/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040514.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 14, 2004, Vol. 7, No. 94 Headlines A U S T R A L I A CARTER HOLT: Tissue Business Sale Goes Unconditional COLES MYER: Posts 23.6% Increases in 3Q Sales COLES MYER: Appoints New Officeworks Managing Director COLES MYER: Denies Plans to Acquire Foodland or Metcash Assets MITSUBISHI AUSTRALIA: Plans Rescue Talks NOVUS PETROLEUM: Issues Notice on Extension Of Offer Period C H I N A & H O N G K O N G BILLYBALA HOLDINGS: Widens Net Loss to HK$2.665M CHAN KAM: Enters Bankruptcy Proceedings GET LIGHT: Winding up Hearing Set June 2 J-TEAM SYSTEM: Faces Winding up Petition KUNG CHI: Enters Bankruptcy Proceedings LAM CHUI: Creditors Meeting Set May 14 LO PUI: Creditors Meeting Slated for Today META-GROW LIMITED: Creditors Must Submit Claims by May 31 SHANGHAI JIAODA: Posts 2004 Net Loss to RMB3.153M YU MING: Creditors Meeting Set Today I N D O N E S I A KIANI KERTAS: Restructuring Will Decrease Non-performing Loans J A P A N JAPAN AIRLINES: Fitch Assigns 'BB-' Rating KANEBO LIMITED: Slashes Core Textile Operations KONAMI CORPORATION: Returns to Profit in 2003 MITSUBISHI MOTORS: Ripplewood May Inject Y100B MITSUBISHI MOTORS: Seeks Y450B; Phoenix May Help SKY PERFECT: Returns to Profit in 2003 K O R E A KOREA EXCHANGE: Turns to Profit on Reduced Bad Debts SSANGYONG MOTOR: Net Profit Tumbles 76% M A L A Y S I A ANCOM BERHAD: Purchases Ordinary Shares Worth RM52,260 BERJAYA SPORTS: New Shares For Listing and Quotation BOUSTEAD HOLDINGS: Presents April 2004 Crop Production Figures EPE POWER: SC Grants More Time To Complete Audit FACB RESORTS: Karambunai Unit Buys Shares In Dapan Construction HAP SENG: Buys Back Ordinary Shares HAP SENG: Issues Notice of Share Buy-back HO HUP: Reports Closed Period Dealings MALAYSIA AIRLINES: Still Has To Pick Engine For New A380-800s MALAYSIA MINING: Offers Voluntary Separation To 173 Employees MALAYSIAN RESOURCES: Sells Zelleco Shares To Maxdeluxe OMEGA HOLDINGS: Presents Third Quarter Results PILECON ENGINEERING: Reaches Agreement With PDX Computers PROMTO BERHAD: Announces Change In Share Registrar PROMTO BERHAD: Group Granted Restraining Order RHB CAPITAL: Issues Corrections To Financial Results SRIWANI HOLDINGS: SC Approves Placement Exercise TRONOH MINES: Announces A Change In Address TRONOH MINES: Announces Resignation Of Secretary P H I L I P P I N E S NATIONAL POWER: To Maintain PhP115B Net Loss NEGROS NAVIGATION: Issues Clarification of News Article NEGROS NAVIGATION: To Ask SEC To Reconsider Penalty PILIPINO TELEPHONE: Posts Net Income of PhP8M S I N G A P O R E DATACRAFT ASIA: Returns to Profit in Second Quarter DENETRON: Issues Dividend Notice GEOK TEE: Releases Dividend Notice INTRACO LIMITED: Appoints Tan Ng Chee as Deputy Chairman PAC-AM RESTAURANTS: Issues Dividend Notice SINGRE INFORMATION: Creditors Must Submit Claims by June 7 T H A I L A N D EASTERN WIRE: Unveils Board Meeting Results RAIMON LAND: Posts 1Q Consolidated Unaudited Result RAIMON LAND: Clarifies Operating Result * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= CARTER HOLT: Tissue Business Sale Goes Unconditional ---------------------------------------------------- On March 25, 2004 Carter Holt Harvey advised the market that it had entered into an agreement to sell its Tissue business and its 50 per cent interest in Sancella to Svenska Cellulosa Aktiebolaget (SCA). The agreement was conditional on matters including normal regulatory consents from the Overseas Investment Commission (OIC) and Foreign Investment Review Board (FIRB). Carter Holt Harvey confirms in a press release that the conditions precedent has now been satisfied and the agreement has become unconditional. Completion of the sale will take place within the next couple of weeks. Contact: Nigel Glennie Manager-Communications & Media Carter Holt Harvey Telephone: +61 3 9823 1635 Mobile: +61 410 044 514 Email: nigel.glennie@au.chh.com COLES MYER: Posts 23.6% Increases in 3Q Sales --------------------------------------------- Coles Myer Ltd (CML) announced in a press release on Wednesday third quarter sales of $8.0 billion, an increase of 23.6 percent for the 13 weeks ended April 25, 2004 (Q2 2004: 14.5 percent). "This is a strong result, delivering on our goals of growing shareholder value through delighting our customers and being the best team," CML CEO John Fletcher said. "Our Food and Liquor business has reported its best quarter in two years, reflecting increased sales growth momentum and market share gains. The non-food brands have grown sales in highly competitive markets, with further improvement in the quality of sales and margins, despite unseasonably warm weather reducing foot traffic over Easter. "The Group EBIT margin has increased year to date, reflecting margin expansion in both the Food and Liquor business and in our non-food brands," Mr. Fletcher said. Food, Liquor and Fuel sales rose by 34.4 percent. Excluding fuel, sales growth increased to 9.3 percent, led by the excellent customer response to the Coles Express fuel offer and the new fresh produce departments. Kmart and Officeworks combined sales rose by 4.3 percent and Target sales were up by 6.5 percent, with margins improving in both of these businesses. Myer and Megamart combined sales increased by 0.2 percent. Myer's sales and margins over the quarter were in line with expectations. Myer's key business categories of women's and men's apparel, cosmetics and soft home rose solidly, however, disappointing sales at Megamart in the highly competitive electrical category impacted the combined result. "The Coles Myer Share Sale Facility closed on April 23, with less than 8 percent of eligible shareholders choosing to sell their shares. We are optimistic that this response reflects shareholders' support for our customer-focused strategy and our significant improvement in financial performance," Mr. Fletcher said. Food, Liquor and Fuel Food and Liquor comparative store sales growth increased to 5.1 percent (excluding Fuel and Convenience sales), up from 4.0% in the second quarter. The focus on delighting customers is delivering results. Coles' new fresh produce departments have now been introduced in over 80% of supermarkets. The new store program is also continuing to plan, with four supermarkets and three liquor outlets opened in the quarter. The national roll-out of Coles Express was successfully completed during the quarter, with 598 sites now operating throughout Australia. The Coles Express business is expected to exceed its cost of capital and be EPS positive in its first year of operation. Looking ahead, sales growth will be driven by providing great value and innovative offers across the network, including expansion of fresh food to increase customer frequency and basket size and continuing development of house brands. Kmart & Officeworks' combined sales increased by 4.3% in the third quarter, against a very high prior year result of 16.7% growth. Kmart continued to progress in the highly competitive discount department store environment. Kmart's focus remains on providing customers with the best range of products at the lowest prices, the most exciting events and an improved shopping environment. Sales in the fourth quarter have strengthened, benefiting from the continued improvement to the brand's product and marketing offer. Kmart opened one new store (Parkes NSW) and replaced one store (Werribee Victoria). Officeworks delivered another good performance, reflecting its great range, convenience, customer service and low prices. During the quarter, Officeworks cycled its successful Viking office products acquisition (purchased in January 2003), and one new store was opened. The Myer result was in line with strategy, including a solid uplift in Myer's key business categories of women's and men's apparel, cosmetics and soft home. However, sales at Megamart in the highly competitive electrical category were disappointing, impacting the combined result (Myer and Megamart combined sales up 0.2%). Myer continues to progress against its strategic goals, with the quality of sales, margins and inventory further improving during the quarter. In line with strategy, Myer has remained focused on delivering its planned marketing program, balancing branding, fashion and promotion to drive higher quality sales. Customer feedback on the re-brand of Grace Bros stores in NSW and ACT to Myer has been positive. Improvements in merchandise and store environment were completed in three of the larger Sydney stores - Chatswood, Parramatta and Macquarie - late in the quarter. Myer Bondi opened strongly on 21 April in that important market, and is already showing its potential to become one of Myer's top performing stores. There is clear focus on delivering improvements in Megamart to ensure strong positioning in the very competitive electrical market. Target's sales increased by 6.5 percent, a strong result on last year's high base of 13.4 percent growth. Target continues to successfully deliver on its strategy of on- trend, affordable and high quality ranges, combined with excellent store execution and rapid sell-through within each season. Target's speed to market with new merchandise ranges and successful events continues to drive customer appeal. Continuing its portfolio management, Target opened one new store in the quarter at Bondi and a replacement store at Busselton in WA. Target's focus on the right merchandise, events, store layout and execution should position the business well, in what is expected to be an increasingly competitive market. Outlook Guidance of underlying net profit after tax of $558-568 million for FY2004 remains unchanged. Net of supply chain implementation costs ($40 million pre-tax), Group earnings of $530-540 million are expected. Contact: Media: Scott Whiffin Telephone: 03 9829 5548 Analysts: Amanda Fischer Telephone: 03 9829 4521 COLES MYER: Appoints New Officeworks Managing Director ------------------------------------------------------ Coles Myer CEO John Fletcher announced in a press release on Wednesday the appointment of Launa Inman as Managing Director of Officeworks. Ms. Inman, currently the General Manager of Apparel and Accessories at Target, will commence in the position on Monday 17 May. She replaces Peter Scott who was appointed Managing Director of Coles Myer Liquor Group in March. "I am delighted Launa has agreed to take on the role at Officeworks," Mr. Fletcher said. "She will bring considerable retail experience and expertise to the role." "Officeworks is one of our fastest growing brands, focussing on offering a great range of office products from 75 stores around Australia." Ms. Inman, who is the 2003 Telstra Business Woman of the Year, previously held senior merchandising roles at Big W and large South African based retail companies, Pages and Edgars, prior to joining Coles Myer in January 2001. Contact: Media: Scott Whiffin Telephone: 03 9829 5548 Analysts: Amanda Fischer Telephone: 03 9829 4521 COLES MYER: Denies Plans to Acquire Foodland or Metcash Assets -------------------------------------------------------------- Coles Myer Ltd. denies it is planning an assets purchase of either Foodland Associated Ltd. or Metcash Trading Ltd. according to Dow Jones. John Fletcher, the company's chief executive said they are not focused on buying either as the Company has more pressing issues to deal with now. MITSUBISHI AUSTRALIA: Plans Rescue Talks ---------------------------------------- Australian Industry Minister Ian Macfarlane will arrive in Japan early next week for talks with Mitsubishi Motors Corporation to prevent the Mitsubishi Australian plant from closing, Dow Jones reports, citing the Financial Times. Mr. Macfarlane will meet Yoichiro Okazaki, the newly appointed Chief Executive of Mitsubishi Motors Corporation, and other members of a rehabilitation team that is devising a rescue plan for the ailing carmaker. The report said the meeting would focus on the politically sensitive issue of whether the Australian government is prepared to provide financial support in return for keeping the plant open. NOVUS PETROLEUM: Issues Notice on Extension Of Offer Period ----------------------------------------------------------- Sunov Petroleum Pty Ltd. submits to the Australian Stock Exchange a notice on the extension of its offer period for the takeover bid of Novus Petroleum Ltd. The offer period is now scheduled to close at 6:00 p.m. (Sydney time) on June 3, 2004. For a copy of the notice on status of bid conditions, click http://bankrupt.com/misc/NOVUSPETROLEUM051304.pdf ============================== C H I N A & H O N G K O N G ============================== BILLYBALA HOLDINGS: Widens Net Loss to HK$2.665M ------------------------------------------------ Billybala Holdings Limited incurred a net loss of HK$2.665 million in the first quarter of this year, versus a net loss of HK$2.134 million a year earlier, Infocast News reports. The loss per share (LPS) was 0.61 cent. No dividend was declared. CHAN KAM: Enters Bankruptcy Proceedings --------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chan Kam Tin (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 14 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. GET LIGHT: Winding up Hearing Set June 2 ---------------------------------------- Notice is hereby given that a petition for the winding up of Get Light Development Limited by the High Court of Hong Kong was on the 25 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. CHU & LAU Solicitors for the Petitioner, 2nd Floor, The Chinese General Chamber of Commerce Building 24-25 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 1 June 2004. J-TEAM SYSTEM: Faces Winding up Petition ---------------------------------------- Notice is hereby given that a petition for the winding up of J- Team System (HK) Limited by the High Court of Hong Kong was on the 25 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. CHU & LAU Solicitors for the Petitioner, 2nd Floor, The Chinese General Chamber of Commerce Building 24-25 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 1 June 2004. KUNG CHI: Enters Bankruptcy Proceedings --------------------------------------- Notice is hereby given that the General Meeting of the creditors of Kung Chi Fai (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 14 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. LAM CHUI: Creditors Meeting Set May 14 -------------------------------------- Notice is hereby given that the General Meeting of the creditors of Lam Chui Sze (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 14 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. LO PUI: Creditors Meeting Slated for Today ------------------------------------------ Notice is hereby given that the General Meeting of the creditors of Lo Pui Yee (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 14 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. META-GROW LIMITED: Creditors Must Submit Claims by May 31 --------------------------------------------------------- Notice is hereby given that the creditors of Meta-Grow Limited (In Liquidation) are required on or before the close of business on 31 May 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to its liquidators at 22nd Floor, Prince's Building, Central, Hong Kong, and, if so required by notice in writing from the said Liquidators, are personally or by their solicitors to come in and prove their said debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be deemed to waive all of such debts or claims and the Liquidators will be entitled, seven days after the above date, to distribute any and all surplus assets or funds available or any part thereof to the members. David Hague Joint and Several Liquidators SHANGHAI JIAODA: Posts 2004 Net Loss to RMB3.153M ------------------------------------------------- Shanghai Jiaoda Withub Information Industrial Company Limited posted a net loss of RMB3.153 million in the first quarter of this year, versus a net loss of RMB2.364 million for the previous corresponding period. According to Infocast News, the loss per share (LPS) was RMB0.0066. No dividend was declared. YU MING: Creditors Meeting Set Today ------------------------------------ Notice is hereby given that the General Meeting of the creditors of Yu Ming Fai (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 14 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 7 May 2004. ================= I N D O N E S I A ================= KIANI KERTAS: Restructuring Will Decrease Non-performing Loans -------------------------------------------------------------- Completion of the credit restructuring of PT Kiani Kertas will cut 2.2 percent of Bank Mandiri's ratio of non-performing loans, according to IndoExchange. President Director of Bank Mandiri ECW Necloe is hoping the credit restructuring of Kiani Kertas would be completed as soon as possible. Recently, Mr. Necloe has been in talks with one of the two investors interested in taking over Kiani, so he sees no problem on Bank Mandiri's part as the creditor regarding who will takeover Kiani, according to the news. Mr. Necloe added that an investor has to provide a US$50 million dollar fund to Kiani, wherein the US$30 million will be allocated for work capital and the remaining US$20 million will be for capital expenditure. Based on Mandiri's calculation, Kiani Kertas was in sustainable debt of US$ 350 million. PT Kiani Kertas is one of assets acquired by Bank Mandiri for Rp5.2 trillion from the IBRA. With the restructuring of Rp1.7 trillion per December 2003 the collectible portion of Kiani Kertas decreased from liquid to non-liquid category. In that regard Bank Mandiri has to increase trust funds for productive assets up to 99 percent. The trust funds would be collected in two stages: 50 percent in June 2003 and the other 50 percent in December 2003. Mr. Necloe said the plan was disclosed to the shareholders during their meeting held recently. But the board of commissioners has yet to make any decision on the write off plan. ========= J A P A N ========= JAPAN AIRLINES: Fitch Assigns 'BB-' Rating ------------------------------------------ Fitch Ratings has assigned a senior unsecured 'BB-' (BB minus) rating to Japan Airlines System Corporation (JALS) with a stable outlook. The rating reflects both a series of external shocks and intensified domestic competition that have weakened its revenue base and cash flow generation, which in turn have further aggravated its poor financial profile. Positive factors reflected in the rating include JALS' ability to manage its liquidity and the stabilization of its operating profile, as well as the Japanese airline industry's positive structural features, such as the limited capacity of the two main Japanese airports (Haneda and Narita), and the scarcity of staff and resources for air transportation operations in Japan, which have created a barrier for new entrants. The Stable rating Outlook mainly reflects a general firming of demand patterns both within Japan and in international markets, which would support a stronger operating outlook for FYE05. The appreciation of the yen, which mitigates the fuel shock, and JALS' well-hedged position of the fuel price, also contributes to the Stable Outlook. The recent liquidity support and import credit guarantee programs provided by the Japanese government through its wholly owned financial institutions, the airline has been able to maintain sufficient liquidity. Despite a slow recovery of the domestic yields and international passenger volumes, JALS has maintained a stable cash balance with ongoing support from the government. This has helped to reduce concerns over JALS' credit worthiness in the capital market and to facilitate financing activities. Fitch believes the credit support from the government will allow JALS to manage its liquidity and financing during a current recovery phase of business cycle and will support stability of JALS' credit profile. JALS' capital base relies heavily on debt financing and its weak earnings have impeded an improvement in its highly geared capital structure. An increase in debt led to a slight deterioration in its total debt/total capital to 86.0% as of September 2003 from 82.4% in March 2003. Similarly, the lease adjusted net debt/total adjusted debt capital (please see note to Editor) increased to 83.9% from 83.8% during the same period. Despite its high debt level, maturity schedule of JALS is well spread, with the highest concentration on the over-five-year period. Long-term debts accounted for 87.8% of the debt as of September 2003, indicating no immediate large refinancing needs. JALS is Japan's largest airline, servicing domestic and international destinations through mainline and regional carrier operations. Its operations are equally footed in domestic and international passenger transportation, which together accounted for 50% of total revenues. Contact: Satoru Aoyama 03-3288-2691 E-mail: satoru.aoyama@fitchratings.com Danyal H. Qazi 03-3288-2600 E-mail: danyal.qazi@fitchratings.com KANEBO LIMITED: Slashes Core Textile Operations ----------------------------------------------- Kanebo Limited will scale down its core textile operations in a mid-term revival plan due out later this month, Dow Jones reports citing the Yomiuri Shimbun. The ailing textile and drug maker, which is striving to survive under the guidance of the state-backed Industrial Revitalization Corporation (IRC), spun off its cosmetics business earlier this month. The report said Kanebo is considering integrating its textile- making operations into two plants in Japan, down from the current seven. The firm will also withdraw from natural fiber- making operations in Brazil and China and integrate them into its existing plant in Indonesia. With about 2,000 workers, Kanebo's textile operations racked up sales of 159.7 billion yen for the fiscal year ended March 2003. But facing tough price competition from international rivals, the division suffered an operating loss of 10.9 billion yen. KONAMI CORPORATION: Returns to Profit in 2003 --------------------------------------------- Konami Corporation returned to profit last year due to strong overseas sales of soccer video games, Japan Times reported on Thursday. Net profit was 20.1 billion yen, compared to a net loss of 28.52 billion a year earlier. Revenue gained 8 percent to 273.41 billion yen. The turnaround also was helped by an absence of extraordinary losses booked the previous year, when the company took a 47.6 billion yen charge to write down goodwill at its sports club business. The casino business turned its first-ever profit, with shipments of slot machines in the U.S. more than doubling to 45 million units during the year. Revenue from the division grew to 11 billion yen from 8.2 billion yen a year earlier. MITSUBISHI MOTORS: Ripplewood May Inject Y100B ---------------------------------------------- Ripplewood Holdings LLC expressed interest to invest in Mitsubishi Motors Corporation, which has been trying to muster capital from would-be investors in the aftermath of a decision by its top shareholder DaimlerChrysler AG not to inject additional capital, Kyodo News reports. The U.S. investment fund appears to be considering funneling some 100 billion yen into the capital base of the ailing carmaker. MITSUBISHI MOTORS: Seeks Y450B; Phoenix May Help ------------------------------------------------ Mitsubishi group of companies and Japanese fund Phoenix Capital Co. may invest as much as 450 billion yen (US$4 billion) in Mitsubishi Motors Corporation (MMC), Bloomberg News reports. The group, consisting of Mitsubishi Heavy Industries Ltd., Mitsubishi Corp. and Bank of Tokyo-Mitsubishi Ltd., will contribute half of the finances. Phoenix may invest the rest. MMC turned to Japanese shareholders to fund its recovery after its biggest shareholder DaimlerChrysler AG, owner of a 37 percent stake, last month rejected a request to contribute about US$3 billion. The ailing carmaker expects a loss of 72 billion yen for the year ended March 31. The actual loss may be as much as 100 billion yen. SKY PERFECT: Returns to Profit in 2003 -------------------------------------- Sky Perfect Communications Inc. posted a group net profit of 4.38 billion yen in the fiscal year 2003, versus a net loss of 18.89 billion yen the previous year, Kyodo News reports. The positive group net balance was due to an increase in the number of subscribers and a sharp decline in operating costs. ========= K O R E A ========= KOREA EXCHANGE: Turns to Profit on Reduced Bad Debts ---------------------------------------------------- Korea Exchange Bank (KEB) had swung to a quarterly profit helped by reduced provisioning costs and increased commissions from handling export deals, according to Reuters. The bank reported 89.8 billion won net profit in three months ended March 31, versus a 191.5 billion won loss a year earlier. KEB also had suffered heavy losses at KEB Credit Service Co, the country's third-largest credit card issuer the bank absorbed in the first quarter to end a cash-flow crisis. SSANGYONG MOTOR: Net Profit Tumbles 76% --------------------------------------- Ssangyong Motor Co. said its net profit tumbled around 76 percent in the first quarter from a year earlier, hit by sluggish local sales and a heavy tax burden, according to Reuters. Net profit fell to 40.5 billion won (US$34.29 million) in the first quarter ended March 31, versus a 166.9 billion won profit a year earlier. Sales fell 14.5 percent to 773.7 billion won. Chohung Bank, the main creditor of Ssangyong Motor Co., said that several automakers had shown interest in the carmaker after the breakdown of talks to sell it to China National Bluestar Corporation, TCR-AP reported recently in its 70th edition. Ssangyong creditors dropped Bluestar as its preferred bidder last month after it failed to submit information on a firm price and a letter of support from the Beijing government. =============== M A L A Y S I A =============== ANCOM BERHAD: Purchases Ordinary Shares Worth RM52,260 ------------------------------------------------------ Ancom Berhad, announced on 12 May 2004 on the Bursa Malaysia Securities Berhad, that the company on the same date, purchased 67,000 units of Ordinary Shares of RM1.00 each for a total cash consideration of RM52,260.00. Each share was purchased for RM0.780. To date, the company has 261,400 units of cumulative net outstanding treasury shares. BERJAYA SPORTS: New Shares For Listing and Quotation ---------------------------------------------------- Berjaya Sports Toto Berhad, in a notice dated 12 May 2004 to the Bursa Malaysia Securities Berhad, advised that the company's additional 1,951,369 new ordinary shares of RM1.00 each arising from the BJTOTO-Conversion of RM1,951,369 nominal amount of 8 percent irredeemable convertible unsecured loan stocks 2002/2012 will be granted listing and quotation effective 9 am on Friday, 14 May 2004. BOUSTEAD HOLDINGS: Presents April 2004 Crop Production Figures -------------------------------------------------------------- Boustead Holdings Berhad submitted to the Bursa Malaysia Securities Berhad on 12 May 2004 the company's crop production figures for the month of April 2004. Rubber (Kilos): Nil Cocoa (Kilos): Nil FFB (MT): 76,557 Boustead Holdings is a conglomerate with diverse business operations with interests in plantation management, financial services, property development and construction, manufacturing and trading, transportation and education services. The Group's plantation interests are held under its listed subsidiary, Kuala Sidim Bhd (KSB). KSB is principally involved in cultivation and processing of oil palm and rubber, bulking of edible oil, agricultural research and advisory services, Its plantations are located in both East and Peninsular Malaysia. EPE POWER: SC Grants More Time To Complete Audit ------------------------------------------------ EPE Power Corporation Berhad (EPE) would like to refer to the previous announcement dated 21 November 2003 pertaining to the company's proposed capital reduction, acquisitions, debt restructuring, rights issue and increase in authorized share capital. On behalf of EPE, Commerce International Merchant Bankers Berhad announced on 12 May 2004 in a notice submitted to the Bursa Malaysia Securities Berhad that EPE had on 30 April 2004 submitted an application to the Securities Commission (SC) to seek its approval for an extension of time of six (6) months until 18 November 2004 to complete the investigative audit on EPE and its subsidiaries (EPE Group). The SC on 10 May 2004 granted EPE an extension of three (3) months from 20 May 2004 to 19 August 2004 to complete the investigative audit on the EPE Group. The EPE Power Group is principally involved in the manufacture, supply and maintenance of electrical equipment; design, engineering and construction of power distribution, transmission and generation systems; operation and maintenance of power distribution systems and power plants; and supply of electricity. The Group's businesses are categorized into four divisions: switchgear, projects, power, and services. The Company is presently undertaking a restructuring exercise. As part of its restructuring scheme, on 25 February 2004, EPE acquired a 40 percent stake in Powertron Resources Sdn Bhd (PRSB) from Ranhill Berhad. Accordingly, EPE presently owns 70 percent equity interest in PRSB. PRSB is an independent power producer, which has been awarded a 21-year license to build, own and operate a power plant in Sabah. Further, on 30 March 2004, EPE proposed to change its name to Ranhill Power Berhad to reflect its corporate identity and its affiliation with its holding company, Ranhill Berhad. In its 6 April 2004 issue, TCR-AP reported that the company had regularized its financial condition and no longer fulfills the criteria under Paragraph 2.0 of Practice Note No. 4/2001. Accordingly, EPE is no longer a PN4 company. FACB RESORTS: Karambunai Unit Buys Shares In Dapan Construction --------------------------------------------------------------- FACB Resorts Berhad (FACB) announced on 12 May 2004 in a notice submitted to the Bursa Malaysia Securities Berhad that its wholly-owned subsidiary, Karambunai Resorts Sdn Bhd has acquired two (2) shares representing 100 percent of the issued and paid- up capital share capital of Dapan Construction Sdn Bhd (formerly known as Simfoni Istimewa Sdn Bhd) (DCSB), a dormant company incorporated in Malaysia for a cash consideration of RM2.00. Except for Mr Loh Hoon Loi, who is a director of FACB, none of the directors and substantial shareholders of any persons connected with the directors an/or the substantial shareholders of FACB has any interest whether directly or indirectly in the said acquisition. As DCSB is a dormant company, the acquisition is not expected to have a material effect on the earnings or net tangible assets of FACB. HAP SENG: Buys Back Ordinary Shares ----------------------------------- Hap Seng Consolidated Berhad, in a disclosure dated 12 May 2004 to the Bursa Malaysia Securities Berhad, announced that the company had on the same date, bought back 9,000 units of ordinary shares of RM1.00 each for a total cash consideration of RM23,260.73. The minimum price paid for each share was placed at RM2.550 while the maximum price paid was RM2.580. To date, Hap Seng has a total of 32,958,000 units of cumulative net outstanding treasury shares. HAP SENG: Issues Notice of Shares Buy Back Pursuant To Form 28A --------------------------------------------------------------- Hap Seng Consolidated Berhad, submitted to the Bursa Malaysia Securities Berhad on 12 May 2004 a Notice of shares buy back by a company pursuant to Form 28A. A total of 48,300 units of ordinary shares were purchased through Bursa Malaysia during the period from 5 May 2004 to 7 May 2004 for a total cash consideration of RM128,960.40. Minimum price paid per share was pegged at RM2.590 while the maximum price paid was RM2.680. All purchased shares were retained in the treasury, bringing the total number of shares in the treasury to 32,930,ooo units. Cheah Yee Leng lodged this notice with the registrar of companies on 12 May 2004. HO HUP: Reports Closed Period Dealings -------------------------------------- Ho Hup Construction Company Berhad, in a notice dated 12 May 2004 and submitted to the Bursa Malaysia Securities Berhad, announced further to a previous company notice made on 7 May 2004, that the company has been notified by Dato' Low Tuck Choy and Mr Low Teik Kien, both principal officers of the company, of their dealings in the securities of Ho Hup during the Closed period. Dato' Low Tuck Choy Transaction Date: 11 May 2004 Price Per Share: RM1.76 Number of Shares Acquired: 2,000 (Direct) Percentage of Issued Share Capital (%): 0.002 Transaction Date: 11 May 2004 Price per share: RM1.743 Number of shares acquired: 8,000 (*Indirect) Percentage of issued share Capital (%): 0.008 Low Teik Kien Transaction Date: 11 May 2004 Price per share: RM1.743 Number of shares acquired: 8,000 (*Indirect) Percentage of issued share Capital (%): 0.008 *Deemed interested through Low Chee Estate. MALAYSIA AIRLINES: Still Has To Pick Engine For New A380-800s ------------------------------------------------------------- Airbus director for A380 product marketing Richard Carcaillet said on Wednesday, 12 May, that Malaysia Airlines System Berhad (MAS) has not yet selected an engine for the six new A380-800 super jumbos due for delivery to the company in 2007. "MAS has not selected its engines yet. I certainly think Malaysia Airlines and the engine manufacturers have started talking," Carcaillet said. Malaysian National News Agency- Bernama quotes Carcaillet as saying there is no rush for the Malaysian national carrier to choose an engine for now, as delivery date was still a few years away. "In terms of industrial lead time, there is a limit as to when airlines may select the engines, but given the first delivery in 2007, there is plenty of time for Malaysia Airlines to choose their engine of choice," he said. The new aircraft from the European aeronautics consortium Airbus offers two choices for its engine: either Rolls Royce or the engine produced by an alliance between General Electrics and Pratt & Whitney. Both new generation engines are said to be fuel efficient, burning 13 percent less fuel and producing half the noise energy than its closest rival, the Boeing 747. This makes the A380 the first long-haul aircraft to consume less than three liters of fuel per passenger over 100 kilometers, which is a fuel consumption comparable to that of a mid-sized car. To date, Airbus has received a total of 129 orders for the A380 from 11 airlines around the world. It is the most spacious, advanced and efficient aircraft ever conceived and is said to be 20 percent larger than the Boeing 747. Despite its size, the new A380 is compatible with the facilities used today by existing large aircrafts as it was designed in close collaboration with major airlines, airports and air transport authorities. "Its not a behemoth or giant of the sky. There is no concern that the aircraft will be a shock to airport facilities," said Carcaillet. He also said that the Kuala Lumpur International airport (KLIA) is already ready for A380 operations. "There is a small number of details that need adoption. Five gates will be available for A380 in KLIA," he added. Airbus is also confident that Malaysia Airlines will place an order for the cargo version of the A380 for its cargo-hauling unit MASkargo. MALAYSIA MINING: Offers Voluntary Separation To 173 Employees ------------------------------------------------------------- Malaysia Mining Corporation Berhad (MMC) General Manager for Corporate Communications and Investors' Relations Azlan Shahrim said on Tuesday, 11 May, that contrary to press reports, MMC would not be offering the Voluntary Separation Scheme (VSS) to all staff in the MMC Group of Companies. According to The Edge Daily, MMC executive officer Datuk Ismail Shahudin offered the VSS to only 173 employees last month. "The scheme was implemented as a result of the reorganization and consolidation of the companies in the group such as making MMC taking MMCEG private and not due to a slowdown in business," Azlan said. Azlan added the rationalization exercise had resulted in redundancies in some departments. The terms of the scheme include a payment of 1.25 times basic salary times the number of years of service, a month salary in lieu of notice, ex-gratia payment of one month's salary, pro- rated contractual bonus, salary in lieu of annual leave and RM1,000 medical expenses. 41 out of the 173 employees will be handed the VSS package by the end of this month. MALAYSIAN RESOURCES: Sells Zelleco Shares To Maxdeluxe ------------------------------------------------------ The Board of Directors of Malaysian Resources Corporation Berhad (the Company or MRCB) announced in a disclosure dated 12 May 2004 to the Bursa Malaysia Securities Berhad, that the Company has today entered into an Agreement For Transfer Of Shares (ATS) with Maxdeluxe Sdn Bhd (Maxdeluxe) for the disposal of MRCB's entire equity interest in Zelleco (M) Sendirian Berhad (ZMSB) for a value of RM41.8 million (Proposed Disposal). 1. Details of the Proposed Disposal The Proposed Disposal involves the sale of 5,600,000 ordinary shares of RM1.00 each representing 70 percent of the issued and paid up capital of ZMSB for RM41.8 million and for all the assets and liabilities of both ZMSB and Zelleco Construction Sdn Bhd (ZCSB), a subsidiary of ZMSB, with the exception of some recoverables, investments in an associate and payables (collectively referred to as the Exceptions) to be assumed and/or novated by/to MRCB. The ATS with Maxdeluxe is expected to be completed within one (1) month from date of the agreement. The valuecons of RM41.8 million was arrived at on a willing- buyer willing-seller basis taking into account the Group's inter-company balances with ZCSB and the net carrying value of the Exceptions and is to be fully settled via assignment of development rights of several property projects by Maxdeluxe to MRCB of which the same will be reassigned by MRCB to ZCSB to settle the Group's inter-company balances with ZCSB. On completion of the ATS, ZCSB is expected to owe MRCB about RM6.8 million which is to be settled partly in cash and partly in shares ZCSB. 2. Information on ZMSB ZMSB was incorporated on 5 June 1984 under the name of P.E.L. Management Sdn. Bhd. Subsequently, it changed its name to P.E.L. Jasa Sdn. Bhd. on 3 October 1988 and later adopted its present name on 3 April 1989. The current authorized and paid-up capital of ZMSB are RM10.0 million and RM8.0 million respectively of RM1.00 ordinary share each. The principal activities of ZMSB are investment holding, provision of management services and contractor of civil, building and structural works. The principal activities of ZMSB's group of companies consist of contractor of civil and structural works and fabrication of structural steel works. 3. Information on ZCSB ZCSB was incorporated on 11 May 1983 under the name of Lancar Pesona Sdn. Bhd. and subsequently adopted its present name on 19 August 1993. The current authorized and paid-up capital of ZCSB are RM5.0 million and RM4.0 million of RM1.00 ordinary share each respectively. ZCSB regards MRCB as its ultimate holding company whereas ZMSB as its immediate holding company with a 75 percent shareholding interest. ZCSB is principally a contractor of civil and structural works. 4. Information On Maxdeluxe Maxdeluxe was incorporated on 22 March 2004. The current authorized and paid-up capital of Maxdeluxe is RM100,000.00 and RM2.00 of RM1.00 ordinary share each respectively. The principal activities of Maxdeluxe are property development and general trading. 5. Rationale The Proposed Disposal will enable MRCB to realize the value of its investment in ZMSB and resolve the Group's inter-company balances with ZCSB. In addition, it also provides an opportunity for the Group to further regroup, streamline and concentrate on expanding its construction activities under its wholly owned subsidiary companies. Notwithstanding the Proposed Disposal, the construction expertise and experience gained though ZCSB will be retained within the Group. 8. Financial Effects The Group is expected to report an exceptional gain of about RM24 million from the Proposed Disposal at RM41.8 million. Its net tangible assets per share of 54.7 sen for the financial year ended 31 December 2003 will improve by about 3.2 sen to 57.9 sen 7. Directors and Substantial Shareholders' Interest None of the Directors and substantial shareholders of MRCB and persons connected with them has any direct or indirect interest in the Proposed Disposal. 8. Directors' Recommendations After considering all relevant factors, the Board of Directors of MRCB is of the opinion that the Proposed Disposal is in the best interest of the Company and its shareholders. c.c. Puan Nyonya Yahya Acting General Manager, Issue and Investment Division Securities Commission OMEGA HOLDINGS: Presents Third Quarter Results ---------------------------------------------- Omega Holdings Berhad, submitted to the Bursa Malaysia Securities Berhad on 12 May 2004, a copy of the company's unaudited financial report for the third quarter of the financial year ending 30 June 2004. To view a full copy of the report, click on the following link: http://bankrupt.com/misc/Omega3QResults14May2004.xls To view notes pertaining to the report, click on the following link: http://bankrupt.com/misc/Omega3QNotes14May2004.doc PILECON ENGINEERING: Reaches Agreement With PDX Computers --------------------------------------------------------- The Board of Directors of Pilecon Engineering Berhad (PEB) announced in a disclosure dated 12 May 2004 to the Bursa Malaysia Securities Berhad, the execution of an Agreement between PEB and PDX Computers Sdn Bhd (PDX) on 10 May 2004 in respect of the Proposed Acquisition (the Agreement). 1. Details of the Proposed Acquisition The Proposed Acquisition involves the acquisition of equity interest as detailed below at an approximate total consideration of RM11.2 million: i) 30 percent equity share capital in PDX Bizsystems ii) 24 percent equity share capital in PDX.com iii) 45 percent equity share capital in Millinux International iv) 37.7 percent equity share capital in PDX Japan v) 55 percent equity share capital in PDX Opsoft vi) 40 percent equity share capital in PNX Shanghai (hereinafter collectively referred to as the Sale Shares) 1.1 Basis of Arriving at the Total Consideration The total consideration for the Proposed Acquisition is the sum equivalent to the Corporate Guarantee called for by the bankers of PDX Computers and some of its group of companies granted by PEB (the PEB Guaranteed Banks Indebtedness). 1.2 Salient Terms of the Agreement The salient terms of the Agreement are as follows: i) PDX Computers agrees to sell and PEB agrees to purchase from PDX Computers the Sale Shares subject to the implementation of the proposed corporate restructuring exercise of the PDX group of companies comprising a proposed disposal of assets by PDX Computers and a proposed debt reduction scheme of the PDX group of companies, and on the terms and subject to the conditions contained in the Agreement; and ii) In consideration of the transfer of the Sale Shares to JESB, PEB shall take over the PEB Guaranteed Banks Indebtedness from PDX Computers and the PDX group of companies. 1.3 Information on PDX Bizsystems, PDX.com, Millinux International, PDX Japan, PDX Opsoft and PNX Shanghai Please refer to Appendix I for the corporate information of the above companies. Appendix I may be viewed by clicking on the following link: http://bankrupt.com/misc/PileconAppendix14May2004.doc 1.4 Information on PDX Computers PDX Computers was incorporated in Malaysia under the Companies Act, 1965 on 3 January 1985 as Baikemas Sdn Bhd and thereafter changed to its current name on 14 January 1995. PDX Computers' present authorised share capital is RM50.0 million comprising 49.0 million ordinary shares of RM1.00 each and 1.0 million Cumulative Convertible Redeemable Preference Shares of RM1.00 each. Its paid-up capital is RM24,946,446.00 comprising 24,946,446 ordinary shares of RM1.00 each and 1.0 million Cumulative Convertible Redeemable Preference Shares of RM1.00 each. The substantial shareholders of PDX Computers are IntegerVest Sdn Bhd and Industronics Berhad (Industronics), each holding 36.0 percent and 25.8 percent equity interest respectively. 2. Rationale for the Proposed Acquisition The Proposed Acquisition resulting from the crystallization of the Corporate Guarantee described in paragraph 1.1 hereinabove, is in line with the PEB's Proposed Scheme of Arrangement with its participating creditors pursuant to Section 176 of the Companies Act, 1965 (the Scheme) as the PEB Guaranteed Banks Indebtedness had been provided for in the Scheme. 3. Financial Effects of the Proposed Acquisition As the PEB Guaranteed Banks Indebtedness (which is the total consideration of the Proposed Acquisition) had been provided for in the audited financial statements of PEB for the financial year ended 31 December 2003, the Proposed Acquisition does not have any effect on the share capital, substantial shareholdings, net tangible assets per share and earnings per share of PEB. 4. Approval Required The Proposed Acquisition is not subject to any regulatory approvals. 5. Directors' and Substantial Shareholders' Interest Mr. Tan Hock Keng, the Executive Chairman and a substantial shareholder of PEB, is presently a director of Industronics, which as at to date, holds 6,173,226 ordinary shares representing 25.8 percent of the share capital of PDX Computers. Mr. Tan has a 28.97 percent-deemed-interest (as at 26 April 2004) in Industronics by virtue of Section 6A(4) of the Companies Act, 1965. By virtue of this relationship, Mr Tan is deemed interested in the Proposed Acquisition. As such, Mr Tan will abstain from deliberating and voting on the resolution pertaining to the Proposed Acquisition at the relevant Board of Directors' Meeting. Save as disclosed aforesaid, insofar as the Directors of PEB are aware, none of the directors, substantial shareholders or persons connected to the directors or substantial shareholders of PEB has any interest, direct or indirect, in the Proposed Acquisition. 6. Directors' Recommendation As the Proposed Acquisition is in line with and had been provided for in the Scheme, the Board of PEB is of the opinion that the Proposed Acquisition is in the best interests of PEB and the Group. 7. Document for Inspection The Agreement dated 10 May 2004 in respect of the Proposed Acquisition may be inspected at the registered office of PEB, No. 2, Jalan U1/26, Seksyen U1, Hicom-Glenmarie Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan from Monday to Friday (except public holidays) during business hours for a period of fourteen (14) days from the date of this announcement. PROMTO BERHAD: Announces Change In Share Registrar -------------------------------------------------- Promto Berhad, informed the Bursa Malaysia Securities Berhad on 12 May 2004, that the company has changed its share registrar. Details are: Old registrar: Signet Share Registration Services Sdn. Bhd. New registrar: Tenaga Koperat Sdn. Bhd. Address: 20th Floor, Plaza Permata, Jalan Kampar, Off Jalan Tun Razak, 50400 Kuala Lumpur Telephone No: 03-4041 6522 Facsimile No: 03-4042 6352 The change took effect on Tuesday, 11 May 2004. PROMTO BERHAD: Group Granted Restraining Order ---------------------------------------------- Promto Berhad notified the Bursa Malaysia Securities Berhad (Bursa Malaysia) on 12 May 2004 that Promto Berhad and its following subsidiary companies: 1. Promto Properties Sdn. Bhd. 2. Syarikat Lee Engineering (Kota Bahru) Sendirian Berhad 3. Promto-Sikojaya Sdn. Bhd. 4. Chee Keong (Malaysia) Sdn. Bhd. 5. Ipoh Pipe Industries Sdn. Bhd. 6. Milnes Technology Sdn. Bhd. 7. Jasa Timor Sendirian Berhad 8. Fuller CMS Sdn. Bhd. 9. Louvre Products Industries Sdn. Bhd. 10.Goodlite Trading Sdn. Bhd. The Effected Subsidiaries have been granted a restraining order (RO) for a period of 90 days effective from 7 May 2004 to 4 August 2004 by the Kuala Lumpur High Court pursuant to Section 176(10) of the Companies Act 1965, which was received on 10 May 2004. The Company does not expect the RO to have any material effect on the financial and operational matters of Promto Berhad and the Effected Subsidiaries. RHB CAPITAL: Issues Corrections To Financial Year End ----------------------------------------------------- RHB Capital Berhad, in a notice submitted to the Bursa Malaysia Securities Berhad on 12 May 2004, said that typographical errors were in the previous notice announcing a change in the company's financial year-end. Old financial year-end: 30 June 2004 New financial year-end: 31 December 2004 The second sentence appearing under "Remark" should read as "As such, the current financial period will be from 1 July 2003 to 31 December 2004." instead of "As such, the current financial year will be from 1 June 2003 to 31 December 2004." Therefore, the paragraph under "Remark" should read as follows: "Bank Negara Malaysia had on 28 April 2004 approved the change of financial year end from 30 June to 31 December for RHB Capital Berhad (RHB Capital), RHB Sakura Merchant Bankers Berhad, RHB Bank Berhad and RHB Delta Finance Berhad, all of which are subsidiaries of Rashid Hussain Berhad. As such, the current financial period will be from 1 July 2003 to 31 December 2004. Pursuant to this, all the other direct and indirect subsidiaries within the RHB Capital Group will change its financial year end to coincide with the above." The errors are regretted. SRIWANI HOLDINGS: SC Approves Placement Exercise ------------------------------------------------ On behalf of Sriwani Holdings Berhad (SHB), Commerce International Merchant Bankers Berhad announced on the Bursa Malaysia Securities Berhad on 12 May 2004, that the Securities Commission (SC) had through its letter dated 11 May 2004 (which was received on 12 May 2004) approved the proposed placement exercise of SHB Shares to be received by Multi Esprit Sdn Bhd, Stuart Saw Teik Siew, Yeoh San Hai and Saw Eng Huat Properties Sdn Bhd pursuant to the restructuring plan of SHB in order to meet the public shareholding spread requirement of Bursa Malaysia Securities Berhad. The placement by Stuart Saw Teik Siew, Yeoh San Hai and Saw Eng Huat Properties Sdn Bhd shall only involve 50 percent of the SHB Shares to be received by them which are not subject to the moratorium imposed by the SC earlier (that the SHB Shares shall not be sold, transferred or assigned within one (1) year from the date of listing of the said shares). TRONOH MINES: Announces A Change In Address ------------------------------------------- Tronoh Mines Malaysia Berhad, in a notice submitted to the Bursa Malaysia Securities Berhad on 12 May 2004, informed that the company changed its registered address. The old address was: 10th Floor, Block B, HP Towers Bukit Damansara 50490 Kuala Lumpur The new address is: 23rd Floor, Wisma Zelan No.1, Jalan tasik Permaisuri 2 Bandar Tun Razak 56000 Cheras, Kuala Lumpur They may be contacted through telephone number 91739173 and facsimile number 91718191. Company e-mail address is firdaus@zelan.com.my. The change took effect on 12 May 2004. TRONOH MINES: Announces Resignation Of Secretary ------------------------------------------------ Tronoh Mines Malaysia Berhad announced in a notice submitted to the Bursa Malaysia Securities Berhad on 12 May 2004, that Sazlin Ayesha binti Abdul Samat resigned as joint secretary of the company. The resignation took effect on 12 May 2004. ===================== P H I L I P P I N E S ===================== NATIONAL POWER: To Maintain PhP115B Net Loss -------------------------------------------- Despite an increase in crude oil prices in the world market, National Power Corp. (Napocor) will maintain its net loss of PhP115 billion this year which keeps its net financing requirements at PhP165 billion, according to ABS-CBN News citing the power utility's Chief Executive Rogelio Murga. "We are still sticking to our projected net loss this year of PhP115 billion. We will try to maintain it," Mr. Murga said Wednesday. Napocor Senior Finance Department Manager Lorna Dy said the net financing requirement, include Napocor's capital expenditures, collection and savings from power contracts with its independent power producers (IPPs). "The impact of long-run avoidable cost (lrac) next year will from PhP9 billion to PhP10 billion. There will also be a PhP2 billion increase in efficiency collection and another PhP2- billion in operation," Ms.Dy earlier said. The lrac is a rate adjustment allowed under the Electric Power Industry Reform Act (Epira) in which power utilities have a right to revise their unbundled generation rates every three years. The Epira also allows the Energy Regulatory Commission (ERC) to come up with a recovery mechanism to be used by utilities. NEGROS NAVIGATION: Issues Clarification of News Article ------------------------------------------------------- Negros Navigation Co. (Nenaco) disclosed to the Philippine Stock Exchange clarification of the news article entitled," Metro Pacific may spin off Nenaco into separate entity" published in the May 12, 2004 issue of The Philippine Star (Internet Edition). The article reported that "Metro Pacific Corp., the local flagship company of Hong Kong-based First Pacific Co., may spin off beleaguered subsidiary Negro s Navigation Co. (Nenaco) into a separate entity altogether, a move that is expected to shield the parent firm from the problems currently faced by the shipping company. The Securities and Exchange Commission has imposed a PhP75,000 penalty on Metro Pacific Corp. shipping unit Negros Navigation Co. Inc. for violation of the agency's disclosure rules. This after Nenaco failed to satisfactorily explain why it failed to comply with Section 17 of the Securities Regulation Code, which requires all listed corporations to disclose any known trend, event or uncertainty that may have a material impact on their liquidity. Negros Navigation Co. Inc. in its letter dated May 12, 2004, stated that: As regards the report that Metropacific may "spin-off" Nenaco into a separate entity, we are not aware of any plans by Metropacific to divest its shareholdings from Nenaco. As regards the report that the SEC penalizes Nenaco for violation of Section 17 the Securities Regulation Code, we inform you that on May 11, 2004, we received a letter from the SEC dated May 4, 2004, wherein the SEC assessed us a fine of Seventy Five Thousand Pesos (PhP75,000.00), payable within five days from receipt of the letter, for our alleged non-disclosure of any uncertainty that may have an adverse effect on out liquidity in our Third Quarter Report for 2003 (SEC Form 17-Q) to the SEC. NEGROS NAVIGATION: To Ask SEC To Reconsider Penalty --------------------------------------------------- Negros Navigation Co. (Nenaco) will ask the Securities and Exchange Commission (SEC) to reconsider its decision to penalize it for failure to disclose its debt position in a late 2003 report, The Philippine Daily Inquirer reports. The SEC imposed a PhP75,000 penalty to the shipping firm as a fine for the violation of its disclosure rules, which states that a company, as part of its reportorial requirements, should disclose any known trend, event or uncertainty, which may have a material impact on a company's liquidity. PILIPINO TELEPHONE: Posts Net Income of PhP8M --------------------------------------------- Pilipino Telephone Corp. submits to the Philippine Stock Exchange a copy of a Current Report with a press release entitled "Piltel Posts Net Income of PhP8 Million, Subscriber Base at Nearly 3.2 Million" together with: - Consolidated Balance Sheets as of March 31, 2004 and December 31, 2003 - Unaudited Consolidated Statement of Operations for the three months ended March 31, 2004 and 2003. - Unaudited Consolidated Statement of Changes in Stockholder's Equity for the period ended March 31, 2004 and 2003 and - Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2004 and 2003. To view full copy of the documents, click http://bankrupt.com/misc/pilipinotelephone051304.pdf ================= S I N G A P O R E ================= DATACRAFT ASIA: Returns to Profit in Second Quarter --------------------------------------------------- Datacraft Asia Ltd. posted a small second quarter net profit of S$158,000, compared to a net loss of S$12.9 million a year earlier, according to Dow Jones Newswire. Selling and general expenses fell 2 percent to $12.6 million, benefiting from aggressive cost-cutting measures last year when it laid off staff and restructured its operations in China in a bid to end two straight years of losses. Second Quarter Ended March 31: All figures in US dollars (US$) 2004 2003 Revenue $88,952,000 $80,960,000 Pretax Profit 1,097,000 (11,668,000) Net Profit 158,000 (12,923,000) Earnings Per Share Fully Diluted 0.03 cents (2.78 cents) Existing Capital 0.03 cents (2.78 cents) Dividend omitted omitted DENETRON: Issues Dividend Notice -------------------------------- Denetron Electronics Pte Ltd. issued a notice of first and final dividend as follows: Address of Registered Office: Formerly of 65 Chulia Street #31- 03 OCBC Centre Singapore 049513. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 435 of 1999. Amount Per Centum: 17.58%. First and Final or otherwise: First & Final Dividend. When Payable: 14th April 2004. Where Payable: 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 is dated 7 May 2004. GEOK TEE: Releases Dividend Notice ---------------------------------- Geok Tee Industries Pte Ltd issued a notice of winding up order made on the 23 April 2004. Name and address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Messrs RAJAH & TANN Solicitors for the Petitioner. This Singapore Government Gazette announcement is dated 7 May 2004. INTRACO LIMITED: Appoints Tan Ng Chee as Deputy Chairman -------------------------------------------------------- The Board of Directors of Intraco Limited wishes to announce that Dr. Tan Ng Chee, an independent and Non-executive Director of the Company, has been appointed as Deputy Chairman of the Board of Directors of the Company with effect from 11 May 2004. By Order of the Board Lu Ling Ling Company Secretary 11 May 2004 Submitted by Lu Ling Ling, Company Secretary on 11/05/2004 to the SGX PAC-AM RESTAURANTS: Issues Dividend Notice ------------------------------------------ Take notice that a final dividend is intended to be declared in Pac-Am Restaurants (S) Pte Ltd (In Creditors' Voluntary Winding Up), and that if creditors do not establish their claim to the satisfaction of the Court on or before the 28 May 2004, or such later date as the Court may fix, their claim will be expunged, and the Company shall proceed to make a final dividend without regard to such claim. To assist the creditors in establishing their claim, copies of Form 77 `Proof of Debt Form', may be obtained or downloaded from the following website link: www.tfwlcl.com/form77.pdf FOONG DAW CHING/ JOHN TEO CHENG LOK Liquidators. c/o 15 Beach Road #03-10 Beach Centre Singapore 189677. Tel: 6336 2828. Fax: 6339 0438. This Singapore Government Gazette announcement is dated 7 May 2004. SINGRE INFORMATION: Creditors Must Submit Claims by June 7 ---------------------------------------------------------- Notice is hereby given that the creditors of Singre Information Technology Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 7 June 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to its Liquidators, and, if so required by notice in writing by the said Liquidators are, by their solicitors or personally, to come in and prove their debts or claims at such time and place as shall be specified in such notice. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. CHEE YOH CHUANG LIM LEE MENG Liquidators. 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. This Singapore Government Gazette announcement is dated 7 May 2004. =============== T H A I L A N D =============== EASTERN WIRE: Unveils Board Meeting Results ------------------------------------------- Eastern Wire PCL (EWC) informs the Stock Exchange of Thailand the resolution of its Board of Directors' Meeting held on May 11, 2004: Appoints Chairman, and Managing Director (1)Pol.Lt.Gen.Chatt Kuldiloke- Chairman of The Board (2)Dr.Phiraphan Phalasuk- Vice Chairman (3) Mr.Pirom Priyawat- Managing Director Appoints an Audit Committee (1) Pol.Lt.Gen.Chatt Kuldiloke- Chairman of Audit Committee (2) Dr.Phiraphan Phalasuk- Audit Committee (3) Prof.Asst.Dr.Manvipa Indradat- Audit Committee Yours faithfully, (Mr. Pirom Priyawat) Managing Director RAIMON LAND: Posts 1Q Consolidated Unaudited Result --------------------------------------------------- In a press release, Raimon Land PCL. recently announced its Consolidated unaudited (but reviewed) result for the three months ended 31st March 2004: 3 months ended 31st March Change 2004 2003 % Revenue (Baht million) 106.89 436.83 (75.53%) Profit attributable to 14.17 416.29 (96.60%) shareholders (Baht M)* Earnings per share: Basic (Baht)* 0.02 0.80 (97.50%) NAV per share (Baht) 0.71 1.30 N/A (Par at Bt 1.0) (Par at Bt 5.0) (*In 2003, primarily gains on reversal of provision for loss on investment in subsidiary.) Highlights for the first three months of 2004; The Industry and the Market - During the first quarter of 2004, an additional 2,700 residential condominiums were launched in Bangkok's central areas. - Take up of residential condominium during the first quarter amounted to approximately 1,300 units. - The continued increase in new condominium stock resulted in some slow down in the rate of sales during the first quarter. - Demand still remains strong in well-located areas of Sukhumvit, Sathorn and Silom. - During the first quarter of 2004, 245 units were completed. Major Financial Achievements in the first three months 2004 - The Company continues to recognize income from "The Lofts Sathorn" project and "The Lakes" project. - We recorded an operating profit of THB14.17 million in the first quarter 2004 and have now posted two quarters of consecutive operational profits. Return to Property Sector Possible Soon - With an expected profit in the 2nd quarter of 2004, the Company will have conformed with the SET's requirements to move from the Rehabco Sector to the Property Sector. Further property investments during the first quarter 2004 - We acquired land and a partially completed building located at Pattaya Soi 5 to be developed as high-rise residential condominiums for sale. Balance Sheet and Funding - Shareholders' funds increased from THB619.36 million at 31st December 2003 to THB634.93 million at 31st March 2004. - Raimon expects to improve its NAV per share by recognizing profit on investment in Bangkok Capital Fund (Owner of the Lakes project) in second, third and fourth quarters of 2004. - The company obtained loan of THB225 million from financial institutions to acquire the Pattaya Project and secured loan of THB270 million for funding the construction cost of that project. Management Comments and future prospects During the first quarter of 2004, the Company launched two new condominium projects, "The Legend" in Soi Saladaeng and "The Lofts Yennakart" in Soi Amorn. Construction has commenced at "The Legend" and it is anticipated construction will commence during the second quarter at "The Lofts Yennakart". Customer installments for "The Lakes" are all current and construction is on target for completion by end July 2004. The Company expects to recognize all revenues from this project in 2004. The few remaining units at "The Lofts Sathorn" are receiving considerable buyer interest and the Company expects sales to be concluded within the next few months. The Company has acquired a partially completed high rise residential condominium Beachfront project in Pattaya and intends to complete this as a grade A residential condominium, the first such project to be launched for 10 years in Pattaya. Initial buyer interest has been considerable and the Company is confident of substantial returns from this project in 2005. The company continues to be on track to post an operational profit in second quarter 2004, enabling the Company to apply to move back into the Property Sector of the SET sometime before the end of the third quarter 2004. Further information Raimon's shares are listed on the Stock Exchange of Thailand and its major shareholders include Seamico Securities Plc., one of Thailand's largest stockbrokers. More information concerning the Company can be obtained from its website at www.raimonland.com Contact: Mr. Nigel J. Cornick Chief Executive Officer Raimon Land PCL 22nd Floor, The Millennia Tower 62 Langsuan Road, Pathumwan, Bangkok 10330 Telephone: +66 (0) 2651-9600 to 4 Fax: +66 (0) 2651-9614 Email:nigel@raimonland.com Khun Kitti Tungsriwong Senior Vice President Finance Raimon Land Public Company Limited 22nd Floor, The Millennia Tower 62 Langsuan Road, Pathumwan, Bangkok 10330 Telephone: +66 (0) 2651-9600 to 4 Fax: +66 (0) 2651-9614 Email:kitti@raimonland.com RAIMON LAND: Clarifies Operating Result --------------------------------------- Raimon Land PCL submits to the Stock Exchange of Thailand a clarification of over 20 percent fluctuation in operating result of the Company and its subsidiaries for the first quarter of year 2004. The over 20 percent fluctuation in operating results compare to the first quarter of year 2003 mainly arose from: (1) In the first quarter of year 2004, Strategic Property Co., Ltd. recognized income from sale of the Lofts Sathorn Project approximately THB 82 million. (2) In the first quarter of year 2003, the Company (as majority shareholder) resolved to liquidate and cancel the cooperation of Cha-Am Campus City Co., Ltd. Therefore, the Company reserved the provision of loss on investment over share capital of Cha-Am Campus City Co., Ltd. of approximately THB428 million and recorded as "Gain on reversal of provision of loss on investments in subsidiary" in Profit and Loss Account. Please be informed, accordingly. Yours sincerely, Raimon Land PCL Nigel J. 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