/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040903.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, September 3, 2004, Vol. 7, No. 175 Headlines A U S T R A L I A ADVANCED ENERGY: Posts $2.713Mln Group Loss ADVANCED ENERGY: Creditors Meeting Slated for September 6 BONLAC FOODS: Posts $83Mln Loss for Full Year 2003 to 2004 JAMES HARDIE: Government Seeks Victim Provisions The Netherlands NATIONAL AUSTRALIA: Risk Management Division to Report to CFO SONS OF GWALIA: BeMaX Issues Statement Re 15.36% Shareholding TOOTH & COMPANY: Indemnifies IEL $234Mln for Losses WORLDPLAY SERVICES: Breaches Trade Practices Act C H I N A & H O N G K O N G GRANDY CORPORATION: Notes Unusual Price & Volume Movements HANG TOH: Court Hears Winding Up Petition I-CHINA HOLDINGS: New Stock Short Name Takes Effect September 6 NEW CITY: 1H Net Loss Narrows to HK$18.36M TCL CORPORATION: Clarifies Debt Crisis Report I N D O N E S I A BANK PERMATA: H1 Net Profit Reaches IDR281B BANK PERMATA: Standard Chartered Submits Highest Bid BANK PERMATA: Divestment Gets VP Support GARUDA INDONESIA: Plans Daily Singapore-Semarang Flights PERTAMINA: Government Not Involved in Cepu Decision J A P A N BIBA SUPOHTSU: Declares Bankruptcy KAWASAKI HEAVY: To Spin Off Unprofitable Unit MITSUBISHI FUSO: Recalls Another 140,000 Trucks MITSUBISHI MOTORS: Issues Statement on First Hub Case Trial MITSUBISHI MOTORS: 2005 Vehicles Will Meet Safety Standards MITSUBISHI MOTORS: Releases August U.S. Sales Report RESONA HOLDINGS: Unit Issues Subordinated Bond RESONA HOLDINGS: Worries Saieijisho Claims May Be Unattainable SAIEI JISHO: Enters Bankruptcy TOBU RAILWAY: JCR Affirms BBB- Bond Ratings TOCHIGI MATSUDA: Faces Insolvency UFJ HOLDINGS: To Explain Data Oddities to British FSA URASHIMA NORI: Insolvency Looming K O R E A HYNIX SEMICONDUCTOR: EU Clears Way for Unit Sale to Citigroup KOOKMIN BANK: CEO Sees Better 2H Earnings SSANGYONG MOTOR: August Sales Rise 8.5% M A L A Y S I A ACTACORP HOLDINGS: Awaits SC Decision on Restructuring Plan BESCORP INDUSTRIES: Releases Practice Note 4/2001 Update BESCORP INDUSTRIES: Issues Litigation Update CHG INDUSTRIES: Units Enter Restructuring Agreement INNOVEST BERHAD: Issues Restructuring Scheme Update JIN LIN: Securities Classified To PN4 Condition Sector KEMAYAN CORPORATION: Court Extends Creditor's Meeting KILANG PAPAN: Updates Regularization Plan MCM TECHNOLOGIES: AGM Set for September 24 NALURI BERHAD: Audit Committee Member Resigns NALURI BERHAD: Pengurusan Danaharta Oks Workout Proposal NORTH BORNEO: Submits Revised Restructuring Scheme OLYMPIA INDUSTRIES: Details Restructuring Scheme Update PAN MALAYSIA: Director Cheong Siew Mooi Resigns PANTAI HOLDINGS: Purchases 13,000 Ordinary Shares on Buy Back PARK MAY: To Implement Restructuring Scheme RNC CORPORATION: Schedules September 22 AGM SRIWANI HOLDINGS: EGM Set for September 21 TANJONG PUBLIC: Lee Siew Lan Intends to Deal With Securities TRU-TECH HOLDINGS: Bursa Securities OKs Regularization Plan P H I L I P P I N E S COLLEGE ASSURANCE: Two Investors to Infuse Php13B NATIONAL POWER: Mirant Eyes Zambales Plant NEGROS NAVIGATION: Clarifies "Nenaco Incurs Php902M Loss" Report PHILIPPINE BANK: Clarifies "Finalizes Bad Asset Auction" Report PHILIPPINE LONG: Posts Changes in Shareholder's Interests S I N G A P O R E CAPITALAND LIMITED: Starts Preview for Varsity Park HO WAH: Posts 18-month Loss of $2.5Mln MEDIASTREAM LIMITED: Reveals Change in Bangkok Bank's Holdings YONGNAM HOLDINGS: Posts Change in Shareholder's Interest YONGNAM HOLDINGS: United Engineer's Interest Changes T H A I L A N D POWER-P: Completes Share Repurchase POWER-P: SEC Concludes FS Needs No Amendment SIAM AGRO: SET Posts H Sign on Securities SIAM AGRO: Informs SET on Letter From Del Monte Produce T.C.J. ASIA: Discloses Report of Tender Offer Result THAI GERMAN: Reports Share Offering Results * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ADVANCED ENERGY: Posts $2.713Mln Group Loss ------------------------------------------- Advanced Energy Systems Ltd. announced in a disclosure to the Australian Stock Exchange that the Financial Year Ended June 2004 result (subject to audit) yielded a Group loss of $2.713 million and varies from the previous estimate of a loss of $2.0 million. The reason for the variance can be explained by two issues that became apparent from an Audit of the PPS Enviro Accounts in India and only became known when finalizing the year end accounts. The first issue related to the reversal of approximately $500,000 of sales accrued incorrectly relates to an overstatement of Reserves in June 2003 of $121,000. These two issues represent the majority of the discrepancy between estimated and actual results. The significant decline in Revenue (down by $7.25 million) from 2003 can be largely attributed to: - A decline in opportunities in the Australian market. - A strategic decision to concentrate on core manufactured product rather than turnkey projects has substantially lowered the available revenue on projects. - Slowness in some or our key Asian Markets due to restricted supply of Solar panels to the Region. A significant surge in demand has occurred in Europe and has consumed a large proportion of the available solar panel capacity. - General Elections have occurred in Asia in several of our major target market countries and have disrupted the remote location power generation programs. To view a full copy of the Preliminary Final Report, click http://bankrupt.com/misc/ADVANCEDENERGY083104.pdf CONTACT: Advanced Energy Systems Ltd. 121 Ewing Street, WELSHPOOL, AUSTRALIA, 6106 Head Office Telephone: 9258 1300 Head Office Fax: 9358 3644 Website: http://www.aesltd.com.au ADVANCED ENERGY: Creditors Meeting Slated for September 6 --------------------------------------------------------- Advanced Energy Systems Ltd. in a notice submitted to the Australian Stock Exchanged announced that the company's creditors meeting will be held at QV.1 Tower Theatrerette, Level 2, 250 St. Georges Terrace, Perth WA on Monday, September 6, 2004 at 2:00 p.m. The convening of this initial meeting of creditors is a statutory requirement under the Corporations Act 2001. The scope of the meeting is limited to consideration of the necessity to appoint a committee of creditors, and consideration of the person who has been appointed administrator. Despite the limited scope of the meeting's agenda, it will provide an opportunity to discuss generally the affairs of the company and the likely effects of my appointment. Creditors will not decide the company's future at this meeting as this decision will be made at a further meeting of the company's further meeting of creditors which will be held on of before September 24, 2004. To view a full copy of the notice, click http://bankrupt.com/misc/ADVANCEDSYSTEMS090204.pdf BONLAC FOODS: Posts $83Mln Loss for Full Year 2003 to 2004 ---------------------------------------------------------- In a press release, Bonlac Foods Limited (BFL) Chairman Mr. Noel Campbell said the company's full year 2003/04 financial result released Monday was in line with the restructuring business plan approved by BFL shareholders Bonlac Supply Company and Fonterra. The company reported on Monday a net loss of $83 million for the year to June 30 2004. The result reflects the significant business-restructuring programme agreed to by both shareholders and includes one-off costs associated with the restructure. "Previous years' results were boosted by asset sales. 2003/04 took the brunt of the one-off restructuring costs to strengthen the business for the future. Costs were removed in second half of 2003/04 and significant annualized savings will be reflected in 2004/05," Mr. Campbell said. The financial results for the year to June 30 2004 were impacted by net one-off costs of $32 million, including $41 million of costs associated with restructuring, and asset value write down offset in part by the profit from asset sales. Revenue from operating activities was down from the previous year due to lower milk volumes and the impact of the rising Australian dollar against major trading currencies like the US dollar, which was partially offset by improved commodity prices, especially in the second half of the financial year. "Under the leadership of General Manager Bruce Donnison and with the support of Fonterra, the company has significantly improved its operational performance and it is now on a stronger footing to move forward," he added. Commenting on the outlook for full year 2004/05, Mr. Campbell said the company expects to report significantly better results. "The outlook includes strong international demand and firm commodity prices for the next six months. We have reduced costs and will continue to maximize synergies with Fonterra, including optimizing product mix which is improving our revenue. We will continue to work with other industry stakeholders to identify and reduce industry costs. We are focused on growing milk supply and assisting our suppliers in finding ways to reduce on farm costs. "We remain committed to paying competitive returns from operational performance without stressing the balance sheet," he added. Commenting on the result, Jay Waldvogel, a BFL Board Director and Chief Operating Officer of Fonterra Co-operative Group Limited, said the result was in line with the agreed business plan and that the outcome provided the necessary platform for the company to grow. "The company is on the right track with reduced costs and an improving product mix," he said. For further information contact: Sarah Hudson Corporate Communications Phone: +61 3 9270 0901 Mobile: +61 424 034 059 JAMES HARDIE: Government Seeks Victim Provisions The Netherlands ---------------------------------------------------------------- The federal government has sought the assistance of The Netherlands in setting up a treaty that would allow Australian court rulings to apply in The Netherlands in the interest of the victims of asbestos-related diseases caused by James Hardie Industries products, reports the Australian Associated Press, citing Attorney-General Philip Ruddock. If an agreement is reached, asbestos victims will be allowed to collect asbestos compensation in The Netherlands where the company is now based. Mr. Ruddock said the government had been in contact with The Netherlands about a possible bilateral treaty. "We have been making continuous representations, since the issue of James Hardie has arisen, to the Dutch government to confirm that there are in place arrangements whereby people can enforce a judgment and we've been given firm advice as to how that can occur," Mr Ruddock told reporters in Sydney. "We have flagged that we would like to ... initiate requests for bilateral arrangements for enforcement (of Australian legal judgments)", he said. The Dutch government, however, has said it would need to consult other countries in the European Union before it could enter into any such arrangement, Mr. Ruddock said. "So, as far as we're concerned, we have been anxious to ensure that if situations arise where there are judgments that need to be enforced that it can be done simply and easily, rather than having to initiate fresh legal action," Mr Ruddock said. "But at the moment ... an individual would have to seek to have a Dutch court recognize and enforce a judgment that was attained in an Australian court." The $293 million fund set up in February 2001 to take over the company's future asbestos liabilities is expected to run out in just three years' time, with a shortfall of more than $1 billion. Later that year, James Hardie shifted its headquarters from Australia to The Netherlands, which does not have a treaty allowing victims to seek compensation in that nation's courts. A proposal to fund compensation for the victims came on the last day of hearings at the Jackson inquiry set up by the NSW government to examine how James Hardie handles its asbestos liabilities. CONTACT: For corporate and media enquiries only, please contact: James Hardie Industries Website: http://www.jameshardie.com.au/ Greg Baxter Executive Vice President Level 3, 22 Pitt Street Sydney NSW 2000 Telephone: (02) 8274 5305 Fax: (02) 8274 5218 Mobile: 0419 461 368 Steve Ashe Vice President Investor Relations Telephone: (02) 8274 5246 Fax: (02) 8274 5218 Mobile: 0408 164 011 Julie Sheather Vice President Public Affairs Telephone: (02) 8274 5206 Fax: (02) 8274 5218 Mobile: 0409 514 643 All other enquires to CustomerLink Service Centre on 13 1103. NATIONAL AUSTRALIA: Risk Management Division to Report to CFO ------------------------------------------------------------- National Australia Bank Chief Executive Officer, John Stewart announced on Thursday that the Group's Risk Management division will report to the Chief Financial Officer, Michael Ullmer. 'This move brings the two pillars of finance and risk together under common leadership and will ensure a strong control framework across the Group,' Mr. Stewart said. The new reporting arrangements for Mr. Ullmer will be finalized over the coming weeks. For further information: Samantha Evans Callum Davidson Corporate Relations Manager Head of Group Investor Relations Work: 03 8641 4982 Work: 03 8641 4964 Mobile: 0404 883 509 Mobile: 0411 117 984 Website: www.nabgroup.com SONS OF GWALIA: BeMaX Issues Statement Re 15.36% Shareholding ------------------------------------------------------------- In a disclosure to the Australian Stock Exchange, the Board of BeMaX Resources NL (BeMaX) wish to advise shareholders that following Monday's announcement by Sons of Gwalia Limited of the appointment of voluntary administrator, BeMaX has been in contact with the administrator appointed to Sons of Gwalia to discuss Sons of Gwalia's 15.36 percent shareholding in BeMaX. The administrator has advised that they do not have any present intention to sell any part of the holding on market and that they will work with BeMaX in respect of a transfer of the holding on market and that they will work with BeMaX in respect of a transfer of the holding. 49.5 percent of Sons of Gwalia's holding is in compulsory ASX restriction until May 2005. BeMaX has been approached by a number of parties interested in purchasing Sons of Gwalia's stake in BeMaX and supporting the Company through the coming months as we continue with the development of the Pooncarie Project. There are no financial ties between BeMaX and Sons of Gwalia. BeMaX is not owed by Sons of Gwalia. To view a full copy of the announcement click http://bankrupt.com/misc/SONSOFGWALIA090104.pdf CONTACT: Inquiries relating to Sons of Gwalia's operations and share performance Carmen Kiggins Manager - Investor Relations 16 Parliament Place West Perth, Western Australia, 6005 Telephone: 08 9263 5648 Facsimile: 08 9481 1271 Email: carmen.kiggins@sog.com.au TOOTH & COMPANY: Indemnifies IEL $234Mln for Losses --------------------------------------------------- The Australian Securities and Investments Commission (ASIC) noted on Thursday the decision by Tooth & Co Limited (Tooth & Co) to report, as a provision, an additional $234 million to indemnify Industrial Equity Limited (IEL) for losses from appealed tax assessments. IEL has also made an additional provision of $719 million against losses from the appealed tax assessments. Tooth & Co has $234 million cash on deposit, which can be called upon to meet the costs of adverse court decisions on a number of disputed tax assessments against IEL. IEL has already lost one of these cases in the Federal Court and on appeal to the Full Court of the Federal Court. Tooth & Co had previously only made note disclosure in its financial reports of the circumstances relating to the disputed assessments and the possibility of calls against the $234 million deposit. A contingent liability was noted rather than recognizing a provision as a liability in the Statement of Financial Position and a corresponding expense. While the directors of IEL have sought leave to appeal to the High Court, ASIC was concerned that Tooth & Co should make adequate provision to cover likely calls against the deposit of $234 million. Accounting standard AASB 1044 'Provisions, Contingent Liabilities and Contingent Assets' requires an actual liability to be recognized if it is probable, that is more likely rather than less likely, that a future sacrifice of economic benefits will be required. Given the number of cases outstanding and the amounts involved, it is reasonable to assert at this point in time that it is more likely than less likely that Tooth & Co will need to meet claims up to the amount of cash held for this purpose. 'Compliance with financial reporting requirements should not be influenced by appeal strategies, and directors need to make appropriate provisions in relation to adverse court decisions', ASIC's Chief Accountant, Mr. Greg Pound said. 'Note disclosure is not a substitute for recognizing provisions and corresponding expenses in the financial statements themselves.' 'Compliance with accounting standards is important to ensure consistent and comparable financial reporting, and to ensure that users of financial reports receive the most meaningful information', Mr. Pound said. This ASIC announcement is dated September 2, 2004. CONTACT: Tooth And Company Ltd. Level 10 , 10 Shelley Street, SYDNEY, NSW, AUSTRALIA, 2000 Head Office Telephone: 02 9335 7137 Head Office Fax: 02 9335 8852 WORLDPLAY SERVICES: Breaches Trade Practices Act ------------------------------------------------ Gold Coast company, Worldplay Services Pty Ltd breached the Trade Practices Act 1974 by participating in an international online pyramid selling scheme, the Federal Court found Thursday. Its director, Mr. Greg Kennedy, was found to be knowingly concerned in the contravention. The Australian Competition and Consumer Commission alleged, and the court found, that World Games Inc, which operated internationally using a website, was an illegal pyramid scheme. The ACCC alleged that people became members in the hope that they would receive rewards when they signed up others to the scheme. Worldplay Services provided administrative, IT support and member support services, among other services, to the scheme. The scheme is fragmented, with a company in the British Virgin Islands having overall control, and service companies contributing to the scheme operating from Britain, Gibraltar, the Netherlands Antilles and Australia. Consumers recruited into the scheme came from a number of countries, including Canada, the United Kingdom and Norway. "This finding by the court clearly shows that the new pyramid selling provisions of the Act will have effect no matter how fragmented the scheme to avoid jurisdiction", ACCC Chairman, Mr. Graeme Samuel, said today. "If you are an Australian company taking part in a pyramid scheme you will be caught by the Act. "The ACCC was concerned that in the WGI scheme an Australian company was being used to affect foreign consumers. The clear message from this is that you are caught by the Act, and the ACCC will pursue you, if you try to operate an illegal pyramid scheme from Australia that affects foreign consumers. Australia will not be a haven for the operation of these schemes". Commenting on the conduct in his judgment, Justice Paul Finn of the Federal Court said: "Though this proceeding has raised a number of issues of statutory construction, it has raised only one matter of real substance. This is whether Australia can be used wholly or partially as a haven for operators of internet- based pyramid selling schemes in circumstances in which members of the Australian public are unable to gain internet access to such schemes through Australian internet service providers. My conclusion is that it cannot". Mr. Samuel said the matter also involved the cooperation of a number of overseas regulatory bodies, and proceedings continue in other jurisdictions regarding this scheme. The Royal Canadian Mounted Police has taken criminal proceedings against Canadian participants. Justice Finn declared that Worldplay Services Pty Ltd has contravened the pyramid selling provisions and that Mr. Kennedy was knowingly concerned, and a party to, the contravention. Justice Finn also made orders restraining Worldplay Services Pty Ltd from taking part in the World Games scheme or other similar schemes and restraining Greg Kennedy from being knowingly concerned in the participation of Worldplay Services Pty Ltd in the World Games scheme or other similar schemes. The respondents were ordered to pay the ACCC's costs. Further information please contact Mr. Graeme Samuel Canberra Chairman Telephone: (02) 6243 1129 Media inquiries, Ms. Lin Enright Director Public Relations Telephone: (02) 6243 1108 (0414) 613 520 General inquiries: Infocentre: 1300 302 502 This ACCC news release is dated September 2, 2004. ============================== C H I N A & H O N G K O N G ============================== GRANDY CORPORATION: Notes Unusual Price & Volume Movements ---------------------------------------------------------- The directors of Grandy Corporation have noted yesterday's decrease in share price and increase in trading volume of the Company's securities and wish to state that the Directors are not aware of any reasons for such changes. The Directors also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under Chapters 19 to 20 of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (GEM Listing Rule), neither is the board of Directors aware of any matter discloseable under the general obligation imposed by rule 17.10 of the GEM Listing Rules, which is or may be of a price- sensitive nature. Made by the order of the Board, the Directors of which collectively and individually accept full responsibility for the accuracy of this announcement. By order of the Board Grandy Corporation Chan Hon Chiu Director HANG TOH: Court Hears Winding Up Petition ----------------------------------------- Notice is given that a Petition for the Winding up of Hang Toh Contracting Company Limited by the High Court of Hong Kong was, on the 18th day of August, 2004, presented to the said Court by Lo Chi Shing of Flat 14, 14/F., Block C, Kam Wai House, Kam Fung Court, Ma On Shan, New Territories, Hong Kong. The said petition will be heard before the Court at 9:30 am on the 6th of October 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 5th day of October 2004. I-CHINA HOLDINGS: New Stock Short Name Takes Effect September 6 --------------------------------------------------------------- Market participants are requested to note that the name of I- China Holdings Limited has been changed to "Build King Holdings Limited". Accordingly, the stock short name of its ordinary shares will also be changed to "BUILD KING HOLD" effective Monday, September 6, 2004. This Hong Kong Stock Exchange announcement is dated September 1, 2004. CONTACT: I-China Holdings Limited 73 Lei Muk Road 1st Floor Kwai Chung, New Territories HONG KONG Phone: +852 2521 1238 Fax: +852 2523 9176 Website: http://www.ipowerb2b.com/ NEW CITY: 1H Net Loss Narrows to HK$18.36M ------------------------------------------ According to New City (Beijing) Development's circular regarding the disposal of a property in Beijing, the company had its net loss narrowed by 58.4% to $18.355 million for the first half this year. LPS was $0.0675. During the period, turnover jumped by 1.25 times to HK$1.966 million, while operating loss was reduced from HK$32.532 million a year ago to HK$14.487 million. Net current liabilities also decreased from HK$304 million to HK$48.576 million, while total assets less current liabilities amounted to HK$193.5 million. The company intends to dispose of the entire equity interest in New Rank BVI 1 to the independent third party Sinoway Properties Limited (the purchaser) at a token purchase price of HK$1. The purchaser agreed to assume HK$37 million in outstanding debt. Upon completion of the disposal, the company still owed a remaining debt in the sum of HK$15 million to New Rank BVI 1, which will be repaid in 36 monthly installments. New Rank BVI 1 is an investment holding company, which indirectly owns a 99% interest in certain premises in Beijing by way of a wholly owned subsidiary. The gross floor area of the property is 21,300 square meters. TCL CORPORATION: Clarifies Debt Crisis Report --------------------------------------------- TCL Corporation said, in a release published by Infocast News, that a certain media has tarnished the group's image by publishing a story under the headline "TCL RMB2 billion debt crisis; fund chain faces break." The group reserves its rights to take legal actions against the media, and advised investors who were misled by such rumors and suffered losses to take legal action to protect their own legal rights. The group declared it has abundant funds and its operations are going well. It stressed that any information regarding the group's operation, investment, cooperation, and other matters should be based on the listed group's own announcements. ================= I N D O N E S I A ================= BANK PERMATA: H1 Net Profit Reaches IDR281B ------------------------------------------- For the first half of 2004, state-owned PT Bank Permata announced that it has recorded a net profit of IDR281 billion (US$31.4 million), reports Asia Pulse. The figure represents 90 percent of its IDR300-billion yearly target. According to corporate secretary Ekoputro Adijayanto, Permata's net interest income in the January to June period increased 45 percent year-on-year to Rp752.6 billion. He attributed 60 percent of the bank's income to credit interest, and 40 percent to fee-based income. Its net interest margin rose to 5.7 percentage points in the first six months of this year from 3.9 percentage points from the year-ago period. Meanwhile, its net non-performing loans declined to 2.4 percent from 3.5 percent, while its loan to deposit ratio jumped from 36.2 percent to 48.7 percent. The bank's capital adequacy ratio rose to 12.3 per cent, up from 10.5 per cent. The Indonesian government has recently short-listed five bidders interested in acquiring a 51-percent stake in Permata, which is being sold to raise funds to help plug the state budget deficit. 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: Standard Chartered Submits Highest Bid ---------------------------------------------------- Standard Chartered's consortium with Astra International has outbid four other shortlisted contenders for a 51-percent stake in PT Bank Permata, reveals Channel News Asia, citing local daily Bisnis Indonesia. According to the Bisnis report, the StanChart consortium made an initial offer equivalent to more than twice the state-owned bank's book value, besting the initial bids submitted by Singapore's United Overseas Bank, Commerce Asset Holding and Maybank of Malaysia, and a consortium of Bank Panin and ANZ Bank. Bank Permata's sale price has been set at a minimum 1.8 times book value -- the value of its total assets listed on the balance sheet. The preferred bidder will be announced in October, Indonesian officials said. Proceeds from the bank's sale will be used to help plug the state budget deficit this year. BANK PERMATA: Divestment Gets VP Support ---------------------------------------- Amid congressional calls for the cancellation of the government's plan to sell its 51-percent stake in PT Bank Permata, Indonesian Vice President Hamzah Haz has thrown his support behind the divestment, the Antara news agency reports. The Vice President aired hopes that the stake sale to foreign banks that had strong capital and banking experience would improve the bank's performance, as well as help the country's economy recover that "in the next five years our condition will be like before the crisis." This, however, is the very reason why some 30 members of the House Commission for Finance and Banking are demanding that the divestment be cancelled. They said that the five short-listed were all foreign banks, which violated the earlier agreement made by the finance minister and the commission to prioritize local investors for the bid. GARUDA INDONESIA: Plans Daily Singapore-Semarang Flights -------------------------------------------------------- The director of Garuda Indonesia said on Tuesday that the Indonesian flagship carrier is planning to offer daily flights between Singapore and the Indonesian city of Semarang, reports the Antara news agency. Garuda director Indra Setiawan expressed optimism that, with the market showing good prospects, the plan to offer daily Singapore-Semarang flights could be realized by the end of the year. He added that Garuda would open another international route from Semarang if the route would show progress. The airline, which launched Singapore-Semarang flights at four times a week last March 28, has 66 aircraft servicing 30 domestic and 24 international routes covering Asia, Australia and Europe. CONTACT: PT Garuda Indonesia Garuda Indonesia Bldg., Jalan Merdeka Selatan No. 13 Jakarta, 10110, Indonesia Phone: +62-21-231-0082 Fax: +62-21-231-1679 http://www.garuda-indonesia.com PERTAMINA: Government Not Involved in Cepu Decision --------------------------------------------------- The decision of state-owned oil and gas firm PT Pertamina not to extend its contract with US-based ExxonMobil Oil Indonesia (EMOI) for the development of the Cepu block in Central Java will not be facing any form of intervention from the Indonesian government, reveals the Antara news agency, citing Energy and Mineral Resources Minister Purnomo Yusgiantoro. "Pertamina is fully authorized to take the decision not to renew the contract when it expires. We do not have the right and are not in position to intervene in Pertamina's decision," Minister Purnomo said. The official pointed out that the Pertamina-ExxonMobil contract on the Cepu block, which was set to expire in 2010, was a pure business-to-business deal, which therefore gives the government no right to meddle. Last week, Pertamina President Director Widya Purnama said the company would not renew its contract with EMOI on the Cepu block because Pertamina was planning to operate the block by itself. CONTACT: PT Pertamina Tbk Jalan Merdeka Timur No. 1 A Jakarta 10110 Tel: (62)(21)3815111 Fax: 3846865/ 3843882 www.pertamina.com ========= J A P A N ========= BIBA SUPOHTSU: Declares Bankruptcy ---------------------------------- According to Teikoku Databank America, K.K. Biba Supohtsu has entered bankruptcy. The sports goods retailer, which is based in Bunkyo-Ku, Tokyo 113-0034, has total liabilities of US$25.83 million. For more information, please click: http://www.teikoku.com/ KAWASAKI HEAVY: To Spin Off Unprofitable Unit --------------------------------------------- In line with its reorganization efforts, Kawasaki Heavy Industries Limited is planning to spin off its loss-making plant construction and machine installation unit, Bloomberg says. The proposed spin-off, the third of a series since 2002, will pave the way for the creation of a separate 800-manned firm that builds cement plants, makes rolling equipment and produces hydraulic presses. The move is part of measures to streamline the struggling firm's operations that include payroll cuts, cost reductions and focusing more on profitable ventures. Kawasaki Heavy, along with rivals Mitsubishi Industries Limited and Ishikawajima-Harima Heavy Industries Limited, has been struggling in Japan, competing against foreign companies such as General Electric Company to win contracts. CONTACT: Kawasaki Heavy Industries, Ltd. Kobe Crystal Tower, 1-3, Higashikawasaki-cho 1-chome, Chuo-ku Kobe, 650-8680, Japan Phone: +81-78-371-9530 Fax: +81-78-371-9568 Website: http://www.khi.co.jp MITSUBISHI FUSO: Recalls Another 140,000 Trucks ----------------------------------------------- Mitsubishi Fuso Truck and Bus Corporation has notified the transport ministry that it is recalling more than 140,000 trucks for free repairs of two types of vehicle defects, Asia Intelligence Wire reports. Subject to the recall are 92,000 midsize trucks produced between June 1992 and September 1998, which are suspected to have faulty hooks supporting the retractable driver's seat. The truck maker is also recalling 54,000 large trucks manufactured between April 1996 and July 2004 due to electric wiring problems that could lead to engine failure. Mitsubishi Fuso, which was spun off from Mitsubishi Motors Corporation in January 2003, has recalled 168,000 large vehicles manufactured between June 1983 and April 1999 following a revelation that it has disregarded clutch housing defects since 1996. CONTACT: Mitsubishi Fuso Truck of America, Inc. 2015 Center Square Rd. Bridgeport, NJ 08085 (Map) Phone: 856-467-4500 Fax: 856-467-4695 Website: www.mitfuso.com MITSUBISHI MOTORS: Issues Statement on First Hub Case Trial ----------------------------------------------------------- Mitsubishi Motors Corporation, through its President Hideyasu Tagaya, issued a press release dated September 1 concerning the first public hearings over the hub problem, which is reproduced as follows: "I wish to apologize for the great troubles caused by the accident in which a wheel detached from a heavy truck due to hub failure in January 2002. Three of our former executives have been indicted for making false reports in violation of the Road Trucking Safety Law, with penalties imposable against both employees and employer, and as such, our company is liable to be prosecuted. As for the punishments for both employee and employer, since we cannot deny the wrongdoing of these three accused men and our company has also been charged with blame, there is no independent statement that our company can make. Consequently, at today's first public hearings, in line with the facts surrounding the case, we made statements similar to the three other persons apart from those accused. With the view that our company is also a defendant, at this point in time with the above comment in mind, we will keep watch for the final verdict. Although the above comments pertain to our legal viewpoint, this does not change the feelings of remorse that we extend to the deceased, who perished due to this incident, or to their survivors. Once again, I solemnly reflect on this matter, and dedicate myself completely to the continuous pursuit of compliance enforcement and quality improvement." Hideyasu Tagaya President Mitsubishi Motors Corporation CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo, 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0014 Website: http://www.mitsubishi-motors.co.jp MITSUBISHI MOTORS: 2005 Vehicles Will Meet Safety Standards ----------------------------------------------------------- As part of its ongoing participation in industry-led voluntary efforts to improve vehicle safety, Mitsubishi Motors North America (MMNA) on September 1 announced that several of its 2005 model year vehicles will comply with the voluntary design and performance criteria set out in 2003 by member companies of the Alliance of Automobile Manufacturers, the Association of International Automobile Manufacturers and the Insurance Institute for Highway Safety. These voluntary design and performance safety criteria pertain to vehicle compatibility in front-to-front and front-to-side impact collisions, and are helping to drive the adoption of numerous vehicle safety enhancements ahead of federal requirements. Mitsubishi is among the sixteen automakers participating in this voluntary effort. In front-to-front collisions, MMNA's family of model year 2005 SUVs - specifically the Montero, Outlander and Endeavor - all meet the new voluntary design criteria. The purpose of these criteria is to enhance the front-to-front crash compatibility between SUVs and passenger vehicles by promoting better alignment of the front-end energy absorbing structures. Manufacturers have been working to improve this architectural feature by modifying truck frames. The voluntary standard governs structural alignment for the entire light-duty vehicle fleet. While the compatibility initiative has set 2009 as the deadline requiring 100 percent of each manufacturer's vehicle line to comply, Mitsubishi is proud to announce that 100 percent of its applicable vehicle line is now in compliance. In front-to-side collisions, the model year 2005 Galant, Endeavor and Montero - all equipped with side air bags - meet the new voluntary performance criteria. Front-to-side collisions, where the striking vehicle is a light truck or SUV, represent significant compatibility challenges. The new voluntary performance criteria places a high priority on enhancing the protection of occupants inside vehicles struck in the side. One of the ways to accomplish this is by enhancing head protection of occupants in struck vehicles. These front-to- side safety requirements are not mandated until model year 2007. The model year 2006 Eclipse, which will be equipped with side and curtain air bags and will begin production in April 2005, will meet these same voluntary front-to-side collision criteria. To evaluate the performance of its vehicles against these industry-led voluntary design and performance safety criteria, Mitsubishi Motors conducted extensive studies and performed actual crash testing. Mitsubishi Motors fully embraces the safety performance criteria embodied in the industry-led effort and remains committed to improving the performance of Mitsubishi vehicles and their safety systems. Mitsubishi Motors North America, Inc., (MMNA) is responsible for all manufacturing, finance, sales, marketing, research and development operations of the Mitsubishi Motors Corporation in the United States, Canada, Mexico and Puerto Rico. Mitsubishi Motors sells coupes, convertibles, sedans and sport utility vehicles through a network of nearly 700 dealers throughout North America. CONTACT: Mitsubishi Motors North America, Inc. 6400 Katella Ave. Cypress, CA 90630-0064 (Map) Phone: 714-372-6000 Fax: 714-373-1020 Website: http://www.mitsucars.com MITSUBISHI MOTORS: Releases August U.S. Sales Report ---------------------------------------------------- Mitsubishi Motors North America, Inc. (MMNA), on September 1, reported August 2004 U.S. sales of 10,721 units, a three percent gain compared to July 2004 based on daily selling rate. Mitsubishi Motors has sold 123,715 units year to date in the United States. "Dealer traffic has improved steadily over the past two months and retail sales trends are improving as we remain focused on building natural demand for our products," said Michael M. Tocci, MMNA senior vice president, sales, distribution and fleet. "Total sales have declined as we've eliminated risky financing deals and reduced our reliance on fleet sales, which will help us achieve healthy, long-term sustainable growth. Mitsubishi now offers the industry's best warranties and scheduled maintenance program, which are attracting consumers that want the confidence of owning the Best-Backed Cars in World." To view the full release, click on: http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS090204.pdf RESONA HOLDINGS: Unit Issues Subordinated Bond ---------------------------------------------- Resona Holdings, Inc. gave notice on August 31 that its banking subsidiary, Resona Bank, Ltd. decided to issue the subordinated bond through a public offering in Japan with a view to maintaining and raising its capital adequacy ratio. Details were announced as follows: Outline of the Subordinated Bond (1) Issuer Resona Bank, Ltd. (2) Total issue amount JPY 20.0 billion (Planned) (3) Period to maturity 10 years (4) Date of issuance Late September, 2004 (5) Maturity date Late September, 2014 (6) Coupon rate Not determined (7) Rating BBB- (Rating and Investment Information, Inc.) (Planned) (8) Utilization of funds Utilized as long-term investment fund and operating fund (9) Underwriters Nomura Securities Co., Ltd., Nikko Citugroup Limited, and others CONTACT: Resona Holdings Incorporated 2-1, Bingomachi 2-chome, Chuo-ku Osaka 540-8608, Japan Phone: +81-6-6271-1221 Fax: +81-6-6268-1337 Website: http://www.resona-hd.co.jp/ RESONA HOLDINGS: Worries Saieijisho Claims May Be Unattainable -------------------------------------------------------------- In a press release dated August 31, Resona Holdings Incorporated disclosed that Saieijisho Co., Ltd., which is a customer of its banking subsidiary, Resona Bank, Ltd. and Saitama Resona Bank, Ltd., 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 (a) Corporate name Saieijisho Co., Ltd. (b) Address 4-14, Akabane 2-chome, Kita-ku, Tokyo (c) Representative (Liquidator) Goro Imai (d) Amount of capital 30 million yen (e) Line of business Real estate business and golf range management (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 August 31, 2004. (3) Amount of Claims to the Company Exposure of Resona Bank Exposure of Saitama Resona Bank Loans: 4.9 billion yen Other Claims: 0.1 billion yen Other banking subsidiaries of Resona HD, 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 and Saitama 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. SAIEI JISHO: Enters Bankruptcy ------------------------------ K.K. Saiei Jisho has entered bankruptcy, according to Teikoku Databank America. The firm, which managed golf courses and building lease, has total liabilities of US$41.67 million. The company is based in Kita-Ku, Tokyo 115-0045. For more information, please click: http://www.teikoku.com/ TOBU RAILWAY: JCR Affirms BBB- Bond Ratings ------------------------------------------- Japan Credit Rating Agency Limited (JCR) has affirmed the BBB- ratings on the bonds of Tobu Railway Company Limited. Issues Amount(bln) Issue Date Due Date Coupon bonds no.39 Y10 May 13, 1998 May 13, 2005 2.350% bonds no.43 Y10 Oct. 20, 1998 Oct. 20, 2005 2.000% bonds no.50 Y10 Dec. 20, 2000 Dec. 20, 2005 1.650% bonds no.45 Y10 May 17, 1999 May 17, 2006 2.000% bonds no.51 Y10 Apr. 23, 2001 Apr. 23, 2007 1.700% bonds no.49 Y10 Sept. 6, 2000 Sept. 6, 2007 2.240% bonds no.40 Y10 May 13, 1998 May 13, 2008 2.800% bonds no.42 Y10 Sept. 30, 1998 Sept. 30, 2008 2.700% bonds no.52 Y10 Apr. 23, 2001 Apr. 23, 2009 2.130% bonds no.46 Y10 June 3, 1999 June 3, 2009 2.440% Rationale: Tobu Railway improved the bus and leisure businesses in particular, pushing for allocating the resources to the areas of the railway lines and outsourcing the business. It has been also pushing for alliances with specialized companies in distribution sector to utilize their know-how. There are concerns such as drop in unrealized gains on the real estate and impact of opening of new express line scheduled for fiscal 2005 by joint public-private venture on Tobu Railway's bus business. It is unlikely that the earnings will grow sharply over the intermediate term, given these concerns. The write-offs and restructuring charges in the past deteriorated the financial structure. It wrote off the large amount of real estate in the process of revaluation of land for business use in fiscal 2001. However, there remain businesses, of which profitability needs to be examined. JCR considers it necessary to watch carefully impact of accounting for impairment of fixed assets eventually. Tobu Railway also will have to take necessary steps financially for the securitized assets with the term terminating. CONTACT: Tobu Railway Company Limited 1-2 Oshiage 1-Chome Sumida-Ku 131-8522, Tokyo 131-8522 Japan Phone: +81 3 3621 5055 Fax: +81 3 3621 5161 Website: http://www.tobu.co.jp/english/index.html TOCHIGI MATSUDA: Faces Insolvency --------------------------------- New motor vehicle dealer Tochigi Matsuda Hambai K.K. has entered bankruptcy, says Teikoku Databank America. The company based in Utsunomiya-Shi, Tochigi 320-0834, reported US$83.33 million total worth of liabilities. For more information, please click: http://www.teikoku.com/ UFJ HOLDINGS: To Explain Data Oddities to British FSA ----------------------------------------------------- Britain's Financial Services Authority (FSA) has called on UFJ Holdings Incorporated to justify discrepancies between its earnings forecast and the actual financial results for fiscal 2003, relates The Japan Times. The British regulator requires the ailing lender to submit by mid-September a detailed report explaining the huge disparities, which is believed to have affected stock trading. London-listed UFJ announced on April 28 that it projected to book a net profit of JPY78 billion for fiscal 2003. However, its income statement released a month later revealed a net loss of JPY400 billion. The British watchdog has already informed UFJ that they may impose fines if they determine the group breached market rules. Meanwhile, Japan's Financial Services Agency issued four business improvement orders to UFJ in June, including one over the earnings projection and the actual results. CONTACT: UFJ Holdings, Inc. 5-6, Fushimimachi 3-chome, Chuo-ku, Osaka-shi, Osaka 541-0044, Japan Website: www.ufj.co.jp URASHIMA NORI: Insolvency Looming --------------------------------- According to Teikoku Databank America, Urashima Nori K.K. is facing insolvency with US$110.83 million worth of liabilities. The firm, which engaged in seaweed processing, is located in Tamana-Shi, Kumamoto 865-0022. For more information, please click: http://www.teikoku.com/ ========= K O R E A ========= HYNIX SEMICONDUCTOR: EU Clears Way for Unit Sale to Citigroup ------------------------------------------------------------- The sale of South Korea's Hynix Semiconductor Inc.'s (000660.SE) non-memory operations to a venture capital arm of Citigroup Inc. (C) was approved by the European Union Commission on Wednesday, reports Dow Jones. Although both Citigroup and Hynix are not European firms, the E.U officials are reviewing the KRW954.3-billion deal due to the amount of business that they do in the continent. In reviewing the deal, the E.U. applied its simplified antitrust procedure, which clears mergers or acquisitions after one month if no objections are raised by third parties. The chip maker said that the sale, which was earlier approved by both Hynix creditor banks and shareholders, will allow the company to improve its financial position and normalize its operations to focus on its core dynamic random access memory, or DRAM business. CONTACT: HSI(Hynix Semiconductor Inc.) 891 Daechi-dong, Kangnam-gu, Seoul, Korea Tel: 82-2-3459-3470 Fax: 82-2-3459-5987/8 http://www.hynix.com KOOKMIN BANK: CEO Sees Better 2H Earnings ---------------------------------------- In a speech to employees last Wednesday, Kookmin Bank President Kim Jung-tae predicted better earnings for South Korea's largest bank in the second half of the year, reported The Korea Times. Mr. Kim expressed confidence that by next year, Kookmin Bank can expect its operations to go back to normal, with apparent signs of improvement in its business for the second half. He added that the bank's thrust would be on enhancing non- interest income, such as commission fees, in order to offset interest earnings. Kookmin Bank posted a net profit of KRW308 billion in the first half, a major turnaround from KRW161 billion in losses it registered in the same period last year. The bank's woes, however, are far from over. Last week, Kookmin Bank was slapped a KRW2-billion fine by the Financial Supervisory Service (FSS) for violating accounting standards on its provisioning strategy related to its credit card and other loans. The regulator has said that it plans to decide any punitive measures against Mr. Kim and other bank executives at a meeting on Sept. 10. CONTACT: Kookmin Bank 9-1 Namdaemoonro 2-ga Chung-gu, Seoul 100-092 Korea (South) Tel: +82 2 317 2114 Tel: +82 2 776 5637 SSANGYONG MOTOR: August Sales Rise 8.5% --------------------------------------- Despite a weak performance in the local market, Ssangyong Motor Co. (KSE:003620) on Wednesday said that its sales for the month of August increased 8.5 percent from a year ago to 11,014 units, reports the Yonhap news agency. In a filing to the Korea Stock Exchange, South Korea's fourth- largest automaker said its August sales figures represent a 23.6-percent increase from July, a gain which it attributed to the launch of Rodius mini vans and growing exports. However, domestic sales of its Rexton, Korando and other sport- utility vehicles fell 12.2 percent on year to 7,302 units. Exports, meanwhile, more than doubled to 3,712 units, the auto maker said. Ssangyong Motor has already sold a total of 89,034 vehicles from January to August 2004, down 15.2 percent from the same period last year. 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 =============== M A L A Y S I A =============== ACTACORP HOLDINGS: Awaits SC Decision on Restructuring Plan ----------------------------------------------------------- Further to Actacorp Holdings Berhad's announcements dated 2 August 2004 and 5 August 2004, the Company submitted an appeal letter to the Securities Commission (SC) on 11 August 2004. Presently, the Company is awaiting the SC's decision. Any further AHB Proposed Restructuring Scheme development will be announced in due course. This announcement is dated 1 September 2004. C.c.: Securities Commission Attn.: Encik Kris Azman Abdullah BESCORP INDUSTRIES: Releases Practice Note 4/2001 Update -------------------------------------------------------- Reference is made to paragraph 4.1(b) of the Practice Note 4/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities) whereby Bescorp Industries Berhad (BIB) is required to announce the status of its plan to regularize its financial condition on a monthly basis until further notice from Bursa Malaysia. On 9 August 2004, BIB and WCT Engineering Berhad (WCT) had mutually agreed via a letter on even date (Third Supplemental Letter), to implement the Proposed Liquidation pursuant to the Corporate Proposals by way of WCT Land Berhad (WCTL) disposing of the entire issued and paid-up share capital held in BIB comprising 19,000,000 ordinary shares of RM1.00 each to a special purpose vehicle to be nominated and controlled by the Special Administrators of BIB, for a total consideration of Ringgit Malaysia One (RM1.00) (Proposed Liquidation Via Disposal) as soon as practicable after the completion of the Proposed Transfer of Listing. Thereafter, BIB will be put into liquidation. The aforesaid proposed disposal and liquidation of BIB is pending the approval of the SC. On 11 August 2004, a Writ of Summon dated 10 August 2004 has been served on Pengurusan Danaharta Nasional Berhad, BIB, WCTL and Bursa Malaysia Berhad (BMB) by the solicitors of Liew Yoon Thiam and Hi Geok Kim Hi Peh Lang (the Plaintiffs), seeking, inter alia, the following reliefs: i) An order restraining WCTL from expropriating the listed shares of the Plaintiffs and issuing in its place one (1) new share in WCT for every ten (10) shares held in BIB; ii) An order restraining the BMB from delisting the Plaintiffs shares from the Bursa Saham Malaysia; iii) In the event WCT and BMB had effectuated the restructuring scheme of the Special Administrators of BIB, an order to BIB and WCT to restore the original shares into the register of BIB and for an order to BMB to relist the shares of the Plaintiffs on Bursa Malaysia; iv) An order that all further proceedings in the restructuring exercise be stayed pending the Investigative Audit Report directed by the SC over BIB is completed; and v) An order that the costs of this action be paid by the Defendants. In the light of the above, on 30 August 2004, BIB, represented by their solicitor, had filed a Defence and Counterclaim against the Plaintiffs in the Kuala Lumpur High Court. Save for the above, there were no further developments since our previous announcement with regards to this Practice Note. CONTACT: Bescorp Industries Berhad 7th Floor, Centrel Tower Wisma Consplant, 2 Jalan SS16/4 Subang Jaya 47500 Petaling Jaya, Selangor Malaysia Telephone: 603-7327988 Fax: 603-7349967 BESCORP INDUSTRIES: Issues Litigation Update -------------------------------------------- Further to Bescorp Industries Berhad's (Special Administrators Appointed) announcement made on 11 August 2004, the Company wishes to inform that Messrs Shook Lin & Bok, the solicitors representing the Company, had on 30 August 2004 filed its defense and Counter Claim with the High Court of Malaya with regards to the Writ of Summons dated 10 August 2004. CHG INDUSTRIES: Units Enter Restructuring Agreement --------------------------------------------------- Further to the announcement made on the 11 August 2004, the Board of Directors of CHG Industries Berhad announced that the Company and its two subsidiary companies comprising CHG Plywood Sdn Bhd and Cheng Hin Timber Industries Sdn Bhd (hereinafter collectively referred to as the CHG Group) on 30 August 2004 entered into a Restructuring Agreement with Tiong Toh Siong Holdings Sdn Bhd in relation to the proposed debt and corporate restructuring (the Proposals) of the CHG Group. A requisite and detailed announcement in relation to the Proposals will be made in due course. CONTACT: CHG Industries Berhad 8th Mile Jalan Cheras Cheras, Selangor Darul Ehsan 43200 MALAYSIA Telephone: +60 3 907 58811 Telephone: +60 3 907 66215 This announcement is dated 1 September 2004. INNOVEST BERHAD: Issues Restructuring Scheme Update --------------------------------------------------- Southern Investment Bank Berhad refers to the series of announcements made in relation to the Proposed Rescue Scheme of Innovest Berhad. The Board of Directors of Innovest announced that Bursa Malaysia Securities Berhad (Bursa Securities), via its letter dated 1 September 2004, informed its decision to await the outcome of Innovest's appeal to the Securities Commission (SC) (Bursa Securities Decision) against the SC's decision on 27 April 2004 to reject the Company's application for an exemption from the requirements of Paragraphs 6.13(a)(iv) and 6.14(a) of the SC's Policies and Guidelines on Issue/Offer of Securities in respect of its Proposed Rescue Scheme (Appeal). Bursa Securities Decision is without prejudice to Bursa Securities' right to proceed to de-list the securities of Innovest from the Official List of Bursa Securities in the event that: (a) The Appeal is not allowed by the SC; (b) The Company fails to obtain the approval from any of the regulatory authorities necessary for the implementation of the Proposed Rescue Scheme; (c) Innovest fails to implement the Proposed Rescue Scheme within the prescribed time frames stipulated by the relevant authorities. Bursa Securities also decided that in the event any one of the circumstances set out below occurs, the de-listing of the securities of Innovest from the Official List of Bursa Securities will be effected without any further representations from Innovest and without further consideration of the matter by Bursa Securities: (a) The Appeal is not allowed by the SC; (b) Innovest fails to obtain the approval from any of the regulatory authorities necessary for the implementation of the Proposed Rescue Scheme, and the securities of Innovest shall be removed from the Official List of Bursa Securities upon the expiry of fourteen (14) days from the date Innovest is notified by Bursa Securities or such other date as may be specified by Bursa Securities. If Innovest has obtained the relevant authorities' approval but fails to implement the Proposed Rescue Scheme within the prescribed time frames, Bursa Securities will consider any written representations that are filed by the Company (if any) provided that the same is made within seven (7) days from the expiry of the prescribed time frames and then proceed to decide on whether the securities of Innovest should be de-listed from the Official List of Bursa Securities. The Board of Innovest has vide its letter dated 1 September 2004, informed Le Premiere Sdn Bhd (Le Premiere) (i.e. the existing white knight for the Proposed Rescue Scheme) on the Board of Innovest's decision to terminate the scheme of agreements which were entered into between Innovest and Le Premiere pursuant to the Proposed Rescue Scheme. Following the termination of the above scheme of agreements with Le Premiere, the Company is currently finalizing a new scheme with a new white knight and will make an announcement on the new scheme no later than 3 September 2004. CONTACT: Innovest Holdings Berhad Suite 9B.2, Level 9B Wisma E & C No. 2 Lorong Dungun Kiri Damansara Heights 50490 Kuala Lumpur Telephone: 03-2533373 Fax: 03-2543733 This announcement is dated 1 September 2004. JIN LIN: Securities Classified To PN4 Condition Sector ------------------------------------------------------ Further to Jin Lin Wood Industries Berhad's announcement on 27 August 2004, the Company is an affected listed issuer pursuant to Practice Note No. 4/2001 (PN4). The Bursa Malaysia Securities Berhad announced that the securities of Jin Lin will be reclassified from the current sector to the PN4 Condition sector with effect from 9 a.m., Thursday, 2 September 2004. 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 KEMAYAN CORPORATION: Court Extends Creditor's Meeting ----------------------------------------------------- Further to the announcements dated 19 November 2003, 6 January 2004 and 17 March 2004, the Board of Directors of Kemayan Corporation Berhad (KCB) hereby informs Bursa Malaysia Securities Berhad that the High Court of Malaya, Kuala Lumpur (the Court) has granted an extension of 180 days to the Scheme Companies and KCB to hold the Court Convened Meetings for Creditors and shareholders from the expiry of the respective Orders. The Court also granted an extension of 180 days for the Restraining Order from the expiry of the said Order. CONTACT: Kemayan Corporation Berhad Taman Tasek Johor Bahru, Johor Bahru 80200 Malaysia Tel: +60 7 236 2390 Tel: +60 7 236 5307 KILANG PAPAN: Updates Regularization Plan ----------------------------------------- Further to our announcement dated 2 August 2004, AmMerchant Bank Berhad, on behalf of Kilang Papan Seribu Daya Berhad (DPSD), announced that the Company is currently waiting for approvals from the Securities Commission and Foreign Investment Committee on its revised Proposed Restructuring Scheme. Save as disclosed above, there is no material change to the Company's plan to regularize its financial condition. CONTACT: Kilang Papan Seribu Daya Berhad Lot 1 Harmoni Industrial Estate Kolombong, Inanam 88100 Malaysia Tel: +60 88 423 385 Tel: +60 88 423 287 This announcement is dated 1 September 2004. MCM TECHNOLOGIES: AGM Set for September 24 ------------------------------------------ Notice is hereby given that the 10th Annual General Meeting of MCM Technologies Berhad will be held at Dewan AmBank Group, 7th Floor, Bangunan AmBank Group, 55, Jalan Raja Chulan, 50200 Kuala Lumpur on Friday, 24 September 2004 at 10:30 a.m. to transact the following businesses: AGENDA 1. To receive the Audited Financial Statements for the Resolution No. 1 financial year ended 31 March 2004 together with the Reports of Directors and Auditors thereon. 2. To approve the payment of Directors' fees of Resolution No. 2 RM137,000 for the financial year ended 31 March 2004. 3. To re-elect the following Directors retiring in accordance with Article 103 of the Company's Articles of Association: (i) Mr. Soo Kim Wai Resolution No. 3 (ii) Mr. Ben Lee Keen Pong Resolution No. 4 4. To re-appoint Messrs. Salleh, Leong, Azlan Resolution No. 5 and Co. as Auditors of the Company and authorize the Directors to determine their remuneration. 5. As Special Business to consider and if thought fit, to pass the following resolution with or without modifications as an Ordinary Resolution of the Company: AUTHORITY TO ISSUE SHARES Resolution No. 6 "THAT pursuant to Section 132D of the Companies Act, 1965, the Directors be and are hereby authorized to issue shares in the Company at any time until the conclusion of the next Annual General Meeting and upon such terms and conditions and for such purposes as the Directors may, in their absolute discretion, deem fit provided that the aggregate number of shares to be issued does not exceed 10 per centum of the total issued share capital of the Company for the time being, subject always to the approval of all relevant regulatory bodies being obtained for such allotment and issue." 6. As Special Business to consider and if thought fit, to pass the following resolution with or without modifications as an Ordinary Resolution of the Company: PROPOSED RENEWAL OF SHAREHOLDERS' Resolution No. 7 MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE "THAT, pursuant to Chapter 6, Paragraph 6.8 of the Listing Requirements of Bursa Malaysia Securities Berhad for Mesdaq Market (Listing Requirements), the Company and its subsidiaries (MCMTech Group) be and are hereby authorized to enter into and give effect to the recurrent Related Party Transactions of a revenue or trading nature (Recurrent Transactions) with specified classes of Related Party as detailed in Section 2.3 of the Circular to Shareholders dated 2 September 2004, which are necessary for the MCMTech Group's day to day operations in the ordinary course of business on terms not more favorable to the Related Parties than those generally available to the public and not detrimental to minority shareholders of the Company. AND THAT such approval shall continue to be in force until: (a) The conclusion of the next Annual General Meeting (AGM) of the Company, at which time it will lapse, unless by a resolution passed at the AGM whereby the authority is renewed; (b) The expiration of the period within which the next AGM of the Company is required to be held pursuant to Section 143(1) of the Companies Act, 1965 (Act) (but shall not extend to such extension as may be allowed pursuant to Section 143(2) of the Act); or (c) Revoked or varied by a resolution passed by the shareholders in a general meeting; whichever is earlier; and the aggregate value of the Recurrent Transactions be disclosed in the annual report of the Company. And that the Directors be and hereby authorized to complete and do all such acts and things as they may consider expedient or necessary to give effect to the Proposed Shareholders' Mandate." 7. To transact any other business of which due notice shall have been given in accordance with the Companies Act, 1965. BY ORDER OF THE BOARD, BERNIE OOI CHIN KHOON SELENA LEONG SIEW TEE Secretaries Kuala Lumpur 2 September 2004 NOTES 1. A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy may but need not be a member of the Company and a member may appoint any person to be his proxy without limitation. The provisions of Section 149(1)(a) and (b) of the Companies Act, 1965 shall not apply to the Company. 2. Where a member appoints two (2) or more proxies to attend and vote at the meeting, the appointment shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy. 3. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorized in writing or if the appointer is a corporation, either under its common seal or under the hand of an attorney duly authorized. 4. The instrument appointing a proxy and the power of attorney or other authority (if any), under which it is signed or a notary certified copy thereof, shall be deposited at the registered office of the Company at 1st Floor, Lot 271, Jalan Dua, Off Jalan Chan Sow Lin, 55200 Kuala Lumpur not less than forty eight (48) hours before the time for holding the 10th Annual General Meeting or any adjournment thereof. 5. Explanatory note on Special Business: 5.1 Ordinary Resolution No. 6 The proposed Ordinary Resolution 6 if passed is to give the Directors of the Company flexibility to issue and allot shares for such purposes as the Directors in their absolute discretion consider to be in the interest of the Company, without having to convene a general meeting. This authority will expire at the next Annual General Meeting of the Company. 5.2 Ordinary Resolution No. 7 The Ordinary Resolution proposed under item 6, if passed, will allow MCMTech Group to enter into Recurrent Related Party Transactions of a revenue or trading nature pursuant to paragraph 6.8 of the Listing Requirements of Bursa Malaysia Securities Berhad for Mesdaq Market. Further information on the Proposed Renewal of Shareholders' Mandate for Recurrent Related Party Transactions of a revenue or trading nature is set out in the Circular to Shareholders dated 2 September 2004 which is dispatched together with the Company's Annual Report for the financial year ended 31 March 2004. The above Notice of Annual General Meeting will be advertised in The Star on 2 September 2004. CONTACT: MCM Technologies Berhad Level 3, AMCORP House, Lot 271, Jalan Dua Off Jalan Chan Sow Lin 55200 Kuala Lumpur Malaysia Tel: 603-92221199 Tel: 603-92221155 E-mail: info@mcm-tech.com NALURI BERHAD: Audit Committee Member Resigns --------------------------------------------- Naluri Berhad announced the resignation of its Non Executive Director Datuk Lau Ngan Siew on September 1, 2004. Date of change: 16/08/2004 Type of change: Resignation Designation: Member of Audit Committee Directorate: Independent & Non Executive Name: Datuk Lau Ngan Siew Age: 61 Nationality: Malaysian Qualifications: Barrister-at-Law, Lincoln's Inn, England Working experience and occupation: Senior Partner of Messrs. Lau Ngan Siew & Co., Advocates and Solicitors since 1975 Directorship of public companies (if any): Nil Family relationship with any director and/or major shareholder of the listed issuer: Nil Details of any interest in the securities of the listed issuer or its subsidiaries: Nil Composition of Audit Committee (Name and Directorate of members after change): Haji Mohd Radzuan Bin Abdullah: Chairman of Audit Committee Independent Non-Executive Director Dato' Lim Kheng Yew: Non-Independent Non-Executive Director Remarks: The Company was notified of the resignation of Datuk Lau Ngan Siew as a Director of Naluri with effect from 16 August 2004 by a shareholder of the Company, Penerbangan Sabah Sdn Bhd (PSSB) which holds 0.23% equity interest in Naluri as at 30 July 2004, vide a letter dated 25 August 2004. Naluri received the said letter from PSSB on 30 August 2004. CONTACT: Naluri Berhad 161B Jalan Ampang Kuala Lumpur, 50450 Malaysia Tel: +60 3 2162 0878 Tel: +60 3 2162 0676 NALURI BERHAD: Pengurusan Danaharta Oks Workout Proposal -------------------------------------------------------- On behalf of Naluri Berhad, Aseambankers Malaysia Berhad announced that Pengurusan Danaharta Nasional Berhad has vide its letter dated 1 September 2004 approved the Workout Proposal of Naluri for implementation pursuant to Section 45(2) of the Pengurusan Danaharta Nasional Berhad Act 1998. Hereinafter, the abovementioned proposals shall be collectively referred to as "Proposals". (I) Proposed capital restructuring comprising a proposed capital repayment, proposed share premium account utilization and proposed share premium set-off (Proposed Naluri Capital Restructuring Scheme) (Ii) Proposed subscription of new ordinary shares of rm1.00 each in Sriwani Holdings Berhad (Shb) and certain new irredeemable convertible preference shares known as ICPS-A (Proposed SHB Subscription) (III) Proposed acquisition of certain ordinary shares of rm1.00 each in shb (shb shares) and certain irredeemable convertible preference shares of rm0.10 each in SHB from certain financial institutions, certain trade creditors OF Shb And Malaysia Airports (Sepang) Sdn Bhd (Proposed Shb Securities Acquisition) (Iv) Proposed acquisition of certain properties from certain subsidiaries of SHB (Proposed SHB Property Acquisition) (V) Proposed acquisition by Naluri of 100% equity interest in United Industries Sdn Bhd (UISB), 100% effective equity interest IN United Vehicle Industries Sdn Bhd (UVISB), 92.772% effective equity interest in United Filter Sdn Bhd (UFSB) AND 70% equity interest in United Sanoh Industries Sdn Bhd (USISB) (proposed ui group acquisition) This announcement is dated 1 September 2004. CONTACT: Naluri Berhad 161B Jalan Ampang Kuala Lumpur, 50450 Malaysia Tel: +60 3 2162 0878 Tel: +60 3 2162 0676 NORTH BORNEO: Submits Revised Restructuring Scheme -------------------------------------------------- On behalf of the Board of Directors of the North Borneo Corporation Berhad (NBC), Southern Investment Bank Berhad announced that the application in relation to the Revised Restructuring Scheme of NBC has been made to the Securities Commission and Foreign Investment Committee on 30 August 2004. CONTACT: North Borneo Corporation Berhad (the) 6 Lorong Api-Api Centre Kota Kinabalu, Sabah 88000 MALAYSIA +60 87 263232 +60 87 234363 This announcement is dated 1 September 2004. OLYMPIA INDUSTRIES: Details Restructuring Scheme Update ------------------------------------------------------- Pursuant to the Practice Note No. 4/2001 of Paragraph 8.14 of the Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Olympia Industries Berhad (OIB) announced that the High Court hearing in respect of the proposed capital reduction and proposed capital consolidation and the proposed share premium account reduction has now been fixed on 18 October 2004. There is no other major development to the Proposed Restructuring Scheme of the Company as at the date of this announcement. This Bursa Malaysia announcement is dated 1 September 2004. c.c. Securities Commission PAN MALAYSIA: Director Cheong Siew Mooi Resigns ----------------------------------------------- Pan Malaysia Corporation Berhad announced the resignation of its Executive Director Cheong Siew Mooi on September 1, 2004. Date of change: 01/09/2004 Type of change: Resignation Designation: Director Directorate: Executive Name: Cheong Siew Mooi Age: 51 Nationality: Malaysian Qualifications: LLB (Hons) degree from University of Malaya Working experience and occupation: Appointed as Director on 1 November 2002 Directorship of public companies (if any): None Family relationship with any director and/or major shareholder of the listed issuer: None Details of any interest in the securities of the listed issuer or its subsidiaries: 78,000 shares of RM0.50 each held by spouse, representing 0.01% equity interest in Pan Malaysia Corporation Berhad. CONTACT: Pan Malaysia Industries Berhad 14/F MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur Malaysia Telephone (60) 3244-1470 Fax (60) 3244-7789 PANTAI HOLDINGS: Purchases 13,000 Ordinary Shares on Buy Back ------------------------------------------------------------- Pantai Holdings Berhad disclosed to Bursa Malaysia Securities Berhad the details of its shares buy back on September 1, 2004. Date of buy back: 01/09/2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 13,000 Minimum price paid for each share purchased (RM): 0.830 Maximum price paid for each share purchased (RM): 0.850 Total consideration paid (RM): 10,940.71 Number of shares purchased retained in treasury (units): 13,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 23,074,400 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/ PARK MAY: To Implement Restructuring Scheme ------------------------------------------- In line with Practice Note No. 4/2001 (PN4) of the Bursa Securities Listing Requirements, Park May Berhad announced that it is still addressing the conditions imposed by the Securities Commission before the Company proceeds with the implementation of the Proposed Restructuring Scheme. CONTACT: Park May Berhad Lot 18115 Batu 5 Jalan Kelang Lama, Kuala Lumpur 58100 MALAYSIA +60 3 7982 7060 +60 3 7625 4987 This announcement is dated 1 September 2004 RNC CORPORATION: Schedules September 22 AGM ------------------------------------------- Notice is hereby given that the Thirty-Fourth (34th) Annual General Meeting of RNC Corporation Berhad will be held at The View, Level 18, Melia Hotel Kuala Lumpur, 16, Jalan Imbi, 55100 Kuala Lumpur on Wednesday, 22nd September 2004 at 10:30 a.m. for the following purposes: AGENDA 1. To receive and adopt the Financial Statements for the year ended 31st March 2004 together with the Reports of the Directors and Auditors thereon. (RESOLUTION 1) 2. To approve the payment of Directors' fees for the year ended 31st March 2004. (RESOLUTION 2) 3. To re-elect the following Directors retiring pursuant to Article 98 of the Articles of Association of the Company: Lee Kien Fatt (RESOLUTION 3) Kang Ching Hong (RESOLUTION 4) 4. To re-appoint Messrs KPMG as Auditors and to authorize the Directors to fix their remuneration. (RESOLUTION 5) 5. To transact any other business of which due notice shall have been given. By order of the Board YEAP KOK LEONG (Maicsa No: 0862549) Company Secretary 1st September 2004 Note: (i) A member entitled to attend and vote at a meeting is entitled to appoint a proxy/proxies of which proxies should not be more than two, to attend and vote on his/her behalf. A proxy need not be a member of the Company. (ii) Where a member appoints two proxies, the appointment shall specify the proportion of his/her holdings to be represented by each proxy. (iii) The Proxy Form must be deposited at the Registered Office of the Company at 20th Floor, East Wing, Plaza Permata, Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur not less than forty-eight (48) hours before the time fixed for convening the meeting. (iv) Where the Proxy Form is executed by a corporation, it must be either under its Common Seal or under the hand of an officer or attorney duly authorized. CONTACT: RNC Corporation Berhad 20/F East Wing Plaza Permata Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah Persekutuan MALAYSIA Tel: +60 3 4043 9411 Tel: +60 3 4043 1233 SRIWANI HOLDINGS: EGM Set for September 21 ------------------------------------------ In compliance with the requirements of Paragraph 4.1 (b) of the Practice Note No. 4/2001 (PN 4/2001), Commerce International Merchant Bankers Berhad on behalf of Sriwani Holdings Behad (SHB), hereby announces the following development since the last announcement on 2 August 2004 pertaining to SHB's plan to regularize its financial condition. SHB has scheduled its extraordinary general meeting (EGM) on 21 September 2004 for the purpose of considering amongst others, SHB's proposed alternative restructuring plan to regularize its financial condition. The details of the notice of EGM have been announced through Bursa Securities on 26 August 2004. CONTACT: Sriwani Holdings Berhad Wisma Sriwani, 418 Chulia Street 10200 Penang Telephone: 04-2628535 Fax: 04-2614076 Website: http://www.sriwani.com.my This Bursa Malaysia announcement is dated 1 September 2004. TANJONG PUBLIC: Lee Siew Lan Intends to Deal With Securities ------------------------------------------------------------ Tanjong Public Limited Company announced that it has been notified pursuant to Paragraph 14.08(a) of the Listing Requirements of Bursa Securities, by Lee Siew Lan, a Principal Officer of the Company, of her intention to deal in the shares of the Company during the Closed Period: 1. Date of notification: 30 August 2004. 2. Intention to dispose of 90,000 shares of 7.5 pence each on the Bursa Securities. 3. Current holdings of Tanjong shares: 91,000 shares of 7.5 pence each representing 0.0226% of the issued share capital of Tanjong. CONTACT: Tanjong Plc Kuala Lumpur City Centre Kuala Lumpur, 50088 Malaysia Tel: +60 3 381 3388 Tel: +60 3 381 3399 TRU-TECH HOLDINGS: Bursa Securities OKs Regularization Plan ----------------------------------------------------------- Tru-Tech Holdings Berhad announced that it is in the process of finalizing a comprehensive restructuring plan to regularize its financial condition. Pursuant to Tru-Tech's announcement dated 27 February 2004 (First Announcement), it is required to announce its detailed plan to regularize its financial condition within six (6) months from the date of the First Announcement, i.e. 27 August 2004. However, Avenue Securities Sdn Bhd (Avenue) on behalf of the Board, announced on 26 August 2004 that the application for an extension of time for a period of three (3) months from 28 August 2004 to 27 November 2004 for Tru-Tech to announce the detailed plan to regularize its financial condition has been approved by Bursa Malaysia Securities Berhad (Bursa Securities) vide its letter dated 25 August 2004. The details of the restructuring plan will be announced once it is finalized. On 27 August 2004, Avenue on behalf of the Board announced that Tru-Tech and its subsidiaries, namely Tru-Tech Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd have been granted a restraining and stay order for a period of 90 days effective from 28 August 2004 up to 25 November 2004 by the Kuala Lumpur High Court pursuant to Section 176(10) of the Companies Act, 1965. CONTACT: Tru-Tech Holdings Berhad Lot 45, Batu 12, Jalan Johor Bahru Kota Tinggi, Mukim Plentong, 81800 Ulu Tiram, Johor Malaysia Telephone (60) 3 7861 5220 Fax (60) 3 7861 7972 This Bursa Malaysia announcement is dated 1 September 2004. ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: Two Investors to Infuse Php13B ------------------------------------------------- Two groups of investors are set to inject Php13 billion worth of equity, properties and loans to cash-strapped College Assurance Plan (CAP) before the end of this year, ABS-CBN News reports, citing CAP Director Robert John Sobrepena. The pre-need firm has secured commitments from a local property firm and a New York-based fund to provide much-needed funds by the end of this month. The local property firm will bring in Php6 billion worth of properties to the trust fund in exchange for preferred shares in CAP, while the foreign investor will extend the pre-need company a US$127-million (approximately Php7.1 billion) long-term loan facility. However, Mr. Sobrepena declined to name the investors since their agreements contain confidentiality clauses. The infusion of funds would allow CAP to renew its dealer's license to allow it to sell pre-need plans to the public. CONTACT: College Assurance Plans Phils. Inc. CAP I Building 126 Amorsolo cor. Herrera Streets Legazpi Vill., Makati City Ph: 817-6586, 759-2000 Fax: (0632) 818-0560 NATIONAL POWER: Mirant Eyes Zambales Plant ------------------------------------------ Mirant Philippines Inc., the largest private power producer in the country, has submitted a letter of intent to bid for the 600-megawatt coal-fired power plant in Zambales province, the Philippine Star reported on Tuesday. Masinloc is one of 28 plants of state-owned National Power Corporation (Napocor) to be sold from October to April 2006 as the Philippine government tries to cut a crippling budget deficit and prevent looming power shortages. Other power generating firms that have earlier signified interest in the privatization of Masinloc are Trans-Asia Power Corp., First Gas Power Corp., Aboitiz Power Corp. and Kepco Philippines Inc. Earlier this year, the Power Sector Assets and Liabilities Management Corp. (PSALM) have sold Napocor's three small hydroelectric power plants. The actual bidding process is set for October 27, 2004. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 NEGROS NAVIGATION: Clarifies "Nenaco Incurs Php902M Loss" Report ---------------------------------------------------------------- Negros Navigation Co. Inc. responded to the news article entitled "Nenaco incurs Php902M loss" published in the September 1, 2004 issue of Malaya (Internet Edition). The article reported, "Negros Navigation (Nenaco) yesterday reported a net loss of Php902 million for the first six months of the year compared with last year's profits of Php63 million. Nenaco's parent company, Metro Pacific Corp., attributed the losses to lower passage and freight revenues of Php965 million compared with Php1.3 billion last year. Negros Navigation Co., Inc. (NN), in its letter to the Philippine Stock Exchange dated September 1, 2004, disclosed that: " The Company submitted to the Philippine Stock Exchange its SEC Form 17-Q for the first half of 2004, which shows a net loss of P220M for the said period." For your information. (Original Signed) MA. PAMELA D. QUIZON-LABAYEN OIC, Disclosure Department To view the its quarterly report for the period ended June 30, 2004, go to, http://bankrupt.com/misc/tcrap_nenaco090204.pdf CONTACT: Negros Navigation Company, Inc. Pier II, North Harbor Tondo, Manila Tel. No: 245-5588 Fax No: 245-0780 (Telefax) E-mail Address: nnwebmaster@surfshop.net.ph URL: http://www.nenaco.com.ph Auditor: Joaquin Cunanan & Company Transfer Agent: Stock Transfer Service, Inc. PHILIPPINE BANK: Clarifies "Finalizes Bad Asset Auction" Report --------------------------------------------------------------- The Philippine Bank of Communications (PBC) clarified the news article entitled "PBCom to finalize auction of bad assets worth Php10B" published in the September 1, 2004 issue of the Manila Times. The article reported, "The Philippine Bank of Communications (PBCom) is finalizing its decision to either accept or negotiate with the submitted bids in the auction of its Php10 billion in bad assets. Of the 14 registered bidders, only eight have conducted due diligence on bad assets and three have nonconforming bids, the PBCom said. Of the total non-performing assets, the PBCom has Php5 billion in NPLs and another Php5 billion in Ropoas. It conducted its auctions on August 24 this year. Only three bids were submitted in the auction from the eight entities that conducted the due diligence. `We still have until Friday to decide whether we will accept or negotiate with the bidders,' an official from the PBCom said. `We're deliberating on the next steps. There would also be a possibility for an (sic) another auction, or it will be subject for negotiation or we will accept one from the bidders,' the official added. The PBCom expects to post net profit each year between Php200 million and Php1 billion starting this year, after clinching a Php7.6-billion financial assistance deal with the state-run Philippine Deposit Insurance Corporation (PDIC)." Philippine Bank of Communications (PBC), in its letter to the Exchange dated September 1, 2004, stated that: "We are confirming the veracity of the news article that appeared in The Manila Times except for the total amount of bad assets auctioned which should have totaled Php12.5 billion as previously disclosed. The Bank is currently in the process of reviewing the bids submitted and evaluating its options." For your information. (Original Signed) JURISITA M. QUINTOS Senior Vice President - Operations Group PHILIPPINE LONG: Posts Changes in Shareholder's Interests -------------------------------------------------------- In compliance with Section 13 of the Revised Disclosure Rules of the Philippine Stock Exchange, Philippine Long Distance and Telephone Co. (PLDT) announced the changes that have taken place in the shareholdings of Mr. Alfredo B. Carrera. Date of No. of No. of shares Price No. of Transaction shares shares disposed shares acquired beneficially owned August 28, 2004 450 (shares) P1,250.00 50 (shares) For a copy of the disclosure, go to http://bankrupt.com/misc/tcrap_pldt090204.pdf ================= S I N G A P O R E ================= CAPITALAND LIMITED: Starts Preview for Varsity Park --------------------------------------------------- CapitaLand Limited announced in a press release dated September 2, 2004 that it will start preview sales for its Varsity Park Condominium, a 99-year leasehold development this Saturday, 4 September 2004. The 530-unit condominium is conveniently located along West Coast Road, near the National University of Singapore campus. The 190 units released under the phase one launch are attractively priced at S$440 per square foot. To view the full release, click on: http://bankrupt.com/misc/TCRAP_CAPITALANDLIMITED090204.pdf HO WAH: Posts 18-month Loss of $2.5Mln -------------------------------------- Ho Wah Genting International announced on Wednesday that it has booked a net loss of $2.5 million for the 18 months ended June 30, reports the Singapore Business Times. The company said the 18-month period was because of a change in financial yearend arising from a rescue plan. The debt-saddled precision engineering services firm reported that for the 12 months ended Dec 31, it has posted a net loss of $1.5 million. No revenues were recorded for both the periods. For the past many years, Ho Wah Genting has been in the red and has no realizable assets. As at June 30 this year, the firm's share capital and reserves are in negative territory, with net liabilities reaching some $13.6 million. The loss this year came from administrative expenses, other operating expenses and finance costs, the company said. Ho Wah, whose shares have been suspended from trading on Sesdaq for almost three years, has found in May a 'white knight' investor in Ariel Singapore, which said it would pump $1 million cash into the troubled firm by subscribing to new shares, on condition that the company's debts be settled or restructured. Ariel came to the rescue following the filing by secured creditor United Overseas Bank of a winding-up petition against Ho Wah in March in relation to a $2.5 million balance due on a final judgment that the bank obtained against the company. MEDIASTREAM LIMITED: Reveals Change in Bangkok Bank's Holdings -------------------------------------------------------------- Mediastream Limited posted a notice dated September 2, 2004 on the Singapore Stock Exchange concerning the change in interest of Bangkok Bank Public Company Limited, Singapore Branch. PART I (1) Date of notice to issuer: September 2, 2004 (2) Name of Substantial Shareholder: Bangkok Bank Public Company Limited, Singapore Branch (3) Please tick one or more appropriate box(es): x a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Parts III and IV] PART II (1) Date of change of interest: (2) Name of Registered Holder: (3) Circumstance(s) giving rise to the interest or change in interest: (4) Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: As a percentage of issued share capital: No. of shares which are the subject of this notice: As a percentage of issued share capital: Amount of consideration (excluding brokerage and stamp duties) per share paid or received: No. of shares held after the change: As a percentage of issued share capital: PART III (1) Date of change of interest: September 1, 2004 (2) The change in the percentage level: From 5.93% to 5.90% (3) Circumstance(s) giving rise to the interest or change in interest: Others Please specify details: Exercise of right of mortgagee over collateral (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. Sale of 185,000 shares in MediaStream Limited in one transaction. PART IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: - Direct Deemed No. of shares held before change: 42,775,000 % of issued share capital: 5.93 - No. of shares held after change: 42,590,000 % of issued share capital: 5.9 Lee Seng Suan Company Secretary YONGNAM HOLDINGS: Posts Change in Shareholder's Interest -------------------------------------------------------- Yongnam Holdings Limited has issued, on September 1, 2004, a notice of change in the interest of substantial shareholder Elesie Toh. PART I (1) Date of notice to issuer: August 31, 2004 (2) Name of Substantial Shareholder: Elsie Toh (3) Please tick one or more appropriate box(es): x a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Parts III and IV] PART II (1) Date of change of interest: (2) Name of Registered Holder: (3) Circumstance(s) giving rise to the interest or change in interest: (4) Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: As a percentage of issued share capital: No. of shares which are the subject of this notice: As a percentage of issued share capital: Amount of consideration (excluding brokerage and stamp duties) per share paid or received: No. of shares held after the change: As a percentage of issued share capital: PART III (1) Date of change of interest: August 30, 2004 (2) The change in the percentage level: From 5.20% to 6.27% (3) Circumstance(s) giving rise to the interest or change in interest: Others Please specify details: Subscription of 16,415,805 Rights Shares by husband, Mr Tan Tin Nam (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. A statement of the change in the percentage level is the result of the above transaction. PART IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: - Direct Deemed No. of shares held before change: 0 22,831,610 % of issued share capital: 0 5.2 - No. of shares held after change: 0 39,247,415 % of issued share capital: 0 6.27 Based on Yongnam's paid up capital of 626,253,169 shares as at 30 August 2004. Note: Since the last announcement on 14 January 2004, the direct interest of Mdm Elsie Toh was 560 shares. Since then, there has been a disposal of 560 shares resulting in nil direct interest. Seow Soon Yong Chief Executive Officer YONGNAM HOLDINGS: United Engineer's Interest Changes ---------------------------------------------------- Yongnam Holdings Limited, on September 1, issued a notice of change in interest of United Engineer (Singapore) Private Limited. PART I (1) Date of notice to issuer: August 31, 2004 (2) Name of Substantial Shareholder: United Engineer (Singapore) Private Limited (3) Please tick one or more appropriate box(es): x a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Parts III and IV] PART II (1) Date of change of interest: (2) Name of Registered Holder: (3) Circumstance(s) giving rise to the interest or change in interest: (4) Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: As a percentage of issued share capital: No. of shares which are the subject of this notice: As a percentage of issued share capital: Amount of consideration (excluding brokerage and stamp duties) per share paid or received: No. of shares held after the change: As a percentage of issued share capital: PART III (1) Date of change of interest: August 30, 2004 (2) The change in the percentage level: From 13.42% to 9.41% (3) Circumstance(s) giving rise to the interest or change in interest: Others Please specify details: Non-Subscription of Rights Shares (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. A statement of the change in the percentage level is the result of the above transaction. PART IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: - Direct Deemed No. of shares held before change: 58,939,514 % of issued share capital: 13.42 - No. of shares held after change: 58,939,514 % of issued share capital: 9.41 Based on Yongnam's paid up capital of 626,253,169 shares as at 30 August 2004. Seow Soon Yong Chief Executive Officer =============== T H A I L A N D =============== POWER-P: Completes Share Repurchase ----------------------------------- With reference to the letter notifying the Stock Exchange of Thailand (SET) of the Board's resolutions from meeting # 3/2004; item # 4, in relation to the repurchase of shares in various Companies from Phyathai 1 Hospital Company Limited at book value so that Phyathai 1 Hospital Company Limited, being a subsidiary of Power-P Public Company Limited, can carry on hospital business only; the said repurchase being acquisition or disposal of investment in other companies which results in the other companies acquiring or losing the state of subsidiary of a listed company (Prasit Panata Public Company Limited) or a subsidiary ( Phyathai 1 Hospital Company Limited). The Company filed a report that the said transaction would occur in July 2004, but the time frame had changed and the company has already completed the transaction on 31st August 2004. For your kind acknowlegement, Yours faithfully, (Mrs. Sakara Punyashthi) Vice President, Finance and Accounting CONTACT: POWER-P PUBLIC COMPANY LIMITED LAOPENGNGUAN BLDG 1, 333 VIBHAVADI RANGSIT ROAD, CHATU CHAK, Bangkok Telephone: 0-2618-8555-7, 0-2618-8888 Fax: 6188078, 6188140-2 POWER-P: SEC Concludes FS Needs No Amendment -------------------------------------------- This has reference to the NP (Notice Pending) sign posted against the securities of Power-P Public Company Limited (PP) on March 19, 2003 and on August 31,2004 due to the auditor's report on a disclaimer of opinion on the company's audited financial statements as of December 31, 2002 and as of December 31,2003 and the conclusion regarding the amendment is pending. Presently, The Securities and Exchange Commission (SEC) has already informed the Stock Exchange of Thailand (SET) that it is not necessary to amend the captioned financial statements on the issue that the auditor has stated. Therefore, an NR (Notice Received) sign is posted on the securities of PP from September 2, 2004 to announce that the SET has received the conclusion from the SEC. Nevertheless, the SET has still suspended trading their securities until the causes of delisting are eliminated. SIAM AGRO: SET Posts H Sign on Securities ----------------------------------------- Siam Agro Industry Pineapple and Others Public Company Limited (SAICO) has been informed by Fresh Del Monte Produce N.V. that it has entered into a preliminary purchase agreement with Cirio Del Monte Group, major shareholders of SAICO, to offer a price of one Euro for buying SAICO's securities totally held by Cirio Del Monte Group, and that the Office of the Securities and Exchange Commission is in the process of considering a request for an exemption from the mandatory tender offer. The SET has required SAICO to disclose the information on the new major shareholder. The aforementioned information may affect the price and investment decision in SAICO's securitites. The SET has posted the "H" sign on the company's securities as from 2 September 2004 until SAICO will submit such information to the SET. CONTACT: SIAM AGRO-INDUSTRY PINEAPPLE AND OTHERS PCL OCEAN TOWER 2, FLOOR38, 75/105 SUKHUMVIT ROAD, WATTHANA Bangkok Telephone: 0-2661-7878 Fax: 0-2661-7865 Website: www.saico.co.th SIAM AGRO: Informs SET on Letter From Del Monte Produce ------------------------------------------------------- The Siam Agro Industry Pineapple and Others Public Company Limited has received a letter dated 29 July 2004 from Fresh Del Monte Produce N.V. and a letter dated 27 August 2004 from the Office of the Securities and Exchange Commission in relation to the proposed acquisition of: (i) 13,322,852 shares representing 44.41% of the share capital of the Company, (ii) warrants to subscribe for 26,645,704 shares of the Company and (iii) an option to purchase a further portion of 5.6 percent of the share capital of the Company (collectively referred to as SAICO Interest). As advised by The Office of the Securities and Exchange Commission, the company would like to inform the Stock Exchange of Thailand (SET) of the information set out in the letter from Fresh Del Monte Produce N.V. (which is all the information the Company has received from Fresh Del Monte Produce N.V.). The Company understands that such information arose from the independent investigation and assessment of the financial condition and affairs of the Company by Fresh Del Monte N.V. (FDM), and the Company has not verified nor confirmed, and will not verify nor confirm, all or any part of such information. By the letter dated 29 July 2004 from Fresh Del Monte Produce N.V., the Company was informed that on 15 July 2004, FDM entered into a preliminary purchase agreement with Cirio Del Monte Italia S.p.A and Cirio Del Monte N.V. (CDM NV) in extraordinary administration for acquisition of, among others, the SAICO Interest. Although Fresh Del Monte Produce N.V. has stated that the closing of the preliminary purchase agreement is expected to be held as soon as the transaction is authorized by several national antitrust authorities around the world, it does not indicate the specific closing date. The Company was also informed that such preliminary purchase agreement was executed within the framework of the extraordinary administration involving CDM NV, Cirio Del Monte Italia S.p.A., Cirio Holding S.p.A and Cirio Finanziaria S.p.A whereby the three special commissioners appointed to carry out the extraordinary administration decided to begin proceedings to dispose of certain assets of the Del Monte European, African and Middle Eastern businesses under the Del Monte brand (the Del Monte Concern). On the basis of the binding offers received within the context of a public bid, with the approval of the Italian Ministry of Production Activities, the special commissioners selected the binding offer submitted by FDM for the purchase of the Del Monte Concern. The sale of this Del Monte Concern included, in addition to the SAICO Interest, the divestiture of shareholdings in Del Monte Foods International Limited and Del Monte Foods South Africa (Proprietary) Limited, certain trademarks owned by CDM NV and the Italian Del Monte business concern. The SAICO Interest was available for acquisition by FDM only as part of the wider acquisition of the entire Del Monte Concern. Fresh Del Monte Produce N.V. advised us that pursuant to the rules established by the special commissioners, the binding offer submitted by FDM contained a separate price for each of the four tranches in which the Del Monte Concern was split, i.e., the shareholdings in Del Monte Foods International Limited and Del Monte Foods South Africa (Proprietary) Limited, the trademarks owned by CDM NV, the Italian Del Monte business concern and the SAICO Interest. FDM, also relying on its financial advisor's evaluation of the Del Monte Concern, offered a symbolic price of one euro for the SAICO Interest and a positive price for the shares of Del Monte Foods International Limited and Del Monte Foods South Africa (Proprietary) Limited, which hold the European and South African businesses, respectively, and the trademarks owned by CDM NV. In addition, FDM valued the Del Monte Italian assets at a discount to book value. Fresh Del Monte Produce N.V. further advised that consistent with the advice of its financial advisors, the evaluation of the SAICO Interest for one euro was not be based on trading prices because of the Company shares' very limited trading liquidity and because of the nature and number of the Company's shareholders. Indeed, the Company's market capitalization, according to current quotations on the Thai Stock Exchange, is about THB 180 million. Moreover, the average daily volume of the Company shares traded on the Thai Stock Exchange is extremely low (6,500 shares per day for the last three months, corresponding to less than THB 75,000 turnover). Fresh Del Monte Produce N.V. understood that dispersed shareholding (not associated with prior or current majority shareholders) is also negligible, if any. Therefore, an implied equity valuation based on trading prices would have been totally unreliable. Fresh Del Monte Produce N.V. explained that with the assistance of its financial advisor in the evaluation of the SAICO Interest, FDM offered a price of one euro for the SAICO Interest, based on the following factors: (i) Company's indebtedness: As of 31 March 2004, the Company's total liabilities exceeded total assets by THB 600 million. (ii) Deteriorating performance: The Company's net profit has been steadily decreasing for the last three years, falling from THB 57 million in 2001 to THB10.6 million in 2003. Moreover, for the first quarter of 2004, the Company reported a net loss of THB12.8 million. (iii) Debt repayment schedule: As of March 31, 2004, the Company's long term debt was equal to THB534 million which is subject to the long-term debt amortization schedule on the debt restructuring programme (i.e. repayment of approximately THB 67 million per year from 2005 until 2009 and approximately THB 40 million per year from 2010 until 2014). (iv) Land ownership: The Company may lose all ownership rights to its vital assets (i.e., a factory and farmland) should the Company not exercise its buy-back option in relation to Kasikorn Bank Public Company Limited for these assets by 31 October 2004. The strike price of the buy-back option is equal to the value of the principal debt reduction achieved in 1999 (THB 484 million), increased by a six per cent simple rate per year. The Company was further informed that the mandatory tender offer requirements would be triggered by the acquisition of the 44.41% of the share capital of the Company, and FDM would be required to launch a tender offer for the acquisition of all the outstanding shares of the Company. However, FDM, by letter dated 15 June 2004, filed with the Office of the Securities and Exchange Commission a request for an exemption from the mandatory tender offer on the ground that (i) FDM would offer a maximum price in the tender offer not higher than the price paid in the aggregate for the SAICO Interest and it could not be required to offer a higher price and (ii) due to such very low price, the existing shareholders would not sell their shares in the tender offer. Therefore, there is no apparent benefit to the other shareholders or to the Company. The application is still pending. Please be informed accordingly Yours sincerely, The Siam Agro Industry Pineapple and Others Public Company Limited Mr. Praful Shah Managing Director T.C.J. ASIA: Discloses Report of Tender Offer Result ---------------------------------------------------- Reference is made to the Tender Offer document (Form 247-4) of Mrs. Anongrat Chatjuthamard for the securities of T.C.J. Asia Public Company Limited, which was submitted to The Office of the Securities and Exchange Commission (SEC) with a copy sent to the (Stock Exchange of Thailand) SET on July 21, 2004 and the tender offer period from July 22, 2004 to August 27, 2004. The last day of the tender offer period was due and the Offeror has submitted the copy of Form of Report of Tender Offer Result for the securities of the Company (Form 256-2) to the SET and the Company, with the original document sent to the SEC. The Company would like to disclose to the SET and the investors such information with the enclosed copy of the Form of Report of Tender Offer Result. Please be informed accordingly Sincerely yours, (Ms. Srivilai Chatjuthamard) The Plan Administrator Form of Report of Tender Offer Result September 2, 2004 To: Secretary General of the Office of the Securities and Exchange Commission I, Mrs. Anongrat Chatjuthamard, hereby reports the result of the tender offer for the securities of T.C.J. Asia Public Company Limited as follows: (1) Shares Type Amount % of total %of total of shares issued shares voting rights of the Company of the Company Shares held before Ordinary shares 20,360,000 91.30 91.30 making the tender offer Share tendered Ordinary shares 1,264,500 5.67 5.67 Share offered for sale Ordinary shares 6,900 0.03 0.03 Share purchased Ordinary shares 6,900 0.03 0.03 Remark: Before making the tender offer, the Offeror, the persons in the same group as the Offeror and the persons under Section 258 of the Offeror held, in aggregate, 21,035,500 shares of the Company, representing 94.33% of total issued shares of the Company and total voting rights of the Company. (2) Convertible Securities - None - (3) The amount of shares held by each offeror after the tender offer period, including the amount of the shares held by the persons in the same group as the offeror, and the persons under Section 258 of the offeror and the persons in the same group as each offeror (3.1) Shares Name Amount % of total % of total Of shares issued shares voting rights of the Company of the Company (I) The Offeror 20,366,900 91.33 91.33 (II) The persons in the same group as the Offeror (1) Ms. Srivilai Chatjuthamard 423,500 1.90 1.90 (2) Ms. Srivimol Chatjuthamard 70,000 0.31 0.31 (3) Ms. Ananya Chatjuthamard 42,000 0.19 0.19 (III) The persons under Section 258 of the persons in I and II (1) Mr. Ballang Chatjuthamard (Spouse) 140,000 0.63 0.63 Total 21,042,400 94.36 94.36 (3.2) Convertible Securities - None - (Mrs. Anongrat Chatjuthamard) The Offeror CONTACT: T.C.J. ASIA PCL 89/169 MOO 7, VIBHAVADI RANGSIT ROAD, DON MUANG Bangkok Telephone: 0-2552-6611, 0-2552-6622 Fax: 0-2552-7185-6 Website: www.tcj.co.th THAI GERMAN: Report Share Offering Results ------------------------------------------ Thai-German Products Public Company Limited reported to the Stock Exchange of Thailand (SET) the results of its share offering. (1) Information relating to the share offering Class of shares: Common share Number of shares: 157,500,000 shares Offered to: Creditors who hold class B debt pursuant to the Business Reorganization plan of the Company. Convertion ratio into Equity: Amounting to THB10 will be converted to 1 ordinary share Period of Convert into Equity: August 19-24, 2004 (2) Results of the share sale (/) Totally sold ( ) Partly sold, with __ shares remaining. The Company has further process for those remaining shares as follows; (3) Details of the share offering Thai Investors Foreign Investors Total Juristic Natural Juristic Natural Persons Persons Persons Persons No.of persons 88 2 1 - 91 No. of shares 155,986,144 151,498 1,362,358 - 157,500,000 subscribed Percentage of total shares offered For 99.04 0.10 0.86 - 100.00 sale (4) Amount of money received from the share sale: As the offering was made to the creditors holding class B debt of the Company, and as those creditors agreed to set-off the shares price with their debt owed to the Company; there was therefore no proceeds received from this offering. The Company hereby certifies that the information contained in this report form is true and complete in all respects. CONTACT: THAI-GERMAN PRODUCTS PUBLIC COMPANY LIMITED 99 HUAYPONG-NONGBON ROAD, TAMBOL HUAYPONG, AMPHUR MUANG Rayong Telephone: 0-3868-4901-5 Fax: 0-3868-4906 Website: www.tgpro.co.th * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------- CHINA & HONG KONG ----------------- Hainan DadongH-B 200613 (-5.15) 18.72 Hainan Dadong-A 000613 (-5.15) 18.72 Guangdong Sunrise-B 200030 (-177.22) 45.09 Guangdong Sunrise-A 000030 (-177.22) 45.09 Shenzhen China Bicycles-B Co., Ltd. 200017 (-203.9) 52.16 Shenzhen China Bicycles-A Co., Ltd. 000017 (-203.9) 52.16 Shenzhen Great Ocean 200057 (-10.87) 11.27 Shenzhen Petrochemical Industry Group 200013 (-290.79) 25.62 Shenzhen Petrochemical Industry Group 000013 (-290.79) 25.62 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (-50.67) 393.92 PT Smart Tbk SMAR (-30.07) 430.99 JAPAN ----- Fujitsu Comp Ltd 6719 (-46.88) 316.07 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FAB (-7.16) 504.98 Kemayan Corp Bhd KOP (-353.12) 84.89 Panglobal Bhd PGL (-41.07) 187.79 Sri Hartamas Bhd SHB (-138.37) 24.48 YCS Corporation Bhd YCS 28.34 160.27 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-400.56) 115.91 SINGAPORE --------- Pacific Century Regional Developments Ltd PAC (-176.29) 1050.46 THAILAND -------- Asia Hotel PCL ASIA (-26.62) 96.21 Asia Hotel PCL ASIA/F (-26.62) 96.21 Bangkok Rubber PCL BRC (-41.29) 80.14 Bangkok Rubber PCL BRC/F (-41.29) 80.14 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 Datamat PCL DTM 2.27 17.21 Datamat PCL DTM 2.27 17.21 Jutha Maritime JUTHA (-0.78) 29.03 Jutha Maritime JUTHA/F (-0.78) 29.03 National Fertilizer PCL NFC (-91.34) 293.84 National Fertilizer PCL NFC/F (-91.34) 293.84 PT Lippo Securities LPPS (-2.23) 17.6 Siam Agro-Industry Pineapple And Others PCL SAICO (-14.84) 13.32 Siam Agro-Industry Pineapple And Others PCL SAIC0/F (-14.84) 13.32 Thai Wah Public Company Limited-F TWC (-43.88) 168.15 Thai Wah Public Company Limited-F TWC/F (-43.88) 168.15 Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25 Tuntex (Thailand) PCL TUNTEX/F (-50.94) 398.25 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Peachy Clare Arreglo, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***