/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040610.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 10, 2004, Vol. 7, No. 114 Headlines A U S T R A L I A AMP LIMITED: Moody's Positive On Bond Repurchase PARMALAT PACIFIC: Widens FY03 Net Loss To A$166M C H I N A & H O N G K O N G BORNEO TECHNICAL: Issues Claims Notice EMPEROR ENTERTAINMENT: Board Meeting Set on June 18 GLOBAL LINK: Board Meeting Set on June 18 HIRO COMPANY: Winding Up Hearing Set on July 7 IMERCHANTS LIMITED: Schedules Board Meeting on June 18 NEW TOAST: Issues Winding Up Petition TURNSTONE HONGKONG: Releases Notice to Creditors to Prove Debts I N D O N E S I A BANK NIAGA: Projects US$5.3B Asset Value by 2007 BANK PERMATA: Sale of Government Stake in Bank Permata Underway INDOFOOD SUKSES: Sets Coupon Rate for Bond Issue J A P A N ALL NIPPON: Shareholder's Meeting Set June 25 ALL NIPPON: Unveils Business Report for Fiscal 2003 FUJITSU LIMITED: Enters Alliance With Phase Forward Partners JAPAN AIRLINES: Applies for 5% Hike in International Fares MITSUBISHI FUSO: Issues Investigation Update MITSUBISHI MOTORS: Daimler Weighing Lawsuit to Exact Payment MITSUBISHI MOTORS: Sets Release of New Minivan October MITSUBISHI MOTORS: Finalize Terms for JPY295B Preferred Shares RESONA BANK: Hires 'Outsiders' to Man Regional Posts RESONA HOLDINGS: Post Changes in Conversion Ratio for Shares SOJITZ CORPORATION: S&P Downgrades Rating to 'B-' K O R E A HANARO TELECOM: KBC Issues Corrective Order KOOKMIN BANK: Selling 84 Properties This Year M A L A Y S I A ADVANCE SYNERGY: Unit Accepts Term Loan Of Up To RM12.3M CHG INDUSTRIES: Issues Quarterly Report Amendment CHG INDUSTRIES: Clarifies Variance Of Financial Results FORESWOOD GROUP: Issues AGM Notice JASATERA BERHAD: Seeks Shareholders Approval On Proposed Mandate KUB MALAYSIA: Sets General Meetings On June 30 MEGA FIRST: BMSB Approves Application Of Requirements Compliance NAUTICALINK BERHAD: Issues Update On Restructuring Scheme PANTAI HOLDINGS: BMSB Approves Waiver On Appointment Of Adviser SEE HUP: Details Unit's Acquisition Of Shares SELOGA HOLDINGS: Appoints New Chief Executive Officer SIME DARBY: Answers BMSB's Query TAP RESOURCES: Details Proposal On Various Acquisitions P H I L I P P I N E S BENPRES HOLDINGS: Issues News Article Clarification MANILA ELECTRIC: Creditors Extend Due Date of US$79M Loan MANILA ELECTRIC: Releases List Of Newly-Elected Officers MUSIC SEMICONDUCTORS: Sets Annual Stockholders Meeting NATIONAL POWER: Lopez Unit Pays US$1.5M for Agusan Hydro Plant NATIONAL BANK: Allocates Php1B For SMEs PHILIPPINE LONG: Details Declaration Of Cash Dividends PHILIPPINE LONG: Unveils Result Of Annual Stockholders Meeting PHILIPPINE LONG: Board Okays Unit's Debt Exchange Transaction S I N G A P O R E CHARTERED SEMICONDUCTOR: Sees S$16M Second-quarter Profit TIONG POLESTAR: Issues Intended Preferential Dividend Notice T H A I L A N D PAE THAILAND: Unveils Extraordinary Shareholders Meeting - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Moody's Positive On Bond Repurchase ------------------------------------------------- Moody's Investors Service says that AMP Ltd.'s announcement Monday of its plans to repurchase up to A$700 million of its offshore bonds through a reverse tender represents a positive indication of the company's stated plan to reduce its debt levels. However, Moody's also notes that the amount of debt to be repurchased under the offer will not be concluded until 23 June 2004 (UK time) and will be subject to AMP's consideration of the reasonableness of the tender pricing. Consequently, Moody's will continue to monitor AMP's plans in the wake of the announcement together with all updated financial performance for the year to date. Moody's will view positively any significant reduction in debt at reasonable pricing levels. Moody's ratings on the AMP Group are unchanged (Baa1 senior debt/Baa2 subordinated debt for debt guaranteed by AMP Group Holdings, A1 IFSR at AMP Life), with a stable outlook. PARMALAT PACIFIC: Widens FY03 Net Loss To A$166M ------------------------------------------------ Dairy group Parmalat Pacific Holdings Pty Ltd, the holding company of Parmalat Australia, posted a net loss of A$165.8 million for 2003, versus a net loss of A$29.7 million a year earlier, Dow Jones reports. Parmalat Pacific, which in 2003 encompassed operations in Australia, Thailand, Indonesia and Vietnam, wrote off a A$145 million bond issued by Parmalat Finance Corp. BV and A$43.9 million owed to it by non-Australian members of the Parmalat group. The Company is in talks to sell its Vietnam business and expects to close the Indonesian operation. Its Thailand business was sold in April. ============================== C H I N A & H O N G K O N G ============================== BORNEO TECHNICAL: Issues Claims Notice -------------------------------------- Notice is hereby given that the creditors of Borneo Technical Hong Kong Limited which is being wound up voluntarily are required, on or before July 4, 2004 to send their names and addresses, with full particulars of their debts or claims, and the names and addresses of their solicitors, if any, to the undersigned and Mr. John Toohey, the Joint and Several Liquidators of the company, and further, if so required by notice in writing from the said Liquidator, personally or by their solicitors or representatives, to come in and prove their said 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. RAINIER HOK CHUNG LAM Joint and Several Liquidators 22/F., Prince's Building Central Hong Kong This announcement is dated June 4, 2004. EMPEROR ENTERTAINMENT: Board Meeting Set on June 18 --------------------------------------------------- The board of directors (the "Board") of Emperor Entertainment Group Limited (the "Company") hereby announces that a meeting of the Board will be held at 28th Floor, Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong on June 18, 2004 at 4 p.m. for the following purposes: (1) To consider and approve the audited final statements of the Company and its subsidiaries for the year ended March 31, 2004 and approve the draft announcement of the final results to be published on the GEM website and the website of the Group; (2) To consider the payment of the final dividend, if any; (3) To consider the closure of the Register of Members, if necessary; (4) To consider the time and venue of the forthcoming annual general meeting of the members of the Company; and (5) To transact any other business. By Order of the Board EMPEROR ENTERTAINMENT GROUP LIMITED MOK FUNG LIN, IVY Company Secretary This announcement is dated June 8, 2004. GLOBAL LINK: Board Meeting Set on June 18 ----------------------------------------- The board of directors (the "Board") of Global Link Communications Holdings Limited (the "Company") hereby announces that a meeting of the Board will be held at Unit on 6th Floor, Ke Xun Building, No. 60 Jian Zhong Road, Zhong Shan Da Dao, Guangzhou City, Guangdong Province, the People's Republic of China on June 18, 2004 at 4 p.m. for the following purposes: (1) To consider and approve the audited final statements of the Group, comprising the Company and its subsidiaries, for the year ended March 31, 2004 and approve the draft announcement of the final results to be published on the GEM website; (2) To consider the payment of the final dividend, if any; (3) To consider the closure of the Register of Members, if necessary; (4) To consider the convening of the forthcoming annual general meeting of the Comapny; and (5) To transact any other business. By Order of the Board GLOBAL LINK COMMUNICATIONS HOLDINGS LIMITED MA YUANGUANG Chairman This announcement is dated June 7, 2004. HIRO COMPANY: Winding Up Hearing Set on July 7 ---------------------------------------------- Notice is hereby given that a Petition for the Winding up of Hiro Company Limited by the High Court of Hong Kong was on May 17, 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 10:00 a.m. on July 7, 2004 and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. K.W. NG & CO. Solicitors for the Petitioner, 11/F., Wings Building 110 Queen's Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention 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 6th day of July 2004. IMERCHANTS LIMITED: Schedules Board Meeting on June 18 ------------------------------------------------------ The board of directors (the Board) of iMerchants Limited (the Company) hereby announces that a meeting of the Board will be held at 26th Floor, Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong on June 18, 2004 at 4 p.m. for the following purposes: (1) To consider and approve the audited final statements of the Company and its subsidiaries for the year ended March 31, 2004 and approve the draft announcement of the final results to be published on the GEM website and the website of the Group; (2) To consider the payment of the final dividend, if any; (3) To consider the closure of the Register of Members, if necessary; and (4) To transact any other business. By Order of the Board CLEMENT LEUNG YUEN WING Company Secretary This announcement is dated June 7, 2004. NEW TOAST: Issues Winding Up Petition ------------------------------------ Notice is hereby given that a Petition for the Winding up of New Toast Trading Limited by the High Court of Hong Kong was on May 24, 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 10:00 a.m. on July 14, 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. FORD, KWAN & CO. Solicitors for the Petitioner, Rooms 1202-1206, 12/F., Wheelock House 20 Pedder Street, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention 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 13th day of July 2004. TURNSTONE HONGKONG: Releases Notice to Creditors to Prove Debts --------------------------------------------------------------- NOTICE IS HEREBY GIVEN that the creditors of Turnstone Hong Kong Limited which is being wound up voluntarily are required, on or before July 5, 2004 to send their names and addresses, with full particulars of their debts or claims, and the names and addresses of their solicitors, if any, to the undersigned and, if so required by notice in writing from the said Liquidator, personally or by their solicitors or representatives, to come in and prove their said 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. YOUNG Chun Man Kenneth Joint and Several Liquidator. Turnstone Hong Kong Limited 6th Floor, Wheelock House 20 Pedder Street, Central Hong Kong This announcement is dated June 4, 2004. ================= I N D O N E S I A ================= BANK NIAGA: Projects US$5.3B Asset Value by 2007 ----------------------------------------------- In line with its goal to become one of Indonesia's top five banks, Bank Niaga plans to increase the value of its assets to IDR50 trillion (US$5.3 billion) in 2007, reports Asia Pulse. The increase would be 3.5 times their value at the end of 2003 when the figure was IDR13.90 trillion. Bank Niaga Deputy Director Hashemi Albakri believes that with the support of its 250 network branches in 50 Indonesian cities, they will be able to augment their capital and eventually hit their target. He added that Bank Niaga should be able to gain control over as much as five percent of the Indonesian banking market to reach its goal. Currently, the bank commands 2.5 to 2.6 percent of the market. BANK PERMATA: Sale of Government Stake in Bank Permata Underway --------------------------------------------------------------- By naming legal advisor, the asset management company PT Perusahaan Pengelola Asset (PPA), is getting closer to divesting the government's 97.17% stake in Bank Permata, Asia Pulse reported yesterday. PT PPA president Mohammad Syahrial claimed there are 19 potential bidders both local and foreign. PPT PPA has appointed Hadiputranto Hadinoto & Partner as its legal advisor and is expected to name its finacial advisors late this week. Merryl Licnh, JP Morgan, ABN Amro, UBS Warburg and Credit Suisse First Boston were among those shortlisted as financial advisers for the Permata sale. INDOFOOD SUKSES: Sets Coupon Rate for Bond Issue ------------------------------------------------ Indonesia's largest instant noodle maker PT Indofood Sukses Makmur announced that it has set an indicative coupon rate of between 11.5 to 12 percent for its planned IDR1 trillion bond issue, The Jakarta Post reveals. The rate is lower than the 13.5 percent coupon set for the company's IDR1.5 trillion bond issue in May 2003. In a meeting with investors Tuesday, the firm unveiled details about the bond plan, and started a book-building process to determine the coupon rate. According to Indofood, the book building for the bonds will end on July 17. The bonds will then be offered to investors from July 1 to July 6 and will be listed on the Surabaya Stock Exchange on July 13. The company, which manufactures instant noodles, cooking oil and flour, said it plans to use 75 percent of the proceeds from the bond issue to pay off its US$392 million and IDR3.9 trillion debts. The appointed underwriters for the new bond issue plan are PT Trimegah Securities, PT Bahana Securities and Pt Danareksa Securities. Indofood reported net sales of IDR17.87 trillion (US$1.98 billion) last year. ========= J A P A N ========= ALL NIPPON: Shareholder's Meeting Set June 25 --------------------------------------------- All Nippon Airways Co. Ltd announced that the Company's 59th Ordinary General Meeting of Shareholders would be held as follows: Date, Location and Agenda of the Meeting 1. Date of the meeting: June 25, 2004 (Friday), 10:00 AM 2. Location: ANA Hotel Tokyo, Prominence Room; 12-33, Akasaka 1-chome, Minato-ku, Tokyo 3. Objectives: Matters to be reported: (a) Non-consolidated Balance Sheets as of March 31, 2004 (b) Business Report for the 54th term (from April 1, 2003 to March 31, 2004) (c) Non-consolidated Statement of Income for the 54th term Matters to be resolved: (a) Approval of Proposal for Appropriation of Profit for the 54th term (b) Changes in certain sections of the Articles of Incorporation (c) Election of 16 Directors of the Company (d) Election of 4 Corporate Auditors of the Company (e) Payment of retirement allowance to retiring Directors and to Directors re-appointed at this Meeting. (f) Payment of retirement allowance to retiring Corporate Auditors and to Corporate Auditors re-appointed at this Meeting. This UK Wire announcement is dated 8 June 2004. ALL NIPPON: Unveils Business Report for Fiscal 2003 --------------------------------------------------- During the first half of 2003, Japan's international airlines were forced to decrease flights and take other measures in response to lower demand caused by the Iraq War and SARS, UK Wire reports. These influences finally lessened in the latter part of this fiscal year, and demand started to grow. Faced with these circumstances, All Nippon Airways Co. Ltd. drew up a "Cost Reduction Plan" in February 2003 to establish a revenue-expenditure structure that would steadily secure profit independent of revenue increases, even under an environment of prolonged deflation. Under the Plan, the Company will carry out a drastic reform of our cost structure from FY2003 through FY2005 to cut approximately JPY30 billion in costs as a whole by the final fiscal year. The airline have worked on the following items during this fiscal year based on the Plan: i. Reexamine retirement allowance and pension plan ii. Return the burden of the substituted portion of the employee pension fund to the government iii. Reexamine wages for management employees iv. Conduct a comprehensive reexamination of wage systems for non-management employees v. Reduce personnel by 1,200 employees over three years vi. Reduce operational costs by restructuring routes utilizing turboprop aircraft and improving operational efficiency of smaller aircraft vii. Rationalize employee numbers and facilities at airports by restructuring routes and aircraft allocation As a result of Group-wide endeavors, the Company reduced costs by approximately JPY17.0 billion during this fiscal year, while revenues in both international and domestic operations did not increase due to the aforementioned international events and the sluggish economy. As a result, ANA's operating revenues totaled Y969.9 billion (up 3.1% from the previous fiscal year), while operating income came to Y24.0 billion All Nippon Airways (ANA) reported a consolidated net profit of 24.7 billion yen (US$225 million) for the fiscal year 2003, on total revenues of 1.21 trillion yen (US$11 billion), TCR-AP Vol. 7 No. 89 reports. In a Company press release, the result represents a dramatic improvement on the 28.2 billion yen net loss that ANA reported for the 2002 fiscal year, and means that it will be able to resume dividend payments to shareholders this year, at 3 yen per share. FUJITSU LIMITED: Enters Alliance With Phase Forward Partners ------------------------------------------------------------ Phase Forward, a leading provider of data management solutions for clinical trials and drug safety, has signed an agreement with Fujitsu Limited that allows them to jointly market InForm J(TM), the Japanese version of Phase Forward's InForm(TM) electronic data capture (EDC) product -- to the Japanese pharmaceutical, biotechnology and medical devices sector. The agreement enables Fujitsu to provide its customers with the software, services, and support needed to perform EDC for clinical trials. Phase Forward believe that this new approach will mark the beginning of significant growth of e-clinical trials in Japan. Customers using InForm(TM) in other regions have demonstrated it can compress trial times, reduce the cost and improve the quality of data, compared to traditional paper-based data capture methods. In readiness for this expected growth and by way of commitment to this regional development of EDC, Phase Forward has translated its products into Japanese and has enhanced its operation in Tokyo, which has been providing product, services and support to the Japanese market for over 13 years. Steve Powell, International Vice President from Phase Forward commented, "Fujitsu's adoption of InForm highlights the growing demand within the Japanese market for real-time, accurate data management in clinical trials. This deal will enable Fujitsu to develop a best practice approach to clinical trials particularly suited to the high volume patient recruitment typical of Japanese trials. As a result we expect this market to experience growth in the number and size of clinical trials taking place." Kenji Sata, General Manager of Life Sciences Systems Division, Healthcare Solutions Group of Fujitsu Limited said, "Japan is an important growth market for companies in the pharmaceutical, biotech, and medical devices industries. Fujitsu can now offer these companies with strategic subsidiaries in Japan a one-stop integrated management solution to help execute clinical studies, by combining InForm J with Fujitsu's Internet Data Center services, reliable servers, computing products, and support network throughout Japan. We are confident that the introduction of InForm J will lead to the successful implementation of EDC in the Japan market." Phase Forward's InForm EDC solution is a leading global electronic data capture system that delivers streamlined data collection and real-time query resolution that is essential for high-volume clinical trials. The InForm(TM) system enables: i. Rapid data entry and cleaning through intuitive user interface ii. Extensive data checking iii. Automated query processing iv. Immediate access to all clinical and trial data for earlier and ongoing data analysis v. Scalable Internet-based architecture, supporting high- volume, global clinical trials vi. Streamlined data collection and query resolution vii. 24 x 7 Global Customer Support About Phase Forward: Phase Forward is a leading provider of integrated enterprise- level software products, services, and hosted solutions for use in the clinical trial component of its customers' global research and development initiatives. Phase Forward's customers include pharmaceutical, biotechnology, and medical device companies, as well as academic institutions, clinical research organizations, and other entities engaged in clinical trials. By automating essential elements of the clinical trial process, the company believes its products allow its customers to accelerate the market introduction of new medical therapies and corresponding revenue, reduce overall research and development expenditures, enhance existing data quality control efforts, and reduce clinical and economic risk. Phase Forward believes its enterprise software and hosted solutions are the most widely adopted commercial electronic data capture, data management, and adverse event reporting solutions in the clinical trial marketplace, having been utilized in over 10,000 clinical trials involving more than 1,000,000 clinical trial study participants and 300 therapeutic compounds and medical devices. Phase Forward's customer base of over 220 customers is comprised of the leading pharmaceutical, biotechnology, medical device, and clinical research organizations, including AstraZeneca Pharmaceuticals LP, Guidant Corporation, Eli Lilly and Company, Novartis AG, and Schering- Plough Research Institute. Phase Forward is headquartered in Waltham, Massachusetts with offices in the United Kingdom, Australia, France, and Japan. JAPAN AIRLINES: Applies for 5% Hike in International Fares ---------------------------------------------------------- Japan Airlines System filed an application with the Japanese Ministry of land, Infrastructure and Transportation for approval to raise international fares by five percent on routes to and from Japan effective July 1. In a company press release, the application follows a special meeting of the members of the International Air Transport Association in Geneva, May 28, when a resolution was discussed to raise fares in the wake of increased fuel prices. This resolution has now been adopted. Exceptions to the general increase are Y2 (economy class) fares out of Japan to the USA, Canada, Guam and Saipan. These fares are unchanged. Economy (Y2) fares to Japan from the USA, Guam and Saipan are also unchanged. Special fares, such as excursion fares, are increased by the equivalent of five percent. For more information, go to http://bankrupt.com/misc/tcrap_jal0609.pdf MITSUBISHI FUSO: Issues Investigation Update -------------------------------------------- Mitsubishi Fuso Truck & Bus Corporation (MFTBC), in a press release, announced that is in the final stage of a thorough investigation regarding 97 cases (out of which, 4 cases have already been announced on May 20 in our press conference.) Even though various media coverage has been made since this morning, including some figures, Fuso has not yet confirmed such information. It is not possible to conclude that all cases are product failures and includes issues of merchantability. Fuso provided the information to MLIT in the form of unprocessed data. It is a fact that failures are classified into 5 steps, namely, A through to E. However, reasons of classification, exact number of cases and contents in each category are still under close investigation and we shall be able to prepare accurate data by a press conference scheduled on Tuesday, June 15. Although we understand your acute interest in the case, MFTBC is not yet in the stage to give explanation based on interim findings and would appreciate your understanding to this end. MITSUBISHI MOTORS: Daimler Weighing Lawsuit to Exact Payment ------------------------------------------------------------ DaimlerChrysler AG is considering asking compensation from Mitsubishi Motors Corporation over alleged hidden defects in vehicles parts manufactured by Mitsubishi Fuso Truck & Bus Corporation. A Reuters report alleged the Japanese carmaker withheld information about these defects from its German partner for eight years. DaimlerChrysler, which owns 65 percent of Fuso, declined to detail the amount of damages it is seeking via a lawsuit. "We were notified by DaimlerChrysler that it was considering a demand for compensation . . . based on the agreement signed upon the sale of Fuso shares," Mitsubishi Motors said in a statement. MITSUBISHI MOTORS: Sets Release of New Minivan October ------------------------------------------------------ Scandal-hit Mitsubishi Motors Corporation plans to launch a new minivan in China this October, according to Reuters. Considered the world's fastest-growing car market, China plays an integral part in Mitsubishi's revival plan. Plagued by a battered brand image, the company's monthly sales in the U.S. and Japanese markets have been plunging by double digits. In contrast, the carmaker forecasts sales of more than 200,000 units in China for the current business year to next March and as much as 310,000 units by 2008. Mitsubishi, however, faces tough competition from stronger U.S., European and Japanese rivals as they offer new models at a faster clip for the country's increasingly choosy customers. MITSUBISHI MOTORS: Finalize Terms for JPY295B Preferred Shares -------------------------------------------------------------- Mitsubishi Motors Corporation (MMC), in a press release, announced that its Board of Directors has finalized the terms for issuing 295 billion yen worth of preferred shares. The board decided to issue preferred shares at a meeting on May 21 and the issuance was included as a part of the company's capital enhancement announced on the same day. MMC will make maximum use of the funds procured through the capital enhancement to implement its business revitalization plan. MMC today finalized the terms for three classes of preferred shares: Class A preferred shares (No.1 and No. 2)1 and Class G preferred shares (No. 1). The 130 billion yen worth of No.1 Class A preferred shares will be issued to Mitsubishi Heavy Industries (Y40bn), Mitsubishi Corporation (Y40bn), The Bank of Tokyo-Mitsubishi (Y40bn), and Mitsubishi Trust & Banking Corporation (Y10bn). The breakdown for the 35 billion yen of No. 2 Class A preferred shares is: China Motor Corporation 10 billion yen, Tokio Marine and Fire Insurance Company 10 billion yen, Meiji Yasuda Life Insurance Company 7 billion yen, and five other Mitsubishi group companies totaling 8 billion yen. MMC is also considering issuing No. 3 Class A preferred shares to Mitsubishi group companies that have not yet decided to participate in the preferred share issuance, the limit for which would be around several billion yen. As announced on May 21, the amount of Class G preferred shares to be issued is 130 billion yen: The Bank of Tokyo-Mitsubishi (Y90bn), and Mitsubishi Trust & Banking Corporation (Y40bn). Funds procured from the Class G preferred shares will be used to pay off debts outstanding with both banks. The total amount of Class A and Class G preferred shares is now 295 billion yen, which is 15 billion yen more than the figure announced in MMC's capital enhancement on May 21. Payment for the Class A preferred shares is due on June 24 while payment for the Class G preferred shares is due on June 28. In addition to the preferred share issuance outlined above, MMC's capital enhancement is also expected to include issuing 70 billion yen2 in common stock to Phoenix Capital and 100 billion yen in preferred shares (expected to be Class B) to JPMorgan, with payment due in mid to late July 20043. 1. The company has decided to divide up the No. 1 Class A preferred share issue announced on May 21. Today, MMC decided to issue No. 2 Class A preferred shares and finalized the terms for issuance. 2. Maximum of 100 billion yen. 3. Subscription amounts may change depending on market conditions. About Mitsubishi Motors Corporation Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer- financing services and provides this to its customer base. Sales were 3.88 bilion yen in 2003. DaimlerChrysler is the largest shareholder with a 37% shareholding. For further information, please visit the Mitsubishi Motors Corporation home page at: www.mitsubishi-motors.co.jp Contact: Mitsubishi Motors Corporation Fumio Nishizaki f-nishizaki@mitsubishi-motors.co.jp +81-3-5232-7342 RESONA BANK: Hires 'Outsiders' to Man Regional Posts ---------------------------------------------------- Resona Bank hired two executives from rival banks to add to its growing list of regional CEOs, Asia Pulse said Monday. Masahiko Tsuchida, who worked for Sumitomo Mitsui Banking, was appointed regional CEO in charge of the southern Osaka region. Mizuho Bank alumnus Kiyoshi Ogino will head the Chiba region. The bank believes bringing in executives with an outsider's perspective' will help improve its customer service. Resona Bank has 30 regional CEOs nationwide. RESONA HOLDINGS: Post Changes in Conversion Ratio for Shares ------------------------------------------------------------ Resona Holdings, Inc. hereby announces that the conversion ratio for its Class B First Series Preferred Share has been changed as shown below. 1. Conversion Ratio Revised conversion ratio for Class B First Series Preferred Share: 2.956 (Conversion ratio before the revision: 3.429) 2. Date of Application The new conversion price will become effective on June 30, 2004. 3. Reason for the Revision The conversion ratio has been revised in accordance with the pre-determined terms and conditions stipulated in the conversion clause for the Class B First Series Preferred Share. SOJITZ CORPORATION: S&P Downgrades Rating to 'B-' ------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on trading house Sojitz Corporation to B-minus from B and the company's senior unsecured debt to B-plus from BB-minus. At the same time, Standard & Poor's placed all its ratings on Sojitz on Credit Watch with negative implications. The downgrade and CreditWatch listing reflect Standard & Poor's view that the possibility exists that the restructuring plan for Sojitz may be reviewed, which may lead to some form of debt restructuring. Although Sojitz has undertaken substantial restructuring and capital enhancement during the past 12 months, the company's financial profile remains weak. UFJ Bank Ltd. has already extended massive support to the company, including a JPY150 billion capital injection in the form of preferred equity into its holding company, Nissho Iwai Nichimen Holdings (NR), in May 2003. Sojitz is reliant on its creditor banks for continued access to liquidity, with debt of about JPY1.3 trillion coming due within 12 months, or about two thirds of its total JPY2 trillion debt outstanding at March 2004. UFJ Bank recently appointed a new management team and is currently undertaking thorough restructuring of its loan portfolio. Although the bank has not announced any new plans regarding its exposure to Sojitz, Standard & Poor's believes that it may review the restructuring plan for some weak borrowers and Sojitz is likely to be included. A thorough corporate restructuring of Sojitz could involve some form of debt forgiveness by the company's creditors, heightening concerns over timely payment of all debt obligations. Under Standard & Poor's ratings criteria, an 'SD' rating is assigned to a company if it selectively defaults on a specific issue or class of obligations, but continues to meet its payment obligations on other issues or classes of obligations in a timely manner. Sojitz' senior unsecured debt rating is higher than the issuer rating, reflecting the better protection for bondholders than bank lenders, given the likelihood of support by key creditor banks through loan waivers. On this basis, the likelihood of Sojitz' senior unsecured debt being downgraded is relatively smaller. The CreditWatch status will be resolved after Standard & Poor's confirms the development of the review of Sojitz' restructuring plan. ========= K O R E A ========= HANARO TELECOM: KBC Issues Corrective Order ------------------------------------------- In a disclosure to the U.S. Securities and Exchange Commission, Hanaro Telecom announced the corrective order issued by the Korean Broadcasting Commission (KBC) on the Company to dispose of its stake in Hanaro Web(n)TV, filed with the Financial Supervisory Commission of Korea and Korea Securities Dealers Association Automated Quotation Market on May 28, 2004. Corrective order to dispose of Hanaro Telecom's stake in Hanaro Web(n)TV with respect to the breach of the foreign ownership limit issued by Korean Broadcasting Commission. 1. ISSUING AUTHORITY: Korean Broadcasting Commission (KBC) 2. ISSUING BASIS: Hanaro Telecom, Inc., the majority of the shares of which are owned by foreign investors, has 90.9% of the controlling stake in Hanaro Web(n)TV, which exceeds the 49% limit set forth by Article 14-3 of Broadcasting Act and Article 14 of Enforcement Decree of Broadcasting Act. 3. CORRECTIVE ORDER: Pursuant to Article 14-3 of Broadcasting Act, Hanaro cannot contribute equity investment in excess of 49% in Hanaro Web(n)TV, an integrated cable operator. Accordingly, Hanaro must reduce its current shareholding of 90.9% in Hanaro Web(n)TV below the limit within six (6) months and report the performance of the corrective order to KBC. 4. DATE RECEIVED: May 28, 2004 5. MEASURES Hanaro is currently reviewing various measures to address the violation of Broadcasting Act within the period set forth by KBC. 6. OTHERS: Pursuant to Article 106-1-3 of Broadcasting Act, a failure to perform the corrective order may result in the imprisonment of no more than one year or in a fine not exceeding Won 30 million. Pursuant to Article 14-5 of Broadcasting Act, Hanaro has restricted voting rights in relation to its stake exceeding 49 percent. KOOKMIN BANK: Selling 84 Properties This Year --------------------------------------------- Kookmin Bank plans to sell 84 real estate holdings and branch offices this year, Dow Jones reports. The sale method has not been finalized yet, according to an unnamed bank spokesman, who added the bank is considering issuing asset-backed securities and real estate investment trusts. He did not say how much these holdings are worth. Kookmin Bank posted a net profit of 169 billion won (US$145.85 million) in the first quarter, up 311.4 percent from 2003, TCR- AP said in its 82nd issue. Recently, it revised 2003 loss to 753.3 billion won (US$639.5 million) after an audit by finance regulators found the lender hadn't paid all its taxes related to trust accounts. =============== M A L A Y S I A =============== ADVANCE SYNERGY: Unit Accepts Term Loan Of Up To RM12.3M -------------------------------------------------------- Advance Synergy Berhad (ASB) disclosed to Bursa Malaysia Securities Berhad that Alangka-Suka Hotels & Resorts Berhad (ASHRB), a 99.63 percent-owned subsidiary of ASB has on 8 June 2004 accepted a term loan facility of up to RM12.3 million (the Loan) made available by Affin Bank for the purpose of repaying part of the inter-company advances due to ASB. The Loan is granted for a period of up to three (3) years at interest rate of 1.85 percent per annum over Affin Bank's Base Lending Rate which is currently pegged at 6.00 percent per annum. The Loan shall be secured by assets presently pledged to Affin Bank under the Group's existing borrowings together with a corporate guarantee from ASB. The acceptance of the Loan is not expected to have any material effect on the net tangible assets and earnings of the ASB Group for the financial year ending 31 December 2004. Save as disclosed below, none of the directors, major stockholders and persons connected with them has any interest, direct or indirect, in the said loan facility: (i) Dato' Ahmad Sebi Bakar, a Director and major stockholder of ASB, has direct and indirect equity interest of 4.50 percent and 8.13 percent respectively in ASB. Dato' Ahmad Sebi Bakar is also a director of ASHRB; (ii) Datin Masri Khaw Binti Abdullah, a Director and stockholder of ASB, has direct and indirect equity interest of 0.15 percent and 0.44 percent respectively in ASB. Datin Masri Khaw Binti Abdullah is also a shareholder of ASHRB holding 0.25 percent direct equity interest in ASHRB; and (iii) Mr Sng Ngiap Koon, a Director and stockholder of ASB holding 0.15 percent indirect equity interest in ASB is also a director of ASHRB. This announcement is dated 8 June 2004. CHG INDUSTRIES: Issues Quarterly Report Amendment ------------------------------------------------- CHG Industries Berhad disclosed to Bursa Malaysia Securities Berhad its amended announcement in respect of the quarterly report for the financial period ended 31 March 2004 announced on 31 May 2004. SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2004 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 19,686 38,665 19,686 38,665 (2) Profit/(loss) before tax -7,664 -4,740 -7,664 -4,470 (3) Profit/(loss) after tax and minority interest -7,664 -3,726 -7,664 -3,726 (4) Net profit/(loss) for the period -7,664 -3,726 -7,664 -3,726 (5) Basic earnings/(loss) per shares (sen) -16.02 -7.79 -16.02 -7.79 (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) -2.8000 -2.6000 For more information, click http://bankrupt.com/misc/chgindustries060904.doc CHG INDUSTRIES: Clarifies Variance Of Financial Results ------------------------------------------------------- CHG Industries Berhad disclosed to Bursa Malaysia Securities Berhad that its Board of Directors announced that the audited results of the Group deviate from the unaudited results. The reconciliation and the explanations thereof are set as per the attachment. To view full copy of the variance of the audited and unaudited financial results click http://bankrupt.com/misc/chgindustries060804.doc FORESWOOD GROUP: Issues AGM Notice ---------------------------------- Notice is hereby given that the Eighth Annual General Meeting of Foreswood Group Berhad (FGB) will be held at Bukit Tebu 1, Harbour View Hotel, Lorong Temple, 93100 Kuching on Wednesday, 30 June, 2004 at 2:00 p.m. for the following purpose: ORDINARY BUSINESS (1) To receive the Audited Financial Statements for the financial year ended 31st December, 2003 together with the Report of the Directors and Auditors thereon. - Resolution No. 1 (2) To re-elect Mr. Richard Wee Liang Huat @ Richard Wee Liang Chiat who shall retire in accordance with Article 67 of the Articles of Association of the Company and who being eligible, offered himself for re-election. - Resolution No. 2 (3) To re-elect Encik Juzi Bin Jaujie @ Bajuri Bin Jauji who shall retire in accordance with Article 75 of the Articles of Association of the Company and who being eligible, offered himself for re-election. - Resolution No. 3 (4) To re-appoint Messrs. Ernst & Young as Auditors of the Company until the conclusion of the next Annual General Meeting and to authorize the Directors to fix their remuneration. - Resolution No. 4 (5) To consider any other ordinary business of which due notice has been given in accordance with the Companies Act, 1965. BY ORDER OF THE BOARD, YEO PUAY HUANG COMPANY SECRETARY 9 June 2004 NOTES: (1) A proxy may but need not be a member of the Company and a member may appoint any person to be his proxy without limitation. Where holder appoints two or more proxies, he shall specify the proportion of his shareholdings to be represented by each proxy. (2) The instruments appointing a proxy must be deposited at the Registered office of the Company at Block B-59, Level 2, Taman Sri Sarawak Mall, Jalan Tunku Abdul Rahman, 93100 Kuching, Sarawak, not less than forty-eight (48) hours before the time appointed for holding the meeting or at any adjournment thereof. (3) The instruments appointing a proxy or proxies, in the case of an individual, shall be in writing under the name of the appointer or his attorney duly authorized in writing, and in the case of a corporation, either under seal or under hand of an officer or attorney duly authorized. (4) In the case of joint holdings, the vote of the first-named in the Register of Members will be accepted to the exclusion of other joint holders of the shares. JASATERA BERHAD: Seeks Shareholders Approval On Proposed Mandate ---------------------------------------------------------------- Jasatera Berhad in a disclosure to Bursa Malaysia Securities Berhad said that it intends to seek the shareholders' approval for a proposed shareholders' mandate for recurrent related party transactions of a revenue or trading nature (Proposed Mandate) at the forthcoming Annual General Meeting (AGM) to be convened on 28 July 2004. Pursuant to Paragraph 10.09 (1)(c) of the Bursa Malaysia Listing Requirements, the Company had procured the shareholders' mandate at the Annual General Meeting held on 30 July 2003 to enable the Company to enter into recurrent related party transactions of a revenue or trading nature which are necessary for day-to-day operations with it's related parties. The said shareholders' mandate will lapse upon the conclusion of the forthcoming AGM unless a new mandate is obtained. A Circular to Shareholders which sets out the details of the Proposed Mandate will be issued to the shareholders in due course. KUB MALAYSIA: Sets General Meetings On June 30 ---------------------------------------------- The Board of Directors of KUB Malaysia Berhad disclosed to Bursa Malaysia Securities Berhad that its: (i) 39th Annual General Meeting (AGM) will be held at Dewan Tun Dr Ismail, Putra World Trade Centre (PWTC), 50480 Kuala Lumpur on Wednesday, 30 June 2004 at 10:00 a.m. and (ii) Extraordinary General Meeting (EGM) will be held immediately after the conclusion or any adjournment of the AGM. MEGA FIRST: BMSB Approves Application Of Requirements Compliance ---------------------------------------------------------------- With reference to Mega First Corp. Berhad's (MFCB) Circular dated 10 May 2004 (Circular), Avenue Securities Sdn Bhd, on behalf of MFCB, disclosed to Bursa Malaysia Securities Berhad (Bursa Malaysia) that via its letter dated 8 June 2004 had approved MFCB's application for a waiver from having to comply with Paragraph 1.03(1) of the Listing Requirements of Bursa Malaysia in relation to the acquisition of the 5.9 percent equity interest in RCI by AESB, which had resulted in AESB being obliged to extend the Offer as detailed in Section 2 of the Circular. This announcement is dated 8 June 2004. NAUTICALINK BERHAD: Issues Update On Restructuring Scheme --------------------------------------------------------- Further to the announcements made on 10 June 2003, 8 August 2003 and 15 April 2004, on behalf of Nauticalink Berhad, Public Merchant Bank Berhad, disclosed to Bursa Malaysia Securities Berhad the execution of the following supplemental agreements: (i) Third Supplemental Corporate Restructuring Agreement dated 4 June 2004 between NB, Orion Unggul Sdn Bhd (Orion) and Kosmo Seraya Sdn Bhd (Kosmo) to extend the cut-off date to satisfy the conditions as set out in the Corporate Restructuring Agreement dated 6 June 2003, Supplemental Corporate Restructuring Agreement dated 7 August 2003 and Second Supplemental Corporate Restructuring Agreement dated 13 April 2004 entered into between NB, Orion and Kosmo to 31 December 2004; (ii) Third Supplemental Share Sale Agreement dated 4 June 2004 between Orion and Kosmo to extend the initial twelve (12) months period for the satisfaction of the conditions as set out in the Share Sale Agreement dated 6 June 2003, Supplemental Share Sale Agreement dated 7 August 2003 and the Second Supplemental Share Sale Agreement dated 13 April 2004 entered into between Orion and Kosmo to 31 December 2004; (iii) Supplemental Disposal Agreement dated 4 June 2004 between Cadpro Classics Sdn Bhd (CCSB) and Hexariang Sdn Bhd (Hexariang) to extend the initial one (1) year period for the satisfaction of the conditions as set out in the Disposal Agreement dated 7 August 2003 entered into between Hexariang and CCSB for the proposed disposal of Nagatrend Plastics Painting Services Sdn Bhd to 31 December 2004. Further developments in relation to the Proposed Restructuring Scheme will be made to the Exchange in due course. This announcement is dated 8 June 2004. PANTAI HOLDINGS: BMSB Approves Waiver On Appointment Of Adviser --------------------------------------------------------------- Further to the announcement dated 24 May 2004, Avenue Securities Sdn Bhd (Avenue) on behalf of Pantai Holdings Berhad (PHB), announce to Bursa Malaysia Securities Berhad that it's application for a waiver from having to appoint an independent adviser pursuant to Paragraph 10.08 (2)(c) of the Listing Requirement of Bursa Malaysia Securities Berhad (Bursa Malaysia)(LR) in respect of the Proposed Property Acquisition has been approved by Bursa Malaysia Securities Berhad via its letter dated 7 June 2004, subject to the condition that the main adviser, Avenue, complies with Paragraph 10.08 (4)(a)(i) and (ii) of the LR. This announcement is dated 8 June 2004. SEE HUP: Details Unit's Acquisition Of Shares --------------------------------------------- See Hup Consolidated Berhad, in a disclosure to Bursa Malaysia Securities Berhad announced the details of the acquisitions of shares in its subsidiary company, Sinar Sempurna Sdn Berhad (SSSB). (1) INTRODUCTION The Board of Directors of See Hup is pleased to announce that Rimbun Ekuiti Sdn. Bhd., its wholly owned subsidiary company had on 8 June 2004 acquired additional Twenty Four Thousand (24,000) shares of RM1.00 each in SSSB, representing five percent equity shareholding in SSSB, for a total cash consideration of Ringgit Malaysia One (RM1.00) Only from Mr. Tang Hai Seng, a director of SSSB (Acquisition). With the Acquisition of the aforesaid shares, SSSB became the wholly-owned subsidiary of Rimbun Ekuiti Sdn. Bhd. (2) INFORMATION ON SSSB SSSB was incorporated in Malaysia under the Companies Act, 1965 on 7 May 1993 and it operates as a contractor. Its present authorized share capital is RM500,000/- comprising 500,000 ordinary shares of RM1.00 each whilst its present issued and fully paid-up share capital is RM480,000.00 comprising 480,000 ordinary shares of RM1.00 each. The details of the shareholdings of SSSB before and after the said Acquisition are: Before Acquisition by Rimbun Ekuiti Sdn. Bhd. After Acquisition by Rimbun Ekuiti Sdn. Bhd. Name of Shareholder No. of shares % No. of Shares % (1) Rimbun Ekuiti Sdn. Bhd. 456,000 95 480,000 100 (2) Tang Hai Seng 24,000 5 -- Total: 480,000 100 480,000 100 (3) CONSIDERATION The consideration of RM1.00 for the said Acquisition from Mr. Tang Hai Seng was satisfied by cash payment. It was arrived at based on a willing-buyer willing-seller basis after taking into account the audited NTA of SSSB as at 31 March 2003. There are no other liabilities to be assumed arising from the said Acquisition (4) COST OF INVESTMENT The original cost of Mr. Tang Hai Seng's investment in SSSB is RM24,000-00 and date of his investment was on 5 July 1999. (5) RATIONALE FOR THE ACQUISITION The Acquisition of the remaining 5% represents an opportunity to facilitate future expansion of See Hup Group's business. (6) FINANCIAL EFFECTS OF THE ACQUISITION (a) Share Capital The Acquisition will not have any effect on the issued and paid up share capital of See Hup as it does not involve any allotment or issue of new See Hup's shares. (b) Net Tangible Assets The Acquisition will not have any significant effect on the consolidated net tangible assets of the See Hup Group as it will be satisfied by cash source from internally generated funds. (c) Earnings The Acquisition is not expected to have any material effect on See Hup's earnings for the current financial year. (d) Substantial Shareholding The Acquisition will not have any effect on the shareholding of the substantial shareholders of See Hup as it does not involve any allotment or issue of new See Hup's shares. (7) SALIENT FEATURES OF AGREEMENT There is no agreement to be entered into for the Acquisition. (8) APPROVAL OF SHAREHOLDERS AND RELEVANT GOVERNMENT AUTHORITIES The Acquisition is not subject to the approval of shareholders and any relevant regulatory authorities. (9) PROSPECTS AND RISK FACTORS OF THE ACQUISITION Barring any unforeseen circumstances, the Directors of See Hup view positively the earnings potential of SSSB and it is expected to have a positive impact on the earnings of See Hup in the long term. Further to the details mentioned above, the Directors of See Hup are of view that SSSB would not expose See Hup to additional categories of material risks. (10) INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH DIRECTORS OR MAJOR SHAREHOLDERS Mr. Tang Hai Seng, being a vendor to the above transaction is also a Director of SSSB. He has declared his interest and abstained from voting for this transaction. Save as above, none of the Directors and/or major shareholders and/or persons connected with a Director or major shareholder of See Hup, to the best knowledge of the Directors of the Company, has any interest, direct or indirect, in the said transaction. (11) STATEMENT BY THE BOARD OF DIRECTORS The Board of Directors having considered all aspect of the said Acquisition is of the opinion that the said transaction is fair and reasonable and is in the long term interest of the Group (12) ESTIMATED TIME FRAME FOR THE COMPLETION OF THE ACQUISTION Barring any unforeseen circumstances, the said acquisition is expected to be complete within a week from the date of this announcement. (13) SECURITIES COMMISSION POLICIES AND GUIDELINES The Board is not aware of any departure from Securities Commission's Policies And Guidelines On Issue/Offer Of Securities. Yours faithfully SEE HUP CONSOLIDATED BERHAD SIGNED LEE HEAN HUAT Group Executive Director SELOGA HOLDINGS: Appoints New Chief Executive Officer ----------------------------------------------------- Seloga Holdings Berhad disclosed to Bursa Malaysia Securities Berhad the appointment of Tan Sri Halim Saad (TSHS) as the company's new Chief Executive Officer effective June 9, 2004. TSHS was formerly, the Executive Vice-Chairman of United Engineers (M) Berhad, PLUS, NSTP, Kinta Kellas and Faber Group Berhad. He was also the former Executive Chairman of UEM World Berhad (Formerly known as Renong Berhad). SIME DARBY: Answers BMSB's Query -------------------------------- With reference to the letter from Bursa Malaysia Securities Berhad (BMSB) to Sime Darby Berhad (Sime Darby) dated 7th June 2004 and the news article appearing in page 1 and 64 of The Edge on Monday, 7th June 2004, which states that Sime Darby is looking to acquire Oriental Holdings Berhad's 60% stake in Oriental Hyundai Sdn. Bhd. Sime Darby wishes to inform BMSB that it does not have any plan to acquire the said 60 percent stake in Oriental Hyundai Sdn. Bhd. and it is not aware of the basis of the statements to that effect in the abovementioned article. This announcement is dated 8th June 2004. Query Letter content: We refer to the above news article appearing in The Edge, pages 1 and 64, on Monday, 7 June 2004, a copy of which is enclosed for your reference. In particular, we would like to draw your attention to the underlined sentences, which are reproduced as: "Sime Darby Bhd is looking to acquire Oriental Holdings Bhd's 60% stake in Oriental Hyundai Sdn Bhd..." "It is believed that Sime Darby wants to consolidate the entire Hyundai business under its motor group division after its acquisition of Hyundai-Berjaya Corp Bhd." In accordance with the Exchange's Corporate Disclosure Policy, you are requested to furnish the Exchange with an announcement for public release confirming or denying the above reported article and in particular the underlined sentences after due and diligent enquiry with all the directors, major shareholders and all such other persons reasonably familiar with the matters about which the disclosure is to be made in this respect. In the event you deny the above sentences or any other part of the above reported article, you are required to set forth facts sufficient to clarify any misleading aspects of the same. In the event you confirm the above sentences or any other part of the above reported article, you are required to set forth facts sufficient to support the same. Please furnish the Exchange with your reply within one (1) market day from the date hereof. Yours faithfully LISA LAM Sector Head , Issues & Listing Group Regulations LL/ZOOS c.c. Securities Commission (via fax) TAP RESOURCES: Details Proposal On Various Acquisitions ------------------------------------------------------- On behalf of the Board of Directors of TAP Resources Berhad (TAP), Alliance Merchant Bank Berhad (Alliance) disclosed to Bursa Malaysia Securities Berhad that the Company proposes to undertake: (i) Proposed Times Enterprise Acquisition Proposed acquisition of 1,470,000 ordinary shares of Thai Baht 10 each in Times Enterprise Co. Ltd (Times Enterprise) (Times Enterprise Shares) representing 49 percent equity interest in Times Enterprise for a total purchase consideration of RM6,860,000 to be satisfied by the issuance of 6,860,000 new ordinary shares of RM1.00 each in TAP (TAP Shares) at par; (ii) Proposed Sulta Nate Acquisition Proposed acquisition of 2,400 ordinary shares of Thai Baht 100 each in Sulta Nate Interiors Co. Ltd (Sulta Nate) (Sulta Nate Shares) representing 48% equity interest in Sulta Nate for a total purchase consideration of RM336,000 to be satisfied by the issuance of 336,000 new TAP Shares at par; (iii) Proposed Transturbo Acquisition Proposed acquisition of 510,000 ordinary shares of RM1.00 each in Transturbo Engineering Sdn Bhd (Transturbo) (Transturbo Shares) representing 51% equity interest in Transturbo for a total purchase consideration of RM4,335,000 to be satisfied by the issuance of 4,335,000 new TAP Shares at par; (iv) Proposed SGE Acquisition Proposed acquisition of 360,030 ordinary shares of RM1.00 each in Specialist Grouting Engineers Sdn Bhd (SGE) (SGE Shares) representing 60% equity interest in SGE for a total purchase consideration of RM10,800,000 to be satisfied by the issuance of 10,800,000 new TAP Shares at par; (v) Proposed Kalansa Acquisition Proposed acquisition of 1,000,000 ordinary shares of RM1.00 each in Kalansa Energy Corporation Sdn Bhd (Kalansa)(Kalansa Shares) representing the entire equity interest in Kalansa for a total purchase consideration of RM9,000,000 to be satisfied by the issuance of 9,000,000 new TAP Shares at par; (vi) Proposed Sunquest Acquisition Proposed acquisition of 1,000,000 ordinary shares of RM1.00 each in Sunquest Sdn Bhd (Sunquest) (Sunquest Shares) representing the entire equity interest in Sunquest for a total purchase consideration of RM11,000,000 to be satisfied by the issuance of 11,000,000 new TAP Shares at par; (vii) Proposed Elastic Quantum Acquisition Proposed acquisition of 765,001 ordinary shares of RM1.00 each in Elastic Quantum Sdn Bhd (Elastic Quantum) (Elastic Quantum Shares) representing 51 percent equity interest in Elastic Quantum for a total purchase consideration of RM7,500,000 to be satisfied by the issuance of 7,500,000 new TAP Shares at par; (viii) Proposed Rights Issue Proposed renounceable two-call rights issue of up to 70,445,093 new TAP Shares (Rights Shares) together with up to 35,222,547 detachable warrants (Warrants) on the basis of two (2) Rights Shares together with one (1) free Warrant for every four (4) existing TAP Shares held, at par, payable in two (2) calls, as: (a) the first call of RM0.70 will be payable in cash upon application; and (b) the second call of the remaining RM0.30 will be payable out of the Company's share premium account; and (ix) Proposed Increase in Authorised Share Capital Proposed increase in the authorised share capital of TAP from RM200,000,000 comprising 200,000,000 TAP Shares to RM1,000,000,000 comprising 1,000,000,000 TAP Shares Details of the Proposals are set out in the attached file. This announcement is dated 8 June 2004. ===================== P H I L I P P I N E S ===================== BENPRES HOLDINGS: Issues News Article Clarification --------------------------------------------------- With reference to the news article entitled "Benpres forecasts turnaround" published in the June 8, 2004 issue of Today, Benpres Holdings Inc. issued to the Philippine Stock Exchange clarification of the said article which reported that: "Furthermore, Mr. Ong is confident the company would be able to wipe out its retained earnings deficit of PhP8.23 billion in the next four to five years, if its subsidiaries continue to generate strong income. Benpres is currently in talks with creditors for debt restructuring, proposing a 10-year debt-repayment program. Mr. Ong said at the end of 10 years, the debt is expected to either be fully paid or at a level that is quite manageable. However, there are still issues on security and pricing that has (sic) to be resolved with creditors. Benpres is also preparing to sell its interest in noncore assets to at third-party investor as a way to generate cash to pay off its debts. On the selling block are its interest in toll road (Manila North Luzon Tollway Corp.), property (Rockwell Land Corp.) and cable television (Beyond Cable). Mr. Ong said the company has been communicating with parties that would be interested in acquiring its stake in MNTC, but any sale will be likely finalized after the tollway project is completed and the government implements the tollrate increase." Benpres Holdings Corp., in its letter dated June 8, 2004 disclosed that: "Benpres would like to clarify the statement quoted from Mr. Angel Ong regarding the wipe out of Benpres' retained earnings deficit of PhP8.23 billion. Mr. Ong was referring to the expectation that there would be no major loss provisioning for liabilities from guarantees and commitments or from decline in value of investments. This assumes the positive resolution of the Maynilad Compromise Plan and the completion of the Beyond Cable restructuring and consolidation. At present, provisioning for losses is the most significant cost item in the Benpres financial statement. Benpres confirms the information in the second third and fourth paragraphs quoted from the Article." MANILA ELECTRIC: Creditors Extend Due Date of US$79M Loan --------------------------------------------------------- Creditors granted Manila Electric Co. (Meralco) three more months to repay a US$79 million short-term debt, BusinessWorld reports. Compared to previous extensions granted to Meralco, creditors this time did not require the power distributor to repay a portion of the loan. Meralco President Jesus P. Francisco is confident this will be the last extension, although he admits much depends on the outcome of the planned bond issuance this year. "We might be able to do a refinancing done in September. If we get that, there might be no need [for a new extension]," BusinessWorld quoted Mr. Francisco. The short-term loan is owed to Citibank, Bank of the Philippine Islands, Equitable PCI, and Banco de Oro. MANILA ELECTRIC: Releases List Of Newly-Elected Officers -------------------------------------------------------- Manila Electric Co. (Meralco) disclosed to the Philippine Stock Exchange the elected officers of the company during the Board of Directors organizational meeting held on June 8, 2004. To view full copy of the list, click http://bankrupt.com/misc/MANILAELECTRIC060904.pdf MUSIC SEMICONDUCTORS: Sets Annual Stockholders Meeting ------------------------------------------------------ Music Semiconductors Corp. disclosed to the Philippine Stock Exchange the schedule of its 2004 Annual Stockholders Meeting to be held on Friday, August 27, 2004, 2:00 p.m. at the Lubang Room of the EDSA Shangrila Hotel. The company has fixed June 22, 2004 as the record date for the purpose of determining the stockholders entitled to notice of and to vote at the said annual meeting of the stockholders. The company will immediately inform the Exchange of the agenda for the said meeting as soon as the same is finalized. NATIONAL POWER: Lopez Unit Pays US$1.5M for Agusan Hydro Plant -------------------------------------------------------------- First Generation Holdings Corp., the energy arm of the Lopez group, snatched National Power Corp.'s (Napocor) 1.6 megawatt (MW) Agusan Hydroelectric Power Plant, BusinessWorld says. First Generation's US$1.5 million bid topped two others submitted by Hydro Electric Development and Sta. Clara International Corporation. Proceeds from the sale will be used to ease the financial obligations of Napocor, according to Finance Secretary Juanita D. Amatong. Located in Manolo Fortich, Bukidnon, a province in Northern Mindanao, the power plant marks First Generation's venture into renewable energy, company Vice President Ernesto Pantangco told BusinessWorld. The plant, however, needs to undergo minor rehabilitation before it becomes operational. Ownership of the plant will be obtained once conditions precedent to the asset transfer would be met, he said. One of the most critical prerequisites is getting the consent of Napocor's creditors to transfer the asset to the Power Sector Assets and Liabilities Management Corp. (PSALM) so that the government can in turn transfer it to the winning bidder. The government expects to get the creditors' consent for the transfer of Napocor's debts and assets to PSALM by July or August. In addition to the sale of the Agusan plant, PSALM has set the bidding of the 0.4-MW Cawayan power plant for June 10 and the 1.8-MW Barit hydroelectric power plant for June 25. NATIONAL BANK: Allocates Php1B For SMEs --------------------------------------- Philippine National Bank (PNB) has earmarked at least PhP1 billion in funds to support a business loan program designed to meet the financial needs of the Filipino Small and Medium Enterprise (SME) market. In launching the PNB Small Business Loan Program, President and CEO Lorenzo V. Tan said the move to set aside the said amount concretizes the renewal of the Bank's commitment to the concerns of the Filipino entrepreneur. "The Bank believes in the potential of small entrepreneurs who together comprise over 96 percent of total registered businesses in the country," Mr. Tan said in a press release. "Unfortunately, very few local entities have been able to comply with traditional bank loan application requirements, and are therefore able to acquire loans from the formal banking sector," he added. The introduction of the new loan facility is the latest development in the Bank's long history of providing strategic assistance to small-scale businessmen. In the 70s, PNB's Bank on Wheels broke the rules of traditional lending when it delivered Masagana Crop Loans right at the farmers' rice fields. For several decades, the Bank also worked hand-in-hand with various government agencies charged with the promotion of export-oriented small and medium enterprises. In the 1990s, PNB vigorously espoused livelihood program in the countryside through Pangkabuhayan ng Bayan, an integrated livelihood program that won for the Bank a "Marketing Company of the Year" award from the Philippine Marketing Association in 1991. FSVP and Corporate Banking Head Michael O. De Jesus said the new facility provides servicing features that have been attuned for the SME businessman's various needs which have undergone change over time. "While similar to past loan assistance programs of the Bank, the PNB Small Business Loan Program offers a more SME- friendly approach especially in the areas of screening, loan processing and management for small and medium sized enterprises." However, he was quick to add "while the screening process for small business loans will be simplified, the high credit standards and safeguards recently installed by PNB's new management will not be compromised." At present, about 4,700 accounts, or 90 percent of, the Bank's business loan portfolio is accounted for by small enterprises with credit accommodations not exceeding PhP5 Million. Together, these loans account for only PhP3 Billion or less than 5 percent of the Bank's portfolio. The Bank wants to be able to reach out to as many small entrepreneurs as possible and expand the figure by about 50 percent for the remainder of 2004. To achieve this and be an effective catalyst for growth, it simplified its loan origination process and will utilize its extensive local branch network composed of 324 branches. Aside from providing business loans, PNB continues to be active in project financing, import and export trade financing services, as well as in providing consumer banking products such as housing and auto loans. PHILIPPINE LONG: Details Declaration Of Cash Dividends ------------------------------------------------------ In compliance with the disclosure requirements of the Philippine Stock Exchange, Philippine Long Distance Telephone Co. (PLDT) advises that during the meeting of the Board of Directors of the company on June 8, 2004, the following cash dividends were declared: (1) $1.029412 per outstanding share of The Company's Series III Convertible Preferred Stock, payable on July 15, 2004 to the holders of record on June 25, 2004. (2) P4.675 per outstanding share of the company's Series V Convertible Preferred Stock, payable on July 15, 2004 to the holders of record on June 25, 2004. (3) $.09925 per outstanding share of the company's Series VI Convertible Preferred Stock, payable on July 15, 2004 to the holders of record on June 25, 2004. (4) JY10.179725 per outstanding share of the company's Series VII Convertible Preferred Stock, payable on July 15, 2004 to the holders of record on June 25, 2004. PHILIPPINE LONG: Unveils Result Of Annual Stockholders Meeting -------------------------------------------------------------- Philippine Long Distance Telephone Co. disclosed to the Philippine Stock Exchange the results of the Annual Stockholders Meeting held on June 8, 2004. The following persons were elected as directors of the company for the ensuing corporate year: Antonio O. Cojuangco Helen Y. Dee Ray C. Espinosa Napoleon L. Nazareno Bienvenido F. Nebres Manuel V. Pangilinan Corazon S. de la Paz Albert F. del Rosario Pedro E. Roxas Juan B. Santos Teresita T. Sy Mitsuhiro Takase Shigeru Yoshida To view full copy of the Meeting's results click http://bankrupt.com/misc/PHILIPPINELONG060904.pdf PHILIPPINE LONG: Board Okays Unit's Debt Exchange Transaction ------------------------------------------------------------- Smart Communications Inc., a wholly-owned subsidiary of Philippine Long Distance Telephone Co. (PLDT), announced in a press release that the Board of Directors of PLDT has endorsed Smart's decision to proceed with the Pilipino Telephone Corp. (Piltel) debt Exchange transaction. As of to date, Smart had received offers from Piltel creditors representing approximately 69 percent in aggregate of hte outstanding restructured Piltel debt to sell their Piltel debt to Smart. Some Piltel creditors who opted not to participate in the transaction nonetheless have indicated that they will consent to certain amendments to the agreements governing Piltel's restructured indebtedness, thus permitting Smart to achieve its overall commercial objectives in proceeding to close the transaction. Given this development, the PLDT Board has authorized Smart to proceed with the transaction despite not having met the 75 percent aggregate acceptance level set earlier. Based on the offers received by Smart, the following is a breakdown of the options to be allocated to the participating Piltel creditors and their percentages of the total amount of Piltel's outstanding restructured debt: To view full copy of the breakdown of options, click http://bankrupt.com/misc/PHILIPPINELONG060904_3.pdf ================= S I N G A P O R E ================= CHARTERED SEMICONDUCTOR: Sees S$16M Second-quarter Profit --------------------------------------------------------- As computer components demand rises, chipmaker Chartered Semiconductor upped its profit outlook for second quarter to S$16 million (US$9.5 million) from the previous forecast of S$12 million (US$7 million), Channel News Asia reported Tuesday. The revised second-quarter earnings forecast includes charges of about S$10 million (US$6 million) to account for its minority stake in Silicon Manufacturing Partners, which owns one of Chartered production plants. The quarterly profit will be the company's second after three years of losses. TIONG POLESTAR: Issues Intended Preferential Dividend Notice ------------------------------------------------------------ Tiong Polestar Engineering Pte Ltd (In Liquidation) issued a notice of intended dividend as follows: Address of Registered Office: 29 Tuas Basin Link Singapore 638765. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 60 of 2000. Last day for receiving proof: June 18, 2004. Name of Liquidators: Jamshid K. Medora. Address: 9 Battery Road #13-10 Straits Trading Building Singapore 049910 JAMSHID K MEDORA Liquidator. This Singapore Government Gazette is dated June 4, 2004. =============== T H A I L A N D =============== PAE THAILAND: Unveils Extraordinary Shareholders Meeting -------------------------------------------------------- PAE (Thailand) PCL disclosed to the Stock Exchange of Thailand (SET) its Extraordinary Shareholders Meeting held on June 8, 2004, at 10:00 a.m. and passed the following material resolutions: (1) The Meeting acknowledged the Central Bankruptcy Court Order to cancel the Reorganization Plan dated 28 April 2004. (2) The Meeting acknowledged the Financial Statement of the Year 2003 and the Financial Statement for first quarter of the Year 2004. (3) The Meeting resolved to approve the resignation of the following Directors; (i) Mr. Narong Yamprasert (ii) Mr. Sanong Sirikulwatana (iii)Mr. Hatasakdi Na Pombeja And to appoint the new Directors and Independent Directors as follows; (1) Mr. Kobsak Chinawongwatana - Director (2) Mr. Pornsak Chinawongwatana - Director (3) Mr. Worasit Phokachaipat - Director (4) Mr. Kosol Chantikul - Independent Director (5) Mr. Suchart Suphayak - Independent Director (6) Mr. Hatasakdi Na Pombejra - Independent Director These directors are newly appointed did not replace any resigned directors. The Meeting resolved to approve the following names of the Authorized Directors who can sign on behalf of the Company: Mr. Kobsak Chinawongwatana or Mr. Pornsak Chinawongwatana signed together with Ms. Kesrin Ariyapongse or Mr. Kiat Boonyapo or Mr. Bruce Edward Daye together with the company seal affixed. (4) The Meeting resolved the appointment of Ernst & Young Office Limited as the auditors for the year 2004 with the list of the following auditors; (1) Ms. Ratana Jala; the auditor with the license no. 3734 or (2) Ms. Saifon Inkaew; the auditor with the license no. 4434 or (3) Mr. Ruth Chaowanagawi; the auditor with the license no. 3247 The remuneration for the audit is THB700,000 (Seven Hundred Thousand Baht) which includes THB400,000 (Four Hundred Thousand Baht) for the audit fee and THB100,000 (One Hundred Thousand Baht) per the audit of each quarter for the total of three quarters. (5) The Meeting resolved the amendment of the Memorandum of Association, Clause 3 regarding the Objectives by adding the company objectives from the original of 27 to 45 , the details are shown in attached document. Please be informed accordingly. Respectfully yours, (Bruce Edward Daye) (Ms. Kesrin Ariyapongse) General ManagerGeneral Manger ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. 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