/raid1/www/Hosts/bankrupt/TCRAP_Public/040429.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
Thursday, April 29, 2004, Vol. 7, No. 84
Headlines
A U S T R A L I A
AUSTRALIAN GAS: Proposes Expansion of Hallet Plant
PASMINCO LIMITED: Releases First Quarter Overview
SANTOS LIMITED: Details First Quarter 2004 Results
TXU AUSTRALIA: Fitch Assigns BBB- Rating To Parent Company
WOODSIDE PETROLEUM: Releases Report on Eksdale-2 Exploration
C H I N A & H O N G K O N G
CHINA NAN: Completes Restructuring Scheme
I-CHINA HOLDINGS: Restores Public Float, Resumes Trading
I-CHINA HOLDINGS: Answers HKSE Query
INDO PROPERTIES: Court Sets Hearing Date
JADE WILL: Faces Winding up Hearing
KINSON RESOURCE: Schedules Winding up Hearing June 9
MART TREASURE: Schedules Winding up Hearing for May 12
MAY KO: Winding up Hearing Set May 19
RENREN HOLDINGS: AGM Set for May 24
RENREN HOLDINGS: 2003 Net Loss Widens to HK$101M
I N D O N E S I A
BANK MANDIRI: Government May Sell 10% Stake by 2H 2004
BANK NEGARA: Government To Sell 30% Stake
J A P A N
FRE'C COMPANY: IRCJ Supports Supermarket Chain Operator
FRE'C COMPANY: C Two-Network to Sponsor Rehabilitation
FUJITSU LIMITED: Returns to Profit
MITSUBISHI MOTORS: To Continue Investing in Philippines
SUSONO COUNTRY: Golf Course Enters Bankruptcy
TOSHIBA CORPORATION: Posts JPY28.83B Profit in 2003
K O R E A
DACOM CORPORATION: Profitable in First Quarter
LG CARD: Shareholders OK Capital Reduction Plan
* SK BANKRUPTCIES: Hit 3-Year High for Provincial Firms
M A L A Y S I A
BERJAYA GROUP: EGM Resolutions Passed
FACB RESORTS: Gets Downgraded By RAM To C1
HAP SENG: Buys Back 17,100 Units of Ordinary Shares
HAP SENG: Issues Listing and Quotation of 6,000 New Shares
LONG HUAT: Applies For Extension of Restraining Order
MALAYSIA AIRLINES: Admits Threat by Low-Budget Airlines
MANGIUM INDUSTRIES: Announces a Change of Address
MANGIUM INDUSTRIES: Appoints New Secretary
POS MALAYSIA: Newly Converted Shares Granted Listing
TANJONG PUBLIC: Discloses Principal Officer's Dealings
TENAGA NASIONAL: Returns to Profitability
P H I L I P P I N E S
FORTUNE CEMENT: Issues Notice of Annual Stockholders Meeting
MANILA ELECTRIC: Releases 2004 1Q Results
S I N G A P O R E
CHARLES TAYLOR: Creditors Must Submit Claims by May 21
CHARTERED SEMICONDUCTOR: To Hold Tech Forums in China
EASTPAC CONSTRUCTION: Creditors Meeting Set May 5
FLEXTRONICS: Net Income Slips
HONG LEONG: Issues Clarifications Re SGX Query
HONG LEONG: Informs SGX of Newly Acquired Subsidiary
LEAP HONG: Winding Up Hearing Set May 14
NATSTEEL LIMITED: To Issue Final Dividends on 28 May
NATSTEEL LIMITED: Issues Results of 27 April AGM
O S INTERNATIONAL: Issues Winding Up Order Notice
SINGAPORE TELECOMMUNICATIONS: Audit Committee Gets New Director
UNITED ENGINEERS: Posts Results of 27 April AGM
X'TREMECOMMS SOLUTIONS: Issues Winding up Order Notice
T H A I L A N D
BANK OF AYUDHYA: Releases Resolutions of Shareholders Meeting
TONGKAH HARBOUR: Posts Changes in Paid-up Capital
TONGKAH HARBOUR: Issues Shares Sale Result
TONGKAH HARBOUR: Details Resolutions Reached at Shareholders AGM
TPI POLENE: Proposes New Refinancing Terms for $1.1B Debt
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN GAS: Proposes Expansion of Hallet Plant
--------------------------------------------------
In a company press release, the Australian Gas Light Company
(AGL) disclosed that it is considering a $100 million plus
expansion of the Company's gas-fired peaking power plant at
Hallett, north of Adelaide.
AGL has formally lodged a development application with the
Regional Council of Goyder to more than double the generation
capacity of the Hallett plant to 430 megawatts.
"This proposed expansion of the gas-fired plant at Hallett
reflects AGL's view that demand for peaking power generation
capacity will continue to grow in South Australia," Managing
Director Greg Martin said.
"We expect the Hallett plant to play an important role in
helping meet that increased demand and in the process, help
stabilise electricity prices in periods of peak electricity
consumption."
Mr. Martin expected that a decision whether to proceed with an
expansion of the Hallett plant would be made late in 2005.
"The final decision to expand the Hallett plant will be
dependent upon market signals for new capacity, a detailed
economic evaluation and a stable regulatory environment," Mr.
Martin concluded.
The Hallett gas-fired plant was first commissioned in late 2002
and currently has 180 megawatts of installed power generation
capacity. A $100 million plus expansion of the plant would bring
AGL's total investment in South Australia to $500 million.
Further Enquiries:
Contact: Jane McAloon, Group Manager External and Regulatory
Affairs
Direct: (02) 9921 2349
Mobile: 0419 447 384
Contact: Jane Counsel, Media Relations Manager
Direct: (02) 9921 2352
Mobile: 0416 275 27
PASMINCO LIMITED: Releases First Quarter Overview
-------------------------------------------------
Pasminco Limited in a press release disclosed its overview for
the first quarter.
Production from the group's operations was steady during the
March quarter with notably strong performance from the
Australian mines.
Highlights
- Pasminco achieved strong production results from its
Australian mines for the March 2004 quarter, higher than the
corresponding quarter in 2003 and in line with the previous
quarter.
- Smelting results were mixed with zinc production comparable to
the same quarter last year however lead output was markedly
lower due to the loss of Cockle Creek bullion and a planned
furnace maintenance shutdown at Port Pirie.
- Total production for the quarter was comparable to the same
period the previous year but 5% lower than the previous quarter.
- The new metal marketing arrangements with Trafigura Beheer
B.V. commenced on 1 January 2004. As a result sales of lead and
zinc from the Australian smelters showed a one-time increase as
stock previously contained in the Asian distribution channel was
realized. Improved margins negotiated under this arrangement
will flow from sales now and into the future.
To view full copy of this press release click
http://bankrupt.com/misc/PASMINCOLIMITED042804.pdf
Contact: Pasminco Limited
380 St. Kilda Rd., Level 15
Melbourne, 3004, Australia
Phone: +61-3-9288-9186
Fax: +61-3-9288-0466
Website: http://www.pasminco.com.au
SANTOS LIMITED: Details First Quarter 2004 Results
--------------------------------------------------
In a company press release, Santos Limited reported lower
production, sales volumes and revenue for the opening quarter of
2004, principally attributable to the January 1, 2004 incident
at Moomba.
Total production for the three months ended March 31, 2004 was
9.7 million barrels of oil equivalent (mmboe) compared with 13.0
mmboe in the previous corresponding period.
Sales volume was down from 13.6 mmboe to 10.0 mmboe while total
sales revenue dropped to $256.4 million from the record
quarterly revenue of $362.5 million in the first quarter of
2003.
The latest March quarter reflects a 2.9 mmboe negative impact of
the January 1, 2004 incident at the Moomba plant in South
Australia.
"These reduced March quarter results are in line with the
Company's previous guidance to the market and, as expected, are
due primarily to the impact of the Moomba plant incident,"
Santos' Managing Director Mr. John Ellice-Flint, said on
Wednesday.
"As has been well documented, our full-year production will be
down in the current calendar year, including the effects of the
Moomba setback.
"Despite the depressed quarterly figures, we remain confident of
building annual production to record levels over the next few
years," he said.
Since the end of the latest March quarter, full gas processing
capacity has been achieved from the Moomba plant. Further
repair work remains on schedule to fully restore natural gas
liquids production for the second half of July.
Mr. Ellice-Flint said the Company continued to focus on
developing its strong line-up of growth projects. Significant
progress on growth projects during the March 2004 quarter
included:
- The Bayu-Undan liquids project achieved the milestone of first
lifting of condensate on 30 March.
- The Mutineer-Exeter oil field development (Santos 33.4%) where
two major milestones were achieved; delivery of sub-sea
wellheads into Dampier and commencement of conversion of the MT
Airway into a Floating Production and Storage Off-take in
Singapore.
- In the Casino gas field in the Otway Basin, the project
proceeded to Front End Engineering and Design studies.
- The strategic marketing alliance with BP for the marketing of
Santos' crude oil and natural gas liquids.
During the latest March quarter, Santos also announced an
agreement with Sunov Petroleum to acquire Novus Petroleum's
Indonesian and Cooper Basin assets, conditional on Sunov's
current offer for Novus being successful.
Mr. Ellice-Flint said Santos was working towards approval of
three significant new growth projects in coming months, namely
the development of the:
- John Brookes gas field offshore WA
- Casino gas field offshore Victoria, and
- Oyong/Maleo gas fields offshore East Java
Contact:
Media enquiries: Investor enquiries:
Graeme Bethune Mark Kozned
Santos Limited Santos Limited
(08) 8218 5157 / 0419 828 617 (08) 8218 5939 / 0407 747 908
For more information click,
http://bankrupt.com/misc/SANTOSLIMITED042804.pdf
TXU AUSTRALIA: Fitch Assigns BBB- Rating To Parent Company
----------------------------------------------------------
Fitch Ratings has placed the "BBB-" senior unsecured debt rating
of TXU Gas Co. on Rating Watch Evolving and affirmed the senior
unsecured ratings of TXU Corp. at "BBB-" and of TXU Energy Co.
LLC at "BBB". The Rating Outlook for TXU Corp and TXU Energy Co.
LLC is Stable. The rating actions follow TXU Corp.'s
announcement of an agreement to sell TXU Australia and the
assets of TXU Fuel Company and its intention to sell TXU Gas
Company. Ratings for the Australian subsidiaries are detailed in
a companion press release, which will be published later.
TXU has agreed to sell TXU Australia Holdings to Singapore Power
Co. for $3.7 billion and the assets of TXU Fuel Company to
Energy Transfer Partners for $502 million. Additionally, TXU
Corp. announced its plans to put up for sale TXU Gas Company.
The sale of Australia assets and TXU Gas are subject to
execution risk. Both transactions require regulatory approval
and a definitive buyer for TXU Gas has not been identified. TXU
Corp's senior unsecured rating of "BBB-" assumed a decrease in
consolidated leverage from a partial sale of the Australian
assets and other sources of cash including the proceeds of TXU's
Oncor Electric Delivery's issuance of $800 million in stranded
asset securitization bonds in 2004.
The transactions, signed and potential, announced on Monday, if
completed, should improve the credit profile of TXU Corp., as
Fitch expects that some portion of the proceeds from the entire
restructuring plan would be used to pay down debt at the parent.
Although consolidated debt will be reduced with the assumption
of US$1.7 billion in subsidiary level debt in Australia,
consolidated leverage will not immediately improve given the
deconsolidation of Australian cash flows. In addition, the cash
proceeds received by the parent from the Australian sale will be
deployed to redeem convertible securities treated as equity in
Fitch's analysis (and thus in a manner which does not reduce
parent company leverage).
Other funds - including additional divestments and
securitization proceeds - are still anticipated to de-lever the
parent company. The parent company had also not benefited from
cash dividends from the Australian operations, and Fitch had not
included any dividend flow in its parent company projections,
thus Fitch's expectations for the parent company profile are
largely unchanged by the Australian disposal.
On a consolidated basis, TXU's leverage remains high for the
ratings category with debt-to-EBITDA at 5.1 times (x) for the
twelve months-ending Dec. 31, 2003, although the group credit
profile continues to benefit from the strong cash flow streams
generated by its regulated and non-regulated electric and gas
operations in Texas.
The ratings of TXU Gas take into consideration the company's
business risk profile as a regulated gas distribution company
and adequate cash flow. Credit concerns relate to the company's
high albeit declining leverage and the delays and uncertainties
created by a regulatory process that has required the company to
apply for delivery rate changes with almost each municipality in
which it operates in addition to state wide approval from the
Texas Railroad Commission for gas commodity pricing.
The company's ratings have historically been strongly linked to
the credit quality of the parent, TXU Corp., especially as Gas
has no credit facilities and is reliant upon the system money
pool for short term financings. The Rating Watch Evolving
indicates the possibility that a change in ownership may lead to
a (potentially material) change in credit quality in either a
positive or negative direction.
TXU Corp. is a holding company that is engaged in the
generation, delivery and sale of electricity to both the
wholesale and retail customers, as well as the sale and delivery
of natural gas in the US, primarily in Texas. The company is
also engaged in the generation, distribution and sale of
electricity, and the sale and distribution of natural gas in
Australia.
Contact: Denise Furey +1-212-908-0672, New York or
Carolyn Martin +61 7 3222 8611, Brisbane.
Media Relations: James Jockle +1-212-908-0547, New York.
Contact: TXU Corp. (NYSE: TXU)
Energy Plaza, 1601 Bryan St., 33rd Fl.
Dallas, TX 75201-3411 (Map)
Phone: 214-812-4600
Fax: 214-812-7077
Website: http://www.txucorp.com
WOODSIDE PETROLEUM: Releases Report on Eksdale-2 Exploration
------------------------------------------------------------
In a company press release, Woodside Petroleum Ltd., a
participant in the BHP Billiton operated WA-255-P Joint Venture,
reports that the Eskdale-2 exploration well located in the
Exmouth Sub-basin was drilling 12 and 1/4 inch hole at a depth
of 2,047 metres on April 27, 2004.
Since the last report, the 17 and 1/2 inch hole section was
drilled and cased, and the blow out preventers were run. The
Atwood Eagle semi-submersible drilling rig is drilling the well.
The well location is approximately 2.3 kilometres southwest of
Eskdale-1. Water depth at the location is approximately 825
metres. Planned total depth is approximately 2,970 metres.
All reported depths are referenced to the rig rotary table.
Equal joint venture participants in WA-255-P are BHP Billiton
Petroleum (Australia) Pty. Ltd. and Woodside Energy Ltd.
Contact: Woodside Petroleum Ltd. (OTC: WOPEY)
No. 1 Adelaide Terrace
Perth, 6000, Australia
Phone: +61-8-9348-4444
Fax: +61-8-9348-4142
Website: http://www.woodside.com.au
==============================
C H I N A & H O N G K O N G
==============================
CHINA NAN: Completes Restructuring Scheme
-----------------------------------------
China Nan Feng Group Limited has informed its shareholders that
the capital reorganization and the Creditors' Scheme of the
Company have become effective and the Open Offer is
unconditional. All conditions precedent to the Restructuring
Proposal have been fulfilled and were completed 27 April 2004.
In a disclosure to the Stock Exchange of Hong Kong Limited, the
Directors announced that 39 valid acceptances in respect of
provisional allotments of Offer Shares have been received for a
total of 181,161,680 Offer Shares. The Underwriter has taken up
the remaining Offer Shares. The Open Offer has become
unconditional and the certificates for the Offer Shares will be
posted to those entitled thereto on 28 April 2004.
For more information, go to
http://bankrupt.com/misc/tcrap_chinanan0429.pdf
I-CHINA HOLDINGS: Restores Public Float, Resumes Trading
--------------------------------------------------------
I-China Holdings Ltd issued an announcement regarding the
progress of its Restructuring Scheme and the resumption of
trading in the Company Shares as follows:
A. Restoring Public Float of the New I-China Shares
Immediately following the completion of the Restructuring
Agreement between Wai Kee and I-China on 23 April 2004, Wai Kee
held 5,987,000,000 New I-China Shares, representing
approximately 94.8 percent of the issued share capital of I-
China and the New I-China Shares held by the public.
In a disclosure to the Stock Exchange of Hong Kong Limited, Wai
Kee has informed the Company that the Distribution was completed
on 23 April 2004. On 24 April 2004, Wai Kee converted
1,500,000,000 I-China Preference Shares, representing half of
the total I-China Preference Shares issued to Wai Kee under the
Proposed Restructuring, into New IChina Shares (the Partial
Conversion). Upon completion of the Distribution and the Partial
Conversion, the public float of New I-China Shares has increased
to approximately 26.2 percent as detailed in the Completion
Announcement.
I-CHINA HOLDINGS: Answers HKSE Query
------------------------------------
The Stock Exchange of Hong Kong Limited has received a message
from I-China Holdings Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
I-China Holdings Limited has noted the recent decrease in the
price of the shares of the Company and wish to state that it is
not aware of any reasons for such decrease.
The Company also confirms there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.
As at the date of this statement, the Board of the Company
comprises Messrs Zen Wei Peu, Derek and Yu Sai Yen as executive
directors, and Dr. Chow Ming Kuen, Joseph and Mr. Ng Chi Ming,
James as independent non-executive directors.
Made by the order of I-China Holdings Limited, the Board of the
directors of which individually and jointly accepts
responsibility for the accuracy of this statement.
For and on behalf of
I-China Holdings Limited
Keter Fong Shu Leung
Company Secretary
27 April 2004
INDO PROPERTIES: Court Sets Hearing Date
----------------------------------------
Notice is hereby given that a petition for the winding up of
Indo Properties Limited by the High Court of Hong Kong was on
the 24 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 10
a.m. on the 2 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.
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 1 June 2004.
JADE WILL: Faces Winding up Hearing
-----------------------------------
Notice is hereby given that a petition for the winding up of
Jade Will Company Limited by the High Court of Hong Kong was on
the 11 March 2004 presented to the said Court by Forestali S.rl.
whose registered office is situated at Via Kennedy 75, 2010,
Marcallo con Casone (MI), Italy. The said Petition will be
heard before the Court at 9:30 a.m. on the 12 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.
Barlow Lyde & Gilbert
Solicitors for the Petitioner,
24th Floor, Nine Queen's 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 11 May 2004.
KINSON RESOURCE: Schedules Winding up Hearing June 9
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Kinson Resource Limited by the High Court of Hong Kong was on
the 2 April 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 10
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.
Tony Kan & Co.
Solicitors for the Petitioner,
Suite 1408, Hang Seng Building
No. 77 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 8 June 2004.
MART TREASURE: Schedules Winding up Hearing for May 12
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Mart Treasure Investment Limited by the High Court of Hong Kong
was on the 15 March 2004 presented to the said Court by Chiu
Kwok Wing Benedict of 17th Floor, C.M.A. Building, No. 64
Connaught Road Central, Hong Kong. The said Petition will be
heard before the Court at 9:30 a.m. on the 12 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.
Chiu, Szeto & Cheng
Solicitors for the Petitioner,
17th Floor, C.M.A. Building
64 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 11th day of May
2004.
MAY KO: Winding up Hearing Set May 19
-------------------------------------
Notice is hereby given that a petition for the winding up of May
Ko Building Material Company Limited by the High Court of Hong
Kong was on the 19 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 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.
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 18 May 2004.
RENREN HOLDINGS: AGM Set for May 24
-----------------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
Renren Holdings Limited will be held at Gloucester Room I, 3/F.,
The Excelsior, 281 Gloucester Road, Causeway Bay, Hong Kong on
May 2004 at 10 a.m. for the following purposes:
1. To receive and consider the audited financial statements
together with the reports of the Directors and the auditors for
the year ended 31 December 2003;
2. To re-elect Directors and authorize the Board to fix the
Directors' remuneration;
3. To re-appoint Albert Lam & Co. as auditors of the Company for
the ensuing year and to authorize the Directors to fix their
remuneration;
4. As special business, to consider and, if thought fit, to pass
with or without amendments.
This is a Hong Kong Stock Exchange announcement.
RENREN HOLDINGS: 2003 Net Loss Widens to HK$101M
------------------------------------------------
Renren Holdings Limited incurred a net loss of HK$100.785
million for 2003, versus a net loss of HK$89.333 million a year
earlier. The loss per share (LPS) was $0.0901. No final dividend
was declared, Infocast News reported on Wednesday.
For a copy of the Company's 2003 annual results, go to
http://bankrupt.com/misc/tcrap_renren0429.pdf
=================
I N D O N E S I A
=================
BANK MANDIRI: Government May Sell 10% Stake by 2H 2004
------------------------------------------------------
After raising 2.9 trillion rupiah ($337 million) in March's
sale, the Indonesian government will consider selling another 10
percent stake of PT Bank Mandiri by the second half of 2004, as
part of an effort to fund the budget and restructuring of local
banks, The Jakarta Post reports.
"It will certainly be this year. We are still waiting for
(parliamentary) approval. It could be in the second half,"
Machmuddin Yasin, a deputy minister of state enterprises, told
reporters on the sidelines of a parliamentary hearing.
Seventy percent of Bank Mandiri is owned by the Indonesian
government, so far it has sold a 20 percent share in 2003 at an
initial public offering, the said shares are traded unchanged at
1,525 rupiah on Tuesday.
BANK NEGARA: Government To Sell 30% Stake
-----------------------------------------
The Indonesian government has decided to sell a maximum of 30
percent of its stake in Bank Negara (BNI) contrary to the
previously reported 51 percent, according to the Jakarta Post
citing a bank official.
"We will sell only up to 30 percent of BNI shares. We have
canceled our plan to sell a majority stake," Mahmuddin Yasin,
deputy for privatization at the office of the state minister of
state enterprises, told the House of Representatives Commission
on Finance on Tuesday during a hearing.
The previous plan was to sell 51 percent of the bank's stake to
raise cash for the state budget and to boost corporate
governance in the state-controlled bank. But lawmakers and other
concerned parties blocked the original plan because they fear
that foreigners will control the bank, which could affect
monetary authorities' capacity to formulate and execute
policies, and provide credit.
The government still awaits the completion of the banks massive
restructuring to revive its image following a huge lending
fraud.
=========
J A P A N
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FRE'C COMPANY: IRCJ Supports Supermarket Chain Operator
-------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) will
bail out the midsize supermarket chain operator Fre'c Company
that runs outlets in the Tokyo metropolitan area, Kyodo News
reports.
Fre'c is a regional privately owned supermarket chain with
strength in fresh food. Year-end March 2003 sales were JPY28
billion. It operates 27 small supermarkets mainly in densely
populated residential locations.
FRE'C COMPANY: C Two-Network to Sponsor Rehabilitation
------------------------------------------------------
Following the decision made by the Industrial Revitalization
Corporation of Japan (IRCJ), C Two-Network Co., Ltd. (C2)
announced that it would sponsor the rehabilitation plan of Fre'c
Company, a privately owned neighborhood supermarket business
operating mainly in the greater Tokyo area.
If the rehabilitation plan progresses as planned, C2 is expected
to acquire Fre'c business in around August of this year. This
transaction is consistent with C2's growth strategy in recent
years, which has been driven by a combination of organic growth
and selective acquisitions.
In a Company press release, C2 President Kazusa Sakurai said,
"We believe it is worthwhile to sponsor the rehabilitation plan,
and we hope to complete the rehabilitation successfully. This
transaction will give us access to stores that complement the
size and location of our existing stores. We believe that
together with the employees of Fre'c we will be able to build a
strong and successful business by combining the strengths of
both companies. By introducing C2's processed and packaged foods
supply chain and learning from Fre'c successful fresh food
operation, we believe we can deliver better value to Fre'c
customers."
ABOUT C TWO-NETWORK
C2 has a long history of distribution of processed foods to
independent retailers. In 1994, it expanded on this experience
and know-how and entered the Japanese food retail sector. It now
controls 77 highly profitable stores mainly in the Tokyo
metropolitan area. C Two-Network's focus is on the retailing of
packaged foods (grocery and refrigerated) through supermarkets
with tenant fresh food operators. In July 2003 Tesco acquired
C2. Tesco is the number one retailer in the UK and also operates
in other areas of Europe (Republic of Ireland, Hungary, Czech
Republic, Slovak Republic, Poland, Turkey) and Asia (Thailand,
South Korea, Taiwan and Malaysia), employing nearly 300,000
staff.
FOR MEDIA INQUIRY
Gavin Anderson & Company 03-5404-0640 (Cairney, Weeks)
C Two-Network Co. Ltd / Tesco 080-5098-7753 (Alex Trenchard,
until 04/29)
FUJITSU LIMITED: Returns to Profit
----------------------------------
Fujitsu Limited, in a press release, reported consolidated net
sales of 4.77 trillion yen (approximately US$45.0 billion*) for
fiscal year 2003 (April 1, 2003 - March 31, 2004), an increase
of 3.2 percent over the previous fiscal year. The higher sales,
together with company-wide cost-cutting efforts, efficiency
gains and significantly improved profitability in its Electronic
Devices and Platforms business segments, contributed to a jump
in consolidated operating income to 150.3 billion yen (US$1.4
billion), up 49.7 percent over the previous year.
Consolidated net income was 49.7 billion yen (US$469 million), a
major turnaround from the 122.1 billion yen net loss recorded in
fiscal year 2002. A number of extraordinary items affected these
earnings. With the aim of building a firm foundation for future
growth and profitability, Fujitsu carried out further
restructuring of its overseas operations, particularly in North
America, as well as measures to improve its domestic Software &
Services business management. The company recorded extraordinary
gains in conjunction with the transfer of the substitutional
portion of its employees' pension plan to the Japanese
government and by selling off marketable securities and other
fixed assets, more than offsetting the extraordinary charges.
"Despite a tough IT business environment, we were able to meet
our aggressive profit targets and solidify our recovery in
fiscal 2003, with all three of our main business segments firmly
in the black," said Fujitsu Limited president Hiroaki Kurokawa.
"We intend to build on this momentum by intensifying our focus
on customer needs, quality, timeliness, and management speed.
I'm confident that these efforts, together with further
strengthening our global organization to provide customers
around the world with top-quality one-stop solutions, will put
us in an excellent position to achieve further gains in growth
and profitability."
Inquiries:
Fujitsu Limited
Public & Investor Relations
Tel: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Address:
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo Japan
105-7123
MITSUBISHI MOTORS: To Continue Investing in Philippines
-------------------------------------------------------
Despite its financial troubles, Mitsubishi Motors Corporation
(MMC) will continue its investment plan in the Philippines
saying that the funding requirement has been secured for the
production of a new sports utility vehicle (SUV), a move that
will transform the Philippines as its export hub in ASEAN
starting 2006, Asia Pulse reports.
Mitsubishi Motor Philippines Corporation (MMPC) President and
Chief Executive Officer Kengo Takase confirmed this in a
memorandum to business partners and employees following Daimler-
Chrysler's refusal to infuse additional capital to revitalize
Mitsubishi Motors Corp. (MMC).
Following the withdrawal of support from Daimler-Chrysler, which
owns 37 percent of MMC, three other companies of the Mitsubishi
Group and major MMC shareholders were quick to provide financial
aid to save the carmaker.
SUSONO COUNTRY: Golf Course Enters Bankruptcy
---------------------------------------------
Susono Country Club K.K. has entered bankruptcy, according to
Teikoku Databank America. The golf course, which is located at
Susono-shi, Shizuoka, has total liabilities of US$130 million.
TOSHIBA CORPORATION: Posts JPY28.83B Profit in 2003
---------------------------------------------------
Toshiba Corporation posted a net profit of 28.83 billion yen in
2003, driven by white-hot demand for NAND-type flash memory
chips, according to Reuters.
For the current year to next March, Toshiba expects a net profit
of 30 billion yen, well short of the market consensus of 72.30
billion yen in a poll of 18 analysts by Reuters Research.
Toshiba expects its PC division to post an operating profit of
11 billion yen for the year to next March, in a turnaround from
a 22 billion yen loss a year earlier.
Toshiba has been active in cutting costs in its PC operations
after profitability was hit hard by aggressive pricing by Dell
Inc and Hewlett-Packard Co.
=========
K O R E A
=========
DACOM CORPORATION: Profitable in First Quarter
----------------------------------------------
Fixed-line telecom operator Dacom Corporation incurred a net
profit of 14.8 billion won (US$12.8 million) in the first
quarter of this year due to a rise in fixed-line sales and a
fall in operating expenses, according to Yonhap News. The
Company booked a loss of 201 billion won in the fourth quarter
ended December 31.
LG CARD: Shareholders OK Capital Reduction Plan
-----------------------------------------------
LG Card shareholders approved a massive capital write-down at
its extraordinary general shareholders meeting as part of a
rescue package, Digital Chosun reported on Tuesday.
The company's equity capital will be cut to W40 billion from the
current W1.74 trillion, paving the way for a further
debt-for-equity swap by creditors.
LG Card barely escaped a liquidity crisis in early January after
a bailout package from which its creditors extended W3.7
trillion in emergency loans, including W953.9 billion in the
form of a debt-for-equity swap, while LG group affiliates
provided W1.175 trillion of financial aid.
* SK BANKRUPTCIES: Hit 3-Year High for Provincial Firms
-------------------------------------------------------
Corporate bankruptcies in regions outside of Seoul and the six
metropolitan cities have reached peak levels during the first
quarter of this year, the Korea Times reports, citing the Bank
of Korea. Corporate bankruptcies in South Korea reached 1,109
between January and March, down 6.9 percent from 1,191 during
the same period last year.
The number of bankrupt firms in provincial areas, excluding
Seoul and the six metropolitan cities Pusan, Taegu, Inchon,
Kwangju, Taejon and Ulsan came to 390, up 6 percent from a year
ago, the highest level since 2002. The figure in regional areas
decreased to 530 in 2000, 491 in 2001 and 322 in 2002, but rose
to 368 in 2003.
By region, the number of corporate bankruptcies in North
Kyongsang Province surged to 41 in the first quarter from a year
earlier, while those in North Chungchong and Kangwon Province
rose to 22 and 28, respectively, from 16 and 20.
The number of bankruptcies in Seoul and the metropolitan cities
decreased from 451 and 372, respectively, to 408 and 311.
===============
M A L A Y S I A
===============
BERJAYA GROUP: EGM Resolutions Passed
-------------------------------------
The Board of Directors of Berjaya Group Berhad is pleased to
announce that the following resolution proposed at the Company's
Extraordinary General Meeting held on Tuesday, 27 April 2004 has
been duly passed:
Ordinary Resolution
The Proposed Subscription by Intan Utilities Berhad of 99,998
new ordinary shares of RM1.00 each representing approximately
the entire enlarged share capital of Premier Merchandise Sdn Bhd
(PMSB) of RM100,000 and a Proposed Subscription of 90,000,000
Redeemable Preference shares of RM0.01 each in PMSB for a cash
consideration of RM99,998 and RM90,000,000 respectively.
This Bursa Malaysia Securities Berhad announcement is dated 27
April 2004.
FACB RESORTS: Gets Downgraded By RAM To C1
------------------------------------------
RAM has downgraded the B1(s) rating of FACB Resorts Berhad's
(FACB) RM420 million Redeemable Zero Coupon Secured Bonds (the
Bonds) to C1(s), with a negative outlook.
The downgrade is premised on the downward revision to the final
settlement value of the Bonds, which essentially represents a
RM100 million hair-cut to the bondholder.
On 4 March 2004, FACB had proposed to revise the settlement
value of the Bonds to RM321.42 million upon maturity as well as
to swap certain pledged securities. Admittedly, the revision
will reduce FACBs borrowings by RM100 million, immediately
strengthening the Groups balance sheet in the process.
However, RAM is of the opinion that the debt level would still
be substantial vis-a-vis its cash flow, particularly over the
immediate term. FACB is presently working on various
alternatives to settle the revised sum of RM321.42 million upon
maturity in April 2005. The options being considered mainly
involve asset disposals. Even so, the Group is unlikely to
generate enough funds to fully redeem the Bonds.
We estimate that approximately RM146 million would still need to
be refinanced.
Meanwhile, FACBs financials took another hit in FYE 31 March
2003 (FY 2003) due to the persistently delayed completion of the
proposed reconstruction exercise of Sri Hartamas Bhd (SHB).
The Group sank deeper into the financial mire as most of its
property launches in Bukit Unggul Eco-Media City (BUEMC) and
Karambunai Resorts have been held back pending completion of the
SHB exercise.
As its turnover plunged 31 percent, its pre-tax loss widened to
RM75.21 million in FY 2003 from RM53.44 million the previous
year. While the deficit for FY 2004 is likely to be narrower
going by the Groups results for the 9-month period ended 31
December 2003, FACB would need at least another 2 years before
returning to the black optimistically speaking. The Group
incurred a RM39.14 million pre-tax loss on the back of a RM73.84
million turnover for the first 3 quarters of FY 2004.
FACB has been involved in the reconstruction of SHB since May
2001. The exercise entails injecting Nexus Resort Karambunai
(NRK) and BUEMC into Hartamas Group Bhd (HGB), a subsidiary of
FACB, for RM660 million.
The consideration will be settled via the issuance of HGB
shares. HGB will eventually assume the listed status of SHB.
Owing to its tight cash flow, FACB has been rescheduling its
deposits into the sinking fund account with the consent of its
sole bondholder, Abrar Discount Bhd. The latest indulgence was
granted on 9 April 2004; the next obligation of RM220 million
will fall due on 30 June 2004.
We believe that the Groups operating cash flow does not afford
FACB the ability to honor its sinking fund obligations.
Until the SHB exercise is completed, the Group is not envisaged
to have the financial capacity to fulfill its debt obligations.
On a more positive note, FACBs leisure and tourism division,
represented by its NRK hotel, has fared commendably despite the
turbulent travel industry during the period under review.
Both its average occupancy rate (AOR) and average room rate
(ARR) have been climbing steadily upwards.
Its ARR reached an unprecedented high of RM225 while its AOR
came up to 55 percent for the first 10 months of FY 2004. Based
on the brighter prospects for the tourism industry and the
global economy, NRK is likely to maintain its upward momentum in
FY 2005.
RAM is also somewhat comforted that the remaining 180 million
HGB shares have not been pledged to the bondholder.
Besides additional financial flexibility, the shares are also
more liquid compared to the other unencumbered assets that the
FACB Group owns. Having said that, the disposal of these shares
will depend very much on the sentiments surrounding the stock
market at any particular point.
HAP SENG: Buys Back 17,100 Units of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated Berhad announces that on 27 April 2004,
the company bought back 17,100 units of ordinary shares of
RM1.00 each for a total consideration of RM45,221.33. A minimum
price of RM2.590 and a maximum price of RM2.630 was paid.
The company to date has 32,867,600 units of outstanding treasury
shares.
This Bursa Malaysia Securities Berhad announcement is dated 27
April 2004.
HAP SENG: Issues Listing and Quotation of 6,000 New Shares
----------------------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure to the Bursa
Malaysia Securities Berhad dated 27 April, announced that the
company's additional 6,000 new ordinary shares of RM1.00 each
issued pursuant to the Hapseng-Employees' Share Option Scheme
will be granted listing and quotation effective 9 am on
Thursday, 29 April 2004.
LONG HUAT: Applies For Extension of Restraining Order
-----------------------------------------------------
Long Huat Group Berhad announced on 27 April 2004 at the Bursa
Malaysia Securities Berhad that on Monday, 26 April, an
application for an extension of time for a further 90 days in
relation to the Restraining Order under Section 176(10) of the
Companies Act 1965 was filed by the company solicitors Messrs
Kadir, Andri Aidham & Partners.
MALAYSIA AIRLINES: Admits Threat by Low-Budget Airlines
-------------------------------------------------------
The impending entry of AirAsia as well as other low-budget
airlines into the region poses a threat to Malaysia Airline
System Berhad (MAS).
The Edge Daily reports that Malaysia Airlines has been turning
over plans of joining the budget airline market after Thai
Airways and Singapore Airlines announced plans to do the same.
By far, MAS has already put together a team to make a study on
the impact and key indications on low cost carrier's operations.
"The proliferation of low-cost carriers in the region is causing
concern. If we do not acknowledge that, we would be in self-
denial," said Datuk Ahmad Fuaad Dahlan, managing director for
MAS.
"One flight a day on a 737--I don't think it has created a dent
in our market," added Ahmad Fuaad regarding the concern about
increased competition along the KL-Bangkok route with AirAsia.
He called the competition "natural" and beneficial for regional
travelers.
MAS recently launched a RM530 promo for the KL-Bangkok route in
a move to bring value to its customers.
MANGIUM INDUSTRIES: Announces a Change of Address
-------------------------------------------------
Mangium Industries Berhad announced on 27 April 2004 at the
Bursa Malaysia Securities Berhad that the company has changed
its registered address from
2nd Floor, Menara MAA
No. 6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah
To
Suite 19.06
19th Floor, Menara MAA
No. 12 Jalan Dewan Bahasa
50460 Kuala Lumpur
The company may be contacted through telephone number 03-
21451880 and facsimile number 03-21431880.
MANGIUM INDUSTRIES: Appoints New Secretary
------------------------------------------
Mangium Industries Berhad would like to announce that on 26
April 2004, Ng Kim Yong was appointed Joint Secretary for the
company.
Ng Kim Yong was past branch manager of Arthur Yong & Co.,
manager of Lim Ali & Company, and presently also senior manager
of Symphony Incorporations Sdn Bhd.
This Bursa Malaysia Securities Berhad announcement is dated 27
April 2004.
POS MALAYSIA: Newly Converted Shares Granted Listing
----------------------------------------------------
Pos Malaysia and Services Holdings Berhad would like to announce
that the company's additional 1,828,600 new ordinary shares of
RM1.00 each arising from the conversion of RM3,291,480 nominal
value 5-year 8 percent irredeemable convertible unsecured loan
stocks 1999/2004 will be granted listing and quotation effective
9 am on Thursday, 29 April.
This Bursa Malaysia Securities Berhad announcement is dated 27
April 2004.
TANJONG PUBLIC: Discloses Principal Officer's Dealings
------------------------------------------------------
Tanjong Public Limited Company announced on 27 April 2004 at the
Bursa Malaysia Securities Berhad (BMSB) details of Chon Kah
Yoong, a principal officer's dealings during the open period.
This is in accordance with Paragraph 14.09(a) of the Listing
Requirements of the BMSB.
Chon Kah Yoong had on Monday, 26 April, notified that he had
disposed on 23 April in the open market of 22,000 Tanjong shares
of 7.5 pence each representing 0.0055 percent of the company's
issued share capital. Each share was sold for RM12.50 each.
TENAGA NASIONAL: Returns to Profitability
-----------------------------------------
Tenaga Nasional Berhad has reported an increase in net profit
for the second quarter ending 29 February 2004.
The Star Online reports that Tenaga turned in a profit of RM57.1
million compared to a loss of RM60.6 million in the
corresponding period last year. Revenue also went up in the
latest quarter to RM4.285 billion from last year's RM3.94
billion.
The good turn-out is attributed to a growth in demand for
electricity as well as national economic expansion and the
group's efforts to lower power-generating costs.
Tenaga's pre-tax profits, before non-cash items, were 27.5
percent higher at RM1.15 billion for the first half compared to
the same period last year.
Non-cash items refer to foreign exchange translation losses.
Including these items, TNB's first-half net profit was down at
RM30.7M from RM583M previously.
About half of TNB's total debts of RM31.25bil by end-February
this year were denominated foreign currencies like the yen,
pound sterling, the euro and the US dollar.
According to TNB's results statement, its foreign translation
losses amounted to RM161.1mil for the second quarter compared
with RM303mil a year earlier.
Datuk Pian Sukro, Tenaga president and chief executive officer
said the company expected electricity demand in the country to
grow between 7 to 8 percent this year. "We are on track as far
as projections are concerned," he said.
According to Pian, Tenaga will continue to reduce costs and
increase efficiency in order to meet its financial targets. "TNB
has managed to continuously reduce its cost of generating
electricity over the past two to three years. However, if our
efforts are not enough to provide sufficient returns, we may
have to go to the Government to ask for a tariff increase," he
said.
To view a full copy of the unaudited quarterly report, click on
the following link:
http://bankrupt.com/misc/Tenaga2ndQtr04Announce.doc
=====================
P H I L I P P I N E S
=====================
FORTUNE CEMENT: Issues Notice of Annual Stockholders Meeting
------------------------------------------------------------
Fortune Cement Corporation (FCC) furnished the Philippine Stock
Exchange a copy of its SEC Form 20-IS (Preliminary Information
Statement) in connection with its Annual Stockholders' Meeting
which will be held on Wednesday, 16 June 2004, at 9 a.m. at the
Balagtas Room, Manila Peninsula, Makati City.
The Company, in its Notice of Annual Meeting of Stockholders,
advised that, "(o)nly stockholders of record as at the close of
business day of May 17, 2004 are entitled to notice of, and to
vote at, this meeting."
A copy of FCC's Preliminary Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries.
To view a copy of the notice click
http://bankrupt.com/misc/FORTUNECEMENT042804.pdf
MANILA ELECTRIC: Releases 2004 1Q Results
-----------------------------------------
Manila Electric Company (Meralco) furnished the Philippine Stock
Exchange a copy of the Parent Company's 1st Quarter results as
submitted to the Securities and Exchange Commission.
To view full copy of the first quarter results, click
http://bankrupt.com/misc/MANILAELECTRIC042804.pdf
=================
S I N G A P O R E
=================
CHARLES TAYLOR: Creditors Must Submit Claims by May 21
------------------------------------------------------
Notice is hereby given that the creditors of Charles Taylor
Consulting Services (Singapore) Pte Ltd (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before 21 May 2004 to submit the
particulars of their debts or claims and any security held by
them to the Company's liquidator.
In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.
Lim Say Wan
Liquidator.
C/- 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.
This Singapore Government Gazette announcement is dated 23 April
2004.
CHARTERED SEMICONDUCTOR: To Hold Tech Forums in China
-----------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated foundries, announced today, 28 April that it
will host Technology Forums in China on May 17 in Beijing and
May 18 in Shanghai. The Tech Forums, part of Chartered's
worldwide annual technology forum series, will focus on
Chartered's approach to building complete systems in silicon
leveraging process technologies that are enabled with proven
design solutions.
The program agenda features presentations by Chartered's senior
executives and technical experts, including Dr. Shi-Chung "SC"
Sun, senior vice president for technology development, and mike
Rekuc, senior vice president of worldwide sales and marketing.
Topics include an overview of the company's technology roadmap;
advanced logic processes at 90 nanometer (nm) a nd 0.13 micron;
value-added technologies targeting one-time programmable (OTP),
high voltage, EEPROM and embedded Flash applications; mixed-
signal, RFCMOS and SiGe BiCMOS technologies; and Chartered's
expanding portfolio of silicon-validated design solutions
available through its network of strategic EDA and IP partners.
"While we have actively expanded our relationships with China's
leading semiconductor companies over the last few years, our
Tech Forums offer China's emerging companies a convenient, face-
to-face opportunity to share and discuss their design
requirements with our management team and technology experts,"
said Bo Cheng, vice president and general manager of the Asia-
Pacific Region for Chartered. "Chartered's broad range of
offerings and design enabling solutions provide a strong
foundation for servicing this region as well as a proven
transition path that will help companies migrate from mature
technologies to the more advanced 0.13 micron and 90 nm
platforms."
Chartered's Partner Pavilion will return, featuring companies
from Chartered's global network of electronic design automation,
intellectual property, design services and manufacturing-related
partners demonstrating their latest technology innovations.
Partners scheduled to participate include: Artisan Components,
Inc.; Cadence Design Systems, Inc.; EE Solutions; eMemory
Technology Inc.; Mentor Graphics Corp.; Photronics; ST Assembly
and Test Services (STATS); Synopsys, Inc; Taiwan Mask
Corporation; Ulead Technology and Virage Logic Corporation.
Registration for these events is free. To register now for the
Beijing and Shanghai forums, visit www.charteredsemi.com for
complete information.
About Chartered
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates four fabrication facilities and has a fifth
fab, the Company's first 300mm facility, which is expected to
begin pilot production by the end of 2004.
A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Information about
Chartered can be found at www.charteredsemi.com.
Chartered Safe Harbor Statement under the provisions of the
United States Private Securities Litigation Reform act of 1995
This news release contains forward-looking statements, as
defined in the safe harbor provisions of the U.S. private
Securities Litigation reform act of 1995. These forward looking
statements, including without limitation, statements relating to
our product roadmap and the appropriateness of our business
model and strategy, reflect our current views with respect to
future events, and are subject to certain risks and
uncertainties, which would cause actual results to differ
materially from historical results or those anticipated. Among
the factors that could cause actual results to differ materially
are: changes in market outlook and trends; the rate of
semiconductor market recovery; the successful implementation of
our partnership, technology and supply alliances; economic
conditions in the United States as well as globally; customer
demands; the performance level in our fabrication facilities and
competition. A description of the other risks and uncertainties
which could cause actual results to differ materially can be
found in the section captioned "Risk factors" in our Annual
report on Form 20-F filed with the U.S. Securities and Exchange
Commission. You are cautioned not to place undue reliance on
these forward-looking statements, which are based on the current
view of management on future events. We undertake no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
EASTPAC CONSTRUCTION: Creditors Meeting Set May 5
-------------------------------------------------
Notice is hereby given that the First Meeting of the Creditors
of Eastpac Construction Pte Ltd (In Compulsory Liquidation) will
be held at Grace Room Level 2, Fort Canning Lodge, 6 Fort
Canning Road, Singapore 179494 on the 5 May 2004 at 9:30 in the
morning.
AGENDA
1. To update creditors' on status of liquidation.
2. To seek creditors' financial support for a major legal suit.
3. Any other matters.
Timothy James Reid
Liquidator.
Proxies to be used at the meeting should be lodged at the office
of the Liquidator at Ferrier Hodgson, 50 Raffles Place, #44-05
Singapore Land Tower, Singapore 048623 not less than 48 hours
before the time appointed for holding the meeting.
This Singapore Government Gazette announcement is dated 23 April
2004.
FLEXTRONICS: Net Income Slips
-----------------------------
Flextronics International Limited has reported a net income of
$16 million for the quarter ending 31 March, down from last
year's net of $19.5 million despite climbing sales.
Dow Jones reports that the fourth quarter 18 percent drop in net
income is caused mainly by heavy restructuring costs.
Restructuring cost the company some $48 million plus $8.8
million in amortization expenses.
For the full fiscal year, the company's net loss widened to
$352.4 million, up from last year's net loss of $83.5 million.
Sales rose 8.6 percent to $14.53 billion from $13.38 billion.
Flextronics raised its fiscal first-quarter earnings estimate,
excluding items, by 2 cents, to 14 cents a share. The company
said its earnings according to generally accepted accounting
principles, or GAAP, are expected to be about 2 cents a share
lower because of amortization expenses.
The company projects first-quarter revenue of $3.88 billion, up
$150 million from its January estimate of $3.73 billion.
Flextronics said each of the three remaining quarters in fiscal
2005 are expected to exceed the existing Thomson First Call pro
forma earnings estimates by a penny a share and about $100
million in sales. Analysts surveyed by First Call currently have
a mean estimate for fiscal 2005 earnings, excluding items, of 65
cents a share.
Flextronics International Limited is a Singapore based company
that operates in San Jose, California.
HONG LEONG: Issues Clarifications Re SGX Query
----------------------------------------------
Hong Leong Asia Limited issued on 27 April 2004, the company's
reply to a query by the Singapore Exchange regarding an entry in
the Company's Annual Report.
The Listings Manager
Singapore Exchange Securities Trading Limited
2 Shenton Way #19-00
SGX Centre 1
Singapore 068804
Dear Sirs
Hong Leong Asia Ltd. (the Company)
Annual Report 2003
We refer to your queries reproduced below concerning the
disclosure on the Group's subsidiaries in the Annual Report:
We refer to pages 58 to 66 of your Annual Report. In relation to
subsidiaries that are audited by auditors set out in notes 8(a)
to 8(v) on pages 65 to 66 of your Annual Report. Please identify
the subsidiaries that are significant (see Rule 718 for the
definition of significant). For subsidiaries that are
significant, please provide:
(i) a confirmation from your board and audit committee on
whether Rule 715(2) has been complied with; and
(ii) a confirmation on whether the auditor is on CSRC's list of
approved auditors.
In response to your queries, we confirm that none of the
subsidiaries referred to above, being subsidiaries of Yuchai
Machinery Monopoly Company Limited, are considered by the
Company to be significant.
Yours faithfully
Hong Leong Asia Ltd.
Ng Siew Ping, Jaslin
Company Secretary
HONG LEONG: Informs SGX of Newly Acquired Subsidiary
----------------------------------------------------
Hong Leong Asia Limited writes to the Singapore Exchange
Securities Trading Limited on Tuesday, 27 April to inform them
of the acquisition by the company of Hayford Holdings Sdn Bhd.
The Listings Manager
Singapore Exchange Securities Trading Limited
2 Shenton Way
#19-00 SGX Centre 1
Singapore 068804
Dear Sirs
Hong Leong Asia Ltd. (the Company)
Acquisition Of New Subsidiary
Pursuant to Rule 704 of the Singapore Exchange Securities
Trading Limited Listing Manual, we write to inform you that the
Company has acquired the entire equity interest comprising 2
ordinary shares of RM1.00 each in the issued and paid-up capital
of Hayford Holdings Sdn Bhd (HHSB), a company incorporated in
Malaysia, for RM2.00, thereby making it a wholly-owned
subsidiary of the Company. The consideration was based on the
par value of the shares.
HHSB was incorporated on 9 February 2004 and its principal
activities are those relating to investment holding.
Yours faithfully
Hong Leong Asia Ltd.
Ng Siew Ping, Jaslin
Company Secretary
LEAP HONG: Winding Up Hearing Set May 14
----------------------------------------
Notice is hereby given that a petition for the winding of Leap
Hong Construction Co Pte Ltd by the High Court was on the 16
April 2004 presented to the said High Court by Sing Moh
Electrical Engineering Pte Ltd of Blk 13, Braddell Tech
#03-08/09, Lorong 8 Toa Payoh, Singapore 319261. The said
petition will be heard before the Singapore Court at 10 a.m. on
the 14 May 2004. Any creditor or contributory of the said
Company desiring 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.
The Petitioners' registered address is at Blk 13, Braddell Tech
#03-08/09, Lorong 8 Toa Payoh, Singapore 319261.
The Petitioners' Solicitors are Messrs Foo Liew & Philip Lam of
151 Chin Swee Road, #07-08/10 Manhattan House, Singapore 169876.
Liew Chen Mine
Messrs Foo Liew & Philip Lam
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
Messrs Foo, Liew & Philip Lam, notice in writing of his
intention so to do. The notice must state the name and address
of the person or firm, the name and address of the firm, and
must be signed by the person or firm, or his or their Solicitors
(if any), and must be served or, if posted, must be send by post
in sufficient time to reach the above named not later than
twelve o'clock of the 13 May 2004 (the day before the date
appointed for the hearing of the Petition).
This Singapore Government Gazette announcement is dated 23 April
2004.
NATSTEEL LIMITED: To Issue Final Dividends on 28 May
----------------------------------------------------
The Board of Directors of NatSteel Ltd refers to the final
dividend of 16 percent or S$0.08 (exempt - one tier) for each
ordinary share of S$0.50 in the capital of the Company which had
been recommended by the Board for the financial year ended 31
December 2003 (the Final Dividend). The shareholders of the
Company have, at the Annual General Meeting of the Company held
on 27 April 2004, approved the payment of the Final Dividend.
Notice is hereby given that, the Register of Members and Share
Transfer Books of the Company will be closed from 5 p.m. 12 May
2004 to 5 p.m. 19 May 2004 for the preparation of dividend
warrants. Duly completed transfers received by the Company's
share registrar, Macronet Information Pte Ltd at 4 Shenton Way,
#03-01, SGX Centre Tower 2, Singapore 068807, up to the close of
business at 5 p.m. on 12 May 2004 will be registered to
determine shareholders' entitlement to the Final Dividend. In
respect of the ordinary shares of the Company held in securities
accounts with The Central Depository (Pte) Limited (CDP), the
Final Dividend will be paid by the Company to CDP which will in
turn distribute the divided entitlements to shareholders.
The payment of the Final Dividend will be on or about 28 May
2004 or such other date to be determined by the Directors.
By Order of the Board
Lim Su-Ling
Company Secretary
27 April 2004
Submitted by Lim Su-Ling, Company Secretary on 27 April 2004 to
the Singapore Exchange.
NATSTEEL LIMITED: Issues Results of 27 April AGM
------------------------------------------------
The Board of Directors of NatSteel Ltd is pleased to announce
that at the Annual General Meeting (AGM) of the Company held on
27 April 2004, all the proposed resolutions as set out in the
Notice of the AGM dated 5 April 2004 were duly passed by
shareholders.
By Order of the Board
Lim Su-Ling
Company Secretary
27 April 2004
Announced pursuant to Rule 704(14) of the Listing Manual of the
SGX-ST
Submitted by Lim Su-Ling, Company Secretary on 27 April 2004 to
the Singapore Exchange.
O S INTERNATIONAL: Issues Winding Up Order Notice
-------------------------------------------------
O S International Pte Ltd. issued a notice of winding up order
made on the 16 April 2004.
Name and address of Liquidators: Mr. Michael Ng Wei Teck and Mr
Peter Chay Fook Yuen c/o KPMG 16 Raffles Place #22-00 Hong Leong
Building Singapore 048581.
Messrs Rajah & Tann
Solicitors for the Petitioner.
Note:
(a) All creditors of the company should file their proof of debt
with the liquidators who will be administering all affairs of
the company.
(b) All debts due to the company should be forwarded to the
liquidators.
This Singapore Government Gazette announcement is dated 23 April
2004.
SINGAPORE TELECOMMUNICATIONS: Audit Committee Gets New Director
---------------------------------------------------------------
Singapore Telecommunications Limited (SingTel) wishes to
announce that Mr. Graham John Bradley has been appointed as an
independent member of the Audit Committee with effect from 27
April 2004.
By Order of the Board
Chan Su Shan (Ms)
Company Secretary
Dated : 27 April 2004
Submitted by Chan Su Shan (Ms), Company Secretary on 27 April
2004 to the Singapore Exchange.
UNITED ENGINEERS: Posts Results of 27 April AGM
-----------------------------------------------
United Engineers Limited, in accordance with Rules 704(14) and
704(8), announces that at the company's 90th Annual General
Meeting held on Tuesday, 27 April, all the resolutions presented
at the meeting were passed by the shareholders.
United Engineering would also like to announce that at the said
meeting, Mr. Lai Teck Poh and Dr. Michael Lim Chung Leng were
re-elected to the Board of Directors. Dr. Lim will also remain
member of the Audit Committee as an independent director.
Submitted by Miss Eileen Lim, Secretary on 27 April 2004 to the
Singapore Exchange.
X'TREMECOMMS SOLUTIONS: Issues Winding up Order Notice
------------------------------------------------------
X'tremecomms Solutions Pte Ltd issued a notice of winding up
order made on 16 April 2004.
Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing), 45 Maxwell Road #06-11 Singapore
069118.
Tan Peng Chin LLC
Solicitors for the Petitioner.
This Singapore Government Gazette announcement is dated 23 April
2004.
===============
T H A I L A N D
===============
BANK OF AYUDHYA: Releases Resolutions of Shareholders Meeting
-------------------------------------------------------------
Bank of Ayudhya PCL submits to the Stock Exchange of Thailand
the resolutions of the General Meeting of Shareholders held on
Tuesday, April 27, 2004 at 2 p.m. at the multi-purpose meeting
room, 9th Floor, the building of Bank of Ayudhya Public Company
Limited, Head Office, 1222 Rama III Road, Kwang Bang Phongphang,
Khet Yan Nawa, Bangkok.
Resolutions of the Meeting:
(1) Adopted the Minutes of the General Meeting of Shareholders
No. 91 held on April 21, 2003.
(2) Acknowledged the annual report of the Board of Directors.
(3) Approved the balance sheet and profit and loss statement for
the year 2003 ending December 31, 2003.
(4) Acknowledged the non-payment of dividend for the 2003
operating results ending December 31, 2003.
(5) Approved the Bank to transfer other reserves, legal reserve
and premium on ordinary shares to compensate for the Bank's
accumulated losses as at 31 December 2003 in the total amount of
2,885,180,504 baht pursuant to Section 119 of the Public Limited
Companies Act B.E. 2535 amended by the Public Limited Companies
Act (No. 2) B.E. 2544.
In this regard, the Bank's accumulated losses shall be
compensated in the following respective order and amount:
(1) Other reserves: 11,821,791,500 baht
(2) Legal reserve: 800,000,000 baht
(3) Premium on ordinary shares: 20,263,389,004 baht
Total: 32,885,180,504 baht
To view full copy of this press release, click
http://bankrupt.com/misc/bankayudhya042804.txt
Contact: Bank of Ayudhya PCL
1222 RAMA III ROAD, BANGPHONGPHANG, YAN NAWA Bangkok
Telephone: 0-2683-1000, 0-2296-2000
Fax: 0-2683-1460
Website: www.bay.co.th
TONGKAH HARBOUR: Posts Changes in Paid-up Capital
-------------------------------------------------
Pursuant to the Annual General Meeting (AGM) of Shareholders
held on April 27, 2001 and April 29, 2002 respectively, Tongkah
Harbour PCL hereby informs the Stock Exchange of Thailand (SET),
the shareholders and investors that on April 23, 2004 the
company has registered the increased paid-up capital under ESOP
to a total amount of 21,903,000 shares with the Department of
Business Development, Ministry of Commerce.
The change of company's paid-up capital:
Capital Registration 599,920,010 Baht
Divided into 599,920,010 Shares
Having par value per share of 1 Baht
Consisting of the amount of
The Ordinary shares of 599,920,010 Shares
The Preferred share of - 0 - Shares
Paid-up capital 505,551,570 Baht
Divided into 505,551,570 Shares
Having par value per share of Baht 1 Baht
Consisting of the amount of
The Ordinary shares of 505,551,570 Shares
The Preferred share of - 0 - Shares
Yours faithfully
Mr. Chalermchai Martmuang
Secretary to the Executive Board of Directors
TONGKAH HARBOUR: Issues Shares Sale Result
------------------------------------------
Tongkah Harbour PCL reports to the Stock Exchange of Thailand
its Shares Sale Result.
(1) Details of the Share Allocation
Type of Shares: Common Share
Amount of Shares Offered: 21,903,000 shares
Offered to: Directors and staff (ESOP)
Price per share: 0.734 Baht
Subscription and payment period: 19-22 April 2004
(2) Result of the Share Sale
x Sold all shares on offer
Partly sold with shares remaining.
(3) Result of Share Sale
Thai Investor Foreign Investor
Juristic Individual Juristic Individual Total
No. of Shareholders 63 4 67
Amount of Shares
Subscribed 16,103,000 5,800,000 21,903,000
Percentage of
The Shares on Offer 73.52 26.48 100
4. Funds Raised from Share Sale
Amount: 16,076,802 Baht
Less: Expenses
Commission: Baht
Legal Fee: Baht
Advertisement and postage Fee: 9,000 Baht
Net Funds Raised: 16,067,802 Baht
The company certifies that all information in this notice is
true and correct.
Sign: Authorized Director
(Mr. Ronald Ng Wai Choi)
Position: Director
(Company Seal)
Sign: Authorized Director
(Dr. J. Peter Mills)
Position: Director
TONGKAH HARBOUR: Details Resolutions Reached at Shareholders AGM
----------------------------------------------------------------
Pursuant to the Annual General Meeting (AGM) of Shareholders on
April 26, 2004 at Vimarnkaew Room, 4th Floor, The Grand Hotel
No. 238 Rachadapisek Road, Huay Kwang, Bangkok, Tongkah Harbour
PCL hereby informs the Stock Exchange of Thailand (SET), the
Shareholders and investors that the AGM unanimously approved and
or acknowledged:
(1) The Minutes of the AGM No.9/2003 held on 29 April 2003 as
presented.
(2) The Company's Annual Report for the year 2003.
(3) The Audited statement of accounts for the fiscal year as at
31 December 2003 as tabled.
(4) The non-allocation of profit and the nonpayment of dividend.
(5) The re-appointment of the retiring Directors by rotation
those listed below to be the Company's Directors for another
term:
Mr. Ronald Ng Wai Choi Managing Director
Mr. Kwa Boo Leong Executive Director
(6) The director's monthly remuneration for the fiscal year 2004
will be fixed:
(a) Chairman of the Board annual fee 50,000 baht and
Board's Meeting Allowance 12,000 baht per meeting
(b) Ordinary Members annual fee 18,000 baht and Board's
Meeting Allowance 5,000 baht meeting.
(c) Independent Director and Chairman of the Audit
Committee annual fee 25,000 baht Audit Committee Meeting
Allowance, 12,000 baht per meeting and Board's Meeting
Allowance 5,000 baht per meeting.
(d) Independent Director and Member of Audit Committee
annual fee 20,000 baht Audit Committee Meeting Allowance,
10,000 baht per meeting and Board's Meeting Allowance
5,000 baht per meeting.
(e) The increase of three Board seats as the Board of
Directors deems appropriate.
(f) i. The appointment of Mr. Anurak Lelapiyamit as
Certified Public Accountant, License No. 3462, and/or Mr.
Boonsri Techavarutama - Certified Public Accountant,
License No. 3336 of BDO Richfield Limited, as the
Company's auditors for fiscal year 2004. In the event
that one of the above is unable to perform his duties, the
other may serve as a backup to perform auditing services
for the Company.
In addition, BDO Richfield Limited are independent, not
related to the Company or its management, and have not
served the Company for any period of time.
ii. That their remuneration be fixed at 396,000 baht
(Three hundred and ninety-six thousand Baht only) for the
year 2004.
(g) The reduction of registered capital from 599,920,010
baht (Five hundred and ninety-nine million, nine hundred
and twenty thousand and ten Baht only) to 505,551,570 baht
(Five hundred and five million, five hundred and fifty-one
thousand and five hundred seventy Baht only) by
cancellation of the remaining 94,368,440 shares, which
have not been paid up, in order to arrange new capital.
(7) The amendment of clause 4 of the Memorandum of Association
of the Company to be in line with capital reduction as follows:
Clause 4.
Capital registration: 505,551,570 Baht
Divided into: 505,551,570 Shares
Having par value per share of: 1 Baht
Consisting of the amount of
The ordinary shares of: 505,551,570 Shares
The Preference shares of: 0 Shares
(8) The capital increase from 505,551,570 baht to 605,551,570
baht by issuing new ordinary shares in the amount of 100,000,000
shares at 1 baht (one) per share.
(9) The allocation of new ordinary shares in the amount of
100,000,000 shares to be offered for sale on a private placement
basis to individual investors, or groups of not more than 35
persons, and/or institutions qualifying under one of the 17
categories in the Announcement of the Securities and Exchange
Commission, and at a price not more than 10 percent below the
average closing price on the SET over a period of time prior to
date of offer.
Thus, the Board of Directors, or any person assigned by the
Board of Directors, shall have the authority to determine:
(a) The offering price as aforementioned,
(b) The offering period and the terms of payment, 3) any rules
and regulations and other details regarding said offering, which
may be entirely offered for sale at one time or several times,
as the Board of Directors deems appropriate.
(This is an adjustment from the earlier proposed price of not
lower than Baht 4.5) (Four and fifty stang per share).
(10) The amendment of Clause 4 of the Memorandum of Association
of the Company to be in line with the Capital increase as
follows:
Clause 4. Capital registration 605,551,570 Baht
Divided into 605,551,570 Shares
Having par value per share of 1 Baht
Consisting of the amount of
The ordinary shares of 605,551,570 Shares
The preference shares of 0 Share
Yours faithfully,
Mr. Chalermchai Martmuang
The Secretary to the Executive Boards of Director
Contact:
Tongkah Harbour PCL
Muang Thai Phatra Office Tower 1, FLOOR 7, 252/11
Rachadapisek Road, Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901
TPI POLENE: Proposes New Refinancing Terms for $1.1B Debt
---------------------------------------------------------
TPI Polene PCL proposed new refinancing terms for a $1.1 billion
debt, requires a plan amendment, Dow Jones reports, citing the
legal adviser of the company's creditors.
Lersak Kancvalskul, a lawyer at Clifford Chance Wirot Ltd., was
speaking after TPI Polene's mediation process in bankruptcy
court ended at the request of the creditors. The court had
initiated the process last year to facilitate TPI Polene's
public share offering in order to repay part of its debt.
The success of the offering earlier this year helped in the
exclusion of a mediation process.
TPI is set to discuss with its creditors the proposed new terms
which includes payment of some debt at a discount and
refinancing the balance, a possible debt reduction and a waiver
of accrued interest.
"TPI Polene (as the plan administrator) needs to submit the
details of the proposed plan and follow the legal procedure,"
Mr. Lersak said.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
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