/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040601.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 Tuesday, June 1, 2004, Vol. 7, No. 107 Headlines A U S T R A L I A QANTAS AIRWAYS: Jetstar Needs Travel Agents' Support C H I N A & H O N G K O N G ESPRIT CONTAINER: Winding Up Hearing Scheduled On June 23 KOKSUN DEVELOPMENT: Court Issues Winding Up Petition LEE CONTRACTORS: Court Issues Winding Up Petition LEVISTA 1968: Court Schedules Winding Up Hearing On June 23 LUCKY SOURCE: Winding Up Petition Slated For Hearing On June 16 MASTER MACHINERY: Court Issues Winding Up Petition MAYLITE FASHION: Court Issues Winding Up Petition PROSPERITY CONSTRUCTION: Court Issues Winding Up Petition RED EAGLE: Winding Up Slated For Hearing On June 30 S.Y.H. FASHION: Court Issues Winding Up Petition WING KEY: Court Issues Winding Up Petition I N D O N E S I A PERTAMINA: Experts Link Woes to Hasty Liberalization J A P A N MITSUBISHI FUSO: Ministry Missed Hub Defects In '02 List-Report MITSUBISHI MOTORS: To Be Rescued by Phoenix Capital K O R E A DAEWOO HEAVY: Union To Seek Injunction Against Sale M A L A Y S I A ACTACORP HOLDINGS: Releases Unaudited 1Q Report FURQAN BUSINESS: Sets Annual General Meeting On June 21 HAP SENG: Sets Annual General Meeting On June 22 KUMPULAN HARTANAH: Clarifies Error On 2003 Annual Report LII HEN: Bursa Malaysia Suspends Trading Of Shares LII HEN: Unit Acquires Factory Leasehold SURIA CAPITAL: Inks Joint Venture Agreement With Hikmat Asia TALAM CORPORATION: Releases Shares Buy Back Notice TANJONG PUBLIC: Sets Annual General Meeting YCS CORPORATION: Releases Full Quarterly Report P H I L I P P I N E S NATIONAL POWER: Operating Costs to Rise With Oil Price Hikes NATIONAL POWER: To Increase Mindanao Power Reserves PILIPINO TELEPHONE: Debt Swap 'Uncertain' Says Chair PHILIPPINE LONG: Reorganization Looms on Public Listing PHILIPPINE LONG: Internet Shop To Open Abroad This Month PHILIPPINE REALTY: Recommended for Restructuring by Receiver S I N G A P O R E HORIZON EDUCATION: Unveils Result Of Extraordinary Meeting HOTEL PROPERTIES: Acquires 45% Additional Shares In M.A.T. HO WAH: Court Grants Order Re Unsecured Creditors Meeting HO WAH: Releases Development On Deed Of Assignment Of Loan OILCORP BERHAD: Releases Info on Nomination Committee Members UNITED OVERSEAS: Releases Changes To CAR YONGNAM HOLDINGS: Issues Notice On EGM T H A I L A N D SIAM SYNTECH: Issues Registration Of New Name * BOND PRICING: For the Week 31 May to 4 June 2004 - - - - - - - - ================= A U S T R A L I A ================= QANTAS AIRWAYS: Jetstar Needs Travel Agents' Support ---------------------------------------------------- Australian daily The Age reports that without the support of travel agents, Jetstar, Qantas Airways' new budget carrier, has little chance of surviving long, says the chief of Australia's largest retail travel group Flight Centre. According to Flight Centre Chief Graham Turner, Jetstar's numbers, loadings and yield would be affected by the airline's decision not to enlist the help of travel agents in distribution. He said that Jetstar, which has just launched flights last week, "just won't be able to get the yield without having a multi-distribution channel system." He, however, expressed his belief that the carrier would change their minds on the matter. "I think they'll change their mind on this, (it will) probably take about six or eight months but I think that you'll find that their losses will be so large, not just on numbers and loadings but it'll be on yield," Mr. Turner said. Still, despite the lack of a distribution deal, Flight Centre is selling Jetstar, although it isn't selling much of it, said Mr. Turner. He also warned that attempts by other airlines to operate without travel agent support had not worked anywhere else in the world except for Ryanair and Easyjet in the UK. ============================== C H I N A & H O N G K O N G ============================== ESPRIT CONTAINER: Winding Up Hearing Scheduled On June 23 --------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Esprit Container Transportation Ltd. by the High Court of Hong Kong was on the 23rd day of April, 2004 present to the said Court by Chan Kam Wing of Flat 4, 3/F., Kwai Yue House, Kwai Chun Court, Kwai Chung, New Territories, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 23rd day of June 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. (THOMAS E. KWONG) For Director of Legal Aid 27th Floor, Queensway Government Offices 66 Queensway 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 21st day of June 2004. KOKSUN DEVELOPMENT: Court Issues Winding Up Petition ---------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Koksun Development Ltd. by the High Court of Hong Kong was on the 12th day of May 2004 present to the said Court by Bank of China (Hon Kong) Limited whose registered office is situate at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 7th day of July 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. GALLANT Y.T. HO & CO. Solicitors for the Petitioner, 5th Floor, Jardine House No. 1 Connaught Place, 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 6th day of July 2004. LEE CONTRACTORS: Court Issues Winding Up Petition ------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Lee Contractors Co. Ltd. by the High Court of Hong Kong was on the 14th day of May, 2004 present to the said Court by Vu, Thi Mai Hong of Flat 217, Tin Yee House, Tin Ping Estte, Sheung Shui, New Territories, Hong Kong. The said Petition is directed to be heard before the Court at 10:00 am on the 7th day of July 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 6th day of July 2004. LEVISTA 1968: Court Schedules Winding Up Hearing On June 23 ----------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Levista 1968 Ltd. by the High Court of Hong Kong was on the 22nd day of April 2004 present to the said Court by New World Telecommunications Limited whose registered office is situate at 17th Floor, Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 23rd day of June 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. JOHNSON STOKES & MASTER the Petitioner, 18th Floor, Prince's Building 10 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 21st day of June 2004. LUCKY SOURCE: Winding Up Petition Slated For Hearing On June 16 --------------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Lucky Source Co. Ltd. by the High Court of Hong Kong was on the 15th day of April 2004 present to the said Court by Peregrine Investments Holdings Limited (in Compulsory Liquidation) whose registered office is situate at 21st Floor, Prince's Building, 10 Chater Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 10:00 am on the 16th day of June 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. CLIFFORD CHANCE Solicitors for the Petitioner, 29th Floor, Jardine House 1 Connaught Place, 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 15th day of June 2004. MASTER MACHINERY: Court Issues Winding Up Petition -------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Master Machinery Engineering Ltd. by the High Court of Hong Kong was on the 12th day of May 2004 present to the said Court by Chu Tik Kwong of 2/F., 66A, Muk Kiu Tau Tsuen, Yuen Long, New Territories, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 7th day of July 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. DAVID HUI & COMPANY Solicitors for the Petitioner, 7th & 20th Floors, CNT House 120 Johnson Road, 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 6th day of July 2004. MAYLITE FASHION: Court Issues Winding Up Petition ------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Maylite Fashion Jewelleries Factory Ltd. by the High Court of Hong Kong was on the 12th day of May 2004 present to the said Court by Bank of China (Hon Kong) Limited whose registered office is situate at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 7th day of July 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. GALLANT Y.T. HO & CO. Solicitors for the Petitioner, 5th Floor, Jardine House No. 1 Connaught Place, 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 6th day of July 2004. PROSPERITY CONSTRUCTION: Court Issues Winding Up Petition --------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Prosperity Construction and Decoration Ltd. by the High Court of Hong Kong was on the 26th day of March 2004 present to the said Court by Simmons & Simmns (a firm) of 35th Floor, Cheung Kong Center, No. 2 Queen's Road Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 9th day of June 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. SIMMONS & SIMMONS the Petitioner, 25th Floor, Cheung Kong Center No. 2 Queen's Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 8th day of June 2004. RED EAGLE: Winding Up Slated For Hearing On June 30 --------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Red Eagle International Limited, by the High Court of Hong Kong was on the 5th day of May 2004 present to the said Court by Bank of China (Hong Kong) Limited whose registered office is situate at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 10:00 am on the 30th day of June 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. T.H. KOO & ASSOCIATES Solicitors for the Petitioner, Room A2, 15th Floor, United Centre No. 95 Queensway 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 29th day of June 2004. S.Y.H. FASHION: Court Issues Winding Up Petition ------------------------------------------------ Notice is hereby given that a Petition for the Winding up of S.Y.H. Fashinon Ltd. by the High Court of Hong Kong was on the 12th day of May 2004 present to the said Court by Bank of China (Hon Kong) Limited whose registered office is situate at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 7th day of July 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. GALLANT Y.T. HO & CO. Solicitors for the Petitioner, 5th Floor, Jardine House No. 1 Connaught Place, 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 6th day of July 2004. WING KEY: Court Issues Winding Up Petition ------------------------------------------ Notice is hereby given that a Petition for the Winding up of Wing Key Construction Co. Ltd. by the High Court of Hong Kong was on the 9th day of March 2004 present to the said Court by Walson Investment Company Limited whose registered office is situate at Block A, 7/F., Safer Industrial Building, No. 28 Sze Shan Street, Yau Tong, Kowloon, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 9th day of June 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. H.H. LAU & CO. Solicitors for the Petitioner, Room 404, 4th Floor, Lap Fai Building Nos. 6-8 Pottinger 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of the 8th day of June 2004. ================= I N D O N E S I A ================= PERTAMINA: Experts Link Woes to Hasty Liberalization ---------------------------------------------------- The liberalization in Indonesia's oil and gas sector has contributed to the troubles besetting Indonesian state oil and gas company Pertamina after an increase in oil prices, according to noted economist Mohammad Sadli and energy expert Kurtubi. According to a report by local newspaper The Jakarta Post, both experts said over the weekend that the government failed to make adjustments to the gasoline pricing policy when it dismantled Pertmina's regulatory function and turned it into a limited liability company in 2003. Mr. Sadli, a former energy minister in the 1970s, said this move has been "shrouded in political motivations". "It is not beneficial because Pertamina is responsible for distributing oil-based fuel but the government controls the prices," said Mr. Sadli, adding, "Logically, the (current) gasoline prices must go up. But politically, the government is unable to do that." Last week's skyrocketing international oil prices to more than US$41 a barrel has put heavy pressure on the finances of the company, which has to sell crude at home at a lower price as dictated by the government. The government, which did not raise fuel prices for the public during the current general election year, may have provided a fuel subsidy of IDR14.5 trillion in the current budget, but Pertamina has said that this is "far from sufficient" to cover the higher expenses. For his part, Mr. Kurtubi said Pertamina should not be turned into a limited liability company if the public was not yet ready to pay for gasoline at the market price. He added that some of its monopoly privileges should be reinstated to allow the company to obtain a higher income. Both experts also agree that an energy crisis is "inevitable if Pertamina's financial problems linger. Pertamina, which imports some 300,000 barrels of crude and fuel products a day, turned into a limited-liability company last year following the introduction of Law No. 22/2001 on oil and gas. The law scrapped Pertamina's monopoly over the oil and gas sector to lure new oil and gas investors into the country. ========= J A P A N ========= MITSUBISHI FUSO: Ministry Missed Hub Defects In '02 List-Report --------------------------------------------------------------- A report by Japanese news service Kyodo News reveals that Japan's transport ministry had already obtained a list of defective components from Mitsubishi Motors Corp. (MMC) that included rear-wheel hubs as early as 2002, but failed to take note of the problem at that time, which has resulted in the delay in the recall of trucks and buses with defective rear- wheel hubs until April this year. According to Dow Jones, the list obtained by the transport ministry was compiled from complaints lodged by Mitsubishi Motors' truck and bus users in June 2002 during a regular inspection of the automaker. The rear-wheel hub defects, however, went unnoticed because it was placed by the automaker in the lowest priority rank on the list, according to ministry officials Monday. Mitsubishi Fuso Truck & Bus Corp., which was spun off from Mitsubishi Motors in 2003, said rear-wheel hubs manufactured at that time are thinner than usual and could develop a rupture, an occurrence which was repeated 65 times since the first one was discovered in September 1990. Mitsubishi Fuso announced in April it was recalling some 9,100 large vehicles manufactured between December 1989 and December 1990, and about 1,500 buses produced between June 1990 and February 1991. Earlier this year, the automaker recalled some 112,000 large vehicles with defective front-wheel hubs, which caused the January 2002 accident in which a wheel came off a speeding truck and killed a woman and injured her two young sons. In connection with this accident and the automaker's alleged presentation of false reports on the hubs, prosecutors indicted Mitsubishi Motors, its former vice president and four other former executives last week. MITSUBISHI MOTORS: To Be Rescued by Phoenix Capital --------------------------------------------------- Troubled Japanese automaker Mitsubishi Motors Corp. (MMC) may yet have its sagging fortunes turned around with the recent announcement by Tokyo-based corporate revival fund Phoenix Capital Co. that it is considering formulating a plan that will rehabilitate the company, reports The Japan Times. According to Phoenix Capital President Yasushi Ando, who has been appointed chairman of a key in-house committee tasked to revive MMC's profitability, measures to rebuild MMC's corporate philosophy and brand will be featured in the corporate rehabilitation plan which would possibly be devised by the end of the year. He also said the fund wants to bolster the corporate value of the automaker in three to five years. In recent months, MMC has suffered a slew of recalls and vehicle defect cover-ups involving the trucks of its affiliate Mitsubishi Fuso Truck & Bus Corp. Mr. Ando said that the committee he heads "will set tasks to be incorporated into the rehabilitation plan in the next two months and devise specific measures during a subsequent five-month period." He added that it is also considering creating new brand names for each vehicle category. Phoenix Capital is seeking to take a 40% stake in MMC, which would make it the troubled automaker's top shareholder. DaimlerChrysler, which owns 37% of MMC, has said in April that it has no plans of funneling additional capital into the ailing automaker. ========= K O R E A ========= DAEWOO HEAVY: Union To Seek Injunction Against Sale --------------------------------------------------- In its bid to block the South Korean government's attempt to sell its controlling stake in Daewoo Heavy Industries (DHI), the company's workers union said Monday it is planning to file an application for injunction today, says Yonhap News Agency. State-run Korea Asset Management Corp. (KAMCO) earlier vowed that whatever moves the union might make, it would still proceed with its bid to dispose its 35.96% stake in DHI in an open bidding. The planned sale has already attracted 11 preliminary bids from foreign and domestic investors. For their part, the DHI workers have been insisting the company should stand on its own as a defense-related firm which produces construction equipment, industrial vehicles, armored vehicles and missile systems. However, the government instead hopes to sell most of its 57.9% stake in DHI, which it rescued with state funds in 2000 following the collapse of its parent, Daewoo Group. =============== M A L A Y S I A =============== ACTACORP HOLDINGS: Releases Unaudited 1Q Report ----------------------------------------------- Actacorp Holdings Berhad submits to the Bursa Malaysia Securities Berhad its unaudited First Quarterly Report ended March 31, 2004. 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 39 260 117 1,377 (2) Profit/(loss) before tax -3,492 -10,773 -9,099 -16,041 (3) Profit/(loss) after tax and minority interest -3,492 -10,773 -9,099 -16,041 (4) Net profit/(loss) for the period -3,492 -10,773 -9,099 -16,041 (5) Basic earnings/(loss) per shares (sen) -9.26 -28.56 -24.12 -42.53 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END (7) Net tangible assets per share (RM) -0.8600 -2.4900 For more information click http://bankrupt.com/misc/Actacorp_anncquarter3rd04_real.xls FURQAN BUSINESS: Sets Annual General Meeting On June 21 ------------------------------------------------------- The Board of Directors of Furqan Business Organization Berhad is pleased to inform the Bursa Malaysia Securities Berhad that the Annual General Meeting of the Company will be held at the Carnation Room, Mezzanine Floor, Melia Hotel, 16 Jalan Imbi, 55100 Kuala Lumpur on Monday, 21st June 2004. HAP SENG: Sets Annual General Meeting On June 22 ------------------------------------------------ In a notice submitted to the Bursa Malaysia Securities Berhad, Hap Seng Consolidated Berhad announced that its Twenty-Eighth Annual General Meeting will be held at Kristal Ballroom, Hilton Petaling Jaya, No. 2 Jalan Barat, 46200 Petaling Jaya, Selangor Darul Ehsan on Tuesday, 22 June 2004 3.00 p.m. KUMPULAN HARTANAH: Clarifies Error On 2003 Annual Report -------------------------------------------------------- Kumpulan Hartanah Selangor Berhad disclosed to the Bursa Malaysia Securities Berhad that printing errors have been noted on pages 106, 133 and 134 of the Company's 2003 Annual Report. The following are the amendments: - Page 106 - Notes To the Financial Statements Item no. 3 should read as follows: (3) REVENUE Group Company From 24.9.2001 Year Year (date of ended incorporation) - 31.12.2003 RM'000 - 31.12.2003 RM'000 to - 31.12.2002 RM'000 Sales of development properties and land 120,469 21,016 0 - Page 133 and 134 - List of Properties Under item no. 5, 15, 16, 17 and 18 the Net Book Value should read as: No. Location Title Net Book Value (RM'000) (5) Templer Park, HS (M) 6815 PT 11444 22,218 Pekan Templer, HS (D) 25533 PT 8878 13,999 Daerah Gombak (15) Peatland Paradise, HS (D) 5483 PT 8953 15,095 Mukim Tanjung Dua Belas, (part) Daerah Kuala Langat (16) Sg. Buluh, Mukim Ijok HS (D) 2860 PT 2377 596 (17) Bandar Port Dickson, PN 2477 / MS / 2 / 148 326 Daerah Port Dickson PN 2477 / M1 / 8 / 89 (18) Casa Mila 12 units (apartment) 2,886 The Company apologizes for the inadvertent errors. Yours faithfully, KUMPULAN HARATANAH SELANGOR BERHAD ZAITON BINTI HJ ABD GHANI (MAICSA 0746555) NORLIDA JAMALUDIN (LS 006467) Secretaries LII HEN: Bursa Malaysia Suspends Trading Of Shares -------------------------------------------------- Lii Hen Industries Berhad, in a notice submitted to the Bursa Malaysia Securities Berhad, announced that its shares were suspended effective 9:00 a.m., Monday, 31 May 2004. Trading in its shares will resume on Tuesday, 1 June 2004, starting 9.00 a.m. LII HEN: Unit Acquires Factory Leasehold ---------------------------------------- The Board of Directors of Lii Hen Industries Bhd. (LHIB or Company) wishes to announce that LHF a wholly-owned subsidiary company of Lii Hen has on May 29, 2004 acquired a factory leasehold for a total cash consideration of Ringgit Malaysia Three Million and One Hundred (RM3,100,000.00) only. (2) DETAILS OF THE ACQUISITION (2.1) Description on the property The Property is located under Mukim Sungai Terap, District of Muar, and within the Kawasan Perindustrian Bukit Pasir, Muar, with leasehold period expiring on September 5, 2056. The Property known as PTD No. 1543 (Formerly PLO No. 29), H.S.(D) 21963 measuring a total area of approximately 1.9 acres, with a built up area of 4,522.52 s.q.m. The Property is a leasehold furniture manufacturing factory and acquired free from all encumbrances and with vacant possession. The Property will be transferred in its present state and condition on an "as is where is" basis. (2.2) Source of funding The source of satisfaction of purchase consideration is derived from internal funds and term loan. (2.3) Details of vendor Chung Kiang Enterprise Sdn. Bhd. (Company No. 73584-W) is a company incorporated in Malaysia and has its address at E-47, Batu 4, Jalan Bakri, 84000 Muar, Johor (CKE). The authorized share capital of CKE is RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00 each and with issued and fully paid-up capital of RM1,244,400.00. (3) SALIENT FEATURES CKE has agreed to sell and LHF has agreed to purchase the Property for the consideration of RM3,100,000.00 free from all encumbrances and with vacant possession subject to all existing conditions of title and category of land use in respect of the Property. 10 percent deposit upon execution of the Sale and Purchase Agreement. Balance of 90 percent of the purchase price to be paid on or before the expiry of six (6) months from the date of Sale and Purchase Agreement. In the event the necessary consent is not obtained within six (6) months, this transaction shall be deemed terminated and the deposit held by lawyer M/s Soh Yok Lam & Co. and any interest accruing thereto shall be refunded to LHF. (4) RATIONALE FOR THE ACQUISITON The purpose of the Acquisition is for factory expansion and to reduce dependence of finishing sub-contractors as it is currently farmed out. (5) FINANCIAL EFFECTS OF THE TRANSACTION (5.1) Earnings The Acquisition has no material impact to the earnings of the LHIB Group for the year ending 31 December 2004. (5.2) Net Tangible Assets The Acquisition is not expected to have any material impact on the NTA of the LHIB Group based on the latest audited balance sheet of the LHIB Group as at 31 December 2003. (5.3) Share Capital The Acquisition will not have any effects on the issued and paid-up share capital of LHIB. (5.4) Substantial Shareholders' Shareholding The Acquisition will not have any effects on the substantial shareholdings of LHIB. (6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST AND PERSON CONNECTED TO DIRECTORS AND SUBSTANTIAL SHAREHOLDERS None of the Directors and/or substantial shareholders and/or persons connected with a director or substantial shareholders of LHIB has any interest, direct or indirect on the Acquisition. (7) STATEMENT BY THE BOARD OF DIRECTORS The Board of Directors is of the opinion that the Acquisition is in the best interest to the LHIB Group. (8) APPROVAL The above transaction is not subject to the approval of shareholders but is subject to consent from State Government. (9) The Acquisition has not departed from the Securities Commission's Policies and Guidelines on Issue/Offer of Securities. SURIA CAPITAL: Inks Joint Venture Agreement With Hikmat Asia ------------------------------------------------------------ Suria Capital Holdings Berhad announced to the Bursa Malaysia Securities Berhad that on May 28, 2004, it has signed a Joint Venture Agreement with Hikmat Asia for the purpose of combining their resources and expertise to explore, propose and develop infrastructure and communications projects in Sabah and in Peninsular Malaysia. Under the Joint Venture Agreement, the parties will incorporate a Joint Venture Company for the purpose of undertaking and performance of the projects. Both SURIA and Hikmat Asia will each hold 50 percent of the equity shareholding in the proposed Joint Venture Company. ABU BAKAR @ WAHAB HJ. ABAS Managing Director TALAM CORPORATION: Releases Shares Buy Back Notice -------------------------------------------------- Talam Corporation Berhad has issued a Notice of shares buy back to the Bursa Malaysia Securities Berhad. Date of buy back from: 18/05/2004 Date of buy back to: 20/05/2004 Total number of shares purchased (units): 3,015,600 Minimum price paid for each share purchased (RM): 1.070 Maximum price paid for each share purchased (RM): 1.160 Total amount paid for shares purchased (RM): 3,367,625.00 The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad Number of shares purchased retained in treasury (units): 3,015,600 Total number of shares retained in treasury (units): 3,035,600 Number of shares purchased, which were cancelled (units): 0 Total issued capital as diminished: 0 Date lodged with registrar of companies: 29/05/2004 Lodged by: L.C.B. Management Sdn Bhd TANJONG PUBLIC: Sets Annual General Meeting ------------------------------------------- The Board of Directors of Tanjong PCL announced to the Bursa Malaysia Securities Berhad that the Seventy-Seventh Annual General Meeting (77th AGM) of the Company has been scheduled on Wednesday, June 30, 2004 at 11:00 a.m. at the Emerald Room, Level 1, Mandarin Oriental, Kuala Lumpur, Kuala Lumpur Centre 50088 Kuala Lumpur Malaysia. YCS CORPORATION: Releases Full Quarterly Report ----------------------------------------------- YCS Corporation Berhad has submitted to the Bursa Malaysia Securities Berhad its Full Quarterly Report for the financial period ended March 31, 2004. 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 0 2,815 2,330 3,745 (2) Profit/(loss) before tax -22,300 -28,903 -44,433 -41,697 (3) Profit/(loss) after tax and minority interest -22,372 -29,057 -43,728 -41,908 (4) Net profit/(loss) for the period -22,372 -29,057 -43,728 -41,908 (5) Basic earnings/(loss) per shares (sen) -5.15 -6.69 -10.07 -9.65 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END (7) Net tangible assets per share (RM) -0.0400 0.0000 For more information, click http://bankrupt.com/misc/KLSEQMAR2004.xls ===================== P H I L I P P I N E S ===================== NATIONAL POWER: Operating Costs to Rise With Oil Price Hikes ------------------------------------------------------------ With the continued rise in the price of oil in the international market, the operating costs of Philippine state-run power firm National Power Corp. (Napocor) is also expected to increase, according to a Manila Times report. Consequently, the operating losses of Napocor, which is dependent on foreign borrowings, would also rise. Although the government has already borrowed US$500 million for the power firm and will need to borrow some PhP1.1 billion more for its 2004 financial operations, Napocor will still have to borrow more due to rising oil prices, according to Philippine central bank governor Rafael Buenaventura. However, he added "the assumption in oil prices is it will go down. There is a good chance in the fourth quarter that it will be correct." NATIONAL POWER: To Increase Mindanao Power Reserves --------------------------------------------------- With four facilities previously shut down for repair work resuming operations, state-owned National Power Corp. (Napocor) sees an increase in power reserves for the southern island of Mindanao starting this week, relates local business daily Business World. In a statement, the company said the Mindanao grid's gross reserves will be at 62.20 megawatts (MW) on May 31, 93.30MW on June 1, 58.13MW on June 2, and 75.02MW on June 3. Reserves will continue to increase towards the weekend, reaching 103.28MW on June 4 and 129.21MW on June 5 before peaking at 231.48 MW on June 6. Napocor, however, continued to ask its customers in the island to strictly adhere to their contracted demand in order to avert a supply shortage. "As long as our customers comply with their contracted demand, we will be able to meet the Mindanao grid's supply requirements and minimize the possibility of any load curtailments," the Napocor statement said. PILIPINO TELEPHONE: Debt Swap 'Uncertain' Says Chair ---------------------------------------------------- Despite the reported acceptance of two major creditors of wireless company Pilipino Telephone Corp. (Piltel) to a debt swap offer from affiliate Smart Communications, Piltel chief Napoleon Nazareno still expressed uncertainty as to whether the deal would push through, relates The Philippine Daily Inquirer. Before pushing through with the deal, Smart wants creditors accounting for at least 75% of Piltel's more than PhP20 billion debt to accept the offer. Mr. Nazareno, however, said that despite the reported agreement of Bank of the Philippine Islands and state-owned Land Bank of the Philippines to the deal, Piltel may still fall short of the 75% threshold set by Smart for the transaction to proceed. "We are still waiting for some creditors to come in," he said. China Banking Corp. and Credit Agricole, which represent about 5% of Piltel's liabilities, have yet to accede to the debt conversion, while creditors who have agreed to the debt swap include Marubeni Corp. of Japan, which accounts for about 35% of Piltel's total obligations, and Metropolitan Bank and Trust Co. Piltel creditors, who had until May 31 to accept the offer, have the option to swap debts for cash or Smart-issued bonds or sovereign bonds. BPI reportedly chose a low-interest, Smart US dollar debt due in 2014, while LandBank opted for the low- yielding, sovereign-backed dollar bonds maturing in 2016. Smart and Piltel are wireless subsidiaries of Philippine Long Distance Telephone Co. The debt swap is seen an initial step for Smart to acquire PLDT's controlling stake in Piltel. PHILIPPINE LONG: Reorganization Looms on Public Listing ------------------------------------------------------- In its goal of further boosting efficiencies, telecom giant Philippine Long Distance Co. (PLDT) and wireless subsidiary Smart Communications Inc. might just be up for a major reorganization over the next three years, reports The Manila Times. The reorganization is just one of the ideas management is toying with as an alternative to Smart listing its shares at the Philippine Stock Exchange via an initial public offering (IPO) as mandated under its Congressional franchise, according to PLDT chair Manuel Pangilinan. Mr. Pangilinan said that one reorganizational scenario he is looking at is that of PLDT swapping roles with Smart, which would become the parent company while PLDT will be relegated to subsidiary status. "Today, PLDT [is] on top, everything else is below. One scheme we are looking at, Smart on top [of the corporate structure] since 55% of the revenue of PLDT comes from Smart. You put the best vehicle, sexiest part of the body, best face forward," Mr. Pangilinan said. He said this move could make it more attractive for banks and financial institutions to provide the best facilities and terms in case of future borrowings. However, any reorganization would be implemented only after certain pre-conditions are met, he said, adding that at the moment, PLDT's current corporate structure will stay as is. He stressed that any major corporate restructuring would require the group to first meet its debt reduction target. This means the group's consolidated debt should be down to US$1.5 billion from around US$2.4 billion as of end-2003. PHILIPPINE LONG: Internet Shop To Open Abroad This Month -------------------------------------------------------- As part of its regional expansion this year, Netopia, the Internet cafe chain owned by troubled telecom giant Philippine Long Distance Telephone Co. (PLDT) will be opening in the third week of June a branch in Thailand, its first branch overseas, reveals The Manila Times. Aside from Thailand, Netopia is also eyeing two more Asian countries for its regional expansion, according to Raymond Ricafort, president of Netopia. "This is a necessity because globalization is becoming a factor in our competitiveness. If we won't regionalize, other multinational and regional players might gobble us up later on," he said. PLDT recently concluded an option to increase effective June 30 its stake in Netopia from 51 to 70%. PHILIPPINE REALTY: Recommended for Restructuring by Receiver ------------------------------------------------------------ A combination of restructuring and dacion-en-pago (payment in kind) has been proposed for troubled property developer Philippine Realty and Holdings Corp. (PhilRealty) to settle its PhP2.2 billion debt, relates ABS-CBN News Interactive. The company's rehabilitation receiver Ricardo Ysmael recommended in a report submitted to the Quezon City Regional Trial Court "that a total amount of PhP890.6 million in secured debt be restructured, secured by properties in the total amount of PhP1.47 billion; and a total amount of PhP1.31 billion in secured debt to be settled via a dacion-en-pago." The receiver also recommended that PhilRealty finish the construction of the PhP1.18-billion Andrea Skyline Condominium project in Quezon City, which is projected to earn for the firm some PhP1.55 billion from the sale of 99 unsold units. In his report, Mr. Ysmael proposed the restructuring of PhP890.6 million in secured loans to be divided in two tranches. The Tranche A of PhP180 million would be a 10-year term loan facility covering contractual interest and principal repayment, with an annual interest of 5%. This includes a grace period of one year on interest repayment and five years on principal repayment. The Tranche B, meanwhile, would be a zero-coupon bond facility, where payments would depend on the availability of cash. The present value of the loan of PhP710.56 million will be covered by the PhP1.23-billion face value of the coupon bond. Also, Mr. Ysmael said PhP1.31 billion of assets will be transferred via dacion-en-pago with the creditor banks such as Metropolitan Bank and Trust Co. (Metrobank), which will restructure PhP720.19 million and receive PhP1.04 billion worth of properties under the proposal. Mr. Ysmael also recommended that Metrobank be given a board seat since it would remain a majority creditor after the asset swap, so it could monitor the implementation of the rehabilitation plan closely. Once everything is settled, PhilRealty, which has been under court rehabilitation since December 2002, would still have properties worth PhP957.2 million left, which it could use for its operations, joint-venture development and possible sale in the future. As for claims of unsecured creditors worth PhP27.18 million, Mr. Ysmael recommended that it be paid only after payment is made to secured creditors and upon completion of the Andrea Skyline project. He stressed that PhilRealty could pay unsecured creditors in cash if they agree to a minimum discount of 60% on their claims. PhilRealty's outstanding bank loans total PhP2.2 billion, of which PhP1.96 billion is the principal amount. Metrobank is its biggest creditor with PhP1.86 billion. ================= S I N G A P O R E ================= HORIZON EDUCATION: Unveils Result Of Extraordinary Meeting ---------------------------------------------------------- The Board of Directors of Horizon Education And Technologies Limited announced to the Singapore Exchange (SGX) that at the Extraordinary General Meeting held on May 28, 2004, all resolutions relating to the matters set out in the Notice were duly passed. Submitted by: Lt-Gen (Ret) Ng Jui Ping, Group Chairman and Chief Executive Officer On May 28, 2004 to the SGX HOTEL PROPERTIES: Acquires 45% Additional Shares In M.A.T. ---------------------------------------------------------- The Directors of Hotel Properties Limited (HPL) announced to the Singapore Exchange that its 70 percent-owned subsidiary HPL Resorts (Maldives) Pvt Ltd (HPLRM), has entered into an agreement for HPLRM to acquire an additional 45 percent equity interests in the capital of M.A.T (Maldives) Private Limited (MAT Maldives), a company limited by shares under the laws of the Republic of Maldives, for a consideration of US$2.74 million (S$4.6 million). With this acquisition, HPLRM holds 95 percent of the equity interest in MAT Maldives, thereby making it a subsidiary of the Company. The principal activity of MAT Maldives is that of the operation and management of Rihiveli Beach Resort situated in Kaafu Atoll, Republic of Maldives. The total purchase consideration has been agreed between the parties on a willing buyer, willing seller basis and will be financed by internal resources. The acquisition of additional shares in MAT Maldives will result in a 0.13 cent (or 12.68 percent) increase in the earnings per share of the HPL Group based on the audited accounts for the financial period ended 31 December 2003. It is not expected to have any material impact on the net tangible asset value per share of the HPL Group for the financial period ended 31 December 2003. Other than Mr. Ong Beng Seng, the Managing Director and a deemed controlling shareholder of the Company, who is deemed to be interested in the balance of 30% interest in HPLRM through Como Holdings Inc, no Director or controlling shareholder or substantial shareholder of the Company has an interest, direct or indirect, in the above matter. By Order of the Board Mr Boon Suan Lee & Ms Chuang Sheue Ling Joint Company Secretaries Dated: May 28, 2004 Submitted by: Chuang Sheue Ling, Company Secretary HO WAH: Court Grants Order Re Unsecured Creditors Meeting --------------------------------------------------------- Further to the announcement made by Ho Wah Genting International Ltd. on 18th May 2004 in relation to the filing of an Originating Summons (dated 18 May 2004) with the High Court of Singapore under Section 210 of the Companies Act for a meeting of the unsecured creditors of the Company to be convened to consider and approve a scheme of arrangement (the Scheme), the Company is pleased to announce: (1) SCHEME OF ARRANGEMENT The High Court of Singapore has on 28 May 2004 granted an order for a meeting of the unsecured creditors of the Company to be convened to approve of the Scheme and such meeting is scheduled to be held on 28 June 2004. (2) DEED OF ASSIGNMENT OF LOAN Ariel Singapore Pte. Ltd. (Ariel Singapore) has informed that it has on May 28, 2004 entered into a Deed of Assignment of Loan (the Deed of Assignment) with United Overseas Bank Limited (UOB). With effect from 28 May 2004, UOB has, on terms agreed between UOB and Ariel Singapore, assigned absolutely to Ariel Singapore all of its rights, title and interests in the loan granted under the banking facilities extended by UOB to the Company, the outstanding amount of which is approximately S$2.571 million. Pursuant thereto, Ariel Singapore has obtained, an assignment of all of UOB's rights, title and interests under the loan and security documents executed in favour of UOB in connection with the said loan. As a result of this assignment, UOB will cease to be a secured creditor of the Company upon the assignment taking effect and has indicated that it will be withdrawing its winding up petition filed against the Company. The Company will make further announcements on developments as appropriate. By Order of the Board Mr. David Wong Director 28th May 2004 Submitted by: Wong Chin Chong David, Director on 28/05/2004 to the SGX HO WAH: Releases Development On Deed Of Assignment Of Loan ---------------------------------------------------------- Further to Ho Wah Genting International Ltd.'s announcement dated 28th May 2004 in relation to the meeting of the unsecured creditors of the Company to be convened on the 28th of June 2004 and to the Deed of Assignment of Loan (the Deed of Assignment) entered into between Ariel Singapore Pte. Ltd. (the Investor) and United Overseas Bank Limited (UOB), the Company is pleased to announce: (1) DEBT-EQUITY SWAP AGREEMENT As previously announced, UOB has assigned absolutely to the Investor all its rights, entitlements and interests in the loan extended by UOB to the Company on the terms of the Deed of Assignment. Further, the Investor intends to acquire all of the unsecured indebtedness of the Company by way of the scheme of arrangement between the Company, the Investor and the Company's unsecured creditors (the "Scheme"). Such unsecured indebtedness together with the loan assigned by UOB to the Investor represents the total outstanding indebtedness of the Company of between S$10 million and S$11 million. The Company has since, on 31 May 2004, entered into a Debt- Equity Swap Agreement (the Agreement) with the Investor. Under the Agreement, the Investor will capitalize and convert the outstanding indebtedness (both secured and unsecured) of the Company acquired or to be acquired by the Investor, into new ordinary shares in the capital of the Company, on the terms and subject to the conditions set out in the Agreement. The obligation of the Investor under the Agreement is subject to the following conditions precedent being fulfilled or waived by the Investor on or before 31 August 2004:- (1.1) the fulfillment or waiver (by the Investor) of all the conditions precedent set out in Clause 3.1 of the Investment Agreement dated 5 May 2004 entered into between the Company and the Investor (save for Clause 3.1.6); and (1.2) the Scheme being approved by the requisite majority of the unsecured creditors at the Court-ordered meeting for the purpose, and the scheme of arrangement being subsequently sanctioned and confirmed by the High Court of Singapore. Assuming that the Investor obtains an assignment of all of the Company's outstanding indebtedness, it is envisaged that approximately S$10 million of such indebtedness will be converted into new shares of the Company. Upon the debt equity swap being effected, the outstanding indebtedness in relation to the amount so converted will be deemed to have been satisfied by the Company and will no longer constitute a liability of the Company. This will improve the balance sheet and financial position of the Company, with a view to returning the Company to a position of solvency. The Agreement, amongst other things, is subject to shareholder's approval and a circular to shareholders will be issued in due course containing information on the above. (2) SPECIAL AUDITOR In connection with the proposed scheme of arrangement and the proposed investment by the Investor into the Company, the Company has appointed Teo Foong Wong LC Loong to carry out a special audit on the accounts of the Company for the financial years ended 31 December 2001, 2002 and 2003. Subject to the approval of the shareholders of the Company being obtained and the requirements of the applicable law, it is proposed that Teo Foong Wong LC Loong will be appointed as the auditor of the Company (the previous auditor of the Company, Deloitte and Touche, having resigned from such appointment) for the financial years ended 31 December 2001, 2002 and 2003. It is intended that subject to such appointment being approved by shareholders, the accounts prepared by them will be laid before shareholders as the audited accounts of the Company for the financial years ended 31 December 2001, 2002 and 2003, at an Annual General Meeting to be convened. Important Note: Shareholders and investors should note that as mentioned above, the debt-equity swap as well as the other proposed transactions described in previous announcements (including the cash injection by the Investor) are subject to various conditions being satisfied. Accordingly, there is no assurance that some or all of the said transactions will be completed, and shareholders and investors are advised to exercise caution in their dealings in relation to the Company and its shares. The Company will make further announcements on developments as appropriate. By Order of the Board Mr David Wong Director 31st May 2004 Submitted by: Wong Chin Chong David, Director on 31/05/2004 to the SGX OILCORP BERHAD: Releases Info on Nomination Committee Members ------------------------------------------------------------- The Board of Directors of OilCorp Berhad announced to the Singapore Exchange that consequent to Mr. Ch'ng Kong San's resignation as Director on the 28th May 2004, his position as Member of the Nomination and Remuneration Committees of the Company shall cease with immediate effect. The Nomination Committee now comprises the following persons: Name Position - Mr. Cho Nam Sang Chairman, Independent, Non-Executive - Mr. Francis Ng Member, Independent, Non-Executive The Remuneration Committee now comprises the following persons: Name Position - Mr. Francis Ng Chairman, Independent, Non-Executive - Mr. Ng Huat Tian Member, Group Managing Director, Non-Independent - Mr. Cho Nam Sang Member, Independent, Non-Executive - Mr. Pua Yow Liang Member, Non-Independent, Executive The Board is in the midst of identifying a suitable candidate to replace Mr. Ch'ng Kong San. The Board will make an immediate announcement once the candidate is appointed. UNITED OVERSEAS: Releases Changes To CAR ---------------------------------------- United Overseas Bank Ltd. submits to the Singapore Exchange the changes to the Capital Adequacy Requirements (CAR) of Singapore Incorporated Banks. As a result of the changes to the Capital Adequacy Requirements for Singapore-incorporated banks, the estimated revised Total Capital Adequacy Ratio (CAR) as of 31st March 2004 of the UOB Group is about 15 percent, with Tier 1 CAR at about 13 percent. Vivien Chan Company Secretary United Overseas Bank Limited YONGNAM HOLDINGS: Issues Notice On EGM -------------------------------------- Notice is hereby given that an Extraordinary Meeting of Yongnam Holdings Ltd. will be held at 51 Tuas South Street 5, Singapore 637644 on June 16, 2004 at 10:00 a.m., for the purpose of considering and, if thought fit, passing the following resolution, with or without any modifications. To view full copy of the notice click http://bankrupt.com/misc/yongnamholdings053104.pdf =============== T H A I L A N D =============== SIAM SYNTECH: Issues Registration Of New Name --------------------------------------------- With reference to the General Meeting of Shareholders to be held on April 29, 2004, which the Meeting has unanimously resolved to change the former name from Siam Syntech Construction Public Company Limited to Syntec Construction Public Company Limited, presently, the Company has already executed to register the said name with the Ministry of Commerce on May 21, 2004. Please be hereby informed accordingly. Sincerely yours, (Somchai Sirilertpanich) Director * BOND PRICING: For the Week 31 May to 4 June 2004 -------------------------------------------------- Issuer Coupon Maturity Price ------- ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 4 Australian Food & Fibre Ltd. 4.000% 12/4/08 10 Bendigo Bank Ltd 8.000% 5/29/49 9 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 9 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 9 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 Citigold Corp. 12.000% 3/29/07 1 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 7 Fletcher Building Ltd 8.600% 3/15/04 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 7 Feltex Carpets Ltd 10.250% 9/15/08 1 Fernz Corp Ltd 8.560% 10/15/06 7 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 9 Hy-Fi Securities Ltd 8.750% 8/15/08 12 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure and Utility 8.500% 9/15/13 8 New South Wales Treasury Corporation 0.500% 2/16/10 73 NPT Capital Ltd 9.500% 11/30/04 9 Nuplex Industries Ltd 9.300% 9/15/07 7 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 7 Queensland Treasury Corporation 0.500% 5/19/10 73 Richmond Ltd 10.750% 12/15/04 11 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sapphire Securities 9.250% 12/20/06 9 Sky Network Television Ltd 9.300% 10/29/49 7 Strathfield Group Ltd 11.000% 12/31/05 1 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 7 TrustPower Ltd 8.500% 9/15/12 8 Vision Systems Ltd 9.000% 12/15/08 2 CHINA & HONG KONG ----------------- China Government Bond 2.600% 9/20/17 73 China Government Bond 2.900% 5/24/32 62 China Government Bond 3.400% 4/17/23 74 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 55 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Arus Murni Corporation Bhd 0.500% 8/24/06 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/08 1 Crest Builder Holdings Bhd 3.000% 2/25/06 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Denko Industrial Bhd 5.000% 3/15/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Equine Capital Bhd 3.000% 8/26/08 2 Fountain View Development Sdn Bhd 3.500% 11/3/06 5 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 2 Gula Perak Bhd 6.000% 4/23/08 1 Halim Mazmin Bhd 8.000% 6/30/04 3 Hong Leong Industries Bhd 4.000% 6/28/07 1 Hubline Bhd 4.000% 1/10/06 1 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Killinghall Bhd 5.000% 4/13/09 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 Lebar Daun Bhd 2.000% 1/6/07 2 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/5/12 1 Mithril Bhd 8.000% 4/5/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 MWE Holdings 5.500% 10/7/04 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pantai Holdings 5.000% 3/28/07 1 Patimas Computer Bhd 6.000% 2/19/06 1 Poh Kong Holdings 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel Bhd 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 2 Wah Seong Corporation Bhd 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 PHILIPPINES ----------- Bacnotan Consolidated Industries, Inc. 5.500% 6/21/04 46 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Rabobank Singapore 1.000% 1/15/13 69 Tampines Assets Ltd 5.625% 12/7/06 1 Sengkang Mall Ltd 4.880 11/20/12 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 THAILAND -------- Bangkok Land 3.125% 3/31/01 23 Bangkok Land 4.500% 10/13/03 21 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a Variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer Or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. 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 ***