/raid1/www/Hosts/bankrupt/TCRAP_Public/040729.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, July 29, 2004, Vol. 7, No. 149
Headlines
A U S T R A L I A
COLES MYER: Teams Up With Brazin
NATIONAL AUSTRALIA: Shares Drop To Three-Year Low
PARMALAT AUSTRALIA: Wins Coles Housebrand Contract
TASMAN PACIFIC: Announces 15-cent Dividend To Creditors
WOODSIDE PETROLEUM: Says Sunrise Project Could Stall
C H I N A & H O N G K O N G
GOLD WO: Enters Winding Up Petition
HYCOMM WIRELESS: FY04 Net Loss Narrows to HKD63.384M
NEW TIMES: Narrows Net Loss to HKD37.3M
SUN MEDIA: FY04 Net Loss Shrinks to HKD231M
I N D O N E S I A
BANK PERMATA: BCA Drops Stake Buy Plan
BANK PERMATA: Danamon Awaits Approval To Join Bid
PT INDOFARMA: Narrows H1 Loss to US$1.44MLN
J A P A N
ALL NIPPON: Sued By JAL For Patent Infringement
MITSUBISHI MOTORS: Shares Dip Below US$1
MITSUBISHI MOTORS: Announces H1 Production, Local Sales, Exports
MITSUBISHI MOTORS: Holds Second Ethics Committee Meeting
RESONA HOLDINGS: Announces Risk of Alaska Pulp Claims
SOJITZ HOLDINGS: Parent Comments on S&P's Rating Action
UFJ HOLDINGS: Mitsubishi Corp Snubs MTFG's Proposal
UFJ HOLDINGS: Tokyo Court Halts Merger Talks with MTFG
K O R E A
ASIANA AIRLINES: To Hike Domestic Flight Fares Next Month
JINRO LIMITED: Labor Union to Vote on Strike
SSANGYONG MOTOR: Management, Union Reach Wage Hike Deal
SSANGYONG MOTOR: Shanghai Auto Pledges Secure Jobs
TELSON ELECTRONICS: Phone Manufacturer Enters Receivership
M A L A Y S I A
ANCOM BERHAD: Releases Notice of Shares Buy Back
BERJAYA SPORTS: Issues Additional 7,000 Ordinary Shares
FABER GROUP: Issues Additional 30,000 Ordinary Shares
JIN LIN: MITI OKs Restructuring Scheme
KP KENINGAU: Issues Default Status Update
LONG HUAT: To Remove from Official List Today
MTD CAPITAL: Posts Notice of Address Change
MWE HOLDINGS: Singapore Units to Wind Up
OSK HOLDINGS: Purchases 348,000 Ordinary Shares on Buy Back
PAN PACIFIC: Issues Restructuring Scheme Update
PANTAI HOLDINGS: Releases Notice of Shares Buy Back
PUNCAK NIAGA: Grants Listing of 31,000 Ordinary Shares
SUNWAY HOLDINGS: Issues Update of Share Option Scheme
TALAM CORP.: Converts Convertible Shares to Ordinary Shares
TAP RESOURCES: Issues Change in Share Registrar
TENAGA NASIONAL: Issues Additional 8,794,400 Ordinary Shares
YCS CORPORATION: Issues Practice Note. 4/2001 Update
P H I L I P P I N E S
ABS-CBN BROADCASTING: Eyes 60% Stake in Sky Vision
NATIONAL POWER: Masinloc Plant Sale Attracts 17 Firms
NATIONAL POWER: Regulator Sets Pre-hearing On Rate Hike Petition
NATIONAL POWER: RP Government Borrows Again For Napocor Ops
PHILIPPINE LONG: Issues Additional 2,320 Shares for Listing
S I N G A P O R E
BUAN CHUA: Winding Up Order Made
COMPOSITE MATERIAL: Creditors To Prove Debts on August 23
HO WAH: High Court OKs Debt Plan
HO WAH: Announces Scheme of Arrangement
I.R.E. CORPORATION: Additional Information On Property Sale
L & M GROUP: Clarifies July 27 Straits Times Article
RUSSIAN CALC: Enters Winding Up Proceedings
SPANISH CALC: Winding Up Hearing Set August 6
UBIN LAGOON: Winding Up Hearing Slated August 6
T H A I L A N D
KRUNG THAI: Criticized By BOT Chief For Being 'lax'
THAI PETROCHEMICAL: Creditors Poised To OK New Plan
THAI PETROCHEMICAL: Stake Buy With PTT Plc. Studied By Fund
- - - - - - - -
=================
A U S T R A L I A
=================
COLES MYER: Teams Up With Brazin
--------------------------------
In line with its strategic "house of brands" focus, Australian
retailing giant Coles Myer has joined forces with music retailer
Brazin for the establishment of Virgin Megastores throughout its
Myer department-store network, reports The Advertiser.
The three-year deal, which would entail the transformation of
Myer's CD, DVD and video departments into trendy Virgin
entertainment "destinations" to be operated by Virgin staff, is
expected to be completed by August 29.
"This alliance with Myer will significantly increase Brazin's
share of the entertainment market, providing additional volume
and margin," Brazin chief executive Greg Milne said.
Brazin will invest $16 million into the alliance to buy stock
and upgrade stores to Virgin standards.
CONTACT:
Coles Myer Ltd.
800 Toorak Rd.
Tooronga, Victoria 3146, Australia
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
http://www.colesmyer.com
NATIONAL AUSTRALIA: Shares Drop To Three-Year Low
-------------------------------------------------
Days before Ireland's High Court releases its findings into
overcharging practices and tax evasion at its Irish unit,
National Australia Bank (NAB) shares fell to its lowest value
since September 2001, Bloomberg relates.
NAB shares dropped 35c to $26.75 on Tuesday following reports
that Dublin-based National Irish Bank must pay the full costs of
a six-year probe into its affairs by High Court inspectors,
estimated at $210 million. The findings are scheduled for
release on Friday.
CONTACT:
National Australia Bank Ltd.
Level 24 , 500 Bourke Street,
MELBOURNE , VICTORIA, AUSTRALIA, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Website: http://www.national.com.au/
PARMALAT AUSTRALIA: Wins Coles Housebrand Contract
--------------------------------------------------
Parmalat Australia on Tuesday confirmed that they have been
awarded the Coles housebrand milk contract for Queensland. The
2-year contract is a significant vote of confidence by the
market for Parmalat Australia.
"Winning the housebrand contract is a great outcome for us and
reinforces Parmalat Australia's position as a leading eastern
seaboard player in the dairy industry," said Managing Director
David Lord.
At 27.1%, the company currently enjoys market leadership on the
eastern seaboard in the branded segment of the milk market.
Resulting in further market volume, the contract with Coles
represents another milestone in Parmalat Australia's continued
growth and success.
The announcement follows the company's launch of Pauls Smarter
White Milk into Queensland and Victoria, which has achieved the
fastest growth of any milk brand launched in recent years.
CONTACT:
PARMALAT AUSTRALIA
Katie Bickford
Phone: (07) 3230 5000
Or 0417 763 741
Damien Jones
Phone: (07) 3230 5000
Or 0413 339 727
TASMAN PACIFIC: Announces 15-cent Dividend To Creditors
-------------------------------------------------------
In a media announcement, Jeff Meltzer and Arron Heath of Meltzer
Mason Heath, Liquidators of Tasman Pacific Airlines of NZ
Limited (formerly trading as Qantas New Zealand), announced
Tuesday that they estimate a dividend to unsecured creditors of
approximately 15 cents in the dollar subject to the outcome of
the pooling application referred to below. This result reflects
a combination of asset realizations, resolution of creditor
claims and settlements with Zazu Limited (Tasman Pacific's
parent) and the former Directors of the company. No admissions
of liability have been made in connection with the settlements.
The terms of the settlements have the unanimous approval of the
Creditors' Liquidation Committee and are confidential. In the
Liquidators' opinion the settlements have considerably shortened
the time needed to complete the liquidation and saved the
creditors substantial administration and legal costs.
The company's receivership has yet to be finalized and
settlement negotiations with the pilots' representatives in
relation to a number of employee claims are at an advanced
stage. The other major outstanding issue before liquidation of
the company can be completed is an application by the liquidator
of Tasman Pacific Regional Airlines Limited, a subsidiary of the
company, that both liquidations be pooled - this application is
currently before the Court.
WOODSIDE PETROLEUM: Says Sunrise Project Could Stall
----------------------------------------------------
If the governments of Australia and East Timor do not come to
terms over maritime boundaries by the end of 2004, Woddside
Petroleum said on Wednesday that the multi-billion dollar
Sunrise gas project in the Timor Sea could be delayed
indefinitely, says The Age.
According to a Woodside spokesman, the Sunrise project will
stall with the absence of a resolution. "What happens after that
is anyone's guess", the spokesman said.
While Australia and East Timor have already agreed to a treaty
to carve up a resource-rich area of the Timor Sea, the deal is
only temporary, pending the establishment of permanent seabed
boundaries, which will divide up control of the estimated $30
billion in royalties from Timor Sea oil and gas deposits,
including the Greater Sunrise field.
The two countries are set to resume talks on fixed boundaries in
Canberra in September.
CONTACT:
Woodside Petroleum Ltd.
No. 1 Adelaide Terrace
Perth, 6000, Australia
Phone: +61-8-9348-4444
Fax: +61-8-9348-4142
http://www.woodside.com.au
==============================
C H I N A & H O N G K O N G
==============================
GOLD WO: Enters Winding Up Petition
-----------------------------------
The joint and several provisional liquidators of Gold Wo
International Holdings Ltd. announced that at the adjourned
petition hearing on June 14, the company was ordered to be wound
up.
In a disclosure to the Hong Kong Stock Exchange, the petition
hearing was first held on 10 January 2003 and was adjourned
several times to 14 June 2004. Reference is also made to the
announcement of the Company dated 17 January 2003.
The first meeting of creditor and contributories of the Company
will be held on 6 August 2004 for the purpose of determining
whether or not an application is to be made to the court for
appointing a liquidator in place of the provisional liquidator.
Shareholders of the Company who have any queries about the
implications of the winding-up of the Company should obtain
appropriate professional advice.
Trading in the securities of the Company has been suspended
since 16 December 2002 and will remain suspended pending further
clarification announcement, if any.
As at the date of this announcement, Fu Chu Kan, Fu Yin Ling and
Chan Kit Ming are the executive directors of the Company.
As limited financial resources are available to the Company,
this announcement is only published on the Stock Exchange's
website.
For and on behalf of
Gold Wo International Holdings Limited
(In Liquidation)
Jacky CW Muk
Joint and Several Provisional Liquidator
Hong Kong, 27 July 2004
HYCOMM WIRELESS: FY04 Net Loss Narrows to HKD63.384M
----------------------------------------------------
According to its unaudited consolidated results for the fiscal
year ended March 31, HyComm Wireless Limited posted a net loss
of HKD63.384 million, versus a net loss of HKD116 million in
2003, Infocast News reports.
The publication of the audited final results of the company for
fiscal 2004 to its shareholders will be delayed to on or before
August 16, as more time is required for the auditors of the
company to finalize the audits of the final results of the
group.
CONTACT:
Hycomm Wireless Ltd.
1/F., Hillier Bldg., 273-277 Queen's Rd.,
C. & 33 Hillier St., H.K.
Tel: (852) 2913 1234
Fax: (852) 2542 0533
E-mail Address: service@hycomm-wireless.com
NEW TIMES: Narrows Net Loss to HKD37.3M
---------------------------------------
New Times Group Holdings Limited announced its financial results
for the year ended March 31, 2004.
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000) ('000)
Turnover : 23,643 36,417
Profit/(Loss) from Operations : (36,114) (76,580)
Finance cost : (788) (112)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (37,337) (76,080)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.09) (0.25)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (37,337) (76,080)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
The loss per share was $0.09. No final dividend was declared.
In a disclosure to the Hong Kong Stock Exchange, the calculation
of basic loss per share is based on the net loss attributable to
shareholders for the year of HK$37,337,000 (2003: HK$76,080,000)
and the weighted average of 419,768,732 (2003: 306,833,231)
ordinary shares in issue during the year, adjusted to reflect
the rights issue during the year.
Diluted loss per share for the years ended 31 March 2004 and
2003 have not been shown because the share options outstanding
during these years had an anti-dilutive effect on the basic loss
per share for these years.
SUN MEDIA: FY04 Net Loss Shrinks to HKD231M
-------------------------------------------
Sun Media Group Holdings Limited announced its financial results
ended March 31, 2004.
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000) ('000)
Turnover : 184,077 184,489
Profit/(Loss) from Operations : (239,949)
(347,063)
Finance cost : (1,526) (1,661)
Share of Profit/(Loss) of
Associates : (4,490) N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (231,046)
(364,864)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0168) (0.0339)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (231,046) (364,864)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Loss per share was $0.0168. No final dividend was declared.
In a disclosure to the Hong Kong Stock Exchange, the calculation
of the basic loss per share for the year is based on the net
loss for the year of HK$231,046,000 (2003: HK$364,864,000) and
the weighted average number of 13,766,154,000 (2003:
10,749,409,000) ordinary shares in issue during the year.
The computation of diluted loss per share does not assume the
exercise of the potential ordinary shares since their exercise
would result in a reduction in loss per share.
CONTACT:
Sun Media Group Holdings Limited
99 Queen's Road Central
Shatin, New Territories,
Hong Kong
Tel: +852 2622 8888
Tel: +852 2169 0390
=================
I N D O N E S I A
=================
BANK PERMATA: BCA Drops Stake Buy Plan
--------------------------------------
Bank Central Asia has shelved its plan to bid for a majority
stake in Bank Permata, reports The Jakarta Post, citing BCA
Finance Director Jahja Setiaatmadja.
BCA, Indonesia's second largest bank in terms of assets, junked
the proposal since the bank could not play a deciding role in
the planned merger for the Permata stake acquisition.
"The board of commissioners rejected our plan because they
considered it unfeasible and not strategic, since our part in
the consortium would be small," Mr. Jahja declared.
A central bank regulation that limits state banks to invest 10
percent of their equity on other national banks hinders BCA's
aim to gain full control of Permata's operations. Therefore, the
bank needs to form a consortium in order to join the Permata
tender.
BCA's equity as of the first quarter of this year reached
IDR13.46 trillion (USD1.5 billion), with total assets of
IDR136.2 trillion.
The state, which holds 97.17 of Bank Permata, expects to reap
IDR3 trillion from the stake sale, which will be used to plug
the state budget deficit. It will name the buyer of the 71-
percent stake by the end of December.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
BANK PERMATA: Danamon Awaits Approval To Join Bid
-------------------------------------------------
Bank Danamon is still seeking the approval of its board of
commissioners to join the Bank Permata tender, Danamon President
Francis Andrew Rosario told The Jakarta Post.
Bank Danamon has expressed interest to buy Permata shares and is
expecting the commissioners' approval in August. Mr. Rosario
affirmed they have not yet conferred with possible consortium
partners as they are still in the "final stage of evaluating the
advantages and disadvantages of acquiring Permata."
Bank Danamon, Indonesia's fifth largest bank in terms of assets,
is controlled by Asia Financial Indonesia Pte. Ltd., a
consortium of Singapore's Temasek Holdings Pte Ltd and Germany's
Deutsche Bank.
PT INDOFARMA: Narrows H1 Loss to US$1.44MLN
-------------------------------------------
State-owned PT Indofarma (JSX:INAF) has narrowed its first-half
pretax loss to IDR13 billion (USD1.44 million) from last year's
IDR42.01 billion, Asia Pulse says.
According to the drug firm's finance director Placidus Sudibyo,
the loss was mainly due to the rupiah dive, which resulted in
foreign exchange losses of IDR6.5 billion.
Despite the pretax loss, Mr. Sudibyo believes that the company
will post pretax earnings for the whole year since it is
generating profits in operations.
Last year, Indofarma suffered a hefty operating loss of IDR25.19
billion.
CONTACT:
Jl. Tambak No. 2 Manggarai
Jakarta 13150
Phone: 3904001
FAX: 8574501
www.indofarmagroup.com
=========
J A P A N
=========
ALL NIPPON: Sued By JAL For Patent Infringement
-----------------------------------------------
Japan Airlines International Co. (JAL) has filed a JPY10-billion
suit against All Nippon Airways (ANA) for infringing on a JAL
patent on online corporate reservations, NewsOnJapan reports.
In the lawsuit JAL lodged with the Tokyo District Court, the
airline said it secured a business model patent in April 2001
for the system that would allow employees of corporate customers
to book flights over the Internet. The employees use credit
cards for identity verification upon checking in.
The JAL system, which kicked off in January 1999, is used by
11,000 companies. ANA, on the other hand, began the same service
in January 2000 and currently serves around 10,000 companies.
According to JAL, it decided to take legal action because ANA
has not fully responded to its repeated warnings and requests
for an explanation for their use of the system. It also wishes
to protect its shareholders.
Meanwhile, ANA has denied violating the JAL patent, saying, "We
cannot figure out why they brought the case to court at this
time."
CONTACT:
All Nippon Airways Co. Ltd.
5-10 Hanedakuko 3-Chome
Ohta-Ku 144-0041, Tokyo 100-6027
JAPAN
Tel: +81 3 5756 5665/+81 3 5756 5679
www.anaskyweb.com
MITSUBISHI MOTORS: Shares Dip Below US$1
----------------------------------------
Shares of troubled Mitsubishi Motors slid below US$1 (JPY100)
for the first time ever on the Tokyo Stock Exchange, The
Washington Times reports.
The share price fell to an all-time low of 99 yen, down above 8
percent from the previous session.
Mitsubishi's vehicle sales have tumbled over the past months
following reports of defective automobile production and a
cover-up scandal.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: Announces H1 Production, Local Sales, Exports
----------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on July 27, 2004
its production, domestic sales and export results for June 2004
and the six months to June 30, 2004. Exports to Asia and Europe
surged 39.5 percent and 41.2 percent, respectively, for the six
months compared to the same period last year.
June 2004
Global production in June totaled 127,235 units, a decrease of
5.3 percent compared to the same month last year.
Output in Japan was off 6.9 percent at 53,833 units. The decline
comes on the back of slower production of the Grandis compared
to this time last year when the minivan was in full production
following its launch on May 14.
Offshore production slipped 4.1 percent on year to 73,402 units.
Production in Asia declined for the first time in two months,
dropping 5.1 percent to 46,328 vehicles. North American output
also decreased in June, down 35.5 percent on year to 10,025.
European production, meanwhile, continued to see strong growth
surging 55.7 percent to 11,768 units as production of the new
Mitsubishi Colt for Europe continued to pick up speed.
Sales in Japan declined 47.5 percent on year to 17,991 units. Of
this, registrations, which exclude 660cc minicars, declined 64.3
percent to 4,885, while minicars slipped 36.3 percent on year to
13,106 units. MMC's share of the domestic market in June was 3.8
percent, down from 6.9 percent in June last year.
Exports from Japan grew for the third consecutive month in June,
gaining 4.1 percent on year to finish at 28,612 units. By
region, exports to Asia were up 2.6 percent to 6,560, exports to
North America declined 43 percent to 2,220 and shipments to
Europe jumped 17.6 percent on year to 12,279 units.
January to June 2004
Global production for the six months ended June 30, 2004,
declined 8.3 percent compared to the same period last year to
749,514 vehicles.
Japanese factories produced 355,969 vehicles in the first half
of 2004, or 2.8 percent less than the same period last year.
Overseas production declined 12.7 percent on year to 393,545
units. Production in Asia declined 8 percent to 259,660
vehicles, North American output decreased 33.5 percent on year
to 68,201 and European production slipped 2.8 percent to 38,845
units.
Domestic sales declined 19.4 percent on year to 158,841 units.
Of this, registrations dropped 34.2 percent to 52,725 units,
while minicars were off 9.2 percent on year at 106,116. MMC's
share of the domestic market for the first six months was 5.3
percent, down from 6.5 percent for the same period last year.
Total exports from Japan declined 4.6 percent to 171,804 units.
By region, exports to Asia and Europe surged 39.5 percent and
41.2 percent to 36,156 and 61,022, respectively, while shipments
to North America dropped 67 percent to 19,251 units.
MITSUBISHI MOTORS: Holds Second Ethics Committee Meeting
--------------------------------------------------------
The Business Ethics Committee, an advisory body for the
Mitsubishi Motors board of directors, held its second meeting on
July 27, 2004.
The meeting opened with a briefing from Mitsubishi Motors
representatives on the company's expanded investigation into its
recall problems. The company informed the committee of the scope
of its investigations and explained the process in detail. An
update was also given on the current status of all defects that
require post-market measures and the progress of submissions to
the Japanese Ministry of Land, Infrastructure and Transport.
Following the briefing, a lively question and answer session was
held in which committee members asked detailed questions
centering on the appropriateness of the process and scope of the
investigations.
Comments offered by committee members include:
The first thing you need to do is change the name of your
product information reports to raise awareness within the
company of information on customer complaints relating to
quality issues. This will also help you make a definite
statement both inside and outside the company that you have
embarked on corporate reform. The term "product information
report" gives a strong impression that general product
information, rather than quality-related complaints, is included
in the reports. You need to find accurate information on quality
complaints as quickly as possible and should prioritize the
findings. You should also approach recall submissions from a
broader perspective, including following up on defect reports
via a number of departments at the same time.
I get the impression that your investigations this time are more
sweeping than those in 2000. However, I feel you should continue
your investigations and probe even deeper.
You should clarify the limitations of your previous
investigations.
You should include members from the Business Ethics Committee in
your meetings for post-market measures to give us a chance to
offer our opinions.
You should revise your business ethics rules set out in 2000 to
be more in line with recent socially accepted norms.
All committee members will visit Mitsubishi Motors' Okazaki
plant on July 28 to see firsthand the work being done in
relation to the extended investigations.
The next item on the agenda was how to use the three months'
remuneration to be donated to charity by the chairman, vice-
chairman, and president along with additional funds from the
company. Committee members come up with several ideas on how to
use the money for philanthropy and noted that the donation not
be used a means to promote the company and should be made as
soon as possible.
The meeting closed with a report from the company on comments it
had received since the first Business Ethics Committee meeting
and how it had handled them. The committee instructed the
Mitsubishi Motors representatives to promptly inform people who
offer comments that the company has received their comment.
Noboru Matsuda
Business Ethics Committee Chairman
RESONA HOLDINGS: Announces Risk of Alaska Pulp Claims
-----------------------------------------------------
Resona Holdings, Inc. hereby gives notice that Alaska Pulp Co.
Ltd. (the Company), which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura), filed an application for commencement of special
liquidation proceedings with the Tokyo District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:
(1) Outline of the Company
(i) Corporate name Alaska Pulp Co., Ltd.
(ii) Address 4-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo
(iii) Representative
(Liquidator)
Hideyuki Sakai
(iv) Amount of capital 13,190 million yen
(v) Line of business Pulp chip import
(2) Fact Arisen to the Company and Its Date
The Company filed an application for commencement of special
liquidation proceedings with the Tokyo District Court on June
30, 2004.
(3) Amount of Claims to the Company
Exposure of Resona Bank Loans and others: JPY1.9 billion
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.
(4) Impact of This Development on the Forecasted Earnings of
Resona HD
The aforementioned claims of Resona Bank are covered by loan
loss reserves. Therefore, the previous earnings forecasts of
Resona HD for the fiscal year ending March 31, 2005, which were
announced on May 24, 2004, remain unchanged.
CONTACT:
Osaka head office:
2-1, Bingomachi 2-chome,
Chuo-ku, Osaka
Tokyo head office:
1-2, Otemachi 1-chome,
Chiyoda-ku, Tokyo
www.resona-hd.co.jp
SOJITZ HOLDINGS: Parent Comments on S&P's Rating Action
-------------------------------------------------------
Standard and Poor's Ratings Services (S&P) today announced that
it revised the CreditWatch status on consolidated subsidiary
Sojitz Corporation to developing, which means the ratings on
Sojitz' long-term corporate and senior unsecured bonds could be
revised downward or upward, after Sojitz Holdings Corporation
released its Fundamental Policy of New Business Plan on July 23.
S&P's press release stated that upward revisions to ratings
"depend on the impact of the new plan, including a capital
increase, in strengthening Sojitz' financial profile." The press
release also stated "the new plan does not appear to indicate
any debt forgiveness or a debt-forequity swap on Sojitz's debt
obligations, although some uncertainty remains."
On July 14, S&P said its `B+' ratings on Sojitz's senior
unsecured bonds issues remained on CreditWatch with negative
implications, with the lowering of its long-term corporate
credit rating on Sojitz to `CCC' from `B-'. Despite comments in
S&P's press release acknowledging Sojitz'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'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.
Sojitz Holdings has repeatedly announced in press releases it is
committed to its policy of continuing autonomous management
efforts, and is examining measures to accelerate progress under
the Business Plan. As announced recently, Sojitz Holdings plans
to reinforce capital mainly through UFJ Bank Limited and other
financial institutions including the UBS Group in order to
refortify shareholders' equity under the New Business Plan,
which aims to establish a sound financial position and
accelerate strengthening of earnings power. Sojitz Holdings
plans to announce further details in early September 2004.
The Sojitz Group is in position to make steady progress on
accelerating its revival with the continued cooperation of its
customers, shareholders and financial institutions.
CONTACT:
Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
www.sojitz-holdings.com
UFJ HOLDINGS: Mitsubishi Corp Snubs MTFG's Proposal
---------------------------------------------------
Mitsubishi Corporation has rejected Mitsubishi Tokyo Financial
Group's (MTFG) request for financial support in the acquisition
of UFJ Holdings Inc, Bloomberg reports, citing the Financial
Times.
Earlier, MTFG planned to ask the Mitsubishi Group to purchase a
portion of the JPY1.4 trillion (US$12.7 billion) worth of UFJ's
preferred shares acquired by the Japanese government in the late
1990s to rescue UFJ.
MTFG, which has agreed to merge with UFJ Holdings to form the
world's largest bank, plans to repay government money to ensure
full control of UFJ.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
www.ufj.co.jp
UFJ HOLDINGS: Tokyo Court Halts Merger Talks with MTFG
------------------------------------------------------
The Tokyo District Court has issued an order halting merger
talks between Mitsubishi Tokyo Financial Group Inc. and UFJ
Holdings Inc. aimed at creating the world's biggest bank.
According to Japan Today, the decision was handed down following
the court's approval of a petition from Sumitomo Trust & Banking
Company. Sumitomo claimed that UFJ's cancellation of its
proposed sale of UFJ Trust Bank to Sumitomo Trust was illegal.
=========
K O R E A
=========
ASIANA AIRLINES: To Hike Domestic Flight Fares Next Month
---------------------------------------------------------
Asiana Airlines will increase its domestic flight fares from
August 16 to cope with a growing deficit arising from high oil
prices and a decline in the number of passengers, the Korea
Times reports.
Airfares will be increased by an average of 8.5 percent and
fares for high-demand seasons, such as the summer holiday
season, by 12.6 percent. Ticket prices for weekdays will remain
unchanged.
CONTACT:
Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230
JINRO LIMITED: Labor Union to Vote on Strike
--------------------------------------------
The labor union of Jinro Limited will cast ballots early next
month on whether to launch a strike, Yonhap News reports.
The announcement came after the union reported to the Labor
Ministry on Tuesday that the company's labor-management talks
had fallen apart.
Merrill Lynch was recently selected as the preferred manager to
arrange the sale of Jinro Ltd., TCR-AP reported in its 145th
edition.
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 this week, Jinro said.
CONTACT:
Jinro Limited
1448-3 Seocho-dong Seocho-gu
Seoul, SEOUL 137-866
KOREA (SOUTH)
Tel: +82 2 520 3114
Tel: +82 2 520 3453
SSANGYONG MOTOR: Management, Union Reach Wage Hike Deal
-------------------------------------------------------
Ssangyong Motor Co. and its union have reached a tentative deal
on wage hikes on Wednesday, according to Yonhap News.
The agreement called for a 6.8 percent or a KRW75,000 (US$65)
increase in base monthly salary, which is lower than the union's
demand of 10.5 percent, the company said.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Tel: +82 31 610 1114
Tel: +82 31 610 3739
SSANGYONG MOTOR: Shanghai Auto Pledges Secure Jobs
--------------------------------------------------
Shanghai Automotive Industry Corporation, the preferred bidder
for Ssangyong Motor Co., will guarantee secure jobs and steady
investment in the Company after signing an agreement to buy a
48.9 percent stake in the carmaker, the Korea Herald reported on
Wednesday, citing Shanghai Automotive President Hu Maoyuan.
Ssangyong, which accounts for about 10 percent of Korea's car
market, mainly produces sport utility vehicles such as Rexton
and Korando. The company came under creditor ownership after its
parent Daewoo Group collapsed in 1999 under a mountain of debt.
TELSON ELECTRONICS: Phone Manufacturer Enters Receivership
----------------------------------------------------------
Mobile phone manufacturer Telson Electronics Co. has filed for
corporate protection on Monday after it failed to overcome cash
shortage, the Maeil reports.
Sales in 2003 fell to KRW339.9 billion. The company also
recorded a loss of KRW28.8 billion last year.
The Company's principal activities are the development,
manufacturing and selling of a wide range of radio multimedia
terminals based on the CDMA and manufacturing line
telecommunication apparatuses such as pagers or beepers as well
as cell phone handsets.
The Company has advanced into the Korean, North and South
American and European markets. The major brands being produced
by the Company include Motorola and Nokia.
CONTACT:
Telson Electronics Company Limited
949-3 Dogok 1-dong
Gangnam-gu, Seoul 135-860
Korea (South)
Tel: +82 2 2140 1114
Tel: +82 2 579 0948
===============
M A L A Y S I A
===============
ANCOM BERHAD: Releases Notice of Shares Buy Back
------------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back.
Date of buy back: 26/07/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 4,800
Minimum price paid for each share purchased (RM): 0.820
Maximum price paid for each share purchased (RM): 0.830
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 4,800
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,868,100
Adjusted issued capital after cancellation (no. of shares)
(units) :
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my
BERJAYA SPORTS: Issues Additional 7,000 Ordinary Shares
-------------------------------------------------------
Berjaya Sports Toto Berhad's additional 7,000 new ordinary
shares of RM1.00 each arising from conversion of RM7,000 nominal
amount of 8 percent irredeemable convertible unsecured loan
stocks 2002/2012 into 7,000 new ordinary shares was granted
listing and quotation on 28 July 2004.
CONTACT:
Berjaya Sports Toto Berhad
11th Floor
Menara Berjaya,
KL Plaza,
179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Tel: 03-2935888
Fax: 03-2935 8043
This Bursa Malaysia announcement is dated 27 July 2004.
FABER GROUP: Issues Additional 30,000 Ordinary Shares
-----------------------------------------------------
Faber Group Berhad's additional 30,000 new ordinary shares of
RM1.00 each issued pursuant to conversion of RM60,000 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks into 30,000 new ordinary shares was granted listing and
quotation on 28 July 2004.
CONTACT:
Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Tel: 03-76282888
Fax: 03-76282828
This Bursa Malaysia announcement is dated 27 July 2004.
JIN LIN: MITI OKs Restructuring Scheme
--------------------------------------
On behalf of the Board of Directors of Jin Lin Wood Industries
Berhad, Avenue Securities Sdn Bhd, announced that the Ministry
of International Trade and Industry (MITI) via its letter dated
26 July 2004, has no objection to the Proposed Restructuring
Scheme, subject to the approval of the Securities Commission
being obtained.
The MITI Letter also states that Syarikat Mustapha & Ngu Timber
Sdn Bhd, a wholly-owned subsidiary company of Jin Lin and
Syarikat Bukit Granite Sdn Bhd have to comply with their
existing equity conditions imposed by MITI within two (2) years
from the listing date of Gefung Holdings Berhad on the Second
Board of the Bursa Malaysia Securities Berhad.
Collectively known as "proposed restructuring scheme"
(1) Proposed scheme of arrangement with shareholders;
(2) Proposed scheme of arrangement with creditors;
(3) Proposed acquisitions;
(4) Proposed exemption;
(5) Proposed disposal;
(6) Proposed offer;
(7) Proposed placement; and
(8) Proposed listing transfer
CONTACT:
Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Tel: 086-334661/335570
Fax: 086-330866/334808
This announcement is dated 26 July 2004.
KP KENINGAU: Issues Default Status Update
-----------------------------------------
As required by the Bursa Malaysia Securities Berhad Practice
Note 1/2001, KP Keningau Bhd. (KPK) hereby provides an update on
its default in payments as at 30 June 2004, as attached in
Appendix A.
The total default by KPK on principal sum plus interest as at 30
June 2004 amounted to RM36,852,789.84. The default payments
owing to financial institutions are in respect of trade
financing, term loan, revolving credit and overdraft and details
of security cover thereof, are as per announcement made on 19
January 2004.
There is no new development on the default of payments since the
previous announcement with regard to this Practice Note.
APPENDIX A
Principal RM
Interest RM
Principal & Interest
(RM) at 30/06/2004
SECURED
Kilang Papan Keningau Sdn. Bhd. (KPKSB)
a) United Overseas Bank (Malaysia) Bhd
b) Bumiputra-Commerce Bank Berhad
c) RHB Bank Berhad
a) 5,936,000.00 725,114.71 6,661,114.71
b) 7,957,000.00 705,864.66 8,662,864.66
c) 3,418,883.84 349,450.45 3,768,334.29
Kilang Papan Keningau (Mouldings) Sdn. Bhd.
(KPKM)
a) United Overseas Bank (Malaysia) Bhd
b) Bumiputra-Commerce Bank Berhad
a) 6,135,000.00 745,660.54 6,880,660.54
b) 2,986,000.00 279,803.72 3,265,803.72
KPK Properties Sdn. Bhd. (KPKP)
a) Bumiputra-Commerce Bank Berhad 800,000.00 73,895.80
873,895.80
K. P. Keningau Bhd (KPK)
a) United Overseas Bank (Malaysia) Bhd 1,148,230.65 152,299.25
1,300,529.90
Unsecured
K. P. Keningau Bhd (KPK)
a) Bumiputra-Commerce Bank Berhad 5,000,000.00 439,586.22
5,439,586.22
GRAND TOTAL 33,381,114.49 3,471,675.35 36,852,789.84
CONTACT:
KP Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205
46050 Petaling Jaya,
Selangor
Tel: 03-7784 3922
Fax: 03-7784 1988
LONG HUAT: To Remove from Official List Today
---------------------------------------------
Long Huat Group Berhad (LHUAT), a PN4 Condition company, will be
removed from the Official List of Bursa Securities and Lee Swee
Kiat Group Berhad (LEESK) will be admitted in place of the
Company with effect from 9.00 a.m., Thursday, 29 July 2004.
This Bursa Malaysia announcement is dated 28 July 2004.
CONTACT:
Long Huat Group Berhad
Level 3 Block C (South)
Pusat Bandar Damansara
50490 Kuala Lumpur
Tel: 03-27322695
Fax: 03-27322696
MTD CAPITAL: Posts Notice of Address Change
-------------------------------------------
MTD Capital Berhad announced that with effect from 1 August
2004, the address and contact numbers of the company would be
changed to the following:
Change description: Registered
Old address: Lot 8359, Mukim of Batu, Batu 8, Jalan Batu Caves,
68100 Batu Caves, Selangor Darul Ehsan
New address: No. 26, Jalan 2/6, Dataran Templer, Bandar Baru
Selayang, 68100 Batu Caves, Selangor Darul Ehsan
Name of Registrar:
Telephone no: 03-6120 3322
Facsimile no: 03-6120 3222
E-mail address: inquiry@mtdcap.com
MWE HOLDINGS: Singapore Units to Wind Up
----------------------------------------
MWE Holdings Berhad announced the winding up of its Singaporean
subsidiaries as follows:
Reference is made to its announcement to the Bursa Malaysia
Securities Berhad dated 22 December 2003 pertaining to the
appointment of Liquidator to proceed with the winding-up of MWE
(Singapore) Pte Ltd (MWES) and MWE Optical Pte Ltd (MO), both of
the companies are incorporated in Singapore.
MWE Holdings Berhad wishes to inform the Exchange that MWES and
MO has on 23 July 2004 held and passed the resolutions at their
respective Final Meeting of the Contributories at the Registered
Office, Messrs Lee Chee Wung & Co., 371 Beach Road, #09-05
Keypoint, Singapore 199597.
Following the Members' Voluntary Winding-up of MWES and MO with
effect from 23 July 2004, these two (2) companies would cease to
be the subsidiaries of MWE Holdings Berhad.
CONTACT:
MWE Holdings Berhad
Plaza Monterez
No.1, Jalan Merah Kesuma
U9/18, Seksyen U9
40000 Shah Alam
Tel: 04 - 5824811
Fax: 04 - 5824707
OSK HOLDINGS: Purchases 348,000 Ordinary Shares on Buy Back
-----------------------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Berhad the
details of its shares buy back on July 26, 2004.
Date of buy back: 26/07/2004
Description of shares purchased: Ordinary Shares of RM1.00 each
Total number of shares purchased (units): 348,000
Minimum price paid for each share purchased (RM): 1.600
Maximum price paid for each share purchased (RM): 1.640
Total consideration paid (RM): 565,851.28
Number of shares purchased retained in treasury (units):
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 37,961,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
OSK Holdings Berhad
20th Floor, Plaza OSK
Jalan Ampang
50450 Kuala Lumpur
Tel: 03-2162 4388
Fax: 03-2161 8254
Web site: http://www.osk.com.my
PAN PACIFIC: Issues Restructuring Scheme Update
-----------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Pan Pacific Asia Berhad (PPAB), announced that
the Board has resolved to abort the Company's existing Proposed
Restructuring Scheme which was approved by the Securities
Commission (SC) vide its letter dated 21 May 2003.
In view of the above, the role of Alliance as the advising
merchant bank of PPAB in relation to the Proposed Restructuring
Scheme will accordingly ceased with immediate effect.
This Bursa Malaysia announcement is dated 27 July 2004.
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Tel: 03-77278168
Fax: 03-77271622
PANTAI HOLDINGS: Releases Notice of Shares Buy Back
---------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Berhad the
details of its shares buy back on July 27, 2004.
Date of buy back from: 19/07/2004
Date of buy back to: 21/07/2004
Total number of shares purchased (units): 150,000
Minimum price paid for each share purchased (RM): 0.915
Maximum price paid for each share purchased (RM): 0.925
Total amount paid for shares purchased (RM): 138,652.22
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 150,000
Total number of shares retained in treasury (units): 20,973,500
Number of shares purchased, which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 27/07/2004
Lodged by: Pantai Management Resources Sdn Bhd
Tel: 03-2287 9822 Fax: 03-2287 3822
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Tel: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
PUNCAK NIAGA: Grants Listing of 31,000 Ordinary Shares
------------------------------------------------------
Puncak Niaga Holdings Berhad's additional 31,000 new ordinary
shares of RM1.00 each issued pursuant to the employees share
option scheme will be granted listing and quotation with effect
from 9.00 a.m., Thursday, 29 July 2004.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SUNWAY HOLDINGS: Issues Update of Share Option Scheme
-----------------------------------------------------
Sunway Holdings Inc. Berhad's additional 32,000 new ordinary
shares of RM1.00 each issued pursuant to the employees' share
option scheme was granted listing and quotation on 27 July 2004.
CONTACT:
Sunway Holdings Incorporated Berhad
Level 16, Menara Sungei Way
Jalan Lagun Timur, Bandar Sunway
46150 Petaling Jaya,
Selangor
Tel: 03-5635 8889
Fax: 03-5634 1349
TALAM CORP.: Converts Convertible Shares to Ordinary Shares
-----------------------------------------------------------
Talam Corporation Berhad's additional 3,054,200 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
27,662,500 irredeemable convertible preference shares into
2,766,250 new ordinary shares and the conversion of RM287,950
irredeemable convertible unsecured loan stocks 2003/2006 into
287,950 new ordinary shares was granted listing and quotation on
July 28, 2004.
CONTACT:
Talam Corporation Berhad
Jalan Pandan Indah 4/2 Pandan Indah
Kuala Lumpur, 55100
Malaysia
Tel: +60 3 4296 2000
Tel: +60 3 4297 7220
TAP RESOURCES: Issues Change in Share Registrar
-----------------------------------------------
Tap Resources Berhad disclosed to Bursa Malaysia Securities
Berhad the details of the changes of its shares registrar.
Date Announced: 27/07/2004
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 No: 03-2721 2222
Facsimile No: 03-2721 2530/ 2721 2531
Effective date: 27/07/2004
Remarks: The change is due to the merger of Signet Share
Registration Services Sdn Bhd (Signet) with Symphony Share
Registrars Sdn Bhd (formerly known as Malaysian Share
Registration Services Sdn Bhd) (SSR), of which the Company had
on 27 July 2004 entered into the Deed of Novation with:
i) Signet and SSR.
ii) Signet, SSR and AmTrustee Berhad.
CONTACT:
Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Tel: 03-79823388
Fax: 03-79811329
TENAGA NASIONAL: Issues Additional 8,794,400 Ordinary Shares
------------------------------------------------------------
Tenaga Nasional Berhad's additional 8,794,400 new ordinary
shares of RM1.00 each issued pursuant to the employees' share
option scheme will be granted listing and quotation with effect
from 9.00 a.m., Thursday, 29 July 2004.
CONTACT:
Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Tel: +60 3 2296 5566
Tel: +60 3 2283 3686
YCS CORPORATION: Issues Practice Note. 4/2001 Update
----------------------------------------------------
Further to the announcement on June 30, 2004 on the requisite
announcement (RA), YCS Corporation Berhad (YCS) announced that
Bursa Malaysia Securities Berhad has decided to reject the
Company's application for extension of time pursuant to
paragraph 5.0 of the Practice Note 4/2001 (PN4).
Bursa Malaysia has also on July 27, 2004, issued a Notice to
Show Cause (Notice) as to why the securities of the Company
should not be de-listed from the Official List of Bursa
Malaysia. In compliance to requirement of the Notice, the
Company hereby makes an immediate announcement that:
a) The Company has been accorded 14 days to make a written
representation to Bursa Malaysia on why its securities should
not be removed from the Official List of Bursa Malaysia;
b) In the event that Bursa Malaysia decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Malaysia upon expiry of 14 days from the
date of notification of the decision to de-list or upon such
other dates as may be specified by Bursa Malaysia; and
c) In the event that Bursa Malaysia decides not to de-list the
Company, other appropriate action/penalty (ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements.
This Bursa Malaysia announcement is dated 28 July 2004.
CONTACT:
YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Tel: +60 3 80242922
Tel: +60 3 80242911
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Eyes 60% Stake in Sky Vision
--------------------------------------------------
ABS-CBN Broadcasting Corp. (ABS.PH) is setting its sights on
acquiring a more than 60% stake in cable television firm Sky
Vision Corp. from fellow Lopez-controlled Benpres Holdings Corp.
(BPC.PH), reveals The Philippine Star, citing unnamed sources.
According to Lopez group insiders, ABS-CBN's acquisition plans
"makes sense" because of the synergy between the two firms.
No decision has yet been reached as to how ABS-CBN will
compensate Benpres for the purchase, but one option is a share-
swap arrangement, a Lopez group official said.
Publicly listed ABS-CBN, the largest integrated media and
entertainment company in the Philippines, is 57-percent owned by
Benpres.
CONTACT:
ABS-CBN Broadcasting Corp.
ABS-CBN Broadcasting Centre Complex
Mother Ignacia St. cor.
Sgt. Esguerra Ave. Quezon City
Telephone Numbers: 924-4101 to 4122; 415-2272
Fax Number: 431-9368
E-mail Address: oliver_calma@abs.pinoycentral.com
URL: http://www.abscbn-ir.com
NATIONAL POWER: Masinloc Plant Sale Attracts 17 Firms
-----------------------------------------------------
A total of 17 companies have expressed interest in acquiring
National Power Corp.'s 600-megawatt, coal-fired Masinloc power
plant, reports BusinessWorld, citing an official at Power Sector
Assets & Liabilities Management Corp. (PSALM), the state agency
privatizing the state-run power firm.
According to the PSALM official who requested anonymity, six of
the companies interested in the Masinloc plant were Japanese,
three were from Southeast Asia, and there was one each from
India, Australia and South Korea. The remaining five are based
in the Philippines and included power producers, said the
official, who declined to name the interested firms.
Submission of letters of interest, said the official, had been
extended from July 27 to August 18, and that final bids need to
be submitted by October 27 after due diligence.
The Philippine government has said it aims to raise up to US$5
billion by the end of 2005 by selling power plants and grids
owned by Napocor.
CONTACT:
National Power Corporation
BIR Road corner Quezon Avenue
Diliman, Quezon City, Philippines
Tel. Nos.: (632) 921-3541
Fax No.: (632) 921-2468
webmaster@napocor.gov.ph
NATIONAL POWER: Regulator Sets Pre-hearing On Rate Hike Petition
----------------------------------------------------------------
State-run National Power Corp.'s petition for a PhP1.37 per
kilowatt-hour rate increase will be the subject of a pre-hearing
set by the Energy Regulatory Commission on Friday, reports The
manila Bulettin.
According to ERC Chairman Rodolfo B. Albano, the pre-hearing
aims to hammer out all the technical issues being raised by
oppositors of the NPC rate adjustment.
Last Monday, the ERC already held its first hearing on the
Napocor petition filed in June, but was forced to suspend the
proceedings because of technicalities being raised by parties in
the case.
"We want to expedite the process, so we scheduled this pre-
hearing on Friday so we can iron out the technical issues; such
as the concern on allowing just one witness for all the opposing
parties," the ERC chief stressed.
NATIONAL POWER: RP Government Borrows Again For Napocor Ops
-----------------------------------------------------------
In order to sustain the operations of debt-saddled National
Power Corp. (Napocor), the Philippine government plans to raise
funds by reopening the 300-million euro-denominated bond issue
due to mature in 2010 which it launched early last year, reports
ABS-CBN Interactive, citing unnamed sources.
According to market sources, investors have expressed interest
to buy as much as 400 million euros worth, although the
government will likely take up anywhere between 200 million
euros and 300 million euros worth of bonds. The bonds were set
to be priced in London Tuesday at 103.25 for a yield of 9.125
percent.
The lead managers for the bond sale are Credit Suisse First
Boston and Deutsche Bank.
PHILIPPINE LONG: Issues Additional 2,320 Shares for Listing
-----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000 the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) to list additional 1,289,745 common shares, with a par
value of PHP5.00 per share.
In this connection, please be advised that a total of 2,320
common shares have been availed of and fully paid by the
optionee under the Company's ESOP.
In view thereof, the listing of the 2,320 common shares is set
for Thursday, July 29, 2004. This brings the number of common
shares listed under the ESOP to a total of 136,802 common
shares.
The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.
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
=================
S I N G A P O R E
=================
BUAN CHUA: Winding Up Order Made
--------------------------------
In the Matter of Buan Chua Seng Trading Pte Ltd., a Winding Up
Order made on July 9, 2004.
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Messrs RAJAH & TANN
Solicitors for the Petitioner.
This Singapore Government Gazette announcement is dated July 23,
2004.
COMPOSITE MATERIAL: Creditors To Prove Debts on August 23
---------------------------------------------------------
Notice is hereby given that the creditors of Composite Material
Supply Pte Ltd (In Members' Voluntary Liquidation), whose debts
or claims have not already been admitted, are required on or
before August 23, 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 23,
2004.
HO WAH: High Court OKs Debt Plan
--------------------------------
The Singapore High Court has approved Ho Wah Genting
International's debt-revamp proposal, Business Times reports.
The precision engineering firm finally received a go-ahead from
the High Court on its plan to restructure debts following
creditors' approval of the scheme.
Private firm Ariel Singapore, a unit of regional hospitality
group Global Ariel, has been named potential white knight for
the takeover.
CONTACT:
Ho Wah Genting International
371 Beach Rd., Ste. 16-09 Keypoi
Singapore, 199597 Singapore
HO WAH: Announces Scheme of Arrangement
---------------------------------------
Further to the announcement made by Ho Wah Genting International
Ltd on 26 July 2004, the Board of Directors of the Company is
pleased to announce that a copy of the Order of the High Court
of the Republic of Singapore, dated 23 July 2004,
approving/sanctioning the Scheme was lodged with the Accounting
and Corporate Regulatory Authority on 26 July 2004. Accordingly,
the Scheme is effective from 26 July 2004.
Submitted by Tan Swee Gek, Joint Company Secretary on July 27,
2004 to the Singapore Stock Exchange.
I.R.E. CORPORATION: Additional Information On Property Sale
-----------------------------------------------------------
The Board of Directors of I.R.E. Corporation Limited wishes to
announce additional information on the sale of property, which
was announced on July 20, 2004:
Clarification to the amount of loss attributable to the property
being disposed:
The loss attributable to the property being disposed amounted to
SGD139,651.83 as at December 31, 2003. The loss consisted of
interest costs and depreciation expenses of SGD103,651.83 and
SGD36,000.00 respectively as at December 31, 2003.
By Order Of The Board
Michael Tay Kwang How
Company Secretary
L & M GROUP: Clarifies July 27 Straits Times Article
----------------------------------------------------
The Board of Directors of L&M Group Investment Limited refers to
the Article in the Straits Times entitled "Longest flyover set
to be ready in mid-2005" published on July 27, 2004.
The Board wishes to clarify the following points:
(a) In the Article, Mr Yeo was quoted to have said that the
Company has settled all unpaid salaries. In fact the Company is
still in the process of negotiating and arranging the settlement
of the unpaid employees' salaries;
(b) The Article also states that the Company is expected to
raise S$10 million this week with the placement of one billion
new shares. The Company wishes to advise that while it has plans
to place out up to one billion new shares as soon as possible,
the proceeds from such a placement is likely to be raised only
after approximately one month from the commencement of such
placement exercise; and
(c) In the Article, Mr Yeo was incorrectly quoted as having said
that L&M Prestressing would not be tendering for any LTA
projects in future. L&M Prestressing's foremost priority now is
to complete the two projects as soon as possible. For that
reason L&M Prestressing has stopped tendering for any projects
for the moment. This does not mean they would not be tendering
for any LTA projects in the future as reported.
By Order of the Board
Attlee Hue Kuan Yew
Company Secretary
This announcement was submitted to the Singapore Stock Exchange
on July 27, 2004.
RUSSIAN CALC: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the winding up of The
Russian CALC Pte Ltd. (formerly known as Baleston Pte Ltd) by
the High Court was on July 9, 2004 presented by Nacom Societe
Anonyme Holding (Luxembourg RC no. RCS Luxembourg B number
61295), a company incorporated under the laws of Singapore and
having its registered office at 30, Boulevard Joseph II, L-1840
Luxembourg, the creditors.
The said Petition will be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on August 6, 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; and 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.
The Petitioner's address is 30, Boulevard Joseph II, L-1840
Luxembourg.
The Petitioner's solicitors are Messrs ANG & PARTNERS, 150 Beach
Road, #32-00 The Gateway West, Singapore 189720.
Messrs Ang & Partners
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 above named Messrs
ANG & PARTNERS, notice in writing of his intention so to do. 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 5th day of August 2004 (the day before the day appointed
for the hearing of the Petition).
SPANISH CALC: Winding Up Hearing Set August 6
---------------------------------------------
Notice is hereby given that a Petition for the winding up of The
Sapnish CALC Pte Ltd. (formerly known as Senegal Pte Ltd.) by
the High Court was on the 9th day of July 2004 presented by
Nacom Societe Anonyme Holding (Luxembourg RC no. RCS Luxembourg
B number 61295), a company incorporated under the laws of
Singapore and having its registered office at 30, Boulevard
Joseph II, L-1840 Luxembourg, the creditors.
The said Petition will be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on the 6th day of
August 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 the same
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 30, Boulevard Joseph II, L-1840
Luxembourg.
The Petitioner's solicitors are Messrs ANG & PARTNERS, 150 Beach
Road, #32-00 The Gateway West, Singapore 189720.
Messrs Ang & Partners
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 above named Messrs
ANG & PARTNERS, notice in writing of his intention so to do. 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 5th day of August 2004 (the day before the day appointed
for the hearing of the Petition).
UBIN LAGOON: Winding Up Hearing Slated August 6
-----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Ubin Lagoon Resort Pte Ltd. by the High Court was on the 14th
day of July 2004 presented by Minwatt Fisheries Pte Ltd, a
company incorporated in the Republic of Singapore and having its
registered office at 20 Shaw Road, #03-01 Ching Shine Industrial
Building, Singapore 367956, a creditor.
The Petition is directed to be heard before the Court sitting at
the High Court in Singapore at 10.00 o'clock on August 6, 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 the hearing by himself or his counsel for that
purpose; and a copy of the Petition will be furnished to any
creditor or contributory of the company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.
The Petitioners' address is 20 Shaw Road, #03-01 Ching Shine
Industrial
Building, Singapore 367956.
The Petitioners' solicitors are Veritas Law Corporation of 2
Havelock Road, #06-06 Apollo Centre, Singapore 059763.
VERITAS LAW CORPORATION
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
Veritas Law Corporation of 2 Havelock Road, #06-06 Apollo
Centre, Singapore 059763, 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 solicitor (if any)
and must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than 12
o'clock noon of the 5th day of August 2004 (the day before the
day appointed for the hearing of the Petition).
===============
T H A I L A N D
===============
KRUNG THAI: Criticized By BOT Chief For Being 'lax'
---------------------------------------------------
State-run Krung Thai Bank PCL has been singled out on Tuesday by
Bank of Thailand governor Pridiyathorn Devakula as being
uniquely "lax" in its lending practices, reports the Financial
Times. The comment follows Krung Thai's announcement last week
that its non-performing loans have risen sharply in the second
quarter.
According to Mr. Pridiyathorn, the other major banks were sound
and he did not expect another "big announcement" like Krung
Thai's despite a toughening of provisioning rules. "If they have
to raise cash it will be for credit expansion, not
provisioning," he said.
Krung Thai Bank PCL, Thailand's second-largest commercial bank,
announced last week that its non-performing loans at the end of
June jumped to 12.29% from 7.78% in March. In an assets-and-
liabilities report, the bank said that problem loans rose to
THB125.70 billion ($1=THB40.801) from THB79.65 billion.
According to analysts, the increase could be mainly due to the
bank reclassifying its non-performing loans following a request
by the central bank, which has insisted that commercial banks
should adhere to existing regulations that require additional
provisions in cases where large debtors appear to be running
into repayment problems.
Krung Thai's total assets stood at THB1.159 trillion in June
against THB1.137 trillion three months earlier. Its total
liabilities rose to THB1.086 trillion from THB1.061 trillion.
THAI PETROCHEMICAL: Creditors Poised To OK New Plan
---------------------------------------------------
The new refinancing plan proposed by the Ministry of Finance for
Thai Petrochemical Industry Plc (TPI) appears to be headed for
approval by the firm's creditors, reports Asia Intelligence
Wire, citing a report by local newspaper Krungthep Turakij.
According to a source from TPI's credit steering committee, the
plan met no objections from TPI's creditors during their latest
meeting.
After the finance minister officially approves the plan, the
creditors will have to vote on it on a date to be set by
Thailand's Bankruptcy Court. Before casting their ballots, the
representative of each creditor institution will have to ask the
opinion of the institution's board of directors.
Meanwhile, the Krungthep source leaked that an anonymous group
calling itself "Thai Refchem" had proposed taking over 60 per
cent of TPI and investing another US$300 million to expand
production. The refinancing plan management team, however,
apparently was not interested in the proposal.
THAI PETROCHEMICAL: Stake Buy With PTT Plc. Studied By Fund
-----------------------------------------------------------
The Thailand Prosperity Fund is mulling over a joint deal with
energy giant PTT Plc. in acquiring an investment stake in Thai
Petrochemical Industry Plc (TPI), reveals Asia Intelligence
Wire.
According to Government Pension Fund (GPF) secretary-general
Visit Tantisunthorn, TPI was an "attractive investment" within
the petrochemical sector, but added that any investment would be
made only after TPI completed its restructuring.
"We are looking to invest in TPI over a five-year period, which
is a sufficient amount of time for the company to improve itself
and generate returns for the fund," Mr. Visit said. "If the
amount of new investment exceeds what is available in the
Thailand Prosperity Fund, we can always look to raise new
capital."
TPI is currently finalizing a new US$2.8-billion debt-
restructuring plan that would raise through a debt-to-equity
swap the shareholdings of creditor banks from 75 percent to
around 90 percent. The said plan is expected to be approved by
Finance Minister Somkid Jatusripitak within the next one or two
weeks, and will then be submitted to the Central Bankruptcy
Court for consideration.
The Thailand Prosperity Fund was founded in 2003 to invest in
listed and non-listed Thai companies, with the GPF holding a
one-third stake and the Brunei Investment Agency the rest. To
date, investments by the fund established with THB8 billion in
capital by the GPF and the Brunei agency stand at around THB2
billion.
CONTACT:
Thai Petrochemical Industry Plc.
TPI Tower, 12th Fl., 26/56 Chan Tat Mai Rd.
Bangkok, 10120, Thailand
Phone: +66-0-2678-5000
Fax: +66-0-2678-5048
http://www.tpigroup.co.th
*********
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.
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