/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040723.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 23, 2004, Vol. 7, No. 145 Headlines A U S T R A L I A COLES MYER: To Set Up New Distribution Centers INTERNATIONAL FINANCE: Court Appoints Liquidator VILLAGE ROADSHOW: ATO Disallows Company Objections C H I N A & H O N G K O N G BOE TECHNOLOGY: Xinhua Far East Changes Outlook to Stable CHINA CONSTRUCTION: Bond Issue Kicks Off I-CHINA HOLDINGS: Announces Share Consolidation JINHUI HOLDINGS: Unaware of Reasons for Price, Turnover STYLAND HOLDINGS: Net Loss Narrows to HKD158M I N D O N E S I A BANK NEGARA: Launches New Company Logo BANK PERMATA: Government Plans Roadshow for Stake Sale BANK PERMATA: Maybank Eyes Majority Stake PERTAMINA: Forms Task Force To Check Oil Supply J A P A N JAPAN AIRLINES: To Launch "JAL Card Suica" Program K.K. SANSHO: Real Estate Firm Enters Bankruptcy KOBE STEEL: Ceases Production of EG Steel Sheet by March 2005 MATSUSHITA ELECTRIC: To Cut Production Costs in China by 20% MATSUSHITA ELECTRIC: Panasonic Sales Up 70% This Month MITSUBISHI MOTORS: U.S. Unveils Turnaround Plan, Cuts Staff MITSUBISHI MOTORS: Toyota to Hire 400 Okazaki Plant Workers SOJITZ CORPORATION: Clarifies Business Plan Revision Report TOSHIBA CORPORATION: Moody's Assigns JPY150B Bonds Baa1 Rating UFJ HOLDINGS: Sumitomo Denies Reported JPY60bln Demand From UFJ K O R E A HYNIX SEMICONDUCTOR: Creditors OK Debt Plan JINRO LIMITED: Merrill Lynch Likely to Manage Sale SSANGYONG MOTOR: Workers Stage Full-day Strike, Production Halts M A L A Y S I A ANCOM BERHAD: Purchases 76,500 Shares on Buy Back BERJAYA SPORTS: Buys Back 2,500,000 Shares FABER GROUP: Issues Additional 156,900 Ordinary Shares HAP SENG: BMSB Grants Listing of Additional 20,000 Shares HAP SENG: Issues Resale, Cancellation of Treasury Shares Notice KEMAYAN CORPORATION: Releases Details on Foreign Shareholdings NAIM INDAH: Issues Notice of Book Closure SIN HENG: Details Result of Renounceable Rights Issue TALAM CORPORATION: Updates Member's Voluntary Liquidation TAP RESOURCES: Issues Additional 18,000 Ordinary Shares UNZA HOLDINGS: Issues Update on Delisting of Shares P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: Revenues To Reach PHP5.7Bln This Year NATIONAL POWER: In Talks With South Africa For Coal Supply NATIONAL STEEL: Technical Committee Given Ample Time Re Petition PHILIPPINE LONG: Asks For Franchise Tax Exemption PILIPINO TELEPHONE: Sets Special Stockholders Meeting On Sept 3 S I N G A P O R E FHTK HOLDINGS: Citibank's Interest Changes FLEXTECH HOLDINGS: Holds Extraordinary General Meeting HUP INDUSTRIES: Issues Intended Dividend Notice HUP TRADING: Releases Notice of Intended Dividend ICF CONSULTING: Releases Resolutions Passed at July 6 EGM L&M GROUP: Chief Operating Officer Resigns NEW WAVE: Chairman Retires SHELFORD COLOUR: Court Hears Winding Up Petition T H A I L A N D NAKORNTHAI STRIP: Needs Funds To Run Hot-Rolled Steel Plant PREECHA GROUP: Appoints New Independent Director and Chairman RS PROMOTION: To Design New Cartoon Characters THAI GERMAN: Releases Progress Report of Reorganization Plan THAI WAH: Unable to Reach Agreement With Investor on Asset Sale * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= COLES MYER: To Set Up New Distribution Centers ---------------------------------------------- With Coles Myer shares reaching a five-year high, the Company announced that it is to reorganize its supply chain, Shaw Online reports. The retailer will set up 11 new sites and has launched a national adverting campaign in an attempt to identify the most suitable locations. The operations, which the company says carry an up-front cost of around $600 million, should deliver a $425 million per annum reduction in total supply chain costs by the 2008 financial year. INTERNATIONAL FINANCE: Court Appoints Liquidator ------------------------------------------------ Following an application by the Australian Securities and Investments Commission (ASIC), the Federal Court in Adelaide has ordered that International Finance Corporation Ltd (IFC), be wound up, the ASIC reported on its Web site. The court appointed Ms. Hillary Orr, of Hillary Orr & Associates, as liquidator of the company. The directors of IFC, Mr. Robin Brian Poumako, Ms. Ann-Marie Donaldson and Mrs. Janice Heather Poumako, consented to the winding up of IFC. IFC was involved in 'mezzanine financing', raising and lending funds for real estate developments, including Fernilee Lodge in Burnside, Adelaide. ASIC made the application after becoming concerned that the company was insolvent. On 24 February 2004, ASIC obtained interim orders preventing IFC and its directors from raising funds from investors. ASIC alleges IFC had raised over $3 million from more than 20 investors in breach of the fundraising provisions of the Corporations Act, and continued to raise funds after telling ASIC it would stop doing so. Most of the investors were located in Adelaide. ASIC was also concerned that the company had not kept proper books and records. Ms. Orr can be contacted by post at 255 Port Road, Hindmarsh SA 5007, or by telephone on 08 8270 8600. VILLAGE ROADSHOW: ATO Disallows Company Objections -------------------------------------------------- After close of trading on Wednesday, Village Roadshow Limited received oral advice from the Australian Taxation Office (ATO) that the objections to assessments issued in November 2002 were to be disallowed. The ATO originally assessed two subsidiary companies in relation to the 1992/93-year or the 1993/94-year for $110.1 million and $85.1 million respectively. In a disclosure to the Australian Stock Exchange, the Company has previously disclosed the disputed tax assessments as contingencies in its financial statements. The Company calculates that to 30 June 2004, inclusive of General Interest Charge, the amounts in dispute are now $131.7 million in relation to the 1993 assessment or, alternatively, $101.8 million in relation to the 1994 assessments. For the sake of clarity, the Company wishes to give some further background as to why there are two assessments. The ATO has decided to tax both the 1992/93-year and the 1993/94-year in relation to the same alleged event because it has been unable to determine whether the relevant taxing point occurred on 30 June 1993 or 1 July 1993. The Company advises therefore that it is reasonable to assume that the ATO's assessment, if successful, can only apply to one income tax year. The Company confirms its belief that all these disputed assessments will be overturned on appeal. The ATO's assessments and decisions will be vigorously challenged. The Company is of the view that it is adequately provisioned from both liability and cash perspectives in relation to this matter and its other current commitments. It is difficult to predict the time frame for the hearing of the appeal. However, with the cooperation of the ATO, it may be possible for this matter to be heard during the course of the next calendar year. For further information contact: Mr. Peter Foo, Finance Director 03 9667 6696 ============================== C H I N A & H O N G K O N G ============================== BOE TECHNOLOGY: Xinhua Far East Changes Outlook to Stable --------------------------------------------------------- Xinhua Far East China Ratings (Xinhua Far East), the pioneering undertaking to rank credit risk among Chinese corporations using international standards, today affirmed the BB (pi) long-term issuer credit rating of the BOE Technology Group Co Ltd (BOE or the Company, SZ 000725, SZ B 200725) and changed its rating outlook from negative to stable. BOE is an international integrated display product producer with operations in China, Korea and Hong Kong. Its main products include display devices such as TFT-LCDs (thin film transistor liquid crystal displays) and small display devices, and display terminals such as LCD monitors. The change in outlook is prompted by the fact that BOE has substantially reduced its financial gearing after an additional issue of B-shares in early 2004. In addition, as the display device industry has entered into the growth stage, the demand for display device products has been booming. As a result, the company's operating performance has improved significantly. In view of these factors, Xinhua Far East thinks that the negative pressure from financial risks and the external environment on BOE's ratings has been alleviated and thus changes its rating outlook to stable. Xinhua Far East notes that BOE's financial profile has also improved after this additional issue. Its net debt decreased from CNY3.964 billion (USD 0.479 billion) in the end of 2003 to CNY1.636 billion (USD 0.198 billion) in the end of March 31, 2004, and its gross debt to total capital ratio declined from 66.0% to 47.9%. Furthermore, lower debts led to a reduction in interest expenses and accordingly higher profitability. In the first quarter of 2004, the Company's net interest expenses shrank year-on-year by 85.9% from CNY150 million (USD 18.142 million) to CNY21.252 million (USD 2.570 million). Xinhua Far East also recognizes that due to increasing popularity of LCD display monitors, progressive displacement of desktop TVs by laptop PCs, as well as fast growing demand for LCD TVs, the market demand for LCD display terminals and monitors is ballooning. As a producer of LCD display panels, components for manufacturing LCD display terminals and monitors, BOE benefits from the growing demand in the downstream sector. Furthermore, the rapid renewing of mobile phone products gives rise to vibrant market demand for small-sized display devices, which is another growth area for BOE's business. Bolstered by an improving financial profile and the favorable operating environment, BOE achieved relatively good operating results in the first quarter of 2004. Its turnover, net profit and net operating cashflow increased by 63.9%, 694.7% and 42.2% respectively compared with the results in 2002. Xinhua Far East anticipates that the rising demand for display devices and the consolidation of investment in TVP Technology Co Ltd into BOE's financial statements will fuel growth in BOE's financial results. Given the above reasons, Xinhua Far East has changed BOE's rating outlook from negative to stable. For the rating report summary, please visit www.xinhuafinance.com/creditrating. CHINA CONSTRUCTION: Bond Issue Kicks Off ---------------------------------------- China Construction Bank began Wednesday the issuance of the first batch of CNY10-billion (USD1.2 billion) worth of subordinated debt, China Daily reveals. At the launch ceremony, CCB president Zhang Enzhao disclosed that half of the issued bonds will carry a fixed coupon and half will have a floating rate. He added that the bonds, which will mature in ten years, might be raised to CNY15 billion (USD1.8 billion) in line with investor demand. Bond subscription will determine the interest rates for the fixed coupon bond, which was set between 4.80 percent and 4.87 percent, while the floating-rate bond is set between 1.90 percent and two percent. The bond issuance is expected to boost CCB's capital adequacy level to above 8 percent after its non-performing asset rate dipped 5.69 percent from the first quarter of this year to 3.08 percent by the end of June. CCB, one of China's top four commercial banks allowed by the state to issue around CNY40 billion (USD4.8 billion) worth of bonds to fill its capital base, received a US$22.5 billion capital infusion from the government last year and was chosen as a pilot project for a joint stock bank scheme. I-CHINA HOLDINGS: Announces Share Consolidation ----------------------------------------------- Market participants are requested to note that the ordinary shares of HKD0.01 each (Old Shares) in the capital of I-China Holdings Limited will be consolidated into ordinary shares of HKD0.1 each (New Shares) on the basis of 10 into 1 subject to its shareholders' approval at the Special General Meeting to be held on July 23, 2004. Upon the proposals becoming effective, a temporary counter under stock code 2929 and stock short name I-CHINA HOLD will be established for trading in board lots of 2,000 New Shares each to replace the present counter for trading in board lots of 20,000 Old Shares each effective from Monday, July 26, 2004. JINHUI HOLDINGS: Unaware of Reasons for Price, Turnover ------------------------------------------------------- The Stock Exchange of Hong Kong has received a message from Jinhui Holdings Company Limited, which is reproduced as follows: This statement is made at the request of The Stock Exchange of Hong Kong Limited. The board of directors of Jinhui Holdings Company Limited has noted the recent decrease in the price, and the increase in the trading volume, of the shares of the Company and wish to state that, save for the disclosures made in the announcement of the Company dated July 20, 2004, the Board is not aware of any reasons for such movement. The Board also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules), neither is the Board aware of any matter discloseable under the general obligation imposed by rule 13.09 of the Listing Rules, other than the announcement dated July 20, 2004, which is or may be of a price-sensitive nature. Made by the order of the Board, the directors of which individually and jointly accept responsibility for the accuracy of this statement. As of the date of this statement: (a) the executive directors of the Company are Ng Siu Fai, Ng Kam Wah Thomas, Ng Ki Hung Frankie and Ho Suk Lin; (b) the non-executive directors of the Company are Ho Kin Lung and So Wing Hung Peter; and (c) the independent non-executive directors of the Company are Cui Jian Hua and Tsui Che Yin Frank. By Order of the Board Ng Siu Fai Chairman STYLAND HOLDINGS: Net Loss Narrows to HKD158M --------------------------------------------- According to Infocast News, Styland Holdings Limited posted a net loss of HKD157.676 million for the fiscal year ended March 31, compared to a net loss of HKD267.52 million for the previous year. The loss per share (LPS) was HKD0.09. No final dividend was declared. ================= I N D O N E S I A ================= BANK NEGARA: Launches New Company Logo -------------------------------------- Bank Negara Indonesia has launched on Wednesday a new company logo as part of its efforts to repair an image severely tarnished by a corruption probe's discovery of lending frauds at the bank totaling IDR1.7 trillion, relates The Jakarta Post. The new logo, the creation of which cost the bank IDR2.7 billion, was BNI's way of improving its image in the eyes of investors ahead of a 30 percent bank stake divestment plan scheduled this year. During the launching ceremony, BNI President Sigit Pranomo announced the bank's forecasted first semester net profit of IDR1.5 trillion (USD167.41 million) and a less than five percent non-performing ratio. BNI's current rehabilitation program consists of "organizational and administrative reforms, improving BNI's risk management system, implementing good corporate governance practices and strengthening internal control mechanisms." BANK PERMATA: Government Plans Roadshow for Stake Sale ------------------------------------------------------ An international roadshow aimed at drawing foreign investors to buy a majority stake in Bank Permata (BNLI.JK) is set to be launched by the Indonesian government by the end of this month, Dow Jones reports, citing PPA vice president Raden Pardede. Starting next week, the state asset management firm PPA will market the stake sale to Singapore, Kuala Lumpur, Hong Kong and London. PPA hopes to complete the strategic sale of 71 percent of the state's stake in Permata this year, while another 26.17 percent stake will be sold next year through a block sale or secondary offering. The net proceeds from the Permata sale will be used as reserve funds for 2005. BANK PERMATA: Maybank Eyes Majority Stake ----------------------------------------- Malayan Banking Bhd (Maybank) has joined the long list of potential buyers for a majority stake in Bank Permata in a possible US$247 million deal, Reuters reports. A Maybank spokesman said, "Maybank is always open to business opportunities that would add value to our customers and shareholders. In respect of Bank Permata, when the information memorandum is made available, we will evaluate it accordingly." Bank Permata, which is currently under the management of Perusahaan Pengelola Aset (PPA), is the last bank put up for sale in a privatization program. PERTAMINA: Forms Task Force To Check Oil Supply ----------------------------------------------- In order to avoid fuel shortage ahead of the September 30 run- off election, state oil firm PT Pertamina has formed a task force to monitor the national oil stockpile, Asia Pulse reports. Company spokesman M Harun confirmed that the team's main task is to "ensure adequate supply of fuel oil and the smooth distribution of oil nationwide." Pertamina revealed last week the proposed importation of crude oil from non-traditional markets in order for fuel supply to return to the safe level of 24 days. However, delayed reimbursement of fuel subsidies by the state is expected to hamper the oil firm's plan for imports, which make up 30 percent of Indonesia's daily 170,000-kiloliter fuel consumption. According to Pertamina's chief of fuel oil division Mukti Wibowo, the current fuel stockpile is sufficient to meet demands for 20.4 days only. National fuel consumption was expected to rise from last year's 60.9 million kiloliters to 63.3 million kiloliters. ========= J A P A N ========= JAPAN AIRLINES: To Launch "JAL Card Suica" Program -------------------------------------------------- Japan Airlines (JAL) and East Japan Railway (JR East) plans to issue a card for a program that combines the airline's mileage program and the railway company's transit pass/electronic money card, Asia Intelligence Wire reported on Tuesday. Users of the combined program, known as JAL Card Suica, will be able to use both forms of transportation without cash. Moreover, purchases made with the card's credit function can be converted into mileage points, while accrued mileage points can be converted into cash credit. K.K. SANSHO: Real Estate Firm Enters Bankruptcy ----------------------------------------------- K.K. Sansho has entered bankruptcy, according to Teikoku Databank America. Based in Chuo-Ku, Tokyo Japan, the real estate business has total liabilities of US$1.3 billion. KOBE STEEL: Ceases Production of EG Steel Sheet by March 2005 ------------------------------------------------------------- Kobe Steel Limited plans to stop production of chromate-treated electrogalvanized (EG) steel sheet by March 2005. It will be the first Japanese steel maker to take this step. Chromate treatment has been widely used for over 50 years in EG steel sheet because it increases the sheet's resistance to corrosion and improves paintability. However, as attention on the environment grows worldwide, industries have been undertaking measures to decrease the environmental burden. A major issue has been to make coated EG sheet chromate free. In 1998, Kobe Steel became the first Japanese steel maker to commercialize chromate-free EG steel sheet, which has higher properties than conventional chromate-treated sheet. Called Zinkobella Greencote GX, the sheet has a chromate-free special film over the electrogalvanized zinc layer. Kobe Steel has been actively promoting the switch to chromate-free sheet products. Currently, 80 percent of its coated EG sheet production contains no chromate layer. When chromate-treated EG sheet production ends, the treatment equipment at the EG production line will be dismantled and removed. As chromate-treatment solution will no longer be used, this will also lessen the burden on the environment. With home appliances and office equipment increasing in performance, manufacturers need higher performance from electrogalvanized sheet. To meet their requirements, Kobe Steel has developed other EG sheets with special chemical treatments. Not only corrosion resistant, these high-performance products are noted for their high fingerprint resistance, lubricative property, and heat-releasing characteristics. About Kobe Steel, Ltd. Kobe Steel, Ltd. (TSE: 5406) is one of Japan's leading steel makers and producers of aluminum and copper products. Other businesses include welding consumables, infrastructure and plant engineering, machinery, and real estate. For further information, about Kobe Steel, Ltd. see their company profile here Contact: Gary I. Tsuchida Publicity Group Kobe Steel, Ltd. 9-12 Kita-Shinagawa 5-chome Shinagawa-ku, Tokyo 141-8688 JAPAN Tel: +81 (0)3 5739-6010 Fax: +81 (0)3 5739-5971 E-mail: g-tsuchida@kobelco.jp Web site: www.kobelco.co.jp This is a company press release. MATSUSHITA ELECTRIC: To Cut Production Costs in China by 20% ------------------------------------------------------------ Matsushita Electric Industrial Co. plans to cut production costs in China by as much as 20 percent to remain competitive, Bloomberg News reports, citing Matsushita Executive Vice President Yukio Shohtoku. The Company plans to consolidate its 45 manufacturing units in China based on product categories, such as electronic components or home appliances, following similar efforts in Japan. "Reducing costs by 10 percent a year is just not enough -- the continuing decline in prices keeps spurring the competition," Mr. Shotoku said. "Depending on the product, we have to reduce the costs by 10-20 percent." The company's China strategy is to obtain a market position in both manufacturing and sales. Matsushita makes and sells products in mature categories such as refrigerators and common electronic components. It also has factories for high-end digital products such as camera phones and flat-panel displays in the world's most populous country. MATSUSHITA ELECTRIC: Panasonic Sales Up 70% This Month ------------------------------------------------------ Matsushita Electric Industrial Co. Ltd. said sales of its Panasonic brand electronics in Japan increased 70 percent so far in July compared with a year ago, Bloomberg News reports. Demand is being fueled in part for flat-panel screens ahead of the Summer Olympic Games in Greece, which start August 13. Despite returning to profit for the first time in three years, Matsushita Electric Industrial Co. is planning to cut about 3,000 jobs from its group workforce in Japan along with a plan to shift production of unprofitable electronics parts and batteries offshore by the end of next March, TCR-AP reported in its 122nd edition. The electronics maker will also introduce an early retirement scheme this month. MITSUBISHI MOTORS: U.S. Unveils Turnaround Plan, Cuts Staff ----------------------------------------------------------- As part of its North American turnaround plan, Mitsubishi Motors North America announced Wednesday that it will adjust production at its Normal, Illinois plant, moving from a two-shift to one- shift production schedule starting in October 2004. The move is part of strategic efforts by the company to more closely align its production volumes with market demand, maximize resources and increase long-term profitability for the company and its dealerships. "We have significantly reduced our dependence on fleet sales and eliminated risky consumer financing products, which have resulted in lower sales volumes. As we work to rebuild natural retail demand for our vehicles, our production volumes must be adjusted accordingly," said Finbarr O'Neill, Chairman and Chief Executive Officer, Mitsubishi Motors North America. "This capacity adjustment will put us on a more solid foundation for long-term sustainable growth and profitability. We need to be a market-driven, not a production-driven company." The plant volume adjustment will result in a headcount reduction of approximately 1,200 employees, from the current 3,150 working there. Only Mitsubishi Motors employees at the Normal plant are affected by the announcement. "We are very saddened to reduce our plant staffing because of this adjustment. This was a very difficult decision, but we believe it is necessary for the long-term success of the company," said Rich Gilligan, President and COO, MMNA Manufacturing Division. "We have some of the finest employees in the industry, who are producing award-winning quality vehicles, and we have one of the most flexible and highly productive automotive plants in the country. This adjustment will help position Mitsubishi Motors more strategically for the future." Mitsubishi Motors North America, Inc., (MMNA) is responsible for all manufacturing, finance, sales, marketing, research and development operations of the Mitsubishi Motors Corporation in the United States, Canada, Mexico and Puerto Rico. Mitsubishi Motors sells coupes, convertibles, sedans and sport utility vehicles through a network of nearly 700 dealers throughout North America. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com. MITSUBISHI MOTORS: Toyota to Hire 400 Okazaki Plant Workers ----------------------------------------------------------- Mitsubishi Motors Corporation (MM) said Wednesday that Toyota Motor Corporation has agreed to hire about 400 workers currently employed at its Okazaki plant in Aichi Prefecture, Dow Jones reported on Wednesday. Both parties began talks last week on the possibility of Toyota hiring some of the workers at the plant, which Mitsubishi Motors intends to close next year. MMC has decided to bring forward the closure of vehicle production at its Okazaki plant as part of its revitalization plan and will relocate some 1,600 workers by the end of next year. SOJITZ CORPORATION: Clarifies Business Plan Revision Report ----------------------------------------------------------- The Nikkei Newspaper on Wednesday reported the Sojitz Holdings Corporation to be considering the revision of its Business Plan that ends in March 2006. As was disclosed by the Company in a press release issued on July 14 and 17, 2004, Sojitz Holdings remains committed to its policy of continuing autonomous management efforts, and is in continuous discussions with UFJ Bank and its principal creditor a bank regarding its Business Plan. In order to make more progress, Sojitz continue to consider a variety of measures. The Company, therefore, has no intention of revising its current Business Plan, nor has it made such commitments, as reported. This is a company press release. TOSHIBA CORPORATION: Moody's Assigns JPY150B Bonds Baa1 Rating -------------------------------------------------------------- Moody's Investors Service has assigned its "Baa1" rating to Toshiba Corporation's JPY50 billion issue of euro convertible bonds due in 2009 and JPY100 billion in euro convertible bonds due 2011. The rating outlook is negative. The Baa1 rating reflects Toshiba's strong presence in the electronics industry, with products ranging from finished goods to components, such as notebook PCs, mobile phones, broadcasting equipment, DVDs (digital versatile discs), HDD drives, LCDs (liquid crystal displays), discrete electronics components, system LSIs, and NAND-type flash memories. Moody's considers that Toshiba will be able to manage its profitability to some extent because it has withdrawn from the standard-type DRAM, which exhibits substantial price volatility. However, Moody's is concerned that it lacks a range of competitive products, which are as profitable as its past heavy electronics products, DRAM and notebook PCs. NAND-type flash memories and system LSIs for specific customers may be a future cash cow. However, though not as volatile as DRAM, these products exhibit strong price volatilities following the silicon cycles. The negative outlook reflects Moody's concern that the weighting for semiconductors in the total business portfolio will increase. Toshiba's balance sheet may not be strong enough to weather the high price volatility inherent to the semiconductor market at its current rating level. Toshiba Corporation, headquartered in Tokyo, is the 2nd largest integrated electronics company in Japan. Tokyo Naoki Takahashi VP - Senior Credit Officer Rating Group Moody's Japan K.K. JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Tokyo Takahiro Morita Managing Director Rating Group Moody's Japan K.K. JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 UFJ HOLDINGS: Sumitomo Denies Reported JPY60bln Demand From UFJ --------------------------------------------------------------- Sumitomo Trust & Banking Co. reiterated Wednesday that it is opposed to the merger plans of UFJ Holdings Inc. and Mitsubishi Tokyo Financial Group Inc., and won't seek compensation for the merger as reported in local media, Dow Jones Newswires reports. The Sankei Shimbun reported Wednesday that Sumitomo Trust is ready to strike a deal with UFJ if the latter pays it JPY60 billion plus some operational and staffing expenses it has already incurred during its talks on the acquisition. "We have no intention of seeking compensation" as a way of resolving the situation, a Sumitomo Trust spokesman, said. He added that Sumitomo Trust would maintain this position at the next court hearing, set for today (July 23) and July 26. Sumitomo Trust and UFJ agreed in May on a tie-up under which the trust bank would acquire UFJ Trust Bank for JPY30 billion. UFJ nullified the agreement early this month in favor of going into merger talks with Mitsubishi. ========= K O R E A ========= HYNIX SEMICONDUCTOR: Creditors OK Debt Plan ------------------------------------------- Creditors of Hynix Semiconductor Inc. have agreed on a debt- restructuring plan for the world's third-largest chipmaker, lowering its liabilities by as much as KRW1.1 trillion (US$950 million), JoongAng Daily reported on Thursday. A majority of creditors approved plans to sell secured debt and new loans at 96 cents on the dollar and unsecured debt at 70 cents on the dollar to Hynix, Korea Exchange Bank, the main creditor, said. Hynix, which has been kept afloat by bailouts from state-backed banks, is slowly recovering from three years of financial crisis, helped by rising chip prices. JINRO LIMITED: Merrill Lynch Likely to Manage Sale -------------------------------------------------- Merrill Lynch was selected Thursday as the preferred manager to arrange the sale of Jinro Ltd., South Korea's largest liquor maker, Yonhap News reported on Thursday. Jinro chose the global investment bank and consulting firm as the prime lead-manager candidate over two rivals namely ABN AMRO Securities and a consortium of Samsung Securities Co. and Citibank. A final decision will be made next week, Jinro said. Jinro controls more than half of the domestic market for "soju", a liquor distilled using rice, sweet potatoes or tapioca. The Company was placed under court receivership in May 2003 after Goldman Sachs won a battle to oust its management. SSANGYONG MOTOR: Workers Stage Full-day Strike, Production Halts ---------------------------------------------------------------- Ssangyong Motor workers launched a full-day strike on Thursday after its union members walked off jobs to step up pressure on the management for higher wages, Yonhap News reports. Some 620 unionized workers at the automaker extended their partial strike to a full-day protest, forcing its Pyeongtaek and Changwon plants to completely stop production. Creditors of Ssangyong Motors are expected to announce the preferred bidder for the sale of the debt-ridden carmaker as early as next week, TCR-AP reported in its 144th edition. The prime bidders have been short listed to China's Shanghai Automotive and a U.S. pension fund from a field of four potential foreign buyers. =============== M A L A Y S I A =============== ANCOM BERHAD: Purchases 76,500 Shares on Buy Back ------------------------------------------------- In a disclosure to Bursa Malaysia Securities Berhad, Ancom Berhad issued the details of its shares buy back from July 8, 2004 to July 16, 2004. Total number of shares purchased (units): 76,500 Minimum price paid for each share purchased (RM): 0.835 Maximum price paid for each share purchased (RM): 0.880 Total amount paid for shares purchased (RM): 64,841.87 The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad Number of shares purchased retained in treasury (units): 76,500 Total number of shares retained in treasury (units): 3,770,300 Number of shares purchased which were cancelled (units): 0 Total issued capital as diminished: 201,856,767 Date lodged with registrar of companies: 21/07/2004 Lodged by: PFA Corporate Services S/B Level 14, Uptown 1, D'sara Uptown 47400 PJ Contact: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 BERJAYA SPORTS: Buys Back 2,500,000 Shares ------------------------------------------ Berjaya Sports Toto Berhad disclosed to Bursa Malaysia Securities Berhad the details of its shares buy back dated July 9, 2004 to July 15, 2004. Total number of shares purchased (units): 2,500,000 Minimum price paid for each share purchased (RM): 3.820 Maximum price paid for each share purchased (RM): 3.920 Total amount paid for shares purchased (RM): 9,764,416.04 The name of the stock exchange through which the shares were purchased: BURSA MALAYSIA SECURITIES BERHAD Number of shares purchased retained in treasury (units): 2,500,000 Total number of shares retained in treasury (units): 47,600,000 Number of shares purchased which were cancelled (units): 0 Total issued capital as diminished: 0 Date lodged with registrar of companies: 21/07/2004 Lodged by: MS SU SWEE HONG Contact: Berjaya Sports Toto Berhad 11th Floor Menara Berjaya, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur Telephone: 03-2935888 Fax: 03-2935 8043 FABER GROUP: Issues Additional 156,900 Ordinary Shares ------------------------------------------------------ Faber Group Berhad's additional 156,900 new ordinary shares of RM1.00 each issued pursuant to the conversion of RM313,800 nominal value of 2000/2005 irredeemable convertible unsecured loan stocks will be granted listing and quotation by Bursa Malaysia Securities Berhad effective 9:00 a.m., Friday, 23 July 2004. HAP SENG: BMSB Grants Listing of Additional 20,000 Shares --------------------------------------------------------- Kindly be informed that Hap Seng Consolidated Berhad's additional 20,000 new ordinary shares of RM1.00 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation by Bursa Malaysia Securities Berhad effective 9:00 a.m., Monday, 26 July 2004. Contact: Hap Seng Consolidated Berhad No. 1A, Jalan 205 46050 Petaling Jaya Selangor Telephone: 03-7783 9888 Fax: 03-7781 6305 HAP SENG: Issues Resale, Cancellation of Treasury Shares Notice --------------------------------------------------------------- In a disclosure to Bursa Malaysia Securities Berhad, Hap Seng Consolidated Berhad issued a notice of Resale and Cancellation of Treasury Shares. Date of transaction: July 21, 2004 Total number of treasury shares sold (units): Total number of treasury shares cancelled (units): 20,000 Minimum price paid for each share sold (RM): Maximum price paid for each share sold (RM): Total amount received for treasury shares sold (RM): Cumulative net outstanding treasury shares as at to-date (units): 32,980,100 Adjusted issued capital after cancellation/resale (no. of shares) (units): 589,679,900 KEMAYAN CORPORATION: Releases Details on Foreign Shareholdings -------------------------------------------------------------- The Board of Directors of Kemayan Corporation Berhad (Kemayan) announced to Bursa Malaysia Securities Berhad the following information on the level of foreign shareholdings as at 30 June 2004: (1) The percentage shareholdings of entitled foreigners as at 30 June 2004 is 49 percent; and (2) The percentage shareholdings of non-entitled foreigners as at 30 June 2004 is 6.80 percent Kemayan had already approved to award non-entitled foreigners all rights and privileges etc. except the right to vote at the General Meeting of the Company. Contact: Kemayan Corp. Berhad 167, Jln Glasiar Taman Tasek 80200 Johor Bahru Johor Telephone: 07-2362390 Fax: 07-2365307 NAIM INDAH: Issues Notice of Book Closure ----------------------------------------- Naim Indah Corp. Berhad issued to Bursa Malaysia Securities Berhad a notice in relation to Book Closure. Annual interest payment on RM102,738,611/- nominal value of 0.5 percent Irredeemable Convertible Unsecured Loan Stock 2003/2006 (ICULS) for the period from 25 August 2003 to 24 August 2004. Kindly be advised that: (1) The above Company's securities will be traded and quoted (Ex-Interest) as from: 12 August 2004 (2) The last date of filing: 16 August 2004 (3) Date Payable: 24 August 2004 SIN HENG: Details Result of Renounceable Rights Issue ----------------------------------------------------- Sin Heng Chan (Malaya) Berhad (SHCM) announced to Bursa Malaysia Securities Berhad the details in relation to the renounceable rights issue of up to 37,988,750 new ordinary shares of RM1.00 each (Rights Shares), with minimum subscription level of 30,000,100 Rights Shares, at an issue price of RM1.00 per Rights Share, payable in full upon acceptance, on the basis of two (2) Rights Shares for every one (1) existing ordinary share of RM1.00 each held in Sin Heng Chan (Malaya) Berhad at 5:00 p.m. on 24 June 2004 (Rights Issue). On behalf of the Board of Directors of SHCM, Southern Investment Bank Berhad is pleased to announce that at the close of acceptance and payment at 5:00 p.m. on 15 July 2004, the results of the acceptances level for the Rights Issue are as set out in Table 1 below: Table 1: Results of the Acceptance Level No. of Rights Share Acceptance by entitled 8,034,834 21.15 percent shareholders Excess Rights Shares 29,953,916 78.85 percent applications (including undertaking by Alor Setar Industry Holdings Sdn Berhad for minimum subscription level) Total Rights Issue 37,988,750 100.00 percent provisionally alloted This announcement is dated 21 July 2004. TALAM CORPORATION: Updates Member's Voluntary Liquidation --------------------------------------------------------- Talam Corp. Berhad refers to its announcement made to Bursa Malaysia Securities Berhad dated 17 January 1997 in connection with the Members' Voluntary Liquidation of Peri Sentosa Sdn Bhd (PSSB), a subsidiary of the Company. The Company wishes to inform that the Liquidator of PSSB had on 15 July 2004 convened a Final Meeting to conclude the Members' Voluntary Liquidation of PSSB. A Return by Liquidator Relating to Final Meeting was lodged with the Companies Commission of Malaysia and with the Official Receiver on 21 July 2004 and on the expiration of 3 months after the said lodgment date, i.e. 21 October 2004, PSSB shall be dissolved. TAP RESOURCES: Issues Additional 18,000 Ordinary Shares ------------------------------------------------------- Tap Resources Berhad's additional 18,000 new ordinary shares of RM1.00 each issued pursuant to the conversion of RM18,000 nominal value of two percent irredeemable convertible unsducured loan stocks will be granted listing and quotation by Bursa Malaysia Securities Berhad effective 9:00 a.m., Friday, 23 July 2004. UNZA HOLDINGS: Issues Update on Delisting of Shares --------------------------------------------------- Reference is made to Unza Holdings Berhad's (UHB) announcement dated 19 July 2004 in relation to the decision of Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Exchange Berhad) (Securities Exchange) to de-list 73,074,068 ordinary shares of RM1.00 each in UHB, representing the entire issued and paid up share capital of UHB, from the Official List of the Securities Exchange and the appeal against such de- listing proceedings against UHB. On behalf of the Board of Directors of UHB, Hwang-DBS Securities Berhad now wishes to announce that the Securities Exchange had via its letter dated 20 July 2004, informed UHB that the removal of the entire issued and paid up share capital of UHB, from the Official List of the Securities Exchange effective 9:00 a.m., Thursday 22 July 2004 shall be deferred pending the decision on the Appeal by the Securities Exchange. This announcement is dated 21 July 2004. ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: Revenues To Reach PHP5.7Bln This Year --------------------------------------------------------------- Bayan Telecommunications Inc. (BayanTel) projects a PHP5.7 billion in revenues this year due mainly to the continuous growth of its voice and data businesses, BusinessWorld reports. With the approval of its rehabilitation plan, BayanTel can now focus on revenue generation and on attracting new investors, said chief consultant Tunde Fafunwa. "We expect that with the completion of the restructuring, there are more opportunities for a broader category of investors," Mr. Fafunwa told a press conference. The Lopez-led firm reported a PHP2.66 billion in revenues for the first half of this year, a seven percent increase from PHP2.47 billion for the same period last year. Revenues from voice services rose seven percent and internet long distance improved 29 percent while internet revenue growth jumped 226 percent. Earnings before interest, taxes, depreciation and amortization rose 18 percent to PHP931 million, from PHP787 million from the first six month of 2003. 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/ NATIONAL POWER: In Talks With South Africa For Coal Supply ---------------------------------------------------------- National Power Corp. (Napocor) would tap South Africa as a possible coal source, according to the Philippine Star. According to Napocor president Rogelio Murga, they are currently in talks with South Africa for the power firms' coal supply. In addition, the power firm is also negotiating with Australia, Vietnam and Russia. Mr. Murga, however, pointed out that only contracts that would be cheaper for Napocor will be sealed. The coal supply requirements for the month of October and December have already been covered, Mr. Murga said. However, the power firm still needs to get additional coal supply for next year and 2006. According to the Napocor president, they have also finalized coal supply deals with at least eight suppliers from China and have been talking with three suppliers from Indonesia. The contracts will consist of 15 panamax shipments at 65 metric tons (MT) each. Napocor, which is currently importing most of its coal requirement, is also studying the use of blended coal to be able to diversify its coal sources amid a shortage of coal in China, the main source of the company's coal. Murga said the state- owned power firm can bring down the rated capacity of its power plants so it can utilize the blended coal, the Philippine Star report stated. Due to an impending power supply crisis in the country the Department of Energy has allowed Napocor to source out its coal requirement from other countries. NATIONAL STEEL: Technical Committee Given Ample Time Re Petition ---------------------------------------------------------------- The Cabinet Committee on Tariff Related Matters (CTRM) has decided to send back to its technical committee the tariff petition filed by Global Steelworks International Inc. on behalf of Indian steel giant Global Infrastructure Holdings Ltd. (GIHL) to give it more time to study the position of National Steel Corp.'s (NSC) new owner, reveals ABS-CBN News. Global Steelworks filed the petition to raise tariff on certain steel products being produced by NSC from the existing maximum rate of three percent to as high as 30 percent. "We are mindful that raising tariffs on imported steel products will affect different sectors of society from the steel industry to the buying public. This is the reason why a public hearing was conducted to hear, gather all issues and concerns and evaluate the positions of all affected sectors," ABS-CBN News quoted Trade Secretary Cesar Purisima as saying. The technical committee would take into account the impact of the proposed tariff increase on consumer goods as part of the review. The government would also like to make sure that any decision would be consistent with the government's program of price stabilization of basic goods. The committee's decision would lead to a more vibrant steel industry and would benefit both the upstream and downstream players. Mr. Purisima assured. "Our industrialization will hinge on how much we develop vital industries such as the steel sector," he added. PHILIPPINE LONG: Asks For Franchise Tax Exemption ------------------------------------------------- Philippine Long Distance Telephone Co. (PLDT) says Cebu province should grant the company tax exemptions similar to what other telcos are enjoying, BusinessWorld reports. In an 81-page memo to the Supreme Court Third Division, PLDT stated that since Globe Telecom Inc. and Smart Communications, Inc. were not paying taxes, they should also be exempted from doing so. According to the memo, the Department of Finance has confirmed the exemption from local taxes of Globe and Smart. PLDT filed the case after the province of Cebu refused to give back the PHP72,044.80 franchise tax it paid for the third quarter of 1998. Section 23 of Republic Act 7925 or the Public Telecommunications Policy Act states that telecommunications franchisees must be accorded equal treatment. "Any advantage, favor, privilege, exemption or immunity granted under existing franchises, or may hereafter be granted, shall ipso facto become part of previously granted telecommunication franchises and shall be accorded immediately and unconditionally. According to the memo, by therefore invoking the law, "the franchises of Globe and Smart are automatically incorporated or written into the franchise of PLDT and are in effect amendments to the charter of PLDT." The province of Cebu may not impose a franchise tax on PLDT as the franchise of Globe and Smart include the clause "in lieu of all taxes" which exempts it from taxes of any kind other than the national franchise tax imposed on its franchise. In Section 137 of the Local Government Code which provides for the imposition of a franchise of tax and Section 193, which contains the withdrawal of tax exemption privileges do not apply to PLDT as special provisions in the telecom law prevail over general provisions. PLDT said the court should place "persuasive weight" on the Finance department's ruling that PLDT is exempt from local franchise and business tax. If PLDT continues to pay the franchise tax, it would be forced to pass on the cost to the consumers. Contact: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Website: http://www.pldt.com.ph PILIPINO TELEPHONE: Sets Special Stockholders Meeting On Sept 3 --------------------------------------------------------------- Notice is hereby given that the Special Meeting of Stockholders of Pilipino Telephone Corp. will be held on Friday, September 3, 2004 at 10:00 a.m. at 4/F Conference Center Manila, Benavidez corner Trasierra Streets, Legaspi Village, Makati City, Metro Manila. The Agenda for the Special Meeting of Stockholders is as follows: Call to order Certification of service of notice and quorum III. Approval of the increase in the authorized capital stock from PHP3,500,000,000 divided into three classes: 2,760,000,000 shares of Common Stock with par value of PHP1.00 each; 120,000,000 shares of Class I Preferred Stock with par value of PHP2.00 each, and; 500,000,000 shares of Class II Preferred Stock with a par value of PHP1.00 each to PHP12,800,000,000, divided into three classes: 12,060,000,000 shares of common stock with par value of PHP1.00 each; 120,000,000 shares of Class I Preferred Stock with a par value of PHP200 each, and; 500,000,000 shares of Class II Preferred Stock with par value of PHP1.00 each, and the corresponding amendment to Article VII, first paragraph of the Articles of Incorporation. IV. Approval of the following amendments to the Articles of Incorporation. (a) Article III- change in the stated place where the principal office of the corporation shall be located from "Municipality of Makati, Province of Rizal" to "Metro Manila" (b) Article VII, Section 8 (line 26)- change "City of Manila" to "Metro Manila" V. Other Matters VI. Adjournment The Board of Directors has fixed July 14, 2004 as the Record Date for the determination of stockholders entitled to notice of, and to vote at , the Special Meeting of Stockholders. Owners of both common and preferred shares of stocks as of the Record Date are entitled to vote at said meeting. Contact: Pilipino Telephone Corp. 25/F, Smart Tower 6799 Ayala Ave., Makati City Telephone Numbers: 511-6121/6241 Fax Number: 817-3345 Email Address: dntan@smart.com.ph ================= S I N G A P O R E ================= FHTK HOLDINGS: Citibank's Interest Changes ------------------------------------------ FHTK Holdings Limited issues Notice Of a Substantial Shareholder's Interest submitted to the Singapore Stock Exchange on July 21, 2004 by the Company Secretary, Mrs Tan Lay Beng. PART I (1) Date of notice to issuer: July 21, 2004 (2) Name of Substantial Shareholder: Citibank N.A., Singapore Branch (3) Please tick one or more appropriate box(es): x a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. (Please complete Parts III and IV) PART II (1) Date of change of interest: (2) Name of Registered Holder: (3) Circumstance(s) giving rise to the interest or change in interest: (4) Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: As a percentage of issued share capital: No. of shares which are the subject of this notice: As a percentage of issued share capital: Amount of consideration (excluding brokerage and stamp duties) per share paid or received: No. of shares held after the change: As a percentage of issued share capital: PART III (1) Date of change of interest: July 20, 2004 (2) The change in the percentage level: From 5.388% to 5.387% (3) Circumstance(s) giving rise to the interest or change in interest: Sales in open market at own discretion (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. Change is a result of a transaction PART IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: - Direct Deemed No. of shares held before change: 66,319,000 % of issued share capital: 5.388 - No. of shares held after change: 66,311,000 % of issued share capital: 5.387 FLEXTECH HOLDINGS: Holds Extraordinary General Meeting ------------------------------------------------------ Notice is hereby given that an extraordinary general meeting of Flextech Holdings Limited will be convened and held at 1 Kallang Sector, #06-01 Kolam Ayer Industrial Park, Singapore 349276 on August 6, 2004 at 9.30 a.m. for the purpose of considering and, if thought fit, passing (with or without modification) the following ordinary resolutions: 1. Ordinary resolution - proposed acquisition of the entire issued and paid up share capital of Dynax Digital Creation Limited That: (a) Approval be and is hereby given for the Company to purchase the entire issued and paid up share capital of Dynax Digital Creation Limited on the terms, and subject to the conditions, set out in the Sale & Purchase Agreement dated 13 May 2004 entered into between the Company (as purchaser) and Messrs Shen Hing Steven, Wu Sze Wing, Au Wai Leung and Cheung Ting Chi, Tony (as vendors); (b) Subject to Ordinary Resolution 2 below being passed, approval be and is hereby given for the Board of Directors of the Company to allot and issue up to 38,875,472 new ordinary shares of S$0.15 each in the capital of the Company, at an issue price of S$0.53 each, as payment in full of the purchase price for the acquisition of the Dynax Shares, on the terms and subject to the conditions set out in the S&P Agreement; and (c) The Directors of the Company be and are hereby authorized to do all acts and things (including executing all such documents as may be required) as they may consider expedient or necessary or in the interest of the Company, in connection with the subject matter of, or to give effect to, this Ordinary Resolution. 2. Ordinary resolution - Proposed increase in the authorized capital of Flextech Holdings Limited. That the authorized capital of the Company be increased from SGD30,000,000 divided into 200,000,000 shares of SGD0.15 each, to SGD90,000,000 divided into 600,000,000 shares of SGD0.15 each. By Order of the Board Onn Sin Ching Chief Executive Officer Singapore July 21, 2004 Notes: (1) A member entitled to attend and vote at the Extraordinary General Meeting is entitled to appoint a proxy (or a representative in the case of a corporation) to attend and vote on his behalf. Such proxy (or representative) need not be a member of the Company. (2) If the appointer is a corporation, the proxy must be executed under seal or the hand of its director, attorney or duly authorized officer. (3) The instrument appointing a proxy must be deposited at the registered office of the Company at 10 Collyer Quay, #19-08, Ocean Building, Singapore 049315 not less than 48 hours before the time appointed for holding the Extraordinary General Meeting. This announcement is submitted to the Singapore Stock Exchange Stock Exchange on July 21, 2004. HUP INDUSTRIES: Issues Intended Dividend Notice ----------------------------------------------- Hup Aik Huat Industries Pte Ltd (in Liquidation), has issued Notice of Intended Dividend. Registered Office: 543 Yishun Industrial Park A Hup Aik Huat Hi-Tech Building Singapore 769765. Court: High Court of Singapore. Number of Matter: No. 35 of 2002/A. Last Day for Receiving Proofs: 30th July 2004. Name of Liquidators: Ong Yew Huat, Nagaraj Sivaram and Seshadri Rajagopalan. Address: c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315. This Singapore Government Gazette announcement is dated July 16, 2004. HUP TRADING: Releases Notice of Intended Dividend ------------------------------------------------- Hup Aik Huat Trading Pte Ltd. (in Liquidation) has issued Notice of Intended Dividend. Registered Office: 543 Yishun Industrial Park A Hup Aik Huat Hi-Tech Building Singapore 769765. Court: High Court of Singapore. Number of Matter: No. 31 of 2002/H. Last Day for Receiving Proofs: 30th July 2004. Name of Liquidators: Ong Yew Huat Nagaraj Sivaram and Seshadri Rajagopalan. Address: c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315. This Singapore Government Gazette announcement is dated July 16, 2004. ICF CONSULTING: Releases Resolutions Passed at July 6 EGM --------------------------------------------------------- At an Extraordinary General Meeting of ICF Consulting Resources Pte Ltd was held on 6th July 2004 at 10 a.m, the following resolutions were duly passed: Special Resolution (a) Resolved that the Company be wound up voluntarily pursuant to section 290 (1) (b) of The Companies Act (Chapter 50). Ordinary Resolutions Resolved: (b) That Mr Kon Yin Tong and Mr Wong Kian Kok be and are hereby appointed liquidators, jointly and severally, for the purpose of the winding up. (c) That the liquidators be remunerated for the work of winding up the Company on their normal scale of professional fees. Special Resolution (d) Resolved that the liquidators be empowered to exercise any of the powers given by sub-sections (1) and (2) of section 272 of the Companies Act (Chapter 50) and to distribute to members in specie any part of the assets of the Company. MR KENNETH B KOLSKY Director. This Singapore Government Gazette announcement is dated July 16, 2004. L&M GROUP: Chief Operating Officer Resigns ------------------------------------------ The Board of Directors of L&M Group Investments Limited (the Company) wishes to announce that Mr Howard W. Koswara has resigned as Chief Operating Officer and Director of the Company with immediate effect. The Board would like to record its appreciation to Mr Koswara for his contribution and support to the Company. By Order of the Board Attlee Hue Kuan Yew Company Secretary 21 July 2004 Submitted by Attlee Hue, Company Secretary on July 21, 2004 to the Singapore Stock Exchange. NEW WAVE: Chairman Retires -------------------------- The Directors of New Wave Technologies Ltd would like to announce that at the Annual General Meeting (AGM) of the Company held on July 21, 2004, all resolutions set out in the Notice of AGM July 6, 2004, were duly passed. The Directors would also like to announce that, Mr Ch'ng Jit Koon, a Non-Executive Director and Chairman of the Company, who retired at the AGM pursuant to Section 153(2) of the Companies Act Cap. 50, did not seek re-election. Mr Ch'ng accordingly ceased to hold office as a Non-Executive Director and Chairman of the Company with effect from the conclusion of the AGM on July 21, 2004. The Company records its appreciation to Mr Ch'ng Jit Koon for his valuable contributions and services to the Company and the Group over the years and wishes him all the best for the future. This announcement is submitted to the Singapore Stock Exchange by Mr Chern Wee Ling, Chief Executive Officer on July 21, 2004. SHELFORD COLOUR: Court Hears Winding Up Petition ------------------------------------------------- Notice is hereby given that a Petition for the winding up of Shelford Colour Lithographics by the High Court was, on June 29, 2004, presented by Peper Connections Pte Ltd, a company incorporated in the Republic of Singapore and having its registered office at 6 Tuas South Street 3, Singapore 638048, a Judgment Creditor. The said Petition will be heard before the Court sitting at Singapore at 10.00 o'clock in the forenoon, on July 23, 2004. Any creditor or contributory of the said 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 6 Tuas South Street 3, Singapore 638048. The Petitioner's solicitors are Messrs Lee & Lee of 5 Shenton Way, #19-00 UIC Building, Singapore 068808. LEE & LEE Solicitors for the Petitioner. 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 Lee & Lee, 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 of the 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. =============== T H A I L A N D =============== NAKORNTHAI STRIP: Needs Funds To Run Hot-Rolled Steel Plant ----------------------------------------------------------- An infusion of fresh capital for Nakornthai Strip Mill Plc. (NSM) would enable it to start operations of its hot-rolled steel plant within 18 months, Business Day reports. New shareholders are expected to pour in the required investment aside from the loans to be sourced from other financial institutions. "Japanese investors have expressed interest to invest in NSM's project, since several Japanese car makers already have production bases in Thailand," NSM chief executive Sawat Horrungrueng said, noting this would ensure increased demand for steel products. Initially, steel ore used in the Rayong plant will be imported from Indonesia, Vietnam and Australia to produce pig-iron raw materials, which is used in the production of hot-rolled steel coils. Mr. Sarawat said the plant's pig-iron requirement will amount to one million tonnes a year. Once it runs at full capacity, it will no longer need to buy scrap iron or pig-iron. The current prices of scrap and pig iron stand at $30 and $340 per tonne, respectively, while that of hot-rolled steel coils is $560 per tonne, he added. The steel plant's first phase production capacity of 500,000 tonnes annually will eventually increase to 1.5 million tonnes. NSM Chief Executive Sawat Horrungrueng said they have spent $50 million for its steel plant in 1997. The project was delayed due to the economic crisis that hit the region. An additional $50 million is needed to complete the said project. PREECHA GROUP: Appoints New Independent Director and Chairman ------------------------------------------------------------- Preecha Group Public Company Limited disclosed to the Stock Exchange of Thailand the Directors Meeting held on July 20, 2004. Preecha would like to inform you that the Meeting has considered and resolved to approve the appointment of Mr.Yuth Vorachattarn as Independent Director and Chairman of Preecha Group PCL effective July 20, 2004. Please be informed accordingly. Sincerely Yours, Mr.Boonlert Kiartsritara Director RS PROMOTION: To Design New Cartoon Characters ---------------------------------------------- RS Promotion will develop cartoon characters and eventually make new commercial products bearing the said characters, the Nation reports. The cartoon characters would be commercially developed into new products such as merchandising, fashion apparel, accessories and stationery. "We are now exporting RS ring-tone content and cartoon characters to expatriate Thais living in many countries, such as Singapore, Malaysia, Australia and the United States. They want to listen to the ring tones of Thai songs and look at characters by their favorite artists via their mobile handsets," the Nation quoted Vorapoj Nimvijit, the head of the group's new media division as saying. RS Promotion also finds tremendous business potential in investing in new media such as high-technology mobile phone handsets and broadband Internet. Cureently, Thailand has 60,000 broadband Internet users, a rapid increase from 10,000 at the end of last year. Mobile phone users have jumped to 25 percent from 10 percent at the beginning of this year. Media technology has created plenty of business opportunities for RS' new media division. Customers with broadband Internet access can now enjoy music videos by RS artists on their computer screens. RS Promotion will also introduce this quarter karaoke content supplied through broadband Internet. THAI GERMAN: Releases Progress Report of Reorganization Plan ------------------------------------------------------------ Regarding the sixth progress report on improving the process of Business Reorganization Plan of Thai-German PCL on May 22, 2004, the company disclosed to the Stock Exchange of Thailand that the Central Bankruptcy Court had not yet approved The Third Amendment of the Business Reorganization Plan and suggested to adjust some point of The Plan. On July 14, 2004, the Plan Administrator had adjusted the plan and submitted to the creditors meeting for approval of 84 percent of total debt. The Central Bankruptcy Court is going to consider the plan on July 23, 2004. The Plan Administrator hereby submits to you the summary report of The Plan. Yours Sincerely, (Mr.Apinun Ratchatasombat) Executive Planner Representation To view full copy of the plan's summary report, click http://bankrupt.com/misc/tgpro072204.txt THAI WAH: Unable to Reach Agreement With Investor on Asset Sale --------------------------------------------------------------- Thai Wah PCL refers to the letters submitted to the Stock of Exchange of Thailand dated 16 and 21 April 2004 by Class B Director of Thai Wah Group Planner Co Ltd. as a Plan Administrator of Thai Wah PCL in relation to sales of certain non-core assets of the Company. The company advises that the Plan Administrator and the Potential Investor have been unable to reach an agreement on the terms of the sale of the assets and as such have agreed to discontinue negotiations. The Plan Administrator will continue to work with the Creditors' Committee to sell the non-core assets in accordance with the Business Reorganization Plan approved by the Central Bankruptcy Court on 30 June 2003. The Plan Administrator will need to formulate a new strategy, together with the Creditors' Committee to ensure that the Company complies with the listing requirements. Yours sincerely, Ian Pascoe Class B Director of Wah Group Planner Co Ltd, as the Plan Administrator of Thai Wah PCL. Contact: THAI WAH PUBLIC COMPANY LIMITED THAI WAH TOWER, FLOOR 21-22, 21/63-66 SOUTH SATHON ROAD, SATHON Bangkok Telephone: 0-2285-0040, 0-2285-0241-56 Fax: 0-2285-0269-70 Website: www.thaiwah.com * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise-B 200030 (-117.22) 45.09 Guangdong Sunrise-A 000030 (-117.22) 45.09 Shenzhen China Bicycles-B Co., Ltd. 200017 (-203.9) 52.16 Shenzhen China Bicycles-A Co., Ltd. 000017 (-203.9) 52.16 Shenzhen Great Ocean 200057 (-10.87) 11.27 Shenzhen Petrochemical Industry Group 200013 (-290.79) 25.62 Shenzhen Petrochemical Industry Group 000013 (-290.79) 25.62 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (-50.67) 393.92 PT Smart Tbk SMAR (-37.38) 398.89 JAPAN ----- Fujitsu Comp Ltd 6719 (-46.88) 316.07 Kanebo Limited 3102 (-3409.58) 4163.73 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FAB (-7.16) 504.98 Kemayan Corp Bhd KOP (-353.12) 84.89 Panglobal Bhd PGL (-41.07) 187.79 Sri Hartamas Bhd SHB (-138.37) 24.48 YCS Corporation Bhd YCS 28.34 160.27 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-400.56) 115.91 SINGAPORE --------- Pacific Century Regional Developments Ltd PAC (-176.29) 1050.46 THAILAND -------- Asia Hotel PCL ASIA (-26.62) 96.21 Asia Hotel PCL ASIA/F (-26.62) 96.21 Bangkok Rubber PCL BRC (-41.29) 80.14 Bangkok Rubber PCL BRC/F (-41.29) 80.14 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 Datamat PCL DTM 2.27 17.21 Datamat PCL DTM 2.27 17.21 Jutha Maritime JUTHA (-0.78) 29.03 Jutha Maritime JUTHA/F (-0.78) 29.03 National Fertilizer PCL NFC (-91.34) 293.84 National Fertilizer PCL NFC/F (-91.34) 293.84 Siam Agro-Industry Pineapple And Others PCL SAICO (-14.84) 13.32 Siam Agro-Industry Pineapple And Others PCL SAIC0/F (-14.84) 13.32 Thai Wah Public Company Limited-F TWC (-43.88) 168.15 Thai Wah Public Company Limited-F TWC/F (-43.88) 168.15 Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25 Tuntex (Thailand) PCL TUNTEX/F (-50.94) 398.25 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, 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 ***