/raid1/www/Hosts/bankrupt/TCRAP_Public/040830.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, August 30, 2004, Vol. 7, No. 171
Headlines
A U S T R A L I A
ADSTEAM MARINE: Releases FY04 Results
AMP LIMITED: Updates Dividend Reinvestment Plan
ARISTOCRAT LEISURE: Issues Statement Re AFR Article
JAMES HARDIE: CFMEU Agrees to Campaign Against Products
LEVI STRAUSS: To Close Elizabeth Facility on Nov. 26
QANTAS AIRWAYS: Chief Says Airline Industry Needs Restructure
SANTOS LIMITED: Updates Proposed Issuance of FUELS
VILLAGE ROADSHOW: Releases Financial Report as of June 30
C H I N A & H O N G K O N G
401 HOLDINGS: Bankruptcy Hearing Resumes
AESTHETIC ENGINEERING: Court Hears Winding Up Petition
CENTURY GROUP: Names Joint and Several Liquidators
COLIYIELD COMPANY: To Hold Creditors' and Members' Meetings
DRAGONS KING: Enters Bankruptcy Proceedings
FERENDO LIMITED: Annual Meetings Slated September 10
KEPO DISPLAY: Creditors Must Prove Debts by September 8
KONG WAH: Sets Annual Members' and Creditors' Meetings
SOFTBANK INVESTMENT: Notes Exceptional Turnover Movement
TAI KAM: Winding Up Hearing Set September 8
WEST HORN: Winding Up Hearing Set September 15
YUE ON: Court Sets Bankruptcy Petition Hearing
ZHU KUAN: Posts FY2004 Financial Results
I N D O N E S I A
BANK PERMATA: Barclays and Rabobank To Form Consortium For Bid
* Central Bank Governor Says Indonesia Should Tighten Liquidity
J A P A N
JAPAN TOBACCO: Moody's Affirms Aa3 Rating Amid Smuggling Scandal
KOKUSAI KOGYO: Denies Imperial Hotel Share Sale Report
MITSUBISHI FUSO: To Recall Additional 30,000 Trucks
MITSUBISHI MOTORS: Finds 224 More Cover-up Cases
MITSUBISHI MOTORS: Daimler Denies Joint Projects in Danger
MITSUBISHI MOTORS: Posts Production, Sales, Exports Results
TAKASHI K.K.: Enters Bankruptcy
K O R E A
ASIANA AIRLINES: Chooses Connexion As ISP For Long-Haul Fleet
HYNIX SEMICONDUCTOR: Request For Stock Price Cut Junked
M A L A Y S I A
AKTIF LIFESTYLE: Unit Ceases Specialty Fashion Store Operations
AKTIF LIFESTYLE: Shareholders OK August 4 AGM Resolutions
ANTAH HOLDINGS: Releases Monthly Status Update
APMC RESOURCES: Enters Voluntary Liquidation
ARTWRIGHT HOLDINGS: Completes Bonus Issue, Private Placement
HWA TAI: Cuts 2Q04 Net Loss to MYR1.12M
MALAYSIA PACIFIC: Narrows 4Q04 Net Loss to MYR4.59M
MCM TECHNOLOGIES: Releases Unaudited Quarterly Report
MTD CAPITAL: Purchases 10,000 Ordinary Shares on Buy Back
PAN MALAYSIA: Unveils Unaudited Quarterly Report
PILECON ENGINEERING: Unveils 1H04 Financial Results
SRIWANI HOLDINGS: EGM Set for September 21
TANCO HOLDINGS: Releases Practice Note 1/2001 Update
TANCO HOLDINGS: Releases Unaudited Quarterly Report
TENCO BERHAD: Issues Default Status Update
TRU-TECH HOLDINGS: Extends Regularization Plan
UNITED CHEMICAL: SC OKs Investigative Audit Extension
P H I L I P P I N E S
COLLEGE ASSURANCE: Entry of New Investor Acceptable, Says SEC
METRO PACIFIC: Citra Appoints Mr. Lim as Chief Operating Officer
NATIONAL BANK: Employees May Strike This Week
NATIONAL POWER: Debts Projected to Balloon to Php600B This Year
NEGROS NAVIGATION: Posts 1H04 Php335M Net Loss
PHILIPPINE AIRLINES: May Expand Fleet to Boost Capacity
S I N G A P O R E
ANCHORVILLE PRIVATE: Court Issues Winding Up Notice
AQUAGEN INTERNATIONAL: Enters Winding Up Proceedings
FRENCH JUNCTION: Winding Up Hearing Set September 10
HO WAH: Names New Share Registrar
HUP SOON: Creditors Must Submit Claims by September
MAXMOBILE TECHNOLOGY: Creditors to Submit Claims by September 21
NEXLEAP PTE: Creditors Must Submit Claims by September 21
SOMEDICO PHARMACY: Creditors to Prove Debts by September 21
TRANSBILT ENGINEERING: Creditors To Prove Claims By September 21
WAH BOOM: Creditors to Prove Debts On or Before September 21
T H A I L A N D
CAPETRONIC INTERNATIONAL: Submits Tender Offer Report to SEC
DATAMAT: Issues Report on the Resignation of Director
NFC FERTILIZER: SET Excludes Stock from Index Calculation
SIAM AGRO: Unveils Board Meeting Results
SYNTEC CONSTRUCTION: Unveils Board Meeting Resolutions
THAI DURABLE: Details Changes in Company Directors
THAI GERMAN: Issues Update on Reorganization
- - - - - - - -
=================
A U S T R A L I A
=================
ADSTEAM MARINE: Releases FY04 Results
-------------------------------------
Adsteam Marine Limited delivered a net profit after tax of $23.1
million for the financial year ended 30 June 2004, which was in
line with expectations.
The full year profit reflected a solid performance from
Adsteam's core towage operations at a time of significant change
within the Group.
Key points for the year to 30 June 2004 include:
- Net profit after tax (pre restructuring costs) up 7% to $24.1
million.
- Net profit after tax (post restructuring costs) in line with
expectations at $23.1 million.
- Earnings per share of 9.1 cents.
- Cash flow from operations remains strong at $52.6 million.
- Divestment of non-core businesses above book value.
- Significant balance sheet improvement with net debt of $341
million compared to $416 million at 30 June 2003.
- Final dividend of 2.2 cents per share giving total dividend of
4.3 cents per share for the year ended 30 June 2004.
Financial results
Earnings before interest, tax, depreciation and amortization
(EBITDA) (pre restructuring) for the year ended 30 June 2004
were $95.0 million on sales revenue of $301.3 million. Net
profit after tax before restructuring charges improved from
$22.5 million on the previous year to $24.1 million. After
restructuring costs, Adsteam delivered a net profit after tax of
$23.1 million which was in line with expectations.
Cash flow from operations remains solid at $52.6 million for the
12 months to 30 June 2004, a 10% increase on the previous year.
Mr. John Moller, Adsteam Managing Director said, "I am pleased
with the performance of Adsteam's core operations over the past
12 months. We have delivered on expectations during a period
which saw substantial change and improvement at all levels of
the organization.
"During the past year, we continued to perform against
competition in Australia as well being adversely affected by
both lower salvage volumes and currency movements. Against this
backdrop, I believe this is a good result," he said.
Net debt has been further reduced from $416 million at June 2003
to $341 million at June 2004 resulting in a reduction in gearing
(net debt / net debt + equity) to 52 per cent. Debt will be
further reduced following the receipt of proceeds from the sale
of the Northland fuel business.
Adsteam's Australian operations delivered EBITDA of $60.9
million for the 12 months to 30 June 2004, similar to the $61.9
million during the previous year.
Mr. Moller said that while Adsteam had maintained its lead
position in the Australian towage market, with a stable category
share, the impact of competition in key Australian ports
continues to be felt, with an EBITDA reduction of $3 million
when compared to the previous year.
The Group's UK business generated EBITDA of $31.7 million
reflecting the effect of an adverse currency movement and lower
salvage revenue. Adjusting for currency and salvage, the UK
business performed at a similar level to that of the previous
year.
Dividend
Adsteam Marine will pay a 2.2 cents per share fully franked
final dividend on 5 October 2004 to those shareholders
registered on 9 September 2004.
This is consistent with previous guidance that dividends will be
calculated and paid on the basis of approximately 50% of net
profit after tax (post goodwill and restructuring costs).
With a final dividend of 2.2 cents per share, dividends for the
full financial year ended June 2004 total 4.3 cents per share
fully franked.
Divestment of non core businesses Non core operations have been
largely divested, on time and above book value.
Adsteam's tug barging (Sea Tow) and stevedoring (O&G) operations
and the US-based Northland Freight were sold in the second half
of the 2003-04 financial year.
Agreement has been reached to sell Northland Fuel and is subject
to regulatory approval. The Company expects proceeds of $42
million in the first half of the 2004-05 financial year which
will be used to reduce debt.
Call for action on Neville Inquiry recommendations
Mr. Moller also called for immediate Federal Government action
on the Neville Inquiry into Maritime Salvage in Australian
Waters, which recommended greater attention to security and
environmental safety around the Australian coastline, and
Government and industry subsidies for operators of salvage tugs.
"The provision of salvage in Australian waters is unprofitable
on a standalone basis, and without third party funding which
Adsteam currently provides exclusively, it will progressively
disappear," Mr. Moller said.
CONTACT:
Adsteam Marine Ltd.
Level 22, Plaza 2,
500 Oxford Street,
BONDI JUNCTION,
NSW, AUSTRALIA, 2022
Head Office Telephone: (02) 9369 9200
Head Office Fax: (02) 9369 9288
Website: http://www.adsteam.com.au/
AMP LIMITED: Updates Dividend Reinvestment Plan
-----------------------------------------------
In a disclosure to the Australian Stock Exchange, Peter Willcox,
AMP Limited Chairman, issued a letter to shareholders regarding
the changes to AMP's Dividend Reinvestment Plan (DRP).
On 18 August 2004, AMP Limited announced changes to the Dividend
Reinvestment Plan (DRP), which come into effect on 1 October
2004.
AMP is limiting participation in the DRP to a maximum of 10,000
shares per shareholder to prevent issuing more capital than AMP
currently needs. This means that your first 10,000 shares will
participate in the DRP, and a cash dividend will be paid on the
remainder of your shares.
If you want to claim exception under ASX Listing Rule 7.8.2.,
please contact the AMP Securities Registry on the number below.
To help us pay you the cash component of your dividend, please
complete the enclosed direct credit form and return it to us in
the envelope provided by 30 September 2004. The next dividend
payment will be on 26 October 2004.
Details about other changes to the DRP are outlined in the
enclosed brochure. If you have any questions about these
changes please contact the AMP Securities Registry on 1300 654
442 (Australia) or 0800 448 062 (New Zealand).
To view the brochure, click
http://bankrupt.com/misc/AMPLIMITED082704.pdf
CONTACT:
AMP LIMITED
Level 24, AMP Building,
33 Alfred Street,
SYDNEY, NSW, AUSTRALIA, 2000
Head Office Telephone: (02) 9257 5000
Head Office Fax: (02) 9257 7178
Website: http://www.amplimited.com/
ARISTOCRAT LEISURE: Issues Statement Re AFR Article
---------------------------------------------------
On Tuesday, 24 August 2004, Aristocrat Leisure Limited (ASX:ALL)
released its 6 monthly results to 30 June 2004.
When commenting on those results, the Chief Executive Officer of
Aristocrat, Mr. Paul Oneile, was asked by The Australian
Financial Review (AFR) to comment on "what the impact of the
strong price rise in the share price might have on the class
action." Mr. Oneile responded by saying:
"The share price in recent weeks has been above the share price
prior to the period to which the class action refers so
therefore we would assume that a number of possible members of
the class would have now been eliminated."
Mr. Oneile's remarks were commented on by the AFR which stated
in the Rear Window section of the paper that Mr Oneile had
"hinted that it [the class action] may not have too many legs."
This characterisation of Mr. Oneile's remarks is totally
inaccurate.
Maurice Blackburn Cashman Pty Ltd (MBC), the company acting for
the Applicant and other class members in the proceedings has, in
public statements, characterized Mr. Oneile's remarks quoted
above as remarks concerning the merits and materiality of the
proceedings. This characterization is also totally inaccurate.
MBC has also alleged that Mr. Oneile's remarks were misleading.
Aristocrat denies this allegation.
On 25 August 2004, IMF (Australia) Ltd (IMF) issued a statement
to the Australian Stock Exchange concerning the class action
proceedings. IMF is providing funding to the Applicant in the
proceedings. This announcement also characterized Mr. Oneile's
remarks inaccurately.
Contrary to the impression conveyed by the AFR in the Rear
Window column and the statements made by MBC and IMF, Mr. Oneile
did not make any comment on the merits or likely outcome of the
class action proceedings or the materiality of the proceedings.
This announcement has been issued to correct any misleading
impression created by the reportage published in the AFR and the
statements made by MBC and IMF.
MBC has informed Aristocrat that it values the claims by class
members as being in excess of $100 million. Similar assessments
by MBC have been reported in the past and have been reported in
today's press.
Although it has been informed of MBC's estimate, Aristocrat does
not have sufficient information concerning the composition of
the class to determine whether MBC's estimate is realistic or to
make any meaningful assessment of the claims against it.
Aristocrat has asked MBC to provide particulars of the class,
but MBC has refused to do so.
August 26, 2004 Sydney, Australia
Enquiries: Margot McKay on 0412132769
CONTACT:
Aristocrat Leisure Ltd.
71 Longueville Road,
LANE COVE, NSW,
AUSTRALIA, 2066
Head Office Telephone: (02) 9413 6300
Head Office Fax: (02) 9420 1352
Website: http://www.aristocratgaming.com
JAMES HARDIE: CFMEU Agrees to Campaign Against Products
-------------------------------------------------------
The Construction, Forestry, Mining and Energy Union (CFMEU),
Construction Divisional Executive announced in a press release
that it has passed a resolution on Wednesday launching a
national campaign of action in support of victims of James
Hardie asbestos products.
The resolution, passed unanimously by the Divisional Executive,
rejects the shabby proposal being promoted by James Hardie to
remove victim's common law rights and impose the company's
obligations on the community.
"The CFMEU Construction Divisional Executive has agreed to
campaign strongly against any attempt by State and/or Federal
Government to absolve Hardies of its obligations to victims,"
said John Sutton, National Secretary.
"The Union calls on governments to pass legislation to prevent
Hardies from hiding behind the corporate veil.
"We will continue to urge construction workers, contractors,
clients and consumers to consider exercising their right to
refrain from using James Hardie products until such time as the
company meets its obligations in full," said Mr. Sutton.
Building workers across Australia have already begun to avoid
using Hardie products on some sites and Mr Sutton said the
Executive expected the extended education and publicity campaign
would encourage more building workers and the broader community
to refrain from using Hardie products.
"The CFMEU will participate in rallies in capital cities on
September 15 to coincide with James Hardie's Australian
shareholder meeting and this campaign will liaise with
international union and social groups, particularly the AFL/CIO
and its affiliates in the USA, Hardie's biggest market," Mr.
Sutton said.
To view a full copy of CFMEU Construction Division National
Executive Statement, click
http://bankrupt.com/misc/CFMEUSTATEMENT082504.doc
For corporate and media enquiries only, please contact:
James Hardie Industries
Website: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other enquires to CustomerLink Service Centre on 13 1103.
LEVI STRAUSS: To Close Elizabeth Facility on Nov. 26
----------------------------------------------------
Some 86 jobs will be lost with the planned closure of Levi
Strauss' Adelaide factory, considered to be another blow to
Australia's manufacturing sector, according to ABC News Online.
According to the company, the Australian facilities' closure
will allow it to reduce costs and put more resources into design
and development. Levi's other Asia-Pacific factories,
particularly in the Philippines, will continue to operate as
usual.
The scheduled date for the closure of the facility at Elizabeth
is November 26.
CONTACT:
Levi Strauss (Australia) Pty Ltd
Level 11, 11 Queens Road Melbourne VIC 3004
Phone: 61 3 9864 0501
Fax: 61 3 9864 0505
Website: www.levis.com.au/
QANTAS AIRWAYS: Chief Says Airline Industry Needs Restructure
-------------------------------------------------------------
Qantas Airways Ltd. chair Margaret Jackson said the global
airline industry needs a complete restructure, reports the
Sydney Morning Herald.
According to Ms. Jackson, 210 different airlines operating
around the world, with individual operating systems, are too
many, with only less than 10 main players.
Ms. Jackson warned it would be a "painful" process along the
way, but said it was hard to see that happen without countries
allowing restructuring to occur.
Although the regulatory environment protected foreign-based
carries, as the world had been opened up, it became more evident
that there should not be so many airlines in operation, Ms.
Jackson said.
Ms. Jackson added Qantas was disappointed when the Australian
Competition and Consumer Commission (ACCC) rejected early this
year a proposed alliance between Qantas and Air New Zealand
"We have been very disappointed that we have been unable to form
an alliance with Air New Zealand," Ms. Jackson said.
"We have got a population of around 20 million and there are
about four million in New Zealand and we are not allowed to form
an alliance, where as (Dutch airline) KLM and Air France were,
and they have got 500 million (in their) market.
"So when you get that sort of inequity it does make it very
difficult."
However the ACCC recommended that Qantas should be permitted to
maintain a nearly decade-old alliance with British Airways for
another five years.
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
Website: http://www.qantas.com
SANTOS LIMITED: Updates Proposed Issuance of FUELS
--------------------------------------------------
In a disclosure to the Australian Stock Exchange, Santos Limited
clarifies that the non-cumulative floating rate dividend on the
proposed issue of FUELS incorporates the value of franking
credits (ie it is on a grossed-up basis), and will be set at a
Margin above the 180 day bank bill swap rate to be determined
under the book build.
Similarly, the potential once-off step-up in the Margin at 30
September 2009 of 2.25 percent is on a grossed-up basis,
incorporating the value of franking credits.
Full details of the terms of issue of the FUELS are set out in
the Prospectus lodged with ASIC and the ASX on August 24, 2004.
CONTACT:
Santos Ltd (NASDAQ (SC)
Level 29, Santos House, 91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Website: http://www.santos.com.au
VILLAGE ROADSHOW: Releases Financial Report as of June 30
---------------------------------------------------------
In a disclosure to the Australian Stock Exchange, Village
Roadshow Limited announced its full year results for the period
ended June 30, 2004.
Strategic Highlights
(a) Capital Reconstruction
- Buyback of 140,086,114 A Class Preference Shares at a cost of
$169.0 million
- Buyback of 484,203 Ordinary shares at a cost of $0.9 million
Since 30 June 2004, 23,005,797 Ordinary shares have been bought
back at a total cost of $45.3 million.
- 211,413,107 Ordinary shares remain on issue
- 110,129,033 A Class Preference shares remain on issue
(b) Exit of non core businesses
- Sale of our one third interest of cinema screen advertiser,
Val Morgan.
- Sale of Nottingham cinema in the UK
Film Production division has extended financing of US$900m
facility by a further 2 years.
To view a full copy of the financial report presentation, click
http://bankrupt.com/misc/villageroadshowlimited082604.pdf
CONTACT:
Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
==============================
C H I N A & H O N G K O N G
==============================
401 HOLDINGS: Bankruptcy Hearing Resumes
----------------------------------------
Notice is given that a Petition for the Winding up of 401
Holdings Limited by the High Court of Hong Kong Special
Administrative Region was, on the 21st day of July 2004,
presented to the said Court by China Units Enterprises Limited
whose registered office is situated at Beaufort House, P. O. Box
438, Road Town, Tortola, British Virgin Islands, and having a
principal place of business in Hong Kong at Room 2601, Island
Place Tower, 510 King's Road, North Point, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 6th day of October 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Allen & Overy
Solicitors for the Petitioner
9th Floor,
Three Exchange Square
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 5th day of
October 2004.
AESTHETIC ENGINEERING: Court Hears Winding Up Petition
------------------------------------------------------
A Petition for the Winding up of Aesthetic Engineering Company
Limited by the High Court of Hong Kong was, on the 4th day of
August, 2004, presented to the said Court by Wong Hon Yin of
Room 1811, Tin Yue House, Tin King Estate, Tuen Mun, New
Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 8th of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
September 2004.
CENTURY GROUP: Names Joint and Several Liquidators
--------------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region Court of First Instance, dated 30th July,
2004, Man Mo Leung and Kenneth Graeme Morrison, both of Moores
Rowland Mazars Advisory Limited, 34th Floor, The Lee Gardens, 33
Hysan Avenue, Causeway Bay, Hong Kong, have been appointed Joint
and Several Liquidators of Century Group Limited (in compulsory
liquidation) with a Committee of Inspection.
Man Mo Leung
Kenneth Graeme Morrison
Joint and Several Liquidators
This announcement is dated August 27, 2004.
COLIYIELD COMPANY: To Hold Creditors' and Members' Meetings
-----------------------------------------------------------
Notice is given that pursuant to Section 247 of the Hong Kong
Companies Ordinance, Annual Meetings of Members and Creditors of
Coliyield Company Limited will be held at 5/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong on 10th
September 2004 at:
2:00 pm Annual Meeting of Members
2:30 pm Annual Meeting of Creditors
for the purpose of having laid before the meeting by the
Liquidator an account of his acts and dealings and of the
conduct of the winding-up during the year ended 27 June 2004 and
2 August 2004 respectively.
Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 5:00 pm on the
day before the meeting or adjourned meeting at which it is to be
held.
Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
This announcement is dated August 27, 2004.
DRAGONS KING: Enters Bankruptcy Proceedings
-------------------------------------------
Notice is given that a Petition for the Winding up of Dragons
King Industries Limited by the High Court of Hong Kong was on
the 16th day of August, 2004 presented to the said Court by Li
Hung Yin of Room 2515, Choi Man House, Ho Man Tin Estate,
Kowloon, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 22nd of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 21st day of
September 2004.
FERENDO LIMITED: Annual Meetings Slated September 10
----------------------------------------------------
Pursuant to Section 247 of the Hong Kong Companies Ordinance,
Annual Meetings of Members and Creditors of Ferendo Limited will
be held at 5/F, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong on 10th September 2004 at:
4:00 pm Annual Meeting of Members
4:30 pm Annual Meeting of Creditors
for the purpose of having laid before the meeting by the
Liquidator an account of his acts and dealings and of the
conduct of the winding-up during the year ended 27 June 2004 and
2 August 2004 respectively.
Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 5:00 pm on the
day before the meeting or adjourned meeting at which it is to be
held.
Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
This announcement is dated August 27, 2004.
KEPO DISPLAY: Creditors Must Prove Debts by September 8
-------------------------------------------------------
The creditors of Kepo Display Technology Limited, which is in
Members' Voluntary Liquidation, are required (if they have not
already done so), on or before the close of business on 8
September 2004, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Joint and Several
Liquidators of the above-named company at Messrs. Kennic L. H.
Lui & Co. of 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street Central, Hong Kong.
If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.
Kennic Lai Hang Lui
Lau Wu Kwai King Lauren
Joint and Several Liquidators
KONG WAH: Sets Annual Members' and Creditors' Meetings
------------------------------------------------------
Notice is given that pursuant to Section 247 of the Hong Kong
Companies Ordinance, Annual Meetings of Members and Creditors of
Kong Wah Industrial (Zhongshan) Investment Company Limited (In
Creditors' Voluntary Liquidation) will be held at 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 10th
September 2004 at:
10:30 am Annual Meeting of Members
11:00 am Annual Meeting of Creditors
for the purpose of having laid before the meeting by the
Liquidator an account of his acts and dealings and of the
conduct of the winding-up during the year ended 27 June 2004 and
2 August 2004 respectively.
Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 5:00 pm on the
day before the meeting or adjourned meeting at which it is to be
held.
Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
This announcement is dated August 27, 2004.
SOFTBANK INVESTMENT: Notes Exceptional Turnover Movement
--------------------------------------------------------
The Stock Exchange has received on August 26 a message from
Softbank Investment International (Strategic) Limited which is
reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
We have noted the recent increases in the trading volume of the
shares of the Company and wish to state that we are not aware of
any reasons for such increases.
We also confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under rule 13.23, neither is the Board aware of any
matter discloseable under the general obligation imposed by rule
13.09, which is or may be of a price-sensitive nature.
Made by the order of the Board of the Company, the directors of
which individually and jointly accept responsibility for the
accuracy of this statement.
For and on behalf of
Softbank Investment International (Strategic) Limited
Wong Kean Li
Director
TAI KAM: Winding Up Hearing Set September 8
-------------------------------------------
A Petition for the Winding up of Tai Kam Construction
Engineering Company Limited by the High Court of Hong Kong
Special Administrative Region was, on the 3rd day of August
2004, presented to the said Court by Tak Kee Petroleum Company
Limited whose registered office is situated at the 2nd Floor,
Tak Kee Group Centre, 30-38 Lam Tin Street, Kwai Chung, New
Territories, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 8th day of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Joseph Li & Co.
Solicitors for the Petitioner
22nd Floor, Manly Commercial Building
No. 15 Soy Street, Mongkok
Kowloon, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
September 2004.
WEST HORN: Winding Up Hearing Set September 15
----------------------------------------------
Notice is given that a Petition for the Winding up of West Horn
International Limited by the High Court of Hong Kong Special
Administrative Region was, on the 9th day of August 2004,
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 will be heard before the Court at 9:30 am on
the 15th day of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 14th day of
September 2004.
YUE ON: Court Sets Bankruptcy Petition Hearing
----------------------------------------------
Notice is given that a Petition for the Winding up of Yue On
Fashion Knitting Limited by the High Court of Hong Kong was on
the 4th day of August 2004 presented to the said Court by Chan
Mei Lang of Room 22, 22/F., Pok Man House, Pok Hong Estate,
Shatin, New Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 8th of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
September 2004.
ZHU KUAN: Posts FY2004 Financial Results
----------------------------------------
Zhu Kuan Development Company Limited on August 26 disclosed its
financial results to the Singapore Stock Exchange.
Year-end date: April 30, 2004
Currency: HKD
Auditors' Report: Modified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/05/2003 from 01/05/2002
to 30/04/2004 to 30/04/2003
Note ('000) ('000)
Turnover : 193,610
208,637
Profit/(Loss) from Operations : (11,991)
(12,904)
Finance cost : (319)
(1,121)
Share of Profit/(Loss) of
Associates : (198)
(429)
Share of Profit/(Loss) of
Jointly Controlled Entities : 20,260
14,283
Profit/(Loss) after Tax & MI : 920
(6,405)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0012
(0.008)
-Diluted (in dollars) : 0.0011
N/A
Extraordinary (ETD) Gain/(Loss) : N/A
N/A
Profit/(Loss) after ETD Items : 920
(6,405)
Final Dividend : NIL
NIL
per
Share
(Specify if with other : N/A
N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Basis of presentation
The Auditors' Report has been modified in relation to the
uncertainty of the adoption of the going concern basis on which
the financial statements of the Company have been prepared. Two
shareholders of the Company (the Controlling Shareholders),
holding indirectly an aggregate equity interest of approximately
71.7% in the Company (the Controlling Shares), are the subject
of winding-up petitions filed by one of their creditors in the
High Court of Hong Kong. In addition, a registered shareholder
of the Company incorporated in the British Virgin Islands (the
Registered Shareholder), which is a wholly-owned subsidiary of
one of the Controlling Shareholders and holds approximately
42.2% equity interest in the Company, is also the subject of a
voluntary winding-up petition filed by the provisional
liquidators of its shareholder in the High Court and the Court
of the British Virgin Islands (the BVI Court).
Provisional liquidators were appointed by the High Court and/or
the BVI Court to safeguard the assets of the Controlling
Shareholders and the Registered Shareholder for the benefit of
the creditors in general.
Subsequent to the balance sheet date, a winding- up order was
granted by the Court of First Instance of the Macau Special
Administrative Region (the Macau Court) against one of the
Controlling Shareholders. A liquidator has been or will be
appointed by the Macau Court, who has taken over or will take
over the management of that shareholder.
Notwithstanding the above, out of the 573 million shares in the
Company indirectly held by the Controlling Shareholders, 572.2
million shares have been pledged in previous years. These
include 337 million shares held by the Registered Shareholder,
which have been charged in previous years in favor of a wholly
owned subsidiary of the joint venture partner of the Group's
jointly-controlled entity (the Chargee), and a dispute has
arisen between the Chargee and the provisional liquidators over
the proposed transfer of such shares by the Chargee during the
year.
Any changes in the registered holders of the Controlling Shares
may result in a change in the composition of the board of
directors of the Company.
The financial statements have been prepared on a going concern
basis, the validity of which depends upon the decision of the
bankers, creditors and provisional liquidators of the
Controlling Shareholders and/or the Registered Shareholder over
the future direction of the business and financial operations of
the Group as a result of the various winding-up petitions and/or
any subsequent changes in the registered holders of the
Controlling Shares. The financial statements do not include any
adjustments that may be necessary should decisions be
subsequently taken by the bankers, creditors and provisional
liquidators of the Controlling Shareholders and/or the
Registered Shareholder over the future direction of the business
and financial operations of the Group, which may affect the
Group's ability to continue to operate as a going concern.
Details of the circumstances relating to this uncertainty are
described in note 3 to the financial statements. Appropriate
estimates and disclosures have been made in the financial
statements and the Auditors' opinion is not qualified in this
respect.
(2) Impact of a revised Hong Kong Statement of Standard
Accounting Practice
The Hong Kong Statement of Standard Accounting Practice (SSAP)
12 (Revised) Income taxes is effective for the first time for
the current year's financial statements.
SSAP 12 prescribes the accounting for income taxes payable or
recoverable, arising from the taxable profit or loss for the
current period (current tax); and income taxes payable or
recoverable in future periods, principally arising from taxable
and deductible temporary differences and the carry forward of
unused tax losses (deferred tax). The principal impact of this
revised SSAP on the financial statements is that deferred tax
liabilities have been recognized on the revaluation of the
Group's leasehold land and buildings and the fair value
adjustments arising from the acquisition of a jointly controlled
entity. In addition, the related note disclosures are now more
extensive than previously required. These disclosures are
presented in notes 10 and 32 to the financial statements and
include reconciliation between the accounting profit and the tax
expense for the year.
Further details of these changes and the prior year adjustments
arising from the adoption of this SSAP are included in notes 3
and 32 to the financial statements.
(3) Earnings/(Loss) per share
The calculation of basic earnings / (loss) per share is based on
the Group's net profit from ordinary activities attributable to
shareholders for the year of HK$920,000 (2003: net loss of
HK$6,405,000) and the weighted average of 799,000,000 (2003:
799,000,000) ordinary shares in issue during the year.
The calculation of diluted earnings per share is based on the
net profit attributable to shareholders for the year of
HK$920,000. The weighted average number of ordinary shares used
in the calculation is the 799,000,000 ordinary shares in issue
during the year, as used in the basic earnings per share
calculation, and the weighted average of 25,472,000 ordinary
shares assumed to have been issued at no consideration on the
deemed exercise of all share options outstanding during the
year.
A diluted loss per share amount for the year ended 30 April 2003
has not been disclosed, as the share options outstanding during
that year had an anti-dilutive effect on the basic loss per
share for that year.
=================
I N D O N E S I A
=================
BANK PERMATA: Barclays and Rabobank To Form Consortium For Bid
--------------------------------------------------------------
Netherlands-based Rabobank and Britain's Barclays Bank are
planning to form a consortium to bid for a controlling stake in
PT Bank Permata, reports the Antara News Agency.
According to banking sources cited in a report by the Bisnis
Indonesia newspaper, the consortium will be led by Rabobank,
with Morgan Stanley acting as its financial advisor.
The Indonesian government, which has a 97.17 percent stake in
Permata, plans to sell 51 percent of its stake later this
year to strategic investors and another 19 percent to the
investing public in a bid to raise cash to help plug the state
budget deficit.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
* Central Bank Governor Says Indonesia Should Tighten Liquidity
---------------------------------------------------------------
Because of rising expectations of higher inflation, the governor
of Indonesia's central bank said on Friday that the country has
to keep on tightening excess liquidity in the market, Reuters
reports.
Bank of Indonesia (BI) governor Burhanuddin Abdullah said that
Indonesia "must (maintain) tight liquidity considering that
expectations of higher inflation have been rising from time to
time".
The country's inflation rate rose to 7.2 percent year-on-year in
July, having risen steadily from a 43-month low of 4.6 percent
in the 12 months to February and higher than the government's
recently revised forecast of seven percent for 2004.
BI has said it would focus on removing excess liquidity from the
market and keep interest rates fairly stable at the same time.
Some analysts have said creeping inflation, which has pushed
real interest rates lower, would put upward pressure on
Indonesian interest rates.
=========
J A P A N
=========
JAPAN TOBACCO: Moody's Affirms Aa3 Rating Amid Smuggling Scandal
----------------------------------------------------------------
Moody's Investors Service has, on August 26, affirmed its Aa3
ratings for Japan Tobacco Inc. (JT) and its guaranteed
subsidiary, JT Capital (U.K.) PLC., in response to JT's
announcement that its indirect Canadian subsidiary, JTI-
Macdonald Corp. (JTIMC) filed for the Companies' Creditors
Arrangement Act on August 24, 2004. The rating outlook is
stable.
The filing is to seek protection from potential confiscation of
JTIMC's assets by the Quebec Ministry of Revenue (QMR), relating
to the company's alleged cigarette smuggling in the 1990s. QMR
has assessed JTIMC about C$1.36 billion for lost taxes,
penalties and accrued interest due to cigarette smuggling in the
1990s, and requested almost immediate payment from JTIMC.
JTIMC does not acknowledge any responsibility in this case. It
filed for court protection in order to continue its operations,
suspend payment to the QMR and protect its assets from
confiscation.
The period of the alleged smuggling was before JT's 1999
acquisition of JTIMC -- formerly RJR-Macdonald -- from RJR
Nabisco Holdings Corp. (RJR), together with RJR's other non-US
tobacco operations. Moody's understands that any damages and
expenses arising out of this matter and incurred by JT or its
affiliates, including JTIMC, are to be indemnified by R.J.
Reynolds Tobacco Co. and RJR Nabisco Inc. pursuant to the
purchase agreement. Moreover, in Moody's view, the amount of the
tax claim is not material relative to JT's overall financial
strength.
Moody's also understands that the filing does not constitute a
default event in JT's rated debt and MTN program, and will not
cause cross-default of JT or any of its group companies in their
other finance agreements in any material amount.
Japan Tobacco Inc., headquartered in Tokyo, is one of the
largest tobacco manufacturers in the world. Its consolidated
sales were Yen 4.6 trillion for the fiscal year ended March 31,
2004. JTI-Macdonald Corp, headquartered in Toronto, Canada, is
an indirect subsidiary of Japan Tobacco, engaging in
manufacturing and distribution of tobacco products in Canada.
Its sales were C$798 million in 2003.
KOKUSAI KOGYO: Denies Imperial Hotel Share Sale Report
------------------------------------------------------
Transport business operator Kokusai Kogyo Company denied a
newspaper article on a planned divestment of its entire stake in
Japanese hotel chain operator Imperial Hotel Limited to a local
corporate rehabilitation firm, relates Jiji Press.
Privately owned Kokusai, which controls 39.4 percent of Imperial
Hotel, affirmed that it is not conducting negotiations with
Tokyo-based Privee Zurich Turnaround Group Company, which
likewise said that "no decision has been made on the reported
deal with Kokusai Kogyo."
Kokusai's main creditor UFJ Bank has been urging the troubled
bus and taxi operator to slash a portion of its JPY300 billion
interest-bearing debts by selling Imperial Hotel shares.
Kokusai Kogyo, set up by late political fixer Kenji Osano, is
not related to aerial survey contractor Kokusai Kogyo Co.,
listed on the Tokyo Stock Exchange's first section.
MITSUBISHI FUSO: To Recall Additional 30,000 Trucks
---------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation submitted a recall
report involving some 30,000 large trucks to the transport
ministry, reports Asia Intelligence Wire.
The scandal-mired truck maker will recall 31,255 vehicles
manufactured between September 1989 and March 2000 to repair
faulty brake drum parts that may be considered fire hazards.
The said trucks have defective dust covers that shield the brake
drums from rainwater. As a result, inner parts may develop rust,
which could cause a vehicle to catch fire.
Mitsubishi Fuso, a commercial vehicle arm spun off from
Mitsubishi Motors Corporation in January 2003, has received 28
defect complaints, 14 of which involved fires.
CONTACT:
Mitsubishi Fuso Truck of America, Inc.
2015 Center Square Rd.
Bridgeport, NJ 08085 (Map)
Phone: 856-467-4500
Fax: 856-467-4695
Website: www.mitfuso.com
MITSUBISHI MOTORS: Finds 224 More Cover-up Cases
------------------------------------------------
An internal investigation found 224 additional cases in which
Mitsubishi Motors Corporation (MMC) carried out secret repairs
of vehicle defects as far back as 1979, reports Agence France
Presse.
Of the 224 cases, 31 have already been dealt with while the
other 192 cases do not require any action. Moreover, the ailing
automaker plans to submit a recall notice involving 708 units of
the 1993 Minica and Minica Toppo to the transport ministry.
No accidents or fires have been reported for any of the 224
repair directives.
MMC conducted an initial probe in December 1993 and announced on
June 2 that it had discovered 92 cases of secret repairs, which
necessitated 33 recalls covering a total of 196,278 units in 26
models.
Hundreds of thousands of vehicles have been recalled this year
by Mitsubishi Motors and its former truck-making unit Mitsubishi
Fuso for a range of defects.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Website: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: Daimler Denies Joint Projects in Danger
----------------------------------------------------------
Despite its refusal to bail out Mitsubishi Motors Corporation
(MMC), DaimlerChrysler AG insisted that MMC remains a key Asian
ally, Reuters says.
The German-American firm denied a newspaper report of MMC's
alleged plan to loosen business tie-up with DaimlerChrysler and
to cancel some joint development agreements, adding that "all
alliance projects that make economic sense for both partners
will continue."
Earlier, MMC said it will drop plans to use common platforms for
the two companies' mid-size sedans and would continue to work
with DaimlerChrysler in areas that benefit both.
However, a Daimler spokesman denies the report, saying that the
joint projects "generate substantial synergies for all partners
so it would not make sense to stop the projects now."
According to the spokesman, the first cars with common
platforms, including the redesigned Dodge Neon, Chrysler
Sebring, Dodge Stratus and a successor to the Mitsubishi Galant,
are set to be launched in 2005 and 2006.
MITSUBISHI MOTORS: Posts Production, Sales, Exports Results
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC), on August 26, announced
production, domestic sales and export results for July 2004.
Global production in July totaled 130,523 units, a decrease of
4.6 percent compared to the same month last year.
Output in Japan slipped 17.7 percent to 53,307 units. Offshore
production, meanwhile, gained 7.2 percent on year to 77,216
units. By region, production in Asia increased for the first
time in two months, growing 5.7 percent to 51,260 vehicles.
European production continued to see strong growth, surging 82.4
percent to 12,324 units as production of the new Mitsubishi Colt
for Europe continued to pick up speed. North American output,
however, declined in July by 9.7 percent to 10,285 units.
Sales in Japan declined 52.2 percent on year to 15,862 units. Of
this, registrations, which exclude 660cc minicars, declined 60.1
percent to 4,711, while minicar sales slipped 47.8 percent on
year to 11,151 units. MMC's share of the domestic market in July
was 3.1 percent, down from 6.3 percent in July last year.
Exports from Japan grew for the fourth consecutive month in
July, gaining 14.4 percent on year to finish at 35,613 units. By
region, exports to Asia shot up 93.2 percent on year to 7,470,
exports to North America declined 18.2 percent to 4,176 and
shipments to Europe were off 22.6 percent at 10,205 units.
To view the full release, clock on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS082704.pdf
TAKASHI K.K.: Enters Bankruptcy
-------------------------------
Takashi K.K. has entered bankruptcy, according to
Teikoku Databank America. The firm, which managed beauty
parlors, has total liabilities of US$65.83 million. The company
is based in Taito-Ku, Tokyo 110-0015.
For more information, please click: http://www.teikoku.com/
=========
K O R E A
=========
ASIANA AIRLINES: Chooses Connexion As ISP For Long-Haul Fleet
-------------------------------------------------------------
Asiana Airlines, one of the newest members of the Star Alliance,
announced last August 26 that it has selected Connexion by
Boeing -- a business unit of The Boeing Company (NYSE: BA -
News) -- as its provider of high-speed Internet-based
communications onboard its long-haul fleet. The letter of intent
agreement calls for the first installation of the Connexion by
Boeing(SM) mobile connectivity service to commence in production
on Asiana's 777-200ER airplane targeted for delivery in July
2005, with service starting shortly after that. Financial terms
of the agreement were not disclosed.
Asiana Airlines, which recently celebrated its 16th anniversary
and first anniversary with the Star Alliance, services one of
the world's most technologically advanced populations. South
Korea has the world's strongest acceptance rates for broadband
access per household, with 75 percent of homes having either DSL
or cable connectivity.
"We are extremely pleased that Asiana is demonstrating its
strong commitment to passenger service by choosing Connexion by
Boeing," said Scott Carson, Connexion by Boeing president. "This
service is especially fitting for Asiana's passengers, as South
Korea has the highest broadband penetration rate in the world.
The high-speed connectivity that Asiana passengers experience in
their homes and offices now will be available to them at 37,000
feet," Carson said. "Connexion by Boeing truly adds value for
Asiana's passengers, and also for the airline through enhanced
operational efficiencies."
"Choosing Connexion by Boeing to address the in-flight
communication needs of our passengers very much aligns with our
goal to become recognized by our customers as the best airline
in the world," said Byung-Wui, Ghil, executive vice president of
purchasing for Asiana Airlines. "Our passengers are used to
surfing the Internet and sending and receiving e-mail messages
while on the ground. With Connexion, this innovative, new high-
speed service will provide additional choices that our
passengers now demand while in-flight."
Representatives from Asiana and Connexion by Boeing are now
working to define the levels of service that will be offered to
the airline's passengers, as well as a schedule for the
installation of the service on the airline's aircraft. Asiana
also is determining the initial passenger routes for the
service, which are likely to include flights between Korea and
the United States; Korea and Europe; and intra-Asian routes,
including mainland China and Japan.
About Asiana Airlines
Asiana Airlines, just having celebrated its 16th anniversary, is
fast becoming a world leader with innovative passenger and cargo
services to 63 destinations worldwide. As a Star Alliance
member, Asiana offers the best in services, quality and safety.
For more information, please visit www.flyasiana.com.
About Connexion by Boeing
Connexion by Boeing, recipient of the 2003 World Travel Award
for World's Leading High-Speed In-flight Internet Services
Provider, brings high-speed Internet, data and entertainment
connectivity to travelers via a broadband connection to the
aircraft. Connexion by Boeing has definitive agreements with
Lufthansa, Scandinavian Airlines System, Japan Airlines, ANA and
Kingdom Holding Co. to equip their long-haul aircraft with the
service. In addition, Singapore Airlines, China Airlines and
Korean Air have announced their intent to install the Connexion
by Boeing system on their long-range aircraft. Connexion by
Boeing also offers a high-speed connectivity solution for the
business aviation and maritime markets. For more information,
please visit www.connexionbyboeing.com.
Media Contacts:
Boeing: Connexion by Boeing Communications
(Seattle): 1-206-655-5291
Maggie Kymn (Seoul): 82-2-773-2491
Asiana: Sang-Woo Noh (Seoul): 82-2-2669-3883
HYNIX SEMICONDUCTOR: Request For Stock Price Cut Junked
-------------------------------------------------------
South Korea's Financial Supervisory Service (FSS) rejected on
Thursday an appeal by Hynix Semiconductor Inc. to cut its stock
repurchase price by 16 percent, reports JoongAng Daily.
According to the regulator, Hynix, the world's second-largest
memory chipmaker, failed to inform its shareholders about the
possible reduction of the stock buyback price. Hynix also did
not disclose whether to proceed with the plan after the stock
buyback value exceeded KRW40 billion (US$35 million).
The chipmaker sought on August 17 the FSS' approval of its plan
to buy back the stock for KRW9,561 a share compared to an
earlier offer of KRW11,376 won, following the decision of
stockholders representing about 17.6 million shares to sell.
The stock repurchase plan is aimed at completing the sale of
Hynix's nonmemory unit to Citigroup Venture Capital Equity
Partners LP, a venture capital unit of Citigroup Inc., for
KRW954 billion in cash, and assumed debt.
Hynix said shareholders who are against selling the unit applied
to sell their stock to the company for about KRW200 billion.
CONTACT:
Hynix Semiconductor Inc.
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Tel: 82-2-3459-3470
Fax: 82-2-3459-5987/8
http://www.hynix.com
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Unit Ceases Specialty Fashion Store Operations
---------------------------------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
announced that its wholly owned subsidiary, Retail Commercio (M)
Sdn Bhd (RCSB) has ceased its specialty fashion store operations
under the brand name "Zense" on 26 August 2004.
The Group had incurred RM17,000 on staff termination cost on the
cessation of operations of RCSB. Apart from the above, the said
cessation will not have any material effect on the net tangible
assets and earnings of the Aktif Group for the financial year
ending 28 February 2005.
CONTACT:
Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Telephone (60) 3 2693 1828
Fax (60) 3 2691 2798
This Bursa Malaysia announcement is dated 26 August 2004.
AKTIF LIFESTYLE: Shareholders OK August 4 AGM Resolutions
---------------------------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
announced that at its 10th AGM held on 26 August 2004, the
shareholders of the Company have approved the respective
ordinary resolutions as set out in the Notice of the 10th AGM
dated 4 August 2004.
For a copy of its 10th AGM Resolutions, go to
http://bankrupt.com/misc/tcrap_aktif082704.doc
This announcement is dated 26 August 2004.
ANTAH HOLDINGS: Releases Monthly Status Update
----------------------------------------------
The Board of Directors of Antah Holdings Berhad (ANTAH)
announced that there are no further developments of the default
in payments of the various credit facilities to the financial
institutions and non-financial institutions for the period from
26 July 2004 to 25 August 2004.
The Company has announced a Proposed Debt Restructuring Scheme
on 16 July 2004 to resolve the current default in payments to
financial and non-financial creditors.
CONTACT:
Antah Holdings Berhad
9th Floor, Bangunan BNH,
Off Jalan Semantan
Bukit Damansara 50490
Kuala Lumpur
Malaysia
Telephone (60) 3 254 5144
Fax (60) 3 255 8464
APMC RESOURCES: Enters Voluntary Liquidation
--------------------------------------------
Lafarge Malayan Cement Bhd refers to its announcement dated 15
September 2003, in connection with the Member's Voluntary
Liquidation of APMC Resources Sdn Bhd (APMCR), a subsidiary of
the Company.
The Company announced that following the Final Meeting of APMCR
convened on 23 August 2004 to conclude the Member's Voluntary
Liquidation of APMCR, the Liquidator have on 25 August 2004
lodged a Return Relating To Final Meeting with the Companies
Commission of Malaysia and with the Official Receiver.
On the expiration of 3 months after the said lodgment date, i.e.
on 25 November 2004, APMCR shall be dissolved.
This announcement is dated 26 August 2004.
ARTWRIGHT HOLDINGS: Completes Bonus Issue, Private Placement
------------------------------------------------------------
Artwright Holdings Berhad announced that the Bonus Issue and
Private Placement of the Company have been completed on 6
February 2004 and 26 August 2004, respectively.
The bonus issue of 12,083,300 new ordinary shares of RM1.00 each
in the Company (Bonus Shares) on the basis of one (1) Bonus
Share for every two (2) existing ordinary shares of RM1.00 each
held in the Company (Bonus Issue).
The private placement of up to 5,228,000 new ordinary shares of
RM1.00 each in the Company (Placement Shares) with up to
5,228,000 detachable warrants (Artwright Warrants) on the basis
of one (1) Placement Share with one (1) Artwright Warrant
(Private Placement).
cc: Mr Kris Azman Abdullah (Securities Commission)
CONTACT:
Artwright Holdings Berhad
6th Floor, 3 Cangkat Raja Chulan,
50200 Kuala Lumpur
Malaysia
Telephone (60) 3 238 0266
Fax (60) 3 230 7707
This Bursa Malaysia announcement is dated 26 August 2004.
HWA TAI: Cuts 2Q04 Net Loss to MYR1.12M
---------------------------------------
Hwa Tai Industries Berhad posted second quarter losses of
MYR1.12 million, versus a net loss of MYR1.6 million a year
earlier, Dow Jones reports.
2nd quarter ended June 30: Figures are in Ringgit (MYR).
2004 2003
Revenue MYR23,605,000 MYR21,452,000
Pretax Profit (1,122,000) (1,432,000)
Net Profit (1,121,000) (1,604,000)
Earnings Per Share (2.80 Sen) (12.12 Sen)
Dividend Omitted Omitted
6 months ended June 30:
Revenue 45,729,000 42,911,000
Pretax Profit (2,143,000) (2,035,000)
Net Profit (2,117,000) (1,572,000)
Earnings Per Share (5.29 Sen) (11.88 Sen)
Dividend Omitted Omitted
(Figures in parentheses are losses.)
Results are based on Malaysian accounting standards and are
unaudited.
CONTACT:
Hwa Tai Industries Berhad
No. 12 Jln Jorak,
Kawasan Perindustrian Tongkang Pecah,
83010 Batu Pahat, Johor
Malaysia
Telephone (60) 7 415 1688
Fax (60) 7 415 1135
MALAYSIA PACIFIC: Narrows 4Q04 Net Loss to MYR4.59M
---------------------------------------------------
Malaysia Pacific Land Berhad posted a net loss of MYR4.59
million in the fourth quarter ended June 30, versus a net loss
of 5.39 a year earlier, Dow Jones reports.
4th quarter ended June 30: Figures are in Ringgit (MYR).
2004 2003
Revenue MYR11,439,000 MYR107,000
Pretax Profit (4,927,000) (6,998,000)
Net Profit (4,586,000) (5,358,000)
Earnings Per Share (4.15 Sen) (5.26 Sen)
Dividend Omitted Omitted
12 months ended June 30:
Revenue 25,948,000 37,836,000
Pretax Profit (11,393,000) (20,284,000)
Net Profit (11,543,000) (19,836,000)
Earnings Per Share (10.39 Sen) (19.48 Sen)
Dividend Omitted Omitted
(Figures in parentheses are losses.)
Results are based on Malaysian accounting standards and are
unaudited.
CONTACT:
Malaysia Pacific Land Berhad
Level 10 Wisma Hong Leong
18 Jalan Perak
50450 Kuala Lumpur
Malaysia
Telephone (60) 3 264 1818
Fax (60) 3 264 2476
MCM TECHNOLOGIES: Releases Unaudited Quarterly Report
-----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, MCM
Technologies Berhad released its unaudited quarterly report for
the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
2,366 3,495 2,366 3,495
2 Profit/(loss) before tax
-409 -432 -409 -432
3 Profit/(loss) after tax and minority interest
-409 -418 -409 -418
4 Net profit/(loss) for the period
-409 -418 -409 -418
5 Basic earnings/(loss) per shares (sen)
-0.13 -0.13 -0.13 -0.13
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.1000 0.1000
For a copy of its quarterly report on consolidated results for
the financial period ended 30 June 2004, go to
http://bankrupt.com/misc/tcrap_mcmtech0827.xls
CONTACT:
MCM Technologies Berhad
Level 3, AMCORP House,
Lot 271, Jalan Dua
Off Jalan Chan Sow Lin
55200 Kuala Lumpur Malaysia
Tel: 603-92221199
603-92221155
E-mail: info@mcm-tech.com
MTD CAPITAL: Purchases 10,000 Ordinary Shares on Buy Back
---------------------------------------------------------
MTD Capital Berhad disclosed to Bursa Malaysia Securities Berhad
the details of its shares buy back on August 26, 2004.
Date of buy back: 26/08/2004
Description of shares purchased: Ordinary shares of RM1/- each
Total number of shares purchased (units): 10,000
Minimum price paid for each share purchased (RM): 2.630
Maximum price paid for each share purchased (RM): 2.630
Total consideration paid (RM): 26,300.00
Number of shares purchased retained in treasury (units): 10,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 1,933,600
Adjusted issued capital after cancellation (no. of shares)
(units)
CONTACT:
MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone (603) 689-9022
PAN MALAYSIA: Unveils Unaudited Quarterly Report
------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pan
Malaysia Industries Berhad released its unaudited quarterly
report for the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
65,520 55,438 65,520 55,438
2 Profit/(loss) before tax
-7,938 -29,010 -7,938 -29,010
3 Profit/(loss) after tax and minority interest
-6,610 -27,467 -6,610 -27,467
4 Net profit/(loss) for the period
-6,610 -27,467 -6,610 -27,467
5 Basic earnings/(loss) per shares (sen)
-0.27 -1.40 -0.27 -1.40
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.0044 0.0108
CONTACT:
Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Telephone (60) 3244-1470
Fax (60) 3244-7789
PILECON ENGINEERING: Unveils 1H04 Financial Results
---------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pilecon
Engineering Berhad released its unaudited quarterly report for
the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
9,652 31,535 21,669 44,160
2 Profit/(loss) before tax
-2,407 -8,040 -3,556 -6,558
3 Profit/(loss) after tax and minority interest
-3,582 -9,879 -5,325 -9,004
4 Net profit/(loss) for the period
-3,582 -9,879 -5,325 -9,004
5 Basic earnings/(loss) per shares (sen)
-0.90 -2.47 -1.33 -2.25
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.2200 0.2300
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26
Seksyen U1, Hicom-Glenmarie Industrial Park,
Shah Alam,
Selangor Darul Ehsan 40000
Malaysia
Telephone (603) 704-1888
Financial Year End December
SRIWANI HOLDINGS: EGM Set for September 21
------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Sriwani Holdings Berhad (SHB) will be held at Shangri-
La's Golden Sands Resort, Batu Ferringhi Beach, 11100 Pulau
Pinang on Tuesday, 21 September 2004 at 9:30 a.m. for the
purpose of considering and, if thought fit, passing the
following resolutions, with or without modifications:
ORDINARY RESOLUTION NO. 1
PROPOSED DISPOSAL OF THE FOLLOWING PROPERTIES TO NALURI BERHAD
(NALURI):
(I) DUTY FREE COMPLEX AND LAND COMPRISING A 7-LEVEL PODIUM
BLOCK (ACCOMMODATING A 4-LEVEL SHOPPING COMPLEX WITH A BASEMENT
FLOOR, 3-LEVEL HOTEL FACILITIES AND 6-LEVEL CARPARK) AND A 9-
LEVEL HOTEL TOWER BLOCK HELD UNDER LOT PTB 10707, JOHOR BAHRU,
JOHOR DARUL TAKZIM AND A PIECE OF VACANT COMMERCIAL DEVELOPMENT
LAND HELD UNDER LOT PTB 10710, JOHOR BAHRU, JOHOR DARUL TAKZIM
TOGETHER WITH THE RECLAIMED LAND COMPRISING A 3-LEVEL CUSTOMS
AND IMMIGRATION CUM OFFICE COMPLEX, JETTY, A FLOATING RESTAURANT
BAY CUM KITCHEN AND FREE STANDING CUSTOMS AND IMMIGRATION
CHECKPOINT, ALL HELD UNDER LOTS PTB 20006, 20380 AND 20438 JOHOR
BAHRU, JOHOR DARUL TAKZIM AND LOTS PTD 146378 AND 148062, MUKIM
OF PLENTONG, JOHOR BAHRU, JOHOR DARUL TAKZIM BY KELANA MEGAH SDN
BHD (KMSB), A 85.3%-OWNED SUBSIDIARY OF SHB FOR A CASH
CONSIDERATION OF RM144,023,896
(II) TWO (2) PIECES OF VACANT FREEHOLD DEVELOPMENT LAND HELD
UNDER LOT 303 (GERAN 46814) AND LOT 340 (GERAN 46821), SEKSYEN
1, DAERAH TIMUR LAUT, BANDAR BATU FERRINGHI, PULAU PINANG BY
CERAH MENANG (M) SDN BHD (CMSB), A WHOLLY-OWNED SUBSIDIARY OF
SHB FOR A CASH CONSIDERATION OF RM8,362,678
(III) THREE (3) PIECES OF VACANT FREEHOLD DEVELOPMENT LAND HELD
UNDER LOT 31 (GERAN MUKIM 29), LOT 478 (GERAN 16796) AND LOT 479
(GERAN 16797), MUKIM 17, DAERAH TIMUR LAUT, BANDAR BATU
FERRINGHI, PULAU PINANG BY BLOSSOM TIME SDN BHD (BTSB), A
WHOLLY-OWNED SUBSIDIARY OF SHB FOR A CASH CONSIDERATION OF
RM11,150,237.
(COLLECTIVELY REFERRED TO AS THE PROPOSED DISPOSALS)
"THAT, subject to and contingent upon the passing of Ordinary
Resolution No. 4 and subject to the approvals of the relevant
authorities being obtained, approval be and is hereby given to
SHB to:
(a) dispose of the duty free complex and land comprising a 7-
level podium block (accommodating a 4-level shopping complex
with a basement floor, 3-level hotel facilities and 6-level
carpark) and a 9-level hotel tower block held under Lot PTB
10707, Johor Bahru, Johor Darul Takzim and a piece of vacant
commercial development land held under Lot PTB 10710, Johor
Bahru, Johor Darul Takzim together with the reclaimed land
comprising a 3-level customs and immigration cum office complex,
jetty, a floating restaurant bay cum kitchen and free standing
customs and immigration checkpoint, all held under Lots PTB
20006, 20380 and 20438 Johor Bahru, Johor Darul Takzim and Lots
PTD 146378 and 148062, Mukim of Plentong, Johor Bahru, Johor
Darul Takzim through KMSB pursuant to the terms and conditions
contained in the conditional sale and purchase agreement dated
12 December 2003 entered into between KMSB and Naluri, and as
varied through the letters issued by KMSB and Naluri dated 30
June 2004 and 19 July 2004 respectively, for a total cash
consideration of RM144,023,896;
(b) dispose of two (2) pieces of vacant freehold development
land held under Lot 303 (Geran 46814) and Lot 340 (Geran 46821),
Seksyen 1, Daerah Timur Laut, Bandar Batu Ferringhi, Pulau
Pinang through CMSB pursuant to the terms and conditions
contained in the conditional sale and purchase agreement dated
12 December 2003 entered into between CMSB and Naluri, and as
varied through the letters issued by CMSB and Naluri dated 30
June 2004 and 19 July 2004 respectively, for a total cash
consideration of RM8,362,678; and
(c) dispose of three (3) pieces of vacant freehold development
land held under Lot 31 (Geran Mukim 29), Lot 478 (Geran 16796)
and Lot 479 (Geran 16797), Mukim 17, Daerah Timur Laut, Bandar
Batu Ferringhi, Pulau Pinang through BTSB pursuant to the terms
and conditions contained in the conditional sale and purchase
agreement dated 12 December 2003 entered into between BTSB and
Naluri, and as varied through the letters issued by BTSB and
Naluri dated 30 June 2004 and 19 July 2004 respectively, for a
total cash consideration of RM11,150,237;
AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and to enter into all such
transactions, arrangements and agreements as may be necessary or
expedient in order to give full effect to the Proposed
Disposals;
AND FURTHER THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed Disposals with full
power to assent to any conditions, modifications, variations
and/or amendments (if any) as may be imposed by any relevant
authorities or consequent upon the implementation of the said
conditions, modifications, variations and/or amendments and to
take all such steps as they may deem necessary or expedient in
order to implement, finalise and give full effect to the
Proposed Disposals."
ORDINARY RESOLUTION NO. 2
PROPOSED DISPOSAL OF THE LEASES OF THREE (3) PIECES OF LEASEHOLD
DEVELOPMENT LAND COMPRISING A GOLF AND COUNTRY CLUB AND VACANT
LAND HELD UNDER LOT 2501 H.S. (D) 888/97, LOT 2209 H.S. (D)
28/93 AND LOT 2502 H.S. (D) 889/97, MUKIM SUNGAI LAKA, DAERAH
KUBANG PASU, KEDAH DARUL AMAN BY CERGASJAYA PROPERTIES SDN BHD
(CPSB), A WHOLLY-OWNED SUBSIDIARY OF SHB FOR A CASH
CONSIDERATION OF RM27,480,689 (PROPOSED CPSB DISPOSAL)
"THAT, subject to and contingent upon the passing of Ordinary
Resolutions No. 1 and 4 and subject to the approvals of the
relevant authorities being obtained, approval be and is hereby
given to SHB to dispose of the leases of three (3) pieces of
leasehold development land comprising a golf and country club
and vacant land held under Lot 2501 H.S. (D) 888/97, Lot 2209
H.S. (D) 28/93 and Lot 2502 H.S. (D) 889/97, Mukim Sungai Laka,
Daerah Kubang Pasu, Kedah Darul Aman through CPSB pursuant to
the terms and conditions contained in the conditional sale and
purchase agreement dated 12 December 2003 entered into between
CPSB and Naluri, and as varied through the supplemental
agreement dated 5 July 2004, for a total cash consideration of
RM27,480,689;
AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and to enter into all such
transactions, arrangements and agreements as may be necessary or
expedient in order to give full effect to the Proposed CPSB
Disposal;
AND FURTHER THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed CPSB Disposal with
full power to assent to any conditions, modifications,
variations and/or amendments (if any) as may be imposed by any
relevant authorities or consequent upon the implementation of
the said conditions, modifications, variations and/or amendments
and to take all such steps as they may deem necessary or
expedient in order to implement, finalise and give full effect
to the Proposed CPSB Disposal."
ORDINARY RESOLUTION NO. 3
PROPOSED LEASE OF THE DUTY FREE COMPLEX AND RECLAIMED LAND
COMPRISING A 7-LEVEL PODIUM BLOCK (ACCOMMODATING A 4-LEVEL
SHOPPING COMPLEX WITH A BASEMENT FLOOR, 3-LEVEL HOTEL FACILITIES
AND 6-LEVEL CARPARK) AND A 9-LEVEL HOTEL TOWER BLOCK HELD UNDER
LOT PTB 10707, JOHOR BAHRU, JOHOR DARUL TAKZIM TOGETHER WITH THE
RECLAIMED LAND COMPRISING A 3-LEVEL CUSTOMS AND IMMIGRATION CUM
OFFICE COMPLEX, JETTY, A FLOATING RESTAURANT BAY CUM KITCHEN AND
FREE STANDING CUSTOMS AND IMMIGRATION CHECKPOINT, ALL HELD UNDER
LOTS PTB 20006, 20380 AND 20438 JOHOR BAHRU, JOHOR DARUL TAKZIM
AND LOTS PTD 146378 AND 148062, MUKIM OF PLENTONG, JOHOR BAHRU,
JOHOR DARUL TAKZIM BY KMSB FROM NALURI UPON COMPLETION OF THE
PROPOSED DISPOSALS (PROPOSED LEASEBACK ARRANGEMENT)
"THAT, subject to and contingent upon the passing of Ordinary
Resolutions No. 1 and 4 and subject to the approvals of the
relevant authorities being obtained, approval be and is hereby
given to KMSB to enter into a tenancy agreement with Naluri in
respect of the duty free complex comprising a 7-level podium
block (accommodating a 4-level shopping complex with a basement
floor, 3-level hotel facilities and 6-level carpark) and a 9-
level hotel tower block held under Lot PTB 10707, Johor Bahru,
Johor Darul Takzim together with the reclaimed land comprising a
3-level customs and immigration cum office complex, jetty, a
floating restaurant bay cum kitchen and free standing customs
and immigration checkpoint, all held under Lots PTB 20006, 20380
and 20438 Johor Bahru, Johor Darul Takzim and Lots PTD 146378
and 148062, Mukim of Plentong, Johor Bahru, Johor Darul Takzim
upon the terms and conditions of the tenancy agreement to be
entered into, the salient terms of which are set out in Appendix
VIII of the Circular to shareholders dated 27 August 2004;
AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and to enter into all such
transactions, arrangements and agreements as may be necessary or
expedient in order to give full effect to the Proposed Leaseback
Arrangement;
AND FURTHER THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed Leaseback Arrangement
with full power to assent to any conditions, modifications,
variations and/or amendments (if any) as may be imposed by any
relevant authorities or consequent upon the implementation of
the said conditions, modifications, variations and/or amendments
and to take all such steps as they may deem necessary or
expedient in order to implement, finalise and give full effect
to the Proposed Leaseback Arrangement."
ORDINARY RESOLUTION NO. 4
PROPOSED ALTERNATIVE RESTRUCTURING PLAN WHICH ENTAILS THE
PROPOSED REVISION TO CERTAIN TERMS OF THE EXISTING RESTRUCTURING
PLAN AS APPROVED BY THE SHAREHOLDERS OF THE COMPANY AT THE
EXTRAORDINARY GENERAL MEETING HELD ON 8 APRIL 2003 (PROPOSED
ALTERNATIVE RESTRUCTURING PLAN)
"FURTHER to the approval obtained from the shareholders of the
Company at the Extraordinary General Meeting of the Company held
on 8 April 2003 in relation to the Debt Restructuring Scheme
between SHB, certain of its subsidiaries, namely Sriwani Trading
Sdn Bhd, Cergasjaya Sdn Bhd, Sriwani Duty Free Supplies Sdn Bhd
and Kelana Megah Sdn Bhd and certain of their respective
creditors for debts totalling RM663.918 million and in relation
to the Restricted Issue of 7,272,847 new ordinary shares of
RM1.00 in SHB (SHB Shares) at an issue price of RM1.00 each to
Multi Esprit Sdn Bhd and Rights Issue of up to 24,440,516 new
SHB Shares at an issue price of RM1.00 each on the basis of
seven (7) new SHB Shares for every three (3) SHB Shares held
together with up to 392,794,013 irredeemable convertible
preference shares (ICPS)-A at an issue price of RM0.10 per ICPS-
A on the basis of seventy-five (75) ICPS-A for every two (2) SHB
Shares held after the Capital Reduction and Consolidation and
Restricted Issue and the issuance of 7,808,742 five (5)-year
ICPS-C of RM0.10 each at an issue price of RM1.10 each to
Malaysia Airports (Sepang) Sdn Bhd in relation to the settlement
of debt not included in the Debt Restructuring Scheme;
THAT, subject to and contingent upon passing of the Ordinary
Resolution No. 1 and the approvals of the relevant authorities
being obtained, approval be and is hereby given to the Company
to proceed with the Proposed Alternative Restructuring Plan,
details of which are as set out in the Circular to shareholders
dated 27 August 2004 and that the mode of conversion of ICPS-A
be modified such that the ICPS-A can only be converted into SHB
Shares by way of tendering the equivalent par value of ICPS-A
for every one (1) new SHB Share and in this respect, the
conversion mode by way of partly tendering the par value of
ICPS-A and the remaining balance in cash shall be rescinded;
AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and to enter into all such
transactions, arrangements and agreements as may be necessary or
expedient in order to give full effect to the Proposed
Alternative Restructuring Plan;
AND FURTHER THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed Alternative
Restructuring Plan with full power to assent to any conditions,
modifications, variations and/or amendments (if any) as may be
imposed by any relevant authorities or consequent upon the
implementation of the said conditions, modifications, variations
and/or amendments and to take all such steps as they may deem
necessary or expedient in order to implement, finalise and give
full effect to the Proposed Alternative Restructuring Plan.
ORDINARY RESOLUTION NO. 5
PROPOSED REVISION TO THE NUMBER OF IRREDEEMABLE CONVERTIBLE
PREFERENCE SHARES (ICPS)-B1, ICPS-B2 AND ICPS-C OF RM0.10 EACH
IN SHB TO BE ISSUED TO COMMERCE INTERNATIONAL MERCHANT BANKERS
BERHAD FROM 100,000 UNITS EACH TO 50,000 UNITS EACH AT AN ISSUE
PRICE OF RM1.00 EACH FOR A TOTAL CASH CONSIDERATION OF RM150,000
(PROPOSED REVISED ADDITIONAL ISSUE)
"FURTHER to the move by Bursa Malaysia Securities Berhad to
standardise the trading board lot of securities to 100 units per
lot, SHB intends to reduce the number of ICPS-B1, ICPS-B2 and
ICPS-C to be issued pursuant to the Additional Issue from the
original issue size of 100,000 units each to 50,000 units each;
AND THAT subject to the approvals of the relevant authorities,
approval be and is hereby given to the Company to reduce the
number of ICPS-B1, ICPS-B2 and ICPS-C to be issued pursuant to
the Additional Issue from 100,000 units each to 50,000 units
each;
AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and to enter into all such
transactions, arrangements and agreements as may be necessary or
expedient in order to give full effect to the Proposed Revised
Additional Issue;
AND FURTHER THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed Revised Additional
Issue with full power to assent to any conditions,
modifications, variations and/or amendments (if any) as may be
imposed by any relevant authorities or consequent upon the
implementation of the said conditions, modifications, variations
and/or amendments and to take all such steps as they may deem
necessary or expedient in order to implement, finalise and give
full effect to the Proposed Revised Additional Issue."
ORDINARY RESOLUTION NO. 6
PROPOSED AMENDMENTS TO THE EXISTING BYE-LAWS OF THE EMPLOYEE
SHARE OPTION SCHEME (ESOS) OF SHB AND ITS SUBSIDIARIES
(PROPOSED BYE-LAWS AMENDMENTS)
"THAT, subject to the passing of Special Resolution No.1 and
approval-in-principle of Bursa Malaysia Securities Berhad for
the listing of and quotation for the new SHB Shares to be issued
arising from the exercise of the additional options to be
granted pursuant to the Proposed Bye-Laws Amendments, the
Directors of the Company be and are hereby authorised to adopt
the Proposed Bye-Laws Amendments as set out in Appendix VII of
the Circular to shareholders dated 27 August 2004 and to adopt
the amended ESOS bye-laws in substitution for and to the
exclusion of the existing ESOS bye-laws presently governing and
constituting the ESOS of SHB and its subsidiaries;
AND THAT the Directors of the Company be and are hereby
authorised to amend the ESOS bye-laws from time to time as they
deem fit provided that such amendments are effected in
accordance with the provisions of the ESOS bye-laws;
AND FURTHER THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed Bye-Laws Amendments
with full power to assent to any conditions, modifications,
variations and/or amendments (if any) as may be imposed by any
relevant authorities or consequent upon the implementation of
the said conditions, modifications, variations and/or amendments
and to take all such steps as they may deem necessary or
expedient in order to implement, finalise and give full effect
to the Proposed Bye-Laws Amendments."
ORDINARY RESOLUTION NO. 7
PROPOSED ISSUE OF ESOS OPTIONS TO WONG SIK BEE, JACK
"THAT, subject to the passing of Ordinary Resolution No. 6, the
Board of Directors of the Company be and is hereby authorised at
any time, to offer and to grant to Wong Sik Bee, Jack, the Chief
Executive Officer of the Company, options to subscribe for such
number of new ordinary shares of RM1.00 each in SHB (SHB Shares)
available under the employees' share option scheme of SHB and
its subsidiaries (ESOS" or "Scheme) subject always to:
(i) not more than fifty percent (50%) of the new SHB Shares
available under the Scheme should be allocated, in aggregate, to
the Directors and senior management of the SHB Group; and
(ii) not more than ten percent (10%) of the new SHB Shares
available under the Scheme should be allocated to any individual
Director or eligible employee, who either singly or collectively
through Persons Connected to him (where "Persons Connected"
shall have the meaning given in the Listing Requirements of
Bursa Malaysia Securities Berhad), holds twenty percent (20%) or
more of the issued and paid-up capital of the Company,
and such terms and conditions and/or any adjustments which may
be made in accordance with the provisions of the ESOS bye-laws."
SPECIAL RESOLUTION NO. 1
PROPOSED AMENDMENT TO THE ARTICLES OF ASSOCIATION OF SHB
"THAT, subject to and contingent upon passing of the Ordinary
Resolution No. 6, approval be and is hereby given for the
alterations, modifications, variations and additions to the
Articles of Association of the Company as set out in Section 2.7
of the Circular to shareholders dated 27 August 2004.
Article 4(d) shall be amended to read as follows:
"every issue of shares or options to employees and/or directors
shall be approved by the members in general meeting and no
director shall participate in an issue of shares to employees
and/or directors unless shareholders in general meeting have
approved of the specific allotment to be made to such
director."
AND THAT the Directors of the Company be and are hereby
authorised to do such acts and things that are necessary to give
effect to the above with full power to assent to any conditions,
modifications, variations and/or amendments as may be required
by the relevant authorities."
By Order of the Board of Directors of
SRIWANI HOLDINGS BERHAD
Thum Sook Fun (MAICSA 7025619)
Company Secretary
Pulau Pinang
27 August 2004
Notes:
(1) A member of the Company entitled to attend and vote at the
Extraordinary General Meeting is entitled to appoint one or more
proxies to attend and vote in his stead. A proxy may but need
not be a member of the Company and a member may appoint any
person to be his proxy without limitation and the provisions of
Section 149(1)(a), (b) and (c) of the Companies Act, 1965, shall
not apply to the Company.
(2) Where a member of the Company who is an authorised nominee
as defined under the Securities Industry (Central Depository)
Act, 1991, it may appoint at least one (1) proxy in respect of
each securities account it holds with ordinary shares of the
Company standing to the credit of the said securities account.
(3) Where a member appoints two (2) or more proxies, the
appointments shall be invalid unless he or she specifies the
proportion of his or her holdings to be represented by each
proxy.
(4) The instrument appointing a proxy must be in writing under
the hand of the appointor or his attorney duly authorised in
writing or, if the appointor is a corporation, either under its
common seal or under the hand of an officer or attorney duly
authorised on its behalf.
(5) The instrument appointing a proxy must be deposited at the
Company's Registered Office at 418, Chulia Street, 10200 Pulau
Pinang, not later than forty-eight (48) hours before the time of
holding the Extraordinary General Meeting or any adjournment
thereof.
CONTACT:
Sriwani Holdings Berhad
Wisma Sriwani, 418 Lehob Chulia,
Penang 10200
Malaysia
Telephone (604) 262-8353
TANCO HOLDINGS: Releases Practice Note 1/2001 Update
----------------------------------------------------
Further to the announcement made by Tanco Holdings Berhad on 30
July 2004 in relation to the status of default in payment
pursuant to Practice Note 1/2001, the Board of Directors of the
Company announced that there is no changes to the status of
default in payment of interest to the Lenders since then.
The Company had already taken steps towards rectifying the
default by working on a debt-restructuring scheme under Section
176 of the Companies Act (the Scheme) to be approved by its
creditors. Please refer to the announcement made by the Company
on 16 August 2004 for more details on the Scheme.
CONTACT:
Tanco Holdings Berhad
Jalan Desa, Bandar Country Homes,
48000 Rawang, Selangor
Malaysia
Telephone (60) 3 691 3388
Fax (60) 3 691 3108
TANCO HOLDINGS: Releases Unaudited Quarterly Report
---------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Tanco
Holdings Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
5,972 11,695 12,124 28,258
2 Profit/(loss) before tax
-13,067 -8,291 -22,140 -15,788
3 Profit/(loss) after tax and minority interest
-6,767 -3,949 -15,977 -11,451
4 Net profit/(loss) for the period
-6,767 -3,949 -15,977 -11,451
5 Basic earnings/(loss) per shares (sen)
-2.02 -1.18 -4.77 -3.42
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.5100 0.5600
TENCO BERHAD: Issues Default Status Update
------------------------------------------
The Board of Directors of Tenco Berhad announced that there is
no material development to the status of default payment to
Lenders as announced previously on 30 July 2004.
CONTACT:
Tenco Berhad
No. 5, Jalan Pelabur 23/1,
40000 Shah Alam, Selangor
Malaysia
Telephone (60) 3 541 0612
Fax (60) 3 541 0132
This Bursa Malaysia announcement is dated 27 August 2004.
TRU-TECH HOLDINGS: Extends Regularization Plan
----------------------------------------------
On behalf of the Board of Directors of Tru-Tech Holdings Berhad,
Avenue Securities Sdn Bhd announced that the application for an
extension of time for a period of three (3) months to 27
November 2004 for Tru-Tech to announce the detailed plan to
regularise its financial condition has been approved by Bursa
Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) vide its letter dated 25 August
2004.
The proposed restructuring scheme is as follows:
1.) Proposed Scheme Of Arrangement With Tru-Tech's Shareholders;
2.) Proposed Scheme Of Arrangement With Creditors;
3.) Proposed Acquisition;
4.) Proposed Exemption;
5.) Proposed Disposal;
6.) Proposed Offer For Sale; And
7.) Proposed Listing Transfer
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone (60) 3 7861 5220
Fax (60) 3 7861 7972
This Bursa Malaysia announcement is dated 26 August 2004.
UNITED CHEMICAL: SC OKs Investigative Audit Extension
-----------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that the Securities Commission (SC) had vide its
letter dated 24 August 2004, approved the extension of time of
three (3) months from 24 August 2004 to 24 November 2004 for
Messrs Aljeffri Dean & Co. to complete and submit the
investigative audit report on the past losses of the UCI Group
to the commission.
This Bursa Malaysia announcement is dated 26 August 2004.
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: Entry of New Investor Acceptable, Says SEC
-------------------------------------------------------------
The entry of College Assurance Plans Philippines Inc. (CAP)'s
new foreign partner is acceptable even if it comes in as both an
investor and a lender, Business World reports, citing Securities
and Exchange Commission Chairman Lilia R. Bautista.
Last Wednesday, a source who requested anonymity said the
strategy being used by CAP's foreign partner, which has remained
unidentified, might do the pre-need company more harm than good.
The source said the new investor is not actually investing in
CAP but was just in effect lending it some US$227 million, which
could erode the pre-need company's trust fund.
The US$227 million, which will come in two tranches, would be
made up of a US$127-million loan and a US$100-million equity
investment.
Ms. Bautista said she still has not seen the final agreement
between CAP and its investor. "They are supposed to submit
something. I haven't seen it. Maybe they are waiting for the new
chairman to submit these things."
Juan Miguel Vazquez, President of the Philippine Federation of
Pre-Need Companies, said determining whether CAP's foreign
partner is a lender or an investor would depend on the terms of
the preferred shares.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560
METRO PACIFIC: Citra Appoints Mr. Lim as Chief Operating Officer
----------------------------------------------------------------
The Board of Directors of Citra Metro Manila Tollways
Corporation (Citra) announced Friday the appointment of Mr. Jose
Ma. K. Lim as Chief Operating Officer (COO) of Citra. Mr. Lim
presently serves as President and CEO of holding firm Metro
Pacific Corporation (Metro Pacific). Metro Pacific holds a
minority stake in Citra, through its subsidiary Metro Strategic
Infrastructure Holdings Inc.
As COO, Mr. Lim will handle the day-to-day operations of Citra,
particularly efforts to craft a new business plan and undertake
a corporate and financial restructuring to rebuild and enhance
shareholder value. These efforts will also include the hiring of
a new Chief Financial Offier, and attracting new investors and
capital to further strengthen Citra and its new plans. In this
regard, Mr. Lim will be working closely with current Citra
President and CEO Cesar T. Quiambao, along with Citra's
Indonesian sponsors and Metro Pacific.
Citra and Metro Pacific believe an integrated tollway system
connecting Balintawak to Batangas City will significantly reduce
travel and cargo transportation times and costs. Such a system
would provide a significant impetus for national economic growth
as well as improved economic prospects for all current tollways
stakeholders.
For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_mpc082704.pdf
CONTACT:
For Citra and Metro Pacific Corporation:
David Nugent
Vice President
Media and Corporate Communications
Tel: (632) 888-0888/888-0829
NATIONAL BANK: Employees May Strike This Week
---------------------------------------------
Some 3,000 employees of the Philippine National Bank (PNB)
nationwide plan to go on strike this week after collective
bargaining negotiations between management and labor collapsed
on August 24, reports Business World.
The union officers of the PhilNaBa Emloyees Association filed
their notice of strike at the National Conciliation and
Mediation Board on Friday to demand for higher wages and to ask
for retirement and fringe benefits that are equal with those of
other banking institutions.
The workers are demanding an PhP8,000 salary increase for the
first year of their collective bargaining agreement (CBA).
PNB is claiming to have no funds to sustain the salary increase
that the workers are demanding since the bank is still under
rehabilitation.
CONTACT:
Philippine National Bank
PNB Financial Center
CCP Complex,
Pres. Diosdado P. Macapagal Boulevard,
Pasay City
Philippines 1300
Tel Nos.: (+63-2) 891-6040 to 70
NATIONAL POWER: Debts Projected to Balloon to Php600B This Year
---------------------------------------------------------------
National Power Corporation's (Napocor) total debts are expected
to reach Php600 billion this year unless the government
implements urgent measures, the Philippine Star reports, citing
Department of Energy Secretary Vincent S. Perez.
Mr. Perez said one of the priority measures is the ongoing
privatization of Napocor's generation and transmission assets.
The Power Sector Assets and Liabilities Management Corp.
(PSALM), the state entity overseeing Napocor's privatization,
has committed to fast track the sale of about 70 percent of the
power generating capacity in Luzon and the Visayas by end-2005.
He said raising the tariff on power rates would also bring down
Napocor's operating losses.
Mr. Perez expressed optimism that the Energy Regulatory
Commission (ERC) will approve by September 5 the petition to
increase Napocor's rate by a "lower and reasonable" amount.
"The ERC would probably come up with a lower amount than the
rate petition submitted by Napocor. The commission, I believe,
will meticulously go through the P1.87 per kilowatthour (kwh)
rate hike petition of Napocor," he said.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NEGROS NAVIGATION: Posts 1H04 Php335M Net Loss
----------------------------------------------
Negros Navigation Co. Inc. (Nenaco) posted a net loss of Php335
million ($US6 million) in the first half of this year, versus a
net profit of Php62.7 million in the same period a year earlier,
according to a report from Lloyd's List.
The loss was caused by a reduction in the number of vessels in
service and extended dry-docking of others. Nenaco filed for
bankruptcy protection in March with debts of Php2.4 billion.
Nenaco's losses pulled its parent Metro Pacific into the red as
well with a first-half loss of Php5.9 million compared with a
profit of Php93.9 million in the first half of last year.
For a copy of the shipping firm's quarterly report (SEC Form 17-
Q), go to http://bankrupt.com/misc/tcrap_nenaco082704.pdf.
CONTACT:
Negros Navigation
Pier II, North Harbor
Tondo, Manila
Tel. No: 245-5588
Fax No: 245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
URL: http://www.nenaco.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: Stock Transfer Service, Inc.
PHILIPPINE AIRLINES: May Expand Fleet to Boost Capacity
-------------------------------------------------------
Philippine Airlines, Inc. (PAL) plans to expand its fleet to
boost capacity and meet growing market demand, Business World
reports, citing PAL President Jaime L. Bautista.
The airline is in the midst of acquiring or leasing 13 new
aircraft to replace the old Boeing planes whose lease would
expire later this year and in 2005.
According to a previous TCR-AP report, the airline is currently
suffering from the rising cost of aviation fuel. PAL's debt had
been reduced to $1.3 billion from $2.3 billion when it
restructured payments and went into a 10-year financial
rehabilitation in 1999. PAL is now in its sixth year of
rehabilitation.
CONTACT:
Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel:(632) 817-1234
(632) 892-4856
Fax:(632) 813-6715
E-mail: chris_cardiente@pal.com.ph
=================
S I N G A P O R E
=================
ANCHORVILLE PRIVATE: Court Issues Winding Up Notice
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Anchorville Private Limited by the High Court was, on the 18th
day of August 2004, presented by Pg Seraya Investment Pte Ltd of
111 Somerset Road, Singapore 238164, a contributory.
The said Petition will be heard before the Court sitting at
10.00 o'clock in the forenoon, on Friday, the 10th day of
September 2004.
Any creditor or contributory of the said company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of the hearing by himself or his counsel
for that purpose. A copy of the said 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.
The Petitioner's address is 111 Somerset Road, Singapore 238164.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
Drew & Napier Llc
Solicitors for the Petitioner.
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Drew & Napier LLC a notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors and must be
served, or if posted must be sent by post in sufficient time to
reach the above named, not later than twelve o'clock noon of the
9th day of September, 2004.
This Singapore Government Gazette notice is dated August 27,
2004.
AQUAGEN INTERNATIONAL: Enters Winding Up Proceedings
----------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Aquagen International Pte Ltd, by the High Court was, on the
18th day of August 2004, presented by Pg Seraya Investment Pte
Ltd of 111 Somerset Road, Singapore 238164, a contributory.
The Petition will be heard before the Court sitting at 10.00
o'clock in the forenoon, on Friday, the 10th day of September
2004.
Any creditor or contributory of the said company desiring to
support or oppose the making of an order on the said petition
may appear at the time of the hearing by himself or his counsel
for that purpose. A copy of the said 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.
The Petitioner's address is 111 Somerset Road, Singapore 238164.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
Drew & Napier Llc
Solicitors for the Petitioner.
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Drew & Napier LLC a notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors and must be
served, or if posted must be sent by post in sufficient time to
reach the above named, not later than twelve o'clock noon of the
9th day of September, 2004.
This Singapore Government Gazette notice was posted on August
27, 2004.
FRENCH JUNCTION: Winding Up Hearing Set September 10
----------------------------------------------------
Notice is hereby given that a Petition for the winding up of
French Junction Private Limited, by the High Court was, on the
18th day of August 2004 presented by Bank of China, a bank
incorporated in The People's Republic of China and having a
place of business at 4 Battery Road, Bank of China Building,
Singapore 049908, a creditor.
The Petition will be heard before the court sitting at Singapore
at 10.00 o'clock in the forenoon on the 10th day of September
2004.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.
The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908
Dated this 20th day of August 2004.
Messrs Rajah & Tann
Solicitors for the Petitioner.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, a notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitors and must be served, or, if posted must be sent by
post in sufficient time to reach the Petitioner's solicitors not
later than twelve o'clock noon of 9th September 2004.
This Singapore Government Gazette was posted on August 27, 2004.
HO WAH: Names New Share Registrar
---------------------------------
The Board of Directors of Ho Wah Genting International Ltd on
August 27 announced on the Singapore Stock Exchange:
(a) the appointment of B.A.C.S. Private Limited as Share
Registrar of the Company with immediate effect in place of
Compact Administrative Services (Pte) Ltd; and
(b) the Register of Members of the Company is kept at 63
Cantonment Road, Singapore 089758 with immediate effect.
HUP SOON: Creditors Must Submit Claims by September
---------------------------------------------------
Notice is hereby given that the creditors of Hup Soon Long
Trading Co Pte Ltd, a company in creditors' voluntary
liquidation, are required on or before 21st September 2004 to
send in their names and addresses, with particulars of their
debts or claims, together with the names and addresses of their
solicitors, to the undersigned.
If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
Failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.
Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.
This notice was posted on the Singapore Government Gazette on
August 20, 2004.
MAXMOBILE TECHNOLOGY: Creditors to Submit Claims by September 21
----------------------------------------------------------------
Notice is hereby given that the creditors of Maxmobile
Technology Pte Ltd, a company in creditors' voluntary
liquidation, are required on or before 21st September 2004 to
send in their names and addresses, with particulars of their
debts or claims, together with the names and addresses of their
solicitors, to the undersigned.
If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
Failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.
Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.
This notice was posted on the Singapore Government Gazette on
August 20, 2004.
NEXLEAP PTE: Creditors Must Submit Claims by September 21
---------------------------------------------------------
Notice is hereby given that the creditors of Nexleap Pte Ltd, a
company in creditors' voluntary liquidation, are required on or
before 21st September 2004 to send in their names and addresses,
with particulars of their debts or claims, together with the
names and addresses of their solicitors, to the undersigned.
If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.
Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.
This notice was posted on the Singapore Government Gazette on
August 20, 2004.
SOMEDICO PHARMACY: Creditors to Prove Debts by September 21
-----------------------------------------------------------
Notice is hereby given that the creditors of Somedico Pharmacy
Pte Ltd, a company in creditors' voluntary liquidation, are
required on or before 21st September 2004 to send in their names
and addresses, with particulars of their debts or claims,
together with the names and addresses of their solicitors, to
the undersigned.
If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.
Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.
This notice was posted on the Singapore Government Gazette on
August 20, 2004.
TRANSBILT ENGINEERING: Creditors To Prove Claims By September 21
----------------------------------------------------------------
Notice is hereby given that the creditors of Transbilt
Engineering Pte Ltd, a company in creditors' voluntary
liquidation, are required on or before 21st September 2004 to
send in their names and addresses, with particulars of their
debts or claims, together with the names and addresses of their
solicitors, to the undersigned.
If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.
Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.
This notice was posted on the Singapore Government Gazette on
August 20, 2004.
WAH BOOM: Creditors to Prove Debts On or Before September 21
------------------------------------------------------------
Notice is hereby given that the creditors of Wah Boom Services
Pte Ltd, a company in creditors' voluntary liquidation, are
required on or before 21st September 2004 to send in their names
and addresses, with particulars of their debts or claims,
together with the names and addresses of their solicitors, to
the undersigned.
If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.
Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.
This notice was posted on the Singapore Government Gazette on
August 20, 2004.
===============
T H A I L A N D
===============
CAPETRONIC INTERNATIONAL: Submits Tender Offer Report to SEC
------------------------------------------------------------
Mr. Pathrlap Davivongsa, Director of Capetronic International
(Thailand) PCL informed the Stock Exchange of Thailand that it
has received the Copy of the Report on the Tender Offer Result
(Form 256-2) from Mrs. Sunisa Pathompreuk, Ms. Chayapa
Wongsawat, Ms. Chinnicha Wongsawat, and Mr. Yodchanan Wongsawat.
The tender offer period was from June 16, 2004 to August 20,
2004, a total of 45 working days. The report has been submitted
on August 27, 2004 to the Securities and Exchange Commission.
CONTACT:
Capetronic International (THAILAND) PCL
105 MOO 3,BANGNA-TRAT ROAD,
THAKHAM,BANG PAKONG Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4
DATAMAT: Issues Report on the Resignation of Director
-----------------------------------------------------
Mr. Kusol Sangkananta, Director and Secretary to the Board of
Datamat PCL, disclosed to the Stock Exchange of Thailand that
the company has received a resignation letter from Mr. Prasert
Thiranakanat, Director and a Member of the Audit Committee
effective August 20, 2004.
Contact:
DATAMAT PUBLIC COMPANY LIMITED
ASOKE TOWERS, FLOOR 17, 18 AND 19,
219 SOI ASOKE (SUKHUMVIT 21),
SUKHUMVIT ROAD, KLONGTOEY NUA,
WATTHANA Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Website: www.datamat.co.th
NFC FERTILIZER: SET Excludes Stock from Index Calculation
---------------------------------------------------------
As the Stock Exchange of Thailand (SET) will adjust the Index
calculation by excluding the stock that has been suspended for
over one year from the Index, the SET would like to announce
that the stock of NFC Fertilizer PCL will be excluded from the
SET Index calculation until such time as the stock is permitted
to resume trading.
The date of exclusion is September 3, 2004.
CONTACT:
NFC FERTILIZER PCL
LAOPENGNGUAN BLDG 1, FLOOR 17-19,
333 VIBHAVADI RANGSIT ROAD,
CHATU CHAK, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Website: www.nfc.co.th
SIAM AGRO: Unveils Board Meeting Results
----------------------------------------
The board of directors of The Siam Agro Industry Pineapple and
Others Public Company Limited at meeting No. 3/2004 held on 26
August 2004 passed the following:
To acknowledge the cancellation of Mr. Mario Resca's appointment
as a director and the Chairman of the Board of Directors of the
Company due to circumstances beyond his control. Mr. Resca was
appointed to the board of directors during meeting No. 2/2004
held on 24 March 2004.
Praful Shah
Managing Director
CONTACT:
SIAM AGRO-INDUSTRY PINEAPPLE AND OTHERS PCL
OCEAN TOWER 2, FLOOR38,
75/105 SUKHUMVIT ROAD,
WATTHANA Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Website: www.saico.co.th
SYNTEC CONSTRUCTION: Unveils Board Meeting Resolutions
------------------------------------------------------
Syntec Construction Public Company Limited has notified the
Stock Exchange of Thailand on the resolutions of the Board of
Directors Meeting of the Company No. 11/2004, held on 24 August
2004.
The meeting resolved to appoint Mr.Somchai Sirilertpanich,
Director of the Company, as Acting Vice Chairman of the Board
and Acting Managing Director from August 24, 2004 onwards.
CONTACT:
SYNTEC CONSTRUCTION PUBLIC COMPANY LIMITED
555/7-11 SUKHUMVIT 63 ROAD,
KHLONG TON NUA, WATTANA, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330
THAI DURABLE: Details Changes in Company Directors
--------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai Durable
Group PCL announced that Mr. Teing Jongteingtrong a director of
the company, has resigned effective 23 August, 2004 and Mr.
Chavalit Thonglim, resigned as a Member of the Audit Committee
effective 23 August, 2004. However, Mr. Chavalit remains a
director of the company.
The company will register the changes of director with the
Business Development Department, Ministry of Commerce.
CONTACT:
THAI DURABLE GROUP PCL
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821
THAI GERMAN: Issues Update on Reorganization
--------------------------------------------
The Central Bankruptcy Court issued an order approving the
petition requesting the amendment of the business reorganization
plan of Thai-German Product Public Company Limited on July 23,
2004, and the Central Bankruptcy Court also issued an order
approving the decrease and the increase of registered capital of
the Company on August 4, 2004.
The Company would like to inform the SET of the following:
(1) The Company has completed filing the registration for the
decrease of registered capital amounting to THB158,333,330. The
Company's registered capital was decreased from THB2,000,000,000
to THB 1,841,666,670 through the cancellation of 15,833,333
ordinary shares reserved for the conversion of Thai-German
Product Public Company Limited Convertible Debenture No. 2 due
2014. The Ministry of Commerce accepted such filing on August
20, 2004; and
(2) The Company completed filing registration for the increase
of registered capital amounting to THB1,575,000,000. The
Company's registered capital was increased from THB1,841,666,670
to THB3,416,666,670 through the issuance of 157,500,000 ordinary
shares with the par value of THB10. The Ministry of Commerce
accepted such filing on August 23, 2004
Please be informed accordingly
Yours sincerely,
(Mr.Apinun Ratchatasombat)
Executive Planner Representation
CONTACT:
THAI-GERMAN PRODUCTS PCL
99 HUAYPONG-NONGBON ROAD,
TAMBOL HUAYPONG, AMPHUR MUANG Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Website: www.tgpro.co.th
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S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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