/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/041007.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, October 7, 2004, Vol. 7, No. 199 Headlines A U S T R A L I A ADSTEAM MARINE: Issues Notice of General Meeting ADSTEAM MARINE: Details Dividend Payment and Share Issue ALIMBATE PTY: To Hold Final Meeting on October 14 AMP LIMITED: Posts Interview with CEO Andrew Mohl APPELLATION WINES: Final Meeting Slated for October 14 CJN ENTERPRISES: Schedules Final Meeting on October 14 EMPAV PTY: Final Meeting Set October 14 FLETCH BROTHERS: Sets October 14 as Date of Final Meeting GOW STREET: Schedules Final Meeting on October 14 JANIMA PTY: To Hold Final Meeting October 8 JOHNSON & JOHNSON: Ernst & Young Liquidators Appointed KENDRO PTY: To Hold Final Meeting on October 14 NATIONAL AUSTRALIA: Launches Ad to Rebuild Image OBTECH PTY: Appoints Liquidators PERMACREST AUSTRALIA: Sets Final Meeting on October 14 PRIMELIFE CORPORATION: FC Makes Orders on Investment Schemes QANTAS AIRWAYS: Cuts Size of Bank Facility QANTAS AIRWAYS: Fails to Resolve Dispute with Union SHAHANI ENTERPRISES: Schedules Final Meeting on October 14 SWPS PTY: Members and Creditors Meeting Slated for October 14 T&M HOLDINGS: Final Meeting Scheduled October 14 * Corporate Bankruptcies Up 8% C H I N A & H O N G K O N G ANKOR SERVICE: Appoints Liquidators FOREFRONT MOTORS: Liquidators Named LO PAK: Releases Notice of Full Payment Intention PARASIA LIMITED: Winding Up Hearing Set November 24 WONG KAI: General Creditors Meeting Slated for October 11 ZHU KUAN: HK Court Declares Bankruptcy * Big Four to Suffer if Rates Increase I N D O N E S I A BANK PERMATA: PPA To Announce Winning Bidder Tomorrow BANK PERMATA: Bank Panin Units Join Bid for 51% Stake BUMI RESOURCES: Secures US$385 Mln Loan PERTAMINA: Mulls Purchase of 240,000 Bbl Jet A-1 for November J A P A N FUJITSU LIMITED: Succeeds in Hi-precision, Hi-speed BioServer HANNOU KAIHATSU: Enters Bankruptcy KOBE STEEL: Strengthens Welding Alliance with JFE Steel MITSUBISHI MOTORS: Ex-Chief Pleads Innocent in Fatal Crash Case MITSUBISHI MOTORS: Comments on First Trial of Ex President MITSUBISHI MOTORS: Details Progress on Past Recalls Probe NISSAN MOTOR: To Recall 26,077 Cars OGAWA DENKI: Declared Bankrupt TOSHIBA CORPORATION: To Initiate Steps to Aid AV Businesses TOSHITOKU KISEN: Faces Insolvency K O R E A KOREA EXCHANGE: Labor Union Says Job Cut is Illegal SK NETWORKS: Share Reduction Plan Gains Creditors' Approval M A L A Y S I A ANCOM BERHAD: Purchases 12,000 Ordinary Shares on Buy Back BERJAYA GROUP: AGM Set For October 28 CHG INDUSTRIES: Issues Restructuring Scheme Update DATAPREP HOLDINGS: Unveils New Placement of Shares FURQAN BUSINESS: Unit Issues Debt Payment Notice GEAHIN ENGINEERING: Issues Restructuring Scheme Update GOLDEN PLUS: Updates Winding Up Petition HAP SENG: Unit Faces Winding Up Petition HUME INDUSTRIES: Disposes Of 2,895,000 Ordinary Shares in Tasek I-BERHAD: Issues Book Closure Notice MEDAS CORP: SC OKs Proposed Exemption From Mandatory Offer MTD CAPITAL: Posts Shares Buy Back Notice NAIM INDAH: Granted Listing of 1,297,300 Ordinary Shares PILECON ENGINEERING: Unit's Default Status Unchanged RHB CAPITAL: Monthly Disclosure Pursuant To Paragraph 5.11(2) P H I L I P P I N E S NEGROS NAVIGATION: Court OKs Rehab Plan PUERTO AZUL: Php1.4B Outstanding Debts Granted Reprieve PUERTO AZUL: Creditor Seeks To Replace Receiver UNITED COCONUT: First Sovereign Buys Bad Assets Worth Php13.6B * State-owned Firms Seen Posting Php131B Losses S I N G A P O R E CHUNGSING HOLDINGS: Faces Winding Up Proceedings CONTECH REALTY: Final Meeting Slated for November 2 HIAP HENG: Winding Up Order Made INFORMATICS HOLDINGS: Shareholder's Interest Changes INFORMATICS HOLDINGS: Reveals Change in Shareholder's Interest PANPAC MEDIA: Declares Change in Shareholder's Interest PANPAC MEDIA: Posts Change in Shareholders Interest OSCELSING PRIVATE: Creditors Meeting Scheduled on October 19 SOURCE ONE: Court Issues Winding Up Notice T H A I L A N D KRUNG THAI: New President Could be Named This Week NATURAL PARK: Unveils Resolution of Directors Meeting TONGKAH HARBOUR: Details Shares Sale Result - - - - - - - - ================= A U S T R A L I A ================= ADSTEAM MARINE: Issues Notice of General Meeting ------------------------------------------------ Notice is given that the Annual General Meeting of shareholders of Adsteam Marine Limited will be held at the Banquet Hall of the Masonic Centre, 279 Castlereagh Street, Sydney on Tuesday, November 9, 2004 at 10:00 a.m. when the following business will be transacted. Ordinary Business (1) To lay before the Annual General Meeting the Financial Report and Reports of the Directors and Auditor for the year ended 30 June 2004, for members to receive and consider. (2) To elect Directors: (a) Dr. Ken Moss retires by rotation and being eligible offers himself for re-election. Information about Dr. Moss is contained on page 16 of the 2004 Annual Report. (b) Mr. Achim Drescher retires by rotation and being eligible offers himself for re-election. Information about Mr. Drescher is contained on page 16 of the 2004 Annual Report. The Board reviews Director performance annually, and has done so this financial year. On this basis, the Board (excluding Dr Moss and Mr. Drescher on account of their personal interest) unanimously and strongly recommends supporting the re-election of Dr Moss and Mr. Drescher. Special Business - Consultancy arrangements with former Director and Chief Operating Officer (3) To consider and, if thought fit, to pass the following resolution as an ordinary resolution: "That authorization and approval are given, for all purposes, to the Company entering into, and performing its obligations under, the Consultancy Agreement with a corporate entity controlled by Mr. Frederick more fully described and explained in the Explanatory Notes to this Notice of Meeting." Special Business - Renewal of proportional takeover provisions (4) To consider and, if thought fit, to pass the following resolution as a special resolution: "That the proportional takeover provisions contained in rule 14 of the Constitution are renewed with effect from 14 November 2004, for a period of three years, with the amendments described in the Explanatory Notes to this Notice of Meeting." Proxies Any member entitled to attend and vote is entitled to appoint not more than two proxies to attend and vote in his or her stead. The person or persons so appointed need not necessarily be members of the Company. Where two proxies are appointed, each proxy should be appointed to represent a specified portion or number of the member's voting rights (failing which each appointee will be entitled to cast half the member's votes). A Proxy Form is enclosed. To be effective, the Proxy Form and authority (if any) under which it is signed must be deposited at the registered office of the Company, (Level 22, Plaza 2, 500 Oxford Street Bondi Junction NSW 2022), or sent legibly and in its entirety by facsimile to: - Registries Limited, facsimile (02) 9279 0664 - the Company, facsimile (02) 9369 9288 by no later than 10am Sydney time on Sunday 7 November 2004. Unless the proxy form is validly lodged, the proxy will not be treated as valid. Please refer to the notes appearing on the enclosed Proxy Form. Entitlement to vote For the purposes of the Annual General Meeting being convened by this Notice, shares will be taken to be held by the persons who are the registered holders at 10am Sydney time on 7 November 2004. Accordingly, share transfers registered after that time will be disregarded in determining entitlements to attend and vote at the Meeting. Dated this 22nd day of September 2004 By order of the Board DD Smith Secretary To view a full copy of notice and the attached proxy form, click http://bankrupt.com/misc/ADSTEAMMARINE100604.pdf CONTACT: Adsteam Marine- Corporate Office Adsteam Harbour United Salvage (Australia and the Pacific) Level 22, Plaza 2 500 Oxford Street Bondi Junction NSW 2022 Australia Phone: +61 2 9369 9200 Fax: +61 2 9369 9266 E-mail: info@adsteam.com.au Web site: http://www.adsteam.com.au/ ADSTEAM MARINE: Details Dividend Payment and Share Issue -------------------------------------------------------- Adsteam Marine Limited announced Tuesday that it has paid a fully franked final dividend of 2.2 cents per share. Please be advised that as a result of certain shareholders electing under the terms of the Company's Dividend Reinvestment Plan to reinvest their dividend in shares of the Company, the Company has resolved to issue on Monday a further 2,026,979 shares in the Company. In accordance with the Plan, the issue price of the shares issued is AU$1.39 per share. Further details are contained in the attached Appendix 3B. The new issued capital of the Company following the share issue is 266,439,108. Yours sincerely, Dominic D Smith General Counsel & Company Secretary Click to view a full copy of appendix 3B http://bankrupt.com/misc/ADSTEAMMARINE100504_2.pdf ALIMBATE PTY: To Hold Final Meeting on October 14 ------------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members of Alimbate Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 10:00 a.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 AMP LIMITED: Posts Interview with CEO Andrew Mohl ------------------------------------------------- AMP Limited, in its presentation to Monday's JP Morgan Asia Pacific Equity Conference in New York, highlighted how it's executing its strategy to deliver shareholder value. The following interview was published in the company's web site on October 5. "How will AMP's business model continue to generate value and growth for shareholders in the immediate term?" CEO Andrew Mohl: "Our business model spans the wealth management industry value chain and we believe we have strengths in each part of the chain that will drive value and growth going forward. In distribution, our business model is based on long-term partnerships with self- employed financial planners. In product manufacturing, we have market-leading scale and cost efficiency and in investment management, we have broadly based capabilities that are being supplemented by partnerships with specialist managers. "We also believe that covering the value chain means the AMP "whole" is greater than the sum of its parts and the presentation looks at a number of areas where this applies. Our strength in distribution delivers relatively assured scale in the manufacturing space, which in turn enables us to buy in technology where we choose not to manufacture. It also drives volumes in the asset management business, which in turn enables high quality partnering opportunities. The scale of manufacturing drives our purchasing power with external fund managers and also with technology support providers." To view the full document, click: http://bankrupt.com/misc/AMPLIMITED100504.pdf CONTACT: AMP Limited Level 24, AMP Building, 33 Alfred Street, Sydney, Nsw, Australia, 2000 Head Office Telephone: (02) 9257 5000 Head Office Fax: (02) 9257 7178 Web site: http://www.amplimited.com/ APPELLATION WINES: Final Meeting Slated for October 14 ------------------------------------------------------ Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Appellation Wines & Spirits Pty Limited (In Liquidation) will be held at the offices of William Buck, Chartered Accountants, Level 24, 201 Elizabeth Street, Sydney on 14 October 2004 at 10:00 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of, and the termination of the administration. Dated this 3rd day of September 2004 David G. Young Liquidator Appellation Wines & Spirits Pty Limited (In Liquidation) CJN ENTERPRISES: Schedules Final Meeting on October 14 ------------------------------------------------------ Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of CJN Enterprises Pty Limited (In Liquidation) trading as Gosford Prestige will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 1:30 p.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 EMPAV PTY: Final Meeting Set October 14 --------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Empav Pty Limited (In Liquidation) will be held at the offices of William Buck, Chartered Accountants, Level 24, 201 Elizabeth Street, Sydney on 14 October 2004 at 10:30 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of, and the termination of the administration. Dated this 3rd day of September 2004 David G. Young Liquidator Empav Pty Limited (In Liquidation) FLETCH BROTHERS: Sets October 14 as Date of Final Meeting --------------------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Fletch Brothers Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 11:00 a.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 GOW STREET: Schedules Final Meeting on October 14 ------------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Gow Street Fleet Care Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 12:00 p.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 JANIMA PTY: To Hold Final Meeting October 8 ------------------------------------------- Notice is hereby given that the final meeting of members of Janima Pty Limited (In Liquidation) will be held at the offices of G.S. Turner & Co., Chartered Accountant, Level 6, 12-14 Ormonde Parade, Hurstville on October 8, 2004 at 2 o'clock in the afternoon for the purpose of laying before the meeting an account showing how the winding up has been conducted and the property of the Company has been disposed of, and of giving any explanation thereof. Dated this 8th day of September 2004 Geoffrey Stewart Turner Liquidator c/- G.S. Turner & Co Level 6, 12-14 Ormonde Parade, Hurstville NSW 2220 Telephone: 9570 1414, Facsimile: 9579 6446 JOHNSON & JOHNSON: Ernst & Young Liquidators Appointed ------------------------------------------------------ At Extraordinary General Meetings of Johnson & Johnson Medical Investments Pty Limited (In Members' Voluntary Liquidation), held on September 1, 2004, the members of the company resolved to wind up the company voluntarily and to appoint John Gibbons and Keiran Hutchison of Ernst & Young, Level 16, 321 Kent Street, Sydney NSW 2000 as Liquidators of the companies. Dated this 14th day of September 2004 John Gibbons Keiran Hutchison Liquidators Ernst & Young Level 16, 321 Kent Street, Sydney NSW 2000. Telephone: (02) 9248 KENDRO PTY: To Hold Final Meeting on October 14 ----------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Kendro Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, October 14, 2004 at 9:00 a.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 NATIONAL AUSTRALIA: Launches Ad to Rebuild Image ------------------------------------------------ The National Australia Bank (NAB) on Sunday launched an AU$20 million advertisement aimed at rebuilding its tarnished image, reports The Advertiser. In the new television commercial, NAB recognizes that it has a long way to go to repair its image, marred by its foreign exchange scandal and the successive board battles. The ad, which features a lone swimmer doing laps in the pool while NAB employees look on, extends the "Journey" theme unveiled at last months launch of the bank's Melbourne 2006 Commonwealth Games sponsorship. According to NAB general marketing Chris Bulford, the bank hopes to reconnect NAB's brand with consumers through the campaign after refraining from advertising for two years. Mr. Bulford, likewise, declared the bank would increase its marketing expenses to ensure the new company would enhance loyalty among its customers and boost its appeal to non- customers. In the past year, NAB allocated only AU$12 million on advertising. The ad, created by advertising agency See, is part of the bank's efforts to streamline bank processes including customer database management and rewriting of letters in plain English. NAB staff gave out a positive response to the new campaign, which they viewed last week. Around 12,000 of 20,000 total staff have sent in their shoe size, signing up for runners to be given to all employees, symbolizing their part of the journey. 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 OBTECH PTY: Appoints Liquidators -------------------------------- At Extraordinary General Meetings of Obtech Pty Limited (In Liquidation) Members' Voluntary, held on 1 September 2004, the members of the company resolved to wind up the company voluntarily and to appoint John Gibbons and Keiran Hutchison of Ernst & Young, Level 16, 321 Kent Street, Sydney NSW 2000 as Liquidators of the companies. Dated this 14th day of September 2004 John Gibbons Keiran Hutchison Liquidators Ernst & Young Level 16, 321 Kent Street, Sydney NSW 2000 Telephone: (02) 9248 5555 PERMACREST AUSTRALIA: Sets Final Meeting on October 14 ------------------------------------------------------ Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Permacrest Australia Pty Ltd (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 9:30 a.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 PRIMELIFE CORPORATION: FC Makes Orders on Investment Schemes ------------------------------------------------------------ The Federal Court in Melbourne has made orders in relation to applications by the Australian Securities and Investments Commission to appoint an investigative accountant to review the affairs of 37 investment schemes connected with Primelife Corporation Limited (Primelife). Justice Goldberg declined ASIC's applications to immediately appoint an investigative accountant to the schemes and instead in the first instance, made orders for all of the defendants, including Primelife and the managers of the investment schemes, to make discovery to ASIC of certain documents relating to each of the investment schemes. ASIC had originally applied for these documents concerning each of the investment schemes to be made available to the investigative accountant so that an independent forensic report could be provided to the court in relation to each of the schemes, for the Court's consideration. The Court made orders requiring each defendant, by 1 November 2004, to make discovery to ASIC, in relation to the relevant investment scheme in which they are involved, of all documents which relate to matters such as: (1) the nature and identity of the assets and property of the investment schemes connected with Primelife, and any claims by third parties to those assets and property; (2) the identities of the investors in the schemes and the nature and extent of their interests, as well as any information provided to investors concerning their investments, and any payments made to or by investors in relation to the investment schemes; (3) the views of investors as to any action which ought to be taken in relation to the winding up of the investment schemes; (4) the nature and identity of the liabilities of the investment schemes; and (5) the solvency of the investment schemes. The Court further ordered that ASIC then file and serve a statement of facts and contentions, and any further affidavit material upon which it seeks to rely by 22 November 2004, and the defendants file same by 13 December 2004. The matter is scheduled for further directions on 15 December 2004. Background Between 1997 and 2002, approximately 25 proposed retirement villages/aged care facilities (13 of which are in development and not yet operating) were sold to investment syndicates, which ASIC alleges comprise the schemes. These retirement villages/aged care facilities are currently, or will in the future, be managed by Primelife. On Monday 27 September 2004, ASIC filed applications in the Federal Court in Melbourne, seeking the appointment of an investigative accountant to review the affairs of 37 managed investment schemes which had invested in the retirement villages/aged care facilities, and to report to the Court, because ASIC is concerned that the schemes are not registered, as required under the Corporations Act 2001 (the Act). Subsection 601ED(1) of the Act specifies whether a managed investment scheme must be registered and subsection 601ED(5) prohibits the operation of a managed investment scheme that is required to be registered, where it is not registered. Primelife advised ASIC of its concerns about the legality of the schemes and is continuing to cooperate with ASIC. CONTACT: Primelife Corp. Ltd. 210 Kings Way, South Melbourne, Victoria, Australia, 3205 Head Office Telephone: (03) 8699 3300 Head Office Fax: (03) 8699 3414 Web site: http://www.primelife.com.au/ QANTAS AIRWAYS: Cuts Size of Bank Facility ------------------------------------------ Qantas Airways Limited yesterday unveiled an AU$1.9 billion (US$1.37 billion) bank facility, slightly below its intention to refinance AU$2.1 billion (US$1.52 billion), reports Asia Pulse. "We decided to reduce the size of the facility from AU$2.1 billion (US$1.52 billion) to AU$1.9 billion (US$1.37 billion) following a review of the company's future cash flow requirements," the airline's chief financing officer Peter Gregg said. According to Mr. Gregg, the refinancing, which kicked off in August, was oversubscribed with almost AU$3 billion (US$2.17 billion) in commitments from a syndicate of 33 banks. The AU$500 million (US$361.55 million) would be used as a reserve facility, while the remaining AU$1.4 billion (US$1.01 billion) would be divided between four and five-and-a-half year tranches of term and revolving facilities. Mr. Gregg said the refinancing indicates there is strong market appetite for Qantas credit, reflecting the financial sector's confidence in the airline's ability to meet the many challenges it now faces. "The transaction has also strengthened our relationship with our core banking group," he said. ABN AMRO Bank N.V., Barclays Capital, Citibank N.A. and Commonwealth Bank of Australia were tapped as Joint Lead Arrangers for the deal. CONTACT: Qantas Airways Qantas Centre, Level 9, Building A, 203 Coward Street, Mascot, Nsw, Australia, 2020 Head Office Telephone: (02) 9691 3636 Head Office Fax: (02) 9691 3339 Web site: http://www.qantas.com QANTAS AIRWAYS: Fails to Resolve Dispute with Union --------------------------------------------------- A union of flight attendants said Tuesday it will lodge a complaint with the Industrial Relations Commission against Qantas Airways' alleged plan to train new staff to break strikes in the future, the Associated Press relates. The Flight Attendants Association of Australia (FAAA) met with Qantas Tuesday but failed to resolve their dispute. FAAA claimed the airline was training 170 "strike breakers" on short-term contracts to step in if union members push through with their planned strike over the carrier's plan to transfer international flight attendant jobs to London beginning June 2005. Qantas announced the decision June this year, saying it move would save AU$18 million (US$13 million). However, the airline assured no staff would be laid off and the positions would be offered to existing crew first. "The company told us (Tuesday) they were training up these people for operational reasons without really justifying what those reasons are," said Michael Mijatov, a union spokesman. "To us, that clearly indicates that this group was being trained up to break our strike, but the company does not want to tell us that." A Qantas spokesman declined to comment on the allegations. Australia's Industrial Relations Commission will now investigate the FAAA's claim. SHAHANI ENTERPRISES: Schedules Final Meeting on October 14 ---------------------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Shahani Enterprises Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 11:30 a.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 SWPS PTY: Members and Creditors Meeting Slated for October 14 ------------------------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of SWPS Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 1:00 p.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 T&M HOLDINGS: Final Meeting Scheduled October 14 ------------------------------------------------ Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of Members and Creditors of T&M Holdings Pty Limited (In Liquidation) will be held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, 14 October 2004 at 12:30 p.m. AGENDA (1) To consider the Liquidator's final account; and (2) To consider any other business brought before the meeting. Dated this 13th day of September 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 * Corporate Bankruptcies Up 8% ------------------------------ The Insolvency Notices September 2004 Quarterly Report revealed corporate insolvencies climbed 8 percent in the three months to September 30, 2004, The Advertiser says. The private insolvency firm, likewise, reported voluntary administrations rose 14 percent and firms going into receivership were up 74 percent for the quarter to September. The agency also saw a 17-percent decline in the number of Deeds of Company Arrangement, where a company negotiates with its creditors without going into liquidation. ============================== C H I N A & H O N G K O N G ============================== ANKOR SERVICE: Appoints Liquidators ----------------------------------- Ankor Service Limited of Unit 1-8 & 10-12, G/F, Horizon Plaza, 2 Lee Wing Street, Apleichau, Hong Kong has appointed Mr. Kelvin Edward Flynn and Mr. Cosimo Borrelli, both of RSM Nelson Wheeler as Joint and Several Provisional Liquidators of the company. Provisional Liquidators' Address: 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong Date of Appointment: 1 September 2004 E T O'CONNELL Official Receiver Released on 30 September 2004 through The Standard. FOREFRONT MOTORS: Liquidators Named ----------------------------------- Forefront Motors (Hong Kong) Limited of Shop A, G/F, Ming An Plaza Phase 1, 3 Yun Ping Road, Causeway Bay, Hon Kong has appointed Mr. Kelvin Edward Flynn and Mr. Cosimo Borrelli, both of RSM Nelson Wheeler as Joint & Several Provisional Liquidators of the company. Provisional Liquidators' Address: 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong Date of Appointment: 1 September 2004 E T O'CONNELL Official Receiver Released on 30 September 2004 through The Standard. LO PAK: Releases Notice of Full Payment Intention ------------------------------------------------- Notice is hereby given that a full payment is planned by Lo Pak Ho, to all creditors who have filed their claims with the undersigned. Any creditors who have not filed their claims by the 16th of October 2004 will be excluded from the said payment. Dated this 30th day of September 2004 E T O'CONNELL Official Receiver & Trustee PARASIA LIMITED: Winding Up Hearing Set November 24 --------------------------------------------------- Notice is hereby given that a Petition for the winding up of Parasia Limited by the High Court of Hong Kong Special Administrative Region was on the 2nd day of October 2004 presented to the said Court by the Joint Administrators of the Estate of Wang Teh Huei located at the 22nd Floor, Prince's Building, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 24th day of November 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. Clifford Chance Solicitors for the Petitioner 29th Floor, Jardine House No. 1 Connaught Place Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 23rd day of November 2004. WONG KAI: General Creditors Meeting Slated for October 11 --------------------------------------------------------- Notice is hereby given that the General Meeting of Creditors of Wong Kai Kwong will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 11th of October 2004 (Monday) at 2:30 p.m. Dated this 30th day of September 2004 E T O'CONNELL Official Receiver ZHU KUAN: HK Court Declares Bankruptcy -------------------------------------- Zhu Kuan Group, an investment arm of China's Zhuhai municipal government has been declared bankrupt by a Hong Kong court, The South China Morning Post reports. The firm was placed into liquidation after it defaulted nearly US$1 billion (HK$7.8 billion) in loans to 34 creditor banks. Liquidators RSM Nelson Wheeler confirmed a winding up order was issued on Monday against Zhu Kuan Group and Zhu Kuan (Hong Kong), the parent of Hong Kong-listed Zhu Kuan Development. There are a total of 50 companies in the Zhu Kuan group, 17 of these in based in Hong Kong. The companies have diverse interests, from infrastructure and engineering to maritime, land transport and water parks. Monday's proceedings started the motion of officially dividing the company's assets to its creditors. However, creditors have not ruled out the possibility that there will be a future settlement with the Zhuhai government. Liquidators must now take on the ugly task of getting back the assets in Hong Kong, Macau and Zhuhai, with more than HK$4 billion owed by the Zhuhai government. Zhu Kuan has not released any official statement regarding the ruling. However, it did not discount the debt involved in Monday's hearing. Creditors of Zhu Kuan had already taken steps back in August last year to protect the group's asset after the restructuring program in 1998 fell apart. * Big Four to Suffer if Rates Increase -------------------------------------- Industrial and Commercial Bank of China, Bank of China, China Construction Bank and the Agricultural Bank of China, collectively known as the Big Four, is said to become possibly the first sufferers if interest rates increase due to its majority bon holdings, according to The Standard. Collectively, the Big Four is estimated to own CNY2.4 trillion (HK$2.26 trillion) in bonds of various sorts, the value of which will fall as rates increase. Although falling bond prices will not directly affect the bank's cash flow as its interest payment will remain, the increased rates could however wipe out most, if not all the reported profits of China's biggest lenders. Bank of China (BOC) and China Construction Bank (CCB) are most likely to be affected by this as both intend to sell shares by next year. BOC and CCB, received a bail out from the government, have only begun its restructuring in order to lure investors. Premier Wen Jiabao and central bank governor Zhou Xiaochuan have both ruled out the possibility of an increase. Analysts, on the other hand, expressed a different opinion saying that China's interest rates are headed higher, especially if the economy recovers. Majority of the Big Four's assets comprise of government bonds, which come from China's immature state of financial system. The banks hold a disproportionate 77 percent share, making it difficult for them to sell the bonds in advance in case of a rate rise. CCB holds CNY826 billion worth of bonds and BOC with CNY758 billion. Industrial and Agricultural Bank both hold similar amounts. Shanghai Securities News believe that if the People's Bank of China boosts rates by only a quarter of a per cent, that will drive down the market value of long-term debt by 1.5 per cent. Therefore, despite the size of the banks holdings, any modest hike would create a big impact on reported profits, as any decline must be deducted against income that could result in a reduction in reported profits of CNY36 billion. BOC and Construction Bank have only gained CNY4.59 billion and CNY411 million respectively the past year. The reason is said to be the fast cash build up in their accounts. Deposits have reached CNY12 trillion, an amount that is expected to increase with the booming economy. However, banks have become cautious about lending to the Chinese government's austerity program, after restrictions imposed by the central bank. ================= I N D O N E S I A ================= BANK PERMATA: PPA To Announce Winning Bidder Tomorrow ----------------------------------------------------- The Indonesian government is set to receive final bids for a 51- percent stake in PT bank Permata today and announce the winning bidder tomorrow, Dow Jones relates. State-owned Asset Management Company (PPA) President Mohammad Sjahrial affirmed PPA will receive final bids from five short listed potential investors, including Malayan Banking Bhd, Singapore's United Overseas bank, and consortiums led by Malaysia's Commerce Bank, PT Bank Pan Indonesia, and Standard Chartered Bank and Astra International. Based on the preliminary bids, the government could generate up to IDR2.3 trillion from the sale. Meanwhile, Mr. Syarial expects that the five short listed bidders will make higher offers for Permata following a four- week examination into the bank's financial performance from last month. The government, which owns 71-percent of Bank Permata, will use the proceeds from the divestment to plug the country's 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: Bank Panin Units Join Bid for 51% Stake ----------------------------------------------------- Two units of Bank Panin, PT Panin Insurance and PT Panin Life, have decided to join a consortium consisting of its parent company and ANZ Limited to bid for a 51-percent stake in bank Permata, says The Jakarta Post. Both companies agreed to participate in the tender for the government's controlling stake in Permata amid calls from state Asset Management Company (PPA) for the consortium to increase its capital reserves to sufficiently bid for Permata. "We've informed the shareholders that we are currently joining the Panin consortium to bid for Permata," said both Panin Insurance and Panin Life in their report to the Jakarta Stock Exchange (JSX). Bank Panin could have difficulty generating funds to acquire Permata because of its limited capital and the central bank regulation that limits the size of a bank's divestment in a single entity to not more than 10 percent of net equity. As of June, the bank's equity stood at IDR1.6 trillion (US$177 million) with assets valued at IDR21.3 trillion. The equity is likely far from enough to acquire Permata despite a contribution from ANZ, which has a 29 percent stake in Panin. The government, via PPA, plans to divest a 51-percent stake in Permata to strategic investors late this year. Five bidders have been short-listed and have recently presented their business plans for Permata in a due diligence session at the PPA office. BUMI RESOURCES: Secures US$385 Mln Loan --------------------------------------- PT Bumi Resources (JSE:BUMI) has obtained a US$385 million loan from a syndicate of 24 Asian and European banks, Asia Pulse says. The coal miner's President, Arie Hudaja, confirmed the loan fund will be used to repay debts to four foreign banks due in the next to years. The debts to the four banks were used to acquire Kaltim Prima Coal. Mr. Arie said refinancing the debt before maturity will save the firm from paying a higher interest rate. He pointed out that the previous loan carries an annual interest rate of 12 percent compared to 6 percent on the new loan. Including tax, the early repayment will save the company US$25 million a year. CONTACT: Pt Bumi Resources Terbuka Jl HR Rasuna Said Kav C-5 Wisma Bumiputera, Lantai 3 Jakarta 12940 Indonesia Phone: +62 21 521 3131 Fax: +62 21 521 3737/3738 Web site: http://www.bumiresources.com/ PERTAMINA: Mulls Purchase of 240,000 Bbl Jet A-1 for November ------------------------------------------------------------- PT Pertamina (PTM.YY) is planning to purchase two jet A-1 cargoes containing 240,000 barrels for November delivery in its latest import tenders, says Dow Jones. The state oil and gas firm seeks two cargoes of 120,000 bbl each of jet to be delivered to Jakarta on November 4-6 and November 18-20. The tender closes on October 7 and is valid for two days. Pertamina, which decided not to buy fuel oil for October delivery, last purchased oil for a September delivery cargo of 210,000 bbl, 140 cst fuel oil from Petco, a trading arm of Petronas (PET.YY). Meanwhile, traders affirmed Pertamina has no requirement to buy high-sulfur oil in the November import tender. Any requirements for other oil products such as gasoil and gasoline haven't been confirmed, but there is a strong indication that there were none of these products. 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 ========= FUJITSU LIMITED: Succeeds in Hi-precision, Hi-speed BioServer ------------------------------------------------------------- Fujitsu announced October 1 that, in collaboration with Fujitsu Laboratories, it has successfully calculated the binding energy of protein and drug candidates highly accurately and at high speeds, using its proprietary massively parallel simulation server BioServer, says the Japan Corporate News Network. The latest success confirms the possibility of in-silico drug design, a drug design simulation without having to conduct vitro experiments. Moreover, it will lead to the further acceleration of the development of various drugs including immunosuppressive and anti-aging agents. Detailed research results were already presented at the International Conference on Biological Physics 2004, held in Sweden in August. CONTACT: Fujitsu Limited 1-1, Kami-kodanaka 4-Chome Marunouchi Center Building Nakahara-ku, Kawasaki-City 211-0053, Kanagawa 100-8211 Japan Phone: +81 44 777 1111 Fax: +81 3 32169365 Web site: http://www.fujitsu.com/ HANNOU KAIHATSU: Enters Bankruptcy ---------------------------------- Golf course developer Hannou Kaihatsu K.K. has entered bankruptcy with total liabilities of US$175 million. The company is located in Hannou-shi, Saitama 357-0068. For more information, visit http://www.teikoku.com/. KOBE STEEL: Strengthens Welding Alliance with JFE Steel ------------------------------------------------------- Kobe Steel, Ltd. and JFE Steel Corporation announced Tuesday that they have reached a basic agreement that will further strengthen their ongoing alliance in the welding business. Their joint venture, KOBE JFE Welding Co., Ltd., will become a wholly owned subsidiary of Kobe Steel. Kobe Steel currently holds an 80% share in KOBE JFE Welding, while JFE Steel has 20%. In addition, the JFE Steel Group plans to transfer 80% of its entire equity held in JFE Welding Rod Co., Ltd., a JFE Steel Group company that markets welding consumables, to Kobe Steel. Both changes will take place on April 1, 2005. In July 2002, Kobe Steel and JFE Steel began to collaborate in the research and development of welding consumables in order to strengthen and further develop their welding businesses. On October 1, 2003, they established KOBE JFE Welding Co., Ltd., which began consignment production of solid welding wires. The alliance provides Kobe Steel and JFE Steel with adequate preparation time to transfer original technology for welding consumables. As a result, the production of solid welding wires will be consolidated to Kobe Steel and KOBE JFE Welding, allowing JFE Steel to close down its Chiba district welding plant at its East Japan Works at the end of March 2005. JFE Welding Rod will continue to supply welding consumables to the shipbuilding, steel structure, automotive and numerous other customers. Profile of Kobe Steel's Welding Business Sales: Roughly JPY40 billion (fiscal 2003) Products: Covered welding rods, solid welding wires, flux-cored welding wires, submerged arc welding wires and fluxes, welding robots and systems Facilities: Ibaraki Plant (Osaka), Saijo Plant (Hiroshima), Fujisawa Industrial Operations (Kanagawa) Overseas locations: Thailand, Singapore, Malaysia, Indonesia, United States, South Korea, Netherlands, China Business scope: Integrated business covering R&D, production and marketing Employees: 508 (fiscal 2003) Profile of KOBE JFE Welding Co., Ltd. Established: October 2003 President: Isao Aida (concurrently managing director at Kobe Steel) Capital: JPY250 million (as of March 31,2004) Equity share: Kobe Steel 80%, JFE Steel 20% Sales: JPY2,924 million (second-half fiscal 2003) Business: Production of welding consumables Employees: Approximately 150 (as of March 31, 2004) Profile of JFE Welding Rod Co., Ltd. Established: March 1954 President: Takumi Ishizaki Capital: JPY80 million (at March 31, 2004) Equity Share: JFE Steel 59.2%, JFE Shoji Trading Corporation 40.8% Sales: JPY4,758 million (fiscal 2003) Business: Sale of welding consumables Employees: 40 (at March 31, 2004) About Kobe Steel, Ltd. Kobe Steel, Ltd. (TSE: 5406) is one of Japan's leading steel makers and producers of aluminum and copper products. Other businesses include welding consumables, infrastructure and plant engineering, machinery, and real estate. About JFE Holdings JFE Holdings (TSE: 5411) is the second largest Japanese steel maker and manufactures steel products such as bars, pipes, steel frames, tubes and stainless steel for the automotive, construction, and petroleum industries. The "J" in JFE stands for "Japan"; "F" is for "Fe," the chemical symbol for "iron"; and "E" stands for "engineering." JFE Holdings dissolved its subsidiaries in 2003 and Kawasaki Steel and NKK combined them into the following business segments: steel, engineering, urban development, semiconductors, and research and development. CONTACT: Kobe Steel, Ltd. Publicity Group 9-12 Kita-Shinagawa 5-chome Shinagawa-ku, Tokyo 141-8688 Japan Phone: +81 (0)3 5739-6010 Fax: +81 (0)3 5739-5971 E-mail: www-admin@kobelco.co.jp Web site: http://www.kobelco.co.jp JFE Steel Corporation Public Relations Sec. Tel +81 (0)3 3597-3166 Fax +81 (0)3 3597-4911 MITSUBISHI MOTORS: Ex-Chief Pleads Innocent in Fatal Crash Case --------------------------------------------------------------- The former chief of Mitsubishi Motors Corporation (MMC) denied charges of professional negligence in a fatal crash that was allegedly caused by faulty design, reports the Associated Press. Katsuhiko Kawasoe, who served as MMC's president four years ago, pleaded innocent at the Yokohoma District Court at his opening trial. Mr. Kawasoe admitted the struggling automaker had for decades hid vehicle defects from authorities. Earlier this year, MMC and its former truck unit Mitsubishi Fuso Truck and Bus Corporation stunned the Japanese public when they revealed they continued to hide design problems since 2000. The admissions sent Mitsubishi car sales plummeting. Prosecutors claimed Mr. Kawasoe, former Mitsubishi Fuso Chairman Takashi Usami, former executive overseeing truck operations Yuzo Murata and former head of quality control Tatasuro Nakagami knew of a clutch design-defect for several years but failed to report it to the Ministry of Transport or take necessary measures to ensure safety. The defect is suspected in the October 2002 accident in southwestern Japan that killed a 39-year-old driver, who crashed into a concrete embankment after his brakes failed. Mr. Kawasoe's follows another hearing that opened last month against two former Mitsubishi officials accused of professional negligence in a January 2002 fatal accident, in which a wheel flew off a Mitsubishi truck and crushed a pedestrian. The charge of professional negligence resulting in death carries a maximum penalty of up to five years in prison or fines of JPY500,000 (US$4,500) upon conviction. CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo, 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0014 Web site: http://www.mitsubishi-motors.co.jp MITSUBISHI MOTORS: Comments on First Trial of Ex President ---------------------------------------------------------- Mitsubishi Motors Corporation, through its Chairman and CEO Yoichiro Okazaki, issued the following statement concerning the first public hearing involving a former president: "(Yesterday), public trials regarding the October 2002 accident caused by the failed clutch housing of a Fuso heavy-duty truck have begun. I once again offer my sincere regrets to the bereaved family and the prayer that the soul of the victim may rest in peace. "We, as a company, take very seriously the accusation of one of our former presidents in this case. As the trial progresses, we believe more facts concerning the case will become clear. We will follow the case closely, and will pay close attention to the outcome. "Regardless of the fact that this trial involves several individuals, the fact that concealed recall information contributed to this accident has made us realize the importance of corporate social responsibility. As part of this responsibility, we will comply fully with the wishes of the bereaved family. "Presently, as we promote post-market measures, we are also accelerating our internal investigation into the recall problems of the year 2000, which is being conducted by lawyers outside of the company, and we will treat those responsible in an appropriate manner. Through these activities, we will make efforts to prevent future recurrences, reform company quality and promote traffic safety." MITSUBISHI MOTORS: Details Progress on Past Recalls Probe --------------------------------------------------------- In a press release dated October 6 published in its website, Mitsubishi Motors Corporation issued the following statement regarding the progress of the investigation into the causes of past recalls: "We sincerely apologize for the worry and anxiety caused to society as a result of the past recall problem. "In order to achieve the goal of business revitalization under the new management, we determined that it was essential to launch an investigation into the reasons for the past recall problems, and to take steps in order to prevent such incidents from happening a second time. To achieve this, a team of lawyers from outside the company was established, which is thoroughly studying the decision-making processes and the negative corporate culture at the time of the 2000 recall problem. "Since July 6th 2004, a team of thirteen lawyers from outside the company began investigating the origins and the sequence of events of the recall problem. According to the team, relevant documents and trial papers have been studied and testimony from several of the persons mainly involved in the issue in 2000 has been heard a number of times. With regard to the Mitsubishi Fuso Truck and Bus Company hub and clutch housing problems, a group of nine lawyers from within the same group of thirteen are investigating the issue. The company is cooperating fully with the legal team in its investigation by providing documents and testimony, and it is our sincere wish that the investigation proceed without limits and with impartiality. "The team of outside lawyers is planning to continuously investigate, to determine the process that lead to the problem, to hold meetings with former executives and to learn more about the circumstances during that period. Provided that the team does not find any new matters that require further investigation, the company expects to receive their report at the end of December this year. Once we have received their final report, the company will present their report to the Business Ethics Committee and we will determine who was responsible and take appropriate measures as necessary. We will make a public announcement concerning these issues as soon as possible, while observing the proceedings of the trial that is currently in progress." NISSAN MOTOR: To Recall 26,077 Cars ----------------------------------- Nissan Motor has notified the transport ministry that it is recalling 26,077 vehicles including about 100 in the United States for free repair of defective brake lights and faulty bolts in the car's propeller shaft, relates the Associated Press. Subject to recalls are the Cima, President, Skyline sedans and Stagea wagons manufactured in Japan between December 2000 and June 2004. Of the vehicles in question, 25,977 were sold in Japan. Transport Ministry spokesman Toshihiko Kude said a loosened bolt could cause the propeller shaft linked to the front wheel to come off. That defect affects most of Nissan's cars in the recall. The remaining 259 cars, including 100 Cima models exported to the U.S., had a faulty brake light resulting from the use of a different lubricant oil production. CONTACT: Nissan Motor Co., Ltd. 17-1, Ginza 6-chome, Chuo-ku Tokyo, 104-8023, Japan Phone: +81-3-3543-5523 Fax: +81-3-5565-2228 Web site: http://www.nissan-global.com OGAWA DENKI: Declared Bankrupt ------------------------------ Industrial plastic product manufacturer Ogawa Denki K.K. has been declared bankrupt, Teikoku Databank America says. The firm, headquartered in Koka-gun, Shiga 529-1833, has total liabilities of US$25 million. For more information, visit http://www.teikoku.com/. TOSHIBA CORPORATION: To Initiate Steps to Aid AV Businesses ----------------------------------------------------------- Toshiba Corporation has announced in a press release that it will be initiating a series of steps to enhance its audio-visual (AV) business and to support positioning of the business as a pillar for profit generation by fiscal 2006. This is one of the central goals of the mid-term business plan that Toshiba announced in April 2004. The measures are designed to strengthen innovative product lines and to promote overall capabilities in four areas: AV product reinforcement; sales, service and support; development and manufacturing; and new business cultivation and promotion. CONTACT: Toshiba Corporation 1-1, Shibaura 1-chome, Minato-ku Tokyo, 105-8001, Japan Phone: +81-3-3457-4511 Fax: +81-3-3455-1631 Web site: http://www.toshiba.com TOSHITOKU KISEN: Faces Insolvency --------------------------------- Toshitoku Kisen K.K, a firm engaged in marine vessels rentals, has entered bankruptcy, according to Teikoku Databank America. The company based in Shimonoseki-shi, Yamaguchi 750-0066, left total liabilities worth US$38.33 million. For more information, visit http://www.teikoku.com/. ========= K O R E A ========= KOREA EXCHANGE: Labor Union Says Job Cut is Illegal --------------------------------------------------- Some 900 Korea Exchange Bank jobs may be cut starting next week, reports the Digital Chosunilbo. The bank sent a proposal to the union last month outlining improvements to the personnel system and asking union members to participate in restructuring talks. The proposal states that the bank's workforce is bloated by 900 redundant jobs. The bank offers an additional 18 months in compensation wages for voluntary retirees, the same offer employees of KB Card got when the credit card company was merged in February. The union argues that the bank's attempt to lay off employees is illegal. The labor union says that forcing the bank employees to retire voluntarily amounts to a camouflaged layoff. Labor and management at KEB have negotiated the company's restructuring for about one month now, but have failed to find common ground, with the union arguing that the workforce is not too large and management arguing the opposite. KEB reported a KRW258.7 billion if profits in the first half of this year. CONTACT: Korea Exchange Bank (Exchange: Korea) 181 2-ga Ulchiro, Chung-gu Seoul, 100-793, South Korea Phone: +82-2-729-8000 Fax: +82-2-752-3141 Web site: http://www.keb.co.kr/english/index.htm SK NETWORKS: Share Reduction Plan Gains Creditors' Approval ----------------------------------------------------------- Creditors of SK Networks Co. Ltd. have approved the company's plan to reduce share capital by 71 percent, according to Reuters. More than 75 percent of the creditors favored SK Network's proposal to merge every 35 shares into 10. The share reduction plan is part of a creditor-led restructuring following an accounting scandal last year, which pushed the company to the verge of bankruptcy. SK Networks disclosed to the Korea Stock Exchange at the end of last month that it was planning a stock split to lower the face value of the shares by half to 2,500 won apiece. In South Korea, creditors restructuring an indebted company usually sharply reduce its share capital to clean up the company's books and lower existing shareholders' stakes before injecting fresh cash. SK Networks reported a KRW4.25 trillion ($3.70 billion) in liabilities and KRW4.64 trillion in assets as of end June. CONTACT: SK Networks Co. Head Office 199-15, Euljiro-2Ga, Jung-Gu, Seoul, Korea 100-192, Tel: 82-2-2221-2114 Fax: 82-2-754-9414 E-mail: webmaster@sknetworks.co.kr =============== M A L A Y S I A =============== ANCOM BERHAD: Purchases 12,000 Ordinary Shares on Buy Back ---------------------------------------------------------- Ancom Berhad disclosed the details of its shares buy back on October 5, 2004. Date of buy back: 05/10/2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 12,000 Minimum price paid for each share purchased (RM): 0.795 Maximum price paid for each share purchased (RM): 0.800 Total consideration paid (RM): Number of shares purchased retained in treasury (units): 12,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 5,046,000 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 Web site: http://www.ancom.com.my BERJAYA GROUP: AGM Set For October 28 ------------------------------------- Notice is hereby given that the 36th Annual General Meeting (AGM) of Berjaya Group Berhad will be held at Perdana Ballroom, Bukit Jalil Golf & Country Resort, Jalan 3/155B, Bukit Jalil, 57000 Kuala Lumpur on Thursday, 28 October 2004 at 10:30 a.m. For a full copy of the AGM Notice, go to http://bankrupt.com/misc/tcrap_berjaya1006.doc CONTACT: Berjaya Group Berhad Co. 11th Fl., Menara Berjaya, KL Plaza, 179, Jalan Bukit Bintang 55100 Kuala Lumpur, Malaysia Phone: +60-3-2935-8888 Fax: +60-3-2935-8043 CHG INDUSTRIES: Issues Restructuring Scheme Update -------------------------------------------------- Further to the announcement on 2 September 2004, CHG Industries Berhad is presently preparing for the applications on the Proposed Debt and Corporate Restructuring Scheme to the relevant authorities. 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 Bursa Malaysia Securities Berhad announcement is dated 5 October 2004. DATAPREP HOLDINGS: Unveils New Placement of Shares -------------------------------------------------- Further to the announcements dated 30 June 2004 and 3 August 2004, the Board of Directors of Dataprep Holdings Berhad announced that Bursa Malaysia Securities Berhad had granted its approval-in-principle for additional listing of and quotation for up to 6,400,000 new Placement Shares to be issued pursuant to the Proposed private placement of up to 6,400,000 new ordinary shares of RM1.00 each in the Company (Placement Shares), representing approximately 10% of the issued and paid- up share capital of the Company. CONTACT: Dataprep Holdings Berhad Lot 69-73, Jalan Setiabakti Bandar Damansara 50490 Kuala Lumpur, WP Malaysia Tel no: 603-2539625 Fax no: 603-2539620 This announcement is dated 5 October 2004. FURQAN BUSINESS: Unit Issues Debt Payment Notice ------------------------------------------------ The Board of Directors of Furqan Business Organisation Berhad announced that on 20 September 2004, its unit Broadland Construction Sdn. Bhd. (BCSB) had been served with a copy of the Notice pursuant to Section 218 of the Companies Act, 1965 dated 17 September 2004 in respect of the payment of RM200,658.81 due to M-Pile Resources Sdn. Bhd. by BCSB. The Company is seeking legal advise on the matter. CONTACT: Furqan Business Organisation Berhad 247 Jalan Tun Razak Kuala Lumpur, KUALA LUMPUR 50400 Malaysia +60 3 2148 9999 +60 3 2148 9992 GEAHIN ENGINEERING: Issues Restructuring Scheme Update ------------------------------------------------------ Geahin Engineering Berhad refers to the announcements dated 30 December 2002 and 2 January 2004 in relation to its proposed restructuring scheme. On behalf of Geahin, Public Merchant Bank announced that the Securities Commission had vide its letter dated 4 October 2004, approved Geahin's application for an extension of time of an additional two (2) months up to 30 November 2004, to complete the proposed restructuring scheme. CONTACT: Geahin Engineering Berhad 8999 Kawasan Perindustrian Batu Berendam (Fasa IV) Batu Berendam 75350 Melaka Telephone: 06-2819998 Fax: 06-2813988 Website: www.mssa.org.my/geahin GOLDEN PLUS: Updates Winding Up Petition ---------------------------------------- Golden Plus Holdings Berhad (GPHB) had on 4 October 2004 received a notice from its solicitors informing that Messrs Henry Soong & Chang, solicitors for the petitioner, Meng Kee Lime Products Trading has filed a Notice of Discontinuance (dated 22 September 2004) with the High Court of Malaya at Kuala Lumpur for discontinuing the action of the winding-up of its unit Golden Plus Builders Sdn Bhd. This announcement is dated 5 October 2004 HAP SENG: Unit Faces Winding Up Petition ---------------------------------------- Forward Supreme Sdn Berhad (FSSB), a wholly owned subsidiary of Hap Seng Consolidated Berhad (HSCB), has been placed under members' voluntary winding up following the passing of a Special Resolution on 5 October 2004. FSSB was incorporated on 5 October 2000 for the purpose of holding trademarks. The authorized and paid-up capital of FSSB is RM47,247.00. FSSB had been dormant since 2002 and has no plans to re-commence business in the future. The winding-up of FSSB will not have any financial and operational material impact on HSCB. CONTACT: Hap Seng Consolidated Berhad No 1A Jalan 205 Petaling Jaya, Selangor Darul Ehsan 46050 MALAYSIA +60 3 7783 9888 +60 3 7781 6305 This announcement is dated 5 October 2004. HUME INDUSTRIES: Disposes Of 2,895,000 Ordinary Shares in Tasek --------------------------------------------------------------- On September 30, 2004, Hume Industries (Malaysia) Berhad disposed of 2,895,000 ordinary shares of RM1.00 each in Tasek Corporation Berhad. The shares were disposed of to Lydale Pte Ltd, a wholly owned subsidiary of Hong Leong Asia Ltd, which in turn is a subsidiary of Hong Leong Investment Holdings Pte Ltd (HLIH). HLIH, Mr. Kwek Leng Beng, Kwek Holdings Pte Ltd and Davos Investment Holdings Private Limited are also deemed substantial shareholders of HIMB and Tasek Corporation Berhad. Save as disclosed herein and in our announcement of 30 September 2004, the Company is not aware of any of its other Directors, substantial shareholders and persons connected with them, having any interest, direct or indirect, in the Disposal. CONTACT: Hume Industries (Malaysia) Berhad 18 Jalan Perak Kuala Lumpur, 50450 MALAYSIA +60 3 2164 2631 +60 3 2164 2514 This announcement is dated 4 October 2004. I-BERHAD: Issues Book Closure Notice ------------------------------------ I-Berhad disclosed to Bursa Malaysia Securities Berhad a notice of Book Closure relating to the Company's Fifth Interest Payment on RM40,392,000 nominal value of 5% Irredeemable Convertible Unsecured Loan Stocks 2002/2007 (ICULS) for the period from 2 May 2004 to 1 November 2004. 1) The Company's securities will be traded and quoted [Ex - Interest] as from: [19 October 2004] 2) The last date of filing: [21 October 2004] 3) Date Payable: [1 November 2004] MEDAS CORP: SC OKs Proposed Exemption From Mandatory Offer ---------------------------------------------------------- Further to the announcement dated 30 March 2004, Avenue Securities Sdn Bhd on behalf of the Board of Directors of Medas Corporation Berhad announced that the Securities Commission (SC) has, via its letter dated 5 October 2004, approved the Proposed Exemption From Mandatory Offer. In connection with the above, the Parties Acting In Concert (as define therein) are required to inform the SC whenever the Parties Acting In Concert deal in the Gromutual Shares for a period of twelve (12) months after SC's approval for the Proposed Exemption From Mandatory Offer, as provided for, under paragraph 11 of Practice Note 2.9.1 of the Malaysian Code on Takeovers and Mergers. The proposed restructuring scheme is as follows: Proposed Capital Reconstruction; Proposed Acquisition Of The Emerald Group; Proposed Exemption From Mandatory Offer; Proposed Private Placement; Proposed Disposal Of Medas; And Proposed Listing Transfer CONTACT: Medas Corporation Berhad Esprit Management Services Sdn Bhd 3rd Floor, No. 17 Jalan Ipoh Kecil 50350 Kuala Lumur Tel: 03-4044 3235 Fax: 03-4041 3959 This announcement is dated 5 October 2004. MTD CAPITAL: Posts Shares Buy Back Notice ----------------------------------------- MTD Capital announced the details of its shares buy back on October 5, 2004. Date of buy back: 05/10/2004 Description of shares purchased: Ordinary shares of RM1/- each Total number of shares purchased (units): 200,000 Minimum price paid for each share purchased (RM): 2.530 Maximum price paid for each share purchased (RM): 2.550 Total consideration paid (RM): 509,960.00 Number of shares purchased retained in treasury (units): 200,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 3,697,200 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 NAIM INDAH: Granted Listing of 1,297,300 Ordinary Shares -------------------------------------------------------- Naim Indah Corporation Berhad's additional 1,297,300 new ordinary shares of RM0.20 each arising from the conversion of 1,297,300 nominal value of RM0.20 irredeemable convertible unsecured loan stocks into 1,297,300 new ordinary shares will be granted listing and quotation with effect from 9 a.m., Thursday, 7 October 2004. CONTACT: Naim Indah Corporation Berhad Jalan Kampar Off Jalan Tun Razak 50400 Kuala Lumpur Malaysia Phone: +60 3 4043 9411 PILECON ENGINEERING: Unit's Default Status Unchanged ---------------------------------------------------- Pilecon Engineering Berhad announced that there have been no changes to the default status of its subsidiary Transbay Ventures Sdn Bhd (TVSB) pursuant to the Practice Note 1/2001 of the Bursa Malaysia Securities Berhad Listing Requirements. CONTACT: Pilecon Engineering Berhad No. 2, Jalan U1/26 Seksyen U1, Hicom-Glenmarie Industrial Park, Shah Alam, Selangor Darul Ehsan 40000 Malaysia Telephone: (603) 704-1888 RHB CAPITAL: Monthly Disclosure Pursuant To Paragraph 5.11(2) ------------------------------------------------------------- On behalf of Rashid Hussain Berhad, RHB Capital Berhad announced the movement of the Call Warrants 2003/2007 up to 30 September 2004 pursuant to Paragraph 5.11(2) of the Bursa Malaysia Securities Berhad Listing Requirements as follows: Particulars Number of Call Warrants 2003/2007 The number of Call Warrants Nil 2003/2007 exercised during the month of September 2004 The cumulative number of Nil Call Warrants 2003/2007 exercised up to 30 September 2004 The number of Call 340,438,934 Warrants 2003/2007 outstanding as at 30 September 2004 CONTACT: Rhb Capital Berhad Jalan Tun Razak Kuala Lumpur, 50400 MALAYSIA +60 3 9287 8888 +60 3 9280 6507 This announcement is dated 5 October 2004. ===================== P H I L I P P I N E S ===================== NEGROS NAVIGATION: Court OKs Rehab Plan --------------------------------------- The court has approved on Tuesday the 10-year corporate rehabilitation plan of debt-ridden shipping firm Negros Navigation Corporation (Nenaco), the Business World reports. Judge Artermio S. Tipon said the liquidation scenario will only account for 80 percent of the shipping firm's debts, lead to the loss of more than 1,000 jobs, and permit one shipping firm to monopolize the domestic shipping industry. The Company filed for corporate rehabilitation on March 29, 2004. Its debts had hit PhP2.5 billion and the firm said its financial woes could be traced to a decrease in passenger volume and to the 1997 Asian financial crisis, which increased interest rates and operating costs. Nenaco currently operates nine vessels versus the 20 vessels run by leading shipping firm Aboitiz Transport Services Co. CONTACT: Negros Navigation Co. Inc. Pier II, North Harbor Tondo, Manila Telephone Number: 245-5588 Fax Number: 245-0780 (Telefax) Email Address: nnwebmaster@surfshop.net.ph Website: http://www.nenaco.com.ph PUERTO AZUL: Php1.4B Outstanding Debts Granted Reprieve ------------------------------------------------------- Judge Enrico A. Lanzanas of the Manila trial court has granted debt-saddled resort operator Puerto Azul Land Inc. a reprieve of Php1.4 billion in liabilities, the Business World reports. The directive effectively bars Puerto Azul creditors, particularly listed Export and Industry Bank, Inc., from enforcing its claims whether through a collection suit or other legal ways to compel payment. Judge Lanzanas also set the initial meeting of Puerto Azul with its creditors on November 10. He ordered the firm's creditors and other interested parties, including the Securities and Exchange Commission to file their position papers at least 10 days from the hearing date. Puerto Azul is the owner and developer of the Puerto Azul complex in Ternate, Cavite, which the company was supposed to transform into a satellite city and a tourist destination. PUERTO AZUL: Creditor Seeks To Replace Receiver ----------------------------------------------- Export and Industry Bank, Inc. (Exportbank) has requested the court to replace Puerto Azul Land Inc.'s rehabilitation receiver Patrick V. Caoile, as his expertise lies on mining, and not on corporate rehabilitation, the Business World reports. Exportbank instead asked for the appointment of lawyer Manuel D. Yngson Jr., which is the rehabilitation receiver of Grand Boulevard, formerly Silahis Hotel International. Further, Exportbank asked the court to consider its choice, emphasizing that Mr. Caoile was turned down by another court when he was nominated as rehabilitation receiver of Grand Boulevard. UNITED COCONUT: First Sovereign Buys Bad Assets Worth Php13.6B -------------------------------------------------------------- First Sovereign Funds Corp., a foreign asset management company (AMC), has acquired United Coconut Planters Bank's (UCPB) bad assets worth Php13.6 billion, The Philippine Star reports. The deal was a purely ROPOA (real and other properties owned or acquired) package. UCPB President and Chief Executive Officer Jose L. Querubin said the sale would reduce by more than 55 percent the bank's ROPOA level. Querubin said the bank's financial advisor, PricewaterhouseCoopers, legal counsel SyCip Salazar Hernandez & Gatmaitan Law Office, and First Sovereign Funds "are now working out the finer details of the agreement and expect to be able to close the transaction before the April 8, 2005 deadline mandated under the Special Purpose Vehicle (SPV) Act of 2002." CONTACT: United Coconut Planters Bank UCPB Head Office 7907 Makati Ave., Makati City Telephone No: (632) 811-9000 Customer Service: Customer Relations Center 12/F UCPB Bldg. 7907 Makati Ave., Makati City Telephone No: (632) 811-9111 Email Address: crc@ucpb.com * State-owned Firms Seen Posting Php131B Losses ----------------------------------------------- Forty-nine government-owned corporations (GOCCs) and government financial institutions (GFIs) will post a combined net loss of PhP131.16 billion at the end of this year, reports the Business World. Consequently, some of these GOCCs and GFIs will require some PhP13.7 billion in subsidies from the National Government to keep them afloat this year, Camarines Sur Rep. Rolando G. Andaya, Jr. said in a statement. The National Food Authority, which is expected to post a loss of PhP14.552 billion by yearend, almost double the PhP7.585 billion recorded at the end of 2003. The Light Rail Transit Authority, Philippine National Oil Co., National Home Mortgage and Finance Corp., Technology and Livelihood Resource Center, National Tobacco Administration and Philippine Television Network. Inc. will similarly incur losses, although substantially less or just a little more than what they incurred in 2003. These are among 15 losing GOCCs and GFIs that Budget Secretary Emilia T. Boncodin has warned to shape up or else they will be abolished. ================= S I N G A P O R E ================= CHUNGSING HOLDINGS: Faces Winding Up Proceedings ------------------------------------------------ In the Matter of Chungsing Holdings Pte Ltd, a Winding Up Order was made on the 24th day of September 2004. Name and Address of Liquidator: Official Receiver The Insolvency Service Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated this 24th day of September 2004 Messrs Wong Yoong Phin & Co Solicitors for the Petitioner This Singapore Government Gazette notice is dated October 1, 2004. CONTECH REALTY: Final Meeting Slated for November 2 --------------------------------------------------- Notice is hereby given that the Final General Meeting of the members of Contech Realty Pte Ltd will be held at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 on 2nd November 2004 at 10.00 am for the following purposes: (1) To receive an account from the Liquidators showing the manner in which the winding up has been conducted and the property of the Company disposed of and to hear any explanations that may be given by the Liquidators. (2) To determine by resolution the manner in which the books, accounts and documents of the Company and of the Liquidators, shall be disposed of. Dated this 1st day of October 2004. Kon Yin Tong Wong Kian Kok William Caven Hutchison Joint Liquidators Note: A member entitled to attend and vote at the General Meeting is entitled to appoint a proxy to attend and vote in his stead. All proxies should be deposited at the Liquidators' Office not less than forty-eight hours before the time for holding the meeting or any adjournment thereof. A proxy need not be a member of the Company. This Singapore Government Gazette notice is dated October 1, 2004. HIAP HENG: Winding Up Order Made -------------------------------- In the Matter of Hiap Heng Chng (Singapore) Private Limited, a Winding Up Order was made on the 24th day of September 2004. Name and address of Liquidators: Ong Yew Huat and Seshadri Rajagopalan both of Messrs Ernst & Young 10 Collyer Quay #21-01 Ocean Building Singapore 049315 Drew & Napier Llc Solicitors for the Petitioner (a) All creditors of the above named company should file their proof of debt with the Liquidator who will be administering all affairs of the company. (b) All debts due to the above named company should be forwarded to the Liquidator. This Singapore Government Gazette notice is dated October 1, 2004. INFORMATICS HOLDINGS: Shareholder's Interest Changes ---------------------------------------------------- Informatics Holdings Ltd. released a notice on September 4 at the Singapore Stock Exchange pertaining to the change in the Percentage Level of Chip Lian Private Limited's interest. Part I (1) Date of notice to issuer: October 04, 2004 (2) Name of Substantial Shareholder: Chip Lian 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: October 04, 2004 (2) The change in the percentage level: From 6.63% to 13.71% (3) Circumstance(s) giving rise to the interest or change in interest: Others Please specify details: Subscription of Rights Share representing : (i) Chip Lian Investments Pte Ltd entitlement under the right issue (ii) Entitlements renounced by Dr Wong Tai and Mr. Ong Boon Kheng "CLI" is a wholly-owned subsidiary of Chip Lian. By virtue of Section 7 of the Companies Act (Chapter 50), Chip Lian is deemed to be interested in the shares of the company by CLI. (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. The change in percentage level is the result of the transaction described above. Part IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 26,009,000 % of issued share capital: 6.63 No. of shares held after change: 53,742,314 % of issued share capital: 13.71 The above percentages are based on 392,000,000 issued shares as at 4 October 2004 and rounded to 2 decimal places. Any discrepancies in the percentage level and the totals thereof are due to rounding. Submitted by: Raymond Quek Hiong How Company Secretary INFORMATICS HOLDINGS: Reveals Change in Shareholder's Interest -------------------------------------------------------------- Informatics Holdings Ltd. released a notice on September 4 at the Singapore Stock Exchange pertaining to the change in the Percentage Level of Oei Hong Leong's interest. Part I (1) Date of notice to issuer: October 04, 2004 (2) Name of Substantial Shareholder: Oei Hong Leong (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: October 04, 2004 (2) The change in the percentage level: From 6.63% to 13.71% (3) Circumstance(s) giving rise to the interest or change in interest: Others Please specify details: Subscription of Rights Share representing: (i) Chip Lian Investments Pte Ltd entitlements under the rights issue (ii) Entitlements renounced by Dr. Wong Tai and Mr. Ong Boon Kheng OHL owns more than 50% of the issued share capital of Chip Lian Private Limited, which in turn holds 100% of the issued share capital of CLI. By virtue of Section 7 of the Companies Act (Chapter 50, OHL is deemed to be interested in the shares of the company held by CLI (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. The change in percentage level is the result of the transaction described above. Part IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 26,009,000 % of issued share capital: 6.63 No. of shares held after change: 53,742,314 % of issued share capital: 13.71 The above percentages are based on 392,000,000 issued shares as at 4 October 2004 and rounded to 2 decimal places. Any discrepancies in the percentage level and the totals thereof are due to rounding. Submitted by: Raymond Quek Hiong How Company Secretary PANPAC MEDIA: Declares Change in Shareholder's Interest ------------------------------------------------------- Panpac Media Group Limited released a notice on September 5 at the Singapore Stock Exchange pertaining to the change in the Percentage Level of Legg Mason Asset Management (Asia) Pte Ltd's interest. Part I (1) Date of notice to issuer: October 05, 2004 (2) Name of Substantial Shareholder: Legg Mason Asset Management (Asia) Pte Ltd (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: October 04, 2004 (2) The change in the percentage level: From 8.80% to 8.98% (3) Circumstance(s) giving rise to the interest or change in interest: Open market purchase (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. The change in percentage level is the result of a purchase of 848,000 shares on 4 October 2004. Part IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 41,045,000 % of issued share capital: 8.8 No. of shares held after change: 41,893,000 % of issued share capital: 8.98 Note: (1) The 41,045,000 shares held before the change refers to as follows: (a) 8,500,000 shares held by UOB Nominees Pte Ltd; (b) 1,170,000 shares held by DBS Nominees Pte Ltd; (c) 2,291,000 shares held by OCBC Nominees Pte Ltd; (d) 21,268,000 shares held by HSBC Nominees Pte Ltd; and (e) 7,816,000 shares held by Citibank Nominees Pte Ltd. (2) The 41,893,000 shares held after the change refers to as follows: (a) 8,500,000 shares by UOB Nominees Pte Ltd; (b) 1,170,000 shares by DBS Nominess Pte Ltd; (c) 2,438,000 Shares held by OCBC Nominees Pte Ltd; (d) 21,895,000 shares held by HSBC Nominees Pte Ltd; and (e) 7,890,000 shares held by Citibank Nominees Pte Ltd. (3) Percentage shareholding is calculated based on 466,614,031 shares in issue as at 4 October 2004. Submitted by: Ricky Ang Gee Hing Group MD & CEO PANPAC MEDIA: Posts Change in Shareholders Interest --------------------------------------------------- Panpac Media Group Limited released a notice on September 4 at the Singapore Stock Exchange pertaining to the change in the Percentage Level of Legg Mason Asset Management (Asia) Pte Ltd's interest. Part I (1) Date of notice to issuer: October 04, 2004 (2) Name of Substantial Shareholder: Legg Mason Asset Management (Asia) Pte Ltd (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: October 01, 2004 (2) The change in the percentage level: From 7.97% to 8.80% (3) Circumstance(s) giving rise to the interest or change in interest: Open market purchase (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. The change in percentage level is the result of a purchase of 3,865,000 shares on 1 October 2004. Part IV (1) Holdings of Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 37,180,000 % of issued share capital: 7.97 - No. of shares held after change: 41,045,000 % of issued share capital: 8.8 Notes: (1) The 37,180,000 shares held before the change refer to as follows: (a) 8,500,000 shares held by UOB Nominees Pte Ltd (b) 1,170,000 shares held by DBS Nominees Pte Ltd (c) 1,620,000 shares held by OCBC Nominees Pte Ltd (d) 18,413,000 shares held by HSBC Nominees Pte Ltd (e) 7,477,000 shares held by Citibank Nominees Pte Ltd (2) The 41,045,000 shares held after the change refers to as follows: (a) 8,500,000 shares held by UOB Nominees Pte Ltd (b) 1,170,000 shares held by DBS Nominees Pte Ltd (c) 2,291,000 shares held by OCBC Nominees Pte Ltd (d) 21,268,000 shares held by HSBC Nominees Pte Ltd (e) 7,816,000 shares held by Citibank Nominees Pte Ltd (3) Percentage shareholding is calculated based on 466,614,031 shares in issue as at 1 October 2004. Submitted by: Ricky Ang Gee Hing Group MD & CEO OSCELSING PRIVATE: Creditors Meeting Scheduled on October 19 ------------------------------------------------------------ Notice is hereby given that a meeting of the creditors of Oscelsing Private Limited will be held at 8 Cross Street, #17-00 PWC Building, Singapore 048424 on the 19th day of October 2004 at 10.00 o'clock (a.m.). Agenda: (1) To lay before the meeting a report of the liquidators showing how the winding up was conducted. (2) To approve the remuneration of the liquidators and disbursements. (3) To consider waiving claim against related company to facilitate early finalization of liquidation. (4) Any other matters. To entitle one to vote thereat your proof, if not already lodged, must be lodged with the undersigned not later than 12.00 o'clock (noon) on the 15th day of October 2004. Proxies to be used at the meeting must be lodged with the undersigned not later than 12.00 o'clock (noon) on the 15th day of October 2004. Dated this 1st day of October 2004. Address: c/o PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building Singapore 048424 Ramasamy Subramaniam Iyer Liquidator Oscelsing Private Limited (The statement of company's affairs has not been lodged) This Singapore Government Gazette notice is dated October 1, 2004. SOURCE ONE: Court Issues Winding Up Notice ------------------------------------------ In the Matter of Source One Opto-Acoustics Pte Ltd, a Winding Up Order was made on the 24th day of September 2004. Name and address of Liquidator: The Official Receiver of 45 Maxwell Road #06-11 The URA Centre, East Wing Singapore 069118. Drew & Napier Llc Solicitors for the Petitioner (a) All creditors of the above named company should file their proof of debt with the Liquidator who will be administering all affairs of the company. (b) All debts due to the above named company should be forwarded to the Liquidator. This Singapore Government Gazette notice is dated October 1, 2004. =============== T H A I L A N D =============== KRUNG THAI: New President Could be Named This Week -------------------------------------------------- The deputy governor of the central bank said the question on who will become Krung Thai Bank's (KTB) next president maybe answered later this week, Bangkok Post reported. According to Tarisa Watanagase, Bank of Thailand Governor, choosing KTB's next president has been long overdue. The deadline was supposed to be last September 30. "By this, I mean that all parties involved would have the same stance over the issue," Mr. Tarisa said. KTB board's approval on the reappointment of Viroj Nualkhair as President was opposed by the central bank saying Mr. Viroj should take responsibility for lending irregularities that led to a rise of THB46 billion in the bank's bad loans. CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Website: www.ktb.co.th NATURAL PARK: Unveils Resolution of Directors Meeting ----------------------------------------------------- Natural Park Public Company Limited held the Board of Directors Meeting No. 20/2004 on 5 October 2004 at 3:00 p.m. The Company informed the Stock Exchange of Thailand the resolutions of the Meeting. Item 1 The Meeting unanimously resolved to certify the Minutes of the Board of Directors Meeting No. 19/2004. Item 2 The Meeting unanimously resolved to request a shareholders meeting to consider and confirm the implementation of the shareholding and management restructuring plan (Restructuring Plan) in case that there is a sale of 625,000 ordinary shares of Pacific Avant Holding Company Limited (PAH) held by Pacific Meridian Resort Company Limited (PMR) as a subsidiary of Pacific Assets Public Company Limited, representing 50 percent of the registered capital of PAH to purchasers proposed by Avant Resort Limited Group under the Shareholders Agreement Re: Pacific Avant Holding, totaling Baht 1,620,000,000. Item 3 The Meeting unanimously resolved to appoint DS Prudential Management Company Limited as a financial advisor to provide additional opinions regarding the impact on the sale of ordinary shares of PAH under the Restructuring Plan. Item 4 The Meeting unanimously resolved to consider and approve the details of the Convertible Debentures in accordance with the resolution of the Extraordinary General Meeting of the Shareholders No. 1/2004 with the material features including the issuance amount of 350 units with the face value of US$100,000 in the total amount of US$35,000,000. The coupon rate is 4.0 percent per annum payable on semi-annual basis with the tenor 5 Years from the issue date. Collaterals of the Convertible Debentures are (a) Conditional assignment of leasehold right of land and Office Building (b) Conditional assignment of sub-lease agreement of space in Office Building (c) amend, change or perform any acts on insurance policy of leasehold rights of Office Building to add the bondholders representative as the co-insured and sole beneficiary. Item 5 The Meeting unanimously resolved to schedule the date of meeting and summoning of the Extraordinary General Meeting of Shareholders No. 2/2004 on 8 November 2004 at 9:00 a.m., whereas the location will be informed in the Invitation Letter , to consider the following agenda: Item 1 To consider and certify the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2004. Item 2 To consider and confirm the implementation of the shareholding and management restructuring plan of the Company approved by the Extraordinary Shareholders Meeting No. 1/2004 on 14 September 2004 in case that there is a sale of 625,000 ordinary shares of Pacific Avant Holding Company Limited held by Pacific Meridian Resort Company Limited as a subsidiary of Pacific Assets Public Company Limited totaling THB1,620,000,000 Item 3 Other matters (if any) Item 6 The Meeting unanimously resolved to close the register to suspend the share transfer of the Company and to determine the right to participate in the Extraordinary Shareholders Meeting from 20 October 2004 at noon until the Extraordinary Shareholders Meeting is finished. Please be informed accordingly. Sincerely yours, Natural Park Public Company Limited (Mr. Thowthawal Subhavanich) Chief Financial Officer CONTACT: Natural Park Public Company Limited Address: 88 Soi Klang (Sukhumvit 49), Sukhumvit Road, Wattana, Bangkok Telephone: 0-2259-4800-11 Fax: 0-2259-4819, 0-2259-4815 TONGKAH HARBOUR: Details Shares Sale Result ------------------------------------------- Tongkah Harbour Public Company Limited disclosed to the Stock Exchange of Thailand a report on the result of its shares sale dated September 30, 2004. (1) Details of the Share Allocation Type of Shares: Common Share Amount of Shares Offered: 50,714,300 shares Offered to: (1) Elite Fund / PYN Fund Management (2) Mr. Henry Ka Leung Lum Price per share: THB2.50 Subscription and payment period: 28 September 2004 (2) Result of the Share Sale x Sold all shares on offer Partly sold with- _shares remaining. (3) Result of Share Sale Thai Investor Foreign Investor Juristic Individual Juristic Individual Total Persons Persons No. of Shareholders 1 1 2 Amount of Shares Subscribed 40,000,000 10,714,300 50,714,300 Percentage of The Shares on Offer 78.87 21.13 100 (4) Funds Raised from Share Sale Amount: THB126,785,750 Less: Expenses Commission: Baht Legal Fee: Baht Advertisement and postage Fee: THB9,000 Net Funds Raised: THB126,776,750 Note: (1) The price of THB2.50 per share is approximately 6 percent below the average closing price during 11 June 10 September 2004 (the average closing price is THB2.66) in accordance with the resolution of the Annual General Meeting of Shareholders No. 10/2004 on 26 April 2004. The company certifies that all information in this notice is true and correct. Authorized Director (Mr. Ronald Ng Wai Choi) Director Authorized Director (Mr. Somsak Ruamkid) Director CONTACT: Tongkah Harbour Public Company Limited Muang Thai Phatra Office Tower 1, Floor 7, 252/11 Rachadapisek Road, Huai Khwang Bangkok Telephone: 0-2695-4912-28 Fax: 0-2695-4901 ********* 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 ***