/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040920.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 Monday, September 20, 2004, Vol. 7, No. 186 Headlines A U S T R A L I A ACCESS BROKERAGE: Rival Buys Client List ACT NURSECALL: Issues Notice of Final Meeting CATALYST PARTNERS: To Hold Final Meeting on October 7 COLES MYER: AGM to be Held on November 18 DECORTIMBER INSTALLATIONS: To Hold Final Meeting October 7 EPLEXUS PTY: Final Meeting Set October 7 HEALTHCALL ENTERPRISES: Final Meeting Slated for October 7 HEALTHCALL OPERATIONS: Issues Notice of Final Meeting JDR BRICK: Sets September 30 as Date of Final Meeting KINGSLIGHT PTY: Sets Final Meeting on September 22 MDR HOLDINGS: To Hold Final Meeting on September 30 MMR ENTERPRISES: Issues Notice of Final Meeting NATIONAL AUSTRALIA: Mulls US$1Bln in RMBS PEARSON PRINTING: Sets October 7 Final Meeting SALANDA HOLDINGS: Final Meeting Slated for October 7 SANTOS LIMITED: Appoints VP to Leadership Team SOUTHERN HOME: Issues Notice of Final Meeting SPECIAL CARE: To Hold Final Meeting on October 7 UNITED MASONRY: Final Meeting Slated for September 30 VILLAGE ROADSHOW: Panel Receives Application from Boswell C H I N A & H O N G K O N G FOUNDER HOLDINGS: Posts Improved Interim Figures * China's Top Four Banks to Utilize Edify Corporation I N D O N E S I A BANK PERMATA: Base Price Should Exceed Investors' Bids, says PPA INDOFOOD SUKSES: Delays Registration of Bonds PERTAMINA: Government, Expert At Odds Over Cepu Decision J A P A N HITACHI LIMITED: Declares JPY5.5 Dividend for 1H MARUISHI CYCLE: Collapses with US$24.29Mln in Debt MATSUSHITA ELECTRIC: Mulls Overseas Recruitment MITSUBISHI MOTORS: Labor Union Returns JPY2.4 Bln to Members MITSUBISHI MOTORS: To Loosen Ties with DaimlerChrysler UFJ HOLDINGS: TSE Denies British FSA's Inquiry on Earnings Info K O R E A DAEWOO INTERNATIONAL: Sells 20% of Daewoo Unitel to Germanos HANBO STEEL: FTC to OK Sale if INI Sells Other Facilities KOOKMIN BANK: To Close Registry Book on October 1 to October 7 KWANGJU BANK: Fitch Upgrades Individual Rating To 'C' LG INVESTMENT: Woori Board Approves 21.2% Stake Buy M A L A Y S I A ANTAH HOLDING: Court OKs Debt Restructuring Proposal AOKAM PERDANA: Appoints New Audit Committee Member AOKAM PERDANA: Director Mohd Salleh Bin Zakaria Resigns FABER GROUP: Grants Listing of 2,871,624 Ordinary Shares GOLDEN FRONTIER: Posts Details of Shares Buy Back INNOVEST BERHAD: Issues Notice of Share Registrar Change INTEGRATED RUBBER: AGM Set for October 12 MTD CAPITAL: Purchases 50,300 Ordinary Shares on Buy Back NAUTICALINK BERHAD: Court Extends Order, Time for Meeting PAN MALAYSIA: Completes Property Disposal SUNWAY HOLDINGS: Unit Enters Joint Venture Agreement TANJONG PUBLIC: Issues Details of Principal Officer's Dealings TENGGARA OIL: SC Extends Regularization Plan P H I L I P P I N E S COLLEGE ASSURANCE: Signing of MOU Deferred COLLEGE ASSURANCE: Must Prove It Can Pay Claims, Says SEC Chief NATIONAL POWER: DOF Defends US$1B Bond Offering NATIONAL POWER: Business World Clarifies News Report NATIONAL STEEL: BSP OKs Sale If All Parties Execute Transactions PHILIPPINE LONG: Issues Additional Listing of Shares S I N G A P O R E EURO-ASIA: Enters Winding Up Proceedings HUP AIK: Issues Second and Final Dividend Notice HUP AIK: Issues Third and Final Dividend Notice INTIQUA INTERNATIONAL: Creditors Meetings Set on September 30 INTIQUA INTERNATIONAL: Contributories Meeting Set September 30 NEPTUNE ORIENT: Temasek Now Owns Majority Stake NEPTUNE ORIENT: Options Converted to Shares T H A I L A N D EASTERN WIRE: Reports to SET on Share Volatility KRUNG THAI: Former President's Reappointment Still Vague THAI PETROCHEMICAL: SET Says Share Hike May Exceed Expectation THAI WAH: Issues Changes In Head Office Address - - - - - - - - ================= A U S T R A L I A ================= ACCESS BROKERAGE: Rival Buys Client List ---------------------------------------- The client list of failed firm Access Brokerage has been bought by its rival Direct Broking, reports The Christchurch Press. Direct Broking Managing Director Nigel Wynn declined to disclose the price but said the list "wasn't worth a lot", although it contains around 20,000 names. Access' most active clients have signed up with other brokers, including Direct Broking, since the brokerage collapsed last week with an AU$5 million shortfall in client funds. "We believe we've got it at a good price and we'll make money from it," Mr. Wynn said. "We're not just going for the easy clients, we're in here for the long haul." Brent King, managing director of Direct Broking's parent Dorchester Pacific, said the brokerage received approval from the New Zealand Exchange (NZX) to allow former Access clients to deal with Direct without formally re-registering. NZX's decision has upset some other brokerages, which have been asked to follow more strict registration rules since March. ACT NURSECALL: Issues Notice of Final Meeting --------------------------------------------- Notice is given that a final meeting of the members and creditors of Act Nursecall Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 3:00 p.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 CATALYST PARTNERS: To Hold Final Meeting on October 7 ----------------------------------------------------- Notice is given that a final meeting of the members and creditors of Catalyst Partners Commercial Lawyers Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 12:00 midday. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 COLES MYER: AGM to be Held on November 18 ----------------------------------------- In a disclosure to the Australian Stock Exchange, Coles Myer Limited announced that its Annual General Meeting will be held at the Arts Centre, Hamer Hall, 100 St. Kilda Road, Melbourne on Thursday, November 18, 2004 at 10:00 a.m. CONTACT: Coles Myer Ltd. (NYSE: CM [ADR]) 800 Toorak Rd. Tooronga, Victoria 3146, Australia Phone: +61-3-9829-3111 Fax: +61-3-9829-6787 Web site: http://www.colesmyer.com DECORTIMBER INSTALLATIONS: To Hold Final Meeting October 7 ---------------------------------------------------------- Notice is given that a final meeting of the members and creditors of Decortimber Installations Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 10:00 a.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 EPLEXUS PTY: Final Meeting Set October 7 ---------------------------------------- Notice is given that a final meeting of the members and creditors of Eplexus Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 10:30 a.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 HEALTHCALL ENTERPRISES: Final Meeting Slated for October 7 ---------------------------------------------------------- Notice is given that a final meeting of the members and creditors of Healthcall Enterprises Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 2:30 p.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 HEALTHCALL OPERATIONS: Issues Notice of Final Meeting ----------------------------------------------------- Notice is given that a final meeting of the members and creditors of Healthcall Operations Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 3:30 p.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 JDR BRICK: Sets September 30 as Date of Final Meeting ----------------------------------------------------- Notice is hereby given that the final meeting of Members and Creditors of Jdr Brick & Block Laying Pty Limited (In Liquidation) will be held at the office of Ferrier Hodgson, Chartered Accountants, Level 1, 121-123 Crown Street, Wollongong, New South Wales on 30 September 2004 at 10:00 a.m. The purpose of the meeting is to: (i) Consider the Liquidator's account of his acts and dealings and the conduct of the winding up; (ii) To consider any other matter properly brought before the meeting. Dated this 24th day of August 2004 Daniel I. Cvitanovic Liquidator Ferrier Hodgson Chartered Accountants Level 1, 121-123 Crown Street, Wollongong NSW 2500 KINGSLIGHT PTY: Sets Final Meeting on September 22 -------------------------------------------------- Notice is hereby given that a meeting of the Members and Creditors of Kingslight (Wholesalers) Pty Limited (In Liquidation) will be held at Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 on Wednesday 22 September 2004 at 10.00 a.m. The meeting will be a Final Meeting in accordance with Section 509 of the Corporations Act 2001. BUSINESS (1) To receive a report from the Liquidator, being an account of his acts and dealings and of the conduct of the winding up during the period of the liquidation ending on 22 September 2004. (2) That subject to any provisions under the Corporations Act 2001 to the contrary, the Liquidator be empowered to destroy all books and records of the company on completion of all duties. (3) Any other business that may be considered with the foregoing. Dated this 24th day of August 2004 Richard Albarran Liquidator c/- Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 MDR HOLDINGS: To Hold Final Meeting on September 30 --------------------------------------------------- Notice is hereby given that the final meeting of Members and Creditors of Mdr Holdings Pty Limited (In Liquidation) will be held at the office of Ferrier Hodgson, Chartered Accountants, Level 1, 121-123 Crown Street, Wollongong, New South Wales on 30 September 2004 at 10:15 a.m. The purpose of the meeting is to: (i) Consider the Liquidator's account of his acts and dealings and the conduct of the winding up; (ii) To consider any other matter brought before the meeting. Dated this 24th day of August 2004 Daniel I. Cvitanovic Liquidator Ferrier Hodgson Chartered Accountants Level 1, 121-123 Crown Street, Wollongong NSW 2500 MMR ENTERPRISES: Issues Notice of Final Meeting ----------------------------------------------- Notice is hereby given that the final meeting of Members and Creditors of Mmr Enterprises Pty Limited (In Liquidation) will be held at the office of Ferrier Hodgson, Chartered Accountants, Level 1, 121-123 Crown Street, Wollongong, New South Wales on 30 September 2004 at 10:20 a.m. The purpose of the meeting is to: (i) Consider the Liquidator's account of his acts and dealings and the conduct of the winding up; (ii) To consider any other matter properly brought before the meeting. Dated this 24th day of August 2004 Daniel I. Cvitanovic Liquidator Ferrier Hodgson Chartered Accountants Level 1, 121-123 Crown Street, Wollongong NSW 2500 NATIONAL AUSTRALIA: Mulls US$1Bln in RMBS ----------------------------------------- According to Reuters, National Australia Bank Limited is planning to offer US$1 billion in residential mortgage-backed securities (RMBS), supported by home loans it issued. The dollar-denominated notes are part of a multi-currency transaction worth AU$2.5 billion (US$1.8 billion), which features securities set in euro and Australian dollar. The deal's joint lead underwriters for the U.S. dollar notes are Deutsche Bank Securities and J.P. Morgan Securities. Deutsche is the book manager. Citigroup Global Markets, Societe Generale and National Australia Bank will act as co-managers. Following are the early terms and conditions for "National RMBS Trust 2004-1": Class A1 Issue Amount: US$1 billion Average Life: 2.41 years Payment Window: Dec. 2004 to Sept. 2010 Legal Final: 2034 Price Guidance: 3-month Libor + 12 bps area Ratings : Aaa (Moody's), AAA (S&P) Expected Settlement: Sept. 28, 2004 First Interest Payment: Dec. 20, 2004 (US$1=AUD$0.6984) CONTACT: National Australia Bank Limited Fl. 24, 500 Bourke St. Melbourne, 3000, Australia Phone: +61-3-8641-4200 Fax: +61-3-8641-4927 Web site: http://www.national.com.au PEARSON PRINTING: Sets October 7 Final Meeting ---------------------------------------------- Notice is given that a final meeting of the members and creditors of Pearson Printing & Stationery Company Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on 7 October 2004 at 9:30 a.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Dated this 25th day of August 2004 Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 SALANDA HOLDINGS: Final Meeting Slated for October 7 ---------------------------------------------------- Notice is given that a final meeting of the members and creditors of Salanda Holdings Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 11.00 a.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 SANTOS LIMITED: Appoints VP to Leadership Team ---------------------------------------------- Santos Limited announced in a press release, the appointment of Mr. Martyn Eames to the newly created position of Vice President, Corporate and People, effective December 1, 2004. Mr. Eames currently holds the position of Vice President, Strategy and Business Planning with BP Angola, a major growth business in BP's upstream portfolio. His career spans over 25 years with BP, working in Canada, Australia (NW Shelf), Norway, the UK and USA. Mr. Eames has broad and deep leadership experience in both the growth and mature businesses of oil, onshore gas and LNG. Mr. Eames holds a Bachelor of Science (Hons) degree in Mathematics from the University of Bristol, UK. "It is very pleasing to appoint someone of Mr. Eames's caliber to the Santos team. His extensive global experience and skills set will compliment and add to our management team", said Santos' Managing Director, Mr. John Ellice-Flint. In his new role at Santos, Mr. Eames will be responsible for the leadership of the corporate groups including Shared Business Services; Human Resources; Corporate Affairs; Environment Health, Safety and Sustainability; Government and Indigenous Affairs and Media Relations. Martyn will report to the Managing Director and be part of Santos' new Senior Leadership Team. The position of Vice president Corporate and People was created in May 2004 as part of Santos' restructuring under its continuous improvement program. CONTACT: Santos Ltd (NASDAQ (SC) Level 29, Santos House, 91 King William St. Adelaide, 5000, Australia Phone: +61-8-8218-5111 Fax: +61-8-8218-5476 Website: http://www.santos.com.au SOUTHERN HOME: Issues Notice of Final Meeting --------------------------------------------- Notice is given that a final meeting of the members and creditors of Southern Home Improvements Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 11:30 a.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 SPECIAL CARE: To Hold Final Meeting on October 7 ------------------------------------------------ Notice is given that a final meeting of the members and creditors of Special Care Pty Limited (In Liquidation) will be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on Thursday, 7 October 2004 at 4:00 p.m. The purpose of the meeting is: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books & records of the company. (c) To consider any other business. Robert Moodie Liquidator Rodgers Reidy Level 8, 333 George Street, Sydney NSW 2000 UNITED MASONRY: Final Meeting Slated for September 30 ----------------------------------------------------- Notice is hereby given that the final meeting of Members and Creditors of United Masonry Pty Limited (In Liquidation) will be held at the office of Ferrier Hodgson, Chartered Accountants, Level 1, 121-123 Crown Street, Wollongong, New South Wales on 30 September 2004 at 10:25 a.m. The purpose of the meeting is to: (i) Consider the Liquidator's account of his acts and dealings and the conduct of the winding up; (ii) To consider any other matter properly brought before the meeting. Dated this 24th day of August 2004 Daniel I. Cvitanovic Liquidator Ferrier Hodgson Chartered Accountants Level 1, 121-123 Crown Street, Wollongong NSW 2500 VILLAGE ROADSHOW: Panel Receives Application from Boswell --------------------------------------------------------- In a disclosure to the Australian Stock Exchange (ASX) the Takeovers Panel announced that it has received an application from Boswell Filmgesellschaft mbh (Boswell) dated September 17, 2004 alleging unacceptable circumstances in relation to the affairs of Village Roadshow Limited (VRL). Boswell is a shareholder of VRL. In its application, Boswell seeks a declaration of unacceptable circumstances in relation to a resolution to approve a proposed on-market buy-back of VRL ordinary shares, which is to be put to VRL shareholders at a general meeting on October 8, 2004 (Buy- back Resolution). Meeting documents regarding the Buy-back Resolution were sent to VRL shareholders on September 8, 2004. Boswell alleges that unacceptable circumstances arise due to: - A failure to provide adequate information to VRl shareholders regarding the Buy-back Resolution; and - The ability of Village Roadshow Corporation Limited (VRC), the majority shareholder in VRL, to vote in favour of the Buy-back Resolution. Boswell is seeking final orders: - Requiring VRL to issue supplementary disclosure to VRL shareholders in relation to the Buy-back Resolution; and - Restraining VRC and its associates from voting in favour of the Buy-back Resolution. The Panel has not yet sought the views of VRL or other persons potentially involved in Boswell's application and has therefore formed no views on the application. The President of the Panel is appointing a sitting Panel to consider the application. CONTACT: Village Roadshow Limited 206 Bourke Street Melbourne Vic 3000 Australia Phone: 61 3 9667 6666 Fax: 61 3 9639 1540 Web site: www.villageroadshow.com.au/ ============================== C H I N A & H O N G K O N G ============================== FOUNDER HOLDINGS: Posts Improved Interim Figures ------------------------------------------------ Founder Holdings posted an improved set of interim figures amid narrowing profit margins, which kept the firm in the red in the first six months, The Standard reports. The firm booked a net loss of HK$923,000 in the first half, compared with a loss of HK$5.24 million the previous year. Turnover surged by 41 percent in the first six months to HK$876 million from last year's HK$621 million. Founder also cut its operating losses to HK$4.01 million from a shortfall of HK$10.99 million, its loss per share showed 0.1HK cents, as opposed from the previous 0.5HK cents. Founder, which distributes information products thru thirteen mainland branches, is optimistic that its performance will improve in the second phase of its restructuring. The firm's information product arm tallied the strongest revenue rise in the first semester. Turnover rose by 61 per cent year- on-year in the segment to HK$499 million, mainly due to a wider range of products and suppliers, tighter controls on operating costs, and the expansion of its distribution network. Sales of software development and systems integration products aimed at the media and non-media sectors jumped 21 and 23 per cent to HK$283 million and HK$87 million, respectively. CONTACT: Founder Holdings Limited Unit 1408, 14th Fl., Cable TV Tower, 9 Hoi Shing Rd., Tsuen Wan New Territories, Hong Kong Phone: +852-2611-4411 Fax: +852-2413-3218 http://www.irasia.com/listco/hk/founder/ * China's Top Four Banks to Utilize Edify Corporation ----------------------------------------------------- Edify Corporation, a leading global supplier of voice and speech solutions, and a subsidiary of S1 Corporation on September 14 announced that the top 4 banks in China all utilize Edify Voice and Speech to provide exceptional customer service, streamline business processes and reduce costs. Edify enhanced the management of banking customer service operations for all of the top 4 Banks including Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, and Bank of China as well as leading middle tier banks such as Everbright Bank. As a result, Edify enabled them to increased call accuracy and accommodate higher call volumes while delivering more personalized and intelligent customer interactions. In particular, Everbright Bank, the financial subsidiary of The Everbright Group, recently implemented a distributed Edify voice self-service system that readily integrates customer self- service throughout its enterprise call centers. Everbright Bank's goal was to improve customer satisfaction while decreasing its long distance phone expenses between its more than 20 call centers throughout China's major provinces. Everbright Bank looked to Edify to consolidate its service offering to provide a unified and efficient customer-facing solution. The Edify system enables Everbright Bank customers to simply use one number to reach a variety of self-service options, including banking, credit card and securities trading information. With the Edify enterprise voice self-service automatically directing 90 percent of the incoming calls, only 10 percent of the calls actually go through the bank's internal network, streamlining business processes and reducing overall expenses. "We wanted a system capable of efficiently keeping pace with market requirements and our customer preferences," said Wu Keyin, call center project manager at Everbright Bank. "After evaluating a variety of vendors, we determined that Edify's open, standards-based platform fit our needs for a smooth and non-disruptive integration. We selected Edify due to their solid reputation for product support and successful implementations in leading banks across the globe." Other leading banking institutions such as Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, and Bank of China are also using Edify's award-winning platform and voice and speech solutions to provide optimal customer service and enhance corporate performance through increased operational efficiency. Edify's extensive support of standards eliminates concern over application functionally and compatibility issues enabling banking institutions to protect their current infrastructure investments and take advantage of technology advancements as they move into the future. "The top banks in China have come to rely on Edify's voice self- service solutions," said Mitch Mandich, president and CEO at Edify. "Our banking industry expertise helps leading financial institutions offer superior service to their customers worldwide. At the same time, these institutions save money and gain productivity by offloading routine requests to automated systems." About Edify Corporation With fourteen years of industry leadership and innovation in voice and speech applications, Edifyr has changed the way more than 2,000 global companies enhance customer service. Applications built with Edify are scalable, multilingual and flexible, allowing companies to easily integrate backend systems with multiple contact interfaces. Edify's open, standards-based platform successfully manages millions of customer interactions every day across a broad range of industries. Edify's Speech Solutions Group and consultancy experts assist customers with the design and deployment of speech solutions that provide increased customer satisfaction with reduced costs. You speak, we deliver(TM). Additional information about Edify may be obtained by calling 408-982-2000 (USA), 81-3-5532-7827 (Japan) or +44 162 885 0222 (Europe, Middle East, Africa) or via the World Wide Web at http://www.edify.com About S1 Corporation S1 Corporation is a leading global provider of integrated front- office applications for more than 4,000 banks, credit unions and insurance providers around the world. Comprised of applications that address virtually every market segment and delivery channel, S1 solutions help integrate and optimize an institution's entire front office, resulting in increased operational efficiencies, revenue opportunities and overall customer satisfaction. S1 is the only provider with the proven experience, breadth of products and financial strength to empower financial services companies' enterprise strategies. Additional information about S1 is available at www.s1.com. For Inquiries Edify Corporation Cynthia Dimidik, Edify Corporation: (408) 486-1791 cynthia.dimidik@edify.com ================= I N D O N E S I A ================= BANK PERMATA: Base Price Should Exceed Investors' Bids, says PPA ---------------------------------------------------------------- The state-owned Asset Management Company (PPA) has yet to set the base price for the Bank Permata stake, which is expected to be at least 2.03 times its book value, reports Indoexchange. PPA has confirmed that the base price for the government's 51 percent stake in Permata should be higher than the price offered by the investors earlier. PPA Deputy President Director Raden Pardede affirmed that the bid prices submitted by potential investors were between 1.8- 2.39 times the bank's book value. However, aside from the bid price, PPA also has to consider some technical aspects and the potential investors' financial ability. In choosing the five short listed investors, PPA referred to results from a number of reviews, which included banking- technical aspect, financial ability, bid price and business plan. After a thorough evaluation, Bumiputera Commerce Bank Consortium, Maybank Consortium, Konsorsium Panin Bank Consortium, Standard Chartered Consortium, and United Overseas Bank (UOB) Limited Consortium emerged as the five short listed bidders for the Permata stake. CONTACT: PT Bank Permata Tbk. Gedung Bank Bali Jalan Jendral Sudirman Kav. 27 Jakarta 12920 Telephone: 021-52377899 (hunting) Fax: 021-5237206/8 INDOFOOD SUKSES: Delays Registration of Bonds --------------------------------------------- PT Indofood Sukses Makmur Tbk will postpone the registration of its bonds at the Surabaya Stock Exchange (SSX), as they have yet to meet SSX's administrative requirements, reports Indoexchange. The bond registration will be delayed until such time Indofood will be able to submit its audited financial reports as part of its administrative obligations. The audit for Indofood's financial report for the period ended June 2004 has not been completed. "We have not even finished the legal audit, so we postponed the Indofood's bonds registration schedule," revealed one of the underwriters. As soon as all the documents are in, the KP3E of Indofood's bonds at SSX is expected to be implemented on September 21. The country's largest instant noodle maker will carry out KP3E on the issuance of bond IV worth DR1.5-2 trillion. PT Trimegah Securities, PT Mandiri Sekuritas, PT Danatama Makmur Securities and PT Nusantara Capital Securities were appointed as underwriters for the issue, the proceeds of which will be used to refinance dollar-denominated debts. CONTACT: PT. Indofood Sukses Makmur Tbk. Gedung Ariobimo Sentral, 12th Fl., Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan Jakarta, 12950, Indonesia Phone: +62-21-522-8822 Fax: +62-021-522-6014 Web site: http://www.indofood.co.id PERTAMINA: Government, Expert At Odds Over Cepu Decision -------------------------------------------------------- Despite the government's approval of PT Pertamina's proposal not to extend ExxonMobil's contract on the Cepu block, an expert has warned that the decision would have an adverse impact on the country's investment climate, The Jakarta Post reveals. In defense, oil and gas authority BP Migas' chairman, Rachmat Sudibyo, said that Pertamina's decision would not further hurt Indonesia's investment climate since the decision was legally accepted. "There won't be a problem if a contract is extended or not. A problem will only arise if a contract is terminated before its expiry date," Mr. Rachmat quipped. However, Gatot K. Wiroyudho, former director of Pertamina's division in charge of the supervision of oil and gas contractors, said the oil firm's decision had undermined the government's efforts to build a favorable investment climate in the country. He added that Pertamina has alienated investors with the decision. Last week, the Commission VIII of the House of Representatives agreed to Pertamina's proposal to handle the Cepu block on its own, provided the block would generate more income for the state. The firm's new chief, Widja Purnama, had insisted the state oil and gas firm manage the Cepu block by itself in 2010, after rejecting in principle the head of agreement (HoA) submitted by ExxonMobil Oil Indonesia Inc (EMOI), saying it does not benefit the country. CONTACT: PT Pertamina Tbk Jalan Merdeka Timur No. 1 A Jakarta 10110 Phone: (62)(21) 3815111 Fax: 3846865/ 3843882 Web site: www.pertamina.com ========= J A P A N ========= HITACHI LIMITED: Declares JPY5.5 Dividend for 1H ------------------------------------------------ Hitachi Limited will pay a dividend of JPY5.5 per share for the first semester of the fiscal year ending September 30, up from JPY3.0 in the same period last year, Dow Jones reports. The electronics maker attributed the dividend hike to its solid business operations. Hitachi, which paid a total JPY8.0 dividend in the previous business year ended March 31, is yet to determine its second- half dividend. Due to a strong recovery of some of its key businesses, Hitachi booked a JPY16.04 billion group net profit for the April-June quarter, offsetting last year's JPY38.4 billion loss. CONTACT: Hitachi, Ltd. 4-6, Kanda-Surugadai, Chiyoda-ku Tokyo, 101-8010, Japan Phone: +81-3-3258-1111 Fax: +81-3-3258-2375 Web site: http://www.hitachi.com MARUISHI CYCLE: Collapses with US$24.29Mln in Debt -------------------------------------------------- According to Teikoku Databank Limited, Maruishi Cycle Industries Limited has entered bankruptcy, Kyodo News says. The long-established bicycle maker became insolvent with JPY2.9 billion (US$24.29 million) worth of liabilities, as banks cancelled transactions with the firm on its second failure to honor a bill. In the past few years, competition from cheaper imports has stripped Maruishi huge amounts from sales. In order to rescue its business, the firm created Maruishi Holdings Company in May. However in June, the police arrested Yoshio Yagi, who was fired as president in late May. He was indicted on fraud charges involving a dubious capital increase in the firm. Since the scandal, the company booked a special loss of JPY12.3 billion, while its financial woes worsened. It dishonored a bill for the first time on August 31. On September 4, the Tokyo Stock Exchange delisted Maruishi Holdings because it doubted the reliability of the firm's financial data. MATSUSHITA ELECTRIC: Mulls Overseas Recruitment ----------------------------------------------- Matsushita Electric Industrial Company unveiled plans to set up regional recruiting centers in Asia, Europe and the United States within the year, relates The Japan Times. The electronics maker will set up the Asian center in Singapore and the European center in London on October 1. The establishment of the U.S. Center in New Jersey will follow later this year. The firm's local subsidiaries will take charge of Matsushita's overseas employment. But with the new centers, "country-specific employment officers" will be responsible for recruitment in cooperation with local universities and headhunting firms under the direction of the head office. In line with its goal to boost its production performance, the company targets to recruit excellent engineers and managers. Matsushita will employ around 650 staff, mostly engineers, in Asia by next spring. It, likewise, intends to recruit several dozens for managerial positions in Europe and the United States. CONTACT: Matsushita Electric Industrial Co., Ltd. 1006 Oaza Kadoma Kadoma, Osaka 571-8501, Japan Phone: +81-6-6908-1121 Fax: +81-6-6908-2351 Web site: http://matsushita.co.jp MITSUBISHI MOTORS: Labor Union Returns JPY2.4 Bln to Members ------------------------------------------------------------ The Labor union of embattled Mitsubishi Motors Corporation has opted to return union dues worth around JPY2.4 billion to its members in December to help them cope with meager salaries, reports Japan Today, citing Kyodo News. According to union officials, the money was originally intended to cover pay cuts union members would incur if they go on strike. Each member will receive an average of JPY180,000. The Japanese automaker has been trying to turn its ailing business around following a series of defect cover scandals, which necessitated recalls involving hundreds of thousands of vehicles for a range of defects. 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: To Loosen Ties with DaimlerChrysler ------------------------------------------------------ Amid a weakened relationship with partner DaimlerChrysler, Mitsubishi Motors Corporation (MMC) could soon reduce cooperation with the German-U.S. auto giant, relates Agence France Presse, citing the Handelsblatt newspaper. MMC chief Hideyasu Tagaya confirmed Mitsubishi is waiving an option to use common platforms with the U.S. unit Chrysler for the production of medium-sized sedans. On small car platforms, Mr. Tagaya said "we are only developing the Mitsubishi model" at the moment, hinting that the alliance with DaimlerChrysler might no longer be a priority. Mr. Tagaya's statement confirmed last month's reports that MMC has decided to reduce the scope of its business cooperation with the German-U.S. company. The reports came after DaimlerChrysler's refusal in April to infuse more capital into the loss-making Japanese carmaker. UFJ HOLDINGS: TSE Denies British FSA's Inquiry on Earnings Info --------------------------------------------------------------- The Tokyo Stock Exchange declared it has not received any inquiry from Britain's Financial Services Authority over an earnings report by UFJ Holdings Incorporated, reports the Asia Intelligence Wire. The TSE denied a Nihon Keizai Shimbun report that the British regulator has requested the TSE to explain whether there had been any mishandling by the TSE in connection with UFJ Holdings' disclosure of its financial results for the year ending March 2004. UFJ Holdings announced on May 24 a financial result that is much worse than the estimates it revealed on April 28. According to the Nihon Keizai Shimbun, the British FSA is interested to know whether the TSE has failed to check the banking group's earnings estimates and results beforehand. Earlier this month, UFJ Holdings was required by the regulator to present a report explaining the discrepancies between its forecasts and results. CONTACT: UFJ Holdings, Inc. 5-6, Fushimimachi 3-chome, Chuo-ku, Osaka-shi, Osaka 541-0044, Japan Web site: www.ufj.co.jp ========= K O R E A ========= DAEWOO INTERNATIONAL: Sells 20% of Daewoo Unitel to Germanos ------------------------------------------------------------ Daewoo International Corp. sold its 20 percent stake in Daewoo Unitel for $14.7 million, to Germanos SA, reports Dow Jones. The company's founder, Panos Germanos bought Daewoo Unitel's 100 percent stake priced at $73.5 million. The Greek telecom group along with other equity consortium, expected to consist of Germanos, the European Bank for Reconstruction and Development (EBRD), Greek venture capital and private equity firm Global Finance and Panos Germanos, is funding the acquisition. The proposed shareholding states that, Panos Germanos would be the largest shareholder. Germanos SA would take a 20 percent stake, while the EBRD would take a stake of no less than 7 percent. Germanos SA said it has a five-year put option enabling it to sell its stake after five years on predetermined valuation terms. The board of directors of EBRD is yet to clear Germanos' investment. The acquisition as a whole is subject to Uzbek regulatory approval. Unitel Co. is the second largest Uzbek mobile operator, with a market share of above 25 percent, a margin of earnings before interest, taxes, depreciation and amortization approaching 57 percent and has a projected revenue in 2004 of $32 million, Germanos SA said. Subscribers of Unitel are expected to exceed 110,000 by the end of 2004, Germanos added. CONTACT: Daewoo International Corporation (Korea: DWIC) 541 5-Ga Namdaemunno, Chung Gu, CPO Box 2810 Seoul, South Korea Phone: +82-2-759-2114 Fax: +82-2-753-9489 Web site: http://www.daewoo.com HANBO STEEL: FTC to OK Sale if INI Sells Other Facilities --------------------------------------------------------- Fair Trade Commission (FTC) will give a go signal to INI Steel in relation to its takeover of Hanbo Steel if the former sells part of its steel bar production facility, reports Dow Jones. "We ordered the steel maker to sell its Pohang 1 steel bar pressing facilities within a year after the FTC's order to prevent INI Steel to have a monopolistic position in the local steel bar market after its acquisition of Hanbo Steel" Dow Jones quoted the FTC as saying. The deal is expected closed early this week, INI Steel added. Currently, INI Steel has an annual steel bar production capacity of 3.3 million tons, while Hanbo Steel can produce 1.15 million tons a year. Posco, the world's largest steelmaker, dominates the local steel market. The deal would help limit Posco's 67.5 percent presence in the hot-rolled steel market. Once Hanbo's production facilities are normalized, about 12.5 percent would be taken up from the local hot-rolled steel market. A consortium comprising INI Steel and Hyundai Hysco (010520.SE) purchased bankrupt steel maker Hanbo Steel in July for KRW877.1 billion. KOOKMIN BANK: To Close Registry Book on October 1 to October 7 -------------------------------------------------------------- In a U.S. Securities and Exchange Commission filing, Kookmin Bank announced that on September 15, 2004, it made public the fixing of the record date for the shareholders and the closing period of its shareholder registry book with respect to the extraordinary shareholders' meeting scheduled on October 29, 2004 as follows. Common stock holders registered in Kookmin Bank's shareholder registry as of the record date, September 30, 2004, will be entitled to exercise his or her voting right in the shareholders' meeting. The shareholders may exercise their voting rights in writing without attending the meeting in person. Then, Kookmin Bank will close its shareholders' registry book from October 1, 2004 to October 7, 2004. CONTACT: Kookmin Bank 9-1 Namdaemoonro 2-ga Chung-gu, Seoul 100-092 Korea (South) Telephone: +82 2 317 2114 Telephone: +82 2 776 5637 KWANGJU BANK: Fitch Upgrades Individual Rating To 'C' ----------------------------------------------------- Fitch Ratings, the international rating agency, has raised the Individual rating of Kwangju Bank (KJB) to 'C' from 'C/D'. KJB is a regional bank based in Kwangju and Jeonnam area in South Korea. At the same time, the agency also affirmed the bank's Long-term rating of 'BBB-' (BBB minus), the Support rating of '2' and the Short-term rating of 'F3'. The Outlook on all the ratings is Stable. Fitch notes that the bank's credit ratings take into account the bank's membership of the Woori Financial Group as well as its standalone financial condition. The upgrade of KJB's Individual rating reflects its improving financial profile and relatively stable operating performance. In the first half of 2004, the bank posted KRW58 billion of net income with an annualized 31 percent return-on-equity (ROE) and 1.3 percent return-on-assets (ROA). Provision charges amounted to KRW29.6bn, or 0.57 percent of its total loans, from KRW35bn in 1H03. The bank's 1H04 bottom line continued to benefit from tax loss carry forwards; KJB paid no income tax in 1H04 and only amortized KRW1.3bn of deferred tax assets then. Its sustainable net ROE is therefore expected to be well below 31 percent, but still at an adequate level. The bank's NPLs at June-2004 amounted to just 1.65 percent of total credits. High reserve coverage (71.8 percent of NPLs at June 2004) provides further comfort. KJB has some loans to large corporates, including the Kumho Group, whose origins are in Kwangju, but total exposure to larger corporates represented 3.4 percent of its total loans and it had no significant exposure to distressed large corporations. The bank's performance in the future is expected to depend largely on the performance of its loans to SMEs and households. Though there is sector-wide concern over rising SME lending delinquency rates, KJB has experienced relatively stable delinquencies, partly because of less volatile property market conditions in Kwangju and Jeonnam. CONTACT: Kwangju Bank (The) 7-12 Daein-dong Dong-gu Kwangju, Kwangju-shi 501-030 Korea (South) Telephone: +82 62 239 5000 +82 62 239 5199 LG INVESTMENT: Woori Board Approves 21.2% Stake Buy --------------------------------------------------- Woori Finance Holdings has gained the approval of its board on the planned acquisition of a 21.2 percent stake in LG Investment & Securities Co., according to Dow Jones Woori's board approved the purchase of 25.88 million shares of LG Investment, according to a filing to the Financial Supervisory Service. However, the price of the stake was not revealed. The exact cost and other terms will be finalized after approval by creditors of LG Card Co. (032710.SE) this week. A Korea Development Bank (KDB) official said that Woori Finance agreed to pay KRW297 billion ($1=KRW1147.2) for the 21.2 percent stake. KDB is the lead manager of the sale and also leads the bailout of LG Card. LG Card avoided bankruptcy after creditors agreed on a KRW5 trillion bailout package early this year. CONTACT: LG Investment & Securities 20,Yoido-dong, Youngdungpo-gu Seoul, 150-721, Korea Telephone: 82-2-768-7000 Fax: 82-2-782-6337 =============== M A L A Y S I A =============== ANTAH HOLDING: Court OKs Debt Restructuring Proposal ---------------------------------------------------- On behalf of the Board of Directors of Antah Holding Berhad, Avenue Securities Sdn Bhd announced that the solicitors of the Company had vide its letter dated 16 September 2004 informed that the High Court of Malaya (Court) had on 14 September 2004 granted an order (Order) specifying, inter alia, the following: (i) Antah is permitted to convene meeting of its creditors (Creditors Meeting) pursuant to Section 176(1) of the Companies Act, 1965 for the purpose of considering and if thought fit, to approve with or without modifications the Proposed Debt Restructuring; and (ii) The Creditors' Meeting shall be held within 120 days from the date of the Order. The sealed Order is pending extraction from the Court. CONTACT: Antah Holdings Berhad Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights 50490 Kuala Lumpur Telephone no: 03-20849000 Facsimile no: 03-20949940 This announcement is dated 16 September 2004. AOKAM PERDANA: Appoints New Audit Committee Member -------------------------------------------------- In a disclosure to the Bursa Malaysia Sercurities Berhad, Aokam Perdana Berhad announced the appointment of Mohd Zulkhairis Bin Mohd Zain as a new member of its audit committee. Date of change: 16/09/2004 Type of change: Appointment Designation: Chairman of Audit Committee Directorate: Independent & Non Executive Name: Mohd Zulkhairis Bin Mohd Zain Age: 36 Nationality: Malaysian Qualifications: Bachelor of Science (Economics), London School of Economics and Political Science, United Kingdom. Working experience and occupation: July 1991 - December 1991: Project Analyst, Petronas Berhad. 1991-1999: Numerous managerial positions held in Arthur Andersen, Economic & Financial Consulting. January 2000 - June 2000: Chief General Manager, Intria Berhad. July 2000 - June 2002: Senior Manager heading the Capital Markets & Project Finance Group, Andersen, Global Corporate Finance. July 2002 to-date: Managing Director of Asia Capital Alliance Sdn Bhd 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: None Composition of Audit Committee (Name and Directorate of members after change): Mohd Zulkhairis Bin Mohd Zain - Chairman/Independent Non-Executive Director Tan Sri Dato' Samshuri Bin Haji Arshad - Member/Independent Non-Executive Director Peter Lee Pui Tet - Member/Executive Director CONTACT: Aokam Perdana Berhad 189 Jalan Tun Razak Kuala Lumpur, 50400 MALAYSIA Telephone: +60 3 2166 3466 Telephone: +60 3 2166 3455 AOKAM PERDANA: Director Mohd Salleh Bin Zakaria Resigns ------------------------------------------------------- Aokam Perdana Berhad announced the resignation of Dato' Mohd Salleh Bin Zakaria as the Company's Non Executive Director. Date of change: 16/09/2004 Type of change: Resignation Designation: Director Directorate: Independent & Non Executive Name: Dato' Mohd Salleh Bin Zakaria Age: 56 Nationality: Malaysian Qualifications: Bachelor of Arts in Mass Communication, University Sains Malaysia; Advanced Diploma in Development Administration, University of Birmingham, United Kingdom Masters in Development Administration (Economics), University of Birmingham, United Kingdom. Working experience and occupation: 1975-1976: Assistant Secretary (in charge of Development), Ministry of Youth, Culture and Sport. 1976-1977: Assistant Secretary (in charge of Development and ASEAN), Ministry of Information. 1977-1979: Deputy Director, Ministry of Health. 1980-1982: Principal Assistant District Officer of Bukit Mertajam, Penang, State Economic Planning Unit (SEPU) - State Government of Penang. 1982-1983: Deputy Director in charge of Economic Development in the Housing Sector, Industrial Sector, Agricultural Sector and Manpower Sector, State Economic Planning Unit (SEPU) - State Government of Penang. 1983 - 1988: Finance Manager in charge of the Corporate Financial Planning, Sourcing and Maintenance of all projects (housing infrastructure, industries and commercial agriculture), Penang Regional Development Authority. 1989-1995: Principal Assistant Director in Industry Division, Ministry of International Trade and Industry. 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: None Remarks: Also resigning as: 1. Director of the subsidiary of Aokam Perdana Berhad namely, Pembangunan Papan Lapis (Sabah) Sdn Bhd, Aokam Industries Sdn Bhd, Pacific Wood Products Sdn Bhd and NuovaEra Sdn Bhd; 2. Chairman of the Audit Committee; 3. Member of the Nomination Committee; and 4. Member of the Remuneration Committee. FABER GROUP: Grants Listing of 2,871,624 Ordinary Shares -------------------------------------------------------- Faber Group Berhad's additional 2,871,624 new ordinary shares of RM1.00 each issued pursuant to the Conversion of RM5,743,248 nominal value of 2000/2005 irredeemable convertible unsecured loan stocks into 2,871,624 new ordinary shares will be granted listing and quotation with effect from 9 a.m., Tuesday, 21 September 2004. CONTACT: Faber Group Berhad 20th Floor Menara 2 Faber Towers, Jalan Desa Bahagia Taman Desa, Off Jalan Klang Lamas 58100 Kuala Lumpur Telephone: 03-76282888 Fax: 03-76282828 GOLDEN FRONTIER: Posts Details of Shares Buy Back ------------------------------------------------- Golden Frontier Berhad announced the details of its shares buy back on September 16, 2004. Date of buy back from: 02/09/2004 Date of buy back to: 15/09/2004 Total number of shares purchased (units): 35,800 Minimum price paid for each share purchased (RM): 0.690 Maximum price paid for each share purchased (RM): 0.700 Total amount paid for shares purchased (RM): 25,084.86 The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad Number of shares purchased retained in treasury (units): 35,800 Total number of shares retained in treasury (units): 1,066,300 Number of shares purchased, which were cancelled (units): 0 Total issued capital as diminished: 0 Date lodged with registrar of companies: 15/09/2004 Lodged by: Secretarialmasters Sdn Bhd CONTACT: Golden Frontier Berhad No 11 Lorong Kinta 10400 Penang, Malaysia Tel: +60 4 226 2226 Tel: +60 4 228 2890 INNOVEST BERHAD: Issues Notice of Share Registrar Change -------------------------------------------------------- Innovest Berhad disclosed to Bursa Malaysia Securities Berhad the details of the changes of its shares registrar. Old registrar: Signet Share Registration Services Sdn. Bhd. New registrar: Symphony Share Registrars Sdn. Bhd. (Formerly known as Malaysian Share Registration Services Sdn. Bhd.) Address: Level 26, Menara Multi-Purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100 Kuala Lumpur. Telephone No: 03-27212222 Facsimile No: 03-27212530 / 27212531 Effective date: 16/09/2004 Remarks: Merger of Signet Share Registration Services Sdn. Bhd. and Symphony Share Registrars Sdn. Bhd. 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 INTEGRATED RUBBER: AGM Set for October 12 ----------------------------------------- Integrated Rubber Corporation Berhad announced that its Sixty- Third Annual General Meeting (AGM) will be held at East VIP Lounge, Kuala Lumpur Golf & Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur on Tuesday, 12 October 2004 at 10 o'clock in the morning. For further details, go to http://bankrupt.com/misc/tcrap_integratedrubber091704.doc MTD CAPITAL: Purchases 50,300 Ordinary Shares on Buy Back --------------------------------------------------------- MTD Capital Berhad disclosed to Bursa Malaysia Securities Berhad the details of its shares buy back on September 16, 2004. Date of buy back: 16/09/2004 Description of shares purchased: Ordinary shares of RM1/- each Total number of shares purchased (units): 50,300 Minimum price paid for each share purchased (RM): 2.570 Maximum price paid for each share purchased (RM): 2.580 Total consideration paid (RM): 129,768.97 Number of shares purchased retained in treasury (units): 50,300 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 2,798,300 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: MTD Capital Berhad Lot 8359, Mukim of Batu Batu 8, Jalan Caves, 68100 Batu Caves, Selangor Darul Ehsan, Malaysia Telephone: (603) 689-9022 NAUTICALINK BERHAD: Court Extends Order, Time for Meeting --------------------------------------------------------- Further to the announcement on 17 June 2004, Public Merchant Bank Berhad, on behalf of the Board of Directors of Nauticalink Berhad, announced that the High Court of Malaya has, on 15 September 2004, granted an extension of time for a period of four (4) months from 16 September 2004 until 15 January 2005 for the restraining order to the Company and the court convened meetings of shareholders and scheme creditors to be held. This announcement is dated 16 September 2004. PAN MALAYSIA: Completes Property Disposal ----------------------------------------- Pan Malaysia Industries Berhad refers to its previous announcements dated 7 May 2004 and 23 August 2004 in respect of the Proposed Disposal of a piece of vacant freehold land held under Geran Mukim 3181 (formerly EMR 4) Lot No. 301 in the Mukim of Kuala Kuantan, District of Kuantan, Pahang Darul Makmur for a cash consideration of RM4.0 million. The Company announced that the Proposed Disposal was completed on 15 September 2004 in accordance with the terms and condition contained in the Sale and Purchase Agreement (S&P Agreement). CONTACT: Pan Malaysia Industries Berhad 14/F MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur Malaysia Telephone (60) 3244-1470 Fax (60) 3244-7789 SUNWAY HOLDINGS: Unit Enters Joint Venture Agreement ---------------------------------------------------- The Board of Directors of Sunway Holdings Incorporated Berhad (SunInc) announced that Sunway Construction Berhad (Suncon), a subsidiary of the Company, had on 13 September 2004 entered into a Joint Venture Agreement (JVA) with Mr Chang Kim Long and Mr Khor Seng Yan, the Directors and Shareholders of Creative Stone Sdn Bhd (CSSB) and Creative Stone Marketing Sdn Bhd (CSMSB). The above parties are desirous of co-operating via a private limited company known as Sunway Creative Stones Sdn Bhd (formerly known as Sunway Geotechnic Sdn Bhd) ("JV Company") as their joint venture vehicle to purchase and take over the business of CSSB and CSMSB and thereafter to venture into construction related stone business. INFORMATION ON CSSB AND CSMSB CSSB CSSB is a company incorporated in Malaysia and having its registered office at 27th Floor, Menara Promet, Jalan Sultan Ismail, 50250 Kuala Lumpur. The principal activities of CSSB are manufacturing, processing and fabrication marble, granite, dimension stone and natural stone as well as trading in construction materials and general contract works. CSMSB CSMSB is a company incorporated in Malaysia and having its registered office at 27th Floor, Menara Promet, Jalan Sultan Ismail, 50250 Kuala Lumpur. The principal activities of CSMSB are marketing, supply and installation of dimension stone and natural stone as well as general trading. SALIENT TERMS OF THE JVA Under the JVA, the paid-up share capital of the JV Company shall eventually be increased from RM100,000/- to RM1,000,000/- and the shareholding of the JV Company shall be structured as follows: Name of Shareholders No. of Ordinary Percentage (%) Shares of RM1.00 each Suncon 510,000 51.00 Chang Kim Long 318,500 31.85 Khor Seng Yan 171,500 17.15 Total 1,000,000 100.00 RATIONALE The purpose of Suncon entering into the JVA is to venture into stone-related construction business, which is growing with an increasingly affluent population and this will complement its core construction business. SOURCE OF FUNDS Suncon will fund its share of equity participation in the JV Company through internally generated funds upon execution of the JVA. FINANCIAL EFFECTS On Share Capital and Substantial Shareholders' Shareholdings There will be no effect on the share capital and substantial shareholders' shareholdings of SunInc as the JVA does not involve any allotment or issuance of new shares by SunInc. On Earnings and Net Tangible Assets The JVA is not expected to have any immediate effect on the earnings and net tangible assets of SunInc for the current financial year ending 31 December 2004 but is expected to contribute positively to the future earnings of the Group. APPROVALS REQUIRED The JVA is not subject to approval of the shareholders of SunInc but is subject to approval from the relevant authority. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS Insofar as the Directors are aware, none of the directors or major shareholders of SunInc or persons connected with them has any interest, direct or indirect, in the JVA. STATEMENT BY BOARD OF DIRECTORS The Board of Directors of SunInc is of the opinion that the JVA is in the best interest of the Group. This announcement is dated 16 September 2004. TANJONG PUBLIC: Issues Details of Principal Officer's Dealings -------------------------------------------------------------- Tanjong Public Limited Company announced that it has been notified pursuant to Paragraph 14.08(a) of the Listing Requirements of Bursa Securities, by Yap Swee Hang, a Principal Officer of the Company, of his intention to deal in the shares of the Company during the Closed Period: 1. Date of notification: 16 September 2004. 2. Intention to dispose of 12,000 shares of 7.5 pence each on the Bursa Securities. 3. Current holdings of Tanjong shares: 12,000 shares of 7.5 pence each representing 0.003% of the issued share capital of Tanjong. CONTACT: Tanjong Public Limited Co. Principal Office in Malaysia Level 30, Menara Maxis Kuala Lumpur City Centre 50088 Kuala Lumpur Telephone: 03-23813388 Fax: 03-23813399 TENGGARA OIL: SC Extends Regularization Plan -------------------------------------------- Tenggara Oil Berhad refer to its announcement dated 26 April 2004 wherein it was announced that the Securities Commission (SC) had approved the Company's application for an extension of time of six (6) months, i.e. until 28 September 2004 to submit a comprehensive proposal to regularize its financial position. In this respect, on behalf of the Company, AmMerchant Bank Berhad announced that an application for a further extension of time of six (6) months until 28 March 2005 for the submission of a comprehensive proposal was submitted to the SC on 13 September 2004. This announcement is dated 16 September 2004. ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: Signing of MOU Deferred ------------------------------------------ The signing of a memorandum of agreement (MOA) between College Assurance Plan Philippines Inc. (CAP) and a local property developer will have to wait for at least a few days pending the finalization of the terms of the deal, the Philippine Star reports. The name of the local investor was not mentioned in the report. A memorandum of agreement on an infusion of a 3,000-hectare property was to be signed Thursday, according to a CAP announcement on Wednesday. The company's lawyers and the prospective investor agreed to the deferment to make the deal "more tax efficient," the sources said. The pre-need firm reported a net loss of Php1.68 billion for the first half of the year, versus a net loss of Php330 million during the same period last year, the TCR-AP reported recently. This was attributed to the increase in trust fund contributions and amortization of the increase in the actuarial reserve liabilities. The SEC earlier gave CAP until September 30 to bring in new investors and address its financial problems. 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 COLLEGE ASSURANCE: Must Prove It Can Pay Claims, Says SEC Chief --------------------------------------------------------------- College Assurance Plans Philippines Inc. (CAP) must first prove it can meet obligations to plan holders before the Securities and Exchange Commission approves its request to increase its authority to sell plans by another Php1 billion, the Business World reports, citing the SEC Chairman Fe Barin. The SEC previously ordered the pre-need firm to stop selling plans to investors until it renewed its license to sell additional securities. The SEC also noted that CAP had incurred a net loss of PhP1.68 billion for the first half, 398 percent more than the registered net loss of PhP330 million for the same period last year, and 12 percent bigger than its projected loss of PhP1.5 billion for the period. Ms. Barin said while the SEC is "not sure" of CAP's capability to meet its future liabilities, it is taking safeguards, like making sure that trust fund requirements are met and that CAP has enough capitalization. NATIONAL POWER: DOF Defends US$1B Bond Offering ----------------------------------------------- The Department of Finance (DOF) on Thursday defended the latest US$1 billion bond offering in behalf of the National Power Corporation (Napocor), the Business World reports, citing Finance Undersecretary Nieves L. Osorio. Ms. Osorio said the government had to immediately raise funds for the power utility so that it could pay off debts due this month. The additional income the Napocor would generate as a result of the Energy Regulatory Commission's (ERC) decision to grant its request for a rate increase would be insufficient to pay those obligations. The Philippines on September 9 sold US$300 million worth of bonds due in 2015 at 8.875%, and US$700 million worth of bonds maturing in 2025 at 10.625%. The government set a price guidance of 98 for the 2015 bonds and 106 for the 2025 series. Of the $1-billion bond proceeds, US$750 will be lent to Napocor thereby completing its 2004 financing requirements while the rest will be used to fund the country's budget requirements next year. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 NATIONAL POWER: Business World Clarifies News Report ---------------------------------------------------- The Business World Newspaper (Online Edition) clarified the news article entitled "Napocor to need US$16B yearly" published in its September 9, 2004 issue. The newspaper explained that the US$16 billion borrowing quoted by the story from documents submitted to the Senate was actually for the entire three-year period 2005-2007, and would not be a yearly borrowing in the next three years, as was erroneously stated in the story. The newspaper apologized for the editing error. NATIONAL STEEL: BSP OKs Sale If All Parties Execute Transactions ---------------------------------------------------------------- The Bangko Sentral ng Pilipinas (BSP) will sign a crucial document necessary to close the sale of National Steel Corporation (NSC) to Global Infrastructure Holdings Inc. (GIHI) if all parties finally execute the transaction, reports the Business World. Creditor banks and GIHI have failed to seal the Php13.25 billion transaction, as two pre-closing documents have yet to be signed. One of the supposed pre-closing documents is a certificate of eligibility from the BSP that the deal has complied with the Special Purpose Vehicle Law. The other is an agreement between secured creditors and state- owned National Power Corp. on how outstanding liabilities to the power firm would be paid. National Steel's biggest creditor is the Philippine National Bank, with Php5.639 billion. The second biggest creditor is Credit Agricole Indosuez with Php1.687 billion. PHILIPPINE LONG: Issues Additional Listing of Shares ---------------------------------------------------- The Philippine Stock Exchange (PSE) approved on June 14, 2000, the application submitted by Philippine Long Distance Telephone Company (PLDT) to list additional 1,289,745 common shares, with a par value of Php5.00 per share, to cover the Executive Stock Option Plan (ESOP) of the Company, at an exercise price of Php814.00 per share. In this connection, please be advised that a total of 19,388 common shares have been availed of and fully paid by the optionees under the Company's ESOP. In view thereof, the listing of the 19,388 common shares is set for Monday, September 20, 2004. This brings the number of common shares listed under the ESOP to a total of 245,988 common shares. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance, MARIA ISABEL T. GARCIA Head, Listings Department JURISITA M. QUINTOS Senior Vice President- Operations Group CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Web site: http://www.pldt.com.ph ================= S I N G A P O R E ================= EURO-ASIA: Enters Winding Up Proceedings ---------------------------------------- In the matter of Euro-Asia Chartering Corporation, a Winding Up order was made on the 3rd day of September 2004. Name and address of Liquidators: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Ang & Partners Solicitors for the Petitioners 150 Beach Road #32-00 The Gateway West Singapore 189720 This Singapore Government Gazette notice is dated September 15, HUP AIK: Issues Second and Final Dividend Notice ------------------------------------------------ Hup Aik Huat Trading Pte Ltd., a company in liquidation, issued a dividend notice at the Singapore Government Gazette on September 15, 2004. Address of Registered Office: c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315 Court: High Court of Singapore Number of Matter: 31 of 2002/H Amount per centum: 0.18 cents per Dollar First and final or otherwise: Second and Final Dividend When payable: 16th September 2004 Where payable: 10 Collyer Quay #23-05 Ocean Building Singapore 049315 HUP AIK: Issues Third and Final Dividend Notice ----------------------------------------------- Hup Aik Huat Industries Pte Ltd., a company in liquidation, has posted a notice of dividend at the Singapore Government Gazette on September 16, 2004. Address of Registered Office: c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315 Court: High Court of Singapore Number of Matter: 35 of 2002/A Amount per centum: 0.18 cents per Dollar First and final or otherwise: Third and Final Dividend When payable: 16th September 2004 Where payable: 10 Collyer Quay #23-05 Ocean Building Singapore 049315 INTIQUA INTERNATIONAL: Creditors Meetings Set on September 30 ------------------------------------------------------------- Take notice that a meeting of creditors of Intiqua International Pte Ltd., will be held at 18 Cross Street, #08-01 Marsh & McLennan Centre, Singapore 048423 on the 30th of September 2004 at 3:30 p.m. Agenda (1) To consider and if thought fit (a) to appoint a committee of inspection and (b) to accept the validity of the charges. (2) Any other business. Dated this 15th day of September 2004. Chee Yoh Chuang Liquidator c/o Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 This Singapore Government Gazette Notice is dated September 15, 2004. INTIQUA INTERNATIONAL: Contributories Meeting Set September 30 -------------------------------------------------------------- Take notice that a meeting of contributories of Intiqua International Pte Ltd will be held at 18 Cross Street, #08-01 Marsh & McLennan Centre, Singapore 048423 on the 30th of September 2004 (Thursday) at 2.30 pm. Agenda (1) To consider and if thought fit (a) to appoint a committee of inspection; and (b) to accept the validity of the charges. (2) Any other business. Chee Yoh Chuang Liquidator c/o Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 This Singapore Government Gazette notice is dated September 15, 2004. NEPTUNE ORIENT: Temasek Now Owns Majority Stake ----------------------------------------------- Temasek Holdings is now the majority stockholder of Neptune Orient Lines (NOL) after it raised its stake above the minimum 50 percent, making its SG$2.8 billion takeover offer unconditional. The Strait Times reports The move once more sparked speculations of the probable privatization of NOL. Temasek, however, reiterated that there are no major plans in the pipeline for NOL. Temasek is extending the SG$2.8 per share offer for another fourteen days to give other NOL shareholders an opportunity to accept its offer, which was launched last August 3 and will be closed at 3:30 p.m. on September 29. Had Temasek failed to get a 50 percent stake of NOL, the offer would have lapsed and the acceptances to the offer would have been returned. An additional 57.2 million NOL shares on the open market and received acceptances raised the Singapore investment firm's stake to 50.99 percent barely before the closing of the offer. CONTACT: Neptune Orient Lines Limited 456 Alexandra Rd., NOL Bldg. 119962 Singapore Phone: +65-6278-9000 Fax: +65-6278-4900 http://www.nol.com.sg NEPTUNE ORIENT: Options Converted to Shares ------------------------------------------- Lim How Teck, Neptune Orient Lines' (NOL) chief finance officer, has exercised his options by picking up 300,000 shares and converting them on Wednesday at an exercise price of SG$2.14 per share, relates the Singapore Business Times. He has now raised his stake in NOL by 0.02 percent to 301.089 from 1,089 shares. Mr. Lim and his wife Rosalind had been selling their shares in the company over the past few weeks. Mrs. Lim has sold her remaining 800,000 NOL shares at SG$2.81 per share, while Mr. Lim disposed of his 105,000 shares in the open market, which left him with 1,089 shares. =============== T H A I L A N D =============== EASTERN WIRE: Reports to SET on Share Volatility ------------------------------------------------ Reference is made to the letter of the Stock Exchange of Thailand (SET) informing Eastern Wire Public Company Limited to explain the primary causes on the value or volume of the company traded shares that recently volatile, the Company would like to inform the SET that: (1) On August 4, 2004, the Company reported to the SET the progress of the affiliate's Debt Restructuring with Sukhumvit Asset Management Co. Ltd., reflecting a profit from the debt restructuring of THB96,585,024.88 (Ninety six million five hundred and eighty five thousand and twenty four Baht and eighty eight Sa Tang); (2) On August 23, 2004, the Company has reported to the SET the increased capital spending amounting to THB60,632,560.00 ( Sixty million six hundred thirty two thousand and five hundred sixty Baht). As mentioned above, the Company's book value had been reflected as of June 30th 2004 from THB7.19 per share to THB10.84 per share. The above two items took place after the close of the Company's account for the second quarter of 2004, which may cause the investors to invest into the Company shares. In addition, at the same time the Company shares were re-traded. The value and volume of the stocks traded in the Thai market have continuously increased along with the new shares in the same business sector put into the Thai stock market. The Company would like to inform that the Company has nothing to do with the volatility of the Company's shares upon its price and volume traded in the stock market. Please be informed accordingly Sincerely, (Mr. Sontaya Noichaloen) Chief Operation Officer Eastern Wire Public Company Limited CONTACT: Eastern Wire Pcl Rasa Tower, Room 1201-1203, 555 Phaholyothin Road, Chatu Chak Bangkok Telephone: 0-2937-0058-66 Fax: 0-2937-0067 KRUNG THAI: Former President's Reappointment Still Vague -------------------------------------------------------- The Ministry of Finance has cancelled its campaign for the comeback of Krung Thai Bank Public Company Limited's (KTB) President, Viroj Nualkhair, according to The Nation. With Krung Thai Bank still wanting to complete a probe into the THB46 billion controversial loans, Finance Minister Somkid Jatusripitak decided to back out on lobbying for the comeback of the former president. Earlier, a report suggested that Mr. Somkid wanted Mr. Viroj reappointed as president so the bank could settle down and get back to concentrating on its business. Mr. Viroj's three-year tenure at the bank's helm ended recently, but his reappointment to the bank has been marred by a scandal over non-performing loans at the bank. The bank was forced to set aside THB10 billion to cover some THB46 billion in doubtful loans. On Thursday, Somchainuek Engtrakul, permanent secretary for finance sought to downplay his role as mediator between the Finance Ministry and the central bank for Mr. Viroj's reappointment as president. "We should give the governor more time to review the qualifications of Khun Viroj," said Mr. Somchainuek. "If he disagrees [with Viroj's reappointment], the bank would have to search for a new president." Mr. Somchainuek added that Mr. Somkid had not been involved in attempts to have Mr. Viroj reappointed to KTB. Bank of Thailand Governor MR Pridiyathorn Devakula suggested that KTB management should send to the banking authorities a report on the 12 loans worth THB46 billion which has been clasified as doubtful within one month. Only one of the 12 cases has been forwarded to the Central Bank and did not further informed when the full report would become available. Mr. Pridiyathorn, denied reports that he has something to do with Mr. Viroj's reappointment as the bank's president. "I am rather puzzled about the news. I have never called Khun Viroj for a talk. So how can I get involved in the appointment of KTB's management?" he asked rhetorically. The decision on Mr. Viroj's reappointment may have to wait until Khun Tarisa Watanagase, the bank's deputy governor comes back from a foreign trip, Mr. Pridiyathorn concluded. CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Web site: www.ktb.co.th THAI PETROCHEMICAL: SET Says Share Hike May Exceed Expectation -------------------------------------------------------------- The Stock Exchange of Thailand (SET) sent out a warning to retail investors about excessive speculation in the 44 percent rise of Thai Petrochemical Industry Public Company Limited's (TPI) shares, reports the Bangkok Post. TPI shares rose nearly 44 percent over the past month, compared with a 10.9 percent gain in the broad SET index. Shares in the petrochemical giant closed at THB9.45 Thursday, up 25 satang, on trade worth one billion baht, while the SET index ended the day at 662.39 points, up 0.11, on active trading worth 26.69 billion baht. The run up in TPI shares are attributed to the near completion of its long-awaited debt restructuring as well as the increase in global energy prices. Sopawadee Lertmanaschai, a SET executive vice-president, said it remained unclear what benefits the restructuring plan would have for either TPI or its shareholders. Local brokers and securities analysts were asked by the SET to examine the potential impact of TPI's restructuring plan to enable investors determine the right decision regarding the stock. Local brokers have also been asked to monitor and advise investors speculating in TPI stock about the potential risks. A caution may also be placed on TPI's securities to help warn investors. "So far, it's only rumours and news reports that have been fueling the run-up in share prices. The SET is concerned that retail investors could be placed at risk," Mrs. Sopawadee said. CONTACT: Thai Petrochemical Industry Pcl Tpi Tower,Floor 8, 26/56 New Jun Road, Thungmahamek, Sathon Bangkok Telephone: 0-2678-5000, 0-2678-5100 Fax: 0-2678-5001-5 Web site: www.tpigroup.co.th THAI WAH: Issues Changes In Head Office Address ----------------------------------------------- Please be informed that effective September 16, 2004, the registered address of Thai Wah Public Company Limited's (TWC) head office has been changed from 21/63-66 Thai Wah Tower, 21st- 22nd floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120 to 21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120. The telephone and fax numbers remain unchanged. Sincerely yours, (Mr. Kuan Chiet) Thai Wah Public Company Limited by Thai Wah Group Planner Company Limited as the Plan Administrator ********* 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. 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