/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040519.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 Wednesday, May 19, 2004, Vol. 7, No. 97 Headlines A U S T R A L I A MITSUBISHI AUSTRALIA: Fate Of Adelaide Plants Yet To Be Decided NATIONAL AUSTRALIA: Rogue Trader To Release Autobiography QANTAS AIRWAYS: Applies For Additional Capacity To UK C H I N A & H O N G K O N G BRILLIANT HONOUR: Schedules Winding up Hearing CHAN KAM: Creditors Meeting Set May 21 CHENG CHAK: Creditors Meeting Slated for May 21 CHU PUI: Schedules Creditors Meeting May 21 CHU WAI: Creditors Meeting Slated for May 21 JILIN CHEMICAL: Answers HKSE Query LINEA TRADING: Winding up Hearing Set for June 16 NEW SKYLAND: Schedules Winding up Hearing June 16 PRIME VIEW: Enters Winding up Petition SEAQUEST INTERNATIONAL: Winding up Hearing Slated for June 16 YU HON: Enters Bankruptcy Proceedings I N D O N E S I A BANK MANDIRI: S&P Revises Outlook To Positive J A P A N ISHIKAWAJIMA-HARIMA: Net Loss Widens to JPY38.35B MITSUBISHI FUSO: Recalls 410 Canter Guts Trucks MITSUBISHI MOTORS: Gifu Pajero Factory Closure Likely MITSUBISHI MOTORS: Discloses 2003 Earnings Result May 21 SHUGETSUNINGYOCHEN K.K.: Japanese Toy Retailer Goes Bankrupt K O R E A CHOHUNG BANK: To Be Delisted in Early July, Says Shinhan HANBO IRON: Founder Vows to Repay Debts SSANGYONG MOTOR: Union Demands Big Role in Management Decision M A L A Y S I A ANCOM BERHAD: Buys Back Ordinary Shares CHASE PERDANA: Seeks Extension For Warrants Expiry CONSOLIDATED FARMS: Presents Accounts Due HAP SENG: Pays RM88,528.46 For Ordinary Shares HO HUP: Reveals Closed Period Dealings By Directors HO WAH: Informs Of Director's Closed Period Dealings HO WAH: Director Disposes 2M of 3M Shares HUME INDUSTRIES: Reports Higher Profits MALAYSIA AIRLINES: Smaller Profits Predicted By Analysts PANGLOBAL BERHAD: Minerals Unit Releases Production Figures PSC INDUSTRIES: Announces Results Of 17 May EGM PSC INDUSTRIES: Expects to Reduce Debts TANJONG PUBLIC: Additional 29,000 New Shares Granted Listing WING TIEK: To Be Requoted In July P H I L I P P I N E S ABS-CBN BROADCASTING: Elaborates On Stockholders Meeting Results BENPRES HOLDINGS: Posts 1Q Financial Report NEGROS NAVIGATION: Posts PhP15.65 Net Loss For 1Q S I N G A P O R E CHARTERED SEMICONDUCTOR: S&P Revises Outlook to Stable HITACHI LEASING: Issues Dividend Notice HOLA DEVELOPMENT: Issues Winding Up Order Notice HONG LAI: Receives Writ of Summon from Maybank HUMAN SPACE: Creditors Meeting Set May 25 TAN LEE: Releases Dividend Notice TEH TEONG: Issues Dividend Notice T H A I L A N D ASIA HOTEL: SET Posts NR Sign On Securities BANGKOK RUBBER: SET Suspends Trading CAPETRONIC INTERNATIONAL: SET Posts NP Sign On Securities DATAMAT PCL: Releases 1Q Operating Results EASTERN WIRE: SET Posts NR Sign On Securities MANAGER MEDIA: SEC Waives Submission Of Financial Statement THAI DURABLE: SET Lifts Notice Pending Sign THAI GERMAN: SET Posts NR On Securities - - - - - - - - ================= A U S T R A L I A ================= MITSUBISHI AUSTRALIA: Fate Of Adelaide Plants Yet To Be Decided --------------------------------------------------------------- The outcome of the meeting of Mitsubishi Motors Corp. in Tokyo on Monday is described as constructive. However, the company has yet to determine the future of its company's operations in Australia, its Adelaide operations or its 3500 South Australian employees, The Sydney Morning Herald reports. "Any decision on the Australian operations will have to be made within the overall context of the ongoing revitalization of MMC, which is facing its toughest challenge ever," Mitsubishi Motors president Yoichiro Okazaki said. Federal Industry Minister Ian Macfarlane said in an interview that they outlined all the reasons why operations in South Australia should continue, but at this stage they have made no decision about any components of Mitsubishi Motors Corp. globally. According to Mr. Macfarlane, "The next step from here is Mitsubishi will announce their business plan within the next week or so, and on the basis of that both South Australian and Federal governments will then respond." However, Mr. Macfarlane and South Australian Treasurer Kevin Foley who also attended refused to relate the talks' details. The government also shows concern, pledging to do everything it can to save the Adelaide engine plant at Lonsdale and the assembly factory at Clovelly Park. "Our main concern is the welfare of the workforce and the continuity of their employment," Prime Minister John Howard told Brisbane Radio 4BC. Treasurer Peter Costello admits that Mitsubishi is faced by a problem much bigger than Australia. "The issue at the moment has got nothing to do with Mitsubishi Australia, it's the Mitsubishi Corporation of Japan and in part, whether or not the owners ... are able to pay extra capital or find somebody else who will pay extra capital," Mr. Costello said. The car giant took a severe blow last month when top shareholder DaimlerChrysler AG of Germany said it would not provide its cash-strapped partner with more funds. NATIONAL AUSTRALIA: Rogue Trader To Release Autobiography --------------------------------------------------------- David Bullen, one of the three traders involved in National Australia Bank's $360 million trading scandal that triggered its biggest crisis in its 147-year history, is telling his side of the story, The Age reports. Mr. Bullen is set to release his book entitled, "Fake: My Life as a Rogue Trader" -- an autobiographical account of the high living, high-pressured lifestyle of currency traders caught up in a whirlwind of drugs, partying and lavish corporate entertainment. And even before his book hits the bookshops there are plans for a sequel as well as a new website aimed at the media, and the possibility of weekly online updates to his existing website on his personal quest for enlightenment. Mr. Bullen, warned the bank's new chief executive, John Stewart to get out while he can because there is more to life than running a bank. He opined Mr. Stewart cannot change the business culture without first changing society. QANTAS AIRWAYS: Applies For Additional Capacity To UK ----------------------------------------------------- Qantas Airways Ltd. said in a company press release on Tuesday that it had applied to the International Air Services Commission (IASC) for the right to operate additional services to the United Kingdom. Executive General Manager of Qantas Airlines, John Borghetti said that the new flights, if approved, would increase Qantas services to the UK from 21 to 28 per week over the next two years, including first-time flights via Hong Kong. The additional seven services include four via Hong Kong and three via Singapore. Mr. Borghetti said that if the application were successful, Qantas would operate 17 services to the UK each week via Singapore, seven via Bangkok and four via Hong Kong. Qantas has also applied to add a further three weekly services via Hong Kong to the UK. These flights will not operate until April 2006. ============================== C H I N A & H O N G K O N G ============================== BRILLIANT HONOUR: Schedules Winding up Hearing ---------------------------------------------- Notice is hereby given that a petition for the winding up of Brilliant Honour Development Limited by the High Court of Hong Kong was on the 15 April 2004 presented to the said Court by Bank of China (Hong Kong) Limited (the successor corporation to The China State Bank Limited pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167)) of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition is directed to be heard before the Court at 9:30 a.m. on the 23 June 2004 and 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. K.W. NG & CO. Solicitors for the Petitioner, 11/F., Wings Building 110 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 21 June 2004. CHAN KAM: Creditors Meeting Set May 21 -------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chan Kam Hung (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. CHENG CHAK: Creditors Meeting Slated for May 21 ----------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Cheng Chak Yim (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. CHU PUI: Schedules Creditors Meeting May 21 ------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chu Pui Man (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. CHU WAI: Creditors Meeting Slated for May 21 -------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chu Wai Tat (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. JILIN CHEMICAL: Answers HKSE Query ---------------------------------- The Stock Exchange of Hong Kong Limited has received a message from Jilin Chemical Industrial Company Limited, which is reproduced as follows: "This statement is made at the request of The Stock Exchange of Hong Kong Limited." "The Company have noted the recent increases in the trading volume of the shares of the Company and wish to state that it is not aware of any reasons for such increase." "Jilin also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23, neither is the Board aware of any matter discloseable under the general obligation imposed by rule 13.09, which is or may be of a price-sensitive nature." Jilin Chemical Industrial Company Limited incurred a net profit of RMB424 million for the first quarter in 2004, versus a net loss of RMB1.012 billion a year earlier, TCR-AP Vol. 7 No. 80 reports. In a disclosure to the Stock Exchange of Hong Kong Limited, the Company suffered a loss for three consecutive years coupled with intensifying competition in the market. The Company adopted the following strong and effective measures in 2003 to achieve a turnaround from loss making to profitability. LINEA TRADING: Winding up Hearing Set for June 16 ------------------------------------------------- Notice is hereby given that a petition for the winding up of Linea Trading Company Limited by the High Court of Hong Kong was on the 22 March 2004 presented to the said Court by the Petitioner Chan Woon Fui residing at Flat A, 8th Floor, Block D, The Paragon, 9 Shan Yin Road, New Territories, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 16 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. CHUNG, FONG & CO. Solicitors for the Petitioner, Suites 427-429, 4th Floor, Prince's Building 10 Chater 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 15 June 2004. NEW SKYLAND: Schedules Winding up Hearing June 16 ------------------------------------------------- Notice is hereby given that a petition for the winding up of New Skyland International 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 of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. TSANG, CHAN & WONG Solicitors for the Petitioner, 16th Floor, Wing On House 71 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. PRIME VIEW: Enters Winding up Petition -------------------------------------- Notice is hereby given that a petition for the winding up of Prime View Industrial 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 of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. TSANG, CHAN & WONG Solicitors for the Petitioner, 16th Floor, Wing On House 71 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. SEAQUEST INTERNATIONAL: Winding up Hearing Slated for June 16 ------------------------------------------------------------- Notice is hereby given that a petition for the winding up of Seaquest International Development Limited by the High Court of Hong Kong was on the 19 April 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 the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. TSANG, CHAN & WONG Solicitors for the Petitioner, 16th Floor, Wing On House 71 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. YU HON: Enters Bankruptcy Proceedings ------------------------------------- Notice is hereby given that the General Meeting of the creditors of Yu Hon Kau (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. ================= I N D O N E S I A ================= BANK MANDIRI: S&P Revises Outlook To Positive --------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Friday on the foreign and local currency long-term counterparty credit ratings on Indonesia's PT Bank Mandiri Persero (Mandiri) and PT Bank Danamon Indonesia Tbk. (Danamon) to positive from stable. At the same time, Standard & Poor's affirmed its foreign and local currency counterparty credit ratings at B/B and B+/B, respectively, on the banks. The outlook revision on Mandiri and Danamon reflects expectations that the improvements in the banks' financial profile, as characterized by better operating profitability and capitalization is sustainable, in an improved operating environment attributed to the continued progress in Indonesia's macroeconomic stability. "While the banks' financial risks have improved with higher profitability, asset quality will represent one of their key challenges, particularly as their intermediary function in the economy picks up in line with growth in the consumer and small to midsize enterprise segments," said Standard & Poor's credit analyst Adrian Chee, Associate Director in the Financial Services Ratings Group. In fiscal year 2003, Mandiri and Danamon improved profitability again their after-tax profit return on average assets (ROAA) increased to 1.8 percent and 3.1 percent from 1.4 percent and 1.9 percent, respectively. The banks' underlying profitability has remained satisfactory, as measured by its ratio of preprovision net operating income to average assets, with Mandiri's at 3.01 percent and Danamon's at 5.85 percent at December 2003, compared with 2.15 percent and 2.84 percent in the previous fiscal year. These improvements are mainly underpinned by the banks' success in lowering their cost of funds as well as managing a more efficient asset-liability mix. The asset quality of Mandiri and Danamon continues to be significantly related to the Indonesian government's credit risk, as a result of their holding of local currency Indonesian government recapitalization bonds, which constituted about 49 percent and 40 percent, respectively, of their total assets in December 2003. The proportion of loans to assets at Mandiri and Danamon grew to 33 percent and 40 percent at the end of fiscal 2003, from 27 percent and 39 percent the year before. In terms of the credit quality of their loan portfolios, Mandiri and Danamon have continued their restructuring and recovery process on their nonperforming assets (NPA), while writing off more of their hardcore nonperforming loans. This is reflected in Mandiri's and Danamon's net NPA (includes restructured loans and foreclosed properties) ratio, which improved to 26 percent and negative 2.03 percent in fiscal 2003, from 36 percent and negative 1.7 percent in 2002. The two banks will continue to focus on improving the quality of their growing loan portfolios. Mandiri and Danamon have continued to build their capitalization positions. At December 2003, their capitalizations remain satisfactory, as denoted by their adjusted common equity to average assets ratio, which stood at 7.68 percent and 11.42 percent, respectively. ========= J A P A N ========= ISHIKAWAJIMA-HARIMA: Net Loss Widens to JPY38.35B ------------------------------------------------- Ishikawajima-Harima Heavy Industries Co. posted a net loss of 38.35 billion yen in the fiscal year 2003 ended March 31, versus a net loss of 9.67 billion yen a year earlier, Kyodo News reported on Tuesday. The shipbuilder and heavy machinery maker lost profitability in the shipbuilding and marine construction business and the energy and plant engineering division. MITSUBISHI FUSO: Recalls 410 Canter Guts Trucks ----------------------------------------------- Mitsubishi Fuso Truck & Bus Corporation will recall 410 of its Canter Guts trucks to fix defective brake equipment, according to Kyodo News, citing a report from the Ministry of Land, Infrastructure and Transport. The automaker received nine reports since December that the Canter Guts trucks did not stop when the drivers pressed the brake pedal. MITSUBISHI MOTORS: Gifu Pajero Factory Closure Likely ----------------------------------------------------- Mitsubishi Motors Corporation is considering closing its Pajero sports utility plant in Japan as part of a 450 billion yen restructuring plan to revive the ailing carmaker. According to Kyodo News, the struggling automaker will shift production of the popular sports vehicle from the plant in Sakahogi, Gifu Prefecture, which is owned by Pajero Manufacturing Co., a Mitsubishi subsidiary, to the Mitsubishi plant in Okazaki, Aichi Prefecture. MITSUBISHI MOTORS: Discloses 2003 Earnings Result May 21 -------------------------------------------------------- Mitsubishi Motors Corporation will announce its earnings results for 2003 and a medium-term business plan on May 21, according to Reuters. Chief Executive Officer Yoichiro Okazaki and Chief Financial Officer Keiichiro Hashimoto will attend the news conference, which will start at 4.30 p.m. (0730 GMT) at its headquarters in Tokyo. The struggling automaker has been scrambling to map out a new business plan with three Mitsubishi group companies since April after DaimlerChrysler AG abandoned plans to inject new capital into the Company. SHUGETSUNINGYOCHEN K.K.: Japanese Toy Retailer Goes Bankrupt ------------------------------------------------------------ Shugetsuningyochen K.K. has entered bankruptcy, according to Teikoku Databank America. The Japanese toy retailer, which is located at Taito-ku, Tokyo Japan, has total liabilities of US$30.83 million. ========= K O R E A ========= CHOHUNG BANK: To Be Delisted in Early July, Says Shinhan -------------------------------------------------------- Shinhan Financial Group said it would delist Chohung Bank in early July, after the group closed on Monday an offer to buy some of the remaining stock it does not already own in the bank, according to Reuters. Shinhan, the financial services group, which owned 81.15 percent of Chohung had made a public tender offer to buy another 3.77 percent. Shinhan had offered to buy 27.1 million Chohung shares from the market at 3,500 won ($2.95) apiece, or a 38 percent premium to the market price. The offer was part of steps to complete its buyout of Chohung Bank, which it took over in 2003 from the government. Chohung Bank, which was nationalized after the 1997-98 Asian financial crisis, now accounts for about 23 percent of Shinhan in asset terms. The Troubled Company Reporter-Asia Pacific Vol. 7, No. 76 reported last month that Standard & Poor's Ratings Services raised its long-term and short-term credit ratings on Chohung Bank to 'BBB' from 'BBB-' and 'A-2' from 'A-3', respectively. At the same time, Standard & Poor's affirmed its 'BBB/A-2' long- term and short-term credit ratings on Shinhan Bank. The outlooks on both banks' long-term ratings are stable. On April 14, 2004, Shinhan Financial Group Co. Ltd. (SFG) announced its decision to acquire the remaining common shares (18.85%) of Chohung by the end of June 2004 through a combined small-scale share swap and tender offer. Shinhan and Chohung's liquidity, measured by their loan to deposit ratio, has deteriorated gradually for the past few years, but remains satisfactory at about 110%. Liquid assets, including some cash and invested securities, account for about 22% of SFG's total liabilities on a consolidated basis, which remains adequate. HANBO IRON: Founder Vows to Repay Debts --------------------------------------- Mr. Chung Tae-soo, founder and former chairman of Hanbo Iron & Steel, is willing to pay back the bankrupt steel maker's debt totaling 6.1 trillion won (US$5.17 billion), if he is allowed to regain control of its management, Yonhap News reported on Tuesday. Mr. Chung said he and his business partners would be able to repay 1.5 trillion won of the steel maker's 6.1 trillion won debt in three years. SSANGYONG MOTOR: Union Demands Big Role in Management Decision -------------------------------------------------------------- Labor union members of Ssangyong Motor Co. on Monday demanded its formal participation in key management decisions, including the establishment of offshore plants, raising concerns about a fierce labor-management dispute at the ailing automaker, Yonhap News reports. The union has asked the company management to reflect unionized workers' opinions in decisions on the building and operation of overseas plants, outsourcing, introduction of new cars and other crucial issues. =============== M A L A Y S I A =============== ANCOM BERHAD: Buys back Ordinary Shares --------------------------------------- Ancom Berhad announced in a notice dated 17 May 2004 to the Bursa Malaysia Securities Berhad, that the company had on the same date, bought back 194,000 units of ordinary shares of RM1.00 each. Minumum price paid for each share was placed at RM0.750 while the maximum price paid was RM0.785. Total cash consideration was not specified. To date, the company has a total of 626,500 units in cumulative net outstanding treasury shares. CHASE PERDANA: Seeks Extension For Warrants Expiry -------------------------------------------------- Chase Perdana Berhad (Chase), submitted to the Bursa Malaysia Securities Berhad on 17 May 2004, a proposal to extend the duration and exercise period of the company's outstanding Warrants by 5 years. Chase is asking that the expiry date be moved from 17 June 2004 to 17 June 2009. The Extension is subject to the approval of the Securities Commission, the shareholders and the warrantholders of Chase. The company says that approval from the Securities Commission was obtained last April 1. However, shareholders and warrantholders yet have to discuss the matter in an extraordinary general meeting and a warrantholders' meeting to be held on 18 May 2004. At least 75 percent of the shareholders and warrantholders present must vote in favor of the Proposed Warrants Extension in order for it to be approved and passed. In case the Proposed Warrants Extension is not approved, then trading of the Warrants will be suspended on Wednesday, 2 June. The Warrants will expire at 5 pm on Thursday, 17 June 2004 and will be removed from the Official List of the Exchange effective 9 am on Friday, 18 June 2004. CONSOLIDATED FARMS: Presents Accounts Due ----------------------------------------- The Board of Consolidated Farms Berhad has confirmed that the Group is unable to pay the additional principal in respect to its banking facilities. Additional Amount of Principal Due From 6 May to 17 May 2004: Lender: Bumiputra-Commerce Bank Berhad (BCBB) Borrower: Confarm Additional Amount Due From 6 may-17 may 2004 (RM'000): 937.00 Type of Facilities: Bankers' Acceptance (BA) Lender: Malayan Banking Berhad Borrower: Confarm Additional Amount Due From 6 may-17 may 2004 (RM'000): 576.00 Type of facilities: BA Lender: BCBB Borrower: Consolidated Feedmill Sdn Bhd Additional Amount Due From 6 may-17 may 2004 (RM'000): 675.00 Type of Facilities: BA Total Borrowings: RM2,188,000.00 Note: Figures are based on the respective companies' records and exclude any penalty interest that may be charged by the respective lenders. In the disclosure dated 17 May 2004 to the Bursa Malaysia Securities Berhad, the Board of Directors said it is currently undertaking a thorough review to assess the group's financial position. HAP SENG: Pays RM88,528.46 For Ordinary Shares ---------------------------------------------- Hap Seng Consolidated Berhad announced on the Bursa Malaysia Securities Berhad on 17 May 2004 that the company had bought back 36,200 units of ordinary shares of RM1.00 each for a total cash consideration of RM88,528.46. The minimum price paid for each share was RM2.370 while the maximum price paid was RM2.480. The transaction was completed on Monday, 17 May 2004. To date, the company has a total of 33,025,600 units in cumulative net outstanding treasury shares. HO HUP: Reveals Closed Period Dealings By Directors --------------------------------------------------- Ho Hup Construction Company Berhad, in a notice dated 17 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: 14 May 2004 Price Per Share: RM1.70 Number of Shares Acquired: 5,000 (Direct) Percentage of Issued Share Capital (%): 0.005 Transaction Date: 14 May 2004 Price per share: RM1.69 Number of shares acquired: 32,700 (*Indirect) Percentage of issued share Capital (%): 0.032 Low Teik Kien Transaction Date: 14 May 2004 Price per share: RM1.69 Number of shares acquired: 32,700 (*Indirect) Percentage of issued share Capital (%): 0.032 *Deemed interested through Low Chee Estate. HO WAH: Informs Of Director's Closed Period Dealings ---------------------------------------------------- Ho Wah Genting Berhad (HWGB) announced to the Bursa Malaysia Securities Berhad on 17 May 2004 that the company's executive director Mr. Lim Ooi Hong had acquired an additional 2 million ordinary shares of RM1.00 each in HWGB for a total cash consideration of RM1,300,000. The shares, which represent 0.76 percent of the total number of ordinary shares were bought for RM0.65 each and are currently held by JB Nominees (Tempatan) Sdn Bhd in a pledged securities account for Mr. Lim. The transaction was completed on the same day as the announcement. Mr. Lim had previously purchased a total of 8 million units of ordinary shares of RM1.00 each. HO WAH: Director Disposes 2M of 3M Shares ----------------------------------------- Mr. Goh Sin Huat, Group Executive Chairman of Ho Wah Genting Berhad (HWGB) disposed of 2 million ordinary shares of RM1.00 each in HWGB on 17 May 2004 for RM0.65 each for a total cash consideration of RM1,300,000. The shares are currently being held by OSK Nominees (Tempatan) Sdn Bhd in a pledged securities account for Goh Sin Huat. According to an announcement made to the Bursa Malaysia Securities Berhad, the transaction was completed on 17 May 2004. Mr. Goh has previously signified his intention to dispose of a total of 3 million ordinary shares of the company. HUME INDUSTRIES: Reports Higher Profits --------------------------------------- Hume Industries (Malaysia) Berhad has released its financial results for the 3rd quarter ending 31 March 2004, reporting a profit of RM26.8 million compared to RM19.7 million for the same period last year. According to Asia Pulse, this is an increase of 24.7 percent from the preceding quarter's takings. In a statement, Hume attributed the company's higher profits to increased contributions including an insurance claim by an associated company. Hume Industries main business involves the manufacture and sale of concrete products. The company is a member of the Hong Leong Group Malaysia. For a full copy of the 3rd Quarter Financial Results, click on the following link: http://bankrupt.com/misc/Hume3rdQReport19May2004.pdf MALAYSIA AIRLINES: Smaller Profits Predicted By Analysts -------------------------------------------------------- In a survey conducted by Thomsom First Call, 15 analysts predicted Malaysia Airlines System's (MAS) profits for FY2004 to fall by 22 percent. According to Dow Jones, they place the average net profit at RM312 million compared to last year's RM399.1 million. However, the analysts pointed out that the bulk of last year's gains (approximately RM299.5 million) were the result of the airline's corporate and debt restructuring exercise. Before 2003, Malaysia Airline went through five years of straight losses, peaking at RM835.6 million for FY2002. However, the air travel industry has since rebounded following the September 11 terrorist attack and the Severe Acute Respiratory Syndrome outbreak with the passenger load factor or the percentage of seats filled per trip going beyond 70 percent. At the height of the SARS outbreak last year, passenger load factor stood at only approximately 50 percent. Malaysia Airlines is expected to release its full-year results this week. PANGLOBAL BERHAD: Minerals Unit Releases Production Figures ----------------------------------------------------------- PanGlobal Berhad announced on 17 May 2004 on the Bursa Malaysia Securities Berhad the coal production volume of its wholly owned subsidiary, Global Minerals (Sarawak) Sdn Bhd. Global Minerals produced a total of 47,094.12 mt of coal for the month of April 2004. Aside from coal mining, the PanGlobal group, with its subsidiaries, is involved in general insurance business, extraction of logs, sawmilling and the manufacture of veneer. The group also engages in property investment and development, rental of office and commercial premises and the operation of hotel apartments. The company is currently undergoing a proposed composite debt arrangement scheme. PSC INDUSTRIES: Announces Results Of 17 May EGM ----------------------------------------------- Avenue Securities Sdn Bhd, announced on 17 May 2004 in a notice submitted to the Bursa Malaysia Securities Berhad on behalf of the Board of Directors of PSC Industries Berhad, that the ordinary resolutions relating to the Proposals as stated in the Notice of Extraordinary General Meeting dated 30 April 2004 was duly passed at the Extraordinary General Meeting of the Company held on Monday, 17 May 2004 at Anggerik Room, 4th Floor, Hotel Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur. To review the resolutions, please refer to the May 3, 2004 issue of TCR-AP, to the story entitled "PSC INDUSTRIES: Discloses Agenda For 17 May EGM." PSC INDUSTRIES: Expects to Reduce Debts --------------------------------------- Ishak Osman, group executive director of PSC Industries Berhad (PSCI) said on Monday, 17 May, with the help of the proposed debt restructuring plan, the company is expecting its debts to go down to RM387.4 million from RM887.12 million by next month. According to the Malaysian National News Agency- Bernama, the plan involves the issuance of new shares as well as a proposal by Business Focus Sdn Bhd (BFSD) to acquire RM382.001 million of the company's debt from Affin Bank Bhd (ABB). BFSB also proposes to dispose of a portion of the Affin Bank debt amounting to RM262.011 million to various investors. BFSB is a substantial shareholder of PSCI. The outstanding debt will then be converted by PSCI into Redeemable Convertible Stock Loans (RCLS). "This (the completion of debt restructuring) will help PSC Industries to be more profitable," Ishak said. TANJONG PUBLIC: Additional 29,000 New Shares Granted Listing ------------------------------------------------------------ Tanjong Public Limited Company submitted a notice to the Bursa Malaysia Securities Berhad on 17 May 2004 stating that the company's additional 29,000 new ordinary shares of 7.5 pence each, issued pursuant to the Tanjong-Employee' Share Option scheme will be granted listing and quotation effective 9 am on Wednesday, 19 May 2004. WING TIEK: To Be Requoted In July --------------------------------- After 7 years of continuous losses, Wing Tiek Holdings Berhad will be requoted on the Bursa Malaysia Securities Berhad, the Malaysian National News Agency- Bernama reports. Chen Cheong Fat, Wing Tiek's managing director says this will come upon the completion of the company's Corporate Debt Restructuring Scheme (CDRS) in July. At that time, Wing Tiek's listing will be taken over by JAKS Resources Berhad. Wing Tiek has entered into several agreements with JAKS Resources in order to implement the CDRS. For one, Chen said the CDRS involved the liquidation of Wing Tiek and its subsidiaries save for Wing Tiek Pipe Sdn Bhd. At the EGM held on Monday, 17 May, 99.92 percent of Wing Tiek's shareholders voted in favor of the company's resolutions pertaining to the proposed CDRS. Among the resolutions approved by shareholders were the proposed disposal of nine pieces of land and building to JAKS Resources for RM75 million to be satisfied by the issuance of 40.0 million new ordinary shares of RM1 each in Jaks Resources at par and the issuance by JAKS Resources of RM35 million nominal value redeemable convertible secured loan stock at 100 percent of its nominal value (proposed Wing Tiek land acquisition). The second resolution was the proposed disposal of 45.913 million ordinary shares of RM1.00 each in Wing Tiek Steel Pipe for a cash consideration of RM1.00, while the final resolution was on the proposed scheme of arrangement between Wing Tiek, its shareholders and JAKS Resources whereby the entire issued and paid-up share capital of Wing Tiek will be exchanged for new JAKS Resources Shares on the basis of one new JAKS Resources share for every eight ordinary shares of RM1.00 each in Wing Tiek held on a date to be determined later. According to Wing Tiek's Proposed Transfer of Listing Status, the entire enlarged issued and paid-up share capital of JAKS Resources will be listed in place of the issued and paid-up capital of Wing Tiek and JAKS Resources will thereby take over the listing status of Wing Tiek on the Main Board of the Bursa Malaysia. Shareholders of Wing Tiek will then become shareholders of JAKS Resources. JAKS Resources is involved in water supply construction projects such as reservoirs, water reticulation works and laying pipe. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Elaborates On Stockholders Meeting Results ---------------------------------------------------------------- ABS-CBN Broadcasting Corp. submitted to the Philippine Stock Exchange additional information of its Annual Stockholders meeting held on April 29, 2004. Please be informed that the following matters were also approved: (1) Management Report and Audited Financial Statements for the Year Ended December 31, 2003. (2) Ratification of all acts of the Board of Directors, Executive Committee and Management for the period covering January 1, 2003 through December 31, 2003 adopted in the ordinary course of business, including but not limited to: (a) Approval of investments (b) Treasury matters related to opening of accounts and bank transactions; and (c) Appointment of signatories and amendments thereof. (3) Re-appointment of SyCip Gorres Velayo and Co., as the External Auditors of the company. The company likewise confirms that it only has an Audit Committee with Mr. Roberto F. de Ocampo as its Chairman, and it does not have a Compensation and Nomination Committee. The company trusts that it has sufficiently addressed your concerns. For more information click http://bankrupt.com/misc/abscbn051704.pdf BENPRES HOLDINGS: Posts 1Q Financial Report ------------------------------------------- Benpres Holdings Corp. submitted to the Philippine Stock Exchange its first quarter financial report for the period ended March 31, 2004. Unaudited Consolidated revenues of Benpres increased to PhP1.865 billion from PhP562 million in the same period last year, reflecting the consolidation of Maynilad Water Services, Inc. Benpres only began consolidating Maynilad operations in its financial statements in August 2003. Cost and Expenses, in particular cost of sales and services (to PhP978 million from PhP24 million) and general and administrative expenses (to PhP462 million from PhP92 million), increased for the same reason. Equity in earnings of investees improved to PhP550 million from PhP342 million due to the strong performance of the subsidiaries in power generation [First Philippine Holdings Corp. (FPHC)] and media [ABS-CBN Broadcasting Corp. (ABS-CBN)]. On the other hand, interest and other expenses rose to PhP729 million from PhP260 million, inclusive of foreign exchange losses. Benpres recorded losses on the depreciation of the peso from PhP53.604 per US dollar in 1q03 to PhP56.216 per US dollar in 1q04. As a result, Benpres posted a net loss of PhP142 million the period versus a net income of PhP133 million in the first three months of 2003. To view full copy of the first quarter report click http://bankrupt.com/misc/benpresholdings051704.pdf NEGROS NAVIGATION: Posts PhP15.65 Net Loss For 1Q ------------------------------------------------- Negros Navigation Co. Inc. (Nenaco) submitted to the Philippine Stock Exchange its first quarter results. Nenaco reported revenue of PhP521.6 million compared to PhP604.5 million in the same period last year. Operating costs and expenses totaled PhP431.2 million. While it posted a net loss of PhP15.65 million pesos compared to a profit of PhP10.5 million of the same period last year. To view full copy of the financial results, click http://bankrupt.com/misc/negrosnavigation051704.pdf ================= S I N G A P O R E ================= CHARTERED SEMICONDUCTOR: S&P Revises Outlook to Stable ------------------------------------------------------ Standard & Poor's Ratings Services has revised the outlook on its corporate credit rating on Chartered Semiconductor Manufacturing Ltd. to stable from negative. At the same time, the 'BBB-' rating on Chartered was affirmed. "The outlook revision reflects the expected improvement in Chartered's cash flow as a result of the current recovery in the semiconductor industry. Despite its expected aggressive expansion plans in the next two years, the improvement in the company's cash flow is expected to support its credit quality," said Standard & Poor's credit analyst Erly Witoyo. "The outlook change also reflects the expected improvement in Chartered's operating performance over the medium term due to its strategic alliances and management's cost reduction efforts." Chartered's exchange rate risk is minimal as its U.S. dollar revenues provide a natural hedge to its predominantly U.S. dollar operating expenses, debts, and capital expenditures. These strengths are offset by the above-average risk of the semiconductor industry, which is highly cyclical, capital intensive, and subject to rapid technological changes. Although the semiconductor industry has started to recover, factors such as a slowdown in global economic growth or weak demand from end- markets could derail the expected strong recovery. "Chartered's aggressive financial profile is another factor that constrains the rating. Its gearing is expected to deteriorate in the medium term, as the company is likely to require additional funding for its capacity expansion," said Mr. Witoyo. In the next two years, the company is projected to spend about US$1.5 billion to equip its new wafer fabrication facility, Fab 7, and to fully ramp up the capacity of Fab 6 (by end-2004). This is expected to increase its net gearing to about 40% by 2005, from 17% at the end of fiscal 2003. Chartered has a weak competitive position. The company faces formidable competition from Taiwan Semiconductor Manufacturing Corp. (TSMC) and United Microelectronics Corp. (BBB/Stable/--), which have a combined global market share of about 65%, compared with Chartered's share of about 5% in 2003. The company's short-term liquidity is strong, with a cash balance of US$696 million and available committed bank facilities of US$320 million at March 31, 2004. In comparison, the company only has US$224 million of debt due in the near term. However, the company's liquidity could deteriorate over the near term, as a significant amount of its cash balance may be used to support its planned capital expenditure. Contact: Erly Witoyo, Singapore (65) 6239-6321; Ee-Lin Tan, Singapore (65) 6239-6394 HITACHI LEASING: Issues Dividend Notice --------------------------------------- Hitachi Leasing (S) Pte Ltd. issued a notice of final dividend as follows: Address of Registered Office: 268 Orchard Road #11-01, Singapore 238856 Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 358 of 1998 Amount per centrum: 0.6978% First or final or otherwise: Final Where payable: Singapore Last Day of Receiving Proofs: 17 May 2004. For more information, go to http://bankrupt.com/misc/TCRAP_HitachiLeasing.pdf This Singapore Government Gazette announcement is dated 14 May 2004. HOLA DEVELOPMENT: Issues Winding Up Order Notice ------------------------------------------------ Hola Development Pte Ltd issued a notice of winding up order made on the 10 May 2004. Name and address of Liquidators: Mr. Goh Boon Kok c/o 1 Stadium Walk Level 2, Kallang Theatre Building Singapore 397688. Messrs RAJAH & TANN Solicitors for the Petitioner. Note: (a) All creditors of the company should file their proof of debt with the liquidators who will be administering all affairs of the company. (b) All debts due to the company should be forwarded to the liquidators. This Singapore Government Gazette announcement is dated 17 May 2004. HONG LAI: Receives Writ of Summon from Maybank ---------------------------------------------- The Directors of PDC Corporation Limited wish to announce that the Company and its subsidiaries, Hong Lai Huat Realty Pte Ltd and Macro Machinery International Pte Ltd, have received Writs Of Summons from Maybank on 14 May 2004, claiming against: 1. Macro Machinery International Pte Ltd as principal debtor, and PDC Corp Ltd and Hong Lai Huat Realty Pte Ltd as guarantors, the amount of S$224,521.45; and 2. PDC Corporation Limited and Hong Lai Huat Realty Pte Ltd as guarantors, the amount of S$1,536,683.71; the claim is a result of the banking facilities provided by Maybank to Hong Lai Huat Construction Pte Ltd (under Judicial Management). The Company is reviewing its legal position, and shall notify shareholders of any further material developments in the matter. Submitted by PDC Corporation Executive Chairman Chan Yeuk Wai on 17/05/2004 to the SGX. HUMAN SPACE: Creditors Meeting Set May 25 ----------------------------------------- Notice is hereby given that the Meeting of Creditors of Human Space Interior Pte Ltd (In Creditors' Voluntary Winding Up) will be held at 15-IA Jalan Riang, Singapore 358987 on 25th May 2004 at 11.30 a.m. for the purposes as stated in sections 296, 297, and 298 of the Companies Act, Cap. 50. LIU BUONG KEON Provisional Liquidators. THAM POK LEONG Director. This Singapore Government Gazette announcement is dated 14 May 2004. TAN LEE: Releases Dividend Notice --------------------------------- Tan Lee & Partners issued a notice of final dividend as follows: Address of Registered Office: 79 Robinson Road #23-00 CPF Building Singapore 068897. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 358 of 1998 Amount per centrum: 0.6978% First or final or otherwise: Final Where payable: Singapore Last Day of Receiving Proofs: 17 May 2004. This Singapore Government Gazette announcement is dated 14 May 2004. TEH TEONG: Issues Dividend Notice --------------------------------- Teh Teong Guan issued a notice of final dividend as follows: Address of Registered Office: c/o Teh Lim & Partners 7500A Beach Road #04-313/314, The Plaza Singapore 199591. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 358 of 1998 Amount per centrum: 0.6978% Where payable: Singapore First or final or otherwise: Final Last Day of Receiving Proofs: 17 May 2004. This Singapore Government Gazette announcement is dated 14 May 2004. =============== T H A I L A N D =============== ASIA HOTEL: SET Posts NR Sign On Securities ------------------------------------------- The Stock Exchange of Thailand (SET) has posted an NR (Notice received) sign on the securities of Asia Hotel PCL (ASIA) effective from the first trading session of May 18, 2004 to announce that the SET has received the Securities and Exchange Commission's conclusion that it is not necessary to amend ASIA's financial statements on the issues so stated by the company's auditor. However, the SET has still suspended trading on the securities of ASIA because the Companies must prepare a rehabilitation plan. Previously, the SET had posted the NP (Notice pending) sign on Asia Hotel PCL (ASIA) effective from the first trading session of May 18, 2004. This is because in the Company's reviewed financial statements for the period ending March 31, 2004 as submitted to the SET, the companies' auditors were unable to reach any conclusion on the financial statements and the SET was waiting for the SEC'S conclusion on this matter. BANGKOK RUBBER: SET Suspends Trading ------------------------------------ Bangkok Rubber PCL has publicly submitted to the Stock Exchange of Thailand its reviewed financial statements for the period ending March 31, 2004. Since their auditors were unable to reach any conclusion on their financial statements, it can be considered that the numbers (indicating the financial status and operating results of the company presented in their financial statements) did not reflect the actual position of the company. The Securities and Exchange Commission (SEC) probably issued an instruction that Bangkok Rubber is obliged to amend its financial statement. The Stock Exchange of Thailand posts an SP (Suspended Trading) sign on the securities of Bangkok Rubber PCL from the first session of May 18, 2004 to enable shareholders and general investors to have sufficient time to scrutinize the auditors' report relating to the results in financial statements. CAPETRONIC INTERNATIONAL: SET Posts NP Sign On Securities --------------------------------------------------------- The Stock Exchange of Thailand (SET) has posted NP (Notice Pending) signs on the securities of Capetronic International (Thailand) PCL effective from the first trading session of May 18, 2004 due to its failure to submit the financial statements for the period ending March 31, 2004 by the deadline specified by the SET. The aforementioned NP signs indicate to the general public that the SET is currently waiting the receipt of the required financial statements. DATAMAT PCL: Releases 1Q Operating Results ------------------------------------------ Datamat PCL would like to provide the Stock Exchange of Thailand additional information on the operational performance of the first quarter of 2004 in comparison to that of 2003: During the first quarter of this year, there was the beginning period of new budget of government and private sectors, as well as auctions for procurement. The Company has joined and won many auctions and is in the process of execution of contracts. The income from these projects will be realized in the second quarter of this year. The Company's financial statements show a loss in the operational performance of THB32 million, an increment of THB27 million or 467 percent, due to a decrement in total sales of the group of THB183 million or 58 percent. The first quarter of 2003 showed sales of the Company's subsidiary in Malaysia of THB215 million or 68 percent of the total income. If the Company included the sales of the subsidiary, the total sales during the first quarter of 2004 would have been THB147 million. However, on January 2, 2004 the subsidiary in Malaysia increased its capital by Rights Issue of shares but the Company did not increase it investments. As a result, the Company's holding decreased from 51 percent to 38.25 percent. In comparison, the first quarter of 2003 showed a profit of the subsidiary of THB12 million (THB6 million if calculated by the new holding ratio) while the first quarter of 2004 shows a loss of THB2 million, due to the beginning period of new budget also. Sincerely Yours, Kusol Sangkananta Director and Secretary of the Board EASTERN WIRE: SET Posts NR Sign On Securities --------------------------------------------- The Stock Exchange of Thailand (SET) has posted an NR (Notice received) sign on the securities of Eastern Wire PCL (EWC) effective from the first session May 18, 2004 to announce that the SET has received the Securities and Exchange Commission's conclusion that it is not necessary to amend EWC's financial statements on the issues so stated by the company's auditor. However, the SET has still suspended trading on the securities of EWC because the Company must prepare a rehabilitation plan. Previously, the SET had posted the NP (Notice pending) sign on Eastern Wire Public Company Limited (EWC) effective from the first session May 18, 2004. This is because in the Company's reviewed financial statements for the period ending 31 March 2004 as submitted to the SET, the company's auditors were unable to reach any conclusion on the financial statements and the SET was waiting for the SEC'S conclusion on this matter. MANAGER MEDIA: SEC Waives Submission Of Financial Statement ----------------------------------------------------------- The Stock Exchange of Thailand (SET) would like to announce that Manager Media Group PCL has been waived by the Office of Securities and Exchange Commission (SEC) to submit its audited financial statements for the period ending March 31, 2004 within 60 days from the ending date of the quarter. This is because the SEC has suspended the approval of the company's auditor. THAI DURABLE: SET Lifts Notice Pending Sign ------------------------------------------- Referring to NP (Notice Pending) sign posted against the securities of Thai Durable Group PCL (TDT) effective from the first trading session of May 18, 2004 because TDT have publicly submitted to the Stock Exchange of Thailand its reviewed financial statement for the first quarter ending March 31, 2004 with unable to reach any conclusion on its financial statement and the conclusion regarding the amendment is pending. Presently, The Securities and Exchange Commission (SEC) has now informed the SET that it is not necessary to amend the captioned financial statements on the issue that the auditor has stated. Therefore, NR (Notice Received) sign is posted on securities of TDT effective from the first trading session of May 18, 2004 to announce that the SET has received the conclusion from the SEC. THAI GERMAN: SET Posts NR On Securities --------------------------------------- The Stock Exchange of Thailand (SET) has posted an NR (Notice received) sign on the securities of Thai-German Products PCL (TGPRO) effective from the first session May 18, 2004 to announce that the SET has received the Securities and Exchange Commission's (SEC) conclusion that it is not necessary to amend TGPRO 's financial statements on the issues so stated by the company's auditor. However, the SET has still suspended trading on the securities of TGPRO because the Company must prepare a rehabilitation plan. Previously, the SET posted the NP (Notice pending) sign on Thai-German Products PCL (TGPRO) effective from the first session on May 18, 2004. This is because in the Company's reviewed financial statements for the period ending March 31, 2004 as submitted to the SET, the company's auditors were unable to reach any conclusion on the financial statements and the SET was waiting for the SEC'S decision on this matter. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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