/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040720.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, July 20, 2004, Vol. 7, No. 142 Headlines A U S T R A L I A NATIONAL AUSTRALIA: Names Ernst & Young As Auditor C H I N A & H O N G K O N G ACAPO LIMITED: Enters Winding Up Proceedings CLADTECH HONGKONG: Creditors Must Prove Debts by August 20 FINE-PAL COMPANY: Court Hears Winding Up Petition GIGALINK GROUP: Winding Up Hearing Slated on July 28 GOLDEN TIME: Winding Up Hearing Slated on August 4 HARBOUR FAITH: Winding Up Hearing Set August 4 JILIN CHEMICAL: Unaware of Reasons for Price Movement OPEN SOURCE: Winding Up Hearing Set August 4 I N D O N E S I A BANK PERMATA: Mandiri Mulls Majority Stake Buy GARUDA INDONESIA: To Reopen Medan-Kuala Lumpur Route MERPATI NUSANTARA: Plans Aircraft Purchases J A P A N ALL NIPPON: Seeks Domestic Code-Share Flights With SAL ATO KAIHATSU: Golf Course Starts Rehabilitation Proceedings MITSUBISHI MOTORS: METI Grants JPY550M Tax Break MITSUBISHI MOTORS: Names Members of Business Ethics Committee RESONA HOLDINGS: In Talks to Sell Showa Stake SOJITZ CORPORATION: Issues Statement on S&P's Rating Action UFJ HOLDINGS: Sumitomo Trust Files Legal Action UFJ HOLDINGS: Begins Talks To Enter Alliance With MTFG UFJ HOLDINGS: Mitsubishi Tokyo to Inject JPY300 by September K O R E A HYNIX SEMICONDUCTOR: Mattson Wins Multiple Orders from Chipmaker LG CARD: Shares Down 8.4% on Financial Concerns SSANGYONG MOTOR: Strike Worries Investors; Jeopardizes Sale M A L A Y S I A ANCOM BERHAD: Details Disposal Of 1,363,000 Ordinary Shares ANTAH HOLDINGS: Issues Update on Proposals CRIMSON LAND: SC Grants Extension On Implementation of Proposals KRETAM HOLDINGS: Issues Details In Interest Payment LION INDUSTRIES: Updates Second Deferment of 41,613,000 Shares OCEAN CAPITAL: Issues Change In Share Registrar TRU-TECH HOLDINGS: Updates Default in Payment Status UNZA HOLDINGS: Ordinary Shares Delisted P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: Parent Firm Clarifies News Article MANILA ELECTRIC: Earmarks PHP1Bln For Two New GIS MANILA ELECTRIC: Confirms Veracity of News Article PHILIPPINE BANK: Confirms Veracity of News Article PHILIPPINE BANK: Issues Clarification to News Article S I N G A P O R E CAPITALAND LIMITED: Announces Dissolution of Indirect Subsidiary HOCK CHUAN: Loses Whampoa Drive, Kim Keat Avenue Projects I.SECUREP HOLDINGS: Winding Up Hearing Scheduled July 23 KAITENG TECHNOLOGY: Court Hears Winding Up Petition LIM HONG: Faces Winding Up Hearing Petition LULEE METALS: Liquidating Despite Healthy Appearance NEW CIVILBUILD: Releases Dividend Notice RIOT ENTERTAINMENT: Issues Dividend Notice SMRT CORPORATION: Clarifies July 15 Bloomberg Report VICPLAS INDUSTRIES: Enters Winding Up Proceedings VIDEOTRAIN PRIVATE: Holds Final Meeting on August 16 XPLAN TECHNOLOGY: Creditors Must Submit Claims by August 13 T H A I L A N D RAIMON LAND: Notifies SET Re Board of Directors Meeting * BOND PRICING: For the Week 19 July to 23 July 2004 - - - - - - - - ================= A U S T R A L I A ================= NATIONAL AUSTRALIA: Names Ernst & Young As Auditor -------------------------------------------------- The Chairman of National Australia Bank (NAB)'s Audit Committee, Mr. John Thorn, on Monday announced that Ernst & Young was selected as a new external auditor of NAB for the 2004-2005 financial year. In a disclosure to the Australian Stock Exchange, the decision to change external auditor was announced on April 7 as part of the bank's overall change program Shareholders will be asked to approve the new auditor at the National's next Annual General Meeting. "Ernst & Young will provide the National Australia Bank with access to considerable financial services audit experience," Mr. Thorn said. "I would like to thank the National Australia Bank's current auditor KPM for their contribution over many years," he said. For further information: Brandon Phillips Group Manager Group Corporate Relations 0386 413 857 (work) 0419 369 058 (mobile) Samantha Evans Group Communications Adviser 03 8641 4982 (work) 0404 883 509 (mobile) Moody's Investors Service recently affirmed National Australia Bank (NAB)'s long- and short-term ratings of Aa3 / Prime-1 and its bank financial strength rating of B. The ratings outlook continues to be stable. Moody's had previously affirmed NAB's ratings on 13 and 27 January, 2004 in the wake of losses arising from unauthorized foreign exchange options trading. The affirmation follows disclosure by NAB that it has been required by the Australian Prudential Regulation Authority (APRA) to undertake remedial actions following the losses. ============================== C H I N A & H O N G K O N G ============================== ACAPO LIMITED: Enters Winding Up Proceedings -------------------------------------------- Notice is given that a Petition for the Winding up of Acapo Limited by the High Court of Hong Kong was, on June 14, 2004, presented to the said Court by Tang Kam Hon of No. 145 Wang Toi Shan Shan Tsuen, Pat Heung New Territories, Hong Kong. The said Petition will be heard before the Court at 10:00 am on July 28, 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention 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 27th day of July 2004. CLADTECH HONGKONG: Creditors Must Prove Debts by August 20 ---------------------------------------------------------- The creditors of Cladtech Hong Kong Limited, which is in Members' Voluntary Liquidation, are required (if they have not already done so), on or before the close of business on August 20, 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the liquidators of the said company at 8th Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong, and if so required by notice in writing from the said Liquidators, are personally or by their solicitors 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 deemed to waive all of such debts or claims and the Liquidators will be entitled, seven days after the above date, to distribute any and all surplus assets or funds available or any part thereof to the members. Kong Chi How, Johnson Joint and Several Liquidators. This announcement is dated July 16, 2004. FINE-PAL COMPANY: Court Hears Winding Up Petition ------------------------------------------------- A Petition for the Winding up of Fine-pal Company Limited by the High Court of Hong Kong was, on July 9, 2004, presented to the said Court by Li Chit Fung Raymond of Flat E, 13th Floor, Block 5, Phase 2, Tai Hing Garden, Tuen Mun, New Territories, Hong Kong. The said Petition will be heard before the Court at 10:00 am on August 11, 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. DEACONS Solicitors for the Petitioner, 5th Floor, Alexandra House 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 10th day of August 2004. GIGALINK GROUP: Winding Up Hearing Slated on July 28 ---------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Gigalink Group Limited by the High Court of Hong Kong was, on June 14, 2004, presented to the said Court by AIG Private Bank Limited of 16th Floor, AIA Building, 1 Stubbs Road, Hong Kong. The said Petition will be heard before the Court at 10:00 am on July 28, 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. JONES DAY Solicitors for the Petitioner, 31/F., Edinburgh Tower The Landmark, 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 27th day of July 2004. GOLDEN TIME: Winding Up Hearing Slated on August 4 -------------------------------------------------- A Petition for the Winding up of Golden Time Limited by the High Court of Hong Kong was, on June 19, 2004, presented to the said Court by Pak Fung Kin of Room 910, Block A, Mei Wai House, Mei Lam Estate, Shatin, New Territories, Hong Kong. The said Petition is scheduled before the Court at 9:30 am on August 4, 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. LAM FUNG & CO. Solicitors for the Petitioner, Rooms 1104-5, 11th Floor, Wai Fung Plaza 664 Nathan Road, Mongkok 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 3rd day of August 2004. HARBOUR FAITH: Winding Up Hearing Set August 4 ----------------------------------------------- A Petition for the Winding up of Harbour Faith International Industrial Limited by the High Court of Hong Kong was, on June 24, 2004, presented to the said Court by Bank of Communications whose principal place of business is situated at 20 Pedder Street, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 am on August 4, 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. JOHNSON STOKES & MASTER Solicitors for the Petitioner, 18th Floor, Prince's Building 10 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the 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 3rd day of August 2004. JILIN CHEMICAL: Unaware of Reasons for Price Movement ----------------------------------------------------- The Stock Exchange of Hong Kong has received a message from Jilin Chemical Industrial Company Limited, which is reproduced as follows: This statement is made at the request of The Stock Exchange of Hong Kong Limited. "We have noted the recent increases in the trading volume of the shares of the Company and wish to state that we are not aware of any reasons for such increase. We also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations, which are discloseable under rule 13.23, neither is the Board aware of any matter discloseable under the general obligation imposed by rule 13.09, which is or may be of a price-sensitive nature. Made by the order of the Board of Jilin Chemical Industrial Company Limited, the directors of which individually and jointly accept responsibility for the accuracy of this statement." By order of the Board Zhang Liyan Company Secretary. This announcement is dated July 16, 2004. OPEN SOURCE: Winding Up Hearing Set August 4 -------------------------------------------- Notice is given that a Petition for the Winding up of Open Source Development Limited by the High Court of Hong Kong was, on June 24, 2004, presented to the said Court by Bank of Communications whose principal place of business is situate at 20 Pedder Street, Hong Kong. The said Petition will be heard before the Court at 9:30 am on August 4, 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. JOHNSON STOKES & MASTER Solicitors for the Petitioner, 18th Floor, Prince's Building 10 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the 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 3rd day of August 2004. ================= I N D O N E S I A ================= BANK PERMATA: Mandiri Mulls Majority Stake Buy ---------------------------------------------- PT Bank Mandiri has expressed interest in the acquisition of a majority stake in PT Bank Permata, The Jakarta Post reports, quoting Mandiri President Edward Neloe. According to Mr. Neloe, they would bid for Permata if the government sets a low price for Indonesia's seventh-largest bank. He added that the government's touted sale price of 1.4 to 1.8 times Permata's book value was too cheap to pass up. PT Bank Mandiri may buy 51 or 71 percent of smaller rival PT Bank Permata and combine the two lenders if the state sets a reasonable price for the takeover. Permata, which was formed after a merger of five troubled banks in 2002, has IDR1.6 trillion in capital and assets of IDR29.6 trillion. Mandiri, on the other hand, is the country's largest bank with IDR249 trillion worth of assets. The government, which aims to raise IDR3 trillion (US$334.82 million) in cash from the Permata sale, is in the process of divesting 71 percent of its 97.17 percent stake in Permata to help plug its budget deficit forecasted to be at IDR24.4 trillion (US$2.71 billion). Bank Negara Indonesia, Bank Central Asia, Bank Panin, Bank Artha Graha, Singapore's Temasek Holdings and Standard Chartered Bank are also eyeing the Permata stake. GARUDA INDONESIA: To Reopen Medan-Kuala Lumpur Route ---------------------------------------------------- Indonesia's flag carrier Garuda Indonesia plans to resume its Medan-Kuala Lumpur flights late this year, Asia Pulse reported, citing Garuda official Nasrizal. The airline opted to pursue its plan to reopen the route after the release of a new Indonesian state policy offering fiscal- free facility to Mudan-Kuala Lumpur passengers starting July 16. Garuda is positive that the said route will promote tourism, investment and trade between the two destinations. Mr. Nasrizal is also confident that the airline will be able to vie with other airlines such as the Malaysian Air System (MAS), which is solely serving direct flights between Medan and Kuala Lumpur. MERPATI NUSANTARA: Plans Aircraft Purchases ------------------------------------------- Merpati Nusantara Airlines plans to acquire 20 new planes over the next two years, ABC Radio Australia reports. Merpati President-Director Hotashi Nababan said the purchases, worth almost US$67 million, would be funded from proceeds of a scheduled privatization program this year. The airline still awaits Parliament's approval of the plan. Merpati spokeswoman Gendu Rudati revealed the company will buy ten Boeing 737-300s and ten propeller aircraft. She added that some of the planes will seat 30 passengers to serve short routes to remote areas. ========= J A P A N ========= ALL NIPPON: Seeks Domestic Code-Share Flights With SAL ------------------------------------------------------ All Nippon Airways (ANA) and Shanghai Airlines (SAL) on Thursday applied for government approval to begin a wide-ranging marketing alliance on September 1, ushering in the first domestic code-share flights between a Chinese and Japanese airline, as well as code-share flights between international gateways. Subject to the go-ahead from the relevant authorities, from September 1 this year, Shanghai Airlines and ANA will jointly operate 21 flights per week between Shanghai (Pudong) and Tokyo (Narita) and Osaka (Kansai): one ANA daily return flight between Tokyo and Shanghai will carry the Shanghai Airlines' code (FM), as will two daily return flights between Osaka and Shanghai. Shanghai Airlines' daily Shanghai-Osaka return service will also operate under the ANA code (NH). This will bring the total number of flights carrying the ANA code between Japan and China to 161 per week. For the first time in the history of cooperation between Japan and China, domestic flights will also be covered by the agreement. One ANA-operated daily flight between Osaka (Kansai) and Tokyo (Haneda) will carry the FM code. Likewise, one Shanghai Airlines-operated daily flight will use the NH code between Shanghai and Shenzhen, as will two daily flights between Shanghai and Guangzhou. In total, 28 flights per week. The agreement will ease passenger connections between international and domestic sectors, in Japan and China, and give passengers the convenience of traveling under a single airline code. At the same time it will give both airlines greater exposure in each other's markets, and expand their international networks and capacity. "We are proud to be part of the first bilateral alliance between a Chinese and Japanese airline, which not only brings the convenience of a tie-up on domestic routes to our passengers, but also signifies a deepening of relations between China and Japan," said ANA President and CEO Yoji Ohashi. "It underlines our commitment to the dynamic and growing China market, and goes a step further in bringing our peoples and businesses together." "ANA is one of the famous international airlines which established a business relationship with Shanghai Airlines from an early stage. We have been cooperating with ANA since 2002 in many fields," said SAL President Mr. Fan Hongxi. "I sincerely hope the relationship between SAL and ANA can be a model of cooperation between a Chinese carrier and a Japanese carrier which seek development together." The domestic code-share in China comes as a natural progression from the connection service to Shenzhen and Guangzhou that ANA and Shanghai Airlines have been operating at Shanghai's Pudong Airport since October 2003. Complete with a dedicated desk and staff, it is designed to ensure smooth international to domestic transfers, and will continue for flights that are not covered by the new code-share agreement. In addition to Shenzen and Guangzhou, the city of Xiangfan also is included in the connection service. Summary of Return Code-share Flights from September 1 Tokyo (Narita)-Shanghai: ANA seven flights per week. Osaka-Shanghai: ANA 14 flights per week Shanghai Airlines seven flights per week. Tokyo (Haneda)-Osaka: ANA seven flights per week. Shanghai-Shenzhen: Shanghai Airlines seven flights per week. Shanghai-Guangzhou: Shanghai Airlines 14 flights per week. Contact: SAL Corporate Cultural Dept. Wang Wanlong: wangwl@shanghai-air.com ANA Public Relations Rob Henderson: r.henderson@ana.co.jp This is a company press release. ATO KAIHATSU: Golf Course Starts Rehabilitation Proceedings ----------------------------------------------------------- Ato Kaihatsu K.K., which has total liabilities of JPY12 billion against a capital of JPY10 million, has applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The public golf course is located in Seki-shi, Gifu, Japan. MITSUBISHI MOTORS: METI Grants JPY550M Tax Break ------------------------------------------------ Mitsubishi Motors Corporation (MMC) on Friday received approval from Japan's Ministry of Economy, Trade and Industry (METI) for its application to be covered by the Industrial Revitalization Law. In a company press release, the ministry approved the application on the condition that MMC places top priority on restoring trust in the company. In line with the law's objective, MMC is determined to push ahead with its revitalization plan by establishing a corporate culture that places top priority on compliance, customers, and safety. MITSUBISHI MOTORS: Names Members of Business Ethics Committee ------------------------------------------------------------- Mitsubishi Motors Corporation (MMC) on Friday announced the members of its Business Ethics Committee set up on June 29, the company announced on its Web site. The panel of outside experts will join the committee on July 22. CHAIRMAN Noboru Matsuda (Former senior public prosecutor and Governor of the Deposit Insurance Corporation of Japan) COMMITTEE MEMBERS Konoe Kawagishi (Former vice-chairman of Yomiuri Shimbun editorial committee; member of the Securities and Exchange Surveillance Commission). Takahiro Fujimoto (Professor at Tokyo University; head of the university's Manufacturing Management Research Center). Kazuko Miyamoto (Head of consumer research at the Nippon Association of Consumer Specialists; member of the Industrial Structure Council Consumer Policy Committee). Kazuo Mura (Lawyer; former managing director of the Resolution and Collection Corporation). Mitsubishi Motors' Business Ethics Committee will act as an advisory body for the company's board of directors, offering recommendations and making proposals on business ethics. The committee will also advise the company's Corporate Social Responsibility Promotion Office on auditing quality and reforming corporate culture and business ethics. The committee's secretariat, headed by Junzo Ishino, has already been set up in preparation for the committee's first meeting on July 22. To break from the past and turn itself into a trusted company, MMC is following a business policy, which places top priority on compliance, customers, and safety. The guidance and advice provided by the Business Ethics Committee will help the company beef up its monitoring of quality and corporate governance issues. RESONA HOLDINGS: In Talks to Sell Showa Stake --------------------------------------------- Resona Holdings Inc. is negotiating to sell its 14-percent stake in Showa Leasing Co. as it pays back the government for an US$18 billion bailout last year, Bloomberg News reports. The bank is in talks with General Electric Co., New York-based Cerberus Partners LP, Japan's Orix Corporation and Shinsei Bank Limited. The bank hired Deutsche Bank AG to advise on the sale. Showa leases computers, construction machinery and medical equipment and has a value of about JPY50 billion (US$460 million). Showa has 16 branches in Japan and one each in Hong Kong, Malaysia and China. Resona's losses nearly doubled in the year ended March 31 as it wrote off problem loans. The group lost JPY1.66 trillion, compared with a loss of JPY837.6 billion the previous year. SOJITZ CORPORATION: Issues Statement on S&P's Rating Action ----------------------------------------------------------- Standard and Poor's Ratings Services (S&P), last week announced the results of its ratings review for Sojitz Corporation. Sojitz Corporation is a consolidated subsidiary of Sojitz Holdings Corporation. S&P has maintained its "B+" ratings on both the company's senior unsecured bonds, and lowered its long-term corporate credit rating to "CCC." S&P also announced Sojitz Corporation's senior unsecured bonds and long-term corporate credit rating would remain on a "CreditWatch" status, with the possibility of further downgrade. Despite comments in S&P's press release acknowledging Sojitz Corporation's active efforts to dispose of problem assets and that Sojitz remains on track with its Business Plan (S&P refers it as a restructuring plan), following a review of Sojitz Corporation's Business Plan, S&P has determined that there is an increased likelihood that Sojitz will be forced to revise its Business Plan and seek financial support with a selective default in the form of debt forgiveness or a debt-for-equity swap. As stated in Sojitz comments in relation to an article on Thursday in the morning edition of the Asahi Newspaper, the Company is committed to its policy of continuing autonomous management efforts and has not currently approached UFJ Bank for financial support. Contrary to S&P's analysis, there are no changes in the Company's position and no concerns over the timely payment of all debt. Accordingly, the Sojitz Group does not agree with the reasons and timing of actions of S&P. In addition, in discussion with an S&P analyst responsible for the Sojitz Group, the Company was advised that the ratings action was not related to Sojitz Corporation's credibility, its business platform, or changes in financial position. The ratings action was in line with S&P's determination that relationship banks were more likely to be considering debt forgiveness or a debt-for-equity swap as measures relating to the company's obligations. A S&P analyst further commented that debt forgiveness by creditor banks or a debt-for-equity swap would provide some measure of reassurance to the company's corporate bondholders, general creditors, and customers. The Sojitz Group remains in position to make steady progress on its Business Plan with the cooperation of its customers, shareholders and financial institutions. This is a company press release. UFJ HOLDINGS: Sumitomo Trust Files Legal Action ----------------------------------------------- Sumitomo Trust & Banking Co. Limited on Friday filed with the Tokyo District Court a motion for a provisional injunction to restrain UFJ Holdings, Inc. and the other companies within the UFJ Group from entering into discussions with, and providing information to, any third party in breach of the agreement reached with Sumitomo for management integration and joint operation of trust and custody businesses. For enquiries, please contact: Koichi Onaka, Head of IR Office, Financial Management Department The Sumitomo Trust & Banking Co., Ltd. Telephone: +81-3-3286-8354, Fax: 81-3-3286-4654 Source: Sumitomo Trust & Banking Co. Ltd. UFJ HOLDINGS: Begins Talks To Enter Alliance With MTFG ------------------------------------------------------ Mitsubishi Tokyo Financial Group, Inc. (MTFG; President & CEO: Nobuo Kuroyanagi) and UFJ Holdings, Inc. (UFJ; President and CEO: Ryosuke Tamakoshi announced Friday that they have agreed to commence discussions regarding a possible management integration in order to realize the goals set forth below. MTFG and UFJ will pursue discussions with the goal of reaching a basic agreement by the end of this month and completing the transaction during the first half of this fiscal 2005. 1) Purpose of management integration As the needs of customers in Japan and abroad diversify and become more sophisticated, MTFG and UFJ aim, through the management integration, to create a leading global comprehensive financial group that is competitive on a global basis, and to provide products and services of the highest quality. The management integration will create a highly competitive group with a strong presence in the core financial business areas of banking, trust banking, securities, investment trusts, credit cards and consumer finance, leasing and other areas. Through the ability to offer products and services across these various businesses, we can create a much stronger organization that can response flexibly and comprehensively to a wide range of diverse of customer needs. Further, the two groups are complementary, both in terms of their branch networks and their operations. By leveraging the respective strengths of each group and creating synergies through the management integration, UFJ will be able to take advantage of these efficiencies for strengthening the Company's line-up of products and services for its customers. Specifically, UFJ will be able to leverage its industry-leading domestic and overseas networks and its comprehensive financial services capabilities to further strengthen its ability to provide new ideas and strategies and competitive products to large corporate customers. With respect to medium and small- sized corporate customers, UFJ will strengthen its line-up lending-related products and services and adopt a more regionally focused sales approach. With regard to individual customers, UFJ will aim to improve customer convenience through the provision of 'one-stop shipping' while fully mobilizing its combined strengths to provide high quality products and services matched to the life stages of customers. In these ways, as a truly dependable comprehensive financial services group, we aim to contribute to the prosperity of our customers, society and economy and to raise shareholder value. 2) Memorandum of Understanding In connection with the commencement of discussions regarding management integration, the two groups have signed a memorandum of understanding regarding the following basic points of agreement. - Found on they key principles of trust a reliability, and through improved and strengthened corporate governance, the purpose of management integration of the two groups is to raise corporate value and create a significantly stronger comprehensive financial services group, and to contribute to the prosperity of their customers in Japan and abroad, of society and of the economy. - The two groups will commence discussions for the management integration of MTFG and UFJ and will also discuss MTFG's cooperation in the strengthening UFJ's capital. - All efforts will be made to reach a basic agreement on the specific details of the management integration and the strengthening of UFJ's capital by the 31st of July 2004. For a copy of the outline of the companies, go to http://bankrupt.com/misc/tcrap_ufj0717.pdf UFJ HOLDINGS: Mitsubishi Tokyo to Inject JPY300 by September ------------------------------------------------------------ Mitsubishi Tokyo Financial Group Inc. plans to infuse some JPY300 yen in capital into UFJ Holdings Inc. by September to help the UFJ group accelerate disposal of bad loans ahead of their planned merger next year, Kyodo News reports. Mitsubishi Tokyo and UFJ have signed an agreement to launch negotiations with the aim of integrating their operations during the April-September period of 2005. Meanwhile, Moody's Investors Service said Friday it has placed on review for possible upgrade the long-term credit ratings of the Bank of Tokyo-Mitsubishi, Mitsubishi Trust and Banking Corporation, UFJ Bank and UFJ Trust Bank. ========= K O R E A ========= HYNIX SEMICONDUCTOR: Mattson Wins Multiple Orders from Chipmaker ---------------------------------------------------------------- Mattson Technology, Inc., a leading supplier of advanced process equipment used to manufacture semiconductors, announced that it has won multi-product system orders from Hynix Semiconductor Inc., one of the world's leading manufacturers of memory chips, for the production of dynamic random access memory (DRAM) devices in its new T1 300 millimeter (mm) wafer fabrication plant in Ichon, South Korea, PR Newswire reports. Mattson's new Helios rapid thermal processing (RTP) and multiple Aspen III plasma tools, including the Aspen III ICPHT Strip system, are expected to be installed in Hynix' new fab for its 300 mm pilot line by the end of August 2004. A new Aspen III ICPHT utilizes an advanced RF plasma source and Mattson's proprietary inductively coupled plasma (ICP) technology to provide a wider process window for FEOL and BEOL strip applications. Featuring high-speed dual-wafer handling and a modular, dual-chamber design, the system provides excellent within-chamber and module-to-module repeatability. Enhanced features include an upgraded RF assembly and a redesigned heater block for increased strip rates, throughput, performance (throughput and process time improvements of 100% have been demonstrated for HDIS) and reliability. The ICPHT's high productivity and excellent process performance provide the low CoO required for cost-effective chip manufacturing. About Mattson Technology, Inc. Mattson Technology, Inc. is a leading supplier of semiconductor wafer processing equipment used in the fabrication of integrated circuits. The company's dry strip and RTP equipment utilize innovative technology to deliver advanced processing capabilities on high-productivity platforms for the fabrication of current- and next-generation devices. Since beginning operations in 1989, the company's core vision has been to help bring technology leadership and productivity gains to semiconductor manufacturers worldwide. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, Calif. 94538. Telephone: 800-MATTSON/510-657-5900. Fax: 510-492-5911. Internet: www.mattson.com. Contact: Lauren Vu of Mattson Technology, Inc., +1-510-492-6518, or fax, +1-510-492-2800, or lauren.vu@mattson.com. LG CARD: Shares Down 8.4% on Financial Concerns ----------------------------------------------- Shares in LG Card Co. Ltd. slumped 8.4 percent on Monday as investors viewed the stock as overvalued given its shaky financial structure and uncertainties over future support by creditors, according to Reuters. Creditors agreed last week to proceed with a KRW2.5 trillion (US$2.2 billion) debt-for-equity swap for the credit card company. The Company needs fresh funds to maintain the minimum capital to stay listed as a slow domestic economy and a mountain of bad debt delay the firm's turnaround. SSANGYONG MOTOR: Strike Worries Investors; Jeopardizes Sale ----------------------------------------------------------- Ssangyong shares dropped 1.9 percent Monday as investors speculated the labor unrest at the company might affect its sale to a foreign investor, Reuters says. Union workers yesterday staged a seven-hour strike. They threatened to repeat the work stoppage for another seven hours today and, if management continues to ignore their demand for a wage hike, they plan to launch a whole-day strike in the days ahead. Both sides will again meet today, July 20, to attempt to settle their differences, the newswire said. =============== M A L A Y S I A =============== ANCOM BERHAD: Details Disposal Of 1,363,000 Ordinary Shares ----------------------------------------------------------- In a disclosure to Bursa Malaysia Securities Berhad, Ancom Berhad announced the details of the Disposal of 1,363,000 Ordinary Shares of RM1.00 each in Material Performance Engineering Sdn Bhd. (1) Introduction Ancom Berhad (Ancom) wishes to announce that it has entered into a Sale and Purchase Agreement (SPA) on Friday with Total Oil Technologies Sdn Bhd (TOT) for the disposal of its entire 1,363,000 ordinary shares of RM1.00 each representing 24.9 percent equity interest in Material Performance Engineering Sdn Bhd (MPE) for cash consideration of RM1,363,000 (Disposal). (2) Information on TOT and MPE (2.1) TOT TOT is a wholly owned subsidiary of Wah Seong Corporation Berhad (WSC), a company listed on the Main Board of Bursa Malaysia Securities Berhad. (2.2) MPE MPE is principally involved in the manufacturing, supply and installation of sacrificial anodes, provision of cathodic protection services and equipment, special paint coating services and provision of technical training services on corrosion protection. MPE is currently a 72.5 percent owned subsidiary of Botco Sdn Bhd (Botco), a subsidiary of WSC. (3) The Disposal (3.1) Rationale The Disposal represents a divestment by Ancom of its non-core investment. (3.2) Sale Consideration The sale consideration of RM1,363,000 or RM1.00 per ordinary share was negotiated on a willing buyer willing seller basis based on the par value of the ordinary shares. The sale consideration will be settled in full by TOT on the completion date as defined in the SPA. The Disposal is expected to be completed by the end of July 2004. The sale proceeds to be received will be used by Ancom as working capital of the Company. (3.3) Original Cost of Investment The original cost of the 1,363,000 ordinary shares is RM1,363,000 and the ordinary shares were held by Ancom since 12 December 2003. (3.4) Approvals The Disposal is not subject to the approvals of the shareholders of the Company and any other authorities. (4) Effects of the Disposal The Disposal is not expected to have any effect on the share capital, consolidated earnings and net tangible assets of the Ancom group for the financial year ending 31 May 2005. Ancom will cease to have any interest in MPE after the Disposal. (5) Directors' and Substantial Shareholders' Interests None of the Directors or substantial shareholders of Ancom or persons connected to them is interested, directly or indirectly, in the Disposal. En. Mohd Nizam Abdul Razak (En. Nizam), the Chairman and a 25 percent substantial shareholder of Botcoand a Director of MPE, is the brother of Dato' Johari Razak, the Executive Chairman of Ancom. Dato' Johari Razak currently holds 0.38% equity in Ancom. En. Nizam has a 0.41 percent shareholding in WSC and insignificant indirect shareholding in Ancom. En. Mohd Azlan Mohammed (En. Azlan), a Director of Botco and MPE and a 10 percent substantial shareholder of Botco, is also a Director of a few subsidiary companies of Ancom. En. Azlan has a 0.62 percent shareholding in WSC and insignificant indirect shareholding in Ancom. (6) Directors' Statement Having considered all aspects of the Disposal, the Board of Directors is of the opinion that the Disposal is in the best interest of the Company. This announcement is dated 16 July 2004. Contact: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 ANTAH HOLDINGS: Issues Update on Proposals ------------------------------------------ Antah Holdings Berhad disclosed to Bursa Malaysia Securities Berhad an update on the following proposals: - Proposed Debt Restructuring and - Proposed Two-Call Rights Issue (1) INTRODUCTION We refer to the announcement dated 7 November 2003 wherein the Board of Directors of Antah has resolved to implement a restructuring scheme which shall include amongst other, a debt restructuring scheme involving the financial institution lenders and other creditors of the Antah group of companies (Antah Group). Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of Directors of Antah is pleased to announce that the Company proposes to undertake the: (i) Proposed settlement and/or compromise of the liabilities (including contingent liabilities) owing by Antah to certain of its creditors (Scheme Creditors) amounting to RM222,749,664 as at 30 June 2003, to be implemented by mutual agreement or if required, by way of a scheme of arrangement pursuant to Section 176(1) of the Companies Act, 1965 (Act), the principal terms and conditions of which are set out in Section 2.1 below (Proposed Debt Restructuring); and (ii) Proposed renounceable two-call rights issue of up to 67,926,093 new ordinary shares of RM0.50 each in Antah (Rights Shares) to be credited as fully paid-up at an indicative issue price of RM0.50 per Rights Share, of which the first call of RM0.30 per Rights Share which shall be paid in cash on application and the second call of RM0.20 per Rights Share shall be payable out of the share premium account of Antah on the basis of one (1) Rights Share for every five (5) existing ordinary shares of RM0.50 each in Antah (Antah Shares or Shares) held on an entitlement date to be determined later (Proposed Two-Call Rights Issue). In addition, the Company is also currently in negotiations with various parties for the proposed acquisition of new assets, with the intention of enhancing the earnings of the Antah Group, details of which will be announced upon the finalisation of the terms and conditions. (2) DETAILS OF THE PROPOSALS (2.1) Proposed Debt Restructuring The Proposed Debt Restructuring is envisaged to entail: (2.1.1) Class A - Secured Financial Institutions (FI) Creditors As at 30 June 2003, the amount owing by Antah to its secured FI creditors (Secured FI Creditors) (including contingent liabilities) is RM153,529,676. The proposed compromise and settlement with the Secured FI Creditors shall be based on the following principal terms: (i) All interest, penalty and all other charges are to be accrued up to 30 June 2003. All interest, penalty and all other charges after 30 June 2003 are to be waived; (ii) Settlement of RM1.00 for every RM1.00 of the amount owing as at 30 June 2003 (taking into account subsequent repayments, if any) by way of restructuring the liabilities into a term loan which will be secured by the existing security held by the respective Secured FI Creditors; and (iii) Termination, withdrawal and/or discontinuance by the Secured FI Creditors of all proceedings whatsoever, if any, against Antah and or its subsidiaries. (2.1.2) Class B - Unsecured Creditors (above RM200,000) As at 30 June 2003, the amount owing by Antah to its unsecured creditors (above RM200,000) (Unsecured Creditors) (including contingent liabilities) is RM69,219,988. The proposed compromise and settlement with the Unsecured Creditors shall be based on the following principal terms: (i) All interest, penalty and all other charges are to be accrued up to 30 June 2003. All interest, penalty and all other charges after 30 June 2003 are to be waived; (ii) Settlement of RM1.00 for every RM1.00 of the amount owing as at 30 June 2003 (taking into account subsequent repayments, if any), by way of issuance by Antah of: (a) up to RM34,609,994 nominal value of 6-year 3 percent redeemable convertible unsecured loan stocks (RCULS); and (b) up to RM34,609,994 nominal value 3 percent irredeemable convertible unsecured loan stocks (ICULS). (iii) Termination, withdrawal and/or discontinuance by the Unsecured Creditors of all proceedings whatsoever, if any, against Antah and or its subsidiaries. Each RM0.50 nominal value of RCULS and ICULS can be convertible into one (1) Antah Share respectively. As the RCULS and ICULS are proposed to be listed on the Main Board of Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Berhad) (Bursa Securities), Antah shall issue such additional number of RCULS and ICULS to meet the public spread requirement. Details of the Proposed Debt Restructuring will be announced accordingly when all terms and conditions have been finalised. (2.2) Proposed Two-Call Rights Issue The Proposed Two-Call Rights Issue involves a two-call rights issue of up to 67,926,093 new Rights Shares to be credited as fully paid-up at an indicative issue price of RM0.50 per Rights Share, to be implemented on a renounceable basis on the basis of one (1) Rights Share for every five (5) existing Antah Shares held on an entitlement date to be determined later. The indicative issue price of RM0.50 per Rights Share shall be payable in the following manner: (a) a first call of RM0.30 per Rights Share which shall be payable in cash on application; and (b) a second call of RM0.20 per Rights Share shall be payable out of Antah's share premium account. Antah's audited share premium account amounts to RM329.8 million as at 30 June 2003. Based on the indicative second call of RM0.20 per Rights Share, an amount of up to RM13,585,219 will be capitalised from the Company's share premium account. (2.2.1) Pricing of the Rights Shares The final issue price of the Rights Shares and will be determined at a later date based on market-based principles and at a level which is in the best interest of the Company. (2.2.2) Ranking of the Rights Shares The Rights Shares shall, upon allotment and issue, rank pari passu in all respects with existing Antah Shares, save and except that they shall not be entitled to any dividends, rights, allotments and/or other distributions, the entitlement date of which is prior to the date of allotment of the Rights Shares. (2.2.3) Proposed Utilization of Proceeds Based on the indicative issue price of RM0.50 per Rights Share and the cash call price of RM0.30 per Rights Share, the Proposed Two-Call Rights Issue will raise proceeds of up to RM20.378 million, which shall be utilized to finance the Antah Group's property development projects, working capital and to defray the expenses incidental to the Proposals. (2.2.4) Underwriting Arrangement Details of underwriting arrangement and/or undertaking to subscribe by Antah's existing shareholders for the Proposed Two- Call Rights Issue will be finalized and announced accordingly at a later date. (3) RATIONALE FOR THE PROPOSALS (3.1) Proposed Debt Restructuring Based on the Antah's consolidated audited accounts for the financial year ended 30 June 2003, the total borrowings of the Antah Group amounts to RM460.98 million and the Antah Group is in a net current liabilities position of RM106.15 million. The main objective of the Proposed Debt Restructuring is to provide Antah the necessary time to unlock the value of its assets in order to return the Antah Group to better financial standing and profitability as well as to enhance the cash flow position of the Antah Group, thereby benefiting all stakeholders. (3.2) Proposed Two-Call Rights Issue The Proposed Two-Call Rights Issue will allow the Antah Group to raise equity funds to finance its core business operations. In addition, the Proposed Two-Call Rights Issue will provide an opportunity for the existing shareholders of Antah to further their equity participation in the Company. (4) EFFECTS OF THE PROPOSALS The proforma effects of the Proposals on the share capital, NTA, gearing and substantial shareholdings of Antah can only be determined upon finalization of the detailed terms of the Proposals. A detailed announcement will be made in due course upon finalization of the aforesaid terms. The Proposals are expected to contribute positively to the future earnings of Antah. (5) CONDITIONS OF THE PROPOSALS The Proposals are subject to and conditional upon the approvals from: (a) The SC; (b) The SC (on behalf of FIC); (c) Bursa Securities for: (i) The admission to the Official List and the listing of and quotation for the RCULS and ICULS to be issued pursuant to the Proposed Debt Restructuring; (ii) The listing of and quotation for the new Antah Shares to be issued pursuant to the conversion of the RCULS and ICULS; and (iii) The listing of and quotation for the new Antah Shares to be issued pursuant to the Proposed Two-Call Rights Issue; (d) The shareholders of Antah at an extraordinary general meeting to be convened; (e) The Scheme Creditors; and (f) Other relevant authorities (if necessary). The Proposed Two-Call Rights Issue is conditional upon the Proposed Debt Restructuring. However, the Proposed Debt Restructuring is not conditional upon the Proposed Two-Call Rights Issue. (6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST Save for their interest as shareholders, none of the Directors and/or substantial shareholders and/or persons connected to the Directors and substantial shareholders has any interest, direct or indirect, in the Proposals. (7) ADVISER Avenue has been appointed as the adviser for the Proposals. (8) OTHER MATTERS A detailed announcement in compliance with the relevant provisions of the Listing Requirements of Bursa Securities will be made in due course upon the finalization of the detailed terms of the Proposals. The Proposals are expected to be completed within twelve (12) months from the date of this announcement. This announcement is dated 16 July 2004. Contact: Antah Holdings Berhad 9577 Jalan SS16/1 Subang Jaya 47500 Petaling Jaya Selangor Telephone: 03-5632 8668 Fax: 03-5635 1234 CRIMSON LAND: SC Grants Extension On Implementation of Proposals ---------------------------------------------------------------- Crimson Land Berhad disclosed to Bursa Malaysian Securities Berhad the following proposals: - Proposed Rights ICULS Issue with Warrants - Proposed Acquisition; - Proposed Debt Restructuring; and - Proposed Increase in Authorized Share Capital Reference is made to the announcements dated 26 July 2002, 8 August 2002, 27 November 2002, 16 December 2002, 3 January 2003, 22 January 2003, 24 February 2004, 9 March 2004, 29 March 2004, 31 March 2004, 18 May 2004, 24 June 2004 and 30 June 2004 in relation to the Proposals. Alliance Merchant Bank Berhad, on behalf of the Board of Directors of Crimson, wishes to announce that the Securities Commission, via its letter dated 14 July 2004, has granted an extension of time up to 20 April 2005 for Crimson to implement the Proposed Rights ICULS Issue with Warrants and the Proposed Debt Restructuring. This announcement is dated 16 July 2004 Contact: Crimson Land Berhad 5, Persiaran Lidcol Off Jalan Yap Kwan Seng 50450 Kuala Lumpur Telephone: 03-2162 8099; Fax: 03-2162 8711/2161 5045 KRETAM HOLDINGS: Issues Details In Interest Payment --------------------------------------------------- Kretam Holdings Berhad disclosed to Bursa Malaysia Securities Berhad the details of interest payment. EX-date :05/08/2004 Entitlement date :09/08/2004 Entitlement time :05:00:00 PM Entitlement subject :Interest Payment Entitlement description: Second interest payment on RM87,406,000 Nominal Amount of 1 percent Irredeemable Convertible Unsecured Loan Stocks 2003/2010 (ICULS 2003/2010). A Depositor shall qualify for entitlement only in respect: (a) ICULS 2003/2010 transferred into the Depositor's Securities Account before 4:00 p.m. on 9 August 2004 in respect of ICULS 2003/2010 transfers; and (b) ICULS 2003/2010 bought on Bursa Malaysia on a cum entitlement basis according to the Rules of Bursa Malaysia Period of interest payment :11/02/2004 to 10/08/2004 For year ending/Period ending/ended : Share transfer book & register of members will be closed from (both dates inclusive) for the purpose of determining the entitlements :09/08/2004 to 09/08/2004 Registrar's name ,address, telephone no: Lawco Corporate Services Sdn Bhd Suite 6.01, Level 6, Wisma Technip, 241, Jalan Tun Razak, 50400 Kuala Lumpur Telephone: 03-27301811 Fax: 03-21487868 Payment date: 10/08/2004 (a) Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 09/08/2004 (b) Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit: (c) Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. Number of new shares/securities issued (units) (If applicable): 87406000 Entitlement indicator: Percentage Entitlement in percentage (%): 1 Remarks: Interest of 1 percent per annum payable semi-annually in arrears. LION INDUSTRIES: Updates Second Deferment of 41,613,000 Shares -------------------------------------------------------------- Lion Industries Corp. Berhad disclosed to Bursa Malaysia Securities Berhad the Second Deferment of the redemption date of the 41,613,000 redeemable preference shares in Likom Computer System Sdn Bhd (LCS) held by LICB from 28 December 2003 to 28 June 2005 (Second Deferment). The company refers to the announcements dated 12 March 2004 and 17 May 2004 in relation to the Second Deferment. The Board of Directors of LICB wishes to announce that the parties to the Second Deferment have mutually agreed that the agreement to charge RM15.29 million nominal value Lion Diversified Holdings Berhad (LDHB) irredeemable convertible unsecured loan stocks (LDHB ICULS) and 11.17 million LDHB shares of RM0.50 each (LDHB Shares) as additional security by LCS in favour of LICB in consideration of the Second Deferment shall be executed in the following manner: (i) the charge of RM7.645 million LDHB ICULS and 5.895 million LDHB Shares has been executed by LCS in favour of LICB on 16 July 2004; and (ii) the charge of the remaining RM7.645 million LDHB ICULS and 5.275 million LDHB Shares which are subject to moratorium of a period of one (1) year from the date of allotment of the LDHB ICULS and LDHB Shares, i.e. 1 June 2004 (Moratorium Period), has been executed in escrow and shall be perfected upon the expiry of the Moratorium Period. Unless otherwise stated, defined terms used in this announcement shall carry the same meanings as defined in the previous announcements. OCEAN CAPITAL: Issues Change In Share Registrar ----------------------------------------------- Ocean Capital Berhad disclosed to Bursa Malaysia Securities Berhad the details of the changes of its shares registrar. Old registrar: Signet Share Registration Services Sdn. Bhd. New registrar: Symphony Share Registrars Sdn. Bhd. (formerly known as Malaysian Share Registration Services Sdn. Bhd.) Address: Level 26, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah 50100 Kuala Lumpur Telephone Number: 03-27212222 Facsimile Number: 03-27212530 Effective date: 19/07/2004 Remarks: Merger of Signet Share Registration Services Sdn. Bhd. with Symphony Share Registrars Sdn. Bhd. TRU-TECH HOLDINGS: Updates Default in Payment Status ---------------------------------------------------- Tru-Tech Holdings Berhad issued to Bursa Malaysia Securities Berhad its monthly announcement on the status of Default of Coupon Payment on RM55,000,000 nominal amount of redeemable unsecured loan stock (RULS) and default of monthly deposit of RM1,200,000 into the Sinking Fund Account under Practice Note 1/2001. Further to the announcement dated 18 June 2004 on the above matter, Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of Tru-Tech, wishes to announce that there has been no material development in respect of the Default pursuant to Practice Note 1/2001. Avenue on behalf of the Company, wishes to announce that the Company will not be able to make the monthly deposit of RM1,200,000 due on 17 July 2004 for the purposes of redemption of the RULS, due to Tru-Tech's current tight cashflow position. The monthly deposit was required in accordance with the terms of the Trust Deed dated 18 October 1996 as amended by the Supplemental Trust Deed dated 16 November 2001 and the 2nd Supplemental Trust Deed dated 10 September 2003 (collectively, the Trust Deed) (Deposit Default). The financial and legal implications to Tru-Tech in respect of the Deposit Default are similar to that of the Default, which had been set out in the announcement dated 17 October 2003. The Company is also presently in discussion with the RULS holders to address the Deposit Default. The principal outstanding of all other credit facilities granted to Tru-Tech and its subsidiaries as at 30 June 2004 is set out in Table 1 of the Appendix to this announcement. This announcement is dated 16 July 2004. For more information, click http://bankrupt.com/misc/tru-techholdings071904.doc Contact: Tru-tech Holdings Berhad Lot 45, Batu 12 Jalan Johor Bahru - Kota Tinggi Mukim Plentong 81800 Ulu Tiram Johor Telephone: 07-8615220 Fax: 07-8616371 UNZA HOLDINGS: Ordinary Shares Delisted From Official List ---------------------------------------------------------- Kindly be advised that the entire issued and paid-up ordinary shares of Unza Holdings Berhad will be removed from the Official List of Bursa Malaysia Securities Berhad effective 9:00 a.m., Thursday, 22 July 2004, pursuant to paragraphs 8.15(5) and 16.09(b) of the Listing Requirements. ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: Parent Firm Clarifies News Article ------------------------------------------------------------ Benpres Holdings Corp. the parent firm of Bayan Telecommunications Inc. (BayanTel) issued to the Philippine Stock Exchange a clarification to the news article entitled "Court Oks BayanTel Rehab" published in the July 16, 2004 issue of BusinessWorld (Internet Edition). The article reported that: "A Pasig Regional Trial Court approved recently the financial rehabilitation of debt-saddled Bayan Telecommunications, Inc. (BayanTel), about a year after its creditors led by the bank of New York corporate recovery case. Pasig Regional Trial Court Branch 158 Judge Rodolfo R. Bonifacio, in a decision dated June 28, okayed the restructuring of the Lopez-led telephone firm's $325-million debt, and made it payable over 19 years. The court also said that all BayanTel debts that would not be covered by the restruturing should be converted into 'an appropriate instrument that shall not be a financial burden to the company." Benpres Holdings Corp., in its letter to the Exchange dated July 16, 2004, provided the following clarifications: (1) The Pasig Regional Trial Court approved the restructuring of BayanTel based on a sustainable debt of US$325 million, payable over 19 years. The news article implied that the court only approved the restructuring of BayanTel's debts. (2) It was the bondholders, not all creditors, who filed a petition for Court Rehabilitation of BayanTel. Their plan was based on a sustainable debt of US$471 million payable over 12 years." Contact: Bayan Telecommunications Inc, Investor Relations 3/F Bayantel Corporate Center Maginhawa corner Malingap Streets Teacher's Village East, Diliman Quezon City 1101, Website: http://www.bayantel.com.ph/ MANILA ELECTRIC: Earmarks PHP1Bln For Two New GIS ------------------------------------------------- Manila Electric Co. (Meralco) has allocated PHP1 billion to finance two new indoor substations, reports the Philippine Star. The indoor substations or gas-insulated switchgears (GIS) is part of Meralco's expansion program to provide better service in order to lessen power outages in the near term. Without the expansion, Meralco's service will definitely deteriorate and the capital expenditures (CAPEX) of the company will continue to drop due to financial problems, Meralco's team leader for substation, design and construction Jose Mari Melendres said. Meralco has to adjust its programmed CAPEX to PHP5.75 billion to cope up with its financial problems after the Supreme Court suspended its provisional authority to collect an additional 12 centavos per kilowatt-hour. "In two to three years' time, if the government will not do something about the financial problems of Meralco, there will be blackouts in our franchise area," Mr. Melendres warned. The previous cost of putting up a GIS was between PHP300 million to PHP350 million, but the cost has now increased up to more than PHP500 million, Mr. Melendres added. "Unlike the outdoor or conventional switchgear which is exposed, the GIS is designed to blend with the need of the environment," Mr. Melendres said. The GIS will be put up in Coastal Road in Para�aque and another one in Legaspi Village in Makati City. Construction of the Para�aque-based GIS already started in April, while the other GIS in Makati would be constructed next month and will be completed by February or March next year. Other switchyards will also be put up in Imus, Cavite; Urdaneta, Pangasinan; Santa Cruz, Laguna and Baliuag, Bulacan. Contact: MANILA ELECTRIC CO. Lopez Building Ortigas Avenue, Pasig City Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.) Fax Number: 631-5572 Email Address: corcom@meralco.com.ph Website: http://www.meralco.com.ph MANILA ELECTRIC: Confirms Veracity of News Article -------------------------------------------------- Manila Electric Co. (Meralco) disclosed to the Philippine Stock Exchange a clarification to the news article entitled "Meralco seeks new rate adjustment" published in the July 18, 2004 issue of the Philippine Daily Inquirer. The article reported that: "The Manila Electric Co. has asked for a generation rate adjustment mechanism (GRAM) of 17.37 centavos per kilowatt-hour for the February to April period, the full amount to be reflected in consumers' monthly electricity bills. If approved in full by the Energy Regulatory Commission, the generation component of Meralco customers' monthly energy bills will go up to PHP3.49 per kWh from the current PHP3.32 per kWh." Manila Electric Co. (MER) in its letter to the Exchange dated July 19, 2004 disclosed that: "Meralco has filed with the Energy Regulatory Commission (ERC) last July 9 for an adjustment in the Generation Charge component of its unbundled bill in compliance with the guidelines issued by ERC in February 24, 2003 on the Generation Rate Adjustment Mechanism (GRAM). This latest adjustment of 17.37 centavos pertains to generation costs incurred in February to May 2004 which Meralco already paid to its suppliers as well as underrecoveries in the generation charge for the same period resulting from the process of deferral of collection of generation costs prescribed by the GRAM. Since ERC has 45 days to review Meralco's GRAM submission, this adjustment in the generation charge is expected to impact the bills of Meralco customers starting September 2004. To this extent, Meralco confirms the veracity of the news article entitled 'Meralco seeks new rate adjustment' published in the July 18, 2004 issue of the Philippine Daily Inquirer. PHILIPPINE BANK: Confirms Veracity of News Article -------------------------------------------------- Philippine Bank of Communications (PBCom) issued to the Philippine Stock Exchange a clarification to the news article entitled "PBCom mulling PHP2-billion Tier 2 capital this year" published in the July 19,2004 issue of the BusinessWorld (Internet Edition). The article reported that: "Philippine Bank of Communications (PBCom) is mulling to raise PHP2 billion in additional capital this year under the Tier 2 scheme to strengthen its ability to cover for risks. PBCom president Isidro C. Alcantara, Jr. said this will further improve the capital adequacy ratio - a measure of a bank's ability to shoulder risks which stood at 16.76 percent during the first quarter, well above the 10 percent regulatory requirement. 'It is something we have to discuss. The board has been delegated to fix the amount. It is just exploratory. The bank has yet to ask approval from the Bangko Sentral ng Pilipinas (central bank). We still have to get stockholders' approval first then we will do the process of selecting the adviser and underwriter. The board has to finalize the terms. This is all part of the strengthening process,' Mr. Alcantara told reporters. 'If we do the Tier 2, that will rise to 35 percent, giving us the base for prudent expansion,' Mr. Alcantara said." Philippine Bank of Communications (PBC), in its letter to the Exchange dated July 19, 2004, stated that: "The company is confirming the veracity of the news article that appeared in BusinessWorld. The plan to raise additional capital under the Tier 2 scheme was formally taken up and duly approved in the Annual Stockholder's Meeting held last July 15, 2004. Initial preparations for the undertaking are currently ongoing." Contact: Philippine Bank of Communications PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City Telephone Number: 830-7000 (TL) Fax Number: 818-2576 (Telefax) Email Address: info@pbcom.com.ph Website: http://www.pbcom.com.ph PHILIPPINE BANK: Issues Clarification to News Article ----------------------------------------------------- In a disclosure to the Philippine Stock Exchange, Philippine Bank of Communications clarified the news article entitled "PBCom to sell PHP12 billion in idle assets by end-August" published in the July 16, 2004 issue of the BusinessWorld (Internet Edition). The article reported that: "Midsize commercial bank Philippine Bank of Communications (PBCom) expects to unload some PHP12 billion in bad assets from its books by the end of next month. In an interview with reporters, PBCom president Isidro C. Alcantara, Jr. said the bank will send out formal invitations to investors today for the planned bidding and sale of its bad assets scheduled on the third and fourth week of August. The asset sale will be arranged by KPMG Laya Mananghaya. Mr. Alcantara said out of the total asset portfolio that will be put on the auction block, 50 percent will be composed of nonperforming loans while the remaining half will be nonperforming assets, or those classified as real estate and other porperties owned or acquired (ROPOA). Meanwhile, PBCom expects to post PHP200 million in net income this year, or lower by 6.53 percent than last year's PHP213.98 million. The bank earlier said it expects a significant improvement in net interest income and a rise in trading gains in the second quarter that could reverse the bank's negative showing." Philippine Bank of Communications (PBC) in its letter dated July 16, 2004 which was received by the Exchange on July 19, 2004 which was received on July 19, 2004, stated: "The Company is confirming the veracity of the news article that appeared in BusinessWorld. However, PBCom wishes to clarify that the amount of nonperforming assets to be sold to a special purpose vehicle will range from PHP10 billion to more than PHP12 billion depending on the outcome of due diligence and the strategy to be eventually adopted by the Bank for the forthcoming auction." ================= S I N G A P O R E ================= CAPITALAND LIMITED: Announces Dissolution of Indirect Subsidiary ---------------------------------------------------------------- Further to the announcement made on March 12, 2003, the Board of Directors of CapitaLand Limited wishes to announce that its indirect 55%-owned subsidiary, eNabled Homes Pte Ltd (EHPL), which had been placed under members' voluntary liquidation, has been dissolved on July 15, 2004. The dissolution of EHPL is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand group for the financial year ending December 31, 2004. By Order of the Board Tan Wah Nam Company Secretary This announcement was submitted by the Company Secretary, Tan Wah Nam on 1July 16, 2004 to the Singapore Stock Exchange. HOCK CHUAN: Loses Whampoa Drive, Kim Keat Avenue Projects --------------------------------------------------------- Ailing Hock Chuan Ann Construction has lost two contracts with the Housing Development Board (HDB), Straits Times reports. HDB terminated its contract with Hock Chuan after noting the slow progress in its Whampoa Drive and Kim Keat Avenue projects. The board decided to re-tender the remaining 20% unfinished work. Earlier this month, Hock Chuan notified its creditors of its $13.4 million outstanding debt, a headache that adds up to a pay dispute with a sub-contractor of the Kim Keat project. The managing director of Steelwork Company Lai Yew Seng told his workers to remove close to $20,000 worth of steel works from the project last month, claiming he had not been paid for some time. Another sub-contractor, PSL Engineering, filed a winding up petition against the company, but Hock Chuan was able to dodge this by proposing a deal to repay creditors. Steelworks Company welcomed the decision of HDB: "the re-tender would give contractors and sub-contractors a better profit margin because the remaining works of the project will be valued at current levels, which are higher." The tender for the remaining 20 percent of the Kim Keat project closed Friday with Hock Guan Cheong giving the lowest $7.28 million bid. On the other hand, the bidding for the rest of the Whampoa project closed on Wednesday with Kienta Engineering Construction making the lowest offer of $4.23 million and $4.12 million. The tender results will be announced by the end of this month. HDB said it would work closely with the new contractors to ensure the projects are completed within the year. I.SECUREP HOLDINGS: Winding Up Hearing Scheduled July 23 -------------------------------------------------------- Notice is given that a Petition for the Winding Up of I.Securep Holdings Pte Ltd. by the High Court on the 9th day of June 2004, presented by Netplus Communications Pte Ltd., #08-02 The Octagon, Singapore 069534, Creditor. The said Petition is directed to be heard before the Court sitting at the High Court at 10.00 o'clock in the forenoon on Friday the 23rd day of July 2004. Any creditor or contributory of the said Company desiring to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the said Company requiring copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 105 Cecil Street, #08-02 The Octagon, Singapore 069534. The Petitioner's Solicitors are Messrs Legalworks Law Corporation of 138 Robinson Road, #13-08/10 The Corporate Office, Singapore 068906. Messrs LEGALWORKS LAW CORPORATION 138 Robinson Road #13-08/10 The Corporate Office Singapore 068906. Note: Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the above named Messrs Legalworks Law Corporation, the Petitioner's Solicitors, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than twelve o'clock noon on 22nd day of July 2004 (the day before the day appointed for the hearing of the Petition). This Singapore Government Gazette announcement is dated July 16, 2004. KAITENG TECHNOLOGY: Court Hears Winding Up Petition --------------------------------------------------- Notice is given that a petition for the winding up of Kaiteng Technology Singapore Pte Ltd. by the High Court was, on July 5, 2004, presented by Teo Kiang Kok, a creditor. The petition is directed to be heard before the Court sitting at the High Court of Singapore at 10.00 a.m. in the forenoon, on July 30, 2004. Any creditor or contributory of the company desiring to support or oppose the making of an order on the petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the company requiring the copy of the petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is at 11 Hill View Way, Singapore 669182. The Petitioner's solicitors are Messrs Shook Lin & Bok of 1 Robinson Road, #18-00 AIA Tower, Singapore 048542. Messrs SHOOK LIN & BOK Solicitors for the Petitioner. Note: Any person who intends to appear at the hearing of the petition must serve on or send by post to the Petitioner's solicitors, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitors (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 29th day of July 2004 (the day before the day appointed for the hearing of the petition). LIM HONG: Faces Winding Up Hearing Petition ------------------------------------------- Notice is hereby given that a Petition for the Winding Up of Lim Hong Heng Enterprise (Pte) Ltd. by the High Court was on the 8th day of July 2004 presented by BANK OF CHINA being the successors-in-title of THE KWANGTUNG PROVINCIAL BANK, a bank incorporated in the People's Republic of China and having a place of business at 4 Battery Road, Bank of China Building, Singapore 049908, a creditor. The Petition is directed to be heard before the Court sitting at Singapore at 10.00 o'clock in the forenoon on the 30th day of July 2004. Any creditor or contributory of the Company desiring to support or oppose the making of an Order on the Petition may appear at the time of hearing by themselves or their Counsel for that purpose; and a copy of the Petition will be furnished to any creditor or contributory of the Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 4 Battery Road, Bank of China Building, Singapore 049908. The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908. Messrs RAJAH & TANN Solicitors for the Petitioner. Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the Petitioner's solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitors (if any) and must be served, or, if posted must be sent by post in sufficient time to reach the Petitioner's solicitors not later than twelve o'clock noon of 29th July 2004 (the working day before the day appointed for the hearing of the Petition). LULEE METALS: Liquidating Despite Healthy Appearance ---------------------------------------------------- Lulee Metals surprised the industry by applying for liquidation recently, Business Times says. Accordingly, the unlisted metal trader has amassed debts of between $70 million and $80 million. Of this sum, $30 million are owed to DBS Bank, United Overseas Bank and OCBC Bank; and another $10-12 million to trade creditors. News of the winding up of the company, which generated $300 million in revenues last year, jolted the metal industry, the report says. A key player in the market, Lulee not only trades copper, stainless steel and aluminum, but also arranges deals between buyers and sellers of non-ferrous metals. The firm has been placed under provisional liquidation by Deloitte & Touche, which has 30 days under local laws to review Lulee's books before formally convening its creditors. NEW CIVILBUILD: Releases Dividend Notice ---------------------------------------- New Civilbuild Pte Ltd issues Notice of Dividend. Address of Registered Office: Formerly of 37 Kallang Pudding Road #09-02 Tong Lee Building Singapore 349315. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 123 of 1998. Amount Per Centum: 12.02%. First and Final or otherwise: First & Final Preferential Dividend. When Payable: 8th day of July 2004. Where Payable : The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Karen Loh Assistant Official Receiver. This Singapore Government Gazette announcement is dated July 16, 2004. RIOT ENTERTAINMENT: Issues Dividend Notice ------------------------------------------ Riot Entertainment Asia Pte Ltd. releases Notice of Dividend. Address of Registered Office: Formerly of 36 Robinson Road #18-01 City House Singapore 068877. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 600134 of 2002. Amount Per Centum: 0.0935%. First and Final or otherwise: First & Final Dividend. When Payable: 7th June 2004. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. CHAN WANG HO Assistant Official Receiver. This Singapore Government Gazette announcement is dated July 16, 2004. SMRT CORPORATION: Clarifies July 15 Bloomberg Report ---------------------------------------------------- SMRT Corporation Ltd (the Company or SMRT) wishes to clarify the following points in relation to the Bloomberg report on the Company dated July 15, 2004: (1) SMRT Engineering Pte Ltd (SMRTE), a 100 per cent owned subsidiary of the Company, is in the process of finalizing a technical consultancy agreement for the development of a monorail system in Jakarta, with PT. Jakarta Monorail, an Indonesian company, which has been awarded a Concession Agreement by the Indonesian authorities. (2) SMRTE has also been approached to provide consultancy services in Shanghai, in the areas of automatic train control and start-up operations. Parties are still in the process of negotiating the proposed consultancy agreement. (3) On SMRT's 14.6 per cent investment in MediaCorp Press Ltd ("MCP") held through its 100 per cent owned subsidiary, RFP Investments Pte Ltd, the Company had fully accounted for its share of losses in MCP to the extent of its cost of investment amounting to S$11.4 million in FY2003. SMRT does not intend to invest further in MCP and will dispose of its shares in MCP if offered a reasonable price. Submitted by S. Prema, Company Secretary on July 16, 2004 to the Singapore Stock Exchange. VICPLAS INDUSTRIES: Enters Winding Up Proceedings ------------------------------------------------- Notice is hereby given that a Petition for the Winding Up of Vicplas Industries Pte Ltd. by the High Court was on the 6th day of July 2004 presented by Bank of China, a bank incorporated in The People's Republic of China and having a place of business at 4 Battery Road, Bank of China Building, Singapore 049908, a creditor and that the Petition is directed to be heard before the Court sitting at Singapore at 10.00 o'clock in the forenoon on the 30th day of July 2004. Any creditor or contributory of the Company desiring to support or oppose the making of an Order on the Petition may appear at the time of hearing by themselves or their Counsel for that purpose; and a copy of the Petition will be furnished to any creditor or contributory of the Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 4 Battery Road, Bank of China Building, Singapore 049908. The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908. Messrs RAJAH & TANN Solicitors for the Petitioner. Note: Any person who intends to appear on the hearing of the Petition must serve on or send by post to the Petitioner's solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitors (if any) and must be served, or, if posted must be sent by post in sufficient time to reach the Petitioner's solicitors not later than twelve o'clock noon of 29th July 2004 (the working day before the day appointed for the hearing of the Petition). VIDEOTRAIN PRIVATE: Holds Final Meeting on August 16 ---------------------------------------------------- Notice is given that the Final General Meeting of the members of Videotrain Private Limited will be held at 756 Waverley Road, East Malvern, Victoria, Australia on 16th August 2004 at 10.00 am for the following purposes: (1) To receive an account from the Liquidators showing the manner in which the winding up has been conducted and the property of the Company disposed of, and to hear any explanations that may be given by the Liquidators. (2) To determine by resolution the manner in which the books, accounts and documents of the Company, shall be disposed of. Kon Yin Tong Wong Kian Kok William Caven Hutchison Joint Liquidators. Note: A member entitled to attend and vote at the Final Meeting is entitled to appoint a proxy to attend and vote in his stead. All proxies should be deposited at the Liquidators' Office not less than forty-eight hours before the time for holding the meeting or any adjournment thereof. A proxy need not be a member of the Company. XPLAN TECHNOLOGY: Creditors Must Submit Claims by August 13 ---------------------------------------------------------- Notice is hereby given that the creditors of X-plan Technology (Singapore) Pte Ltd, whose debts or claims have not already been admitted, are required on or before 13th August 2004 to submit particulars of their debts or claims and any security held by them to the liquidator. This should be done by delivering or sending through the post to the liquidator's address, a formal Proof of Debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. LIM SAY WAN Liquidator. c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809. This Singapore Government Gazette announcement is dated July 16, 2004. =============== T H A I L A N D =============== RAIMON LAND: Notifies SET Re Board of Directors Meeting ------------------------------------------------------- Raimon Land PCL, notified the Stock Exchange of Thailand (SET) on the resolutions of the Board of Directors meeting held on 16 July 2004, as: (1) Adoption of the Minutes of the Board of Directors meeting of the Company No. 9/2004. (2) Unanimous approval of the Interim Financial Statement of the Company and its subsidiaries for the three-month and six-month periods ended 30 June 2004. (3) Approval by a majority vote (Mr. Jeremy Lechemere King as the management of the certain funds that intend to subscribe the increase ordinary shares in this private placement abstained from the Vote) to offer the remaining 117,671,321 ordinary shares (after subscription of the existing shareholders by way of rights issue and excess rights) having a par value of THB1 per share to investors in private placement and/or institutional investors categorized under the Notification of the Securities and Exchange Commission, No. Kor. Jor. 12/2543; Re: the Application and Permission for Offering Newly Issued Shares, as authorized under the resolutions of the Shareholders Meeting of the Company No. 1/2004 held on 27 April 2004: (3.1) Offering Price: THB1 per share which is the same price that the Company offered to the existing shareholders during 17 to 21 May 2004. The offering price is based on the 98.06 percent of the market price where by the market price is calculated from the weighted average price of the trading of the Company shares during 3 June 2004 to 15 July 2004, being 30 (thirty) business days before (but excluding) the date of Board of Directors on Monday has a resolution. (3.2) Subscription and Payment Period: 19 July 2004 to 23 July 2004. The Criteria that the Board used for considering to offer the ordinary shares to the investor in private placement at the price lower than the market are as follows; (1) Criteria or conditions in offering the shares to the investors in private placement. The Board of Directors of the Company has considered that the offering of the shares to the investors in private placement and/or institutional investors will enable the Company to receive the funds in the short period of time and on schedule. (2) Criteria in determining the offering price. The Company determined the offering based on the price that the Company offered to the existing shareholders. If the offering price is compare with the market price, the price will be at 98.06% of the market price. (3) Benefits enjoyed by the Company from adopting an offer to the investors in private placement. (3.1) The Company would be mobilized fund in a short-time because these investors are interested to invest in the Company. (3.2) Expansion of the shareholders base in order to strengthen the stability of the Company. And approval by a majority vote with Mr. Jeremy Lechemere King abstained from vote to offer the remaining 117,671,321 ordinary shares to the investors in private placement and/or institutional investors as follows: Name Nature of Nationality No. of shares business (1) Mr. Teo Ek Tor - Singaporean 925,000 (2) Chelverton Dividend Fund Management UK 10,000,000 Income Fund Limited (3) Mr. Bee Tachaubol - Thai 3,000,000 (4) Mr. Charoen Korka - Thai 3,000,000 (5) Private funds by Seamico - Thai 25,000,000 Knight Fund Management Co., Ltd. (6) Knight Thai Opportunities Investments St.Kitts & Nevis 2,400,000 Fund by Knight Asian Company Investments Limited (7) Knight Asian Fund by Investments St.Kitts & Nevis 2,400,000 Knight Asian Company Investments Limited (8) Knight Thailand Fund by Investments St.Kitts & Nevis 1,200,000 Knight Asian Company Investments Limited (9) Knight Thai Strategic Investments St.Kitts & Nevis 19,750,000 Investments Limited Company (10) Knight Pacific Fund Limited Investments British Virgin 9,250,000 Company Islands (11) Mr. Adrian H.C. Fu - Hong Kong 20,000,000 (12) If Development Limited Investments Channel Island 10,746,321 Company (13) Integrity Asset Investments Samoa 4,000,000 Management(SFC) Company Limited (14) Mr. Bertrand Michaud - French 1,000,000 (15) Ms. Diane Delphine Droin - French 500,000 (16) Celtic International Limited Investments BVI 2,000,000 Company (17) Tremorland Securities Limited Investments BVI 2,500,000 Company Total 117,671,321 These investors do not want to participate in the management of the Company and are not the connected persons according to the Notification of the Stock Exchange of Thailand Re: Rules, Procedures and Disclosure of Connected Transactions of the Listed Companies. Please be informed, accordingly. Yours sincerely, Raimon Land PLC Nigel J. Cornick Chief Executive Officer Contact: RAIMON LAND PCL THE MILLENNIA TOWER, FLOOR 22, 62 LANGSUAN ROAD, LUMPINI, PATHUM WAN, Bangkok Telephone: 0-2651-9600-4 Fax: 0-2651-9614 * BOND PRICING: For the Week 19 July to 23 July 2004 ---------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 Australian Food & Fibre Ltd. 4.000% 12/4/08 10 Bendigo Bank Ltd 8.000% 5/29/49 10 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 10 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 9 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 10 Capital Properties NZ Ltd 8.500% 4/15/05 7 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 Citigold Corp. 12.000% 3/29/07 1 Consolidated Minerals Ltd 11.250% 3/31/05 1 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Djerriwarrh Investments Ltd 7.500% 9/30/04 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 7 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 9 Hy-Fi Securities Ltd 8.750% 8/15/08 13 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure and Utility 8.500% 9/15/13 8 New South Wales Treasury Corporation 0.500% 2/16/10 74 NPT Capital Ltd 9.500% 11/30/04 10 Nuplex Industries Ltd 9.300% 9/15/07 8 Powerco Ltd 8.150% 9/1/07 7 Powerco Ltd 8.400% 5/22/07 8 Queensland Treasury Corporation 0.500% 5/19/10 74 Richmond Ltd 10.750% 12/15/04 10 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sapphire Securities 7.410% 9/20/35 7 Sapphire Securities 9.160% 9/20/35 9 Sapphire Securities 9.250% 12/20/06 9 Sky Network Television Ltd 9.300% 10/29/49 8 Strathfield Group Ltd 11.000% 12/31/05 1 Structural Systems Ltd 11.000% 6/30/07 1 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 8 Urbus Properties Ltd 9.250% 3/10/07 1 Vision Systems Ltd 9.000% 12/15/08 2 CHINA ----- China Government Bond 2.600% 9/20/17 73 China Government Bond 2.900% 5/24/32 62 China Government Bond 3.400% 4/17/23 74 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 58 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 1.000% 2/25/08 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 5 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Killinghall Bhd 5.000% 4/13/09 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 Lebar Daun Bhd 2.000% 1/6/07 4 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 Lion Diversified Holdings Bhd 2.000% 6/1/09 1 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/5/12 1 Mithril Bhd 8.000% 4/5/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 MWE Holdings 5.500% 10/7/04 1 Naim Indah Corporation 0.500% 8/24/06 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Pantai Holdings 5.000% 3/28/07 1 Patimas Computer Bhd 6.000% 2/19/06 1 Poh Kong Holdings 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel Bhd 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 1 Wah Seong Corporation Bhd 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Rabobank Singapore 1.000% 1/15/13 70 Sengkang Mall Ltd 4.880% 11/20/12 1 Tampines Assets Ltd 5.625% 12/7/06 1 Tincel Ltd 5.000% 6/13/11 1 Tincel Ltd 7.400% 6/13/11 1 Tuesday's edition of the TCR-Asia Pacific delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Saturday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***