/raid1/www/Hosts/bankrupt/TCRAP_Public/040901.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
Wednesday, September 1, 2004, Vol. 7, No. 173
Headlines
A U S T R A L I A
ADVANCED ENERGY: Appoints Administrator from Grant Thornton
AUSTRALIAN GAS: Appoints New Continuous Disclosure Officer
BRAMBLES INDUSTRIES: Releases Second Half Performance
CHEMEQ LIMITED: Shares Plunge After Trading Halt Lift
COLES MYER: Chairman Says Mark Leibler Won't Seek Re-election
COLES MYER: Launches Restructure of Supermarket Unit
EPIC ENERGY: Alinta Consortium Named Preferred Bidder For DBNGP
REYNOLDS WINES: Deputy Chair's Assets to Remain Frozen
SONS OF GWALIA: Approached By Prospective Gold Asset Buyers
C H I N A & H O N G K O N G
AWT LIMITED: Appoints Joint and Several Liquidators
CAPISCES TRADING: Enters Bankruptcy Proceedings
CHEONGFULI TRADING: Creditors Must Prove Debts by October 4
CHOR LAU: Court Sets Winding Up Petition Hearing
KAMBOAT GROUP: Posts 2004 Financial Results
MAE HOLDINGS: Proposes Amendment to Existing Bylaws
MAE HOLDINGS: Sets AGM on September 24
PEXWELL ENGINEERING: Court Hears Winding Up Petition
SKYROOT INDUSTRIAL: Names Joint and Several Liquidators
I N D O N E S I A
ASIA PULP: Japan May Boycott Products
BANK PERMATA: Prospective Bidders Named
PERTAMINA: ExxonMobil Seeking Talks Regarding Cepu Block
J A P A N
DUSKIN COMPANY: Mulls Early Retirement Plan, New Pay System
HATTORI GANGU: IRCJ and Takara To Support Rehab Plan
MATSUSHITA ELECTRIC: Ties Up With Daikin For China Venture
MITSUBISHI FUSO: Stays Profitable Despite Cover-Up Scandals
MITSUBISHI HEAVY: To Build Wing Plant for Boeing
PHENIX COMPANY: IRCJ Offers Bailout
SOJITZ CORPORATION: Develops Industrial Waste Tracking System
UFJ HOLDINGS: High Court Clears Way for Merger with MTFG
K O R E A
ASIANA AIRLINES: Comes Up With Blacklist With Korean Air
KOOKMIN BANK: CEO Lobbying Irks Regulators
KOOKMIN BANK: FSS Dismisses Foreign Investor Pullout
M A L A Y S I A
ANCOM BERHAD: Buys Back 7,600 Ordinary Shares
BESCORP INDUSTRIES: Releases Unaudited 2Q 2004 Report
BUKIT KATIL: Releases July 2004 Production Figures
BUKIT KATIL: Updates Practice Note 1/2001
BUKIT KATIL: Unveils 4Q 2004 Unaudited Report
FABER GROUP: Updates Disposal of 10,512,316 Ordinary Shares
FARLIM GROUP: Unveils Unaudited 2004 Quarterly Report
GOPENG BERHAD: Unveils 2004 Quarterly Report
GUNUNG CAPITAL: Unveils Second Quarter Financial Report
KSU HOLDINGS: Releases 4Q Report for Period Ended March 31
LANKHORST BERHAD: Releases 2Q 2004 Unaudited Report
MEDAS CORPORATION: Unveils 1Q 2004 Financial Report
MTD CAPITAL: Purchases 10,000 Shares on Buy Back
MYCOM BERHAD: Updates Proposed Debt Restructuring Scheme
PILECON ENGINEERING: No Changes to Default In Payment Status
RNC CORPORATION: Issues Unaudited Quarterly Report
SRIWANI HOLDINGS: Releases 2Q 2004 Financial Report
TALAM CORPORATION: Details Proposed Disposal
TANJONG PUBLIC: Notified of Dealings During Open Period
P H I L I P P I N E S
COLLEGE ASSURANCE: Loan Application With Veterans Bank Denied
MUSIC SEMICONDUCTORS: Unveils Annual Stockholders Meeting
NATIONAL POWER: Government Hopes To Sell Power Grid By Yearend
NEXTSTAGE INCORPORATED: Sets Date of Annual Stockholders Meeting
PHILIPPINE LONG: Issues 6,265 Additional Shares for Listing
S I N G A P O R E
CP SOLUTIONS: Judicial Management Order Issued
EVER-ORIENTAL: Announces Final Dividend Notice
GATE ANTIQUE: Posts Final Dividend Notice
HONG LUAN: Court Issues Winding Up Notice
HUA KOK: Details New Business Agreement with Prosperity Steel
IPM MANUFACTURING: Posts Final Dividend Notice
KLW HOLDINGS: Announces Incorporation of Subsidiary
KOH BROTHERS: Director's Interest Changes
KOH HAN: Enters Winding Up Proceedings
LEUN WAH: Enters Winding Up Proceedings
WORLD DIGITAL: Court Issues Winding Up Notice
T H A I L A N D
MANAGER MEDIA: Unveils Reviewed 2Q and Consolidated FS
MDX: Issues Clarification To 2Q 2004 FS
POWER-P: Submits Audited Yearly FS to SET
SRITHAI FOOD: Seeks Extension for Submission of FS
TPI POLENE: Enters Into Lease Agreement With Pornchai
- - - - - - - -
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A U S T R A L I A
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ADVANCED ENERGY: Appoints Administrator from Grant Thornton
-----------------------------------------------------------
Advanced Energy Systems Ltd. announced in a disclosure to the
Australian Stock Exchange the appointment of Mervyn Kitay of
Grant Thornton as Administrator.
Last week the company's bankers required a reduction of banking
facilities within a time frame, which it is now apparent that
the company is unable to meet.
In view of the position there was no alternative but to put the
company into Voluntary Administration.
Bruno Camarri
Chairman
CONTACT:
Advanced Energy Systems Ltd.
121 Ewing Street, WELSHPOOL,
AUSTRALIA, 6106
Head Office Telephone: 9258 1300
Head Office Fax: 9358 3644
Website: http://www.aesltd.com.au
AUSTRALIAN GAS: Appoints New Continuous Disclosure Officer
----------------------------------------------------------
The Australian Gas Light Company (AGL) advised in a disclosure
to the Australian Stock Exchange (ASX) on Tuesday that with the
retirement of Mr. Les Fisk, Company Secretary of AGL, Ms. Jane
McAloon will assume the responsibilities of the Continuous
Disclosure Officer with ASX.
Mr. McAloon's telephone contact details are as follows:
Direct: (02) 9921 2349
Mobile: 0419 447 384
Email: jmcaloon@agl.com.au
CONTACT:
The Australian Gas Light Company
AGL Centre
Cnr Pacific Highway and Walker Street
North Sydney NSW 2060
Telephone: (02) 9922 0101
Fax: (02) 9957 3671
Website: http://www.agl.com.au/
Postal Address:
AGL Centre
Locked Bag 944
North Sydney NSW 2059
BRAMBLES INDUSTRIES: Releases Second Half Performance
-----------------------------------------------------
Brambles Industries Limited reported on Tuesday a stronger
second half performance resulting in profit before tax, goodwill
amortization and significant items for the year ended 30 June
2004 of A$757 million, 2 percent below the previous year, but up
7 percent in constant currency. Profit after tax before goodwill
amortization and significant items was 2 percent lower at A$520
million, but grew 8 percent in constant currency.
Comparable operating profit in the second half of the year
increased by A$116 million to A$527 million compared with the
first half of A$411 million, due to strong improvements in CHEP
(across all regions)
Cleanaway.
A summary of the key financial results for the year is:
- Profit before tax, goodwill amortisation and significant items
was 2 percentlower at A$757 million, but grew in constant
currency by 7 percent;
- The impact of currency translation adversely affected profit
before tax, goodwill amortization and significant items by A$57
million;
- Profit after tax before goodwill amortization and significant
items at A$520 million was 2 percent lower, but grew 8 percent
in constant currency;
- Profit after tax, goodwill amortization and significant items
(after minority interests) was 5 percent lower at A$314 million,
but in constant currency grew by 6 percent;
- Free cash flow was A$619 million, an increase of A$412 million
over the previous year;
- Capital expenditure was A$264 million lower than the previous
year at A$980 million;
- Earnings per share before goodwill amortization and
significant items were 2 percent lower at 30.7 cents, but grew
in constant currency by 8 percent; and
- Earnings per share after goodwill amortisation and significant
items at 18.6 cents was 5 percent below the previous year, but
grew in constant currency by 6 percent.
Commenting on the results, Brambles Chief Executive Officer,
David Turner, said: "We made solid progress for the year. The
increase in second half comparable operating profit of A$116
million over the first half was an excellent outcome. In
addition, cash flow was strong and for the full year Brambles
generated free cash flow of A$619 million, a surplus of A$280
million after dividends.
The improvement in free cash flow of A$412 million over the
previous year reflects our disciplined approach to capital
expenditure and tighter management of working capital."
This year, CHEP delivered significant profit improvement in each
of its key regions, the costs associated with the CHEP Europe
restructuring have been completed, and the profitability in all
regions grew strongly in the second half of the year led by CHEP
USA.
"We are targeting continued generation of free cash flow as the
concentration on value management continues across Brambles. The
business is performing well in the early part of the current
financial year and this, together with our focus on further
operational improvements, is expected to form the basis for good
progress in 2005."
To view a full copy of the annual results, click
http://bankrupt.com/misc/BRAMBLESANNUALRESULT083104.pdf
CONTACT:
Brambles Group (Australian: BIL )
Level 40, Gateway, 1 Macquarie Place
Sydney, 2000, Australia
Phone: +61-2-9256-5222
Fax: +61-2-9256-5299
Website: http://www.brambles.com
CHEMEQ LIMITED: Shares Plunge After Trading Halt Lift
-----------------------------------------------------
The shares of biotech firm Chemeq Limited experienced a 26-
percent drop on Monday following the lifting of its two-week
trading suspension, reveals The Advertiser.
The troubled firm, which has been plagued by speculation over
its financial position and sales contracts, saw its shares fall
89c to $2.53 on Monday.
Chemeq, which is developing a veterinary drug to replace
antibiotics in boosting animal growth, announced on Friday a
capital raising to secure $30.1 million. It had been seeking to
raise up to $55 million.
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
BENTLEY, AUSTRALIA, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Website: http://www.chemeq.com.au/
COLES MYER: Chairman Says Mark Leibler Won't Seek Re-election
-------------------------------------------------------------
Coles Myer Chairman, Rick Allert announced in a disclosure to
the Australian Stock Exchange that Mark Leibler would not offer
himself for re-election as a director at the company's Annual
General Meeting in November.
"Mark has advised me he has reached this decision having
accepted some significant role which would make it difficult for
him to devote sufficient time to Coles Myer in the future.
"As a director since 1995, Mark has made an outstanding
contribution to the company, particularly in the areas of audit,
corporate governance and legal issues," Mr. Allert said.
Mr. Leibler said that it was with much satisfaction that he
would take his leave from the CML Board at a time when the
company was progressing from strength to strength and well on
the way to achieving its strategic milestones.
Media enquiries: Scott Whiffin, 03 9829 5548.
CONTACT:
Coles Myer Ltd. (NYSE: CM [ADR])
800 Toorak Rd.
Tooronga, Victoria 3146, Australia
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
Website: http://www.colesmyer.com
COLES MYER: Launches Restructure of Supermarket Unit
----------------------------------------------------
Coles Myer Ltd. (CML.AU) announced on Monday that it is
restructuring its key supermarkets business, Dow Jones reports.
The proposed revamp was announced internally by Stephen Cain,
Coles Myer head for food, liquor, petrol and convenience store
operations.
The proposal calls for the retention of Coles and Bi-Lo, Coles
Myer's two supermarket brands. However, Coles Myer spokesman
Scott Whiffin said the company will be merging the internal
structures behind the two brands with one new leadership team,
which includes Gerry Masters, to become managing director of
supermarkets, and Peter Merritt, managing director of house
brands. Coles Myer's liquor group, meanwhile, will have Peter
Scott as managing director, while Joe Barberis will be named
managing director of Coles Express.
According to Mr. Whiffin, the restructure is aimed at
eliminating duplication between Coles and Bi-Lo, with resources
freed up to be reinvested into fresh foods, house brands and
"business transformation."
The new leadership team will be effective Sept. 6.
CONTACT:
Coles Myer Ltd. (NYSE: CM [ADR])
800 Toorak Rd.
Tooronga, Victoria 3146, Australia
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
Website: http://www.colesmyer.com
EPIC ENERGY: Alinta Consortium Named Preferred Bidder For DBNGP
---------------------------------------------------------------
In a press release on its website, Alinta Limited said that the
Receivers and Managers of the Dampier to Bunbury Natural Gas
Pipeline (DBNGP), Martin Madden and Brian McMaster of
KordaMentha, announced yesterday that a consortium comprising
Diversified Utility & Energy Trusts (DUET), Alinta Limited and
Alcoa of Australia Limited had been named as the preferred
bidder for the purchase of 100% of the DBNGP and associated
assets.
The Receiver has advised the Consortium that three bids were
received that were sufficient to repay bank debt, however the
Consortium's selection as preferred bidder was based on the
greater certainty of its offer. The Consortium's bidding price
is approximately A$1.86 billion excluding transaction costs and
proposed capital expenditure).
The Consortium's offer is subject to limited conditions
including the finalization of shipping arrangements and
completion of further due diligence, expected to take
approximately three weeks. Further details regarding the terms
of the DBNGP sale will be announced at that time. In the
meantime, the Consortium expects to enter into sale and purchase
agreements with the Receiver this week.
Mr Peter Barry, the CEO of DUET, said the selection as preferred
bidder reflected the strength of the Consortium's proposal to
recommercialize the Dampier to Bunbury pipeline.
"Under the Consortium's offer, certainty is restored to the
DBNGP business through long term contracts with the major
shippers on the pipeline," Mr Barry said.
"The returns generated by the DBNGP business will be underpinned
by these long term contracts and are expected to provide
predictable cashflows to the Consortium partners from the
completion of the transaction.
"At the same time, the shipping contracts will facilitate the
timely expansion of the pipeline to meet growth in Western
Australia's energy needs.
"We look forward to continuing to work with the Receiver to
facilitate a smooth and timely sale of the DBNGP."
Alinta Network Services will be the operator of the pipeline,
however key commercial operations will be conducted within the
asset vehicle to ensure no conflicts of interest exist. This is
in keeping with undertakings agreed in principle with the
Australian Competition &
Consumer Commission and announced earlier this week.
The Consortium's equity stakes in the DBNGP will be as follows:
Alinta (20%), Alcoa (20%) and DUET (60%). Alcoa's participation
is subject to FIRB approval.
Mr Barry said that DUET's acquisition of the 60% interest in the
pipeline delivers to DUET investors a fourth asset with a strong
competitive position offering predictable cashflows.
"The DBNGP acquisition will further diversify DUET's portfolio
of regulated energy utility businesses, by adding a strategic
gas transmission asset with long term shipping contracts," Mr
Barry said.
"DUET's investment in the pipeline is also expected to enhance
DUET's yield from year one and the payment of stable and
predictable distributions to DUET investors from completion of
the transaction."
Details regarding DUET's proposed funding arrangements, which
will include an underwritten capital raising of around A$300
million, will be made available to investors following the
completion of the Consortium's due diligence process.
Alinta and Alcoa will fund their portions of the transaction
with internal cash reserves.
The Consortium has obtained credit approved debt funding for the
acquisition from Citibank and Barclays.
Epic Energy Inc. owns the DBNGP, which was placed in
receivership over a $1.85-billion debt in late April.
Media contacts:
Alinta: Tony Robertson
Group Manager External Affairs
(08) 9486 3014 or 0419 867 230
Alcoa: Louise Boylen
Senior Advisor, Corporate Affairs
(08) 9316 5812 or 0404 800 417
DUET: Suzanne Mercer
Public Affairs Manager
(02) 8232 8525 or 0413 946 706
REYNOLDS WINES: Deputy Chair's Assets to Remain Frozen
------------------------------------------------------
The NSW Supreme Court has issued a ruling that the assets of
Reynolds Wines Limited deputy chairman Peter Poolman and his
wife will remain frozen, reports The Australian.
The company's liquidator, Greg Hall of PricewaterhouseCoopers,
has alleged that Mr. Poolman and former Reynolds chairman
Malcolm Irving traded while the company was already insolvent.
It has also been alleged that the deputy chairman placed assets
in his wife's name to keep them out of the liquidator's hands.
On Monday, Mr. Hall told the court that he is of the belief that
nine months before administrators were appointed in August 2003,
Reynolds was already insolvent from October 2002. He said that
according to his estimates, the company was already in the red
by $28.8 million in May 2003.
The failure of the vineyard to resolve an $18 million tax
liability dispute with the Australian Taxation Office (ATO) led
to its voluntary administration.
Lawyers for Mr Poolman told the court on Monday they had
appealed the ATO decision with the Administrative Appeals
Tribunal (AAT). They claim the company would not have been
placed into administration if the ATO decision had been correct.
However, the lawyers failed to stay the insolvent trading case
until after the AAT resolves the ATO issue.
Still, they managed to convince Justice Patricia Bergin to let
Mr. Poolman to invest his $690,000 share of the proceeds of the
$4.35 million sale of his Orange grazing property in the central
west of NSW to help retain its value.
However, the money remains frozen until October 1. His wife's
assets, including proceeds of the rural property sale and a
kitchen manufacturing business, have also been frozen.
Justice Bergin will resume hear arguments on the case on
September 30.
CONTACT:
Reynolds Wines Limited
ACN No 061 232 657
Registered Office "Quondong",
Cargo Road, Cudal via Orange,
NSW 2864, Australia
Telephone: +61 2 63907900
Fax: +61 2 63642388
SONS OF GWALIA: Approached By Prospective Gold Asset Buyers
-----------------------------------------------------------
Sons of Gwalia chief executive John Leevers said Monday that in
recent months, the troubled mining firm has been approached by
several local and offshore parties interested in acquiring its
gold business, Dow Jones reveals.
"We're aware that there are people interested, but there have
been no discussions yet," he said in an interview.
Sons of Gwalia, Australia's second-biggest gold producer and the
world's biggest producer of tantalum, announced early Monday
that it has appointed administrators to run the company after
identifying a "serious deterioration" in the status of its gold
reserves. The company's gold hedging counterparties - banks and
financial institutions - then refused to accept a standstill
agreement on debts.
The administrators will work with directors to develop a plan
focused on selling its gold business and recapitalizing its
tantalum business, the company said in a statement.
Creditors will decide the future of the company at meetings to
be held within a month.
CONTACT:
Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Email: carmen.kiggins
Website: http://www1.sog.com.au/
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C H I N A & H O N G K O N G
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AWT LIMITED: Appoints Joint and Several Liquidators
---------------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated the 23rd day of July 2004, Nicholas
Timothy Cornforth Hill and Stephen Briscoe of RSM Nelson Wheeler
Corporate Advisory Services Limited, 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed as Joint and Several Liquidators of AWT Limited
(formerly known as Affluence Warehouse & Transportation Limited)
with a committee of inspection.
Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Liquidators
AWT Limited
This announcement is dated August 31, 2004.
CAPISCES TRADING: Enters Bankruptcy Proceedings
-----------------------------------------------
A Petition for the Winding up of Capisces Trading Limited by the
High Court of Hong Kong was, on the 13th day of August, 2004,
presented to the said Court by Ma Yee Kwan of Room 1208, Kwong
Yat House, Kwong Tin Estate, Lam Tin, 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
CHEONGFULI TRADING: Creditors Must Prove Debts by October 4
-----------------------------------------------------------
The Creditors of Cheongfuli Trading Limited, which is being
voluntarily liquidated, are required on or before 5:00 p.m. on
the 4th day of October 2004 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
undersigned.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.
Ip Kwun Ting
Liquidator
Rooms 801-802, 8th Floor
Shiu Lam Building
23 Luard Road, Wanchai
Hong Kong
This announcement is dated August 27, 2004.
CHOR LAU: Court Sets Winding Up Petition Hearing
------------------------------------------------
Notice is given that a Petition for the Winding up of Chor Lau
Heung Restaurant by the High Court of Hong Kong was, on the 6th
day of August 2004, presented to the said Court by Tsang Yuet Ho
of Room E, 9/F., 334-350 Des Voeux Road West, 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.
KAMBOAT GROUP: Posts 2004 Financial Results
-------------------------------------------
Kamboat Group Company Limited on August 30, 2004 announced its
financial result for the current fiscal year on the Singapore
Stock Exchange.
Year-end date: April 30, 2004
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/05/200 from 01/05/2002
to 30/04/2004 to 30/04/2003
Note ('000) ('000)
Turnover : 318,113 324,906
Profit/(Loss) from Operations : (22,417) (5,545)
Finance cost : (269) (364)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : (370) N/A
Profit/(Loss) after Tax & MI : (26,841) (7,959)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.2951) (0.0867)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (26,841) (7,959)
Final Dividend : NIL $0.015
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 Annual
General Meeting : 04/10/2004 to 7/10/2004bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
MAE HOLDINGS: Proposes Amendment to Existing Bylaws
---------------------------------------------------
The Board of MAE Holdings Limited announced that at a meeting of
the Board held on 26 August 2004, it has resolved, amongst other
things, to propose to the Shareholders at the annual general
meeting of the Company to be held at Room 1001-1007, 10th Floor,
Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong
on Friday, 24 September 2004 at 5:00 p.m. (the AGM) a special
resolution to amend the Bye-laws in order to be in compliance
with the amended Appendix 3 of the Listing Rules, which came
into effect on 31 March 2004, and Appendix 13A.
This announcement is made pursuant to the requirement of Rule
13.51 of the Listing Rules.
Full text of the proposed amendments to the Bye-laws to be
considered by the Shareholders at the AGM are set out in a
circular dated 31 August 2004, which contains a notice of the
AGM and are being dispatched to the Shareholders.
By Order of the Board
Lo Wai Shing Felix
Chairman
Hong Kong, 31 August 2004
MAE HOLDINGS: Sets AGM on September 24
--------------------------------------
Notice is hereby given that the Annual General Meeting of MAE
Holdings Limited will be held at Room 1001-1007, 10/F., Lippo
Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong on
24th September, 2004, at 5:00 p.m.
To view the full release, click on:
http://bankrupt.com/misc/TCRAP_MAEHOLDINGS083104.pdf
PEXWELL ENGINEERING: Court Hears Winding Up Petition
----------------------------------------------------
Notice is given that a Petition for the Winding up of Pexwell
Engineering Company Limited by the High Court of Hong Kong was,
on the 6th day of August, 2004, presented to the said Court by
Tin Sik Cheong of Room 710, Hong Wah House, Cheung Hong Estate,
Tsing Yi, 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.
SKYROOT INDUSTRIAL: Names Joint and Several Liquidators
-------------------------------------------------------
By an order made by Master S. Kwang herein on 28th June, 2004,
Mr. Wong Man Chung, Francis and Mr Wong Wai Man, Cliff of 19/F.,
No. 3 Lockhart Road, Wanchai, Hong Kong have been appointed
Joint and Several liquidators of Skyroot Industrial Limited.
Mr. Chow Tat Nin, Nelson Dials Factory Limited, Confi Metal
Finishing Company Limited, Citicorp Commercial Finance (HK)
Limited and Regent Star Industrial (HK) Company Limited have
also been appointed as members of the committee of inspection to
act with the said Joint and Several Liquidators in accordance
with Section 206 of the Companies Ordinance.
Wong Man Chung, Francis
Wong Wai Man, Cliff
Joint and Several Liquidators
This announcement is dated August 27, 2004.
=================
I N D O N E S I A
=================
ASIA PULP: Japan May Boycott Products
-------------------------------------
Allegations that Indonesia-based Asia Pulp and Paper Co. (APP)
uses illegally felled timber for its raw material may drive away
Japanese importers in September, reports The Jakarta Post.
According to Ministry of Forestry spokesman Transtoto
Handadhari, several giant Japanese firms such as Ricoh Co., are
planning to boycott APP products after campaigns by non-
governmental organizations against APP products in Japan.
"Due to the problem, the ministry has decided to help APP as it
may jeopardize the country's overall pulp and paper export to
Japan. We are afraid that Japanese buyers may think that our
pulp and paper products are mostly derived from illicit
sources," said Mr. Transtoto.
Mr. Transtoto said the ministry was suspicious that the
rejection was mainly a result of unfair trade practices
conducted by Japanese companies with affiliates in Asia that
wanted to takeover the huge market of APP, whose total exports
to Japan may be worth about US$500 million per year, with 20
percent of the exports destined for Ricoh.
APP is controlled by the Sinar Mas Group, founded by tycoon Eka
Tjipta Widjaja. The company is currently trying to restructure
its defaulted debts totaling US$13.9 billion.
CONTACT:
Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
http://www.asiapulppaper.com
BANK PERMATA: Prospective Bidders Named
---------------------------------------
The Indonesian government said on Monday that 10 prospective
bidders have beaten the Friday deadline in submitting all the
requirements to make an initial offer for a 51-percent stake in
PT Bank Permata (BNLI.JK), reports Dow Jones.
The 10 prospective bidders are Malayan Banking Bhd. (1155.KU),
PT Bank Rakyat Indonesia (BBRI.JK) and United Overseas Bank Ltd.
(U11.SG) of Singapore, and consortiums led by Barclays Bank,
Bumiputera Commerce Bank, Bank Mandiri (BMRI.JK), Bank Panin,
Standard Chartered Bank-Astra International (ASII.JK),
Swissfirst (SCM) and Wachovia (WB).
Without providing details of the members of the consortiums, the
government said that by the end of August, it will shortlist
five bidders, who will then do due diligence on Bank Permata
before submitting their final bid in early October.
The government, which created Bank Permata after the 1997-1998
Asian financial crisis by merging the failed Bank Bali with four
other institutions, is selling its stake in Permata to plug the
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
PERTAMINA: ExxonMobil Seeking Talks Regarding Cepu Block
--------------------------------------------------------
Exxon Mobil Corp. (XOM.N: Quote, Profile, Research) is
attempting to arrange discussions with state oil and gas company
PT Pertamina its decision not to extend the US-based firm's
contract to jointly operate the Cepu oil block, Reuters reports.
In an e-mailed statement, Exxon Mobil Indonesia spokeswoman Deva
Rachman confirmed that the firm has received a letter from
Pertamina regarding the status of Exxon Mobil and Pertamina's
negotiations concerning the Cepu Contract Area.
"We are currently evaluating statements made in the letter and
plan to discuss these with Pertamina and the Indonesian
government when meetings can be scheduled," she added.
Exxon Mobil, which has various oil and gas agreements in
Indonesia, and Pertamina have been locked in talks since 2001
over the Cepu block on Java island, which government officials
say could produce the equivalent of 10 percent of Indonesia's
current output, or around 100,000 barrels a day.
The Cepu block is under a technical assistance contract, which
is set to expire in 2010, between the two firms.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
=========
J A P A N
=========
DUSKIN COMPANY: Mulls Early Retirement Plan, New Pay System
-----------------------------------------------------------
Duskin Company plans to include an early retirement scheme and a
new merit-based pay system in its corporate reform program,
reports Japan Today.
The plan will be implemented as part of measures to revive its
tarnished image ahead of the company's planned listing on stock
exchanges in fiscal 2007.
Major cleaning equipment leasing firm Duskin has been trying to
revive its business after a string of scandals in the past.
CONTACT:
Duskin Company Limited
1-33, Toyotsucho
Suita, Osaka, 564-0051
Phone: 0668215006
Fax: 0668215357
HATTORI GANGU: IRCJ and Takara To Support Rehab Plan
----------------------------------------------------
Hattori Gangu and its creditor UFJ Bank are planning to involve
the state-backed Industrial Revitalization Corporation of Japan
(IRCJ) in the rehabilitation of the ailing toy company, reports
The Japan Today, citing Kyodo News.
Aside from the IRCJ, major toy maker Takara Company is likewise
considering extending monetary aid to Hattori.
Sources confirmed the toy wholesaler will implement its rescue
program upon IRCJ's approval.
CONTACT:
Hattori Gangu K.K.
4-1, Imaikeminami, Chikusa-Ku
Nagoya, Aichi, 464-0851
Phone: 0527 411186
Fax: 0527 411362
MATSUSHITA ELECTRIC: Ties Up With Daikin For China Venture
----------------------------------------------------------
In a move to meet the growing demand for air conditioners,
Matsushita Electric Industrial Company has forged an alliance
with Daikin Industries Limited to jointly produce air
conditioner compressor parts in Suzhou, Jiangsu Province, China.
According to Kyodo News, the US$20.8 million joint venture will
start operating in December with a sales target of JPY4.2
billion in the fiscal year starting April next year.
The new entity called Daikin Motor Suzhou Company will be 60
percent owned by Daikin and 40 percent by Matsushita.
For the current business year, the two allies project global
demand for air conditioners to balloon to 50 million units for
household models and 11 million for commercial models.
CONTACT:
Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501,
Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Website: http://matsushita.co.jp
MITSUBISHI FUSO: Stays Profitable Despite Cover-Up Scandals
-----------------------------------------------------------
For the current fiscal year, Mitsubishi Fuso Truck and Bus
Corporation booked hefty profits despite its well-publicized
involvement in a series of defect cover-up issues, reports
Refrigerated Transporter.
Although it expects a steep profit decline in Japan, the
troubled truck maker's group net revenue surged to JPY17.5
billion (US$161 million) for the current financial year from
last year's JPY1.5 billion. Sales rose 23 percent to JPY 894.0
billion (US$8 billion) from the previous JPY724.0 billion.
Along with former parent Mitsubishi Motors Corporation,
Mitsubishi Fuso has conducted recalls of faulty vehicles early
this year, as ex-officials were arrested for alleged concealment
of defects in two fatal accidents in 2002.
Mitsubishi Fuso, which is 65-percent owned by German automaker
DaimlerChrysler AG, declined to give an earnings outlook due to
problems in assessing damage from recalls.
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 HEAVY: To Build Wing Plant for Boeing
------------------------------------------------
In order to cover losses in its shipbuilding and nuclear power
sectors, Mitsubishi Heavy Industries will expand its aerospace
business by constructing a plant that will manufacture wings for
Boeing's 7E7 Dreamliner, Kyodo News relates, citing the Nihon
Keizai Shimbun.
The heavy machinery maker is currently in talks with embattled
automaker Mitsubishi Motors Corporation over buying a 100,000-
square-meter land plot in Nagoya to build a factory for Boeing.
The company is expected to pay JPY4-5 billion for the MMC
property.
The plant, with an estimated investment of JPY35 billion, would
start operations in 2006, supplying wings for Boeing 7E7s over
20 years.
The lightweight wing will be the first carbon fiber wing to be
used on passenger airplanes.
CONTACT:
Mitsubishi Heavy Industries, Ltd.
16-5, Konan 2-chome, Minato-ku
Tokyo, 108-8215, Japan
Phone: +81-3-6716-3111
Fax: +81-3-6716-5800
Website: http://www.mhi.co.jp
PHENIX COMPANY: IRCJ Offers Bailout
-----------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
offered to rescue ailing skiwear maker Phenix Company, reports
Japan Today, citing Kyodo News.
IRCJ's revival scheme for Phenix include asking creditor banks,
led by Sumitomo Mitsui Banking Corporation, to grant the
troubled firm a JPY8.4 billion loan waiver to cut a portion of
the company's mounting liabilities.
CONTACT:
Phenix Co. Ltd.
5-32-10, Sendagaya
Shibuya-Ku, Tokyo, 151-0051
Phone: 0353667711
Fax: 0333417725
SOJITZ CORPORATION: Develops Industrial Waste Tracking System
-------------------------------------------------------------
In a press release dated August 31, 2004, Sojitz Corporation
announced that it has developed an industrial waste
tracking/management system that utilizes the 'FOMA' third
generation mobile phone with the cooperation of NTT DoCoMo
Kansai Incorporated. Through a linkage between `FOMA' and the
`Venus System', a manifest management system serviced by Sojitz,
the waste tracking/management system will unfailingly track
industrial waste treatment processes, in addition to improving
operation efficiency by computerizing complicated administrative
operations for manifests.
Utilization of mobile phone terminals will allow companies
introducing the system to both reduce workloads and undertake
waste management with a new method without having to purchase
dedicated equipment. Operation of the system will commence in
the Kanto Region with the introduction of the new system by a
leading housing manufacturer.
Sojitz will offer the service based on the ASP (Application
Service Provider) method, focusing mainly on the construction
industry such as housing manufacturers and general contractors
that are strengthening their industrial waste treatment
management systems. Annual sales of 100 million yen are targeted
in three years time.
Conventionally, paper-based manifests have been issued at sites
where delivery and receipt of construction material waste are
made, with the presence of the person in charge from the
business operator being responsible for the discharge of such
waste.
The new system makes use of a high-speed, large capacity
network, which is a feature of `FOMA', exchanging data over the
Internet using i-mode, which data is required to issue a
manifest. First, when picking up industrial waste, the
industrial waste collector takes a photo of the site using a
`FOMA' mobile camera, the collector then connects to
the i-application site dedicated to the `Venus System' to enter
required information such as type of waste and quantity. The
system has a mechanism to automatically send the registered data
to the business operator responsible for discharging the waste.
The person authorized to issue a manifest, to whom a password
has been given in advance, gives approval after confirming the
images and data, and then issues an electronic manifest.
Further, the system uses GPS (Global Positioning System) to
track the transport vehicle in real time. Navigation traces such
as vehicle positioning and route are recorded as electronic data
per manifest, enabling the creation of highly reliable
manifests. Such electronic manifest information is shared over
the Internet with those responsible for the discharge of waste,
waste collection and transportation service providers, and waste
treatment operators. The system enables not only improvements to
the efficiency of clerical work, such as collecting and
verifying manifests, but also eases the carrying out of the
unified management of data concerning waste management.
The `Venus System' is in compliance with JWNET, operated by the
Japan Industrial Waste Technology Center (Chuo-ku, Tokyo), and
provides the benefit of being exempt from the 5-year storage
requirement that exists for paper-based manifests.
Under circumstances where regulations are being strengthened in
order to prevent illegal waste disposal, as can be understood
from the revision of the Waste Disposal Law, companies are
required to undertake more thorough industrial waste management
and information management. In addition, resource recycling and
the environment are receiving increased public attention.
Through provision of the new service, Sojitz will support the
efforts of waste discharging enterprises, and will also aspire
to establish systems to prevent illegal waste disposal.
CONTACT:
Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Website: http://www.sojitz.com
UFJ HOLDINGS: High Court Clears Way for Merger with MTFG
--------------------------------------------------------
In a move that paves the way for a full takeover of UFJ Holdings
Incorporated by Mitsubishi Tokyo Financial Group (MTFG), the
Supreme Court of Japan has issued a ruling that UFJ can pull out
of the deal to sell its trust unit to Sumitomo Mitsui Financial
Group (SMFG), Reuters says.
The irrevocable verdict will allow UFJ and MTFG to go ahead with
full-fledged negotiations to merge into the world's top-ranked
bank with JPY1.7 trillion (US$15.5 billion) worth of assets.
SMFG, which has offered JPY3.2 trillion (US$29 billion) to
acquire UFJ, expressed disappointment with the ruling, as it had
been attempting to block the UFJ-MTFG alliance.
The decision concluded a month-long legal battle that began when
UFJ announced it was seeking a merger with second-ranked MTFG.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Website: www.ufj.co.jp
=========
K O R E A
=========
ASIANA AIRLINES: Comes Up With Blacklist With Korean Air
--------------------------------------------------------
South Korea's two major carriers announced on Monday that they
have drawn up blacklists of passengers who have created
disturbances on their flights in the past, reports the JoongAng
Daily.
Korean Air and Asiana Airlines said they intend to bar Korean
and non-Korean passengers who have been noted to be violent,
used vulgar language and drank excessively in past flights.
In creating the blacklists, Korean Air and Asiana categorized
such passengers into one group that flight attendants should
treat with caution, and into another which brands people who
threatened other passengers as "inflight delinquents", who are
to be barred from flights on the two airlines anywhere in the
world.
Currently, the Asiana blacklist has 17 passengers, whose names,
passport numbers, nationalities and security numbers will be
shared by branch offices of the airlines. Korean Air, meanwhile,
has so far picked out 20.
CONTACT:
Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230
KOOKMIN BANK: CEO Lobbying Irks Regulators
------------------------------------------
The lobbying of Kookmin Bank President Kim Jung-tae with his
deputies to challenge the latest regulatory crackdown on its
accounting irregularities involving KRW550 billion has earned
the ire of regulators, reports The Korea Times.
In a press conference on Monday, Financial Supervisory Service
(FSS) deputy governor Kim Jung-hoe dismissed allegations that
the regulator is targeting the Kookmin CEO as a scapegoat. The
key point, he said, is that the nation's largest bank had
violated accounting rules, which requires sanctions against CEO
Kim and other executives.
He made the remark as foreign investors and shareholders are
allegedly moving to petition Kookmin's case in order to protect
the CEO and help keep him in office even after October.
The deputy governor reconfirmed that Kookmin has clearly
committed a violation of generally accepted accounting standards
during its merger with Kookmin Credit Card in 2003.
The FSS also released details of an internal KB document drawn
up in September 2003 entitled "reports on strategies for
reducing tax burdens in the process of a merger". The document,
the deputy governor said, is key evidence contradicting KB's
claims that bookkeeping based on audits by Samil Accounting
Corp. and consulting by the National Tax Service (NTS) was
false.
Samil has asserted that the accounting for KB's provisions
against possible losses at Kookmin Credit Card could be a
violation of rules according to the document. This is an
indication that the possibility of accounting fraud might have
already been recognized by Kookmin.
The FSS official also said that KB failed to refer the corporate
tax issue to the NTS in detail.
The deputy governor said that sanctions also await former KB
standing auditor Lee Sung-nam, a member of the central bank's
policy-setting Finance and Monetary Committee.
CONTACT:
Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Tel: +82 2 317 2114
Tel: +82 2 776 5637
KOOKMIN BANK: FSS Dismisses Foreign Investor Pullout
----------------------------------------------------
The Financial Supervisory Service (FSS) dismissed on Monday
allegations that once it ousts Kookmin Bank CEO Kim Jung-tae,
for the bank's accounting irregularities, foreign investors
would pull out of the Korean stock market, reports The Korea
Times.
According to the regulators, more foreign investments would flow
into Korea once corporate accounting practices become more
transparent.
The FSS made the remarks amidst talk that many foreign
institutional investors have been protesting the regulator's
action.
Kookmin Bank was fined KRW2 billion by the FSS last week for
accounting standard violations in its 2003 financial statements.
===============
M A L A Y S I A
===============
ANCOM BERHAD: Buys Back 7,600 Ordinary Shares
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Ancom
Berhad announced the details of its shares buy back dated August
30, 2004.
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 7,600
Minimum price paid for each share purchased (RM): 0.795
Maximum price paid for each share purchased (RM): 0.800
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 7,600
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 4,302,500
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my
BESCORP INDUSTRIES: Releases Unaudited 2Q 2004 Report
-----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Bescorp
Industries Berhad announced its 2004 Second Quarter Financial
Report for the period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
0 0 0 0
(2) Profit/(loss) before tax
1,772 0 3,835 845
(3) Profit/(loss) after tax and minority interest
1,772 0 3,835 845
(4) Net profit/(loss) for the period
1,772 0 3,835 845
(5) Basic earnings/(loss) per shares (sen)
9.33 0.00 20.18 4.45
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
-13.3500 -13.5500
For more information, click
http://bankrupt.com/misc/bescorpfullqreport083004.xls
CONTACT:
Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967
BUKIT KATIL: Releases July 2004 Production Figures
--------------------------------------------------
In accordance with Paragraph 9.29 of Part L of the Bursa
Malaysia Securities Berhad Listing Requirements, Bukit Katil
Resources Berhad are pleased to announce the production figures
for the month of July 2004 in respect of the Group's plantation
production as follows:
Current Preceeding Current Preceeding
Month Year Year Year
July 2004 Corresponding to date Corresponding
Month July 2004 Period
July 2003 July 2003
FFB (mt) 553.34 945.22 553.34 945.22
CONTACT:
Bukit Katil Resources Berhad
DAMANSARA TOWN CENTRE
Jalan Damanlela Pusat Bandar Damansara, Damansara Heights, Kuala
Lumpur 50490 MALAYSIA
Telephone: +60 3 2095 7077
Telephone: +60 3 2094 9940
BUKIT KATIL: Updates Practice Note 1/2001
-----------------------------------------
Bukit Katil Resources Berhad disclosed to Bursa Malaysia
Securities Berhad an update in relation to a Default in payment
under Practice Note 1/2001 of the Bursa Malaysia Securities
Berhad Listing Requirements.
The Board of Directors of BKATIL wishes to update on the
following loan facilities.
Bumiputra-Commerce Bank Berhad
The application by the bank to enter summary judgement against
the Company was allowed by the Learned Senior Assistant
Registrar on 16 July 2004. The Company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.
The Company is still in the process of seeking third party
financing to settle the loan facilities.
OCBC Bank (Malaysia) Berhad
OCBC Bank (Malaysia) Berhad has obtained an order for sale on 14
November 2003 on Omega Bricks Sdn Bhd's land held under Grant
Reg No. 31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian,
Negeri Perak. The Company has filed a Notice of Appeal against
the said Order for Sale.
OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on 6
October 2003 and was served on the Company on 14 November 2003.
The winding-up petition which came for hearing on 30 June 2004
has been adjourned to 8 September 2004.
The company is still in the process of seeking alternative
financing from other financial institutions for the repayment of
the defaulted sums.
Alliance Merchant Bank Berhad
Hearing has been adjourned to 9 September 2004 to consider the
Bank's application for summary judgement as well as the
Company's counterclaim.
The Company is still actively negotiating with other financial
institutions to refinance the outstanding sums.
Perbadanan Kemajuan Negeri Pahang
The Company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
19 April 2004, a final judgement was granted by the High Court
for RM14.0 million against the Company, inclusive of interest
until the date of full settlement. The Company is appealing
against the said judgement, which is to be heard on 18 November
2004.
The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.
To view a full copy of the Table, click
http://bankrupt.com/misc/BUKITKATILBORROWINGSTABLE083004.doc
BUKIT KATIL: Unveils 4Q 2004 Unaudited Report
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Bukit Katil
Resources Berhad announced its unaudited Fourth Quarter
Financial Report for the period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
810 2,566 6,562 10,544
(2) Profit/(loss) before tax
-3,471 -29,559 -5,432 -28,225
(3) Profit/(loss) after tax and minority interest
-3,270 -29,404 -5,403 -28,829
(4) Net profit/(loss) for the period
-3,270 -29,404 -5,403 -28,829
(5) Basic earnings/(loss) per shares (sen)
-4.94 -44.45 -8.17 -43.58
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
1.2963 1.3780
To view a full copy of the Financial Report, click
http://bankrupt.com/misc/bukitkatilfullqreport083004.doc
FABER GROUP: Updates Disposal of 10,512,316 Ordinary Shares
-----------------------------------------------------------
Faber Group Berhad (Fgb) issued to Bursa Malaysia Securities
Berhad and update in relation to the Proposed Disposal By Faber
Hotels Holdings Sdn Bhd (Fhh), a wholly-owned subsidiary of FGB,
of 10,512,316 Class A Ordinary Shares of RM1.00 each and
9,779,215 Convertible Redeemable Cumulative Preference Shares of
RM1.00 each in Inter Heritage (M) Sdn Bhd (IHSB) representing 49
percent of the total equity interest in IHSB, of which FHH owns
51 percent, to United Engineers (Malaysia) Berhad, the single
largest shareholder of FGB, for a total cash consideration of
RM1.00 and the Proposed Shareholders' Mandate For New Recurrent
Related Party Transactions.
FGB refers to its announcement dated 13 August 2004 on the
convening of the Extraordinary General Meeting (EGM) of FGB on
30 August 2004.
On behalf of FGB, Commerce International Merchant Bankers Berhad
is pleased to announce that the shareholders of FGB have today
approved all the resolutions tabled at the EGM of FGB.
This announcement is dated 30 August 2004.
CONTACT:
Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828
FARLIM GROUP: Unveils Unaudited 2004 Quarterly Report
-----------------------------------------------------
Farlim Group (Malaysia) Berhad announced to Bursa Malaysia
Securities Berhad its unaudited Quarterly report for the period
ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
46,538 47,846 94,633 86,989
(2) Profit/(loss) before tax
-3,679 -9,788 -8,985 -18,729
(3) Profit/(loss) after tax and minority interest
-2,293 -6,310 -6,307 -12,513
(4) Net profit/(loss) for the period
-2,293 -6,310 -6,307 -12,513
(5) Basic earnings/(loss) per shares (sen)
-1.91 -5.26 -5.26 -10.43
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
0.8100 0.8600
For more information, click
http://bankrupt.com/misc/farlimgroupamended083004.xls
http://bankrupt.com/misc/farlimgroupnotes083004.doc
CONTACT:
Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Website: http://www.farlim.com.my
GOPENG BERHAD: Unveils 2004 Quarterly Report
--------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Gopeng
Berhad announced its 2004 Second Quarter Report for the period
ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
6,851 9,782 21,050 25,065
(2) Profit/(loss) before tax
-5,570 -3,089 -5,746 -5,487
(3) Profit/(loss) after tax and minority interest
-6,668 -4,232 -7,609 -7,458
(4) Net profit/(loss) for the period
-6,668 -4,232 -7,609 -7,458
(5) Basic earnings/(loss) per shares (sen)
-3.72 -2.36 -4.24 -4.16
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
0.8200 0.8500
To view a full copy of the financial report click
http://bankrupt.com/misc/gopengberhad083004.doc
GUNUNG CAPITAL: Unveils Second Quarter Financial Report
-------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Gunung
Capital Berhad announced its unaudited Financial Report for the
period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
10,108 7,437 18,519 20,958
(2) Profit/(loss) before tax
-614 -1,018 -2,442 -3,526
(3) Profit/(loss) after tax and minority interest
-614 -1,018 -2,442 -3,526
(4) Net profit/(loss) for the period
-614 -1,018 -2,442 -3,526
(5) Basic earnings/(loss) per shares (sen)
-1.22 -5.09 -5.20 -17.63
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
0.4850 0.4184
For more information, click
http://bankrupt.com/misc/gunungcapital083004.xls
http://bankrupt.com/misc/gunungcapital083004_2.doc
KSU HOLDINGS: Releases 4Q Report for Period Ended March 31
----------------------------------------------------------
KSU Holdings Berhad issued to Bursa Malaysia its Fourth Quarter
Financial Report for the period ended March 31, 2004.
Remark:
Comparative figures for the cumulative quarter preceding year
corresponding period 31 March 2003 are not available as the
Company has changed its financial year end from 31 December 2002
to 31 March 2003.
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/03/2004 31/03/2003 31/03/2004
31/03/2003
RM'000 RM'000 RM'000 RM'000
(1) Revenue
0 0 0
(2) Profit/(loss) before tax
-1,101 -4,412 6,970
(3) Profit/(loss) after tax and minority interest
-1,101 -4,412 6,970
(4) Net profit/(loss) for the period
-1,101 -4,412 6,970
(5) Basic earnings/(loss) per shares (sen)
-0.62 -2.50 3.95
(6) Dividend per share (sen)
0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
0.7400 0.7100
For more information, click
http://bankrupt.com/misc/ksuholdings083004.xls
LANKHORST BERHAD: Releases 2Q 2004 Unaudited Report
---------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Lankhorst
Berhad announced its 2004 Unaudited Second Quarter Report for
the period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
16,169 20,973 25,275 48,205
(2) Profit/(loss) before tax
-497 460 -562 1,473
(3) Profit/(loss) after tax and minority interest
-505 513 -570 922
(4) Net profit/(loss) for the period
-505 513 -570 922
(5) Basic earnings/(loss) per shares (sen)
-1.20 1.30 -1.40 2.30
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
0.2342 0.2318
To view a full copy of the 2Q 2004 Quarterly Report, click
http://bankrupt.com/misc/lankhorstberhad083004.doc
This announcement is dated 30th August 2004
CONTACT:
Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia
MEDAS CORPORATION: Unveils 1Q 2004 Financial Report
---------------------------------------------------
Medas Corp. Berhad in a disclosure to Bursa Malaysia Securities
Berhad disclosed its 2004 First Quarter Unaudited Financial
Report for the period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
10,718 8,720 10,718 8,720
(2) Profit/(loss) before tax
-120 -200 -120 -200
(3) Profit/(loss) after tax and minority interest
-120 -200 -120 -200
(4) Net profit/(loss) for the period
-120 -200 -120 -200
(5) Basic earnings/(loss) per shares (sen)
-0.86 -1.43 -0.86 -1.43
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
0.1659 0.1723
For more information, click
http://bankrupt.com/misc/medascorp1.xls
http://bankrupt.com/misc/medascorp2.xls
http://bankrupt.com/misc/medascorp3.xls
http://bankrupt.com/misc/medascorp4.xls
http://bankrupt.com/misc/medascorp5.doc
MTD CAPITAL: Purchases 10,000 Shares on Buy Back
------------------------------------------------
MTD Capital Berhad disclosed to Bursa Malaysia Securities Berhad
the details of its shares buy back dated August 26, 2004.
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 amount paid for shares purchased (RM): 26,300.00
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 10,000
Total number of shares retained in treasury (units): 1,933,600
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 30/08/2004
Lodged by: MTD Capital Bhd
CONTACT:
MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone: (603) 689-9022
MYCOM BERHAD: Updates Proposed Debt Restructuring Scheme
--------------------------------------------------------
Mycom Berhad refers to the announcement made to Bursa Malaysia
Securities Berhad dated 21 January 2002 in relation to the
approval of Bank Negara Malaysia (BNM) for the Proposed
Restructuring Scheme. On behalf of the Board of Directors of
Mycom Berhad (Mycom), Southern Investment Bank Berhad (SIBB)
wishes to announce that BNM, had via its letter dated 30 August
2004, granted its permission for the following, which form part
of the proposed debt restructuring of the Mycom Group:
(a) for Mycom and Mycom Capital (BVI) Ltd (MCBVI) to enter into
a put and call option agreement with the Irredeemable
Exchangeable Bonds (IEB) holders where the IEB holders can
exercise the put option under the following circumstances:
(i) upon the sale of earmarked assets and/or secured assets;
(ii) if the earmarked assets are not sold six (6) months prior
to the maturity date of the IEB, the period commencing six (6)
months prior to maturity date of the IEB up to one (1) day prior
to the maturity date;
(iii) upon Mycom failing to comply with any of its obligations
under the put and call option agreement;
(iv) on the tenth (10th) business day prior to the maturity of
the IEB if the secured assets are not sold;
(v) upon the occurrence of any event of default as set out in
the trust deed of the IEB;
(vi) upon Mycom breaching any of its obligations under the
earmarked assets intercreditor agreement; or
(vii) upon any power of attorney granted in accordance with the
earmarked assets intercreditor agreement being revoked,
repudiated and/or not in full force and effect;
(b) for Mycom and MCBVI to enter into a put and call option
agreement with the IEB holders where Mycom can exercise the call
option under the following circumstances:
(i) on or by the last day of the option period; or
(ii) upon the sale of any earmarked asset and/or secured asset;
and
(c) for Mycom to advance up to USD6.893 million to MCBVI as
inter-company loan, if necessary, for such term and at such
interest rate to be determine and reported to BNM at the time of
advance, during the six (6) year period from the date of
issuance of the MCBVI bonds and IEB upon the occurrence of any
event mentioned in (a) and (b) above.
This announcement is dated 30 August 2004.
CONTACT:
Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
+60 3 2072 3996
PILECON ENGINEERING: No Changes to Default In Payment Status
------------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
to Bursa Malaysia Securities Berhad on 30 July 2004 with regards
to the status of default in payment pursuant to Practice Note
1/2001, the Company wishes to hereby announce that there have
not been any changes to the status of default since then.
The Company has revised its earlier Proposed Scheme of
Arrangement (Scheme) and has on 28 February 2004 submitted to
the Securities Commission an appeal against their decision in
rejecting the original Scheme.
Please refer to the announcement dated 27 February 2004 made by
the Company on the revised Scheme for more details and
information.
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
RNC CORPORATION: Issues Unaudited Quarterly Report
--------------------------------------------------
RNC Corporation Berhad disclosed to Bursa Malaysia Securities
Berhad its 2004 First Quarter Financial Report for the period
ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
10,434 12,136 10,434 12,136
(2) Profit/(loss) before tax
11,497 -2,638 11,497 -2,638
(3) Profit/(loss) after tax and minority interest
11,497 -2,638 11,497 -2,638
(4) Net profit/(loss) for the period
11,497 -2,638 11,497 -2,638
(5) Basic earnings/(loss) per shares (sen)
25.37 -5.82 25.37 -5.82
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
-6.7100 -6.9600
For more information, click
http://bankrupt.com/misc/rnccorp1.xls
http://bankrupt.com/misc/rnccorp2.xls
http://bankrupt.com/misc/rnccorp3.doc
http://bankrupt.com/misc/rnccorp4.xls
http://bankrupt.com/misc/rnccorp5.xls
CONTACT:
RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
MALAYSIA
Telephone: +60 3 4043 9411
+60 3 4043 1233
SRIWANI HOLDINGS: Releases 2Q 2004 Financial Report
---------------------------------------------------
Sriwani Holdings Berhad announced to Bursa Malaysia Securities
Berhad its 2004 Unaudited Quarterly Report for the period ended
June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING 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
41,600 35,018 83,819 73,785
(2) Profit/(loss) before tax
404 -5,349 -4,787 -7,811
(3) Profit/(loss) after tax and minority interest
-85 -5,622 -5,680 -8,680
(4) Net profit/(loss) for the period
-85 -5,622 -5,680 -8,680
(5) Basic earnings/(loss) per shares (sen)
-0.07 -4.64 -4.69 -7.16
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END
(7) Net tangible assets per share (RM)
-3.5200 -3.4800
For more information, click
http://bankrupt.com/misc/sriwaniholdings083004.pdf
http://bankrupt.com/misc/sriwaniholdings083004_2.pdf
CONTACT:
Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Website: http://www.sriwani.com.my
TALAM CORPORATION: Details Proposed Disposal
--------------------------------------------
Talam Corp. Berhad disclosed to Bursa Malaysia Securities Berhad
an update on the proposed disposal by Talam of the entire issued
and paid-up share capital of the following two wholy-owned
subsidiaries to Kumupulan Europlus Berhad (Keuro):
(I) TALAM TRADING SDN BHD, FOR A DISPOSAL CONSIDERATION OF
RM6,684,993 (PROPOSED TALAM TRADING DISPOSAL);
(II) TALAM LEASING SDN BHD, FOR A DISPOSAL CONSIDERATION OF
RM9,615,001 (PROPOSED TALAM LEASING DISPOSAL); AND
(III) AMBANG VISTA SDN BHD, FOR A DISPOSAL CONSIDERATION OF
RM1.00 (PROPOSED AMBANG VISTA DISPOSAL)
(1) INTRODUCTION
On behalf of Talam, Commerce International Merchant Bankers
Berhad (CIMB) is pleased to announce that on 30 August 2004,
Talam and KEURO entered into three (3) separate sale and
purchase agreements (SPA) in relation to the disposals by Talam
of the:
(i) entire issued and paid-up share capital of Talam Trading,
comprising 500,000 ordinary shares of RM1.00 each in Talam
Trading, for a disposal consideration of RM6,684,993;
(ii) entire issued and paid-up share capital of Talam Leasing,
comprising 6,000,000 ordinary shares of RM1.00 each in Talam
Leasing, for a disposal consideration of RM9,615,001; and
(iii) entire issued and paid-up share capital of Ambang Vista,
comprising two (2) ordinary shares of RM1.00 each in Ambang
Vista, for a disposal consideration of RM1.
(2) DETAILS OF THE PROPOSALS
(2.1) SALIENT TERMS OF THE SPAS
The salient terms of the SPAs are as follows:
(2.1.1) Proposed Talam Trading Disposal
(i) The ordinary shares of RM1.00 each in Talam Trading are to
be disposed of to KEURO free from all encumbrances, claims,
charges, liens and equities, and with all rights, including
rights of dividends, attaching thereto as at the date of the
SPA;
(ii) The completion of the proposed disposal of Talam Trading
shall be on the day following seven (7) days from the date all
the conditions precedent to the SPA are fulfilled or waived or
such other days which shall be agreed in writing between Talam
and KEURO;
(iii) The disposal consideration shall be settled on the
completion date described in paragraph (ii) above by way of a
set-off against trade receivables (Trade Receivables) due by
Talam and its subsidiaries (Talam Group) to KEURO and its
subsidiaries (KEURO Group); and
(iv) Talam warrants, undertakes, guarantees and agrees that all
Trade Receivables due to Talam Trading as at the completion date
described in paragraph (ii) above shall be recovered in full
within two (2) years from the date of completion.
Talam undertakes to pay KEURO any Trade Receivables, which are
not recovered within 30 days of the expiry of the said period.
(2.1.2) Proposed Talam Leasing Disposal
(i) The ordinary shares of RM1.00 each in Talam Leasing are to
be disposed of to KEURO free from all encumbrances, claims,
charges, liens and equities and with all rights, including
rights of dividends, attaching thereto as at the date of the
SPA;
(ii) The completion of the proposed disposal of Talam Leasing
shall be on the day following seven (7) days from the date all
the conditions precedent to the SPA are fulfilled or waived or
such other days which shall be agreed in writing between Talam
and KEURO;
(iii) The disposal consideration shall be settled on the
completion date described in paragraph (ii) above by way of a
set-off against the Trade Receivables due by the Talam Group to
KEURO Group; and
(iv) Talam warrants, undertakes, guarantees and agrees that all
Trade Receivables due to Talam Leasing as at the completion date
described in paragraph (ii) above shall be recovered in full
within two (2) years from the date of completion.
Talam undertakes to pay KEURO any Trade Receivables, which are
not recovered within 30 days of the expiry of the said period.
2.1.3 Proposed Ambang Vista Disposal
(i) The ordinary shares of RM1.00 each in Ambang Vista are to be
disposed of to KEURO free from all encumbrances, claims,
charges, liens and equities, and with all rights, including
rights of dividends, attaching thereto as at the date of the
SPA;
(ii) The completion of the proposed disposal of Ambang Vista
shall be on the day following seven (7) days from the date all
the conditions precedent to the SPA are fulfilled or waived or
such other days which shall be agreed in writing between Talam
and KEURO;
(iii) The disposal consideration of RM1 shall be settled by cash
on the completion date described in paragraph (ii) above; and
(iv) The amount due by Ambang Vista to the Talam Group as at the
completion date shall be set-off against the Trade Receivables
due by the Talam Group to the KEURO Group.
(2.3) LIABILITIES TO BE ASSUMED BY TALAM
Save and except for the warranty given by Talam to KEURO as set
out in paragraphs 2.1.1(iv) and 2.1.2(iv) above, there are no
liabilities to be assumed by Talam from the Proposals.
(2.4) DISPOSAL CONSIDERATIONS
(2.4.1) Proposed Talam Trading Disposal
The disposal consideration for the Proposed Talam Trading
Disposal was arrived at on a willing buyer-willing seller basis
after taking into consideration the proforma consolidated net
tangible assets ("NTA") of Talam Trading based on the audited
financial statements of Talam Trading and its subsidiaries as at
31 January 2004 of RM6,684,993.
(2.4.2) Proposed Talam Leasing Disposal
The disposal consideration for the Proposed Talam Leasing
Disposal was arrived at on a willing buyer-willing seller basis
after taking into consideration the audited NTA of Talam Leasing
as at 31 January 2004 of RM9,615,001.
(2.4.3) Proposed Ambang Vista Disposal
The disposal consideration for the Proposed Ambang Vista
Disposal was arrived at on a willing buyer-willing seller basis
after taking into consideration the proforma consolidated net
liabilities of Ambang Vista based on the audited financial
statements of Ambang Vista and its subsidiary as at 31 January
2004 of RM340,916.
For more information, click
http://bankrupt.com/misc/TALAMCORPORATION083004.doc
http://bankrupt.com/misc/TALAMTABLES083004.pdf
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Telephone number: 603-2732222
Fax number: 603-2731439
TANJONG PUBLIC: Notified of Dealings During Open Period
-------------------------------------------------------
Tanjong Public Limited Co. announced to Bursa Malaysia
Securities Berhad that it has been notified of the following
dealings during an Open Period by Ong Peng Su, a Principal
Officer of the Company pursuant to Paragraph 14.09 (a) of the
Listing Requirements of Bursa Securities:
(1) Notifications on 27 August 2004:
(a) (i) That he has disposed in the open market of the Bursa
Securities, 60,000 shares of 7.5 pence each in Tanjong
representing 0.015 percent of the issued share capital of
Tanjong as at the date of the transaction:
(ii) Date of transaction - 2 August 2004; and
(iii) Transaction price - RM12.883 per share of 7.5 pence each.
(b) (i) That he has disposed in the open market of the Bursa
Securities, 44,000 shares of 7.5 pence each in Tanjong
representing 0.011 percent of the issued share capital of
Tanjong as at the date of the transaction;
(ii) Date of transaction - 3 August 2004; and
(iii) Transaction price - RM12.945 per share of 7.5 pence each.
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: Loan Application With Veterans Bank Denied
-------------------------------------------------------------
The application by College Assurance Plan (CAP) for a PhP300-
million loan with the Philippine Veterans Bank (PVB) has been
rejected after the financially distressed pre-need giant failed
to present collateral, reports Business World.
According to PVB Assistant Vice President Mike Villareal, CAP
offered its Metro Rail Transit (MRT) bonds, but the Securities
and Exchange Commission (SEC) disapproved this.
The pre-need firm applied for the loan in June after it paid in
May about PhP440 million drawn from a credit line it opened with
the bank two years ago.
The SEC has been keeping a close watch on CAP as it has been
having trouble building up its required trust fund, which is the
money it sets aside to cover future obligations. It is
considered insufficient when it is less than the estimated total
amount the pre-need company must pay in the future.
CAP is negotiating with a prospective foreign investor for a
possible US$100-million capital infusion to help it build up its
trust fund through additional equity infusion.
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
MUSIC SEMICONDUCTORS: Unveils Annual Stockholders Meeting
---------------------------------------------------------
Further to the earlier announcements made by Music
Semiconductors Corp. (MUSX) to the Philippine Stock Exchange,
the company advises that at the annual meeting of the
Stockholders of the company, the following matters were reported
which may be considered material.
The company reported that its sales are focused to decline in
the second half of 2004, however, cost-cutting measures
initiated in the middle of the year are expected to allow
profits to remain in line with the first half of 2004 and the
same period in 2003. Based on its current forecast of full year
net sales of PHP217 million and net income of PHP48 million,
earnings per share (EPS) for the full year 2004 is estimated at
50 centavos. Based on its current profit outlook, it expects to
eliminate its capital deficiency by the end of the first quarter
of 2005.
MUSX management reported that is not ready yet to move forward
with the stock rights offering approved by shareholders at its
annual meeting in December 2003, believing that neither market
conditions nor the company's status are strong enough to ensure
success at this time.
The funds to be raised in the stock rights offering are
earmarked for a new product development. The company reported
that its business is being impaired by a lack of new products;
no new products have been introduced since 1998. The plan of
reorganization of its U.S. subsidiary MUSIC Semiconductors Inc.
does not allow for any spending not approved by the creditors
committee, which has indicated its intention to veto any request
for spending on research and development.
At the organizational meeting of the Board of Directors held
immediately after the annual meeting, considering the election
of Mr. Antonio M. Cailao as Director of the Company, the
following resolutions were likewise approved and adopted:
(1) To appoint Mr. Antonio M. Cailao as member of the Audit
Committee and alternate member of the Nomination Committees;
(2) To appoint Mr. Juan B. Custodio as alternate member of the
Audit Committee.
Very truly yours,
Jimmy S. Soo
Chairman
CONTACT:
Music Semiconductors Corp.
110 Excellence Ave. corner Accuracy Drive
Special Export Processing Zone 1
Carmelray Industrial Park
Canlubang, Laguna
Telephone Number: (049) 549-1480
Fax Number: (049) 549-1024
Email Address: jos@music-mt.com
Website: http://www.music-corp.com
NATIONAL POWER: Government Hopes To Sell Power Grid By Yearend
--------------------------------------------------------------
The Philippine government is hoping the National Power Corp.
(Napocor) electricity transmission grid will be sold to a
private operator by December, Business World reports, citing a
senior government official.
This time, officials said they would negotiate directly with
interested firms, which government rules allow after two
unsuccessful bidding rounds last year.
According to a source close to the deal, a private operator
would be expected to pay around US$500 million for the
transmission grid of National Power Corp. (Napocor) and assume
US$1.5 billion in debt. The government, which is trying to
reduce chronic budget deficits, is also selling dozens of power
plants.
There are at least five groups interested in the Napocor grid,
which is operated by National Transmission Corp. (Transco).
"We will soon start discussions and, by December 2004, we expect
to appoint a concessionaire," Transco President Alan Ortiz said
over the weekend.
Energy Secretary Vincent Perez Jr. said last week that if the
government does not make progress in privatizing its power
assets, Napocor's debts would balloon to PhP600 billion
(US$10.68 billion) this year from PhP523 billion at the end of
2003 if the government does not make progress in privatizing its
power assets.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NEXTSTAGE INCORPORATED: Sets Date of Annual Stockholders Meeting
----------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Nextstage
Incorporated announced that its Annual Stockholders Meeting will
be held on Friday, October 1, 2004, at 10:00 a.m. at the 5/F
Sta. Maria Function Room, Discovery Suites, ADB Avenue, Ortigas
Center, Pasig City, for the following purposes:
(I) Call the roll
(II) Secretary's proof of due notice of the meeting
(III) Reading and disposal of any unapproved minutes
(IV) Reports of officers, annual and otherwise
(V) Ratification of Acts, Resolutions and Transactions Entered
into by the Board Directors and Management
(VI) Increase in Authorized Capital Stock/Amendment of Articles
of Incorporation
(VII) Election of Directors
(VIII) Appointment of Directors
(IX) Adjournment
To view a full copy of the notice click
http://bankrupt.com/misc/nextstageinc083104.pdf
Contact:
Nextstage Inc.
1004 Centerpoint Building
Julio Vargas Avenue
Corner Garnet Road
Ortigas Center, Pasig City
Telephone Numbers: 887-1111 to 1118
Fax Number: 887-1119
Email Address: jbsfernandez@nextstagegroup.com
PHILIPPINE LONG: Issues 6,265 Additional Shares for Listing
-----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
to list additional 1,289,745 common shares, with a par value of
PHP5.00 per share, to cover the Executive Stock Option Plan
(ESOP) of the Company, at an exercise price of PHP814.00 per
share.
In this connection, please be advised that a total of 6,265
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.
In view thereof, the listing of the 6,265 common shares was set
for Tuesday, August 31, 2004. This brings the number of common
shares listed under the ESOP to a total of 204,331 common
shares.
The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.
For your information and guidance
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President- Operations Group
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Website: http://www.pldt.com.ph
=================
S I N G A P O R E
=================
CP SOLUTIONS: Judicial Management Order Issued
----------------------------------------------
Notice is hereby given that a Petition for placing CP Solutions
Pte Ltd under the judicial management by the High Court was, on
the 18th day of August 2004, presented by the company or its
directors, pursuant to a resolution of its members or the board
of directors.
The said Petition is directed to be heard before the Court at
10.00 a.m. on the 10th day of September 2004 and Mr Tay Swee Sze
of Messrs Tay Swee Sze & Associates has been nominated as the
judicial manager.
Any person who intends to oppose the making of an order under
section 227 (5) (b) or the nomination of a judicial manager
under section 227B (3) (c) may appear at the time of the hearing
by himself or his counsel for that purpose; and a copy of the
Petition will be furnished to any creditor or member of the
company requiring it by the undersigned on payment of the
regulated charge.
The Petitioner's address is at 1 Changi Business Park Avenue 1,
#05-01 Ultro Building, Singapore 486058.
The Petitioner's solicitor' address is 20 Malacca Street, #05-00
Malacca Centre, Singapore 048979.
Seag 0ng & Partners
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 above named
solicitors 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 12 noon of the 9th day
of September 2004.
This Singapore Government Gazette notice was posted last August
27, 2004.
EVER-ORIENTAL: Announces Final Dividend Notice
----------------------------------------------
Ever-Oriental Seven Construction Pte Ltd. released its Final
Dividend Notice dated August 27, 2004 on the Singapore
Government Gazette.
Address of Registered Office: Formerly of 53 Ubi Ave 1
#03-18 Paya Ubi Industrial Park
Singapore 408934
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600175 of 2001
Amount Per Centum: 84.37%
First and Final or otherwise: First & Final Dividend
When Payable: 11th August 2004
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Kamala Ponnampalam
Assistant Official Receiver
GATE ANTIQUE: Posts Final Dividend Notice
-----------------------------------------
Gate Antique & Fine Arts Pte Ltd., posted its Final Dividend
Notice last August 27, 2004 on the Singapore Government Gazette.
Address of Registered Office: Formerly of 22 Lock Road
#01-00 Giliman Village Singapore 108939
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 295 of 2000
Amount Per Centum: 3.68%
First and Final or otherwise: First & Final Dividend
When Payable: 19th August 2004
Where Payable: The Official Receiver
The URA Center (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Kamala Ponnampalam
Assistant Official Receiver
HONG LUAN: Court Issues Winding Up Notice
-----------------------------------------
In the matter of Hong Luan Pte Ltd., a Winding Up Order was made
on the 6th day of August 2004.
Name and address of Liquidators: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners
This Singapore Government Gazette notice was posted last August
27, 2004.
HUA KOK: Details New Business Agreement with Prosperity Steel
-------------------------------------------------------------
On 9 June 2004, Hua Kok International Limited announced a number
of measures, including:
(1) Preliminary discussions with third parties to pursue reverse
takeover opportunities under which the Company is to acquire
viable or profitable businesses.
(2) The proposed scheme of arrangement (the "Subsidiary's
Scheme") for its principal construction subsidiary, Hua Kok
Realty (Private) Limited (the "Subsidiary").
(3) Seeking a general mandate to authorize the Company to sell
its 60% stake in the World Spa Group of Companies.
On 9 August 2004, it was announced with regret that the
Subsidiary's Scheme by the Subsidiary (after obtaining relevant
advice) was not feasible to be proceeded with for reasons, which
were set out in that announcement.
With a view to reviving and restructuring the Group's weak
financial position, the directors have been actively pursuing
discussions with third parties to become strategic shareholders
and business partners.
In connection with this, the Directors are pleased to announce
the following:
Execution of the Strategic Subscription and New Business
Agreement
The directors are pleased to announce that the Company has, on
30 August 2004, entered into a Strategic Subscription and New
Business Agreement with Prosperity Steel (Asia) Co. Ltd.
To view the full release, click on:
http://bankrupt.com/misc/TCRAP_HUAKOK083104.pdf
IPM MANUFACTURING: Posts Final Dividend Notice
----------------------------------------------
IPM Manufacturing Pte Ltd., posted its Final Dividend Notice
dated August 27, 2004 on the Singapore Government Gazette.
Address of Registered Office: Formerly of 1090 Lower Delta Road
#05-15/16 JTC Tiong Bahru Ind Estate
Singapore 169201
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600206 of 2001
Amount Per Centum: 0.579%
First and Final or otherwise: First & Final Dividend
When Payable: 11th July 2003
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Sunari Bin Kateni
Assistant Official Receiver.
KLW HOLDINGS: Announces Incorporation of Subsidiary
---------------------------------------------------
The board of directors of KLW Holdings Ltd announced that the
following company has been incorporated on August 30:
Name of company: Barang Barang Asia-Pacific Pte Ltd (BBAPPL)
Authorised share capital: S$10,000,000 divided into 500 million
ordinary shares at S$0.02 per share
Issued and paid up share capital: S$100 divided into 5,000
ordinary shares at S$0.02 per share
Par value: S$0.02 per share
Principal activities of BBAPPL: Investment holding, franchising
and sale of lifestyle and home furnishing products
KLWH holds 71% of the issued share capital of BBAPPL, with the
remaining 29% of the issued share capital of BBAPPL being held
by Solitaire Investment Pte Ltd. The shareholding structure of
BBAPPL largely corresponds with the shareholding structure of
Barang Barang Pte Ltd (BBPL), a subsidiary of KLWH.
The incorporation of BBAPPL is not expected to have any material
impact on the earnings per share or net tangible assets per
share of the Group for the financial year ending 31 December
2004.
None of the directors or substantial shareholders of the Company
have any interest, direct or indirect, in the above said
transaction.
Submitted by Lim Teck Meng, Joint Company Secretary on August
30, 2004 to the Singapore Stock Exchange.
KOH BROTHERS: Director's Interest Changes
-----------------------------------------
Koh Brothers Group Limited has, on August 30, issued Notice Of a
Director's (including a director who is a substantial
shareholder) Interest and Change in Interest.
PART I
(1) Date of notice to issuer: August 30, 2004
(2) Name of Director and Substantial Shareholder: Koh Tiak Chye
(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. [Please complete
Parts II and IV]
PART II
(1) Date of change of shareholding: August 27, 2004
(2) Name of Registered Holder: Koh Tiak Chye
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase
(4) Information relating to shares held in the name of the
Registered Holder:
No. of shares held before the change: 23,763,088
As a percentage of issued share capital: 4.955
No. of shares which are the subject of this notice: 493,000
As a percentage of issued share capital: 0.1028
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.1171
No. of shares held after the change: 24,256,088
As a percentage of issued share capital: 5.0578
PART III
(1) Date of change of interest:
(2) The change in the percentage level: From % to %
(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.
PART IV
(1) Holdings of Director and Substantial Shareholder, including
direct and deemed interest:
- Direct Deemed
No. of shares held before change: 58,534,088 2,780,000
% of issued share capital: 12.2054 0.58
-
No. of shares held after change: 59,027,088 2,780,000
% of issued share capital: 12.3082 0.58
Submitted by Lee Suyin, Company Secretary on August 30, 2004 to
the Singapore Stock Exchange.
KOH HAN: Enters Winding Up Proceedings
--------------------------------------
In the matter of Koh Han Kok Private Limited, a Winding Up Order
was made on 13th August 2004.
Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Messrs Wong Partnership
Solicitors for the Petitioner
This Singapore Government Gazette notice is dated August 27,
2004.
LEUN WAH: Enters Winding Up Proceedings
---------------------------------------
In the matter of Leun Wah Electric Co. Pte Ltd., a Winding Up
Order was made on the 20th day of August 2004.
Name and Address of Liquidators: Mr Tam Chee Chong and
Mr Wee Aik Guan
c/o Deloitte & Touche
6 Shenton Way
#32-00 DBS Building Tower 2
Singapore 068809
Messrs Robert Wang & Woo Llc
Solicitors for the Petitioner
Note:
(a) All creditors of the above named company should file their
proof of debt with the liquidators who will be administering all
affairs of the company.
(b) All debts due to the above named company should be forwarded
to the liquidators.
This Singapore Government Gazette notice is dated August 27,
2004.
WORLD DIGITAL: Court Issues Winding Up Notice
---------------------------------------------
In the matter of World Digital Network News Pte Ltd., a Winding
Up Order was made on July 2, 2004.
Name and address of Liquidator: Messrs Ong Wei Leng & Co
10 Ubi Crescent
#03-46 Ubi Techpark (Lobby C)
Singapore 408564
Dave Shaun Patel Partnership
Solicitors for the Petitioners
This Singapore Government Gazette announcement is dated August
27, 2004.
===============
T H A I L A N D
===============
MANAGER MEDIA: Unveils Reviewed 2Q and Consolidated FS
------------------------------------------------------
Manager Media Group PCL (MGR) in a disclosure to the Stock
Exchange of Thailand (SET) reported its reviewed quarterly
financial statements as follows:
Manager Media Group public co.,ltd. and Subsidiary
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) 11,927 748 16,557 6,291
EPS (baht) 0.12 0.01 0.16 0.10
Type of report: Unqualified Opinion with an emphasis of matters
Comment:
(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
For more information, click
http://bankrupt.com/misc/MANAGERMEDIA083104.doc
http://bankrupt.com/misc/MANAGERMEDIA083104_2.xls
http://bankrupt.com/misc/MANAGERMEDIA083104_3.doc
CONTACT:
MANAGER MEDIA GROUP PUBLIC COMPANY LIMITED
102/1 PHRA ATHIT ROAD, CHANASONGKHRAM, PHRA NAKHON, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Website: www.manager.co.th
MDX: Issues Clarification To 2Q 2004 FS
---------------------------------------
As the auditor did not express any opinion on the 2nd quarter
financial statements of MDX Public Company Limited and
consolidated financial statements of MDX Public Company Limited
and its subsidiaries, the company would like to clarify that:
(1) Liabilities shown in MDX's financial statements and MDX and
its subsidiaries' consolidated financial statements are higher
than its assets, together with a high level of deficit.
Thus, MDX's continued operation will depend on the success of
its debt restructuring according to the Rehabilitation Plan.
The financial statements are then prepared, on going concern
basis.
MDX is under implementation of a Rehabilitation Plan. Up to the
present, the implementation process is considered successful as
stipulated in the Plan.
Consequently, MDX's total liabilities should be reduced to
roughly about THB2,066 million and some deficit should be
cleared off. However, the auditor does not allow MDX to write
down the principal and accrued interest expense.
Total liabilities shown in the Q2/04 financial statements of MDX
and MDX's consolidated financial statements are still high.
(2) Financial statements of one associated company incorporated
by equity method in MDX's financial statements were not reviewed
by any other auditor.
The reason for this is that the associated company is a foreign
company not listed in the Stock Exchange of Thailand. Therefore,
it is not obliged to prepare quarterly financial statements as a
listed company. Furthermore, MDX cannot participate in
management activities due to its limited shareholding.
Due to the above factors, the auditor is, then, unable to
express any opinion on the financial statements and consolidated
financial statements of MDX and its subsidiaries. However, MDX
has already disclosed all sufficient information on its notes to
financial statements.
Furthermore, the main factors that caused the operating result
of the 2nd quarter of 2004 to differ more than 20 percent from
those in 2003 is that in Q2 of 2003, MDX had a THB192 million
profit from the transfer of land to the Industrial Estate
Authority of Thailand as debt settlement. On the other hand,
MDX only incurred a THB43 million profit from debt restructuring
in Q2 of 2004 which resulted to a reduction of performance in
Q2/2004 compared to Q2/2003.
Please be informed accordingly
Yours sincerely,
(Songsri Kalyanamitr)
Director of Wittayu Planner Co., Ltd.
On behalf of the Plan Administrator of MDX Pcl.
CONTACT:
M.D.X. PUBLIC COMPANY LIMITED
NAILERT TOWER, FLOOR 7, 10,2/4 WIRELESS ROAD,
LUMPINI, PATHUM WAN, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731
POWER-P: Submits Audited Yearly FS to SET
-----------------------------------------
Power-P Public Company Ltd. (PP) reported to the Stock Exchange
of Thailand (SET) its audited annual financial statements as
follows:
Power-P Public Company Limited
Audited Ending December 31 (In thousands)
For year
Year 2003 2002
Net profit (loss) 4,979 59,553
EPS (baht) 0.24 2.84
Auditor's Opinion: Disclaimer of Opinion
Comment:
(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
CONTACT:
POWER-P PUBLIC COMPANY LIMITED
LAOPENGNGUAN BLDG 1,
333 VIBHAVADI RANGSIT ROAD,
CHATU CHAK, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2
SRITHAI FOOD: Seeks Extension for Submission of FS
--------------------------------------------------
Srithai Food & Beverage Public Company Ltd. issued to the Stock
Exchange of Thailand an update with reference to the
postponement of the submission of the company's quarterly
Financial Statement of 2/2547 on 30 August 2004 according to the
Letter of SEC Chor, 1144/2547.
Since we have been informed by our auditor that it requires an
extended period to conduct an audit on the company because it is
in the process of applying for a debt restructuring plan at the
Central Bankruptcy Court, and that the audit is necessary in
order to confirm the amount of debt, we do hereby request to
postpone further the submission of our quarterly financial
statements of 2/2547 for a further 14 days as requested by our
auditor which is now under the examination process from
Securities and Exchange Commission Thailand (SEC).
For your kind acknowledgement
Yours sincerely,
(Mr. Anan Jantranukul)
Executive Director
CONTACT:
SRITHAI FOOD & BEVERAGE PUBLIC COMPANY LIMITED
69 MOO 4 WATKINGKAEW ROAD,
RAJADHEWA, BANG PLEE, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Website: www.srithaifood.thailand.com
TPI POLENE: Enters Into Lease Agreement With Pornchai
-----------------------------------------------------
TPI Polene Public Company Limited, would like to notify the
Stock Exchange of Thailand that on August 30, 2004 the Company
entered into a lease agreement to rent the office space from
Pornchai Enterprises Company Limited, a 16.67 percent owned
related company, which is classified as a connected person. The
details of which can be summarized as follows:
(1) Transaction date: August 30, 2004
(2) Parties Involved:
Lessee: TPI Polene Public Company Limited
Tenant: Pornchai Enterprises Company Limited
Relationship: Leophairatana family is a major shareholder and
has control over Pornchai Enterprises Co., Ltd and TPI Polene
Public Co.,Ltd.
(3) Details of transaction:
The Lease Agreement has been made on an arm-length basis, the
partial rental payment and service fee of which will be paid in
advance in order to receive a discount on such fee.
(4) Size of the transaction:
Rental location: 15th floor, TPI Tower
Total rental area: 2,413.24 m2
Rental and service fees per square meter: THB300 /m2
The period of the agreement: 3 years starting from September 1,
2004
Total agreement amount: THB26,062,992.00
1-year prepaid rental and service fees: THB8,253,280.80
Insurance fee for rental agreement: THB868,766.40
Insurance fee for service agreement: THB1,303,149.60
Total payment amount: THB10,425,196.80 *(To be paid on September
1, 2004)
Remarks:
* Tenant agrees to give a 5 percent discount for 1-year prepaid
rental and service fees.
The transaction above is classified as a connected transaction
in the amount of THB26,062,992 which is greater than 0.03
percent (THB10,240,729.80) but less than 3 percent
(THB1,024,072,980) of Net Tangible Assets of the Company as of
June 30, 2004.
Please be informed accordingly
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer
CONTACT:
TPI POLENE PUBLIC COMPANY LIMITED
26/56 NEW JUN ROAD,
THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Website: www.tpipolene.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
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*** End of Transmission ***