/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050405.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, April 5, 2005, Vol. 8, No. 66 Headlines A U S T R A L I A A.H. TWEDDLE: To Hold Final Meeting April 12 AIR ELECTRICS: Final Meeting Slated for April 7 ALFRED YEOVIL: Sets April 9 as Date of Final Meeting APOLLO MANAGEMENT: Sets April 8 as Date of Final Meeting BRUNO FESTA: Members Pass Winding Up Resolution EMLEED PTY: To Hear Liquidator's Account on Manner of Winding Up FRASER MINE: Appoints Liquidator for Winding Up Purposes GEPOFA PTY: Fixes Date of Final Meeting on April 6 G.J. HARRISON: Lays Out Final Meeting Agenda GYMPIE FRUIT: Final Meeting Set April 8 HOTEL MANAGEMENT: Liquidator to Lay Final Report on Winding Up ION LIMITED: Fuels Engine Parts Shortage KNOXFIELD BONING: To Hear Liquidator's Report at Meeting KURRAJONG PTY: Names Liquidator from Ferrier Hodgson LOCKINGTON INVESTMENTS: To Declare Final Dividend April 26 MATRIX OIL: Members, Creditors to Meet April 5 MACKENZIE RIVER: To Pay Creditors' Dividend April 12 MULTIPLEX: Wins AU$392-Mln Dubai Deal NATIONAL AUSTRALIA: Faces Fresh Litigation by Idoport PACMIN CORPORATION: Hires Liquidator to Wind Up Company PEARCE BROS: Members to Meet April 8 QANTAS AIRWAYS: Passenger Figures Dip 76.1% SECURITY DEPOSIT: Fixes Final Meeting April 15 SEVAKE PTY: Members Agree to Wind Up Company WALTER CONSTRUCTION: Employees Fear Lost Entitlements * ASIC Bans NSW Director for Five Years C H I N A & H O N G K O N G BANK OF CHINA: Fraud Charge Hits Bank BANK OF CHINA: Launches First JCB Brand Card in China CREATE BILLION: Slated for Winding Up May 11 EAST SECTOR: Winding Up Hearing Set for May 4 HAVE MORE: Winding Up Hearing Date Fixed May 11 HILLS ENGINEERING: To Emerge from Bankruptcy on September 5 IA NETWORKING: Enters Winding Up Proceedings LAM FUNG: Exits Bankruptcy SHANXI CENTRAL: Bourse to Cancel Listing on April 6 SHUN QUN: Court Begins Bankruptcy Proceedings TIANJIN TEDA: 2004 Operating Loss Narrows to RMB15.9 Mln VASO INTERNATIONAL: Court to Hear Winding Up Petition on May 4 WAYSIN INTERNATIONAL: Schedules Winding Up Hearing on May 11 I N D O N E S I A PERTAMINA: Uses IT to Wipe Out Corruption, Inefficiency J A P A N OKUNIKKO KONISHI: IRCJ Reaches Debt Purchase Agreement MATSUSHITA ELECTRIC: To Settle Plasma Patent Dispute With LG MITSUBISHI MOTORS: Releases March U.S. Sales MITSUBISHI MOTORS: Canada Sales Surge 13.4% OSAKA KOCHI: Files for Bankruptcy RINKU GATE: Starts Reorganization Proceedings RINKUGETOTAWABIRU K.K.: Enters Bankruptcy SEIKO EPSON: METI Authorizes Business Restructuring Plan SUMITOMO MITSUI: Seeking JPY184 Bln in Aid from Banks TOKYO FASHION: Commences Civil Rehabilitation Proceedings K O R E A HYNIX SEMICONDUCTOR: Seeks Early Exit from Debt Workout JINRO LIMITED: Picks Hite Brewery as Preferred Bidder ORION ELECTRIC: Creditor Opposition May Abort Sale M A L A Y S I A AKTIF LIFESTYLE: Still Seeking to Regularize Financial Status AYER HITAM: Hunts Potential White Knight CYGAL BERHAD: Posts Monthly Status Update FORESWOOD GROUP: No Change in Restructuring Status JASATERA BERHAD: Moves to Avert Delisting JIN LIN: SC Has Yet to Approve Proposed Restructuring K.P. KENINGAU: Strikes Deal with Gabungan Cendawan LION CORPORATION: Redeems Bonds, Repays Debt on April 1 MENTIGA CORPORATION: Awaits SC Approval of Revised Proposals MYCOM BERHAD: Sees No Change in Restructuring Plan OCEAN CAPITAL: In Talks with Probable White Knight OLYMPIA INDUSTRIES: No Developments in Restructuring Scheme PAN PACIFIC: Proposed Restructuring Scheme Pending Approval PARK MAY: Court Approves Shareholders' Meeting SATERAS RESOURCES: Seeks Extension to Complete Restructuring SETEGAP BERHAD: Updates Monthly Status of Restructuring Plan WCT ENGINEERING: Unit Serves Writ of Summons on Maju Holdings P H I L I P P I N E S COLLEGE ASSURANCE: Taps European Firm to Help Boost Capital DIGITAL TELECOMMUNICATIONS: Stockholders' Meeting Set May 30 MANILA ELECTRIC: Intensifies Safety Campaign MAYNILAD WATER: Civic Groups Call for Rates Rollback NATIONAL BANK: Tan, Government Start Talks to Keep Status Quo NATIONAL ELECTRIFICATION: Back to Black in 2004 PHILIPPINE LONG: Fitch Places Local Currency Rating on Watch PHILIPPINE LONG: To Offer Advanced MPLS Network Solutions PHILIPPINE TELEGRAPH: Clarifies Tax Evasion Case Report PILIPINO TELEPHONE: Vows to Shoulder VAT Rate Hike PRICESMART INCORPORATED: Top Local Execs Face Estafa Case S I N G A P O R E ACCORD CUSTOMER: Replies to SGX-ST Query on Price Share Hike CHINA AVIATION (S): Court Adjourns SK Petition for One Week DYNASTY CITY: Receiving Proofs of Debt, Claim Until April 15 GREATRONIC LIMITED: CEO Dissatisfied on How Company was Handled HOCK BEE: Issues Notice of Dividend SEATOWN CORPORATION: Releases Monthly Default Update SEATOWN CORPORATION: Members Reject 5th Resolution at AGM SUNWAY BUSINESS: Passes Resolution to Wind Up Company SUNWAY WORKFLOW: Hires Liquidator for Winding Up Purposes T H A I L A N D KRUNG THAI: President Mulls Sanction Against Bank Executives PREECHA GROUP: Board Agrees to Invest in P. Leasing Shares TANAYONG: Forms Committee of Creditors BOND PRICING: For the Week 04 April to 08 April 2005 - - - - - - - - ================= A U S T R A L I A ================= A.H. TWEDDLE: To Hold Final Meeting April 12 -------------------------------------------- Notice is hereby given pursuant to Section 509(1) of the Corporations Act 2001 that the final meeting of the Members of A.H. Tweddle Investments Pty. Ltd. (In Liquidation) A.C.N. 004 742 689 will be held at the offices of Romanis Cant, Chartered Accountants, 2nd Floor, 106 Hardware Street, Melbourne at 9:15 a.m. on Tuesday, April 12, 2005 for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. Dated this 1st day of March 2005 Anthony R. Cant Liquidator 2nd Floor, 106 Hardware Street, Melbourne Vic 3000 AIR ELECTRICS: Final Meeting Slated for April 7 ----------------------------------------------- Notice is given that pursuant to Section 509(1) of the Corporations Act 2001, a final meeting of members and creditors of Air Electrics Pty Ltd (In Liquidation) will be held in the Meeting Room, HLB Mann Judd, Chartered Accountants, Level 1, 160 Queen Street, Melbourne on April 7, 2005 at 10:00 a.m. The purpose of the meeting is to lay accounts before it showing the manner in which the winding up has been conducted and the property of the Company has been disposed of and of hearing any explanation that may be given by the Liquidator. Dated this 28th day of February 2005 C. P. White Liquidator ALFRED YEOVIL: Sets April 9 as Date of Final Meeting ---------------------------------------------------- Notice is hereby given that in accordance with Section 509 of the Corporations Act, a Final General Meeting of Alfred Yeovil Pty Ltd A.C.N. 009 809 536 will be held at the Offices of the Liquidator, Suite 12 Portman Place, 220 Boundary Street, Spring Hill, Qld 4000 on April 9, 2005 at 10:00 a.m. for the purpose of laying before the meeting, accounts showing how the winding up has been conducted and the property of the Company disposed, and giving any explanation thereof. Dated this 23rd day of February 2005 Kenneth Scott Finlayson Liquidator APOLLO MANAGEMENT: Sets April 8 as Date of Final Meeting -------------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act that a final meeting of the members of Apollo Management Pty Ltd (In Voluntary Liquidation) A.C.N. 005 724 194 will be held at the offices of Bruce Mulvaney & Co, 1st Floor, 613 Canterbury Road, Surrey Hills on April 8, 2005 at 10:00 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanation that may be given by the liquidator. Dated this 28th day of February 2005 Bruce N. Mulvaney Liquidator Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road, Surrey Hills Vic 3127 BRUNO FESTA: Members Pass Winding Up Resolution ----------------------------------------------- Notice is given that at a special general meeting of Bruno Festa Financial Services Pty Ltd A.C.N. 052 243 240 duly convened and held on February 16, 2005, the following special resolution was duly passed: (1) That the Company be wound up voluntarily. (2) That Domenico Festa be appointed liquidator in members voluntary winding up of the Company. Dated this 16th day of February 2005 Bruno Festa Director EMLEED PTY: To Hear Liquidator's Account on Manner of Winding Up ---------------------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act that a final meeting of the members of Emleed Pty Ltd (In Voluntary Liquidation) A.C.N. 008 186 276 will be held at the offices of Bruce Mulvaney & Co, 1st Floor, 613 Canterbury Road, Surrey Hills on April 8, 2005 at 10:20 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanation that may be given by the liquidator. Dated this 28th day of February 2005 Bruce N. Mulvaney Liquidator Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road, Surrey Hills Vic 3127 FRASER MINE: Appoints Liquidator for Winding Up Purposes -------------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Fraser Mine Management Pty Ltd (In Liquidation) A.C.N. 008 169 435 held on February 24, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Garry Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson, Chartered Accountants, Level 26, 108 St George's Terrace, Perth WA 6000 be appointed Joint & Several Liquidators. Dated this 24th day of February 2005 Garry Trevor Joint and Several Liquidator of Fraser Mine Management Pty Ltd Ferrier Hodgson Chartered Accountants Level 26, 108 St George's Terrace, Perth WA 6000 GEPOFA PTY: Fixes Date of Final Meeting on April 6 -------------------------------------------------- Notice is hereby given that pursuant to section 509 of the Corporations Act 2001, the final meeting of members of Gepofa Pty Ltd (In Liquidation) A.C.N. 000 574 836 will be held at the offices of PMK Partners, Chartered Accountants, Suite 40, Victoria Park Estate, 8 Victoria Avenue, Castle Hill, NSW, 2153 on April 6, 2005 at 9:00 a.m. for the purpose of laying before the meeting the liquidator's final account and report and giving any explanation thereof. Dated this 21st day of February 2005 RICHARD VENN PICKERING Liquidator PMK Partners Chartered Accountants Suite 40, Victoria Park Estate, 8 Victoria Avenue, Castle Hill NSW 2153 G.J. HARRISON: Lays Out Final Meeting Agenda -------------------------------------------- Notice is given that a final meeting of members and creditors of G.J. Harrison Pty Ltd (In Liquidation) A.C.N. 004 383 680 will be held at the offices of CJL Partners Pty Ltd, Level 3, 180 Flinders Lane, Melbourne, 3000 at 11:00 a.m. and 11:30 a.m. respectively on Friday, April 8, 2005. AGENDA To lay before the meeting a final account of the Liquidators' acts and dealings and of the conduct of the winding up. Dated this 1st day of March 2005 Richard J. Cauchi Joint and Several Liquidator CJL Partners Level 3, 180 Flinders Lane, Melbourne Vic 3000 Telephone: 9639 4779 Facsimile: 9639 4773 GYMPIE FRUIT: Final Meeting Set April 8 --------------------------------------- Notice is given that pursuant to Section 509 of the Corporations Act the final meeting of the members of Gympie Fruit And Vegetable Growers Limited (In Voluntary Liquidation) A.C.N. 087 855 589 will be held in the meeting room of SimsPartners, Level 11, 145 Eagle Street, Brisbane on April 8, 2005 at 10:00 a.m. (1) To receive an account made up by the Liquidator showing how the winding up has been conducted, the property of the Company has been disposed of, and to receive any explanation required thereof. (2) Any other business. Dated this 25th day of February 2005 Ray Richards Liquidator SimsPartners Level 11, 145 Eagle Street, Brisbane Qld 4000 Telephone: (07) 3831 2700 HOTEL MANAGEMENT: Liquidator to Lay Final Report on Winding Up -------------------------------------------------------------- Notice is hereby given that pursuant to section 509 of the Corporations Law, the final meeting of members of Hotel Management Services Pty Ltd (In Liquidation) A.C.N. 004 861 027 will be held at the offices of Charman Partners, Suite 4, 10-12 Chapel Street, Blackburn on April 12, 2005 at 9:00 a.m. in the forenoon for the purpose of laying before the meeting the liquidators' final account and report and giving any explanation thereof. Dated this 1st day of March 2005 Paul Anton Tierney Liquidator Charman Partners Suite 4, 10-12 Chapel Street, Blackburn 3130 ION LIMITED: Fuels Engine Parts Shortage ---------------------------------------- The collapse of auto parts manufacturer ION Limited has hurt operations of Australia's carmakers such as Germany's Robert Bosch group and Holden, the Sydney Morning Herald reports. Automotive firm Bosch will be forced to rely more on imported parts as the effects of ION's collapse continue to spread. Holden is, likewise, scrambling to find an offshore supplier of parts for V6 engines after ION administrator, Collin Nicol of McGratNicol+Partners, ordered to shut down the ailing Wingfield aluminum casting facility in July. Bosch has been using upper and lower manifolds from Wingfield for its air intake sub-assembly, which is then delivered to Holden for installation on the V6 engine. There were other manufacturers in Australia doing similar castings but Bosch doubted they would be able to handle the volumes it required. Bosch finance director Martin Ziegler admitted Bosch has had concerns about ION's Wingfield plant right from the start. "Wingfield was a greenfield site. That was basically the problem," he said. CONTACT: ION Limited Level 1 East, Victoria Gardens 678 Victoria Street Richmond VIC 3121 Phone: +61 3 8416 5900 Fax: +61 3 8416 5999 E-mail: info@ionlimited.com Web site: http://www.ionlimited.com.au/ KNOXFIELD BONING: To Hear Liquidator's Report at Meeting -------------------------------------------------------- Notice is given that pursuant to Section 509(1) of the Corporations Act 2001, a final meeting of members and creditors of Knoxfield Boning Pty Ltd (In Liquidation) A.C.N. 064 922 710 will be held in the Meeting Room, HLB Mann Judd, Chartered Accountants, Level 1, 160 Queen Street, Melbourne on April 8, 2005 at 10:00 a.m. The purpose of the meeting is to lay accounts before it showing the manner in which the winding up has been conducted and the property of the Company has been disposed of and of hearing any explanation that may be given by the Liquidator. Dated this 1st day of March 2005 P. Newman Liquidator KURRAJONG PTY: Names Liquidator from Ferrier Hodgson ---------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Kurrajong Pty Ltd (In Liquidation) A.C.N. 009 206 571 held on February 24, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Garry Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson, Chartered Accountants, Level 26, 108 St George's Terrace, Perth WA 6000 be appointed Joint & Several Liquidators. Dated this 24th day of February 2005 Garry Trevor Joint and Several Liquidator of Kurrajong Pty Ltd Ferrier Hodgson Chartered Accountants Level 26, 108 St George's Terrace, Perth WA 6000 LOCKINGTON INVESTMENTS: To Declare Final Dividend April 26 ---------------------------------------------------------- A first and final dividend is to be declared on April 26, 2005 in respect of Lockington Investments Pty Ltd (In Liquidation) A.C.N. 083 141 502. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 28th day of February 2005 Robyn Erskine Peter Goodin Joint & Several Liquidators Brooke Bird & Co Chartered Accountants 471 Riversdale Road, Hawthorn East Vic 3123 Telephone: (03) 9882 6666 MATRIX OIL: Members, Creditors to Meet April 5 ---------------------------------------------- Notice is given that a final meeting of the members and creditors of Matrix Oil (Glagah Kambuna) Pty Ltd (In Liquidation) A.C.N. 094 542 926 will be held at the offices of Pitcher Partners, 10 Ord Street, West Perth on Tuesday, April 5, 2005 at 11:00 a.m. AGENDA (1) To consider the matters raised in the Liquidators' Final Circular to Members and Creditors. (2) To consider and if thought fit, approve the Liquidators' account of receipts and payments for the period of the Liquidation. (3) To approve the early destruction of books and records of the Company subject to the approval of the Australian Securities and Investments Commission. (4) To consider any other matter. Dated this 24th day of February 2005 Vincent Smith Joint and Several Liquidator MACKENZIE RIVER: To Pay Creditors' Dividend April 12 ---------------------------------------------------- A final dividend is to be declared on April 12, 2005 for Mackenzie River Bulkhaul Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 083 678 791. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 28th day of February 2005 Michael Peldan Deed Administrator Worrells Solvency & Forensic Accountants 8th Floor, 102 Adelaide Street, Brisbane Qld 4000 Web Site: http://www.worrells.net.au MULTIPLEX: Wins AU$392-Mln Dubai Deal ------------------------------------- Multiplex Group has recently won AU$392-million worth of contracts to build 12 residential towers and 58 townhouses and villas in Dubai, Dow Jones Newswires reports. The firm's unit, Nasa Multiplex, has also been awarded the first phase of a construction management role in the Hircon Tower, an 89-storey residential project in the new Dubai marina. The residential towers are within the Burj Dubai Residences Development and the Dubai Marine Development where Multiplex is currently building nine residential towers. The new construction projects include the design and construction of the towers and townhouses and associated podium, parking, landscaping and facilities. CONTACT: Multiplex Limited Level 4 1 Kent Street Millers Point NSW 2000 Phone: +61 2 9256 5000 Fax: +61 2 9256 5001 Web site: http://www.multiplex.com.au NATIONAL AUSTRALIA: Faces Fresh Litigation by Idoport ----------------------------------------------------- Idoport Pty Limited (Idoport) on Friday initiated fresh proceedings against the National Australia Bank Limited and its subsidiary National Markets Group Limited (NMG), related to an agreement with NMG and an associated guarantee from the NAB, according to PRNewswire. The proceedings seek payment of amounts currently due by NMG and NAB under the agreement and guarantee, which requires NAB and certain of its subsidiaries to make annual payments to Idoport dependent upon their financial performance. The proceedings also seek declarations as to future payment obligations. Idoport also announced that Portsmouth Partners LLC, an indirect wholly owned subsidiary of Elliott Associates, L.P., a private investment firm, now holds a strategic interest in Idoport as a significant minority shareholder. Idoport Pty Limited is a privately owned Company founded in 1996. Elliott Associates, L.P., and its sister fund, Elliott International, L.P., have more than US$4 billion of capital as of January 2005. The Elliott funds' investors include large institutional investors, high net worth individuals and families, and employees of the firm. 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/ PACMIN CORPORATION: Hires Liquidator to Wind Up Company ------------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Pacmin Corporation Pty Ltd (In Liquidation) A.C.N. 074 276 314 held on February 24, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Garry Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson, Chartered Accountants, Level 26, 108 St George's Terrace, Perth WA 6000 be appointed Joint & Several Liquidators. Dated this 24th day of February 2005 Garry Trevor Joint and Several Liquidator of PacMin Corporation Pty Ltd Ferrier Hodgson Chartered Accountants Level 26, 108 St George's Terrace, Perth WA 6000 PEARCE BROS: Members to Meet April 8 ------------------------------------ Notice is hereby given pursuant to Section 509 of the Corporations Act that a final meeting of the members of Pearce Bros Pty Ltd (In Voluntary Liquidation) A.C.N. 007 541 942 will be held at the offices of Bruce Mulvaney & Co, 1st Floor, 613 Canterbury Road, Surrey Hills on April 8, 2005 at 10:10 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanation that may be given by the liquidator. Dated this 28th day of February 2005 Bruce N. Mulvaney Liquidator Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road, Surrey Hills Vic 3127 QANTAS AIRWAYS: Passenger Figures Dip 76.1% ------------------------------------------- Qantas Airways Limited on Monday released its traffic and capacity figures for February 2005, Egoli News says. Total domestic traffic for Qantas, Qantaslink and Jestar measured in Revenue Passenger Kilometres (RPKs) grew by 8.4 percent, while capacity, measured in Available Seat Kilometers (ASKs) climbed by 9.6 percent. This resulted in a revenue seat factor of 76.1 percent, 0.9 percentage points lower than for February 2004. Total International RPKs for Qantas and Australian Airlines increased by 2.1 percent in February 2005, while ASKs increased by 4.5 percent over the same period. The resulting revenue seat factor of 76 percent was 1.7 percentage points lower than the previous year. Total International yield excluding exchange for the financial year to February increased by 3.8 percent when compared with the same period last year. Total International revenue seat factor decreased by 3.7 percentage points to 75.9 percent over the same period. February Group, comprising Qantas Domestic, QantasLink, Jetstar, Qantas International and Australian Airlines passenger numbers increased by 7.1 percent over the previous year. RPKs increased by 4%, while ASKs were up 6.1 percent, resulting in a revenue seat factor of 76 percent, which was 1.5 percentage points lower than the previous year. Total Domestic revenue seat factor for the financial year to February 2005 decreased by 1.1 percentage points to 79 percent when compared with year to date February 2004, while total Domestic yield excluding exchange decreased by 4.2 percent over the same period. Group passenger numbers for the year to February 2005 increased by 9 percent from the previous year. RPKs increased by 7.6 percent, while ASKs increased by 11.8 percent, resulting in a revenue seat factor of 76.8 percent, 3 percentage points lower than the previous year. For a copy of Qantas Airways' complete February 205 Traffic Figures, click on: http://bankrupt.com/misc/tcrap_qantasairways040405.pdf 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 SECURITY DEPOSIT: Fixes Final Meeting April 15 ---------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a combined Annual General Meeting and Final Meeting of the Members and Creditors of Security Deposit Boxes Australia Pty Ltd (In Liquidation) A.C.N. 057 411 319 will be held in the Boardroom of Jessup & Partners, 1st Floor 488 Mulgrave Road Earlville Qld on April 15, 2005 at 11:00 a.m. AGENDA (1) To receive an account made up by the Liquidator showing how the winding up has been conducted, the property of the Company has been disposed of, and to receive any explanation required thereof. (2) To approve the remuneration of the Liquidator. (3) Any other business. Dated this 28th day of February 2005 I. D. Jessup Liquidator SEVAKE PTY: Members Agree to Wind Up Company -------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Sevake Pty Ltd (In Liquidation) A.C.N. 002 772 223 held on February 24, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Garry Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson, Chartered Accountants, Level 26, 108 St George's Terrace, Perth WA 6000 be appointed Joint & Several Liquidators. Dated this 24th day of February 2005 Garry Trevor Joint and Several Liquidator of Sevake Pty Ltd Ferrier Hodgson Chartered Accountants Level 26, 108 St George's Terrace, Perth WA 6000 WALTER CONSTRUCTION: Employees Fear Lost Entitlements ----------------------------------------------------- Former employees of failed Walter Construction Group fear they will not receive their entitlements after German banks moved to recover their losses, according to Northern Territory News. About 400 employees from the collapsed firm had expected top get redundancy payments from remaining funds. But the workers believe payouts were now unlikely since Deutsche Bank and Bayerische Landesbank had tried to secure cash. Nevertheless, employee representative Michael Walsh had been assured their redundancies would be given priority. Walter Construction called in administrator from Korda Mentha last month when its German parent, Walter Bau AG, filed for insolvency over credit issues. * ASIC Bans NSW Director for Five Years --------------------------------------- The Australian Securities and Investments Commission (ASIC) has banned Mr. Santo Rapisarda of West Hoxton, New South Wales, from managing companies for five years. ASIC banned Mr. Rapisarda for the maximum period permissible under the law, after finding that he had been a director of 15 companies which had been placed into liquidation within the last seven years while he was an officer, or within 12 months of him being an officer of the companies. These companies were connected to the construction and crane hire industries. ASIC's investigation revealed that in total, the companies owed in excess of AU$2.5 million in unremitted group tax, over AU$300,000 in state payroll and land tax, and over AU$800,000 to other creditors. ASIC found that Mr. Rapisarda's conduct included breaches of provisions of the Corporations Act 2001 (the Act) relating to directors duties, the requirement to keep proper books and records, and the requirement to assist in the orderly and proper winding up of companies in the interest of creditors, and that these breaches constituted serious misconduct. ASIC's Deputy Executive Director of Enforcement, Mr. Allen Turton, said ASIC took the action in the public interest in protecting against present and future misuse of the corporate structure. "ASIC will continue to take action against Company officers who fail to comply with their legal obligations under the Act and in doing so, put the public and business community at risk," he added. Mr. Rapisarda has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. ============================== C H I N A & H O N G K O N G ============================== BANK OF CHINA: Fraud Charge Hits Bank ------------------------------------- The Bank of China (BOC) confirmed that a loan manager in Beijing was arrested in connection with a CNY640 million (US$77 million) property-loan fraud, Taipei Times reports. Beijing Huayunda Real Estate Development Co. borrowed money from the Beijing branch between 2000 and 2002 for its Senhao Apartments project using fake documents, bank spokesman Wang Zhaowen said. The bank fired Mr. Xu Weilian, a deputy chief manager of the Beijing branch's retail loans sector, which offered the loans. Mr. Xu was later arrested. The latest corruption revelation comes as China's biggest four state banks are preparing to go public and need to convince investors that bad loans and poor management are features of the past. Bank of China, China Construction Bank and Agricultural Bank, three of the Big Four, have been implicated the past two weeks in fraud cases involving more than US$28 million, according to reports by the Xinhua News Agency and the China Banking Regulatory Commission. BOC, which reorganized into a shareholding Company in 2004, is seeking strategic foreign investors before listing overseas, as early as this year. CONTACT: Bank of China 1 Fuxingmen Nei Dajie Beijing, 100818, China Phone: +86-10-6659-6688 Fax: +86-10-6601-4024 Web site: http://www.bank-of-china.com BANK OF CHINA: Launches First JCB Brand Card in China ----------------------------------------------------- Bank of China announced the April launching of a JCB branded credit card in China, Pressreleasenetwork.com reports. The new Chinese JCB card, to be issued through the Bank of China (BOC), marks the first JCB international credit card to be issued in China in partnership with a Chinese bank. BOC and JCB International signed a license agreement in June 2004. The Chinese government has now granted permission to BOC to issue credit cards, thus paving the way for the launch of the new card in April. The new BOC JCB Card, denominated dual-currency settlement in renminbi (RMB) and Japanese yen, is issued in both Standard and Gold, and is targeted at Chinese business travelers, tourists, students and others who reside and travel frequently in China or abroad on business or pleasure. The card carries worldwide acceptance through JCB's 12.2 million merchant network located in 190 countries and territories. Cardmember services provided by the JCB brand include access to JCB Plaza customer service centers in 31 popular destinations around the world as well as a wide variety of other value-added benefits. The newly issued BOC JCB card design itself is innovative and features motifs of the two country's traditional performing arts, China's Beijing opera and Japan's kabuki. JCB has partnered with prestigious financial institutions in China for merchant services including BOC since 1982, to meet increasing demand from JCB cardmembers who travel to and within China. Dramatic growth in the Chinese economy and the openings of the Beijing Olympics in 2008 and the Shanghai World Expo in 2010 indicate that the Chinese market is one of the largest potential credit card markets in the world. In anticipation of this growth, JCB has been focusing on expanding relationships with licensee issuers in China in order to establish a business base for the JCB brand. JCB's 40-year experience as a proprietary card issuer in Japan coupled with BOC's technical knowledge and well-established local operations will contribute to the creation of high-quality and beneficial services for JCB cardmembers in China. JCB and BOC are targeting 100,000 cardmembers in the first year alone through active promotion of the new BOC JCB Card. JCB is currently working with other leading Japanese partners in China to develop new services for JCB cardmembers in China. Examples include offering discounted package prices for tours in Japan from JTB Corporation and special deals on mobile phone rental in Japan from NTT DoCoMo, Inc. Exclusive services such as these provided in cooperation with partners are a significant element in the JCB brand value proposition. JCB is an international credit card brand and the largest card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its merchant network includes 12.2 million merchants and spans 190 countries and territories. JCB cards are now issued in 18 countries and territories, with 53.6 million card members. As part of its international growth strategy, JCB has formed alliances with more than 320 leading banks and financial institutions globally to increase merchant coverage and card member base. JCB's corporate philosophy of "Service from the heart", a commitment to responsive and high-quality service, continues to guide it as it creates the future together with its customers, merchants and partners. For further information, please visit the JCB homepages at www.jcb-global.com/english or www.jcbinternational.com. CONTACT: JCB Co. Ltd. 5-1-22 Minami Aoyama Minato-ku Tokyo 107-8686 JAPAN CREATE BILLION: Slated for Winding Up May 11 -------------------------------------------- Notice is hereby given that a Petition for the Winding up of Create Billion Limited by the High Court of Hong Kong Special Administrative Region was on March 10, 2005 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on May 11, 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. Ford, Kwan & Company Solicitors for the Petitioner Suites 1505-1508, 15th Floor Chinachem Golden Plaza, 77 Mody Road Kowloon, Hong Kong Tel: 2366 0688 Fax: 2722 0736 Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 10, 2005. EAST SECTOR: Winding Up Hearing Set for May 4 --------------------------------------------- Notice is hereby given that a Petition for the Winding up of East Sector International Limited by the High Court of Hong Kong Special Administrative Region was on March 4, 2005 presented to the said Court by The Hong Kong And Shanghai Banking Corporation Limited whose registered office is situated at 1 Queen's Road Central, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on May 4, 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. Johnson Stokes & Master Solicitors for the Petitioner 18th Floor, Prince's Building 10 Chater 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 3, 2005. HAVE MORE: Winding Up Hearing Date Fixed May 11 ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of Have More Industrial Limited by the High Court of Hong Kong Special Administrative Region was on March 10, 2005 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on May 11, 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. Gallant Y. T. Ho & Co. Solicitors for the Petitioner 5th Floor, Jardine House No. 1 Connaught Place Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 10, 2005. HILLS ENGINEERING: To Emerge from Bankruptcy on September 5 ----------------------------------------------------------- Notice is hereby given that under the provisions of section 30 A of the bankruptcy Ordinance (Chapter 6), Hui Iu Wing trading as Hills Engineering Company (the bankrupt), will be discharged from its bankruptcy on September 5, 2005, in the absence of any objections from their trustee in bankruptcy or creditors. The bankrupt's creditors have the right to object to their discharge on any of the following grounds: (i) In the case of a discharge to which section 30A(2)(a) of the Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is likely within 5 years of the commencement of the bankruptcy to be able to make a significant contribution to its estate; (ii) That the discharge of the bankrupt would prejudice the administration of its estate; (iii) That the bankrupt has failed to co-operate in the administration of its estate; (iv) That the conduct of the bankrupt, either in respect of the period before or the period after the commencement of the bankruptcy, has been unsatisfactory; (v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the bankrupt has departed from Hong Kong and has failed forthwith to return to Hong Kong following a request to do so from the trustee; (vi) That the bankrupt has continued to trade after knowing to be insolvent; (vii) That the bankrupt has committed an offence under section 129 or any of sections 131 to 136 of the Bankruptcy Ordinance (Chapter 6); (viii) That the bankrupt has failed to prepare an annual report of his/her earnings and acquisitions for the trustee. Dated this 31st day of March, 2005 ET O'Connell Official Receiver 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Phone: 2867 2448 Fax.: 3105 1814 Web site: http://www.info.gov.hk/oro IA NETWORKING: Enters Winding Up Proceedings -------------------------------------------- Notice is hereby given that a Petition for the Winding up of IA Networking Limited by the High Court of Hong Kong Special Administrative Region was on the March 4, 2005 presented to the said Court by The Hong Kong And Shanghai Banking Corporation Limited whose registered office is situated at 1 Queen's Road Central, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on the May 4, 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. JOHNSON STOKES & MASTER Solicitors for the Petitioner 18th Floor, Prince's Building 10 Chater 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 sthe abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 3, 2005. LAM FUNG: Exits Bankruptcy -------------------------- Notice is hereby given that under the provisions of section 30 A of the bankruptcy Ordinance (Chapter 6), Lam Hoi Sui trading as Lam Fung Plastic Material Factory (the bankrupt), will be discharged from its bankruptcy on September 26, 2005, in the absence of any objections from their trustee in bankruptcy or creditors. The bankrupt's creditors have the right to object to their discharge on any of the following grounds: (i) In the case of a discharge to which section 30A(2)(a) of the Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is likely within 5 years of the commencement of the bankruptcy to be able to make a significant contribution to its estate; (ii) That the discharge of the bankrupt would prejudice the administration of its estate; (iii) That the bankrupt has failed to co-operate in the administration of its estate; (iv) That the conduct of the bankrupt, either in respect of the period before or the period after the commencement of the bankruptcy, has been unsatisfactory; (v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the bankrupt has departed from Hong Kong and has failed forthwith to return to Hong Kong following a request to do so from the trustee; (vi) That the bankrupt has continued to trade after knowing to be insolvent; (vii) That the bankrupt has committed an offence under section 129 or any of sections 131 to 136 of the Bankruptcy Ordinance (Chapter 6); (viii) That the bankrupt has failed to prepare an annual report of his/her earnings and acquisitions for the trustee. Dated this 31st day of March, 2005 ET O'Connell Official Receiver 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Phone: 2867 2448 Fax.: 3105 1814 Web site: http://www.info.gov.hk/oro SHANXI CENTRAL: Bourse to Cancel Listing on April 6 --------------------------------------------------- The Stock Exchange of Hong Kong Limited (the Exchange) announced that the listing of the shares of Shanxi Central Pharmaceutical International Limited (In Liquidation) (the Company) will be cancelled with effect from 9:30 a.m. on April 6, 2005 in accordance with the delisting procedures stipulated in Practice Note 17 to the Listing Rules (the Delisting Procedures). Practice Note 17 to the Listing Rules formalizes the procedures to be adopted to delist long-suspended companies. Dealings in the Company's shares have been suspended since 25 July 2003. Accordingly, dealings in the Company's shares have effectively been suspended for over 20 months. The Company was put into the third stage of the Delisting Procedures on September 10, 2004. Pursuant to the Delisting Procedures, at the end of the third stage, which in the case of the Company was on March 9, 2005 (the Deadline), where no valid proposals have been received for resumption, the listing of the Company's shares will be cancelled. Following the suspension in trading in the Company's shares and before the Deadline, a resumption proposal (the Proposal) was submitted to the Exchange on 7 June 2004. After reviewing the Proposal, the Listing Division decided that the resumption proposal was not viable. The Exchange has notified the Company of its obligation under paragraph 3.1 of Practice Note 17 to issue an announcement on the same day of this announcement informing the public of the cancellation of the listing of its shares. The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice. CONTACT: Shanxi Central Pharmaceutical International Limited Rm 3710-3714 Sun Hung Kai Centre 30 Harbour Road Wan Chai, Hong Kong Phone: 23770258 Fax: 23773958 Web site: http://www.zzyy.com.cn SHUN QUN: Court Begins Bankruptcy Proceedings --------------------------------------------- Notice is hereby given that a Petition for the Winding up of Shun Qun Industrial Company Limited by the High Court of Hong Kong Special Administrative Region was on February 24, 2005 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on May 11, 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. Messrs. T. H. Koo & Associates Solicitors for the Petitioner Room A2, 15th Floor, United Centre No. 95 Queensway Hong Kong Note: Any person who intends to appear to the hearing of the said petition must serve on or send by post to the abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 10, 2005. TIANJIN TEDA: 2004 Operating Loss Narrows to RMB15.9 Mln -------------------------------------------------------- Reference is made to the Announcement of postponement of board of directors' meeting of Tianjin TEDA Biomedical Engineering Company Limited dated March 22, 2005. Set out below is the unaudited profit and loss account of the Company and its subsidiaries (the Group) for the year ended December 31, 2004 with comparative figures of the audited profit and loss account for the year ended December 31, 2003. The audit committee of the Company has reviewed the management accounts and its opinion on the issues of the provision for the accounts receivable of the Group and other revenue from sale of right to use the Group's proprietary technology within Southeast Asia region is as follows: As regards the issue of accounts receivable, the management of the Company is waiting for further information from the customer and will review with the Company's auditors upon receipt of such information. Regarding the sales revenue from the sale of right to use the Group's proprietary technology within Southeast Asia region, the audit committee of the Company agrees to the consensus reached by the Company and the auditors to make full provision for the collection of the sales revenue. For the year ended 31st December 2004 2003 RMB RMB Turnover 58,645,974 47,304,980 Cost of sales (37,685,256) (24,892,161) Gross profit 20,960,718 22,412,819 Other revenues (Note 1) 11,209,349 1,296,154 Distribution and selling expenses (17,769,213) (17,238,078) Administrative expenses (Note 1) (26,463,398) (27,108,257) Research and development expenses, net of government grants of nil (2003: RMB1,150,000) (3,616,494) (3,354,001) Amortisation of goodwill on consolidation (303,419) (403,419) Operating loss (15,982,457) (24,394,782) Finance costs (3,013,371) (894,214) Loss before taxation (18,995,828) (25,288,996) Taxation (82,496) - Loss after taxation (19,078,324) (25,288,996) Minority interests 3,532,187 447,217 Loss attributable to shareholders (15,546,137) (24,841,779) Loss per share - basic (3.89) cents (6.21) cents Note 1: Other revenues include RMB7.7 million in respect of the sales of right to use the Group's proprietary technology. The purchaser has defaulted on its promised repayment schedule and in light of the uncertainty of the recovery of the debt, full provision has been made and charged to administrative expenses. The Board Meeting is to be held on April 15, 2005 to consider and approve the same matters as stated in the notice of the Board Meeting dated March 11, 2005. After the Board Meeting, the audited financial results of the Group for the year ended December 31, 2004 will be disclosed in the 2004 Result Announcement on the same day. Under such circumstances, the dealing in the shares of the Company will be suspended on March 31, 2005 pending the release of the audited financial results of the Group for the year ended December 31, 2004. On behalf of the Board Tianjin TEDA Biomedical Engineering Company Limited Wang Shuxin Chairman Tianjin, the PRC 31st March 2005. CONTACT: Tianjin Teda Biomedical Engineering Company Limited Suites 1501-1503 15/F, Gloucester Tower The Landmark 11 Pedder Street Central, Hong Kong Phone: 86-22-24138796 Fax: 86-22-24138796 Web site: http://www.bioteda.com.cn VASO INTERNATIONAL: Court to Hear Winding Up Petition on May 4 -------------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of the Vaso International Limited by the High Court of Hong Kong Special Administrative Region was on March 4, 2005 presented to the said Court by The Hong Kong And Shanghai Banking Corporation Limited whose registered office is situated at 1 Queen's Road Central, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on May 4, 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. JOHNSON STOKES & MASTER Solicitors for the Petitioner 18th Floor, Prince's Building 10 Chater 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 3, 2005. WAYSIN INTERNATIONAL: Schedules Winding Up Hearing on May 11 ------------------------------------------------------------ Notice is hereby given that a Petition for the Winding up of Waysin International Investment Limited by the High Court of Hong Kong Special Administrative Region was on February 24, 2005 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition is to be heard before the Court at 9:30 am on May 11, 2005 and any creditor or contributory of the said Company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. T. H. KOO & ASSOCIATES Solicitors for the Petitioner Room A2, 15th Floor, United Centre No. 95 Queensway 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 abovenamed, 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 abovenamed not later than six o'clock in the afternoon of May 10, 2005. ================= I N D O N E S I A ================= PERTAMINA: Uses IT to Wipe Out Corruption, Inefficiency ------------------------------------------------------- Pertamina's CIO Triyadi Prayago said he is using Information Technology (IT) as a strategic tool to eliminate corruption and efficiency in the state-owned enterprise, reports MIS Magazine News. The Company's CIO is part of a new management tem set up in 2003 to "clean up" the Company, dissolving questionable contracts designed to benefit few individuals, as inefficiency and abuse contributed to IDR18.96 trillion in losses from 1996 to 1998. According to Mr. Triyadi, Pertamina can become a competitive enterprise despite a poor track record, and can be successfully restructured into a leaner orgranization, with the help of IT. Of course, it is not expected that the Company will change overnight. But Mr. Triyadi is slowly integrating IT tools into the Company, consolidating information, upgrading its email and Internet systems for better communication within the Company and with customers and suppliers. Mr. Triyadi also said that some of the Company's business practices had to be removed. He estimates that it may take as long as ten years before the Company can enjoy steady returns. Pertamina has to continuously install new systems, optimize business processes and train employees to become a competitive entity. CONTACT: PT Pertamina Tbk Jalan Merdeka, Timur No. 1 A Jakarta 10110 Indonesia Phone: (62)(21) 3815111 Fax: 3846865/ 3843882 Web site: http://www.pertamina.com ========= J A P A N ========= OKUNIKKO KONISHI: IRCJ Reaches Debt Purchase Agreement ------------------------------------------------------ Following its approval on February 3, 2005 of an application for assistance by K.K. Okunikko Konishi Hotel under Article 22, Clause 3 of the Industrial Revitalization Corporation Act of 2003, the Industrial Revitalization Corporation of Japan on March 25, 2005, under Article 25, Clause 1 of the same act, reached an agreement with financial institutions on the purchase of debt owed by Okunikko Konishi Hotel. Note: This agreement on the purchase of debt means that agreement has been reached between the necessary financial institutions and the IRCJ in respect of either a) sale of debt by the financial institutions concerned to the IRCJ at market price or b) financial support by the financial institutions concerned (for example debt forgiveness while continuing to hold the balance of debt, debt equity swaps, etc.). Any decision by the IRCJ to purchase the debt of companies it has approved for assistance is only made at a point when it is evident that the revitalization plan of the business concerned can be progressed as planned. 1. Name(s) of Company concerned K.K. Okunikko Konishi Hotel 2. Amount of debt to be purchased (Million yen) Principal value of total debt 858 (A) Principal value of debt to be purchased as per note a) above 1 (B) Principal value of debt for which financial support to be provided by financial institutions as per note b) above 857 (A-B) Note: The actual amount of debt purchased may change between this announcement and completion of the purchase. 3. Amount of financial assistance Debt forgiveness: JPY475 million Note: Due to factors such as changes in dates of record there has been a change from the amount (JPY476 million) announced at time of decision to support. 4. Schedule A capital increase is scheduled for May 2005. 5. Comment from the state ministers in charge of the Industrial Revitalization Corporation of Japan None expressed. Note on comments from ministers: The IRCJ is a quasi- governmental organization. As such the IRCJ is required to obtain comments about decisions to assist private-sector companies from the government ministers in charge of the IRCJ. 6. Treatment of trade and other creditors The agreement on the purchase of debt as outlined above is an agreement between relevant financial institutions and the IRCJ; there will continue to be no effect on the claims of trade and other creditors. For more information, please contact Corporate Planning Department The Industrial Revitalization Corporation of Japan Tel: 03-6212-6437 About the IRCJ The IRCJ was established jointly by the public and private sector on April 16, 2003, with the aim of providing revitalization assistance beneficial to both the industrial and the financial sectors in Japan. It targets assistance at companies that have sound business fundamentals but are unable to thrive because of excessive debt levels or other factors. The IRCJ has approximately 200 employees and is based in Tokyo. For more information please visit www.ircj.co.jp MATSUSHITA ELECTRIC: To Settle Plasma Patent Dispute With LG ------------------------------------------------------------ Matsushita Electric Industrial Co. and South Korea's LG Electronics, Inc. have agreed to settle their dispute over plasma display technology, according to Reuters. The world's No. 1 and 3 suppliers of plasma panels, filed lawsuits against each other last year, claiming infringements on patents related to plasma technology. The suits have led to a halt of imports of LG panels into Japan and Matsushita panels to South Korea. Both companies have been holding talks and are expected to agree on a settlement that would require LG to pay royalties to Matsushita while allowing each firm access to some of the other's patents. CONTACT: Matsushita Electric Industrial Co Ltd (Panasonic) 1006, Oaza Kadoma Kadoma-shi, Osaka 571-8501 Japan Phone: +81 6 6908 - 1121 Fax: +81 6 6908 2351 MITSUBISHI MOTORS: Releases March U.S. Sales -------------------------------------------- Mitsubishi Motors North America, Inc., (MMNA) reported March 2005 U.S. sales of 14,776 units, an 18 percent increase from February's sales volume. "Mitsubishi Motors' sales volume has steadily increased each month of 2005, and we look forward to that trend continuing as we approach the spring launch of the 2006 Eclipse," said David Schembri, executive vice president of sales and marketing at Mitsubishi Motors North America. In addition to the monthly increase in sales volume, MMNA experienced an increase in sales of several vehicles, including a 23 percent increase in Lancer sales from last month, a 37 percent increase in Endeavor sales from last month (and a 16 percent increase since 2004), and a 34 percent increase in Eclipse sales from last month (and a 14 percent increase since 2004). Mitsubishi Motors North America, Inc., (MMNA) is responsible for all manufacturing, finance, sales, marketing, research and development operations of the Mitsubishi Motors Corporation in the United States and Canada. Mitsubishi Motors sells coupes, convertibles, sedans and sport utility vehicles through a network of approximately 625 dealers. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com. Following is the sales breakdown for March 2005: 2005 MAR FEB % ECLIPSE COUPE 1,452 1,080 34.4% ECLIPSE SPYDER 609 243 150.6% LANCER 3,255 2,639 23.3% LANCER EVOLUTION 312 302 3.3% LANCER SPORTBACK 192 144 33.3% GALANT 4,686 4,772 -1.8% DIAMANTE 24 31 -22.6% TOTAL CAR 10,530 9,211 14.3% OUTLANDER 1,118 934 19.7% MONTERO SPORT 108 118 -8.5% ENDEAVOR 2,642 1,928 37.0% MONTERO 378 286 32.2% TOTAL SUV 4,246 3,266 30.0% TOTAL 14,776 12,477 18.4% Selling Days 27 24 CONTACT: Mitsubishi Motors North America, Inc. 6400 Katella Ave. Cypress, CA 90630-0064 Dan Irvin, 309-888-8205 This is a Company press release. MITSUBISHI MOTORS: Canada Sales Surge 13.4% ------------------------------------------- Mitsubishi Motors Sales of Canada, Inc. (MMSCAN) reported March sales of 1,263 vehicles, a year-over-year sales increase of 13.4 percent. Mitsubishi Motors North America, Inc., (MMNA) is responsible for all manufacturing, finance, sales, marketing, research and development operations of the Mitsubishi Motors Corporation in the United States and Canada. Mitsubishi Motors sells coupes, convertibles, sedans and sport utility vehicles through a network of approximately 650 dealers. Mitsubishi Motors sold its first vehicle in the U.S. in 1981, and began building cars in 1988 at its manufacturing facility in Normal, Illinois. For further information: Laura Hooker, Fleishman-Hillard Canada, Inc., (416) 645-8181, hookerl@fleishman.com. OSAKA KOCHI: Files for Bankruptcy --------------------------------- Osaka Kochi Tokkyu Feri K.K. has begun bankruptcy proceedings with total liabilities of US$38.53 million, says Teikoku Databank America. The coastal freight transport firm is located in Koshi-shi, Kochi 780-0822. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. RINKU GATE: Starts Reorganization Proceedings --------------------------------------------- Rinku Gate Tower Building Co., Ltd. Resona Holdings, Inc. (Resona HD,) hereby gives notice that Rinku Gate Tower Building Co., Ltd., which is a customer of its banking subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura) and The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank," President: Hiroyuki Mizuta), filed an application for commencement of corporate reorganization proceedings with the Osaka District Court. As a result of this development, there arose a concern that the claims to the Company may become irrecoverable or their collection may be delayed. Details were announced as follows: 1. Outline of the Company (1) Corporate name Rinku Gate Tower Building Co., Ltd. (2) Address 1 Rinku Orai Kita, Izumisano City, Osaka (3) Representative Eiji Takeyama (4) Amount of capital 15,000 million yen (5) Line of business Real estate leasing 2. Fact Arisen to the Company and Its Date The Company filed an application for commencement of corporate reorganization proceedings with the Osaka District Court on April 1, 2005. 3. Amount of Claims to the Company Exposure of Resona Bank Loans: JPY2.5 billion Exposure of Kinki Osaka Bank Loans: JPY2.3 billion Other banking subsidiaries of Resona HD, Saitama Resona Bank and Nara Bank have no claims to the Company. 4. Impact of This Development on the Forecasted Earnings of Resona HD The aforementioned claims of Resona Bank and Kinki Osaka Bank are covered by collateral and loan loss reserves. Therefore, the previous earnings forecasts of Resona HD for the fiscal year ended March 31, 2005, which were announced on November 25, 2004, remain the same. RINKUGETOTAWABIRU K.K.: Enters Bankruptcy ----------------------------------------- Rinkugetotawabiru K.K. has entered bankruptcy with total liabilities of US$432.71 million, says Teikoku Databank America. The office space-leasing firm is based in Izumisano-shi, Osaka 598-0048. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. SEIKO EPSON: METI Authorizes Business Restructuring Plan -------------------------------------------------------- Changes to the joint business restructuring plan submitted by Seiko Epson Corporation, Sanyo Electric Co., Ltd. and Sanyo Epson Imaging Device Co., Ltd. under the Law on Special Measures for Industrial Revitalization, were approved by the Ministry of Economy, Trade and Industry on March 31. CONTACTS: Seiko Epson Corporation Address: 3-3-5 Owa Suwa, Nagano 392-8502, Japan Phone: +81-266-52-3131 Fax: +81-266-53-4844 Sanyo Electric Co. Ltd. 5-5 Keihan-Hondori, 2-chome Moriguchi, Osaka 570-8677, Japan Phone: +81-6-6991-1181 Fax: +81-6-6991-2086 Sanyo Epson Imaging Device Co., Ltd. World Trade Center Building, 15F, 2-4-1 Hamamatsu-cho, Minato-ku, Tokyo For more information, go to http://www.meti.go.jp/english/ SUMITOMO MITSUI: Seeking JPY184 Bln in Aid from Banks ----------------------------------------------------- Sumitomo Mitsui Construction Co. is asking JPY184 billion in aid from Sumitomo Mitsui Banking Corporation and other creditor banks, Jiji Press reports. The struggling construction firm expects a group net loss of JPY241.1 billion for the business year ending March 31, against the previous forecast of a profit of JPY1 billion. The revision stems from a special loss of JPY259 billion due mainly to a decline in the value of asset holdings and losses from asset sales. The Company also unveiled a new medium-term business plan, in which its loss-laden real estate division will be separated from its construction business. Sumitomo Mitsui Construction was formed in April 2003 through a merger between Sumitomo Construction Co. and Mitsui Construction Co. In March 2004, Sumitomo Mitsui Banking and other creditor banks helped the Company by purchasing its preferred shares worth 80 billion yen. As of the end of September 2004, the Company has JPY366.7 billion in interest-bearing debts. CONTACT: Sumitomo Mitsui Construction Company Limited 36-5 Nihonbashi-Kakigaracho 1-Chome Chuo-Ku 103-0014, Tokyo 100-0004 Japan Phone: +81 3 5614 9832 Fax: +81 3 5614 9810 Web site: http://www.mcc.co.jp/ TOKYO FASHION: Commences Civil Rehabilitation Proceedings --------------------------------------------------------- Tokyo Fashion Town Corporation and Time 24 Co., Ltd. Resona Holdings, Inc. (Resona HD) hereby gives notice that Tokyo Fashion Town Corporation and Time 24 Co., Ltd. (the Companies) which are customers of its banking subsidiary, Resona Bank, Ltd. (Resona Bank," President: Masaaki Nomura), filed applications for commencement of civil rehabilitation proceedings with the Tokyo District Court. As a result of this development, there arose a concern that the claims to the Companies may become irrecoverable or their collection may be delayed. Details were announced as follows: 1. Outline of the Companies (1) Corporate name: (a)Tokyo Fashion Town Corporation (b) Time 24 Co., Ltd. (2) Address 3-1 Ariake, Koto-ku, Tokyo 2-45 Aomi, Koto-ku, Tokyo (3) Representative Shigeo Araki Shigeo Muraoka (4) Amount of capital 17,245 million yen 2,484 million yen (5) Line of business Real estate leasing Real estate leasing 2. Fact Arisen to the Companies and Its Date The Companies filed applications for commencement of civil rehabilitation proceedings with the Tokyo District Court on March 31, 2005 3. Amount of Claims to the Companies (a) Tokyo Fashion Town Corporation Exposure of Resona Bank Loans: JPY2.4 billion (b) Time 24 Co., Ltd. Exposure of Resona Bank Loans: JPY1.2 billion Other banking subsidiaries of Resona HD, Saitama Resona Bank, Kinki Osaka Bank and Nara Bank have no claims to the Companies. 4. Impact of This Development on the Forecasted Earnings of Resona HD The anticipated losses arising from this development are covered by loan loss reserves. Therefore, the previous earnings forecasts of Resona HD for the fiscal year ending March 31, 2005, which were announced on November 25, 2004, remain the same. ========= K O R E A ========= HYNIX SEMICONDUCTOR: Seeks Early Exit from Debt Workout ------------------------------------------------------- Hynix Semiconductor Inc. aims to graduate from its workout program by June this year if it can borrow KRW1 trillion from foreign and domestic firms, reports Asia Pulse. According to an unnamed creditor, there may be talks of an early graduation for Hynix if it comes up with the funds to turn over to creditors. If the proposal is approved, and the firm comes up with the necessary funds, Hynix may regain control again as early as June. Hynix indicated its resolve to be released from the workout program. The Company's labor union hinted that it would accept a freezing of wages if it would mean being in charge again. Staff had to forego wage increases in the last five years as the Company tried to regain its footing. The Company posted an impressive KRW2.02 trillion operating profit last year, and is estimated by some to rake in an increase in operating profit up to KRW335.3 billion. Creditors also plan to sell 30 % of its present 81.4 % stake in the Company, but there are no details as to how the stake would be sold. An insider close to the Company said that nothing has been decided as of now, but that creditors will likely gather to know their thoughts on the matter, before making any decisions. CONTACT: Hynix Semiconductor Inc. (HIS) 891 Daechi-dong, Kangnam-gu, Seoul, Korea Phone: 82-2-3459-3470 Fax: 82-2-3459-5987/8 Web site: http://www.hynix.com JINRO LIMITED: Picks Hite Brewery as Preferred Bidder ----------------------------------------------------- Hite Brewery Co. was chosen on April 1 as the preferred bidder to buy Jinro Ltd., in the biggest takeover auction in Korea and in Asia this year, the Korea Herald reports. Out of 10 consortiums who submitted bids to buy Jinro by the March 30 deadline, Hite won with an offer of KRW3.1 trillion. If a takeover agreement is reached, Jinro would undoubtedly become a global brand, with Hite Brewery significantly increasing its local market share, aside from being able to penetrate the world liquor market. Hite Brewery, in a consortium with the Korean Federation of Community Credit Cooperative, the Korean Teachers Credit Union, and two subsidiaries of Korea Development Bank, must reach a memorandum of understanding for the purchase before month's end, after which the group would have three months to conclude the sale. If the Hite consortium fails to complete the sale, next in line to take over Jinro would be Doosan Corp., CJ Corp, and Taehan Electric Wire Co. Doosan Corp. and CJ Corp., together with Lotte Group, were prior favorites to take over Jinro, but they bid below KRW3 trillion, sources close to the deal said. Hite Brewery was the forerunner in the sale, having offered KRW3.1 trillion. It has the most to gain from the takeover since Jinro's strong brand position could boost distribution in the market, even though Hite enjoys 58% of thr Korean beer market. Despite being troubled, Jinro Company continued expanding even under court receivership, and has the potential to become a global brand. The Company posted a KRW221.9 billion operating profit last year. CONTACT: Jinro Limited Jinro Bldg, 1448-3 Seocho-dong Seocho-gu, Seoul, 137-866 South Korea Phone: +82 2 520 3114 Fax: +82 2 520 3453 Web site: http://www.jinro.co.kr/ ORION ELECTRIC: Creditor Opposition May Abort Sale -------------------------------------------------- Opposition from Orion Electric Co.'s largest creditor endangered the Company's sale to U.S.-based Matlin Patterson, reports Asia Pulse. Orion Electric signed a formal agreement with American fund Metlin Patterson last February, after being granted court approval for the sale. The Company went into court receivership in July 2003. Sources said that the Company's largest creditor, Seoul Guarantee Insurance, was against the sale, saying that the Company's liquidation value (which is the amount that a Company can be sold if it closes down) was higher than the proposed sale price. Seoul Guarantee Insurance has 35% voting rights in Orion Electric. If Seoul Guarantee Insurance will not support the proposed sale, it may never push through, as the sale required 75% approval from shareholders. Orion Electric, brushed aside the claim, stating that the Company's liquidation value only amounts to KRW109.9 billion, lesser than the proposed KRW120 billion sale price. Orion Electric was a part of the now-defunct Daewoo Group before going bankrupt in May 2003. CONTACT: Orion Electric Company 165, Kongdan-dong, Kumi-city, Kyongbuk, Korea Phone : (0546)469-5000 Fax : (0546)461-3281 Web site: http://www.orion/co/kr =============== M A L A Y S I A =============== AKTIF LIFESTYLE: Still Seeking to Regularize Financial Status ------------------------------------------------------------- In accordance to Practice Note No. 4/2001 of the Bursa Malaysia Securities Berhad, Aktif Lifestyle Corporation Berhad announced that the Company is currently seeking to acquire new core businesses in order to regularize its financial condition. CONTACT: Aktif Lifestyle Corporation Berhad Level 10, Grand Seasons Avenue, No. 72, Jalan Pahang, 53000 Kuala Lumpur Malaysia Phone: (60) 3 2693 1828 Fax: (60) 3 2691 2798 AYER HITAM: Hunts Potential White Knight ---------------------------------------- In accordance with Bursa Malaysia Securities Berhad's Practice note No. 4/2001, Ayer Hitam Tin Dredging Malaysia Berhad announces that there is still no further development on the status of the Company's plan to regularize its financial condition, since its last monthly announcement dated March 1, 2005. The Company is currently in talks with firms interested in being a "White Knight," and is reviewing the business and/or assets that may be infused into the Company. CONTACT: Ayer Hitam Tin Dredging Malaysia Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 Malaysia Phone: +60 3 2031 9633 Fax: +60 3 2031 6920 CYGAL BERHAD: Posts Monthly Status Update ----------------------------------------- Cygal Berhad refers to its announcements dated March 1 and March 16, 2005, in relation to Practice Note No. 4/2001 of the Nursa Malaysia Securities Berhad. The Company informed the Exchange that since its last announcement, there is no further development to the status of the Company's restructuring plan. CONTACT: Cygal Berhad Lot 4.21, 4th Floor, Plaza Prima 4 1/2 Miles, Jalan Klang Lama 58200 Kuala Lumpur Malaysia Phone: 03-7983 9099 Fax: 03-7981 7629 FORESWOOD GROUP: No Change in Restructuring Status -------------------------------------------------- Pursuant to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, Foreswood Group Berhad announces that there is no important development in the Company's plan to regularize its financial condition, since its last monthly announcement on March 1, 2005. CONTACT: Foreswood Group Berhad Level 4, B59 Taman Sri Sarawak Mall Jalan Tunku Abdul Rahman 93100 Kuching , Sarawak Malaysia Phone: 6082-428626 Fax: 6082-423626 JASATERA BERHAD: Moves to Avert Delisting ----------------------------------------- Jasatera Berhad announced that on Feb. 18, 2005, the Bursa Securities Malaysia Berhad (Bursa Securities) served a notice asking the Company to make written representations (supported by documentary evidence, if any) as to why it should not be delisted from the Official List of companies. On March 4, 2005, the Company made a written representation to Bursa Securities, asking not to be delisted. The Company also asked for an oral hearing with Bursa Securities on the matter of the delisting notice. Bursa Securities suspended trading of Jasatera Berhad securities from Feb. 28, 2005, until further notice. Nevertheless, bank lenders approved for the Company to extend up to Aug. 31, 2005, to complete its Proposed Restructuring Scheme. 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 JIN LIN: SC Has Yet to Approve Proposed Restructuring ----------------------------------------------------- In compliance with Practice Note No. 4/2001 of the Bursa Malaysia Securities Berhad's listing requirements, Jin Lin Wood Industries Berhad announces that the Securities Commission (SC) is currently evaluating the Company's Proposed Restructuring Scheme. The Company obtained the scheme creditors' approval for the proposed scheme at the court-convened Meeting of Scheme Creditors on March 23, 2005. The Company also filed for an extension to a Restraining Order to stay the winding-up petition issued against it by Alwayield Sdn Berhad. The Court's decision on the matter has yet to be announced. CONTACT: Jin Lin Wood Industries Berhad 177, 2nd Floor Taman Sri Dagang, P O Box 3181 97013 Bintulu, Sarawak, Malaysia Phone: 086-334661/335570 Fax: 086-330866/334808 K.P. KENINGAU: Strikes Deal with Gabungan Cendawan -------------------------------------------------- K.P. Keningau Berhad (KPK) announced that on March 18, 2005, the Company entered in to an agreement with Gabungan Cendawan Sdn Berhad to undertake a proposed restructuring scheme, aiming to regularize the Company's financial condition. Both companies are working to accomplish the said scheme and finalize details within a three-month period from March 18. So far, there are no other new developments with the Company's scheme, since its last announcement. The Company also announced that the Bursa Malaysia Securities Berhad, via its letter dated March 31, 2005, has approved the Company's application for an extension of two months (March 22, 2005 to May 22, 2005) to make a requisite announcement on the Company's regularization plan. LION CORPORATION: Redeems Bonds, Repays Debt on April 1 ------------------------------------------------------- Lion Corporation Berhad refers to its last announcement dated March 25, 2005, regarding the issuance of notices of meetings to bondholders and holder of Company debts, seeking approval to extend the redemption/repayment date from March 31, 2005 to June 30, 2005. The Company announced that it has redeemed/repaid the bonds and debts, together with the penalty interest on April 1,2005, Therefore, approval for the extension to repay the debts is no longer needed. On the same day, the Company informed the Bondholders and Lender that the resolutions in respect of the Proposed Extension were withdrawn. CONTACT: Lion Corporation Berhad Level 46, Menara Citibank 165, Jalan Ampang 50450 Kuala Lumpur Phone: 03-21622155 Fax: 03-21623448 Web site: http://www.lion.com.my MENTIGA CORPORATION: Awaits SC Approval of Revised Proposals ------------------------------------------------------------ Pursuant to Practice Note No. 4/2001 of the Bursa Malaysia Securities Berhad, Mentiga Corporation Berhad announced that since its last announcement dated March 1, 2005, the Company is still awaiting the approval of the Securities Commission (SC) on the following revised proposals, which were submitted on March 15, 2005: i) Proposed revaluation of the property assets of the Company and its subsidiaries; ii) Proposed debt settlement via the issue of 12,500,000 new Mentiga Shares at an issue price of RM1.00 per share to Amanah Saham Pahang Berhad, as settlement of an amount owed by the Company to ASPA amounting to MYR12,500,000; iii) Proposed restricted issue of 20,000,000 Redeemable Convertible Preference Shares ("RCPS") at an issues price of RM1.00 per RCPS to ASPA; and iv) Proposed disposal of 90% equity interest in PT Rebinmas Jaya, through the Company's 56%-owned subsidiary, Selat Bersatu Sdn Bhd for a cash consideration of MYR61.2 million, details of which were announced on 19 January 2005. In addition to the above Comprehensive Proposals and Proposed Disposal, the Company also proposes to implement the following proposals: i) Proposed Employee Share Option Scheme for eligible Company Director and employees, and its subsidiaries; ii) Proposed increase in the Company's authorized share capital; and iii) Proposed amendments to the Memorandum and Articles of Association of the Company. CONTACT: Mentiga Corporation Berhad Jalan Kampar Off Jalan Tun Razak Kuala Lumpur, 50400 Malaysia Phone: +60 3 40439411 Fax: +60 3 40431233 MYCOM BERHAD: Sees No Change in Restructuring Plan -------------------------------------------------- In relation to Bursa Malaysia Securities Berhad's Practice Note No. 4/2001, Mycom Berhad announced that since its last announcements dated March 1 and March 31, 2005, there is no major development to the Company's Proposed Restructuring Scheme. CONTACT: Mycom Berhad Level 23, Menara Olympia Jalan Raja Chulan Kuala Lumpur, 50250 Malaysia Phone: +60 3 2072 3993 Fax: +60 3 2072 3996 OCEAN CAPITAL: In Talks with Probable White Knight -------------------------------------------------- Pursuant to Practice Note No. 4/2001 of the Bursa Malaysia Securities Berhad, Ocean Capital Berhad announced that the Company is discussing with an interested party, to take n the role of "White Knight," and is drafting a restructuring scheme in order to regularize its financial condition. CONTACT: Ocean Capital Berhad No. 43B, 2nd Floor Changkat Bukit Bintang 50200 Kuala Lumpur, Malaysia Phone: 03-21480700 Fax: 03-21454825 OLYMPIA INDUSTRIES: No Developments in Restructuring Scheme ----------------------------------------------------------- Olympia Industries Berhad announces that in accordance with Practice note 4/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, there is no major development to the Company's proposed restructuring scheme since its last announcements on March 1, 2005, and March 31, 2005. CONTACT: Olympia Industries Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 Malaysia Phone: +60 3 2070 0033 Fax: +60 3 2070 0011 PAN PACIFIC: Proposed Restructuring Scheme Pending Approval ----------------------------------------------------------- Pan Pacific Asia Berhad announced that pursuant to Practice Note No. 4/2001 of the Bursa Malaysia Securities Berhad, the Company is currently awaiting approval of its Proposed Restructuring Scheme from the relevant authorities. The Board of Directors wishes to announce that the Company is awaiting the approvals from the relevant authorities in relation to the Proposed Restructuring Scheme of the Company. CONTACT: Pan Pacific Asia Berhad Unit No. 602B, Level 6, Tower B, Uptown 5, 5 Jalan SS21/39, Damansara Uptown, 47400 Petaling Jaya, Selangor Malaysia Phone: 03-77278168 Fax: 03-77271622 PARK MAY: Court Approves Shareholders' Meeting ---------------------------------------------- To comply with Practice Note 4/2001 of Bursa Malaysia Securities Berhad, Park May Berhad announced that on the Company obtained approval dated March 18, 2005 from the Malaya High Court for an extension from Jan. 31, 2005 to May 31, 2005, for the Company to convene and hold the court-convened shareholders' meeting to approve a proposed shareholders' scheme, an important part of the Company's plan to regularize its financial condition. CONTACT: Park May Berhad Lot 18115 Batu 5 Jalan Kelang Lama, Kuala Lumpur 58100 Malaysia Phone: +60 3 7982 7060 Fax: +60 3 7625 4987 SATERAS RESOURCES: Seeks Extension to Complete Restructuring ------------------------------------------------------------ Sateras Resources (Malaysia) Berhad refers to the Securities Commision (SC)'s letter of approval dated March 31, 2005, on the Company's Proposed Restructuring Scheme, which was announced on April 8, 2005. According to Paragraph 18.02 of Chapter 18 of the Policies and Guidelines on Issue/Offer of Securities, if the Proposed Restructuring Scheme should involve court proceedings, The Company has a 12-month time period to implement the said Scheme. Therefore, the Company's Proposed Restructuring Scheme should be implemented by March 30, 2005. The Company's management speculates that the Scheme would not be finished on the said date, so the Company submitted an application to the Securities Commission (SC) on March 16, 2005, to seek an extension of three months to June 30, 2005, for the Company to complete its Proposed Restructuring Scheme. The application for the extension is still pending approval. CONTACT: Sateras Resources (Malaysia) Berhad 19 Jalan Pinang Kuala Lumpur, Kuala Lumpur 50450 Malaysia Phone: +60 2162 5288 Telephone: +60 2161 8529 SETEGAP BERHAD: Updates Monthly Status of Restructuring Plan ------------------------------------------------------------ Setegap Berhad announced that there is no new development on the Company's restructuring scheme since its last announcement. The Company is still finalizing its restructuring scheme to regularize its financial condition. CONTACT: Setegap Berhad 72B&C, Jalan SS22/25 Damansara Jaya 47400 Petaling Jaya Malaysia Phone: 03-77297009 Fax: 03-77271555 Web site: http://www.setegap.com.my WCT ENGINEERING: Unit Serves Writ of Summons on Maju Holdings ------------------------------------------------------------- WCT Engineering Berhad announced that its wholly owned subsidiary WCT Construction Sdn Berhad (WCTC) served a Writ of Summons on Maju Holdings Sdn Berhad on April 1, 2005, for a sun of MYR14,076,342.79, plus interest at 8% per annum and costs. The summons was filed against Maju for non-payment of works done on the following projects: a. Proposed development of the Matriculation Centre on Lot 4706 and Part of Lot 3955, Pongsu Seribu, Mukim 8, Daerah Utara, Seberang Perai, Pulau Pinang; b. Proposed design, build and transfer a hostel building with facilities for 2,000 students at the UiTM campus in Dungun, Terengganu; c. Proposed construction of the building for the Institut Tanah, Ukur dan Pemetaan Negara (Instun) Daerah Batang Padang, Perak; In compliance with the terms of the letters of awards for the said works, WCTC completed the said works and handed over possession of the same to Maju Holdings. Once the works were completed, WCTC forwarded to Maju Holdings its final progress claims. However, in breach of the letters of award, Maju Holdings failed to settle WCTC's final progress claims. As at Jan. 18, 2005, the total debts due to WCTC is MYR14,076,342.79 after taking into consideration sums paid by Maju Holdings in respect of WCTC's final progress claims. By a settlement agreement dated Jan. 18, 2005, Maju Holdings agreed to pay WCTC the sum of MYR12,000,000.00 only as full and final settlement of the said Debts so that WCTC would withhold legal proceedings against the firm. The settlement agreement provided that should there be any default in its payments, Maju Holdings shall pay to WCTC the full amount of the said Debts together with interests at 8% per annum less such sum that was paid to WCTC. Consequently, Maju Holdings paid MYR500,000.00 only to WCTC but thereafter failed and/or refused to pay the balance of the said Debts. The Company will continue to try to recover the said debts from Maju Holdings Sdn Berhad. CONTACT: WCT Engineering Berhad 12, Jalan Majistret U1/26 Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park 40150 Shah Alam, Selangor Darul Ehsan, Malaysia Phone: 603-7805 2266 ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: Taps European Firm to Help Boost Capital ----------------------------------------------------------- College Assurance Plans Philippines Inc. (CAP) has forged a deal with Europe-based fund manager International Global Capital Holdings AG (IGCH) to help raise equity capital for the pre-need firm, The Philippine Star reports. Under the agreement, IGCH will provide financial advisory services to the embattled pre-need firm in view of boosting equity capital necessary to meet CAP's obligations to planholders. IGCH will only need to receive a bank-to-bank authenticated message of an Asset Safekeeping Receipt over CAP's MRT bonds to prove its existence, valuation and non-encumbrance. This ASKR serves as a confirmation that CAP has certain amount of assets. Meanwhile, CAP assured the public that it is committed to fulfilling its obligations to all its planholders. The pre-need firm is currently in the process of completing all the requirements for the approval of its application to raise its capital to Php8 billion, which is now pending with the Securities and Exchange Commission (SEC). CONTACT: College Assurance Plans Philippines Inc. CAP I Building 126 Amorsolo cor. Herrera Streets Legazpi Ville, Makati City Malaysia Phone: 817-6586, 759-2000 Fax: (0632) 818-0560 DIGITAL TELECOMMUNICATIONS: Stockholders' Meeting Set May 30 ------------------------------------------------------------ Notice is hereby given that the regular Annual Stockholders' Meeting of Digital Telecommunications Phils. Inc. (DIGITEL) will be held at the Amorsolo Grand Ballroom, Holiday Inn Galleria Manila, ADB One Avenue, Ortigas Center, Pasig City on Monday, may 30, 2005 at 10:00 a.m. AGENDA: (1) Call to Order (2) Certification by the Corporate Secretary on the sending of notices and existence of quorum (3) Reading and approval of minutes of the last Annual Stockholders' Meeting (4) Report of the President (5) Approval of the Financial Statements for the fiscal year ended December 31, 2004 (6) Ratification of actions taken by the Board of Directors and Officers of the Corporation since the last annual meeting of the stockholders (7) Election of Directors (8) Appointment of External Auditors (9) Other matters (10) Adjournment Only stockholders of record as of March 31, 2005 are entitled to vote and be voted during the meeting. For your convenience in registering your attendance, please have available some form of identification, such as your Community Tax Certificate, Passport, or Driver's License. Registration starts at 9:00 a.m. FOR THE BOARD OF DIRECTORS ATTY. WILLIAM S. PAMINTUAN Corporate Secretary CONTACT: Digital Telecommunications Phils Inc 110 E Rodriguez Jr Ave Bagumbayan 1110 Quezon City 1110 Philippines Phones: +63 2 633 0000 Fax: +63 2 635 6142 Web site: http://www.digitelone.com/ MANILA ELECTRIC: Intensifies Safety Campaign -------------------------------------------- The Manila Electric Company (Meralco) is stepping up efforts to make the public more aware on the importance of public safety, especially during the summer season, relates The Philippine Star. Meralco has launched an information campaign on public safety particularly on the danger of getting near or in contact with line facilities in construction-related activities. The ongoing media drive intends to target, among others, construction workers including crane and boon operators, homeowners with untrimmed trees and kite flyers, most especially children. Since construction activities are expected to grow at this time of the year, Meralco is currently coordinating with local building officials to further boost the information drive. CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Phone: 16220 (TL); 633-4553 (Corp. Sec.) Fax: (0632) 631-5572 E-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph MAYNILAD WATER: Civic Groups Call for Rates Rollback ---------------------------------------------------- Cause-oriented groups want Maynilad Water Services Inc. to roll back its water rate hike, Business World says. Action for Economic Reforms, Akbayan and the Freedom from Debt Coalition are urging the Supreme Court to compel Maynilad to reduce the water rate increase implemented at the beginning of the year. The groups were earlier prevented by a lower court from questioning the 51 percent increase in water rates to Php30.19 per cubic meter from Php19.82 per cubic meter. On April 1, Action for Economic Reforms asked the Supreme Court to issue a temporary restraining order on the Feb. 28 decision of the Quezon regional Trial Court, favoring Maynilad's rate hike application. Action for Economic Reforms insisted on participating in the rehabilitation proceedings saying it was virtually the only participant representing the interest of the consumers and the general public. The civic group, likewise, moved for the payment by Maynilad to Metropolitan Waterworks and Sewerage System (MWSS) of P2.403 billion in concession fees which the Rehabilitation Receiver admitted to be administrative fees due to MWSS. The group opposed the Revised Rehabilitation Plan saying it was "contrary to public policy as it involves a scheme to bail out Benpres Holdings Corporation using US$60 million in public funds derived from the draw on the US$120 million Performance Bond." It added that the plan was "contrary to public policy and illegal for being grossly disadvantageous to the government, as it involves the purchase by MWSS of Maynilad shares at a grossly inflated price." CONTACTS: Maynilad Water Services Inc. G/F MWSI Building, Katipunan Road MWSS Compound, Balara Quezon City Philippines NATIONAL BANK: Tan, Government Start Talks to Keep Status Quo ------------------------------------------------------------- Filipino business tycoon Lucio Tan has started talks with the government to maintain the status quo at the Philippine National Bank (PNB), according to The Philippine Star. The two parties are reportedly discussing the terms for the possible extension of their joint agreement for at least two more years. According to sources, the government prefers to extend the joint deal rather than be forced to sell at a loss when the agreement expires in September this year. The extension of the joint agreement is believed to be in the interest of both Mr. Tan and the government since neither is eager to change the status quo at a time when market conditions are not good. Finance Secretary Cesar V. Purisima would not confirm nor deny the talks but according to sources, government would be selling its PNB stake at a loss because the break-even level was at Php40 per share. CONTACT: Philippine National Bank Pres Diosdado P Macapagal Boulevard PNB Financial Center Pasay 1300 Philippines Phone: +63 2 891 6040 Fax: +63 2 551 5187 Web site: http://www.pnb.com.ph NATIONAL ELECTRIFICATION: Back to Black in 2004 ----------------------------------------------- For the first time in six years, National Electrification Administration achieved a financial turnaround by posting a net income of Php2 million in 2004 from Php5.9 billion net loss in 2003. Such feat is attributed to the agency's implementation of key policy reforms which includes the streamlining of its bureaucracy, from previously 730 employees to only 313 after successful restructuring in December 2003. This enabled the agency to accrue savings from the employees' salary and compensation alone of Php237 million from a high of Php326 million in 2003 to only Php89 million in 2004. "The enactment of the EPIRA has restructured and transformed NEA to become more responsive to the needs of the electric cooperatives to help them become globally competitive under a deregulated power industry," said Administrator Edita S. Bueno. About Php20 million was also unutilized for operational expenses due to the strategic action to close the regional facilities and warehouses. Likewise, the continuing energy conservation and austerity program, urged by President Arroyo contributed notably to the savings incurred by the agency. "We have a program dubbed as 'Climb the NEA Mountain' where employees use the stairs daily to reach the 4th floor of the building. It may be very trivial but earned savings for the Company through reduces energy consumption," Mr. Beuno said. Also notable among these reforms were the restructuring of loan arrearages of eleven (11) ECs to improve their financial standing and cope with their maturing obligations to NEA has helped improved the agency's financial position. ECs throughout the country gearing up for competitiveness within the deregulated environment may now avail of three additional windows opened by NEA, namely: Equity Financing Scheme (EFSEC), Single Digit Systems Loss Program, (SDSLP), and Short Term Credit Facility (STCF). The NEA and the 119 ECs have already extended the benefits of electrification to 36 million Filipinos in 32,950 barangays and 1,452 municipalities and cities around the country. CONTACT: National Electrification Administration 57 NEA Building, NIA Road, Government Center Dilliman, Quezon City Philippines 1100 Telephone: (+632) 929-1909 Fax: (+632) 926-1328 Web site: http://www.nea.gov.ph/home.htm PHILIPPINE LONG: Fitch Places Local Currency Rating on Watch ------------------------------------------------------------ Fitch Ratings, the international rating agency, has placed Philippine Long Distance Telephone Company's (PLDT) 'BB' Long- term local currency rating on Rating Watch Positive. At the same time, Fitch has affirmed PLDT's Long-term foreign currency rating, its global bonds and senior notes at 'BB', and its convertible preferred stock at 'B+'. The Outlook on the affirmed ratings remains Negative, reflecting the Outlook of the Republic of the Philippines' Long-term foreign currency rating. The decision to place PLDT's local currency rating on Rating Watch Positive represents an acknowledgment of the group's stable operating performance and consistent improvement in its financial profile over a sustained period. Much of the improvement has been driven by robust growth at its highly cash- generative 100%-owned cellular subsidiary Smart Communications Inc (Smart) as well as strong and profitable growth by Pilipino Telephone Corporation (Piltel), which is now 92%-owned within the group. Furthermore, PLDT's fixed-line business also generates robust positive free cash flows. PLDT's local currency rating is not constrained by the sovereign's local currency rating (currently 'BB+', Outlook Negative). The local currency rating, which ignores currency convertibility risk, is reflective of an issuer's stand-alone credit profile, and in this instance Fitch recognizes that PLDT's stand-alone credit profile has been improving and continues to strengthen as it reduces total indebtedness. Fitch's forthcoming review of the ratings will focus on PLDT's overall operating and financial profile, including its ability to sustain free cash flow generation in light of the prevailing competitive conditions and industry developments, management of its growth aspirations, and its capital management initiatives relating to dividend and share buyback policies. CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Web site: http://www.pldt.com.ph PHILIPPINE LONG: To Offer Advanced MPLS Network Solutions --------------------------------------------------------- Philippine Long Distance Company (PLDT) (PSE: TEL; NYSE:PHI) and MCI (NASDAQ: MCIP) have recently signed an agreement that enables both providers to offer more customers superior IP-based network services through advanced Multi-Protocol Label Switching (MPLS) technology. The MCI-PLDT agreement establishes a node that links PLDT's national MPLSnetwork with the MCI global Private IP network - which offers customers direct access trough MCI-owned MPLS nodes in 105 cities across 41 countries in Asia Pacific, the Americas, Europe, the Middle East and Africa. MCI also offers indirect access to its Private IP network network through Frame Relay and ATM points-of-presence (PoPs) in more than 90 countries around the world. PLDT President and CEO Napoleon L. Nazareno said the MCI-PLDT MPLS node is strategically located at the Vitro Data Center of PLDT's subsidiary, ePLDT. "This strategic relationship between PLDT and MCI now allows both providers to offer their portfolios of managed global networking services to more customers in our respective markets," he said. With PLDT's extensive local network, MCI's global reach and the use of the latest technologies, Philippine companies and the local offices of multinational corporations can now benefit from the flexibility of secure, reliable, high-speed, any-to-any communications solutions. MCI has more than 158 Company owned and operated MPLS nodes connecting businesses worldwide. The Philippines, through PLDT, is now a part of this IP-driven MPLS network. "With our many years of experience in delivering managed networking services, we believe that PLDT is now, through this partnership with MCI, in a prime position to take it to the next level," said PLDT Corporate Business Group Head Eric R. Alberto. "We are now working in close partnership with a global network service provider with unparalleled depth of experience in IP technology. This relationship opens up new opportunities for both PLDT and MCI." "MCI's relationship with PLDT is mutually beneficial. It enables each Company to extend the reach of our MPLS networks and our managed network solutions quickly and efficiently," said Dan Crawford, acting president of MCI International and Wholesale. "This agreement affords PLDT the opportunity to rapidly expand its MPLS service globally, while allowing MCI to offer customers in the Philippines the same levels of quality, reliability and support they enjoy in other parts of the world. Customers in the Philippines will have access to a wider array of MCI services with the flexibility of local and centralized billing." PHILIPPINE TELEGRAPH: Clarifies Tax Evasion Case Report ------------------------------------------------------- Philippine Telegraph and Telephone Corporation (PT&T) issued this disclosure in reference to the news article entitled "PT&T, weaving firm sued for tax evasion at Justice" published in the April 1, 2005 issue of the Business World. The article reported that "The Bureau of Internal Revenue sued the Philippine Telephone and Telegraph Corporation (PT&T) for failing to turn over to the government the Php560 million in taxes it had collected from its customers in the last six years. Charged with tax evasion and estafa were PT&T Chairman and President Jose Luis Melo Santiago, vice-president and treasurer Alicia A. Arogo, and vice-president and comptroller Arturo T. Falco. 'We have filed a case of tax evasion and estafa for failure to remit taxes that they withheld covering several years...,' tax commissioner Gullermo Parayno told reporters. 'We have not separated the liabilities of the three. They are being charged jointly for a total amount of Php560 million since 1999,' he added. He said that as early as 1997, PT&T had already been assessed for withholding tax, but payments had not been made. Mr. Parayno added that PT&T had not denied it owed taxes. "they recognized that these are liabilities that they failed to remit to the government,' he said." Philippine Telegraph & Telephone Corporation, in a letter dated April 4, 2005, stated that: "Please be informed that as of the close of business hours last April 1, 2005, PT&T has not received any official copy ot the BIR's complaint. We came to know about the alleged filing of the suit from the above-mentioned news article itself. "As soon as we receive official communications from the Department of Justice, consistent with legal processes and procedures, we will file our Current Reports pursuant to Section 4.4 (b) of the Exchange's Disclosure Rules." For your information. (Original Signed) MA. PAMELA D. QUIZON Head, Disclosure Department Noted by: JURISITA M. QUINTOS Senior Vice President CONTACT: Philippine Telegraph & Telephone Corporation 106 Carlos Palanca Jr St Legaspi Village Spirit Of Communication Centre Building Makati City 1229 Philippines Phone: +63 2 818 0511 Fax: +63 2 8180511 PILIPINO TELEPHONE: Vows to Shoulder VAT Rate Hike -------------------------------------------------- Pilipino Telephone Corporation (Piltel) has assured the public it would not pass on to consumers the increase in the value- added tax (VAT) rate expected to be passed by Congress, relates the Philippine Star. Piltel said it would absorb the additional taxes to protect its customers, even though the VAT law authorizes business firms to make their consumers shoulder the VAT taxes on their purchased products. Opponents of the bill seeking to increase the VAT from 10 percent to 12 percent have warned that if passed into the law the legislation would cause more inflation as business firms would merely pass on the additional VAT to their consumers. But Piltel vowed to shoulder the additional taxes not only to support its customers and also to help the country cope with its budget deficit through an increase in government revenue. CONTACT: Pilipino Telephone Corporation G/F Mobiline Centre 6764 Ayala Avenue 1200 Makati City Philippines Telephone: 63 2 811 8888 Fax: 63 2 817 6888 PRICESMART INCORPORATED: Top Local Execs Face Estafa Case --------------------------------------------------------- Five top officials of PSMT Philippines, the local subsidiary of U.S.-based PriceSmart Incorporated, were summoned by the Department of Justice to answer a Php38.59-million estafa case filed against them by William Go, Business World reports. Assistant Rizal Prosecutor Rodolfo B. Santos ordered PSMT President Benjamin Woods, Controller Zeus Aboy, Vice-president Robert Gans, Treasurer John Heffner and director James Cahill to appear at a hearing on April 22. Mr. Santos said failure on the defendants' part to appear and file their counter-affidavit shall be considered a waiver to be heard in the investigation. The plaintiff, Mr. Go, is a minority shareholder of PSMT Philippines. Mr. Go and his Company E-Class Corp have filed before the Pasig Regional Trial Court Criminal cases against Mr. Woods and other PriceSmart-appointed officers in PSMT for alleged illegal disbursements and misappropriation of Company funds. The complaint includes a petition for the appointment of a receiver and management committee to stop PSMT's financial drain due to irregularities allegedly done by Mr. Wood's group. CONTACT: Pricesmart Inc. 9740 Scranton Road San Diego, CA 92121 Phone: (858) 404-8800 Fax: (858) 581-4500 E-mail: jcahill@psmt.usa.com Web Site: http://www.pricesmart.com PSMT Philippines, Inc. 1781 Alabang Zapote Road, Filinvest 8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave. Ermita Manila Phone no.: 8880433 Fax No.: 8880689 ================= S I N G A P O R E ================= ACCORD CUSTOMER: Replies to SGX-ST Query on Price Share Hike ------------------------------------------------------------ The Board of Directors of Accord Customer Care Solutions Limited refers to the queries from Singapore Exchange Securities Trading Limited (SGX-ST) concerning the substantial increase in the price of the Company's shares on the SGX-ST on April 1, 2005. The Company clarified that: (1) It is not aware of any information not previously announced concerning the Company, its subsidiaries or associated companies which, if known, might explain the trading; (2) It is not aware of any other possible explanation for the trading; and (3) It is in compliance with the listing rules and in particular, listing rule 703. By Order of the Board Woo Kah Wai Company Secretary April 1, 2005 Singapore CONTACT: Accord Customer Care Solutions Limited 20 Toh Guan Road #07-00 Accord Distri Centre Singapore 608839 Telephone: 65 64102600 Fax: 65 64102610 Web site: http://www.accordccs.com CHINA AVIATION (S): Court Adjourns SK Petition for One Week ----------------------------------------------------------- China Aviation Oil (Singapore) Corporation Ltd announced in a disclosure made to the Singapore Stock Exchange (SGX) that the High Court of Singapore has adjourned the Judicial Management Petition filed by SK Energy Asia Pte Ltd (SKEA) for one week to April 8, 2005 at 9:30 a.m. At the hearing Friday, SKEA requested the Court for a five-week adjournment to May 6, 2005. The reason given by SKEA for this request was that the Company had represented to its creditors that an improved Scheme of Arrangement would be presented, and that the terms of such revised Scheme should be finalized by May 6, 2005. The Company wishes to highlight that this reason is not stated anywhere in SKEA's petition to place the Company under judicial management. The Company further notes that, in an article entitled "SK Energy may delay move to put CAO under judicial management" in www.channelnewsasia.com dated March 30, 2005, it was reported that SKEA might seek an adjournment for an entirely different reason, namely, that SKEA might require more time to consider PricewaterhouseCoopers' Statement of Phase I Findings issued on March 28, 2005. At the hearing, the Company responded to SKEA that the Company is meeting with its creditors to obtain the creditors' feedback and to use its best efforts to improve the terms of the proposed Scheme of Arrangement. The Court then adjourned the hearing for one week to give SKEA an opportunity to clarify the position, and, if it wished, to write to the Company in this regard. The Company would like to express its disappointment at SKEA's stance. SKEA should not use the judicial management proceedings to attempt to set an earlier deadline for the Company to come up with an improved Scheme of Arrangement. If the true objective of SKEA is to negotiate for an improvement of the terms of the proposed Scheme of Arrangement, SKEA should engage in dialogue with the Company instead of presenting a petition for judicial management. The majority of the Company's creditors are already working together with the Company to successfully conclude a debt restructuring. At least 53% in value of the Company's creditors support the current restructuring process at this stage. In contrast, only one other creditor of the Company has expressly voiced its support for the judicial management proceedings commenced by SKEA. SKEA's actions are disruptive and counter-productive, and therefore contrary to the wider collective interest of the Company's creditors. The Company has had to divert some of its resources and management time to deal with the judicial management proceedings instead of focusing wholly on the restructuring efforts which have the support of the majority of its creditors. It should also be noted that the Company's parent Company, China Aviation Oil Holding Company, has emphasized that it will withdraw support and terminate the Company's core jet fuel procurement business should the Company be placed under judicial management. The Company wishes to assure its creditors that it will exercise its best efforts to improve the terms of the proposed Scheme of Arrangement and will continue to work together with its creditors towards a successful restructuring of its debts. CONTACT: China Aviation Oil (S) Corp. Phone: (65)6334 8979 Fax: (65)6333 5283 Web site: http://www.caosco.com/ DYNASTY CITY: Receiving Proofs of Debt, Claim Until April 15 ------------------------------------------------------------ Dynasty City Traders Pte Ltd. formerly of 200 Jalan Sultan #03- 03 Textile Centre Singapore 199018 posted at the Government Gazette, Electronic Edition a notice of intended dividend with the following details: Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 7 of 1999 Last Day for Receiving Proofs: 15th April 2005 Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 April 1, 2005 MOEY WENG FOO Assistant Official Receiver GREATRONIC LIMITED: CEO Dissatisfied on How Company was Handled --------------------------------------------------------------- Greatronic Limited advised the Singapore Stock Exchange (SGX) that it has received a letter dated March 31, 2005 from its Director and Chief Executive Officer, Mr. Lim Kok Koon, tendering his resignation as Director and Chief Executive Officer with immediate effect. In his letter of resignation, Mr. Lim alleged he is guided by his overriding duty to the Company and its shareholders. He believed he has discharged his duties as Chief Executive Officer and Director fully. He added that his resignation should not be construed as an admission of liability or a waiver of any of his rights. Mr. Lim also alleged that his reason for resigning is because of his dissatisfaction with the manner in which the independent directors have handled the affairs of the Company and the Group since February 24, 2005. He alleged that the actions of the independent directors have caused great damage to the Company and the Group, and the refusal to reinstate him as Chief Executive Officer has exacerbated the difficulties confronting the Company and Group. Mr. Lim further alleged that, in his opinion, the independent directors' mismanagement of the affairs of the Company has affected their ability to act independently, impartially and objectively in the interests of the Company and its shareholders. He said that notwithstanding his request, the independent directors have refused to resign and rather than exercise his right as a shareholder to remove them, he has decided to make way as any further infighting can only damage the Company. The Company and the independent directors refute Mr. Lim's allegations in totality and will be taking up the matter with him separately. Insofar as Mr. Lim's resignation as Director is concerned, the Company wishes to state that Mr. Lim is due for retirement by way of rotation at the next Annual General Meeting of the Company, and at a Board Meeting on March 28, 2005, Mr. Lim was informed of the Board's decision to accept the recommendation of the Nomination Committee not to recommend him for re-election as a Director at the Annual General Meeting. As for Mr. Lim's resignation as Chief Executive Officer, the Company wishes to state that at the Board Meeting on March 28, 2005, Mr. Lim (through his solicitor) contended that he should be restored to his position as Chief Executive Officer, alternatively in some other capacity so as to enable him to assist restore confidence among the customers, suppliers and employees of Greatronic Technology (M) Sdn Bhd (GTM). The Board was highly critical of Mr. Lim's performance and conduct as Chief Executive Officer and declined his request for reinstatement as Chief Executive Officer, but decided not to take any further action to terminate him as Chief Executive Officer in the hope that he would, in some limited capacity, be still able to ensure business continuity. The Company will be writing to Mr. Lim to inform him that under the terms of the service agreement that is continuing, Mr. Lim is required to give 6 months' notice of resignation, alternatively he is required to pay to the Company 6 months' salary in lieu of notice. The Company will demand that Mr. Lim pay 6 months' salary in lieu of notice. Notwithstanding Mr. Lim's resignation as Director and Chief Executive Officer, the Company reserves the Company's rights against him for any prior breach of fiduciary or other duty, or breach of contract by Mr. Lim while he was a Director and the Chief Executive Officer of the Company. The independent directors will also be replying to Mr. Lim on his allegations that they have mismanaged the affairs of the Company, which the independent directors strongly deny. By Order of the Board Greatronic Limited April 2, 2005 CONTACT: Greatronic Ltd (formerly: Cybermast Ltd) 627A Aljunied Road #07-02 Biztech Centre Singapore 389842 Telephone: 65 68417828 Fax: 65 68417282 Web site: http://www.greatronic.com/ HOCK BEE: Issues Notice of Dividend ----------------------------------- Hock Bee Heng Construction Pte Ltd. of 204, Hougang Street 21 #04-127 Singapore 530204, posted a notice of dividend to the Government Gazette, Electronic Edition with the following details: Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 277 of 1993 Amount Per Centum: 7.08% First and Final or otherwise: First & Final Dividend When Payable: 10th March 2005 Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 April 1, 2005 MOEY WENG FOO Assistant Official Receiver SEATOWN CORPORATION: Releases Monthly Default Update ---------------------------------------------------- Seatown Corporation Ltd. provided the Singapore Stock Exchange with updates on the following matters: (1) Banking facilities which are in default resulting in the outstanding amounts repayable on demand. Outstanding Name of subsidiary at 30/09/04 Fermold Pte Ltd S$5,113,000 Seatown Construction Pte Ltd S$6,542,000 Capital I Sdn Bhd S$3,123,000 Other than matters previously announced by the Company, there have been no further developments since the date of the earlier announcement. (2) Annual Report for the year ended September 30, 2004 Paragraph 4(v) of the auditors' report states that the ability of the Company and the Group to continue as going concerns and meet their financial obligations as and when they fall due are dependent, inter alia, on the following factors: (a) The successful restructuring of the Company's and the Group's outstanding debts with lenders as at September 30, 2004; (b) The Group not incurring significant losses in the future and being able to secure additional new profitable contracts; (c) The successful implementation of the Investment Agreement with King Premier by the Judicial Manager; and (d) The successful outcome of negotiations between the Group and lenders to the Group concerning the preservation of existing banking facilities available to the Group including those where covenants have been breached not being withdrawn or materially reduced by the banks and the indemnities provided by the Company to third parties such as financial institutions in respect of performance bonds and guarantees issued by such third parties on account of its subsidiaries not being called upon by such third parties. There have been no further developments since the date of the auditors' report. (3) Resumption of trading proposal There have been no further developments since the date of the last announcement on March 16, 2005 regarding the resumption of trading proposal to the Singapore Exchange Securities Trading Limited. (4) Schemes of arrangement for Seatown Construction Pte Ltd and Fermold Pte Ltd (i) Seatown Construction Pte Ltd is currently implementing its Scheme of Arrangement with its creditors. (ii) Fermold Pte Ltd (Fermold) is currently implementing its Scheme of Arrangement with its creditors. Fermold's Scheme Administrator has informed the Company that Fermold has not complied with certain terms of the its Scheme. The Company will make announcements as and when material developments arise. CONTACT: Seatown Corporation Limited (In Judicial Management) (formerly: Pacific Can Investment Holdings Limited) 20 Maxwell Road #02-01 Maxwell House Singapore 069113 Telephone: 65 62211777 Fax: 65 62235202/65 67887788 SEATOWN CORPORATION: Members Reject 5th Resolution at AGM --------------------------------------------------------- Pursuant to Rule 704(14) of the Singapore Exchange Securities Trading Ltd's Listing Manual, the Company announced that at the 16th Annual General Meeting (AGM) of the Company held on March 31, 2005 at 11:00 a.m., all the proposed resolutions as set out in the Notice of AGM were passed except for resolution no. 5, which was withdrawn and not passed. The Company also announced that at the abovementioned AGM, Dr. Philip Tan Meng Ngee and Mr. Soh Kian Shang were re-elected as Directors of the Company. Pursuant to Rule 704(8) of the Singapore Exchange Securities Trading Ltd's Listing Manual, the Company announced that Dr. Philip Tan Meng Ngee would be considered as an Independent Director on the Audit Committee and Mr. Soh Kian Shang would be considered as a Non-executive Director on the Audit Committee. SUNWAY BUSINESS: Passes Resolution to Wind Up Company ----------------------------------------------------- At an Extraordinary General Meeting of the members of Sunway Business Systems Pte Ltd (In Voluntary Liquidation) duly convened and held at 298 Tiong Bahru Road, #12-01/06 Central Plaza, Singapore 168730 on Thursday, 31st March 2005 at 11.00 a.m. the following Special Resolutions were duly passed: RESOLVED: (a) That Sunway Business Systems Pte Ltd be wound up voluntarily; and (b) That Mr. Tay Joo Soon, Certified Public Accountants of 1 North Bridge Road, #13-03 High Street Centre, Singapore 179094 be and is hereby appointed Liquidator for the purpose of such winding up. The said Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto. Dated this 26th March 2005 Lee Tian Hock Chairman SUNWAY WORKFLOW: Hires Liquidator for Winding Up Purposes --------------------------------------------------------- At an Extraordinary General Meeting of the members of Sunway Workflow Automation Pte Ltd (In Voluntary Liquidation) duly convened and held at 298 Tiong Bahru Road, #12-01/06 Central Plaza, Singapore 168730 on Thursday, 31st March 2005 at 11.30 a.m., the following Special Resolutions were duly passed: RESOLVED: (a) That Sunway Workflow Automation Pte Ltd be wound up voluntarily; and (b) That Mr. Tay Joo Soon, Certified Public Accountants of 1 North Bridge Road, #13-03 High Street Centre, Singapore 179094 be and is hereby appointed Liquidator for the purpose of such winding up. The said Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto. Dated this 26th March 2005 Lee Tian Hock Chairman =============== T H A I L A N D =============== KRUNG THAI: President Mulls Sanction Against Bank Executives ------------------------------------------------------------ Krung Thai Bank Pcl (KTB) President Apisak Tantivorawong is currently in the process of evaluating appropriate sanctions against bank executives involved in the bad loan fiasco, Bangkok Post relates. Mr. Apisak said the penalties may range from a simple warning to dismissal. He also said the bank has completed its report into 12 corporate loan accounts singled out by regulators for action last year. The investigation included senior executive vice-presidents of the bank. Pongsathorn Siriyodhin, Dusit Tengniyom, Wanchai Thanittiraporn and Sthit Chupatanakul were among the four senior executive vice-presidents singled out for possible fraud. The four executives were responsible for loan approvals. In February, the Bank of Thailand filed charges against 21 KTB directors, executives and outside parties relating to possible fraud, embezzlement and malfeasance connected with THB11.68 billion in loans made by the state bank during 2003. Among those charged were Suchai Jaovisidha, a former KTB executive director; director Machima Kunjara na Ayudhya; and former director and bank president Viroj Nualkhair. CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Web site: http://www.ktb.co.th PREECHA GROUP: Board Agrees to Invest in P. Leasing Shares ---------------------------------------------------------- Referring to the meeting of the Board of Directors of Preecha Group Public Company Limited (PRECHA) held on March 31, 2005, a resolution was passed that the Company will invest in the wholly own shares of P. Leasing Co. Ltd. (P. Leasing) as follows: (1) Date of Acquisition The Company will enter into the transaction, after obtaining approval from the annual general meeting of shareholders of the Company No. 1/2005 to be held on April 26, 2005. (2) Related Parties Acquirer: Preecha Group Public Company Limited Seller: Mr. Panya Tirakijpong, Miss Worrapan Bhumipakdeepan, Miss Supranee Meksri, Mr.Suvit Jarukitkul, Mr.Kitti Tirakijpong, Miss Siriporn Jarukitkul, Miss Saitong Tandong Number of shares: 50,000 shares (Fifty thousand shares) or 100 percent of paid up capital Transaction Value: Baht 0.01 per share (One Satang) for the total amount of THB500 (Five hundred Baht) Relationship: P. Leasing has the same major shareholders and control persons as the Company. (3) General characteristic of the transaction The Company has an intention to invest in P. Leasing in order to follow the 1/1996 shareholder's meeting resolution on October 8, 1996 that allowed the Company to purchase the 556-square-wah land and the office buildings no. 2, 4, and 1919 (building No. 2 and 1919 are the same building) from P. Leasing, the connected party, at THB175 million (one hundred and seventy five million Baht). This resolution to do the connected transaction supported the Company to eliminate its conflict of interest between the Company and P. Leasing in which the Company had rented P. Leasing as its main office. The Company had paid THB85.56 million to P. Leasing as its down payment for the property since 1997, however, the 1997 Asia Economic Crisis led the Company to its financial difficulties. Therefore, the Company had ceased its payment for the properties ever since. Moreover, in 2001, the Stock Exchange of Thailand (SET) moved the Company from property sector to sector of companies under rehabilitation and suspended the Company from trading. Later on, in 2005, the Company has successfully recovered its operation and has an intention to file a resumption of trading application to the SET. Therefore, all the conflict of interests, including the above properties, must be eliminated before its shares can be traded again. Nevertheless, such properties have been mortgaged to the Thai Asset Management Corporation Company Limited (TAMC). Therefore, those properties cannot be sold until P. Leasing fulfills its role in the debt restructuring agreement between P. Leasing and TAMC in that P. Leasing must pay all of THB126.68 million to TAMC within 10 years. As a result, P. Leasing cannot conduct the role as the seller in the purchase-of-property agreement with the Company dated August 8, 1996. In order to solve such problem instead, the Company's committee has agreed to acquire P. Leasing's 50,000 common shares at THB0.01 per share for the total payment of THB500 from P. Leasing's shareholders. Those 50,000 shares account for 100 percent of P. Leasing paid- up capital. Acquiring P. Leasing shares will immediately eliminate the Company's conflict of interest and is beneficial to both the Company and its shareholders. The Company will apply for the resumption of trading to the SET afterward. Although the transaction size does not reach the trigger point according to the Notification of the Board of Governors of the SET regarding the Disclosure of Information concerning the Connected Transactions, 2003, and the Company does not need the shareholders' approval. However, the Company would like to get the approval from the shareholders in order to show transparency and good governance in this transaction. The information about this transaction will be disclosed to the SET and the transaction will obtain the approval of the shareholders' meeting with three-quarters of the total votes of all shareholders present and eligible to vote at the meeting excluding the votes of interested shareholders. (4) The details of the assets acquired (A) Company Information Company Name: P. Leasing Co. Ltd. Address: 1901 Pattanakarn Road, Suan Luang, Suan Luang, Bangkok 10250 Type of Business:P. Leasing is engaged in real estate development business, office building for rent. The Company owns two office buildings, Preecha Group and Furngfa Building, located at Soi Pattanakarn 41 on Pattanakarn Road. (B) Shareholding Structure As of April 29, 2004, the registered and paid-up capital of P. Leasing is THB5 million totaling 50,000 shares with a par value of THB100 per share. The shareholder structure is as follows: Rank Name No. of Shares % 1 Mr.Panya Tirakijapong 18,499 37.00% 2 Ms. Worrapan Bhumipakdeepan 15,500 31.00% 3 Ms. Supranee Meksri 8,000 16.00% 4 Mr. Suvit Jarukitkul 4,500 9.00% 5 Mr. Kitti Tirakijpong 1,900 3.80% 6 Ms. Siriporn Jarukitkul 1,600 3.20% 7 Ms. Saitong Tandong 1 0.00% Total 50,000 100.00% (C) Financial Summary The financial status and operating results of P. Leasing, in accordance with the audited financial statement as of December 31, 2002-2004 and the reviewed financial statement as of January 31, 2005, are: (Unit: Baht) Net Income Statement 2545* 2546* 2547** Rental incomes 2004 - - 6,841,172.78 Other incomes 4,335.16 13,754.47 132,635.63 Total Revenues 4,335.16 13,754.47 6,973,808.41 Selling and administrative expenses 3,767,067.88 4,383,244.18 9,967,547.28 Profit (Loss) Before Interest Expense -3,762,732.72 -4,369,489.71 -2,993,738.87 Interest Expenses -21,066,074.39 -21,066,074.39 - Net Profit (Loss) -24,828,807.11 -25,435,564.10 -2,993,738.87 Earning (Loss) per shares -496.58 -508.71 -59.87 Note: * The financial statement was audited by Mr. Worasak Yimpienpak, Certified Public Account, Reg. No. 3054 ** The financial statement was prepared by the management of P. Leasing (Unit: Baht) Balance Sheet 2545* 2546* 2547** Cash and cash equivalent 804,331.41 653,269.38 177,778.56 Short term Investment 54,808.65 55,147.52 55,554.83 Accounts Receivable 6,658,182.44 6,658,182.44 9,534,000.00 Other Receivable 15,150,455.93 15,150,455.93 15,150,455.93 Inventories 4,903,427.00 4,903,427.00 4,903,427.00 Other current assets 801,848.47 118,961.00 - Total Current Assets 28,373,053.90 27,539,443.27 29,821,216.32 Property, Plant, and Equipment-Net 134,383,137.62 130,812,723.61 163,727,276.45 Other Assets- Deposit (Waterworks & electricity ) 225,700.00 177,700.00 177,700.00 Total Assets 162,981,891.52 158,529,866.88 193,726,192.77 Client deposit 30,000,000.00 30,000,000.00 85,557,000.00 Short-term loans form related parties 15,781,000.00 15,781,000.00 15,781,000.00 Capital increase Reserve 2,556,926.00 2,556,926.00 4,658,304.84 Other Current Liabilities 153,103.60 145,568.67 18,565.67 Total Current Liabilities 48,491,029.60 48,483,494.67 106,014,870.51 Long-term loans from financial institutions 117,033,746.85 117,033,746.85 115,630,523.89 Accrued interest Expense 110,346,191.11 131,412,265.50 130,314,110.53 Other Liabilities 990,000.00 915,000.00 371,250.00 Total Non-Current Liabilities 228,369,937.96 249,361,012.35 246,315,884.42 Total Liability 276,860,967.56 297,844,507.02 352,330,754.93 Share capital 5,000,000.00 5,000,000.00 5,000,000.00 Retained earning (losses) -118,879,076.04 -144,314,640.14 -163,604,562.16 Shareholder's Equity -113,879,076.04 -139,314,640.14 -158,604,562.16 Total Liability and Shareholders Equity 162,981,891.52 158,529,866.88 193,726,192.77 Total paid-up Shares 50,000.00 50,000.00 50,000.00 Par Value per Share 100.00 100.00 100.00 Book Value per Share -2,277.58 -2,786.29 -3,172.09 Note: * The financial statement was audited by Mr. Worasak Yimpienpak, Certified Public Account, Reg. No. 3054 ** The financial statement was prepared by the management of P. Leasing. (5) Total Value of transaction The total value of 50,000 shares (equal to 100% of the registered capital) of P. Leasing at THB0.01 per share, that will be acquired, is THB500 in aggregate. (6) The basis of transaction valuation Because P. Leasing is not a listed Company and the shareholder's equity was negative, the valuation of P. Leasing share should be based on neither the market price nor the book value per share. Hence, the Company and Shareholders of P. Leasing agreed to set the purchase price at THB0.01 per share, the lowest share price allowed by law, or THB500 in aggregate, which is reasonable comparing with P. Leasing current status. The Company believes that this price is appropriate. However, to prevent the Company from additional liabilities of P. Leasing, the Company has appointed Siam City Securities Co., Ltd. as the independent financial advisory will be assigned to appraise whether cash flow from P. Leasing operation is reliable to pay the debt service to TAMC, without additional support from the Company. (7) Source of funds to be used in the purchase of assets The Company will apply its operating cash flow as the source of funds in this purchase. (8) List of Connected Persons (1) Mr. Preecha Tirakijpong President of Preecha Group PLC Authorized Director of P. Leasing Co., Ltd (2) Naiad Co., Ltd Mr. Preecha Tirakijpong- Authorized Director Mr. Panya Tirakijpong (Son of Mr. Preecha Tirakijpong) holds 344,980 shares equal to 69% Miss Thitima Tirakijpong (Daughter of Mr. Preecha Tirakijpong) holds 150,000 shares equal to 30% (3) Miss Supranee Meksri (Non-registered wife of Mr. Preecha Tirakijpong) Shareholder of Preecha Group PLC Authorized Director of P. Leasin Co., Ltd (4) Mr. Suvit Jarukitkul (Son of Mr. Preecha Tirakijpong's brother) Shareholder of Preecha Group PLC, Authorized Director and Shareholder of P. Leasing Co., Ltd (5) Miss Siriporn Jarukitkul (Daughter of Mr. Preecha Tirakijpong's brother) Shareholder of Preecha Group PLC Shareholder of P. Leasing Co., Ltd List of Preecha Group PLC's shareholders who are eligible to vote for or against this matter Name Number of shares (1) Company Naiad 32,619,035 (2) Mr. Panya Tirakijapong 6,742,197 (3) Ms. Achara Tirakijapong 96,662 (4) Mr. Thamrongsak Tirakijapong 400,000 (5) Mr. Chaiyuth Tirakijapong 300,000 (6) Mr. Pichai Tirakijapong 22,083 (7) Mr. Thammarat Tirakijapong 8,458 (8) Ms. Thitima Tirakijapong 5,806,023 (9) Ms. Rachadaporn Tirakijapong 200,000 (10) Ms. Siriporn Jarukitkul 247,697 (11) Mr. Suvit Jarukitkul 89,166 (12) Ms. Siripetch Jarukitkul 5,000 (13) Mr. Niran Jarukitkul 5,000 (14) Mr. Parinya Jarukitkul 5,000 (15) Ms. Supranee Meksri 30,207 (16) Mrs. Anicha Meksri 5,000 (17) Mr. Charin Meksri 5,000 (18) Mr. Jaran Meksri 500 (9) Nature and Scope of the interest of the connected persons in the transaction The connected persons comprise the shareholders and/or directors of the Company and P. Leasing. (10) Expected Benefits to the Company The Company is the listed Company on the Stock Exchange of Thailand using the symbol PRECHA. In order to eliminate the Company's conflict of interest, renting Preecha Group building as the Company's Office from P. Leasing, the connected party own by The Company's major shareholder and Authorized directors, the Company has entered into the agreement to purchase the lands with Preecha Group building and Furngfa building from P. Leasing on August 2, 1996 (This transaction was approved by the shareholders' resolution made in the Extraordinary General Meeting No. 1/1996 dated October 8, 1996). Regarding the audited financial statement as of December 31, 1997, the Company already paid THB85.56 million to P. Leasing as the deposit for the said properties. However, the 1997 Economic Crisis led the Company to its' financial difficulties. Therefore, the Company had ceased its payment for the properties ever since. To reclaim its initial installment of THB85.5 million, the Company has been using Preecha Group building as the Company's Office without any rental payment. As per the auditor advice, the Company should record the rental expenses for using this Preecha Group building because the Company didn't own the properties; therefore, the Company booked the accrued rent as accrued expenses since 1998. On December 31, 2005, the Company owed the accrued rent with P. Leasing amounting THB9.53 million. In 2001, The Stock Exchange of Thailand (SET) changed the Company's listing sector from the property sector to the sector of companies under rehabilitation and suspended it from trading. Later on, in 2005, the Company has successfully recovered its operation and gained the operating profit for three quarters, consecutively. Thus, the Company has an intention to file the resume trading application to SET. Therefore, all the conflict of interests, including the above properties, must be eliminated before the shares can be traded again. However, P. Leasing cannot fulfill the purchase-of- property agreement dated 8 August 1996, although the Company pays the initial installment of THB89.44 million (the total price stated in the agreement was THB175 million), because those properties have been mortgaged with the Thai Asset Management Corporation Company Limited (TAMC). However, considering P. Leasing status, it carries losses from the operating activities, consecutively and the negative shareholder's equity. Moreover, P.Leasing is under a debt- restructuring agreement, dated July 30, 2004, with TAMC.In order to eliminate the conflict of interest, therefore The Company's Board of Directors has agreed to acquire P. Leasing's 50,000 common shares at THB0.01 per share for the total payment of THB500. After the share purchases, the Company will pay the rent of the building for the area used by the Company. Besides, in order to obtain the enough and reliable incomes to service the outstanding debt with TAMC, P. Leasing will find additional renters for the available space in those buildings. After the Company completes the debt restructuring obligations with TAMC, the right over those properties will be transferred back to P. Leasing for using the lands and building in its office rental business. (11) Interested directors and/or connected directors At the meeting of the Company's Board of Directors to consider this investment transaction, no interested director or connected director, namely Mr. Preecha Tirakijpong, was present and eligible to vote for or against this matter. (12) Opinion of the Board and the Audited Committee on entry into this transaction In the opinion of The Company's Board of Directors and the Audited Committee, this acquisition is a suitable connected transaction because it will immediately eliminate the Company's conflict of interest and is beneficial to both the Company and its shareholders. Afterward, the Company will apply for the resumption of trading to the SET. (13) Actions to be taken by the Company To apply this connected transaction, the Company requires obtaining the approval of the shareholders' meeting with three- quarters of the total votes of all shareholders present and eligible to vote at the meeting, the votes of interested shareholders not to be counted. CONTACT: Preecha Group Public Company Limited 1919 Pattanakarn Road, Suan Luang Bangkok Telephone: 0-2722-8855 Fax: 0-2722-8844-5 Web site: http://www.preecha.com TANAYONG: Forms Committee of Creditors -------------------------------------- Pursuant to the Central Bankruptcy Court's orders on December 30, 2003 for the business reorganization of Tanayong Public Company Limited and on March 15, 2004 to appoint Tanayong Public Company Limited as the Planner, the Official Receiver then called for a meeting of creditors on March 31, 2005. At this latest meeting to consider the plan, those at the creditors' meeting have passed a resolution to approve the plan with the total votes of 79.29 percent. Furthermore, those at the meeting also passed a resolution appointing 7 persons as a committee of creditors to act on behalf of all the creditors in monitoring the implementation of the plan. Thus, the Central Bankruptcy court has fixed date to consider the rehabilitation plan on April 19, 2005. Please be informed accordingly. Yours sincerely, Mr. Sudha Liptawat / Mr. Rangsin Kritalug By Tanayong Public Company Limited On behalf of the Planner of Tanayong Public Company Limited CONTACT: Tanayong Public Company Limited 100-100/1 Moo 4, Km.14,Bangna-Trat Road, Bang Plee, Samut Prakarn Telephone: 0-2273-8511-15 Fax: 0-2273-8516-17 Web site: http://www.tanayong.co.th BOND PRICING: For the Week 04 April to 08 April 2005 ---------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 8 Austral Coal 9.500% 10/01/06 1 Australis Holdings 15.000% 11/01/02 1 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.250% 10/15/06 8 Capital Properties NZ Ltd 8.500% 4/15/05 8 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 8 CBH Resources 9.500% 12/16/09 1 Citigold Corporation 12.000% 3/29/07 1 Consolidated Minerals 11.250% 3/31/05 4 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 8 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 7 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Print Group Ltd. 10.250% 10/15/09 10 Primelife Corp. 9.500% 12/08/06 1 Prime Infrastructure 8.500% 2/28/49 10 Prime Infrastructure 8.500% 12/31/49 10 Salomon SB Australia 4.250% 2/01/09 8 Sapphire Securities Ltd 7.410% 9/20/35 7 Sapphire Securities Ltd 9.250% 12/20/06 8 Sherlock Bay Nickel 12.000% 9/01/07 1 Sky Network Television Ltd 9.300% 10/29/49 7 Software of Excellence 7.000% 8/09/07 1 Strathfield Group 11.000% 12/31/05 1 Sydney Gas Company 12.000% 4/01/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.500% 9/15/12 8 TrustPower Ltd 8.500% 3/15/14 8 Urbus Properties Ltd 9.250% 3/10/07 1 Vision Systems Ltd 9.000% 12/15/08 2 CHINA ----- China Government Bond 2.900% 5/24/32 73 KOREA ----- Korea Electric Power 7.950% 4/01/96 71 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/06/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder 7.000% 2/24/06 1 Dataprep Holdings Bhd 4.000% 8/05/05 1 Dataprep Holdings Bhd 4.000% 8/06/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 5 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Huat Lai Resources Bhd 5.000% 3/28/10 1 I-Berhad 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kamdar Group Bhd 3.000 11/09/09 1 Killinghall Bhd 5.000% 4/13/09 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Jetson 5.000% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/06/07 5 Lion Diversified Holdings Bhd 2.000% 6/01/09 2 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/05/12 1 Mithril Bhd 8.000% 4/05/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corp. 0.500% 8/24/06 1 Nam Fatt Corporation Bhd 2.000% 6/24/11 1 Pantai Holdings Bhd 5.000% 7/31/07 1 Patimas Computers Bhd 6.000% 2/19/06 1 Poh Kong Holdings 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 1.500% 6/30/07 75 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/09/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 Tradewinds Corporation Bhd 2.000% 2/08/12 1 VTI Vintage Bhd 4.000% 8/22/06 1 WCT Land Bhd 3.000% 8/02/09 1 Wah Seong Corp 3.000% 5/21/12 3 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Rabobank Singapore 1.000% 1/15/13 73 Sengkang Mall 8.000% 11/20/12 1 Structural System Singapore 11.000% 6/30/07 1 Tampines Assets Ltd 5.625% 12/07/06 1 Tincel Limited 7.400% 6/13/11 1 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. 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