/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040528.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 28, 2004, Vol. 7, No. 105 Headlines A U S T R A L I A NATIONAL AUSTRALIA: Finalizes Contract For CEO NATIONAL AUSTRALIA: Presents Half-Year Investor Pack NOVUS PETROLEUM: Sunov Extends Offer Period QANTAS AIRWAYS: No Definite Plans Yet On Offshore Employment WMC RESOURCES: To Conduct A Study On Olympic Dam Expansion * ASIC: Winds Up Pubasia International And Monkey Ale House C H I N A & H O N G K O N G CHENG HONG: Enters Bankruptcy Proceedings CHENG WAN: Schedules Creditors Meeting CHINA POINT: Schedules Winding up Hearing GALA WIN: Creditors Must Submit Claims by June 11 GOLDWELL PROPERTIES: Winding up Hearing Set for June 2 GOLDWORLD PROPERTY: Issues Notice to Creditors to Prove Debts IP KWOK: Schedules Creditor's Meeting Today LAM KWAI: Releases Bankruptcy Order Notice NGAI CHU: Releases Bankruptcy Order Notice NG KAM: Creditors Meeting Slated for Today NG MAN: Issues Bankruptcy Order Notice TSE WAI: Creditors Meeting Set for Today TWINESPLICE PROPERTIES: Issues Debt Claim Notice to Creditors WONG CHIN: Schedules Creditors Meeting WONG MEI: Enters Bankruptcy Proceedings I N D O N E S I A BANK RAKYAT: To Repay US$73M Maturing Debt J A P A N JAPAN AIRLINES: May Hike International Airfares MITSUBISHI FUSO: Discloses More Recalls MITSUBISHI MOTORS: Unveils Production Figures for April 2004 MITSUBISHI MOTORS: Phoenix Eyes Turnaround in 3-5 Years MITSUBISHI MOTORS: Chrysler to Stop Using U.S. Plant K O R E A DACOM CORPORATION: Ministry OKs Local Telephone Service HANARO TELECOM: Awards US$10M Contract to Datacraft LG CARD: Shares Up 6.3% on Lower Delinquency Ratio * Four Bidders Keen To Buy Investment Trust Firms M A L A Y S I A BERJAYA GROUP: Issues Second Interim Dividend FARLIM GROUP: Unveils Quarterly Report Ending March 31 GULA PERAK: Grants Listing of 43,000 New Shares HAP SENG: Issues Notice of Share Buy-back METACORP BERHAD: Shareholders OK Proposals OILCORP BERHAD: Appoints New Audit Committee Member OSK HOLDINGS: Issues Notice of Share Buy-back PANCARAN IKRAB: Court OKs Restructuring Proposal P H I L I P P I N E S MANILA ELECTRIC: Plans To Sell Stake In Non-Core Asset NATIONAL BANK: Answers Request Of PSE's Mr. Zabala NATIONAL BANK: Union Seeks For A Salary Increase NATIONAL STEEL: National Government To Grant Ecozone Status NEGROS NAVIGATION: Undergoing Rehab Talks With Creditors NEGROS NAVIGATION: Unveils Annual Stockholders Meeting's Outcome PHILIPPINE LONG: Issues Confirmation Of News Article S I N G A P O R E DE BOER: Creditors Must Submit Claims by June 21 FLEXTECH HOLDINGS: Dissolves Dormant Subsidiary MEASUREX HOLDINGS: Creditors Meeting Set June 21 NIPPON MACHINE: Schedules Winding up Hearing SWEE HONG: Issues Winding up Order Notice T H A I L A N D TPI POLENE: Creditors Okay Debt Buy Back * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= NATIONAL AUSTRALIA: Finalizes Contract For CEO ---------------------------------------------- The Chairman of National Australia Bank, Mr. Graham Kraehe, announced in a press release on Thursday that the Board of Directors had finalized Mr. John Stewart's contract as Chief Executive Officer and Managing Director. Mr. Kraehe said the terms and conditions of Mr. Stewart's contract were in line with industry best practice. The key terms and conditions of the new contract include: - A three-year term until February 2007 with the option of annual renewal thereafter; - Salary to be fixed at $2.23 million until October 2005; a large proportion of total remuneration to be at-risk linked to the National's performance; - Target short-term at-risk remuneration of $2.23 million (100% of annual salary), at least half of which to be delivered as deferred shares; - Long term incentives in the form of options and performance rights with an annualized value of $2.68 million; and - Defined termination rights and payments to ensure certainty about the way entitlements will be treated. Mr. Kraehe said the Board was delighted with John Stewart's performance to date and was pleased to finalize a new contract providing an appropriate balance of fixed and performance based remuneration. "John is providing strong leadership to the National and I am confident he will rebuild pride among employees and restore the reputation of the National," he said. A summary of Mr. Stewart's new employment contract is attached. It is in line with ASX corporate governance guidelines. To view a summary of the contract of employment, click http://bankrupt.com/misc/NATIONALAUSTRALIA052704.pdf For further information please contact: Brandon Phillips Group Manager Group Corporate Relations Telephone: 03 8641 3857 Mobile: 0419 369 058 Samantha Evans Group Communications Advisor Group Corporate Relations Telephone: 03 8641 4982 Mobile: 0404 883 509 NATIONAL AUSTRALIA: Presents Half-Year Investor Pack ---------------------------------------------------- National Australia bank announced in a press release that a copy of the Equity Roadshow presentation to overseas investors by its Managing Director and Chief Executive Officer, Mr. John Stewart and the Chief Financial Officer, Mr. Richard McKinnon can be obtained from: http://www.nabgroup.com/or at http://bankrupt.com/misc/NATIONALAUSTRALIA052704_2.pdf NOVUS PETROLEUM: Sunov Extends Offer Period ------------------------------------------- In a notice submitted to the Australian Stock Exchange on Wednesday, Sunov Petroleum Pty Ltd. disclosed that it has extended its offer period for Novus Petroleum Ltd., which is scheduled to close at 6:00 p.m. (Sydney time) on June 17, 2004. To view full copy of the notice click http://bankrupt.com/misc/NOVUSPETROLEUM052604.pdf QANTAS AIRWAYS: No Definite Plans Yet On Offshore Employment ------------------------------------------------------------ Qantas Airways has plans to move around flight attendant job overseas as a cost-cutting measure of the company. The move would earn the flag carrier hotel and meal costs, The Sydney Morning Herald reports. Some 370 Qantas flight attendants are already living overseas. According to the airline's chief executive officer Geoff Dixon, moving the said jobs abroad could save Qantas more than $20 million a year. Because of the proposal, the union was planning to stage an industrial action if the airline would approve of it, but Mr. Dixon said no final talks has been done, and Qantas still has to discuss the issue with 250 senior managers at a meeting on Tuesday. However Mr. Dixon said offshore employment is a sensitive issue but it is inevitable as part of efforts to maintain the airline's international competitiveness. WMC RESOURCES: To Conduct A Study On Olympic Dam Expansion ---------------------------------------------------------- WMC Resources Ltd. announced in a press release on Wednesday that it will invest a further $50 million over two years in a major study to determine whether there should be a multibillion expansion of the Olympic Dam mine in South Australia's mid- north. Premier Mike Rann says the SA Government is giving its full support to the study, which will help WMC determine whether it should double the capacity of the mine at a cost of between $2 billion and $4 billion by the end of the decade. "The potential for the Olympic Dam mine is huge. "An expansion of this size could lead to the creation of hundreds of jobs and further growth in the population of the Roxby Downs township, which is already 4,000. "This would also help the State achieve many of the targets laid out in the State Strategic Plan including increasing minerals production to $3 billion and increasing minerals processing by a further $1 billion by 2020 as well as increasing SA's population to 2 million by 2050. "It should also help us in our target of trebling the value of SA's export income to $25 billion by 2013. "At present, the Olympic Dam is the world's eighth largest copper deposit and largest known uranium deposit. Last year, it generated $670 million in export income for Australia. "This has the potential to double if the expansion goes ahead," Mr. Rann said. WMC has already invested $4 billion in developing Olympic Dam, including $600 million in the past three years and another $80 million during this year in mine development. Major activities for the next phase of the Study include: - An additional 72 km of drilling to improve understanding of the undeveloped southern deposit - The assessment of mining and processing methods for the southern deposit and development of a `whole-of-deposit' mine plan; - Environmental studies, including the scoping of a new Environmental Impact Statement; - A detailed investigation of options for future water and energy supply to the operation; - Preparation of a logistics plan for the operation, including the possibility of linking Olympic Dam to the rail network; and - Identification of future land requirements, support for the Roxby Downs township and associated infrastructure WMC Resources CEO, Andrew Michelmore says Olympic Dam is already Australia's largest underground mine and mineral processing operation. "Olympic Dam currently has an annual production capacity of 235,000 tonnes of copper, 4 500 tonnes of uranium and 100 000 ounces of gold. "Studies so far have shown that by extending underground mining, Olympic Dam could produce up to 350,000 tonnes of copper per year. "Open pit mining, when added to continuing underground operations, could increase copper production to in excess of 500,000 tonnes per annum. "By 2006, WMC will be in a position to identify a single preferred life of mine development plan for the total resource. That option would become the subject of a final feasibility study," Mr. Michelmore said The development study work will be in addition to ongoing assessment of Olympic Dam's future energy needs, including the option of connecting Olympic Dam to a natural gas network. In its Study, WMC will work closely with the SA Economic Development Board and the State Government Task Force for further development of Olympic Dam, appointed by the Premier in 2002. Contact: WMC Resources Ltd. (NYSE: WMC [ADR]) Level 16, IBM Centre, 60 City Rd. Southbank, Victoria 3006, Australia Phone: +61-3-9685-6000 Fax: +61-3-9686-3569 http://www.wmc.com.au * ASIC: Winds Up Pubasia International And Monkey Ale House ----------------------------------------------------------- The Federal Court in Adelaide ordered on Wednesday that Pubasia International Pty Ltd and The Monkey Ale House Pty Ltd be wound up on the application of the Australian Securities and Investments Commission (ASIC). The two South Australian companies were wound up with the consent of their sole director, secretary and shareholder, Mr. Paul Raymond Williams. ASIC made the application after becoming concerned that the companies were insolvent. ASIC was also concerned that the companies had no registered office or principal place of business. The companies did not have the consent of the occupier of the premises listed as their registered office on the public database that ASIC maintains of all companies in Australia. The court appointed Mr. Timothy Paul Burfield of Ernst and Young, Level 20, 91 King William Street, Adelaide, as liquidator of both companies. "ASIC will take all reasonable steps to protect the integrity of the data it maintains on the public register for the benefit of consumers of public information acquired from ASIC", said Mr. Allen Turton, ASIC Deputy Executive Director of Enforcement. ============================== C H I N A & H O N G K O N G ============================== CHENG HONG: Enters Bankruptcy Proceedings ----------------------------------------- Notice is hereby given that the Bankruptcy Order against Cheng Hong Yee (In Bankruptcy Proceedings) was made on 12 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. CHENG WAN: Schedules Creditors Meeting -------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chen Wan Ling (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 5 June 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. CHINA POINT: Schedules Winding up Hearing ----------------------------------------- Notice is hereby given that a petition for the winding up of China Point Finance Limited by the High Court of Hong Kong was on the 18 March 2004 presented to the Court by Zhu Kuan (Hong Kong) Company Limited (Provisional Liquidators Appointed) of 7th floor, Allied Kajima Building, 138 Gloucester Road, 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. WHITE & CASE Solicitors for the Petitioner, 9th Floor, Gloucester Tower, The Landmark 11 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 1 June 2004. GALA WIN: Creditors Must Submit Claims by June 11 ------------------------------------------------- Notice is hereby given that the creditors of Gala Win Investment Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 GOLDWELL PROPERTIES: Winding up Hearing Set for June 2 ------------------------------------------------------ Notice is hereby given that a petition for the winding up of Goldwell Properties Limited by the High Court of Hong Kong was on the 18 March 2004 presented to the said Court by Zhu Kuan (Hong Kong) Company Limited (Provisional Liquidators Appointed) of 7th floor, Allied Kajima Building, 138 Gloucester Road, 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. WHITE & CASE Solicitors for the Petitioner, 9th Floor, Gloucester Tower, The Landmark 11 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 1 June 2004. GOLDWORLD PROPERTY: Issues Notice to Creditors to Prove Debts ------------------------------------------------------------- Notice is hereby given that the creditors of Goldworld Property Investments Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 IP KWOK: Schedules Creditor's Meeting Today ------------------------------------------- Notice is hereby given that the General Meeting of the creditors of Ip Kwok Hung (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 24 May 2004. LAM KWAI: Releases Bankruptcy Order Notice ------------------------------------------ Notice is hereby given that the Bankruptcy Order against Lam Kwai Chor (In Bankruptcy Proceedings) was made on 12 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. NGAI CHU: Releases Bankruptcy Order Notice ------------------------------------------ Notice is hereby given that the Bankruptcy Order against Ngai Chu Wan (In Bankruptcy Proceedings) was made on 12 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. NG KAM: Creditors Meeting Slated for Today ------------------------------------------ Notice is hereby given that the General Meeting of the creditors of Ng 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 28 May 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. NG MAN: Issues Bankruptcy Order Notice -------------------------------------- Notice is hereby given that the Bankruptcy Order against Ng Man Yuk Trading (In Bankruptcy Proceedings) was made on 12 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. TSE WAI: Creditors Meeting Set for Today ---------------------------------------- Notice is hereby given that the General Meeting of the creditors of Tse Wai 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 24 May 2004. TWINESPLICE PROPERTIES: Issues Debt Claim Notice to Creditors ------------------------------------------------------------- Notice is hereby given that the creditors of Twinesplice Properties Limited (In Creditors' Voluntary Liquidation), which is being voluntarily wound up, are required on or before the close of business on 11 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the Joint and Several Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators Dated 21 May 2004 WONG CHIN: Schedules Creditors Meeting -------------------------------------- Notice is hereby given that the General Meeting of the creditors of Wong Chin To (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 5 June 2004 at 9:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. WONG MEI: Enters Bankruptcy Proceedings ----------------------------------------- Notice is hereby given that the Bankruptcy Order against Wong Mei Veii (In Bankruptcy Proceedings) was made on 12 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. ================= I N D O N E S I A ================= BANK RAKYAT: To Repay US$73M Maturing Debt ------------------------------------------ Bank Rakyat Indonesia (BRI) said it can repay its US$73 million maturing debt on June 1 despite the rising value of the U.S. dollar against the rupiah, for it has set aside funds for payment before the fluctuation of exchange rates, Asia Pulse reports, citing BRI President Rudjito. The rupiah fell to the level of more than 9,000 per dollar lately after long being stable at the level of 8,500. BRI Finance Director Wayan Alit Antara said the bank has no history of failing to repay its debt on maturity date. ========= J A P A N ========= JAPAN AIRLINES: May Hike International Airfares ----------------------------------------------- Japan Airlines System Corporation will ask the government to approve hikes in its international airfares after recent increases in jet fuel costs, Kyodo News reports, citing JAL President Isao Kaneko. Mr. Kaneko said the Company would consider hiking fares to some extent. The airline raised its domestic airfares in July last year. Fitch Ratings recently assigned a senior unsecured 'BB-' (BB minus) rating to Japan Airlines System Corporation (JALS) with a stable outlook, according to TCR-AP Vol. 7 No. 94. The rating reflects both a series of external shocks and intensified domestic competition that have weakened its revenue base and cash flow generation, which in turn have further aggravated its poor financial profile. MITSUBISHI FUSO: Discloses More Recalls --------------------------------------- Mitsubishi Fuso Bus & Truck Corporation will recall about 75,200 large vehicles because of defective clutch housings that have caused a number of accidents, according to Japan Times on Thursday. Mitsubishi Fuso admitted last Thursday that it covered up clutch housing defects between 1996 and 2000. Chief Executive Wilfried Porth blamed the company's past management for what he described as a corporate culture of concealment. Seven former senior officials of Mitsubishi Motors Corporation, including Takashi Usami, former Vice President, were arrested earlier this month for alleged professional negligence resulting in death and injury as well as filing false reports with authorities. Mitsubishi Fuso was the truck and bus division of Mitsubishi Motors Corporation until it was spun off in January 2003. MITSUBISHI MOTORS: Unveils Production Figures for April 2004 ------------------------------------------------------------ Mitsubishi Motors Corporation (MMC) on Thursday announced production, domestic sales, and export results for April 2004. In a company press release, global production in April totaled 116,039 units, down 7.7 percent from a year earlier. Output in Japan grew 2.7 percent on year to 51,564 units as production of commercial vehicles such as the Minicab Series and Delica Series surged 44.8 percent to more than offset a decline in passenger car production of 2.9 percent. Offshore production, meanwhile, decreased 14.6 percent to 64,475 units. Output in Asia dipped 13.4 percent to 42,867 units, North American production shrank 35.3 percent to 11,149 units, and European production inched down 1.1 percent to 5,790 units. Domestic sales for the month declined 19 percent to 16,286 units. Of this, registrations, which exclude 660cc minicars, dropped 20.7 percent on year to 5,759 units, while minicars totaled 10,527 units, down 18.1 percent on year. MMCs Japanese market share in April was 4.4 percent, down from 5.3 percent a year ago. To beef up its product lineup in Japan and expand sales, MMC this week launched the eK Active minicar, the latest model in the popular eK Series, which brings a touch of SUV-styling to the minicar class. MMC also added a sporty edition to its Grandis minivan offering and released minor changes to other Grandis models on Tuesday. The product lineup was also extended with a total of six special edition models for the Colt compact, Pajero, Pajero Mini, and Airtrek SUVs. Exports from Japan grew for the first time in five months, gaining 4.7 percent on year to 28,218 units. By region, exports to Asia shot up 126.3 percent on year to end at 7,795 units, while Europe-bound vehicles gained 15.8 percent to 7,146. Shipments to North America, however, slipped 41.9 percent compared to last April to 4,682 units. MITSUBISHI MOTORS: Phoenix Eyes Turnaround in 3-5 Years ------------------------------------------------------- Phoenix Capital Co., aiming to acquire a 40 percent stake in Mitsubishi Motors Corporation, hopes to revive the automaker in the next three to five years, according to Kyodo News on Thursday. Yasushi Ando, President of Phoenix Capital, said that the Tokyo- based investment fund plans to sell its interest in Mitsubishi Motor to another domestic or overseas automaker after recovering the investment. MITSUBISHI MOTORS: Chrysler to Stop Using U.S. Plant ---------------------------------------------------- DaimlerChrysler will stop building Dodge and Chrysler cars at Mitsubishi Motors Corp.'s U.S. plant next year, Dow Jones reports. The decision comes at the end of a five-year agreement, and is not related to recent financial problems at Mitsubishi Motors, plant spokesman Dan Irvin said. The Illinois auto plant produced 156,800 vehicles in the fiscal year that ended in March. Of those, 18,769 were Dodge Stratus cars and 9,966 were Chrysler Sebrings. The plant also produces the Galant, Eclipse and Endeavor for Mitsubishi. ========= K O R E A ========= DACOM CORPORATION: Ministry OKs Local Telephone Service ------------------------------------------------------- Dacom Corporation received approval from the Ministry of Information and Communication to enter the nation's local call service market, Dow Jones reports. The Company will start offering local phone services beginning January 2005. It will begin pilot services geared for corporations beginning in October this year. The ministry is expected to issue a license in July. HANARO TELECOM: Awards US$10M Contract to Datacraft --------------------------------------------------- Hanaro Telecom has awarded Datacraft Asia Limited a US$10 million contract to upgrade the broadband operator's Internet infrastructure, Dow Jones reported on Wednesday. Datacraft, which installs computer and network infrastructure in 13 Asian markets, said the deal follows the completion of an infrastructure deal last year for Hanaro. Hanaro Telecom Inc. plans to issue up to US$600 million in bonds to strengthen its financial position, according to a report from the TCR-AP, Vol. 7 No. 98. The U.S.-dollar-denominated bonds would probably carry a maturity of five, seven or 10 years. LG CARD: Shares Up 6.3% on Lower Delinquency Ratio -------------------------------------------------- Shares of LG Card Co. increased 6.3 percent on Tuesday on news that its delinquency ratio fell for the second consecutive month, Dow Jones reports, citing Jang Seung-Hoon, an analyst at SK Securities. "A drop in delinquency ratio means that its bad assets aren't increasing, but it is too early to say that its business is back on a recovery track," said Jang Seung-Hoon. LG Card escaped bankruptcy after creditors agreed in January to provide about a KRW5 trillion bailout package. * Four Bidders Keen To Buy Investment Trust Firms ------------------------------------------------- Four of the seven bidders for Korea Investment & Securities and Daehan Investment are showing strong interest in acquiring these companies, according to Dow Jones. The four bidders are a consortium comprising Kookmin Bank and J.P. Morgan Chase & Co. (JPM); a consortium comprising Hana Bank (002860.SE) and Goldman Sachs Group Inc. (GS); Dongwon Financial Holding Co. (071050.SE), and Prudential PLC (PUK). Meanwhile, the remaining three bidders - Woori Finance Holdings Co., American International Group Inc. (AIG) and Carlyle Group L.P. - haven't shown as much interest in the takeover. The South Korean government is then expected to name preferred bidders for the two companies by the end of June. =============== M A L A Y S I A =============== BERJAYA GROUP: Issues Second Interim Dividend ----------------------------------------------- Berjaya Group Berhad, in a disclosure dated 26 May 2004 to the Bursa Malaysia Securities Berhad, announced that the company would be issuing a loan stock interest. Details are as follows: EX-date: 11/06/2004 Entitlement date: 15/06/2004 Entitlement time: 04:00:00 PM Entitlement subject: Loan Stock Interest Entitlement description: Ninth interest payment for the RM640,025,128 nominal amount of 5% irredeemable convertible unsecured loan stocks 1999/2009. Period of interest payment: 02/01/2004 to 30/06/2004 For year ending/Period ending/ended: Share transfer book & register of members will be closed from (both dates inclusive) for the purpose of determining the entitlements: to Registrar's name ,address, telephone no: Berjaya Registration Services Sdn Bhd, Lot C1-C3, Block C, 2nd Floor, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur. Tel No.: 21450533 Payment date: 01/07/2004 a) Securities transferred into the Depositor's Securities Account before 4 p.m. in respect of transfers: 15/06/2004 b) Securities deposited into the Depositor's Securities Account before 12:30 p.m. in respect of securities exempted from mandatory deposit: c) Securities bought on KLSE on a cum entitlement basis according to the Rules of the KLSE. Number of new shares/securities issued (units) (If applicable): Entitlement indicator: Percentage Entitlement in percentage (%): 5 FARLIM GROUP: Unveils Quarterly Report Ending March 31 ------------------------------------------------------ In a disclosure to the Bursa Malaysia Securities Berhad, Farlim Group (Malaysia) Berhad announced its quarterly report for the financial period ended March 31, 2004, with the following details: INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD 31/03/2004 RM'000 31/03/2003 RM'000 31/03/2004 RM'000 31/03/2003 RM'000 1) Revenue 48,095 39,143 48,095 39,143 2) Profit/(loss) before tax -5,306 -8,941 -5,306 -8,941 3) Profit/(loss) after tax and minority interest -4,014 -6,204 -4,014 -6,203 4) Net profit/(loss) for the period -4,014 -6203 -4,014 -6,203 5) Basic earnings/(loss) per shares (sen) -3.35 -5.17 -3.35 -5.17 6) Dividend per share (sen) 0.00 0.00 0.00 0.00 7) Net tangible assets per share (RM As at the end of current quarter: 0.8300 As at preceding financial year end: 0.8600 For more information, go to http://bankrupt.com/misc/tcrap_farlim1QReport26May2004.xls http://bankrupt.com/misc/tcrap_farlim26MayInterimreport.doc GULA PERAK: Grants Listing of 43,000 New Shares ----------------------------------------------- Gula Perak Berhad, in a notice submitted to the Bursa Malaysia Securities Berhad on 27 May 2004, announced that the company's additional 43,000 new ordinary shares of RM1.00 each will be granted listing and quotation effective 9 a.m. on Friday, 28 May 2004. These new shares were issued pursuant to the Gperak-Conversion of RM43,000 Irredeemable Convertible Secured Loan Stocks. HAP SENG: Issues Notice of Share Buy-back ----------------------------------------- Hap Seng Consolidated Berhad posted the following notice announcing the buy back of shares with the Bursa Malaysia on 26 May 2004. Date of buy back: 26/05/2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 15,000 Minimum price paid for each share purchased (RM): 2.440 Maximum price paid for each share purchased (RM): 2.500 Total consideration paid (RM): 37,516.39 Number of shares purchased retained in treasury (units): 15,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 33,032,900 Adjusted issued capital after cancellation (no. of shares) (units): 0 Remarks: cc: Securities Commission METACORP BERHAD: Shareholders OK Proposals ------------------------------------------ Commerce International Merchant Bankers Berhad refers to its announcement made on behalf of Metacorp Berhad dated 29 April 2004 in relation to the Proposals. On behalf of Metacorp Berhad, Commerce International Merchant Bankers Berhad wishes to announce that the resolutions as set out in the Notice of Extraordinary General Meeting (EGM) dated 30 April 2004 in relation to the Proposals have been approved by the shareholders of the Company at the EGM held on 26 May 2004. Hereinafter collectively referred to as the Proposals are: i. Proposed share split into two (2) new ordinary shares of RM0.50 each in Metacorp (Metacorp shares) for every one (1) existing ordinary share of rm1.00 each held in Metacorp (proposed share split); ii. Proposed bonus issue of up to 492,061,640 new Netacorp shares on the basis of two (2) new Metacorp shares for every one (1) Metacorp share held after the proposed share split (proposed bonus issue); iii. Proposed increase in the authorized share capital of Metacorp from RM200,000,000 comprising 200,000,000 ordinary shares of RM1.00 each in Metacorp to RM500,000,000 comprising 1,000,000,000 Metacorp shares (proposed increase in authorized share capital); and iv. Proposed amendments to the memorandum and articles of association of Metacorp (proposed amendments to M&A) OILCORP BERHAD: Appoints New Audit Committee Member --------------------------------------------------- Oilcorp Berhad, in a disclosure dated 26 May to the Bursa Malaysia Securities Berhad, announces the appointment of a member of the audit committee. Details are as follows: Date of change: May 26, 2004 Type of change: Appointment Designation: Member of Audit Committee Directorate: Independent & Non Executive Name: Francis Ng Age: 42 Nationality: Malaysian Qualifications: Institute Of Chartered Secretaries & Administrators (UK) Professional Degree Working experience and occupation: He has 17 years of experience in sales and marketing holding positions of increasing responsibilities in Carlsberg Marketing Sdn Bhd (1987 to 1992), East Asiatic Company (1992 to 1996), Strategic Portfolio (M) Sdn Bhd (1996 to 1999), Marco Corporation (2000). He is currently attached to a market-leading baby Products Company as the general manager of marketing department. Directorship of public companies (if any): NIL Family relationship with any director and/or major shareholder of the listed issuer: NIL Details of any interest in the securities of the listed issuer or its subsidiaries: NIL Composition of Audit Committee (Name and Directorate of members after change): Mr. Ch'ng Kong San - Chairman, Independent, Non- Executive Mr. Ng Huat Tian - Member, Group Managing Director, Non-Independent Mr. Cho Nam Sang - Member, Independent, Non- Executive Mr. Francis Ng - Member, Independent, Non-Executive OSK HOLDINGS: Issues Notice of Share Buy-back --------------------------------------------- OSK Holdings Berhad posted the following notice announcing the buy back of shares with the Bursa Malaysia on 26 May 2004. Date of buy back: 26/05/2004 Description of shares purchased: Ordinary Shares of RM1.00 each Total number of shares purchased (units): 299,000 Minimum price paid for each share purchased (RM): 1.620 Maximum price paid for each share purchased (RM): 1.680 Total consideration paid (RM): 493,997.32 Number of shares purchased retained in treasury (units): 299,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 29,533,000 Adjusted issued capital after cancellation (no. of shares) (units) PANCARAN IKRAB: Court OKs Restructuring Proposal ------------------------------------------------ In a disclosure dated 26 May 2004 to the Bursa Malaysia Securities Berhad, Public Merchant Bank Berhad announced on behalf of Pancaran Ikrab Berhad (PIB), that PIB had on 12 May 2004 obtained an order from the High Court of Malaya (Court Order) sanctioning the Proposed Scheme of Arrangement in respect of the Proposed Share Exchange. Upon extraction of the Court Order, an office copy of the Court Order will be lodged with the Companies Commission of Malaysia and upon lodgment; the Court Order shall take effect. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Plans To Sell Stake In Non-Core Asset ------------------------------------------------------ As part of its efforts to manage its liabilities, Manila Electric Co. (Meralco) is eyeing a sale on its non-core and underutilized assets particularly its stake in the Batangas Cogeneration Corp., BusinessWorld reports. Meralco treasurer Rafael Andrada said power generation is not the core business of the power utility firm. In its annual report Meralco reduced its stake by 55 percent in the said asset and will deconsolidate its financial statement for 2004. But according to Mr. Andrada, Meralco's priority option for raising funds is through a $200-million bond float. Meralco's need to raise funds is due largely to a refund it needs to service in line with the Supreme Court order which prevented the firm from including income tax in its operation costs, which were in turn passed on to customers. Meralco's maturing obligation this year amounts to PhP12.954 billion. By mid-June a PhP4.5 billion short-term debt will mature. NATIONAL BANK: Answers Request Of PSE's Mr. Zabala -------------------------------------------------- Philippine National Bank submitted a letter to the Philippine Stock Exchange in response to the letter of Mr. Jasper D. Zabala requesting confirmation of the veracity of the article published in BusinessWold (Internet Edition) entitled "PNB expects 22 percent rise in 2004", viz: "Philippine National Bank (PNB) expects income this year to increase 22 percent to around PhP205 million as fee-based revenues and interest margins remain strong, the president of the semiprivate bank said on Wednesday. 'Currently, 45 percent of our revenues come from fee-based business...two-thirds of that comes from our remittance business while one-third is from retail deposit base,' PNB President Lorenzo V. Tan said during the stockholders meeting on Wednesday. The bank earlier estimated a 19 percent profit growth this year on expectations that the economic situation will improve following the May 10 polls." Please be advised that the news item copied above is substantially correct as reported. The company trusts this satisfies the foregoing request of the Exchange's Mr. Zabala. NATIONAL BANK: Union Seeks For A Salary Increase ------------------------------------------------ Employees of Philippine National Bank want a share of the bank's good fortune after a five-year losing streak because according to them, they have been holding on to their low salaries for years, BusinessWorld reports, citing the bank union's president, Eduardo Serrano. "[The] last time we had a collective bargaining agreement (CBA) [and salary] increase was in 1999 for PhP300. For more than five years, we have not received any increase because we don't have any CBA. It is the right opportunity because majority of the stockholders are here to hear our plea not to delay the CBA and give what is due to us," Mr. Serrano said following the bank's annual meeting the other day. According to the report, Mariano Sorias, a former vice-president of the union, said employees who have been with PNB longer are the ones who suffered more. The new team has brought in new PNB employees who Mr. Sorias claims is being paid better. Mr. Sorias added that the new PNB team should closely examine who is doing the dirty jobs. NATIONAL STEEL: National Government To Grant Ecozone Status ----------------------------------------------------------- National Steel Corp. (NSC), under its new name Global Steel Works International Inc., will be granted an ecozone status by the national government, in order to help revitalize the steel manufacturer, ABS-CBN News reports. The grant will bring lower tax liabilities for the firm under the guidelines approved by the Board of Investments, despite the government's bid to increase its dwindling tax revenues. According to the source, President Macapagal Arroyo, as part of her campaign platform, pushed the tax perk, and promised to revive NSC's Mindanao operations. But the lower levels of government opposed the incentives, for it is still to be determined if the steel manufacturer has met the requirements to be classified as an ecozone. The move to grant tax incentives to Global Steel is bound to raise tensions once more between the Finance and the Trade and Industry departments. The DOF is already chafing under an estimated PhP187.2 billion in foregone revenues annually, which is the value of tax incentives under various BOI exemption schemes. The tax incentives are meant to encourage foreign investors to locate their operations in the country, the report says. NEGROS NAVIGATION: Undergoing Rehab Talks With Creditors -------------------------------------------------------- Two of Negros Navigation Co. Inc.'s (Nenaco) creditor banks has expressed support for its rehabilitation plan, Philippine Daily Inquirer reports, citing the inter-island shipping firm's receiver Sulficio Tagud. According to Mr. Tagud, Nenaco owes Development Bank of the Philippines (DBP) PhP300 million in principal debt, and PhP49.06 million in interest, which makes it its biggest creditor and Export and Industry Bank's (EIB) collectible is less than PhP100 million, the figures are based on the company's petition to the Regional Trial Court for a suspension of debt payments. "Rehab talks are ongoing with creditors," Metro Pacific president and chief executive officer Jose Maria Lim told reporters. "We are confident that the rehab plan will be approved. What is important to note is that this company is qualified for rehabilitation since its cash flow is sufficient." Nenaco's actual and opportunity losses between March and April is estimated at PhP76.4 million pesos, arising from the impact of debt collection filed against it by one of its suppliers. NEGROS NAVIGATION: Unveils Annual Stockholders Meeting's Outcome ---------------------------------------------------------------- Negros Navigation Co. Inc.'s (Nenaco) Annual Stockholders' Meeting, the following were duly nominated and elected directors of the Corporation for the ensuing term: (1) Daniel L. Lacson (2) Conrado A. Carballo (3) Edward S. Go (4) Julio L. Ledesma IV (5) Vivian S. Liban (6) Jose Ma. K. Lim (7) Jose Manuel L. Mapa (8) Napoleon L. Nazareno (9) Elmer D. Nitura (10) Augusto P. Palisoc, Jr. (11) Manuel V. Pangilinan (12) Meliton V. Salazar (13) Edward Tortorici PHILIPPINE LONG: Issues Confirmation Of News Article ---------------------------------------------------- Philippine Long Distance Telephone Co. (PLDT) submits to the Philippine Stock Exchange a response to the fax letter requesting the company to confirm the veracity of the information contained in the news article entitled "First Pacific may up stake in PLDT" published in Wednesday's issue of The Philippine Star (Internet Edition). The company is not in the position to comment on the report that First Pacific may increase its stake in PLDT, since this is a First Pacific matter. Regarding the report that PLDT is expected to pay dividends to common shareholders in 2005, we advise that PLDT's intention is to restore payment of common dividends by the first quarter of 2005 based on PLDT's 2004 net income available to common shareholders. The company is targeting to initially pay common dividends equivalent to 10 percent of our 2004 net income available to common shareholders. However, the actual amount to be declared and paid will be subject to the approval of the PLDT Board of Directors. In making that decision, the Board will take into consideration the actual financial performance in 2004, the amount of working capital required, budgeted, capital expenditures and debt service requirements of the Group. The amount of dividends to be declared and paid also hinge on the Group's ability to meet its deleveraging targets and financial covenants with respect to declaration and payment of dividends under certain of PLDT's debt instruments. ================= S I N G A P O R E ================= DE BOER: Creditors Must Submit Claims by June 21 ------------------------------------------------ Notice is hereby given that the creditors of De Boer Structures (Asia) Pte. Ltd. (Members' Voluntary Liquidation) are required on or before June 21 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their solicitors to the Liquidator of the Company c/o 2 Mistri Road, #12-01 HMC Building, Singapore 079624. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. TEH KWANG HWEE Liquidator. This Singapore Government Gazette announcement is dated 21 May 2004. FLEXTECH HOLDINGS: Dissolves Dormant Subsidiary ----------------------------------------------- The Board of Directors of Flextech Holdings Limited wishes to announce that Vertex Test Inc. (Vertex), a dormant subsidiary incorporated in the British Virgin Islands wholly-owned by Spire Technologies Pte Ltd (Spire), has been recently wound up and dissolved voluntarily. Spire is an 80 percent-owned subsidiary of the Company, incorporated in Singapore. The dissolution of Vertex is not expected to have a material effect on the earnings and net tangible asset per share of the Flextech group of companies for the financial year ended 31 December 2004. By Order of the Board Chow Kek Tong Chief Financial Officer Submitted by Chow Kek Tong, Chief Financial Officer on 26/05/2004 to the SGX MEASUREX HOLDINGS: Creditors Meeting Set June 21 ------------------------------------------------ Notice is hereby given that the first meeting of the creditors in Measurex Holdings Pte Ltd will be held at Ernst & Young, 10 Collyer Quay, #06-05 Ocean Building, Singapore 049315, at 11 a.m. on 21 June 2004. AGENDA 1. To receive the liquidators' report on the progress of the liquidation. 2. To appoint a committee of inspection, if necessary. 3. Any other matters. To entitle you to vote thereat, your proof of debt must be lodged with me not later than 5 p.m. on 4 June 2004. Proxies to be used at the meeting must be lodged with me not later than 5 p.m. on 17th June 2004. ONG YEW HUAT Liquidator. Measurex Holdings Pte Ltd. Address: c/o Ernst & Young 10 Collyer Quay #23-05 Ocean Building Singapore 049315. This Singapore Government Gazette announcement is dated 26 May 2004. NIPPON MACHINE: Schedules Winding up Hearing -------------------------------------------- Notice is hereby given that a petition for the winding up of Nippon Machine Tool Pte Limited by the High Court of Singapore was on the 14 May 2004 presented by the United Overseas Bank Limited. The petition will be heard before the Court sitting at the High Court 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 themselves or their 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 Petitioner's address is 80 Raffles Place, UOB Plaza 1, 12th Floor, Singapore 048624. The Petitioner's solicitor is Messrs Tan Kok Quan Partnership of No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808. Messrs TAN KOK QUAN PARTNERSHIP 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 solicitors for the Petitioner, notice in writing of his intention to do so. 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 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 10th day of June 2004 (the day before the day appointed for the hearing of the Petition). This Singapore Government Gazette announcement is dated 21 May 2004. SWEE HONG: Issues Winding up Order Notice ----------------------------------------- Swee Hong Investment Pte Ltd issued a notice of winding up order made on the 14 May 2004. Name and address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118. Messrs RAJAH & TANN Solicitors for the Petitioner. This Singapore Government Gazette announcement is dated 26 May 2004. =============== T H A I L A N D =============== TPI POLENE: Creditors Okay Debt Buy Back ---------------------------------------- Thai cement maker TPI Polene PCL has been given by its creditors a go signal in principle to allow the company to buy back debt worth up to $110 million, Dow Jones reports, citing the company's executive and one of its creditors on Monday. "Creditors have agreed with our debt buyback plan. However, they didn't accept our request for a reduction of accrued interest," TPI Polene Chief Executive Prachai Leophairatana said at a press conference. The initial agreement was reached early this month and is allowed to buy back debt worth no more than $110 million. The company may use surplus funds from its share sale to buy more debt in the future, the creditor said. However, no formal agreement has been reached on the sale of debt back to the company. Mr. Prachai said that after the debt buyback, TPI Polene is likely to be able to repay the remaining principal within five years, and that further refinancing of the remaining debt should reduce the company's interest burden. TPI Polene is undertaking a restructuring of debt worth $950 million in principal and $150 million in accrued interest, under the auspices of the country's bankruptcy court. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------- CHINA & HONG KONG ----------------- Jinan Qingoi Motorcycle Co., Ltd. 600698 (-193.08) 113.96 Jinan Qingoi Motorcycle-A Co., Ltd. 600946 (-193.08) 113.96 Shenzhen China Bicycles-B Co., Ltd. 200017 (-203.9) 52.16 Shenzhen China Bicycles-A Co., Ltd. 000017 (-203.9) 52.16 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (50.67) 393.92 PT Smart Tbk SMAR (-37.38) 398.89 JAPAN ----- Fujitsu Comp Ltd 6719 (-46.88) 316.07 Kanebo Limited 3102 (40.44) 5820.67 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FAB (-7.16) 504.98 Kemayan Corp Bhd KOP (-353.12) 84.89 Panglobal Bhd PGL0 (-41.07) 187.79 Sri Hartamas Bhd SHB (-138.37) 24.48 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-400.56) 115.91 SINGAPORE --------- Pacific Century Regional Developments Ltd PAC (-176.29) 1050.46 THAILAND -------- Asia Hotel PCL ASIA (26.62) 96.21 Asia Hotel PCL ASIA/F (26.62) 96.21 Bangkok Rubber PCL BRC/F (-41.29) 80.14 Bangkok Rubber PCL BRC (-41.29) 80.14 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 Jutha Maritime JUTHA (-0.78) 29.03 Jutha Maritime-F PCL JUTHA/F (-0.78) 29.03 National Fertilizer PCL NFC (-91.34) 293.84 National Fertilizer PCL-F NFC/F (-91.34) 293.84 Siam Agro-Industry Pineapple And Others PCL SAIC (-14.84) 13.32 Siam Agro-Industry Pineapple And Others PCL-F SAICO/F (-14.84) 13.32 Thai Wah Public Company Limited TWC (-43.88) 168.15 Thai Wah Public Company Limited-F TWC/F (-43.88) 168.15 Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25 Tuntex (Thailand) PCL-F TUNTEX/F (-50.94) 398.25 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***