/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/041019.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 Tuesday, October 19, 2004, Vol. 7, No. 207 Headlines A U S T R A L I A AADB PTY LIMITED: Voluntarily Winds Up ACCESS BROKERAGE: Liquidators Seek Unpaid Clients ALTEON WEBSYSTEMS: To Face Voluntary Winding Up Proceedings AQUASHELL PTY: To Hold Final Meeting on October 20 CHICO FIX: Sets October 29 as Date of Meeting COLONIAL FIRST: Final Meeting Slated for October 20 COLONIAL PCA: Final Meeting Set October 20 COMINDICO AUSTRALIA: Dodo Pledges Support as Sale is Finalized D'URSO HOMES: To Undergo Winding Up Proceedings GLOBAL SDR: Court Appoints Provisional Liquidator LAING INVESTMENTS: Final Meeting Slated for October 21 LEDRON PTY: Members Resolve to Voluntarily Wind Up MACKEY EQUIPMENT: Names Anthony M. Long as Liquidator M.&E. SILBERBACH: To Enter Winding Up Proceedings MIRAGE TRAVEL: Winds Up Voluntarily NATIONAL AUSTRALIA: National Pool Best Option in Wheat Market NEON ENGINEERS: To Hold Joint Meeting on October 22 QANTAS AIRWAYS: Backs LAX Master Plan SANTOS LIMITED: Forms Joint Exploration Venture with Mitsui SANTOS LIMITED: Strikes Oil, Gas in East Java SPARAD NO.30: Sets Final Meeting on October 20 TYN ELECTRONICS: Appoints Michael John Morris as Liquidator C H I N A & H O N G K O N G GHIASPEED MOTORS: To Receive Dividend Proofs by October 30 HONGKONG CONSTRUCTION: Annual Meetings Set October 26 TRUMP GOLD: Court To Hear Application by Liquidator WELTIN INVESTMENTS: Winding Up Hearing Slated for November 17 WINGKASON BROTHERS: Court To Hear Bankruptcy Petition WING WAH: To Undergo Winding Up Proceedings WORLDER SHIPPING: Faces Winding Up Proceedings YICK HOST: Court Set to Hear Winding Up Petition November 3 * Four Major Banks in Need of Revamp I N D O N E S I A DIRGANTARA INDONESIA: To Secure US$50-Mln IDB Loan SEMEN GRESIK: To Stop Product Exports Next Year J A P A N DAIEI INCORPORATED: 1H Net Profit Dives 49% DAIEI INCORPORATED: Chief Takagi Steps Down ISHIKAWAJIMA-HARIMA HEAVY: R&I Puts Rating on Monitor MITSUBISHI FUSO: Govt To Order Truck Owners to Fix Their Cars MITSUBISHI MOTORS: Unveils 2005 Model Lineup UFJ HOLDINGS: Sumitomo Set To File Suit Over Merger with MTFG UFJ HOLDINGS: Offers Free Withdrawal Services at All ATMs, CDs K O R E A KOOKMIN BANK: Accounts for 31.7% of Complaints Filed SSANGYONG MOTOR: Union Set to Ink Agreement with SAIC M A L A Y S I A ANCOM BERHAD: Issues Shares Buy Back Notice AYER HITAM: Lenders Reject Unit's Request for Further Indulgence FABER GROUP: Wants To Exit Local Hotel Business FABER GROUP: Posts Additional Listing of Shares FARLIM GROUP: Receives Financial Assistance KSU HOLDINGS: Releases Litigation Update MWE HOLDINGS: Ends Association With Subsidiary OCEAN CAPITAL: Unit Shuts Down Business Operations OILCORP BERHAD: Completes Shares Sale Agreement PANTAI HOLDINGS: Purchases 16,900 Ordinary Shares on Buy Back PSC INDUSTRIES: Terminates Debt Purchase Deal TALAM CORPORATION: Resells, Cancels Treasury Shares TRU-TECH HOLDINGS: Issues Default Status Update * Corporate Litigation Conference Set December 8 P H I L I P P I N E S COLLEGE ASSURANCE: SEC Rejects Appointment of Investor COLLEGE ASSURANCE: CAP Technically Insolvent, Says New SEC Chief COLLEGE ASSURANCE: Questions SEC Refund Order NATIONAL STEEL: Indian Steel Giant Completes Takeover NEGROS NAVIGATION: Sets Tender Offer For Shipping Unit MANILA ELECTRIC: Unveils Amended Quarterly Report PHILIPPINE TELEGRAPH: AGM Set On December 3 S I N G A P O R E GREATER ASIAN: Creditors Meeting Scheduled on November 19 KOH BROTHERS: Posts Change in Shareholder's Interest KOH BROTHERS: Shareholder's Interest Changes LINK OCEAN: Creditors to Submit Claims by November 16 MAERSK OFFSHORE: Creditors Must Prove Debts by November 16 TRANSPO ELECTRONICS: Enters Winding up Proceedings WEE POH: Complies with Rule 723 of SEST Listing Manual T H A I L A N D BANGKOK RUBBER: Issues Progress of Business Rehab Plan SIAM AGRO: Implements Rehab Plan to Avoid Delisting THAI WAH: Unveils Strategies to Return to Positive Equity TUNTEX THAILAND: Informs SET on Progress of Rehab Process TUNTEX THAILAND: Releases Capital Increase Report * BOND PRICING: For the Week 11 October to 15 October 2004 - - - - - - - - ================= A U S T R A L I A ================= AADB PTY LIMITED: Voluntarily Winds Up -------------------------------------- At a General Meeting of AADB Pty Limited (In Liquidation), duly convened and held at Level 9, 377-383 Sussex Street, Sydney NSW 2000 on 6 September, 2004 the following Special Resolution passed: That the Company be wound up as a Members' Voluntary Liquidation and that the assets of the company may be distributed in whole or in part to the members in specie should the liquidators so desire. Dated this 6th day of September 2004 Michael Hughes Liquidator Prosperity Personal & Corporate Advisers Pty Limited Level 2, 175 Scott Street, Newcastle NSW 2300 ACCESS BROKERAGE: Liquidators Seek Unpaid Clients ------------------------------------------------- Access Brokerage's liquidators are still trying to get in touch with half of the clients left out-of-pocket by the failed broker, reports the New Zealand Herald. According to Liquidator Brendon Gibson, around 5000 clients who had not been in touch were owed up to AU$70,000. By the close of business on Wednesday, 84 percent of claims have been paid out, but this only represents 48 percent of the collapsed share broker's clients The clients will not receive their money back until they return the necessary documents. They need to fill out two forms, one for the liquidators confirming their personal details and account balances and another for the Bank of New Zealand (BNZ), which is underwriting any losses from Access Trust accounts held at BNZ. Mr. Gibson said liquidators will be writing to those still owed money and placing advertisements asking them to get in touch. "We're asking them to e-mail or call us urgently to lodge a claim as we want to get their money back to them as soon as possible." Access, owned by former Olympic Committee head Bill Garlick, was placed under liquidation on September 6 after an AU$5 million hole in the clients' funds was found. CONTACT: Access Brokerage Limited Ground Floor, Exchange Place 5-7 Willeston Street P O Box 1293 Wellington 6015 Call Free: 0800 734 644 Telephone: 04 473 4644 From Auckland 09 373 4644 Fax: 04 473 4681 E-mail: info@accessbrokerage.co.nz Web site: http://www.acessbrokerage.co.nz ALTEON WEBSYSTEMS: To Face Voluntary Winding Up Proceedings ----------------------------------------------------------- Notice is hereby given that the sole shareholder of Alteon Websystems Pty Limited resolved on 9 September 2004 that the company be wound up as a members' voluntary winding up. Notice is also given that those creditors having a claim against the company should furnish particulars of their claim to the Liquidator within twenty-one days, otherwise the distribution of the assets will take place without regard to such claim. Dated this 9th day of September 2004 R. N. Yabsley Liquidator PDY Partners Pty Limited Level 6, 54 Miller Street, North Sydney NSW 2060 AQUASHELL PTY: To Hold Final Meeting on October 20 -------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a final meeting of members and creditors of Aquashell Pty Limited (In Liquidation) will be held at the offices of Horwath Sydney, Level 10, 1 Market Street, Sydney NSW 2000 on 20 October 2004 at 11:00 a.m. for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and hearing any explanation that may be given by the Liquidator. Dated this 8th day of September 2004 Neil Cussen Liquidator Horwath Sydney 10th Floor, 1 Market Street, Sydney NSW 2000. Telephone: (02) 9372 0777, Facsimile: (02) 9372 0606 CHICO FIX: Sets October 29 as Date of Meeting --------------------------------------------- Notice is hereby given that a meeting of the Members and Creditors of Chico Fix For You Pty Ltd (In Liquidation) will be held at Hall Chadwick Level 29, St Martins Tower, 31 Market Street, Sydney on the 29th of October 2004 at 11:00 a.m. The meeting will be a Final Meeting in accordance with Section 509 of the Corporations Act 2001. BUSINESS (1) To receive a report from the Liquidator, being an account of his acts and dealings and of the conduct of the winding up during the period of the liquidation ending on 29 October 2004. (2) That subject to any provisions under the Corporations Act 2001 to the contrary, the Liquidator be empowered to destroy all books and records of the company on completion of all duties. (3) Any other business. Richard Albarran Liquidator c/- Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 COLONIAL FIRST: Final Meeting Slated for October 20 --------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a final meeting of members and creditors of Colonial First State Property Holdings No. 2 Pty Limited (In Liquidation) will be held at the offices of Horwath Sydney, Level 10, 1 Market Street, Sydney NSW 2000 on 20 October 2004 at 11:00 a.m. for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the Liquidator. Dated this 8th day of September 2004 Neil Cussen Liquidator Horwath Sydney 10th Floor, 1 Market Street, Sydney NSW 2000. Telephone: (02) 9372 0777, Facsimile: (02) 9372 0606 COLONIAL PCA: Final Meeting Set October 20 ------------------------------------------ Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a final meeting of members and creditors of Colonial PCA Holdings Pty Limited (In Liquidation) will be held at the offices of Horwath Sydney, Level 10, 1 Market Street, Sydney NSW 2000 on 20 October 2004 at 11:00 a.m. for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the Liquidator. Dated this 8th day of September 2004 Neil Cussen Liquidator Horwath Sydney 10th Floor, 1 Market Street, Sydney NSW 2000. Telephone: (02) 9372 0777, Facsimile (02) 9372 0606 COMINDICO AUSTRALIA: Dodo Pledges Support as Sale is Finalized -------------------------------------------------------------- Comindico Australia's largest customer, Dodo, has committed to continue purchasing the failed telco's services while its receivers and managers finalize to sell the business as a going concern, the Sydney Morning Herald relates. Comindico's receivers, McGrathnicol+Partners, who are currently selling off the collapsed firm's businesses, said that the provider of Dodo dial up and broadband internet services KBS Internet has pledged its ongoing support to Comindico. Another of Comindico's big customer, AUSTAR, has vowed to extend a contract for supply of dial up Internet services. According to Receiver Murray Smith, the pledged support by the two clients provided employees and potential buyers of Comindico with further assurance that the business remained stable and viable while a sale is finalized. "The willingness of customers to continue in partnership with Comindico is testimony to the high level of service the Comindico team continues to provide, and we expect this to provide a solid platform upon which to base a successful sale," Mr Smith said. There had been no material customer losses since receivers were appointed after a breakdown in negotiations with potential equity investors, Mr. Smith said. Comindico went into voluntary administration last month after it ran into financing problems. CONTACT: Comindico Australia Pty Ltd. Level 15, 201 Kent Street Sydney NSW 2000 Australia GPO Box N800 Grosvenor Place NSW 1220 Australia Telephone: +61 2 8220 6000 Fax: +61 2 9252 6864 D'URSO HOMES: To Undergo Winding Up Proceedings ----------------------------------------------- Notice is hereby given that at a general meeting of members of D'urso Homes Pty Limited (In Liquidation), held on 9 September, 2004 it was resolved that the company be wound up voluntarily and that Thomas Javorsky, of Jones Condon, Chartered Accountants, Level 13 189 Kent Street Sydney NSW 2000 be appointed liquidator for the purposes of such winding up. Dated this 10th day of September 2004 Thomas Javorsky Liquidator c/- Jones Condon Chartered Accountants Telephone (02) 9251 5222 GLOBAL SDR: Court Appoints Provisional Liquidator ------------------------------------------------- The Australian Securities and Investments Commission (ASIC) announced in a media release that it has obtained orders in the Supreme Court of Victoria appointing a provisional liquidator to Global SDR Technologies Pty Ltd (Global SDR). Global SDR, together with two subsidiary companies, developed mobile phone telephony technology known as SpectruCell SDR and PC4. This technology has been patented and the patent appears to be beneficially owned by Global SDR. The two subsidiary companies are now in liquidation as a result of applications by the Deputy Commissioner of Taxation. Global SDR and its subsidiaries are associated with Mr. Roger May and his son, Mr. Jason May (the Mays). ASIC brought this application because it was concerned about a proposal to transfer ownership of the patent to a US company and its affect on the financial position of Global SDR. ASIC alleges Global SDR is insolvent and should be wound up. ASIC also alleges that Global SDR should not be allowed to continue under the control of the Mays given Global SDR's absence of books and records, their conduct in the affairs of Global SDR's subsidiaries and their insolvencies and the Mays' failure to cooperate with the liquidators of those companies. The Court appointed Mr. Paul A Pattison of Pattison Consulting the provisional liquidator of Global SDR and ordered Mr. Pattison to provide a report to the Court by 25 November 2004 detailing the affairs of Global SDR. ASIC's application for orders to wind up Global SDR has been adjourned to 26 November 2004. ASIC also alleged that the Mays had failed to deliver the books and records of Global SDR's subsidiaries to their respective liquidators, and therefore sought orders ensuring compliance by the Mays with the provisions of the Corporations Act 2001. The Court deferred the hearing of ASIC's application concerning those books and records until 26 November 2004. LAING INVESTMENTS: Final Meeting Slated for October 21 ------------------------------------------------------ Notice is given that a final meeting of members of Laing Investments (Asia Pacific) Pty Limited (In Voluntary Liquidation) will be held at Level 9, 10 Shelley Street, Sydney NSW, on 21 October 2004 at 10:00 a.m. The purpose of the meeting is to receive the Liquidator's account showing how the winding up has been conducted and the property of the company has been disposed of, and to receive any explanation of the account. Dated this 8th day of September 2004 M. C. Smith Liquidator McGrathNicol+Partners Level 9, 10 Shelley Road, Sydney NSW 2000. Telephone: 61 2 9338 2666 LEDRON PTY: Members Resolve to Voluntarily Wind Up -------------------------------------------------- Notice is hereby given that a general meeting of members of Ledron Pty Ltd was held on the 2nd day of September 2004. It was resolved that the Company be wound up voluntarily and that for such purposes Ashton John Brailey, of Ashton Brailey & Co, Suite 8, 14 Frenchs Forest Road, Frenchs Forest, 2086, be appointed Liquidator. Dated this 1st day of September 2004 Ashton Brailey Liquidator MACKEY EQUIPMENT: Names Anthony M. Long as Liquidator ----------------------------------------------------- Notice is hereby given that a duly constituted meeting of members of Mackey Equipment Pty Ltd was held on 6 September 2004, and the following resolutions were passed as special resolutions by the members. (1) That the company be wound up voluntarily. (2) That the liquidator be and hereby is authorized to distribute in specie or kind such assets of the company as the liquidator may deem fit. At the same meeting, an ordinary resolution was passed appointing Anthony M. Long, of Boyce Chartered Accountants, 19 Montague Street Goulburn, as liquidator of the company. Notice is given that creditors having claim against the above company should furnish particulars of claims to the liquidator within twenty-one (21) days of the date of this notice, otherwise distribution of assets will take place without regard to such claims. Dated this 6th day of September 2004 Anthony M. Long Liquidator c/- Boyce Chartered Accountants 19 Montague Street, Goulburn NSW 2580 M.&E. SILBERBACH: To Enter Winding Up Proceedings ------------------------------------------------- At an extraordinary general meeting held on 8 September 2004 members unanimously resolved that M.&E. Silberbach Pty Ltd be placed into a members' voluntary winding up and that Mr. E. T. Conrick, Chartered Accountant of Suite 4, Level 2, 79-85 Oxford Street, Bondi Junction NSW be appointed Liquidator. MIRAGE TRAVEL: Winds Up Voluntarily ----------------------------------- Notice is hereby given that at a general meeting of members of Mirage Travel Pty Limited (In Liquidation), held on 6 September 2004, it was resolved that the company be wound up voluntarily and that Schon G. Condon and Bruce Gleeson, of Jones Condon Chartered Accountants, Level 1, 34 Charles Street Parramatta NSW, be appointed joint liquidators for the purposes of such winding up. Dated this 7th day of September 2004 Bruce Gleeson Schon G. Condon Liquidator c/- Jones Condon Chartered Accountants Telephone: (02) 9893 9499 NATIONAL AUSTRALIA: National Pool Best Option in Wheat Market ------------------------------------------------------------- A panel of Australia's leading grains industry analysts convened by National Australia Bank told farmers last week that the national pool is looking like the best option to maximize returns from a sliding wheat market. Malcolm Bartholomaeus, Callum Downs Commodity News; Dennis Wise from Profarmer Australia; Brett Stevenson from Market Check and the National's Head of Agribusiness Risk Management Services Tim Keith agreed that for most growers, the AWB Limited National Pool would be the best option this year. SA-based Mr. Bartholomaeus told the 500-grain growers watching the interactive televised National Harvest Finance Forum that potential movement in global commodity prices and changes in currency values could add another AU$10 to AU$15 a ton onto current pool estimates by mid-2005. WA-based Mr. Wise, while more cautious about pool price upside, said over the past 10 years, pool prices have averaged AU$7.50 per ton better than the Nominated Estimated Pool Return Rate price released in the first week of November. NSW-based Mr. Stevenson said while the national pool was a good option, for east coast growers, there would be pockets of opportunity on the cash market for domestic stock feed and human consumption markets. "There might be another AU$5 to AU$10 a ton in the national pool over current estimates, but there is also a risk pool returns may slip further," Mr. Stevenson said. The panel agreed that the premiums domestic pools had achieved over export pools over the past two seasons would be unlikely to be repeated this season. "Pools might be a good option, but growers need to keep their ears on to look for opportunities to snatch cash sales as we move into harvest," Mr. Stevenson said. Mr. Keith highlighted the potential benefits of managing price risk throughout the season rather than leaving it until harvest. "Our data shows that customers who have used National wheat swaps this year, for example, may be up to AU$40 per ton better of than those who are relying on the pool return," Mr. Keith said. The panel told farmers the opportunity to manage the risk of sliding prices had passed and farmers planning to deliver to the pool now need to focus on selecting the best pool product before harvest commences. "Farmers need to get advice from their financial advisors, consultants or accountants on whether they need to be thinking about managing cash flow now and delaying taxable income to next year, or whether they want to access cash as taxable income this year," Mr. Bartholomaeus said. "If non-taxable cash flow is the best option, then it boils down to choosing a harvest loan with flexible draw-down and with the features that best suit the farmer," Mr. Bartholomaeus said. Mr. Wise told the forum farmers should make time in the run up to harvest to make sure they have the right information at their fingertips to accurately compare returns from pools, cash and the prices posted at local silos. A web cast of the forum can be viewed at www.national.com.au on the Agribusiness page. CONTACT: National Australia Bank Ltd. Level 24, 500 Bourke Street, Melbourne, Victoria, Australia, 3000 Head Office Telephone: (03) 8641-4160 Head Office Fax: (03) 8641-4927 Web site: http://www.national.com.au/ NEON ENGINEERS: To Hold Joint Meeting on October 22 --------------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of Neon Engineers Pty Ltd (In Liquidation) will be held at the offices of Armstrong Wily & Co, Level 5, 75 Castlereagh Street, Sydney NSW 2000 on Friday, 22 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 of hearing any explanations that may be given by the Liquidator. Dated this 7th day of September 2004 A. H. J. Wily Administrator Armstrong Wily & Co Chartered Accountants Level 5, 75 Castlereagh Street, Sydney NSW 2000 QANTAS AIRWAYS: Backs LAX Master Plan ------------------------------------- Qantas Airways on Friday said that a decision to approve the Los Angeles International Airport (LAX) Master Plan at the Los Angeles City Council meeting on October 19, 2004 would open the way for Qantas to operate a history-making first service with the revolutionary new Airbus A380 aircraft from Australia to Los Angeles in 2006. Qantas Airways Senior Executive Vice President Wally R. Mariani said that the LAX Master Plan included the facility, safety and runway improvements needed for the new aircraft type, which would be a vital part of the airline's future operations. "The Master Plan also addresses issues such as gate upgrades, without which we would see more than 500 passengers from the A380 bused from remote terminals into the main airport terminal," Mr. Mariani said. "Due to this significant increase in the number of passengers carried, it becomes a totally unsatisfactory customer experience to use remote operations," he added. Earlier this year, American superstar and Qantas Ambassador John Travolta traveled to Australia to celebrate the 50th anniversary of Qantas flights to the U.S. and launch the first-ever nonstop commercial flights between Brisbane, in Queensland, Australia, and Los Angeles. An aviation milestone, the service commenced on June 16, 2004 with three weekly direct flights. "We operate more flights to LAX than any other international airline," Mr. Mariani said, adding, "Last year, we flew more than 900,000 people and 27 million pounds of cargo to and from Los Angeles, which represents a contribution of billions of dollars to tourism and a significant commercial benefit for importers and exporters. "We have also increased our nonstop services between Sydney and Los Angeles over the past 12 months with an additional four weekly flights and will increase our Melbourne-Los Angeles nonstop services in the near future. We currently fly 37 Boeing 747 return flights a week between Australia/New Zealand and Los Angeles. "We expect to fly more people than ever this year and by 2007, visitor numbers from Australia and New Zealand are expected to increase by almost 150,000 annually. This translates to a significant commercial benefit for the Los Angeles region's economy," he added. Mr. Mariani also stated, "It is clearly in everyone's interest to find a more efficient and environmentally friendly way to cope with this increase." The Airbus A380 would: - Contribute to Los Angeles' tourism and commerce revenue by allowing Qantas to increase the number of seats by 34% through to 2009 without any increase in the number of aircraft movements; - Reduce airborne noise through design features including acoustic treatments, wing tip and droop nose devices; - Reduce exhaust gases with its new engine and airframe design; and - Reduce ground noise through quieter taxiing, reduced auxiliary power unit output and noise abatement ground software. "International carriers worldwide have committed, or are in the process of committing resources to upgrade their fleets to include the A380 and other next generation aircraft," Mr. Mariani said. "We are well down the track with plans to take the A380 to a range of airports around the world, including London and Singapore. However, we are initially committed to operating the A380 to Los Angeles, where we offer more services than any other international carrier. "We are looking forward to working with Los Angeles to develop the best possible service for the next era of air travel," he added. About Qantas Airways Qantas Airways is a global air carrier with more than 200 aircraft offering service to 135 destinations in 32 countries. Founded in 1920, Qantas Airways in 2004 celebrated 50 years of continuous flying between North America and Australia with more nonstop flights to Australia and New Zealand than any other carrier and has maintained a strong global presence within the worldwide travel market. Recently named Airline of the Year 2004 by Air Transport World magazine, Qantas Airways has long been recognized for its continued focus on excellence in the air as well as on the ground. Recently, Qantas' Skybed received the prestigious Chicago Athenaeum Museum 2004 Good Design Award for its sleeper seat that is being introduced in the North American market. 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 SANTOS LIMITED: Forms Joint Exploration Venture with Mitsui ----------------------------------------------------------- Santos Limited (Santos) and the Mitsui & Co, Ltd (Mitsui) subsidiary, Mittwell have joined forces again to explore for oil and gas - this time in another part of the offshore Otway Basin, southern Australia. Santos has announced that Mittwell Energy Resources Pty Ltd, already a joint venture partner in the AU$200 million Casino gas development, has now taken a 25-percent equity interest in the VIC/P51 exploration permit area. Mittwell will jointly participate with Santos and existing partner Inpex Alpha Ltd., a subsidiary of Inpex Corporation, in a new exploration program in the VIC/P51 permit area, which is in offshore Victoria, in the Otway Basin. This includes drilling the Callister 1 exploration well, which spudded on October 13, 2004, and is being drilled in VIC/P51 by the deepwater rig, Jack Bates. The Jack Bates rig arrived on location at the site of the Callister 1 well earlier this week, after a 7-week voyage from Norway. The Mittwell farm-in agreement is subject to approval by relevant authorities. The VIC/P51 permit covers an area of over 2600 square kilometers. It lies adjacent to the Casino gas development in VIC/P44 and the deepwater exploration permit VIC/P52. The VIC/P52 permit is the location for Santos' frontier exploration well, Amrit 1, which will be drilled immediately following the Callister 1 well. "We are pleased to welcome Mittwell as a partner in a portion of our Otway Basin exploration program," Santos' Managing Director, Mr. John Ellice-Flint, said today. Interest holders in the VIC/P51 exploration permit are: New interests Previous interests Santos Offshore Pty Ltd 55% 80% Mittwell Energy Resources Pty Ltd (a wholly owned subsidiary of Mitsui) 25% - INPEX ALPHA LTD 20% 20% CONTACT: Santos Ltd (NASDAQ (SC) Level 29, Santos House, 91 King William St. Adelaide, 5000, Australia Phone: +61-8-8218-5111 Fax: +61-8-8218-5476 Web site: http://www.santos.com.au SANTOS LIMITED: Strikes Oil, Gas in East Java --------------------------------------------- Santos Limited advised that oil and gas have flowed from its Jeruk 2 ST-2 well being drilled in the Sampang Production Sharing Contract, offshore East Java. An open-hole Drill Stem Test (DST) was performed in the well during Saturday, the 16th and Sunday, the 17th of October 2004. The test was performed over an 18-meter interval from 5,134m to 5,152m measured depth. Preliminary results from the DST are: - A flow rate of 7,488 barrels of oil (1,190 kilolitres) per day was recorded through a 1/2-inch (12.7 millimeter) surface choke accompanied by 2.21 million cubic feet (62.6 thousand cubic meters) per day of gas during a 5 1/2 hour flow period. - The flow rate was constrained by the throughput capacity of the surface production test facilities. - A flowing tubing head pressure of 2,762 pounds per square inch (19,043 kilopascals) was recorded. Following completion of the flow test the well was shut-in for measurement of pressure build-up, after which the testing equipment will be removed from the hole. Jeruk 2 will then be deepened in order to ascertain the full extent of the hydrocarbon column. Logs will be run when the well has reached total depth. "These preliminary results from Jeruk 2 are very encouraging and we look forward to the final evaluation of the well," Santos' Managing Director, Mr. John Ellice-Flint, said. Jeruk 2 was drilled to follow up the Jeruk 1 well, which finished drilling in early April 2004 about 1.6 kilometers west of Jeruk 2. The well is in the Sampang PSC in water depth of 44 meters and it is located approximately 42 kilometers from the Indonesian city of Surabaya. Interests in the field are: Santos Group (operator) 50% PT Medco Sampang 50% For Further Information Please Contact: Media inquiries: Kathryn Mitchell (08) 8218 5260 / 0407 979 982 Investor inquiries: Graeme Bethune (08) 8218 5157/ 0419 828 617 SPARAD NO.30: Sets Final Meeting on October 20 ---------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a final meeting of members and creditors of Sparad No.30 Pty Limited (In Liquidation) will be held at the offices of Horwath Sydney, Level 10, 1 Market Street, Sydney NSW 2000 on 20 October 2004 at 11:00 a.m. for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and hearing any explanation that may be given by the Liquidator. Dated this 9th day of September 2004 Neil Cussen Liquidator Horwath Sydney 10th Floor, 1 Market Street, Sydney NSW 2000. Telephone: (02) 9372 0777, Facsimile: (02) 9372 0606 TYN ELECTRONICS: Appoints Michael John Morris as Liquidator ----------------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of TYN Electronics Pty Limited (In Liquidation) held on 8 September 2004, it was resolved that the company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Michael John Morris Smith of Smith Hancock, Chartered Accountants, Level 4, 88 Phillip Street, Parramatta NSW 2150 be appointed Liquidator. Dated this 9th day of September 2004 M. J. M. Smith Liquidator Smith Hancock Chartered Accountants Level 4, 88 Phillip Street, Parramatta NSW 2150 ============================== C H I N A & H O N G K O N G ============================== GHIASPEED MOTORS: To Receive Dividend Proofs by October 30 ---------------------------------------------------------- Ghiaspeed Motors Centre Limited with registered office at 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong posted its dividend notice on October 15, 2004 at The Standard. Last Day for Receiving Proofs: 30 October 2004 E T O'CONNELL Official Receiver & Liquidator HONGKONG CONSTRUCTION: Annual Meetings Set October 26 ----------------------------------------------------- Notice is hereby given that pursuant to Section 247 of the Hong Kong Companies Ordinance, the Annual Meetings of Members and Creditors of HongKong Construction (Works) Limited will be held at 8/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 26 October 2004 at the following times: Annual Meeting of Members 10:00 a.m. Annual Meeting of Creditors 10:15 a.m. for the purpose of having laid before the meeting by the Liquidator an account of his acts and dealings and of the conduct of the winding-up during the year ending 25 October 2004. Proxies must be lodged at 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on the day before the meeting or adjourned meeting at which it is to be held. Dated this 15th day of October 2004. Stephen Briscoe Joint and Several Liquidator TRUMP GOLD: Court To Hear Application by Liquidator --------------------------------------------------- An application by the Official Receiver and Provisional Liquidator of Trump Gold Korn Jewelry Company Limited will be heard before Master S. Kwang of the High Court for consideration of the resolutions and determinations (if any) of the first meetings of creditors held on the 26th of July 2004 and 9th August 2004 respectively, deciding the differences (if any), and making such order of appointments as the court may think fit. Date and Time of Hearing: 11 November 2004 (Thursday) at 9:30 a.m. Place of Hearing: High Court Building, No. 38 Queensway, Hong Kong. Any creditor or contributory of the Company is entitled to attend and be heard at the above hearing. Dated this 15th day of October 2004 E T O'CONNELL Official Receiver & Provisional Liquidator WELTIN INVESTMENTS: Winding Up Hearing Slated for November 17 ------------------------------------------------------------- Notice is hereby given that a petition for the winding up of Weltin Investments Limited by the High Court of Hong Kong Special Administrative Region was on the 4th day of October 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 17th 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. Messrs. Tsang, Chan & Wong Solicitors for the Petitioner 16th Floor, Wing On House 71 Des Voeux Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 16th day of November 2004. WINGKASON BROTHERS: Court To Hear Bankruptcy Petition ----------------------------------------------------- Notice is hereby given that a Petition for the winding up of Wingkason Brothers Company Limited by the High Court of Hong Kong Special Administrative Region was on the 6th day of September 2004 presented to the said Court by the Secretary for Justice for and on behalf of the Commissioner of Customs & Excise acting for the Government of the Hong Kong special Administrative Region, 2nd Floor, High Block, Queensway Government Offices, 66 Queensway, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 27th day of October 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Leu Lap Yau, Brian Government Counsel, Counsel for the Petitioner Department of Justice 2nd Floor, High Block Queensway Government Offices 66 Queensway, Hong Kong Note: Any person who intends to appear on 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 26th day of October 2004. WING WAH: To Undergo Winding Up Proceedings ------------------------------------------- Notice is hereby given that a petition for the winding up of Wing Wah Motor Boat Company Limited by the High Court of Hong Kong was on the 27th day of September, 2004 presented to the said Court by Lai Hung of Room C, 22/F., Kanfield Mansion, 44-49 Sun Chun Street, Tai Hang, Hong Kong. The said petition will be heard before the Court at 9:30 am. on the 3rd 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. Betty Chan For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 2nd day of November 2004. WORLDER SHIPPING: Faces Winding Up Proceedings ---------------------------------------------- Notice is hereby given that a petition for the winding up Worlder Shipping Limited by the High Court of Hong Kong Special Administrative Region was on the 24th day of September 2004 presented to the said Court by Umbrella Finance Company Limited whose registered office is situated at 15th Floor, Three Exchange Square, 8 Connaught Place, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 3rd 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 One 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 2nd day of November 2004. YICK HOST: Court Set to Hear Winding Up Petition November 3 ----------------------------------------------------------- Notice is hereby given that a petition for the winding up of Yick Host Development Limited by the High Court of Hong Kong Special Administrative Region was on the 30th day of September 2004 presented to the said Court by Bank of China (Hong Kong) Limited whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. The said Petition will be heard before the Court at 10:00 am on the 3rd 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. Messrs. Deacons Solicitors for the Petitioner 5th Floor, Alexandra House 16-20 Chater Road, Central Hong Kong Note: Any person who intends to appear on 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 2nd day of November 2004. * Four Major Banks in Need of Revamp ------------------------------------ China's four major banks, namely China Construction Bank, Communications Bank, Bank of China and Agricultural Bank are said to be the least competitive among the 37 Beijing-based domestic and foreign banks, reports the China Economic Times. Foreign banks occupy the top twelve positions, with China Merchants Bank occupying the 13th place, the highest position for a domestic bank. Meanwhile, Agricultural Bank is cited as the competitive firm. Although the results are hardly a surprise due to the relative weakness of the local banking sector, it is expected that the foreign banks be considered as the most competitive ones. But it is dismal to note that the top four players lag behind domestic rivals. The lack of competitive edge among the four banks, who have had enjoyed preferential policies, is not good for policy makers as they are aiming to galvanize the sector to brace for the upcoming competition as China will soon be opening its banking industry. The banks' poor performance is largely to be blamed to a flawed corporate governance and lack of sound management, which has affected efficient decision-making and restricted their ability to control risk and innovate. Thus, analysts have remained doubtful when the government placed US$45 billion into Bank of China (BOC) and China Construction Bank (CCB) in order to enhance capital adequacy ratio early in the year, saying the move will not work without better governance. BOC and CCB are set to enlist by next year to be followed by other two state-owned banks. The `big four' banks still have a long way to go before it can compete with foreign groups. The BOC, CCB, Agricultural Bank and Communications Bank have to improve their customer service in order to gain more clients, as well as boost profit levels. ================= I N D O N E S I A ================= DIRGANTARA INDONESIA: To Secure US$50-Mln IDB Loan -------------------------------------------------- PT Dirgantara Indonesia is considering seeking a US$50 million loan from the Islamic Development Bank (IDB) to fulfill aircraft purchase orders, reveals Asia Pulse. The state aircraft manufacturer is looking to add the new loan to its current US$39 million capital allocated for the financing of new contracts to supply CN-235s to Pakistan and Malaysia. Earlier, the IDB has expressed interest to lend US$50 million to Dirgantara in response to the proposal made by Industry and Trade Minister Rini MS Soewandi. The Company's Corporate Secretary Muchtar Syarief said the IDB would at least send some of its officers to Dirgantara's headquarters to evaluate the firm's performance. "IDB will later hold a meeting to discuss whether or not to agree on the disbursement of the loan," he said. The government has earlier restructured Dirgantara's four core businesses, namely aircraft assembly, aircraft components manufacturing, aircraft operation and maintenance, and aeronautic and non-aeronautic engineering services. CONTACT: Pt Dirgantara Indonesia Jl. Pajajaran no. 154 Bandung 40174, Indonesia Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759 Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696 E-mail: infosales@indonesian-aerospace.com SEMEN GRESIK: To Stop Product Exports Next Year ----------------------------------------------- State-controlled cement maker PT Semen Gresik Tbk has announced its plan to halt the export of all its products in 2005 because of robust demand in the domestic market, Asia Pulse says. Gresik's President Satriyo said that the company is considering diverting all its products from export to the local market to cater to the cement needs of Indonesians. Mr. Satriyo told reporters that Gresik's export volume, including that of its two subsidiaries PT Semen Padang and PT Semen Tonasa, reached 250,000 tons per year. "We plan to decrease our export volume to zero per cent and divert our products to the domestic market," he added. The company forecasts Indonesia's cement demand to reach 31 million tons by the end of the year and to grow 10 percent from the same period last year, when the figure was 28 million tons. CONTACT: PT Semen Gresik (Persero) Terbuka Jalan Veteran Gresik 61122 Indonesia Phone: +62 31 398 1731-2/1745 Fax: +62 31 398 3209/3972 2264 Web site: http://www.americanstandard.com/ ========= J A P A N ========= DAIEI INCORPORATED: 1H Net Profit Dives 49% ------------------------------------------- Plagued by massive debts and plunging sales, Daiei Incorporated saw its group net profit plummet 49 percent to JPY1.18 billion (US$10.8 million) in the first half of the fiscal year from JPY2.3 billion previously, reports Dow Jones Newswires. The struggling retailer, likewise, booked group revenue of JPY935.03 billion, down 5.8 percent from last year's JPY992.08 billion. The group's interest-bearing debt amounted to JPY1.04 trillion as of August 31, a slight cutback from JPY1.075 trillion at the end of last fiscal year and down from a peak of JPY2.4 trillion. The financial report came two days after Daiei decided to turn to the state-backed Industrial Revitalization Corporation of Japan (IRCJ) to revive its ailing business. Daiei had previously refused to seek IRCJ's support in its rehabilitation despite pressure from its main creditor banks for fear that the turnaround body would force it to undergo harsh restructuring steps. However, the company eventually gave in after its creditors threatened to withdraw support if Daiei insisted in reviving its business on its own. Daiei had expected to cut its debt to JPY915 billion by the February book closing for the current fiscal year. But due to its need to work out a new midterm-restructuring plan with the IRCJ and its main lenders, Daiei said it may miss that target. For the same reason, the company didn't provide a group net profit forecast for the full year. But it stood by its group revenue projection of JPY1.855 trillion, which represents a 7- percent drop from last year. The figures reflect Daiei's weak balance sheet, which had been stretched to the limit by a borrowing-binge-led expansion. Despite bailouts and restructuring efforts in recent years, the firm has struggled amid heavy debts and falling sales. CONTACT: The Daiei Incorporated 4-1-1, Minatojima Nakamachi, Chuo-ku, Kobe, 650-0046 Japan Phone: +81-78-302-5001 Fax: +81-78-302-5572 Web site: www.daiei.co.jp DAIEI INCORPORATED: Chief Takagi Steps Down ------------------------------------------- The president of struggling department store chain operator Daiei Incorporated announced his resignation Friday, two days after the firm sought aid from the government-backed turnaround body, relates the Associated Press. Kunio Takagi said he will step down as Daiei president on October 22 to take responsibility for the retailer's problems. But he will remain as a board member. The name of his successor was not immediately disclosed. "I apologize for having caused confusion," Mr. Takagi said on national television. Mr. Takagi had tried to turn Daiei around without the involvement of the Industrial Revitalization Corporation of Japan (IRCJ). However, intense pressure from the retailer's main lenders UFJ Bank, Mizuho Corporate Banking and Sumitomo Mitsui Banking prompted him to seek IRCJ's help. Daiei had received two massive bailouts before, with its three main creditors injecting a total of JPY520 billion (US$4.7 billion) in financial aid in 2001 and 2002. ISHIKAWAJIMA-HARIMA HEAVY: R&I Puts Rating on Monitor ----------------------------------------------------- Rating and Investment Information, Inc. (R&I), has placed the following ratings of Ishikawajima-Harima Heavy Industries Co., Ltd on the Rating Monitor scheme, with a view to downgrading them: Senior Long-term Credit Rating; Long-term Bonds (10 Series) R&I RATING: (BBB+); Placed on the Rating Monitor scheme with a view to downgrading RATIONALE: On October 13, Ishikawajima-Harima Heavy Industries (IHI) announced a downward adjustment in its forecast results for the year ending March 31, 2005. Predictions for consolidated ordinary profits have been amended to JPY5 billion (down from a previous JPY16 billion projection) and consolidated net profit JPY3 billion (compared with an earlier JPY10 billion projection). Worsening profits in its shipbuilding and marine industries and in transport equipment in its logistics and engineering business has been cited as the reason. In its settlement for the March 2004 period, IHI changed its standards for provisions and posted large provisions for losses on construction orders. In line with this change, IHI has made efforts to tighten its management of construction projects. However, profits have deteriorated further and R&I must seriously view the inevitability of the enormous downward adjustment in IHI's outlook for results for the entire year. In addition to conditions in the company's projects, a factor in the adjustment this time, and IHI's measures in response to prevailing conditions, R&I will carefully assess the impact of rises in material prices, including the price of steel, will have on its medium term business profits and then announce a new rating. To view the full release, click on: http://bankrupt.com/misc/TCRAP_ISHIKAWAJIMA-HARIMA101804.pdf CONTACT: Ishikawajima-Harima Heavy Industries Co., Ltd. Shin Ohtemachi Bldg., 2-1, Ohtemachi 2-chome, Chiyoda-ku Tokyo, 100-8182, Japan Phone: +81-3-3244-5111 Fax: +81-3-3244-5131 Web site: http://www.ihi.co.jp MITSUBISHI FUSO: Govt To Order Truck Owners to Fix Their Cars ------------------------------------------------------------- The transport ministry is thinking of ordering reluctant owners of vehicles manufactured by Mitsubishi Fuso Truck and Bus Corporation to have their cars fixed, reports the Mainichi Daily News. Land, Infrastructure and Transport Minister Kazuo Kitagawa confirmed the state plans to issue a notice to some 1,350 truck and bus owners with defective clutches, ordering them to have their vehicles undergo repairs. Those who fail to comply with the mandate within a fixed time frame will risk suspension of safety check certificates or a fine of up to JPY500,000. Scandal-hit Mitsubishi Fuso is currently recalling a number of vehicles for free repair of faulty clutches, which could cause brake problems and accidents. Following two fatal accidents involving defective hubs or clutches, the truck maker has notified the ministry recalls of its vehicles involving 40 faulty parts. However, similar accidents continue to occur, as many vehicles have not been completely fixed. CONTACT: Mitsubishi Fuso Truck and Bus Corporation 2-16-4, Kounan, Minato-ku,Tokyo 108-8285, Phone: +81-3-6719-4821 Fax: +81-3-6719-0111 Web site: http://www.mitsubishi-fuso.com MITSUBISHI MOTORS: Unveils 2005 Model Lineup -------------------------------------------- Mitsubishi Motors Corporation announced in its web site that five of its eight production models have been heavily revised or completely redesigned within the past year - including the Lancer, the Lancer Evolution, the Galant, the Outlander and the Endeavor. Two of Mitsubishi's new products are assembled at one of the most efficient, state-of-the-art manufacturing facilities on the planet. Technology helps create a high degree of manufacturing efficiency that contributes to product reliability, and it is with great confidence that Mitsubishi Motors has added a five- year/60,000-mile bumper-to-bumper new vehicle limited warranty to its outstanding 10-year/100,000-mile powertrain limited warranty and five-year/unlimited-miles roadside assistance. From the obscenely-quick, rally-racing inspired Lancer Evolution MR Edition to the bigger, more powerful Galant sedan; from the adaptable Outlander to the highly acclaimed and capable Endeavor midsize SUV; Mitsubishi Motors imbues practicality, performance and value into vehicles designed to suit the wide-ranging demands of the people who drive them. "The Mitsubishi product line continues growing stronger, with better value, style and performance across a wide range of vehicles that fit every stage of life," said MMNA president and CEO Finbarr O'Neill. "All 2005 Mitsubishi products are backed by the industry's strongest protection plan to ensure a worry-free ownership experience. Buying a new Mitsubishi is smarter than ever." To view the full media release, click on: http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS101804.pdf 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 UFJ HOLDINGS: Sumitomo Set To File Suit Over Merger with MTFG ------------------------------------------------------------- Sumitomo Trust and Banking Co. is set to lodge a lawsuit with the Tokyo District Court seeking an order to halt trust merger negotiations between UFJ Holdings Inc. and Mitsubishi Tokyo Financial Group Inc. (MTFG), The Japan Times reports. Sources, likewise, said Sumitomo Trust is also planning to file a damages suit against UFJ Holdings and its group executives, including UFJ President Ryosuke Tamakoshi if the court will not order suspension of the talks. In late August, the Supreme Court rejected a request from Sumitomo Trust for a provisional injunction against the UFJ- Mitsubishi Tokyo merger negotiations, saying Sumitomo Trust will not "suffer from considerable damage or be exposed to imminent danger" if such talks continue. But the top court also affirmed it would not be impossible for Sumitomo Trust to reach a merger accord with UFJ Trust. In mid-August, UFJ Holdings and MTFG have inked a basic merger agreement to merge their businesses by October 2005 to create the world's top-ranked bank with total assets of JPY190 trillion. UFJ Holdings decided to pursue a merger plan with MTFG, believing its restructuring would not be enough with a business alliance only in the trust division. Sumitomo Mitsui Financial Group Inc., which has made a rival bid for a merger with UFJ Holdings, is cooperating with Sumitomo Trust in an effort to stop the UFJ-Mitsubishi Tokyo merger negotiations. CONTACT: UFJ Holdings, Inc. 5-6, Fushimimachi 3-chome, Chuo-ku, Osaka-shi, Osaka 541-0044, Japan Web site: www.ufj.co.jp UFJ HOLDINGS: Offers Free Withdrawal Services at All ATMs, CDs -------------------------------------------------------------- UFJ Holdings Incorporated subsidiaries UFJ Bank Limited and UFJ Trust Bank Limited, and Mitusbishi Tokyo Financial Group units Bank of Tokyo-Mitsubishi Limited and The Mitsubishi Trust and Banking Corporation will offer free cash withdrawals at any ATM (Automatic Teller Machine) and CD (Cash Dispenser) of the four banks prior to completion of thge planned management integration as they aim to promptly pass on the benefits of the integration to their customers. As part of efforts to enhance customer convenience, customers of the four banks will be able to withdraw cash through the other bank's ATM's and CDs without incurring any cross-use fees. The four banks will achive a nationawide network of 9,423 ATMs nad CDs and 2,891 branches. The plan will be implemented starting Wednesday, October 27, 2004. To view the full release, click on: http://bankrupt.com/misc/TCRAP_UFJHOLDINGS101804.pdf ========= K O R E A ========= KOOKMIN BANK: Accounts for 31.7% of Complaints Filed ---------------------------------------------------- Among the 2,949 customer complaints filed against financial institutions for the first half of the year, 935 or 31.7 percent were attributed to Kookmin Bank, Digital Chosunilbo reports, citing a report from the Financial Supervisory Services (FSS). Among the other banks, Woori Bank came up with 339, Chohung Bank 266, Hana Bank 264 and Industrial Bank of Korea with 191 complaints. Daewoo Securities received the highest number of complaints against securities firms with 49 complaints. Hyundai Securities with 37, Prudential Securities came in third and LG Investment & Securities was fourth. The smallest number of complaints relative to its size went to Samsung Securities, the nation's largest securities firm at the eleventh position. Complaints filed with life insurance companies during the period totaled 3,405, 54.3 percent of which were with Korea Life, Kyobo and Samsung Life Insurance. Korea Life Insurance, the nation's third largest insurance provider, ranked first in the number of complaints. With a total of 2,274 complaints filed against insurance firms, Samsung Fire, Hyundai Marine & Fire and Dongbu Insurance drew more complaints than did other companies. Samsung Fire received the most complaints among fire insurance firms with 338 in loss insurance and 412 in automobile insurance. Complaints filed against automobile insurance firms totaled 1,946. According to an FSS official, the high number of complaints targeting large firms shows that despite their financial clout and management systems, they tend to neglect customer relations. CONTACT: Kookmin Bank 9-1 Namdaemoonro 2-ga Chung-gu, Seoul 100-092 Korea (South) Telephone: +82 2 317 2114 Telephone: +82 2 776 5637 SSANGYONG MOTOR: Union Set to Ink Agreement with SAIC ----------------------------------------------------- The labor union of Ssangyong Motor Co. has been given a job guarantee through a special pact to be signed by Shanghai Automotive Industry Corp. (SAIC), reports The Korea Herald. With emphasis on concerns regarding the legal strength of the agreement, SAIC said it would have Ssangyong's Korean management sign the pact. "We will consult with out legal experts about to what extent the contract can be legally-binding," said Lee Young-ho, the union's spokesman. The pact will likely occur before the scheduled contract signing between Ssangyong and SAIC for the purchase of 48.9 percent stake in the Korean automaker, Mr. Lee said. "We will give full rights to the present Ssangyong management regarding the talks with the union. The management will sign a special pact with the workers to ensure job security and steady development of the company," said Vice President Jiang Zhi Wei after a closed-door meeting with the union leaders in Seoul. "At the same time, we will put a clause on job safety on the final contract for the Ssangyong acquisition," he added. When Shanghai Automotive was chosen as the preferred bidder in July to acquire Ssangyong, the labor union had demanded job security and a long-term commitment from Shanghai Automotive. "After all, we have seen respect Shanghai Automotive has for the employees here. The meeting was very helpful for both parties to understand each other," Yu Man-jong, the union's leader, said after Friday's meeting. Other demands set out by the union is a to establish a committee between the management and workers to discuss major managerial issues such as plant relocation. During the meeting, the Chinese officials simply said more discussions will be needed on the issue. Another undecided union demand is limited transfer of Ssangyong's technologies on engines and transmissions to the Chinese automaker. The technological transfer is considered to be one of the main reasons behind Shanghai Automotive's bid. The automaker wants to expand its product line to include sports utility vehicles. Shanghai Automotive has taken a careful approach to tackle the labor issue. The company's President, Hu Maoyuan, in July promised job security for Ssangyong's management and workers and pledged steady development of the company's research capabilities. "We will make investment to grow Ssangyong's business in Korea," Mr. Hu said. In February, Ssangyong chose China National Bluestar Corp. as the preferred bidder, but the union blocked Bluestar from inspecting the company's assembly plants. The union said, Bluestar failed to convince them that it had a long-term interest in their company. The Chinese chemical maker exited the bidding in March after it failed to agree on a takeover price with Ssangyong's creditors. The union said the new preferred bidder would be a better partner than Bluestar since it is an auto company. According to industry observers, Shanghai automotive hopes to gain Ssangyong's expertise in the SUV segment after the acquisition. The chinese company does not have similar model in its product lineup. Analysts' reactions on Ssangyong's benefit from the acquisition are diverse. Some say the Chinese buyer will simply exploit Ssangyong as a technology source. On the other hand, others say the acquisition will give Ssangyong a firm foothold on China's growing SUV market. After the collapse of the parent Daewoo Group, Ssangyong underwent a creditor-led debt workout program to normalize its business. Last year, its sales reached 3.3 trillion won and net profit jumped 84 percent year-on-year to 589.6 billion won. Ssangyong's labor union is scheduled to hold a news conference today to state its position toward the pact. CONTACT: Ssangyong Motor Company Limited 150-3 ChilgoE-dong Pyeongtaek-si, Kyonggi 459-711 Korea (South) Telephone: +82 31 610 1114 +82 31 610 3739 =============== M A L A Y S I A =============== ANCOM BERHAD: Issues Shares Buy Back Notice ------------------------------------------- Ancom Berhad announced the details of its shares buy back on October 15, 2004. Date of buy back from: 04/10/2004 Date of buy back to: 12/10/2004 Total number of shares purchased (units): 59,300 Minimum price paid for each share purchased (RM): 0.785 Maximum price paid for each share purchased (RM): 0.800 Total amount paid for shares purchased (RM): 47,543.51 The name of the stock exchange through which the shares were purchased: BURSA MALAYSIA SECURITIES BERHAD Number of shares purchased retained in treasury (units): 59,300 Total number of shares retained in treasury (units): 5,088,200 Number of shares purchased, which were cancelled (units): 0 Total issued capital as diminished: 201,856,767 Date lodged with registrar of companies: 15/10/2004 Lodged by: PFA Corporate Services S/B, Level 14, Uptown 1, D'sara Uptown, 47400 PJ CONTACT: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 Web site: http://www.ancom.com.my AYER HITAM: Lenders Reject Unit's Request for Further Indulgence ---------------------------------------------------------------- Ayer Hitam Tin Dredging Malaysia Berhad refers to its announcements made to the Bursa Malaysia Securities Berhad on 27 August 2004 and 28 September 2004 on the current status of the syndicated term loan defaulted by the Company's wholly owned subsidiary, Motif Harta Sdn Bhd (MHSB) with Alliance Bank Malaysia Berhad, EON Finance Bhd, Mayban Finance Bhd and Kewangan Bersatu Bhd (hereinafter referred to as the Lenders). AHTIN announced that the Lenders have rejected MHSB's request for a further indulgence for the deferment of the repayment of the above syndicated term loan. The Lenders have requested from MHSB that the amount due to the Lenders as at 30 September 2004 amounting to RM23,870,518.32 be settled forthwith after which the balance interest payable on the same will be computed. The Lenders further indicated that if MHSB fails to make prompt repayment of the amounts due, they shall be compelled to instruct solicitors to proceed to take further action for the recovery of the amounts due. CONTACT: Ayer Hitam Tin Dredging Malaysia Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 MALAYSIA +60 3 2031 9633 +60 3 2031 6920 FABER GROUP: Wants To Exit Local Hotel Business ----------------------------------------------- Faber Group Berhad wants to exit the local hotel industry and plans to sell seven hotels, Dow Jones reports, quoting Managing Director Noorizah Abdul Hamid. The group will, however, keep its stake in the Hanoi-based Hotel Sheraton, as returns are high. The group is on the verge of losing its Practice Note No. 4/2001 (PN4) status. Malaysian regulators classify companies as PN4 if they are in financial trouble. CONTACT: Faber Group Berhad 20th Floor Menara 2 Faber Towers, Jalan Desa Bahagia Taman Desa, Off Jalan Klang Lamas 58100 Kuala Lumpur Telephone: 03-76282888 Fax: 03-76282828 FABER GROUP: Posts Additional Listing of Shares ----------------------------------------------- Faber Group Berhad's additional 136,900 new ordinary shares of RM1.00 each issued pursuant to the conversion of RM273,800 nominal value of 2000/2005 irredeemable convertible unsecured loan stocks into 136,900 new ordinary shares will be granted listing and quotation with effect from 9 a.m., Tuesday, 19 October 2004. FARLIM GROUP: Receives Financial Assistance ------------------------------------------- Pursuant to Paragraphs 8.23 and 10.08 of Listing Requirements of Bursa Malaysia Securities Berhad, Farlim Group Berhad announced the financial assistance rendered to the Company and its subsidiaries as at 15 October 2004. For more information, go to http://bankrupt.com/misc/tcrap_farlim101604.xls CONTACT: Farlim Group Berhad No. 2-8, Bangunan Farlim Jalan PJS 10/32, Bandar Sri Subang 46000 Petaling Jaya, Selangor Telephone: 03-5635 5533 Fax: 03-5635 0301 Website: http://www.farlim.com.my KSU HOLDINGS: Releases Litigation Update ---------------------------------------- Further to the announcements dated 24 September 2003, 7 October 2003, 10 October 2003, 11 December 2003, 18 February 2004 and 9 July 2004, KSU Holdings Berhad disclosed the following in respect of the Kuala Lumpur High Court Suit No. D6-22-308-2003 (D6 Suit), which was heard in court on 14 October 2004: (1) The Judge reserved her decision on the Company's application for a Stay/Erinford Injunction (Application). The decision on the Application will be delivered on 5 November 2004. (2) The Company's application to strike out the counterclaim filed by the Defendants will be mentioned on the same day. CONTACT: KSU Holdings Berhad No. 1116B & C, 2nd & 3rd Floor Persiaran Raja Muda Musa 41100 Klang Selangor Darul Ehsan Tel: 03-33739191 Fax: 03-33747763 MWE HOLDINGS: Ends Association With Subsidiary ---------------------------------------------- The Board of Directors of MWE Holdings Berhad (MWE) disclosed to the Bursa Malaysia Securities Berhad that PI International Holdings Limited (PIIH), a company incorporated in the British Virgin Islands, has cease to be a subsidiary of Davex Holdings Berhad (DHB), a 92.89% subsidiary of MWE with effect from 15 October 2004. However, PIIH shall remain as an associated company. This dilution is due to the allotment and issue of 750,000 ordinary shares of USD0.10 each to the employees of PIIH under an employee share scheme (ESS). Arising there from, the percentage of shareholding interest of DHB in PIIH has been diluted from 5 1% to 44%. INFORMATION ON PIIH The authorized share capital is USD1,000,000/- divided into 10,000,000 ordinary shares of USD0.10 each. After the allotment and issue of the ESS shares, the total issued and paid-up share capital has increased from USD504,000/- divided into 5,040,000 ordinary shares of USD0.10 each to USD579,000/- divided into 5,790,000 ordinary shares of USD0.10 each. The principal activity of PIIH is that of investment holding. FINANCIAL EFFECT Arising from the dilution of its interest in PIIH, the MWE Group expects to incur a charge of approximately RM2.7 million to the income statement and an increase of approximately RM0.5 million in minority's share of profit after tax in the financial year ending 31 December 2004. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST To the best knowledge of the Board of Directors, none of the Board of Directors nor substantial shareholders of MWE or persons connected to the directors or substantial shareholders has any interest, direct or indirect in the above dilution. CONTACT: MWE Holdings Berhad Plaza Monterez No.1, Jalan Merah Kesuma U9/18, Seksyen U9 40000 Shah Alam Tel: 04 - 5824811 Fax: 04 - 5824707 OCEAN CAPITAL: Unit Shuts Down Business Operations -------------------------------------------------- Ocean Capital Berhad announced to the Bursa Malaysia Securities Berhad that Pasaraya Hugo (Kajang) Sdn. Bhd. outlet, a wholly owned subsidiary of Ocean, has ceased its business operations with effect from Friday, 15 October 2004. CONTACT: Ocean Capital Berhad No. 43B, 2nd Floor Changkat Bukit Bintang 50200 Kuala Lumpur Telephone: 03-21480700 Fax: 03-21454825 This announcement is dated 15 October 2004. OILCORP BERHAD: Completes Shares Sale Agreement ----------------------------------------------- With reference to the announcement made on 20 September 2004 on the Proposed Disposal of a 100% equity interest in Tenaga Nazar (M) Sdn Bhd (TNSB), an indirect wholly owned subsidiary of Oilcorp Berhad, the Board of Directors of OilCorp announced that the salient terms and conditions precedent stated in the Share Sale Agreement entered into between Oil-Line Engineering & Associates Sdn Bhd and Techbest Engineering Sdn Bhd on 20 September 2004, have been duly fulfilled. The proposed disposal has been completed on 15 October 2004. CONTACT: Oilcorp Berhad No 2-2 Jalan SS 6/6 Kelana Jaya 47301 Petaling Jaya Selangor Darul Ehsan MALAYSIA Phone: +60 3 7804 4843 This announcement is dated 15 October 2004. PANTAI HOLDINGS: Purchases 16,900 Ordinary Shares on Buy Back ------------------------------------------------------------- Pantai Holdings Berhad disclosed the details of its shares buy back on October 15, 2004. Date of buy back: 15/10/2004 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 16,900 Minimum price paid for each share purchased (RM): 0.835 Maximum price paid for each share purchased (RM): 0.835 Total consideration paid (RM): 14,216.82 Number of shares purchased retained in treasury (units): 16,900 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 24,040,400 Adjusted issued capital after cancellation (no. of shares) (units) CONTACT: Pantai Holdings Berhad 3rd Floor, Block B Pantai Medical Centre No. 8 Jalan Bukit Pantai 59100 Kuala Lumpur Tel: 03-22879822 Fax: 03-22873822 Web site: http://www.pantai.com.my/ PSC INDUSTRIES: Terminates Debt Purchase Deal --------------------------------------------- PSC Industries Berhad (PSCI) announced that Business Focus Capital Sdn Bhd (BF Capital) had vided its letter dated 15 October 2004 informed the Company that Affin Bank Berhad (ABB) had terminated the debt purchase arrangement between BF Capital and ABB (Arrangement) which forms part of the Proposed Debt Restructuring. In the same letter, BF Capital had stated that it will not accept the said termination and maintained its position that the Arrangement is still subsisting on the grounds that BF Capital had complied with its obligation. BF Capital will be pursuing with ABB to reconsider their decision. In addition, PSCI and its subsidiary, Penang Shipbuilding & Construction Sdn Bhd had on 14 October 2004 received letters from ABB demanding the repayment of an aggregate amount of RM408,652,243.06 under its credit facilities. The Company will be seeking further clarification from ABB pertaining to the said demand letters. Collectively referred to as the Revised Proposals: Proposed Debt Restructuring; and Proposed Restricted Offer for Sale CONTACT: Psc Industries Berhad Jalan Bukit Nanas Kuala Lumpur, 50250 Malaysia Tel: +60 3 201 6516 Tel: +60 3 232 6214 This announcement is dated 15 October 2004. TALAM CORPORATION: Resells, Cancels Treasury Shares --------------------------------------------------- In a disclosure to Bursa Malaysia Securities Berhad, Talam Corporation Berhad issued a notice of Resale and Cancellation of Treasury Shares on 15 October 2004. Date of transaction: 15/10/2004 Total number of treasury shares sold (units): 3,000,000 Total number of treasury shares cancelled (units): Minimum price paid for each share sold (RM): 1.150 Maximum price paid for each share sold (RM): 1.160 Total amount received for treasury shares sold (RM): 3,455,000.00 Cumulative net outstanding treasury shares as at to-date (units): 124,400 Adjusted issued capital after cancellation/resale (no. of shares) (units): CONTACT: Talam Corporation Berhad 5th Floor, Wisma Talam 52 Jalan Kampung Attap 50460 Kuala Lumpur, WP Telephone number: 603-2732222 Fax number: 603-2731439 TRU-TECH HOLDINGS: Issues Default Status Update ----------------------------------------------- On 17 September 2004, Avenue Securities Sdn Bhd (Avenue) on behalf of Tru-tech Holdings Berhad, announced that the Company was not able to make the monthly deposit of RM1,200,000 due on 17 September 2004 towards the sinking fund accounts for the purposes of redemption of the RM55,000,000 nominal amount of redeemable unsecured loan stock (RULS), due to Tru-Tech's current tight cash flow position. In relation the above and further to the announcement dated 17 October 2003, Avenue, on behalf of the Board of Directors of Tru-Tech (Board), announced that RM12,000,000 nominal amount of the RULS and the coupon of RM1,260,000 are due for redemption and payment, respectively on 18 October 2004 pursuant to the Trust Deed dated 18 October 1996 as amended by the Supplemental Trust Deed dated 16 November 2001 and the 2nd Supplemental Trust Deed dated 10 September 2003 (collectively, the Trust Deed). Pursuant to the Practice Note 1/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad (formerly known as Malaysia Securities Exchange Berhad) (Bursa Securities), Avenue on behalf of the Board, wishes to announce that the Company will not be able to make the said redemption and interest payments aggregating RM13,260,000 due on 18 October 2004 due to Tru- Tech's current tight cashflow position (Default). MEASURES TAKEN TO ADDRESS THE DEFAULT The Company is currently in discussion with the RULS holders to address the Default. In addition, the Company is in the process of finalizing a comprehensive restructuring plan to regularize its financial condition. On 27 May 2004, Avenue, on behalf of the Board, announced that Tru-Tech had on 26 May 2004, entered into an agreement with Yap Sing Lee, Yap Seng Maw and Yap Sheng Poo (Vendors) wherein Tru-Tech and the Vendors have agreed to undertake a restructuring scheme with the intention of restoring Tru-Tech onto stronger financial footing via an injection of new viable business. The details of the restructuring plan will be announced once it is finalized. FINANCIAL AND LEGAL IMPLICATIONS TO TRU-TECH The legal implications to Tru-Tech in respect of the Default are similar to that of the Default, which had been set out in the announcement dated 17 October 2003. In addition, the Default constitutes an event of default in respect of all other credit facilities granted to Tru-Tech and its subsidiaries as set out in Table 1 http://bankrupt.com/misc/tcrap_trutech101604.doc. OTHER INFORMATION Bursa Securities will be updated on a monthly basis on the status of the Default and the steps to be taken to address the Default until such time when the Default is remedied. CONTACT: Tru-Tech Holdings Berhad Lot 45, Batu 12, Jalan Johor Bahru Kota Tinggi, Mukim Plentong, 81800 Ulu Tiram, Johor Malaysia Telephone (60) 3 7861 5220 Fax (60) 3 7861 7972 This announcement is dated 15 October 2004. * Corporate Litigation Conference Set December 8 ------------------------------------------------ The Malayan Law Journal Sdn Bhd announces that a "Corporate Litigation Conference" will be held at the Hilton Hotel, Petaling Jaya, Kuala Lumpur, on 8 December 2004 at 9 a.m. to 5:30 in the afternoon. The conference will explore some of the issues that may give rise to a corporate litigation suit and in analyzing past precedents, provides useful tips on how such situations can be avoided. Conference Programme (1) Minority Shareholder's Disputes Types of disputes Causes of action and remedies Derivative action for fraud on minority Managing minority rights in an effective way Buying out of minority shareholders Case analysis on recent minority shareholders disputes (2) Board Tussle Appointment of Board of Directors Validity of company meetings Injunctions and other interim remedies against the company Winding up on just and equitable grounds due to oppression of minority interests Removal of Board of Directors / directors Practical tips in managing corporate disagreements Case analysis on recent board tussles (3) Directors' Duties, Rights and Liabilities Director's Remuneration Compensation for loss of office under s 137 Companies Act 1965 Necessity of a company's resolution Ratification of Directors' actions Legality of director's compensation Directors' and Officers' Insurance Policy Termination and removal of directors Role of Non Executive Directors (4) Options and remedies in Corporate Litigation Winding up Buy out / Compulsory Acquisition of shares Utilisation of Shareholder's funds Scheme of Arrangement under s 176 Companies Act 1965 Case analysis: Guthrie's Rationalisation exercise Speakers/ Moderators/ Penalists: Lee Swee Seng, Advocate & Solicitor, Certified Mediator, Tr ademarks and Industrial Designs Agent, Managing Partner of M/s Lee Swee Seng Ramesh Sathasivam, Advocate & Solicitor, Partner, Adnan Sundra & Low Gopal Sreenevasan, Advocate & Solicitor, Partner, Sivananthan Lim Chee Wee, Advocate & Solicitor, Partner, SKRINE WHO SHOULD ATTEND Legal Counsel and Executives Company Secretaries Lawyers For enquiries, please contact: Conferences Department Malayan Law Journal Sdn Bhd (76125-H) Leval 12A (Tower 2), Kelana Brem Tower, Jalan SS 7/15 (Jalan Stadium), 47301 Kelana Jaya, Selangor Darul Ehsan Tel: (603) 7718-6862 / 63/64 Fax: (603) 7718-6803 Email: conferences@mlj.com.my ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: SEC Rejects Appointment of Investor ------------------------------------------------------ The Securities and Exchange Commission has rejected the proposal of College Assurance Plans (CAP) Philippines to include its investor Romeo Roxas on the oversight committee, ABS-CBN News reports. The commission will decide this week on who to appoint as new members of the three-member oversight committee, which was created to oversee CAP's financial performance. Ms. Barin said Mr. Roxas couldn't be named as a member of the oversight committee for CAP since he is a potential investor in the company. She said appointing Mr. Roxas to the oversight committee would result in conflict of interest. Roxas' two companies Green Circle Property Corp. and Greensquare Property Corporation will infuse a Php6 billion property in CAP's trust fund, in exchange for preferred shares in the pre- need company. CAP had already signed the property-share-swap agreement with the two property firms. The last member of the SEC-created oversight committee recently resigned. CAP comptroller Nonelonia Ambat resigned on October 1, due to personal reasons, while oversight committee Chairman Danilo Concepcion and SEC lawyer Carlo Taparan had earlier resigned. CONTACT: College Assurance Plans Phils. Inc. CAP I Building 126 Amorsolo cor. Herrera Streets Legazpi Vill., Makati City Ph: 817-6586, 759-2000 Fax: (0632) 818-0560 COLLEGE ASSURANCE: CAP Technically Insolvent, Says New SEC Chief ---------------------------------------------------------------- The Securities and Exchange Commission (SEC) has declared the pre-need firm, College Assurance Plans Philippine Inc., technically insolvent, as its assets exceeded its liabilities, Yehey Finance reports, citing SEC Chairman Fe B. Barin. The commission is still studying whether the PhP6 billion property to be infused by businessman Romeo G. Roxas in CAP would be enough to meet the SEC's requirements for the pre-need firm's petition to have its dealer's license renewed and to sell additional plans worth PhP1 billion. Mr. Roxas is a Director of the Philippine Veterans Bank, one of the trustee banks of CAP. He also owns Green Circle and Green Square Property Corporation, the companies that will infuse a 3,000-hectare property in Quezon, valued at PhP200 per square meter, in CAP's trust assets in exchange for one board seat in the pre-need firm. COLLEGE ASSURANCE: Questions SEC Refund Order --------------------------------------------- College Assurance Plan Philippines Inc. is questioning the order issued by the Securities and Exchange Commission (SEC) directing the pre-need firm to return investments it had accepted on account of sales of unregistered plans, reports the Philippine Star. "The order was signed only by the Securities Department head Emil P. Aquino. Any order has to come from the Commission en banc in order for it to be implemented. This was not even discussed by the Commission en banc," CAP First Vice-President Booby Cafe said. The order issued by Mr. Aquino requires the Company to refund investments made by plan holders with respect to unregistered plans since the pre-need firm's dealership license had already expired last September 30. Without a dealership license, CAP could not sell securities to the public. Mr. Cafe said CAP had already written the Commission en banc about the matter and is just awaiting their comment. He said the pre-need firm would only comply with the directives if these had the backing of the Commission. NATIONAL STEEL: Indian Steel Giant Completes Takeover ----------------------------------------------------- Global Infrastructure Holdings Ltd. (GIHL) has finally completed a Php13.25 billion deal for the acquisition of National Steel Corporation (NSC), now known as Global Steelworks International Inc. (GSII), ABS-CBN News reports. The Iligan steel firm obtained the required certificate of eligibility (COE) from the Bangko Sentral ng Pilipinas, allowing it to avail itself of incentives under Republic Act 9182, otherwise known as the Special Purpose Vehicle (SPV) Act of 2003. GSII President Sushant Das said GIHL's operating arm Global Steelworks International (SPV-AMC) Inc. and land-owning vehicle Global Ispat Holdings (SPV-AMC) Inc. undertook the final exchange of documents with the creditor banks and the liquidator appointed by the Securities and Exchange Commission. Representing GSII and GIHI were Das and Ramesh Bhosale, Director. Atty. Danilo Castro of Philippine National Bank (PNB), represented the secured creditors, and Atty. Danilo Concepcion, as NSC Liquidator, represented the seller. NSC's complex has a rated capacity of 1.2 million metric tons of steel products per year, including hot rolled coils (HRCs) and plates, cold rolled coils (CRCs) and plates, tin plates and steel billets. Production of hot rolled coils (HRCs) will start with an initial 30 to 40 percent of its capacity on the first month and will ramp up production on the third month. The company intends to reach one million metric tons in six months and two million metric tons by the end of next year. The steel firm plans to hire 1,000 direct employees. CONTACT: National Steel Corporation NSC Building Street 377 Sen. Gil J. Puyat Avenue Area Makati City, Metro Manila NEGROS NAVIGATION: Sets Tender Offer For Shipping Unit ------------------------------------------------------ Metro Pacific Corporation has extended a Php13.6 million tender offer to the minority shareholders of its shipping unit Negros Navigation Inc. to delist the firm as part of its rehabilitation, the Business World reports. The tender offer will run from October 20 to November 17. Metro Pacific announced last week its intention to acquire 100% of the fully diluted share of Nenaco. The firm currently owns 97.19% or 2.9 billion shares of Nenaco's outstanding capital stock. The tender offer paves the way for Metro Pacific to acquire the remaining 2.81% or 84.9 million common shares of Nenaco, which will be crossed on November 29 subject to the approval of the Philippine Stock Exchange (PSE). Nenaco shareholders on record as of October 15 are entitled to tender all or a portion of their shares for acceptance and purchase by Metro Pacific. CONTACTS: Metro Pacific Corporation 10/F MGO Bldg., Legazpi cor. dela Rosa St., Legazpi Village 0721 Makati City, Philippines Telephone No.: 888-0888 Fax No.: 888-0830 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 Web site: http://www.nenaco.com.ph MANILA ELECTRIC: Unveils Amended Quarterly Report ------------------------------------------------- The Manila Electric Company (MER) has furnished the Philippine Stock Exchange a copy of its Amended Quarterly Report, using SEC Form 17-Q, for the quarter ended June 30, 2004. A copy of the report shall be made available at http://bankrupt.com/misc/tcrap_meralco101804.pdf. For your information, MA. PAMELA D. QUIZON-LABAYEN Head, Disclosure Department Noted By: JURISITA M. QUINTOS Senior Vice President CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.) Fax Number: 631-5572 e-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph PHILIPPINE TELEGRAPH: AGM Set On December 3 ------------------------------------------- The Management of Philippine Telegraph and Telephone Corporation announces the Annual Meeting of Stockholders will be held on Friday, December 3, 2004 at 3:00 in the afternoon. The venue of the meeting will be announced, as soon the information is available. The record date for determining the stockholders entitled to notice of the meeting and to vote is the close of business hours of October 29,2004. CONTACT: Philippine Telegraph & Telephone Corp. SJS Building, Casino St. Barangay Palanan, Makati City Telephone Numbers: 818-0511 to 18 Fax Number: 894-4622 Web site: http://www.ptt.com.ph ================= S I N G A P O R E ================= GREATER ASIAN: Creditors Meeting Scheduled on November 19 --------------------------------------------------------- Notice is hereby given pursuant to Section 308 of the Companies Act, that the Final Meeting of the members and creditors of Greater Asian Development Corporation Pte Ltd will be held at 3 Phillip Street, #18-00 Commerce Point, Singapore 048693 on 19th November 2004 at 10:00 a.m. for the purposes stated in Sections 308 and 320 (3) of the Companies Act, Cap. 50. Shanker Iyer Liquidator Note: Any member or creditor entitled to attend and vote at this meeting is entitled to appoint another person (whether a member or creditor or not) as his proxy to attend and vote in his stead. All proxies should be deposited at the Liquidator's office not less than forty-eight hours before the time of holding the meeting and any adjournment thereof. This Singapore Government Gazette notice is dated October 15, 2004. KOH BROTHERS: Posts Change in Shareholder's Interest ---------------------------------------------------- Koh Brothers Group Limited on October 15 released at the Singapore Stock Exchange pertaining to the change in the Percentage Level of the Interest of Quek Chee Nee. Part I (1) Date of notice to issuer: October 15, 2004 (2) Name of Director and Substantial Shareholder: Quek Chee Nee (3) Please tick one or more appropriate box(es): x a Director's (including a director who is a substantial shareholder) Interest and Change in Interest. (Please complete Parts II and IV) Part II (1) Date of change of shareholding: October 14, 2004 (2) Name of Registered Holder: Daiwa Securities SMBC Singapore Limited - nominee (3) Circumstance(s) giving rise to the interest or change in interest: Sales in open market at own discretion (4) Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: 1,187,000 As a percentage of issued share capital: 0.247 No. of shares which are the subject of this notice: 232,000 As a percentage of issued share capital: 0.0484 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: SG$0.10 No. of shares held after the change: 955,000 As a percentage of issued share capital: 0.199 Part III (1) Date of change of interest: (2) The change in the percentage level: From % to % (3) Circumstance(s) giving rise to the interest or change in interest: (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. Part IV (1) Holdings of Director and Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 8,067,000 0 % of issued share capital: 12.107 0 No. of shares held after change: 57,835,000 0 % of issued share capital: 12.059 0 Submitted by: Lee Suyin Company Secretary KOH BROTHERS: Shareholder's Interest Changes -------------------------------------------- Koh Brothers Group Limited on October 15 released at the Singapore Stock Exchange pertaining to the change in the Percentage Level of the Interest of Quek Chee Nee. Part I (1) Date of notice to issuer: October 15, 2004 (2) Name of Director and Substantial Shareholder: Quek Chee Nee (3) Please tick one or more appropriate box(es): x a Director's (including a director who is a substantial shareholder) Interest and Change in Interest. (Please complete Parts II and IV) Part II (1) Date of change of shareholding: October 13, 2004 (2) Name of Registered Holder: Daiwa Securities SMBC Singapore Limited - nominee (3) Circumstance(s) giving rise to the interest or change in interest: Sales in open market at own discretion (4) Information relating to shares held in the name of the Registered Holder: No. of shares held before the change: 1,835,000 As a percentage of issued share capital: 0.383 No. of shares which are the subject of this notice: 648,000 As a percentage of issued share capital: 0.1351 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: SG$0.10 No. of shares held after the change: 1,187,000 As a percentage of issued share capital: 0.247 Part III (1) Date of change of interest: (2) The change in the percentage level: From % to % (3) Circumstance(s) giving rise to the interest or change in interest: (4) A statement of whether the change in the percentage level is the result of a transaction or a series of transactions. Part IV (1) Holdings of Director and Substantial Shareholder, including direct and deemed interest: Direct Deemed No. of shares held before change: 58,715,000 0 % of issued share capital: 12.242 0 No. of shares held after change: 58,067,000 0 % of issued share capital: 12.107 0 Submitted by: Lee Suyin Company Secretary LINK OCEAN: Creditors to Submit Claims by November 16 ----------------------------------------------------- Notice is hereby given that the creditors of Link Ocean Pte Ltd, which is being wound up voluntarily, are required on or before the 16th day of November 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the said Company. If so required by notice in writing by the said Liquidators, they are to come in personally or by their solicitors and prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Chee Yoh Chuang Lim Lee Meng Liquidators 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 This Singapore Government Gazette notice is dated Ocober 15, 2004. MAERSK OFFSHORE: Creditors Must Prove Debts by November 16 ---------------------------------------------------------- Notice is hereby given that the creditors of Maersk Offshore (Singapore) Pte Ltd, which is being wound up voluntarily, are required on or before the 16th day of November 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company. If so required by notice in writing by the said Liquidators, they are to come in personally or by their solicitors and prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Teo Siew Kim Liquidator c/o 200 Cantonment Road #11-00 Southpoint Singapore 089763 This Singapore Government Gazette notice is dated October 15, 2004. TRANSPO ELECTRONICS: Enters Winding up Proceedings -------------------------------------------------- Notice is hereby given that the creditors of Transpo Electronics Asia Pte Ltd, which is being wound up voluntarily, are required on or before the 16th day of November 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company. If so required by notice in writing by the said Liquidators, they are to come in personally or by their solicitors and prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Hamish Alexander Christie Liquidator c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 This Singapore Government Gazette notice is dated October 15, 2004. WEE POH: Complies with Rule 723 of SEST Listing Manual ------------------------------------------------------ The Board of Directors of Wee Poh Holdings Limited refers to its Annual Report for the financial year ended 30 June 2004, copies of which were circulated to the members on 14 October 2004. The Board of Directors wished to provide the following information relating to the percentage of shareholding in the Company held in the hands of public, which has been omitted in the page 52 of the Annual Report: Based on the information available to the Company as at 30 September 2004, approximately 80.2074% of the issued ordinary shares of the Company is held by the public and, therefore, Rule 723 of the Listing Manual issued by the Singapore Exchange Securities Trading Limited is complied with. By Order of the Board Chan Wang Kin Managing Director =============== T H A I L A N D =============== BANGKOK RUBBER: Issues Progress of Business Rehab Plan ------------------------------------------------------ Bangkok Rubber Public Company Limited (BRC) reported to the Stock Exchange of Thailand (SET) the progress of its rehabilitation plan in accordance to the request of the SET. BRC currently has progressively operated the following according to the business reorganization plan: (1) Payment to the company's creditors and guarantee obligations to related company as at 30 September 2004 totaling THB427 million, and payment by conversion of debt to equity at the price of THB17 per share unit, totaling THB710 million. (2) Registration of the increase in paid-up capital to be in compliance with the number of ordinary shares of the Company, which are allocated to the creditors. The Company has allocated 41,766,690 ordinary shares as part of its increased share capital to the Company's creditors and guarantee obligations creditors to related companies by issuing 30,268,824 and 11,497,866 ordinary shares, respectively. As a result, the Company has paid-up capital by THB1,392,666,900 or 139,266,690 ordinary shares of THB10 each. Sincerely Yours, (Mr.Prasert Chulthira) (Mr.Boonsong Tondulyakul) Authorized Director B.R.C. Planner Company Limited As The Plan Administrator Of Bangkok Rubber Public Company Limited CONTACT: Bangkok Rubber Public Company Limited 611/40 Soi Raj-Utit 2, Bangkhlo, Yan Nawa Bangkok Telephone: 0-2689-9500 Fax: 0-2291-1353 Web site: www.pan-group.com SIAM AGRO: Implements Rehab Plan to Avoid Delisting --------------------------------------------------- As requested by the Stock Exchange of Thailand, Siam Agro Industry Pineapple and Others Public Company Limited reported the progress of its business rehabilitation plan as at September 30, 2004. Siam Agro Industry Pineapple and Others Public Company Limited whose shares have been traded under the REHABCO sector has already implemented a Rehabilitation Plan to remedy the cause of being de-listed from the SET. The process of rehabilitating the business commenced on April 30, 1999 when the Company signed the Debt Restructuring Agreement with its major creditor Kasikornbank (KBANK), formerly Thai Farmer Bank Plc. and thereafter submitted a Rehabilitation Plan that was approved at a Shareholders' meeting on August 16, 1999. Since the injection of new equity in April 1999, the Company has made significant progress in rehabilitating and securing the business for long-term growth as highlighted in the attached report. To view a full copy of the report, click http://bankrupt.com/misc/SAICO101804.htm For your consideration Yours sincerely, Praful Shah (Managing Director) CONTACT: Siam Agro-Industry Pineapple And Others Pcl Ocean Tower 2, Floor38, 75/105 Sukhumvit Road, Watthana Bangkok Telephone: 0-2661-7878 Fax: 0-2661-7865 Website: www.saico.co.th THAI WAH: Unveils Strategies to Return to Positive Equity --------------------------------------------------------- Thai Wah Public Company Limited filed to the Stock Exchange of Thailand (SET) a report regarding the progress of the implementation of the Business Reorganization Plan from the end of March 2004 to the end of September 2004 period and the company also unveils its strategies to return the Company to positive equity. (1) Sales of non-core assets The company refers to the letter to the Stock Exchange of Thailand dated 21 July 2004. Following the termination of the sales of a group of certain non-core assets of the Company to a potential investor, Class B directors of the Plan Administrator have continued to work with the Creditors' Committee to sell the non-core assets in accordance with the Plan. A number of proposals to purchase certain assets have been received. The Creditors' Committee has yet to conclude the terms and conditions and will make a final decision in due course. The Company received a repayment of convertible loan stock from Tropical Resorts Ltd., which is a non-core asset of the Company in the amount of US$1,559,925. This amount has been used to repay the creditors in accordance with the Plan. (2) Transfer of the contingent creditor's claim The Central Bankruptcy Court has read the order of the Supreme Court on 17 August 2004 in relation to the claim of the Company's contingent creditor, Everen Investment Pte Ltd (Everen). The Supreme Court ruled that the claim of Everen in the Company is valid and binding in the amount of US$9,052,843. This is less than the US$22,950,000 that Everen claimed in the Company's business reorganization. As such, Everen's claim has been transferred from Class 5 Creditors (Contingent Creditors) to Class 1 Creditors (USD Creditors) in accordance with the Plan. The Company has remitted the fund in the Reserve Account to Everen in the amount of US$1.03 million and to Classes 1 and Classes 2 in the amount of THB7.60 million. In addition, additional shares in the Company of 3,459,794 shares are to be issued as part of the debt to equity conversion to the creditors in accordance with the Plan. (3) Strategies to return the Company to positive equity The Class B directors of the Plan Administrator have met with the Stock Exchange of Thailand and are aware of the timeframe that is required to return the Company to positive equity. The company is therefore currently in the process of finalizing a strategy to comply with the timeframe. Yours sincerely, Ian Pascoe Class B Director of Wah Group Planner Co Ltd, as the Plan Administrator of Thai Wah PCL. Thai Wah Group Planner Company Limited CONTACT: Thai Wah Public Company Limited Thai Wah Tower, Floor 21-22, 21/63-66 South Sathon Road, Sathon Bangkok Telephone: 0-2285-0040, 0-2285-0241-56 Fax: 0-2285-0269-70 Website: www.thaiwah.com TUNTEX THAILAND: Informs SET on Progress of Rehab Process --------------------------------------------------------- Tuntex (Thailand) Public Company Limited, as the Plan Administrator of Tuntex (Thailand) Public Company Limited, informed the Stock Exchange of Thailand (SET) on Central Bankruptcy Court's order dated 17 September 2004 and the resolutions of the Plan Administrator's Board of Directors' Meeting No. 6/2547 held on 30 September 2004 with regard to the rehabilitation of Tuntex's business to SET: (1) Tuntex has reduced the share capital for unsold or yet to be sold shares of THB180,000,000. For this purpose, the amount of 18,000,000 ordinary shares with the par value of THB10 per share that was left unsold were annulled. After such reduction of capital, Tuntex had THB 2,780,000,000 registered capital, divided into 278,000,000 paid- up ordinary shares with the par value of THB10 per share. (2) Tuntex has amended its Memorandum of Association to be in line with the reduction of capital. Such amendment was made by repealing the provision in Clause 4 and replace it with the following: Clause 4 Registered Capital THB2,780,000,000 (Two Thousand Seven Hundred and Eighty Million Baht) Divided into 278,000,000 Shares (Two Hundred Seventy-Eight Million Shares Each with the value of Being THB10 (Ten Baht) Ordinary Shares 278,000,000 Shares(Two Hundred Seventy-Eight Million Shares) Preference Shares - None (3) Tuntex has increased its capital for another THB8,000,000,000 by issuing 800,000,000 newly issued ordinary shares with the par value of THB10 per share. As such, Tuntex's capital has increased from THB2,780,000,000 to THB10,780,000,000, which is in line with the provision of the Plan. (4) Tuntex has amended its Memorandum of Association to be in line with the increase of capital. Such amendment was made by repealing the provision in Clause 4 and replace it with the following: Clause 4 Registered Capital THB10,780,000,000 (Ten Thousand Seven Hundred Eighty Million Baht) Divided into 1,078,000,000 Shares (One Thousand Seventy-Eight Million Shares) Each with the value of Being THB10 (Ten Baht) Ordinary Shares 1,078,000,000 Shares (One Thousand Seventy-Eight Million Shares) Preference Shares- None (5) Tuntex has amended its Articles of Association by repealing the provisions in Clause 7 and replace them with the following: Clause 7 The Company's shares may be freely transferable except (1) When such transfer of shares will have negative effect to the Company's rights and benefits entitled under the laws; or (2) For the case required complying with the laws. Please be informed accordingly. Further progress will be reported at later stages. Sincerely yours, Authorized director (Mr. Yang Jin-Tu) Tuntex (Thailand) Public Company Limited, Plan Administrator of Tuntex (Thailand) Public Company Limited CONTACT: Tuntex (Thailand) Pcl Bb Building, Floor 20, 54 Sukhumvit 21 Road, (Asoke) Klongtoey Nua, Wattana Bangkok Telephone: 0-2260-8020-41 Fax: 0-2260-8055 Web site: www.tuntexthailand.com TUNTEX THAILAND: Releases Capital Increase Report ------------------------------------------------- Tuntex Thailand Public Company Limited furnished the Stock Exchange of Thailand a copy of its capital increase report form. Capital Increase Report Form Of Tuntex (Thailand) Public Company Limited 14 October 2004 Tuntex (Thailand) Public Company Limited, as the Plan Administrator of Tuntex (Thailand) Public Company Limited, hereby would like to report the Court's order dated 17 September 2004 and the resolutions of the Board of Directors' Meeting No. 6/2547 held on 30 September 2004 in respect of capital increase: (1) Capital Reduction / Increase Whereas the Business Rehabilitation Plan of Tuntex requires that Tuntex's capital be reduced / increased as follows: (1.1) The Court ordered on 17 September 2004 to approve and the Board of Directors' Meeting No. 6/2547 on 30 September 2004 passed the resolution approving the reduction of capital for unsold or yet to be sold shares of THB180,000,000. For this purpose, the amount of 18,000,000 ordinary shares with the par value of THB10 per share that was left unsubscribed were annulled. After such reduction of capital, Tuntex had THB2,780,000,000 registered capital, divided into 278,000,000 paid-up ordinary shares with the par value of THB10 per share; and (1.2) The Court also ordered on 17 September 2004 to approve and the Board of Directors' Meeting No. 6/2547 also passed the resolution approving the increase of capital for another THB 8,000,000,000 by issuing 800,000,000 newly issued ordinary shares with the par value of THB10 per share. As such, Tuntex's capital has increased from THB2,780,000,000 to THB10,780,000,000. The issuance of shares for capital increase as mentioned above is subject to the conditions, objectives and time frames provided in the Plan, which has been approved by the Court. (2) Schedule For Shareholders' Meeting To Approve Capital Increase Since Tuntex is now in the business rehabilitation proceeding, no shareholders' meeting will be held to approve the increase of capital (pursuant to Section 90/25 of the Bankruptcy Act.). (3) Pplication For Approval Of Relevant Government Agencies For Capital Increase And Conditions Thereto The Plan Administrator has registered the increase of capital with the Company and Partnership Official Registrar of the Department of Business Development, Ministry of Commerce, and will coordinate with the Share Registrar of the Tuntex, which is the Thailand Share Depository Company Limited, and relevant governmental authorities for further actions. (4) Objectives Of Capital Increase And The Plan To Utilize The Proceeds From Capital Increase The Plan Administrator will issue the new ordinary shares and transfer the ownership of which to the creditors of Tuntex in lieu of repaying the debt in cash in accordance with the Plan, which was previously approved by the Court. (5) Benefits To Tuntex From Capital Increase This capital increase is an action required under the Plan. The capital increase will be used for debt repayment programs provided in the Plan, which will help lessen the debt burdens of Tuntex for an approximate amount of THB4,600 million. By doing so, Tuntex's debt structure will be in line with its income structure, and Tuntex will soon regain the capability to operate its business and compete with other business operators, which will be beneficial to its creditors and stakeholders such as employees, contractors, business partners, shareholders, etc. (6) Benefits To The Shareholders From Capital Increase The capital increase and the debts to equity swap will help lessen the debt burdens of Tuntex for an approximate amount of Baht 4,600 million. As a result, Tuntex will have stronger financial status. The Plan Administrator hopes that with such stronger financial status, its shares may be able to resume tradable on the Stock Exchange of Thailand and at a higher price. In addition, Tuntex may be able to pay dividends in the future. (7) Other Information Necessary To Be Used By The Shareholders To Consider And Approve Capital Increase: None (8) Timeline For Capital Increase - Filing a petition with the Court for permission of the reduction / increase of registered capital and the amendments to Articles of Association and Memorandum of Association: 17 September 2004 - The Board of Director's Meeting passing the resolution approving the decrease/ increase of capital: 30 September 2004 - Registration of the reduction / increase of registered share capital and the amendments to Articles of Association and Memorandum of Association with the Company Registrar: 12 October 2004 - Debts to equity conversion for the creditors under applicable debt repayment programs: As provided in the Plan The Plan Administrator hereby certifies that the information contained in this report is true and complete in all respects. Sincerely yours, (Mr.Yang, Jin-Tuu) (Mr.Chira Panupong) Tuntex (Thailand) Public Company Limited, Plan Administrator of Tuntex (Thailand) Public Company Limited * BOND PRICING: For the Week 11 October to 15 October 2004 ---------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 Amity Oil Ltd. 10.000% 10/31/13 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 9 Austrim National Radiation Ltd. 9.500% 10/31/04 61 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.250% 10/15/04 9 BIL Finance Ltd 8.750% 10/15/04 10 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.000% 10/15/04 9 BIL Finance Ltd 9.250% 10/15/06 9 BIL Finance Ltd 10.000% 10/15/04 10 Capital Properties NZ Ltd 8.500% 4/15/05 8 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 9 Citigold Corp. 12.000% 3/29/07 1 Consolidated Minerals Ltd 11.250% 3/31/05 2 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 7 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 8 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd. 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 8 Hy-Fi Securities Ltd 8.750% 8/15/08 12 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure and Utility 8.500% 9/15/13 8 NPT Capital Ltd 9.500% 11/30/04 10 Nuplex Industries Ltd 9.300% 9/15/07 8 Powerco Ltd 8.150% 9/1/07 8 Powerco Ltd 8.400% 5/22/07 10 Richmond Ltd 10.750% 12/15/04 10 Salomon Smith Barney Australia 4.250% 2/1/09 9 Sapphire Securities 7.410% 9/20/35 7 Sapphire Securities 9.160% 9/20/35 9 Sapphire Securities 9.250% 12/20/06 9 Sky Network Television Ltd 9.300% 10/29/49 8 Software of Excellence 7.000% 8/09/07 2 Strathfield Group 11.000% 12/31/05 1 Structural Systems Ltd 11.000% 6/30/07 1 Sydney Gas Company 12.000% 4/1/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 8 TrustPower Ltd 8.500% 3/15/14 8 Urbus Properties Ltd 9.250% 3/10/07 1 Vision Systems Ltd 9.000% 12/15/08 2 CHINA ----- China Government Bond 2.600% 9/20/17 74 China Government Bond 2.900% 5/24/32 62 China Government Bond 3.400% 4/17/23 74 HKSAR Government 3.750% 7/23/09 3 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 66 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 5 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 2 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Killinghall Bhd 5.000% 4/13/09 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Emas Bhd 7.000% 11/15/04 1 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 Lebar Daun Bhd 2.000% 1/6/07 4 Lion Diversified Holdings Bhd 2.000% 6/1/09 1 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/5/12 1 Mithril Bhd 8.000% 4/5/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corporation 0.500% 8/24/06 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Patimas Computer Bhd 6.000% 2/19/06 1 Poh Kong Holdings 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel Bhd 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 1 Wah Seong Corp 3.000% 5/21/12 3 Yu Neh Huat Bhd 3.000% 9/2/08 1 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Rabobank Singapore 1.000% 1/15/13 74 Sengkang Mall 8.000% 11/20/12 1 Tampines Assets Ltd 5.625% 12/7/06 1 Tampines Assets Ltd 6.000% 12/7/06 1 Tincel Ltd 7.400% 6/13/11 1 ********* 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 ***