenance." A concept advocated
by the Japan Institute of Plant Maintenance for the purpose of
increasing efficiency in production systems.
About Showa Denko K.K.
Showa Denko is a major manufacturer and marketer of chemical
products serving a wide range of fields ranging from heavy
industry to the electronic and computer industries. The company
makes petrochemicals (ethylene, propylene), aluminum products
(ingots, rods) electronic equipment (hard disks for computers),
and inorganic materials (ceramics, carbons). The company has
overseas operations and a joint venture with Netherlands-based
Montell and Nippon Petrochemicals to make and market
polypropylenes. In March 2001, SDK merged with Showa Denko
Aluminum Corporation to strengthen the high-value-added
fabricated aluminum products operations, and is today developing
next-generation optical communications-use wafers. For further
information, please visit the Showa Denko K.K. home page at:
www.sdk.co.jp/index_e.htm
Showa Denko is a major chemical company in Japan. In the midst
of severe business environment surrounding chemical industry,
Showa Denko increased the operating profit and pretax profit for
fiscal 2003 ended December 31, 2003, Japan Credit Rating Agency
reported recently. Rise of digital home appliances and increase
in earnings from hard disk operations derived from acquisition
of the business operation improved the profits for two years in
a row. Although the financial structure remains weak, it has
improved with the interest-bearing debt being reduced.
Contact:
Showa Denko K.K.
IR & PR Group,
Nobuhiro Kato
E-mail: nobuhiro_kato@sdk.co.jp
+81-3-5470-3235
TOGO JAPAN: Bandai Unit to Buy Hanayashiki Amusement Park
---------------------------------------------------------
Banpresto Co. recently signed a contract to acquire the Asakusa
Hanayashiki amusement park in downtown Tokyo from roller-coaster
maker Togo Japan Incorporated. Togo Japan, now under court-
sponsored rehabilitation, runs the amusement park in the Asakusa
district, reports Kyodo News.
=========
K O R E A
=========
DAEWOO HEAVY: Labor Union Plans April 29 Strike
-----------------------------------------------
Labor union members of Daewoo Heavy Industries (DHI) and
Machinery Limited plans to go on strike on April 29, in a move
to spoil the government's effort to sell off the machinery
maker, reports Bloomberg News. DHI unionists will start a
partial strike on April 27-28 before escalating it into a full-
scale strike on April 29.
The Company has narrowed its debt ratio to 190 percent in 2003
from 253 percent a year earlier, due to early clearing of debts
of 52 billion won (US$43.8 million), TCR-AP reported recently.
HANARO TELECOM: Starts Trial Service of Internet Video Phones
-------------------------------------------------------------
Hanaro Telecom Inc. will start a trial service of Internet
telephones with video capabilities in June, according to Yonhap
News on Thursday. The move will provide videoconferencing
service with huge cost savings.
The Korea Communication Commission (KCC) has ordered two
broadband Internet operators namely Hanaro Telecom and KT
Corporation to pay fines amounting to 132 million won
(US$114,312) for unfair business practices, TCR-AP reported
recently.
The telecom regulator said both firms colluded with several
apartment builders to monopolize the broadband Internet service
in the new housings.
HYUNDAI MERCHANAT: Open Another China-America Route
---------------------------------------------------
Hyundai Merchant Marine Co. (HMM) will launch another container
vessel route between northern China and North America on April
30, Yonhap News reported on Thursday.
"The move is aimed at preoccupying more of the cargo in the
northern Chinese region, which is on the verge of emerging as
the world's biggest cargo market," a HMM official said.
A major upward revision is likely to be made by Hyundai Merchant
Marine Co. to its net loss figure last year, after its
accounting firm called on it to include potential losses in its
2003 financial statement, TCR-AP reported recently.
With the adjustment, Hyundai's net loss figure for 2003 could
rise from the KRW21.1 billion it reported last year to about
KRW200 billion (US$170 million).
SSANGYONG CORPORATION: Operating Profit Up By 52.36%
----------------------------------------------------
Ssangyong Corporation said its operating profit for the first
quarter increased by 52.36 percent year-on-year to 8.6 billion
won (US$7.48 million) on the back of self-rescue efforts and
debt-for-equity swaps by its creditors, according to Asia Pulse.
The Company's first-quarter sales also increased by 6.42 percent
to 324.4 billion won, while its net profit grew 35.78 percent to
5.5 billion won.
Ssangyong Group, once the nation's sixth-largest conglomerate,
has been reduced to a small business group with Ssangyong
Cement, Ssangyong Corporation and eight other units under its
control.
Following the bankruptcy of Ssangyong Motor in the wake of the
Asian financial crisis, creditors took control of the struggling
Ssangyong Group.
===============
M A L A Y S I A
===============
BUKIT KATIL: Postpones Petition Hearing
---------------------------------------
This is in reference to the announcements made on 20 November
2003 and 28 January 2004. In a disclosure to the Bursa Malaysia
on 21 April, the Board of Directors of Bukit Katil Resources
Berhad (BKATIL) wishes to announce that the winding-up petition
under Section 218(2) of the Companies Act, 1965 by OCBC Bank (M)
Berhad, which came for hearing on 21 April 2004 has been
postponed to 30 June 2004.
Bkatil however is pursuing to settle this matter amicably.
HAP SENG: Issues Notice of Shares Buy Back
------------------------------------------
Hap Seng Consolidated Berhad posted the following notice
announcing the buy back of shares with the Bursa Malaysia on 21
April 2004.
Date of buy back: 21 April 2004
Description of shares
purchased: Ordinary shares of RM1.00 each
Total number of shares
purchased (units): 15,000
Minimum price paid for each
share purchased (RM): 2.590
Maximum price paid for each
share purchased (RM): 2.590
Total consideration paid
(RM): 39,137.64
Number of shares purchased
retained in treasury (units): 15,000
Number of shares purchased
which are proposed to be
cancelled (units): 0
Cumulative net outstanding
treasury shares as at to-date
(units): 32,801,500
Adjusted issued capital
after cancellation
(no. of shares) (units): 0
Remarks :
cc: Securities Commission
HAP SENG: Details Resale/Cancellation of Shares
-----------------------------------------------
Hap Seng Consolidated Berhad announces the resale/cancellation
of treasury shares. Details follow:
Date of transaction: 21 April 2004
Total number of treasury
shares sold (units):
Total number of treasury shares
cancelled (units): 10,000
Minimum price paid for each
share sold (RM):
Maximum price paid for each
share sold (RM):
Total amount received for
treasury shares sold (RM):
Cumulative net outstanding
treasury shares as at to-date (units): 32,801,500
Adjusted issued capital after
cancellation/resale
(no. of shares) (units): 589,858,500
Remarks :
cc: Securities Commission
HAP SENG: Issues Notice of Share Buy-back
-----------------------------------------
Hap Seng Consolidated Berhad announces the buy back of shares by
a company pursuant to Form 28A. Details follow:
Date of buy back from: 12 April 2004
Date of buy back to: 16 April 2004
Total number of shares purchased (units): 46,900
Minimum price paid for each share
purchased (RM): 2.630
Maximum price paid for each share
purchased (RM): 2.740
Total amount paid for shares
purchased (RM): 126,301.52
The name of the stock exchange
through which the shares were
purchased: Malaysia Securities
Exchange Berhad
Number of shares purchased
retained in treasury (units): 46,900
Total number of shares retained
in treasury (units): 32,767,500
Number of shares purchased which
were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar
of companies: 21 April 2004
Lodged by: Cheah Yee Leng
This Bursa Malaysia announcement is dated 21 April 2004.
MALAYSIA AIRLINES: Plans To Increase Vietnam Flights
----------------------------------------------------
Malaysia Airlines (MAS) flights to Vietnam will most likely
increase as Malaysia and Vietnam are on the way to signing a new
air services agreement, Malaysia's National News Agency- Bernama
reports.
"Vietnam and Malaysia will soon enter into discussions for a new
air services agreement, which will be good for us," Prime
Minister Datuk Seri Abdullah Ahmad Badawi was quoted after
meeting with visiting Vietnamese Prime Minister Phan Van Khai.
Abdullah also revealed that a trade and investment mission from
Malaysia to Vietnam in June will allow Malaysian businessmen to
increase their level of trade and investment in Vietnam and vise
versa.
Malaysia Airlines currently operates nine flights a week to
Hanoi and fourteen flights to Ho Chi Minh City.
MANGIUM INDUSTRIES: Sawmill Unit Defaults
-----------------------------------------
Mangium Industries Bhd (formerly known as Serisar Industries
Bhd) (MIB) wishes to announce that its wholly owned subsidiary,
Mangium Sawmill Sdn Bhd (formerly known as Kilang Papan Dasatu
Sdn Bhd) (MSSB) has not paid, and is deemed to have defaulted in
its repayments on facilities granted by Standard Chartered Bank
Malaysia Berhad and Southern Bank Berhad, which are unsecured.
The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 which may be viewed on the following link:
http://bankrupt.com/misc/MangiumDefault23April2004.doc
A) Reason for Default in Payments
Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.
B) Measures by the Listed Issuer to Address the Default in
Payments
MIB is currently in negotiations with Standard Chartered Bank
Malaysia Berhad to normalize and regularize the
accounts/facilities and amounts due and owing to the bank.
C) Financial and Legal implications in Respect of the Default in
Payments Including the Extent of the Listed Issuer's Liability
in Respect of the Obligations Incurred Under the Agreements for
the Indebtedness
The estimated total outstanding as at 31 March 2004, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM10,244,290.16.
Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.
D) In the Event the Default is in Respect of Secured Loan Stocks
or Bonds, the Lines of Action Available to the Guarantors or
Security Holders Against the Listed Issuer
Not applicable.
E) In the Event the Default is in Respect of Payments Under a
Debenture, To Specify Whether the Default will Empower the
Debenture Holder to appoint a receiver or Receiver and Manager
Not applicable.
F) Whether the Default in Payment Constitutes an Event of
Default Under a Different Agreement for Indebtedness (Cross
Default) and the Details Thereof, where applicable
The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.
However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.
This Bursa Malaysia announcement is dated 21 April 2004.
POS MALAYSIA: Relates Listing and Quotation of New Shares
---------------------------------------------------------
POS Malaysia and Services Holdings Berhad wishes to announce
that the company's additional 151,000 new ordinary shares of
RM1.00 each arising from the conversion of RM271,800 nominal
value 5-year 8 percent irredeemable convertible unsecured loan
stocks 1999/2004; and 94,000 new ordinary shares of RM1.00 each
issued pursuant to the Employee Share Option Scheme will be
granted listing and quotation effective 9 am on Friday, 23 April
2004.
This Bursa Malaysia announcement is dated 21 April 2004.
PROMTO BERHAD: Posts Changes in the Audit Committee
---------------------------------------------------
Promto Berhad announced at the Bursa Malaysia on Wednesday, 21
April the resignation of independent and non-executive member
Fong Hoong Heng from the Audit Committee.
At the same time Promto announced that Misters Tan Cho Hon,
Hyder Shahril Bin Mohd Shukor have been appointed members of the
Audit Committee.
Mister Tan, a certified public accountant, has in the past
worked for Malayan Banking Berhad; Hanafiah Raslan and Mohamad;
Arthur Andersen; Ernst and Young; and was CEO for Latter Rain
Info-Tech Sdn Bhd.
Shahril in the meantime is an associate member of the Institute
of Chartered Secretaries and Administrators (U.K.).
The composition of the audit committee after changes is as
follow:
1. YB Datuk Haji Abdul Rashid bin Ngah (Independent Non-
Executive Director)
2. Tan Cho Hon (Independent Non-Executive Director)
3. Hyder Shahril Bin Mohd Shukor (Executive Director)
PROMTO BERHAD: Announces Board Changes
--------------------------------------
Promto Berhad announced on 21 April 2004 at the Bursa Malaysia
the resignation of Misters Foong Hoong Heng and Tan Kok Chee
from the board.
At the same time the company announced the appointment of Lim
Cheng Hock, Brig-Gen (Ret) Dato' Mior Azam Bin Mior Safi and Tan
Cho Hon as independent and non-executive members of the board.
Lim has been managing director of Asset Management and
Protection Services Sdn Bhd since 1999.
Currently, Mior is director of Metal Reclamation Industry Berhad
and Goh Ban Huat Berhad.
Tan has also been appointed member to Promto's audit committee.
These Board changes took effect on 20 April.
PROMTO BERHAD: Announces Secretaries' Resignations
--------------------------------------------------
Promto Berhad announces on the Bursa Malaysia the resignation of
company secretaries Lim Phooi Kee and Ng Yim Kong. Mr. Yap Wai
Bing has been appointed in their place. These changes took
effect on Tuesday, 20 April.
No other details are available.
PROMTO BERHAD: Announces Change of Address By Registrar
-------------------------------------------------------
Promto Berhad announced on the Bursa Malaysia that on 19 April,
Signet Share Registration Services Sdn Bhd, company share
registrar moved from the 11th Floor, Tower Block, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur.
Signet may now be found at Level 26, Menara Multi Purpose,
Capital Square, No.8, Jalan Munshi Abdullah, 50100 Kuala Lumpur.
The registrar may be contacted at telephone number 03-27212222;
facsimile number 03-27212530 / 03-27212531; or reached by e-mail
at ssrs@signet.com.my
RHB CAPITAL: Registrar Moves To New Address
-------------------------------------------
RHB Capital Berhad announced on the Bursa Malaysia that
Malaysian Share Registration Services Sdn Bhd, share registrar
for the company has moved from the 7th Floor, Exchange Square,
Bukit Kewangan, 50200 Kuala Lumpur.
The new address is Level 26, Menara Multi Purpose Capital
Square, No.8 Jalan Munshi Abdullah, 50100 Kuala Lumpur.
They may be contacted at telephone number 603-27212222 and
facsimile number 603-27212530 / 03-27212531.
The change in address took effect on 19 April.
UCP RESOURCES: High Court Approves Scheme of Arrangement
--------------------------------------------------------
For consistency, the abbreviation used throughout this
announcement shall have the same meaning as previously defined
in UCP Resources Berhad's announcements dated 29 October 2002,
31 December 2002, 16 January 2003 and 15 August 2003.
On 24 March 2004, UCP resources announced that the Scheme of
Arrangement pursuant to Section 176 of the Companies Act, 1965
comprising the following:
Proposed Share Exchange;
Proposed Debt Settlement;
Proposed Acquisitions;
Proposed Placement;
Proposed Transfer of Listing;
Proposed Liquidation;
Proposed Exemption;
Proposed Capitalization of JMR Conglomeration Berhad (formerly
known as Goldenseal Resources Sdn Bhd) Advances;
Proposed Disposal of JCB Shares to JMR Consolidated Holdings Sdn
Bhd (formerly known as Synergy Harvest sdn Bhd);
has been approved by the shareholders of UCP at the Court
Convened Meeting of UCP held on 24 March 2004.
Public Merchant Bank Berhad, on behalf of UCP, is pleased to
announce that the sanction of the High Court of Malaya for the
Scheme of Arrangement pursuant to Section 176 of the Companies
Act, 1965 has been obtained on 14 April 2004.
This Bursa Malaysia announcement is dated 21 April 2004.
WING TIEK: Presents Agenda for 17 May EGM
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Wing Tiek Holdings Berhad (WTHB) will be held at Bukit Jalil
Golf and Country Resort, Perdana Ballroom, Jalan 3/155B, Bukit
Jalil, 57000 Kuala Lumpur, on Monday, 17 May 2004, at 9 a.m., or
any adjournment thereof to consider and, if thought fit, to pass
the following resolutions:
Ordinary Resolution 1
Proposed disposal of 9 pieces of land and buildings to JAKS
Resources Berhad for a total purchase consideration of RM75.0
million to be satisfied by the issuance by JAKS Resources of
40.0 million new ordinary shares of RM1.00 each in JAKS
Resources (JAKS Resources Shares) at par and the issuance by
JAKS Resources of RM35.0 million nominal value of redeemable
convertible secured loan stocks-b 2004/2011 (RCSLS-B) at 100
percent of its nominal value (Proposed WTHB Land Acquisition)
That, subject to the approvals being obtained from the relevant
authorities, approval be and is hereby given for the Company to
dispose of and sell the following 9 pieces of land together with
the buildings erected thereon to JAKS Resources:
(a) GM 85 Lot 526, Mukim of Damansara, District of Petaling,
Selangor;
(b) GM 84 Lot 527, Mukim of Damansara, District of Petaling,
Selangor;
(c) GM 83 Lot 528, Mukim of Damansara, District of Petaling,
Selangor;
(d) GM 81 Lot 531, Mukim of Damansara, District of Petaling,
Selangor;
(e) GM 26 Lot 532, Mukim of Damansara, District of Petaling,
Selangor;
(f) GM 86 Lot 536, Mukim of Damansara, District of Petaling,
Selangor;
(g) GM 82 Lot 537, Mukim of Damansara, District of Petaling,
Selangor;
(h) GM 110 Lot 541, Mukim of Damansara, District of Petaling,
Selangor; and
(i) HS(D) 42751 PT 21884, Mukim of Kapar, District of Klang,
Selangor
for a total purchase consideration of RM75.0 million to be
satisfied by the issuance by JAKS Resources of 40.0 million new
JAKS Resources Shares at par and the issuance by JAKS Resources
of RM35.0 million nominal value of RCSLS-B at 100 percent of its
nominal value, whereby such total purchase consideration shall
be utilized as partial settlement and compromise repayment of
outstanding debts of the Company and certain of its subsidiary
companies, namely Wing Tiek Metal Industries Sdn Bhd, Wing Tiek
Ductile Iron Pipe Sdn Bhd, Wing Bee Hardware Sdn Bhd, Victory
Skyline Sdn Bhd and Wing Tiek Steel Pipe Sdn Bhd pursuant to the
Proposed Debt Restructuring Scheme (as defined in the Circular
to Shareholders of the Company dated 30 August 2003), upon the
terms and conditions of the sale and purchase agreement dated 12
December 2003 entered into between JAKS Resources and WTHB;
And that the new JAKS Resources Shares to be issued pursuant to
the Proposed WTHB Land Acquisition (including those to be issued
upon the conversion of the RCSLS-B) shall upon allotment and
issuance rank pari passu in all respects with each other and
with the then existing issued and paid-up share capital of JAKS
Resources except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the respective dates of
allotment of the said new JAKS Resources Shares;
And that the RCSLS-B will constitute direct, unconditional and
secured obligations of JAKS Resources and shall at all times
rank pari passu without any discrimination, preference or
priority amongst themselves and at least pari passu with all
other present or future unsecured and unsubordinated obligations
of JAKS Resources, except for obligations preferred by mandatory
provisions under the Malaysian laws or transaction documents;
And that the Directors be and are hereby authorized to do all
acts and things as they may consider necessary or expedient in
the best interests of the Company to give full effect to the
Proposed WTHB Land Acquisition, with full power to assent to any
terms, conditions, amendments, modifications and/or variations
to such terms and conditions of the Proposed WTHB Land
Acquisition as may be required by the relevant authorities;
And further that the Directors be and are hereby authorized to
cause, procure or effect the execution of the sale and purchase
agreements between the Company and JAKS Resources and all other
relevant documents in relation to the Proposed WTHB Land
Acquisition as and when the Directors may deem fit and proper."
Ordinary Resolution 2
Proposed Disposal of 45,912,738 ordinary shares of RM1.00 each
in Wing Tiek Steel Pipe sdn bhd (WTSP) (WTSP Shares) for a cash
consideration of rm1.00 (Proposed WTSP Acquisition)
"That, subject to the approvals being obtained from the relevant
authorities, approval be and is hereby given to the Company to
dispose of and sell 45,912,738 WTSP Shares representing
approximately 98.05% equity interest in WTSP to JAKS Resources
for a cash consideration of RM1.00, upon the terms and
conditions of the sale and purchase agreement dated 12 December
2003 entered into between JAKS Resources and WTHB;
And that the Directors be and are hereby authorized to do all
acts and things as they may consider necessary or expedient in
the best interests of the Company to give full effect to the
Proposed WTSP Acquisition, with full power to assent to any
terms, conditions, amendments, modifications and/or variations
to such terms and conditions of the Proposed WTSP Acquisition as
may be required by the relevant authorities;
And further that the Directors be and are hereby authorized to
cause, procure or effect the execution of the sale and purchase
agreements between the Company and JAKS Resources and all other
relevant documents in relation to the Proposed WTSP Acquisition
as and when the Directors may deem fit and proper."
Resolution 3
(Requiring a majority in number representing three-fourths in
value of members present and voting either in person or by
proxy) - Proposed Scheme of Arrangement between WTHB, its
shareholders and JAKS resources whereby the entire issued and
paid-up share capital of WTHB will be exchanged for new JAKS
resources shares on the basis of 1 new JAKS resources share for
every 8 ordinary shares of rm1.00 each in WTHB held on a record
date to be determined (Proposed Share Exchange)
"That, subject to the approvals being obtained from the relevant
authorities, approval be and is hereby given for the Proposed
Share Exchange;
And that the new JAKS Resources Shares to be issued pursuant to
the Proposed Share Exchange shall upon allotment and issuance
rank pari passu in all respects with each other and with the
then existing issued and paid-up share capital of JAKS Resources
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the respective dates of allotment of the said
new JAKS Resources Shares;
And that upon completion of inter-alia, the Proposed Share
Exchange, the entire enlarged issued and paid-up share capital
of JAKS Resources shall be listed on the Main Board of the Bursa
Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) in place of the issued and paid-up
share capital of the Company;
And further that the Directors be and are hereby authorized to
do all acts and things as they may consider necessary or
expedient in the best interests of the Company to give full
effect to the Proposed Share Exchange, with full power to assent
to any terms, conditions, amendments, modifications and/or
variations to such terms and conditions of the Proposed Share
Exchange as may be required by the relevant authorities."
BY ORDER OF THE BOARD
Lim Phooi Kee
Leong Oi Wah
Company Secretaries
Kuala Lumpur
22 April 2004
Notes:
1. A member of the Company entitled to attend and vote at the
meeting is entitled to appoint a proxy to attend and vote in his
stead. A proxy may but need not be member of the Company.
2. In the case of a corporate member, the instrument appointing
a proxy shall be under its common seal or under the hand of its
attorney.
3. Where a member appoints more than one proxy, the appointment
shall be invalid unless he specifies the proportion of his
holdings to be represented by each proxy.
4. The instrument appointing a proxy must be deposited at Level
5, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara,
50490 Kuala Lumpur, not less than forty-eight (48) hours before
the meeting.
This Bursa Malaysia announcement is dated 21 April 2004.
* KLSE: Changes Name To Bursa Malaysia
--------------------------------------
The Kuala Lumpur Stock Exchange has announced that it has
officially converted its name to Bursa Malaysia effective 20
April 2004.
Speaking at the launch of the new name Chief Executive Officer
Yusli Mohamed Yusoff said the event marks the completion of the
transformation in the logo and name of the exchange to Bursa
Malaysia, following from the demutualisation and conversion of
the exchange.
"This event, however, is by no means a completion in the overall
transformation process for the exchange. In fact, the
transformation process has began for Bursa Malaysia to expand
its commercial objectives, its regulatory objectives, its
performance oriented culture and its obligations to all
stakeholders.
"Lest we forget, we would not have come this far without the
steady, less visible contribution of everyone connected to the
exchange throughout the years.
"This include the government, the Ministry of Finance,
regulators, industry and market participants, investors,
shareholders and last but not least, the staff and the executive
officers - the leaders - of the exchange, past and present, who
led the exchange through changes and challenges.
"We are here today as Bursa Malaysia and Bursa Malaysia will go
higher and farther from today - because we are standing on the
shoulders of giants. The cumulative and collective effort from
every women and men who have contributed to the exchange,
industry and market, past and present," he said.
In leading the team the management team at Bursa Malaysia, Yusli
said, " We are aware that we are a team, at this moment in time,
that has the mission to build for the present and the future.
"A team whose main objective is to ensure the successful
transformation of Bursa Malaysia to meet commercial obligations
to shareholders, value obligations to investors, regulatory and
corporate governance obligations to industry and market, and
talent development obligations to staff."
Yusli said the Bursa Malaysia's team key objectives, going
forward, are:
to focus efforts that contribute to increasing market velocity.
Whilst we are aware that some aspects of market velocity are
influenced by national and international developments, we are
determined to initiate and enhance efforts towards increasing
market velocity.
to drive technology and infrastructure development fast forward
in order to enhance operational and delivery systems efficiency.
to reduce group wide operating cost where relevant and to
enhance group wide risk management where appropriate.
to continue striking the best balance between commercial and
regulatory objectives in meeting the obligations of the public
interest framework of the demutualised exchange.
"To do all of these, it is clear that it takes team effort not
only within Bursa Malaysia, but also to strengthen the existing
network of co-operation and support of industry and market
participants.
"Bursa Malaysia certainly looks forward to working with all of
you for the continued growth and improvement of the Malaysian
capital market, securities industry and the exchange business
"It would be this collective effort that would add meaning and
substance - that would fulfill the promise and accomplish the
mission of Bursa Malaysia," he said.
The names of Bursa Malaysia Berhad, Bursa Malaysia Securities
Berhad and Bursa Malaysia Derivatives Berhad come into effect
today, 20 April 2004.
With the exception of Labuan International Financial Exchange
Inc. (LFX) which will continue to use its present name and
identity, the name Bursa Malaysia will be maintained for
companies within the Bursa Malaysia group - for example Bursa
Malaysia Depository Sdn Bhd, Bursa Malaysia Clearing Sdn Bhd and
Bursa Malaysia Information Services Sdn Bhd. These other names
will come into effect on a later date to be announced, subject
to approvals from Companies Commisssion Malaysia.
Yusli said,"Since Bursa Malaysia is a brand name for the
exchange, there is no abbreviation or translation for its usage.
The exchange should invariably be referred to in print,
electronically and verbally as Bursa Malaysia from today."
For the media, examples of usage for the brandname include:
ABC Trading has applied for a listing on Bursa Malaysia
Practice Note 4/2001 of 'Bursa Malaysia Listing Requirements
Top gainers on Bursa Malaysia today are the following companies.
The name of the KLSE Composite Index has been changed to Kuala
Lumpur Composite Index or KLCI. Names of all other indices
remain the same.
For the media, an example of this usage include:
The KLCI of Bursa Malaysia was up 10 points today, to close at
900 points.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Submits Agenda of Stockholders Meeting
------------------------------------------------------------
ABS-CBN Broadcasting Corp. provides the Philippine Stock
Exchange a copy of its Annual Stockholders Meeting's full
agenda. The meeting will be held on Thursday, April 29, 2004,
at 8 a.m. at the ABS-CBN Studio 1, ABS-CBN Broadcast Center,
Mother Ignacia corner Sgt. Esguerra Avenue, Quezon City.
To view full copy of the agenda, click
http://bankrupt.com/misc/abscbn042104.pdf
Contact: ABS-CBN Broadcasting Corp.
Sgt. Esguerra Avenue,
Quezon City Philippines
Randolph T. Estrellado
Vice President and CFO
Telephone No.: (632) 924-4101/415-227
Fax No.: (632) 431-9368
NATIONAL BANK: Issues Notice of Annual Stockholders Meeting
-----------------------------------------------------------
Notice is hereby given that the Annual Meeting of Stockholders
of the Philippine National Bank will be held on May 25, 2004 at
8 a.m. at the Ballroom, Upper Lobby, Century Park Hotel, 599
Pablo Ocampo Sr. St., Malate, Manila.
The Agenda for the meeting is as follows:
(1) Call to Order
(2) Secretary's Proof of Notice and Quorum
(3) Approval of the Minutes of the 2003 Annual Stockholders'
Meeting held on May 27, 2003
(4) Report of the President on the Results of Operations for the
Year 2003
(5) Approval of the 2003 Annual Report
(6) Ratification of All Acts and Proceedings of the Board of
Directors and Corporate Officers since the 2003 Annual
Stockholders' Meeting
(7) Election of Directors
(8) Appointment of External Auditor
(9) Other Matters
(10) Adjournment
Minutes of the 2003 Annual Stockholders' Meeting as well as
resolutions of the Board of Directors from May 27, 2003 will be
available for examination during office hours at the Office of
the Corporate Secretary.
Only stockholders of record as of April 26, 2004 will be
entitled to vote at this meeting. If you cannot personally
attend the meeting, you may designate your authorized
representative by submitting a PROXY to the Office of the
Corporate Secretary not later than 5:00 p.m. on May 19, 2004.
Any proxies so received will be validated on May 20, 2004, 9:30
a.m., at the Office of the Stock Transfer Agent at Allied Bank
Center, 6754 Ayala Avenue, Makati City.
Contact: Philippine National Bank
PNB Financial Center
President Diosdado Macapagal Boulevard, Pasay City
Tel. No/s: 891-6040 to 70; 526-3131 to 40
Fax No/s: 551-5187
Email Address: pesayco@pnb.com.ph
Website: http://www.pnb.com.ph
NATIONAL STEEL: Sale May Be Derailed Due to Land Dispute
--------------------------------------------------------
A land dispute regarding where National Steel Corporation's
(NSC) plant is located may likely be the cause of a derailed
sale of the firm to Global Infrastructure Holdings Ltd., ABS-CBN
News reports.
The Securities and Exchange Commission (SEC) ordered NSC to give
a copy of its liquidation plan to the owner of the lot where the
NSC plant is situated, but NSC failed to do so which prompted
the lawyer of the lot owner Teofilo T. Cacho, to write a
complaint letter to President Gloria Macapagal Arroyo.
"We have good reasons to believe that these two parcels of land
occupied by NSC [National Steel] and [Maria Cristina] were
included as part of the assets of NSC in the liquidation plan,"
Lawyer Donald V. Diaz said in his letter, copies of which were
sent to Trade and Industry Sec. Cesar A.V. Purisima, acting
Board of Investments Managing Head Elmer C. Hernandez, and SEC
Chairperson Lilia R. Bautista.
"Please be informed that Atty. Danilo Concepcion has no
authority over [the two properties]. NSC does not own said
lands. NSC has no title over them, and Atty. Concepcion is not
authorized by our client in any capacity, to involve said
properties in any transaction whatsoever," Mr. Diaz added.
NEGROS NAVIGATION: Tsuneishi Host Community Passes Mass Motion
--------------------------------------------------------------
Criticisms poured onto Negros Navigation Co. (Nenaco) as town
officials of Balamban, host community of shipbuilder Tsuneishi
Heavy Industries (Cebu) Inc. said that Nenaco allegedly put
Tsuneishi in a bad light, according to BusinessWorld Online.
In the light of Nenaco's request to declare Tsuneishi as persona
non grata, the municipal council of Balamban passed on a mass
motion supporting the efforts of Tsuneishi to collect from
Nenaco.
Contact: Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone No/s: 245-5588
Fax No/s: 245-0780 (Telefax)
Email Address: nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com
PHILIPPINE BANK: Submits Copy of Statement of Condition
-------------------------------------------------------
Philippine Bank of Communications (PBC) provided the Philippine
Stock Exchange a copy of its Statement of Condition as of March
23, 2004 as submitted to the Bangko Sentral ng Pilipinas.
To view full copy of the document click
http://bankrupt.com/misc/pbc042204.pdf
PHILIPPINE BANK: PDIC Says Bank Should Divest in 5 Years
--------------------------------------------------------
When Philippine Deposit Insurance Corp. (PDIC) extended a 7.6
billion-peso financial package to Philippine Bank of Commerce,
part of the agreement was the bank should sell at least 67
percent of its stake in no more than five years, BusinessWorld
Online reports, citing PDIC President Ricardo Tan.
"That's part of the agreement and we've even secured an SPA
[special power of attorney] for that," Mr. Tan said.
Mr. Tan said PBCom was required to give PDIC the SPA so that
PDIC could enforce the sale of shares if the bank's shareholders
could not do so within the prescribed period.
PILIPINO TELEPHONE: Smart Extends Offer to Buy Debts
-----------------------------------------------------
Smart Communication Inc. gives Pilipino Telephone Corp. (Piltel)
until April 30 as an extension of its offer to buy Piltel's
debt, BusinessWorld Online reports, citing Philippine Long
Distance Telephone Co. (PLDT) on Wednesday.
"As of Wednesday evening, Smart had not received offers which
satisfy its minimum offer threshold," PLDT said in a statement.
"Some creditors have informed Smart of the intention to
participate in the offer but due to Easter and other holidays,
these creditors have not been able to complete their formal
approvals by the original deadline of April 20."
Some analysts said that the offer is an indication of a merger,
which would help PLDT consolidate its mobile business and give
Smart access to Piltel's improving subscriber base and revenues.
Smart invited Piltel creditors to make an offer to sell their
debts last March 22.
Smart denies an intention to enter a legal merger with Piltel or
using it as a means to get a backdoor listing on the Stock
Exchange.
Smart has set aside $20 million for the deal, proposing to pay
40 cents for every $1 of Piltel debt. The debt-exchange offer
will push through if at least 75 percent of Piltel's debt is
swapped with Smart debt. If that deal is successful, Smart would
buy PLDT's 45.3 percent stake in Piltel for an undisclosed
amount.
"This is not a simple share-swap agreement. This is a big and
complicated deal which requires more time," said AB Capital
analyst Jose Vistan, Jr.
"This is not bad news. If I were PLDT, I would appreciate it
more that they are taking time to study the deal." Mr. Vistan
said.
=================
S I N G A P O R E
=================
BEE LIAN: Releases Dividend Notice
----------------------------------
Bee Lian Building Contractor Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of first and final dividend as
follows:
Address of Registered Office: 11 Collyer Quay #10-02 The Arcade
Singapore 049317.
Amount per centum: 5.66%.
First and final or otherwise: First and Final.
When payable: 16th April 2004.
Where payable: 11 Collyer Quay #10-02 The Arcade Singapore
049317.
This Singapore Government Gazette announcement is dated April
16, 2004.
CHARTERED SEMICONDUCTOR: May Report First Quarter Loss
------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. may report a smaller
first-quarter loss and predict its first profit in more than
three years as a result of cost cutting and increasing prices,
Channel News Asia reports.
Analysts polled by Bloomberg and Reuters show they are on
average predicting Chartered's loss at around S$6 million (S$10
million) in the first quarter ending March 31.
Sales may have more than doubled to about S$229 million from
S$103.9 million. The Company is scheduled to report earnings on
April 23.
GOLD LAND: Winding up Hearing Set for April 30
----------------------------------------------
Notice is hereby given that a petition for the winding up of
Gold Land Stone Material Pte Ltd by the High Court was on the 7
April 2004 presented by International Factors (Singapore) Ltd of
7 Temasek Boulevard, #10-01 Suntec Tower One, Singapore 038987.
The petition will be heard before the Court sitting at the High
Court, Singapore at 10 a.m. on the 30 April 2004. Any creditor
or contributory of the Company desiring to support or oppose the
making of an Order on the Petition may appear at the time of
hearing by himself or his Counsel for that purpose. A copy of
the petition will be furnished to any creditor or contributory
of the Company requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.
The Petitioner's address is at 7 Temasek Boulevard, #10-01
Suntec Tower One, Singapore 038987.
The Petitioner's solicitors are Engelin Teh Practice LLC of No.
10 Collyer Quay, #23-01 Ocean Building, Singapore 049315.
Messrs Engelin Teh Practice Llc
Solicitors for the Petitioner.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
Engelin Teh Practice LLC, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitor (if any)
and must be served, or if posted, must be sent by post in
sufficient time to reach the above named not later than twelve
o'clock of the 29 April 2004.
This Singapore Government Gazette announcement is dated April
16, 2004.
LAM LEONG: Schedules Winding up Hearing
---------------------------------------
Notice is hereby given that a petition for the winding up of Lam
Leong Holdings Pte Ltd by the High Court was on the 5 April 2004
presented by the Bank of China of 4 Battery Road, Bank of China
Building, Singapore 049908. The petition will be heard before
the Court sitting at Singapore at 10 a.m. on the 30 April 2004.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge for the same.
The Petitioners' address is at 4 Battery Road, Bank of China
Building, Singapore 049908.
The Petitioners' solicitors are Messrs RODYK & DAVIDSON of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624.
Messrs Rodyk & Davidson
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named
to Messrs Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza
1, Singapore 048624. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named not
later than 12 o'clock noon of the 29 April 2004 (the day before
the appointed date for the hearing of the Petition).
The Singapore Government Gazette announcement is dated April 16,
2004.
TELEGLOBE SINGAPORE: Issues Dividend Notice
-------------------------------------------
Teleglobe Singapore Pte Ltd. (In Creditors' Voluntary
Liquidation) issued a notice of final dividend as follows:
Address of Registered Office: c/o Tay Swee Sze & Associates
30 Robinson Road #04-01 Robinson Towers Singapore 048546.
Amount per centum: S$0.41.
First and final or otherwise: Final.
When Payable: 23rd April 2004.
Where Payable: c/o Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.
Tay Swee Sze
Liquidator.
This Singapore Government Gazette announcement is dated April
16, 2004.
===============
T H A I L A N D
===============
BANGKOK STEEL: Unveils Creditors Meeting
----------------------------------------
At the creditors' meeting on 29 March, creditors resolved to
elect C.J.Morgan Co., Ltd. and Economic Intellect Co., Ltd. to
be Bangkok Steel Industry PCL's planner.
In effect the Supreme Court therefore has issued an order to
appoint C.J. Morgan Co., Ltd. and Economic Intellect Co., Ltd.
as the company's planner effective 19 April 2004.
Please be informed accordingly.
Yours sincerely,
Sangchit Laohathai
Temporary Executive
CAPETRONIC INTERNATIONAL: Reports Rehab Plan Progress
-----------------------------------------------------
In accordance with the letter of the Stock Exchange of Thailand
requiring Capetronic International (Thailand) PCL to report on
the progress of the company's rehabilitation plan by April 16,
2004, the company wishes to inform you that it is now in the
stage of discussion with the joint investor to prepare the
rehabilitation plan of the Company. They expect to submit the
progress report to the SET by the end of May 2004.
Please be informed and kindly consider extending the submission
schedule accordingly.
Yours sincerely,
Mr. Michael A.B. Binney
Director
THAI WAH: Submits Information on Proposed Asset Disposal
--------------------------------------------------------
In addition to the letter to the Stock of Exchange of Thailand
dated April 16, 2004 and submitted by Class B Director of Thai
Wah Group Planner Co Ltd., the Plan Administrator would like to
submit additional information regarding the proposed asset
disposal by Thai Wah:
(1) The date on which the proposed transaction will occur on
February 10, 2004, the Creditor Committee approved the proposal
from the investor to purchase various assets of Thai Wah PCL and
its subsidiaries. The Plan Administrator is currently
negotiating with the potential investor to conclude the sale,
which is expected by the end of April 2004.
(2) The parties involved, their relation with the listed
company:
Buyers: Negotiations are being conducted on a confidential
basis. As yet, we are not in a position to disclose the
identities of the buyers.
Sellers: Thai Wah PCL and its subsidiaries
The buyers are not related to Thai Wah PCL.
(3) General characteristic of the proposed transaction
The proposed disposal of assets is in accordance with the
approved Business Reorganization Plan of the Company. The
proposed transaction is between Thai Wah PCL and its
subsidiaries and non-related parties in which the value of
assets disposed of is more than 15 percent but lower than 50
percent as compared to the total value of the assets of Thai Wah
PCL.
Total consideration price is THB3.24 billion, accounting for
48.6 percent, total consolidated assets of the Company and its
subsidiaries as of 31 December 2003.
To view full copy of this press release, click
http://bankrupt.com/misc/thaiwah042304.txt
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ -------
CHINA & HONG KONG
-----------------
Jinan Qingoi Motorcycle
Co., Ltd. 600698 (-193.08) 113.96
Jinan Qingoi Motorcycle-A
Co., Ltd. 600946 (-193.08) 113.96
Shenzhen China Bicycles-B
Co., Ltd. 200017 (-239.91) 60.39
Shenzhen China Bicycles-A
Co., Ltd. 000017 (-239.91) 60.39
INDONESIA
---------
PT Lippo Securities Tbk LPPS (-2.23) 17.06
PT Smart Tbk SMAR (-37.38) 398.89
JAPAN
-----
Fujitsu Comp Ltd 6719 (-40.85) 308.9
Kanebo Limited 3102 (40.44) 5820.67
Prime Systems 4830 (-100.79) 130.2
MALAYSIA
--------
CSM Corporation Bhd CSM (-8.40) 41.55
Faber Group Bhd FAB (-7.16) 504.98
Kemayan Corp Bhd KOP (-353.12) 84.89
Panglobal Bhd PGL0 (-41.07) 187.79
Sri Hartamas Bhd SHB (-138.37) 24.48
PHILIPPINES
-----------
C & P Homes, Inc. CMP (324.94) 2.45
Pilipino Telephone Co PLTL (-400.56) 115.91
SINGAPORE
---------
Pacific Century Regional
Developments Ltd PAC (-176.29) 1050.46
THAILAND
--------
Asia Hotel PCL ASIA (26.62) 96.21
Asia Hotel PCL ASIA/F (26.62) 96.21
Bangkok Rubber PCL BRC/F (-41.29) 80.14
Bangkok Rubber PCL BRC (-41.29) 80.14
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Christiani & Nielsen CNT/F (-24.03) 35.80
(Thai) PCL
Christiani & Nielsen CNT (-24.03) 35.80
(Thai) PCL-F
Datamat PCL DTM (2.27) 17.21
Datamat PLC-F DTM/F (2.27) 17.21
Jutha Maritime JUTHA (-0.78) 29.03
Jutha Maritime-F PCL JUTHA/F (-0.78) 29.03
National Fertilizer PCL NFC (-30.82) 297.40
National Fertilizer PCL-F NFC/F (-30.82) 297.40
Siam Agro-Industry Pineapple
And Others PCL SAIC (-13.88) 14.02
Siam Agro-Industry Pineapple
And Others PCL-F SAICO/F (-13.88) 14.02
Thai Nam Plastic-F TNPC/F (-2.00) 24.33
Thai Nam Plastic TNPC (-2.00) 24.33
Thai Wah Public
Company Limited TWC (-61.48) 155.47
Thai Wah Public
Company Limited-F TWC/F (-61.48) 155.47
Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25
Tuntex (Thailand) PCL-F TUNTEX/F (-50.94) 398.25
*********
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
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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