/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040524.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 Monday, May 24, 2004, Vol. 7, No. 101 Headlines A U S T R A L I A AMP LIMITED: Releases Results Of Annual General Meeting MITSUBISHI AUSTRALIA: To Close Engine Plant In Australia By 2005 C H I N A & H O N G K O N G CHAN CHI: Schedules Creditor's Meeting May 28 CHAN CHIU: Creditors Meeting Slated for May 28 CHOW FAI: Schedules Creditor's Meeting May 28 CHU MOON: Files for Bankruptcy Protection HARBOUR POWER: Winding up Hearing Set June 2 HO SAU: Releases Bankruptcy Order Notice HOTAK INTERNATIONAL: Faces Winding up Petition KING HUNG: Schedules Winding up Hearing KWOK MING: Enters Bankruptcy LAM SHUET: Releases Bankruptcy Order Notice RED LIMITED: Winding Up Hearing Slated for June 9 SELINA & CO.: SFC Reprimands Firm TOKEN INDUSTRIAL: Schedules Winding up Hearing WONG KWOK: Creditors Meeting Set May 28 ZHONG TING: Enters Bankruptcy Proceedings J A P A N ISUZU MOTORS: Swings to Profit in 2003 MITSUBISHI FUSO: Admits New Clutch Defect Cover-up MITSUBISHI FUSO: Recalls 200,000 More Trucks MITSUBISHI MOTORS: Seeks Alliance in the U.S. MITSUBISHI MOTORS: Bailout May Entail Moving Head Office SNOW BRAND: 2003 Proves Profitable TAIHO INDUSTRIES: IRCJ to Bail Out Chemical Maker K O R E A DACOM CORP: Launches New Integrated Security Management Network HANARO TELECOM: SK Telecom Buys 3% Stake HYUNDAI MERCHANT: Orders Three New Container Ships M A L A Y S I A ANCOM BERHAD: Buying Back Shares Pursuant To Form 28A ANCOM BERHAD: Buys Back More Shares ARUS MURNI: Confident Of Profitability This Year CHASE PERDANA: Warrantholders' Meeting Set For 31 May CONSOLIDATED FARMS: Reclassified To PN4 Condition EKRAN BERHAD: Talks Of Plans To Revive Philippine Resort HAP SENG: Ordinary Shares Bought Back HAP SENG: Issues Notice Of Shares Buy Back Pursuant To Form 28A HAP SENG: New Shares Granted Listing HO HUP: Reveals Closed Period Dealings By Directors MALAYSIAN RESOURCES: Announces Retirement Of Director MALAYSIAN RESOURCES: Posts RM7.2M Net Profit For 1Q OCEAN CAPITAL: Schedules 14th AGM For 15 June PANCARAN IKRAB: Inks Debt Settlement Agreement With Creditors PERNAS INTERNATIONAL: RAM Lifts Rating Watch PILECON ENGINEERING: Answers BMSB Query Re PDX Acquisition PILECON ENGINEERING: Disposes Of Scancon Shares POS MALAYSIA: New Shares Listed On 21 May PROTON HOLDINGS: To Open Iranian Plant PROTON HOLDINGS: EON Concerned About Gen.2 Delivery P H I L I P P I N E S ABS-CBN BROADCASTING: Releases Information On Annual Meeting BAYAN TELECOMMUNICATIONS: Secured Creditors Oppose Ruling NATIONAL BANK: Lists Nominees For New Director NATIONAL POWER: Set To Auction Real Estate Asset NEGROS NAVIGATION: Treasurer and Director Resigns PHILIPPINE AIRLINES: Plans To Expand Electronic Ticketing PHILIPPINE LONG: To List Additional Shares SEMIRARA MINING: Postpones Annual Stockholder's Meeting S I N G A P O R E D.I.T. INDUSTRIES: Creditors Meeting set for June 21 FAILSAFE CORPORATION: Issues Dividend Notice LEKIM TEXTILE: Winding up Hearing Set June 11 LONGHOUSE THOMSON: Schedules Winding up Hearing May 28 ONG HOLDING: Issues Notice of Final Meeting T H A I L A N D PRASIT PATANA: Submits Performance Explanation THAI PETROCHEMICAL: Creditor Okays Bid For Partners - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Releases Results Of Annual General Meeting ------------------------------------------------------- AMP Limited disclosed to the Australian Stock Exchange in accordance with Listing Rule 3.13.2, the company advises that the resolutions contained in Items 2(b) and 3 of the Notice of Meeting (dated March 18, 2004 and lodged with the ASX on March 31, 2004) were passed by the requisite majority of security holders. All Directors who stood for election were elected. All resolutions were decided on a show of hands. No resolution was withdrawn or amended other than the proposed resolution in Item 2(a) of the Notice of Meeting, which was not put to the meeting as a result of Pat Handley's decision to retire at the meeting and not stand for re-election. The information required by section 251AAA(2) of the Corporations Act 2001(Cth) in respect of each resolution passed at the meeting is set out below. Item 2: Election of Directors (a) The proposed resolution for the re-election of Pat Handley set out in item 2(a) of the Notice of Meeting was not put to the meeting as a result of Pat Handley's decision to retire at the meeting and not stand for re-election. (b) It was resolved as an ordinary resolution: "That Peter Edward Mason, a Director appointed since the last Annual General Meeting and ceasing to hold office in accordance with clause 62.3 of the Constitution of AMP Ltd. being eligible, is elected as a Director of AMP Ltd." For more information, click http://bankrupt.com/misc/AMPLIMITED052104.pdf Contact: AMP Limited (Australian: AMP ) 33 Alfred St. Sydney, 2000, Australia Phone: +61-2-9257-5000 Fax: +61-2-9257-7886 Website: http://www.ampgroup.com MITSUBISHI AUSTRALIA: To Close Engine Plant In Australia By 2005 ---------------------------------------------------------------- Mitsubishi Australia's fate has been decided, it's parent company in Japan has reached a decision to close down its engine plant in Australia but its assembly plant will continue its operations, however production will be scaled down, according to AFP. The carmaker said in a statement Friday it would "wind down operations at its engine manufacturing plant in Australia in 2005. However the revitalization plan confirms Mitsubishi Motors Corp's. commitment to continue its manufacturing operations in Australia and the production of a new model in 2005." Mitsubishi plays a significant role in Australia where it employs some 3,500 workers and up to 16,000 more jobs in component and supply industries, but with the closure of the engine plant, between 600 and 700 jobs will be terminated, the report says. According to the report, Australian Prime Minister John Howard has provided A$50 million (34 million US dollar) assistance package for sacked workers. ============================== C H I N A & H O N G K O N G ============================== CHAN CHI: Schedules Creditor's Meeting May 28 --------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chan Chi Hoi (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. CHAN CHIU: Creditors Meeting Slated for May 28 ---------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chan Chiu Shing (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. CHOW FAI: Schedules Creditor's Meeting May 28 --------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chow Fai Ming (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. CHU MOON: Files for Bankruptcy Protection ----------------------------------------- Notice is hereby given that the Bankruptcy Order against Chu Moon Ying Kenny (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 14 May 2004. HARBOUR POWER: Winding up Hearing Set June 2 -------------------------------------------- Notice is hereby given that a petition for the winding up of Harbour Power Company Limited by the High Court of Hong Kong was on the 17 March 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 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. W.I. CHEUNG & CO. Solicitors for the Petitioner, Rooms 2505-2510 Wing On House 71 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 1 June 2004. HO SAU: Releases Bankruptcy Order Notice ---------------------------------------- Notice is hereby given that the Bankruptcy Order against Ho Sau Man (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 14 May 2004. HOTAK INTERNATIONAL: Faces Winding up Petition ---------------------------------------------- Notice is hereby given that a petition for the winding up of Hotak International Limited by the High Court of Hong Kong was on the 23 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 23 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. FORD, KWAN & COMPANY Solicitors for the Petitioner, Roms 1202-1206 Wheelock House 20 Pedder Street, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 22 June 2004. KING HUNG: Schedules Winding up Hearing --------------------------------------- Notice is hereby given that a Petition for the winding up of King Hung Asia Engineering Limited by the High Court of Hong Kong was on the 2 April 2004 presented to the said Court by Wan Kui Wah of Room 1604, Yiu Tai House, Tin Yiu Estate, Tin Shui Wai, New Territories, Hong Kong. The said petition will be directed before the Court at 10 a.m. on the 9 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 8 June 2004. KWOK MING: Enters Bankruptcy ---------------------------- Notice is hereby given that the Bankruptcy Order against Kwok Ming Chung (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 14 May 2004. LAM SHUET: Releases Bankruptcy Order Notice ------------------------------------------- Notice is hereby given that the Bankruptcy Order against Lam Shuet Kwan (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 14 May 2004. RED LIMITED: Winding Up Hearing Slated for June 9 ------------------------------------------------- Notice is hereby given that a petition for the winding up of Red Limited by the High Court of Hong Kong was on the 2 April 2004 presented to the said Court by Ko Chui Ying of 21/F., Block A, Happy View Building, 165-167 Main Street, Ap Lei Chau, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 9 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 8 June 2004. SELINA & CO.: SFC Reprimands Firm --------------------------------- The Securities and Futures Commission (SFC) has severely reprimanded Selina & Co. Limited (S&C) and its Company Director Ko Tze Ha Salina for internal control failings, the SFC said on its Web site. The actions stem from an inquiry into the firm's conduct under section 56 of the Securities Ordinance (SO). In 2002, the SFC investigated a case of alleged misappropriation of clients' assets and deception by a former settlement clerk of S&C (Note 1). The SFC's investigation found that S&C had seriously inadequate internal controls and had almost no supervision. The dealing director, who is meant to take responsibility for supervision and regulatory compliance, was an appointee in name only and spent almost all her time on the Stock Exchange trading floor. She felt that, as all the staff had been with S&C for a long time, they were all trust worthy and did not need supervision. Ms. Ko, the owner and a director of S&C, appointed this dealing director not for carrying out supervisory functions but merely to fulfill the SFC's licensing requirements that each brokerage must appoint a dealing director. Ms. Ko and other Directors played almost no supervisory role in S&C. She felt that all employees had been with S&C for a long time and were familiar with S&C's operation and did not need supervision. Even worse, almost all S&C staff knew or should have known the settlement clerk was dealing while unlicensed. It was the ability of the settlement clerk to both deal and settle trades, together with the lack of supervision that allowed the settlement clerk to engage in her conduct. At the SFC's request, S&C engaged an independent accountant firm to comprehensively review its internal control procedures. The independent accountant identified a number of serious weaknesses in S&C, which facilitated that settlement clerk's dishonest act. These included: i. Failure to segregate settlement and operation of second terminal functions; ii. Failure to implement effective internal and compliance systems; iii. Failure to maintain comprehensive audit trails of trading orders; iv. Failure to deliver trading documents to clients; v. Inadequate account opening controls; vi. Inadequate clearing and settlement procedures; and vii. Inadequate control procedures on access to internal computer system, second terminals and CCASS terminals. The SFC found that S&C and Ko had failed to discharge their functions properly in managing and supervising the operations of S&C. In deciding to severely reprimand S&C and reprimand Ko, the SFC has taken into account that S&C has implemented fully the accountant's recommendations, appointed a responsible officer to be responsible for compliance matters and has purchased replacement stocks to compensate clients who suffered loss. Mr. Alan Linning, SFC's Executive Director of Enforcement, said: "This is one of the worse cases that we have seen of poor internal controls and inadequate supervision in a brokerage permitting staff misconduct. It is disheartening that we continue to encounter cases of such poor controls that permit staff to cheat clients. Elementary failures such as not segregating incompatible duties like trading and settlement and excessive trust of staff continue to occur with unacceptable frequency." "For a long time the SFC reprimanded brokerages for such failings. Reprimands are obviously proving to be an inadequate deterrent. Under the SFO, the SFC may fine and partially suspend or revoke licenses. In future, in cases of internal control supervision failings facilitating serious misconduct harming clients, the SFC will consider imposing heavier sanctions. In the most severe cases, we will consider suspending a brokerage's license for a long period or even revoking it. Investor protection demands this. This is the last case in which the SFC will merely reprimand brokerages for such failings. Brokerages should take this as a last opportunity to implement the most essential internal controls that the law and investor protection require," Mr. Linning said. The alleged misappropriation by the settlement clerk is under Police investigation. TOKEN INDUSTRIAL: Schedules Winding up Hearing ---------------------------------------------- Notice is hereby given that a petition for the winding up of Token Industrial Limited by the High Court of Hong Kong was on the 27 April 2004 presented to the said Court by Man Shing Industrial Supplies Limited whose registered office is situate at Room 801-5, 8th Floor, Sino Industrial Plaza, 9 Kai Cheung Road, Kowloon Bay, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 23 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. ROWLAND CHOW, CHAN & CO. Solicitors for the Petitioner, 15th Floor, Wing Lung Bank Bulding 45 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 21 June 2004. WONG KWOK: Creditors Meeting Set May 28 --------------------------------------- Notice is hereby given that the General Meeting of the creditors of Wong Kwok Keung (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 14 May 2004. ZHONG TING: Enters Bankruptcy Proceedings ----------------------------------------- Notice is hereby given that the Bankruptcy Order against Zhong Ting Xiu (In Bankruptcy Proceedings) was made on 5 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 14 May 2004. ========= J A P A N ========= ISUZU MOTORS: Swings to Profit in 2003 -------------------------------------- Isuzu Motors Limited posted a group net profit of 54.71 billion yen, compared with a loss of 144.3 billion yen the previous year, the Japan Times reports. Its group pretax balance improved to a profit of 81.68 billion yen from a loss of 4.2 billion yen on a 6 percent rise in sales to 1.43 trillion yen. Its operating profit jumped more than fivefold to 84.49 billion yen, partly due to cost-cutting efforts. Per-share net profit came to 72.37 yen against the previous year's loss of 131.34 yen. MITSUBISHI FUSO: Admits New Clutch Defect Cover-up -------------------------------------------------- Mitsubishi Fuso Truck & Bus Corporation President Wilfried Porth admitted Thursday that a new cover-up of problems with clutches in large vehicles was a criminal act, the Asahi Shimbun reported on Friday. The clutch defects were found in about 170,000 trucks manufactured between 1983 and 1996. Half of those trucks are still in use. The report said Mitsubishi Motors Corporation officials knew of the problems, yet did nothing. The company said it would take disciplinary measures against the employees involved in the cover-up. Mitsubishi Motors has already recalled 113,000 vehicles to replace faulty hub parts, which were also covered up. Seven officials were arrested last month in connection with that scandal. MITSUBISHI FUSO: Recalls 200,000 More Trucks -------------------------------------------- Mitsubishi Fuso Truck & Bus will recall nearly 200,000 more trucks and buses after an investigation revealed that faulty parts might have caused several accidents, according to the Business Report. The setback comes two months after a similar truck recall for wheel-hub defects. Company President Wilfred Porth said the Company had identified four defects on 182,250 vehicles and the recalls would begin "as soon as possible". Mr. Porth apologized for the recall and said: "The matter should clearly have been treated as a recall in 1996." "This was the result of the corporate culture of concealment ... cover-up of safety-related facts is totally unacceptable." MITSUBISHI MOTORS: Seeks Alliance in the U.S. --------------------------------------------- Mitsubishi Motors Corporation (MMC) said it would explore the possibility of strategic alliances in the United States, according to Reuters. It said earlier that it would receive 450 billion yen ($4 billion) in aid from the Mitsubishi group and other sources to fund a revitalization of its battered operations. MITSUBISHI MOTORS: Bailout May Entail Moving Head Office -------------------------------------------------------- Mitsubishi Motors Corporation (MMC) will reveal a major bailout program this week that might include the relocation of its head office, the Japan Times reports. Kyoto and Okazaki, Aichi Prefecture, where the company has main plants, have been listed in the draft as possible relocation sites. The draft also includes measures to enhance quality control, revamp the corporate structure and cut the workforce by 20 percent on a group basis. SNOW BRAND: 2003 Proves Profitable ---------------------------------- Snow Brand Milk Products Co. has returned to profit in 2003 for the first time in five years, overcoming a string of damaging scandals, the Japan Times reports. The former dairy giant posted a net profit of 1.42 billion yen for the year through March, following a net loss of 27.1 billion yen a year earlier. The Company has been trying to safeguard its very existence since a milk-related food-poisoning outbreak in 2000 and a meat- labeling scam involving a subsidiary in 2002. Ongoing cost- cutting efforts allowed the company to post a profit, as was promised in its revival plan. The company now holds the top domestic market share in butter, cheese and margarine. TAIHO INDUSTRIES: IRCJ to Bail Out Chemical Maker ------------------------------------------------- The Industrial Revitalization Corporation of Japan (IRCJ) has decided to bail out industrial chemical maker Taiho Industries Company, according to Kyodo News on Friday. The IRCJ concluded that Taiho could be revived, if its excess indebtedness is reduced, as it has a stable earnings base supported by high market shares for such products as additives for fuel applicable to industrial boilers. ========= K O R E A ========= DACOM CORP: Launches New Integrated Security Management Network --------------------------------------------------------------- Quarry Technologies, in a press release, announced last week that Dacom Corporation, South Korea's second largest communications provider, has launched its new integrated security management network based on Quarry's iQ8000(R) Security Service Routers. The Cyber Attack Defense Network (CADNet) provides a comprehensive suite of Virtual Private Network (VPN) security services that detect and prevent network threats such as worms, viruses, denial of service attacks, and intrusions in real time. Dacom deployed Quarry security service routers at points-of-presence throughout Korea to provide the new services to its business customers across the country, all managed from a central location. "We believe this is the first such suite of network security services of its kind to be offered in the world, and Quarry is at the heart of it," said Yik-goo Jeong, leader of the network solutions business team, Dacom. "With Quarry, we were able to create a comprehensive security offering for VPN customers with guaranteed quality of service. As a result, CADNet provides businesses with full-featured, responsive network security, and saves them the expense of continuously upgrading equipment in reaction to constantly changing threats." Quarry's iQ8000 Security Service Routers are integrated into Dacom's Multi-Protocol Label Switching (MPLS) network, extending security to the network edge and enabling Dacom to provide security services to its VPN customers. The Quarry platform provides an advanced Internet gateway with features that include Network Address Translation (NAT), virtual routing, firewall, intrusion detection and IPsec services such as 3DES encryption, all of which can be run while maintaining wire speed performance, thus maintaining guaranteed quality of service. And, because of Quarry's high-performance, virtualized routing capabilities, thousands of subscriber VPNs can be managed through a single Quarry iQ8000. Quarry enables Dacom to deliver, manage and bill for VPN security services on a per-subscriber basis. As a result, each business customer can tailor their security services based on each individual user's needs, enabling different classes of users (i.e. remote or corporate-based) to receive, and pay for, only the security services they require. "We are proud to be playing such an important role in Dacom's CADNet launch," said Ian Mashiter, president and CEO of Quarry Technologies. "Dacom is at the leading edge of providing next- generation VPN services. Working with them has enabled us to break new ground in providing network-based security services that not only provide iron-clad protection for Dacom's customers, but also enable new revenue-generating service offerings." About the iQ-series Security Service Routers and Service Management Suite The Quarry iQ-series Security Service Routers allow service providers to offer network-based security services to IP, MPLS and Frame Relay VPNs, extending the enterprise security perimeter to the edge of the service provider's network. The iQ products are the industry's most scalable and manageable carrier-class network security platforms. They are full-featured Internet routing platforms optimized for delivering high- performance security services, including IPsec encrypted VPNs, stateful firewalls and intrusion detection systems. The iQSMS(R) Service Management Suite is a set of applications that provides an intuitive way to quickly create, validate and monitor the many advanced security services enabled by the iQ- series Security Service Routers. Together, the iQSMS software suite and iQ-series Security Service Routers allow network operators to readily offer a comprehensive menu of billable security services, each tailored on a customer-by-customer basis. In addition, the client-server based suite of applications provides all the necessary tools to define user privileges, configure network parameters, customize subscriber services, and enable customer self-management. About Dacom Listed on the Korean Stock Exchange, Dacom Corporation is controlled by the LG Group, one of the largest multi-business companies in Korea. Dacom provides international and domestic long-distance telephony, Internet, and data communication services in South Korea, and is the second largest fixed-line carrier in the country. Dacom also provides network and data communication services. It owns KIDC, the leading Internet Data Centre (IDC) services in South Korea, and also has a significant interest in the Powercomm cable network. http://www.dacom.net/e_site About Quarry Technologies Quarry Technologies, Inc. is a privately held developer of carrier-class security service routers. The Quarry product family is comprised of the iQ4000(R) and the iQ8000(R) Security Service Routers and the iQSMS(R) Service Management Suite. The iQ product family allows network service providers to offer a broad range of security services for their corporate customers of IP, MPLS and frame relay VPNs, including secure remote access, high-speed encryption, stateful firewall inspection, intrusion detection, denial of service (DoS) attack prevention, virus and content filtering and SLA monitoring. Quarry Technologies was founded in November 1998 and is backed by some of the world's leading venture capitalists and strategic investors. The company is located at 8 New England Executive Park, Burlington, MA 01803 USA and on the World Wide Web at www.quarrytech.com. Quarry Technologies is a trademark and iQ4000, iQ8000 and iQSMS are registered trademarks of Quarry Technologies, Inc. Dacom Corporation plans to its headquarters in southern Seoul for 107.5 billion won (US$91.5 million) to cut costs and reduce its huge debts, TCR-AP Vol. 7 No. 100 reports. The long-distance telephone and Internet service provider will take out a lease on the 20-story building after its sale to local construction company Patra. Contacts: Quarry Technologies Greg Whelan, 781-358-5025 E-mail gwhelan@quarrytech.com or Quarry Technologies Matt Burke, 603-315-0618 E-mail: matthew_burke@comcast.net HANARO TELECOM: SK Telecom Buys 3% Stake ---------------------------------------- SK Telecom said Friday it bought 3 percent or 13.87 million shares of Hanaro Telecom's shares for a strategic alliance with the second-largest broadband Internet operator in South Korea, according to Yonhap News. SK Telecom bought the shares in the Company from Samsung Electronics through over-the-counter trade for about 39.2 billion won (US$33.32 million). HYUNDAI MERCHANT: Orders Three New Container Ships -------------------------------------------------- Hyundai Merchant Marine Co. has placed an order for three container ships, valued at US$250 million (about 295 billion won), with Hyundai Heavy Industries, according to Yonhap News. "Hyundai Merchant has signed an agreement with Hyundai Heavy Industries to buy three 6,800-TEU-class container ships," the shipping firm said in a press release. Hyundai Merchant Marine Co. suffered a net loss of 21.1 billion won (US$18 million) in 2003 as foreign exchange- related losses and interest payments increased, TCR-AP Vol. 7 No. 48 reports. It reported a net profit of 12.9 billion won (US$10.9 million) in the first three quarters of 2003, up from a deficit of 441 billion won in 2002 due to successful restructuring efforts. =============== M A L A Y S I A =============== ANCOM BERHAD: Buying Back Shares Pursuant To Form 28A ----------------------------------------------------- Ancom Berhad has issued a notice of shares buy back by a company pursuant to Form 28A. In the notice dated 20 May 2004 and submitted to the Bursa Malaysia Securities Berhad, Ancom disclosed that it had bought back a total of 855,700 units of ordinary shares during the period from 10 May 2004 to 18 May 2004 through the Bursa Malaysia with the minimum price paid for each share placed at RM0.750 and the maximum price at RM0.785. PFA Corporate Services S/B lodged these with the registrar of companies on 20 May 2004. ANCOM BERHAD: Buys Back More Shares ----------------------------------- Ancom Berhad informed the Bursa Malaysia Securities Berhad on 20 May 2004 that the company had bought back 72,900 units of ordinary shares of RM1.00 each. Ancom paid a minimum price of RM0.765 and a maximum price of RM0.780 for the shares. To date, the company has a total of 1,147,800 units in cumulative net outstanding treasury shares. ARUS MURNI: Confident Of Profitability This Year ------------------------------------------------ Larry Liang, financial controller of Arus Murni Corporation Berhad says the company is expected to return to the black this year. According to a report by the Malaysian National News Agency- Bernama, profitability is in the offing as the company concentrates on its core business in timber extraction, property investment and development with timber extraction as the main contributor to the group's earnings. The group also has various property developments as well as a shopping complex in Seremban that is turning in good revenues for the company. In 2003, the group was able to significantly reduce its losses. Arus Murni's restructuring was completed in the third quarter of 2003. CHASE PERDANA: Warrantholders' Meeting Set For 31 May ----------------------------------------------------- The adjourned Warrantholders' Meeting of Chase Perdana Berhad has been scheduled for Monday, 31 May 2004 at 9:30 in the morning. According to the company's announcement on the Bursa Malaysia Securities Berhad dated 20 May 2004, the meeting will be held at Suite 5.2, 5th Floor, Wisma Chase Perdana, Off Jalan Semantan, Damanasara Heights, 50490 Kuala Lumpur. The meeting will tackle the issue of Chase Perdana's Proposed Warrants Extension, which details the extension of the duration, and exercise period of the company's outstanding warrants 1999/2004 by five years from 17 June 2004 to 17 June 2009. To read a full copy of the Notice of Adjourned Warrantholders' Meeting, click on the following link: http://bankrupt.com/misc/ChaseWarrantNotice24May2004.doc CONSOLIDATED FARMS: Reclassified To PN4 Condition ------------------------------------------------- Consolidated Farms Berhad has announced that the company has been reclassified to the "PN4 Condition" sector as of Friday, 21 May 2004. According to a notice posted on the Bursa Malaysia Securities Berhad, the reclassification comes after Consolidated Farms' announcement on Wednesday, 19 May 2004, that the company had defaulted in payment of certain loan facilities. EKRAN BERHAD: Talks Of Plans To Revive Philippine Resort -------------------------------------------------------- Ekran Berhad Holdings is reportedly considering plans to reopen the Samal Casino Resort located in Davao, Philippines. According to a 20 May Asia Pulse story, the company is currently in talks with the Philippines' Department of Tourism (DOT) in efforts to revive the abandoned island casino resort and have so far discussed the establishment's term of lease. Sonya Garcia, regional director for DOT in Southern Mindanao, Philippines said that they had talked about a non-payment of rent for two years. The hotel's Malaysian investors had initially suggested selling the resort or leasing the property at a very steep price but had since reconsidered other options. Ekran Berhad had closed down the resort in July 2002 after incurring heavy losses due to the Asian financial crisis, a dispute over the Philippine-Taiwan air agreement, lack of flights between Davao City and Kuala Lumpur and the peace and order situation which resulted to low occupancy rates. The 300-room hotel and casino resort is found on a 250-hectare prime land in Kaputian, Island Garden City of Samal. HAP SENG: Ordinary Shares Bought Back ------------------------------------- Hap Seng Consolidated Berhad says the company has bought back an additional 15,300 units of ordinary shares of RM1.00 each for a total cash consideration of RM37,723.64. In the company notice submitted to the Bursa Malaysia Securities Berhad, Hap Seng declared the minimum price paid for each share as RM2.410 while the maximum price paid was RM2.500. The purchase was completed on 20 May 2004. To date, the company has a total of 32,974,200 units in cumulative net outstanding treasury shares. HAP SENG: Issues Notice Of Shares Buy Back Pursuant To Form 28A --------------------------------------------------------------- Hap Seng Consolidated Berhad issued a Notice of Shares Buy Back by a Company Pursuant to Form 28A on 20 May 2004. The notice, which was submitted to the Bursa Malaysia Securities Berhad divulged that the company had bought back a total of 59,400 units of ordinary shares of RM1.00 each during the period from 10 May 2004 to 14 May 2004 for a total cash consideration of RM151,434.16. To date the company has a total of 32,989,400 shares retained in the treasury. Cheah Yee Leng lodged this with the registrar of companies on 19 May 2004. HAP SENG: New Shares Granted Listing ------------------------------------ Hap Seng Consolidated Berhad submitted a notice to the Bursa Malaysia Securities Berhad on 20 May 2004 announcing that the company's additional 75,000 new ordinary shares of RM1.00 each will be granted listing and quotation effective 9 am on Monday, 24 May 2004. According to the notice, the new shares were issued pursuant to the Hapseng-Employees' Share Option Scheme. HO HUP: Reveals Closed Period Dealings By Directors --------------------------------------------------- Ho Hup Construction Company Berhad, in a notice dated 20 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: 19 May 2004 Price per share: RM1.71 Number of shares acquired: 2,200 (*Indirect) Percentage of issued share Capital (%): 0.002 Low Teik Kien Transaction Date: 19 May 2004 Price per share: RM1.71 Number of shares acquired: 2,200 (*Indirect) Percentage of issued share Capital (%): 0.002 *Deemed interested through Low Chee Estate. MALAYSIAN RESOURCES: Announces Retirement Of Director ----------------------------------------------------- Malaysian Resources Corporation Berhad has announced the retirement of Dato' Zainol Abidin Dato hj. Salleh. In the communication to the Bursa Malaysia Securities Berhad dated 20 May 2004, Hap Seng said Zainol Abidin was a non- executive director of the company and a member of the Audit Committee. His resignation took effect on Thursday, 20 May 2004. MALAYSIAN RESOURCES: Posts RM7.2M Net Profit For 1Q --------------------------------------------------- Malaysian Resources Corporation Berhad submitted its unaudited financial results for the 1st quarter ending 31 March 2004 to the Bursa Malaysia Securities Berhad on Thursday, 20 May. The report revealed the company earned a net profit of RM7,237,000 for the quarter with earnings per share pegged at 0.94 sen. According to a Dow Jones story dated Thursday, 20 May, Malaysian Resources did not provide comparative earnings figures as it had changed its financial year end from 31 August to 31 December. To read a full copy of the report, click on the following links: http://bankrupt.com/misc/MalayResourcesReport.doc http://bankrupt.com/misc/MalayResourcesAttachment.doc OCEAN CAPITAL: Schedules 14th AGM For 15 June --------------------------------------------- Puncak Sutera Management Sdn Bhd, on behalf of Ocean Capital Berhad, informed the Bursa Malaysia Securities Berhad that the company will be holding its Fourteenth Annual General Meeting on Tuesday, 15 June 2004. Venue is set for the Tournament Room, Kuala Lumpur Golf and Country Club, No.10 Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur. The meeting will be convened at 10 in the morning. To read the full text of the Notice of the Fourteenth Annual General Meeting, click on the following link: http://bankrupt.com/misc/OceanNoticeAGM.pdf PANCARAN IKRAB: Inks Debt Settlement Agreement With Creditors ------------------------------------------------------------- In a disclosure dated 20 May 2004 to the Bursa Malaysia Securities Berhad, Public Merchant Bank Berhad announced on behalf of the Board of Pancaran Ikrab Berhad (PIB), that Pengurusan Danaharta Nasional Berhad, Danaharta Managers Sdn Bhd, Malayan Banking Berhad, United Overseas Bank (Malaysia) Berhad, RHB Bank Berhad (collectively known as the FI Creditors), RC Consultancy Sdn Bhd, Powerdrive Sdn Bhd, DCIB and PIB had on 13 May 2004, entered into a debt settlement agreement to give effect to the Proposed Debt Settlement, which involves the proposed settlement of debts owing to the FI Creditors as at 30 June 2002 amounting to RM36,766,566 by way of the issuance of 25,000,000 new DCIB Shares at par (DSA). In addition, on 13 May 2004, Dato' Dr Tan Seng An and Datin Tan Bee Lian (collectively known as the Vendors) and the FI Creditors had also entered into separate put and call option agreements with the respective FI Creditors to give effect to the put and call option agreements, which forms part of the consideration for the FI Creditors that have agreed to take part in the Proposed Debt Settlement (Put and Call Agreements). The salient terms of the DSA and the Put and Call Agreements are as set out in the Explanatory Statement and Circular to the shareholders of PIB dated 7 April 2004 (ES cum Circular) save for the following: As set out in the ES cum Circular (i) Section 2.2.1 (ii) The approvals to be obtained from all the relevant authorities and the other conditions precedents to be fulfilled shall be obtained or fulfilled by the parties within six (6) months from the date of the DSA or such other longer period as may be mutually agreed upon in writing between the parties (the expiry date of which shall hereinafter be referred to as "the Cut-Off Date" which expression shall include such extended period(s). As set out in the DSA The Cut-Off Date shall be 31 July 2004 or such other date as may be mutually agreed upon in writing between the parties hereto being the expiry date for the fulfillment of the condition precedent. As set out in the ES cum Circular (ii) Clause 2.2.2 (i) .......the put option can only be exercised by the FI Creditors at any time commencing on the day immediately following the expiry of the Call Option Period and ending 14 market days thereafter (the "Put Option Period") As set out in the Put and Call Agreements Put Option Period means the period commencing on the day immediately following the expiry of the Call Option Period 2 and ending 30 market days thereafter. PERNAS INTERNATIONAL: RAM Lifts Rating Watch -------------------------------------------- RAM has lifted the Rating Watch (with a developing outlook) on Pernas International Holdings Bhd's (PIHB) RM200 million Redeemable Secured Bonds (2000/2005) and RM100 million Redeemable Secured Bonds (2000/2008). At the same time, the BBB3(s) ratings for both debt issues have been reaffirmed, with a stable outlook. Our rating actions are premised on the finalisation of a significant part of PIHB's proposed restructuring exercise, which will significantly reduce the Group's high level of liabilities. The restructuring of Arena Target Sdn Bhd's Redeemable Cumulative Convertible Preference Shares (1998/2003), held by Khazanah Nasional Berhad and recently completed on 30 April 2004, has slashed the Group's total debt by about RM623 million, from RM2.59 billion to RM1.97 billion. Based on the latest positive developments on approvals from the relevant authorities, it appears likely that PIHB's other proposed restructuring scheme will be completed by the end of 3Q 2004. Upon the successful completion of this other proposed restructuring plan, we expect PIHB's financial profile to become more manageable as a result of its lighter debt burden; its total borrowings are anticipated to be reduced further from RM1.97 billion to around RM1.66 billion. Accordingly, its gearing ratio is envisaged to improve to less than 1 time as opposed to 2.21 times as 31 December 2003. In line with this, its hefty interest costs will also be trimmed to a level more comfortably met by its cash flow. Notwithstanding PIHB's attempts to generate sustainable cash flow through its proposed acquisitions of property-related projects on a joint-venture basis (953 acres of land in Pulai, Johor and 704 acres of land in Tebrau, Johor), the Group is expected to remain dependent on asset disposals to meet its principal financial obligations. While the bulk of the restructuring plan has been completed, PIHB will have to continue with its efforts to achieve the required liquidity to pare down its loans and meet its debt obligations so as to move ahead successfully with its business plans. Analyst: Shahina Azura Halip Tel: 03-7628 1719 E-mail: shahina@ram.com.my PILECON ENGINEERING: Answers BMSB Query Re PDX Acquisition ---------------------------------------------------------- Pilecon Engineering Berhad received a query from the Bursa Malaysia Securities Berhad on 18 May 2004 pertaining to Pilecon's proposed acquisition of equity interest in PDX Computers. The query letter reads: We refer to your announcement dated 12 May 2004 in respect of the aforesaid Proposed Acquisition. In this connection, kindly furnish the Exchange with the following additional information for public release: Net profit and net tangible assets of various target companies; Original cost of investment in the various target companies and date of such investment thereof in the books of the vendor; Particulars of all liabilities to be assumed, if any; Whether the Proposed Acquisition is subject to shareholders' approval; Prospects and risk factors; and Timeframe for completion. Please furnish the Exchange with your reply within two (2) market days from the date hereof. Yours faithfully INDERJIT SINGH Sector Head Issues & Listing Group Regulations CKM Pilecon Engineering Berhad, on 20 May 2004, submitted its reply to the Bursa Malaysia Securities Berhad, which reads: We refer to your query dated 18 May 2004 on the above subject matter and wish to provide the following information as requested: 1. Net profit and net tangible assets of various target companies Target Companies Latest Net Net Available Profit / Tangible Audited Loss Assets Accounts RM'000 RM'000 PDX Bizsystems Sdn Bhd 31 December 602 647 2000 PDX.com Sdn Bhd 31 December (573) (3,091) 2001 Millinux International 31 December (212) 227 Sdn Bhd 2002 PDX Japan Co. Ltd 31 March 2002 (380) 135 PDX Opsoft (Thailand) 31 December 2001 (5) 613 Co Ltd PNX Computers (Shanghai) 31 December 2001 944 (106) Co Ltd 2. Original cost of investment in the various target companies and date of such investment in the books of the vendor No information is available. 3. Particulars of all liabilities to be assumed, if any The Proposed Acquisition would be free from liens and other encumbrances. There are no additional liabilities to be assumed. 4. Shareholders' approval The Proposed Acquisition is not subject to shareholders' approval. 5. Prospects and risks factors The Proposed Acquisition is a resultant from the crystallization of the Corporate Guarantee called for by the bankers of PDX Computers and some of its group of companies (the Bankers) granted by PEB. The Proposed Acquisition is undertaken with a view to recover as much as possible from the crystallized corporate guarantee. The target companies are involved in the computer-related business activities, the operations of which are largely dependent on consumer spending pattern and overall business operating environment. 6. Timeframe for completion Completion of the Proposed Acquisition is provided in Clause 7 of the Agreement dated 10 May 2004. Completion shall take effect within 3 days upon PEB furnishing to the vendor's solicitors a written undertaking and indemnity to take over the PEB Guaranteed Banks Indebtedness and the Bankers' consent to PEB taking over the PEB Guaranteed Banks Indebtedness from PDX Computers Sdn Bhd and some of its group of companies; and the Sale Shares duly registered in the name of JESB. It is envisaged that each acquisition would take approximately 6 months to complete. PILECON ENGINEERING: Disposes Of Scancon Shares ----------------------------------------------- Pilecon Engineering Berhad has disposed of its entire shareholding in Scancon Sdn Bhd to Ms. Fong Sau Ying and Mr. Ong Lai Peng. According to the notice filed by Pilecon with the Bursa Malaysia Securities Berhad, the entire shareholding, which comprises of 100,000 ordinary shares of RM1.00 each, was sold off to the buyers for RM2.00. With the disposal, Scancon ceases to be a subsidiary of Pilecon Engineering. POS MALAYSIA: New Shares Listed On 21 May ----------------------------------------- POS Malaysia and Services Holdings Berhad announced new shares of the company were granted listing and quotation effective 9 am on Friday, 21 May 2004. According to the company notice forwarded to the Bursa Malaysia Securities Berhad, these shares comprised of 170,500 new ordinary shares of RM1.00 each, arising from the conversion of RM306,900 nominal value 5 year 8 percent irredeemable convertible unsecured loan stocks 1999/2004; and 324,000 new ordinary shares of RM1.00 each issued pursuant to the company's Employee Share Option Scheme. PROTON HOLDINGS: To Open Iranian Plant -------------------------------------- Perusahaan Otomobil Nasional Berhad (Proton) Holdings has inked a deal with an Iranian company to set up a plant by the end of this year or early next year. According to a report by Bernama, Malaysia's National news Agency, establishment of the plant will increase the company's production capacity to 60,000 units a year. Datuk Ahmad Husni, Deputy Minister for International Trade and Industry says the agreement plus plans to set up a joint venture plant with China's Goldstar will enhance Proton's capability to compete at an international level. Proton currently has reserves of RM3.6 billion allowing it to open new plants and undertake joint ventures. However, the company is still taking steps to reduce production costs by applying modular production rather than the assembly line technique. PROTON HOLDINGS: EON Concerned About Gen.2 Delivery --------------------------------------------------- Malaysian National News Agency- Bernama reports dealers are concerned about Proton Holdings Berhad's capability to deliver the new Gen.2 model to its buyers. Edaran Otomobil Nasional Berhad (EON) chairman Saleh Sulong says he hopes Proton's production capacity will soon improve. EON though, is confident it can sell at least 80,000 units of the locally manufactured Proton cars this year. Earlier this month, Proton chairman Mahaleel Ariff said that delays in the delivery of the new Gen.2 models is caused by the Australian company that produces cylinder heads for the Gen.2's CAMPRO engine. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Releases Information On Annual Meeting ------------------------------------------------------------ ABS-CBN Broadcasting Corp. disclosed to the Philippine Stock Exchange with reference to the Circular for Brokers No. 2104- 2004 dated May 17, 2004, pertaining to the additional information provided by ABS-CBN Broadcasting Corp. in connection with the results of its Annual Stockholders' Meeting held last April 29, 2004. In relation thereto, the company furnished the Exchange a copy of its letter to the Securities and Exchange Commission (SEC) date May 20, 2004, which states that: "The Compliance Officer of ABS-CBN Broadcasting Corp. is Mr. Alfredo P. Bernardo, also concurrent Vice President for Internal Audit." Contact: ABS-CBN Broadcasting Centre Complex Mother Ignacia St. cor. Sgt. Esguerra Ave. Quezon City Telephone No/s: 924-4101 to 4122; 415-2272 Fax No/s: 431-9368 Email Address: oliver_calma@abs.pinoycentral.com Website: http://www.abscbn-ir.com BAYAN TELECOMMUNICATIONS: Secured Creditors Oppose Ruling --------------------------------------------------------- Bayan Telecommunications Inc. (BayanTel) is worried that the Supreme Court's (SC) ruling which states that it should put its secured and unsecured editors in equal footing would affect its planned rehabilitation plan, BusinessWorld online reports. The ruling is called pari passu in legalese. According to BayanTel's Chief Financial officer Gary Olivar, "The company only wants to follow the rule of court that due regard should be given to the interest of secured creditors. As such, the pari passu ruling is a cause for concern," Mr. Olivar added. The problem with the ruling relates to its secured creditors who demanded that they should be paid ahead of the unsecured creditors. The Bank of New York, another secured creditor is opposed to the said ruling for the reason that it wants to protect its bondholders. Amid the ruling, BayanTel will push through with its financial rehabilitation under the jurisdiction of a Pasig regional trial court until January. The telecommunications company is given 18 months from July 2003 to rehabilitate its finances. NATIONAL BANK: Lists Nominees For New Director ---------------------------------------------- The Philippine National Bank disclosed to the Philippine Stock Exchange that during the meeting of its Nomination Committee, they have confirmed the following nominees for the bank's Board of Director: (1) Francisco A. Dizon (2) Lorenzo V. Tan (3) Vicente L. Panlilio (4) Ricardo M. Tan (5) Florencia G. Tarriela (6) Washington Z. Sycip (7) Lucio C. Tan (8) Macario U. Te (9) Domingo T. Chua (10) Santiago S. Cua, Jr. (11) Cielo M. Salgado The nominations were made in accordance with the provisions of the Term Sheet executed on December 19, 2001 by the Republic of the Philippines (the Government) and the Lucio Tan Group of Companies (Tan Group). The nominees for Independent Directors are Dr. Washington Z. Sycip and Ms. Cielo M. Salgado. The foregoing will be formally nominated for election to the Board of Directors during the Annual Stockholder's Meeting of the bank on May 25,2004. Contact: Philippine National Bank PNB Financial Center President Diosdado Macapagal Boulevard, Pasay City Telephone No/s: 891-6040 to 70; 526-3131 to 40 Fax No/s: 551-5187 E-mail Address: pesayco@pnb.com.ph Website: http://www.pnb.com.ph NATIONAL POWER: Set To Auction A Real Estate Asset -------------------------------------------------- Another batch of National Power Corp's asset (Napocor) is set for sale at the end of the year which is a Nuclear Power Village located in Bagac, Bataan, according to the BusinessWorld online. The said village is a 44-hectare prime lot, which is currently used as a training center and guesthouse. It is composed of 20 non-residential and 129 residential buildings plus recreational facilities. Froilan A. Tampinco, vice-president of the Power Sector Assets and Liabilities Management Corp. (PSALM), said the property would be among the first of Napocor's real estate assets which will be auctioned off. "We are finalizing the sale of the assets. The most attractive is the Bagac facility. It may be one of the first to be considered," Mr. Tampinco said. According to Mr. Tampinco the real estate and non-power assets of the PSALM is in the stage of appraisal in preparation for the sale. According to the report, a resthouse in Puerto Azul Cavite located in the South of Metro Manila would also be up for sale. Under the Electric Power Industry Reform Act, PSALM is required to sell all of Napocor's assets. Contact: National Power Corp. NPC Building Corner Quezon Avenue & Agham Road Quezon City NCR Telephone: +63 (2) 921 28 12 Website: http://www.tiaoqui@energy.com.ph NEGROS NAVIGATION: Treasurer and Director Resigns ------------------------------------------------- Negros Navigation Company Inc. (Nenaco) disclosed to the Philippine Stock Exchange that its Chairman Mr. Daniel Lacson, Jr. through the Corporation's President Mr. Conrado A. Carballo, received Ms. Menchie Joyce C. Parcon's, the Corporation's Treasurer and Director, irrevocable resignation, which was effective immediately, after our office hours on May 20, 2004. The company is making this disclosure in compliance with the Continuing Disclosure Requirements of the Philippine Stock Exchange. Contact: Negros Navigation Co. Inc. Pier II, North Harbor Tondo, Manila Telephone No/s: 245-5588 Fax No/s: 245-0780 (Telefax) Email Address: nnwebmaster@surfshop.net.ph Website: http://www.nenaco.com.ph PHILIPPINE AIRLINES: Plans To Expand Electronic Ticketing --------------------------------------------------------- Philippine Airlines introduced on May 1, 2004 an electronic ticketing system in their domestic flights between Manila and the central city in Cebu. The service allows passenger to book and pay for flights by telephone or through the internet, BusinessWorld online reports. According to the report, citing a company statement, PAL is planning to expand the service to be able to cover all its destinations in the short term. "This is a major step towards building a comprehensive electronic commerce system in the airline -- a strategic investment that we expect will yield long-term benefits," said President Avelino Zapanta. In a report last week PAL is expected to register PhP500 million in losses due to low passenger turn out caused by Severe Acute Respiratory Syndrome (SARS). PHILIPPINE LONG: To List Additional Shares ------------------------------------------- The Philippine Stock Exchange approved on June 14, 2000 the application submitted by Philippine Long Distance Telephone Co. (PLDT) to list additional 1,289,745 common shares, with a par value of PhP5.00 per share, to cover the Executive Stock Option Plan (ESOP) of the company, at an exercise price of PhP814.00 per share. In this connection, please be advised that a total of 800 common shares have been duly availed of and fully paid by the optionees under the company's ESOP. In view thereof, the listing of the 800 common shares is set for Monday, May 24, 2004. This brings the number of common shares listed under the ESOP to a total of 25, 274 common shares. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. Contact: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone No/s: 814-3552; 888-0188 Fax No/s: 813-2292 Website: http://www.pldt.com.ph SEMIRARA MINING: Postpones Annual Stockholder's Meeting ------------------------------------------------------- Semirara Mining Corp. disclosed to the Philippine Stock Exchange that its Annual Stockholders Meeting scheduled for June 11, 2004 was postponed. The Securities and Exchange Commission (SEC) has required certain revisions to the Corporation's Annual Report Form 17-A. The corporations Annual Report will be incorporated by reference to the Definitive Information Statement to be sent out to Stockholders' of record in respect of the Annual Stockholders Meeting scheduled for June 11, 2004. The corporation cannot comply with the revisions required in time for sending the Definitive Information Statement (last day of mailing of which is May 20, 2004). The postponed Annual Stockholders meeting will be held on June 16, 2004, 10:00 a.m., at the 3rd Floor, DACON Bldg., 2281 Pasong Tamo Extension, Makati City. The record date of stockholders entitled to vote at the postponed meeting is May 17, 2004. ================= S I N G A P O R E ================= D.I.T. INDUSTRIES: Creditors Meeting set for June 21 ---------------------------------------------------- Notice is hereby given that the Final Meeting of the creditors of D.I.T. Industries Pte Ltd (In Members' Voluntary Winding Up) will be held at 10 Jalan Besar, #10-03 Sim Lim Tower, Singapore 208787 on 21 June 2004 at 9.30 in the morning. AKBER ALI s/o THAJUDEEN, CPA Liquidator. Tel: 63920021. This Singapore Government Gazette announcement is dated 21 May 2004. FAILSAFE CORPORATION: Issues Dividend Notice -------------------------------------------- Failsafe Corporation (Singapore) Pte Ltd (In Liquidation) issued a notice of intended dividend as follows: Address of Registered Office: 41 Science Park Road, The Gemini, Singapore Science Park II, Singapore 117610. Court: High Court, Singapore. Number of Matter: Companies Winding Up No. 37 of 2003/K. Last day for receiving proof: 4 June 2004. Name of Liquidators: Tam Chee Chong and Wee Aik Guan. Address: 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. TAM CHEE CHONG AND WEE AIK GUAN Joint & Several Liquidators. This Singapore Government Gazette announcement is dated 21 May 2004. LEKIM TEXTILE: Winding up Hearing Set June 11 --------------------------------------------- Notice is hereby given that a petition for the winding up of Lekim Textile Industries Pte Ltd by the High Court was on the 13 May 2004 presented by Kuehne & Nagel Pte Ltd of 7 Temasek Boulevard, #12-01 Suntec Tower One, Singapore 038987. The petition will be heard before the Court sitting at Singapore at 10 o'clock in the forenoon on the 11 June 2004. Any creditor or contributory of the Company desiring to support or oppose the making of an order on the Petition may appear at the time of hearing by himself or his Counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioners' address is at 7 Temasek Boulevard, #12-01 Suntec Tower One, Singapore 038987. The Petitioners' solicitors are Messrs Haridass Ho & Partners of 24 Raffles Place, #18-00 Clifford Centre, Singapore 048621. Messrs HARIDASS HO & PARTNERS Solicitors for the Petitioner. Note: Any person who intends to appear at the hearing of the petition must serve on or send by post to the above named Solicitors for the Petitioner, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than 12 o'clock noon of the 10 June 2004 (the day before the day appointed for the hearing of the Petition). LONGHOUSE THOMSON: Schedules Winding up Hearing May 28 ------------------------------------------------------ Notice is hereby given that a petition for the winding up of Longhouse Thomson Pte Ltd by the High Court was, on the 5 May 2004 presented by Sin Hin Lee Investment (Private Limited). The said petition will be heard before the Court sitting at the High Court in Singapore at 10 a.m. on the 28 May 2004. Any creditor or contributory of the said Company desiring to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioners' address is 141 Middle Road, #05-06 GSM Building, Singapore 188976. The Petitioners' Solicitors are Messrs Looi & Co., 7500A Beach Road, #14-318 The Plaza, Singapore 199591. Messrs LOOI & CO. Solicitors for the Petitioners. Note: Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the above named Messrs Looi & Co., 7500A Beach Road, #14-318 The Plaza, Singapore 199591, notice in writing of his intention so to do. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than 12 o'clock noon of the 27 May 2004 (the day before the day appointed for the hearing of the Petition). ONG HOLDING: Issues Notice of Final Meeting ------------------------------------------- Notice is hereby given that a Final Meeting of the Members of Ong (Money Brokers) Holding Private Limited (In Liquidation) will be held at 138 Cecil Street, #15-00 Cecil Court, Singapore 069538 on 18 June 2004 at 10 a.m. for the purpose of laying before the Meeting an account showing how the winding up has been conducted, and the property of the Company disposed of and of hearing any explanation that may be given by the Liquidators, and also of determining by resolution the manner in which the books, accounts and documents of the Company and of the Liquidators shall be disposed of. STEVEN TAN CHEE CHUAN DOUGLAS TAN KAY YEOW Joint Liquidators. Note: Pursuant to Section 181 of the Companies Act, Cap. 50, a member entitled to attend and vote at this Meeting is entitled to appoint another person or persons (whether a member or not) as his proxy to attend and vote in his stead. This Singapore Gazette announcement is dated 21 May 2004. =============== T H A I L A N D =============== PRASIT PATANA: Submits Performance Explanation ---------------------------------------------- Prasit Patana PCL and its Subsidiaries submits to the Stock Exchange of Thailand its Performance Explanation and Financial Analysis For the three-month period ended March 31,2004 (1) Performance according to Business Plan The company did not disclose its future business plan (2) Operational Performance (2.1) Overall Picture of Past performance The company and its subsidiaries generated operational revenue for the three month period ended March 31, 2004 of THB817.28 million in comparison with operational revenue for the three- month period ended March 31, 2003 of THB698.50 million, an increase of THB118.78 million or 17.01 percent. Cost of Services of the company and its subsidiaries for each of the three-month periods ended March 31, 2004 and 2003 were THB554.69 million and THB534.61 million respectively, an increase of THB20.08 million or 3.76 percent. General and administrative expenses of the company and its subsidiaries for each of the three-month periods ended March 31, 2004 and 2003 were THB125.20 million and THB123.95 million respectively, an increase of THB1.25 million or 1.01 percent. The level of competition in the private healthcare industry is intense. In general, major healthcare providers and private hospitals have clear target markets. Our group has employed a marketing strategy focused on and emphasizing quality of patient care and international healthcare standards. There were no significant effects on the companies' operating results arising from exchange rate movements. The companies did not trade internationally and all revenues were earned in Thai currency. Similarly, there were no significant operating expenses incurred that are in foreign currencies. (2.2) Past Performance of Each Product Line The Company and its subsidiaries' only business are in healthcare business. On 18th July 2003, the company converted debts into equity. The company was granted a petition from the Ministry of Commerce to increase its registered capital from THB 866,023,760 to THB4,330,118,800 to accommodate the debt to equity conversion for the company and its subsidiaries financial creditors and the subsidiaries' construction creditors for the total of 346,409,504 shares. On 29th September 2003, the Central Bankruptcy Court granted the exit petition from the rehabilitation period. The company appointed the new Board of Directors in place of the Plan Administrator whose authorities ceded at that time. - Revenue from Service The company and its subsidiaries had revenue from service provided for each of the three-month periods ended March 31,2004 and 2003 of THB817.28 million and THB698.50 million respectively, an increase of THB118.78 million or 17.01 percent resulting from the increase of inpatient and outpatients volumes, the increase of product and service price and have additional service fee in the 1st quarter of 2004. - Revenues from Management Fee Revenues from management fee from one related company for each of the three-month periods ended March 31,2004 and 2003 was THB 2.34 million and THB1.61 million respectively, an increase of THB0.73 million or 45.34%. An increase in revenue was a result of increasing in service income of a related company. The company had a management contract with a related company for a 10-year period. Revenue was calculated from the percentage of operational income of the related company as specified in the Management Contract. - Interest Income The interest income for the 1st quarter of 2004 was interest income from financial institution, decrease in comparison with the 1st quarter of 2003 due to in 2003, was a result of realized interest income among subsidiaries. The repayment of this loan is made from refinance on December 9, 2003. - Other Revenues The company and its subsidiaries generated other revenues for each of the three-month periods ended March 31,2004 and 2003 of THB25.15 million and THB27.93 million respectively, decrease of THB2.78 million or 9.95 percent due mainly to accounting adjustment from one related company in the 1st quarter of 2003. - Cost of services The company and its subsidiaries incurred cost of services for each of the three-month periods ended March 31,2004 and 2003 of THB554.69 million and THB534.61 million respectively, an increase of THB20.08 million or 3.76% was due to the growth in patient volume. Cost of service to service income ratio was 67.87% and 76.54% in 1st quarter of 2004 and 2003 respectively. It was decreasing because subsidiary companies had increased price of products and services. In addition, the subsidiaries were changing the physical count of inventory policy and had centralized purchasing to have more bargaining power. And for salary, the company reorganized employees to maximize efficiency. The salary and overtime in the 1st quarter of 2004 was THB109.08 million or 13.35 percent of service income and in the 1st quarter of 2003 was THB116.00 million or 16.61 percent of service income. - Dividend Policy The company will pay dividend to shareholders with the approval of the Board of Directors and is related to the annual business performance. The dividend payment must also be approved by shareholders. (3) Financial Status (3.1) Assets The Composition of the Assets Total assets of the company and its subsidiaries as at March 31,2004 comprised of current and non-current assets, calculated as a ratio of 18.22 percent and 81.78 percent respectively. Current Assets of the company and subsidiaries are composed of: - Cash and cash equivalents and S-T investment 12.28 percent of total assets - Trade receivables- net 3.22 percent of total assets - Receivables from related parties- net 0.16 percent of total assets - Inventories 2.07 percent of total assets Other current assets- 0.49percent of total assets -Long-term investments were 2.11 percent of total assets. The majority of assets of the company and its subsidiaries are land, buildings and equipment, which make up 77.97 percent of total assets. Other non current assets were 1.70 percent of total assets. Quality of Assets Quality of Receivables: Receivables of the company and its subsidiaries include significant amounts receivable from healthcare insurance companies in respect of patient services. Stringent payment conditions could result in claims being delayed by the insurers. However, the companies made sufficient provision for doubtful debts and have confidence in the quality of receivables, net of provisions. (3.2) Liquidity The company and its subsidiaries had net cash from operation for the three-month period ended March 31, 2004 of THB171.95 million and net cash from investment activities in the same period of THB25.53 million. The decreasing in cash from finance activities was for repayment of short-term loans amounting THB28.80 million. The company and its subsidiaries had a net increase of cash and cash equivalent from December 31, 2003 of THB117.63 million. As at March 31,2004, the Consolidated Financial Statements showed a current ratio of 1.33. (3.3) Capital Expenditure The annual capital expenditure budget of the company and its subsidiaries must be approved by Board of director and the payment will be made for only authorized budget. However, capital expenditure was evaluated according to projected return on investment, business necessity, and contribution to business goals and urgency. (3.4) Source of funds Liabilities On 6th November 2003, the company and its subsidiaries have entered into a financial support agreement with a local bank to repay financial debts under rehabilitation plan and to use for working capital totaling THB5,000 million. THAI PETROCHEMICAL: Creditor Okays Bid For Partners --------------------------------------------------- Bangkok Bank Plc (BBL), in its capacity as a creditor of the Thai Petrochemical Industry Plc (TPI), said it has no objections to a plan to bring in PTT Plc (PTT) and Siam Cement Plc (SCC) as TPI's partners, should the plan win the endorsement from the plan's administrators. "My personal view is that the ideal partners for TPI should be the ones with expertise in the energy and petrochemical industries," BBL's executive chairman Kosit Panpiemras said. Meanwhile, Bualuang Securities' analyst Pongrat Ratanatavananond, said TPI is likely to submit a revised debt restructuring plan to the Minister of Finance Somkid Jatusripitak for consideration after the no-confidence debate against the government by the opposition parties ends. Mr. Pongrat said she expects TPI's creditors' committee to endorse the plan. Once the plan is approved by the Ministry of Finance and TPI's creditors committee, then the plan's administrators may invite both SCC and PTT to conduct a due diligence on TPI's assets and debts as soon as possible, said Pongrat. She said bringing in potential partners to buy shares under debt-to-equity conversion schemes is part of the obligations in the revised debt-restructuring plan. The plan clearly stipulated that should TPI want to exit from the court- prescribed business rehabilitation process, then it has to bring in partners willing to purchase shares from the debt-to-equity scheme first, said Pongrat. "Both SCC and PTT have strong potential to become TPI's partners since TPI still has 12.7 billion shares from the debt-to-equity scheme up for sale. Both SCC and PTT are keen to become TPI's partners as it is engaged in the production of HDPE plastic pellets and cement, which have high growth potential," said Pongrat. Mr. Pongrat has also recommended investors to stay away from buying TPI shares advising them to wait for the details of the revised debt-restructuring plan. She said TPI shares are deemed by analysts as having a full valuation. Yet, investors holding on to TPI shares are advised to sell them for profit taking. TPI last week said its sales' revenues for the first four months of the year rose 59 percent from the same period last year, mainly due to strong demand for plastic pellets and oil in the country. At the same time, it noted that the increase in oil prices was higher than originally projected. In a press release, TPI's chief executive officer Prachai Leophairatana, said sales' revenues for the four-month period totalled 42.94 billion baht compared to 27 billion baht during the same period last year. TPI's sales revenues in April alone reached 10.7 billion baht, higher than 6.7 billion baht in the same period last year, Prachai said. TPI's earnings before interest, tax, depreciation and amortization (EBITDA) in the first four months of the year amounted to 6.1 billion baht, a 111 percent rise from 2.89 billion baht during the same period in 2003, Prachai added. In April, TPI's EBITDA amounted to 1.5 billion baht compared to 722 million baht during the same period last year, he said. For the whole year, TPI's total sales' revenues should reach 111.22 billion baht, while the firm's EBITDA this year is expected to be 17.65 billion baht, he said. ********* 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. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. 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