/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050117.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, January 17, 2005, Vol. 8, No. 11 Headlines A U S T R A L I A ADPRING PTY: Appoints Nicholas Martin as Liquidator ALLBRYTE SMASH: Members Agree to Wind Up Company ASONBRA PTY: To Convene Final Meeting on February 14 BATTLESTAR LASER: To Declare Final Dividend January 28 BUNDALONG PASTORAL: Sets February 4 as Date of Final Meeting CHEMEQ LIMITED: New Management Consulting Team Marches In CUT PRICE: Appoints Liquidators for Winding Up Purposes DR VISION: Court Issues Winding Up Order EACI PTY: Lays Out Agenda for Feb. 4 Meeting EAST WONGA: Appoints Liquidator for Winding Up Purposes FOYLE ELECTRICS: Names Greg Lawrence as Liquidator FULLER FIREARMS: EGM Ends in Resolution to Wind Up Company GLOBE PRODUCTS: Final Dividend to be Declared January 26 KHS HOMECARE: Court Appoints Christopher J. Palmer as Liquidator K&T FOODS: Taps M.F. Cooper to Liquidate Company KYNATE PTY: Members Agree to Wind Up Company MARINE INDUSTRIAL: To Declare Final Dividend January 18 M&J HOUSTON: Members Agree to Wind Up Company NATIONAL AUSTRALIA: Turnaround Hits Another Snag QANTAS AIRWAYS: Group Traffic Falls in November SULLGLEN PTY: To Convene Final Meeting January 28 TANJII PTY: Sets January 20 as Date of Final Meeting TOMLINSON MEN: To Convene Final Meeting February 4 * Bankruptcies Fall 2.2% in December Quarter C H I N A & H O N G K O N G DAIRY HOLDINGS: Receiving Proofs of Claims Until Feb. 2 GREEN PEAK: Creditors to Submit Claims by Jan. 31 HIGHWAY TECHNOLOGY: Court to Hear Bankruptcy Petition on Feb. 2 IASIK PRODUCTION: Sets Winding Up Hearing on Feb. 2 LEADER PACIFIC: Creditors Must Prove Claims by Feb. 7 MASHREQ ASIA: Creditors Have Until Feb.7 to Submit Debt Claims SPIKE PUBLICATIONS: Creditors to Meet Jan. 28 SUN HONEST: Enters Winding Up Proceedings I N D O N E S I A BANK GLOBAL: Finally Closes Despite Revival Efforts INTI FASINDO: Pefindo Downgrades Ratings to "idBB+" PERTAMINA: Buys 8 Asian Crude Oil Cargoes for March PERTAMINA: Clinches US$310 Mln Syndicated Loan Deal J A P A N AOYAMAJISHO K.K.: Declared Bankrupt CECILE COMPANY: JCR Affirms BB on Bonds HIGASHICHICHIBU KANTORIH: Falls Into Bankruptcy KOBE STEEL: Malaysian Steel-maker to Acquire Iron Plant MITSUBISHI FUSO: DaimlerChrysler Takes Over Malaysian Ops NAGOYA RAILROAD: JCR Affirms BBB+ on Long Term Debt OH SII: Enters Bankruptcy SEIBU RAILWAY: Mizuho Exec Tapped to Head New Holding Company K O R E A DONG AH: Kumho Bids KRW1.2 Trillion for Nonperforming Loans HANARO TELECOM: S&P Assigns 'BB' Rating on Long-term Credit HYNIX SEMICONDUCTOR: Forges Alliance with ProMOS KOOKMIN BANK: Books KRW170.3Bln Net Profit in 2004 M A L A Y S I A FURQAN BUSINESS: Unit Enters Alliance With PLV GOLDEN FRONTIER: Issues Shares Buy Back Notice I-BERHAD: Buys Back 8,000 Shares JASATERA BERHAD: SC Rejects Recapitalization Extension KEMAYAN CORPORATION: Court Hearing Set for January 19 NAUTICALINK BERHAD: Court Grants Restraining Order OLYMPIA INDUSTRIES: Dissolves U.K. Subsidiary PANTAI HOLDINGS: Issues Shares Buy Back Notice PETALING TIN: Updates Practice Note No. 17/2005 SAFEGUARDS CORPORATION: Terminates JV Deal with JR Logistics SUGARBUN CORPORATION: Unveils Securities Disposal, Acquisition TRADEWINDS CORPORATION: Extends Property Disposal Date P H I L I P P I N E S APC GROUP: Sells Losing Subsidiary to Cut Losses COLLEGE ASSURANCE: SEC to Allow Capital Increase in Stock MANILA ELECTRIC: Receives ERC Order to Refund Customers PHILIPPINE LONG: Clarifies Profit Target Report S I N G A P O R E APEX INTERNATIONAL: Court to Hear Winding Up Petition on Jan.28 CHINA AVIATION (S): To Present Rehab Scheme to Creditors COTAN PETROLEUM: Posts Notice of Dividend DIGILAND INTERNATIONAL: Subsidiary Wins Appeal DOWFLECT TRADING: Issues Intended Dividend Notice MEASUREX ENGINEERING: Receiving Proofs Until Jan. 24 NIPPECRAFT LIMITED: Posts List of Staff in Managerial Positions SIFRINA TRADING: Creditors to Prove Claims by Jan. 28 T H A I L A N D EMC: Discloses Additional Information on ESOP THAI WAH: Details Amendment of Business Reorganization Plan - - - - - - - - ================= A U S T R A L I A ================= ADPRING PTY: Appoints Nicholas Martin as Liquidator --------------------------------------------------- Notice is hereby given that at an Extraordinary General Meeting of members of Adpring (Aust) Pty Ltd (In Liquidation) A.C.N. 076 742 768, held on December 6, 2004, it was resolved that the Company be wound up voluntarily. At a meeting of creditors held on the same day it was resolved that for such purpose, Mr. Nicholas Martin of PPB, Chartered Accountants, Level 10, 90 Collins Street, Melbourne, Victoria, be appointed Liquidator. Dated this 6th day of December 2004 Nicholas Martin Liquidator PPB Chartered Accountants Level 10, 90 Collins Street, Melbourne Vic 3000 ALLBRYTE SMASH: Members Agree to Wind Up Company ------------------------------------------------ Notice is hereby given that at a Meeting of Members of Allbryte Smash Repairs Pty Ltd (In Liquidation) A.C.N. 098 567 385 held on December 1, 2004 it was resolved that the Company be wound up voluntarily. At a Meeting of the Creditors held on the same day pursuant to Section 497 it was resolved that for such purpose, Paul Vartelas, of B.K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne be appointed Liquidator. Dated this 1st day of December 2004 Paul Vartelas Liquidator ASONBRA PTY: To Convene Final Meeting on February 14 ---------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that the final meeting of the members of Asonbra Pty Ltd (In Liquidation) (Members Voluntary Winding Up) A.C.N. 001 612 095 will be held at the offices of Dowdle McLean, Certified Practising Accounts, 146 Sanger Street, Corowa NSW 2646 on Friday, February 4, 2005 at 3:30 p.m. AGENDA (1) 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 giving any explanation of the account. (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. Dated this 9th day of December 2004 P.J. Dowdle Liquidator Asonbra Pty Ltd (In Liquidation) c/- Dowdle McLean 146 Sanger Street, Corowa NSW 2646 BATTLESTAR LASER: To Declare Final Dividend January 28 ------------------------------------------------------ A first and final priority dividend is to be declared on January 28, 2005 for Battlestar Laser Centre Pty Ltd (In Liquidation) previously trading as Zone 3 Coolangatta A.C.N. 091 398 819. Creditors who were not able to formally prove their debts or claims will be excluded from the benefit of the dividend. Dated this 2nd day of December 2004 Ann Fordyce Bradley Hellen Joint & Several Liquidators c/- Pilot Partners Level 5, 175 Eagle Street, Brisbane Qld 4000 BUNDALONG PASTORAL: Sets February 4 as Date of Final Meeting ------------------------------------------------------------ Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that the final meeting of the members of Bundalong Pastoral Co Pty Ltd (In Liquidation) (Members Voluntary Winding Up) A.C.N. 001 233 236 will be held at the offices of Dowdle McLean, Certified Practising Accounts, 146 Sanger Street, Corowa NSW 2646 on Friday, February 4, 2005 at 11:30 a.m. AGENDA (1) 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 giving any explanation of the account. (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. Dated this 9th day of December 2004 P.J. Dowdle Liquidator Bundalong Pastoral Co Pty Ltd (In Liquidation) c/- Dowdle McLean 146 Sanger Street, Corowa NSW 2646 CHEMEQ LIMITED: New Management Consulting Team Marches In --------------------------------------------------------- A new interim management consulting team will join Chemeq Limited to advise the veterinary drug firm on operational and financial matters, reports Asia Pulse. The team, which is expected to stay for at least six months, will specifically offer assistance with the management and marketing of Chemeq's goods. Chemeq was facing a tough year in 2004 after it lost 77 percent of its market capitalization resulting from problems surrounding the commissioning of its production plant in Western Australia. Earlier this month, the Company was infused with AU$60 million (US$45.91 million) in aid from London-based Mizuho International. As part of the conditions attached to Mizuho's funding agreement, Chemeq agreed to appoint an interim management consulting team led by John Nicholls. Mr. Nicholls has experience in manufacturing, distribution and investment banking in Australia and throughout Asia and will report direct to Chemeq chairman and chief executive Graham Melrose and Mizuho. Chemeq said the team would draw on a variety of backgrounds including manufacturing, operations, sales & marketing and finance. CONTACT: Chemeq Limited Suite 8 Petroleum House, 3 Brodie Hall Drive, Technology Park, Bentley, Australia, 6102 Head Office Telephone 08 9362 0100 Head Office Fax 08 9355 0199 Web site: http://www.chemeq.com.au/ CUT PRICE: Appoints Liquidators for Winding Up Purposes ------------------------------------------------------- Notice is given that at an extraordinary general meeting of members of Cut Price Travel Pty Ltd (In Liquidation) A.B.N. 83 007 437 158 held on December 3, 2004 it was resolved that the Company be wound up voluntarily and that Andrew Leonard Dunner, Chartered Accountant, 23 Erin Street, Richmond Victoria 3121 be appointed liquidator of the Company for the purposes of the winding up. Dated this 3rd day of December 2004 A.L. Dunner Liquidator Andrew Dunner & Associates 23 Erin Street, Richmond Vic 3121 Telephone: (03) 9428 1888 DR VISION: Court Issues Winding Up Order ---------------------------------------- On December 9, 2004, the Supreme Court of New South Wales, Equity Division, made Orders that Christopher J. Palmer be appointed Official Liquidator for DR Vision Electronics Pty Limited (In Liquidation) A.C.N. 074 451 273. Dated this 21st day of December 2004 Christopher J. Palmer Official Liquidator O'Brien Palmer Level 4, 23-25 Hunter Street, Sydney NSW 2000 EACI PTY: Lays Out Agenda for Feb. 4 Meeting -------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that the final meeting of the members of EACI Pty Ltd (In Liquidation) (Members Voluntary Winding Up) A.C.N. 001 309 619 will be held at the offices of Dowdle McLean, Certified Practising Accounts, 146 Sanger Street, Corowa NSW 2646 on Friday, February 4, 2005 at 9:30 a.m. AGENDA (1) 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 giving any explanation of the account. (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. Dated this 9th day of December 2004 P.J. Dowdle Liquidator Eaci Pty Ltd (In Liquidation) c/- Dowdle McLean 146 Sanger Street, Corowa NSW 2646 EAST WONGA: Appoints Liquidator for Winding Up Purposes ------------------------------------------------------- Notice is hereby given that at a General Meeting of East Wonga Pty Ltd A.C.N. 001 480 048 held on December 9, 2004 it was resolved that the Company be wound up voluntarily as a Members' Voluntary Winding up and that for such a purpose, Robert Bruce Turner be appointed liquidator. Dated this 9th day of December 2004 Robert Bruce Turner Liquidator FOYLE ELECTRICS: Names Greg Lawrence as Liquidator -------------------------------------------------- Notice is hereby given that at a General Meeting of Members of Foyle Electrics Pty Limited (In Voluntary Liquidation) A.C.N. 002 780 341 duly convened and held at 93a Young Street Carrington NSW 2294 on December 13, 2004 at 10:00 a.m., a Special Resolution was passed that the Company be wound up voluntarily and Greg Lawrence was appointed Liquidator. Dated this 13th day of December 2004 G.A. Lawrence Liquidator Lawrence Rundle Accountants & Business Advisers 93a Young Street, Carrington NSW 2294 FULLER FIREARMS: EGM Ends in Resolution to Wind Up Company ---------------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Fuller Firearms Group Pty Limited (In Voluntary Liquidation) A.C.N. 001 812 595 held at Level 29, 264 George Street Sydney NSW 2000 on December 6, 2004, the following resolutions were passed: Special Resolution The Company be wound up voluntarily. Ordinary Resolutions That Mr. Stuart Cameron of Nexia Court & Co, Chartered Accountants, Level 29, Australia Square, 264 George Street, Sydney NSW 2000, be and is hereby nominated liquidator of the Company for the purpose of the winding up. Stuart Cameron Liquidator GLOBE PRODUCTS: Final Dividend to be Declared January 26 -------------------------------------------------------- A first and final dividend is to be declared on January 26, 2005 for Globe Products Pty Ltd (In Liquidation) A.C.N. 061 204 028. Creditors who were not able to formally prove their debts or claims will be excluded from the benefit of the dividend. Dated this 6th day of December 2004 Ginette Muller Liquidator KordaMentha (Qld) Level 1, 307 Queen Street, Brisbane Qld 4000 Telephone: (07) 3225 4900 Facsimile: (07) 3225 4999 KHS HOMECARE: Court Appoints Christopher J. Palmer as Liquidator ---------------------------------------------------------------- On December 9, 2004, the Supreme Court of New South Wales, Equity Division, made Orders that KHS Homecare Services Pty Limited (In Liquidation) A.C.N. 098 283 151 Christopher J. Palmer be appointed Official Liquidator for the Company. Dated this 21st day of December 2004 Christopher J. Palmer Official Liquidator O'Brien Palmer Level 4, 23-25 Hunter Street, Sydney NSW 2000 K&T FOODS: Taps M.F. Cooper to Liquidate Company ------------------------------------------------ Notice is hereby given that at a General Meeting of Members of K&T Foods Pty Limited (In Liquidation) A.C.N. 091 287 339 duly convened and held at Level 12, 37 Bligh Street Sydney NSW on Wednesday, December 8, 2004 at 2:00 p.m. a Special Resolution that the Company be wound up voluntarily was passed by members and the undersigned was appointed Liquidator. The appointment of Liquidator was confirmed by creditors pursuant to Section 497(1) of the Corporations Act 2001 at a meeting of creditors held subsequently that day. Dated this 9th day of December 2004 M.F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street, Sydney NSW 2000 KYNATE PTY: Members Agree to Wind Up Company -------------------------------------------- Notice is hereby given that at a General Meeting of Members of Kynate Pty Limited (In Liquidation) A.C.N. 003 847 596 duly convened and held at 5 Claremont Crescent, Hinchinbrook NSW 2168 on Tuesday, December 7, 2004 at 9:00 a.m. a Special Resolution that the Company be wound up voluntarily was passed by members and the undersigned was appointed Liquidator. The appointment of Liquidator was confirmed by creditors pursuant to Section 497(1) of the Corporations Act 2001 at a meeting of creditors held subsequently that day. Dated this 13th day of December 2004 P. Ngan Liquidator Ngan & Co Chartered Accountants Level 5, 49 Market Street, Sydney NSW 2000 MARINE INDUSTRIAL: To Declare Final Dividend January 18 ------------------------------------------------------- A second and final dividend is to be declared on January 18, 2005 for Marine Industrial Insulation & Sheetmetal Pty Ltd (In Liquidation) as trustee for The Stillaway Family Trust A.C.N. 085 413 89. Creditors who were not able to formally prove their debts or claims will be excluded from the benefit of the dividend. Dated this 1st day of December 2004 C.M. Williamson Liquidator Hall Chadwick Level 40, BankWest Tower, 108 St George's Terrace, Perth WA 6000 M&J HOUSTON: Members Agree to Wind Up Company --------------------------------------------- At a General Meeting of members of M&J Houston Pty Limited A.C.N. 074 412 196 held at RMB 3240 Wisemans Ferry Road, Central Mangrove, New South Wales on Tuesday, December 7, 2004 the following resolution was duly passed as a Special Resolution: That the Company be wound up voluntarily and that John Greer, of Level 7, 276 Pitt Street Sydney, be hereby appointed liquidator for the purpose of winding up of the Company. Dated this 8th day of December 2004 John Greer Liquidator NATIONAL AUSTRALIA: Turnaround Hits Another Snag ------------------------------------------------ The lackluster performance of National Australia Bank's New Zealand arm could impede NAB's revival and may even dampen investor confidence, The Age reports. NAB's earnings is expected to be hurt by dwindling operations of the Bank of New Zealand (BoNZ), which has lost market share and the earnings of which have been hit by rising regulatory costs and a fall in revenue. BoNZ's dilemma's started when it carried out a mortgage discount promotion to rebuild customer numbers. Last year, BoNZ contributed only 12 percent of NAB's earnings. The NZ issue has been overlooked by investors because of bigger problems such as the AU$360 million forex scandal in Australia and the sale of the two Irish banks. Investment bank Credit Suisse First Boston believes BoNZ will eventually recover but that it may take longer than expected. Analysts have been raising concerns about NAB's ability to maintain its dividend, reinvestment costs, market loss in Australia, mortgage discounting in New Zealand and margin compression in Britain. 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/ QANTAS AIRWAYS: Group Traffic Falls in November ----------------------------------------------- Qantas Airways Limited disclosed its total group traffic dropped in November from the previous month, according to Asia Pulse. In its preliminary monthly traffic statistics for the month, the airline reported the traffic measured in revenue passenger kilometers (RPKs) was down by 357,000 to 7.115 million in November. On the other hand, total domestic RPKs dropped 232,000 to 2.291 million while international RPKs fell to 4.824 million, from 4.949 million in October. RPKs measures the number of revenue paying passengers carried times the distance flown. The airline said over the year to November group RPKs had risen 5.2 percent while available seat kilometers climbed 7.8 percent. This resulted in a revenue seat factor of 75.8 percent, down 1.9 percentage points from the same period a year earlier. The month-to-month total group number of passengers carried by the airline was also down, to 271,300 in November from 284,300 in October. Over the year to November, however, Qantas carried 8.7 per cent more passengers compared to the previous corresponding period. Total domestic passenger numbers had risen by 12 per cent to 192,500 in the year to November while international passenger numbers were up 1.4 per cent to 788,000 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 SULLGLEN PTY: To Convene Final Meeting January 28 ------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that a Final Meeting of Members and Creditors of Sullglen Pty Limited (In Liquidation) A.C.N. 003 433 261 will be held at the offices of William Buck, Chartered Accountants, Level 24, 201 Elizabeth Street, Sydney on January 28, 2005 at 10:30 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and the termination of the administration. Dated this 9th day of December 2004 David G. Young Liquidator Sullglen Pty Limited (In Liquidation) TANJII PTY: Sets January 20 as Date of Final Meeting ---------------------------------------------------- Notice is hereby given that a Final Meeting of creditors and members of Tanjii Pty Ltd (In Liquidation) A.C.N. 006 008 966, will be held at the offices of O'Keeffe Walton Richwol, on January 20, 2005 at 10:00 a.m. for the purpose of laying before the meeting an account of the liquidator's costs and dealings and the conduct of the winding up. Dated this 6th day of December 2004 Samuel Richwol Liquidator c/- O'Keeffe Walton Richwol Suite 3, 431 Burke Road, Glen Iris Telephone: (03) 9822 9823 TOMLINSON MEN: To Convene Final Meeting February 4 -------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act 2001 that the final meeting of the members of Tomlinson Men Ctj Pty Ltd (In Liquidation) (Members Voluntary Winding Up) A.C.N. 008 534 094 will be held at the offices of Dowdle McLean, Certified Practising Accounts, 146 Sanger Street, Corowa NSW 2646 on Friday, February 4, 2005 at 1:30 p.m. AGENDA (1) 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 giving any explanation of the account. (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. Dated this 9th day of December 2004 P.J. Dowdle Liquidator Tomlinson Men CTJ Pty Ltd (In Liquidation) c/- Dowdle McLean 146 Sanger Street, Corowa NSW 2646 * Bankruptcies Fall 2.2% in December Quarter -------------------------------------------- A bankruptcy official said the number of Australian bankruptcies fell in the December quarter compared to the previous year, relates the Australian Associated Press. Inspector-general Terry Gallagher confirmed the number of new bankruptcies fell to 4,767, sliding 2.2 percent from the December 2003 quarter. New debt agreements fell 11.6 percent to 1,202, while the number of personal insolvency agreements dropped 52.8 percent to 34. In NSW there were 1,472 bankrupts, an increase of 7.7 percent, while in the ACT the figure was up 8.2 percent to 158. There was a sharp drop in bankrupts in Queensland, down eight per cent to 1,061 and in Victoria where they were down 3.4 per cent to 1,044. Debt agreements in NSW dropped 26.3 percent to 278 while they dropped 11.3 percent in Victoria to 274. ============================== C H I N A & H O N G K O N G ============================== DAIRY HOLDINGS: Receiving Proofs of Claims Until Feb. 2 ------------------------------------------------------- Notice is hereby given that the creditors of Dairy Holdings (Hong Kong) Limited, which is being voluntarily wound up, are required on or before Feb. 7, 2005 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the Liquidators of the said Company. If so required by notice in writing from the said liquidators, they are to prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, such creditors will be deemed to waive all of such debts or claims and the Liquidators will be entitled seven days after the above date, to distribute the funds available or any part thereof to the Members. Suen Pui Yee Iain Ferguson Bruce Liquidators 11th Floor, Prince's Building 10 Chater Road, Central Hong Kong This notice is dated January 7, 2005. GREEN PEAK: Creditors to Submit Claims by Jan. 31 ------------------------------------------------- Notice is hereby given that the Creditors of Green Peak Limited, which is being voluntarily wound up, are required on or before Jan. 31, 2005 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the Liquidators of the said Company. If so required by notice in writing from the said liquidators, they are to prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be deemed to waive all of such debts or claims and the Liquidators will be entitled seven days after the above date, to distribute the funds available or any part thereof to the Members. Chiong Lai Lai Liquidator Room 1201, Dina House Ruttonjee Centre 11 Duddell Street, Central Hong Kong This notice is dated Jan. 13, 2005 HIGHWAY TECHNOLOGY: Court to Hear Bankruptcy Petition on Feb. 2 --------------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Highway Technology Development Limited by the High Court of Hong Kong Special Administrative Region was on Dec. 8, 2004 presented to the said Court by Messrs Wong & Poon on behalf of the petitioner, Tse Wing Keung of Room 610-2, 6th Floor, Block 2, Nan Fung Industrial City, 18 Tin Hau Road, Tuen Mun, New Territories, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on Feb. 2, 2005. 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. Wong & Poon Solicitors for the Petitioner Room 1801-2, 18th Floor, Nan Fung Centre 264-298 Castle Peak Road Tsuen Wan, New Territories, 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 Feb. 1, 2005. This notice is dated January 7, 2005. IASIK PRODUCTION: Sets Winding Up Hearing on Feb. 2 --------------------------------------------------- Notice is hereby given that a petition for the winding-up of Iasik Production House Limited by the High Court of Hong Kong Special Administrative Region was on Dec. 8, 2004 presented to the said Court by Tsang Kin Chung of Flat H, 3rd Floor, Block 5, Phase 1, Metro City, Tseung Kwan O, New Territories, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on Feb. 2, 2005. 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; and 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. Yu & Associates Solicitors for the Petitioner 2nd Floor, Hing Yip Commercial Centre 272-284 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 Feb. 1, 2005. This notice is dated Feb. 7, 2005. LEADER PACIFIC: Creditors Must Prove Claims by Feb. 7 ----------------------------------------------------- Notice is hereby given that the Creditors of Leader Pacific Limited, which is being voluntarily wound up are required on or before Feb. 7, 2005 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the Liquidators of the said Company. If so required by notice in writing from the said liquidators, they are to prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, such creditors will be deemed to waive all of such debts or claims and the Liquidators will be entitled seven days after the above date, to distribute the funds available or any part thereof to the Members. Suen Pui Yee Iain Ferguson Bruce Liquidators 11th Floor, Prince's Building 10 Chater Road, Central Hong Kong This notice is dated January 7, 2005. MASHREQ ASIA: Creditors Have Until Feb.7 to Submit Debt Claims -------------------------------------------------------------- Notice is hereby given that the Creditors of Mashreq Asia Limited, which is being voluntarily wound up, are required on or before Feb. 7, 2005 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the Liquidators of the said Company. If so required by notice in writing from the said liquidators, they are to prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, such creditors will be deemed to waive all of such debts or claims and the Liquidators will be entitled seven days after the above date, to distribute the funds available or any part thereof to the Members. Suen Pui Yee Iain Ferguson Bruce Liquidators 11th Floor, Prince's Building 10 Chater Road, Central Hong Kong This notice is dated January 7, 2005. SPIKE PUBLICATIONS: Creditors to Meet Jan. 28 --------------------------------------------- A meeting of the creditors of Spike Publications Limited will be held at 1403, 43-59 Queen's Road East, Hong Kong on Jan. 28, 2005 at 10:00 a.m. for the purposes provided for in Sections 241, 242, 243, 255A(2) and 283 of the Companies Ordinance. Creditors may vote in person or by proxy. Proxies must be lodged at the above address not later than 10:00 a.m. on Jan. 27, 2005. This Quamnet notice is dated Jan. 4, 2005 Stephen Vines Director SUN HONEST: Enters Winding Up Proceedings ----------------------------------------- Notice is hereby given that a Petition for the Winding up of Sun Honest Development (China) Limited by the High Court of Hong Kong Special Administrative Region was on Dec. 16, 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, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on February 16, 2005. 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. Anthony Chiang & Partners Solicitors for the Petitioner 3903 Tower 2, Lippo Centre 89 Queensway 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 Feb. 15, 2005. This notice is dated January 7, 2005. ================= I N D O N E S I A ================= BANK GLOBAL: Finally Closes Despite Revival Efforts --------------------------------------------------- Bank Indonesia, the central bank, has finally decided to close down troubled Bank Global after several attempts to improve the latter's condition, according to Dow Jones. The central bank opted to revoke Bank Global's operating license on Thursday due to concerns including a low capital adequacy ratio (CRA) and illegal activities by the staff. Bank Global reportedly had problems concerning its CAR that had hit minus 39.11 percent, as well as criminal acts of employees including loss of bank documents. The central bank's decision followed a move in December to suspend Bank Global's operations for a month due to concerns that its CAR had sharply deteriorated. Eight of the ailing bank's top executives were, likewise, detained by the authorities and were banned from going abroad as part of an investigation into the alleged criminal activity in the bank. Meanwhile, the government has vowed to extend a "blanket guarantee" in order to protect Bank Global's depositors form losses due to the closure. An official liquidation process will verify clients' deposits and pave the way for their refund within three weeks. However, the government guarantees won't cover the deposits of Bank Global management personnel nor the bank's mutual fund clients and sub-debt bondholders. That's unfortunate for state-owned pension firm PT Jamsostek (JAM.YY) and other Bank Global bond holders, including state- owned oil giant Pertamina (PTM.YY) and state-owned mining firm PT Aneka Tambang (ANTM.JK), all of which reportedly face billions of dollars in potential losses from the closure of Bank Global. CONTACT: Bank Global Internasional Tbk (BGIN) Menara Global, Jl. Gatot Subroto Kav. 27, Jakarta 12950 Phone: (021)5270188 Fax: (021)5270288 E-mail: bglobal@cbn.net.id Web site: www.bankglobalinternasional.com INTI FASINDO: Pefindo Downgrades Ratings to "idBB+" --------------------------------------------------- Pefindo downgraded the ratings of PT Inti Fasindo Internasional (INFI or the Company) as well as its IDR100 billion Bond I/2002 due 2008 to "idBB+" from "idBBB-". The lower ratings are triggered by INFI's weakening working capital management in terms of lengthening days of receivables and days of inventory as well as its marginal cash flow coverage, which will further weaken when the Company realizes its plan to get additional loans to support its sales growth. Nevertheless, INFI's diversified renowned brands coverage and its nationwide distribution network are positive factors. INFI engages in trading and distribution of branded clothes and other related accessories produced by its parent Company, PT Great River International Tbk. (GRIV). As to date, GRIV is still a market leader in the retail and production of fashion apparel in Indonesia, which holds around 30 international brands. Rating Period: December 15, 2004 - November 1, 2005 Contact Analyst: Vonny Widjaja vonny.widjaja@pefindo.co.id CONTACT: PT Inti Fasindo Internasional Plaza GRI Lt. 17 Jl. H.R. Rasuna Said Blok X-2 No. 1 , Jakarta 12950 Phone: 021 5262450, 5262452, 5262640 Fax: 021 5262468, 5262462 PERTAMINA: Buys 8 Asian Crude Oil Cargoes for March --------------------------------------------------- PT Pertamina has purchased a total of eight Asian crude oil cargoes in its monthly spot tender for March delivery, Dow Jones reports. The state oil and gas firm bought five 600,000-barrel cargoes on a spot basis and three similar-sized cargoes, as well as 900,000 bbl of Nigerian crude through term contracts. The spot volume is down one cargo from its purchases last month for February delivery. For the seventh straight month, Pertamina has skipped buying spot crude from the Atlantic basin, including West African grades. A high premium of Brent futures on London's International Petroleum Exchange to Dubai crude swaps is keeping Brent-linked Atlantic basin crude too expensive for supply to Asia. The March Brent-Dubai exchange-for-swaps was pegged by brokers at US$5.78-US$5.88 a barrel, well above the US$2.50/bbl threshold needed to reopen the arbitrage to Asia. The following are Pertamina's purchases of March-delivery sweet crude (600,000 bbl unless otherwise stated): Grade Origin Seller Tapis Malaysia Itochu Petroleum Corp. Seria Light Brunei Itochu Petroleum Corp. Champion Brunei Supreme Energy Wenchang China Supreme Energy Bach Ho Vietnam BP PLC *Seria Light Brunei Kipco *Xijiang China Pacific Petroleum & Trading *Benchamas Thailand Pacific Petroleum & Trading *Bonny Light/Qua Iboe Nigeria Petral (900,000 bbl) *Denotes term purchase CONTACT: PT Pertamina Tbk Jalan Merdeka Timur No. 1 A Jakarta 10110 Phone: (62)(21) 3815111 Fax: 3846865/ 3843882 Web site: http://www.pertamina.com PERTAMINA: Clinches US$310 Mln Syndicated Loan Deal --------------------------------------------------- A group of global investors and banks has agreed to extend US$310 million in syndicated loans to PT Pertamina to finance the development of the oil firm's gas plants in South Sumatra, reports The Jakarta Post. A Mitsubishi Corporation consortium provided around 70 percent of the total loans, while the remaining 30 percent comes from a group of commercial banks such as BNP Paribas, Bank of Tokyo- Mitsubishi, Mizuno Corporate Banks and ING Bank NV. The loans, signed on Jan.6, would be used to fund the completion of a gas compression facility in the Musi Barat plant, the construction of transmission pipelines from Musi Barat to the Pagardewa facility, the construction of a gas compression faility in the Merbau plant and transmission pipelines from Merbau to Pagardewa. Those projects, first started in 2002, are expected to enable Pertamina to supply gas to West Java of up to 250 million cubic feet per day. ========= J A P A N ========= AOYAMAJISHO K.K.: Declared Bankrupt ----------------------------------- Aoyamajisho K.K., a firm engaged in office space leasing, has been declared bankrupt, says Teikoku Databank America. The Company, headquartered in Minato-ku, Tokyo 107-0061, has total liabilities of US$60.78 million. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. CECILE COMPANY: JCR Affirms BB on Bonds --------------------------------------- The Japan Credit Rating Agency Limited (JCR) has affirmed the BB rating on the bonds of Cecile Co., Ltd. Issues Amount(bln) Issue Date Due Date Coupon bonds no.1 JPY10 July 19, 2000 July 19, 2005 2.00% Rationale: Cecile reswitched its principal policy to the quality-based one to recover the client confidence in the Company from sales expansion policy based on low price when the president was changed in March 2004 in the face of deterioration in performance. It has made the DM strategy more efficient, revised catalog production and diversified the distribution channels including Internet. It is now restructuring the business, cutting back the jobs. However, it is uncertain that these restructuring efforts will pay off, given the severe business environment. While the total assets were reduced, net worth declined due to loss arising from deterioration in earnings. As a result, the financial health is lowering. Cecile has entered into a syndicated loan contract for JPY13 billion to be used for redemption of the bonds and funds for severance payments for the retired employees. JCR affirmed the BB rating for Cecile, taking into account the above as a whole. CONTACT: Cecile Co., Ltd. 10-20 Tagacho 2-Chome Takamatsu 760-0063, Kagawa 760-0063 Japan Phone: +81 87 863 0707 Fax: +81 87 835 4432 HIGASHICHICHIBU KANTORIH: Falls Into Bankruptcy ----------------------------------------------- Golf course operator K.K. Higashichichibu Kantorih Kurabu has fallen into bankruptcy leaving total liabilities of US$166.13 million, Teikoku Databank America reports. The firm is based in Shinjuku-ku, Tokyo 162-0814. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. KOBE STEEL: Malaysian Steel-maker to Acquire Iron Plant ------------------------------------------------------- Lion Diversified Holdings Bhd has agreed to pay RM309.6 million for an iron plant owned by Kobe Steel, Dow Jones reports. Lion, Malaysia's largest steel-maker, will also allocate RM24.7 million for a licensing fee for Kobe Steel's Midrex Process, a technique to be used in the plant. The plant has a capacity of 1.54 million metric tons a year and can produce hot direct reduced iron and hot briquetted iron. Lion will use internal funds and borrowings to fund the acquisition. CONTACT: Kobe Steel, Ltd. 10-26, Wakinohama-Cho 2-Chome Shinko Building Chuo-Ku, Kobe 651-8585 Japan Phone: +81 78 2615183 Fax: +81 78 2614123 Web site: http://www.kobelco.co.jp/indexe.htm MITSUBISHI FUSO: DaimlerChrysler Takes Over Malaysian Ops --------------------------------------------------------- DaimlerChrysler Malaysia Sdn Bhd has added Mitsubishi Fuso to its portfolio, according to The Edge Daily. The German carmaker confirmed that it has taken over the Malaysian wholesale functions of Mitsubishi Fuso Truck and Bus Corporation from ISF-Hicom (M) Sdn Bhd. With the addition of the Mitsubishi Fuso brand to its portfolio, DaimlerChrysler Malaysia said USF-Hicom would get to continue its major role in retail functions in recognition of its efforts in building up the Mitsubishi Fuso network throughout Malaysia. DaimlerChrysler Malaysia, the wholesale distributor of Mercedes- Benz vehicles in Malaysia, believes that the two vehicle brands would complement each other very well and would certainly benefit customers. The German automaker would be the first in Asia to enjoy the synergies of combining the strength of Mercedes-Benz and Mitsubishi Fuso commercial vehicles. The Company had increased its stake in Mitsubishi Fuso to 65 percent in 2004. 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 NAGOYA RAILROAD: JCR Affirms BBB+ on Long Term Debt --------------------------------------------------- The Japan Credit Rating Agency Limited (JCR) has affirmed the BBB+ rating on the shelf registration and outstanding bonds of Nagoya Railroad Co., Ltd. Issues Amount(bln) Issue Date Due Date Coupon cv.bonds no.7 JPY20 Dec. 12, 1996 Mar. 31, 2006 1.05% bonds no.24 JPY15 May 23, 2000 May 23, 2007 1.70% bonds no.27 JPY10 Aug. 27, 2002 Aug. 27, 2007 0.94% bonds no.25 JPY15 May 23, 2001 May 23, 2008 1.15% bonds no.31 JPY10 Sep. 11, 2003 Sep. 11, 2008 1.33% bonds no.28 JPY15 Aug. 27, 2002 Aug. 27, 2009 1.40% bonds no.26 JPY10 May 23, 2001 May 23, 2011 1.71% cv.bonds no.8 JPY10 Dec. 8, 2004 Mar. 31, 2010 0.00% cv.bonds no.9 JPY10 Dec. 8, 2004 Mar. 30, 2012 0.00% Shelf Registration Maximum Valid JPY50 billion two years effective from August 6, 2004 Rationale: The earnings power of Nagoya Railroad is on the rise thanks to the restructuring. The leisure and service business is expected to turn into the black for the current fiscal year. Nagoya Railroad has been burdened with write-offs and restructuring charges. It applied the accounting for impairment of fixed assets for the first half of fiscal 2004 ended September 30, 2004. Liquidation and integration of the affiliated businesses has been made. Thus, it is unlikely that Nagoya Railroad will record large loss in the future. However, there remain businesses requiring careful examination for profitability. Openings of Chubu International Airport and Exposition will have significantly good impact on railway operations. The revenue from the railway operations is expected to increase in and after fiscal 2005. Other businesses will also benefit from the openings. It spun off the parent bus operation last fall. Nagoya Railroad achieved the numerical target for the reduction in the interest-bearing debt one and a half year earlier than the scheduled time. Improvement in the earnings power has been made through primarily withdrawal from the money-losing businesses. Issues for Nagoya Railroad in the future are enhancement of competitive strength of the remaining businesses and recovery of the capital impaired in the recent years. CONTACT: Nagoya Railroad Co Ltd 2-4 Meieki 1-Chome Nakamura-Ku Nagoya 450-8501, Aichi 450-8501 JAPAN Phone: +81 52 571 2111 Fax: +81 52 588 0823 Web site: http://www.meitetsu.co.jp/ OH SII: Enters Bankruptcy ------------------------- Computer wholesaler K.K. Oh Sii Sii has entered bankruptcy, according to Teikoku Databank America. The firm, based in Minato-ku, Tokyo 106-0032, left a total of US$60.78 million in liabilities. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. SEIBU RAILWAY: Mizuho Exec Tapped to Head New Holding Company ------------------------------------------------------------- An executive of Mizuho Corporate Bank is being considered to lead a planned holding Company of the Seibu Railway Co. group, according to Kyodo News. A panel for reforming the Seibu group has hinted the possibility of Mizuho Bank Vice President Takashi Goto being appointed head of the new arm of the scandal-tainted group. Mr. Goto is presently a member of the panel that has been mapping out a scheme to reform the Seibu group since former Chairman Yoshiaki Tsutsumi resigned following revelation of the railway operator's falsification of its share-ownership statements. The panel believes that Mr. Goto should become its leader to help secure the transparency of the group for which Mizuho Corporate has been a main bank. Although Kokudo has so far led the Seibu group, the panel is planning to establish a holding Company to control Kokudo, Seibu Railway and other group firms. Meanwhile, lawyers representing a group of individual shareholder in Seibu Railway are set to file a suit with the Tokyo District Court on Feb. 1 to seek compensation from Mr. Tsutsumi and others in connection with Seibu Railway's false financial accounts. In December, Tokyo Stock Exchange delisted Seibu Railway because the Company violated the listing requirements by underreporting stakes held in it by major shareholders, including Kokudo. CONTACT: Seibu Railway Co Ltd 11-1 Kusunokidai 1-Chome Tokorozawa 359-8520, Saitama 359-8520 Japan Phone: +81 42 926 2081 Fax: +81 42 926 2237 Web site: http://www.seibu-group.co.jp/ ========= K O R E A ========= DONG AH: Kumho Bids KRW1.2 Trillion for Nonperforming Loans ----------------------------------------------------------- Dong Ah Construction Industrial Co. received a bid from Kumho- Asiana Group for KRW1.2 trillion of nonperforming loans owed by parent firm Korea Express Co., relates The Korea Times. Samil Accounting Corp. handles the auction and has received final bids Thursday for bankrupt Dong Ah. The winner for the bid has the right to convert some of Dong-Ah's debt into a stake in Korea Express in 2006. The original schedule for the auction was December 2, but was delayed due to the controversy that sparked over fairness on Lone Star's participation. A civic group filed Tuesday a complaint against 13 Lone Star executives and Korea Exchange Bank for breach of trust. However, Lone Star stated that it decided to drop out from the auction without revealing the reason. Dong-Ah Construction & Industrial, saddled with debts of KRW4.1 trillion, went bankrupt in May 2001. CONTACT: Dong Ah Construction Industrial Co., Ltd. 120-23 Sosomun-dong Chung-gu, Seoul 100-110 Korea (South) Telephone: +82 2 3709 2114 Fax: +82 2 3709 0000 Web site: http://www.dongah.co.kr/ HANARO TELECOM: S&P Assigns 'BB' Rating on Long-term Credit ----------------------------------------------------------- Standard & Poor's Ratings Services assigned a 'BB' long-term corporate credit rating with a stable outlook to Hanaro Telecom Incorporated Wednesday. Hanaro's proposed issuance of up to US$500 million of five- or seven-year global notes was also rated 'BB'. The rating on the unsecured debt is subject to final documentation. "The rating on Hanaro reflects the Company's position as the second-largest Korean fixed-line and broadband service provider, although well behind leader KT Corp.," said Standard & Poor's credit analyst Eun Jin Kim. Hanaro benefits from a favorable regulatory environment but has mediocre growth prospects in an already saturated broadband and fixed-line industry. The Company also suffers from weak profitability, and its balance sheet is still leveraged after the Company's 2003 recapitalization by a group of investors led by AIG, Newbridge, and TVG. Support from the Ministry of Information and Communications (MIC) is a key rating factor. The MIC closely regulates the industry, providing a favorable environment for smaller, non- incumbent players. With the government's emphasis on preserving some degree of competition, Hanaro benefits from having complete access to the network of KT Corp., which is the leading operator in the fixed-line and broadband market. The pending acquisition of Thrunet, currently under court receivership, will cost Hanaro not more than Korean won (W) 500 billion, a portion of which will be financed in the debt market, adding to the Company's debt. Although Thrunet's operating profitability has been very weak recently, estimated at 0.1% (after depreciation) in 2004, some benefits should result from the acquisition. Hanaro's share of the broadband market should improve to about 34% from its current 23%, while the elimination of overlap in the two networks should help lower costs for the combined entity. Hanaro also has shown interest in bidding for a wireless broadband (WiBro) license, which would initially cost W117 billion. Capital investment in the development of the WiBro network is expected to be manageable, as Hanaro plans to share the investment burden with SK Telecom (A-/Stable/--). Hanaro's financial profile remains weak, though it has improved noticeably after the 2003 recapitalization. Profitability measures, such as interest coverage ratios, are low. EBIT to interest coverage stood at 1.2x, and return on capital 4.1% for the nine-month period ending Sept. 30, 2004. Operating profit margins (before depreciation and amortization) are acceptable at 39% for the same period, an improvement from 36% recorded in the same period the previous year. However, depreciation--a non-cash expense--accounts for a considerable portion of EBITDA, reflecting large capital investments for network expansions during the 1999-2001 period. The covenants in the offering circular for the scheduled bond issue include a problematic ratings downgrade trigger: If the Company's rating is lowered from the initial rating of 'BB' as a result of a "consolidation, merger, or sale of assets", a rating trigger event would occur and an event of default could arise if Hanaro is unable to purchase all outstanding notes. CONTACT: Hanaro Telecom, Inc. (NASDAQ: HANA) Shindongah Fire & Marine Insurance Bldg. 43, Taepyeongno2-Ga, Jung-Gu Seoul, 100-733, South Korea Phone: +82-106 Fax: +82-2-6266-4399 Web site: http://www.hanaro.com HYNIX SEMICONDUCTOR: Forges Alliance with ProMOS ------------------------------------------------ In a press release, Hynix Semiconductor Inc. and ProMOS Technologies Inc., the high quality DRAM manufacturer announced Wednesday the signing of a definitive agreement for a long-term strategic alliance will further enhance the competitiveness of the two companies and contribute to the mutual profits. It creates approximately one quarter of world's second-largest DRAM output. The alliance between Hynix and ProMOS is forged to bring a levered growth to both companies on a long-term basis. The partnership is combining Hynix' advanced DRAM manufacturing technology and ProMOS's 300mm wafer processing competence. Under the agreement, the two companies would also undertake certain future joint development activities. Through the alliance, Hynix will be able to secure additional 300mm wafer processing capacity without its own investments. Hynix also expects to diversify its business infrastructure to cope with the rapidly changing market demand and secure the effective solutions for the current trade issues by signing this agreement. During the 1st half of this year, Hynix will ramp up the volume production of 300mm wafers in its own Ichon site. ProMOS will use Hynix' memory semiconductor technology to run the 300mm foundry service and it will begin at the end of this year. The other 300mm wafer fab for the Company will be built in China under the joint investment with Europe's biggest chipmaker STMicroelectronics. With such strategic moves, that are believed to be essential for a long-term viability of the Company, Hynix will keep maintaining its competences in the coming era of the 300mm wafer production. Founded in 1996, ProMOS was the only Taiwan DRAM companies to self develop 0.12-micron process and 0.11 shrink technology, and since 2004 has branded products with high ranking of quality in tier-1 OEM customers. Meanwhile, ProMOS was the only Taiwan DRAM manufacturer to design and test 256M and 512M DDR2 mainstream products. According to iSuppli figures for 2004, the combined branding based 256Mb Eq. DRAM unit market share of Hynix and ProMOS is approximately 23 percent. The alliance will dramatically strength both sides' presence in the fast-growing information marketplace. "This is a winning transaction for customers and both companies," said Min-liang Chen, Chairman & President of ProMOS. "Our two companies are a perfect fit sharing a common cultural commitment to innovation, customer service and shareholder value. ProMOS will pursue an aggressive yet prudent growth strategy to become a full-blown memory solution provider. Today's announcement further strengthens our focus on the enterprise, while creating a new global business collaboration model that is better positioned to capture the opportunities in the information industry going forward." About Hynix Semiconductor Inc. Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is the world's top tier memory semiconductor supplier offering Dynamic Random Access Memory chips (DRAMs), Static Random Access Memory chips (SRAMs) and Flash memory chips to a wide range of established international customers. The Company's shares are traded on the Korea Stock Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about Hynix is available at http://www.hynix.com. About ProMOS Technologies ProMOS Technologies, Hsin-chu, Taiwan, is a full-blown memory solution provider and is renowned in the global DRAM industry for its outstanding performance in manufacturing excellence and technology advancement. The Company manufactures high- performance and high-density commodity DRAM memory chips as well as pseudo-SRAM, lower power SDRAM and MCM products. ProMOS is listed on Taiwan GreTai Securities Market. For more information, please visit http://www.promos.com.tw. CONTACT: Hynix Semiconductor Inc. (HIS) 891 Daechi-dong, Kangnam-gu, Seoul, Korea Telephone: 82-2-3459-3470 Fax: 82-2-3459-5987/8 Web site: http://www.hynix.com KOOKMIN BANK: Books KRW170.3Bln Net Profit in 2004 -------------------------------------------------- Kookmin Bank returns to black in 2004 with a bottom line of slightly over KRW170 billion, reveals Asia Pulse. The bank is estimated to have booked a net profit of KRW170.3 billion last year while it posted a KRW512.2 billion in net loss in the fourth quarter. The credit card bubble pushed the bank to a KRW753.3 billion in losses in 2003, a sharp turnaround from a net profit of KRW1.3 trillion a year. "Due to big credit-card losses, Kookmin is expected to put up more than KRW1 trillion in loss reserves for the October- December period, eroding its bottom line," analyst Sung Byung- soo said. The bank's improvement pace will be slower than expected this year because of an increase in the ratio of overdue loans to smaller firms and increased loss provisioning. Kookmin is scheduled to announce its fourth-quarter and 2004 earnings reports on February 3. CONTACT: Kookmin Bank 9-1 Namdaemoonro 2-ga Chung-gu, Seoul 100-092 Korea (South) Telephone: +82 2 317 2114 Fax: +82 2 776 5637 =============== M A L A Y S I A =============== FURQAN BUSINESS: Unit Enters Alliance With PLV ---------------------------------------------- The Board of Directors of Furqan Business Organisation Berhad (FBO) announces that its wholly owned subsidiary FBO Land (Setapak) Sdn. Bhd. (FBO Setapak or Landowner), had on January 13, 2005 entered into a Joint Venture Agreement with Platinum Victory Development Sdn. Bhd. (PLV or the Developer) to joint venture with each other for the development of all those pieces of land along Jalan Genting Kelang in Mukim Setapak, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan K.L. measuring an area of approximately 360,000 sq metres (the Land) of which FBO Setapak is the registered and beneficial landowner. INFORMATION ON FBO SETAPAK FBO Setapak is a wholly owned subsidiary of the Company and was incorporated in Malaysia under the Companies Act, 1965, on 16 May 1984. The authorized and issued and paid up capital of FBO Setapak is RM10,000,000.00 divided into 10,000,000 ordinary shares of RM1.00 each. FBO Setapak is a property development Company. INFORMATION ON PLV PLV was incorporated in Malaysia under the Companies Act, 1965, on 28 September 2004. The authorized capital of PLV is RM10,000,000.00 divided into 10,000,000 ordinary shares of RM1.00 each and the issued and paid up capital is RM10,000,000.00 divided into 10,000,000 ordinary shares of RM1.00 each. PLV is a Company engaged in property management, housing development and building construction. It is a sister Company of Platinum Victory Sdn Bhd. with common Shareholders and directors and currently developing some 2,500 units of condominium at Taman Melati, Ulu Kelang. RATIONALE FOR THE JOINT VENTURE In light of PLV's success in its development within the vicinity of FBO Setapak's land, and after careful review and consideration of the experience and resource expertise of PLV, the Board is of the opinion that this Joint Venture would provide the Group with the optimum development returns within a determined time frame. In addition, the Landowner's Guaranteed Entitlement would also ensure that the future debt repayment obligations of FBO Setapak could be met. SALIENT TERMS OF THE AGREEMENT a. FBO Setapak hereby grants unto PLV the exclusive right to carry out and implement the development of the Project on the Land in accordance with the Layout Plan, in consideration thereof, FBO Setapak shall be entitled, subject to the terms and conditions of the Agreement, to receive the Landowner's Guaranteed Entitlement (refer Appendix I attached); b. PLV hereby agrees to undertake, implement and complete the development of the Project on the Land in accordance with the Layout Plan, and to solely bear the development costs of the Project, and in consideration thereof, the Developer shall be entitled to the entire proceeds from the development of the project and the sale of the units of the Project; and c. PLV hereby further agrees to undertake the Administration and Management of the Project, which include but not limited to, carrying out the marketing and selling or otherwise disposal of the units. d. PLV shall be entitled to such units, which remain unsold at the completion of the Project PROVIDED THAT PLV has fulfilled or paid the Landowner's Guaranteed Entitlement. e. In the event of PLV failure to pay FBO Setapak the Landowner's Guaranteed Entitlement in accordance with the schedule of payment set in the Agreement, the same shall constitute an event of default on the part of PLV entitling FBO Setapak to terminate the Agreement. Upon the occurrence of the termination event, PLV shall pay to FBO Setapak the entire amount of the Parcel Entitlement for the respective Parcel, less such amount(s) already paid by PLV to FBO Setapak towards part payment of the respective Parcel Entitlement; and without prejudice to the other rights of FBO Setapak under the provisions of the Agreement; FINANCIAL EFFECT The Joint Venture will have no material effect on the share capital, net tangible assets of the Company for the year ending December 2005 but is expected to contribute positively to the future earnings. APPROVAL No shareholders approval is required. INTEREST OF DIRECTORS', SUBSTANTIAL SHAREHOLDERS' AND CONNECTED PERSON None of the Directors and Substantial Shareholders, persons connected to the Directors or Substantial Shareholders of the Company and its subsidiaries or persons connected thereto have any interest, direct or indirect in the Joint Venture. DIRECTORS' RECOMMENDATION The Directors of the Company are of the opinion that the Joint Venture is in the best interest of the Group. CONTACT: Furqan Business Organisation Berhad 247 Jalan Tun Razak Kuala Lumpur 50400 Malaysia Phone: +60 3 2148 9999 Fax: +60 3 2148 9992 GOLDEN FRONTIER: Issues Shares Buy Back Notice ---------------------------------------------- Golden Frontier Berhad announced the details of its shares buy back on January 13, 2004. Date of buy back: 13/01/2005 Description of shares purchased: Ordinary Shares of RM1.00 Each Total number of shares purchased (units): 1,000 Minimum price paid for each share purchased (RM): 0.690 Maximum price paid for each share purchased (RM): 0.690 Total consideration paid (RM): 703.28 Number of shares purchased retained in treasury (units): 1,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 1,274,000 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Golden Frontier Berhad No 11 Lorong Kinta 10400 Penang, Malaysia Phone: +60 4 226 2226 Fax: +60 4 228 2890 I-BERHAD: Buys Back 8,000 Shares -------------------------------- I-Berhad disclosed to the Bursa Malaysia Securities Berhad the details of its shares buy back on January 13, 2004. Date of buy back: 13/01/2005 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 8,000 Minimum price paid for each share purchased (RM): 0.840 Maximum price paid for each share purchased (RM): 0.840 Total consideration paid (RM): 6,770.01 Number of shares purchased retained in treasury (units): 8,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 593,200 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: I-Berhad 3, Jalan Astaka U8/84 Section U8 Bukit Jelutong 40150 Shah Alam Selangor Phone: 03-7845 4511 Fax: 03-7845 4514 Web site: http://www.i-digital.com JASATERA BERHAD: SC Rejects Recapitalization Extension ------------------------------------------------------ The Board of Directors of Jasatera Berhad announced that the Hong Leong Bank Berhad (Issuance Bank) has approved to provide a standby letter of credit (Letter of Credit) to Honourwin Investment Limited (HIL), a wholly-owned Company by Dato' Koo Yuen Kim, pursuant to the Put and Call Option Agreement (Agreement) to be entered into. The Letter of Credit is to support HIL pursuant to the Agreement. Further, as set out in the announcement dated December 15, 2004, wherein, it was announced that Jasatera, had on 14 December 2004 made an application to the Securities Commission (SC) to seek an extension of time to enable Jasatera to complete the Revised Proposed Recapitalization Exercise (Extension Sought). In connection to the above, PMBB, on behalf of Jasatera, regrets to inform that the SC had rejected the Extension Sought via its letter dated 11 January 2005, which was received on even date. Jasatera is considering the next course of action to be taken. An announcement will be made once a decision has been made. CONTACT: Jasatera Berhad 31, Jalan SS 15/4E 47500 Subang Jaya, Selangor Malaysia E-mail: info@jtera.po.my Phone: 603-7332888/7742 Fax: 603-7332607 KEMAYAN CORPORATION: Court Hearing Set for January 19 ----------------------------------------------------- Kemayan Corporation Berhad (KCB) had on January 11, 2005 received the summons in chambers dated December 15, 2004 that Mr. Manhore Singh A/L Jagat Singh and thirty four (34) others (the Purchasers) had applied to the High Court of Malaya, Kuala Lumpur for leave of court to commence action against its subsidiary, Kemayan Resources Sdn Bhd (KRSB) on the ground that they are the purchasers of the double story office lot at 1388 Rasah Kemayan Golf & Country Township project. The hearing is fixed on January 19, 2005. KRSB will engage a solicitor to defend the matter. CONTACT: Kemayan Corporation Berhad Taman Tasek Johor Bahru, Johor Bahru 80200 Malaysia Phone: +60 7 236 2390 Fax: +60 7 236 5307 NAUTICALINK BERHAD: Court Grants Restraining Order -------------------------------------------------- The Board of Directors of Nauticalink Berhad (NB) announced that the High Court of Malaya has extended the Order which inter- alia, granted a restraining order in favor of NB and leave to convene scheme meetings for the shareholders and scheme creditors pursuant to Section 176 of the Companies Act, 1965 for a period of three (3) months from January 16, 2005 until April 15, 2005. CONTACT: Nauticalink Berhad 8th Flr, Tower Block Plaza Pekeliling 2, Jln Tun Razak 50400 Kuala Lumpur Phone: 03-40431005 Fax: 03-40431058 This announcement is dated January 14, 2005. OLYMPIA INDUSTRIES: Dissolves U.K. Subsidiary --------------------------------------------- The Board of Olympia Industries Berhad (OIB) announced that its wholly owned subsidiary, Jupiter Capital (UK) Limited (JCUKL), has filed an application to the Registrar of the Companies House in United Kingdom to strike off the Company from the register. JCUKL has an authorized and issued share capital of GBP2.00 comprising 2 ordinary shares of GBP1.00 each. JCUKL has not commenced operations since the date of incorporation. The proposed dissolution has no material financial effect on the OIB Group. CONTACT: Olympia Industries Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 Malaysia Phone: +60 3 2070 0033 Fax: +60 3 2070 0011 PANTAI HOLDINGS: Issues Shares Buy Back Notice ---------------------------------------------- Pantai Holdings Berhad announced the details of its shares buy back on January 13, 2005. Date of buy back: 13/01/2005 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 33,000 Minimum price paid for each share purchased (RM): 0.930 Maximum price paid for each share purchased (RM): 0.935 Total consideration paid (RM): 30,924.06 Number of shares purchased retained in treasury (units): 33,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 25,121,300 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 Phone: 03-22879822 Fax: 03-22873822 Web site: http://www.pantai.com.my/ PETALING TIN: Updates Practice Note No. 17/2005 ----------------------------------------------- In compliance with Paragraph 2 & 3 of Practice Note 17/2005 (PN17/2005) which sets out the criteria and obligations pursuant to Paragraph 8.14C of the Listing Requirements (the LR) of the Bursa Malaysia Securities Berhad, the Board of Directors of Petaling Tin Berhad (PTB) announced that based on the latest un- audited accounts of the Company and its subsidiary companies (PTB Group) for the financial year ended 31 October 2004, it has an insignificant business or operations which generated a revenue on a consolidated basis of RM3.701 million. The drop in revenue was due to PTB Group's rationalization of its property development projects. As such, there were no new launches of projects during the financial year ended 31 October 2004. OBLIGATIONS OF PTB PURSUANT TO PN17/2005 Pursuant to PN17/2005, PTB as an affected listed issuer is required to comply with the following: (a) Submit a regularization plan to the relevant authorities for approval or, where the relevant authorities approvals are not required, obtain all other approvals necessary for the implementation of the Regularization Plan within 8 months from the date of the First Announcement (i.e. Submission Timeframe); (b) Announce its compliance or non-compliance with a particular obligation imposed pursuant to PN17/2005 on an immediate basis; (c) Announce the status of its plan to regularize its condition on a monthly basis until further notice from Bursa Malaysia; and (d) Implement the Regularization Plan within the timeframe stipulated by the relevant authorities or where no timeframe has been stipulated or allowed by the relevant authorities, within the timeframe as imposed by Bursa Malaysia (i.e. Implementation Timeframe). CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS In the event PTB fails to comply with the obligation to regularize its condition, it shall have all its listed securities suspended from trading on the 5th market day after expiry of the Submission Timeframe or Implementation Timeframe, as the case may be, and de-listing procedures shall be commenced against PTB. STATUS OF PLAN TO REGULARISE CONDITION The Board of Directors of PTB is currently deliberating on the Regularization Plan. Once completed, the requisite announcement outlining the Regularization Plan shall be made to Bursa Malaysia. CONTACT: Petaling Tin Berhad Level 19, Menara PanGlobal, No. 8, Lorong P Ramlee, 50250 Kuala Lumpur. Phone: 03 - 20312377 Fax: 03 - 20312263 This announcement is dated January 13, 2005. SAFEGUARDS CORPORATION: Terminates JV Deal with JR Logistics ------------------------------------------------------------ Safeguards Corporation Berhad and JR Logistics Sdn Bhd (JR) recently agreed to terminate the Joint Venture Agreement (Agreement) entered into on July 14, 2004, without claim for any damages by either of the parties. Accordingly, all other agreements or arrangements that Safeguards and JR hereto have previously entered in connection with the Agreement and the joint venture Company is also terminated without any claim for any damages. CONTACT: Safeguards Corporation Berhad Unit A-3-1, Wisma HB, Megan Phileo Avenue, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Phone: 03-21613633 Fax: 03-21625633 SUGARBUN CORPORATION: Unveils Securities Disposal, Acquisition -------------------------------------------------------------- Pursuant to paragraph 9.21 of the Listing Requirements of Bursa Malaysia Berhad, the Board of Directors of Sugarbun Corporation Berhad announced that the aggregate value of quoted securities purchased and sold for the preceding 12 months to-date amounted to RM3,023 million and RM4,348 million respectively. As at to- date, the Company has no more investments in any of the quoted securities. CONTACT: Sugarbun Corporation Berhad Level 10 Wisma Oceanic Jalan OKK Awang Besar 87007 Wilayah Persekutuan Labuan Phone: 087-410511 Fax: 087-410515 TRADEWINDS CORPORATION: Extends Property Disposal Date ------------------------------------------------------ Tradewinds Corporation Berhad (TCB) refers to its announcements dated 6 November 2003, 21 May 2004, 2 September 2004 and 3 December 2004 in relation to the proposed disposal of the Company's 57,153,500 ordinary shares of RM1.00 each in United Malayan Land Bhd (UM Land), representing approximately 24.63% equity interest in the issued and paid-up share capital of UM Land as at June 15, 2004, to Wawasan Perangsang Mewah Sdn Bhd (WPM) for a total cash consideration of RM131,453,050. The Company announced that it has agreed to extend the date for the completion of the Proposed Disposal to 28 February 2005. CONTACT: Tradewinds Corporation Berhad 21st Floor Wisma Zelan No. 1 Jalan Tasik Permaisuri 2 Bandar Tun Razak Cheras, 56000 Kuala Lumpur This announcement is dated January 13, 2005. ===================== P H I L I P P I N E S ===================== APC GROUP: Sells Losing Subsidiary to Cut Losses ------------------------------------------------ Holding firm APC Group Incorporated is selling its telecommunications subsidiary Philippine Global Communications Incorporated (Philcom) after years of continued losses, ABS-CBN News reports. According to the Company, Philcom's losses since 1999 have amounted to Php6.85 billion, resulting in negative stockholder's equity to date. Philcom went into debt after reporting high levels of receivables and prepayments. As of Sept. 30 last year, APC had a capital deficiency of Php7.4 million, seven percent higher than the end-December 2003 level of Php6.9 billion. The increase in capital deficiency was due to the losses suffered by Philcom for the first three quarters of 2004 amounting to Php488.2 million. According to the Philippine Star, APC appointed Gregorio Kilayko of ABN-AMRO Bank as its financial adviser for the planned sale. Philcom is 73.84 percent owned by APC. APC said in a statement that the successful sale of its subsidiary would allow both the corporation and the subsidiary to "move forward." CONTACT: APC Group, Incorporated 10/F, PhilCom Building 8755 Paseo de Roxas, Makati City Phone: 845-0614 Fax: 845-0259 E-mail Address: singsone@i-next.net, glory@philcom.com COLLEGE ASSURANCE: SEC to Allow Capital Increase in Stock --------------------------------------------------------- The Securities and Exchange Commission (SEC) has eased its stance on College Assurance Plan Phils Inc.'s application for increase in capital stock, a move seen to fast-track the issuance of a new dealership license to the pre-need firm, according to the Philippine Star. A source said the SEC will now accept CAP's application even without all the required documents, adding, however, that the mere submission of its application doesn't mean that SEC would issue the Company a new dealership license. CAP is now working double time to comply with the remaining requirements imposed by the commission to be issued the new license. According to the commission, CAP's future depends on the firm's compliance with all the requirements since it has no more securities to sell to the public. CONTACT: College Assurance Plans Philippines Inc. CAP I Building 126 Amorsolo cor. Herrera Streets Legazpi Ville, Makati City Phone: 817-6586, 759-2000 Fax: (0632) 818-0560 MANILA ELECTRIC: Receives ERC Order to Refund Customers ------------------------------------------------------- The Manila Electric Company (Meralco) on January 13, 2005 said that it has received an order from the Energy Regulatory Commission (ERC) regarding its Phase 4A refund implementation. Meralco said PhaseIVA, which has a gross refund amount (GRA) of Php2.276 billion covers a total of 103,425 small commercial and industrial customers, government hospitals and metered streetlights (GHMS) customers with contracted demand of less than 40 kW. Also included are flat streetlight customers. In a statement released to media, Meralco Senior Assistant Vice President and Refund Management Task Force Head Leo Mabale said that the order states that the refund will be credited to future billings over a specified period of 18 months starting January 2005. The order also directed Meralco to submit the details of its Phase 4B refund proposal and provide the commission with a refund implementation status. "Although we recognize and adhere to ERC's order, we need to inform the commission on the difficulties of starting the implementation this month. We received the order only on January 6 and we cannot implement it midway in the billing cycle (January billing cycle). In addition, the Bureau of Internal Revenue (BIR) has notified us that it intends to tax the refund of customers under Phase 4 and to designate Meralco as its withholding agent. We hope to clarify with the BIR and ERC all of these matters including the tax rules and mechanics at the soonest possible time so we can hopefully implement the refund by February at the earliest." Mabale added that at the end of December 2004, Meralco completed the processing of funds for active and terminated residential/general service (R/GS) customers. This covers 5.1 million customers, representing 98% of customers entitled to a refund. The amount processed for refund stands at P11.6 billion or 38% of the total refundable amount. For further details of the Company press release, refer to: http://bankrupt.com/misc/tcrap_meralco011405.pdf CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Phone: 16220 (TL); 633-4553 (Corp. Sec.) Fax: (0632) 631-5572 Email Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph PHILIPPINE LONG: Clarifies Profit Target Report ----------------------------------------------- In reference to the news article entitled "PLDT exceeds 2004 profit target of PhP24B" published in the January 13, 2005 issue of the Philippine Daily Inquirer (Internet Edition), the Company stated: The article reported that "Philippine Long Distance Telephone Co. (PLDT) substantially exceeded its PhP24-billion profit target in 2004 with increased recurring income and one-time gains from the consolidation of its wireless business, its top official said. PLDT's affiliate Pilipino Telephone Corp. (Piltel) reported an exceptional gain of about PhP3.7 billion last year. Philippine Long Distance Telephone Company, in its letter dated January 13, 2005, advised the Philippine Stock Exchange that: "While the Company had previously articulated a profit target of PhP24 billion for 2004 after having reported a net income of PhP20 billion in the first nine months of 2004 inclusive of exceptional gains and other non-recurring items, the actual results for full year 2004 will depend on the group's financial performance in the fourth quarter of 2004 plus other accounting adjustments that may result from PLDT's early adoption of International Accounting Standards (`IAS'). We are still currently finalizing our financial reports for 2004 and expect to announce our audited financial results for full year 2004 on March 1, 2005." For your information. (Original Signed) MA. PAMELA D. QUIZON-LABAYEN Head, Disclosure Department Noted by: (Original Signed) JURISITA M. QUINTOS Senior Vice President CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: (0632) 813-2292 Web site: http://www.pldt.com.ph ================= S I N G A P O R E ================= APEX INTERNATIONAL: Court to Hear Winding Up Petition on Jan.28 --------------------------------------------------------------- Notice is hereby given that a petition for the winding up of Apex International (S) Pte Ltd by the High Court was, on Jan. 3, 2005, presented by Jotun (Singapore) Pte Ltd, a Company incorporated in the Republic of Singapore with registered office at 11-15 Sixth Lok Yang Road, Singapore 628111, a Creditor. The said Petition will be heard before the Court sitting at the High Court of Singapore at 10 o'clock in the forenoon on Friday, Jan. 28, 2005. Any creditor or contributor of the said Company desiring 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 Company requiring a copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 11-15 Sixth Lok Yang Road, Singapore 628111. The Petitioner's solicitors are Chan & Goh of 7 Temasek Boulevard, #19-01B Suntec Tower 1, Singapore 038987. Chan & Goh Solicitors for the Petitioners Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the solicitors for the Petitioners, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person, 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 12 o'clock noon of Jan. 27, 2005. This Singapore Government Gazette notice is dated January 10, 2005. CHINA AVIATION (S): To Present Rehab Scheme to Creditors -------------------------------------------------------- A special unit commissioned to draft the restructuring program for troubled China Aviation Oil (Singapore) Company Limited (CAO) is poised to present the scheme to the firm's creditors, reports Asia Pulse. The group is currently contacting the oil trader's creditors to show them the rehabilitation plan. It is also in talks with legal advisors and a Singaporean organization for securities investors on the issue. Under the scheme, CAO's reorganization will be carried out through commercial means based on international standards. The special group sympathizes with the aggrieved small investors. It is appealing for these investors not to file for joint legal proceedings, unlike CAO's large overseas investors. CAO, which lost US$550 million in oil trading derivatives, is currenlty facing three class action suits in the U.S. for issuing false and misleading statements regarding the firm's business prospects. Locally, CAO is facing a lawsuit by a consortium of Indonesian businessmen, Satya Capital, for failing to honor an agreement to purchase the 20.6 percent stake in Singapore Petroleum Corporation it earlier pledged to acquire. CONTACT: China Aviation Oil (S) Corp. Phone: (65)6334 8979 Fax: (65)6333 5283 Web site: http://www.caosco.com/ COTAN PETROLEUM: Posts Notice of Dividend ----------------------------------------- Cotan Petroleum Pte Ltd. posted at the Singapore Government Gazette its notice of dividend on Jan. 7, 2005. Address of Registered Office: Formerly of 207A Thomson Road Singapore 307640 Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 327 of 1999 Amount Per Centum: 51.310% First and Final or otherwise: First & Final Dividend When Payable: Dec. 31, 2004 Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Chan Wang Ho Assistant Official Receiver DIGILAND INTERNATIONAL: Subsidiary Wins Appeal ---------------------------------------------- Further to the announcement made by Digiland International Limited on Nov. 17, 2004, the Company is pleased to provide the following updates in relation to the appeal by 6 individuals against the Company's subsidiary, Digilandmall.com Pte Ltd. (a) Digilandmall has on January 13, 2005 received the written judgment of the Court of Appeal of Republic of Singapore. The judgment was delivered by Justice of Appeal Chao Hick Tin, on behalf of the Court of Appeal constituting, Chief Justice Yong Pung How, himself and Justice Kan Ting Chiu. (b) The Court of Appeal dismissed the 6 Appellants' claims and found that Digilandmall did not breach any contract and was accordingly not liable to pay them damages for breach of contract or to deliver the Colour Laser printers that they had purportedly ordered at SG$66.00 each. By Order of the Board Digiland International Limited Lim Koon Hock Company Secretary Jan. 13, 2004 DOWFLECT TRADING: Issues Intended Dividend Notice ------------------------------------------------- Dowflect Trading Pte Ltd. posted its notice of intended dividend notice at the Singapore Government Gazette on Jan. 7, 2004. Address of Registered Office: Formerly of 1 Marine Parade Central #07-06 Parkway Builders Centre Singapore 449408 Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 265 of 1997 Last Day for Receiving Proofs: Jan. 20, 2005 Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Kamala Ponnampalam Assistant Official Receiver MEASUREX ENGINEERING: Receiving Proofs Until Jan. 24 ---------------------------------------------------- Measurex Engineering Pte Ltd. with registered office at 994 Bendemeer Road #05-03 Kallang Basin Industrial Estate Singapore 339943 posted a notice of intended dividend at the Singapore Stock Exchange. Court: High Court of Singapore Number of Matter: No. 600074 of 2002 Last Day for Receiving Proofs: Jan. 24, 2005 Name of Liquidators: Ong Yew Huat and Nagaraj Sivaram. Address: c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315 This Singapore Government Gazette notice is dated Jan. 10, 2005. NIPPECRAFT LIMITED: Posts List of Staff in Managerial Positions --------------------------------------------------------------- Nippecraft Limited is pleased to advise the list of persons holding a managerial position and related to a director or substantial shareholder of the Company and its subsidiaries. Name: Choo Soo Eng Age: 48 Family relationship with any director and/or substantial shareholder: Sister-in-law of Executive Director, Mr. Steven Lim Siang Huat Current position and duties, and the year the position was first held: Accounts Manager since March 2003. Duties include: - Overseeing the whole finance department including the completion of the full set of accounts, - Variance analysis, trouble shooting, - Insurance risk management, - Liaison with banks and auditors. Details of changes in duties and the year the position was first held: No changes Submitted by: Tricia Lee Chief Financial Officer SIFRINA TRADING: Creditors to Prove Claims by Jan. 28 ----------------------------------------------------- Take notice that a final dividend is to be declared with regards to Sifrina Trading Pte Ltd. If no claim is to be established to the satisfaction of the Court on or before Jan. 28, 2005 or such later day as the Court may fix, the claim may be expunged, and the creditors shall proceed to make a final dividend without regard to such claim. Ewe Pang Kooi Loke Poh Keun Liquidators c/o 8 Robinson Road #08-00 ASO Building Singapore 048544 This Singapore Government Gazette notice is dated Jan. 7, 2005. =============== T H A I L A N D =============== EMC: Discloses Additional Information on ESOP --------------------------------------------- EMC Public Company Limited (the Company) advised the Stock Exchange of Thailand that during the meeting held on January 5, it has resolved to proceed with the issuance and offering of 50,000,000 warrants to directors and/or employees of the Company under the employee's stock option program (ESOP) Scheme and to allocate 33,600,000 warrants to the Company's directors. Set out below is a summary of additional clarification on the Companys ESOP Scheme. (1) Rational or purpose for the allocation and the determination of the number of warrants to each director The Remuneration Committee, under the authority of the Board, is responsible for determining the eligibility for warrant allocation favourable to the existing directors or employees. After due consideration, the Remuneration Committee sees it reasonable to base the eligibility on the job titles and responsibilities of those entitled to participate in this ESOP Scheme - those having equivalent job titles and responsibilities will be offered an equal number of allocated warrants as follows: Job title Number of allocated warrants Chairman 2,000,000 units Managing Director 30,000,000 units Authorised directors 500,000 units Other directors 100,000 units (2) Opinion of the Remuneration Committee on the allocation method, reasons and necessity of the ESOP Scheme and the benefits to the Company from the ESOP Scheme. The main objective of the ESOP Scheme is to be consideration for their commitment and contribution to the Company that then resulted in the Central Bankruptcy Court to cancel the rehabilitation of the Company. Furthermore, it is to motivate the employees so that they use their full capacity to make benefits to the Company on a long-term basis. While the Company was during the rehabilitation process, the creditors would like to allocate warrants to Mr. Komol Wongpornpenpap in consideration for Mr. Komol, who is also the founder of the Company and the main management who led the Company to pass the economic crisis since 1997 including the rehabilitation. He also give his full contribution to manage the Company. In order for Mr. Komol to continue working as a management of the Company, the Company obtained approval to issue him 50,000,000 warrants as set out in the rehabilitation plan of the Company approved by the Central Bankruptcy Court. However, the rehabilitation order was cancelled by the Central Bankruptcy Court on March 8, 2004 and those warrants have not yet been issued to him. Therefore, the Company would like to compensate full commitment to the Company until the Company could pass the rehabilitation process with an issuance of warrants to directors and/or employees in lieu of salary increase or bonus. The Company will then have no need to use cash for this. In allocating warrants to directors and/or employees in this occasion, the Remuneration Committee has considered to allocate warrants to each director based on job titles and responsibilities. Those having equivalent job titles and responsibilities will be offered an equal number of allocated warrants. However, the allocation of warrants to each employee will vary depending on titles, experiences, years of service, performance and capability including benefits to the Company. In this allocation of warrants, the Company intends to allocate warrants in consideration for commitment and contribution of each person who makes good to the Company throughout the period. Each person who entitles to the allocation takes part to the management of the Company until the present success. It is not a fund raising. In addition, if directors and/or employees exercise warrants, the Company will have working capital from such exercise. (3) Reasonableness of the differences on the terms and conditions of warrants under the ESOP Scheme and those under the rights offering The terms and conditions of warrants under the ESOP Scheme are different from those issued to existing shareholders. The reason of which is that the main objective of the ESOP Scheme is to give incentives and to create working motivation. As a result, the terms and conditions of warrants under the ESOP Scheme are different from those issued to existing shareholders so that they are interested in subscribing them and it can show the Company's clear intention that the Company would like to compensate for their contribution. Additionally, warrants under the ESOP Scheme will not be listed on the SET. On the other hand, warrants issued to existing shareholders can be traded on the SET with no necessity to converting them into ordinary shares. The right to exercise warrants under the ESOP Scheme is also different from those issued to existing shareholders. Warrants under the ESOP Scheme can be exercised after the lapse of a six month period after the issuing date of warrants and, at the time the right is exercised, they must still be directors and/or employees of the Company. (4) Performance of the board of directors in the previous year such as number of attendance and number of absence In 2004, the Company held 10 meetings of the board of directors. No. Names of directors Number of attendance Number of absence (1) Mr. Suthisak lohsawat 10 - (2) Mr. Komol Wongpornpenpap 10 - (3) Lt. Gen Samang Thongpan 10 - (4) Mrs. Sunee Somchaitanasukzx 9 1 (5) Mr. Prasert Kasemkomet 7 3 (6) Mr. Chaiyong Ratanacharoensiri 10 - (7) *Mr. Chupong Tanasettakorn 1 - (8) Mrs. Rasri Wipadapisut 10 - (9) Pol.Maj.Gen. Panomsak Tungthong 6 4 (10) Lt.Gen. Werasak Phairach 9 1 * Has been appionted as a Director of Company on November 18, 2004. (5) Remuneration paid to directors in 2004, both cash and none-cash Remuneration paid to directors were meeting allowances at the rate of THB20,000 for the Chairman and THB10,000 for other directors. No. Names of directors Remuneration (Baht) (1) Mr. Suthisak lohsawat 200,000 (2) Mr. Komol Wongpornpenpap 100,000 (3) Lt. Gen Samang Thongpan 100,000 (4) Mrs. Sunee Somchaitanasuk 90,000 (5) Mr. Prasert Kasemkomet 70,000 (6) Mr. Chaiyong Ratanacharoensiri 100,000 (7) Mr. Chupong Tanasettakorn 10,000 (8) Mrs. Rasri Wipadapisut 100,000 (9) Pol.Maj.Gen. Panomsak Tungthong 60,000 (10) Lt.Gen. Werasak Phairach 90,000 Please be informed accordingly. Yours faithfully, (Lt. Gen.Samang Thongpan) Director CONTACT: Emc Public Company Limited Rasa Tower, Floor 22, 555 Phaholyothin Road, Chatu Chak Bangkok Telephone: 0-2937-0333 Fax: 0-2937-0329 Web site: http://www.emc-group.co.th THAI WAH: Details Amendment of Business Reorganization Plan ----------------------------------------------------------- The Class B Director of Wah Group Planner Co Ltd, as the Plan Administrator of Thai Wah Public Company Limited advised the Stock Exchange of Thailand (SET) that on 27 December 2004 the Central Bankruptcy approved an amendment to the Business Reorganization Plan of Thai Wah pursuant to the resolution of the creditors' meeting held on 20 December 2004. A summary of the amendment is shown below: (1) Class B Directors of the Plan Administrator may sell the following non-core assets: (a) Shares held by the Company in Thai Wah Plaza Limited of 10,188,203 shares or 87.4% of total paid-up capital. Investment in Thai Wah Plaza Limited has book value as of 30 September 2004 at a negative of THB666.8 million; (b) Shares held by the Company in Thai Wah Tower (2) Co Ltd of 36,743 shares or 17.4% of total paid-up capital. Investment in Thai Wah Tower (2) Co Ltd has book value as of 30 September 2004 at THB219.6 million; and (c) The access road to Thai Wah Tower 2 building owned by the Company with the area of 47 square wah. The land has book value of THB14.63 million. (2) The buyer shall comply with the following terms and conditions: (a) Procure that Everen Investment Pte Ltd (Everen) shall release all the claims against the Company. The Company shall waive its right in respect of any claim and right of subrogation against Thai Wah Plaza Ltd arising from the release of debts. As of 31 December 2004, the amount due to Everen by the Company is US$17.09 million or at a Baht equivalent of THB683.8 million; (b) Procure that the Company shall be refunded in full any amount which has been paid by the Company to Everen. This is approximately THB47 million; (c) Procure that the Company shall receive an amount of THB21 million to compensate it for the shares of the Company issued to Everen for the debt-to-equity conversion under the amended Plan. The Company shall waive its right in respect of any claim against Thai Wah Plaza Ltd; (d) Procure that the Company shall receive debt repayment from Thai Wah Plaza Ltd in an amount of Bt 251 million in full and final settlement of any claim it may have against Thai Wah Plaza Ltd. Total debt owed to the Company by Thai Wah Plaza Ltd as of 30 September 2004 is THB331.5 million. Total proceed from this transaction is approximately THB319 million. The funds will be used to repay the creditors of the Company as provided in the business reorganization plan. We are now in the process of finalizing the Sale and Purchase Agreement with the buyer and expect that the transactions will be complete within February 2004. Please be informed accordingly. Yours faithfully, Ian Pascoe Class B Director of Wah Group Planner Co Ltd, as the Plan Administrator of Thai Wah PCL. 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 Web site: http://www.thaiwah.com ********* 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 2005. 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 ***