/raid1/www/Hosts/bankrupt/TCRAP_Public/040507.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, May 7, 2004, Vol. 7, No. 90
Headlines
A U S T R A L I A
ARISTOCRAT LEISURE: Releases Opinion of Q.C. Re John Ducker
CARTER HOLT: Releases Results of Shareholders Annual Meeting
NATIONAL AUSTRALIA: Investors Back Board Renewal Program
PASMINCO LIMITED: Releases New Contact Details
WOODSIDE PETROLEUM: Kicks-Off Drilling in Algeria
C H I N A & H O N G K O N G
CHINA MANUFACTURERS: Faces Winding Up Petition
EVER HIGHEST: Winding Up Hearing Set By Court
GAIN DRAGON: Winding Up Hearing Set For May 12
KARWIDE INVESTMENT: Schedules Winding Up Hearing For June 9
POLYTEC ASSET: Court OKs Capital Reorganization
TENS PLUS: Winding Up Hearing Set For May 19
I N D O N E S I A
BENTOEL INTERNATIONAL: First Quarter Net Profit Drops By 86.9%
J A P A N
ASAHI MUTUAL: S&P Revises Rating Outlook To Positive
ASAHI MUTUAL: To Resume Dividend Payments This Year
KAGOSHIMA SHINPOSHA: Newspaper Publisher Enters Bankruptcy
MITSUBISHI FUSO: Japan Police Search Headquarters
NISSAN MOTOR: U.S. Vehicle Sales Up 14%
K O R E A
HYNIX SEMICONDUCTOR: Rambus Files Antitrust Lawsuit
KOOKMIN BANK: Establishes New Subsidiary
M A L A Y S I A
ACTACORP HOLDINGS: Reports Restructuring Scheme Developments
AKTIF LIFESTYLE: Awaiting SC Approval
ANSON PERDANA: Issues Monthly Update on Financial Condition
ANSON PERDANA: Winding Up Petition Served On Resort Habitat Unit
AOKAM PERDANA: Scheme Creditors' Meeting Set On 28 May
BERJAYA GROUP: Starts Work On RM400M Twin-Tower Complex
BERJAYA SPORTS: To List 4,026,779 Units Of New Ordinary Shares
BERJAYA SPORTS: Announces A Second Interim Dividend
BESCORP INDUSTRIES: Submits Regularization Update
BOUSTEAD HOLDINGS: Issues Closed Period Dealing Info
BOUSTEAD HOLDINGS: New Shares To Be Listed
CSM CORPORATION: Posts PN4 Status Announcement
DENKO INDUSTRIAL: Liquidator Appointed To Units
EMICO HOLDINGS: Restructuring On Its Final Leg
FABER GROUP: Application Under Evaluation By SC
FORESWOOD GROUP: SC Approval Pending
GADANG HOLDINGS: Granted 600,000 New Shares
HAP SENG: Buys Back 20,300 Units Of Ordinary Shares
HAP SENG: Issuing New Shares For Listing and Quotation
JASETERA BERHAD: Releases Practice Note 4/2001 Update
KEMAYAN CORPORATION: Discloses PN4 Monthly Status Announcement
KILANG PAPAN: Releases Restructuring Status Update
KL INDUSTRIES: Investigative Audit Completed
MALAYSIA MINING: Annual General Meeting Scheduled For 28 May
MENTIGA CORPORATION: Announces Monthly Status Report
MYCOM BERHAD: Issues Progress Report On Restructuring Scheme
NAUTICALINK BERHAD: Posts Company PN4 Update
NCK CORPORATION: Issues Default in Payment Updates
OCEAN CAPITAL: Pasareya Ocean Unit Closed Down
OLYMPIA INDUSTRIES: Releases Company Restructuring Status
PANCARAN IKRAB: Posts Regularization Update
PAN MALAYSIA: Announces Listing and Quotation of New Shares
PAN PACIFIC: Considering Applying For Time Extension
PARK MAY: Joint Secretary Resigns
POS MALAYSIA: Posts Listing and Quotation of New Shares
PROTON: To Increase Gen.2 Engine Production
RNC CORPORATION: Issues Follow-up On Corporate Restructuring
SARAWAK ENTERPRISE: Requests Extended Trading Suspension
SATERAS RESOURCES: Issues Update on Practice Note 4/2001
SRIWANI HOLDINGS: Reveals Restructuring Developments
SRIWANI HOLDINGS: Issues Qualification Of Financial Statement
UCP RESOURCES: Releases Default In Payment Update
UNITED CHEMICAL: Informs Of Restructuring Progress
P H I L I P P I N E S
ABS-CBN BROADCASTING: Sets Investors And Analysts Briefing
NEGROS NAVIGATION: Court Orders 5 Vessels Grounded
NEGROS NAVIGATION: Issues Clarification of News Article
PHILIPPINE BANK: Releases Reason for Director's Resignation
PHILIPPINE LONG: Bags SuperBrands 2004 Award
PHILIPPINE LONG: Projects 3M Increase in Mobile Subscriber
S I N G A P O R E
BATCH-TEC PTE: Liquidators Appointed
ENVIRONMENTAL ENGINEERING: Issues Dividend Notice
MEDIASTREAM LIMITED: Extends AGM To May 31
SEATOWN CORPORATION: Issues Default Status Update
SELCO SALVAGE: Releases Dividend Notice
T H A I L A N D
EMC: Releases List of Board of Directors
NATIONAL FERTILIZER: Details Changes of Capital
SIAM SYNTEC: Provides Financial Assistance to Richee Intertrade
THAI DURABLE: Releases Resolutions of Shareholders AGM
THAI HEAT: Issues 31,408,200 Preferred Stocks
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ARISTOCRAT LEISURE: Releases Opinion of Q.C. Re John Ducker
-----------------------------------------------------------
Aristocrat Leisure submitted to the Australian Stock Exchange a
copy of the opinion of Mr. Francis Douglas Q.C., in relation to
the service agreement of Mr. John Ducker. This was referred to
at the Company's Annual General Meeting on Tuesday and is
released for the information of shareholders and the market.
To view full copy of this press release, click
http://bankrupt.com/misc/ARISTOCRATLEISURE050604.pdf
Contact:
Aristocrat Leisure Limited
71 Longueville Rd. Lane Cove,
New South Wales 2066, Australia
Telephone: +61-2-9413-6300
Fax: +61-2-9420-1352
Website: http://www.aristocrat.com.au
CARTER HOLT: Releases Results of Shareholders Annual Meeting
------------------------------------------------------------
Carter Holt Harvey Ltd. confirms that shareholders, at the 2004
Annual Meeting held on Wednesday, May 5, 2004:
(1) Re-elected Mr. A.R. Lessin and Mr. T.K. McDonald as
directors of the company.
(2) Elected Mr. B.N.G. McDonald and Dr. H.M. Nugent as directors
of the company.
(3) Authorized the directors to fix the remuneration of the
joint auditors Ernst & Young and Deloitte.
In compliance with the requirements of NZX listing rule
3.3.1B(a), the following are Independent Directors of Carter
Holt Harvey as at May 5, 2004:
John H. Maasland (Chairman)
T. Kerry McDonald
Helen M. Nugent
Contact:
Shehnaz Hajati
Manager-Company Secretarial
Telephone: (09) 262 6174
Facsimile: (09) 262 6089
Mobile: 020 038 2479
NATIONAL AUSTRALIA: Investors Back Board Renewal Program
--------------------------------------------------------
Chairman Graham Kraehe's plans to restructure the Board of
National Australia Bank gains support from the banks major
institutional investors, The Age reports.
Merv Peacock, AMP chief investment officer, a major shareholder
of the bank said that he will encourage all parties involved to
accept the board renewal program of Mr. Kraehe for the
betterment of the outcome of the coming extraordinary general
meeting on May 21.
The Australian Shareholders Association (ASA) also express their
opinions on the resolutions, saying that NAB's proposals is fair
enough to change it's position to call off Mr. Kraehe's
resignation earlier than planned.
In a statement released by Mr. Kraehe on Wednesday, he said
that:
"The changes outlined in the board renewal program will in my
view ensure that going forward, the management and Board have
the full support of shareholders to implement the program
necessary to build shareholder value and restore the National's
reputation."
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/
PASMINCO LIMITED: Releases New Contact Details
----------------------------------------------
Pasminco Limited submits to the Australian Stock Exchange its
new contact details.
Pasminco Limited (subject to Deed of Company Arrangement) new
contact details:
Registered Address:
C/Ferrier Hodgson,
Level 25, 140 Williams Street,
Melbourne Victoria, 3000
Telephone Number: (03) 9600 4922
Facsimile Number: (03) 9642 5887
WOODSIDE PETROLEUM: Kicks-Off Drilling in Algeria
-------------------------------------------------
Woodside Petroleum submits to the Australian Stock Exchange a
drilling report in Algeria.
Woodside Energy (Algeria) Pty Ltd, a wholly owned subsidiary of
Woodside Petroleum Ltd., reports that the Rhourde El Rouni
Central-1 (RERC-1) onshore exploration well located in the
Rhourde Seghir block 401d, Algeria, was spudded on May 2, 2004.
The RERC-1 well is situated in the Berkine Basin, some 900km
southeast of the capital, Algiers.
Drilling contractor Saipem using the National 110 AZ 5893
onshore drilling rig well is drilling the RERC-1. Planned total
depth is approximately 3,370 metres (referenced to the rig
rotary table).
Immediately following the RERC-1 well, a second onshore
exploration well, RERW-1, is planned to be drilled in block 401d
using the same drilling rig and drilling contractor. Planned
total depth is approximately 3,240 metres (referenced to the rig
rotary table).
The RERC-1 and RERW-1 prospects are located approximately 15km
northeast of the ROD oil development, and 25km south of the
existing El Borma pipeline.
Woodside's current interest in block 401d is 35%. Other
participants are Repsol YPF (Operator, 55%) and Partex Oil and
Gas (10%).
The next scheduled report on these wells will be released after
completion of drilling operations.
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 MANUFACTURERS: Faces Winding Up Petition
----------------------------------------------
Notice is hereby given that a petition for the winding up of
China Manufacturers' Organization Limited by the High Court of
Hong Kong was on the 4 February 2004 presented to the said Court
by Bank of China (Hong Kong) Limited of 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 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.
W.I. CHEUNG & CO.
Solicitors for the Petitioner,
Rooms 2505-10, 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 11 May 2004.
EVER HIGHEST: Winding Up Hearing Set By Court
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Ever Highest Industries Co. Ltd. by the High Court of Hong Kong
was on the 23 March 2004 presented to the said Court by Raykin
Secretaries Limited whose registered office is situated at Flat
C, 13th Floor, Block 6, South Horizon, Aberdeen, Hong Kong. The
said petition will be heard before the Court at 9:30 a.m. on
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.
EDMUND CHEUNG & CO.
Solicitors for the Petitioner,
20th Floor, Asia Standard Tower
59-65 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 1st day of June
2004.
GAIN DRAGON: Winding Up Hearing Set For May 12
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Gain Dragon Development Limited by the High Court of Hong Kong
was on the 4 February 2004 presented to the said Court by Bank
of China (Hong Kong) Limited of 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 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.
W.I. CHEUNG & CO.
Solicitors for the Petitioner,
Rooms 2505-10, 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 11 May 2004.
KARWIDE INVESTMENT: Schedules Winding Up Hearing For June 9
-----------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Karwide Investment 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 situate 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 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.
FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor
Wheelock House
20 Pedder Street, 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 8 June 2004.
POLYTEC ASSET: Court OKs Capital Reorganization
-----------------------------------------------
The Court of Cayman Islands has approved the capital
reorganization of Polytec Asset Holdings Limited that will
become effective on 6 May 2004, Infocast News reports. Trading
in the shares of the company has been suspended since 3 May, and
will be resumed today.
The company proposed the capital reorganization last December
involving a reduction in the par value of each share in issue
from $0.01 to $0.005 each and a consolidation of every 20
reduced shares into one consolidated share. The $29.75 million
credit arises from the capital reduction and the $119 million
share premium and $60 million capital reserve to be cancelled
will be used to utilize to set off against part of the
un-audited accumulated losses of the company.
TENS PLUS: Winding Up Hearing Set For May 19
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Tens Plus Medical Limited by the High Court of Hong Kong was on
the 11 March 2004 presented to the said Court by Parshid Sheriar
Falahati of Flat A, 21st Floor, Block 7, Laguna City, Kowloon,
Hong Kong. The said petition will be heard before the Court at
9:30 a.m. on 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 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. HUEN & PARTNERS
Solicitors for the Petitioner,
Units 3309-3311, 33rd Floor West Tower
Shun Tak Centre
168-200 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 11 May 2004.
=================
I N D O N E S I A
=================
BENTOEL INTERNATIONAL: First Quarter Net Profit Drops By 86.9%
--------------------------------------------------------------
PT Bentoel International Investama reported an 86.9 percent
decrease year-on-year in its first quarter net profit, which is
attributed mostly to the company's poor performance, Asia Pulse
reports.
The company's sales fell to Rp1,036 billion in the first three
months of this year from Rp1,059 billion in the same period last
year, according to Darjoto Setyawan, the company's president.
=========
J A P A N
=========
ASAHI MUTUAL: S&P Revises Rating Outlook To Positive
----------------------------------------------------
Standard & Poor's has revised its outlook on the long-term
ratings on Asahi Mutual Life Insurance Co. to positive from
negative. S&P also affirmed its 'CCC-' long-term counter party
credit and financial strength ratings on the company.
The positive outlook reflects improvements in the Company's
capital adequacy and quality following a recovery in Japan's
stock market, which has erased most of the insurer's unrealized
losses on its equity holdings. At the end of March 2004, Asahi
Life's unrealized gains totaled about 20 billion yen by market
value.
Despite the improved outlook, it still faces challenges in its
operations. Given its still poor financial condition, the
Company will need to overcome many obstacles to restructure its
asset and business portfolios, and become more profitable.
ASAHI MUTUAL: To Resume Dividend Payments This Year
---------------------------------------------------
Asahi Mutual Life Insurance Co. will resume dividend and
interest payments for the first time in two years, Bloomberg
News reports, citing the Nihon Keizai newspaper.
Rising stock prices have helped earnings and strengthened the
company's reserves, allowing the insurer to make the payments.
Asahi will probably pay out two-year's worth in interest and
dividends, bringing the total payments to about 15 billion yen
(US$138 million) to 20 billion yen. The move will formally be
decided at the company's July policyholders' meeting.
KAGOSHIMA SHINPOSHA: Newspaper Publisher Enters Bankruptcy
----------------------------------------------------------
Newspaper publisher Kagoshima Shinposha has filed for bankruptcy
with the Kagoshima District Court, Kyodo News reports. The
publisher of the Kagoshima Shinpo newspaper went under with
liabilities totaling 2.2 billion yen and dismissed all
employees.
The report said the Kagoshima Shinpo attributed the bankruptcy
to a longstanding dispute between the management and the
newspaper's financial sponsors.
MITSUBISHI FUSO: Japan Police Search Headquarters
-------------------------------------------------
Japanese police searched the headquarters of Mitsubishi Fuso
Truck and Bus Corporation on Thursday, a police spokesman said,
without citing reasons.
Media reports said the search was for information relating to a
faulty wheel hub accident in 2003 in which a woman died and her
two sons were injured.
Kyodo news agency reported on Thursday that the police had
obtained arrest warrants for seven former executives of
Mitsubishi Fuso and Mitsubishi Motors, including former Fuso
Chairman Takashi Usami suspected of violating the Road Trucking
Vehicle Law by submitting a false report on the accident.
A Mitsubishi Fuso spokesman declined to comment.
NISSAN MOTOR: U.S. Vehicle Sales Up 14%
---------------------------------------
Following are Nissan Motor Co Ltd U.S. sales of cars and light
trucks in April 2004 versus the same year-earlier month and for
the year to date.
April 2004 April 2003 % Change
All Vehicles 69,470 60,940 14.0%
Domestic Car 28,122 25,236 11.4%
Domestic Truck 22,072 9,962 121.6%
Import Car 9,811 16,397 -40.2%
Import Truck 9,465 9,345 1.3%
Dom+Imp Cars 37,933 41,633 -8.9%
Dom+Imp Trucks 31,537 19,307 63.3%
Domestic Vehicles 50,194 35,198 42.6%
Imported Vehicles 19,276 25,742 -25.1%
Yr-to-Date Prev Year % Change
All Vehicles 306,964 236,835 28.3%
Domestic Car 138,820 100,707 36.5%
Domestic Truck 88,869 38,689 127.4%
Import Car 40,374 64,072 -37.6%
Import Truck 38,901 33,367 15.4%
Dom+Imp Cars 179,194 164,779 7.7%
Dom+Imp Trucks 127,770 72,056 75.6%
Domestic Vehicles 227,689 139,396 61.7%
Imported Vehicles 79,275 97,439 -19.4%
According to Reuters, percent changes are based on the daily
sales rate, and reflect 26 selling days this month versus 26 in
the month last year, and 102 this year to date versus 101 last
year to date.
The Company is 44.4 percent owned by Renault PA.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Rambus Files Antitrust Lawsuit
---------------------------------------------------
Rambus Inc. (Nasdaq:RMBS), in a press release, announced that it
has filed an anti-trust suit in the Superior Court of the State
of California. In the suit, Rambus charges that defendants Hynix
Semiconductor, Infineon Technologies, Micron Technology and
Siemens AG engaged in a concerted and unlawful effort to
eliminate competition and stifle innovation in the market for
computer memory technology and computer memory chips.
"From substantial written evidence already in the public record,
we believe that these memory manufacturers colluded illegally,
thereby limiting consumer choice and depriving our RDRAM
products of the opportunity to compete fairly in the
marketplace," said John Danforth, senior vice president and
general counsel for Rambus. "While we cannot change the past, we
have a duty to our stockholders to respond appropriately to this
evidence, which we are doing today (Wednesday)."
The 36-page complaint filed on Wednesday relies in substantial
part on evidence obtained through a Federal Trade Commission
proceeding and asserts four causes of action:
Conspiracy to restrict output and fix prices in violation of the
Cartwright Act; Conspiracy to monopolize in violation of the
Cartwright Act; Intentional interference with prospective
economic advantage; and Unfair competition in violation of
California Business and Professions Code Section 17200 The
complaint is available on Rambus's website at ww.rambus.com/inv/
(under Litigation Update section). The Company hosted a
conference call Wednesday at 1:30 p.m. PDT. This event will be
available through a webcast and can be accessed at Rambus's
Investor Relations web site at www.rambus.com/inv/. An audio
replay of the conference call will be available following the
event at (800) 642-1687, ID number 7321812, and will also be
available on Rambus's investor relations site.
About Rambus Inc.
Rambus is one of the world's leading providers of advanced chip
interface products and services. Since its founding in 1990, the
company's innovations, breakthrough technologies and integration
expertise have helped industry-leading chip and system companies
solve their most challenging and complex I/O problems and bring
their products to market. Rambus's interface solutions can be
found in numerous computing, consumer, and communications
products and applications. Rambus is headquartered in Los Altos,
Calif., with regional offices in the United States, Taiwan and
Japan. Additional information is available at www.rambus.com.
Rambus is a registered trademark of Rambus Inc. Other trademarks
that may be mentioned in this release are the intellectual
property of their respective owners.
Contacts:
Linda Ashmore
Rambus Public Relations
(650) 947-5411
lashmore@rambus.com
Lisa Poulson
Citigate Cunningham for Rambus
(650) 856-8800
lpoulson@citigatecunningham.com
KOOKMIN BANK: Establishes New Subsidiary
----------------------------------------
On April 30, 2004, Kookmin Bank established a new subsidiary, KB
Life Co., Ltd. to engage in insurance business. In a disclosure
to the U.S. Securities and Exchange Commission, the
establishment details are as follows:
i. Number of shares issued: 6,000,000 shares
ii. Par value: KRW 5,000
iii. Paid-in capital: KRW 30 billion
iv. Date of incorporation: April 29, 2004
v. Kookmin Bank ownership: 100%
Date: April 30, 2004
By:
Ki Sup Shin
Senior Executive Vice President & Chief Financial Officer
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Reports Restructuring Scheme Developments
------------------------------------------------------------
Securities Sdn Bhd, on behalf of the Board of Directors of
Actacorp holdings Berhad, announced through a disclosure to the
Bursa Malaysia Securities Berhad dated 5 May 2004, that the
relevant applications in relation to the Revised Proposed
Restructuring Scheme of Actacorp Holdings Berhad (as defined in
our announcement dated 8 April 2004) have been submitted to the
relevant authorities on 16 April 2004. Any further development
of the Revised Proposed Restructuring Scheme of Actacorp
Holdings Berhad will be announced in due course.
AKTIF LIFESTYLE: Awaiting SC Approval
-------------------------------------
Aktif Lifestyle Corporation Berhad, in compliance with the
criteria and obligations in accordance to Practice Note 4/2001
issued by Bursa Malaysia Securities Berhad (BMSB) pursuant to
Paragraphs 8.14, 16.02 and 16.09 of the listing requirements of
BMSB, made the following announcement on 5 May 2004 to the BMSB.
As announced on 1 April 2004, the Company is still awaiting
approval in respect of the Proposed Disposal submitted to the
Securities Commission.
Pending approval of the Proposed Disposal, the Board of
Directors of Aktif wishes to inform that the Company is
continuing its efforts to seek and acquire viable businesses.
ANSON PERDANA: Issues Monthly Update on Financial Condition
-----------------------------------------------------------
Anson Perdana Berhad, in a notice posted with the Bursa Malaysia
Securities Berhad dated 5 May 2004, announced that the company
is still in the process of finalizing a plan to regularize its
financial condition.
ANSON PERDANA: Winding Up Petition Served On Resort Habitat Unit
----------------------------------------------------------------
Anson Perdana Berhad announced on the Bursa Malaysia Securities
Berhad on 5 May 2004, that a winding-up petition dated 8 April
2004 has been served on the Company's subsidiary, Resort Habitat
(M) Sdn Bhd on 30 April 2004 by Commerce Dynasty (M) Sdn Bhd.
The petition is claiming for RM510,000.00 with no chargeable
interest on the amount claimed.
The petition was a result of unsettled claims due to Commerce
Dynasty (M) Sdn Bhd by Resort Habitat (M) Sdn Bhd for goods and
services supplied. The hearing on the petition is fixed on 29
July 2004.
The Company is seeking legal advice as to the appropriate course
of action in respect of the above petition. At this juncture,
the Company is assessing the financial impact, operational
impact and expected losses with the lawyers as the Company is in
the process of trying to diffuse the claims through
negotiations. In the event that negotiations do not yield
positive results, then Resort Habitat (M) Sdn Bhd may face the
liquidation proceedings initiated.
AOKAM PERDANA: Scheme Creditors' Meeting Set On 28 May
------------------------------------------------------
Aokam Perdana Berhad, in a disclosure dated 5 May 2004 to the
Bursa Malaysia Securities Berhad, announced that the Court
Convened Meetings of the Scheme Creditors' of Aokam Group
pursuant to Section 176 (1) of the Companies Act, 1965 will be
held at The Cempaka Room, Mezzanine Floor, Hotel Equatorial
Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur on Friday,
28 May 2004.
For meeting details, please click on the following link:
http://bankrupt.com/misc/AokamCreditorsMtg.doc
BERJAYA GROUP: Starts Work On RM400M Twin-Tower Complex
-------------------------------------------------------
Wangsa Tegap Sdn Bhd, a Berjaya Group subsidiary has started
construction of a twin-tower complex worth RM400 million.
According the The Edge Daily, the new towers located at the
heart of Kuala Lumpur and consisting of mainly high-end
residential units will be called Berjaya Central Park. It is
situated on a 1.22-hectare site at the Jalan Ampang and Jalan
sultan Ismail Junction.
The 46-story towers will comprise a total of 1,402 serviced
apartments and six penthouses on 35 floors; a five-story
commercial and retail podium; and three levels of basement and
six levels of elevated parking facilities.
Berjaya Central Park would have two million square feet of floor
area and a gross development value of RM700 million. According
to Francis Ng Sooi Lin, Wangsa Tegap executive director and
Berjaya Land bhd executive director, the company had conducted
market research and was confident of the property's potential.
He said the property would appeal to a new generation of
professionals who would choose to live within walking distance
of work, shopping, recreation and entertainment facilities.
Wangsap had awarded the RM48 million contract for the foundation
and basement substructure for the new complex to the UEM
Construction-Bauer Joint Venture (JV).
Ng added the construction of the new building would extend over
four years. He said the new twin towers had a fa‡ade similar to
that of giant shopping mall Berjaya Times Square but the scale
of development was smaller.
Work by the JV would take more than a year, Ng said. Thereafter,
Berjaya would offer the rest of project via a tender process.
BERJAYA SPORTS: To List 4,026,779 Units Of New Ordinary Shares
--------------------------------------------------------------
Berjaya Sports Toto Berhad announced on 5 May 2004 to the Bursa
Malaysia Securities Berhad, that the company's additional
4,026,779 new ordinary shares of RM1.00 each arising from the
conversion of RM4,027,515 nominal amount of 8 percent
irredeemable convertible unsecured loan stocks 2002/2012 will be
granted listing and quotation effective 9 am on Friday, 7 May
2004.
BERJAYA SPORTS: Announces A Second Interim Dividend
---------------------------------------------------
Berjaya Sports Toto Berhad, announced to the Bursa Malaysia
Securities Berhad on 5 May 2004, that the company will be
issuing a second interim dividend of 20 percent share less 28
percent income tax.
Berjaya Sports Toto Berhad's securities will be traded and
quoted (Ex-Dividend) as from 19 May 2004 with the last day of
lodgement on 21 May 2004.
Dividends will be payable on 31 May 2004.
BESCORP INDUSTRIES: Submits Regularization Update
-------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed), in
a disclosure dated 5 May 2004 to the Bursa Malaysia Securities
Berhad, made the following announcement.
The Company had on 6 April 2004 made an announcement on the
status of the properties of WCT Land Berhad (formerly known as
WCT Realty Sdn Bhd (WCTL) as at 31 March 2004 to the Bursa
Malaysia and furnished the same to the Securities Commission
(SC), via a letter dated 7 April, 2004.
In response to the application made by the Company to the SC for
a further extension of time to complete the Corporate Proposal
and Investigative Audit, the SC had via its letters dated 15
April 2004 and 16 April 2004 approved:
(i) a further extension of time of six (6) months from 9 May
2004 to 8 November 2004 for the Company to complete the
Corporate Proposals; and
(ii) a further extension of time to 8 July 2004 for
PricewaterhouseCoopers Advisory Services Sdn Bhd to complete the
investigative audit pursuant to a condition imposed by the SC in
its letter of approval dated 9 May 2003.
Save for the above, there were no further developments since our
previous announcement with regards to the Practice Note.
This announcement is made in accordance with Paragraph 4.1(b) of
the Practice Note 4/2001 of the Listing Requirements of Bursa
Malaysia Securities Berhad whereby the affected listed issuer is
required to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
Bursa Malaysia.
BOUSTEAD HOLDINGS: Issues Closed Period Dealing Info
----------------------------------------------------
Boustead Holdings Berhad, in a notice posted on 5 May 2004 to
the Bursa Malaysia Securities Berhad, announced that the company
had received notification from Tan Sri Dato' Lodin Wok
Kamaruddin, Group Managing Director of the company, of his
intention to deal in securities of Boustead Holdings during the
closed period.
He currently holds directly 600,000 ordinary shares of RM0.50
each, representing 0.11% of the issued and paid up share capital
of BHB.
BOUSTEAD HOLDINGS: New Shares To Be Listed
------------------------------------------
Boustead Holdings Berhad, announced on 5 May 2004 on the Bursa
Malaysia Securities Berhad, that the company's additional 48,000
new ordinary shares of RM0.50 each issued pursuant to the
BSTEAD-Employees' Share Option Scheme will be granted listing
and quotation effective 9 am on Friday, 7 May 2004.
CSM CORPORATION: Posts PN4 Status Announcement
----------------------------------------------
Malaysian International Merchant Bankers Berhad, on behalf of
CSM Corporation Berhad (CSM), announced on the Bursa Malaysia
Securities Berhad on 5 may 2004, that there is no new
development on the Company's plan to regularize its financial
condition since the last monthly status announcement dated 1
April 2004 except that the Board of Directors of CSM, had on 9
April 2004, appealed to the Securities Commission on the
rejection of the Company's application in relation to the
Proposed Rescue cum Debt Restructuring Scheme, which was
announced on 12 April 2004.
For and on behalf of
CSM Corporation Berhad
Malaysian International Merchant Bankers Berhad
c.c. Issues and Investment Division
Securities Commission
(Attention: Encik Kris Azman Abdullah, Director)
DENKO INDUSTRIAL: Liquidator Appointed To Units
-----------------------------------------------
Denko Industrial Corporation Berhad, in a notice dated 5 May
2004 to the Bursa Malaysia Securities Berhad, announced that Mr.
Rabindra Singh a/l Kaher Singh of Messrs. Rabin & Associates of
Unit C-12-5, level 12, Block C, Megan Avenue II, No. 12, Jalan
Yap Kwan Seng, 50450 Kuala Lumpur had been appointed Liquidator
of Trimate and Giantmate held on 29 April 2994.
EMICO HOLDINGS: Restructuring On Its Final Leg
----------------------------------------------
Emico Holdings Berhad, in a disclosure dated 5 May 2004 to the
Bursa Malaysia Securities Berhad, announced that the company is
in the final implementation stage of the Restructuring Scheme.
So far, there has been no change to the status of Emico's plan
to regularize its financial position as announced earlier.
FABER GROUP: Application Under Evaluation By SC
-----------------------------------------------
Faber Group Berhad, in a disclosure dated 5 May 2004 to the
Bursa Malaysia Securities Berhad (BMSB), announced that the
application to the Securities Commission (SC) on the Proposed
Restructuring Scheme of Faber Group is still in the process of
being evaluated by the SC.
This is issued in compliance with Practice Note 4/2001 Paragraph
4.1(b) of the BMSB Listing Requirements which requires an
affected listed issuer to announce the status of its plan to
regularize its financial condition on a monthly basis.
FORESWOOD GROUP: SC Approval Pending
------------------------------------
Foreswood Group Berhad, announced on the Bursa Malaysia
Securities Berhad on 5 May 2004, that there is no significant
development in respect to the company's plan to regularize its
financial condition.
Foreswood had submitted its application to the Securities
Commission (SC) and is waiting for the SC's approval.
GADANG HOLDINGS: Granted 600,000 New Shares
-------------------------------------------
Gadang Holdings Berhad, in a disclosure dated 5 May 2004 to the
Bursa Malaysia Securities Berhad, announced that the company's
additional 600,000 new ordinary shares of RM1.00 each issued
pursuant to the conversion of RM762,000 nominal value of 2
percent 2003/2008 irredeemable convertible unsecured loan stocks
will be granted listing and quotation effective 9 am on
Thursday, 7 May 2004.
HAP SENG: Buys Back 20,300 Units Of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 5 May 2004
to the Bursa Malaysia Securities Berhad, announced that the
company on the same date, bought back 20,300 units of ordinary
shares of RM1.00 each for a total cash consideration of
Rm53,994.10.
The minimum price paid for the shares was RM2.590 while the
maximum price paid was RM2.650.
To date, the company has 32,902,000 units of cumulative net
outstanding treasury shares.
HAP SENG: Issuing New Shares For Listing and Quotation
------------------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 5 May 2004
to the Bursa Malaysia Securities Berhad, announced that the
company's 55,000 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 Friday, 7 May
2004.
JASETERA BERHAD: Releases Practice Note 4/2001 Update
-----------------------------------------------------
Jasatera Berhad, announced on 5 May 2004 to the Bursa Malaysia
Securities Berhad, that the company is in the process of
preparing the necessary documents to obtain the approvals from
the shareholders of Jasatera at a forthcoming Extraordinary
General Meeting to be convened.
Further development in relation to the Revised Proposed
Recapitalization Exercise will be announced in due course.
KEMAYAN CORPORATION: Discloses PN4 Monthly Status Announcement
--------------------------------------------------------------
Kemayan Corporation Berhad, announced on the Bursa Malaysia
Securities Berhad on 5 May 2004, that the company is presently
waiting for the necessary documents to be cleared by the
relevant authorities in obtaining the approvals of the Scheme
Creditors and shareholders of KCB at the relevant meetings to be
convened.
Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.
KILANG PAPAN: Releases Restructuring Status Update
--------------------------------------------------
Kilang Papan Seribu Daya Berhad (KPSD), in a disclosure dated 5
May 2004 to the Bursa Malaysia Securities Berhad (BMSB),
announced that KPSD is currently revising the proposed
restructuring scheme to incorporate the revision approved by the
Securities Commission and will submit the revised scheme to the
SC for its consideration and approval in due course.
Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.
This notice is issued in compliance with Practice Note 4/2001
pursuant to the BMSB Listing Requirements.
KL INDUSTRIES: Investigative Audit Completed
--------------------------------------------
Kuala Lumpur Industries Holdings Berhad (KL Industries), in a
notice posted with the Bursa Malaysia Securities Berhad on 5 May
2004, is pleased to announce that the investigative audit on the
company has been completed.
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Equine Capital Berhad and KL industries, had on 28 April 2004
submitted the investigative audit (I-Audit) prepared by KPMG
Corporate Services Sdn Bhd (KPMG) to the Securities Commission.
The I-Audit report on the KL Industries Group covered the
financial years ended 31 March 1992 to 31 March 2002. The
findings were based on facts and explanations, and information
obtained by KPMG during the course of the I-Audit.
The Company will review the findings of the I-Audit report which
has included various disclaimer and reservations, and may seek
legal opinion, where appropriate, before considering the next
course of action.
MALAYSIA MINING: Annual General Meeting Scheduled For 28 May
------------------------------------------------------------
Malaysia Mining Corporation, in a notice posted with the Bursa
Malaysia Securities Berhad on 5 May 2004, announced that the
company's Twenty-Eighth Annual general meeting will be held at
the Banquet Hall, Kuala Lumpur Golf & Country Club, No 10, Jalan
1/70D, Off Jalan Bukit Kiara,60000 Kuala Lumpur on Friday, 28
May 2004 at 10 a.m.
For full details on the AGM, please click on the following link:
http://bankrupt.com/misc/MalayMiningNotice.jpg
MENTIGA CORPORATION: Announces Monthly Status Report
----------------------------------------------------
Mentiga Corporation Berhad, in a notice posted with the Bursa
Malaysia Securities Berhad on 5 May 2004, announced the company
is still waiting for the Securities Commission's decision
regarding the comprehensive proposals announced on 25 February
2004.
On 30 April 2004, Mentiga submitted its Audited Statutory
Financial Statements for the financial year ended 31 December
2003 to the BMSB, in accordance with Chapter 9 of Paragraph
9.23(b) of the Bursa Malaysia Listing Requirements.
MYCOM BERHAD: Issues Progress Report On Restructuring Scheme
------------------------------------------------------------
The Board of Mycom Berhad, in a notice posted with the Bursa
Malaysia Securities Berhad on 5 May 2004, announced that the
implementation of the Proposed Restructuring Scheme is still in
progress.
The Company will make the relevant announcement on any major
development to the Scheme.
This is issued in accordance with Practice Note 4/2001 in
relation to Paragraph 8.14 of the Listing requirements of Bursa
Malaysia Securities Berhad.
NAUTICALINK BERHAD: Posts Company PN4 Update
--------------------------------------------
The Board of Directors of Nauticalink Berhad announced on 5 May
2004 to the Bursa Malaysia Securities Berhad that the Group has
submitted a revised corporate restructuring proposal on 15 May
2004.
The directors hope that this application would meet with the
approval of the relevant authorities in the near future.
NCK CORPORATION: Issues Default in Payment Updates
--------------------------------------------------
NCK Corporation Berhad, in a disclosure dated 5 May 2004 to the
Bursa Malaysia Securities Berhad, announced that total
borrowings on which the NCK Group has defaulted in payment stood
at RM86,248,574 as of 30 April 2004. There has been a decrease
of RM91,468,257 from the 31 March 2004 figure of RM177,716,831.
The decrease for the month of April is due to:
RM
Borrowings as of 31 March 2004: 177,716,831
Interest accrued for April 2004: 657,183
* Deconsolidation of Subsidiaries: (92,125,440)
Borrowings as of 30 April 2004 86,248,574
* The deconsolidation of subsidiaries refer to Perumahan NCK Sdn
Bhd (PNCK) and its subsidiary companies.
PNCK was placed under Creditors' Voluntary Liquidation via a
Creditors' Meeting held on 28 April 2004. Messrs Lim Tian Huat
and Adam Primus Varghese bin Abdullah of Messrs Ernst & Young
were appointed Liquidators of the Company.
OCEAN CAPITAL: Pasareya Ocean Unit Closed Down
----------------------------------------------
Ocean capital Berhad, announced to the Bursa Malaysia Securities
Berhad on 5 May 2004, that Pasareya Ocean (Melaka) Sdn Bhd
ceased its business operations effective 30 April 2004.
Pasareya Ocean is a wholly owned subsidiary of Ocean Capital
Berhad.
OLYMPIA INDUSTRIES: Releases Company Restructuring Status
---------------------------------------------------------
The Board of Olympia Industries Berhad (OIB) announced on 5 May
2004 on the Bursa Malaysia Securities Berhad, that the
implementation of the Proposed Restructuring Scheme of the
company is still in progress.
OIB will make relevant announcements necessary under the said
Scheme from time to time.
PANCARAN IKRAB: Posts Regularization Update
-------------------------------------------
Pancaran Ikrab Berhad (PIB), in a disclosure dated 5 May 2004 to
the Bursa Malaysia Securities Berhad, announced that the Foreign
Investment Committee (FIC) had vide its letter dated 20th
January 2004, which was received by Public Merchant Bank Bhd
(PMBB) on 30th January 2004, approved the Proposed Revisions to
the Scheme and the termination of the Sale and Purchase
Agreement in relation to the acquisition of land.
On 27th February 2004, PMBB on behalf of the Board of PIB
submitted a letter to the Securities Commission requesting for
an extension of four months (to 31st July 2004) to complete the
implementation of the Proposed Restructuring Scheme.
The Court on 2nd March 2004 granted an order to extend the time
frame for PIB to hold the court convened meeting for a further
six months from 5th February 2004.
The Securities Commission as per their letter dated 3rd March
2004 had approved the Company's application for an extension of
four months up to 31st July 2004 to complete the implementation
of the Proposed Restructuring Scheme.
On 24th March 2004, Bursa Malaysia Securities Berhad replied
that they have no further comments on the Explanatory Statement
& Circular to Shareholders (ES & Circular) and that PIB may
proceed with the printing.
The ES & Circular was printed and dispatched to Shareholders on
7th April 2004.
At the Court Convened Meeting and Extraordinary General Meetings
duly convened and held on 29th April 2004, all the resolutions
as set out in the notices of those meetings all dated 7th April
2004 were unanimously passed by the members present.
An appropriate announcement will be made accordingly in due
course.
PAN MALAYSIA: Announces Listing and Quotation of New Shares
-----------------------------------------------------------
Pan Malaysia Corporation Berhad, in a disclosure dated 5 May
2004 to the Bursa Malaysia Securities Berhad, advises that the
company's 4,500,00 new ordinary shares of RM0.50 each will be
granted listing and quotation effective 9 am on Friday, 7 May
2004.
These new shares are a portion of the PMCorp-Private Placement
of up to 73,950,000 new ordinary shares of RM0.50 each in PMCorp
representing approximately 10 percent of the existing issued and
paid up capital of the company.
PAN PACIFIC: Considering Applying For Time Extension
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad, in a
disclosure dated 5 May 2004 to the Bursa Malaysia Securities
Berhad, announced that the company has not received any
approvals from the lenders on the debt-restructuring scheme.
In view of the deadline, the Company is considering an
application to the Securities Commission for extension of time
to implement the restructuring exercise.
PARK MAY: Joint Secretary Resigns
---------------------------------
Park May Berhad, in a notice posted with the Bursa Malaysia
Securities Berhad, announced that Puan Zalila binti Mohd Toon
has tendered her resignation as Joint Company Secretary
effective 1 May 2004.
POS MALAYSIA: Posts Listing and Quotation of New Shares
-------------------------------------------------------
POS Malaysia and Services Holdings Berhad, in a disclosure dated
5 May 2004 to the Bursa Malaysia Securities Berhad, announces
that the company's additional 200,000 new ordinary shares of
RM1.00 each arising from the conversion of RM360,000 nominal
value 5-year 8 percent irredeemable convertible unsecured loan
stocks 1999/2004; and 344,000 new ordinary shares of RM1.00 each
issued pursuant to the Employees' Share Option Scheme will be
granted listing and quotation effective 9 am on Friday, 7 May
2004.
PROTON: To Increase Gen.2 Engine Production
-------------------------------------------
With the delivery of new engine manufacturing machines worth
more than RM100 million, Proton's assembly plant is Tanjung
Malim, Perak is expected to increase production of high quality
engines for the new Gen.2 model.
According to the Malaysian National News Agency- Bernama, Makino
Asia Pte Ltd, is scheduled to deliver more than 30 engine-making
machines to the ailing carmaker's plants by October.
"These machines will increase the plant's engine productivity up
to 120,000 engines per year," Makino Asia's vice president for
sales George Lim said.
According to Lim, the plant's current engine production could
not meet domestic demand for the latest Campro-engine model
because of conventional manufacturing methods.
"This system is very modern and will produce better and long-
lasting engines for the car," he said.
RNC CORPORATION: Issues Follow-up On Corporate Restructuring
------------------------------------------------------------
RNC Corporation Berhad, submitted to the Bursa Malaysia
Securities Berhad on 5 May 2004, a monthly report on the status
of the corporate and debt-restructuring scheme pursuant to
paragraph 4.1(b) of the Practice Note 4/2001.
Reference is made to paragraph 4.1 (b) of the Practice Note
4/2001.
- Announcement of the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange.
Reference is also made to the "First Announcement" on 19th
February 2001 on the Proposed Corporate and Debt Restructuring
Scheme (PRS), the previous Monthly Status Announcement since 1st
March 2001 and also all announcements pertaining to the PRS.
On 18th April 2003, the Company and its advisers, OSK Securities
Berhad had submitted the proposed modifications to the PRS to
the Securities Commission (SC), Ministry of International Trade
and Industry (MITI), Federal Economic Planning Unit (EPU) and
Foreign Investment Committee (FIC) for their approvals.
The SC, via its letter dated 13th November 2003 and 17th
November 2003 approved the proposed modifications to the PRS.
The approval of the SC on the PRS was subject to compliance of
stipulated terms and conditions as announced on 18th November
2003 and 19th November 2003.
The Working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.
The SC, via its letter dated 15th April 2004 extended the
implementation of the PRS to 16th October 2004.
SARAWAK ENTERPRISE: Requests Extended Trading Suspension
--------------------------------------------------------
Sarawak Enterprise Corporation Berhad, would like to refer to
the company's announcement dated 30 April 2004, requesting for
the suspension in the trading of the shares of the Company on
the Main Board of Bursa Malaysia.
Further to that announcement, the Board of Directors would like
to announce that the Company is still finalizing the Memorandum
of Understanding (MOU) for the proposed rationalization and
restructuring exercise, for which an announcement is being
prepared.
The MOU will be executed on 6 May 2004 and the salient terms of
the MOU will be announced on 6 May 2004.
This Bursa Malaysia announcement is dated 5 May 2004.
SATERAS RESOURCES: Issues Update on Practice Note 4/2001
--------------------------------------------------------
The Board of Directors of Sateras resources (Malaysia) Berhad
announced on 5 May 2004, on the Bursa Malaysia Securities Berhad
that the Securities Commission vide its letter dated 31 March
2004 approved the Proposed Restructuring Scheme of Sateras and
the resulting equity structure pursuant to the Guidelines for
Regulation of Acquisition of Assets, Mergers and Take-Overs,1974
as issued by the Foreign Investment Committee.
The Company is working towards implementing the exercise as
approved by the Securities Commission.
SRIWANI HOLDINGS: Reveals Restructuring Developments
----------------------------------------------------
Sriwani Holdings Berhad, in a monthly notice to the Bursa
Malaysia Securities Berhad, announced that the company had
obtained approval of the Securities Commission, subject to
certain conditions, for certain revisions to the existing plan
of SHB to regularize its financial condition, details of which
have been announced on Bursa Malaysia on 16 April 2004.
This notice was issued in compliance with Paragraph 4.1 of
Practice Note 4/2001 of the Listing Requirements of the Bursa
Malaysia Securities Berhad.
SRIWANI HOLDINGS: Issues Qualification Of Financial Statement
-------------------------------------------------------------
The Board of Directors of Sriwani Holdings Berhad (SHB), in a
disclosure dated 5 May 2004 to the Bursa Malaysia Securities
Berhad, announced that the Auditors of the Company have issued a
qualification in respect of the Audited Financial Statements of
SHB for the year ended 31 December 2003 in their report
addressed to the shareholders of the Company dated 23 April
2004. The details of the qualification are as follows:
"As disclosed in Note 36 to the financial statements, the
Company and certain of its subsidiaries (Scheme Companies)
entered into a Debt Restructuring Agreement (DRA) with certain
lenders in 2002 for the purposes of facilitating the Group's
Proposed Restructuring Plan. Under the terms of the DRA,
interest expense for the period from 1 January 2002 to 31
December 2002 is to be waived and for periods thereafter,
interest will accrue at a rate of 4 percent per annum. In
addition, under the terms of the DRA, if the conditions
stipulated in the DRA are not met resulting in the scheme not
being successfully completed, the parties to the DRA should
revert to their original positions prior to signing the DRA.
As disclosed in Note 10 to the financial statements, the Group
and Company has accrued interest expense at 4 percent per annum
for the financial year ended 31 December 2003. However, as the
scheme is pending approval from the shareholders and also
pending completion, we are of the opinion that financial effects
of the reduction in interest rates from the original rates
stipulated by the lenders to 4 percent per annum should only be
recognized upon successful implementation and completion of the
scheme. Accordingly, in our opinion, the loss for the year, bank
borrowings and shareholders' deficit as at 31 December 2003 for
the Group and of the Company should be increased by RM30,508,680
and RM21,653,803 respectively.
In our opinion, except for the effects on the financial
statements of the matter referred to in the preceding paragraph,
the financial statements have been properly drawn up in
accordance with the provisions of the Companies Act, 1965 and
applicable Approved Accounting Standards in Malaysia so as to
give a true and fair view of:
(i) the financial position of the Group and of the Company as at
31 December 2003 and of the results and the cash flows of the
Group and of the Company for the year then ended;
(ii) the matters required by Section 169 of the Companies Act,
1965 to be dealt with in the financial statements.
In our opinion, the accounting and other records and the
registers required by the Act to be kept by the Company and by
its subsidiaries of which we have acted as auditors have been
properly kept in accordance with the provisions of the Act."
Note:
On 27 February 2004 a legal opinion was obtained by the Company
which states that, subject to all the qualifications,
presumptions and assumptions stated in the legal opinion, it is
more probable to apply the interest rate of 4% as per the DRA
for interest chargeable for the financial period ended 31
December 2003, based on, inter-alia:
- The Company has the option to implement the Proposed
Restructuring Plan which was approved by the Securities
Commission on 31 October 2002 should the new proposal submitted
on in December 2003 to the SC be rejected.
- There is no occurrence of any event of default as defined in
the DRA.
- All Conditions Precedent of the DRA has been met.
- If all the conditions, covenants and undertakings under the
DRA are fulfilled by the Scheme Companies.
On 15 April 2004, the Company had obtained the approval from the
Securities Commission, subject to certain conditions, for
certain revisions to the new proposals, detail of which has been
announced to Bursa Malaysia on 16 April 2004.
UCP RESOURCES: Releases Default In Payment Update
-------------------------------------------------
In accordance with Practice Note 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements, UCP Resources Berhad
announced with the Bursa Malaysia Securities Berhad on 5 May
2004, an update on the company's default in payment.
(i) UCP Manufacturing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 30 April 2004, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM45,066,472 made up of a principal sum of
RM40,494,649 and interest of RM4,571,823;
(ii) UCP Marketing (M) Sdn. Bhd., a subsidiary of UCP Resources
Bhd, as at 30 April 2004, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM7,971,746 made up of a
principal sum of RM7,936,500 and interest of RM35,246; and
(iii) Universal Concrete Products Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 30 April 2004, defaulted in repayment of
Bankers Acceptance and Overdraft amounting to RM3,990,326 made
up of a principal sum of RM3,984,689 and interest of RM5,637.
The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.
UNITED CHEMICAL: Informs Of Restructuring Progress
--------------------------------------------------
United Chemical Industries Berhad (UCI), in a notice dated 5 May
2004 and posted with the Bursa Malaysia Securities Berhad,
announced updates pursuant to the Practice Note 4/2001-
Corporate and Debt Restructuring.
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of UCI, had on 23 April 2004 announced that the
Ministry of International Trade and Industry had, vide its
letter dated 22 April 2004, informed that it has no objection to
the revisions made to the Proposed Restructuring of UCI.
UCI is currently awaiting the outcome of its application to the
Foreign Investment Committee in respect of the revised Proposed
Restructuring.
Further to the above, UCI had via its letter dated 5 May 2004,
agreed to extend the rental period of its manufacturing property
to Advance Technical Fabrics Sdn Bhd (ATFSB) for one (1) year
commencing from 1 April 2004, at a monthly rental of RM20,000
payable one month in advance. The rental period in respect of
UCI's manufacturing property expired on 31 March 2004 in
accordance to the agreement entered into between UCI and ATFSB
on 30 April 2003.
Save for the above, there is no other major development to the
Proposed Restructuring of UCI.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Sets Investors And Analysts Briefing
----------------------------------------------------------
ABS-CBN Broadcasting Corp. informs the Philippine Stock Exchange
that the company will be having an investors and Analysts
Briefing to discuss its First Quarter 2004 Results on May 13,
2004 Thursday at 3 p.m. at the Training Hall B, 13th Floor, ELJ
Communications Centre, Eugenio Lopez Jr. Street, Quezon City.
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
NEGROS NAVIGATION: Court Orders 5 Vessels Grounded
--------------------------------------------------
Five vessels of Negros Navigation Co. were grounded again on
Monday as a result of a petition filed by Tsuneishi Heavy
Industries (THI) to the Court of Appeals Special 12th Division,
according to the BusinessWorld Online.
The said court issued a temporary restraining order to Nenaco
causing the suspension of five vessels namely, M/V Princess of
Negros, M/V St. Peter the Apostle, M/V San Paolo, M/V San
Sebastian and M/V Fatima to suspend normal operations.
Passengers affected were mostly from Iloilo and Bacolod. In
Roxas, Capiz almost 5,000 passengers were stranded.
However Nenaco's two other vessels, M/V St. Joseph the Worker
and M/V San Lorenzo Ruiz still continue servicing the Manila-
Iloilo-Bacolod-Manila and Tagbilaran-Cebu-Manila routes
respectively.
As a result of the grounding, Nenaco said it missed out PhP15
million potential revenue as of Wednesday and incurred an
estimated PhP72 million loss.
Angelito Salvio, Nenaco Bacolod-Iloilo branch manager, said that
they were planning to stage a protest in Manila for the lifting
of the restraining order to be able for Nenaco to resume its
normal operations.
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
NEGROS NAVIGATION: Issues Clarification of News Article
-------------------------------------------------------
Negros Navigation Co. Inc. (Nenaco) disclosed to the Philippine
Stock Exchange clarification of the news article entitled,
"Nenaco woes continue as SEC poises sanctions" published in the
May 5, 2004 issue of the Philippine Star (Internet Edition).
The article reported, "On top of its financial woes, Negros
Navigation Co. Inc., the shipping subsidiary of property holding
company Metro Pacific Corp. also faces sanctions from the
Securities and Exchange Commission (SEC) for alleged violation
of securities regulations.
Teh SEC issued a show-cause letter to Nenaco for the firm's
alleged failure to comply with Sec. 17.1 of the Securities
Regulation Code, which requires all listed corporations to
disclose any known trend, event or uncertainty which requires
all listed corporations to disclose any known trend, event of
the show-cause order came after the Manila Regional Trial Court
granted Nenaco's petition for corporate rehabilitation and
suspension of debt payments worth PhP2.5 billion. In its third
quarter report filed with the SEC.
Nenaco disclosed that it has achieved significant progress in
debt reduction and fiscal stability but failed to mention any
uncertainty that may have an adverse effect on its liquidity.
"In our letter to the Securities and Exchange Commission dated
April 29, 2004, in reply to their show-cause letter dated April
13, 2004 which we received only on April 19, 2004, the company
sufficiently explained that there was no violation of Section
17.1 of the Securities Regulation Code which requires all listed
corporation to disclose any known trend, event or uncertainty
which may have a material impact on their liquidity."
PHILIPPINE BANK: Releases Reason for Director's Resignation
-----------------------------------------------------------
Philippine Bank of Commerce (PBCom) submits to the Philippine
Stock Exchange a clarification on the reason of the resignation
of Mr. Peter C. Lim as Director of PBCom which was reported in
SEC Form 17-C filed last March 26, 2004, the company wishes to
inform the Exchange that Mr. Lim resigned from the PBCom Board
to give way to the election of Philippine Deposit Insurance
Corporation (PDIC) nominee to the Board, Mr. J. Antonio M.
Quila, pursuant to the PDIC enhancement program for PBCom.
Contact:
Philippine Bank Of Communication
PBCom Tower, 6795 Ayala Ave. Cor.
Herrera St., 1226 Makati City
Telephone No/s: 830-7000 (TL)
Fax No/s: 818-2576 (Telefax)
Email Address: info@pbcom.com.ph
Website: http://www.pbcom.com.ph
PHILIPPINE LONG: Bags SuperBrands 2004 Award
--------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) submits to the
Philippine Stock Exchange a copy of the press release entitled
"PLDT wins SuperBrands 2004 Award."
Philippine Long Distance Telephone Co. recently bagged the
Reader's Digest SuperBrands 2004 Platinum Award for being the
most trusted and preferred brand for telecommunications services
in the country.
"We are very honored to have this award. It only shows that
Filipino consumers believe in our products and services and that
PLDT satisfies customer's communications needs," said PLDT
President and CEO Napoleon L. Nazareno.
The awardees were determined through a survey conducted by
Reader's Digest across 41 different product categories in six
key Asian markets, namely, Hong Kong, Malaysia, Singapore,
Taiwan, Thailand and the Philippines.
Simon Cholmeley, Reader's Digest Regional Advertising Director,
said this survey could be a valuable reference tool for
consumers and marketers throughout Asia.
To view full copy of this press release, click
http://bankrupt.com/misc/PHILIPPINELONG050604.pdf
Contact:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone No/s: 814-3552; 888-0188
Fax No/s: 813-2292
Website: http://www.pldt.com.ph
PHILIPPINE LONG: Projects 3M Increase in Mobile Subscriber
----------------------------------------------------------
Philippine Long Distance Telephone Co's. Chief Executive Officer
Napoleon Nazareno sees a three million increase in Smart
Communications Inc. and affiliate Pilipino Telephone Corp's.
(Piltel) subscribers in three years, AFX-Asia reports.
Penetration rate for mobile subscribers have reached 30 percent
surpassing the estimated 25 percent by 2005, thus seeing a rate
increase of 35 to 40 percent. Mr. Nazareno said.
Smart and Piltel subscriber totals 14.4 million as of end March
up from 12.9 million at end 2003.
PLDT's forecast is still conservative, compared to the
projection of some foreign analysts that cellular phone
subscribers in the Philippines will hit about 30 million this
year and grow to 35 million in 2005.
"Penetration rate does not translate to saturation point. This
is ... why we continue to work hard to increase subscriber
base," according to Mr. Nazareno.
=================
S I N G A P O R E
=================
BATCH-TEC PTE: Liquidators Appointed
------------------------------------
In the matter of Batch-Tec Pte Ltd.'s winding up order dated 23
April 2004, please be informed that a liquidator has been
appointed to the said company.
Name and Address of Liquidator:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
This Notice was submitted by
Messrs SNG & CO
Solicitors for the Petitioner.
This Singapore Government Gazette announcement was dated 30
April 2004.
ENVIRONMENTAL ENGINEERING: Issues Dividend Notice
-------------------------------------------------
Environmental Engineering Services (Asia) Pte Ltd. issued a
notice of intended dividend as follows:
Address of Registered Office: Formerly of 8 Jalan Kilang Timor
#01-02 Kew Alarm House.
Court: High Court, Singapore.
Number of Matter: Companies Winding Up No. 60038 of 2001.
Last Day for Receiving Proofs: 14 May 2004.
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
KAMALA PONNAMPALAM
Assistant Official Receiver.
This Singapore Government Gazette announcement was dated 30
April 2004.
MEDIASTREAM LIMITED: Extends AGM To May 31
------------------------------------------
Further to the announcement by MediaStream Limited on 3 May
2004, the Company wishes to announce that the Accounting and
Corporate Regulatory Authority (ACRA) had on 4 May 2004 granted
the Company an extension of time up to 31 May 2004 to hold its
annual general meeting (AGM). As the Company is unable to comply
with the deadline of 31 May 2004 to hold its AGM, the Company
made further representations to ACRA to allow the Company to
hold its AGM by 15 June 2004. The Company will keep shareholders
informed of further developments.
By Order of the Board
Anthony Ow Hin Jiu
Director
MediaStream Limited
Submitted by Anthony Ow Hin Jiu, Director on 05 May 2004 to the
Singapore Exchange
SEATOWN CORPORATION: Issues Default Status Update
-------------------------------------------------
The Board of Directors of Seatown Corporation Ltd refer to the
announcements released by the Company on 1 July 2003 regarding
the state of the banking facilities obtained by the Company's
subsidiaries and, which are currently in default. The Directors
wish to announce that, other than matters previously announced
by the Company, there have been no further developments since
the date of the earlier announcements.
Submitted by The Board of Directors, Seatown Corporation Ltd on
05 May 2004 to the Singapore Exchange
SELCO SALVAGE: Releases Dividend Notice
----------------------------------------
Selco Salvage Limited (In Compulsory Liquidation) issued a
notice of intended dividend as follows:
Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424.
Court: High Court of Singapore.
Number of Matter: Companies Winding Up No. 472 of 1986.
Last Day for Receiving Proofs: 14 May 2004.
Name of Liquidators: Ramasamy Subramaniam Iyer.
Goh Thien Phong.
Address : c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424.
This Singapore Government Gazette announcement was dated 30
April 2004.
===============
T H A I L A N D
===============
EMC: Releases List of Board of Directors
----------------------------------------
EMC PCL disclosed to the Stock Exchange of Thailand a list of
the company's Board of Directors, Management and Audit Committee
on May 4, 2004:
(1) The Board of Directors
(a) Mr. Suthisak Lohsawat- Chairman
(b) Mr. Komol Wongpornpenpap- Director
(c) Mrs.Rasri Wipadapisut- Independent Director
(d) Lt.Gen. Samang Thongpan- Director
(e) Police Major General Panomsak Tungtong- Independent Director
(f) L.T.Gen. Werasak Phairach- Independent Director
(g) Mrs. Sunee Sornchaitanasuk- Director
(h) Mr. Prasert Kasemkomet- Director
(i) Mr. Suriya Lapvisutisin- Director
(j) Mr. Chaiyong Ratanacharoensiri- Director
The names and number of directors who are authorized persons of
the company are:
- Mr. Komol Wongponpenphap,
- Mr. Suthisak Lohsawat,
- Lt.Gen. Samang Thongpan
- Mr. Prasert Kasemkomet two of these four directors co-signed
with the company's seal "
(2) The Board of Directors and Management
(a) Mr. Suthisak Lohsawat- Chairman
(b) Mr. Komol Wongpornpenpap- President
(c) Lt.Gen. Samang Thongpan- Senior Executive Vice President and
CFO
(3) The Audit Committee
(a) Mrs.Rasri Wipadapisut- Chairman of Audit Committee
(b) L.T.Gen. Werasak Phairach- Audit Committee
(c) Police Major General Panomsak Tungtong- Audit Committee
Company Secretary: Miss Solossaya Jeebsuwan
Yours faithfully,
(Lt.Gen. Samang Thongpan)
Director
NATIONAL FERTILIZER: Details Changes of Capital
-----------------------------------------------
The C.J. Morgan Company Limited as the plan administrator of The
National Fertilizer PCL (NFC) would like to inform the Stock
Exchange of Thailand that on 11 February 2004, the Central
Bankruptcy Court rendered an order to decrease and increase
registered capital of The National Fertilizer PCL.
(1) Decrease and Increase of Capital (1st)
- To reduce and cancel the un-paid registered capital
180,509,260 shares (1,805,092,600 baht)
- To reduce the paid-up registered shares from 1,313,946,879
shares to 6,486,197 shares at the par value 10 baht
- To increase registered capital at least 58,375,775 shares by
converting debt to equity for Group1 creditors and Group 2
creditors at the conversion of debt to equity 10 baht to 1 share
so the registered capital will be 648,619,720 baht (64,861,972
shares)
(The proportion of present shareholders will decrease to 10
percent of the remaining paid-up capital)
Therefore, NFC will determine the date for closing the
shareholder register book on May 19, 2004 at 12 a.m. until the
decreasing of capital will be completed, in order to have the
final list of shareholders who are required to reduce the
shareholding by 202.58 existing shares to 1 share.
In case of having any fraction, it will be rounded up or down by
calculating as follows; if the value of the first decimal is
more than or equal to 5, should be rounded up, but if it is less
than 5, it should be cut off. If the total shares after
decreasing of capital is less than or more than the shares which
has been set as the plan, it should be acted as follows:
- The decreasing of capital will be done from the highest to the
lowest shareholders accordingly, until the total shares reach
6,486,197 according to the plan under the condition that the
shareholder who hold the same amount of shares will get the same
amount of shares.
- After decreasing, if the total registered capital is less than
6,486,197 shares according to the plan, the shareholders who
have the residual share less than or nearest 0.5 will be rounded
up to 1 share.
But if in case, after decreasing, the total registered capital
is more than 6,486,197 shares according to the plan, the
shareholders who have the residual share more than or nearest
0.5 will be rounded down to 1 share.
Please be advised accordingly
Yours respectfully,
Mr.Visoot Kajchamaporn and Mr. Ziriwat Anunkusri
C.J. Morgan Company Limited
On behalf of the Plan Administrator of National Fertilize PCL.
SIAM SYNTEC: Provides Financial Assistance to Richee Intertrade
---------------------------------------------------------------
Siam Syntech Construction PCL, hereby notifies the Stock
Exchange of Thailand that the Board of Directors Meeting held on
December 8, 2003, resolved for the Company to render financial
assistance by providing loan in proportion of its shareholding
to Richee Intertrade Supply Co., Ltd., with the following
details:
(1) Date, Month, Year of Transaction:
After approval by the Board of Directors Meeting, the Company
has given 300 million Baht for borrowing to Richee Intertrade
Supply Co.,Ltd. Later on January 30th, 2004, Natural Park PCL
transferred 190 Million Baht to Richee Intertrade Supply
Co.,Ltd. to repay the Company.
(2) Related Parties and Relationship between the Parties
Lender: Siam Syntech Construction PCL
Borrower: Richee Intertrade Supply Co., Ltd.
Relationship between the Parties:
The Company is a shareholder, holding 249,995 shares in Richee
Intertrade Supply Co., Ltd. being approximately 25% of the paid
up capital of Richee Intertrade Supply Co., Ltd.
(3) General Characteristics of Transaction:
The Company as a shareholder in Richee Intertrade Supply Co.,
Ltd. will provide loan to Richee Intertrade Supply Co., Ltd. in
proportion of their shareholding in the amount not exceeding
1,200 Million Baht without the collateral.
(4) Loan Amount:
Being the loan amount jointly given by the Company and Natural
Park Public Company Limited whereas the Company shall lend 25%
of the entire sum, in the meanwhile, Natural Park PCL shall lend
75% thereof. At present, the Company has already released 110
million Baht. By all these, the loan amount given by the Company
shall not exceed 300 million Baht.
(5) Interest Rate:
At the rate of SCB fixed deposit plus 3.0 percent.
(6) Loan Term:
Approximately 36 months, to be drawn down, from time to time, as
needed by Richee Intertrade Supply Co., Ltd.
(7) Repayment of Loan: At call
(8) Objective of Loan:
To be used as working capital of Richee Intertrade Supply Co.,
Ltd. in the operation of the land development project for
construction of a hotel which is adjoining Siam Paragon Shopping
Center Project, Rama I Road.
(9) Source of Funds: From the capital of the Company.
(10) Benefits expected to be derived by: Receipt of remuneration
from the loan.
(11) Opinion of Directors and Independent Directors:
The financial assistance is given to Richee Intertrade Supply
Company Limited is reasonable based on the shares' equity held
by Richee Intertrade Supply Company Limited and the Company will
receive returnable interests higher than the rate of interest of
deposit accounts given by commercial banks, in addition, the
operation by Richee Intertrade Supply Company Limited will be
also more flexible. Consequently, the Company is likely to earn
remuneration more and faster.
(12) Interested Director:
Mr. Paisarn Tangyoenyong, who is the Director representing
Natural Park PCL as the major shareholder of the Company, did
not attend the Board of Directors Meeting for consideration of
the said matter.
Please be informed accordingly.
Sincerely yours,
Mr. Somchai Sirilertpanich
Director
THAI DURABLE: Releases Resolutions of Shareholders AGM
------------------------------------------------------
Thai Durable Group PCL disclosed to the Stock Exchange of
Thailand its 2004 Annual General Meeting of Shareholders held on
April 30, 2004, has resolved the following Agenda Items:
(1) Certified the Extra-Ordinary Shareholders Meeting No.1/2004.
(2) Acknowledge the operating results of the Company during the
year 2003 and approved the Annual Report of the Board of
Directors.
(3) Approved the audited balance sheet and profit and loss
statements of the Company for the year ended 31st December 2003.
(4) Approved the omission of dividend in respect of the 2003
operating results as the company still incurred accumulated
losses in the year 2003.
(5) Approved Mr. Teing Jongteingtrong and Mr. Mongkorn
Dhanasuckanchana , being the Company's directors who retired by
rotation, be re-elected as the Company's directors and that the
directors' remuneration for the year 2004 be not more than of
Baht 3,000,000.
(6) Approved the appointment of Mr.Pisit Chiwaruangroch
Certified Public Accountant No. 2803 and/or Mr. Vichien
Thamtrakul Certified Public Accountant No. 3183 , and/or Miss
Kalyarat Chaivorapongsa Certified Public Accountant No. 3460
of KPMG Phoomchai Audit Ltd. as the company auditors the
accounting period in the year 2004, and to fix their
remuneration of Baht 1,350,000 .
(7) Approved the amendment of the details and conditions of the
warrants by canceling the condition stating that the Company is
entitled to exercise the right to call the holder to exercise
the right under the Warrants, in whole or in part, prior to the
date specified in the Warrants (Call Option Conditions).
At present, there is no sufficient measure to ensure that the
subsequent holders are informed of the Call Option Conditions as
prescribed in the Securities and Exchange Commission
Notification on Application for and Approval of Offer of
Warrants for Newly Issued Shares and Issuance of New Shares to
Accommodate the Warrants.
The investors may not have sufficient information about the Call
Option Conditions to make decisions on investing in the Warrants
for the purpose of protecting the subsequent holders and
investors.
For your acknowledgement.
Yours sincerely,
(Mrs. Phakarat Visudhimark)
The Managing Director
THAI HEAT: Issues 31,408,200 Preferred Stocks
-----------------------------------------------
Thai Heat Exchange PCL (THECO) informs the Stock Exchange of
Thailand that it has issued 31,408,200 preferred stocks
according to the recent financial restructure and rehabilitation
plan that allows the conversion being done at the end of each
quarter.
As March 31,2004 the company has preferred stocks 7,762,300
shares and paid up common stock 54,223,500 shares.
Preferred Amount Ratio Price Conversion New Common
Stocks Stock Stock
KBANK 268,600 1: 1 - 268,600
By the conversion as mentioned above, it is concluded that the
total number of preferred stocks have 7,493,700 stocks and the
paid up common stock then have been changed from 54,223,500
units value 542,235,000 baht to be 54,492,100 units value
544,921,000 baht.
As the reorganization planner of Thai Heat Exchange PLC.
MR.Surin Wanpensakul
Authorized Director
* 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
---------
Barito Pacific Timber Tbk Pt BRPT (50.67) 393.92
PT Lippo Securities Tbk LPPS (-2.23) 17.60
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 (2.45) 324.94
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
Jutha Maritime JUTHA (-0.78) 29.03
Jutha Maritime-F PCL JUTHA/F (-0.78) 29.03
National Fertilizer PCL NFC (-91.34) 293.84
National Fertilizer PCL-F NFC/F (-91.34) 293.84
Siam Agro-Industry Pineapple
And Others PCL SAIC (-14.84) 13.32
Siam Agro-Industry Pineapple
And Others PCL-F SAICO/F (-14.84) 13.32
Thai Wah Public
Company Limited TWC (-43.88) 168.15
Thai Wah Public
Company Limited-F TWC/F (-43.88) 168.15
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
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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