/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040603.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 Thursday, June 3, 2004, Vol. 7, No. 109 Headlines A U S T R A L I A BRAMBLES INDUSTRIES: Unveils Major Interests in Shares CROWNSTAR INTERNATIONAL: Directors Stand Trial DAEWOO AUSTRALIA: Holden Withdraws Daewoo Brand NATIONAL AUSTRALIA: APRA Updates On NAB-Related Review Of Banks NOVUS PETROLEUM: Unveils May 31 AGM Results NOVUS PETROLEUM: Prepares for Takeover QANTAS AIRWAYS: To Hold Talks With Unions This Month QANTAS AIRWAYS: Australia-Shanghai Flights Prepare For Takeoff SANTOS LIMITED: Draws Nearer to Resumption of Moomba Production C H I N A & H O N G K O N G FORTUNE FAVOR: Court Issues Winding Up Petition SKYCHANCES INDUSTRIAL: Winding Up Hearing Slated June 16 TARGET WORLD: Winding up Hearing Set June 16 TATTUNE DEVELOPMENT: Winding Up Petition Scheduled July 7 WELL-JOINT ENGINEERING: Winding Up Hearing Slated for July 7 I N D O N E S I A MEDCO ENERGI: Launches IDR1.2-Trillion Bond Offering MERPATI AIRLINES: Legislators To Raise Funds for Carrier J A P A N ALLES CO.: Files For Special Liquidation Proceedings CHUO KENSETSU: Civil Engineering Firm Goes Bankrupt IWASUI K.K.: General Plumbing Firm Enters Bankruptcy KANEBO LIMITED: Economic Minister Urges Independence K.K. ARES: Real Estate Agency Goes Bankrupt MITSUBISHI MOTORS: May Sales Plunge By Over Half NISSAN MOTOR: Relocates Head Office Operations SOFTBANK CORPORATION: Clarifies Acquisition Report SOFTBANK CORPORATION: Softbank BB Dissolves Unit UFJ HOLDINGS: To Adopt U.S.-style Governance K O R E A KOOKMIN BANK: ING To Invest 49% Stake in Unit M A L A Y S I A AKTIF LIFESTYLE: Issues Update On Default In Payment CHIN FOH: Releases Revised Terms Of ESOS GENERAL SOIL: Submits Result Of Proposed Restructuring Scheme I-BERHAD: Appoints New Member Of Audit Committee LION INDUSTRIES: Issues Update On Proposed Parkson Disposal PARK MAY: Issues Update On Financial Condition PARK MAY: Releases Schedule Of General Meetings P H I L I P P I N E S DIGITAL TELECOMMUNICATIONS: Appoints Anders Ekman As Director NEGROS NAVIGATION: Appoints New Board Member NEGROS NAVIGATION: Releases Statement on News Article S I N G A P O R E ASIAN SECURITIZATION: Creditors Must Submit Claims by June 28 GNOMADIC PUBLISHING: Issues Intended Preferential Payment Notice MARLEX MARKETING: Winding up Hearing Slated for June 11 WINSOR NURSING: Creditors Meeting Set June 9 WISMA PROPERTIES: Final Meeting Slated for June 30 T H A I L A N D BANGKOK STEEL: Asks SEC To Move Deadline Of Submission Of F/S CAPETRONIC INTERNATIONAL: Issues Changes In Board Info CAPETRONIC INTERNATIONAL: Releases Director's Meeting Results DATAMAT PUBLIC: Releases Changes In Major Shareholders MANAGER MEDIA: SET Posts NP Sign On Securities PAE THAILAND: Releases Agenda Of Annual Shareholders Meeting RAIMON LAND: SET Allows Trading Of Securities - - - - - - - - ================= A U S T R A L I A ================= BRAMBLES INDUSTRIES: Unveils Major Interests in Shares ------------------------------------------------------ In a disclosure to the Australian Stock Exchange, Brambles Industries Limited issued a notice of major interests in its shares. For more information, go to http://bankrupt.com/misc/tcrap_brambles0602.pdf CROWNSTAR INTERNATIONAL: Directors Stand Trial ---------------------------------------------- Mr. Kevin Anthony Gaw and Ms. Melanie Louise Ash were ordered Tuesday to stand trial at the Melbourne County Court following an investigation by the Australian Securities and Investments Commission (ASIC) into Crownstar International Pty Ltd (Crownstar) and an associated company, C.C. Travel Pty Ltd (CC Travel), the ASIC reports. Ms. Ash, the sole registered Director of Crownstar, has been charged with 28 counts of breaching her duties as a director. Mr. Gaw, the alleged Managing Director of Crownstar and sole registered Director of CC Travel, has been charged with 24 counts of breaching his duties as a director and 1 count of participating in the management of Crownstar while he was disqualified from doing so. Crownstar promoted a travel and holiday club aimed at raising public membership funds and promising discounted hotel and travel packages and rewards. At various times, Crownstar used the banking and merchant facilities of CC Travel. Crownstar and CC Travel were placed into liquidation on 31 January 2002. Mr. Gaw and Ms. Ash will next appear at the Melbourne County Court on 11 August 2004. The Commonwealth Director of Public Prosecutions is prosecuting the matter. DAEWOO AUSTRALIA: Holden Withdraws Daewoo Brand ----------------------------------------------- Australian car producer Holden will withdraw the Korean-built Daewoo brand from sale in Australia by the end of 2004, the Australian reported on Wednesday. Holden will stop selling Daewoo vehicles under its GM-Daewoo Australia operations. Mr. Ross McKenzie, Holden's Executive Director for Sales and Marketing, gave an assurance that spare parts and service would still be available through selected Holden dealers for at least the next 10 years. Meanwhile, Asia Pulse reported that poor sales had prompted the withdrawal, which will include the wind-up of distribution company General Motors Daewoo Australia (GMDA) and the axing of 37 jobs. Holden has distributed Daewoo vehicles since October 2002 when the company paid more than US$324.98 million for a 42 percent stake in the Korean producer. Mr. Ross McKenzie said the brand had performed below expectations since then. NATIONAL AUSTRALIA: APRA Updates On NAB-Related Review Of Banks --------------------------------------------------------------- The Australian Prudential Regulation Authority said Tuesday a review of major institutions' treasury risk-management practices in the wake of the National Australia Bank Ltd. (NAB)'s foreign exchange trading scandal hasn't uncovered any serious flaws so far, according to Dow Jones. As part of its action against the bank, the watchdog asked other banks with significant treasury operations to satisfy the regulator that they didn't face similar problems exposed at NAB. NAB's woes came to light in January after four traders on the foreign currency options desk exploited loopholes and weaknesses in its systems to hide trading losses that wiped A$360 million from the bank's pretax earnings. NOVUS PETROLEUM: Unveils May 31 AGM Results ------------------------------------------- Novus Petroleum, in a press release, announced the resolutions passed and proxies received at the Annual General Meeting of the Company held on 31 May 2004 commencing at 10 a.m., at the Grace Hotel, 77 York Street, Sydney. All resolutions referred to in the notice of meeting were passed without amendment. Details of the resolutions passed and the proxies received in respect of each resolution, as is required in accordance with section 251AA of the Corporations ACT 2001, are set out in the proxy summary. For a copy of the amended constitution of the Company, go to http://bankrupt.com/misc/tcrap_novus0602.pdf NOVUS PETROLEUM: Prepares for Takeover -------------------------------------- Novus Petroleum Limited (NVS) on Tuesday lodged their supplementary target's statement to the Australian Securities and Investments Commission (ASIC) detailing the revised PT Medico Energi Internasional cash takeover offer of $1.90 per share, Shaw Stockbroking reports. Last month, the group's directors said they intended to accept the Indonesian gas exploration Company's unconditional offer. At the current offer the Indonesian oil and gas company has effectively offered an additional $29.5 million for the company, which takes the group's bid to just over $350 million. Accordingly, the directors withdrew all support for a $1.85 per share rival bid by Sunov Petroleum. Medco Chief Executive Hilmi Panigoro said that the revised cash offer represents full and fair value for Novus' shareholders while enhancing value for Medico shareholders. "To finance the acquisition, we have secured a financing package that will fully fund the revised offer," Mr. Panigoro explained. Novus Directors say shareholders will receive a letter from the Chairman shortly. QANTAS AIRWAYS: To Hold Talks With Unions This Month ---------------------------------------------------- Qantas Airways Ltd. will hold talks with unions at the end of the month after Chief Executive Geoff Dixon flagged the airline may move some operations abroad, Dow Jones reported on Wednesday. Dixon will hold talks with 14 unions, including the Australian Council of Trade Unions, in two to three weeks, said an unnamed airline spokesman. Talks will cover a range of issues including offshore employment, access to capital and industry consolidation. QANTAS AIRWAYS: Australia-Shanghai Flights Prepare For Takeoff -------------------------------------------------------------- Qantas Airways will start flying between Australia and Shanghai on 2 December with three non-stop services from Sydney with an international connection from Melbourne, the airline said in a press release. The Executive General Manager of Qantas Airlines, John Borghetti, said the resumption of flights to Shanghai coincided with Qantas' 55th anniversary of services to Hong Kong. "The new services to Shanghai will provide a real boost to business travel and tourism in both China and Australia." Mr. Borghetti said the airline's new two-class Airbus A330-300 aircraft, fitted with the award-winning sleeper seat Skybed, would operate services to Shanghai on Tuesdays, Thursdays and Sundays. Flying time is 10 hours and northbound flights depart in the morning and arrive in the evening, while southbound flights depart at night and arrive in the morning. "Over the last three years we have seen a steady growth in inbound and outbound travel for both Australia and China," Mr. Borghetti said. "In particular, demand for business travel between our two countries has grown by more than 30 percent. "Australia continues to be a popular destination for holidays and our secondary and tertiary institutions attract a high percentage of students from China. "We have also seen a growing number of Australian residents traveling to Mainland China to visit friends and relatives." Qantas currently operates 28 flights per week to Hong Kong, and has applied to the International Air Services Commission for the right to operate three Boeing 747-400 services via Hong Kong to the United Kingdom. Qantas recently announced it would commence non-stop services from Australia to Mumbai in India in September. These services will operate three times per week from Sydney, subject to Government approval. Issued by Qantas Corporate Communication (3095) Email: qantasmedia@qantas.com.au SANTOS LIMITED: Draws Nearer to Resumption of Moomba Production --------------------------------------------------------------- Santos Limited advises it has achieved another significant milestone towards returning the Moomba plant in central Australia to normal oil and gas operations, the Company said in a press release. This involved the successful reinstatement over the weekend of Train-A, one of two liquids recovery plants at the Moomba operation. Both the A and B liquids recovery trains have not been operating since they were damaged in the 1 January 2004 fire. With both liquids recovery trains out of action, the plant has been operating in Dew Point Control Mode (DPCM), a process, which cannot extract natural gas liquids. "Returning Train-A to normal operation is a significant achievement in the overall process of returning the Moomba plant to full production," Santos' Managing Director, Mr. John Ellice- Flint, said today. "With Train-A now operating, we are able to resume production of natural gas liquids such as ethane, propane and butane which have not been produced since January," he said. "This latest milestone returns natural gas liquids production to around 70% of normal capacity." Mr. Ellice-Flint said the successful recommissioning of Train-A provided further evidence of the dedication and commitment of the Company's team members who have worked around the clock to achieve another crucial production stage. The liquids recovery re-streaming process will be completed in July with the planned reinstatement of Train-B of the Liquids Recovery plant. ============================== C H I N A & H O N G K O N G ============================== FORTUNE FAVOR: Court Issues Winding Up Petition ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of Fortune Favour Development Ltd by the High Court of Hong Kong was on April 20, 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 10 a.m. on the June 16, 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. DEACONS Solicitors for the Petitioner, 5th Floor, Alexandra House 16-20 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15th day of June 2004. SKYCHANCES INDUSTRIAL: Winding Up Hearing Slated June 16 -------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Skychances Industrial Limited by the High Court of Hong Kong was on 1 April 2004 presented to the said Court by Mr. Ha Chiu Yeung of Room 1003, Jupiter Tower, 9 Jupiter Street, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. ANDREW CHAN & CO. Solicitors for the Petitioner, Room 409, Nan Fung Tower 173 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. 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 15 June 2004. TARGET WORLD: Winding up Hearing Set June 16 -------------------------------------------- Notice is hereby given that a petition for the winding up of Target World Properties Ltd by the High Court of Hong Kong was presented on 29 April 2004 to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at the 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said petition will be heard before the Court at 10 a.m. on 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. DEACONS Solicitors for the Petitioner, 5th Floor, Alexandra House 16-20 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. TATTUNE DEVELOPMENT: Winding Up Petition Scheduled July 7 --------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Tattune Development Ltd. by the High Court of Hong Kong was on 12 May 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, No.1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on 7 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. TONG & TSOI Solicitors for the Petitioner, Room 3402, 34th Floor Bank of America Tower 12 Harcourt Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 6 July 2004. WELL-JOINT ENGINEERING: Winding Up Hearing Slated for July 7 ------------------------------------------------------------ Notice is hereby given that a Petition for the Winding up of Well-Joint Engineering Ltd. by the High Court of Hong Kong was on 12 May 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, No.1 Garden Road, Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on 7 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. TONG & TSOI Solicitors for the Petitioner, Room 3402, 34th Floor Bank of America Tower 12 Harcourt Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of 6 July 2004. ================= I N D O N E S I A ================= MEDCO ENERGI: Launches IDR1.2-Trillion Bond Offering ---------------------------------------------------- In line with its goal to boost its current performance and add value to its shareholders and investors, Indonesian oil and gas company PT Medco Energi Internasional Tbk announced Tuesday its first Indonesian Rupiah Bond offering with a fixed rate amounting to IDR1.2 trillion, at 100% of the principal amount, Indoexchange reveals. The bond, registered with the Surabaya Securities Exchange on May 21, 2004, is effective for a five-year term and will mature in 2009, with quarterly interest payments. The Bond Registration Statement had been lodged in with the Indonesian Securities and Exchange Commission on May 27, 2004. Portions of the Bond's earnings will be utilized to finance expansions, debts, and as additional working capital. The Company appointed PT Indo Premier Securities, PT Mandiri Sekuritas, and UOB Kay Hian as Underwriters for the Bond Issuance, with Bank Niaga as Custodian. MERPATI AIRLINES: Legislators To Raise Funds for Carrier -------------------------------------------------------- Indonesia's legislators are developing plans to raise IDR600 billion (US$66.6 million) to use as a fund infusion for ailing Merpati Nusantara Airlines, Asia Times reports. According to Merpati President Hotashi Nababan, the legislators have also requested the government Monday to convert the company's IDR230 billion (US$24.6 million) debt into participation capital. ========= J A P A N ========= ALLES CO.: Files For Special Liquidation Proceedings ---------------------------------------------------- Resona Holdings, Inc., in a press release, announced that Alles Co., Ltd., a customer of its banking subsidiary, Resona Bank, Ltd., filed an application for commencement of special liquidation proceedings with the Tokyo District Court. As a result of this development, there arose a concern that the claims to the Company may become irrecoverable or their collection may be delayed. Details were announced as follows: 1. Outline of the Company (1) Corporate name Alles Co., Ltd. (2) Address 4-14 Akabane 2-chome, Kita-ku, Tokyo (3) Representative (Liquidator) Yoshiaki Senou (4) Amount of capital 36 million yen (5) Line of business Real Estate Business 2. Fact Arisen to the Company and Its Date The Company filed an application for commencement of special liquidation proceedings with the Tokyo District Court on May 28, 2004. 3. Amount of Claims to the Company Exposure of Resona Bank Loans: 34.0 billion yen Other banking subsidiaries of Resona HD, Saitama Resona Bank, Kinki Osaka Bank and Nara Bank have no claims to the Company. 4. Impact of This Development on the Forecasted Earnings of Resona HD The aforementioned claims of Resona Bank are covered by loan loss reserves. Therefore, the previous earnings forecasts of Resona HD for the fiscal year ending March 31, 2005, which were announced on May 24, 2004, remain the same. CHUO KENSETSU: Civil Engineering Firm Goes Bankrupt --------------------------------------------------- Chuo Kensetsu K.K. has entered bankruptcy, according to Teikoku Databank America. The general civil engineering and construction firm, which is located at Sumoto-shi, Hyogo Japan, has total liabilities of US$25.33 million. IWASUI K.K.: General Plumbing Firm Enters Bankruptcy ---------------------------------------------------- Iwasui K.K. has entered bankruptcy, Teikoku Databank America reports. The general plumbing firm, which is located at Morioka- Shi, Iwate Japan, has total liabilities of US$28.32 million. KANEBO LIMITED: Economic Minister Urges Independence ---------------------------------------------------- Economy, Trade and Industry Minister Shoichi Nakagawa urges Kanebo Limited to stand on its own as soon as possible, the Japan Times reports. At the same time, Mr. Nakagawa said the ministry would provide financial and legal aid to the Company on condition that it does its utmost to ensure its own survival. Financial Services Minister Heizo Takenaka told a separate news conference he expects Kanebo's creditor banks to cooperate in the rehabilitation process by forgiving loan claims. K.K. ARES: Real Estate Agency Goes Bankrupt ------------------------------------------- K.K. Ares has entered bankruptcy, according to Teikoku Databank America. The real estate agency, which is located at Kita-ku, Tokyo Japan, has total liabilities of US$300 million. MITSUBISHI MOTORS: May Sales Plunge By Over Half ------------------------------------------------ Mitsubishi Motors Corporation posted a 56.3 percent dive in new vehicle sales last month, Kyodo News reports, citing the Japan Automobile Dealers Association. Reeling from a series of defect cover-up scandals, the carmaker ranked ninth among 12 major Japanese automakers in terms of domestic sales in the reporting month. In May last year, the automaker ranked fifth in the industry. NISSAN MOTOR: Relocates Head Office Operations ---------------------------------------------- Nissan Motor Co. will move most of its head office operations from Tokyo to Yokohama, where it was founded 71 years ago, the Japan Times reported Wednesday. The move to the Minato Mirai waterfront area would take place around 2010. Nissan's head office functions are currently located in the Ginza district. A company spokesman declined to elaborate on the move, saying only that the details have not yet been decided. The relocation plan came about after Nissan succeeded in rebuilding itself under the leadership of President Carlos Ghosn. Last month, Nissan said it posted a record net profit of 503.7 billion yen in the past year to March, driven by the best vehicle sales in 13 years, TCR-AP Vol. 7 No. 108 reports. SOFTBANK CORPORATION: Clarifies Acquisition Report -------------------------------------------------- Softbank Corporation clarifies the Company press release entitled 'Softbank to Acquire Japan Telecom' reported 1 June 2004 as follows: OUTLINE OF THE TRANSACTION (Original) Acquisition price: Approximately 350 billion yen (Correct) Acquisition price: Approximately 340 billion yen (Original) Sellers: Six companies in total, including Japan Telecom Holdings L.P. (Correct) Sellers: Six companies in total, including Ripplewood This UK Wire announcement is dated 1 June 2004. SOFTBANK CORPORATION: Softbank BB Dissolves Unit ------------------------------------------------ Softbank Corporation announces that Net Vintage Corporation, a wholly owned subsidiary of Softbank BB Corporation (Head office: Chuo-ku, Tokyo; Representative: Masayoshi Son), has decided on its dissolution. 1. Outline of the Subsidiary's Dissolution Trade name: Net Vintage Corporation Address: 24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo Representative: President & CEO, Shinichi Shimokawahara Type of business: Internet access service and support service, debt collection Established: August 2001 Common stock: 10,000,000 yen Shareholder: Softbank BB Corporation 100% Schedule of dissolution: The liquidation will be completed by the end of September 2004. 2. Reasons for the dissolution The Subsidiary was a narrowband Internet access service provider. With the recent diffusion of the broadband Internet connection, the number of the Subsidiary's customers had been decreasing and decision was made that it would be difficult to make a profit in the future. 3. Impact on business results The dissolution shall have negligible effect on Softbank Corporation's results. This is a Company press release. UFJ HOLDINGS: To Adopt U.S.-style Governance -------------------------------------------- UFJ Holdings Inc. is positive about adopting a U.S.-style system of corporate governance to improve the financial group's management, Kyodo News reports, citing UFJ Bank President Takamune Okihara. Introducing the new method requires approval at a general shareholders' meeting. UFJ Holdings already has a similar governance system, though it is not formally approved. ========= K O R E A ========= KOOKMIN BANK: ING To Invest 49% Stake in Unit --------------------------------------------- ING Group (ING) announced Wednesday that it has reached an agreement in principle, subject to regulatory approval, to buy a 49 percent stake in KB Life, a new life insurance company being formed in Korea by Kookmin Bank, PR Newswire reports. The formation of KB Life follows Kookmin's purchase in April 2004 of Hanil Life Insurance Co. The assets and liabilities of Hanil will be transferred to KB Life, which received approval from the Financial Supervisory Commission on Friday 28th May to commence operations. KB Life will focus on bancassurance, offering life insurance and wealth management products through Kookmin's network of more than 1,100 branches. ING will continue to be active in Korea through ING Life Insurance, Korea Ltd, which offers a range of insurance and insurance-related savings products via more than 4,100 financial consultants as well as through Kookmin branches under a strategic alliance. Kookmin will also continue to hold a 20% stake in ING Life Korea. KB Life is the third joint venture between ING and Kookmin in the Korean market. In addition to ING Life Korea, the two companies also cooperate through Kookmin Bank Asset Management, a fund management company with over US$9.4 billion in assets under management, in which ING holds a 20% stake. ING Investment Banking advised ING Group on the transaction, which is expected to be completed in the third quarter of 2004. ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 112,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. In Korea, ING is active in insurance, banking and asset management. ING Life Insurance, Korea Ltd., offers whole life insurance and annuity products, through 82 branches and over 4,100 professional financial consultants. ING LK is a joint venture 20 percent owned by Kookmin Bank and 80 percent owned by ING. ING Bank N.V. offers high value added products including structured finance, M&A advisory, debt capital markets and syndicated loans. ING is active in asset management in Korea through Kookmin Bank Asset Management, a joint venture which is 20 per cent owned by ING and 80 per cent owned by Kookmin Bank, managing more than US$9.4 billion in assets under management. ING also holds a direct 3.78 percent stake in Kookmin Bank. Press enquiries: ING Sheel Kohli +852 2913 8768 sheel.kohli@asia.ing.com Karen Williams +852 2913 8536 karen.williams@asia.ing.com =============== M A L A Y S I A =============== AKTIF LIFESTYLE: Issues Update On Default In Payment ---------------------------------------------------- Hwang-DBS Securities Berhad, on behalf of Aktif Lifestyle Corporation Berhad, had on May 18, 2004 announced to Bursa Malaysia Securities Berhad that the Securities Commission (SC) had, vide its letter dated May 17, 2004 approved the Proposed Disposal of Aktif Lifestyle Stores Sdn Bhd (Proposed Disposal). In relation thereto, an Extraordinary General Meeting for the Proposed Disposal has been scheduled on June 18, 2004. The Board of Directors of Aktif wishes to announce that there has been no further development or change in status with respect to the default in payment. The Company will keep its shareholders informed of any pertinent development. This announcement is dated June 1, 2004. CHIN FOH: Releases Revised Terms Of ESOS ---------------------------------------- Chin Foh Berhad (CFB) submits to Bursa Malaysia Securities Berhad its Proposed Establishment Of An Employees' Share Option Scheme (Proposed ESOS). (1) INTRODUCTION With reference to the announcement dated December 30, 2003 made by Avenue Securities Sdn Bhd (Avenue) on behalf of the Board of Directors of Chin Foh Berhad (Board). On behalf of the Board of Avenue, the company wishes to announce that CFB proposes to revise certain terms of the Proposed ESOS, the details of which are set out below, after taking into consideration the announcement made by Bursa Malaysia Securities Berhad (Bursa Malaysia) on February 9, 2004 in relation to the new guidelines on employees' share option scheme. (2) DETAILS OF THE REVISED TERMS OF THE PROPOSED ESOS The details of the revised terms of the Proposed ESOS are as shown in Table 1 below. Save as disclosed above, there are no other changes to the salient terms of the Proposed ESOS. As a consequence, the Board also proposes to amend the existing Article 4(2)(a) of the Company's Articles of Association to facilitate the proposed allocation of options to all Directors of the Company in conjunction with the above. (3) RATIONALE FOR THE REVISION OF THE TERMS OF THE PROPOSED ESOS The revision to the terms of the Proposed ESOS is in line with the new guidelines on employees' share option scheme announced by Bursa Malaysia on 9 February 2004. (4) CONDITIONS OF THE PROPOSED ESOS In view of the new guidelines issued by Bursa Malaysia on 9 February 2004, the Proposed ESOS is no longer subject to the approval of the Securities Commission. The Proposed ESOS is however subject to the approval of: (i) the approval-in-principle of Bursa Malaysia, for the listing of and quotation for the new CFB Shares to be issued pursuant to the exercise of Options granted under the Proposed ESOS; (ii) the shareholders of CFB at an extraordinary general meeting (EGM) to be convened; and (iii) any other relevant authorities, if required. (5) EFFECTS OF THE PROPOSED ESOS (5.1) Share Capital The Proposed ESOS will not have any immediate material effect on the share capital of the Company. However, assuming all Options (which may be granted under the Proposed ESOS) are granted and exercised, the issued and paid-up share capital of the Company will be increased in the manner as set out in Table 2. (5.2) Shareholdings Of Substantial Shareholders The effect of the Proposed ESOS on the substantial shareholding structure of CFB cannot be determined at this juncture as the detailed basis of allocation is still pending finalization by the Board. (5.3) Earnings The Proposed ESOS is not expected to have any material effect on the earnings of the CFB Group for the financial year ending 31 January 2005. Any potential effect on the earnings per share of the CFB Group in the future would be dependent on the number of Options granted and exercised at any point in time as well as the price payable upon the exercise of the Options and the utilization of proceeds arising from the exercise of the Options. (5.4) Net Tangible Assets (NTA) The Proposed ESOS is not expected to have any immediate material effect on the NTA of the CFB Group, until such time when the Options are exercised. Any effect on the NTA of the CFB Group will depend on the number of Options granted and exercised at any point in time as well as the price payable upon exercise of the Options. (5.5) Dividends Any potential effect on the dividends to be declared in the future will be dependent on the dividend rate to be determined after taking into consideration the financial performance of the CFB Group. (6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST As all the Directors are entitled to participate in the Proposed ESOS, they are therefore deemed interested in respect of their respective entitlements under the Proposed ESOS. The Directors have abstained and will continue to abstain from all deliberations and voting on their respective entitlements under the Proposed ESOS at the relevant meetings of the Board. Accordingly, the Directors will also abstain and shall undertake to ensure that persons connected to them will abstain from voting in respect of their direct and indirect shareholdings in CFB on the ordinary resolutions pertaining to the Proposed ESOS and their respective entitlements under the Proposed ESOS to be tabled at the forthcoming EGM. (7) DIRECTORS' RECOMMENDATION In view that all members of the Board are deemed interested in the Proposed ESOS, the Board will abstain from recommending the Proposed ESOS. This announcement is dated June 1, 2004. For more information click http://bankrupt.com/misc/ESOS060204.doc GENERAL SOIL: Submits Result Of Proposed Restructuring Scheme ------------------------------------------------------------- General Soil Engineering Holdings Berhad in a notice submitted to the Bursa Malaysia Securities Berhad unveiled its Proposed Restructuring Scheme. - PROPOSED CAPITAL RECONSTRUCTION; - PROPOSED DEBT RESTRUCTURING; - PROPOSED KTI ACQUISITION; - PROPOSED DJM ACQUISITION; - PROPOSED EXEMPTION; - PROPOSED NEWCO SHARE PLACEMENT; - PROPOSED PRIVATE PLACEMENT; AND - PROPOSED LISTING TRANSFER (COLLECTIVELY THE PROPOSED RESTRUCTURING SCHEME) Further to the announcement dated May 10, 2004, Avenue Securities Sdn Bhd on behalf of Gensoil, wishes to announce that the results of the court-convened creditors meetings in respect of the Proposed Restructuring Scheme held on 1 June 2004 are as follows: (a) one (1) class of the financial institution creditors have approved the Proposed Restructuring Scheme by a requisite unanimous vote subject to the following modifications: (i) the Newco shares under the Proposed Debt Restructuring are required to be issued by 31 March 2005; and (ii) the Newco shares are required to be listed on the Bursa Malaysia Securities Berhad by 30 June 2005 (b) the remaining class of non-financial institution creditors have approved the Proposed Restructuring Scheme by a requisite majority vote. This announcement is dated June 1, 2004. I-BERHAD: Appoints New Member Of Audit Committee ------------------------------------------------ In a notice submitted to Bursa Malaysia Securities Berhad, I- Berhad announced the appointment of Mat Hassan bin Esa as a Member of the Audit Committee. Tuan Haji Mat Hassan bin Esa has 19 years of working experience in asset management both in public and private equity investment with Permodalan Nasional Berhad. He was also the Chief Executive Officer of Perbadanan Usahawan Nasional Berhad and the CEO/Executive Director of Perbadanan Nasional Berhad and Deputy Chairman of Meda Incorporated Berhad. He is presently the Executive Director of MP Technology Resources Berhad and Innovest Berhad. Composition of Audit Committee (Name and Directorate of members after change): (a) En Johari Low bin Abdullah @ Low Han Hing - Chairman (Independent Non Executive Director) (b)YM Tengku Datuk Mustapha bin Tengku Mohamed - Member (Independent Non Executive Director) (c) Tuan Haji Mat Hassan bin Esa - Member (Independent Non Executive Director) (d) Y. Bhg. Datin Tey Siew Thuan - Member (Executive Director) This announcement supersedes the earlier announcement made on the same date owing to the amendment to the composition of the Audit Committee. LION INDUSTRIES: Issues Update On Proposed Parkson Disposal ----------------------------------------------------------- The Board of Directors of Lion Industries Corporation Berhad refers to the announcements made to Bursa Malaysia Securities Berhad on September 9, 2003, February 5, 2004, March 9, 2004, March 25, 2004, March 26, 2004 and April 15, 2004. The Company wishes to announce that: (1) the sale and purchase agreement for the Proposed Parkson Disposal became unconditional on May 31, 2004; (2) Lion Diversified Holdings Berhad ("LDHB") had on 1 June 2004 allotted 4,778,000 LDHB RCULS to LICB for the Proposed Parkson Disposal; (3) the Proposed Parkson Disposal is deemed completed on 1 June 2004; and (4) LDHB, a 59.4 percent owned subsidiary of the Company, had on June 1, 2004 completed the following proposals, the consideration for which was satisfied by inter alia, the isssuance by LDHB of 108,030,000 ordinary shares of RM0.50 each fully paid in the capital of LDHB, representing 23.65% of the enlarged share capital of LDHB to the respective vendors and their nominees: (i) proposed acquisition of the entire issued and paid-up capital of Likom Caseworks Sdn Bhd; (ii) proposed subscription of 9,998 new ordinary shares of RM1.00 each in Likom CMS Sdn Bhd (CMS) and the assumption of all of CMS' obligations to pay to Likom Computer System Sdn Bhd (LCS) the purchase consideration following the proposed acquisition by CMS of the business and assets of LCS; and (iii) proposed acquisition of the development project known as Bandar Mahkota Cheras located off the 10th mile of Jalan Cheras in Kuala Lumpur. Consequent upon the aforesaid, LDHB and its subsidiaries ceased to be subsidiaries of the Company. Unless otherwise stated, defined terms used in this announcement shall carry the same meaning as defined in the previous announcements. PARK MAY: Issues Update On Financial Condition ---------------------------------------------- In line with PN4 of the Bursa Malaysia Securities Berhad Listing Requirements which requires an announcement on the status of an affected listed issuer's plan to regularize its financial condition to be made on the first market day of each month, AmMerchant Bank Berhad, on behalf of the Company, wishes to announce that there has been no significant development in respect of the plan to regularize the Park May group of companies' financial position (Proposed Restructuring Scheme), which was submitted to the Securities Commission and other relevant authorities (Authorities) on March 11, 2004. The Proposed Restructuring Scheme is still pending the decision of the Authorities. The Company will keep shareholders informed of any developments on the Proposed Restructuring Scheme. This announcement is dated June 1, 2004. PARK MAY: Releases Schedule Of General Meetings ----------------------------------------------- AmMerchant Bank Berhad announced to Bursa Malaysia Securities Berhad that Park May Berhad will be holding its Extraordinary General Meeting (EGM) at Kenyalang Room, 7th Floor, Pearl International Hotel, Batu 5, Jalan Kelang Lama, 58000 Kuala Lumpur on Wednesday, 23 June 2004 at 11.00 a.m. or immediately following the conclusion or adjournment (as the case may be) of the 31st Annual General Meeting of Park May which will be held at the same venue and on the same day at 10.30 a.m., whichever is later, for the purpose of considering and, if thought fit, passing with or without modifications the resolution so as to give effect the Proposed Shareholders' Mandate. The full text of the Notice of the EGM to be advertised in The Star tomorrow, 2 June 2004 is attached herewith for your attention. This announcement is dated June 1, 2004. To view full copy of the notice, click http://bankrupt.com/misc/PARKMAY060204.doc ===================== P H I L I P P I N E S ===================== DIGITAL TELECOMMUNICATIONS: Appoints Anders Ekman As Director ------------------------------------------------------------- Digital Telecommunications Philippines Inc. disclosed to the Philippine Stock Exchange the appointment of Mr. Anders Ekman as Director representing TeliaSonera AB, the company's foreign partner in lieu of the retirement of Mr. Per O. Pedersen. NEGROS NAVIGATION: Appoints New Board Member -------------------------------------------- Negros Navigation Co. Inc. (Nenaco) disclosed to the Philippine Stock Exchange that at the company's Special Meeting of Board of Directors on June 1, 2004, in which at least a majority of the members of the Board of Directors was present and acting throughout, the Board approved the acceptance of the resignation of Mr. Edward A. Tortorici as a member of the Board of Directors of the Corporation. Consequently, the Board elected Mr. Jeremias E. Cruzabra to replace Mr. Tortorici and serve as a member of the Board for the duration of the latter's term. NEGROS NAVIGATION: Releases Statement on News Article ----------------------------------------------------- Negros Navigation Co. Inc. (Nenaco) issued a statement to the Philippine Stock Exchange refering to the news article entitled "BIR willing to give Nenaco easier tax payment terms" published in the May 31, 2004 issue of the BusinessWorld (Internet Edition). The article reported that "The Bureau of Internal Revenue (BIR) has given debt-ridden Negros Navigation Co. a breather by agreeing to extend easier payment terms to its close to PhP500 million back taxes. Tax Deputy Commissioner Kim J. Henares said the interisland shipping firm's court-appointed receiver and BIR officials have discussed ways of settling Nenaco's tax obligations without jeopardizing its rehabilitation plan. 'They have updated their payment. All their [current] taxes are now being paid. What we are discussing is how collect (sic) the back taxes,' she added. Based on the BIR's assessment. Nenaco has an accumulated tax payable of PhP472 million following its failure to pay the bulk of its tax liabilities from 2001 to 2003. Nenaco's financial records also show the company has not been paying its taxes regularly. But as of last month, the company was said to have paid PhP3.9 million in taxes. Nenaco claims its tax liabilities amounted to PhP424.497 million as of February 29. But Ms. Henares said the tax bureau's latest audit showed the company's unpaid tax dues totaled PhP472 million." Nenaco, in its letter to the Exchange dated June 1, 2004, confirmed that: "Mr. Tagud and the officials of the BIR had discussions on ways of settling our back taxes without jeopardizing our proposed Rehabilitation Plan. However, the company is not in a position to confirm the portion of the above-mentioned newspaper report that the BIR extended easier payment terms on our back taxes because the same quotes the BIR, as regards its decision on the payment of our back taxes, which, have yet to be conveyed to us. The company likewise confirms the fact that it has updated and paid its current tax obligations." ================= S I N G A P O R E ================= ASIAN SECURITIZATION: Creditors Must Submit Claims by June 28 ------------------------------------------------------------- Notice is hereby given that the creditors of Asian Securitization and Infrastructure Assurance (Private) Ltd, which is being wound up voluntarily, are required on or before 28 June 2004, to send in their names and addresses, with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said company and, if so required by notice in writing by the said liquidator are, by their solicitors or personally, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. LAI SENG KWOON Liquidator. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. This Singapore Government Gazette announcement is dated 28 May 2004. GNOMADIC PUBLISHING: Issues Intended Preferential Payment Notice ---------------------------------------------------------------- Gnomadic Publishing Pte Ltd issued a notice of intended preferential payment as follows: Address of Registered Office: c/o The Liquidator's Office Number of Matter: Companies Winding Up No. 600100 of 2002. Last Day for Receiving Proofs: 28 June 2004. Name and Address of Liquidator: Mr. Don M Ho, CPA. Certified Public Accountants Corporate Advisory and Recoveries Equity Plaza 20 Cecil Street #12-02 & 03 Singapore 049705. Tel: 6532 0320 (8 lines). Fax: 6532 0331. This Singapore Government Gazette announcement is dated 28 May 2004. MARLEX MARKETING: Winding up Hearing Slated for June 11 ------------------------------------------------------- Notice is hereby given that a petition for the winding up of Marlex Marketing Pte Ltd by the High Court was, on the 12th day of May 2004, presented by YIN KUM CHOY, care of No. 100 Tras Street, #16-01 Amara Corporate Tower, Singapore 079027, the Judicial Manager of the above named company, and that the Petition is directed to be heard before the Court sitting at the High Court, Sinagapore at 10 a.m., on the 11th day of June 2004; and 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 the hearing by himself or his counsel for that purpose; and a copy of the Petition will be furnished to any creditor or contributory of the company requiring a copy of the Petition by the undersigned on payment of the regulated charge for the same. Messrs DAVID LIM & PARTNERS Solicitors for the Petitioner. 50 Raffles Place, #17-01 Singapore Land Tower Singapore 048623 Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to Messrs David Lim & Partners, notice in writing of his intention to do so. The notice must state the name and address of 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 28 May 2004. WINSOR NURSING: Creditors Meeting Set June 9 -------------------------------------------- Notice is hereby given that a meeting of the creditors of Winsor Nursing Holdings Pte Ltd will be held at 6 Shenton Way, #32-00 DBS Building Tower Two, Singapore 06889 on Wedneesday, 9 June 2004 at 2 p.m. for the following purposes: 1. To receive a report from the Liquidators. 2. To consider writing-off the company's receivable amounting to S$936,598.79. 3. To consider approval of the Liquidator's remuneration pursuant to the provisions of section 268(3). TAM CHEE CHONG and STEVEN LIM KOK HOONG Liquidators. c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 Note: (1) Any Creditor may appoint a proxy to attend the meeting and that the proxy need not be a creditor of the Company. Forms of general and special proxies enclosed herewith must be duly completed and lodged at the Liquidator's office, not later than 12 noon on 7th June 2004. (2) Proofs of debts (Form 77); if not already lodged, must be lodged at the aforesaid office not later than 12 noon on 7th June 2004 to entitle you to vote thereat. This Singapore Government Gazette announcement is dated 28 May 2004. WISMA PROPERTIES: Final Meeting Slated for June 30 -------------------------------------------------- Notice is hereby given pursuant to Section 308(2) of the Companies Act, Cap. 50, that a Final Meeting of the Members of Wisma Properties Pte Ltd will be held at 200 Cantonment Road # 15-00 Southpoint Singapore 089763 on 30 June 2004 at 10:00 a.m. for the purposes as stated in Section 308 of the Companies Act, Cap. 50. MADAM CHIA LAY BENG MR LOK LAI CHENG Liquidators Note: A member entitled to attend and vote at the General Meeting is entitled to appoint a Proxy to attend and vote on his behalf and such Proxy need not be a member of the Company. The form of the Proxy must be deposited at the Liquidator's Office not less than 48 hours before the time appointed for holding the Meeting or adjourned meeting. This Singapore Government Gazette announcement is dated 28 May 2004. =============== T H A I L A N D =============== BANGKOK STEEL: Asks SEC To Move Deadline Of Submission Of F/S ------------------------------------------------------------- The SEC has ordered the suspension of Mr. Pipat Pusayanonda, who was Bangkok Steel Industry PCL's auditor. The company therefore appointed Mr. Anurak Leelapiyamitr and Mr. Boonsri Techawarutama of BDO Rich Field Co., Ltd. to be our new auditors to audit the financial statement of the first quarter as at March 31, 2004. The company has also reported to the SEC that it will submit the audited financial statement to the SEC within May 31, 2004. Since the company has large volume of sales including many subsidiaries and associated companies, our new auditors have to take time to study the details and other information i.e. checking the stock and material, including related documents. In addition, the discussion with the company's executives regarding the details, figures and other information in order to audit the financial statement is necessary as if auditing the yearly financial statement and it must take a lot of time. Due to the reasons mentioned, the company is unable to submit the financial statement for the 1st quarter of 2004 within the limited time that is May 31, 2004. The company would ask for the postponement of the submission of the abovementioned financial statement for another 30 days, till June 30, 2004. As a matter of fact our securities were transferred to the REHABCO sector and consequently there is no trade at present, thus this will have no effect to any investor. Please be informed accordingly. Yours sincerely, (Mr. Chumni Chanchai) C.J. Morgan Co., Ltd Planner (Mr. Suthep Kitsawat, Mr. Borriruk Jivaviroj) Economic Intellectual Planner Contact: BANGKOK STEEL INDUSTRY PCL UNITED FLOUR MILL BLDG, 205 RAJAWONG ROAD, SAMPHANTHAWONG Bangkok Telephone: 2260088, 2260680, 2266120-29 Fax: 0-2224-7698, 2227497 Website: www.bangkoksteel.co.th CAPETRONIC INTERNATIONAL: Issues Changes In Board Info ------------------------------------------------------ The Board of Directors' Meeting of Capetronic International (Thailand) PCL held on May 31, 2004 between 10:30 a.m. to 11:30 a.m. has resolved: (1) That the Minutes of Board of Directors' Meeting No. 4/2004, held on May 28, 2004, be confirmed. (2) That approved the resignation of: - Mr. Ma Chi Chiu - Mr. Michael Binney - Mr. Kwok Fai Paul Law - Mr. Umnuay Suthiponbhisal And approved the appointment of the following persons as the new directors of the company: - Mr. Yodchanan Wongsawat - Miss Chinnicha Wongsawat - Miss Chayapa Wongsawat - Mrs. Sunisa Pathompreuk Therefore the company's directors will be: - Mr. Visal Neeranatkomol - Mr. Surachai Kositseriwongse - Mr. Nit Umpaichit - Mr. Chalit Jariyatham - Mr. Yodchanan Wongsawat - Miss Chinnicha Wongsawat - Miss Chayapa Wongsawat - Mrs. Sunisa Pathompreuk (3) The approval of any two directors to sign jointly and affix the Company's seal aside from the authorized directors. (4) That the preliminary restructuring plan of the Company be approved and submitted to the Stock Exchange of Thailand. (5) That the resignation of PBS Law Limited as the Company Secretary be confirmed. Please be informed accordingly. Yours sincerely, (Mr.Seni Sudsawad) Director of Financial and Accounting CAPETRONIC INTERNATIONAL: Releases Director's Meeting Results ------------------------------------------------------------- The Board of Directors' Meeting of Capetronic International (Thailand) PCL held on May 28, 2004 between 1:00 P.M. to 2:30 P.M. has resolved: (1) That the Minutes of Board of Directors' Meeting No. 3/2004, held on May 14, 2004, be confirmed. (2) That an assignment agreement concerning the transfer of account receivables to Lafe International Holdings Limited and an assumption agreement concerning liability assured by Lafe International Holdings Limited be ratified and proposed to the next shareholders' meeting for approval. (3) That the sale of the shares of a subsidiary Capetronic (Thailand) Limited be ratified. (4) That the sale of the shares of an associated company Capetronic Computer Peripherals Holdings Limited be ratified. (5) That the resignation of Mr. Chou, Jui-Hsiang, Mr. Manas Sodsong, Lieutenant-General Pairoah Wongwatana and Miss Noraini Abdullah to be replaced by Mr. Visal Neeranatkomol, Mr. Surachai Kositseriwongse, Mr. Nit Umpaichit and Mr. Chalit Jariyatham be approved. (6) That the Company's authorized directors be amended as any two of Mr. Ma Chi Chiu, Mr. Law Kwok Fai, Paul, Mr. Umnuay Suthiponbhisal and Mr. Michael A.B. Binney jointly sign with the affixture of the Company seal be approved. (7) Note that all tax liabilities of the Company prior to 31 May 2004 will be responsible by the Grande Group, which is the major shareholder of the Company, as part of the prior settlement of the Company's contingent liability. Please be informed accordingly. Yours sincerely, (Mr.Seni Sudsawad) Director of Financial and Accounting DATAMAT PUBLIC: Releases Changes In Major Shareholders ----------------------------------------------------- The Datamat PCL disclosed to the Stock Exchange of Thailand additional information on the major Shareholders of the Company, as at the date of the last closure of the Shareholders' Registration Book on April 9, 2004. There are changes of the 2 Major Shareholders' of the Company, Cyber Venture Co., Ltd. and Mr. Kamol Ieusivikul. The Company therefore would like to provide the list of Company's major Shareholders on the last 3 closures of the Shareholders' Registration Book: As at The closure of the Shareholders' Registration Book on July 2, 2003 Shares Percentage (1) Cyber Venture Co., Ltd. 200,000,000 29.48 (2) MORGAN STANLEY& CO. INTERNATIONAL LTD. 45,936,618 6.77 (3) Mr. Suwit Laohapholwattana 31,317,000 4.62 (4) BankThai Public Company Limited 25,500,000 3.76 (5) Krung Thai Bank PCL 23,178,376 3.42 (6) DEVONSHIRE CAPITAL (MAURITIUS) LTD. 20,000,000 2.95 (7) Mr. Bunjong Bunchauserm 15,746,500 2.32 (8) Bangkok Bank PCL 12,194,264 1.80 (9) Ms. Ratchaneeporn Pukkayaporn 10,870,000 1.60 (10) Mr. Somsak Trongwongsa 10,000,000 1.47 As at The closure of the Shareholders' Registration Book on September 17, 2003 Shares Percentage (1) Cyber Venture Co., Ltd. 90,000,000 13.27 (2) Mr. Suwit Laohapholwattana 40,606,300 5.99 (3) Mr. Kamol Ieusivikul 22,000,000 3.24 (4) DEVONSHIRE CAPITAL (MAURITIUS) LTD 20,000,000 2.95 (5) Thai NVDR Company Limited 17,401,639 2.56 (6) Mr. Sirisak Sonsophon 12,801,200 1.89 (7) Bangkok Bank Public Company Limited 12,194,264 1.80 (8) MORGAN STANLEY&CO INTERNATIONAL LTD. 10,406,618 1.53 (9) Standard Chartered Nakornthon PCL 8,004,921 1.18 (10) Siamphanwattana Co., Ltd. 7,500,000 1.11 As at The closure of the Shareholders' Registration Book on April 9, 2004 Shares Percentage (1) Mr. Suwit Laohapholwattana 125,756,580 11.59 (2) MORGAN STANLEY& CO.INTERNATIONAL LTD. 76,544,889 7.05 (3) Thai NVDR Company Limited 33,358,142 3.07 (4) DEVONSHIRE CAPITAL (MAURITIUS) LTD 20,000,000 1.84 (5) Bangkok Bank Public Company Limited 19,510,822 1.80 (6) Mr. Teera Hanrutaiwan 19,000,000 1.75 (7) Cyber Venture Co., Ltd. 15,007,800 1.38 (8) Mr. Niwes Phancharoenworakul 12,053,571 1.11 (9) Mr. Amnuay Pijitphongchai 10,547,900 0.97 (10) Mr. Prayut Wisutwattanasak 9,600,000 0.88 Sincerely yours, (Kusol Sangkananta) Director and Secretary to the Board Contact: DATAMAT PUBLIC COMPANY LIMITED ASOKE TOWERS, FLOOR 17, 18 AND 19, 219 SOI ASOKE (SUKHUMVIT 21), SUKHUMVIT ROAD, KLONGTOEY NUA, WATTHANA Bangkok Telephone: 0-2310-5111 Fax: 0-2319-8208 Website: www.datamat.co.th MANAGER MEDIA: SET Posts NP Sign On Securities ---------------------------------------------- Manager Media PCL, had been waived by the Securities and Exchange Commission (SEC) to submit its audited financial statements for the period ending March 31, 2004 within 60 days from the ending date of the quarter. This is because the SEC has suspended the approval of those companies' auditor. The Stock Exchange of Thailand (SET) has posted an NP (Notice Pending) sign on the securities of Manager Media effective June 1, 2004 due to their failure to submit the financial statements for the period ending March 31, 2004 to the SET within the deadline. The aforementioned NP sign indicates to the general public that the SET is currently waiting the receipt of the required financial statements. Contact: MANAGER MEDIA GROUP PCL 102/1 PHRA ATHIT ROAD, CHANASONGKHRAM, PHRA NAKHON, Bangkok Telephone: 0-2629-4488 Fax: 0-2629-4469 Website: www.manager.co.th PAE THAILAND: Releases Agenda Of Annual Shareholders Meeting ------------------------------------------------------------ With reference to the Central Bankruptcy Court's Order to cancel the Rehabilitation Plan of PAE (Thailand) PCL due to the completion of the plan on 28th of April 2004, which resulted in the authority of the Plan Administrator expired effective from the date of Court's order. Furthermore, there is a substantial change in the percentage of the shareholders in PAE (Thailand) PCL for which the new investors, in accordance with the Rehabilitation Plan become major shareholders. The Board of Directors has conducted the urgent meeting on the 29th of April 2004 per request of Freeinternet Company Limited who owned 37,500,000 common shares (Thirty seven millions, five hundred thousand) which is more than 1/5 of total paid-up shares of the company. In accordance with the Articles of Association of the company, the Board of Directors has to call for the shareholders' meeting as requested. Hence, The Board of Directors has scheduled to conduct the Annual Shareholders Meeting No. 1/2547 on Tuesday 8th of June 2004 at 10.00 a.m. at Heliconia room 25Ath floor, Bangkok club, Emporium Suites, No. 622 Sukhumvit Road, Kwaeng Klongton, Khet Klongtoey, Bangkok 10110 to consider the several subjects as stated in the following agenda. Agenda No.1: To acknowledge the completion of the Rehabilitation Plan. The Central Bankruptcy Court issued on 28th April 2004 its acceptance of the completion of Rehabilitation Plan of PAE (Thailand) PCL due to the fact that the decreasing and increasing in capital and the new shares issued to the investors as well as the payment to the priority creditors, secured creditors and non-secured creditors have been completed. Currently, the company has an authorized capital of THB 1,200,000,000 and paid-up capital of THB383,000,000. The Board of Director Recommendation: To inform the shareholders the Central Bankruptcy Court's Order dated 28th April 2004 for acknowledgement. Agenda No.2: To acknowledge the Financial Statements for the year 2003 and the Information Disclosure Report for the year 2003 (56-1 Report). Due to the fact that the audited company Financial Statements of the year 2003 has been prepared during the Rehabilitation period, the Plan Administrator has the full authority to certify this Financial Statements to the Stock Exchange of Thailand. Furthermore, The Plan Administrator has also reported in detail the information Disclosure report (56-1) for the year 2003 to the Stock Exchange of Thailand as well. The Board of Director Recommendation: Recommend the shareholders 2003 to acknowledge the company Financial Statements for the year 2003 and Information Disclosure Report for the year 2003 which have been certified by the Plan Administrator. Agenda No.3: To consider the matter of the Director. The Board of Directors has conducted the meeting on 29th April 2004 and the Board of Directors has been changed due to resignations by some directors as follows: (1) Mr. Hatasakdi Na Pombejra to replace Mr. Threekwan Boonnag who submitted his resignation effective 21st February 2000. (2) Miss Kesrin Ariyapongse to replace Mr. John Henry Shenk who resigned effective 29th April 2004. (3) Mr. Bruce Edward Daye to replace Mr. Nopporn Suwanik who resigned effective 30th April 2004. (4) Mr. Kiat Boonyapo to replace Mr. Threechurt Siri-Ungura who resigned effective 30th April 2004. Currently the Board of Directors consist of: (1) Mr. Tanothai Sookdhis- Chairman (2) Mr. Narong Yamprasert- Director (3) Mr. Sanong Sirikulwatana- Director (4) Mr. Hatasakdi Na Pombejra- Director (5) Miss KesrinAriyapongse- Authorized director (6) Mr. Bruce Edward Daye- Authorized director (7) Mr. Kiat Boonyapo- Authorized director The company has registered this change with the Ministry of Commerce since the 10th of May 2004. The Board of Directors Recommendation: There is no comment from the Board of Directors regarding this new Board of Directors, but it acknowledges that there should be an appointment of the new Board of Directors in accordance with the approval of the shareholders' meeting as mentioned in the Rehabilitation plan. Notice: There should be a selection and appointment of the new Board of Directors, together with the authorization of the directors to sign on behalf of the company, for the benefit of the company. Agenda No.4: The appointment of company auditor and the auditor's fee. During the Rehabilitation period of the company, the Plan Administrator and the Ad-hoc committee have considered and approved the appointment of the auditors from Ernst and Young Office Limited as company auditor for the year 2004: (1) Miss Ratana Jala, Certified Public Accountant Registration # 3734 or (2) Miss Saifon Inkaew, Certified Public Accountant Registration # 4434 or (3) Mr. Ruth Chaowanagawi, Certified Public Accountant Registration # 3247 With the conditions that, one of the above-mentioned auditors will be the authorized auditor to audit and express his/her opinion on the company Financial Statements. In case the above- mentioned auditors cannot perform his/her duty as mentioned above, Ernst and Young Office Limited has to find another auditor from their office to audit and express opinion on the company Financial Statements. The compensation for the auditing works for the year 2004 is THB400,000 and the reviewing work is THB100,000 per quarter. Total compensation for auditing work is THB700,000. The Board of Directors Recommendation: Recommend shareholders to acknowledge and confirm the appointment of the company auditor and the compensation for the auditing works for the year 2004 as per the above-mentioned information to enable the company to perform in accordance with the law. Agenda No.5: Proposed amendment of the company's Articles of Association No.3, (Objectives of the company) To increase the company ability to operate and compete in the business market in the present economic situation, it is recommended that the company's objectives in the Articles of Association be increased to 45 items as per attached. The Board of Directors Recommendation: has no comment on this issue. Notice: This item should be urgently consider in the shareholders meeting for the benefits of the company Agenda No.6:Other matters (if any) Sincerely yours, (Mr. Bruce Edward Daye) (Miss Kesrin Ariyapongse) Contact: PAE (THAILAND) PCL 69 SINAKHARIN ROAD, SUAN LUANG, Bangkok Telephone: 0-2322-0222 Fax: 0-2322-2970-1 RAIMON LAND: SET Allows Trading Of Securities --------------------------------------------- Starting June 4, 2004, the Stock Exchange of Thailand (SET) will allow the securities of Raimon Land PCL (RAIMON) to be traded on the SET after finishing capital increase procedures. Old: 899,722,220 Baht Number of common share 899,722,220 Shares New: 1,006,981,454 Baht Number of common stock 1,006,981,454 Shares Par value: 1 Baht Allocate to: Existing shareholders at the ratio of 4 ordinary share for 1 new share amounting to 107,259,234 Shares Offering Price: 1 Baht Subscription Date: May 17 to 21, 2004 /Payment Date ********* 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. 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