/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040812.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, August 12, 2004, Vol. 7, No. 159 Headlines A U S T R A L I A ADSTREAM MARINE: Hires New Regional Manager For Queensland ARISTOCRAT LEISURE: Appoints New Company Secretary BRAMBLES INDUSTRIES: Consolidates Management Structure NATIONAL AUSTRALIA: Appoints New CEO And CFO QANTAS AIRWAYS: Hong Kong Route Commences SANTOS LIMITED: Enters Alliance With Total and Mitsui WOODSIDE PETROLEUM: Issues Update on Mauritania Events C H I N A & H O N G K O N G CHAMPION PLANNER: Winding Up Hearing Slated August 25 CHINTUNG FUTURES: Holds Members' and Creditors' Meetings DASSAN MANAGEMENT: Winding Up Hearing Set August 25 ETTALONG ENTERPRISES: Creditors Must Prove Debts By September 7 FORIN INVESTMENT: Faces Bankruptcy Proceedings HK CONSTRUCTION: Names New Executive Director NAM FONG: Creditor Files Winding Up Petition WAI YAT: Enters Winding Up Proceedings YEE LEE: Court Hears Winding Up Petition I N D O N E S I A PERTAMINA: Indosat CEO Named Oil Firm's Top Exec SEMEN GRESIK: Asks Indonesian Government to Buy Cemex Stake SEMEN GRESIK: To Use IDR1tln Fund for Debt Repayment, Buyback J A P A N DAIKYO INCORPORATED: UFJ Negotiates With IRCJ JAPAN TOBACCO: Earns Q1 Profit MYCAL CORPORATION: Investors Likely To Sue Bond Sellers SOFTBANK CORPORATION: Q1 Net Loss Shrinks to JPY17.9Bln UFJ HOLDINGS: Wins Appeal Against Merger Injunction K O R E A KOOKMIN BANK: FSS Official Says Sanction Yet to be Determined HANARO TELECOM: Posts KRW9.8Bln in First Half M A L A Y S I A ANCOM BERHAD: Issues Notice of Shares Buy Back ANTAH HOLDINGS: Updates Status On Involvement In Litigation BERJAYA SPORTS: Grants Listing of 53,569 New Ordinary Shares BOUSTEAD HOLDINGS: Issues 108,000 New Ordinary Shares CHG INDUSTRIES: Undertakes Debt Restructuring Exercise CSM CORP.: Bank Negara OKs Issuance of Unsecured Loan Stocks PANTAI HOLDINGS: Purchases 65,200 Ordinary Shares on Buy Back PSC INDUSTRIES: Clarifies Newspaper Reports SELOGA HOLDINGS: Usaha Citra Acquires 14,000,000 Shares SELOGA HOLDINGS: Releases Unaudited Quarterly Report SOUTHERN STEEL: Enters Facility Agreement to Refinance Debt SUNWAY CONSTRUCTION: Bursa Malaysia To Delist Shares TANJONG PUBLIC: Issues Additional 285,000 Ordinary Shares TENAGA NASIONAL: Enters Power Purchase, Coal Supply Agreement TENAGA NASIONAL: Appoints Chief Financial Officer UNITED CHEMICAL: Seeks Extension of Investigative Audit P H I L I P P I N E S COLLEGE ASSURANCE: Selling Assets to Cover PHP17.2B Shortfall LEISURE & RESORTS: Gaming Firm Reduces Capital PHILIPPINE LONG: Posts Changes in Shareholder's Interest PHILIPPINE LONG: Issues Additional 5,500 Common Shares PHILIPPINE LONG: Manpower Reduction Scheme Deadline August 18 S I N G A P O R E KAITENG TECHNOLOGY: Court Issues Winding Up Order LAMIMORI PACKAGING: Winding Up Order Made LIM HONG: Receives Winding Up Order MILLENNIUM-WESTMONT PRIVATE: Holds Creditors' Meeting SMRT CORPORATION: Strikes Off Subsidiary TONG HUP: Placed Under Judicial Management T H A I L A N D K.C. PROPERTY: Submits 2Q Financial Statement - - - - - - - - ================= A U S T R A L I A ================= ADSTREAM MARINE: Hires New Regional Manager For Queensland ---------------------------------------------------------- In a press release on Wednesday, Adsteam Marine Limited announced that it has appointed Chris Barnes to the position of Regional Manager- Queensland. Chris was previously CEO and Executive Director of McCaffertys Greyhound Pty Ltd, and previously held management positions with Ansett Australia. He comes to Adsteam with extensive experience in managing service businesses. He will be responsible for all Adsteam Harbour services in Queensland including towage, lines, mooring and tug barging. A fleet of 22 tugs, plus other vessels, are based along the Queensland coast providing essential services to ships arriving and departing from Queensland ports. Equally important is providing emergency response when ships threaten the Great Barrier Reef and other coastal areas. Adsteam tugs have been key to several recent successful salvages of ships in the Great Barrier Reef. Adsteam operates in 10 Queensland ports. CONTACT: Adstream Marine Ltd. Level 22, Plaza 2, 500 Oxford Street, BONDI JUNCTION, NSW, AUSTRALIA, 2022 Head Office Telephone: (02) 9369 9200 Head Office Fax: (02) 9369 9288 Website: http://www.adsteam.com.au/ ARISTOCRAT LEISURE: Appoints New Company Secretary -------------------------------------------------- Aristocrat Leisure Limited (ASX: ALL) announced in a press release on Tuesday the appointment today of Bruce J. Yahl as Company Secretary of the Company following the resignation of Robert Postema as Group General Counsel and Company Secretary. Robert Postema will leave the Company on 13 August 2003. CONTACT: Aristocrat Leisure Ltd. 71 Longueville Road, LANE COVE, NSW, AUSTRALIA, 2066 Head Office Telephone: (02) 9413 6300 Head Office Fax: (02) 9420 1352 Website: http://www.aristocratgaming.com BRAMBLES INDUSTRIES: Consolidates Management Structure ------------------------------------------------------ Brambles Industries Ltd. announced in a press release on Tuesday a consolidation of its management structure to further intensify focus on its regional operations while enhancing organizational efficiencies. This follows a review of the head office functions of both Cleanaway and Brambles Industrial Services. The review confirmed there was a considerable degree of overlap between the two businesses which with the reducing requirements of the regional Cleanaway operations for functional head office support, provided the opportunity to consolidate the management structure. Effective immediately, Jean-Louis Laurent, CEO of Brambles Industrial Services, will assume additional responsibility for Cleanaway's UK and Asia-Pacific operations. Gerben Westra, CEO of Cleanaway, will remain a Director of the UK business and have as a key responsibility the further development of Cleanaway's operations in Germany and the Baltic States until he leaves the group in July 2005. Cleanaway's international headquarters in London will close later this calendar year. Brambles Chief Executive Officer, David Turner, said: "Gerben has contributed significantly to the development of Cleanaway during his 11 years with the group, a period in which Cleanaway has grown substantially to become a leading, international waste management business. We are very grateful to him for his considerable contribution." The costs associated with the reorganization will be treated as an operating expense in the current financial year, and will be offset by savings of a similar amount. Brambles' global headquarters is in Sydney, Australia. Cleanaway Cleanaway is a leading waste management operator, with businesses in the UK, Germany, Australia, New Zealand and Asia. It has operations in all segments of the waste management industry, including municipal, commercial and industrial collection, recycling, and waste treatment and disposal. Brambles Industrial Services Brambles Industrial Services provides on-site and off-site services to many of the world's leaders in the steel, metals and minerals, coal, oil and gas, and manufacturing and processing industries. It operates in Australia and, in the northern hemisphere, the UK, continental Europe and the USA. CONTACT: Brambles Industries Limited Level 40 Gateway Building 1 Macquarie Place Sydney NSW 2000 AUSTRALIA Telephone: +61 (0) 2 9256 5222 Facsimile: +61 (0) 2 9256 5299 NATIONAL AUSTRALIA: Appoints New CEO And CFO -------------------------------------------- National Australia Bank Group Chief Executive, John Stewart, announced in a press release on Wednesday the appointment of Ahmed Fahour to the new role of Chief Executive Officer Australia and Michael Ullmer as Group Chief Financial Officer. Michael Ullmer will commence on 1 September and Ahmed Fahour will join the National on 4 October. Both will also be appointed Executive Directors of the National Australia Bank Board. "This is an important step toward rejuvenating the National and placing it on a path to sustainable growth in shareholder returns," Mr. Stewart said "I am delighted to be able to make two appointments that bring such a wealth of Australian and international experience to the National. "Ahmed Fahour will be responsible for bringing together our three main businesses in Australia - Financial Services Australia and the Australian components of the Corporate and Institutional Bank and the Australian operations of Wealth Management. "We have decided to move to a regional business model. This will enable us to improve integration across divisions and build an improved offer to our customers." Mr. Fahour, 37, was previously the Chairman and CEO of Citigroup Australia and New Zealand, which included corporate and investment banking, consumer banking and investment management and the operations of Smith Barney. Mr. Ullmer, 53, has extensive industry experience in banking and his previous roles have included responsibility for finance, risk management, institutional, business and retail markets. He was also a partner with Coopers & Lybrand and KPMG where his focus was on financial advisory and audit. "Michael brings more than 30 years experience in financial services to his role as Chief Financial Officer and has a strong track record for delivering superior returns to shareholders. "The two new executive directors will be valuable additions to the National Board and it is another important step in the Board renewal program," the National's Chairman Graham Kraehe said. "We expect to announce further non executive appointments in the near future," he said. Details of the remuneration packages of both executives are below: Summary of the key terms and conditions of Mr. Fahour's new employment contract Mr. Fahour's new employment contract includes two components. The first component includes base salary and short-term and long-term incentives. This is in line with Australian and international benchmarks. The second component, which only applies on commencement with the National, is compensation for accrued value Mr Fahour was due from his previous employer but has foregone to join the National. This value was in USD and based on US remuneration benchmarks. Mr. Fahour's new employment contract has been structured in accordance with the National's performance-oriented framework. Incentive payments and performance hurdles have been structured to deliver reward for real and sustainable returns to shareholders. In line with the proposed CLERP 9 requirements, the basis on which any actual short-term incentive payments are made will be disclosed in the annual report and will be presented to shareholders. Contract Term Mr. Fahour's contract is for an initial period of four years. It is effective from 4 October 2004 and will end on 3 October 2008. The contract will be renewable annually by mutual agreement from that date. Fixed Remuneration Mr. Fahour's fixed annual remuneration has been set at $1.5 million and will be reviewed in October 2005. This amount is inclusive of superannuation and fringe benefits. Incentive Arrangements The National's remuneration philosophy is based on a pay for performance framework. The incentive components of remuneration are performance oriented and structured to reward both individual and business performance. Short-Term Incentive (STI) The National's STI Plan has been developed to deliver performance-based, short-term reward and is currently measured through the achievement of Economic Value Added growth over a one-year period and selected Key Result Areas (KRAs). The target value of the STI reward will be 130 percent of fixed remuneration (ie $1.95 million) with a minimum of 50 percent of the incentive awarded to be in ordinary shares. These shares will be forfeited in the event of serious misconduct. Long-Term Incentive (LTI) Mr. Fahour is eligible to receive up to $1.7 million annually in equity in line with the National's remuneration policies and subject to shareholder approval. For more information, click http://bankrupt.com/misc/NATIONALAUSTRALIA081104.pdf 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/ QANTAS AIRWAYS: Hong Kong Route Commences ----------------------------------------- Qantas Airways Ltd. announced in a press release on Tuesday that it has began operating its new Airbus A330-300 aircraft on international routes. The aircraft will initially operate from Sydney, Melbourne, Brisbane and Perth to Hong Kong. Executive General Manager Qantas Airlines, John Borghetti, said this marked an important step in a fleet strategy which will see A330-300s replacing Boeing 767 aircraft on international routes. Qantas recently took delivery of three new two-class A330-300s fully configured for international flying and featuring: - 30 Business Class and 267 Economy Class seats; - Qantas' new International Business Class product which includes the award winning Skybed sleeper seat and specially trained, dedicated flight attendants; - Qantas' Inflight Entertainment System offering individual inseat video screens and 18 video and 16 audio channels for customers in Business and Economy Class; - two self-service Business Class bars; and - mood lighting throughout the Business Class cabin. "The A330-300 fleet will become an integral part of our international operations," Mr. Borghetti said. "The aircraft will allow us to offer our new Skybed International Business Class product and inflight entertainment system on important routes, such as Hong Kong." The Airbus A330-300s will fly on other medium haul routes in coming months, including Tokyo Narita, Singapore and from Sydney to Shanghai when Qantas resumes services to China on 2 December later this year. A further three A330-300s will be delivered for international flying from November 2004, bringing the total A330-300 fleet to nine. A330-300 statistics include: - Length 63.7 metres - Width 5.38 metres - Wing Span 60.3 metres - Average Cruise Speed 880 km/h - Cruise Altitude 28,000-39,000 feet - Maximum Range 9,445 km - Engines General Electric CF6-80E1A3 CONTACT: Qantas Airways Qantas Centre, Level 9, Building A , 203 Coward Street, MASCOT , NSW, AUSTRALIA, 2020 Head Office Telephone: (02) 9691 3636 Head Office Fax: (02) 9691 3339 Website: http://www.qantas.com SANTOS LIMITED: Enters Alliance With Total and Mitsui ----------------------------------------------------- Santos Limited announced in a press release on Wednesday that the international groups, Total SA of France and Mitsui Oil Exploration Co Ltd (MOECO) of Japan, will farm into a deep-water exploration block located north of Bali, Indonesia held under a production sharing contract (PSC) by Santos (Nth Bali I) Pty Ltd. Total, through its subsidiary, Total E&P North Bali I, will take a 39.9 percent interest with the right, subject to certain conditions, to obtain a further 10.1 percent interest in the PSC. MOECO, through its subsidiary, Moeco North Bali Co Ltd, will take a 20 percent interest. This agreement is subject to Indonesian Government approval. Santos (Nth Bali I) Pty Ltd was originally awarded a 100 percent interest in the PSC in October 2003 by the Indonesian Government. The block is located in the offshore East Java Basin, 210 kilometres east of Surabaya and 10 kilometres north of Bali Island in water depths ranging from 100 to 970 metres. The East Java Basin is considered highly prospective for oil, and several substantial oil and gas fields have been discovered within the vicinity. Santos (Nth Bali l Pty Ltd) has already acquired two-dimensional seismic within the exploration block and an exploration well, Agung 1, is scheduled to be drilled by October 2004. Santos' subsidiary will retain operator status during the exploration phase of the PSC. The Total subsidiary, Total E&P North Bali I, will take over the operator post after the first three-year exploration period where Total's experience will assist Santos in enhancing its offshore development skills for deep-water operations. Santos' Managing Director, Mr. John Ellice-Flint, said that the farmout is a further realization of Santos' portfolio management strategy to share exploration risk and bring in credible co- venturers that provide opportunity for further deals. "Santos is pleased to join forces with highly respected groups such as Total and MOECO," said Mr. Ellice-Flint. The Total/MOECO agreement follows joint venture exploration agreements reached last month by Santos with two other global oil and gas giants - Devon Energy Corporation and ConocoPhillips. Santos has joined Devon in a joint eight-well exploration venture over three years in the Gulf of Suez, Egypt, and has also teamed up with ConocoPhillips to explore a major Timor Sea gas prospect. Interests in North Bali I PSC will be: Santos (Nth Bali I) Pty Ltd- 40.1 percent (decreasing subsequently to 30 percent) Total E&P North Bali I- 39.9 percent (increasing subsequently to 50 percent) Moeco North Bali Co Ltd.- 20 percent CONTACT: Santos Limited Investor Relations Level 29 Santos House 91 King William Street Adelaide South Australia 5000 Telephone: +61 8 8218 5111 Facsimile: +61 8 8218 5131 WOODSIDE PETROLEUM: Issues Update on Mauritania Events ------------------------------------------------------ In a company press release on Wednesday, Woodside Petroleum Ltd. advised that its staff and contractors in Mauritania have returned to work and the company has resumed travel to the west African country following Tuesday's reports that several military personnel had been arrested. Work resumed on Tuesday (Mauritanian time). The situation in the capital is described as calm with business continuing as normal. Woodside will continue to monitor the situation. The company does not intend to make any further ASX announcement unless there are material changes. CONTACT: Woodside Petroleum Ltd. Woodside Plaza , 240 St Georges Terrace PERTH, AUSTRALIA, 6000 Head Office Telephone: (08) 9348 4000 Head Office Fax: (08) 9214 2777 Website: http://www.woodside.com.au/ ============================== C H I N A & H O N G K O N G ============================== CHAMPION PLANNER: Winding Up Hearing Slated August 25 ----------------------------------------------------- Notice is given that a Petition for the Winding up of Champion Planner Limited by the High Court of Hong Kong was, on the 12th day of July, 2004, presented to the said Court by Yun Yiu Kwong of Room 2006, Lung Cheong House, Lower Wong Tai Sin Estate, Wong Tai Sin, Kowloon, Hong Kong. The said petition will be heard before the Court at 9:30 am. on the 25th day of August, 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. Ada Chau Ming Wai For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 24th day of August 2004. CHINTUNG FUTURES: Holds Members' and Creditors' Meetings -------------------------------------------------------- Notice is hereby given that pursuant to Section 247 of the Companies Ordinance (Chapter 32), a meeting of the members of Chintung Futures Limited (in creditors' voluntary liquidation) will be held at 17/Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong on 27th day of August 2004 at 11:00 a.m. for the purpose of receiving an account of the liquidator's act and dealings and of the conduct of the winding up of the company during the preceding year. A member or creditor entitled to attend vote at the above meeting may appoint proxy to attend and vote instead of him. A proxy need not be a member or creditor of the company. Forms of proxies for both meetings must be lodged at 17/Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong not later than 4:00 p.m. on the day before the meetings. Ian Grant Robinson Liquidator DASSAN MANAGEMENT: Winding Up Hearing Set August 25 --------------------------------------------------- Notice is given that a Petition for the Winding up of Dassan Management Company Limited by the High Court of Hong Kong was, on the 23rd day of July, 2004, presented to the said Court by Chan Ka Fai of 6/F., 455 Lockhart Road, Wan Chai, Hong Kong. The said petition will be heard before the Court at 10:00 am on the 25th day of August, 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 24th day of August 2004. ETTALONG ENTERPRISES: Creditors Must Prove Debts By September 7 --------------------------------------------------------------- The Creditors of Ettalong Enterprises Limited, which is being voluntarily liquidated, are required on or before the 7th day of September 2004 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the undersigned, and if so required by notice in writing from the said liquidator to prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Rainier Hok Chung Lam Joint and Several Liquidator 22/F., Prince's Building Central Hong Kong This announcement is dated August 6, 2004. FORIN INVESTMENT: Faces Bankruptcy Proceedings ---------------------------------------------- Notice is given that a Petition for the Winding up of Forin Investment Limited by the High Court of Hong Kong was, on the 21st day of July, 2004, presented to the said Court by Tong Wai Chu of Flat 5, 3/F., Block C, Tak On House, 9-11 Wong Chuk Street, Sham Shui Po, Kowloon, Hong Kong. The said petition is scheduled before the Court at 10:00 am. on the 25th of August 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. Ada Chau Ming Wai For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 24th day of August 2004. HK CONSTRUCTION: Names New Executive Director --------------------------------------------- Hong Kong Construction (Holdings) Limited said in a press release that Li Xueming has been re-designated as a non- executive director from an executive director with effect from August 1. Li is currently an executive director and vice-chairman of China Everbright International (0257) and an executive director and deputy general manager of China Everbright Holdings. NAM FONG: Creditor Files Winding Up Petition -------------------------------------------- According to Infocast, Nam Fong International Holdings Limited announced that a creditor, Nanyang Commercial Bank Limited, filed a winding-up petition in the High Court against the company on June 30. In the hearing on August 9, the High Court has adjourned the hearing of the petition to September 6. The amount which is the subject of the petition is HKD43.207 million, equivalent to about 3 percent of the total assets value of the company and accordingly the litigation is believed to have no material impact on the company. The company executed a deed of guarantee dated 29 July 1997 agreed to guarantee a loan for not exceed HKD80 million from the Bank to Guangzhou Sui Nan Property Development Company Limited (the borrower), a wholly-owned subsidiary of the company. The petition was raised due to the failure of the repayment by the borrower. The company is currently in negotiations with the bank to settle the matter on mutually acceptable terms and discussing the repayment schedule. WAI YAT: Enters Winding Up Proceedings -------------------------------------- Notice is given that a Petition for the Winding up of Wai Yat (Hong Kong) Company Limited by the High Court of Hong Kong Special Administrative Region was, on the 27th day of July 2004, presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 1st day of September 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Wat & Co. Solicitors for the Petitioner, 12th Floor, Chuang's Tower 30 & 32 Connaught Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 31st day of August 2004. YEE LEE: Court Hears Winding Up Petition ---------------------------------------- Notice is given that a Petition for the Winding up of Yee Lee Sea-Land Forwarding Company by the High Court of Hong Kong Special Administrative Region was, on the 8th day of June 2004, presented to the said Court by Wing On Metal Company Limited whose registered office is situate at Ground Floor, 181 Reclamation Street, Yaumatei, Kowloon, Hong Kong. The said Petition will be heard before the Court at 9:30 am on August 25, 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Bosco Tso & Partners Solicitors for the Petitioner, 8th Floor, Luk Hoi Tong Building 31 Queen's Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 24th day of August 2004. ================= I N D O N E S I A ================= PERTAMINA: Indosat CEO Named Oil Firm's Top Exec ------------------------------------------------ State-owned oil and gas company PT Pertamina has a new president director in the person of Widya Purnama, the current chief executive of Indonesia's second largest telecommunications company, PT Indonesian Satellite Corp., or Indosat (IIT). According to Dow Jones, Mr. Widya was appointed by the Indonesian government on Wednesday to replace Ariffi Nawawi. Aside from Mr. Widya, also named to various directorial posts in Pertamina were Hari Kustoro as upstream director, Suroso Atmomartoyo as processing director, Ari Sumarno as marketing director, and Suprianto as development and human resource director. The post of deputy president director, a new position created mainly to boost the company's oil and gas production according to deputy state enterprise minister Roes Aryawijaya, was handed to Mustika Saleh. Alfred Rohimone, meanwhile, will be retained as Pertamina's finance director. CONTACT: PT Pertamina Tbk Jalan Merdeka Timur No. 1 A Jakarta 10110 Tel: (62)(21)3815111 Fax: 3846865/ 3843882 www.pertamina.com SEMEN GRESIK: Asks Indonesian Government to Buy Cemex Stake ----------------------------------------------------------- In its aim to resolve a dispute with Mexican cement firm Cemex, cement producer PT Semen Gresik has asked the Indonesian government to purchase Cemex's 25.6 percent stake in the company, reported The Jakarta Post on Tuesday. According to Semen Gresik chief Satriyo, "The government should purchase the shares even at a high price before continuing with arbitration. It'll be more efficient and I believe the government has the funds for the purchase." Cemex bought its Semen Gresik stake for US$290 million in 1998 at a privatization auction, as well as an option to raise its holdings to 51 percent. However, when Cemex exercised that option, the Indonesian government backed away from the agreement due to strong domestic opposition to the sale. The Mexican firm then promptly took the dispute to an international arbitration panel in December last year. SEMEN GRESIK: To Use IDR1tln Fund for Debt Repayment, Buyback ------------------------------------------------------------- Indonesian cement producer Semen Gresik (JSX:SMGR) has decided to give debt repayment and bond buyback priority over its expansion plans in using its IDR1-trillion fund, reports Indoexchange. "Building new factories will indeed increase the production capacity in anticipation of the increased cement demands in 2010, which will also escalate the company's revenues; but if the expenses remain high, revenue may possibly slip as well, local newspaper Investor Daily quoted Satriyo, Semen Gresik President Director, as saying. The decision to prioritize debt repayment is aimed at lessening Semen Gresik's interest expenses. Mr. Satriyo said a 55-percent decrease in interest repayment, from IDR1.36 trillion to IDR738 billion, contributed to the over 100 percent rise in its first- half net profits for 2004. ========= J A P A N ========= DAIKYO INCORPORATED: UFJ Negotiates With IRCJ --------------------------------------------- UFJ Bank has come to Daikyo Incorporated's aid by urging the Industrial Revitalization Corporation of Japan (IRCJ) to assist in the embattled firm's rehabilitation program, Asia Pulse says. In order to significantly lessen liabilities and ensure swift recovery, UFJ believes that Daikyo's current restructuring plan needs a major overhaul given that the company owes the bank around JPY320 billion. Daikyo, one of UFJ Bank's major borrowers, is currently undergoing a revival scheme, which concentrates on selling or liquidating loss-making ventures and shifting its focus on the condominium business. Once IRCJ agrees to help Daikyo, the firm can use funds from IRCJ to write off latent real estate losses. JAPAN TOBACCO: Earns Q1 Profit ------------------------------ Japan Tobacco Incorporated returned to profitability this year after booking a JPY43.31 billion group net profit for the first quarter ended June 30, reports Japan Today, citing Kyodo News. The Tokyo-based company, which exclusively produces tobacco in Japan, posted a net profit of JPY43.31 billion, offsetting last year's heavy losses of JPY64.17 billion. In the three-month period, the firm recorded a net profit per share of 22,162.84, a rebound from a loss per share value of 32,082.81 previously. CONTACT: Japan Tobacco Inc. 2-1, Toranomon 2-chome, Minato-ku Tokyo, 105-8422 Japan Phone: +81-3-3582-3111 Fax: +81-3-5572-1441 Website: http://www.jti.co.jp MYCAL CORPORATION: Investors Likely To Sue Bond Sellers ------------------------------------------------------- Twenty individual investors are considering filing a lawsuit against bond sellers for losses suffered from the default of Mycal Corporation bonds, Jiji Press reports. The investors, who bought portions of the JPY90 billion worth of bonds issued by Mycal Corporation in 2000 through Dai-Ichi Kangyo Bank, now seek JPY100 million as compensation for heavy losses incurred after the supermarket chain went into bankruptcy in September 2001. The bondholders were only paid 30 percent of the debt after the downfall. The group accuses financial firms Nomura Securities Co., Shinko Securities Co., and Mizuho Investors Securities Co. of failure to fully disclose the risk of the bonds to the buyers. The suit will likewise include Mizuho Corporate Bank, which handled corporate banking operations of Dai-Ichi Kangyo. Losing around JPY100 million of their JPY150 million investment, the investors plan to lodge the cases in Tokyo, Osaka and Nagoya from October to November. CONTACT: MYCAL Corporation 3-1-30 Kyutaro-machi, Chuo-ku Osaka, 541-0056, Japan Phone: +81-6-6245-4548 Fax: +81-6-6203-6387 SOFTBANK CORPORATION: Q1 Net Loss Shrinks to JPY17.9Bln ------------------------------------------------------- Infocast News reported that Softbank Corporation posted a net loss of JPY17.9 billion for the fiscal first quarter ended June 30, compared with a loss of JPY34.7 billion a year ago. The loss improved as the Japan's second-largest provider of high-speed Internet access sold some assets and signed up more users to its Yahoo! BB broadband service. Meanwhile, sales rose 42% to JPY147.3 billion. UFJ HOLDINGS: Wins Appeal Against Merger Injunction --------------------------------------------------- The Tokyo High Court has lifted the injunction against UFJ Holdings selling its trust bank unit to Mitsubishi Tokyo Financial Group. According to Bloomberg, the High Court overturned a lower court ruling forcing UFJ to sell UFJ Trust Bank Ltd. to Sumitomo Trust & Banking Co., according to a court document. Sumitomo Trust, which forged a deal in May to acquire UFJ's trust unit, lodged a suit against UFJ for unilateral cancellation of the agreement to the Tokyo District Court, which ruled in Sumitomo's favor. Following the lower court's ruling, Sumitomo Mitsui Financial Group Inc. (SMFG) proposed a merger bid involving at least JPY500 billion (USD4.5 billion) as aid for payment of loan write-offs. MTFG, on the other hand, remains discreet about the terms of its bid with UFJ, whose market value stands at US$22 billion. CONTACT: UFJ Holdings, Inc. 5-6, Fushimimachi 3-chome, Chuo-ku, Osaka-shi, Osaka 541-0044, Japan Website: www.ufj.co.jp ========= K O R E A ========= KOOKMIN BANK: FSS Official Says Sanction Yet to be Determined ------------------------------------------------------------- A Financial Supervisory Service (FSS) official said Tuesday he believes Kookmin Bank (KB) manipulated its 2003 financial statement, reports the Korea Times. The official said the bank manipulated its 2003 financial statement while in the process of merging with Kookmin Credit Card last year. But the official did not comment to what extent Kookmin fabricated the accounting. According to the Korea Times report, the FSS official said the recent report of Standards & Poor's (S&P) is close to the FSS' estimation. "When KB merged with Kookmin Credit Card, the bank is reported to have reversed the balance of loan loss reserves at the card issuer totaling 1.2 trillion won, and instead made a similar amount of provisioning in the bank's accounts," the rating agency said. Due to KB's less than whole ownership of the credit card company (74.26 percent stake), this accounting treatment raised the bank's loss and reduced its corresponding tax burden, S&P insisted. An investigation has been done by FSS accounting regulators. The bank examination department of FSS is still yet to make a final decision on the level of sanction it would impose on KB. Before its report to the Financial Supervisory Commission (FSC), the FSS will hold a meeting of nine members, including accounting professors, lawyers, officials from the Korean Institute of Certified Public Accountants and FSS officials, in a move to reconsider the results of the investigation. The official added that the result of FSS's investigation may be nullified and conclude to FSC, the decision maker, that KB's accounting was not illegal. A Seoul banker, who claimed KB's accounting should be regarded as fraud, said the allegation of the bank's voluntary report that stated it is under the investigation of the Korean regulators at the request of the U.S. Securities and Exchange Commission (SEC), is unreasonable. According to the banker, the U.S. financial regulator might have ordered KB to submit the financial statements in detail as the accounting of the bank has been highlighted in the Seoul financial market. CONTACT: Kookmin Bank 9-1 Namdaemoonro 2-ga Chung-gu, Seoul 100-092 Korea (South) Telephone: +82 2 317 2114 Telephone: +82 2 776 5637 HANARO TELECOM: Posts KRW9.8Bln in First Half --------------------------------------------- Hanaro Telecom, Inc. (KOSDAQ: 033630) (NASDAQ: HANA) (Hanaro), one of Korea's largest broadband Internet access and local call service providers, announced in a press release on Tuesday that the Company recorded KRW9.8 billion in net profit for the first half of this year, on the back of profit growth led by brisk sales and the enhancement in operational efficiencies in all of its businesses including telephony services. It is the first half-yearly net profit since the beginning of its operation in April 1999. Revenues in the second quarter rose to KRW363.1 billion, a 4 percent increase from KRW349.3 billion in the first quarter of this year. Operating profit surged about 61 percent to KRW40.7 billion from KRW25.2 billion in the previous quarter. Net profit for the second quarter was recorded at KRW15.2 billion. This is the first quarterly net profit since the infusion of foreign capital, attesting to the Company's successful achievement of financial turnaround. Accordingly, revenues and operating profit for the first half of this year were KRW712.4 billion and KRW65.9 billion, reflecting a 5.8 percent rise from KRW673.5 billion and a significant 465.0 percent from KRW11.7 billion, year on year, respectively. The Company generated KRW9.8 billion in net profit for 1H04 (KRW67.4 billion in net losses incurred in 1H03) and EBITDA of KRW288.2 billion, 51.9 percent of the Company's annual guidance, raising the likelihood of achieving its first annual net profit since April 1999. Such strong performance is attributed to continued growth in the voice business that posted KRW93.1 billion in revenues for the second quarter (up 12.1 percent from 1Q04) and the improvement of the overall operating efficiency, helped by reduced non- marketing expenses such as telecom equipment lease expenses and interconnection fees. Ms. Janice Lee, CFO, said, "With 79.5 percent of Total Liabilities / Equity ratio and 47.5 percent of Net Debt / Equity ratio as of the end of June 2004, we are now on the track of long-term financial stability." She also added, "By pursuing the business model that maximizes profit through selection and focus, we will continue to carry the momentum forward to achieve continuous profit generation." Company Information Founded September 23, 1997, Hanaro Telecom Inc., is one of Korea's largest high-speed Internet service and local telecommunications providers. The Company, which was established in 1997 and commenced commercial operations on April 1, 1999, is the only competitive local exchange carrier in Korea licensed to provide voice telephony services across its own last-mile access network. It also provides broadband Internet access, multimedia content and corporate data services bundled with voice telephone in an integrated package. Hanaro deploys multiple broadband last mile access technologies to ensure rapid rollout in high-density areas while preserving access speeds and minimizing coverage overlaps as well as capital expenditure. Hanaro listed on the NASDAQ through issuance of American Depository Receipts (ADRs) on March 29, 2000. Its common shares are listed on KOSDAQ. To view a copy of Table 1: 2Q 2004 Financial Highlights, click http://bankrupt.com/misc/hanarotelecom081104.doc CONTACT: Hanaro Telecom, Inc. Investor Relations YB Chang, 822-6266-2741 Email: ybchang@hanaro.com or Taylor Rafferty, New York Brian Rafferty, 212-889-4350 or Taylor Rafferty, London Noah Schwartz, 44-20-7936-0400 Email: hanaro@taylor-rafferty.com =============== M A L A Y S I A =============== ANCOM BERHAD: Issues Notice of Shares Buy Back ---------------------------------------------- Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the details of its shares buy back on August 8, 2004. Date of buy back from: 28/07/2004 Date of buy back to: 05/08/2004 Total number of shares purchased (units): 46,800 Minimum price paid for each share purchased (RM): 0.810 Maximum price paid for each share purchased (RM): 0.830 Total amount paid for shares purchased (RM): 38,573.10 The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad Number of shares purchased retained in treasury (units): 46,800 Total number of shares retained in treasury (units): 3,932,200 Number of shares purchased, which were cancelled (units): 0 Total issued capital as diminished: 201,856,767 Date lodged with registrar of companies: 10/08/2004 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 Website: http://www.ancom.com.my ANTAH HOLDINGS: Updates Status On Involvement In Litigation ----------------------------------------------------------- The Board of Directors of Antah Holdings Berhad (Antah) announced the following updates on the status of the Company's involvement in litigation for the period from 11 July 2004 to 10 August 2004. In a disclosure to the Bursa Malaysia Securities Berhad, the involvement in litigation has been divided into three categories namely financial institutions, non-financial institutions and corporate guarantee as listed under the table below. 1. Financial Institutions The status in respect of the claims made by the following financial institutions: No. Case No. Status 1. Kuala Lumpur High Court Suit No. D6-22-240-2003 EON Bank Berhad -vs- Antah Holdings -14 September, 2004/ Hearing on Berhad the appeal to Judge in Chamber 2. Kuala Lumpur High Court Suit No. -27 September, 2004/ Hearing S7-22-584-2002 of appeal Arab Malaysian Bank Berhad -vs- (i) Antah Holdings Sdn. Bhd. (ii) Antah Holdings Berhad 3. Kuala Lumpur Sessions Court Smn No. -3 September, 2004/ S8-52-16056-2003 Mention Southern Investment Bank Berhad -vs- Antah Holdings Berhad 4. Kuala Lumpur Sessions Court Smn No. - 9 September, 2004/ S2-52-16651-2003 Mention Public Merchant Bank Berhad -vs- Antah Holdings Berhad 5. Kuala Lumpur High Court Suit No. - 23 September 2004/ D4- 22-1401-2003 Mention RHB Bank Berhad -vs- Antah Holdings Berhad 6. Kuala Lumpur High Court Suit No. D1-22-280-2003 Mizuho Corporate Bank Ltd -vs- Antah Holdings Berhad - On 13 July 2004, Antah's appeal to the High Court for Stay of Execution was dismissed and Antah is in the process of filing an appeal to the Court of Appeal for Stay of Execution for the said Judgement. There are no material developments to the other claims by financial institutions against Antah. 2. Non-Financial Institutions The status in respect of the claims made by the following non- financial institutions:- No. Case No. Status 1. Kuala Lumpur High Court No. - 18 October, 2004/ Hearing S3-22-483-2003 of the striking out application Ng Ah Hooi -vs- Antah Holdings - 7 December, 2004/ Case Berhad Management 2. Shah Alam Sessions Court Smn No. - 16 August, 2004/ Hearing on 52-3319-2003 Plaintiff's summary judgment application Sing Motor Works Sdn. Bhd. -vs- Antah Holdings Berhad 3. Shah Alam Sessions Court Smn No. - 28 September 2004/ Mention S4-52-4122-2003 Supermix Concrete (Malaysia) Sdn. Bhd. -vs- (i) Antah Tristar Sdn. Bhd. (ii) Antah Holdings Berhad 4. Shah Alam Magistrate Court Smn. No. - 16 August, 2004/ 72-1905-2003 Hearing Global Max Print Sdn. Bhd. -vs- Antah Holdings Berhad 5. Shah Alam Sessions Court Smn No. - 22 September, 2004/ S2-5034-2003 Mention Techvance Marketing Sdn. Bhd. -vs- (i) Antah Tristar Sdn. Bhd. (ii) Antah Holdings Berhad 6. Georgetown Sessions Court Smn No. 52-2241-2003 Hong Bee Hardware Co Sdn. Bhd. -vs- (i) Antah Tristar Sdn. Bhd. (ii) Antah Holdings Berhad - Judgement had been granted with costs on 30 July 2004. Antah is in the process to set aside the said Judgement. There are no material developments to the other claims by non- financial institutions against Antah. 3. Corporate Guarantee The status in respect of the claims made by the following corporate guarantee which have been provided by Antah: No. Case No. Status 1. Kuala Lumpur High Court Suit No. - 9 September, 2004/ Hearing D2-22-653-2003 on Plaintiff's summary judgment application Bank Pertanian Malaysia -vs- (i) Pacific Asia Fishing Sdn. Bhd. (ii) Antah Holdings Berhad There are no material developments to the other claims against companies where corporate guarantees have been provided by Antah. CONTACT: Antah Holdings Berhad 9577 Jalan SS16/1 Subang Jaya 47500 Petaling Jaya Selangor Tel: 03-5632 8668 Fax: 03-5635 1234 BERJAYA SPORTS: Grants Listing of 53,569 New Ordinary Shares ------------------------------------------------------------ Berjaya Sports Toto Berhad's additional 53,569 new ordinary shares of RM1.00 each arising from Conversion of RM53,569 nominal amount of 8% irredeemable convertible unsecured loan stocks 2002/2012 into 53,569 new ordinary shares will be granted listing and quotation with effect from 9.00 a.m., Thursday, 12 August 2004. 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 BOUSTEAD HOLDINGS: Issues 108,000 New Ordinary Shares ----------------------------------------------------- Boustead Holdings Berhad's additional 108,000 new ordinary shares of RM0.50 each issued pursuant to the employees share option scheme will be granted listing and quotation with effect from 9.00 a.m., Thursday, 12 August 2004. CONTACT: Boustead Holdings Berhad 18th Floor, Menara Boustead, 69 Jalan Raja Chulan, 50200 Kuala Lumpur Tel: 03-2141 9044 Fax: :03-21430075 Web site: http://www.boustead.com.my CHG INDUSTRIES: Undertakes Debt Restructuring Exercise ------------------------------------------------------ Alliance Merchant Bank Berhad (Alliance), on behalf of the Board of Directors of CHG Industries Berhad (CHG), announced that CHG, Linmax Group Sdn Bhd (Linmax) and the Vendors (as defined in the Announcement) have entered into a Restructuring Agreement (RA) on 3 June 2004 to undertake a corporate and debt restructuring exercise (Proposed Restructuring Scheme). Alliance also refer to the announcement dated 27 July 2004 whereby CHG announced that it had received a notice from Bursa Malaysia Securities Berhad dated 27 July 2004 to show cause on the de-listing of the securities of CHG (Show Cause Notice). Alliance, on behalf of the Board of CHG, wishes to announce that CHG had today received a letter from Linmax and the Vendors dated 10 August 2004 informing the Company that Linmax and the Vendors have decided to terminate the RA after taking into consideration the Show Cause Notice. With the termination of the RA, CHG will not be able to proceed with the Proposed Restructuring Scheme. CONTACT: CHG Industries Berhad 8th Mile Jalan Cheras Cheras, Selangor Darul Ehsan 43200 MALAYSIA Tel: +60 3 907 58811 Tel: +60 3 907 66215 This announcement is dated 10 August 2004. CSM CORP.: Bank Negara OKs Issuance of Unsecured Loan Stocks ------------------------------------------------------------ Further to the announcement dated 2 August 2004, Malaysian International Merchant Bankers Berhad (MIMB), on behalf of CSM Corporation Berhad, wishes to inform Bursa Malaysia Securities Berhad that Bank Negara Malaysia (BNM) via its letter dated 2 August 2004, has informed that: (a) BNM has no objections to the issuance by Dutarama of irredeemable convertible unsecured loan stocks in Dutarama to non-resident creditors of CSM as settlement of debts pursuant to the Proposed Scheme; and (b) BNM has approved the issuance by Dutarama of warrants in Dutarama to non-resident shareholders pursuant to the Proposed Scheme. Hereinafter referred to as Proposed Scheme are as follows: i. Proposed Capital Reduction; ii. Proposed Share Exchange; iii. Proposed Acquisition By Dutarama Holdings Berhad (Dutarama) Of The Entire Interest In Csm Venture Berhad, Kembang Sejahtera Sdn Bhd, Speedy Video Distributors Sdn Bhd And Tranonova Line Sdn Bhd; iv. Proposed Debt Restructuring; v. Proposed Rights Issue; And vi. Proposed Transfer Listing For and on behalf of CSM CORPORATION BERHAD MALAYSIAN INTERNATIONAL MERCHANT BANKERS BERHAD This announcement is dated 10 August 2004. c.c. Issues and Investment Division Securities Commission (Attention: Encik Kris Azman Abdullah, Director) CONTACT: CSM Corporation Berhad Suite 8.2, 8th Floor Menara CSM, Jalan Semangat 46100 Petaling Jaya Telephone: 03-7958888 Fax: 03-7953707 Website: www.csm.com.my PANTAI HOLDINGS: Purchases 65,200 Ordinary Shares on Buy Back ------------------------------------------------------------- Pantai Holdings Berhad disclosed to Bursa Malaysia Berhad the details of its shares buy back on August 8, 2004. Date of buy back: 10/08/2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 65,200 Minimum price paid for each share purchased (RM): 0.865 Maximum price paid for each share purchased (RM): 0.875 Total consideration paid (RM): 57,012.80 Number of shares purchased retained in treasury (units): 65,200 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 22,059,700 Adjusted issued capital after cancellation (no. of shares) (units) : 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/ PSC INDUSTRIES: Clarifies Newspaper Reports ------------------------------------------- The Board of Directors of PSC Industries Berhad (PSCI) wishes to announce to the Bursa Securities that, arising from the articles in various newspapers on Monday (9 August 2004) and Tuesday (10 August 2004), the Privatization Agreement between the Government of Malaysia (GOM) and the Consortium led by Penang Shipbuilding & Construction Sdn Bhd (PSCND) on 11 December 1995 of PSC-Naval Dockyard Sdn Bhd (PSCND), a 79.23% subsidiary of the Company, is still intact. The Company clarified that pursuant to the Privatization Agreement, on 5 September 1998, PSCND has signed a contract of RM5.35 billion with the GOM to design, construct and deliver the initial six (6) out of the twenty seven (27) Patrol Vessels (PV) for the Royal Malaysian Navy. The first two (2) PVs have been successfully launched and the construction of the remaining four (4) is progressing as scheduled. CONTACT: Psc Industries Berhad Jalan Bukit Nanas Kuala Lumpur, 50250 Malaysia Tel: +60 3 201 6516 Tel: +60 3 232 6214 This Bursa Malaysia announcement is dated 8 August 2004. SELOGA HOLDINGS: Usaha Citra Acquires 14,000,000 Shares ------------------------------------------------------- Further to Seloga Holdings Berhad's (SHB) announcement dated 3 August 2004 pursuant to Paragraph 14.08(c) of the Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to inform that Usaha Citra Sdn. Bhd., a company in which Tan Sri Halim Saad has interest, has acquired shares through off market during closed period as follows: Date Price per No. of ordinary % of ordinary share shares issued share capital 10 August 2004 RM1.90 14,000,000 13.94 Tan Sri Halim Saad is the Chief Executive Officer of the Company. CONTACT: Seloga Holdings Berhad No 1 Jalan USJ 10/1A UEP Subang Jaya 47620 Petaling Jaya Selangor Darul Ehsan MALAYSIA Phone: +60 3 2274 7788 This announcement is dated 10 August 2004. SELOGA HOLDINGS: Releases Unaudited Quarterly Report ---------------------------------------------------- In a disclosure to Bursa Malaysia Securities Berhad, Seloga Holdings Berhad released its unaudited Quarterly report for the financial period ended June 30, 2004. SUMMARY OF KEY FINANCIAL INFORMATION 30/06/2004 INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR QUARTER CORRESPONDING TO DATE CORRESPONDING QUARTER PERIOD 30/06/2004 30/06/2003 30/06/2004 30/06/2003 RM'000 RM'000 RM'000 RM'000 (1) Revenue 25,636 17,064 40,440 36,340 (2) Profit/(loss) before tax -404 -1,925 -2,845 -3,117 (3) Profit/(loss) after tax and minority interest -404 -1,925 -2,845 -3,149 (4) Net profit/(loss) for the period -404 -1,925 -2,845 -3,149 (5) Basic earnings/(loss) per shares (sen) -0.40 -3.22 -2.94 -6.69 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 AS AT END OF AS AT PRECEDING CURRENT FINANCIAL YEAR QUARTER END (7) Net tangible assets per share (RM) 0.1700 0.0800 To view full copy of the report, click http://bankrupt.com/misc/tcrap_seloga081104.doc http://bankrupt.com/misc/tcrap_selogaB081104.xls SOUTHERN STEEL: Enters Facility Agreement to Refinance Debt ----------------------------------------------------------- The Board of Directors of the Southern Steel Berhad announces that the Company (as Borrower), The Development Bank of Singapore Ltd, Labuan Branch as Lead Arranger and Facility Agent and the Financial Institutions (the Banks) have, on 9 August 2004, entered into a Facility Agreement (the Agreement) to refinance the outstanding balance of its USD125 million term loan facility at lower interest costs and for working capital purposes. Salient Terms of the Facility Agreement 1. Loan Amount: USD85 million (the Facility) 2. Final Maturity Date: 5 years from the Agreement date. 3. Interest Period: 1, 3 or 6 months at Borrower's option 4. Interest Rate: Interest shall be payable in arrears at the end of each Interest Period at the rate of the applicable USD SIBOR for the relevant Interest Period plus the Applicable Margin. 5. Applicable Margin: To be based on the applicable ratio of Total Funded Debt/Profit Before Taxation, Interest, Depreciation and Amortisation. 6. Default Interest Rate: 1.00% per annum over the Interest Rate. 7. USD SIBOR: USD Singapore Inter-Bank Offer Rate (SIBOR) shall be determined by the Facility Agent by reference to Reuters Screen Page "SIBO", fixed at 1100 hr Singapore time on the date of interest determination. 8. Repayment: The Facility shall be repaid in 9 unequal semi- annual installments and 1 final payment on the Final Maturity Date, commencing 9 months from after drawdown in accordance with the following schedule: Installments 1 - 2 totaling 10% of the Facility Installments 3 - 4 totaling 15% of the Facility Installments 5 - 6 totaling 20% of the Facility Installments 7 - 8 totaling 25 % of the Facility Installments 9 - 10 totaling 30% of the Facility This announcement is dated 10 August 2004. SUNWAY CONSTRUCTION: Bursa Malaysia To Delist Shares ---------------------------------------------------- The entire issued and paid-up ordinary shares of Sunway Construction Berhad (Suncon) will be removed from the Official List of Bursa Malaysia Securities Berhad with effect from 9.00 a.m., Monday, 16 August 2004, pursuant to paragraphs 8.15(5) and 16.09(b) of the Listing Requirements. CONTACT: Sunway Construction Berhad Level 8, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsan, Malaysia. Tel: +603 5635 7779 Fax: +603 5635 5632 +603 5634 3529 Email: sunconpmt1@sunway.com.my This Bursa Malaysia announcement is dated 11 August 2004. TANJONG PUBLIC: Issues Additional 285,000 Ordinary Shares --------------------------------------------------------- Tanjong Public Limited Company's additional 285,000 new ordinary shares of 7.5 pence each issued pursuant to the employees' share option scheme will be granted listing and quotation with effect from 9.00 a.m., Thursday, 12 August 2004. CONTACT: Tanjong PLC Kuala Lumpur City Centre Kuala Lumpur, 50088 MALAYSIA Telephone: +60 3 381 3388 Telephone: +60 3 381 3399 This Bursa Malaysia announcement is dated 10 August 2004. TENAGA NASIONAL: Enters Power Purchase, Coal Supply Agreement ------------------------------------------------------------- Tenaga Nasional Berhad announced a power purchase agreement between the Company and Jimah Energy Ventures Sdn. Berhad as follows: Jimah Energy Ventures Sdn. Bhd. proposes to design, construct, own, operate and maintain a coal-fired electricity generating Facility with a nominal capacity of 1,400 Megawatts proposed to be located at Mukim Jimah, Sepang, Negeri Sembilan to generate and deliver electrical energy and make generating capacity available to TNB. This Agreement governs the obligations of the Parties to sell and purchase the Daily Available Capacity and to the extent dispatched, the Net Electrical Output generated by the Facility for a term of 25 years in accordance with the agreed terms and conditions. The Facility comprises two (2) generating units with total capacity of 1,400MW. The First Unit is expected to be on commercial operations on 1st January 2009 while the Second Unit is expected to be on commercial operations on 1st July 2009. The existence of this Facility will assist in meeting the power demand from the year 2009 onwards. COAL SUPPLY AND TRANSPORTATION AGREEMENT between TNB FUEL SERVICES SDN. BHD. and JIMAH ENERGY VENTURES SDN. BHD. This Agreement governs the relationship and the obligations of TNB Fuel Services Sdn. Bhd. and Jimah Energy Ventures Sdn. Bhd. with regards to the procuring and utilising of coal as the nominated fuel for the Facility. TNB Fuel Services Sdn. Bhd. as the nominated coal supplier ensures that coal shall be procured efficiently and economically. The primary approach of the Agreement is for Jimah Energy Ventures Sdn. Bhd. to undertake the fuel supply risk. This approach ensures arm's length transactions, transparency and good governance. CONTACT: Tenaga Nasional Berhad 129 Jalan Bangsar Kuala Lumpur, 59200 MALAYSIA Telephone: +60 3 2296 5566 Telephone: +60 3 2283 3686 This Bursa Malaysia announcement is dated 10 August 2004. TENAGA NASIONAL: Appoints Chief Financial Officer ------------------------------------------------- Tenaga Nasional Berhad (TNB) announced the appointment of Mr. Mohd Izzaddin bin Idris as Chief Financial Officer effective from 1 September 2004. Mr. Mohd Izzaddin bin Idris, a Malaysian aged 42 is a holder of First Class Honours, Bachelor of Commerce (Finance Major) from the University of New South Wales, Australia. He is currently the Senior Vice President (Corporate Finance), Southern Bank Berhad, a position held since January 2004. He has served as Chief Financial Officer of Ranhill Berhad from February 2001 to November 2001. Prior to that, he was the Group General Manager, Business Development & Corporate Affairs and Chief Operating Officer at Malaysian Resources Corporation Berhad from April 1996 to July 1999. His expertise lies in the field of corporate finance on which he has also provided advisory services in debt capital raising transactions, initial public offering and acquisitions. Mr. Mohd Izzaddin bin Idris started his career as Corporate Banking Executive in Malaysian International Merchant Bankers Berhad (MIMB) in June 1985 and moved on to hold the positions of Senior Manager, Corporate Advisory and Assistant General Manager, Business Development in MIMB until March 1996, including an attachment stint at Barclays de Zoete Wedd Limited, London from March 1986 to December 1988. This announcement is dated 10 August 2004. UNITED CHEMICAL: Seeks Extension of Investigative Audit ------------------------------------------------------- Alliance Merchant Bank Berhad refers to the announcement dated 6 January 2004 in respect of the approval by the Securities Commission (SC) for the Proposed Restructuring of United Chemical Industries Berhad (UCI). Alliance also refers to the announcement dated 26 February 2004 on the appointment of Messrs Aljeffri Dean and Co. (Aljeffri) to act as independent auditors to conduct an investigative audit on the past losses incurred by UCI and to submit the investigative audit report within six (6) months from the date of the appointment of the independent auditors, in compliance with one of the conditions imposed by the SC for the Proposed Restructuring of UCI. Aljeffri was appointed by UCI on 24 February 2004 to act as independent auditors for the aforesaid investigative audit and as such, the deadline to submit the investigative report to the SC is 24 August 2004. Alliance Merchant Bank Berhad (Alliance), on behalf of UCI, wishes to announce that Alliance has on behalf of the Company, submitted an application to the SC for an extension of time of three (3) months from 24 August 2004 to 24 November 2004, for Aljeffri to complete and submit the investigative audit report to the SC. The decision of the SC is currently pending. CONTACT: United Chemical Industries Berhad 10th Floor, Wisma MCA Jalan Ampang 50450 Kuala Lumpur, WP Malasia Tel: 603-2619055 Fax: 603-2610502 This Bursa Malaysia announcement is dated 10 August 2004. ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: Selling Assets to Cover PHP17.2B Shortfall ------------------------------------------------------------- College Assurance Plan Philippines Inc. (CAP) is selling its real estate assets and PHP3.4 billion worth of Metro Rail Transit bonds to cover a PHP17.2 billion shortfall in its trust fund as of end-2003, ABS-CBN News reported on Wednesday. According to CAP Senior Vice-President Cresencio Bendijo, the company will hold talks with an unnamed U.S.-based investor for the infusion of at least US$100 million in equity and a long- term loan. The Philippines Securities and Exchange Commission has given the Company until September 30 to cover the PHP17.2 billion shortfall or stand to lose its dealer's license to sell pre-need plans to the public. CONTACT: College Assurance Plans Phils. Inc. CAP I Building 126 Amorsolo Corner Hererra Streets Legazpi Village, Makati City Telephone: 817-6586, 759-2000 Fax: (0632) 818-0560 Website: http://www.cap.com.ph/ LEISURE & RESORTS: Gaming Firm Reduces Capital ---------------------------------------------- This is in reference to Circular for Brokers Nos. 3812-2003 and 3813-2003 both dated November 28, 2003 and 4029-2004 dated December 18, 2003, in connection with the decrease in the authorized capital stock of Leisure and Resorts World Corporation (FER or the Corporation) from P2.5 billion at present to P1.6 billion. In relation thereto, the Corporation, in its letter dated August 9, 2004, disclosed that: " The Securities and Exchange Commission has approved on 3 August 2004, the amendment to Article Seven of the Articles of Incorporation decreasing the Company's authorized capital stock from PHP2,500,000,000.00 divided into 2,500,000,000 shares with par value of PHP1.00 per share to PHP1,600,000,000.00 divided into 1,600,000,000 shares with par value of PHP1.00 each. The SEC has likewise, consequently, approved the decrease in the outstanding capital stock of LRWC from PHP1,162,678,120.00 divided into 1,162,678,120 shares with par value of PHP1.00 each to PHP744,113,997.00 divided into 744,113,997 shares with par value of PHP1.00 per share. The decrease of PHP418,564,123 shall be applied to eliminate a substantial portion of the deficit of PHP421,385,562 in the Corporation's Audited and Consolidated Financial Statements as of December 31, 2002. LRWC received a copy of the foregoing duly approved amended Articles today, 9 August 2004." In view thereof, the Philippine Stock Exchange suspended the Corporation's shares effective August 10, 2004. The reduction in the number of listed shares of the Corporation from 1,162,678,120 to 744,113,997, pursuant to its restructuring, shall be subject to the approval of the Exchange. The PSE shall inform the Trading Participants and the investing public of further developments on the aforementioned matter. Leisure & Resorts World Corporation (FER) was formerly known as Atlas Fertilizer Corporation. It was originally engaged in the production of fertilizers and industrial chemicals. The Company was also into exporting fresh and processed fruits and managing mango plantations, which were located in Guimaras. Likewise, it was engaged in aquaculture activities through its shrimp project. On April 12, 1999, the Company changed its corporate name to Leisure & Resorts World Corporation. It also changed its primary purpose from manufacturing to that of a realty development company focusing on leisure business. CONTACT: Leisure & Resorts World Corporation 26/F, West Tower, PSE Centre Exchange Road, Ortigas Center, Pasig City Tel. No/s: 886-0133; 637-5992 to 93 E-mail Address: lrwc@philcom.com.ph Auditor: SyCip, Gorres, Velayo & Company Transfer Agent: Stock Transfer Service, Inc. This PSE announcement is dated 10 August 2004. PHILIPPINE LONG: Posts Changes in Shareholder's Interest -------------------------------------------------------- In compliance with Section 13 of the Revised Disclosure Rules of the Philippine Stock Exchange, the Philippine Long Distance Telephone Co. announced the changes that have taken place in the shareholdings of PLDT Vice President Mr. Arnel S. Crisostomo, PLDT Senior Vice President Jurisita M. Quintos, PLDT Senior Vice President, and PLDT Vice President Alfredo B. Carrera. For more information, go to http://bankrupt.com/misc/tcrap_pldt081104.pdf Very Truly Yours, Philippine Long Distance Telephone Company Ma. Lourdes C. Rausa-Chan Corporate Secretary August 11, 2004 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 PHILIPPINE LONG: Issues Additional 5,500 Common Shares ------------------------------------------------------ The Philippine Stock Exchange (PSE) approved on June 14, 2000, the application submitted by Philippine Long Distance Telephone Company to list additional 1,289,745 common shares, with a par value of P5.00 per share, to cover the Executive Stock Option Plan (ESOP) of the Company, at an exercise price of P814.00 per share. In this connection, please be advised that a total of 5,500 common shares have been availed of and fully paid by the optionees under the Company's ESOP. In view thereof, the listing of the 5,500 common shares was scheduled on August 11, 2004. This brings the number of common shares listed under the ESOP to a total of 147,834 common shares. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. MARIA ISABEL T. GARCIA Head, Listings Department JURISITA M. QUINTOS Senior Vice President- Operations Group This PSE announcement is dated 10 August 2004. PHILIPPINE LONG: Manpower Reduction Scheme Deadline August 18 ------------------------------------------------------------- Philippine Long Distance Telephone Co. (PLDT) has extended its manpower reduction program only until August 18, 2004, the Philippine Star reports. The scheme aims to further reduce its operating expenses and increase operational efficiencies by offering its employees a generous package for retirement. The package includes the normal retirement pay plus a 100- percent premium for employees who have served the company over 15 years. It also guarantees rank-and-file employees that the computation will include the recently approved collective bargaining agreement (CBA) increase, as it also guarantees supervisors that their computation will include the first year increase of their on-going CBA negotiations. After the August 18 deadline, the company plans to reduce the benefits in the package. The reduction is presently under discussion, but it is certain that the medical benefits shall no longer be offered and that the 100-percent premium will be lowered substantially. PLDT is expecting that the company will not have to resort to massively targeting employees for termination in its bid to cut cost. However, if employees do not voluntarily avail themselves of the generous packages being offered now, it will have to eventually head in that direction, the report said. ================= S I N G A P O R E ================= KAITENG TECHNOLOGY: Court Issues Winding Up Order ------------------------------------------------- In the Matter of Kaiteng Technology Singapore Pte Ltd., a Winding Up Order was made on the 30th day of July 2004. Names and address of Liquidators: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118. Messrs Shook Lin & Bok Solicitors for the Petitioner. This Singapore Government Gazette announcement is dated August 6, 2004. LAMIMORI PACKAGING: Winding Up Order Made ----------------------------------------- In the Matter of Lamimori Packaging Industries (Pte) Ltd., a Winding Up Order was made on 30th July 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. RAJAH & TANN Solicitors for the Petitioner. Note: (a) All creditors of the above named company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the above named company should be forwarded to the liquidator. This Singapore Government Gazette announcement is dated August 6, 2004. LIM HONG: Receives Winding Up Order ----------------------------------- In the Matter of Lim Hong Heng Enterprise (Pte) Ltd., a Winding Up Order was made on the 30th day of July 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. Note: (a) All creditors of the above named company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the above named company should be forwarded to the liquidator. This Singapore Government Gazette announcement is dated August 6, 2004. MILLENNIUM-WESTMONT PRIVATE: Holds Creditors' Meeting ----------------------------------------------------- Notice is hereby given that a meeting of creditors of Millenium- Westmont Private Limited will be held at Ernst & Young, 10 Collyer Quay #06-05, Whinney Room, Ocean Building, Singapore 049315, at 10.00 a.m. on 24th August 2004. Agenda (1) To receive the liquidators' report on the progress of the liquidation. (2) To appoint a committee of inspection, if necessary. (3) Any other matters. To entitle you to vote thereat, your proof of debt must be lodged with the liquidator not later than 5 p.m. on 9th August 2004. Proxies to be used at the meeting must be lodged with me not later than 5 p.m. on 16th August 2004. Ong Yew Huat Liquidator. Millennium-Westmont Pte Ltd Address: c/o Ernst & Young 10 Collyer Quay #23-05 Ocean Building Singapore 049315. SMRT CORPORATION: Strikes Off Subsidiary ---------------------------------------- SMRT Corporation Ltd wishes to announce that its wholly-owned subsidiary, TIBS Investment Pte Ltd, has been struck off the Register of Companies pursuant to Section 344 of the Companies Act, Cap. 50 with effect from 31 July 2004. TIBS Investment Pte Ltd has ceased business since 15 July 2003. Submitted by Prema d/o K Subramaniam, Company Secretary on August 11, 2004 to the Singapore Stock Exchange. CONTACT: SMRT Corporation Ltd. 251 N. Bridge Rd. 179102 Singapore Phone: +65-6331-1000 Fax: +65-6334-0247 Website: http://www.smrtcorp.com TONG HUP: Placed Under Judicial Management ------------------------------------------ Notice is hereby given that on the 23rd day of July 2004, an Order of Court for placing Tong Hup Seng Construction Company Pte Ltd under Judicial Management was made and the relevant particulars of the matter are given as follows: (1) Number of matter: Originating Petition No. 3 of 2004/K (High Court). (2) Date of presentation of Petition: 8th day of April 2004. (3) Petitioner's solicitors: Messrs Alan Shankar & Lim. (4) Date of Order: 23rd day of June 2004. (5) Registered office of the above named Company: 1008A Upper Serangoon Road Tai Peng Gardens Singapore 534746. Messrs Alan Shankar & Lim Solicitors for the Petitioner. =============== T H A I L A N D =============== K.C. PROPERTY: Submits 2Q Financial Statement --------------------------------------------- K.C. Property PCL, formerly known as Modern Home Development Public Company Limited, would like to report its financial statement in the second quarter of 2004 ending June 30 to the Stock Exchange of Thailand. That the company had made the net profit of THB43.00 million compared to net loss of THB2.16 million in the second quarter of 2003. The change from loss to profit had been significant, of more than 20 percent due to the following reasons: (1) In Q2/2003, Modern Home Development Public Company Limited was in the process of transferring its assets to repay creditors according to its restructuring plan. The company then did not transact any business. (2) The new investor group invested in the increased capital and started its operation again in October 2003. In Q2/2004, it had its normal business operation resulting from sales of houses and managing the housing projects of related companies. As a result, the Q2/2004 had been profitable. For your information Yours sincerely, (Mr.Apisit Ngamachariyakul) Director of Modern Home Planner Co.,Ltd. The Plan Administrator of K.C.Property PCL Formerly Modern Home Development PCL ********* 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. 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